广州白云电器设备股份有限公司2025 年半年度报告 公司代码：603861 公司简称：白云电器 广州白云电器设备股份有限公司 2025 年半年度报告 1 / 205 广州白云电器设备股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人胡德兆、主管会计工作负责人温中华及会计机构负责人（会计主管人员）汤凤 霞声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 根据公司第七届董事会第二十一次会议审议通过的2025年中期利润分配方案，公司2025年半 年度拟以实施权益分派股权登记日登记的总股本扣减公司回购专用证券账户中的股份数为基数分 配利润。本次利润分配方案如下： 公司拟向全体股东每10股派发现金红利0.50元（含税），不送红股，不以公积金转增股本。 截至2025年6月30日，公司总股本492,559,946股，扣减回购专用证券 ...

[Definitions](index=4&type=section&id=Section%20I%20Definitions) [Definitions of Common Terms and Professional Terminology](index=4&type=section&id=1.1%20Definitions%20of%20Common%20Terms%20and%20Professional%20Terminology) This chapter defines common terms and professional jargon used in the report, including company names, exchanges, reporting periods, currency units, and various enterprise management system acronyms, ensuring accurate understanding of the report content - Common Term Definitions: Company/NFLG refers to Fujian NFLG Roadbuilding Machinery Co., Ltd.; SSE refers to Shanghai Stock Exchange; Reporting Period refers to January 1, 2025, to June 30, 2025; Yuan, Ten Thousand Yuan, Hundred Million Yuan refer to RMB Yuan, RMB Ten Thousand Yuan, RMB Hundred Million Yuan[13](index=13&type=chunk) - Professional Terminology Definitions: RAP refers to Recycled Asphalt Pavement; ERP refers to Enterprise Resource Planning; MES refers to Manufacturing Execution System; PLM refers to Product Lifecycle Management System; RDM refers to Project Management System; CRM refers to Customer Relationship Management System; EBOM refers to Engineering Bill of Materials; PBOM refers to Process Bill of Materials; MBOM refers to Manufacturing Bill of Materials[13](index=13&type=chunk) [Company Profile and Key Financial Indicators](index=4&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) [Company Information](index=4&type=section&id=2.1%20Company%20Information) This section introduces Fujian NFLG Roadbuilding Machinery Co., Ltd.'s Chinese name, abbreviation, English name, abbreviation, and legal representative information - Company Chinese Name: Fujian NFLG Roadbuilding Machinery Co., Ltd., Chinese Abbreviation: NFLG[15](index=15&type=chunk) - Company Legal Representative: Fang Qingxi[15](index=15&type=chunk) [Contact Person and Contact Information](index=4&type=section&id=2.2%20Contact%20Person%20and%20Contact%20Information) This section provides contact details for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, fax numbers, and email addresses - Board Secretary: Wan Jingwen, Contact Number: 0595-22916799, Email: Dong_office@nflg.com[16](index=16&type=chunk)[17](index=17&type=chunk) - Securities Affairs Representative: Yan Jianse, Contact Number: 0595-22915802, Email: Dong_office@nflg.com[16](index=16&type=chunk)[17](index=17&type=chunk) [Brief Introduction to Changes in Basic Information](index=5&type=section&id=2.3%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) This section states that there were no changes in the company's basic information, such as registered address, office address, postal code, company website, and email address, during the reporting period - Company's registered address and office address are both No. 700, Sports Street, High-tech Industrial Park, Fengze District, Quanzhou City, with no changes during the reporting period[18](index=18&type=chunk) - Company Website: https://www.nflg.com/, Email: Dong_office@nflg.com[18](index=18&type=chunk) [Brief Introduction to Changes in Information Disclosure and Document Storage Locations](index=5&type=section&id=2.4%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Storage%20Locations) This section discloses the company's selected newspapers for information disclosure, the website address for publishing semi-annual reports, and the location for storing semi-annual reports, all of which remained unchanged during the reporting period - Company's selected newspapers for information disclosure: China Securities Journal, Shanghai Securities News, Securities Times, Securities Daily, Economic Information Daily[19](index=19&type=chunk) - Website address for publishing semi-annual reports: www.sse.com.cn[19](index=19&type=chunk) - Location for storing company's semi-annual reports: Company Board Secretary's Office[19](index=19&type=chunk) [Overview of Company Shares](index=5&type=section&id=2.5%20Overview%20of%20Company%20Shares) This section provides basic information about the company's shares, including share type, listing exchange, stock abbreviation, and stock code - Company Share Type: A-shares, Listing Exchange: Shanghai Stock Exchange, Stock Abbreviation: NFLG, Stock Code: 603280[20](index=20&type=chunk) [Key Accounting Data and Financial Indicators](index=5&type=section&id=2.7%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section details the company's key accounting data and financial indicators for the first half of 2025, showing a year-on-year decrease in operating revenue and net profit, but a significant increase in net cash flow from operating activities, along with slight growth in total assets and net assets - Net cash flow from operating activities increased due to higher collection of goods payments and reduced material expenses in the current period[24](index=24&type=chunk) [Key Accounting Data](index=5&type=section&id=2.7.1%20Key%20Accounting%20Data) During the reporting period, the company's operating revenue and total profit both decreased year-on-year, but net cash flow from operating activities significantly increased 2025 H1 Key Accounting Data | Indicator | Current Period (Jan-Jun) | Prior Period | Period-over-Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 499,394,484.30 | 598,035,747.25 | -16.49 | | Total Profit (Yuan) | 61,307,900.79 | 71,095,259.66 | -13.77 | | Net Profit Attributable to Shareholders of the Listed Company (Yuan) | 57,762,409.09 | 68,453,463.46 | -15.62 | | Net Profit Attributable to Shareholders of the Listed Company After Deducting Non-recurring Gains and Losses (Yuan) | 45,396,770.21 | 56,401,133.55 | -19.51 | | Net Cash Flow from Operating Activities (Yuan) | 85,531,558.87 | 5,430,473.03 | 1,475.03 | | Net Assets Attributable to Shareholders of the Listed Company (End of Period) (Yuan) | 1,338,664,648.00 | 1,308,974,473.33 | 2.27 | | Total Assets (End of Period) (Yuan) | 2,186,752,876.87 | 2,046,652,930.39 | 6.85 | [Key Financial Indicators](index=6&type=section&id=2.7.2%20Key%20Financial%20Indicators) During the reporting period, the company's basic and diluted earnings per share both decreased year-on-year, and the weighted average return on net assets also declined 2025 H1 Key Financial Indicators | Indicator | Current Period (Jan-Jun) | Prior Period | Period-over-Period Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | 0.53 | 0.63 | -15.87 | | Diluted Earnings Per Share (Yuan/share) | 0.53 | 0.63 | -15.87 | | Basic Earnings Per Share After Deducting Non-recurring Gains and Losses (Yuan/share) | 0.42 | 0.52 | -19.23 | | Weighted Average Return on Net Assets (%) | 4.32 | 5.31 | Decrease by 0.99 percentage points | | Weighted Average Return on Net Assets After Deducting Non-recurring Gains and Losses (%) | 3.39 | 4.38 | Decrease by 0.99 percentage points | [Non-recurring Gains and Losses Items and Amounts](index=6&type=section&id=2.9%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to 12,365,638.88 Yuan, primarily from government grants, fair value changes, and other non-operating income 2025 H1 Non-recurring Gains and Losses Items | Non-recurring Gains and Losses Item | Amount (Yuan) | | :--- | :--- | | Gains or losses on disposal of non-current assets | 22,411.61 | | Government grants recognized in current profit or loss | 7,118,400.00 | | Gains or losses from changes in fair value and disposal of financial assets and liabilities | 5,991,685.35 | | Fund occupation fees received from non-financial enterprises recognized in current profit or loss | 448,715.49 | | Other non-operating income and expenses apart from the above | 1,488,896.59 | | Less: Income tax impact | 2,704,470.16 | | **Total** | **12,365,638.88** | [Management Discussion and Analysis](index=8&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) [Description of the Company's Industry and Main Business During the Reporting Period](index=8&type=section&id=3.1%20Description%20of%20the%20Company's%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) This section describes the engineering machinery industry context, noting its acceleration towards green and intelligent transformation, and its stabilization and recovery driven by "equipment renewal policy dividends" and "overseas market growth" The company focuses on the engineering mixing sector, forming a full-产业链 product system covering "primary aggregate processing equipment - engineering mixing equipment - aggregate resource recycling equipment" - China's construction machinery industry has formed the world's most complete industrial chain system, with products covering over 200 countries and regions[30](index=30&type=chunk) - Driven by "dual carbon" goals, the industry is accelerating its transformation towards green and intelligent development[30](index=30&type=chunk) - In the first half of 2025, the domestic construction machinery industry stabilized and recovered, driven by the continuous release of "equipment renewal policy dividends" and "structural growth in overseas markets"[30](index=30&type=chunk) [Company's Main Business](index=8&type=section&id=3.1.1%20Company's%20Main%20Business) The company's main business encompasses primary aggregate processing equipment, engineering mixing equipment, and aggregate resource recycling equipment, aiming to provide one-stop, full-series green building material equipment and circular economy solutions for resource recycling - The company has gradually formed a full-chain and multi-level product system layout covering "primary aggregate processing equipment - engineering mixing equipment - aggregate resource recycling equipment"[31](index=31&type=chunk) - Primary aggregate processing equipment includes high-quality sand making equipment, shaping sand making equipment, stationary crushing and screening equipment, and mobile crushing and screening equipment, with increasing market demand[31](index=31&type=chunk) - Aggregate resource recycling equipment includes waste wet concrete recycling equipment, construction waste resource recycling equipment, asphalt concrete recycling material crushing and screening equipment, and mud treatment equipment, responding to national environmental protection and circular economy policy demands[32](index=32&type=chunk) [Company's Business Model](index=9&type=section&id=3.1.2%20Company's%20Business%20Model) The company adopts a "procurement on demand" and "production based on sales" model, with core components self-produced and non-core components outsourced The sales model is primarily distribution-based, supplemented by direct sales, with a focus on after-sales service - Procurement primarily follows a "procurement on demand" model, with purchasing arranged according to sales orders and production plans, and advance procurement plans and stocking for long-cycle raw materials, collaborating with at least two qualified suppliers[33](index=33&type=chunk) - Production primarily adopts a "production based on sales" model, independently completing technology R&D, solution and product design, core component production, and complete machine assembly, with some non-core components and processes completed through external procurement and outsourcing[34](index=34&type=chunk)[35](index=35&type=chunk) - The sales model has gradually evolved into a distribution-led approach, combining direct sales and distribution, acquiring customer resources through industry exhibitions, customer referrals, and online platforms, and providing after-sales service[35](index=35&type=chunk) [Discussion and Analysis of Operations](index=10&type=section&id=3.2%20Discussion%20and%20Analysis%20of%20Operations) During the reporting period, the company's operating revenue and net profit declined, but total assets and net cash flow from operating activities increased The company continuously enhances its competitiveness through core technology breakthroughs, global expansion, green intelligent manufacturing, intelligent ecosystem integration, and R&D efforts - The company achieved operating revenue of **499 Million Yuan**, a year-on-year decrease of **16.49%**; net profit attributable to shareholders of the listed company was **57.76 Million Yuan**, a year-on-year decrease of **15.62%**[36](index=36&type=chunk) - As of June 30, 2025, the company's total assets were **2.187 Billion Yuan**, a year-on-year increase of **6.85%**; net assets attributable to shareholders of the listed company were **1.339 Billion Yuan**, a year-on-year increase of **2.27%**[36](index=36&type=chunk) - Net cash flow from operating activities showed a positive trend, indicating the company's continuous optimization in stable operations and capital management[36](index=36&type=chunk) [Core Technology Breakthroughs Build an Industry Moat](index=10&type=section&id=3.2.1%20Core%20Technology%20Breakthroughs%20Build%20an%20Industry%20Moat) The company achieved multiple core technology breakthroughs in engineering mixing equipment, primary aggregate processing equipment, and aggregate resource recycling equipment, including RAP fine aggregate recycling equipment, tower-type dry-mix mortar production lines, NFS150 mobile screening equipment, and NZLG60 modular fluid-solidified soil equipment, enhancing product performance, energy efficiency, and environmental value - RAP fine aggregate recycling equipment can finely separate asphalt millings, significantly reducing false particle size phenomena and variability, saving maintenance costs, and addressing environmental concerns[37](index=37&type=chunk) - NFLG's tower-type dry-mix mortar production line uses a ploughshare mixer and frequency conversion technology, reducing energy consumption by **25%**, achieving a mixing ratio of up to **1:10000**, with no residue or dead corners during discharge[37](index=37&type=chunk) - The company's NFS150 mobile screening equipment features a compact structure and high flexibility, suitable for confined workspaces and high-frequency projects, and can be transported as a complete unit via 40FR containers, significantly reducing transportation costs[38](index=38&type=chunk) - The independently developed NZLG60 modular fluid-solidified soil equipment is designed for the resource treatment of waste soil mud cakes, solving problems such as slow site transfers, long construction periods, and difficulties in mud separation and transportation of sticky wet slag, capable of producing high-quality fluid-solidified soil[39](index=39&type=chunk) [Global Layout Opens Up Incremental Market Space](index=11&type=section&id=3.2.2%20Global%20Layout%20Opens%20Up%20Incremental%20Market%20Space) NFLG is accelerating its global expansion, with overseas sales continuously increasing, and its products have entered markets in Europe, North America, Southeast Asia, and the Middle East, establishing a strong brand reputation The company will continue to deepen its presence in international markets - NFLG's overseas products have entered numerous countries and regions in Europe, North America, Southeast Asia, and the Middle East, establishing a strong brand reputation locally[40](index=40&type=chunk) - The company will continue to deeply cultivate international markets, thoroughly understand overseas customer needs, and provide efficient, environmentally friendly, and intelligent overall solutions for green circular building materials[40](index=40&type=chunk) [Dual Carbon Goals Drive New Paradigm of Green Intelligent Manufacturing](index=11&type=section&id=3.2.3%20Dual%20Carbon%20Goals%20Drive%20New%20Paradigm%20of%20Green%20Intelligent%20Manufacturing) The company actively responds to the "dual carbon" strategy, releasing a carbon neutrality white paper and setting targets for carbon peaking across the entire value chain by 2030, carbon neutrality in its own operations by 2050, and net-zero emissions across the entire value chain by 2060 During the reporting period, it was awarded "2025 Fujian Province Green Factory" and deepened its green manufacturing system construction through measures such as optimizing production processes and introducing energy-saving equipment - NFLG released a carbon neutrality white paper, setting phased carbon neutrality targets: achieving carbon peaking across the entire value chain by **2030**; achieving carbon neutrality in its own operations by **2050**; and achieving net-zero emissions across the entire value chain by **2060**[41](index=41&type=chunk) - During the reporting period, NFLG was awarded "2025 Fujian Province Green Factory," which is a high recognition of the company's long-term commitment to green development principles[41](index=41&type=chunk) - The company achieves standardized, intelligent, and green production through measures such as introducing advanced energy-saving equipment, optimizing processes, and standardizing solid waste recycling[41](index=41&type=chunk) [Intelligent Ecosystem Integration Leads Industrial Transformation](index=11&type=section&id=3.2.4%20Intelligent%20Ecosystem%20Integration%20Leads%20Industrial%20Transformation) NFLG actively embraces artificial intelligence, launching an AI+ aggregate intelligent feeding system and applying intelligent systems such as the ERP green building materials smart factory management platform, IoT+ warehousing intelligent remote monitoring system, and intelligent ticket printing and sorting integrated machine, enhancing production efficiency, resource utilization, and product quality - NFLG's AI+ aggregate intelligent feeding system, based on artificial intelligence and visual inspection technology, can monitor aggregate gradation and morphology online, providing data for optimizing aggregate formulas, improving concrete quality, and reducing cement consumption[42](index=42&type=chunk) - The company applies intelligent systems such as the ERP green building materials smart factory management platform, IoT+ warehousing intelligent remote monitoring system, and intelligent ticket printing and sorting integrated machine, helping to improve production efficiency and resource utilization[42](index=42&type=chunk) [R&D Efforts Steadily Progress](index=11&type=section&id=3.2.5%20R%26D%20Efforts%20Steadily%20Progress) The company continues to increase R&D investment, actively engaging in industry-university-research cooperation, and jointly tackling core technologies in intelligent fields and mixing/crushing mechanisms During the reporting period, it applied for 9 domestic and international patents, obtained 26 authorized patents, introduced dozens of talents in AI algorithms and intelligent system integration, and added 9 new R&D projects, totaling 15 ongoing R&D projects - During the reporting period, the company applied for **9** domestic and international patents, including **9** invention patents; it obtained **26** authorized patents, including **12** invention patents, **11** utility model patents, and **3** design patents[44](index=44&type=chunk) - During the reporting period, dozens of talents were introduced in key areas such as AI algorithms, intelligent system integration, and materials science, with R&D personnel accounting for **27.68%** of the total workforce[44](index=44&type=chunk) - In 2025, the company added **9** new R&D projects, with a total of **15** ongoing R&D projects, demonstrating efficient project advancement and precise adjustment and focus of R&D directions[44](index=44&type=chunk) [Analysis of Core Competitiveness During the Reporting Period](index=12&type=section&id=3.3%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) The company's core competitiveness lies in its nearly three decades of accumulated product R&D technological advantages, its ability to provide full-chain integrated solutions, a strong dealer network, enhanced intelligent manufacturing and smart operation and maintenance capabilities, extensive and deep brand reputation, and continuously improving quality and after-sales service system - The company has gradually formed a full-chain and multi-level ecological product system for aggregates, including mining crushing and screening, aggregate processing, construction and road material mixing, and construction waste resource recycling equipment, covering "primary aggregate processing - engineering mixing - aggregate resource recycling"[45](index=45&type=chunk) - The company creatively provides integrated green circular building material solutions to the market, evolving from addressing single demands to supplying a complete ecological multi-scenario product and service system[46](index=46&type=chunk) - The company has established a mature marketing system primarily based on distribution, combined with direct sales, with a sales network covering **31** provinces, autonomous regions, and municipalities nationwide, and radiating to Southeast Asia, Europe, Africa, and the Middle East globally[48](index=48&type=chunk) [Accumulated Experience Forges Innovation Barrier: Product R&D Technology Advantage](index=12&type=section&id=3.3.1%20Accumulated%20Experience%20Forges%20Innovation%20Barrier%20Product%20R%26D%20Technology%20Advantage) Leveraging nearly three decades of technological accumulation, the company has formed a full-chain product system covering mining crushing and screening, aggregate processing, construction and road material mixing, and construction waste resource utilization, with early strategic布局 in future trends such as integrated construction solid waste resource utilization and environmentally friendly smart mixing plants Its products have been successfully applied in multiple national strategic engineering projects - The company has gradually formed a full-chain and multi-level full-ecological product system for aggregates, including mining crushing and screening, aggregate processing, construction and road material mixing, and construction waste resource recycling equipment, covering "primary aggregate processing - engineering mixing - aggregate resource recycling"[45](index=45&type=chunk) - Intelligent equipment developed and commercialized by the company has been successfully applied in national strategic engineering projects with strict quality requirements for construction machinery, such as the Hong Kong-Zhuhai-Macau Bridge, Shenzhen Greater Bay Area construction, CGN Nuclear Power Project, Shenzhen-Zhongshan Channel, and Beijing-Xinjiang Expressway[45](index=45&type=chunk) [Rare Advantage in Providing Full-Chain Integrated Solutions in the Industry](index=12&type=section&id=3.3.2%20Rare%20Advantage%20in%20Providing%20Full-Chain%20Integrated%20Solutions%20in%20the%20Industry) Through its full-chain and multi-level product system of "primary aggregate processing equipment - engineering mixing equipment - aggregate resource recycling equipment," the company provides integrated green circular building material solutions to the market, meeting customers' multi-stage needs, such as integrated solutions for highway expansion and maintenance backyards - The company's established advantage in a full-chain and multi-level product system layout of "primary aggregate processing equipment - engineering mixing equipment - aggregate resource recycling equipment" creatively provides integrated green circular building material solutions to the market[46](index=46&type=chunk) - Taking NFLG's integrated solution for highway expansion and maintenance backyards as an example, by integrating multiple functional areas, it achieves full coverage of various application scenarios for highway expansion and maintenance[46](index=46&type=chunk)[47](index=47&type=chunk) [Strong Dealer Advantage with Internal and External Empowerment](index=13&type=section&id=3.3.3%20Strong%20Dealer%20Advantage%20with%20Internal%20and%20External%20Empowerment) The company has established a mature marketing system primarily based on distribution, supplemented by direct sales, with a dealer network covering 31 provinces and radiating globally, successfully entering high-end markets such as Europe, North America, and Japan Through systematic training and profit sharing, the company forms stable long-term cooperative relationships with dealers to jointly address market risks - The company has established a mature marketing system primarily based on distribution, combined with direct sales, with a sales network covering **31** provinces, autonomous regions, and municipalities nationwide, and radiating to Southeast Asia, Europe, Africa, and the Middle East globally[48](index=48&type=chunk) - The company and its dealers empower each other, successfully entering high-end markets such as Europe, North America, and Japan, and establishing strategic partnerships with multiple international clients[48](index=48&type=chunk) - The company emphasizes systematic training for both direct sales and dealer employees, conducting regular training through its established Mixing Academy, continuously strengthening the cooperative bond between the company and its dealers[49](index=49&type=chunk) [Comprehensive Software and Hardware Enhanced Intelligent Manufacturing and Smart Operation and Maintenance Advantages](index=13&type=section&id=3.3.4%20Comprehensive%20Software%20and%20Hardware%20Enhanced%20Intelligent%20Manufacturing%20and%20Smart%20Operation%20and%20Maintenance%20Advantages) The company, through its independently developed IoT smart operation and maintenance management cloud platform, achieves remote equipment monitoring, data analysis, and intelligent decision-making, enhancing operational informatization and digitalization At the same time, ERP, MES, PLM, RDM, CRM, and other information systems are integrated across all supply, production, and sales links, ensuring production efficiency, quality control, and customer service - The company has independently developed and built an IoT-based smart operation and maintenance management cloud platform, enabling remote equipment monitoring and interconnected equipment, transforming product operation and maintenance from traditional offline methods to "Internet+" intelligent technical means[50](index=50&type=chunk) - Informatization has been integrated into all aspects of the company's daily operations, including supply, production, and sales, providing comprehensive assurance for product production efficiency and quality control through systems such as SRM, ERP, MES, PLM, RDM, and CRM[50](index=50&type=chunk)[51](index=51&type=chunk) - The company has independently developed a master data management platform, achieving classified management of materials and standardized management of product modules, improving data conversion speed and accuracy[51](index=51&type=chunk) [Extensive and Deep Brand Advantage](index=14&type=section&id=3.3.5%20Extensive%20and%20Deep%20Brand%20Advantage) Leveraging its technological R&D, product quality, service level, and historical performance, the company has established a strong brand reputation in the construction machinery industry, gaining widespread recognition from customers and the industry, and receiving numerous national and provincial honors - The company has high recognition and reputation in the subdivided fields of mixing, sand making, and construction waste recycling machinery[52](index=52&type=chunk) - Asphalt products have gained recognition and adoption by local European customers during their entry into overseas markets, gradually extending their reputation[52](index=52&type=chunk) - The company has successively been awarded provincial-level and above honors such as National Enterprise Technology Center, National High-tech Enterprise, China Well-known Trademark, and Fujian Province Green Factory[52](index=52&type=chunk) [Continuously Improving Quality and After-Sales Service Advantage](index=14&type=section&id=3.3.6%20Continuously%20Improving%20Quality%20and%20After-Sales%20Service%20Advantage) The company continuously upgrades its quality management and after-sales service system, obtaining multiple international certifications such as ISO9001, ISO14001, ISO45001, and ISO50001 Its main products have passed multiple international import certifications, including EU CE and Russian GOST Intelligent after-sales service provides remote diagnostics and preventive maintenance through an IoT cloud platform, and the Mixing Academy offers technical guidance and training - The company has passed ISO9001:2015 Quality Management System Certification, ISO14001:2015 Environmental Management System Certification, ISO45001:2018 Occupational Health and Safety Management System Certification, and ISO50001:2018 Energy Management System Certification[53](index=53&type=chunk) - Main products have passed multiple international import certifications, including EU CE certification and Russian GOST certification[53](index=53&type=chunk) - The company's after-sales service system is rapidly upgrading in intelligence and immediacy, connecting to customer site equipment control systems through an IoT cloud platform to provide value-added services such as remote diagnostics and preventive maintenance[53](index=53&type=chunk) - The company provides technical guidance services and equipment operation training for customer technical personnel or operators through the establishment of the Mixing Academy[53](index=53&type=chunk) [Main Operating Conditions During the Reporting Period](index=15&type=section&id=3.4%20Main%20Operating%20Conditions%20During%20the%20Reporting%20Period) This section primarily analyzes the changes in the company's financial statement items during the reporting period, particularly the year-on-year changes in operating revenue, costs, expenses, and cash flows, as well as major changes in the asset and liability structure - Operating revenue decreased by **16.49%** year-on-year, and operating costs decreased by **19.98%** year-on-year[56](index=56&type=chunk) - Net cash flow from operating activities increased by **1,475.03%** year-on-year, primarily due to increased collection of goods payments and reduced material expenses in the current period[55](index=55&type=chunk)[56](index=56&type=chunk) - Net cash flow from investing activities significantly decreased, mainly due to increased investment in wealth management products in the current period[55](index=55&type=chunk)[56](index=56&type=chunk) [Analysis of Main Business](index=15&type=section&id=3.4.1%20Analysis%20of%20Main%20Business) This section presents the year-on-year changes in operating revenue, operating costs, various expenses, and net cash flow from operating activities during the reporting period, through a table analyzing changes in relevant financial statement items Financial Statement Item Changes | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 499,394,484.30 | 598,035,747.25 | -16.49 | | Operating Costs | 354,150,855.04 | 442,587,818.71 | -19.98 | | Selling Expenses | 23,392,107.47 | 22,750,988.64 | 2.82 | | Administrative Expenses | 25,761,247.75 | 24,412,147.07 | 5.53 | | Financial Expenses | -2,644,969.19 | -3,662,967.46 | N/A | | R&D Expenses | 43,815,120.93 | 39,909,209.24 | 9.79 | | Net Cash Flow from Operating Activities | 85,531,558.87 | 5,430,473.03 | 1,475.03 | | Net Cash Flow from Investing Activities | -176,799,871.01 | -7,743,897.71 | N/A | | Net Cash Flow from Financing Activities | -29,172,859.42 | -36,636,505.28 | N/A | [Analysis of Assets and Liabilities](index=16&type=section&id=3.4.3%20Analysis%20of%20Assets%20and%20Liabilities) This section analyzes the composition and year-on-year changes in the company's assets and liabilities at the end of the reporting period, showing growth in both total assets and net assets, but significant changes in some current and non-current asset accounts, as well as a notable increase in accounts payable and taxes payable - Total assets increased by **6.85%** year-on-year, and net assets attributable to shareholders of the listed company increased by **2.27%** year-on-year[23](index=23&type=chunk) - Accounts receivable financing at the end of the period decreased by **74.26%** compared to the end of the prior year, mainly due to a reduction in unexpired bank acceptance bills held at the end of the period[58](index=58&type=chunk) - Prepayments at the end of the period increased by **40.06%** compared to the end of the prior year, mainly due to increased prepayments for outsourced components of large orders[58](index=58&type=chunk) - Accounts payable at the end of the period increased by **68.66%** compared to the end of the prior year, mainly due to increased procurement in the reporting period[58](index=58&type=chunk) - Taxes payable at the end of the period increased by **146.69%** compared to the end of the prior year, mainly due to increased VAT and corporate income tax payable at the end of the period[58](index=58&type=chunk) [Analysis of Investment Status](index=17&type=section&id=3.4.4%20Analysis%20of%20Investment%20Status) This section discloses the company's significant non-equity investments and financial assets measured at fair value during the reporting period, including investment in the intelligent manufacturing equipment industrial park project and foreign exchange derivative transactions - The company plans to invest approximately **2 Billion Yuan** in two phases to construct the NFLG Intelligent Manufacturing Equipment Industrial Park in Quanzhou Taiwanese Investment Zone[59](index=59&type=chunk) - On April 23, 2025, the company's board of directors approved the "Proposal on Conducting Foreign Exchange Derivative Transactions for 2025," with a total estimated amount not exceeding **40 Million US Dollars**, adhering to hedging principles and avoiding speculative arbitrage transactions[62](index=62&type=chunk)[64](index=64&type=chunk) Changes in Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (Yuan) | Fair Value Change Gains/Losses for Current Period (Yuan) | Purchase Amount for Current Period (Yuan) | Sale/Redemption Amount for Current Period (Yuan) | Ending Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Financial assets held for trading | 404,456,768.01 | 2,778,610.20 | 2,493,120,000.00 | 2,390,177,768.01 | 510,177,610.20 | | Accounts receivable financing | 522,285.65 | -387,860.65 | - | - | 134,425.00 | | **Total** | **404,979,053.66** | **2,778,610.20** | **2,493,120,000.00** | **2,390,177,768.01** | **510,312,035.20** | [Derivative Investments for Hedging Purposes During the Reporting Period](index=18&type=section&id=3.4.4.1%20Derivative%20Investments%20for%20Hedging%20Purposes%20During%20the%20Reporting%20Period) The company engages in foreign exchange swap transactions and sells foreign exchange call options as derivative investments for hedging purposes to mitigate exchange rate fluctuation risks, recognizing an investment income of 0.019 Million Yuan during the reporting period - The company conducts foreign exchange swap transactions and sells foreign exchange call options, adhering to hedging principles and avoiding speculative arbitrage transactions[62](index=62&type=chunk) - During the reporting period, foreign exchange swap transactions recognized an investment income of **0.006 Million Yuan**, and selling call options recognized an investment income of **0.013 Million Yuan**[62](index=62&type=chunk) - The company implements risk control measures such as institutional safeguards, selection of trading counterparties and products, strict adherence to trading procedures, and dedicated personnel to manage market risk, liquidity risk, credit risk, and internal operational risk[63](index=63&type=chunk)[64](index=64&type=chunk) [Analysis of Major Holding and Participating Companies](index=21&type=section&id=3.4.6%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) This section discloses the financial performance of the company's major subsidiary, NFLG Roadbuilding Machinery (Xiantao) Co., Ltd., whose net profit significantly impacts the company's net profit by more than 10% Financial Performance of Major Subsidiary (NFLG Roadbuilding Machinery (Xiantao) Co., Ltd.) | Indicator | Amount (Yuan) | | :--- | :--- | | Registered Capital | 10,000,000.00 | | Total Assets | 536,080,009.98 | | Net Assets | 113,738,387.34 | | Operating Revenue | 86,568,104.10 | | Operating Profit | 5,993,312.58 | | Net Profit | 5,471,747.64 | - NFLG Roadbuilding Machinery (Xiantao) Co., Ltd.'s main business revenue was **85,454,827.93 Yuan**, and main business profit was **4,871,521.66 Yuan**[69](index=69&type=chunk) [Other Disclosures](index=23&type=section&id=3.5%20Other%20Disclosures) This section discloses potential risks faced by the company, including risks related to continuous product R&D and innovation, loss of core personnel and technology leakage, macroeconomic fluctuations and policy adjustments, and the challenge of continuously developing new customers - The company faces risks in continuous product R&D and innovation; if new products or technologies cannot be developed on schedule, or if new products lack competitive advantages, there may be R&D failure risks[70](index=70&type=chunk) - The company faces risks of core personnel loss and technology leakage; intensified market competition may lead to the loss of core personnel, which could result in technology leakage and weaken the company's competitive advantage[71](index=71&type=chunk) - The company's downstream industry is significantly affected by the macroeconomy; adjustments and fluctuations in the macroeconomy or major adverse changes in national macroeconomic and industrial policies could negatively impact the company's profitability and operating performance[72](index=72&type=chunk)[73](index=73&type=chunk) - The company faces risks in continuously developing new customers; if the company encounters difficulties in customer and market development due to declining product competitiveness or changes in downstream market demand in the future, it will adversely affect the company's performance[74](index=74&type=chunk) [Corporate Governance, Environment, and Society](index=24&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) [Profit Distribution or Capital Reserve Conversion Plan](index=24&type=section&id=4.2%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) This chapter primarily discloses the company's proposed profit distribution plan, explicitly stating that there is no profit distribution or capital reserve conversion plan for this semi-annual period - The proposed profit distribution plan or capital reserve conversion plan for this semi-annual period is "None"[76](index=76&type=chunk) [Significant Matters](index=26&type=section&id=Section%20V%20Significant%20Matters) [Fulfillment of Commitments](index=26&type=section&id=5.1%20Fulfillment%20of%20Commitments) This section details the commitments made by the company's actual controllers, shareholders, related parties, and the company itself regarding share lock-up, resolution of horizontal competition, related party transactions, property defects, truthfulness of the prospectus, share price stabilization, and measures to mitigate dilution of immediate returns, all of which were strictly fulfilled during the reporting period - The company's controlling shareholders and actual controllers, Fang Qingxi, Chen Guihua, and Fang Kai, committed not to transfer shares within **36 months** from the date of the company's stock listing, and to extend the lock-up period by **6 months** under specific conditions[80](index=80&type=chunk)[81](index=81&type=chunk) - The company, its actual controllers, directors, supervisors, and senior management committed that the prospectus contains no false records, misleading statements, or major omissions, and will bear corresponding legal liabilities[85](index=85&type=chunk)[86](index=86&type=chunk)[87](index=87&type=chunk)[88](index=88&type=chunk) - The company, its major shareholders, directors, and senior management committed to taking measures such as share repurchase or increase in holdings to stabilize the share price when stabilization measures are triggered[92](index=92&type=chunk)[93](index=93&type=chunk)[94](index=94&type=chunk)[95](index=95&type=chunk)[96](index=96&type=chunk)[97](index=97&type=chunk) - The company, its actual controllers, directors, and senior management committed to taking measures such as strengthening supervision of fundraising projects, improving operational efficiency, and perfecting the profit distribution system to mitigate the dilution of immediate returns[97](index=97&type=chunk)[98](index=98&type=chunk)[99](index=99&type=chunk)[100](index=100&type=chunk) [Significant Contracts and Their Performance](index=49&type=section&id=5.11%20Significant%20Contracts%20and%20Their%20Performance) This section primarily discloses the company's significant guarantees performed and not yet fully performed during the reporting period, involving repurchase guarantees provided for customer financing lease businesses - The company provided a repurchase guarantee for its dealer, Shenyang Zhihe, for purchasing company equipment through a financing lease, with a guarantee amount not exceeding **40.25 Million Yuan**[105](index=105&type=chunk) - As of the end of the reporting period, the company's total external guarantee balance was **3.96 Million Yuan**, accounting for **0.30%** of the company's net assets[105](index=105&type=chunk) - This guarantee is a repurchase guarantee provided for customer financing lease business, falling within the scope of approval by the board of directors and shareholders' meeting[105](index=105&type=chunk)[106](index=106&type=chunk) [Explanation of Progress in Use of Raised Funds](index=51&type=section&id=5.12%20Explanation%20of%20Progress%20in%20Use%20of%20Raised%20Funds) This section explains the overall use of the company's raised funds and details of the fundraising projects, including the Xiantao Production Base Expansion and R&D Center Project, Smart IoT System Platform Project, and Supplementary Working Capital Project, also disclosing the cash management of idle raised funds - Total raised funds were **643.67 Million Yuan**, with net raised funds of **551.26 Million Yuan**[108](index=108&type=chunk) - As of the end of the reporting period, cumulative raised funds invested amounted to **135.76 Million Yuan**, with an investment progress of **24.63%**[108](index=108&type=chunk) [Overall Use of Raised Funds](index=51&type=section&id=5.12.1%20Overall%20Use%20of%20Raised%20Funds) As of the end of the reporting period, the company's initial public offering raised funds have cumulatively invested **135.76 Million Yuan**, with an investment progress of **24.63%**, and the amount invested in the current year is **0.87 Million Yuan** Overall Use of Raised Funds | Source of Raised Funds | Total Raised Funds (Ten Thousand Yuan) | Net Raised Funds (Ten Thousand Yuan) | Total Committed Investment of Raised Funds in Prospectus (Ten Thousand Yuan) | Total Raised Funds Cumulatively Invested as of End of Reporting Period (Ten Thousand Yuan) | Cumulative Investment Progress of Raised Funds as of End of Reporting Period (%) | Amount Invested in Current Year (Ten Thousand Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering | 64,366.64 | 55,125.72 | 55,125.72 | 13,575.59 | 24.63 | 87.35 | [Details of Fundraising Projects](index=52&type=section&id=5.12.2%20Details%20of%20Fundraising%20Projects) This section details the specific investment status of fundraising projects, where the Xiantao Production Base Expansion and R&D Center Project and the Smart IoT System Platform Project experienced implementation delays due to plan optimization and technological iteration, while the Supplementary Working Capital Project has been over-completed - The Xiantao Production Base Expansion and R&D Center Project plans to invest **351.43 Million Yuan**, with no investment in the current period, cumulative investment of **0**, investment progress N/A, and is expected to reach its intended usable state by December 2026[109](index=109&type=chunk) - The Smart IoT System Platform Project plans to invest **69.83 Million Yuan**, with **0.87 Million Yuan** invested in the current year, cumulative investment of **3.90 Million Yuan**, investment progress of **5.59%**, and is expected to reach its intended usable state by December 2026[109](index=109&type=chunk) - The Supplementary Working Capital Project plans to invest **130 Million Yuan**, with no investment in the current period, cumulative investment of **131.85 Million Yuan**, investment progress of **101.43%**, and is completed[109](index=109&type=chunk) - The implementation progress of the Xiantao Production Base Expansion and R&D Center Project is delayed due to the company's optimization and demonstration of the original project plan[110](index=110&type=chunk) - The implementation progress of the Smart IoT System Platform Project is delayed because the iteration of new products and technologies imposes higher requirements on project implementation, affected by the R&D plan execution progress and system complexity[110](index=110&type=chunk) [Other Uses of Raised Funds During the Reporting Period](index=54&type=section&id=5.12.4%20Other%20Uses%20of%20Raised%20Funds%20During%20the%20Reporting%20Period) During the reporting period, the company used temporarily idle raised funds for cash management, with an approved limit not exceeding 450 Million Yuan, and the cash management balance at period-end was 438.85 Million Yuan, not exceeding the authorized limit - On April 23, 2025, the company's board of directors approved the use of temporarily idle raised funds not exceeding **450 Million Yuan** for cash management, with a term from the date of approval by the 2024 Annual Shareholders' Meeting until the date of the 2025 Annual Shareholders' Meeting[114](index=114&type=chunk) - As of the end of the reporting period, the cash management balance was **438.85 Million Yuan**, not exceeding the authorized limit[113](index=113&type=chunk) [Share Changes and Shareholder Information](index=55&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) [Changes in Share Capital](index=55&type=section&id=6.1%20Changes%20in%20Share%20Capital) During the reporting period, the company's total share capital remained unchanged at 108,406,667.00 shares - During the reporting period, the company's total share capital and share capital structure remained unchanged, with both the beginning and end of period total shares being **108,406,667.00** shares[116](index=116&type=chunk)[118](index=118&type=chunk) [Shareholder Information](index=56&type=section&id=6.2%20Shareholder%20Information) As of the end of the reporting period, the total number of ordinary shareholders was 12,055 This section details the shareholdings of the top ten shareholders, including the number of shares held, proportion, and restricted conditions, and explains the associated relationships between major shareholders - Total number of ordinary shareholders as of the end of the reporting period: **12,055** households[118](index=118&type=chunk) - The top three shareholders, Fang Qingxi, Chen Guihua, and Fang Kai, collectively hold **66.91%** of the company's shares, all being domestic natural persons with spousal, father-son, and mother-son relationships, respectively[120](index=120&type=chunk)[121](index=121&type=chunk)[123](index=123&type=chunk) - Among the top ten shareholders, Fang Qingxi, Chen Guihua, Fang Kai, and partnerships such as Quanzhou Zhicheng, Quanzhou Fangyao, Quanzhou Zhixin, and Quanzhou Fanghua hold a significant number of restricted shares, with the restriction period being **42 months** from the listing date[120](index=120&type=chunk)[122](index=122&type=chunk) [Bond-Related Information](index=59&type=section&id=Section%20VII%20Bond-Related%20Information) [Corporate Bonds and Non-Financial Enterprise Debt Financing Instruments](index=59&type=section&id=7.1%20Corporate%20Bonds%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) This chapter states that the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments during the reporting period - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[126](index=126&type=chunk) [Convertible Corporate Bonds](index=59&type=section&id=7.2%20Convertible%20Corporate%20Bonds) This chapter states that the company had no convertible corporate bonds during the reporting period - The company has no convertible corporate bonds[126](index=126&type=chunk) [Financial Report](index=60&type=section&id=Section%20VIII%20Financial%20Report) [Financial Statements](index=60&type=section&id=8.2%20Financial%20Statements) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity as of June 30, 2025, comprehensively presenting the company's financial position and operating results at the end of the reporting period - The consolidated balance sheet as of June 30, 2025, shows the company's total assets at **2,186,752,876.87 Yuan**, total liabilities at **848,088,228.87 Yuan**, and total owners' equity at **1,338,664,648.00 Yuan**[131](index=131&type=chunk)[132](index=132&type=chunk) - The consolidated income statement shows total operating revenue of **499,394,484.30 Yuan** and net profit of **57,762,409.09 Yuan** for the first half of 2025[138](index=138&type=chunk)[139](index=139&type=chunk) - The consolidated cash flow statement shows net cash flow from operating activities of **85,531,558.87 Yuan**, net cash flow from investing activities of **-176,799,871.01 Yuan**, and net cash flow from financing activities of **-29,172,859.42 Yuan** for the first half of 2025[145](index=145&type=chunk) [Consolidated Balance Sheet](index=60&type=section&id=8.2.1%20Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's total consolidated assets amounted to 2.187 Billion Yuan, with a high proportion of current assets, where financial assets held for trading and inventories are the main current assets In terms of liabilities, contract liabilities and notes payable are the main current liabilities Consolidated Balance Sheet Key Data (June 30, 2025) | Item | Amount (Yuan) | | :--- | :--- | | Cash and bank balances | 362,065,385.13 | | Financial assets held for trading | 510,177,610.20 | | Accounts receivable | 325,276,253.02 | | Inventories | 676,726,445.42 | | Total current assets | 2,054,651,763.91 | | Fixed assets | 92,011,274.90 | | Intangible assets | 28,279,615.46 | | Total non-current assets | 132,101,112.96 | | **Total Assets** | **2,186,752,876.87** | | Notes payable | 138,854,780.36 | | Accounts payable | 101,768,527.27 | | Contract liabilities | 454,719,325.07 | | Total current liabilities | 840,671,964.52 | | **Total Liabilities** | **848,088,228.87** | | Total equity attributable to owners of the parent company | 1,338,664,648.00 | | **Total Equity** | **1,338,664,648.00** | [Consolidated Income Statement](index=65&type=section&id=8.2.3%20Consolidated%20Income%20Statement) In the first half of 2025, the company's total operating revenue decreased by 16.49% year-on-year, and net profit decreased by 15.62% year-on-year Among various expenses, R&D expenses increased, and financial expenses were negative (income) Consolidated Income Statement Key Data (Jan-Jun 2025) | Item | Amount for Current Period (Yuan) | Amount for Prior Period (Yuan) | | :--- | :--- | :--- | | Total operating income | 499,394,484.30 | 598,035,747.25 | | Total operating costs | 449,237,954.33 | 532,207,530.94 | | Operating costs | 354,150,855.04 | 442,587,818.71 | | Selling expenses | 23,392,107.47 | 22,750,988.64 | | Administrative expenses | 25,761,247.75 | 24,412,147.07 | | R&D expenses | 43,815,120.93 | 39,909,209.24 | | Financial expenses | -2,644,969.19 | -3,662,967.46 | | Total profit | 61,307,900.79 | 71,095,259.66 | | Net profit | 57,762,409.09 | 68,453,463.46 | | Basic earnings per share (Yuan/share) | 0.53 | 0.63 | | Diluted earnings per share (Yuan/share) | 0.53 | 0.63 | [Consolidated Cash Flow Statement](index=69&type=section&id=8.2.5%20Consolidated%20Cash%20Flow%20Statement) In the first half of 2025, the company's net cash flow from operating activities significantly increased, net cash flow from investing activities was negative with increased outflows, and net cash flow from financing activities was negative with decreased outflows Consolidated Cash Flow Statement Key Data (Jan-Jun 2025) | Item | Amount for Current Period (Yuan) | Amount for Prior Period (Yuan) | | :--- | :--- | :--- | | Net cash flow from operating activities | 85,531,558.87 | 5,430,473.03 | | Net cash flow from investing activities | -176,799,871.01 | -7,743,897.71 | | Net cash flow from financing activities | -29,172,859.42 | -36,636,505.28 | | Net increase in cash and cash equivalents | -120,309,046.35 | -38,085,901.73 | | Cash and cash equivalents at end of period | 132,880,060.95 | 162,932,201.47 | - Total cash inflow from operating activities was **621,437,156.31 Yuan**, and total cash outflow from operating activities was **535,905,597.44 Yuan**[144](index=144&type=chunk)[145](index=145&type=chunk) - Total cash inflow from investing activities was **2,399,911,533.27 Yuan**, and total cash outflow from investing activities was **2,576,711,404.28 Yuan**[145](index=145&type=chunk) [Company Profile](index=81&type=section&id=8.3%20Company%20Profile) This section introduces Fujian NFLG Roadbuilding Machinery Co., Ltd.'s establishment history, changes in registered capital, stock listing status, and main operating activities The company was established in 1997, listed on the main board of the Shanghai Stock Exchange in 2022, and primarily engages in the production, R&D, and sales of roadbuilding machinery and engineering mixing machinery - The company's predecessor was Fujian NFLG Roadbuilding Machinery Co., Ltd., established on May 9, 1997, with its registered address at No. 700, Sports Street, High-tech Industrial Park, Fengze District, Quanzhou City[163](index=163&type=chunk) - On November 8, 2022, the company's shares were listed on the main board of the Shanghai Stock Exchange, with the stock abbreviation "NFLG" and stock code 603280 After the initial public offering, the company's share capital increased to **108,406,667.00 Yuan**[165](index=165&type=chunk) - The company's main operating activities include the production, R&D, and sales of roadbuilding machinery, engineering mixing machinery, and other construction machinery; installation of mechanical and electrical equipment; steel structure fabrication and steel structure engineering design[166](index=166&type=chunk) [Basis of Preparation of Financial Statements](index=82&type=section&id=8.4%20Basis%20of%20Preparation%20of%20Financial%20Statements) This section states that the company's financial statements are prepared on a going concern basis, adhering to the provisions of Accounting Standards for Business Enterprises and their application guidelines and interpretations, and disclosing financial information in accordance with relevant regulations of the China Securities Regulatory Commission The company assessed its going concern ability and found no affecting matters - The company's financial statements are prepared on a going concern basis, and recognition and measurement are performed in accordance with the Accounting Standards for Business Enterprises and their application guidelines and interpretations, based on actual transactions and events[168](index=168&type=chunk) - The company assessed its ability to continue as a going concern for **12 months** from the end of the reporting period and found no matters affecting its going concern ability, thus preparing financial statements on a going concern basis is reasonable[169](index=169&type=chunk) [Significant Accounting Policies and Estimates](index=82&type=section&id=8.5%20Significant%20Accounting%20Policies%20and%20Estimates) This section elaborates on the significant accounting policies and estimates adopted by the company in its financial reporting, covering business combinations, preparation of consolidated financial statements, financial instruments, inventories, contract assets, long-term equity investments, fixed assets, intangible assets, employee compensation, revenue recognition, government grants, deferred income tax, and leases, ensuring the accuracy and comparability of financial reports - The financial statements prepared by the company comply with the requirements of Accounting Standards for Business Enterprises, truly and completely reflecting the company's financial position, operating results, changes in shareholders' equity, and cash flows, among other relevant information[171](index=171&type=chunk) - The company's accounting year runs from January 1 to December 31 of the Gregorian calendar, with a normal operating cycle of one year, and the recording currency is RMB[172](index=172&type=chunk)[173](index=173&type=chunk)[174](index=174&type=chunk) - Financial assets are measured at fair value upon initial recognition, and subsequent measurement depends on their classification, including financial assets measured at amortized cost, at fair value through profit or loss, and at fair value through other comprehensive income[217](index=217&type=chunk) - The company recognizes revenue when it satisfies a performance obligation in the contract, i.e., when the customer obtains control of the relevant goods, and distinguishes revenue recognition at a point in time or over a period based on the type of performance obligation[341](index=341&type=chunk)[342](index=342&type=chunk)[344](index=344&type=chunk) [Financial Instruments](index=89&type=section&id=8.5.11%20Financial%20Instruments) This section details the company's accounting methods for the recognition and derecognition of financial instruments, classification and measurement (including financial assets and liabilities measured at amortized cost, at fair value through profit or loss, and at fair value through other comprehensive income), derivative financial instruments and embedded derivatives, impairment of financial instruments (expected credit loss measurement), and transfer and offsetting of financial assets - Financial assets are measured at fair value upon initial recognition; for financial assets measured at fair value through profit or loss, related transaction costs are directly recognized in current profit or loss, while for other categories of financial assets, related transaction costs are included in their initial recognition amount[217](index=217&type=chunk) - For financial assets measured at amortized cost, debt investments measured at fair value through other comprehensive income, contract assets, lease receivables, loan commitments, and financial guarantee contracts, the company recognizes loss provisions based on expected credit losses[231](index=231&type=chunk) - For notes receivable, accounts receivable, accounts receivable financing, and contract assets, regardless of whether a significant financing component exists, the company measures loss provisions based on expected credit losses over the entire lifetime[234](index=234&type=chunk) [Inventories](index=101&type=section&id=8.5.16%20Inventories) This section describes the company's inventory classification, issuance valuation method, inventory system, and criteria and methods for recognizing and providing for inventory impairment provisions, using the weighted average method for valuation, perpetual inventory system, and measuring inventory impairment provisions at the lower of cost and net realizable value - Inventories include finished goods or merchandise held for sale in the ordinary course of business, work-in-progress in the production process, and materials and supplies consumed in the production process or rendering of services[264](index=264&type=chunk) - The company uses the weighted average method for valuing inventories issued, and adopts the perpetual inventory system, with physical counts performed at least once a year[265](index=265&type=chunk)[266](index=266&type=chunk) - At the balance sheet date, inventories are measured at the lower of cost and net realizable value; if the cost of inventories is higher than their net realizable value, an inventory impairment provision is recognized and charged to current profit or loss[269](index=269&type=chunk) [Fixed Assets](index=107&type=section&id=8.5.21%20Fixed%20Assets) This section explains the company's recognition criteria and depreciation methods for fixed assets Fixed assets are recognized at their actual cost upon acquisition and depreciated using the straight-line method, with different depreciation periods and annual depreciation rates for different asset categories - Fixed assets are recognized at their actual cost upon acquisition when it is probable that economic benefits associated with the fixed asset will flow to the enterprise and the cost of the fixed asset can be measured reliably[292](index=292&type=chunk)[293](index=293&type=chunk) - Fixed assets are depreciated using the straight-line method, with a residual value rate of **5%**[295](index=295&type=chunk) Fixed Asset Depreciation Periods and Annual Depreciation Rates | Category | Depreciation Period (Years) | Residual Value Rate (%) | Annual Depreciation Rate (%) | | :--- | :--- | :--- | :--- | | Buildings and Structures | 20.00 | 5.00 | 4.75 | | Machinery and Equipment | 5.00-10.00 | 5.00 | 9.50-19.00 | | Transportation Equipment | 5.00 | 5.00 | 19.00 | | Other Equipment | 5.00 | 5.00 | 19.00 | | Office Equipment | 3.00-5.00 | 5.00 | 19.00-31.67 | [Intangible Assets](index=109&type=section&id=8.5.26%20Intangible%20Assets) This section describes the company's recognition, estimation of useful life, amortization methods for intangible assets, and the scope of capitalization and conditions for R&D expenditures Land use rights are amortized over their statutory useful life, computer software over its estimated useful life, and R&D expenditures are capitalized when specific conditions are met Estimated Useful Life of Intangible Assets with Finite Useful Lives | Item | Estimated Useful Life | Basis | | :--- | :--- | :--- | | Land Use Rights | 50 years | Statutory useful life | | Computer Software | 5 years | Determined based on the period expected to bring economic benefits to the company | - The scope of R&D expenditures includes employee compensation for R&D personnel, direct material costs, patent application fees, depreciation and long-term deferred expenses, intangible asset amortization expenses, and other expenses[307](index=307&type=chunk) - Expenditures in the development phase can only be recognized as intangible assets when they simultaneously meet conditions such as technical feasibility of completing the intangible asset, intention to complete and use or sell it, how the intangible asset will generate economic benefits, availability of sufficient technical and financial resources, and reliable measurement of expenditures attributable to the development phase[310](index=310&type=chunk)[311](index=311&type=chunk) [Revenue](index=117&type=section&id=8.5.34%20Revenue) This section details the company's accounting policies for revenue recognition and measurement, including the timing of revenue recognition, allocation of transaction prices, treatment of variable consideration, significant financing components, sales return clauses, warranty obligations, and customer unexercised contractual rights, distinguishing between different revenue recognition methods for goods sales contracts and service contracts - The company recognizes revenue when it satisfies a performance obligation in the contract, i.e., when the customer obtains control of the relevant goods[341](index=341&type=chunk) - Domestic sales revenue: If no installation and commissioning obligations are required, revenue is recogniz

四川汇宇制药股份有限公司2025 年半年度报告 公司代码：688553 公司简称：汇宇制药 四川汇宇制药股份有限公司 2025 年半年度报告 1 / 191 四川汇宇制药股份有限公司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 在 2023 至 2025 年以至未来几年国家集采常态化的情况下，公司产品，包括已上市和未来取 得上市资格的产品，面临在国家不同批次集采中首批次中标和多轮次续标中销售价格下降、中选 区域减少导致的单产品销售收入降低的风险，进而导致公司主营业务收入大幅下降或大幅波动的 风险。 公司其他重大风险，请参见在本报告中详细描述在经营过程中可能存在的相关风险及应对措 施，具体内容详见本报告第三节"管理层讨论与分析"之四、风险因素"。 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、 公司负责人丁兆、主管会计工作负责人高岚及会计机构负责人（会计主管人员）喻燕梅声 明：保证半年度报告中财务报告的真实、准确、完 ...

王府井集团股份有限公司 2025 年半年度报告 1 / 189 王府井集团股份有限公司 2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 王府井集团股份有限公司 2025 年半年度报告 公司代码：600859 公司简称：王府井 三、 本半年度报告未经审计。 四、 公司负责人董事长白凡、主管会计工作负责人吴珺及会计机构负责人（会计主管人员）王甜 甜声明：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 本报告期内，公司不进行利润分配，也不进行公积金转增。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质承诺，请 投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确 ...

广州达安基因股份有限公司 （002030） 2025 年半年度报告 中国∙广东∙广州 2025 年 08 月 广州达安基因股份有限公司 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。 公司负责人韦典含、主管会计工作负责人黄志征及会计机构负责人(会计 主管人员)潘俊声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本半年度报告中涉及未来计划等前瞻性陈述，不构成公司对投资者的实质 承诺，投资者及相关人士均应对此保持足够的风险认识，并且应当理解计划、 预测与承诺之间的差异。 公司在本报告第三节"管理层讨论与分析"之"十、公司面临的风险和应 对措施"描述了公司经营中可能面对的风险，敬请广大投资者注意阅读。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 1 | 第一节 | 重要提示、目录和释义 | | 1 | | --- | --- | --- | --- | | 第二节 | 公司简介和主要财务 ...

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Part I [Important Notice, Table of Contents, and Definitions](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) This section provides important notices, the report's table of contents, and definitions of key terms used throughout the document [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's board, supervisory board, and senior management guarantee the accuracy and completeness of the semi-annual report, taking legal responsibility - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no false records, misleading statements, or major omissions[4](index=4&type=chunk) - The company plans **not to distribute cash dividends**, **not to send bonus shares**, and **not to convert capital reserves into share capital**[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) The report is structured into nine main sections covering company profile, management discussion, governance, significant events, share changes, bond information, financial reports, and other data - The report's main sections include Company Profile and Key Financial Indicators, Management Discussion and Analysis, Corporate Governance, Environment and Society, Significant Matters, Share Changes and Shareholder Information, Bond-Related Information, Financial Report, and Other Submitted Data[7](index=7&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines key terms and entities, including the company, its controlling shareholder, major subsidiaries, and the reporting period - "The Company" refers to Zhejiang Southeast Steel Structure Co., Ltd., and "Controlling Shareholder" refers to Zhejiang Southeast Steel Structure Group Co., Ltd[10](index=10&type=chunk) - The reporting period is from **January 1, 2025, to June 30, 2025**[10](index=10&type=chunk) - A list of wholly-owned and controlled subsidiaries, including Tianjin Southeast Company, Zhejiang Southeast Company, and Southeast New Materials Company, is provided[10](index=10&type=chunk) Part 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 introduces the company's basic information and presents a summary of its key accounting data and financial performance for the reporting period [Company Profile](index=6&type=section&id=%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) The company, listed on the Shenzhen Stock Exchange as "Southeast Steel Structure" (stock code 002135), maintains unchanged legal representative and contact information - The company's stock abbreviation is "Southeast Steel Structure," stock code **002135**, listed on the Shenzhen Stock Exchange[13](index=13&type=chunk) - The company's legal representative is **Xu Chunxiang**[13](index=13&type=chunk) - The company's contact information, registered address, office address, and information disclosure channels remained unchanged during the reporting period[15](index=15&type=chunk)[16](index=16&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) The company experienced significant year-on-year declines in revenue, net profit, and operating cash flow, while total assets grew and net assets slightly decreased Key Accounting Data and Financial Indicators (This Reporting Period vs. Prior Year Period) | Indicator | This Reporting Period (yuan) | Prior Year Period (Adjusted) (yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 4,537,766,289.06 | 6,240,013,311.63 | -27.28% | | Net Profit Attributable to Shareholders of Listed Company | 42,154,531.41 | 128,821,193.15 | -67.28% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | 24,521,605.76 | 107,255,085.95 | -77.14% | | Net Cash Flow from Operating Activities | -1,094,340,325.21 | 234,491,390.92 | -566.69% | | Basic Earnings Per Share (yuan/share) | 0.04 | 0.11 | -63.64% | | Diluted Earnings Per Share (yuan/share) | 0.04 | 0.11 | -63.64% | | Weighted Average Return on Net Assets | 0.65% | 2.01% | -1.36% | | Total Assets (yuan) | 20,690,247,160.13 | 19,616,334,342.02 | 5.47% | | Net Assets Attributable to Shareholders of Listed Company (yuan) | 6,464,678,078.25 | 6,500,601,922.98 | -0.55% | [Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=7&type=section&id=%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) The company reports no differences in net profit or net assets between domestic and international/overseas accounting standards for the period - The company's reporting period shows **no differences** in net profit and net assets between financial reports disclosed under International Accounting Standards and those under Chinese Accounting Standards[19](index=19&type=chunk) - The company's reporting period shows **no differences** in net profit and net assets between financial reports disclosed under overseas accounting standards and those under Chinese Accounting Standards[20](index=20&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=%E9%9D%9E%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) Non-recurring gains and losses totaled 17.63 million yuan, primarily from asset disposals, government grants, and investment income Non-Recurring Gains and Losses Items and Amounts | Item | Amount (yuan) | | :--- | :--- | | Gains/losses from disposal of non-current assets | 7,734,926.10 | | Government grants included in current profit/loss | 7,208,055.52 | | Gains/losses from entrusted investment or asset management | 2,985,166.07 | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 550,000.00 | | Other non-operating income and expenses apart from the above | 1,623,176.60 | | Less: Income tax impact | 2,465,635.81 | | Minority interest impact (after tax) | 2,762.83 | | **Total** | **17,632,925.65** | Part 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 provides an in-depth analysis of the company's business operations, core competencies, financial performance, investment activities, and risk factors during the reporting period [Main Businesses During the Reporting Period](index=9&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company operates in steel structure, chemical fiber, and new energy sectors, with overall revenue and net profit declining, but new energy showing strong growth [Company's Main Businesses, Products, and Uses](index=9&type=section&id=%E5%85%AC%E5%8F%B8%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E3%80%81%E4%BA%A7%E5%93%81%E5%8F%8A%E7%94%A8%E9%80%94) The company's core businesses include steel structure EPC, polyester filament production, and BIPV new energy solutions - The company's steel structure segment primarily involves the design, manufacturing, installation of steel structure buildings and enclosure systems, as well as general contracting for housing construction and municipal infrastructure projects, providing full-process services[26](index=26&type=chunk) - The company's chemical fiber segment primarily focuses on the production and sale of polyester filament, with products including POY, FDY, DTY, and polyester chips, boasting a designed annual production capacity of **500,000 tons**[29](index=29&type=chunk) - The company's new energy segment mainly operates in the photovoltaic building sector, covering EPC for photovoltaic power stations, operation of photovoltaic power stations, and energy storage, adopting an "assembly + EPC + BIPV" construction model[33](index=33&type=chunk) [Industry Development Overview](index=11&type=section&id=%E5%85%AC%E5%8F%B8%E6%89%80%E5%A4%84%E8%A1%8C%E4%B8%9A%E5%8F%91%E5%B1%95%E6%83%85%E5%86%B5) The steel structure industry faces pressure but has policy support, chemical fiber is challenged by oversupply, and the BIPV sector is rapidly expanding due to "carbon neutrality" policies - The steel structure industry is under pressure due to slowing global economic growth and domestic real estate adjustments, but national policies support prefabricated buildings and "dual carbon" goals, with steel consumption expected to reach **140 million tons** by 2025, accounting for **over 15% of crude steel output**[37](index=37&type=chunk) - The chemical fiber industry experienced a "strong supply, weak demand" situation in H1 2025, with polyester product market prices fluctuating downwards and profitability under pressure, though export volume increased by **14.73% year-on-year**[43](index=43&type=chunk)[44](index=44&type=chunk) - Photovoltaic Building Integrated Photovoltaics (BIPV) is rapidly developing under national "carbon neutrality" policies, with national new grid-connected photovoltaic capacity reaching **212 GW** in H1 2025, and cumulative installed capacity reaching **1.1 TW**, a **54.1% year-on-year increase**[48](index=48&type=chunk) - China's BIPV market size is projected to reach **400 billion yuan** by 2030, with a compound annual growth rate exceeding **20%**[49](index=49&type=chunk) [Main Business Operations During the Reporting Period](index=14&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) H1 2025 saw a 27.28% revenue decrease and 67.28% net profit decline, driven by reduced construction orders and chemical fiber losses, while new energy projects offer future growth 2025 H1 Main Business Operating Overview | Indicator | Amount (ten thousand yuan) | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 453,776.63 | -27.28% | | Net Profit Attributable to Shareholders of Listed Company | 4,215.45 | -67.28% | - The construction segment actively optimized business orders to reduce accounts receivable collection risk, leading to a decrease in new orders and a **reversal in operating revenue and profit**[53](index=53&type=chunk) - The chemical fiber segment experienced a continuous market downturn in H1, with reduced product price differences, resulting in a **significant year-on-year increase in business losses**[54](index=54&type=chunk) - The new energy segment signed an investment cooperation agreement with the Puyang Town People's Government of Xiaoshan District, Hangzhou, for the "**Zero-Carbon Taoyuanli 110MW Agro-Photovoltaic Project**," expected to be completed and grid-connected in 2026, creating an integrated development demonstration project[55](index=55&type=chunk) [Analysis of Core Competencies](index=16&type=section&id=%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company leverages "green, low-carbon, healthy, and smart development" strategies to build core competencies in business models, technology, digitalization, talent, and brand image [Business Model Advantages](index=16&type=section&id=%E4%B8%9A%E5%8A%A1%E6%A8%A1%E5%BC%8F%E4%BC%98%E5%8A%BF) The company integrates prefabricated steel structures with EPC general contracting, aiming to be a leading brand in new prefabricated hospitals and schools - The company unswervingly implements a "**EPC General Contracting + No. 1 Project**" dual-engine development strategy, integrating prefabricated steel structures with EPC general contracting[58](index=58&type=chunk) - The company is committed to becoming the **leading brand** for new prefabricated hospitals and schools in China[58](index=58&type=chunk) [Technological R&D Advantages](index=16&type=section&id=%E6%8A%80%E6%9C%AF%E7%A0%94%E5%8F%91%E4%BC%98%E5%8A%BF) Adhering to a "quality-first, high-end winning" strategy, the company has developed ten core technologies, holds over 500 patents, and received numerous national and provincial awards - The company has developed **ten core technologies**, including structural construction technology for major national scientific facilities, rotating retractable roof technology, and integrated construction technology for large public buildings, with **five of these being world-leading**[59](index=59&type=chunk) - As of now, the company holds **over 500 patents** (including **2 international patents** and **136 invention patents**), **48 software copyrights**, and has received **60 provincial and ministerial-level science and technology awards** including the National Science and Technology Progress First Prize[60](index=60&type=chunk) [Digital and Intelligent Development Advantages](index=17&type=section&id=%E6%95%B0%E6%99%BA%E5%8F%91%E5%B1%95%E4%BC%98%E5%8A%BF) By integrating BIM, cloud computing, and AI, the company has achieved digital management and construction, establishing an industry-first 200,000-ton digital factory for prefabricated steel structures - The company integrates BIM, cloud computing, and artificial intelligence technologies to achieve digital management and construction, utilizing information tools such as CRM, ERP, OA, WMS, SRM, BIM, and production management systems[62](index=62&type=chunk) - The company invested in and built the industry's first "**200,000-ton New Prefabricated Steel Structure Digital Factory**," listed as a key implementation project in Hangzhou, which is expected to **reduce labor demand by approximately 20%** and significantly improve product quality and management efficiency upon completion[62](index=62&type=chunk) [Innovative Team Advantages](index=17&type=section&id=%E5%88%9B%E6%96%B0%E5%9B%A2%E9%98%9F%E4%BC%98%E5%8A%BF) The company has established 15 national and provincial innovation platforms, collaborates with universities, and boasts a nearly 400-strong R&D team with a high proportion of senior professionals - The company has established **15 innovation platforms**, including a national enterprise technology center, a postdoctoral research workstation, and an academician expert workstation, and has built close technical cooperation relationships with multiple universities and research institutions[63](index=63&type=chunk) - The company has nearly **400 design and R&D personnel**, including nearly **300 senior and mid-level talents** such as professor-level senior engineers, doctors, and masters[65](index=65&type=chunk) [Brand Image Advantages](index=18&type=section&id=%E5%93%81%E7%89%8C%E5%BD%A2%E8%B1%A1%E4%BC%98%E5%8A%BF) With a market positioning of "high-end, precision, cutting-edge, difficult," the company has completed major national projects and received numerous prestigious awards, establishing a high-quality brand image - The company has completed major national projects such as the world's largest **500-meter aperture spherical radio telescope "China Sky Eye"** and the **2022 Hangzhou Asian Games main stadium**[66](index=66&type=chunk) - The company has received numerous awards, including the **National Science and Technology Progress First Prize**, **58 Luban Awards**, **8 Zhan Tianyou Awards**, **22 National Quality Engineering Awards**, and **169 China Steel Structure Gold Awards**[67](index=67&type=chunk) [Main Business Analysis](index=18&type=section&id=%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Main business revenue declined 27.28% due to the construction sector, though photovoltaic revenue surged 186.36% and EPC general contracting grew 6.53% [Year-on-Year Changes in Key Financial Data](index=19&type=section&id=%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%95%B0%E6%8D%AE%E5%90%8C%E6%AF%94%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) Revenue and cost decreased by approximately 27%, while sales and R&D expenses significantly dropped. Operating cash flow deteriorated sharply due to trade payments, and financing cash flow increased from higher borrowings Key Financial Data Year-on-Year Changes | Indicator | This Reporting Period (yuan) | Prior Year Period (yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 4,537,766,289.06 | 6,240,013,311.63 | -27.28% | | | Operating Cost | 4,176,669,350.95 | 5,742,483,004.11 | -27.27% | | | Selling Expenses | 7,515,601.75 | 15,000,741.63 | -49.90% | Primarily due to reduced selling expenses in this period | | R&D Investment | 108,717,415.06 | 178,667,340.85 | -39.15% | Primarily due to reduced R&D expenses in this period | | Net Cash Flow from Operating Activities | -1,094,340,325.21 | 234,491,390.92 | -566.69% | Primarily due to payments for trade activities in this period | | Net Cash Flow from Financing Activities | 1,698,863,838.24 | 617,369,756.95 | 175.18% | Primarily due to increased borrowings in this period | [Composition of Operating Revenue](index=19&type=section&id=%E8%90%A5%E4%B8%9A%E6%94%B6%E5%85%A5%E6%9E%84%E6%88%90) Total operating revenue decreased by 27.28%. Construction revenue, accounting for 68.92%, fell 31.18%, chemical fiber revenue dropped 21.02%, while photovoltaic revenue surged 186.36%. EPC general contracting revenue grew 6.53%, contrasting with a 53.20% decline in steel structure subcontracting Operating Revenue Composition (by Industry) | Industry | Amount This Reporting Period (yuan) | Proportion of Operating Revenue | Amount Prior Year Period (yuan) | Proportion of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Construction Industry | 3,127,282,658.84 | 68.92% | 4,544,371,595.85 | 72.83% | -31.18% | | Chemical Fiber Industry | 1,237,695,737.60 | 27.28% | 1,567,106,366.37 | 25.11% | -21.02% | | Photovoltaic Industry | 68,970,830.00 | 1.52% | 24,085,561.41 | 0.39% | 186.36% | Operating Revenue Composition (by Product) | Product | Amount This Reporting Period (yuan) | Proportion of Operating Revenue | Amount Prior Year Period (yuan) | Proportion of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | EPC General Contracting | 1,784,461,201.14 | 39.32% | 1,675,083,765.03 | 26.84% | 6.53% | | Steel Structure Subcontracting | 1,342,821,457.70 | 29.59% | 2,869,287,830.82 | 45.98% | -53.20% | | Chemical Fiber | 1,237,695,737.60 | 27.28% | 1,567,106,366.37 | 25.11% | -21.02% | | Photovoltaic Power Generation | 68,970,830.00 | 1.52% | 24,085,561.41 | 0.39% | 186.36% | Main Business Gross Profit Margin Changes | Business Type | Gross Profit Margin This Reporting Period | Gross Profit Margin Prior Year Period | Change in Gross Profit Margin from Prior Year Period | | :--- | :--- | :--- | :--- | | Construction Industry | 9.84% | 9.37% | 0.47% | | Chemical Fiber Industry | 0.46% | 2.08% | -1.62% | | EPC General Contracting | 9.26% | 8.91% | 0.35% | | Steel Structure Subcontracting | 10.60% | 9.64% | 0.96% | | Chemical Fiber | 0.46% | 2.08% | -1.62% | [Non-Core Business Analysis](index=20&type=section&id=%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Non-core businesses, including investment income, asset impairment, and other gains/losses, contributed marginally to total profit and are generally not sustainable Impact of Non-Core Businesses on Total Profit | Item | Amount (yuan) | Proportion of Total Profit | Sustainability | | :--- | :--- | :--- | :--- | | Investment Income | 6,113,747.53 | 7.24% | No | | Credit Impairment Losses | 18,868,742.47 | 22.36% | No | | Gains from Asset Disposal | 8,047,825.56 | 9.54% | No | | Other Income | 14,158,118.56 | 16.78% | No | [Analysis of Assets and Liabilities](index=20&type=section&id=%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Total assets increased by 5.47% YoY. Significant changes include increased cash, prepayments, and short-term borrowings, while accounts receivable and contract assets decreased. Over 2 billion yuan in assets are restricted due to guarantees and legal freezes [Significant Changes in Asset Composition](index=20&type=section&id=%E8%B5%84%E4%BA%A7%E6%9E%84%E6%88%90%E9%87%8D%E5%A4%A7%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) Total assets increased by 5.47%. Cash, prepayments, and short-term borrowings significantly increased, while accounts receivable and contract assets decreased Significant Changes in Asset Composition | Item | Amount at End of Reporting Period (yuan) | Proportion of Total Assets | Amount at End of Prior Year (yuan) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 2,910,729,903.61 | 14.07% | 2,359,528,257.48 | 12.03% | 2.04% | | Accounts Receivable | 4,124,449,569.71 | 19.93% | 4,531,957,835.33 | 23.10% | -3.17% | | Contract Assets | 7,185,003,794.48 | 34.73% | 7,349,591,033.43 | 37.47% | -2.74% | | Prepayments | 1,286,729,347.19 | 6.22% | 346,610,862.66 | 1.77% | 4.45% | | Short-term Borrowings | 4,604,718,608.13 | 22.26% | 3,152,583,281.27 | 16.07% | 6.19% | | Long-term Borrowings | 753,161,734.27 | 3.64% | 379,879,878.91 | 1.94% | 1.70% | - Prepayments significantly increased by **4.45%**, primarily due to trade activities of subsidiary Southeast International Trade (Hainan) Co., Ltd[76](index=76&type=chunk) - Short-term borrowings increased by **6.19%**, primarily due to increased short-term borrowings in this period[76](index=76&type=chunk) [Assets and Liabilities Measured at Fair Value](index=21&type=section&id=%E4%BB%A5%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E8%AE%A1%E9%87%8F%E7%9A%84%E8%B5%84%E4%BA%A7%E5%92%8C%E8%B4%9F%E5%80%BA) Fair value measured financial assets, totaling 309.87 million yuan, primarily include other equity instrument investments and accounts receivable financing Fair Value Measured Financial Assets at Period-End | Item | Period-End Amount (yuan) | | :--- | :--- | | Other equity instrument investments | 30,000,001.00 | | Accounts receivable financing | 279,873,663.63 | | **Total** | **309,873,664.63** | [Asset Restrictions as of the End of the Reporting Period](index=22&type=section&id=%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%AB%E7%9A%84%E8%B5%84%E4%BA%A7%E6%9D%83%E5%88%A9%E5%8F%97%E9%99%90%E6%83%85%E5%86%B5) As of the reporting period end, 2.02 billion yuan in assets are restricted, mainly cash, accounts receivable, and fixed assets, due to guarantees, legal freezes, and pledges Asset Restrictions at Period-End | Item | Period-End Book Balance (yuan) | Reason for Restriction | | :--- | :--- | :--- | | Monetary Funds | 927,000,951.41 | Margin deposits, judicial freeze due to litigation | | Accounts Receivable | 563,803,617.18 | Pledge for borrowings | | Other Non-current Assets | 303,131,479.31 | Pledge for borrowings | | Fixed Assets | 169,629,121.00 | Mortgage for borrowings and notes | | Intangible Assets | 17,466,937.35 | Mortgage for borrowings and notes | | **Total** | **2,022,405,910.40** | | [Analysis of Investment Status](index=22&type=section&id=%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Total investment decreased by 7.62% YoY. Major non-equity investment is the "Zero-Carbon Taoyuanli 110MW Agro-Photovoltaic Project," with 69.11 million yuan invested. Raised funds are 75.37% utilized, primarily for two EPC projects [Overall Situation](index=22&type=section&id=%E6%80%BB%E4%BD%93%E6%83%85%E5%86%B5) Total investment for the reporting period was 57.30 million yuan, a 7.62% decrease from the previous year Reporting Period Investment Amount | Indicator | Amount (yuan) | | :--- | :--- | | Investment amount for the reporting period | 57,295,335.72 | | Investment amount for the prior year period | 62,020,961.18 | | Change percentage | -7.62% | [Significant Non-Equity Investments in Progress During the Reporting Period](index=22&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%AD%A3%E5%9C%A8%E8%BF%9B%E8%A1%8C%E7%9A%84%E9%87%8D%E5%A4%A7%E7%9A%84%E9%9D%9E%E8%82%A1%E6%9D%83%E6%8A%95%E8%B5%84%E6%83%85%E5%86%B5) The "Xiaoshan (Puyang) Zero-Carbon Taoyuanli 110MW Agro-Photovoltaic Power Station Project" is a major non-equity investment with a total budget of 6.81 billion yuan, 69.11 million yuan invested, and 2.19% progress Major Non-Equity Investment Project Overview | Project Name | Investment Method | Total Investment (ten thousand yuan) | Cumulative Investment Amount as of Period-End (ten thousand yuan) | Investment Progress as of Period-End | | :--- | :--- | :--- | :--- | :--- | | Xiaoshan (Puyang) Zero-Carbon Taoyuanli 110MW Agro-Photovoltaic Power Station Project | Self-built | 681,151.028 | 6,910.566.88 | 2.19% | [Use of Raised Funds](index=23&type=section&id=%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E6%83%85%E5%86%B5) The company issued 2 billion yuan in convertible bonds in January 2024, with 1.50 billion yuan (75.37%) utilized by the end of the reporting period, mainly for two EPC projects Overall Use of Raised Funds | Total Raised Funds (ten thousand yuan) | Net Raised Funds (ten thousand yuan) | Cumulative Amount of Raised Funds Used (ten thousand yuan) | Proportion of Raised Funds Used at Period-End | | :--- | :--- | :--- | :--- | | 200,000 | 198,623.15 | 149,702.87 | 75.37% | - The Xiaoshan Xidian Electronic Technology Industrial Park EPC General Contracting Project achieved a cumulative gross profit margin of **14.75%**, meeting expected benefits[92](index=92&type=chunk) - The Hangzhou International Expo Center Phase II Plot EPC General Contracting Project achieved a cumulative gross profit margin of **12.48%**, but has **not yet met expected benefits**[92](index=92&type=chunk) - The company used idle raised funds not exceeding **400 million yuan** to temporarily supplement working capital, with **400 million yuan** utilized as of the end of the reporting period[94](index=94&type=chunk) [Analysis of Major Holding and Participating Companies](index=27&type=section&id=%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) Key subsidiaries include Guangzhou Wuyang, Tianjin Southeast, Chengdu Southeast, Zhejiang Southeast, Zhejiang Southeast Green Building, and Southeast New Materials. Southeast New Materials' loss significantly increased, while Zhejiang Southeast Green Building and Zhejiang Southeast Steel Structure reported higher net profits Major Holding and Participating Companies Financial Overview | Company Name | Operating Revenue (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | | Guangzhou Wuyang Steel Structure Co., Ltd. | 23,436,503.04 | 3,091,236.57 | | Tianjin Southeast Steel Structure Co., Ltd. | 213,851,792.15 | 5,699,219.11 | | Chengdu Southeast Steel Structure Co., Ltd. | 262,516,187.03 | -7,313,154.31 | | Zhejiang Southeast Steel Structure Co., Ltd. | 218,522,190.23 | 15,403,035.21 | | Zhejiang Southeast Green Building Integrated Technology Co., Ltd. | 598,657,463.48 | 16,916,633.00 | | Southeast New Materials (Hangzhou) Co., Ltd. | 1,248,836,758.01 | -47,635,812.11 | - Southeast New Materials (Hangzhou) Co., Ltd. reported a net profit of **-47,635,812.11 yuan** in H1, with the **loss significantly increasing year-on-year**[99](index=99&type=chunk) - During the reporting period, the company established Zhejiang Wenchao New Energy Co., Ltd., Zhejiang Qihang Intelligent Manufacturing Co., Ltd., and Hangzhou Linkai Thermal Power Co., Ltd., absorbed and merged Zhejiang Southeast Steel Structure Foster Carbon Neutral Technology Co., Ltd., and transferred equity of Hangzhou Changrui Construction Engineering Co., Ltd[100](index=100&type=chunk) [Risks Faced by the Company and Countermeasures](index=29&type=section&id=%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces risks from macroeconomic cycles, market competition, raw material price fluctuations, and accounts receivable collection. Countermeasures include policy adjustments, innovation, refined management, and enhanced collection efforts [Macroeconomic Cycle Risk](index=29&type=section&id=%E5%AE%8F%E8%A7%82%E7%BB%8F%E6%B5%8E%E5%91%A8%E6%9C%9F%E9%A3%8E%E9%99%A9) The steel structure industry is sensitive to macroeconomic policies and fixed asset investment, currently facing a downturn, which may impact profitability. The company will adjust operations and enhance competitiveness - Changes in macroeconomic policies and slowing economic growth will impact the company's long-term development, as the construction steel structure industry enters a downturn, with overall efficiency at a relatively low level in recent years[100](index=100&type=chunk) - The company will closely monitor changes in domestic and international macroeconomic conditions and policies, timely adjust its operating policies, and enhance market competitiveness and operational management capabilities[101](index=101&type=chunk) [Intensified Market Competition Risk](index=29&type=section&id=%E5%B8%82%E5%9C%BA%E7%AB%9E%E4%BA%89%E5%8A%A0%E5%89%A7%E9%A3%8E%E9%99%A9) The highly competitive and fragmented steel structure industry poses risks to business growth and profitability. The company will focus on innovation, new quality productive forces, and refined management for cost reduction - The construction steel structure industry is a fully competitive industry with a large number of small and medium-sized enterprises and low industry concentration, leading to intense market competition[102](index=102&type=chunk) - The company will increase R&D in upgraded prefabricated integrated technology, intelligent construction technology, photovoltaic energy storage technology, etc., to enhance core competitiveness, and strengthen refined management to focus on cost reduction and efficiency improvement[103](index=103&type=chunk) [Risk of Significant Fluctuations in Raw Material Prices](index=30&type=section&id=%E5%8E%9F%E6%9D%90%E6%96%99%E4%BB%B7%E6%A0%BC%E5%A4%A7%E5%B9%85%E6%B3%A2%E5%8A%A8%E9%A3%8E%E9%99%A9) Fluctuations in steel and polyester filament prices significantly impact costs and profitability. The company will enhance procurement, manage strategic suppliers, and use EPC models to mitigate this risk - The main raw material for the company's steel structure production is steel, and price fluctuations of PTA and MEG for polyester filament business directly affect costs and profits[104](index=104&type=chunk) - The company will continuously track raw material price trends, increase the proportion of centralized procurement, strengthen strategic supplier management, and reduce the proportion of steel costs in total costs to **5-10%** through the EPC model, thereby lowering sensitivity[105](index=105&type=chunk) [Accounts Receivable Collection Risk](index=30&type=section&id=%E5%BA%94%E6%94%B6%E8%B4%A6%E6%AC%BE%E5%9B%9E%E6%AC%BE%E9%A3%8E%E9%99%A9) Large accounts receivable balances pose a risk to cash flow and performance if collection is unsuccessful or customer credit deteriorates. The company will strengthen project management, collection efforts, and integrate collection into performance reviews - The company has a large balance of accounts receivable, and the net amount of accounts receivable accounts for a high proportion of total assets; unfavorable collection will affect cash flow and operating cash flow[106](index=106&type=chunk) - The company will strengthen project management and contract performance, establish a sound accounts receivable management system, intensify collection efforts, and incorporate collection tasks into sales personnel's key performance indicators[108](index=108&type=chunk) [Implementation of Market Value Management System and Valuation Enhancement Plan](index=31&type=section&id=%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%88%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company approved its "Zhejiang Southeast Steel Structure Co., Ltd. Valuation Enhancement Plan" on April 18, 2025, to improve investment value - The company held a board meeting on **April 18, 2025**, and approved the "Proposal on Formulating the <Zhejiang Southeast Steel Structure Co., Ltd. Valuation Enhancement Plan>"[109](index=109&type=chunk) [Implementation of "Quality and Return Dual Improvement" Action Plan](index=31&type=section&id=%E2%80%9C%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%E2%80%9D%E8%A1%8C%E5%8A%A8%E6%96%B9%E6%A1%88%E8%B4%AF%E5%BD%BB%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company did not disclose an announcement regarding the "Quality and Return Dual Improvement" action plan during the reporting period - The company did **not disclose** an announcement regarding the "Quality and Return Dual Improvement" action plan during the reporting period[110](index=110&type=chunk) Part IV [Corporate Governance, Environment, and Society](index=31&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 covers changes in company governance, profit distribution, employee incentives, environmental information disclosure, and social responsibility initiatives [Changes in Directors, Supervisors, and Senior Management](index=31&type=section&id=%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%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) There were no changes in the company's directors, supervisors, or senior management during the reporting period - The company's directors, supervisors, and senior management experienced **no changes** during the reporting period[111](index=111&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital in This Reporting Period](index=31&type=section&id=%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company plans no cash dividends, bonus shares, or capital reserve conversions for the semi-annual period - The company plans **not to distribute cash dividends**, **not to send bonus shares**, and **not to convert capital reserves into share capital** for the semi-annual period[112](index=112&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=31&type=section&id=%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%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place during the reporting period - The company had **no equity incentive plans**, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[113](index=113&type=chunk) [Environmental Information Disclosure](index=32&type=section&id=%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The company and three major subsidiaries are listed as legally required environmental information disclosure enterprises, with reports available on provincial ecological environment department systems - The company and its **3 major subsidiaries** are included in the list of enterprises required to disclose environmental information by law[114](index=114&type=chunk) - Environmental information disclosure reports for Zhejiang Southeast Steel Structure Co., Ltd., Southeast New Materials (Hangzhou) Co., Ltd., and Chengdu Southeast Steel Structure Co., Ltd. can be found on the respective provincial ecological environment department systems[114](index=114&type=chunk) [Social Responsibility](index=32&type=section&id=%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company actively pursues "carbon peaking and carbon neutrality" goals by developing new energy businesses, exemplified by the "Zero-Carbon Taoyuanli 110MW Agro-Photovoltaic Project" to promote integrated green development and rural revitalization - The company actively fulfills its social responsibilities, practices "carbon peaking and carbon neutrality" goals, continuously pursues a path of green and low-carbon development, and vigorously develops new energy businesses through multiple measures[115](index=115&type=chunk) - The company's wholly-owned grandchild company, Zhejiang Xingneng Technology Co., Ltd., plans to invest in and construct the "**Xiaoshan (Puyang) Zero-Carbon Taoyuanli 110MW Agro-Photovoltaic Project**," exploring integrated development of "green building + photovoltaic energy storage + modern agriculture + modern service industry"[115](index=115&type=chunk) Part V [Significant Matters](index=33&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 details commitments, related party transactions, guarantees, litigation, and other significant events affecting the company during the reporting period [Commitments Fulfilled and Overdue Unfulfilled by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=33&type=section&id=%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E5%8F%8A%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%AB%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) As of the end of the reporting period, there were no overdue unfulfilled commitments by the company's controlling shareholder, shareholders, related parties, acquirers, or the company - The company's reporting period shows **no commitments** by the company's actual controller, shareholders, related parties, acquirers, or the company that were fulfilled during the reporting period or overdue and unfulfilled as of the end of the reporting period[117](index=117&type=chunk) [Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties](index=33&type=section&id=%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E5%AF%B9%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E7%9A%84%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) During the reporting period, there were no instances of non-operating funds being occupied by the controlling shareholder or other related parties - The company's reporting period shows **no non-operating funds occupied** by the controlling shareholder or other related parties of the listed company[118](index=118&type=chunk) [Irregular External Guarantees](index=33&type=section&id=%E8%BF%9D%E8%A7%84%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) The company had no irregular external guarantees during the reporting period - The company's reporting period shows **no irregular external guarantees**[119](index=119&type=chunk) [Appointment and Dismissal of Accounting Firms](index=33&type=section&id=%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) The company's semi-annual report was not audited - The company's semi-annual report was **not audited**[120](index=120&type=chunk) [Board of Directors' and Supervisory Board's Explanation on "Non-Standard Audit Report" for This Reporting Period](index=33&type=section&id=%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%E7%9A%84%E8%AF%B4%E6%98%8E) As the semi-annual report was unaudited, there is no non-standard audit report to explain - The company's semi-annual report was **unaudited**, so this explanation is **not applicable**[121](index=121&type=chunk) [Board of Directors' Explanation on "Non-Standard Audit Report" for the Previous Year](index=33&type=section&id=%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%B8%8A%E5%B9%B4%E5%BA%A6%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) The company did not have a non-standard audit report for the previous year - The company had **no non-standard audit report** for the previous year, so this explanation is **not applicable**[121](index=121&type=chunk) [Bankruptcy and Reorganization Matters](index=33&type=section&id=%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) The company did not experience any bankruptcy or reorganization matters during the reporting period - The company experienced **no bankruptcy or reorganization matters** during the reporting period[121](index=121&type=chunk) [Litigation Matters](index=33&type=section&id=%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company had no major litigation or arbitration during the period, but was involved in multiple other construction contract disputes. As of the reporting period end, the company was a plaintiff in cases totaling 689.94 million yuan and a defendant in cases totaling 34.75 million yuan - The company had **no major litigation or arbitration matters** during the reporting period[122](index=122&type=chunk) - As of the end of the reporting period, the total amount involved in unadjudicated litigation cases where the company was the plaintiff was **689.9411 million yuan**, with some cases still in the trial stage or awaiting hearing[126](index=126&type=chunk) - As of the end of the reporting period, the total amount involved in unadjudicated litigation cases where the company was the defendant was **34.7527 million yuan**, with some cases still in the trial stage or awaiting hearing[126](index=126&type=chunk) [Penalties and Rectification](index=37&type=section&id=%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) The company had no penalties or rectification situations during the reporting period - The company experienced **no penalties or rectification situations** during the reporting period[127](index=127&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=37&type=section&id=%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%E7%9A%84%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5) The company, its controlling shareholder, and actual controller had no unfulfilled court judgments or significant overdue debts during the reporting period - The company, its controlling shareholder, and actual controller had **no unfulfilled court judgments** or significant overdue debts as of the end of the reporting period[128](index=128&type=chunk) [Significant Related Party Transactions](index=38&type=section&id=%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company engaged in routine related party transactions for procurement, sales, and services, all within approved limits. No other significant related party transactions, such as asset/equity acquisitions, joint investments, or debt transfers, occurred Routine Related Party Transactions Overview | Related Party | Related Transaction Content | Amount This Period (ten thousand yuan) | Approved Transaction Limit (ten thousand yuan) | Exceeded Transaction Limit | | :--- | :--- | :--- | :--- | :--- | | Zhejiang Southeast Steel Structure Group Co., Ltd. | Procurement of raw materials | 16,556.28 | 60,000 | No | | Zhejiang Southeast Steel Structure Group Co., Ltd. | Sale of goods, provision of services | 4,050.11 | 20,000 | No | | Hangzhou Haotian Property Management Co., Ltd. | Acceptance of property services | 370.75 | 600 | No | | Hangzhou Aoming Trade Co., Ltd. | Procurement of raw materials | 198.51 | 1,000 | No | | Zhejiang Southeast New Material Technology Co., Ltd. | Sale of goods, provision of services | 353.55 | 1,200 | No | | **Total** | | **21,529.2** | **82,800** | | - The company had **no related party transactions involving asset or equity acquisition/disposal** during the reporting period[131](index=131&type=chunk) - The company had **no related party transactions involving joint external investment** during the reporting period[132](index=132&type=chunk) - The company had **no related party debt transactions** during the reporting period[133](index=133&type=chunk) [Significant Contracts and Their Performance](index=40&type=section&id=%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company had no trust, contracting, or leasing arrangements. It provided significant joint liability guarantees for subsidiaries and engaged in 100 million yuan in bank wealth management. No other significant contracts existed - The company had **no trust, contracting, or leasing arrangements** during the reporting period[137](index=137&type=chunk)[138](index=138&type=chunk)[139](index=139&type=chunk)[140](index=140&type=chunk) Company Guarantees for Subsidiaries | Name of Guaranteed Party | Guarantee Limit (ten thousand yuan) | Actual Guarantee Amount (ten thousand yuan) | Guarantee Type | Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Taizhou Southeast Steel Structure Fangyuan Education Investment Co., Ltd. | 31,500 | 16,900 | Joint and several liability guarantee | No | | Pan'an Southeast Steel Structure Medical Investment Co., Ltd. | 17,000 | 10,400 | Joint and several liability guarantee | No | | Southeast New Materials (Hangzhou) Co., Ltd. | 65,000 | 26,559.64 | Joint and several liability guarantee | No | | Tianjin Southeast Steel Structure Co., Ltd. | 25,000 | 3,082.69 | Joint and several liability guarantee | No | | Chengdu Southeast Steel Structure Co., Ltd. | 38,000 | 14,685.29 | Joint and several liability guarantee | No | | Zhejiang Southeast Green Building Integrated Technology Co., Ltd. | 36,200 | 13,660.72 | Joint and several liability guarantee | No | | Zhejiang Southeast Steel Structure Co., Ltd. | 15,960 | 3,407.57 | Joint and several liability guarantee | No | | Zhejiang Southeast Steel Products Co., Ltd. | 7,400 | 4,726.7 | Joint and several liability guarantee | No | | Zhejiang Southeast Carbon Neutral Technology Co., Ltd. | 6,963.5 | 2,827.11 | Joint and several liability guarantee | No | | **Total Approved Guarantee Limit for Subsidiaries at Period-End** | **300,023.5** | | | | | **Total Actual Guarantee Balance at Period-End** | | **170,982** | | | Entrusted Wealth Management | Specific Type | Source of Entrusted Funds | Amount of Entrusted Wealth Management (ten thousand yuan) | Unmatured Balance (ten thousand yuan) | | :--- | :--- | :--- | :--- | | Bank wealth management products | Own funds | 100,000 | 0 | - The company had **no other significant contracts** during the reporting period[148](index=148&type=chunk) [Explanation of Other Significant Matters](index=45&type=section&id=%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) The company approved the investment in the "Xiaoshan (Puyang) Zero-Carbon Taoyuanli 110MW Agro-Photovoltaic Power Station Project" on February 10, 2025, with a total investment of approximately 500 million yuan, currently under construction - The company's wholly-owned grandchild company, Zhejiang Xingneng Technology Co., Ltd., plans to invest in and construct the Xiaoshan (Puyang) Zero-Carbon Taoyuanli 110MW Agro-Photovoltaic Power Station Project[149](index=149&type=chunk) - The project has a total investment of approximately **500 million yuan**, adopts an "agro-photovoltaic complementary" development model, has commenced construction, and is expected to be completed and grid-connected in **2026**[149](index=149&type=chunk) [Significant Matters of Company Subsidiaries](index=45&type=section&id=%E5%85%AC%E5%8F%B8%E5%AD%90%E5%85%AC%E5%8F%B8%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) There were no significant matters concerning the company's subsidiaries during the reporting period - The company's subsidiaries had **no significant matters** during the reporting period[150](index=150&type=chunk) Part VI [Share Changes and Shareholder Information](index=46&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 details changes in the company's share capital, securities issuance, shareholder structure, and changes in holdings by directors, supervisors, and senior management [Share Change Status](index=46&type=section&id=%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company's total shares increased by 1,443 due to convertible bond conversions, with the proportion of restricted and unrestricted shares remaining unchanged Share Change Status | Share Class | Quantity Before This Change (shares) | Increase/Decrease in This Change (shares) | Quantity After This Change (shares) | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 71,650,418 | 0 | 71,650,418 | | II. Unrestricted Shares | 1,043,865,269 | 1,443 | 1,043,866,712 | | **III. Total Shares** | **1,115,515,687** | **1,443** | **1,115,517,130** | - During the reporting period, a total of **8,200.00 yuan** of Southeast Convertible Bonds were converted into **1,443 company shares**, leading to an increase in total shares[154](index=154&type=chunk) [Securities Issuance and Listing](index=47&type=section&id=%E8%AF%81%E5%88%B8%E5%8F%91%E8%A1%8C%E4%B8%8E%E4%B8%8A%E5%B8%82%E6%83%85%E5%86%B5) The company had no securities issuance or listing activities during the reporting period - The company had **no securities issuance or listing activities** during the reporting period[154](index=154&type=chunk) [Number of Shareholders and Shareholding Status](index=47&type=section&id=%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) As of the reporting period end, the company had 50,036 common shareholders. The controlling shareholder, Zhejiang Southeast Steel Structure Group Co., Ltd., held 28.19%, and together with its subsidiary, held 34.90% - The total number of common shareholders at the end of the reporting period was **50,036**[155](index=155&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at Period-End (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | | Zhejiang Southeast Steel Structure Group Co., Ltd. | Domestic non-state-owned legal person | 28.19% | 314,515,000 | 314,515,000 | | Hangzhou Haotian Property Management Co., Ltd. | Domestic non-state-owned legal person | 6.71% | 74,860,000 | 74,860,000 | | Guo Mingming | Domestic natural person | 4.52% | 50,445,991 | 12,611,498 | - The controlling shareholder, Zhejiang Southeast Steel Structure Group Co., Ltd., directly and indirectly held a total of **34.90%** of the company's shares[157](index=157&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=49&type=section&id=%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8) There were no changes in the shareholdings of the company's directors, supervisors, or senior management during the reporting period - The shareholdings of the company's directors, supervisors, and senior management experienced **no changes** during the reporting period[158](index=158&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=49&type=section&id=%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5) There were no changes in the company's controlling shareholder or actual controller during the reporting period - The company's controlling shareholder experienced **no changes** during the reporting period[159](index=159&type=chunk) - The company's actual controller experienced **no changes** during the reporting period[159](index=159&type=chunk) [Preferred Share Information](index=50&type=section&id=%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no preferred shares during the reporting period - The company had **no preferred shares** during the reporting period[160](index=160&type=chunk) Part VII [Bond-Related Information](index=51&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section provides details on the company's convertible bonds, including issuance, changes, conversion, and credit ratings, as well as other debt instruments [Corporate Bonds](index=51&type=section&id=%E4%BC%81%E4%B8%9A%E5%80%BA%E5%88%B8) The company had no corporate bonds during the reporting period - The company had **no corporate bonds** during the reporting period[162](index=162&type=chunk) [Company Bonds](index=51&type=section&id=%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8) The company had no company bonds during the reporting period - The company had **no company bonds** during the reporting period[163](index=163&type=chunk) [Non-Financial Enterprise Debt Financing Instruments](index=51&type=section&id=%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) The company had no non-financial enterprise debt financing instruments during the reporting period - The company had **no non-financial enterprise debt financing instruments** during the reporting period[164](index=164&type=chunk) [Convertible Corporate Bonds](index=51&type=section&id=%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8) The company issued 2 billion yuan in "Southeast Convertible Bonds" in January 2024. During the period, 8,200 yuan was converted into 1,443 shares. The conversion price was adjusted multiple times to 5.60 yuan/share. The company and bond maintain an "AA" stable credit rating, with sufficient cash flow for repayment [Convertible Bond Issuance](index=51&type=section&id=%E5%8F%AF%E8%BD%AC%E5%80%BA%E5%8F%91%E8%A1%8C%E6%83%85%E5%86%B5) The company issued 20 million convertible bonds totaling 2 billion yuan in January 2024, which began trading on the Shenzhen Stock Exchange as "Southeast Convertible Bonds" (code 127103) - The company issued **20 million convertible bonds** on January 3, 2024, raising a total of **2 billion yuan**, with net proceeds of **1,986,231,480.13 yuan**[165](index=165&type=chunk) - The company's convertible bonds began trading on the Shenzhen Stock Exchange on January 24, 2024, with the bond abbreviation "**Southeast Convertible Bonds**" and bond code "**127103**"[165](index=165&type=chunk) [Convertible Bond Guarantor and Top Ten Holders During the Reporting Period](index=51&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E8%BD%AC%E5%80%BA%E6%8B%85%E4%BF%9D%E4%BA%BA%E5%8F%8A%E5%89%8D%E5%8D%81%E5%90%8D%E6%8C%81%E6%9C%89%E4%BA%BA%E6%83%85%E5%86%B5) "Southeast Convertible Bonds" have no guarantor. As of the reporting period end, there were 18,976 holders, with Zhejiang Southeast Steel Structure Group Co., Ltd. being the largest holder at 16.33% - "**Southeast Convertible Bonds**" have **no guarantor**[166](index=166&type=chunk) - The number of convertible bond holders at period-end was **18,976**[166](index=166&type=chunk) - Zhejiang Southeast Steel Structure Group Co., Ltd. held **3,265,281 convertible bonds**, accounting for **16.33%**, making it the largest holder[167](index=167&type=chunk) [Convertible Bond Changes During the Reporting Period](index=52&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E8%BD%AC%E5%80%BA%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's convertible bonds decreased by 8,200 yuan due to conversions into shares Convertible Corporate Bond Changes | Convertible Corporate Bond Name | Amount Before This Change (yuan) | Increase/Decrease in This Change (Conversion) (yuan) | Amount After This Change (yuan) | | :--- | :--- | :--- | :--- | | Zhejiang Southeast Steel Structure Co., Ltd. Convertible Bonds Issued to Unspecified Objects | 1,999,910,300.00 | 8,200.00 | 1,999,902,100.00 | [Cumulative Conversion Status](index=52&type=section&id=%E7%B4%AF%E8%AE%A1%E8%BD%AC%E8%82%A1%E6%83%85%E5%86%B5) As of the reporting period end, cumulative conversions for "Southeast Convertible Bonds" totaled 97,900 yuan, resulting in 17,336 shares, with 1,999,902,100 yuan (100.00% of total issuance) yet to be converted Southeast Convertible Bonds Cumulative Conversion Status | Convertible Corporate Bond Name | Total Issued Amount (bonds) | Total Issued Amount (yuan) | Cumulative Conversion Amount (yuan) | Cumulative Converted Shares (shares) | Unconverted Amount (yuan) | Proportion of Unconverted Amount to Total Issued Amount | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhejiang Southeast Steel Structure Co., Ltd. Convertible Bonds Issued to Unspecified Objects | 20,000,000 | 2,000,000,000.00 | 97,900.00 | 17,336 | 1,999,902,100.00 | 100.00% | [History of Conversion Price Adjustments and Revisions](index=53&type=section&id=%E8%BD%AC%E8%82%A1%E4%BB%B7%E6%A0%BC%E5%8E%86%E6%AC%A1%E8%B0%83%E6%95%B4%E3%80%81%E4%BF%AE%E6%AD%A3%E6%83%85%E5%86%B5) The conversion price of "Southeast Convertible Bonds" was adjusted from an initial 5.73 yuan/share to 5.60 yuan/share due to profit distributions and share cancellations - On **May 30, 2024**, the conversion price was adjusted from **5.73 yuan/share to 5.63 yuan/share** due to the 2023 annual profit distribution[172](index=172&type=chunk) - On **November 12, 2024**, the conversion price was adjusted from **5.63 yuan/share to 5.67 yuan/share** due to the cancellation of repurchased shares[172](index=172&type=chunk) - On **May 23, 2025**, the conversion price was adjusted from **5.67 yuan/share to 5.60 yuan/share** due to the 2024 annual profit distribution[172](index=172&type=chunk) [Company's Debt, Credit Changes, and Cash Arrangements for Future Debt Repayment as of the End of the Reporting Period](index=54&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E5%85%AC%E5%8F%B8%E7%9A%84%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E3%80%81%E8%B5%84%E4%BF%A1%E5%8F%98%E5%8C%96%E6%83%85%E5%86%B5%E4%BB%A5%E5%8F%8A%E5%9C%A8%E6%9C%AA%E6%9D%A5%E5%B9%B4%E5%BA%A6%E8%BF%98%E5%80%BA%E7%9A%84%E7%8E%B0%E9%87%91%E5%AE%89%E6%8E%92) The company maintains an "AA" stable credit rating for both itself and "Southeast Convertible Bonds." With stable operations, ample cash flow, and reasonable asset-liability ratios, the company has made arrangements for future bond interest and principal repayments - Shanghai New Century Credit Rating Investment Services Co., Ltd. maintained the company's corporate credit rating at "**AA**" with a "**stable**" outlook, and maintained the credit rating of "**Southeast Convertible Bonds**" at "**AA**"[174](index=174&type=chunk) - The company's operations are stable, cash flow is ample, asset scale and profitability are steadily growing, and the asset-liability ratio remains at a reasonable level, indicating good credit standing and arrangements for future payment of convertible bond interest and principal[174](index=174&type=chunk) [Consolidated Statement Scope Loss Exceeding 10% of Net Assets at Year-End](index=54&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%90%88%E5%B9%B6%E6%8A%A5%E8%A1%A8%E8%8C%83%E5%9B%B4%E4%BA%8F%E6%8D%9F%E8%B6%85%E8%BF%87%E4%B8%8A%E5%B9%B4%E6%9C%AB%E5%87%80%E8%B5%8410%25) The company did not experience a consolidated statement scope loss exceeding 10% of net assets at the previous year-end during the reporting period - The company's reporting period shows **no consolidated statement scope loss exceeding 10% of net assets** at the previous year-end[175](index=175&type=chunk) [Key Accounting Data and Financial Indicators for the Past Two Years as of the End of the Reporting Period](index=54&type=section&id=%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%AB%E5%85%AC%E5%8F%B8%E8%BF%91%E4%B8%A4%E5%B9%B4%E7%9A%84%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) As of the reporting period end, the company's current ratio and asset-liability ratio slightly increased, while

公司代码：600337 公司简称：美克家居 美克国际家居用品股份有限公司 2025 年半年度报告 1 / 221 美克国际家居用品股份有限公司2025 年半年度报告 美克国际家居用品股份有限公司2025 年半年度报告 重要提示 无 六、前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及公司未来计划、发展战略等前瞻性陈述不构成公司对投资者的实质承诺，请投 资者注意投资风险，充分理解计划、预测与承诺之间的差异 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 八、是否存在违反规定决策程序对外提供担保的情况 否 九、是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、重大风险提示 详见"第三节管理层讨论与分析、五、其他披露事项、（一）可能面对的风险" 2 / 221 一、本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、公司全体董事出席董事会会议。 三、本半年度报告未经审计。 四、公司负责人冯陆（Mark Feng）、主管会计工作负责人张莉及会计机构负责人（会计主管人 员）黄丽君 ...

重要提示 本行董事会、监事会及董事、监事、高级管理人员保证本半年度报告内容的真实、 准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责 任。 本行于2025年8月29日召开董事会会议，审议通过了本半年度报告及其摘要。本行13 名董事出席董事会会议。 本行董事会建议向全体普通股股东派发2025年度中期现金股息，每10股人民币1.858 元（含税）。本行不进行公积金转增股本。 本集团按照中国会计准则编制的2025年半年度财务报告已经安永华明会计师事务所 （特殊普通合伙）审阅，按照国际财务报告准则编制的2025年半年度财务报告已经安永 会计师事务所审阅。 中国建设银行股份有限公司 2025 年半年度报告 股票代码：A 股普通股 601939 境内优先股 360030 2 目录 | 重要提示 | 2 | | --- | --- | | 释义 | 5 | | 1 财务摘要 | 8 | | 2 公司基本情况 | 10 | | 3 管理层讨论与分析 | 12 | | 3.1 财务回顾 | 12 | | 3.1.1 利润表分析 | 13 | | 3.1.2 资产负债表分析 | 22 | | 3.1.3 ...

[Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's board and management guarantee the report's accuracy; the unaudited report proposes a 2025 semi-annual cash dividend of 0.07 yuan per share, totaling 10.22 million yuan - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no false records, misleading statements, or major omissions[4](index=4&type=chunk) - This semi-annual report is unaudited[6](index=6&type=chunk) 2025 Semi-Annual Profit Distribution Plan | Indicator | Amount/Percentage | | :--- | :--- | | Net Profit Attributable to Shareholders of Listed Company (million yuan) | 29.67 | | Undistributed Profit at Period-End (million yuan) | 272.12 | | Cash Dividend Per Share (yuan/share, tax inclusive) | 0.07 | | Total Expected Distribution (million yuan, tax inclusive) | 10.22 | | Percentage of Semi-Annual Net Profit Attributable to Parent Company (%) | 34.46 | [Section I Definitions](index=5&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section defines key terms used in the report, including company name, reporting period, actual controller, controlling shareholder, major subsidiaries, and automotive industry specific terms like PPM, ensuring clear understanding - The reporting period is from **January 1, 2025, to June 30, 2025**[15](index=15&type=chunk) - The company's actual controllers are Mr. Yu Liming and Ms. Zheng Xiaomin, with Mr. Yu Zhenhuan as a party acting in concert[15](index=15&type=chunk) - PPM (Parts Per Million) in quality management refers to the statistical standard for defect rates per million products, categorized into 0 km PPM and after-sales PPM[15](index=15&type=chunk) [Section II Company Profile and Key Financial Indicators](index=5&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section covers Zhejiang Liming Intelligent Manufacturing Co., Ltd.'s basic information, contact details, stock overview, and key financial data for the reporting period, showing revenue and net profit growth but a significant decrease in net cash flow from operating activities [I. Company Information](index=5&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) The company's full name is Zhejiang Liming Intelligent Manufacturing Co., Ltd., abbreviated as Zhejiang Liming, with Yu Liming as its legal representative - The company's Chinese name is Zhejiang Liming Intelligent Manufacturing Co., Ltd., abbreviated as **Zhejiang Liming**[18](index=18&type=chunk) - The company's legal representative is **Yu Liming**[18](index=18&type=chunk) [II. Contact Person and Information](index=5&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) The company's Board Secretary is Chen Guanyu, contact number 0580-2820008, and email address lmin@zhejiangliming.com - The Board Secretary is Chen Guanyu, contact number **0580-2820008**[19](index=19&type=chunk) - The company's email address is **lmim@zhejiangliming.com**[19](index=19&type=chunk) [III. Brief Introduction to Changes in Basic Information](index=6&type=section&id=%E4%B8%89%E3%80%81%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5%E5%8F%98%E6%9B%B4%E7%AE%80%E4%BB%8B) The company's registered and office addresses are both located at Honglu Avenue, Xingang Park, Zhoushan High-tech Industrial Park, Zhejiang Province, with a registered address change in 2013 - The company's registered and office addresses are both Zhejiang Province, Zhoushan High-tech Industrial Park, Xingang Park, Honglu Avenue[20](index=20&type=chunk) - The company's registered address was changed in **2013** from Zhoushan Economic Development Zone B Area to the current address[20](index=20&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=6&type=section&id=%E5%9B%9B%E3%80%81%E4%BF%A1%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) The company designates "Shanghai Securities News" and three other newspapers as information disclosure media, with the Shanghai Stock Exchange website for semi-annual reports, and the company's securities department as the document custody location - The company's selected information disclosure newspapers include **"Shanghai Securities News"**, **"China Securities Journal"**, **"Securities Times"**, and **"Securities Daily"**[21](index=21&type=chunk) - The website address for publishing the semi-annual report is **http://www.sse.com.cn/**[21](index=21&type=chunk) [V. Company Stock Overview](index=6&type=section&id=%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%AE%80%E5%86%B5) The company's A-shares are listed on the Shanghai Stock Exchange, with the stock abbreviation Zhejiang Liming and stock code 603048 - The company's stock type is **A-shares**, listed on the **Shanghai Stock Exchange**[22](index=22&type=chunk) - The stock abbreviation is **Zhejiang Liming**, and the stock code is **603048**[22](index=22&type=chunk) [VII. Key Accounting Data and Financial Indicators](index=6&type=section&id=%E4%B8%83%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) In the first half of 2025, the company's operating revenue increased by 10.51% year-on-year, and net profit attributable to shareholders increased by 14.65%, but net cash flow from operating activities significantly decreased by 146.72% due to increased bill discounting and endorsement transfers 2025 Semi-Annual Key Accounting Data | Indicator | Current Reporting Period (Jan-Jun) | Previous Year's Corresponding Period | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (yuan) | 341,365,278.13 | 308,894,085.95 | 10.51 | | Total Profit (yuan) | 30,546,313.58 | 25,706,057.68 | 18.83 | | Net Profit Attributable to Shareholders of Listed Company (yuan) | 29,674,269.53 | 25,883,420.89 | 14.65 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses (yuan) | 26,789,004.77 | 22,050,269.34 | 21.49 | | Net Cash Flow from Operating Activities (yuan) | -18,594,531.16 | 39,800,596.25 | -146.72 | | Net Assets Attributable to Shareholders of Listed Company (Period-End, yuan) | 1,271,633,277.96 | 1,282,868,620.48 | -0.88 | | Total Assets (Period-End, yuan) | 1,624,565,420.46 | 1,595,281,898.04 | 1.84 | 2025 Semi-Annual Key Financial Indicators | Indicator | Current Reporting Period (Jan-Jun) | Previous Year's Corresponding Period | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.20 | 0.18 | 11.11 | | Diluted Earnings Per Share (yuan/share) | 0.20 | 0.18 | 11.11 | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (yuan/share) | 0.18 | 0.15 | 20.00 | | Weighted Average Return on Net Assets (%) | 2.30 | 1.98 | Increased by 0.32 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 2.08 | 1.68 | Increased by 0.40 percentage points | - Net cash flow from operating activities decreased by **146.72%** year-on-year, primarily due to a larger amount of bills discounted in the previous year and a significant year-on-year increase in bills endorsed and transferred in the current period[26](index=26&type=chunk) 2025 Semi-Annual 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 | 20,474.84 | | Government Grants Recognized in Current Profit and Loss | 3,756,671.43 | | Gains and Losses from Fair Value Changes and Disposal of Financial Assets and Liabilities | 209,514.54 | | Other Non-Operating Income and Expenses | -600,215.39 | | Less: Income Tax Impact | 501,180.66 | | Total | 2,885,264.76 | [Section III Management Discussion and Analysis](index=8&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 position, main business, operating results, core competitiveness, and financial status during the reporting period, highlighting steady revenue and profit growth through core business focus, R&D enhancement, and overseas market expansion [I. Description of the Company's Industry and Main Business During the Reporting Period](index=8&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 specializes in R&D, production, and sales of automotive precision components, primarily categorized into precision forgings, assemblies, stampings, and other parts, serving as a Tier 1 supplier to renowned domestic and international automotive manufacturers - The company continuously focuses on the R&D, production, and sales of automotive precision components[30](index=30&type=chunk) - Main products are categorized into four types: precision forgings (e.g., valve bridges, valve spring upper seats), assemblies (e.g., piston cooling nozzles), stampings (e.g., valve cotters, crankshaft sensor signal plates), and other parts[30](index=30&type=chunk) - The company primarily serves as a Tier 1 supplier to well-known domestic and international automotive manufacturers[30](index=30&type=chunk) [II. Discussion and Analysis of Operating Performance](index=8&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) As a leading domestic Tier 1 supplier of automotive precision components, the company achieved a 10.51% year-on-year increase in operating revenue and a 14.65% year-on-year increase in net profit attributable to the parent company in the first half of 2025, driven by core business focus, product upgrades, industry trend monitoring, and accelerated overseas expansion - The company has been deeply involved in the automotive precision components segment for over **20 years**, with its main products holding a leading market share nationwide[30](index=30&type=chunk) - Key customers include FAW Toyota/GAC Toyota, Dongfeng Honda, Weichai Power, Cummins, and other renowned domestic and international OEMs or engine manufacturers[31](index=31&type=chunk) 2025 First Half Operating Performance | Indicator | Amount/Growth Rate | | :--- | :--- | | Operating Revenue (million yuan) | 341.37, year-on-year increase of 10.51% | | Net Profit Attributable to Parent Company (million yuan) | 29.67, year-on-year increase of 14.65% | - The company's strategic initiatives include continuously focusing on core businesses, enhancing R&D and management capabilities, prioritizing product transformation and upgrading, monitoring trends in automotive lightweighting, intelligence, and connected vehicles, and accelerating overseas business expansion[31](index=31&type=chunk)[32](index=32&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](index=8&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 high-quality customer base, excellent product quality, strong R&D capabilities, efficient production management, and rapid customer response, collectively solidifying its market position in automotive precision components [(I) High-Quality Customer Resources](index=8&type=section&id=(%E4%B8%80)%E3%80%81%E4%BC%98%E8%B4%A8%E7%9A%84%E5%AE%A2%E6%88%B7%E8%B5%84%E6%BA%90) Leveraging superior quality and delivery capabilities, the company has cultivated a high-quality customer base including Weichai Power, Great Wall Motor, Cummins, and FAW Toyota, earning numerous "Excellent Supplier" awards - The company boasts a high-quality customer base including Weichai Power, Great Wall Motor, Cummins, FAW Toyota, SAIC General Motors, and many other renowned domestic and international automotive OEMs or engine manufacturers[33](index=33&type=chunk) - The company has become a designated supplier for FAW-Volkswagen, SAIC Volkswagen, MAN Germany, Navistar US, and other companies[34](index=34&type=chunk) - The company has been recognized over **150 times** by customers with "Excellent Supplier" or "Excellent Quality Award" honors, and has established a global strategic partnership with Cummins US, earning the title of "Strategic Core Supplier"[36](index=36&type=chunk) [(II) Product Quality Advantage](index=9&type=section&id=(%E4%BA%8C)%E3%80%81%E4%BA%A7%E5%93%81%E8%B4%A8%E9%87%8F%E4%BC%98%E5%8A%BF) Adhering to a "zero defects, zero customer complaints" goal, the company has established a comprehensive quality management system and laboratory, achieving a 0 km PPM value as low as 0.53, and has received multiple customer quality awards - The company aims for "zero defects, zero customer complaints", establishing a Quality Assurance Department with Quality Assurance, Inspection, and Laboratory sections[36](index=36&type=chunk) - The laboratory has obtained three major measuring tool calibration certificates, capable of providing new product technical feedback and support, and performing metrological verification of internal testing equipment[36](index=36&type=chunk) - During the reporting period, the company's 0 km PPM value reached as low as **0.53**, with **0 PPM** for over **40 customers** and **0 after-sales PPM** for over **60 customers** in 2021[37](index=37&type=chunk) [(III) Technology and R&D Advantage](index=9&type=section&id=(%E4%B8%89)%E3%80%81%E6%8A%80%E6%9C%AF%E5%92%8C%E7%A0%94%E5%8F%91%E4%BC%98%E5%8A%BF) With over 110 R&D professionals, extensive use of CAD/CAE/CAM software, and strong independent mold development capabilities, the company achieves one-time forming through world-class equipment and proprietary processes, collaborating with Zhejiang University for R&D and holding 61 patents and multiple industry standard achievements - The company currently employs over **110** professional R&D personnel engaged in product development and manufacturing process technology R&D[37](index=37&type=chunk) - The company utilizes CAD/CAE/CAM software such as Creo, EESY-Form, NX, and SolidWorks to shorten R&D cycles and reduce R&D costs[37](index=37&type=chunk) - The company possesses world-class equipment, including Italian cold heading machines, Swiss fine blanking machines, and Japanese automatic lathes, combined with self-developed cold precision forging and precision stamping processes, enabling various products to be formed in one step[38](index=38&type=chunk) - The company established the "Zhejiang University-Liming Engine Valve Train System Product R&D Center" with Zhejiang University, obtaining **61 patents** (3 domestic invention patents, 1 overseas invention patent, 57 utility model patents)[39](index=39&type=chunk) - The company led the formulation of **2 group standards** and participated in the formulation of **1 national industry standard**, covering main products such as valve bridges and piston cooling nozzles[39](index=39&type=chunk) [(IV) Production Management Advantage](index=10&type=section&id=(%E5%9B%9B)%E3%80%81%E7%94%9F%E4%BA%A7%E7%AE%A1%E7%90%86%E4%BC%98%E5%8A%BF) The company implements advanced management methods combining lean production and 5S management, integrating ERP and Kanban management, and actively promoting full employee participation to enhance operational efficiency - The company implements advanced management methods combining lean production and 5S management, integrating ERP and Kanban management, and actively promoting full employee participation[39](index=39&type=chunk) - The company engages 5S management and lean production management experts for on-site guidance, fostering refined management and improving operational efficiency[39](index=39&type=chunk) [(V) Rapid Customer Response Capability](index=10&type=section&id=(%E4%BA%94)%E3%80%81%E5%BF%AB%E9%80%9F%E7%9A%84%E5%AE%A2%E6%88%B7%E5%93%8D%E5%BA%94%E8%83%BD%E5%8A%9B) Through an efficient project management system, strong mold development capabilities, advanced production processes, and skilled workers, the company can promptly, accurately, and efficiently meet diverse customer needs with high quality - The company possesses an efficient project management system, strong mold development capabilities, advanced production processes, and skilled production workers[40](index=40&type=chunk) - The company can promptly, accurately, and efficiently meet diverse customer needs, developing products that comply with customer requirements within specified timelines[40](index=40&type=chunk) [IV. Major Operating Performance During the Reporting Period](index=10&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) This section analyzes the company's main operating performance during the reporting period, including financial changes in its core business, asset-liability structure, and the operating status of major subsidiaries and associates, showing increased operating revenue but significant changes in selling and financial expenses, while maintaining a stable asset-liability structure [(I) Analysis of Main Business](index=10&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 10.51% year-on-year, and operating costs increased by 11.99%; selling expenses surged by 204.93% due to establishing provincial sales offices and expanding sales channels, while financial expenses shifted from positive to negative, decreasing by 335.56% year-on-year, primarily influenced by exchange gains and losses Analysis of Major Accounting Item Changes | Item | Current Period Amount (yuan) | Previous Year's Corresponding Period Amount (yuan) | Change Percentage (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 341,365,278.13 | 308,894,085.95 | 10.51 | | Operating Costs | 223,208,166.27 | 199,316,749.52 | 11.99 | | Selling Expenses | 8,526,576.01 | 2,796,284.57 | 204.93 | | Administrative Expenses | 58,221,446.95 | 53,394,052.35 | 9.04 | | Financial Expenses | -3,667,775.09 | 1,557,062.48 | -335.56 | | R&D Expenses | 18,802,727.86 | 18,749,420.83 | 0.28 | | Net Cash Flow from Operating Activities | -18,594,531.16 | 39,800,596.25 | -146.72 | | Net Cash Flow from Investing Activities | -54,174,642.99 | -15,179,139 | -256.90 | | Net Cash Flow from Financing Activities | 33,187,364.03 | -58,494,878.15 | 156.74 | - The change in selling expenses was primarily due to the establishment of provincial sales offices and active expansion of sales channels during the reporting period[42](index=42&type=chunk) - The change in financial expenses was primarily influenced by exchange gains and losses[42](index=42&type=chunk) [(III) Analysis of Assets and Liabilities](index=11&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) At the end of the reporting period, total assets increased by 1.84% year-on-year, while net assets attributable to shareholders slightly decreased; receivables financing increased by 45.76% due to bill discounting, short-term borrowings increased by 84.92%, and other payables surged by 1,613.41% mainly due to unpaid dividends Changes in Assets and Liabilities | Item Name | Current Period-End Amount (yuan) | Percentage of Total Assets at Current Period-End (%) | Previous Year-End Amount (yuan) | Percentage of Total Assets at Previous Year-End (%) | Change Percentage of Current Period-End Amount vs. Previous Year-End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Receivables Financing | 117,888,558.41 | 7.26 | 80,876,354.21 | 5.07 | 45.76 | Impact of bill discounting | | Inventories | 186,446,877.39 | 11.48 | 187,314,937.97 | 11.74 | -0.46 | Stable inventory levels | | Long-term Equity Investments | 89,378,406.01 | 5.50 | 84,785,031.85 | 5.31 | 5.42 | Increased profit from investees | | Fixed Assets | 706,268,201.02 | 43.47 | 717,012,978.56 | 44.95 | -1.50 | Impact of asset depreciation | | Construction in Progress | 43,220,574.37 | 2.66 | 41,974,769.15 | 2.63 | 2.97 | Impact of new equipment purchases | | Right-of-Use Assets | 1,791,402.38 | 0.11 | 2,301,196.14 | 0.14 | -22.15 | Impact of asset depreciation | | Short-term Borrowings | 74,018,022.08 | 4.56 | 40,028,006.90 | 2.51 | 84.92 | Increase in short-term borrowings | | Contract Liabilities | 307,490.73 | 0.02 | 463,125.42 | 0.03 | -33.61 | Impact of revenue recognition in current period | | Lease Liabilities | 657,965.14 | 0.04 | 1,415,454.73 | 0.09 | -53.52 | Increase in lease liabilities due within one year | | Other Payables | 43,488,933.57 | 2.68 | 2,538,148.53 | 0.16 | 1,613.41 | Dividends unpaid | Restricted Assets at Period-End | Item | Period-End Carrying Amount (yuan) | Reason for Restriction | | :--- | :--- | :--- | | Cash and Cash Equivalents | 24,000.00 | ETC deposit | | Fixed Assets | 318,887,620.42 | Pledged | | Intangible Assets | 50,318,403.04 | Pledged | | Total | 369,230,023.46 | / | [(VI) Analysis of Major Controlled and Invested Companies](index=12&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 main subsidiary, Liming Nozzle Company, specializes in R&D and manufacturing of piston cooling nozzles, achieving operating revenue of 93.62 million yuan and net profit of 4.59 million yuan during the reporting period Financial Data of Major Subsidiary Liming Nozzle Company | Indicator | Amount (million yuan) | | :--- | :--- | | Company Type | Subsidiary | | Main Business | R&D and manufacturing of piston cooling nozzles | | Registered Capital | 3.00 | | Total Assets | 96.53 | | Net Assets | 53.50 | | Operating Revenue | 93.62 | | Operating Profit | 5.21 | | Net Profit | 4.59 | [Section IV Corporate Governance, Environment, and Society](index=13&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 discloses the company's corporate governance, environmental, and social responsibility performance, including the board's approval of the semi-annual profit distribution plan, detailed emissions of major pollutants and hazardous waste, and active participation in poverty alleviation and rural revitalization initiatives [II. Profit Distribution or Capital Reserve Conversion Plan](index=13&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) The board approved the 2025 semi-annual profit distribution plan, proposing a cash dividend of 0.07 yuan per 10 shares (tax inclusive), totaling 10.22 million yuan, representing 34.46% of the semi-annual net profit attributable to the parent company, without requiring shareholder approval 2025 Semi-Annual Profit Distribution Plan | Indicator | Amount | | :--- | :--- | | Whether to Distribute or Convert | No | | Number of Bonus Shares Per 10 Shares (shares) | 0 | | Cash Dividend Per 10 Shares (yuan, tax inclusive) | 0.07 | | Number of Shares Converted from Capital Reserve Per 10 Shares (shares) | 0 | - The net profit attributable to shareholders of the listed company for the first half of 2025 was **29.67 million yuan**[50](index=50&type=chunk) - The total estimated cash dividend is **10.22 million yuan** (tax inclusive), accounting for approximately **34.46%** of the net profit attributable to shareholders of the listed company for the first half of 2025[50](index=50&type=chunk) - This profit distribution plan does not require submission to the general meeting of shareholders for deliberation[51](index=51&type=chunk) [IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=13&type=section&id=%E5%9B%9B%E3%80%81%E7%BA%B3%E5%85%A5%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%8A%AB%E9%9C%B2%E4%BC%81%E4%B8%9A%E5%90%8D%E5%8D%95%E7%9A%84%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E4%B8%BB%E8%A6%81%E5%AD%90%E5%85%AC%E5%8F%B8%E7%9A%84%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%83%85%E5%86%B5) The company, listed for environmental information disclosure, details annual emissions and disposal of major pollutants (COD, total nitrogen, phosphate, ammonia nitrogen) and industrial solid waste (scrap metal, polishing sludge), along with the generation and disposal of hazardous waste (waste oil, emulsion cutting fluid, phosphating sludge, waste chemical packaging) - The company has been included in the list of enterprises required to disclose environmental information by law, which can be queried through the Zhejiang Provincial Department of Ecology and Environment system[52](index=52&type=chunk) Annual Emissions of Major Pollutants | Pollutant | Annual Emission (tons) | | :--- | :--- | | Chemical Oxygen Demand | 1.158 | | Total Nitrogen | 0.7776 | | Phosphate | 0.03 | | Ammonia Nitrogen | 0.0396 | Annual Generation and Disposal of Industrial Solid Waste | Waste Type | Annual Generation and Entrusted Disposal (tons) | | :--- | :--- | | Scrap Metal | 534.2 | | General Polishing and Grinding Sludge | 189.38 | Annual Generation and Disposal of Hazardous Waste | Waste Type | Annual Generation and Entrusted Disposal (tons) | | :--- | :--- | | Waste Oil HW08 | 58.56 | | Emulsion Cutting Fluid HW09 | 9.304 | | Phosphating Sludge HW17 | 19.27 | | Waste Chemical Packaging, Waste Packaging Barrels HW49 | 1.88 | [V. Specific Progress in Consolidating Poverty Alleviation Achievements and Rural Revitalization](index=14&type=section&id=%E4%BA%94%E3%80%81%E5%B7%A9%E5%9B%BA%E6%8B%93%E5%B1%95%E8%84%B1%E8%B4%AB%E6%94%BB%E5%9D%9A%E6%88%90%E6%9E%9C%E3%80%81%E4%B9%A1%E6%9D%91%E6%8C%AF%E5%85%B4%E7%AD%89%E5%B7%A5%E4%BD%9C%E5%85%B7%E4%BD%93%E6%83%85%E5%86%B5) The company actively participates in East-West collaboration, partnering with Hongyan Community, Hongfeng Town, Xuanhan County, Dazhou City, Sichuan Province, for labor cooperation, industrial collaboration, and public welfare assistance, and has supported local community initiatives for difficult residents since 2019 - The company partners with Hongyan Community, Hongfeng Town, Xuanhan County, Dazhou City, Sichuan Province, for labor cooperation, industrial collaboration, public welfare assistance, and joint community building[54](index=54&type=chunk) - Since 2019, the company's Party General Branch has collaborated with Qingshan Community, Liuhang Town, Putuo District, providing over **120,000 yuan** in support for community initiatives to assist residents in need[54](index=54&type=chunk) [Section V Significant Matters](index=15&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 details the company's significant matters during the reporting period, including the fulfillment of commitments related to its initial public offering, major related party transactions, and the performance of significant contracts, confirming strict adherence to commitments and no violations or major litigation [I. Fulfillment of Commitments](index=15&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company's controlling shareholder, actual controllers and their parties acting in concert, directors, supervisors, senior management, and other shareholders holding over 5% equity have all strictly fulfilled their commitments related to the initial public offering, including share lock-up, price stabilization, avoidance of horizontal competition, information disclosure, and standardized related party transactions - The company's controlling shareholder Liming Investment, and shareholders Jiheng Investment and Yifan Investment, committed not to transfer shares within **36 months** from the listing date, and the reduction price will not be lower than the offering price within **2 years** after the lock-up period expires[58](index=58&type=chunk) - Actual controllers Yu Liming and Zheng Xiaomin, and their party acting in concert Yu Zhenhuan, committed to a **36-month** share lock-up, with the reduction price not lower than the offering price within **2 years** after the lock-up period expires, and pledged not to transfer more than **25%** of their total holdings annually during their tenure[59](index=59&type=chunk) - The company formulated a share price stabilization plan for the three years post-listing, including company share repurchases, increased holdings by the controlling shareholder/actual controllers and their parties acting in concert, and increased holdings by directors/senior management[60](index=60&type=chunk)[61](index=61&type=chunk)[62](index=62&type=chunk)[63](index=63&type=chunk) - The controlling shareholder, actual controllers, and their parties acting in concert committed to avoiding horizontal competition and standardizing related party transactions to ensure no harm to the company and other shareholders' interests[69](index=69&type=chunk)[70](index=70&type=chunk) - The company and relevant parties committed that information disclosure contains no false records, misleading statements, or major omissions, and will bear corresponding legal responsibilities[71](index=71&type=chunk)[72](index=72&type=chunk)[73](index=73&type=chunk) [X. Major Related Party Transactions](index=21&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) During the reporting period, the company engaged in routine operational related party transactions, such as purchasing goods from Zhejiang Liming Fangzhou Technology Co., Ltd., with transaction amounts not exceeding the approved limits - The company purchased goods from its associate, Zhejiang Liming Fangzhou Technology Co., Ltd.; the current period's transaction amount was not specifically disclosed but the approved transaction limit was **100,000 yuan**, which was not exceeded[78](index=78&type=chunk)[369](index=369&type=chunk) [XI. Major Contracts and Their Performance](index=22&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) During the reporting period, the company had no external guarantees, and the guarantee balance for subsidiaries was 1 million yuan, accounting for 0.07% of the company's net assets Company Guarantee Total | Indicator | Amount (yuan) | | :--- | :--- | | Total Guarantee Amount Incurred During Reporting Period (excluding guarantees for subsidiaries) | 0 | | Total Guarantee Balance at Period-End (A) (excluding guarantees for subsidiaries) | 0 | | Total Guarantee Amount Incurred for Subsidiaries During Reporting Period | 0 | | Total Guarantee Balance for Subsidiaries at Period-End (B) | 1,000,000.00 | | Total Guarantee Amount (A+B) | 1,000,000.00 | | Percentage of Total Guarantee Amount to Company's Net Assets (%) | 0.07 | [Section VI Share Changes and Shareholder Information](index=23&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 structure and shareholder information during the reporting period; the total number of shares and share capital structure remained unchanged, with 16,521 ordinary shareholders at period-end, and the top three shareholders, Zhejiang Free Trade Zone Liming Investment Co., Ltd., Zhejiang Free Trade Zone Jiheng Investment Co., Ltd., and Zhoushan Yifan Equity Investment Partnership (Limited Partnership), collectively holding over 70% [I. Share Capital Changes](index=23&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the company's total share capital or share capital structure - During the reporting period, there were no changes in the company's total share capital or share capital structure[83](index=83&type=chunk) [II. Shareholder Information](index=23&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 16,521 ordinary shareholders; among the top ten shareholders, Zhejiang Free Trade Zone Liming Investment Co., Ltd., Zhejiang Free Trade Zone Jiheng Investment Co., Ltd., and Zhoushan Yifan Equity Investment Partnership (Limited Partnership) were the top three, collectively holding over 70% of the shares - As of the end of the reporting period, the total number of ordinary shareholders was **16,521**[84](index=84&type=chunk) Top Ten Shareholders' Holdings | Shareholder Name | Number of Shares Held at Period-End (shares) | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Zhejiang Free Trade Zone Liming Investment Co., Ltd. | 62,500,000 | 42.55 | Domestic Non-State-Owned Legal Person | | Zhejiang Free Trade Zone Jiheng Investment Co., Ltd. | 37,500,000 | 25.53 | Domestic Non-State-Owned Legal Person | | Zhoushan Yifan Equity Investment Partnership (Limited Partnership) | 9,160,000 | 6.24 | Other | | Cao Min | 600,000 | 0.41 | Domestic Natural Person | | MORGAN STANLEY & CO. INTERNATIONAL PLC. | 452,664 | 0.31 | Overseas Legal Person | | Xiao Yunxia | 317,700 | 0.22 | Domestic Natural Person | | Lin Jianxin | 273,100 | 0.19 | Domestic Natural Person | | BARCLAYS BANK PLC | 265,053 | 0.18 | Overseas Legal Person | | Goldman Sachs (China) Co., Ltd. | 255,069 | 0.17 | Domestic Non-State-Owned Legal Person | | Jiao Fengli | 200,085 | 0.14 | Domestic Natural Person | - Zhejiang Free Trade Zone Liming Investment Co., Ltd. and Zhejiang Free Trade Zone Jiheng Investment Co., Ltd. are enterprises controlled by the company's actual controllers, Mr. Yu Liming and Ms. Zheng Xiaomin; Zhoushan Yifan Equity Investment Partnership (Limited Partnership) is an enterprise controlled by Mr. Yu Zhenhuan, a party acting in concert with the actual controllers[87](index=87&type=chunk) - As of the end of this reporting period, Zhejiang Liming Intelligent Manufacturing Co., Ltd.'s special securities account for share repurchase held **812,400 shares**, accounting for **0.55%** of the company's total share capital[87](index=87&type=chunk) [Section VII Bond-Related Information](index=26&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) During the reporting period, the company had no corporate bonds (including 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[90](index=90&type=chunk) - The company has no convertible corporate bonds[90](index=90&type=chunk) [Section VIII Financial Report](index=27&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section includes the company's unaudited consolidated and parent company financial statements, along with detailed notes covering basic company information, significant accounting policies, taxes, specific annotations for various asset, liability, and income statement items, and important information related to financial instruments and related party transactions [II. Financial Statements](index=27&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%AB%E8%A1%A8) This part presents the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively reflecting the financial position at period-end and operating results and cash flows during the reporting period [Consolidated Balance Sheet](index=27&type=section&id=%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the company's total consolidated assets were 1.62 billion yuan, with total current assets of 661.09 million yuan and total non-current assets of 963.48 million yuan; total liabilities were 356.06 million yuan, and total owners' equity was 1.27 billion yuan Consolidated Balance Sheet Key Data (June 30, 2025) | Item | Amount (yuan) | | :--- | :--- | | Cash and Cash Equivalents | 121,959,878.47 | | Financial Assets Held for Trading | 20,215,501.67 | | Accounts Receivable | 205,461,334.37 | | Inventories | 186,446,877.39 | | Fixed Assets | 706,268,201.02 | | Short-term Borrowings | 74,018,022.08 | | Accounts Payable | 94,241,171.72 | | Total Liabilities | 356,062,998.46 | | Total Equity Attributable to Parent Company Owners | 1,271,633,277.96 | | Total Assets | 1,624,565,420.46 | [Consolidated Income Statement](index=31&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) From January to June 2025, the company's total consolidated operating revenue was 341.37 million yuan, a year-on-year increase of 10.51%; net profit attributable to parent company shareholders was 29.67 million yuan, a year-on-year increase of 14.65% Consolidated Income Statement Key Data (Jan-Jun 2025) | Item | Amount (yuan) | | :--- | :--- | | Total Operating Revenue | 341,365,278.13 | | Total Operating Costs | 310,510,836.12 | | Operating Profit | 31,146,528.97 | | Total Profit | 30,546,313.58 | | Net Profit | 28,112,448.66 | | Net Profit Attributable to Parent Company Shareholders | 29,674,269.53 | | Basic Earnings Per Share (yuan/share) | 0.20 | [Consolidated Cash Flow Statement](index=34&type=section&id=%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) From January to June 2025, the company's net cash flow from operating activities was -18.59 million yuan, a significant year-on-year decrease of 146.72%; net cash flow from investing activities was -54.17 million yuan, and net cash flow from financing activities was 33.19 million yuan Consolidated Cash Flow Statement Key Data (Jan-Jun 2025) | Item | Amount (yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | -18,594,531.16 | | Net Cash Flow from Investing Activities | -54,174,642.99 | | Net Cash Flow from Financing Activities | 33,187,364.03 | | Net Increase in Cash and Cash Equivalents | -36,294,352.85 | | Cash and Cash Equivalents at Period-End | 121,935,878.47 | [III. Company Basic Information](index=45&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Zhejiang Liming Intelligent Manufacturing Co., Ltd., established on May 15, 1997, with headquarters in Zhoushan, Zhejiang Province, and a registered capital of 146.88 million yuan, listed its shares on the Shanghai Stock Exchange on November 16, 2021, primarily engaging in R&D, production, and sales of automotive components - The company was established on **May 15, 1997**, with its headquarters in Zhoushan, Zhejiang Province[125](index=125&type=chunk) - The company's registered capital is **146.88 million yuan**, with a total of **146.88 million shares**[125](index=125&type=chunk) - The company's shares were listed and traded on the Shanghai Stock Exchange on **November 16, 2021**[125](index=125&type=chunk) - The main business involves the R&D, production, and sales of automotive components, including precision forgings, assemblies, and stampings[125](index=125&type=chunk) [V. Significant Accounting Policies and Estimates](index=45&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the company's specific accounting policies and estimates for financial instrument impairment, inventories, fixed asset depreciation, construction in progress, intangible assets, and revenue recognition, ensuring financial statement preparation complies with enterprise accounting standards [11. Financial Instruments](index=47&type=section&id=11%E3%80%81%20%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7) The company classifies financial assets into three categories: measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss; financial liabilities are classified into four categories: at fair value through profit or loss, those arising from transfers not meeting derecognition criteria or continuing involvement, financial guarantee contracts, and measured at amortized cost; the company performs impairment assessments on financial assets based on expected credit losses - Financial assets are classified into three categories: measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[139](index=139&type=chunk) - Financial liabilities are classified into four categories: measured at fair value through profit or loss, those arising from transfers not meeting derecognition criteria or continuing involvement in transferred financial assets, financial guarantee contracts, and measured at amortized cost[139](index=139&type=chunk) - The company performs impairment assessments on financial assets measured at amortized cost, debt instrument investments measured at fair value through other comprehensive income, and other similar items, based on expected credit losses[144](index=144&type=chunk) [34. Revenue](index=57&type=section&id=34%E3%80%81%20%E6%94%B6%E5%85%A5) The company identifies distinct performance obligations within contracts and determines whether they are satisfied over time or at a point in time, with revenue measurement principles including transaction price allocation, best estimates for variable consideration, amortization of significant financing components, and transaction price allocation for multiple performance obligations; sales of automotive components are primarily recognized at a point in time, through consignment, domestic direct sales, and international direct sales models - The company identifies distinct performance obligations within contracts based on the relationship between satisfying performance obligations and customer payments, determining whether they are satisfied over time or at a point in time[185](index=185&type=chunk) - Revenue measurement principles include measuring at the transaction price allocated to each distinct performance obligation, using the best estimate for variable consideration, amortizing significant financing components, and allocating transaction prices for multiple performance obligations[186](index=186&type=chunk)[187](index=187&type=chunk) - The company's sales of automotive components such as precision forgings, assemblies, and stampings are recognized at a point in time, with revenue recognition methods including consignment, domestic direct sales, and international direct sales[187](index=187&type=chunk)[188](index=188&type=chunk) [VI. Taxes](index=60&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) The company's main taxes include VAT, property tax, urban maintenance and construction tax, education surcharges, local education surcharges, and corporate income tax; the company enjoys a 15% corporate income tax rate as a high-tech enterprise, while some subsidiaries, as small low-profit enterprises, are subject to a 20% corporate income tax rate and reduced resource tax and urban maintenance and construction tax Major Tax Categories and Rates | Tax Category | Tax Base | Tax Rate (%) | | :--- | :--- | :--- | | Value-Added Tax | Sales of goods and taxable services income | 13%, 9%, 6%, 5% | | Property Tax | Original value of property or rental income | 1.2%, 12% | | Urban Maintenance and Construction Tax | Actual amount of turnover tax paid | 5% | | Education Surcharge | Actual amount of turnover tax paid | 3% | | Local Education Surcharge | Actual amount of turnover tax paid | 2% | | Corporate Income Tax | Taxable income | 15%, 20%, 25%, 27% | - As a high-tech enterprise, the company pays corporate income tax at a rate of **15%** from 2023 to 2025[202](index=202&type=chunk) - Subsidiaries Liming Solenoid Valve Company, Ji'an Electronic Control Company, Chongqing Liming Company, Liming Shenghe Company, and Liming Sensor Company, as small low-profit enterprises, calculate their taxable income at **25%** and pay corporate income tax at a rate of **20%**, also enjoying a **50% reduction** in resource tax, urban maintenance and construction tax, etc[203](index=203&type=chunk) - The corporate income tax rate for Liming America is **27%**[201](index=201&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=61&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes for consolidated financial statement items, including assets, liabilities, owners' equity, income, costs, and expenses, such as cash and cash equivalents, accounts receivable, inventories, fixed assets, deferred income tax, short-term borrowings, and employee compensation, explaining their period-end balances, changes, and related accounting treatments [1. Cash and Cash Equivalents](index=61&type=section&id=1%E3%80%81%20%E8%B4%A7%E5%B8%81%E8%B5%84%E9%87%91) At period-end, the company's total cash and cash equivalents amounted to 121.96 million yuan, a decrease from the beginning of the period, comprising 119.27 million yuan in bank deposits and 2.69 million yuan in other cash and cash equivalents, including 24,000 yuan in restricted ETC deposits Cash and Cash Equivalents | Item | Period-End Balance (yuan) | Beginning-of-Period Balance (yuan) | | :--- | :--- | :--- | | Cash on Hand | 0.00 | 31,200.39 | | Bank Deposits | 119,273,259.36 | 155,661,770.23 | | Other Cash and Cash Equivalents | 2,686,619.11 | 2,565,260.70 | | Total | 121,959,878.47 | 158,258,231.32 | - Among other cash and cash equivalents, **24,000 yuan** is an ETC deposit, with restricted use[205](index=205&type=chunk) - The total amount of funds held overseas at period-end was **421,968.54 yuan**[205](index=205&type=chunk) [5. Accounts Receivable](index=64&type=section&id=5%E3%80%81%20%E5%BA%94%E6%94%B6%E8%B4%A6%E6%AC%BE) At period-end, the company's accounts receivable carrying amount was 205.46 million yuan, with 4.54 million yuan individually impaired, primarily from bankrupt entities, and 217.35 million yuan impaired by portfolio, with an impairment provision rate of 5.47% Accounts Receivable Classified by Impairment Provision Method (Period-End Balance) | Category | Carrying Balance (yuan) | Percentage (%) | Impairment Provision (yuan) | Provision Rate (%) | Carrying Amount (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Individually Impaired | 4,537,938.64 | 2.05 | 4,537,938.64 | 100.00 | 0.00 | | Impaired by Portfolio | 217,349,642.54 | 97.95 | 11,888,308.17 | 5.47 | 205,461,334.37 | | Total | 221,887,581.18 | / | 16,426,246.81 | / | 205,461,334.37 | - Individually impaired accounts receivable primarily involve Tongling Ruineng Procurement Co., Ltd., Dongfeng Chaoyang Chaichai Power Co., Ltd., and Tianjin Lovol Engine Co., Ltd.; due to the bankruptcy liquidation of these entities, the possibility of recovery is low, and a full impairment provision has been made[217](index=217&type=chunk) - The total of the top 5 accounts receivable balances at period-end was **82.34 million yuan**, accounting for **37.11%** of the total accounts receivable balance at period-end[221](index=221&type=chunk) [10. Inventories](index=71&type=section&id=10%E3%80%81%20%E5%AD%98%E8%B4%A7) At period-end, the company's inventory carrying amount was 186.45 million yuan, with inventory impairment provisions and contract cost impairment provisions totaling 26.95 million yuan; the current period's inventory impairment loss and contract cost impairment loss amounted to -8.12 million yuan Inventory Classification and Impairment Provisions (Period-End Balance) | Item | Carrying Balance (yuan) | Inventory Impairment Provision / Contract Cost Impairment Provision (yuan) | Carrying Amount (yuan) | | :--- | :--- | :--- | :--- | | Raw Materials | 40,221,175.55 | 3,742,395.07 | 36,478,780.48 | | Work in Progress | 33,652,078.58 | 3,610,421.18 | 30,041,657.40 | | Finished Goods | 68,865,390.44 | 14,363,579.12 | 54,501,811.32 | | Goods in Transit | 67,357,923.86 | 5,230,412.03 | 62,127,511.83 | | Consigned Processing Materials | 136,069.60 | 0.00 | 136,069.60 | | Packaging Materials | 1,032,835.84 | 0.00 | 1,032,835.84 | | Low-Value Consumables | 2,128,210.92 | 0.00 | 2,128,210.92 | | Total | 213,393,684.79 | 26,946,807.40 | 186,446,877.39 | Changes in Inventory Impairment Provisions and Contract Cost Impairment Provisions | Item | Beginning-of-Period Balance (yuan) | Current Period Increase (yuan) | Current Period Decrease (yuan) | Period-End Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | | Raw Materials | 3,122,739.01 | 665,427.11 | 45,771.05 | 3,742,395.07 | | Work in Progress | 5,671,834.95 | 728,803.11 | 2,790,216.88 | 3,610,421.18 | | Finished Goods | 13,856,256.04 | 3,866,525.83 | 3,359,202.75 | 14,363,579.12 | | Goods in Transit | 5,073,492.99 | 2,859,488.48 | 2,702,569.44 | 5,230,412.03 | | Total | 27,724,322.99 | 8,120,244.53 | 8,897,760.12 | 26,946,807.40 | - The reason for the reversal or write-off of inventory impairment provisions in the current period was primarily due to the consumption or sale of inventories for which impairment provisions had been made[245](index=245&type=chunk) [21. Fixed Assets](index=76&type=section&id=21%E3%80%81%20%E5%9B%BA%E5%AE%9A%E8%B5%84%E4%BA%A7) At period-end, the company's fixed assets carrying amount was 706.27 million yuan, a slight decrease from the beginning of the period; fixed assets increased by 25.95 million yuan in the current period, mainly from transfers from construction in progress and purchases; accumulated depreciation increased by 36.55 million yuan in the current period Fixed Assets Carrying Amount (Period-End) | Item | Period-End Carrying Amount (yuan) | | :--- | :--- | | Buildings and Structures | 471,478,919.51 | | Machinery and Equipment | 226,344,050.94 | | Transportation Equipment | 3,189,359.85 | | Other Equipment | 5,255,870.72 | | Total | 706,268,201.02 | - Fixed assets increased by **25.95 million yuan** in the current period, including **4.64 million yuan** from purchases and **21.31 million yuan** transferred from construction in progress[253](index=253&type=chunk) - Accumulated depreciation increased by **36.55 million yuan** in the current period[253](index=253&type=chunk) - The company has a factory building at Honglu Avenue No. 1 for which property certificates have not yet been processed, with a carrying amount of **144.82 million yuan**, currently undergoing processing[256](index=256&type=chunk) [22. Construction in Progress](index=77&type=section&id=22%E3%80%81%20%E5%9C%A8%E5%BB%BA%E5%B7%A5%E7%A8%8B) At period-end, the company's construction in progress carrying amount was 43.22 million yuan, primarily comprising machinery and equipment, engine in-cylinder braking device R&D and production project, annual production of 27.3 million precision stampings project, and smart factory renovation and information system upgrade project Construction in Progress (Period-End) | Item | Carrying Amount (yuan) | | :--- | :--- | | Machinery and Equipment | 18,013,740.70 | | Engine In-Cylinder Braking Device R&D and Production Project | 9,697,571.94 | | Annual Production of 27.3 Million Precision Stampings Project | 9,437,279.56 | | Smart Factory Renovation and Information System Upgrade Project | 5,203,919.26 | | Factory Renovation and Upgrade | 868,062.91 | | Total | 43,220,574.37 | Changes in Significant Construction in Progress Projects | Project Name | Budget Amount (yuan) | Beginning-of-Period Balance (yuan) | Current Period Increase (yuan) | Amount Transferred to Fixed Assets in Current Period (yuan) | Period-End Balance (yuan) | Cumulative Project Investment as Percentage of Budget (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Engine In-Cylinder Braking Device R&D and Production Project | 125,047,000.00 | 10,008,315.30 | 22,000.00 | 332,743.36 | 9,697,571.94 | 96.98 | | Annual Production of 27.3 Million Precision Stampings Project | 117,978,500.00 | 9,437,279.56 | 0.00 | 0.00 | 9,437,279.56 | 93.93 | | Total | 243,025,500.00 | 19,445,594.86 | 22,000.00 | 332,743.36 | 19,134,851.50 | / | [31. Assets with Restricted Ownership or Use Rights](index=84&type=section&id=31%E3%80%81%20%E6%89%80%E6%9C%89%E6%9D%83%E6%88%96%E4%BD%BF%E7%94%A8%E6%9D%83%E5%8F%97%E9%99%90%E8%B5%84%E4%BA%A7) At period-end, the company's total assets with restricted ownership or use rights amounted to 369.23 million yuan, primarily including pledged fixed assets and intangible assets, as well as ETC deposits Assets with Restricted Ownership or Use Rights (Period-End) | Item | Carrying Balance (yuan) | Carrying Amount (yuan) | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 24,000.00 | 24,000.00 | Frozen | ETC deposit | | Fixed Assets | 477,478,651.05 | 318,887,620.42 | Pledged | Pledged | | Intangible Assets | 67,131,127.98 | 50,318,403.04 | Pledged | Pledged | | Total | 544,633,779.03 | 369,230,023.46 | / | / | [32. Short-term Borrowings](index=84&type=section&id=32%E3%80%81%20%E7%9F%AD%E6%9C%9F%E5%80%9F%E6%AC%BE) At period-end, the company's total short-term borrowings amounted to 74.02 million yuan, a significant increase of 84.92% from the beginning of the period, primarily comprising pledged borrowings, pledged and guaranteed borrowings, and credit borrowings Short-term Borrowings Classification | Item | Period-End Balance (yuan) | Beginning-of-Period Balance (yuan) | | :--- | :--- | :--- | | Pledged Borrowings | 12,008,569.44 | 20,011,506.90 | | Pledged and Guaranteed Borrowings | 32,019,888.89 | 20,016,500.00 | | Credit Borrowings | 29,989,563.75 | 0.00 | | Total | 74,018,022.08 | 40,028,006.90 | [39. Employee Compensation Payable](index=86&type=section&id=39%E3%80%81%20%E5%BA%94%E4%BB%98%E8%81%8C%E5%B7%A5%E8%96%AA%E9%85%AC) At period-end, the company's total employee compensation payable was 22.68 million yuan, a decrease from the beginning of the period, primarily consisting of short-term compensation and post-employment benefits—defined contribution plans Employee Compensation Payable | Item | Beginning-of-Period Balance (yuan) | Current Period Increase (yuan) | Current Period Decrease (yuan) | Period-End Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | | I. Short-term Compensation | 31,605,841.05 | 93,703,390.46 | 103,537,129.46 | 21,772,102.05 | | II. Post-employment Benefits - Defined Contribution Plans | 800,491.16 | 5,578,694.72 | 5,472,035.01 | 907,150.87 | | III. Termination Benefits | 0.00 | 91,683.34 | 91,683.34 | 0.00 | | Total | 32,406,332.21 | 99,373,768.52 | 109,100,847.81 | 22,679,252.92 | Short-term Compensation | Item | Beginning-of-Period Balance (yuan) | Current Period Increase (yuan) | Current Period Decrease (yuan) | Period-End Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | | I. Wages, Bonuses, Allowances, and Subsidies | 28,940,180.64 | 82,909,499.95 | 91,603,711.41 | 20,245,969.18 | | II. Employee Welfare Expenses | 0.00 | 4,871,815.57 | 4,871,815.57 | 0.00 | | III. Social Insurance Premiums | 572,341.27 | 3,012,785.58 | 3,095,486.63 | 489,640.22 | | IV. Housing Provident Fund | 0.00 | 1,794,850.00 | 1,794,850.00 | 0.00 | | V. Union Funds and Employee Education Expenses | 2,093,319.14 | 1,114,439.36 | 2,171,265.85 | 1,036,492.65 | | Total | 31,605,841.05 | 93,703,390.46 | 103,537,129.46 | 21,772,102.05 | [41. Other Payables](index=87&type=section&id=41%E3%80%81%20%E5%85%B6%E4%BB%96%E5%BA%94%E4%BB%98%E6%AC%BE) At period-end, the company's total other payables amounted to 43.49 million yuan, a significant increase from the beginning of the period, primarily comprising 40.90 million yuan in dividends payable (fully distributed on July 31, 2025) and 2.59 million yuan in other payables Other Payables Items | Item | Period-End Balance (yuan) | Beginning-of-Period Balance (yuan) | | :--- | :--- | :--- | | Dividends Payable | 40,898,928.00 | 0.00 | | Other Payables | 2,590,005.57 | 2,538,148.53 | | Total | 43,488,933.57 | 2,538,148.53 | - Dividends payable of **40.90 million yuan** were fully distributed on **July 31, 2025**[295](index=295&type=chunk) [61. Operating Revenue and Operating Costs](index=92&type=section&id=61%E3%80%81%20%E8%90%A5%E4%B8%9A%E6%94%B6%E5%85%A5%E5%92%8C%E8%90%A5%E4%B8%9A%E6%88%90%E6%9C%AC) From January to June 2025, the company's consolidated operating revenue was 341.37 million yuan, and operating costs were 223.21 million yuan; main business revenue accounted for the vast majority, with precision forgings, assemblies, and stampings being the primary product types, and domestic sales significantly exceeding international sales Operating Revenue and Operating Costs | Item | Current Period Amount (yuan) | Previous Period Amount (yuan) | | :--- | :--- | :--- | | Revenue | 341,365,278.13 | 308,894,085.95 | | Costs | 223,208,166.27 | 199,316,749.52 | Operating Revenue, Operating Costs Breakdown (Current Period) | Contract Classification | Operating Revenue (yuan) | Operating Costs (yuan) | | :--- | :--- | :--- | | Main Business Revenue | 339,798,999.87 | 222,860,735.56 | | Precision Forgings | 101,444,552.65 | 60,115,305.17 | | Assemblies | 127,405,505.54 | 88,844,232.36 | | Stampings | 84,770,834.54 | 53,781,192.46 | | Other Parts | 26,178,107.14 | 20,120,005.57 | | Other Business Revenue | 1,466,392.54 | 267,786.64 | | International Sales | 13,757,027.68 | 10,529,894.59 | | Domestic Sales | 327,508,364.73 | 212,598,627.61 | | Revenue Recognized at a Point in Time | 341,265,392.41 | 223,128,522.20 | [63. Selling Expenses](index=93&type=section&id=63%E3%80%81%20%E9%94%80%E5%94%AE%E8%B4%B9%E7%94%A8) Current period selling expenses amounted to 8.53 million yuan, a significant increase of 204.93% from the previous period, primarily driven by increases in employee compensation, sales service fees, and business entertainment expenses Selling Expenses Details | Item | Current Period Amount (yuan) | Previous Period Amount (yuan) | | :--- | :--- | :--- | | Employee Compensation | 3,873,563.51 | 1,718,886.30 | | Sales Service Fees | 1,572,843.72 | 72,194.44 | | Business Entertainment Expenses | 1,615,499.91 | 122,475.25 | | Travel Expenses | 740,960.18 | 38,687.37 | | Office Expenses | 321,446.79 | 37,713.82 | | Advertising and Publicity Expenses | 184,807.23 | 0.00 | | Other | 217,454.67 | 806,327.39 | | Total | 8,526,576.01 | 2,796,284.57 | [66. Financial Expenses](index=94&type=section&id=66%E3%80%81%20%E8%B4%A2%E5%8A%A1%E8%B4%B9%E7%94%A8) Current period financial expenses were -3.67 million yuan, a significant decrease from 1.56 million yuan in the previous period, primarily due to a net exchange gain of 3.90 million yuan in the current period Financial Expenses Details | Item | Current Period Amount (yuan) | Previous Period Amount (yuan) | | :--- | :--- | :--- | | Interest Expense | 402,651.15 | 1,448,558.37 | | Less: Interest Income | 283,181.88 | 423,308.87 | | Net Exchange Loss | -3,900,149.13 | 417,206.22 | | Handling Fees | 76,803.38 | 89,329.07 | | Unrecognized Financing Expenses on Lease Liabilities | 36,101.39 | 25,277.69 | | Total | -3,667,775.09 | 1,557,062.48 | [79. Supplementary Information to Cash Flow Statement](index=98&type=section&id=79%E3%80%81%20%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8%E8%A1%A5%E5%85%85%E8%B5%84%E6%96%99) Current period net profit was 28.11 million yuan, with net cash flow from operating activities at -18.59 million yuan; net increase in cash and cash equivalents was -36.29 million yuan, and the period-end balance of cash and cash equivalents was 121.94 million yuan Cash Flow Statement Supplementary Information Key Data | Supplementary Information | Current Period Amount (yuan) | Previous Period Amount (yuan) | | :--- | :--- | :--- | | Net Profit | 28,112,448.66 | 25,410,925.34 | | Add: Asset Impairment Provisions | 9,024,522.76 | 10,518,923.12 | | Depreciation of Fixed Assets, Depletion of Oil and Gas Assets, Depreciation of Productive Biological Assets | 36,552,765.50 | 34,756,652.22 | | Amortization of Right-of-Use Assets | 506,487.08 | 337,506.77 | | Amortization of Intangible Assets | 1,698,179.27 | 1,536,158.03 | | Net Cash Flow from Operating Activities | -18,594,531.16 | 39,800,596.25 | | Net Increase in Cash and Cash Equivalents | -36,294,352.85 | -34,263,632.95 | | Cash and Cash Equivalents at Period-End | 121,935,878.47 | 176,937,567.30 | - Cash and cash equivalents not classified as such amounted to **24,000 yuan**, which is an ETC deposit[337](index=337&type=chunk) [IX. Changes in Consolidation Scope](index=102&type=section&id=%E4%B9%9D%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) During the reporting period, the company added a new subsidiary, Shanghai Limin Ji'an Automotive Suspension Co., Ltd., established on July 29, 2024, with a registered capital of 5 million yuan and a 70% shareholding by the company New Subsidiary Information | Company Name | Method of Equity Acquisition | Time of Equity Acquisition | Capital Contribution (million yuan) | Contribution Percentage (%) | | :--- | :--- | :--- | :--- | :--- | | Shanghai Limin Ji'an Automotive Suspension Co., Ltd. | Establishment | 2024-7-29 | 1.98 | 66.00 | [X. Interests in Other Entities](index=102&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) The company holds 9 subsidiaries, including Liming Nozzle Company, Zhoushan Liming Automotive Company, and Liming America, with shareholding percentages ranging from 66% to 100%; additionally, it holds two associates, Ningbo Ruineng Machinery Technology Co., Ltd. and Zhejiang Liming Fangzhou Technology Co., Ltd., recognizing investment income of 4.59 million yuan in the current period [(1). Composition of the Enterprise Group](index=102&type=section&id=(1).%E4%BC%81%E4%B8%9A%E9%9B%86%E5%9B%A2%E7%9A%84%E6%9E%84%E6%88%90) The company comprises 9 subsidiaries, including Liming Nozzle Company, Zhoushan Liming Automotive Company, and Liming America, all engaged in manufacturing or commercial activities, with shareholding percentages varying from 66% to 100%; Liming Electronic Control Company, Chongqing Liming Company, Liming Shenghe Company, Liming Sensor Company, and Limin Ji'an Suspension Company are non-wholly owned subsidiaries Composition of Enterprise Group | Subsidiary Name | Main Operating Location | Registered Capital (yuan) | Registered Location | Business Nature | Shareholding Percentage (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Liming Nozzle Company | Zhoushan | 3,000,000.00 | Zhoushan | Manufacturing | 100 | | Zhoushan Liming Automotive Company | Zhoushan | 35,000,000.00 | Zhoushan | Manufacturing | 100 | | Liming America | Ann Arbor, Michigan, USA | 681.52 | Ann Arbor, Michigan, USA | Commercial | 100 | | Liming Solenoid Valve Company | Zhoushan | 10,000,000.00 | Zhoushan | Manufacturing | 100 | | Liming Electronic Control Company | Zhoushan | 1,000,000.00 | Zhoushan | Manufacturing | 70 | | Chongqing Liming Company | Chongqing | 6,000,000.00 | Chongqing | Manufacturing | 51 | | Liming Shenghe Company | Zhoushan | 1,000,000.00 | Zhoushan | Manufacturing | 80 | | Liming Sensor Company | Zhoushan | 3,000,000.00 | Zhoushan | Manufacturing | 66 | | Limin Ji'an Suspension Company | Shanghai | 5,000,000.00 | Shanghai | Manufacturing | 70 | [(3). Key Financial Information of Significant Associates](index=104&type=section&id=(3).%20%E9%87%8D%E8%A6%81%E8%81%94%E8%90%A5%E4%BC%81%E4%B8%9A%E7%9A%84%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E4%BF%A1%E6%81%AF) The company holds two associates, Ningbo Ruineng Machinery Technology Co., Ltd. and Zhejiang Liming Fangzhou Technology Co., Ltd., with a total investment carrying amount of 89.38 million yuan at period-end; net profit and total comprehensive income recognized through equity method in the current period both amounted to 4.59 million yuan Summary Financial Information of Insignificant Joint Ventures and Associates | Item | Period-End Balance / Current Period Amount (yuan) | | :--- | :--- | | Total Carrying Amount of Investments in Associates | 89,378,406.01 | | Net Profit of Associates | 4,593,374.16 | | Total Comprehensive Income of Associates | 4,593,374.16 | [XI. Government Grants](index=105&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) Duri