安徽安孚电池科技股份有限公司2025 年半年度报告 公司代码：603031 公司简称：安孚科技 安徽安孚电池科技股份有限公司 2025 年半年度报告 1 / 168 安徽安孚电池科技股份有限公司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、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人夏茂青、主管会计工作负责人冶连武及会计机构负责人（会计主管人员）魏泽 东声明：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、 ...

龙星科技集团股份有限公司 2025 年半年度报告全文 龙星科技集团股份有限公司 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。 公司负责人刘鹏达、主管会计工作负责人杨津及会计机构负责人(会计主 管人员)周文杰声明：保证本半年度报告中财务报告的真实、准确、完整。 龙星科技集团股份有限公司 2025 年半年度报告 2025 年 8 月 1 所有董事均已出席了审议本次半年报的董事会会议。 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 | D | S | | --- | --- | | 1 | A | | 第一节 | 重要提示、目录和释义 | 2 | | --- | --- | --- | | 第二节 | 公司简介和主要财务指标 | 6 | | 第三节 | 管理层讨论与分析 | 9 | | 第四节 | 公司治理、环境和社会 | 23 | | 第五节 | 重要事项 | 26 | | 第六节 | 股份变动及股东情况 34 | | | 第七节 | ...

中国中铁股份有限公司 CHINA RAILWAY GROUP LIMITED ( 于中华人民共和国注册成立的股份有限公司 ) 股份代码：601390 25 3. 32 8 8 12 2 2 2 2 2025 半年度报告 中国中铁股份有限公司 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 德勤华永会计师事务所（特殊普通合伙）对公司 2025 年半年度报告中财务报告进行了审阅。 四、 公司负责人陈文健、主管会计工作负责人孙璀及会计机构负责人（会计主管人员）于来新 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 不适用 六、 前瞻性陈述的风险声明 不适用 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 ...

[Definitions](index=5&type=section&id=Section%201%20Definitions) This chapter provides clear definitions for specific terms and abbreviations used in the report to ensure accurate understanding of its content Definitions of Common Terms | Term | Definition | | :--- | :--- | | Company, Publishing & Media | Northern United Publishing & Media (Group) Company Limited | | China Securities Regulatory Commission | China Securities Regulatory Commission | | Publishing Group | Liaoning Publishing Group Co., Ltd. | | Reporting Period | January 1, 2025 to June 30, 2025 | | End of Reporting Period | June 30, 2025 | [Company Profile and Key Financial Indicators](index=6&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) This chapter provides essential company identification, contact information, stock details, and a comprehensive overview of key financial performance and position during the reporting period [Company Information](index=6&type=section&id=I.%20Company%20Information) This section provides basic identification information for the company, including its Chinese name, abbreviation, English name, abbreviation, and legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Chinese Name | Northern United Publishing & Media (Group) Company Limited | | Chinese Abbreviation | Publishing & Media | | English Name | NorthernUnitedPublishing&Media（Group）CompanyLimited | | English Abbreviation | NUPMG | | Legal Representative | Zhang Dongping | [Contacts and Contact Information](index=6&type=section&id=II.%20Contacts%20and%20Contact%20Information) This section lists the contact information for the company's Board Secretary and Securities Affairs Representative for investor and stakeholder communication Contact Information | Position | Name | Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Wen Qufei | No. 29, Shiyiwei Road, Heping District, Shenyang City, Liaoning Province | 024-23285500 | 024-23284232 | cbcm601999@163.com | | Securities Affairs Representative | Zhang Xiaoping | No. 29, Shiyiwei Road, Heping District, Shenyang City, Liaoning Province | 024-23285500 | 024-23284232 | cbcm601999@163.com | [Brief Introduction to Changes in Basic Information](index=6&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) During the reporting period, there were no changes in the company's basic information, including registered address, office address, postal code, and company website - During the reporting period, there were no changes in the company's basic information, including its registered address, office address, postal code, company website, and email address[16](index=16&type=chunk) [Brief Introduction to Changes in Information Disclosure and Document Custody Location](index=6&type=section&id=IV.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Custody%20Location) The company's designated newspapers and website for information disclosure remained unchanged during the reporting period, with the semi-annual report available at the company's Securities and Legal Department - The company's selected newspapers for information disclosure are *China Securities Journal* and *Shanghai Securities News*, the website for semi-annual reports is www.sse.com.cn, and the company's semi-annual report is available at the Securities and Legal Department, with no changes during the reporting period[17](index=17&type=chunk) [Overview of Company Shares](index=7&type=section&id=V.%20Overview%20of%20Company%20Shares) This section outlines the company's A-share listing on the Shanghai Stock Exchange, with stock abbreviation 'Publishing & Media' and stock code 601999 Overview of Company Shares | Share Type | Listing Exchange | Stock Abbreviation | Stock Code | | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange | Publishing & Media | 601999 | [Company's Key Accounting Data and Financial Indicators](index=7&type=section&id=VII.%20Company%27s%20Key%20Accounting%20Data%20and%20Financial%20Indicators) Reporting period operating revenue decreased by 5.21% year-on-year, but total profit, net profit attributable to shareholders, and non-recurring net profit significantly increased by 75.30%, 221.08%, and 2,872.92% respectively, driven by tax policy changes, business structure optimization, improved gross profit, and enhanced cost control Key Accounting Data (Jan-Jun 2025 vs. Prior Year Period) | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 992,466,650.09 | 1,047,043,254.69 | -5.21 | | Total Profit | 42,351,460.58 | 24,159,906.93 | 75.30 | | Net Profit Attributable to Shareholders of the Listed Company | 43,419,660.23 | 13,522,812.31 | 221.08 | | Net Profit Attributable to Shareholders of the Listed Company After Deducting Non-recurring Gains and Losses | 29,210,611.22 | 982,557.69 | 2,872.92 | | Net Cash Flow from Operating Activities | -79,081,457.43 | -103,764,131.57 | Not Applicable | | Net Assets Attributable to Shareholders of the Listed Company (End of Period) | 2,616,048,385.63 | 2,605,738,615.87 | 0.40 | | Total Assets (End of Period) | 4,037,652,832.37 | 4,105,236,859.83 | -1.65 | Key Financial Indicators (Jan-Jun 2025 vs. Prior Year Period) | Indicator | Current Period | Prior Year Period | Year-on-year Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | 0.08 | 0.02 | 300.00% | | Diluted Earnings Per Share (Yuan/share) | 0.08 | 0.02 | 300.00% | | Basic Earnings Per Share After Deducting Non-recurring Gains and Losses (Yuan/share) | 0.05 | 0.002 | 2,400.00% | | Weighted Average Return on Net Assets (%) | 1.66 | 0.53 | Increased by 1.13 percentage points | | Weighted Average Return on Net Assets After Deducting Non-recurring Gains and Losses (%) | 1.11 | 0.04 | Increased by 1.07 percentage points | - Total profit, net profit attributable to shareholders of the listed company, and net profit after deducting non-recurring gains and losses increased year-on-year, primarily due to reduced income tax expenses from changes in income tax policies, coupled with the company's optimized business structure, improved gross profit, and strengthened cost control, enhancing main business profitability[22](index=22&type=chunk) Non-recurring Gains and Losses Items and Amounts | Non-recurring Gains and Losses Item | Amount (Yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 920,650.40 | | Government grants recognized in current profit or loss | 13,950,827.74 | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 16,398.62 | | Gains and losses from debt restructuring | 27,000.00 | | Other non-operating income and expenses apart from the above | 21,650.18 | | Less: Impact on minority interests (after tax) | 727,477.93 | | Total | 14,209,049.01 | [Management Discussion and Analysis](index=9&type=section&id=Section%203%20Management%20Discussion%20and%20Analysis) This chapter provides an in-depth analysis of the company's industry, main business operations, core competencies, and key financial performance during the reporting period [Industry and Main Business Overview](index=9&type=section&id=I.%20Description%20of%20the%20Company%27s%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) The company operates in the news and publishing industry, with core businesses in publishing, distribution, printing, and material supply, expanding into cultural creativity and investment finance; the overall book retail market saw slight growth in H1 2025, despite pressures on physical stores and platform e-commerce - The company operates in the news and publishing industry[27](index=27&type=chunk) H1 2025 Book Retail Market Data | Indicator | Year-on-year Change (%) | | :--- | :--- | | Overall Book Retail Market Value (Madian) | +0.73 | | Overall Book Retail Market Actual Value (Shiyuan) | -0.31 | | Content E-commerce Channel Value (Madian) | +47.62 | | Platform E-commerce Channel Value (Madian) | -17.31 | | Vertical and Other E-commerce Channel Value (Madian) | -16.27 | | Physical Store Channel Value (Madian) | -8.05 | - The company's main business, primary products, and operating model remain unchanged, covering general books, textbook and supplementary material publishing, distribution, printing, and printing material supply[28](index=28&type=chunk) - The company has established a comprehensive media business structure integrating traditional and digital publishing, online reading, and e-commerce sales, gradually expanding into cultural creativity and investment finance[28](index=28&type=chunk) [Operating Performance Analysis](index=11&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operating%20Performance) During the reporting period, the company focused on its core business, achieving steady progress in quality publishing, textbook distribution, printing material business expansion, distribution innovation, and digital transformation, enhancing its social influence and operational strength - The company vigorously promoted the “Quality Publishing Project,” publishing **2,931 titles** (including **1,237 new books**) during the reporting period and receiving **73 provincial/ministerial-level awards or publishing project recognitions**, significantly enhancing its social influence[32](index=32&type=chunk) - The company efficiently completed textbook and supplementary material compilation, printing, and distribution tasks, ensuring “books before class, one per person,” and was awarded the **silver prize in the “2025 People's Education Press Primary and Secondary School Textbook Printing Quality Management Award,”** maintaining a stable market share in textbooks[33](index=33&type=chunk)[34](index=34&type=chunk) - The printing material business achieved new revenue growth through technical upgrades, deepened services, external customer expansion, and centralized procurement, with paper and consumables sales maintaining growth[35](index=35&type=chunk) - The distribution segment achieved steady operating profit growth through national reading festivals, cultural tourism and study collaborations, campus market penetration, and online/offline marketing, also receiving multiple industry awards[36](index=36&type=chunk) - The company continued its digital transformation, enriching products with audiobooks, e-books, and digital copyright resources, strengthening the dual benefits of digital products, increasing new media marketing events by **240% year-on-year**, and platform registered users by **29.1% year-on-year**[37](index=37&type=chunk)[38](index=38&type=chunk) [Analysis of Core Competencies](index=13&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company possesses multiple core competencies in publishing and distribution, including diverse media operations, a complete industry chain, first-class publishing resources and brands, extensive distribution channels, technological advantages from a national-level publishing integration development laboratory, regional leadership, flexible institutional innovation, and advanced management with policy support - The company's operations cover various media, including books, audio-visual, electronic, periodicals, and online content, possessing a complete industry chain with specialized divisions and close upstream-downstream collaboration in editing, printing, distribution, and supply[39](index=39&type=chunk) - The company boasts first-class publishing resources, years of brand advantage, extensive distribution channels, and leverages the technological advantages of a national-level key laboratory for publishing integration development[39](index=39&type=chunk) - The company holds a leading position in the regional market, demonstrating flexible institutional innovation capabilities, advanced management, resource advantages, and policy support[39](index=39&type=chunk) [Key Operating Performance](index=13&type=section&id=IV.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) This section details the company's key operating performance during the reporting period, including financial changes in main business, asset-liability structure, investment activities, and the performance of major subsidiaries and associates, with explanations for variations [Main Business Analysis](index=13&type=section&id=(%E4%B8%80)%20Main%20Business%20Analysis) During the reporting period, operating revenue decreased by 5.21% year-on-year, but total profit, net profit attributable to shareholders, and non-recurring net profit significantly increased due to tax policy changes, business structure optimization, improved gross profit, and enhanced cost control; the decrease in net cash flow from investing activities was due to reduced fixed asset expenditures, while the increase in net cash flow from financing activities was due to increased bank borrowings by subsidiaries Financial Statement Items Variation Analysis (Jan-Jun 2025 vs. Prior Year Period) | Item | Current Period (Yuan) | Prior Year Period (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 992,466,650.09 | 1,047,043,254.69 | -5.21 | | Operating Cost | 769,434,408.85 | 832,227,302.49 | -7.55 | | Selling Expenses | 74,956,397.87 | 79,509,262.75 | -5.73 | | Administrative Expenses | 107,911,540.87 | 111,476,392.40 | -3.20 | | Financial Expenses | -6,063,661.80 | -10,733,300.53 | Not Applicable | | R&D Expenses | 4,590,864.04 | 5,695,736.12 | -19.40 | | Net Cash Flow from Operating Activities | -79,081,457.43 | -103,764,131.57 | Not Applicable | | Net Cash Flow from Investing Activities | -8,023,427.02 | -20,631,627.08 | Not Applicable | | Net Cash Flow from Financing Activities | 29,535,553.58 | -6,518,324.36 | Not Applicable | | Investment Income | 2,404,119.78 | -2,483,825.02 | Not Applicable | | Asset Impairment Losses | -8,694,048.46 | -5,613,617.84 | Not Applicable | | Income Tax Expense | 488,208.55 | 14,364,349.14 | -96.60 | - Total profit, net profit attributable to shareholders of the listed company, and net profit after deducting non-recurring gains and losses increased year-on-year, primarily due to reduced income tax expenses from changes in income tax policies, coupled with the company's focus on core business, optimized business structure, improved gross profit, and strengthened cost control, enhancing main business profitability[22](index=22&type=chunk) - The change in net cash flow from investing activities was mainly due to a year-on-year decrease in expenditures for the acquisition of fixed assets in the current period[41](index=41&type=chunk) - The change in net cash flow from financing activities was mainly due to a year-on-year increase in bank borrowings by subsidiaries in the current period[41](index=41&type=chunk) [Analysis of Assets and Liabilities](index=15&type=section&id=(%E4%B8%89)%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's asset and liability structure saw several changes, including a 44.69% increase in short-term borrowings due to subsidiary bank loans, a 44.01% decrease in notes payable due to reduced bill settlements, a 60.43% decrease in employee compensation payable from payments made, and a 37.36% increase in other payables due to declared dividend distributions Asset and Liability Status Changes (Current Period End vs. Prior Year End) | Item | Current Period End (Yuan) | Prior Year End (Yuan) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Short-term Borrowings | 123,129,041.67 | 85,097,152.78 | 44.69 | Increased bank borrowings by subsidiary Northern Book City | | Notes Payable | 109,953,664.45 | 196,378,602.33 | -44.01 | Decreased purchases settled by notes in the current period | | Advances from Customers | 1,171,333.49 | 1,681,344.14 | -30.33 | Decreased advance rental payments received in the current period | | Employee Compensation Payable | 35,792,161.95 | 90,452,660.63 | -60.43 | Employee compensation accrued at prior year-end paid in current period | | Other Payables | 124,436,228.36 | 90,589,833.54 | 37.36 | Dividends declared for distribution in the current period | | Non-current Liabilities Due Within One Year | 21,470,675.66 | 16,108,472.62 | 33.29 | Increased lease liabilities due within one year | | Other Current Liabilities | 7,788,271.92 | 5,415,836.28 | 43.81 | Increased deferred output VAT | [Investment Status Analysis](index=16&type=section&id=(%E5%9B%9B)%20Investment%20Status%20Analysis) During the reporting period, the company held financial assets measured at fair value, including stocks and other equity instrument investments, totaling 381.82 million Yuan at period-end Financial Assets Measured at Fair Value (End of Period) | Asset Category | Beginning of Period (Yuan) | Fair Value Change in Current Period (Yuan) | End of Period (Yuan) | | :--- | :--- | :--- | :--- | | Stocks | 2,056,200.00 | -2,085,691.99 | 1,966,500.00 | | Other | 379,857,996.90 | 2,442,481.10 | 379,857,996.90 | | Total | 381,914,196.90 | 356,789.11 | 381,824,496.90 | - The company's stock holdings include China National Petroleum Corporation and Tianjin Tiannu Chemical Group, while other equity instrument investments include Zhongtian Securities and Rongsheng Property Insurance[47](index=47&type=chunk)[255](index=255&type=chunk) [Analysis of Major Holding and Participating Companies](index=17&type=section&id=(%E5%85%AD)%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The company's major holding and participating companies span publishing, materials, printing, and distribution sectors, with Chunfeng Literature and Art Publishing House and Xinhua Printing Company significantly impacting net profit, achieving 7.45 million Yuan and 12.57 million Yuan in net profit, respectively Financial Data of Major Holding and Participating Companies (Unit: 10,000 Yuan) | Company Name | Industry | Registered Capital | Total Assets | Net Assets | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | | Liaoning Science and Technology Press | Publishing | 1,340.00 | 21,361.85 | 16,854.25 | 17.41 | | Liaoning Fine Arts Publishing House | Publishing | 200.00 | 13,336.83 | 9,263.51 | -239.65 | | Wanjuan Company | Publishing | 800.00 | 10,905.02 | -644.68 | 23.06 | | Materials Company | Materials | 2,957.00 | 31,666.22 | 12,243.51 | 222.65 | | Notes Company | Printing | 7,300.00 | 9,679.45 | 9,469.61 | 1.77 | | Liaoning Children's Publishing House | Publishing | 2,200.00 | 11,923.17 | 10,002.01 | 362.88 | | Chunfeng Literature and Art Publishing House | Publishing | 300.00 | 31,939.80 | 28,685.54 | 745.22 | | Xinhua Printing Company | Printing | 5,072.00 | 36,529.67 | 30,321.32 | 1,256.61 | | Liaoning People's Publishing House | Publishing | 1,602.38 | 8,626.78 | 6,447.38 | 185.62 | | Nationalities Publishing House | Publishing | 3,002.27 | 9,061.30 | 6,328.90 | 22.23 | | Liaoning Education Press | Publishing | 1,008.50 | 13,637.49 | 9,183.03 | 406.16 | | Copyright Exchange Center | Business Services | 7,000.00 | 7,050.63 | 3,749.19 | -411.81 | | Northern Book City | Distribution | 2,000.00 | 66,881.45 | 4,848.33 | -2,766.18 | | Northern Distribution Company | Distribution | 6,500.00 | 45,816.31 | 17,551.24 | -623.41 | Subsidiaries with Net Profit Impact Exceeding 10% of Company's Net Profit (Unit: 10,000 Yuan) | Company Name | Company Type | Main Business | Registered Capital | Net Profit | | :--- | :--- | :--- | :--- | :--- | | Chunfeng Literature and Art Publishing House | Subsidiary | Book publishing, wholesale of own publications | 300.00 | 745.22 | | Xinhua Printing Company | Subsidiary | Publication printing, packaging and decoration printing | 5,072.00 | 1,256.61 | [Other Disclosure Matters](index=18&type=section&id=V.%20Other%20Disclosure%20Matters) This section discloses potential risks faced by the company, primarily including publishing topic risks, raw material price fluctuation risks, and risks of inadequate new technology transformation and upgrading, along with the company's strategies to address them [Potential Risks Faced](index=18&type=section&id=(%E4%B8%80)%20Potential%20Risks%20Faced) The company faces risks from inaccurate publishing topic positioning and low market acceptance, rising raw material prices impacting profitability, and market competition challenges if unable to promptly adopt new digital and AI technologies - The company faces topic risks due to inaccurate publishing topic positioning or content not being accepted and recognized by the market[50](index=50&type=chunk) - Rising prices of raw materials such as paper will affect the company's production costs and profitability, which the company plans to mitigate by strengthening analysis and centralized procurement[51](index=51&type=chunk)[52](index=52&type=chunk) - The rapid development of new technologies like digital technology, big data, and artificial intelligence (AI) significantly impacts traditional publishing, and the company may face greater market competition if it fails to quickly absorb, introduce, and apply advanced digital technologies[52](index=52&type=chunk) [Corporate Governance, Environment, and Society](index=19&type=section&id=Section%204%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This chapter details changes in the company's directors and senior management, profit distribution plans, and its active engagement in rural revitalization efforts [Changes in Directors and Senior Management](index=19&type=section&id=I.%20Changes%20in%20Company%20Directors%20and%20Senior%20Management) During the reporting period, Ms. Zhu Min resigned as Chairman of the Supervisory Board due to retirement, with no other changes in the company's directors or senior management - Ms. Zhu Min resigned as Chairman of the Supervisory Board due to retirement[54](index=54&type=chunk) [Profit Distribution or Capital Reserve Conversion Plan](index=19&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company's Board of Directors resolved not to proceed with any profit distribution or capital reserve conversion into share capital for the current reporting period - The company's proposed profit distribution or capital reserve conversion plan for the semi-annual period is “none,” meaning no distribution or conversion[55](index=55&type=chunk) [Rural Revitalization Work](index=20&type=section&id=V.%20Specific%20Details%20of%20Consolidating%20Poverty%20Alleviation%20Achievements%2C%20Rural%20Revitalization%2C%20and%20Other%20Work) The company actively engages in rural revitalization by strengthening Party building, preventing a return to poverty, improving rural governance, and leveraging cadre advantages to comprehensively promote village assistance and foster overall rural development - The company considers village assistance a critical political task, actively participating in rural revitalization by precisely selecting cadres, strengthening process management, focusing on Party building leadership, and promoting livelihood improvement[56](index=56&type=chunk) - The company deeply promotes education, strictly implements Party organization life systems, optimizes the Party member structure, regularly conducts household visits, and solidifies the foundation of Party building[56](index=56&type=chunk)[57](index=57&type=chunk) - The company conducts dynamic monitoring to prevent a return to poverty, focusing on “two assurances and three guarantees” and safe drinking water, actively promotes social assistance policies, strengthens assistance project management, and broadens income-generating channels for residents[57](index=57&type=chunk) - The company strictly implements the villagers' representative meeting system and the “four discussions, one review, two public disclosures” system, implements refined grid management, promotes “sunshine governance,” establishes a diversified dispute resolution mechanism, and continuously advances cultural reforms to enhance rural governance efficiency[57](index=57&type=chunk) - The company leverages the intellectual and resource advantages of resident cadres, conducts in-depth investigations and research, formulates scientific plans, and takes human settlement environment improvement as a breakthrough to create a clean and beautiful rural environment, stimulating public participation in rural construction[58](index=58&type=chunk) [Significant Matters](index=21&type=section&id=Section%205%20Significant%20Matters) This chapter covers the fulfillment of commitments, absence of major litigation or arbitration, details of significant related party transactions, and the company's major guarantees [Fulfillment of Commitments](index=21&type=section&id=I.%20Fulfillment%20of%20Commitments) Liaoning Publishing Group Co., Ltd., the company's actual controller and controlling shareholder, has consistently and strictly fulfilled its commitment to avoid horizontal competition since the initial public offering in 2007 - Liaoning Publishing Group Co., Ltd. has consistently and strictly fulfilled its commitment to avoid horizontal competition since the initial public offering in 2007[61](index=61&type=chunk) [Major Litigation and Arbitration Matters](index=22&type=section&id=VII.%20Major%20Litigation%20and%20Arbitration%20Matters) During the reporting period, the company had no major litigation or arbitration matters requiring disclosure - There were no major litigation or arbitration matters for the company in the current reporting period[62](index=62&type=chunk) [Significant Related Party Transactions](index=22&type=section&id=X.%20Significant%20Related%20Party%20Transactions) During the reporting period, the company engaged in routine operating related party transactions totaling **79.812 million Yuan**, conducted strictly in accordance with agreements and estimates approved by the Board of Directors and Shareholders' Meeting [Routine Operating Related Party Transactions](index=22&type=section&id=(%E4%B8%80)%20Routine%20Operating%20Related%20Party%20Transactions) The company conducted routine operating related party transactions strictly in accordance with approved agreements and estimates, totaling **79.812 million Yuan** during the reporting period - The company conducted routine operating related party transactions strictly in accordance with agreements and estimates approved by the Board of Directors and Shareholders' Meeting[63](index=63&type=chunk) - During the reporting period, the total amount of the company's routine operating related party transactions was **79.812 million Yuan**[63](index=63&type=chunk) [Significant Contracts and Their Fulfillment](index=24&type=section&id=XI.%20Significant%20Contracts%20and%20Their%20Fulfillment) This section discloses the company's significant contracts and their fulfillment during the reporting period, particularly guarantees for subsidiaries totaling **374 million Yuan**, representing **14.30%** of the company's net assets [Significant Guarantees](index=24&type=section&id=(%E4%BA%8C)%20Significant%20Guarantees) During the reporting period, the company's total guarantees for subsidiaries amounted to **139 million Yuan** in new guarantees and **374 million Yuan** in outstanding guarantees at period-end, representing **14.30%** of the company's net assets, with no guarantees provided to parties other than subsidiaries Company's Total Guarantees (Unit: 10,000 Yuan) | Indicator | Amount | | :--- | :--- | | Total new guarantees for subsidiaries in the reporting period | 13,900 | | Total outstanding guarantees for subsidiaries at period-end (B) | 37,400 | | Total Guarantees (A+B) | 37,400 | | Percentage of total guarantees to company's net assets (%) | 14.30 | - The company's external guarantees (excluding guarantees for subsidiaries) amounted to **0**[68](index=68&type=chunk) [Share Changes and Shareholder Information](index=25&type=section&id=Section%206%20Share%20Changes%20and%20Shareholder%20Information) This chapter details the company's share capital stability and shareholder structure, highlighting the controlling shareholder's significant stake [Share Capital Changes](index=25&type=section&id=I.%20Share%20Capital%20Changes) During the reporting period, there were no changes in the company's total share capital or share capital structure - During the reporting period, there were no changes in the company's total share capital or share capital structure[70](index=70&type=chunk) [Shareholder Information](index=25&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company had **22,814** common shareholders, with Liaoning Publishing Group Co., Ltd. holding **67.52%**, making it the controlling shareholder Total Number of Shareholders | Indicator | Quantity | | :--- | :--- | | Total number of common shareholders at the end of the reporting period (households) | 22,814 | | Total number of preferred shareholders with restored voting rights at the end of the reporting period (households) | Not Applicable | Top Ten Shareholders' Shareholdings (Excluding Shares Lent Through Securities Lending) | Shareholder Name | Shares Held at Period-End (shares) | Shareholding Ratio at Period-End (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Liaoning Publishing Group Co., Ltd. | 372,000,000 | 67.52 | State | | Zhang Mucheng | 9,000,000 | 1.63 | Domestic Natural Person | | Chen Xiaobao | 3,312,200 | 0.60 | Domestic Natural Person | | Industrial and Commercial Bank of China Co., Ltd. - CITIC-Prudential Multi-Strategy Flexible Allocation Mixed Securities Investment Fund (LOF) | 3,202,400 | 0.58 | Unknown | | An Wei | 2,660,000 | 0.48 | Domestic Natural Person | | Pei Zhanhong | 2,288,200 | 0.42 | Domestic Natural Person | | Dacheng CSI 360 Internet+ Big Data 100 Index Securities Investment Fund | 2,131,500 | 0.39 | Domestic Natural Person | | Wang Yumei | 1,515,900 | 0.28 | Domestic Natural Person | | Su Aigang | 1,251,181 | 0.23 | Domestic Natural Person | | J. P. Morgan Securities PLC - Proprietary Trading | 1,215,487 | 0.22 | Unknown | [Bond-Related Information](index=28&type=section&id=Section%207%20Bond-Related%20Information) During the reporting period, the company had no outstanding or related corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[77](index=77&type=chunk) - The company has no convertible corporate bonds[77](index=77&type=chunk) [Financial Report](index=28&type=section&id=Section%208%20Financial%20Report) This chapter presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on accounting policies, taxes, and financial statement items [Audit Report](index=28&type=section&id=I.%20Audit%20Report) This semi-annual report has not been audited - This semi-annual report has not been audited[5](index=5&type=chunk) [Financial Statements](index=28&type=section&id=II.%20Financial%20Statements) This section includes the company's 2025 semi-annual consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, comprehensively presenting the company's financial position, operating results, and cash flow [Consolidated Balance Sheet](index=29&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets were **4.038 billion Yuan**, a slight decrease of 1.65% from the prior year-end; consolidated total liabilities were **1.403 billion Yuan**, down 5.13%; and total equity attributable to parent company owners was **2.616 billion Yuan**, up 0.40% Consolidated Balance Sheet Key Data | Item | June 30, 2025 (Yuan) | December 31, 2024 (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 4,037,652,832.37 | 4,105,236,859.83 | -1.65 | | Total Liabilities | 1,403,338,558.11 | 1,479,185,947.13 | -5.13 | | Total Equity Attributable to Parent Company Owners | 2,616,048,385.63 | 2,605,738,615.87 | 0.40 | [Parent Company Balance Sheet](index=31&type=section&id=Parent%20Company%20Balance%20Sheet) As of June 30, 2025, the parent company's total assets were **3.511 billion Yuan**, a decrease of 0.90% from the prior year-end; total liabilities were **1.484 billion Yuan**, down 3.50%; and total owners' equity was **2.027 billion Yuan**, up 1.10% Parent Company Balance Sheet Key Data | Item | June 30, 2025 (Yuan) | December 31, 2024 (Yuan) | | :--- | :--- | :--- | | Total Assets | 3,510,502,966.84 | 3,542,160,776.47 | | Total Liabilities | 1,483,575,360.10 | 1,537,253,966.18 | | Total Owners' Equity | 2,026,927,606.74 | 2,004,906,810.29 | [Consolidated Income Statement](index=33&type=section&id=Consolidated%20Income%20Statement) For the first half of 2025, the company's consolidated operating revenue was **992.47 million Yuan**, a year-on-year decrease of 5.21%; net profit attributable to parent company shareholders was **43.42 million Yuan**, a significant year-on-year increase of 221.08%; and basic earnings per share was **0.08 Yuan**, up 300% Consolidated Income Statement Key Data | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 992,466,650.09 | 1,047,043,254.69 | -5.21 | | Total Profit | 42,351,460.58 | 24,159,906.93 | 75.30 | | Net Profit Attributable to Parent Company Shareholders | 43,419,660.23 | 13,522,812.31 | 221.08 | | Basic Earnings Per Share (Yuan/share) | 0.08 | 0.02 | 300.00 | [Parent Company Income Statement](index=35&type=section&id=Parent%20Company%20Income%20Statement) For the first half of 2025, the parent company's operating revenue was **330.17 million Yuan**, a year-on-year decrease of 24.20%; net profit was **55.08 million Yuan**, a year-on-year increase of 79.04% Parent Company Income Statement Key Data | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Operating Revenue | 330,169,504.40 | 435,420,295.65 | | Net Profit | 55,075,678.45 | 30,761,339.09 | [Consolidated Cash Flow Statement](index=36&type=section&id=Consolidated%20Cash%20Flow%20Statement) For the first half of 2025, the company's net cash flow from operating activities was **-79.08 million Yuan**, an improvement from the prior year; net cash flow from investing activities was **-8.02 million Yuan**, with reduced outflow; and net cash flow from financing activities was **29.54 million Yuan**, turning positive Consolidated Cash Flow Statement Key Data | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -79,081,457.43 | -103,764,131.57 | | Net Cash Flow from Investing Activities | -8,023,427.02 | -20,631,627.08 | | Net Cash Flow from Financing Activities | 29,535,553.58 | -6,518,324.36 | | Net Increase in Cash and Cash Equivalents | -57,565,287.42 | -130,913,601.77 | [Parent Company Cash Flow Statement](index=38&type=section&id=Parent%20Company%20Cash%20Flow%20Statement) For the first half of 2025, the parent company's net cash flow from operating activities was **15.47 million Yuan**, turning positive; net cash flow from investing activities was **2.25 million Yuan**; and net increase in cash and cash equivalents was **16.10 million Yuan** Parent Company Cash Flow Statement Key Data | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 15,465,720.37 | -70,602,973.63 | | Net Cash Flow from Investing Activities | 2,253,888.00 | 0.00 | | Net Cash Flow from Financing Activities | -1,620,075.42 | 0.00 | | Net Increase in Cash and Cash Equivalents | 16,099,532.95 | -70,602,973.63 | [Consolidated Statement of Changes in Owners' Equity](index=40&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Owners%27%20Equity) As of June 30, 2025, the company's consolidated total owners' equity was **2.634 billion Yuan**, a 0.31% increase from the prior year-end; total equity attributable to parent company owners was **2.616 billion Yuan**, up 0.40% Consolidated Statement of Changes in Owners' Equity Key Data | Item | June 30, 2025 (Yuan) | December 31, 2024 (Yuan) | | :--- | :--- | :--- | | Total Equity Attributable to Parent Company Owners | 2,616,048,385.63 | 2,605,738,615.87 | | Minority Interests | 18,265,888.63 | 20,312,296.83 | | Total Owners' Equity | 2,634,314,274.26 | 2,626,050,912.70 | [Parent Company Statement of Changes in Owners' Equity](index=43&type=section&id=Parent%20Company%20Statement%20of%20Changes%20in%20Owners%27%20Equity) As of June 30, 2025, the parent company's total owners' equity was **2.027 billion Yuan**, a 1.10% increase from the prior year-end; undistributed profits were **675.39 million Yuan**, up 3.37% Parent Company Statement of Changes in Owners' Equity Key Data | Item | June 30, 2025 (Yuan) | December 31, 2024 (Yuan) | | :--- | :--- | :--- | | Paid-in Capital (or Share Capital) | 550,914,700.00 | 550,914,700.00 | | Capital Reserve | 532,157,745.57 | 532,157,745.57 | | Undistributed Profits | 675,393,335.62 | 653,372,539.17 | | Total Owners' Equity | 2,026,927,606.74 | 2,004,906,810.29 | [Company Basic Information](index=47&type=section&id=III.%20Company%20Basic%20Information) The company, established on August 29, 2006, and listed on December 21, 2007, with a registered capital of **551 million Yuan**, primarily engages in publishing, distribution, printing, and material supply, with Liaoning Provincial People's Government State-owned Assets Supervision and Administration Commission as its ultimate controller, and consolidates **24 subsidiaries** as of June 2025 - The company was established on August 29, 2006, listed on the Shanghai Stock Exchange on December 21, 2007, with a registered capital of **550,914,700.00 Yuan**[110](index=110&type=chunk) - The company's main business includes editing and publishing of books, audio-visual, electronic, and other publications; general wholesale, wholesale and distribution, and retail of publications; printing of books and other paper-based publications; procurement and sales of printing materials such as paper and ink; copyright trade, internet publishing, distribution, exhibitions, and cultural services[111](index=111&type=chunk) - The parent company is Liaoning Publishing Group Co., Ltd., and the ultimate controlling party is the Liaoning Provincial People's Government State-owned Assets Supervision and Administration Commission[111](index=111&type=chunk) - As of the end of June 2025, the company had **24 subsidiaries** included in its consolidated scope[111](index=111&type=chunk) [Basis of Financial Statement Preparation](index=47&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) These financial statements are prepared on a going concern basis, in accordance with enterprise accounting standards and actual transactions, with no significant doubts about the group's ability to continue as a going concern for the next 12 months from the end of the reporting period - These financial statements are prepared on a going concern basis, in accordance with relevant provisions of enterprise accounting standards and actual transactions[112](index=112&type=chunk) - As of the end of the reporting period, there are no matters or circumstances that raise significant doubts about the group's ability to continue as a going concern for the next 12 months[113](index=113&type=chunk) [Significant Accounting Policies and Estimates](index=47&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's significant accounting policies and estimates for financial statement preparation, covering compliance with accounting standards, accounting period, operating cycle, functional currency, materiality, business combinations, consolidated financial statements, joint arrangements, cash and cash equivalents, foreign currency translation, financial instruments, notes receivable, accounts receivable, other receivables, inventories, contract assets, long-term equity investments, investment properties, fixed assets, construction in progress, borrowing costs, intangible assets, impairment of long-term assets, long-term deferred expenses, contract liabilities, employee compensation, provisions, revenue, contract costs, government grants, deferred income tax assets/liabilities, and leases - The financial statements prepared by the group based on the preparation basis comply with the latest Enterprise Accounting Standards, their application guidelines, interpretations, and other relevant regulations issued by the Ministry of Finance[115](index=115&type=chunk) - The group adopts the calendar year as its accounting year, from January 1 to December 31 each year[116](index=116&type=chunk) - The group considers 12 months as an operating cycle and uses it as the standard for classifying assets and liabilities as current or non-current[117](index=117&type=chunk) - The functional currency for the company and its domestic subsidiaries is Renminbi, while for overseas subsidiaries, it is the British Pound[118](index=118&type=chunk) - The company classifies financial assets based on the business model for managing financial assets and their cash flow characteristics into those measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[134](index=134&type=chunk)[135](index=135&type=chunk) - The company recognizes revenue when the customer obtains control of the related goods, detailing revenue recognition methods for publishing, distribution, printing, and material sales businesses[184](index=184&type=chunk)[185](index=185&type=chunk)[186](index=186&type=chunk) [Taxation](index=70&type=section&id=VI.%20Taxation) This section lists the company's main tax categories and rates, and discloses applicable tax preferential policies, including VAT exemptions or refunds for publishing and distribution, and corporate income tax preferential rates for high-tech or small-profit enterprises Main Tax Categories and Rates | Tax Category | Tax Rate | | :--- | :--- | | Value-Added Tax | 13%, 9%, 6%, 5%, 3% | | Urban Maintenance and Construction Tax | 7%, 5% | | Corporate Income Tax | 25%, 20%, 15% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | | Land Use Tax | Unit tax amount as per tax law | | Property Tax | 1.2%, 12% | - The company and some subsidiaries enjoy VAT exemption for book wholesale and retail, and 100% or 50% VAT refund after collection for publishing[203](index=203&type=chunk) - Operating cultural institutions that completed restructuring before December 31, 2022, are exempt from corporate income tax from January 1, 2024, to December 31, 2027[203](index=203&type=chunk) - Liaoning Dingji Digital Technology Co., Ltd., as a high-tech enterprise, enjoys a **15%** preferential corporate income tax rate[203](index=203&type=chunk) - The policy for small-profit enterprises to calculate taxable income at **25%** and pay corporate income tax at a **20%** rate is extended until December 31, 2027[204](index=204&type=chunk) [Notes to Consolidated Financial Statement Items](index=73&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for each item in the consolidated financial statements, covering cash and cash equivalents, receivables, inventories, investments, fixed assets, intangible assets, liabilities, equity, income, expenses, and other comprehensive income, offering a comprehensive breakdown of the company's financial components - At period-end, restricted other monetary funds amounted to **54,105,442.42 Yuan**, primarily comprising bank acceptance bill margin deposits, letter of credit margin deposits, performance bond deposits, and frozen bank deposits[205](index=205&type=chunk) - During the reporting period, net profit attributable to shareholders of the listed company was **43,419,660.23 Yuan**, a year-on-year increase of **221.08%**[19](index=19&type=chunk) - Current period asset impairment losses amounted to **-8,694,048.46 Yuan**, mainly due to increased inventory depreciation provisions resulting from changes in inventory aging structure[41](index=41&type=chunk)[341](index=341&type=chunk) - Cash received relating to other operating activities in the current period totaled **59,220,148.13 Yuan**, primarily including interest income, government grants, and deposits/guarantees[348](index=348&type=chunk) - Government grants recognized in current profit or loss totaled **13,950,827.74 Yuan**, comprising **1,610,203.70 Yuan** related to assets and **12,340,624.04 Yuan** related to income[371](index=371&type=chunk) [R&D Expenses](index=116&type=section&id=VIII.%20R%26D%20Expenses) This section details the company's R&D expenditures for the reporting period, primarily consisting of labor costs, depreciation and amortization, and direct material inputs, totaling **4.59 million Yuan**, all expensed R&D Expenses by Nature of Expense | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Labor Costs | 3,393,471.21 | 4,242,745.53 | | Depreciation and Amortization | 582,382.39 | 584,167.79 | | Direct Material Inputs | 606,029.08 | 1,024,964.64 | | Other | 8,981.36 | 19,913.86 | | Total | 4,590,864.04 | 5,871,791.82 | | Of which: Expensed R&D Expenditures | 4,590,864.04 | 5,695,736.12 | | Capitalized R&D Expenditures | 0.00 | 0.00 | [Changes in Consolidation Scope](index=116&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) During the reporting period, there were no changes in the company's consolidation scope due to business combinations, reverse acquisitions, or disposal of subsidiaries - There were no transactions or events resulting in the loss of control over subsidiaries in the current period[364](index=364&type=chunk) - There were no instances of step-by-step disposal of investments in subsidiaries leading to loss of control in the current period[365](index=365&type=chunk) [Interests in Other Entities](index=117&type=section&id=X.%20Interests%20in%20Other%20Entities) This section details the company's interests in **24 subsidiaries** across publishing, distribution, printing, materials, and services, primarily acquired through business combinations or investments, and its significant associate, Liaoning Bohong Cultural Industry Venture Capital Investment Fund Management Center (Limited Partnership), with a **71.17%** stake accounted for using the equity method - The company owns **24 subsidiaries**, primarily established through business combinations under common control or investment, with business natures covering publishing, distribution, printing, material sales, and services[111](index=111&type=chunk)[365](index=365&type=chunk)[366](index=366&type=chunk) Significant Joint Ventures or Associates | Name of Joint Venture or Associate | Principal Place of Business | Registered Place | Nature of Business | Shareholding Ratio (%) | Accounting Method for Investment in Joint Venture or Associate | | :--- | :--- | :--- | :--- | :--- | :--- | | Liaoning Bohong Cultural Industry Venture Capital Investment Fund Management Center (Limited Partnership) | Shenyang | Shenyang | Venture Capital | 71.17 | Equity Method | [Government Grants](index=119&type=section&id=XI.%20Government%20Grants) During the reporting period, the company recognized **13.95 million Yuan** in government grants, comprising **1.61 million Yuan** related to assets and **12.34 million Yuan** related to income, with **14.50 million Yuan** in government grants recognized as receivables at period-end Government Grants Recognized in Current Profit or Loss | Type | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Asset-related | 1,610,203.70 | 975,605.18 | | Income-related | 12,340,624.04 | 11,272,474.63 | | Total | 13,950,827.74 | 12,248,079.81 | - Government grants recognized as receivables at the end of the reporting period amounted to **14,500,000.00 Yuan**[369](index=369&type=chunk) [Risks Related to Financial Instruments](index=120&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company faces market risks (including exchange rate and other price risks), credit risk, and liquidity risk, which are effectively managed through sensitivity analysis, credit limit management, and maintaining sufficient cash flow to balance risk and return - The company faces market risks from financial instruments, including exchange rate risk (primarily related to the British Pound) and other price risks (changes in equity securities investment prices)[372](index=372&type=chunk)[373](index=373&type=chunk) - The company faces credit risk, mainly from financial asset losses and financial guarantees due to the counterparty's failure to fulfill obligations, managed through credit limit determination, credit approval, and monitoring procedures[374](index=374&type=chunk)[375](index=375&type=chunk) - The company faces liquidity risk, monitored and managed by maintaining sufficient cash and cash equivalents, currently having ample self-owned funds and low liquidity risk[375](index=375&type=chunk) [Disclosure of Fair Value](index=121&type=section&id=XIII.%20Disclosure%20of%20Fair%20Value) This section discloses the company's assets and liabilities measured at fair value at period-end, with continuously measured assets totaling **381.82 million Yuan**, primarily comprising other equity instrument investments and other non-current financial assets, using active market quotes for Level 1 and unobservable inputs for Level 3 fair value measurements Fair Value of Assets Continuously Measured at Fair Value at Period-End | Item | Level 1 Fair Value Measurement (Yuan) | Level 3 Fair Value Measurement (Yuan) | Total (Yuan) | | :--- | :--- | :--- | :--- | | Other Equity Instrument Investments | 1,966,500.00 | 365,626,936.49 | 367,593,436.49 | | Other Non-current Financial Assets | 0.00 | 14,231,060.41 | 14,231,060.41 | | Total Assets Continuously Measured at Fair Value | 1,966,500.00 | 379,857,996.90 | 381,824,496.90 | - The basis for determining the market price of Level 1 fair value measurement items is active quotes for equity instruments in the securities market[379](index=379&type=chunk) - For Level 3 fair value measurement items, both continuous and non-continuous, valuation techniques and qualitative and quantitative information on significant parameters are determined based on unobservable inputs of relevant assets or liabilities at period-end[380](index=380&type=chunk) [Related Parties and Related Party Transactions](index=123&type=section&id=XIV.%20Related%20Parties%20and%20Related%20Party%20Transactions) This section details the company's related parties and various transactions with them, including Liaoning Publishing Group Co., Ltd. as the parent company with a **67.52%** stake, and routine related party transactions with numerous subsidiaries, wholly-owned subsidiaries of the parent company, and other related parties, covering goods purchases and sales, provision and acceptance of services, related leases, and unsettled receivables/payables - Liaoning Publishing Group Co., Ltd. is the company's parent company, holding a **67.52%** stake[382](index=382&type=chunk) - The company has related party transactions involving the purchase and sale of goods and the provision/acceptance of services with Liaoning Xinhua Education Industry Development Co., Ltd., Liaoning Infinite Crossing New Media Co., Ltd., Liaoning Northern Periodical Publishing Group Co., Ltd., and other related parties[388](index=388&type=chunk)[390](index=390&type=chunk) - As a lessee, the company pays house rental fees to Liaoning Publishing Group Co., Ltd. and Liaoning Bohong Management Co., Ltd[391](index=391&type=chunk) - As a lessor, the company collects house rental income from Liaoning Publishing Group Co., Ltd. and Liaoning Bohong Management Co., Ltd[392](index=392&type=chunk) - At period-end, the company had accounts receivable and prepayments from related parties such as Liaoning Northern Education Investment Holding Co., Ltd. and Kuandian Manchu Autonomous County Xinhua Bookstore Co., Ltd[393](index=393&type=chunk)[394](index=394&type=chunk) - At period-end, the company had accounts payable, other payables, and contract liabilities to related parties such as Liaoning Xinhua Education Industry Development Co., Ltd., Liaoning Infinite Crossing New Media Co., Ltd., and Fushi Media Co., Ltd[395](index=395&type=chunk)[396](index=396&type=chunk)[397](index=397&type=chunk) [Commitments and Contingencies](index=133&type=section&id=XVI.%20Commitments%20and%20Contingencies) As of June 30, 2025, the company had no significant commitments or material contingencies requiring disclosure - As of June 30, 2025, the group had no significant commitments requiring disclosure[399](index=399&type=chunk) - As of June 30, 2025, the group had no significant contingencies requiring disclosure[400](index=400&type=chunk) [Events After the Balance Sheet Date](index=133&type=section&id=XVII.%20Events%20After%20the%20Balance%20Sheet%20Date) As of the report disclosure date, the company had no significant non-adjusting events, profit distribution matters, sales returns, or other post-balance sheet events requiring disclosure - The company has no significant non-adjusting events, profit distribution matters, sales returns, or other events after the balance sheet date[401](index=401&type=chunk) [Other Significant Matters](index=133&type=section&id=XVIII.%20Other%20Significant%20Matters) This section primarily discloses the company's segment information, categorizing its operations into five reporting segments: publishing, distribution, material sales, printing, and other businesses, with regular performance evaluations [Segment Information](index=134&type=section&id=6%E3%80%81Segment%20Information) The company's operations are divided into five reporting segments: publishing, distribution, material sales, printing, and other businesses, with management regularly evaluating their operating results for resource allocation and performance assessment - The group's operating activities are divided into **5 operating segments**, and **5 reporting segments** have been identified: publishing business segment, distribution business segment, material sales business segment, printing business segment, and other business segments[402](index=402&type=chunk) - Segment reporting information is disclosed based on the accounting policies and measurement standards adopted when reporting to management, consistent with the accounting and measurement basis used for preparing financial statements[402](index=402&type=chunk) [Notes to Parent Company Financial Statement Major Items](index=134&type=section&id=XIX.%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Major%20Items) This section provides detailed notes for the parent company's major financial statement items, including accounts receivable of **214 million Yuan**, other receivables of **296 million Yuan** (including **205 million Yuan** lent to subsidiaries for centralized fund management), and long-term equity investments totaling **1.137 billion Yuan**, primarily in subsidiaries and associates Parent Company Accounts Receivable by Aging | Aging | End of Period Book Balance (Yuan) | Beginning of Period Book Balance (Yuan) | | :--- | :--- | :--- | | Within 1 year (inclusive) | 211,283,455.56 | 147,313,604.14 | | 1 to 2 years | 4,527,532.96 | 6,712,231.68 | | 2 to 3 years | 1,535,730.15 | 4,060,840.90 | | Over 3 years | 7,769,262.93 | 5,415,698.86 | | Total | 225,116,981.60 | 163,502,375.58 | Parent Company Other Receivables by Nature of Item | Nature of Item | End of Period Book Balance (Yuan) | Beginning of Period Book Balance (Yuan) | | :--- | :--- | :--- | | Amounts owed by subsidiaries | 290,382,572.63 | 317,009,957.21 | | Special account deposits | 3,267,381.60 | 3,267,381.60 | | Petty cash,代收代付款 (payments collected/made on behalf of others) etc. | 2,137,806.74 | 208,598.66 | | Deposits, guarantees, and quality assurance funds | 240,280.00 | 144,780.00 | | Amounts owed by external entities | 8,052.02 | 8,052.02 | | Total | 296,036,092.99 | 320,638,769.49 | - The amount reported as other receivables by the parent company due to centralized fund management is **205,000,000.00 Yuan**, primarily lent to Xinhua Bookstore Northern Book City Co., Ltd[420](index=420&type=chunk)[421](index=421&type=chunk) Parent Company Long-term Equity Investments | Item | End of Period Book Value (Yuan) | Beginning of Period Book Value (Yuan) | | :--- | :--- | :--- | | Investments in subsidiaries | 1,126,501,521.68 | 1,126,501,521.68 | | Investments in associates and joint ventures | 10,860,893.98 | 10,856,266.72 | | Total | 1,137,362,415.66 | 1,137,357,788.40 | Parent Company Operating Revenue and Operating Cost | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Operating Revenue | 330,169,504.40 | 435,420,295.65 | | Operating Cost | 246,664,311.47 | 357,481,291.83 | [Supplementary Information](index=144&type=section&id=XX.%20Supplementary%20Information) This section provides supplementary financial report information, including a detailed statement of non-recurring gains and losses and key financial indicators such as return on net assets and earnings per share [Statement of Non-recurring Gains and Losses for the Current Period](index=144&type=section&id=1%E3%80%81Statement%20of%20Non-recurring%20Gains%20and%20Losses%20for%20the%20Current%20Period) Total non-recurring gains and losses for the current period amounted to **14.21 million Yuan**, primarily from government grants recognized in current profit or loss and gains/losses from disposal of non-current assets Details of Non-recurring Gains and Losses for the Current Period | Item | Amount (Yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 920,650.40 | | Government grants recognized in current profit or loss | 13,950,827.74 | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 16,398.62 | | Gains and losses from debt restructuring | 27,000.00 | | Other non-operating income and expenses apart from the above | 21,650.18 | | Less: Impact on minority interests (after tax) | 727,477.93 | | Total | 14,209,049.01 | [Return on Net Assets and Earnings Per Share](index=145&type=section&id=2%E3%80%81Return%20on%20Net%20Assets%20and%20Earnings%20Per%20Share) The weighted average return on net assets attributable to common shareholders for the current period was **1.66%**, with basic earnings per share of **0.08 Yuan**; after deducting non-recurring gains and losses, the weighted average return on net assets was **1.11%**, and basic earnings per share was **0.05 Yuan** Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share (Yuan/share) | Diluted Earnings Per Share (Yuan/share) | | :--- | :--- | :--- | :--- | | Net profit attributable to common shareholders of the company | 1.66 | 0.08 | 0.08 | | Net profit attributable to common shareholders of the company after deducting non-recurring gains and losses | 1.11 | 0.05 | 0.05 |

广东纬德信息科技股份有限公司2025 年半年度报告 公司代码：688171 公司简称：纬德信息 广东纬德信息科技股份有限公司 2025 年半年度报告 1 / 183 广东纬德信息科技股份有限公司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及应对措施，敬请查阅本 报告第三节"管理层讨论与分析"。 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、 公司负责人尹健、主管会计工作负责人张平及会计机构负责人（会计主管人员）张平声明： 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 本报告涉及未来计划等前瞻性陈述，不构成公司对投资者的实质性承诺，敬请投资者注意投 资风险。 九、 是否存在被控股股东及 ...

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[Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, highlighting key risks and stating no profit distribution or capital reserve conversion for the period - The company's board of directors, supervisory board, and senior management guarantee the report's truthfulness, accuracy, and completeness, assuming legal responsibility[3](index=3&type=chunk) - The company's major risks are disclosed in "Management Discussion and Analysis", urging investors' attention[3](index=3&type=chunk) - No profit distribution or capital reserve conversion to share capital will be made for this reporting period[4](index=4&type=chunk) - Forward-looking statements involve uncertainties and do not constitute substantive commitments, so investors should be aware of investment risks[5](index=5&type=chunk) [Section I Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section defines common terms used in the report, including company names, related parties, reporting periods, laws and regulations, and various technical terms to ensure accurate understanding of the report's content - Defines the company's abbreviation "HYC" as Suzhou HYC Technology Co., Ltd[11](index=11&type=chunk) - Clarifies the "Reporting Period" as January 1, 2025, to June 30, 2025[11](index=11&type=chunk) - Provides detailed explanations of key technical terms in the flat panel display and semiconductor industries, such as Micro-LED, Micro-OLED, AOI, SoC, and SiP[11](index=11&type=chunk)[12](index=12&type=chunk)[13](index=13&type=chunk) [Section II Company Profile and Key Financial Indicators](index=6&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section presents the company's basic information, contact details, information disclosure channels, and key accounting data and financial indicators for the reporting period, showing significant growth in revenue and net profit, but negative operating cash flow [I. Company Basic Information](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) This section provides basic information about Suzhou HYC Technology Co., Ltd., including its Chinese name, abbreviation, English name, legal representative, registered and office addresses, website, and email address - Company's Chinese name: Suzhou HYC Technology Co., Ltd., abbreviation: HYC[15](index=15&type=chunk) - Legal Representative: Chen Wenyuan[15](index=15&type=chunk) - Company website: http://www.hyc.com, email: ir@hyc.com[16](index=16&type=chunk) [II. Contact Person and Contact Information](index=7&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides the name, contact address, telephone, fax, and email of the company's Board Secretary (domestic representative for information disclosure), Feng Xiujun, and Securities Affairs Representative, Jin Yutong - Board Secretary: Feng Xiujun, contact number: 0512-88168694[17](index=17&type=chunk) - Securities Affairs Representative: Jin Yutong, contact address: No. 8 Qingqiu Lane, Suzhou Industrial Park[17](index=17&type=chunk) [III. Information Disclosure and Changes in Document Custody Location](index=7&type=section&id=%E4%B8%89%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) This section discloses the company's designated newspapers for information disclosure ("China Securities Journal", "Shanghai Securities News", "Securities Times"), the website for semi-annual reports (http://www.sse.com.cn/), and the location for semi-annual report custody (Company Board Office) - Information disclosure newspapers: "China Securities Journal", "Shanghai Securities News", "Securities Times"[18](index=18&type=chunk) - Report publication website: http://www.sse.com.cn/[18](index=18&type=chunk) - Report custody location: Company Board Office[18](index=18&type=chunk) [IV. Company Stock/Depositary Receipt Overview](index=7&type=section&id=%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%2F%E5%AD%98%E6%89%98%E5%87%AD%E8%AF%81%E7%AE%80%E5%86%B5) This section briefly introduces the company's A-shares listed on the Shanghai Stock Exchange STAR Market, with stock ticker "HYC" and stock code "688001", noting no changes to the previous stock ticker during the reporting period - Stock type: A-shares[19](index=19&type=chunk) - Listing exchange and board: Shanghai Stock Exchange STAR Market[19](index=19&type=chunk) - Stock ticker: HYC, stock code: 688001[19](index=19&type=chunk) [VI. Key Accounting Data and Financial Indicators](index=7&type=section&id=%E5%85%AD%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) During the reporting period, the company's operating revenue increased by 9.27%, while total profit and net profit attributable to shareholders significantly grew by 132.67% and 152.40% respectively, driven by market expansion and cost control, though operating cash flow remained negative 主要会计数据 (2025年1-6月 vs 上年同期) | 指标 | 本报告期 (1-6月) | 上年同期 | 同期增减 (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (CNY) | 915,481,428.79 | 837,795,448.08 | 9.27 | | Total Profit (CNY) | 66,362,276.47 | 28,522,517.33 | 132.67 | | Net Profit Attributable to Shareholders (CNY) | 78,519,450.48 | 31,108,555.52 | 152.40 | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) (CNY) | 74,514,076.16 | 4,535,471.62 | 1,542.92 | | Net Cash Flow from Operating Activities (CNY) | -30,029,754.47 | -94,741,100.15 | Not applicable | | **Current Period End vs. Prior Year End:** | | | | | Net Assets Attributable to Shareholders (CNY) | 3,464,155,787.71 | 3,424,013,180.40 | 1.17 | | Total Assets (CNY) | 5,589,477,621.51 | 5,263,978,646.05 | 6.18 | 主要财务指标 (2025年1-6月 vs 上年同期) | 指标 | 本报告期 (1-6月) | 上年同期 | 同期增减 (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.18 | 0.07 | 157.14 | | Diluted Earnings Per Share (CNY/share) | 0.18 | 0.07 | 157.14 | | Basic EPS (Excluding Non-recurring Items) (CNY/share) | 0.17 | 0.01 | 1,600.00 | | Weighted Average Return on Net Assets (%) | 2.27 | 0.79 | Increased by 1.48 percentage points | | Weighted Average Return on Net Assets (Excluding Non-recurring Items) (%) | 2.15 | 0.11 | Increased by 2.04 percentage points | | R&D Investment as % of Operating Revenue (%) | 17.83 | 22.32 | Decreased by 4.49 percentage points | - Net profit and non-recurring net profit significantly increased, primarily due to market expansion and cost control[22](index=22&type=chunk) - Net cash flow from operating activities increased by **CNY 64.71 million**, mainly due to a decrease in cash paid for goods and services in the current period[23](index=23&type=chunk) [VIII. Non-recurring Gains and Losses and Amounts](index=8&type=section&id=%E5%85%AB%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) During the reporting period, the company's total non-recurring gains and losses amounted to **CNY 4.01 million**, primarily comprising government subsidies and gains/losses from disposal of non-current assets 非经常性损益项目和金额 | Non-recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Gains/losses from disposal of non-current assets | -224,234.51 | | Government subsidies recognized in current profit/loss | 5,234,469.54 | | Other non-operating income and expenses | -281,150.18 | | Less: Income tax impact | 723,710.53 | | **Total** | **4,005,374.32** | [Section III Management Discussion and Analysis](index=9&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section details the company's industry, main business, operating results, core competitiveness, and risk factors, showing overall improved performance, increased R&D investment, and active expansion into the new energy vehicle market, despite risks like high customer concentration and talent loss [I. Industry and Main Business Overview for the Reporting Period](index=9&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company is an industrial automation test equipment and full-line system solution provider for consumer electronics, semiconductor integrated circuits, and new energy vehicle electronics, maintaining its market position through continuous innovation in a rapidly developing industry [(I) Main Business, Products, or Services](index=9&type=section&id=(%E4%B8%80)%20%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E3%80%81%E4%B8%BB%E8%A6%81%E4%BA%A7%E5%93%81%E6%88%96%E6%9C%8D%E5%8A%A1%E6%83%85%E5%86%B5) The company primarily provides automated test equipment for various process nodes, including chips, SiP, modules, systems, and complete machines, widely applied in consumer electronics, semiconductor integrated circuits, and new energy vehicle electronics - The company provides automated test equipment for various process nodes, including chips, SiP, modules, systems, and complete machines[28](index=28&type=chunk) - Products are primarily applied in consumer electronics, semiconductor integrated circuits, and new energy vehicle electronics industries[29](index=29&type=chunk) - The company holds competitive advantages in high-speed, high-frequency, high-precision digital, analog, and RF signal board cards, machine vision image algorithms, and automated component design and manufacturing[29](index=29&type=chunk) - The report details product models and functional introductions across multiple fields, including flat panel display testing, semiconductor testing, wearable device testing, and new energy vehicle electronics testing[30](index=30&type=chunk)[31](index=31&type=chunk)[32](index=32&type=chunk)[33](index=33&type=chunk)[34](index=34&type=chunk)[35](index=35&type=chunk)[36](index=36&type=chunk)[37](index=37&type=chunk)[38](index=38&type=chunk)[39](index=39&type=chunk)[40](index=40&type=chunk)[41](index=41&type=chunk)[42](index=42&type=chunk)[43](index=43&type=chunk)[44](index=44&type=chunk)[45](index=45&type=chunk) [(II) Industry Overview](index=25&type=section&id=(%E4%BA%8C)%20%E6%89%80%E5%A4%84%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5) The company operates in the rapidly developing flat panel display testing, wearable electronics smart equipment, and integrated circuit testing industries, driven by new display technologies, AI applications, and national policy support, which foster innovation and market demand [1. Industry Development Stage, Characteristics, and Key Technical Barriers](index=25&type=section&id=1%E3%80%81%E8%A1%8C%E4%B8%9A%E7%9A%84%E5%8F%91%E5%B1%95%E9%98%B6%E6%AE%B5%E3%80%81%E5%9F%BA%E6%9C%AC%E7%89%B9%E7%82%B9%E3%80%81%E4%B8%BB%E8%A6%81%E6%8A%80%E6%9C%AF%E9%97%A8%E6%A7%9B) The flat panel display testing industry faces high technical barriers due to evolving display technologies, while the wearable electronics and integrated circuit testing sectors are driven by AI, national policies, and increasing demand, with the new energy vehicle testing industry also expanding due to market growth and improved standards - The flat panel display testing industry has high technical barriers, requiring comprehensive application of multidisciplinary technologies to address high resolution, high refresh rates, and complex signal transmission[46](index=46&type=chunk) - The industrialization of new display technologies (OLED, Mini/Micro-LED) is accelerating, creating new demands for testing equipment, with Micro LED display shipments projected to exceed **17 million units by 2027**[48](index=48&type=chunk)[49](index=49&type=chunk) - The wearable device industry is supported by national policies and driven by AI technology and sports health demands, with AR/VR products promoting the commercialization of micro-display technology[53](index=53&type=chunk)[54](index=54&type=chunk)[55](index=55&type=chunk) - The integrated circuit testing equipment industry faces high technical barriers, with national policies supporting domestic substitution, making mainland China the **third-largest chip testing equipment market globally**[57](index=57&type=chunk)[58](index=58&type=chunk)[59](index=59&type=chunk)[60](index=60&type=chunk) - The steady growth in new energy vehicle ownership, continuous improvement of standard systems, and release of policy dividends are driving increased demand for testing equipment[62](index=62&type=chunk)[63](index=63&type=chunk)[64](index=64&type=chunk)[65](index=65&type=chunk)[66](index=66&type=chunk) [2. Analysis of the Company's Industry Position and Changes](index=29&type=section&id=2%E3%80%81%E5%85%AC%E5%8F%B8%E6%89%80%E5%A4%84%E7%9A%84%E8%A1%8C%E4%B8%9A%E5%9C%B0%E4%BD%8D%E5%88%86%E6%9E%90%E5%8F%8A%E5%85%B6%E5%8F%98%E5%8C%96%E6%83%85%E5%86%B5) The company has established strong industry competitiveness in flat panel display testing, wearable device assembly testing, and integrated circuit testing through continuous R&D innovation and long-term partnerships with leading domestic and international clients, achieving a leading position in SiP advanced packaging module testing and becoming a designated supplier for major EV manufacturers - The company provides customized testing equipment and fixtures for customers in the flat panel display, wearable electronics, and new energy vehicle industries[67](index=67&type=chunk) - In the semiconductor testing equipment sector, the company has launched two generations of SoC testers, with the second-generation model's performance parameters comparable to popular models from Advantest and Teradyne[68](index=68&type=chunk) - The company is the first domestic manufacturer to independently develop Sub-6G RF vector signal transceiver board cards and provide a solution for 128-site parallel testing system modules with配套分选机 (matching sorters)[68](index=68&type=chunk) - The company has become a designated supplier for the largest electric vehicle manufacturer in the United States and is actively expanding into high-quality domestic new energy vehicle clients[69](index=69&type=chunk) - The company has established close and stable cooperative relationships with renowned domestic and international enterprises such as Apple, Samsung, Sony, LG, and BOE[70](index=70&type=chunk) [3. Development and Future Trends of New Technologies, Industries, Business Forms, and Models in the Reporting Period](index=30&type=section&id=3%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%96%B0%E6%8A%80%E6%9C%AF%E3%80%81%E6%96%B0%E4%BA%A7%E4%B8%9A%E3%80%81%E6%96%B0%E4%B8%9A%E6%80%81%E3%80%81%E6%96%B0%E6%A8%A1%E5%BC%8F%E7%9A%84%E5%8F%91%E5%B1%95%E6%83%85%E5%86%B5%E5%92%8C%E6%9C%AA%E6%9D%A5%E5%8F%91%E5%B1%95%E8%B6%8B%E5%8A%BF) The flat panel display testing industry is driven by OLED penetration into larger sizes and the development of MicroLED/MicroOLED micro-display technologies, while wearable electronics demand higher precision assembly and testing due to chip, sensing, IoT, and 5G integration, and the integrated circuit testing sector sees accelerated domestic substitution and SiP technology adoption, with new energy vehicles' electrification and intelligence creating new ADAS testing needs - OLED screens are penetrating into medium and large sizes (e.g., iPad), driving investment in 8.6-generation OLED factories and demand for testing equipment[71](index=71&type=chunk) - New micro-display technologies like MicroLED and MicroOLED are being applied in VR/AR head-mounted devices, leading to increased demand for supporting testing equipment[72](index=72&type=chunk)[73](index=73&type=chunk) - The rich functionality and optimized design of wearable devices impose higher requirements on the precision, speed, and parameter design of assembly and testing equipment[74](index=74&type=chunk)[75](index=75&type=chunk) - Domestic semiconductor equipment is becoming a necessary choice, with most mid-to-low-end analog testers and sorters achieving domestic substitution, and the substitution process for high-end testers accelerating[76](index=76&type=chunk) - SiP technology is widely applied in consumer electronics, driving demand for PXIe architecture small testers that balance testing efficiency and cost advantages[77](index=77&type=chunk)[78](index=78&type=chunk)[79](index=79&type=chunk) - The electrification and intelligent development of new energy vehicles, particularly ADAS technology, are creating new demands for the testing industry[80](index=80&type=chunk) [II. Discussion and Analysis of Operating Conditions](index=32&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) During the reporting period, the company steadily advanced its strategic goals, achieving a 9.27% increase in operating revenue and a 152.40% increase in net profit attributable to shareholders, driven by a global consumer electronics recovery and AI development, while also making significant strides in R&D, cost control, and the successful delivery of the first domestic G8.6 AMOLED TSP OS testing equipment - During the reporting period, the company achieved operating revenue of **CNY 915.48 million**, a year-on-year increase of **9.27%**; net profit attributable to shareholders was **CNY 78.52 million**, a year-on-year increase of **152.40%**[81](index=81&type=chunk) - The company successfully delivered the first domestic G8.6 generation AMOLED TSP OS testing equipment, achieving domestic substitution of core testing equipment[81](index=81&type=chunk) - R&D investment during the reporting period was **CNY 163.23 million**, accounting for **17.83%** of operating revenue, and **102 domestic and international intellectual property rights** were applied for[82](index=82&type=chunk)[83](index=83&type=chunk) - The company actively executed its share repurchase plan, repurchasing **999,673 shares** for **CNY 26.49 million**, intended for equity incentives or employee stock ownership plans[83](index=83&type=chunk) - The company continuously improved its internal control system, enhancing corporate governance, with ESG ratings of A/AA[83](index=83&type=chunk) - The company organized an ISO27001 information security management system re-audit to ensure compliance with international standards[84](index=84&type=chunk) [III. Analysis of Core Competitiveness in the Reporting Period](index=33&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competitiveness stems from its strong R&D team, multidisciplinary core technologies, comprehensive product line, extensive customer base, and stable trust, providing industry-leading solutions in flat panel display testing, semiconductor testing, smart wearable device testing, and new energy vehicle testing, with long-term partnerships with global clients [(I) Core Competitiveness Analysis](index=33&type=section&id=(%E4%B8%80)%20%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company boasts a nearly 800-strong R&D team with multidisciplinary core technologies in optics, acoustics, electronics, RF, mechanics, software, intelligence, and automation, achieving domestic leadership in OLED display testing, G8.6 AMOLED TSP OS testing, ATE and PXIe architecture SoC/RF testing, smart wearable device testing, and new energy vehicle testing solutions - The company has a research and development team of nearly **800 people**, with **102 newly approved intellectual property rights** during the reporting period[85](index=85&type=chunk) - The company successfully developed OLED flat panel display testing equipment and Mura compensation technology, assisting the largest domestic flat panel display manufacturer in achieving mass production of flexible OLED panels[86](index=86&type=chunk) - The company's independently developed first domestic G8.6 generation AMOLED TSP OS testing equipment has been delivered to customers, filling a domestic technological gap[86](index=86&type=chunk) - The company is one of the few global enterprises that independently develops both ATE architecture SoC testers and PXIe architecture RF and system module testers[87](index=87&type=chunk) - The company's second-generation SoC tester, the T7600 series, has technical parameters reaching industry mid-range levels and has achieved mass production in testing chips such as fingerprint, image sensing, MCU, and TOF[87](index=87&type=chunk) - The company's testing solution, based on the PXIe architecture tester and a matching four-layer parallel 128-site SLT sorter EP3000, is in a leading position in the industry[87](index=87&type=chunk) - The company comprehensively covers multiple core testing technologies in smart wearable device testing, including display, touch, optics, signal, acoustics, RF, and automation[88](index=88&type=chunk) - The company has developed in-vehicle computer testers, body controller testing platforms, and ADAS sensor-related equipment for leading new energy vehicle customers, and independently developed a general software and hardware testing platform for automotive products[88](index=88&type=chunk) - The company has established long-term and stable cooperative relationships with internationally renowned flat panel manufacturers such as Samsung, Sharp, LG, BOE, and JDI[90](index=90&type=chunk) - The company has been a qualified supplier for Apple Inc. since 2013, with its testing solutions used in Apple's main products, including iPhones, iPads, watches, headphones, and smart speakers[92](index=92&type=chunk)[93](index=93&type=chunk) [(III) Core Technologies and R&D Progress](index=35&type=section&id=(%E4%B8%89)%20%E6%A0%B8%E5%BF%83%E6%8A%80%E6%9C%AF%E4%B8%8E%E7%A0%94%E5%8F%91%E8%BF%9B%E5%B1%95) The company possesses numerous core technological achievements in industrial vision algorithms, advanced optical design, laser-induced breakdown spectroscopy, precision drive control, AI inspection, and high-speed digital/analog signal testing board cards, with continuous R&D investment, 102 intellectual property applications, and multiple ongoing projects in cutting-edge fields like new displays, battery analysis, AR/VR, MicroLED, SoC testing, and new energy vehicle testing [1. Core Technologies, Their Advanced Nature, and Changes During the Reporting Period](index=35&type=section&id=1%E3%80%81%E6%A0%B8%E5%BF%83%E6%8A%80%E6%9C%AF%E5%8F%8A%E5%85%B6%E5%85%88%E8%BF%9B%E6%80%A7%E4%BB%A5%E5%8F%8A%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E7%9A%84%E5%8F%98%E5%8C%96%E6%83%85%E5%86%B5) The company's core technologies, many of which are industry-leading, encompass flexible OLED Mura compensation, machine vision, display and touch detection, brightness uniformity and color difference measurement, flicker/chromaticity/brightness sensing, CIE color coordinate and brightness data acquisition algorithms, screen touch electrode electrical performance testing, MLOps platform, high-pixel CIS chip testing, mobile terminal battery management system chip testing, T7600 large-scale mixed-signal SoC test platform, PXIe architecture test equipment, 3D 128-site high-parallel sorting, DP128 digital board, DPS64 power board, MX32 analog board, FVI32 high-precision power board, UHC24 power board, precise temperature control for chip testing, 5G RF front-end chip testing, patterned wafer bright/dark field defect detection, flexible OLED crack defect detection, high-precision temperature control for MicroOLED products, MicroOLED TP scratch AI detection, MicroOLED high-precision pressing, optical characteristics and defect detection for MicroLED/OLED near-eye displays, acoustic detection, airtightness testing, body controller module test platform, automotive-grade high-voltage relay tester, large-size OLED display panel Mura detection and repair, 3DAOI detection, AR/VR detection, LIBS (Laser-Induced Breakdown Spectroscopy) online detection, 0.01% precision battery cycle charge-discharge testing, PM2.5 environmental detection, electronic wire control braking testing, and thermal management assembly testing - The company possesses complete flexible OLED Mura compensation technology, achieving Mura less than **3% Lever** after compensation, position compensation accuracy less than **0.5 pixels**, and a pass rate of approximately **98%**[95](index=95&type=chunk) - Flexible OLED machine vision detection technology can detect defects in **4K UHD resolution OLED products**, improving detection accuracy through deep learning algorithms[96](index=96&type=chunk) - Flexible OLED display and touch detection technology achieves intelligent, high-precision detection through planar detection, FPGA embedded protocol architecture, and simulated human hand variable pressure testing[96](index=96&type=chunk) - The T7600 SoC tester hardware reaches **400MHz**, with a maximum of **2304 channels**, capable of meeting most SoC testing requirements[99](index=99&type=chunk) - The PXIe architecture test equipment platform adopts a modular design, enabling rapid development of test boards for measuring high-voltage diodes and achieving parallel high-speed flash read/write testing[99](index=99&type=chunk) - The company's developed 5G RF front-end chip testing technology achieves a maximum transmit/receive frequency of **6GHz** and a testing accuracy of **±0.1dB**, breaking foreign monopolies[100](index=100&type=chunk) - Patterned wafer bright/dark field defect detection equipment innovatively developed an integrated bright/dark field optical system and sub-micron defect automatic recognition algorithm, solving the problem of difficult microscopic defect imaging[100](index=100&type=chunk) - High-precision temperature control technology in the MicroOLED product field can keep product temperature constant within **±0.5℃** in a very short response time, far exceeding industry standards[101](index=101&type=chunk) - LIBS (Laser-Induced Breakdown Spectroscopy) online detection technology, combined with a galvanometer system, achieves high-speed point sampling with high precision and minimal damage, applicable for quantitative detection[103](index=103&type=chunk) - **0.01% precision** battery cycle charge-discharge testing technology achieves industry-leading voltage and current accuracy and supports energy recovery[103](index=103&type=chunk) - The company has been recognized as a national "Specialized, Refined, and New Little Giant" enterprise, and its optoelectronic product defect detection and repair intelligent equipment has been recognized as a "Single Champion Product"[104](index=104&type=chunk) [2. R&D Achievements During the Reporting Period](index=44&type=section&id=2%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E8%8E%B7%E5%BE%97%E7%9A%84%E7%A0%94%E5%8F%91%E6%88%90%E6%9E%9C) During the reporting period, the company and its controlled subsidiaries applied for a total of **102 domestic and international intellectual property rights**, with **102 new approved intellectual property rights**, including **35 invention patents**, **60 utility model patents**, **4 design patents**, and **3 software copyrights** - During the reporting period, the company and its controlled subsidiaries applied for a total of **102 domestic and international intellectual property rights**, with **102 new approved intellectual property rights**[105](index=105&type=chunk)[107](index=107&type=chunk) - Newly approved intellectual property rights include **35 invention patents**, **60 utility model patents**, **4 design patents**, and **3 software copyrights**[105](index=105&type=chunk)[107](index=107&type=chunk) [3. R&D Investment Table](index=45&type=section&id=3%E3%80%81%E7%A0%94%E5%8F%91%E6%8A%95%E5%85%A5%E6%83%85%E5%86%B5%E8%A1%A8) During the reporting period, the company's total R&D investment was **CNY 163.23 million**, a year-on-year decrease of **12.70%**, accounting for **17.83%** of operating revenue, a decrease of **4.49 percentage points** 研发投入情况 | 指标 | 本期数 (元) | 上年同期数 (元) | 变化幅度 (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment (CNY) | 163,232,662.92 | 186,971,547.49 | -12.70 | | Capitalized R&D Investment (CNY) | 0 | 0 | 0 | | **Total R&D Investment (CNY)** | **163,232,662.92** | **186,971,547.49** | **-12.70** | | Total R&D Investment as % of Operating Revenue (%) | 17.83 | 22.32 | Decreased by 4.49 percentage points | [4. R&D Project Status](index=47&type=section&id=4%E3%80%81%E5%9C%A8%E7%A0%94%E9%A1%B9%E7%9B%AE%E6%83%85%E5%86%B5) The company has over **30 R&D projects** covering cutting-edge fields such as new displays, battery analysis, AR/VR, MicroLED, SoC testing, and new energy vehicle testing, with an estimated total investment of **CNY 869.39 million** and **CNY 143.87 million** invested in the current period, many of which are industry-leading with broad application prospects - The company has over **30 R&D projects**, with an estimated total investment of **CNY 869.39 million** and **CNY 143.87 million** invested in the current period[112](index=112&type=chunk)[119](index=119&type=chunk) - The project "Research on Demura Intelligent (AI) Compensation System for New Displays" aims to achieve chromaticity and brightness compensation for display modules, with compensation effects no worse than traditional algorithms[112](index=112&type=chunk) - The project "Research and Development of Online High-Resolution Laser Spectroscopy Detection Technology for Battery Component Analysis" aims to achieve rapid, accurate, and non-destructive detection of key components in lithium batteries[112](index=112&type=chunk) - The project "Research and Development of AR/VR Complete Machine System Demura Repair Technology" aims to repair image quality defects such as rainbow effects in AR/VR virtual images[112](index=112&type=chunk) - The project "Research and Development of 5G RF Chip Testing Technology Based on Independent Board Cards" aims to fill a domestic gap in this field and achieve international leading levels[115](index=115&type=chunk) - The project "Research and Development of Low-Voltage High-Current Output and Measurement Technology" aims to cover the testing of high-power, high-current chips such as AI and GPU, reaching international leading levels[115](index=115&type=chunk) - The project "Research on High-Speed PCB Interconnection and Testing" aims to achieve automated loading, interconnection, and testing processes for PCBA&EPD, with a production cycle of **0.6 seconds/piece**[117](index=117&type=chunk) [5. R&D Personnel Information](index=55&type=section&id=5%E3%80%81%E7%A0%94%E5%8F%91%E4%BA%BA%E5%91%98%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had **783 R&D personnel**, accounting for **35.54%** of the total workforce, with total R&D personnel compensation of **CNY 116.43 million**; the R&D team's educational background is primarily undergraduate (60.66%), and the age structure is mainly 30-40 years old (45.21%) 研发人员基本情况 | 指标 | 本期数 | 上年同期数 | | :--- | :--- | :--- | | Number of R&D Personnel (People) | 783 | 891 | | Proportion of R&D Personnel to Total Employees (%) | 35.54 | 37.03 | | Total R&D Personnel Compensation (CNY 10,000) | 11,642.82 | 13,355.95 | | Average R&D Personnel Compensation (CNY 10,000) | 14.87 | 14.99 | 研发人员教育程度 | 学历构成 | 数量（人） | 比例 (%) | | :--- | :--- | :--- | | Doctoral | 10 | 1.28 | | Master's | 103 | 13.15 | | Bachelor's | 475 | 60.66 | | Other | 195 | 24.91 | | **Total** | **783** | **100.00** | 研发人员年龄结构 | 年龄区间 | 数量（人） | 比例 (%) | | :--- | :--- | :--- | | Under 30 | 332 | 42.40 | | 30-40 | 354 | 45.21 | | 40-50 | 85 | 10.86 | | 50-60 | 9 | 1.15 | | 60 and above | 3 | 0.38 | | **Total** | **783** | **100.00** | [IV. Risk Factors](index=55&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E5%9B%A0%E7%B4%A0) The company faces risks related to R&D capability, talent retention, high customer concentration, management challenges from expansion, terminal client performance, potential loss of Apple supplier status, large accounts receivable, inventory impairment, exchange rate and raw material price fluctuations, tax policy changes, goodwill impairment, increased depreciation, market competition, new market development, chip supply uncertainty, macroeconomic environment, product quality control, and improper control by actual controllers [(I) Core Competitiveness Risks](index=55&type=section&id=(%E4%B8%80)%20%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E9%A3%8E%E9%99%A9) The company faces risks from its R&D capabilities not keeping pace with rapidly iterating customer product and technology innovations, and the loss of technical talent due to intensifying industry competition, which could adversely affect its operating performance - Risk of R&D capabilities not matching customer demands: If the company's design R&D capabilities and rapid product iteration cannot match the innovation speed of downstream industry customers, it may lead to customer loss, impacting revenue and profitability[122](index=122&type=chunk) - Risk of technical talent loss: The industry in which the company operates is talent-intensive, and technical personnel are crucial for new product R&D, cost control, and technical services; intensifying market competition may lead to the loss of technical talent[123](index=123&type=chunk)[124](index=124&type=chunk) [(II) Operating Risks](index=56&type=section&id=(%E4%BA%8C)%20%E7%BB%8F%E8%90%A5%E9%A3%8E%E9%99%A9) The company faces operating risks from high customer concentration (especially Apple and its supply chain), management efficiency challenges due to scale expansion, significant impact from changes in major terminal client performance, and the potential cancellation or non-continuation of its qualified supplier status with Apple, in addition to financial risks from large accounts receivable and inventory impairment - Operating risk of high customer concentration: The operating performance of major customer Apple Inc. and its supply chain manufacturers significantly impacts the company; unfavorable changes in cooperation or a decline in order demand will materially affect performance[125](index=125&type=chunk) - Management risk from company scale expansion: Rapid expansion of personnel and asset scale places higher demands on human resources, legal, and financial management capabilities; if management efficiency does not improve synchronously, it will constrain long-term development[126](index=126&type=chunk) - Risk of major terminal client performance changes affecting company operations: If Apple Inc. cannot maintain its competitive advantage or brand reputation, unfavorable changes in its product operations may have a material adverse impact on the company's performance[127](index=127&type=chunk) - Risk of Apple Inc.'s qualified supplier status being revoked or not sustained: If the company's R&D capabilities or product iteration cannot match customer demands, or if Apple Inc.'s strategy changes, it may lead to the revocation of supplier qualification, impacting revenue and profitability[128](index=128&type=chunk)[129](index=129&type=chunk) [(III) Financial Risks](index=57&type=section&id=(%E4%B8%89)%20%E8%B4%A2%E5%8A%A1%E9%A3%8E%E9%99%A9) The company faces financial risks including bad debt from large accounts receivable, inventory impairment, exchange rate fluctuations (USD and JPY), raw material price volatility, changes in high-tech enterprise income tax preferential policies, export tax rebate policy changes, goodwill impairment from the acquisition of HYC Oritong, and increased depreciation and amortization pressure on performance after capital expenditure projects are put into use - Risk of large accounts receivable: As of the end of the reporting period, the net book value of accounts receivable was **CNY 1.52 billion**; if customer credit conditions change unfavorably, the company faces bad debt risk[130](index=130&type=chunk) - Inventory impairment risk: As of the end of the reporting period, the net book value of inventory was **CNY 957.29 million**; if customers cancel orders or demand changes, the net realizable value of inventory may fall below cost[131](index=131&type=chunk) - Exchange rate fluctuation risk: The company uses USD for exports and JPY for imports, so RMB exchange rate fluctuations may affect performance[132](index=132&type=chunk) - Risk of major raw material price fluctuations: Significant increases in prices of mechanical parts, electrical, and electronic components may adversely affect operating performance[133](index=133&type=chunk) - Risk of corporate income tax incentives: If the high-tech enterprise qualification is not successfully re-certified, it will adversely affect after-tax profit[134](index=134&type=chunk) - Risk of export tax rebate policy changes: If the export tax rebate rate is lowered, it will affect the company's exports and operating performance[135](index=135&type=chunk) - Goodwill impairment risk: The acquisition of HYC Oritong resulted in goodwill of **CNY 291.03 million**; if its operating performance deteriorates, there is a risk of goodwill impairment[136](index=136&type=chunk)[137](index=137&type=chunk) - Risk of increased depreciation and amortization due to expanded fixed asset scale: After capital expenditure projects are put into use, depreciation of **CNY 62.79 million** was accrued in the current reporting period; if market demand is unfavorable or market expansion is hindered, depreciation and amortization will put pressure on performance[138](index=138&type=chunk) [(IV) Industry Risks](index=58&type=section&id=(%E5%9B%9B)%20%E8%A1%8C%E4%B8%9A%E9%A3%8E%E9%99%A9) The company faces risks from intensifying market competition in flat panel display testing, smart wearable device testing, and integrated circuit testing, as well as challenges in expanding into new markets like new energy vehicle testing, compounded by global chip supply uncertainties that could adversely affect the company and its downstream customers - Risk of intensifying market competition: Domestic and international manufacturers face fierce competition; if the company cannot maintain its advantages in technology, R&D, and brand, it will face the risk of market share decline[139](index=139&type=chunk) - Risk of new industry market expansion: Expanding into new fields such as new energy vehicle testing requires significant resource investment; if strategies are inappropriate or marketing services do not meet customer needs, the company will face the risk of market expansion being hindered[140](index=140&type=chunk) - Risk of chip supply uncertainty adversely affecting the company's industry and downstream customers: International trade frictions may lead to chip supply disruptions, negatively impacting the company and downstream industries such as consumer electronics and integrated circuits[141](index=141&type=chunk) [(V) Macroeconomic Environment Risks](index=59&type=section&id=(%E4%BA%94)%20%E5%AE%8F%E8%A7%82%E7%8E%AF%E5%A2%83%E9%A3%8E%E9%99%A9) Cyclical fluctuations in the global economy and the complexity of the international political and economic environment may lead to a slowdown in demand for consumer electronics, indirectly affecting the company's performance, while escalating international trade frictions could also transmit along the supply chain, adversely impacting operating results - A slowdown in global economic growth may adversely affect demand for consumer electronics products, indirectly impacting the company's performance[142](index=142&type=chunk) - Escalating international trade frictions may affect demand for downstream customers' terminal products, transmitting along the supply chain and impacting the company's operating performance[142](index=142&type=chunk) [(VI) Other Significant Risks](index=59&type=section&id=(%E5%85%AD)%20%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E9%A3%8E%E9%99%A9) The company faces product quality control risks due to the complex manufacturing processes and customized designs of its testing equipment, as well as the risk of improper control by its actual controllers, which could harm the interests of other shareholders - Product quality control risk: Testing equipment production processes are complex, and customized products involve many innovative designs; if quality control is neglected, leading to problems, it will affect brand image, market expansion, and operating performance[143](index=143&type=chunk) - Risk of improper control by actual controllers: The actual controllers, Mr. Chen Wenyuan and Ms. Zhang Qian, may use their controlling position to exert unfavorable influence on the company's finances, personnel, and strategy, harming the interests of other shareholders[144](index=144&type=chunk) [V. Major Operating Conditions During the Reporting Period](index=59&type=section&id=%E4%BA%94%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) During the reporting period, the company achieved operating revenue of **CNY 915.48 million**, a year-on-year increase of **9.27%**, and net profit attributable to shareholders of **CNY 78.52 million**, a year-on-year increase of **152.40%**, with this section detailing financial statement item changes, asset and liability status, and investment conditions [(I) Main Business Analysis](index=59&type=section&id=(%E4%B8%80)%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) During the reporting period, the company's operating revenue increased by 9.27% and operating costs by 11.30%, with financial expenses significantly rising by 1025.02% due to exchange rate fluctuations; operating cash flow improved, but investing cash flow decreased due to increased time deposits, while financing cash flow substantially increased from new borrowings for working capital, and both credit impairment and asset impairment losses saw significant changes [1. Analysis Table of Financial Statement Related Item Changes](index=59&type=section&id=1%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9B%B8%E5%85%B3%E7%A7%91%E7%9B%AE%E5%8F%98%E5%8A%A8%E5%88%86%E6%9E%90%E8%A1%A8) During the reporting period, the company's operating revenue increased by 9.27%, total profit and net profit attributable to shareholders significantly grew by 132.67% and 152.40% respectively, financial expenses surged by 1025.02% due to exchange rate fluctuations, operating cash flow improved, but investing cash flow decreased due to increased time deposits, while financing cash flow substantially increased from new borrowings for working capital, and both credit impairment and asset impairment losses saw significant changes 财务报表科目变动 (2025年1-6月 vs 上年同期) | 科目 | 本期数 (元) | 上年同期数 (元) | 变动比例 (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (CNY) | 915,481,428.79 | 837,795,448.08 | 9.27 | | Operating Cost (CNY) | 458,793,831.70 | 412,227,062.47 | 11.30 | | Selling Expenses (CNY) | 86,631,522.39 | 102,110,215.23 | -15.16 | | Administrative Expenses (CNY) | 134,814,619.93 | 130,354,736.33 | 3.42 | | Financial Expenses (CNY) | 16,399,518.07 | -1,772,884.44 | 1,025.02 | | R&D Expenses (CNY) | 163,232,662.92 | 186,971,547.49 | -12.70 | | Net Cash Flow from Operating Activities (CNY) | -30,029,754.47 | -94,741,100.15 | Not applicable | | Net Cash Flow from Investing Activities (CNY) | -213,758,919.87 | -150,098,986.45 | Not applicable | | Net Cash Flow from Financing Activities (CNY) | 152,847,174.90 | -32,504,182.06 | 570.24 | | Credit Impairment Loss (CNY) | 27,441,750.20 | 5,501,845.98 | 398.77 | | Asset Impairment Loss (CNY) | -24,973,791.82 | -1,027,652.95 | -2,330.18 | - Financial expenses increased by **CNY 18.17 million**, mainly due to exchange rate fluctuations, with lower exchange gains compared to the prior year[147](index=147&type=chunk)[148](index=148&type=chunk) - Net cash flow from operating activities increased by **CNY 64.71 million**, primarily due to a decrease in cash paid for goods and services in the current period[148](index=148&type=chunk) - Net cash flow from investing activities decreased by **CNY 63.66 million**, mainly due to an increase in purchases of time deposits[148](index=148&type=chunk) - Net cash flow from financing activities increased by **CNY 185.35 million**, primarily due to new borrowings for working capital in the current period[148](index=148&type=chunk) - Credit impairment loss increased by **398.77%**, mainly due to strengthened efforts in accounts receivable collection[148](index=148&type=chunk) - Asset impairment loss increased by **2330.18%**, mainly due to increased provision for inventory depreciation in the current period[148](index=148&type=chunk) [(III) Analysis of Assets and Liabilities](index=60&type=section&id=(%E4%B8%89)%20%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) As of the end of the reporting period, the company's total assets were **CNY 5.59 billion**, up **6.18%** year-on-year, with total liabilities of **CNY 2.13 billion** and an asset-liability ratio of **38.02%**; trading financial assets decreased by 100% due to maturity and redemption, while notes receivable and accounts receivable financing significantly increased from received bills, other current assets grew by 80.32% due to increased time deposits, short-term borrowings rose by 72.75% for working capital, and contract liabilities increased by 146.98% from higher advance receipts [1. Asset and Liability Status](index=60&type=section&id=1%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5) As of the end of the reporting period, the company's total assets were **CNY 5.59 billion**, up **6.18%** year-on-year, with total liabilities of **CNY 2.13 billion** and an asset-liability ratio of **38.02%**; trading financial assets decreased by 100% due to maturity and redemption, while notes receivable and accounts receivable financing significantly increased from received bills, other current assets grew by 80.32% due to increased time deposits, short-term borrowings rose by 72.75% for working capital, and contract liabilities increased by 146.98% from higher advance receipts 资产及负债状况变动 (本期期末 vs 上年度末) | 项目名称 | 本期期末数 (元) | 本期期末数占总资产的比例 (%) | 上年期末数 (元) | 上年期末数占总资产的比例 (%) | 本期期末金额较上年度末变动比例 (%) | 情况说明 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets (CNY) | - | - | 11,413,267.14 | 0.22 | -100.00 | Held wealth management products matured and redeemed | | Notes Receivable (CNY) | 13,348,263.86 | 0.24 | 3,972,438.17 | 0.08 | 236.02 | Increase in non-bank acceptance bills received | | Accounts Receivable Financing (CNY) | 70,031,191.35 | 1.25 | 12,247,707.75 | 0.23 | 471.79 | Increase in bills received from D-Chain | | Other Current Assets (CNY) | 384,234,084.04 | 6.87 | 213,082,268.69 | 4.05 | 80.32 | Increase in purchases of time deposits | | Construction in Progress (CNY) | 8,490,910.11 | 0.15 | 5,961,330.06 | 0.11 | 42.43 | Increase in production equipment awaiting installation | | Other Non-current Assets (CNY) | 5,300,091.40 | 0.09 | 3,521,531.22 | 0.07 | 50.51 | Increase in warranty deposits over 1 year | | Short-term Borrowings (CNY) | 478,527,731.77 | 8.56 | 277,011,575.43 | 5.26 | 72.75 | Increase in borrowings for working capital | | Notes Payable (CNY) | 92,857,923.74 | 1.66 | 54,362,747.72 | 1.03 | 70.81 | Increase in payments settled by bills | | Other Payables (CNY) | 29,520,632.92 | 0.53 | 21,037,955.45 | 0.40 | 40.32 | Increase in unpaid investment funds | | Employee Benefits Payable (CNY) | 38,481,079.31 | 0.69 | 56,349,449.04 | 1.07 | -31.71 | Organizational structure optimization and job efficiency improvement | | Contract Liabilities (CNY) | 109,183,184.35 | 1.95 | 44,208,019.57 | 0.84 | 146.98 | Increase in advance receipts for goods | | Taxes Payable (CNY) | 43,957,154.95 | 0.79 | 17,466,632.98 | 0.33 | 151.66 | Increase in taxes awaiting payment | | Other Current Liabilities (CNY) | 9,000,503.29 | 0.16 | 2,553,535.96 | 0.05 | 252.47 | Increase in estimated taxes for advance receipts | [2. Overseas Assets](index=61&type=section&id=2%E3%80%81%E5%A2%83%E5%A4%96%E8%B5%84%E4%BA%A7%E6%83%85%E5%86%B5) As of the end of the reporting period, the company's overseas assets amounted to **CNY 247.56 million**, representing **4.43%** of total assets - Overseas assets totaled **CNY 247.56 million**, accounting for **4.43%** of total assets[152](index=152&type=chunk) [3. Major Asset Restrictions as of the End of the Reporting Period](index=62&type=section&id=3%E3%80%81%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E4%B8%BB%E8%A6%81%E8%B5%84%E4%BA%A7%E5%8F%97%E9%99%90%E6%83%85%E5%86%B5) As of the end of the reporting period, the company's restricted monetary funds amounted to **CNY 2.38 million**, primarily for letter of guarantee deposits, and restricted notes receivable amounted to **CNY 4.48 million**, representing endorsed but unmatured bank acceptance bills 主要资产受限情况 | 项目 | 2025年06月30日账面价值 (元) | 受限原因 | | :--- | :--- | :--- | | Monetary Funds (CNY) | 2,383,636.28 | Letter of guarantee deposits, etc | | Notes Receivable (CNY) | 4,483,772.98 | Notes receivable endorsed or discounted and not yet due as of the balance sheet date | [(IV) Investment Status Analysis](index=63&type=section&id=(%E5%9B%9B)%20%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) During the reporting period, the company's total external equity investment was **CNY 7 million**, primarily in Suzhou Industrial Park Zhiyuan Weixin Venture Capital Partnership (Limited Partnership) and Suzhou Industrial Park Mint Venture Capital Management Partnership (Limited Partnership); financial assets measured at fair value totaled **CNY 222.66 million** at period-end, an increase from the beginning of the period, mainly due to changes in the fair value of other non-current financial assets and an increase in accounts receivable financing [1. Overall Analysis of External Equity Investments](index=63&type=section&id=1%E3%80%81%E5%AF%B9%E5%A4%96%E8%82%A1%E6%9D%83%E6%8A%95%E8%B5%84%E6%80%BB%E4%BD%93%E5%88%86%E6%9E%90) During the reporting period, the company's total external equity investment was **CNY 7 million**, primarily in Suzhou Industrial Park Zhiyuan Weixin Venture Capital Partnership (Limited Partnership) and Suzhou Industrial Park Mint Venture Capital Management Partnership (Limited Partnership) - During the reporting period, the company planned to invest **CNY 10 million** in Suzhou Industrial Park Zhiyuan Weixin Venture Capital Partnership (Limited Partnership) and has already invested **CNY 5 million**[157](index=157&type=chunk) - The company planned to invest **CNY 5 million** in Suzhou Industrial Park Mint Venture Capital Management Partnership (Limited Partnership) and has already invested **CNY 2 million**[157](index=157&type=chunk) [(3). Financial Assets Measured at Fair Value](index=63&type=section&id=(3).%20%E4%BB%A5%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E8%AE%A1%E9%87%8F%E7%9A%84%E9%87%91%E8%9E%8D%E8%B5%84%E4%BA%A7) As of the end of the reporting period, the company's financial assets measured at fair value totaled **CNY 222.66 million**, an increase from the beginning of the period, mainly due to changes in the fair value of other non-current financial assets and an increase in accounts receivable financing 以公允价值计量的金融资产变动 (本期期末 vs 期初) | 资产类别 | 期初数 (元) | 本期公允价值变动损益 (元) | 本期购买金额 (元) | 本期出售/赎回金额 (元) | 期末数 (元) | | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets (CNY) | 11,413,267.14 | - | - | 11,413,267.14 | - | | Other Non-current Financial Assets (CNY) | 128,046,834.65 | 9,590,755.61 | 15,000,000.00 | - | 152,628,630.71 | | Accounts Receivable Financing (CNY) | 12,247,707.75 | - | - | - | 70,031,191.35 | | **Total (CNY)** | **151,707,809.54** | **9,590,755.61** | **15,000,000.00** | **11,413,267.14** | **222,659,822.06** | - The investment amount for the reporting period was **CNY 7 million**, a decrease of **89.95%** compared to the prior period[160](index=160&type=chunk) [(4). Private Equity Fund Investment Status](index=64&type=section&id=(4).%20%E7%A7%81%E5%8B%9F%E8%82%A1%E6%9D%83%E6%8A%95%E8%B5%84%E5%9F%BA%E9%87%91%E6%8A%95%E8%B5%84%E6%83%85%E5%86%B5) The company has invested in several private equity funds, including Shanghai Jishi Jicai Private Equity Investment Fund Partnership, Suzhou Qingshan Zhiyuan Venture Capital Partnership, Suzhou Kaifeng Chuangxin Venture Capital Partnership, Suzhou Industrial Park Zhiyuan Weixin Venture Capital Partnership, and Suzhou Industrial Park Mint Venture Capital Management Partnership, primarily focusing on integrated circuit materials, the semiconductor industry, strategic emerging industries, life sciences, and healthcare - The company has invested in multiple private equity funds, such as Shanghai Jishi Jicai Private Equity Investment Fund Partnership, with investment areas including integrated circuit materials and the semiconductor industry[162](index=162&type=chunk) - The private equity funds invested by the company primarily focus on strategic emerging industries such as the semiconductor industry chain, new materials, new energy, life sciences, and healthcare[162](index=162&type=chunk)[163](index=163&type=chunk) [(VI) Analysis of Major Controlled and Invested Companies](index=66&type=section&id=(%E5%85%AD)%20%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) The company's major controlled subsidiaries include HYC (Chengdu) Technology Co., Ltd. and Suzhou HYC Oritong Automation Technology Co., Ltd.; HYC (Chengdu) Technology Co., Ltd. reported operating revenue of **CNY 70.87 million** and net profit of **CNY 18.08 million** for the reporting period, while Suzhou HYC Oritong Automation Technology Co., Ltd. reported operating revenue of **CNY 136.80 million** and net profit of **CNY 21.75 million** 主要子公司财务数据 (2025年1-6月) | 公司名称 | 注册资本 (万元) | 总资产 (万元) | 净资产 (万元) | 营业收入 (万元) | 营业利润 (万元) | 净利润 (万元) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | HYC (Chengdu) Technology Co., Ltd. | 7,500.00 | 48,883.05 | 17,814.82 | 7,086.87 | 1,893.52 | 1,808.03 | | Suzhou HYC Oritong Automation Technology Co., Ltd. | 34,500.00 | 90,021.24 | 70,651.56 | 13,679.87 | 2,272.30 | 2,175.44 | [Section IV Corporate Governance, Environment, and Society](index=68&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This section primarily discloses the identification of the company's directors, supervisors, senior management, and core technical personnel, as well as the profit distribution or capital reserve conversion plan and the implementation of the employee stock ownership plan; during the reporting period, there were no changes in core technical personnel, no profit distribution, and the 2024 employee stock ownership plan's share transfer was completed [I. Changes in Company Directors, Supervisors, Senior Management, and Core Technical Personnel](index=68&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%92%8C%E6%A0%B8%E5%BF%83%E6%8A%80%E6%9C%AF%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) Based on their professional experience and contributions to the company's core technology and business development, the company identified Chen Wenyuan, Yin Jiandong, Cao Zhenjun, Lai Haitao, and Miao Liang as its five core technical personnel, with no changes or new technical leaders during the reporting period - The company's core technical personnel are Chen Wenyuan, Yin Jiandong, Cao Zhenjun, Lai Haitao, and Miao Liang, totaling **5 individuals**[168](index=168&type=chunk) - There were no changes in the company's core technical personnel during the reporting period[168](index=168&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=68&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) During this reporting period, the company's board of directors resolved not to distribute profits or convert capital reserves into share capital - No profit distribution or capital reserve conversion to share capital will be made for this reporting period[169](index=169&type=chunk) - The number of bonus shares, dividends, and conversion shares per 10 shares is **0**[169](index=169&type=chunk) [III. Company Equity Incentive Plan, Employee Stock Ownership Plan, or Other Employee Incentive Measures and Their Impact](index=68&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%85%B6%E5%BD%B1%E5%93%8D) The company completed the share transfer for its 2024 employee stock ownership plan on September 12, 2024, with **98 employees** subscribing to **888,000 shares** at a transfer price of **CNY 12.00 per share**, under a plan with a maximum duration of **36 months** and a **12-month lock-up period** - The company completed the share transfer for its 2024 employee stock ownership plan on September 12, 2024[171](index=171&type=chunk) - **98 employees** actually participated in the subscription, including **12 directors, supervisors, senior management, and core technical personnel**[170](index=170&type=chunk) - The subscribed shares totaled **888,000 shares**, with a transfer price of **CNY 12.00 per share**[171](index=171&type=chunk) - The employee stock ownership plan has a maximum duration of **36 months** and a lock-up period of **12 months**[171](index=171&type=chunk) [Section V Important Matters](index=70&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section discloses the fulfillment of commitments by the company's actual controllers, shareholders, related parties, and the company during or continuing into the reporting period, as well as the company's integrity status, confirming that all commitments were strictly fulfilled and the company, its controlling shareholder, and actual controllers maintain good integrity [I. Fulfillment of Commitments](index=70&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company's actual controllers, controlling shareholders, directors, supervisors, senior management, and relevant parties of the target company strictly fulfilled all commitments during the reporting period, including resolving horizontal competition, maintaining company independence, avoiding fund occupation, regulating related party transactions, ensuring truthful, accurate, and complete information disclosure, and share lock-up - The company's controlling shareholder and actual controllers committed to resolving horizontal competition, and no such issues occurred[173](index=173&type=chunk) - The company's controlling shareholder and actual controllers committed to maintaining the company's independence, and its independence was not affected[174](index=174&type=chunk) - The company's controlling shareholder and actual controllers committed not to occupy company funds, and no such fund occupation occurred[174](index=174&type=chunk) - The company's actual controllers, directors, supervisors, and senior management committed to regulating related party transactions, avoiding and reducing them[174](index=174&type=chunk)[175](index=175&type=chunk) - The company and relevant parties committed to truthful, accurate, and complete information disclosure and assume legal responsibility[175](index=175&type=chunk)[176](index=176&type=chunk)[178](index=178&type=chunk) - The company's directors, supervisors, senior management, and core technical personnel strictly adhered to share lock-up commitments[177](index=177&type=chunk) [IX. Explanation of the Integrity Status of the Company, its Controlling Shareholder, and Actual Controllers During the Reporting Period](index=82&type=section&id=%E4%B9%9D%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) During the reporting period, the company, its controlling shareholder, and actual controllers maintained good integrity, with no unfulfilled obligations from effective court legal documents or large outstanding debts that were due and unpaid - During the reporting period, the company, its controlling shareholder, and actual controllers maintained good integrity[186](index=186&type=chunk) - There were no unfulfilled obligations from effective court legal documents[186](index=186&type=chunk) - There were no large outstanding debts that were due and unpaid[186](index=186&type=chunk) [Section VI Share Changes and Shareholder Information](index=85&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section discloses the company's share capital changes, total number of shareholders, and top ten shareholders' holdings; during the reporting period, the total share capital slightly increased due to convertible bond conversion, the top ten shareholder structure remained stable, and controlling shareholder Suzhou Yuanhua Chuangxing Investment Management Co., Ltd. held 51.86% of shares [I. Share Capital Changes](index=85&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's total share capital increased by **38 shares** from **445,377,805 shares** to **445,377,843 shares**, all of which are unrestricted tradable shares, primarily due to the conversion of convertible corporate bonds 股份变动情况 | 项目 | 本次变动前数量 (股) | 本次变动前比例 (%) | 本次变动增减 (股) | 本次变动后数量 (股) | 本次变动后比例 (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 0 | 0.00 | 0 | 0 | 0.00 | | II. Unrestricted Tradable Shares | 445,377,805 | 100.00 | 38 | 445,377,843 | 100.00 | | **III. Total Shares** | **445,377,805** | **100.00** | **38** | **445,377,843** | **100.00** | - During the reporting period, the company's convertible corporate bond "HYC Convertible Bond" converted **38 shares**, all of which are unrestricted tradable shares[193](index=193&type=chunk) [II. Shareholder Information](index=86&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had **10,944 common shareholders**; among the top ten shareholders, Suzhou Yuanhua Chuangxing Investment Management Co., Ltd. held **51.86%** as the controlling shareholder, and Mr. Chen Wenyuan held **12.89%**, with disclosed explanations of related party relationships or concerted actions among the top ten shareholders - As of the end of the reporting period, the total number of common shareholders was **10,944**[195](index=195&type=chunk) 前十名股东持股情况 | 股东名称 | 期末持股数量 (股) | 比例 (%) | 股东性质 | | :--- | :--- | :--- | :--- | | Suzhou Yuanhua Chuangxing Investment Management Co., Ltd. | 230,976,000 | 51.86 | Domestic Non-State-Owned Legal Person | | Chen Wenyuan | 57,404,033 | 12.89 | Domestic Natural Person | | Suzhou Yuanke Enterprise Management Partnership (Limited Partnership) | 31,981,000 | 7.18 | Domestic Non-State-Owned Legal Person | | Suzhou Yuanfen Enterprise Management Partnership (Limited Partnership) | 31,981,000 | 7.18 | Domestic Non-S

珠海博杰电子股份有限公司 2025 年半年度报告全文 珠海博杰电子股份有限公司 2025 年半年度报告 2025 年 8 月 1 珠海博杰电子股份有限公司 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。 公司负责人王兆春、主管会计工作负责人张彩虹及会计机构负责人(会计 主管人员)郭增光声明：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。 公司在本报告"第三节 管理层讨论与分析"之"十、公司面临的风险和 应对措施"部分表述了公司未来经营中可能面临的风险，敬请广大投资者注 意查阅。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 重要提示、目录和释义 | 2 | | --- | --- | | 第二节 公司简介和主要财务指标 | 7 | | 第三节 管理层讨论与分析 | 10 | | 第四节 公司治理、环境和社会 | 31 | | 第五节 重要事项 | 34 | | 第六节 股份 ...