Important Notes, Contents and Definitions Important Notes The Board of Directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, highlighting risks related to market, intellectual property, and raw material price fluctuations, and the company will not distribute dividends or issue bonus shares this period - The Board of Directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report and assume legal responsibility3 - The company's main risks include market risk, intellectual property risk, and the impact of raw material price fluctuations3 - The company plans not to distribute cash dividends, issue bonus shares, or increase share capital from capital reserves4 Contents This section lists the structured table of contents for the report, covering eight main chapters from company profile and management discussion to financial reports - The report's table of contents includes eight main chapters, providing an overall structure from important notes to the financial report6 Definitions This section provides definitions for commonly used terms in the report, including company names, subsidiaries, controlling shareholders, regulatory bodies, and technical explanations for core products like OPC drums and toner - The company's full name is "CSSC Hanguang Science & Technology Co, Ltd", formerly "CSSC Heavy Industry Hanguang Science & Technology Co, Ltd", renamed in June 202311 - The core product "OPC Drum" (Organic Photo-Conductor Drum) is the key photoelectric conversion and information output device in electrostatic imaging equipment11 - The core product "Toner" is a powder-like material that makes the electrostatic latent image visible during the development process11 Company Profile and Key Financial Indicators Company Profile The company's stock short name is "CSSC Hanguang" with stock code 300847, listed on the Shenzhen Stock Exchange, and the legal representative is Huang Lixin - Stock Short Name: CSSC Hanguang, Stock Code: 30084714 - Stock Exchange Listing: Shenzhen Stock Exchange14 - Legal Representative: Huang Lixin14 Contact Persons and Methods The Secretary of the Board is Wang Dongxue and the Securities Affairs Representative is Zhang Lan, with the contact address at No 8 Shangbi East Street, Economic Development Zone, Handan City, Hebei Province - Secretary of the Board: Wang Dongxue, Securities Affairs Representative: Zhang Lan15 - Contact Address: No 8 Shangbi East Street, Economic Development Zone, Handan City, Hebei Province15 Other Information During the reporting period, there were no changes to the company's contact information, information disclosure locations, or registration details - The company's registered address, office address, website, and email remained unchanged during the reporting period16 - The locations for information disclosure and document preparation remained unchanged during the reporting period17 - The company's registration details remained unchanged during the reporting period18 Key Accounting Data and Financial Indicators In H1 2025, operating revenue grew by 4.01%, but net profit attributable to shareholders fell by 6.61%, and net cash flow from operating activities dropped significantly by 74.30%, while total assets slightly decreased and net assets attributable to shareholders increased Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 594,639,928.11 | 571,715,774.57 | 4.01 | | Net Profit Attributable to Shareholders of the Listed Company | 57,089,705.57 | 61,128,650.53 | -6.61 | | Net Profit Attributable to Shareholders of the Listed Company after Deducting Non-recurring Gains and Losses | 56,545,859.19 | 59,593,480.52 | -5.11 | | Net Cash Flow from Operating Activities | 17,458,120.44 | 67,939,100.52 | -74.30 | | Basic Earnings Per Share (Yuan/Share) | 0.1929 | 0.2065 | -6.59 | | Diluted Earnings Per Share (Yuan/Share) | 0.1929 | 0.2065 | -6.59 | | Weighted Average Return on Equity | 3.97 | 4.53 | -0.56 | | Period-End Indicators | End of Current Period (Yuan) | End of Prior Year (Yuan) | Change from Prior Year-End (%) | | Total Assets | 1,586,274,757.80 | 1,599,034,040.32 | -0.80 | | Net Assets Attributable to Shareholders of the Listed Company | 1,433,830,344.41 | 1,416,136,559.78 | 1.25 | Differences in Accounting Data under Domestic and Foreign Accounting Standards There were no discrepancies in net profit or net assets between financial reports prepared under IFRS or other foreign accounting standards and those prepared under Chinese Accounting Standards - The company has no discrepancies in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards20 - The company has no discrepancies in net profit and net assets between financial reports disclosed under foreign accounting standards and Chinese Accounting Standards21 Non-recurring Gains and Losses Items and Amounts Non-recurring gains and losses for the reporting period totaled 543,846.38 Yuan, primarily from government grants, non-operating income, and gains or losses on the disposal of non-current assets Non-recurring Gains and Losses Items and Amounts for H1 2025 | Item | Amount (Yuan) | | :--- | :--- | | Gains and losses on disposal of non-current assets (including write-offs of asset impairment provisions) | -135,938.51 | | Government grants recognized in current profit or loss (excluding those closely related to the company's normal business operations, conforming to national policies, and enjoyed continuously based on certain standards) | 658,338.61 | | Other non-operating income and expenses besides the above items | 121,363.39 | | Less: Income tax effect | 97,281.65 | | Minority interest effect (after tax) | 2,635.46 | | Total | 543,846.38 | - The company has no other profit or loss items that meet the definition of non-recurring gains and losses, nor does it classify any non-recurring items as recurring24 Management Discussion and Analysis Principal Business Activities During the Reporting Period The company engages in the R&D, production, and sales of electrostatic imaging consumables and equipment for printing and copying, with products including toner, OPC drums, and information security copiers - The company's main business is the R&D, production, and sale of electrostatic imaging consumables and equipment for printing and copying28 - Key products include toner, OPC drums, information security copiers, and special precision-machined products28 - The company is one of the few domestic enterprises capable of large-scale production of both toner and OPC drums, playing a significant role in the localization of consumables28 Industry Development The printing and copying electrostatic imaging consumables industry is characterized by stable development and intense competition, with domestic technology breakthroughs driving market concentration, while the information security copier market is expanding due to national security emphasis - The printing and copying electrostatic imaging consumables industry is developing steadily with intense competition, as domestic technology and product quality continue to advance26 - Information security copiers are poised for better development opportunities, driven by growing information security demands in military and government sectors27 Company's Main Business The company specializes in the R&D, production, and sales of electrostatic imaging consumables and equipment, being one of the first domestic enterprises to achieve localization and industrialization of OPC drums and toner, with products known for wide compatibility and stable quality serving a global customer base - The company's main business involves the R&D, production, and sale of electrostatic imaging consumables and equipment, with core products being toner and OPC drums28 - The company was one of the first in China to achieve domestic production and industrialization of OPC drums and an early domestic producer of toner28 - The company's toner products offer wide compatibility and stable quality, serving markets across China, Europe, North America, South America, and Southeast Asia2829 Company's Main Products The company's main products include toner, OPC drums, information security copiers, and special precision-machined products, with toner and OPC drums being core consumables for electrostatic imaging equipment - The company's main products are toner, OPC drums, information security copiers, and special precision-machined products30 - Toner products include over 100 models in 18 series, compatible with mainstream printer and copier brands, and the company has the capability to produce color toner3132 - OPC drum products cover various specifications with over 200 models in 16 series, serving as key imaging components in electrostatic imaging equipment38 - The information security copier business includes security-enhanced and information-safe multifunction devices, primarily supplied to government agencies, the military, and defense contractors39 - Special precision-machined products are mainly supporting components for military equipment41 Main Business Models and Influencing Factors The company employs a market-based procurement model, a production model driven by orders and forecasts with minimal outsourcing, and a sales model combining direct sales and OEM for consumables, and direct sales and distribution for security copiers, with no major changes in the reporting period - The company's procurement model is market-based, with key raw materials including resin, magnetic powder, and aluminum tubes42 - The production model is based on existing product manufacturing, sales, and market order demand, with a small amount of outsourcing42 - Sales models include direct sales and OEM for toner and OPC drums, and direct sales and distribution for information security copiers42 - During the reporting period, there were no significant changes to the company's business models or their key influencing factors43 Company's Market Position As one of the earliest domestic enterprises in the printing and copying consumables industry, the company leads in the localization of OPC drums and toner, establishing itself as a major domestic producer of black toner and OPC drums with a diverse product portfolio - The company is one of the earliest domestic enterprises in the printing and copying electrostatic imaging consumables and equipment business, pioneering the localization and industrialization of OPC drums44 - The company is one of the few domestic enterprises capable of large-scale production of both toner and OPC drums, and is a major domestic producer of black toner44 - The company's product portfolio includes 18 series of toner with over 100 models and 16 series of OPC drums with over 200 models, covering most mainstream machine types44 Operating Performance in H1 2025 In H1 2025, the company achieved operating revenue of 595 million Yuan, a 4.01% YoY increase, while net profit attributable to shareholders decreased by 6.61% to 57.09 million Yuan, as the company focused on its core business, R&D, and market expansion Operating Performance in H1 2025 | Indicator | Amount (10k Yuan) | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | 59,463.99 | 4.01 | | Net Profit Attributable to Shareholders of the Listed Company | 5,708.97 | -6.61 | - In H1, the company's R&D investment was 25.51 million Yuan, a YoY increase of 3.03%, continuously advancing new product development and performance enhancement46 - The company adjusted its organizational structure, formulated policies like the "Dual Improvement of Quality and Returns" action plan, and promoted technical upgrades and lean management to enhance production efficiency and energy utilization47 Core Competitiveness Analysis The company's core competitiveness lies in its technology R&D, national brand status, product synergy, quality and cost advantages, and lean management, enabling it to maintain a leading market position - The company prioritizes technological innovation, with 142 R&D personnel and an R&D investment of 25.51 million Yuan in H1 2025, a 3.03% YoY increase4849 - The company holds 35 authorized patents (17 invention, 18 utility model) and 15 software copyrights, mastering a series of advanced core technologies for OPC drums and toner4950 - As a key representative of the national brand for toner and OPC drums, the company has a strong market position and brand influence in the localization process52 - The company is one of the few domestic enterprises capable of large-scale production of both toner and OPC drums, achieving strong synergies through product matching53 - The company reduces costs through economies of scale, technological improvements, and domestic substitution, while ensuring stable product quality via a comprehensive quality management system54 - Centered on lean manufacturing, the company continuously improves its lean management system to enhance product competitiveness through process optimization, formula improvements, and equipment upgrades54 Main Business Analysis During the reporting period, operating revenue increased by 4.01%, while net profit attributable to parent company decreased by 6.61%, with a significant 74.30% drop in net cash flow from operating activities due to reduced cash receipts from sales YoY Changes in Key Financial Data | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 594,639,928.11 | 571,715,774.57 | 4.01 | | | Operating Costs | 478,211,227.13 | 458,516,364.05 | 4.30 | | | Selling Expenses | 6,424,946.94 | 7,013,274.76 | -8.39 | | | Administrative Expenses | 16,635,908.46 | 16,892,557.77 | -1.52 | | | Financial Expenses | -1,720,062.13 | -1,713,323.49 | -0.39 | | | Income Tax Expense | 8,665,360.11 | 6,818,315.49 | 27.09 | | | R&D Investment | 25,512,924.83 | 24,762,935.02 | 3.03 | | | Net Cash Flow from Operating Activities | 17,458,120.44 | 67,939,100.52 | -74.30 | Mainly due to a decrease in cash received from sales of goods and rendering of services | | Net Cash Flow from Investing Activities | -15,545,396.56 | -4,075,267.50 | -281.46 | Mainly due to an increase in expenditure on the acquisition of fixed assets | | Net Cash Flow from Financing Activities | -41,512,862.24 | -31,317,620.19 | -32.55 | Mainly due to an increase in cash paid for distribution of dividends, profits, or payment of interest | | Net Increase in Cash and Cash Equivalents | -39,744,992.24 | 32,569,857.73 | -222.03 | Mainly due to a decrease in net cash flow from operating activities and an increase in expenditures from investing and financing activities | Products or Services Accounting for Over 10% of Revenue | By Product or Service | Operating Revenue | Operating Costs | Gross Margin | YoY Change in Operating Revenue (%) | YoY Change in Operating Costs (%) | YoY Change in Gross Margin (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Electrostatic Imaging Equipment and Consumables Industry | 563,744,863.35 | 454,184,536.38 | 19.43 | 0.03 | 0.32 | -0.23 | | By Region | | | | | | | | Overseas | 84,782,753.04 | 62,757,621.62 | 25.98 | 7.07 | 8.92 | -1.26 | | Domestic | 478,962,110.31 | 391,426,914.76 | 18.28 | -1.12 | -0.94 | -0.15 | - There were no significant changes in the company's profit composition or sources of profit during the reporting period58 Non-Main Business Analysis Non-main business activities had a minor impact on total profit, primarily comprising non-operating income (write-offs of accounts payable), non-operating expenses (deductions of security deposits), and credit impairment losses (provision for bad debts on accounts receivable), none of which are sustainable Non-Main Business Analysis for H1 2025 | Item | Amount (Yuan) | % of Total Profit | Reason | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Non-operating Income | 121,401.69 | 0.18 | Write-offs of accounts payable | No | | Non-operating Expenses | 38.30 | 0.00 | Deductions of security deposits | No | | Credit Impairment Loss (loss shown with "-") | -1,707,990.09 | -2.54 | Provision for bad debts on accounts receivable | No | Analysis of Assets and Liabilities At the end of the reporting period, total assets slightly decreased while net assets attributable to shareholders increased, with notable shifts in asset composition including a decrease in cash and an increase in accounts receivable and construction in progress Significant Changes in Asset Composition | Item | End of Current Period (Yuan) | % of Total Assets | End of Prior Year (Yuan) | % of Total Assets | Change in Proportion (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 627,398,278.95 | 39.55 | 663,398,947.89 | 41.49 | -1.94 | | Accounts Receivable | 164,296,599.99 | 10.36 | 111,441,081.07 | 6.97 | 3.39 | | Inventory | 234,367,603.19 | 14.77 | 241,475,551.89 | 15.10 | -0.33 | | Fixed Assets | 325,559,741.85 | 20.52 | 341,688,473.96 | 21.37 | -0.85 | | Construction in Progress | 14,775,869.11 | 0.93 | 4,245,488.43 | 0.27 | 0.66 | | Right-of-use Assets | 3,946,974.67 | 0.25 | 4,846,579.29 | 0.30 | -0.05 | | Contract Liabilities | 19,207,053.83 | 1.21 | 41,324,822.25 | 2.58 | -1.37 | | Lease Liabilities | 1,589,723.82 | 0.10 | 2,670,645.90 | 0.17 | -0.07 | - As of the end of the reporting period, the company's restricted cash and cash equivalents amounted to 5,672,768.93 Yuan, primarily consisting of interest on time deposits and letters of credit margins65 Investment Analysis The company's investment amount increased by 284.11% YoY, with a cumulative use of 132.44 million Yuan from raised funds, representing a 43.66% utilization rate, while several fundraising projects have been delayed Investment Amount During the Reporting Period | Indicator | Investment Amount in Current Period (Yuan) | Investment Amount in Prior Year Period (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Investment Amount | 14,099,247.22 | 3,670,635.12 | 284.11 | - As of June 30, 2025, the company had cumulatively used 132.44 million Yuan of raised funds, with a utilization rate of 43.66%71 - The remaining balance of raised funds is 185.59 million Yuan, of which 175.00 million Yuan is used for cash management through large-denomination bank certificates of deposit71 - The "Color Toner Project", "Laser Organic Photoconductor Drum Project", and "Engineering Technology Research Center Project" have all been delayed, with actual investment progress deviating from the original plan7475 - The "Black Toner Project" has a surplus of 5.80 million Yuan in raised funds, mainly due to strict management and cost control in procurement76 Use of Raised Funds The company's initial public offering raised a net amount of 303.36 million Yuan, of which 132.44 million Yuan (43.66%) had been used by June 30, 2025, with several key projects, including color toner and laser OPC drums, postponed to December 31, 2025 Overall Use of Raised Funds | Fundraising Year | Fundraising Method | Net Raised Funds (10k Yuan) | Raised Funds Used This Period (10k Yuan) | Cumulative Raised Funds Used (10k Yuan) | Utilization Rate at Period-End (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | 2020 | Initial Public Offering | 30,336.24 | 6.80 | 13,244.49 | 43.66 | - As of June 30, 2025, the balance of raised funds was 185.59 million Yuan, with 175.00 million Yuan used for cash management and 10.59 million Yuan held in special accounts7176 - The scheduled completion dates for the "Color Toner Project", "Laser Organic Photoconductor Drum Project", and "Engineering Technology Research Center Project" have all been extended to December 31, 20257475 - The "Black Toner Project" had a committed investment of 19.81 million Yuan and has a surplus of 5.80 million Yuan as of the period-end76 Analysis of Major Holding and Participating Companies The company's main subsidiaries, Handan Hanguang Office Automation Consumables Co, Ltd and CSSC Hanguang (Fuzhou) Information Technology Co, Ltd, were both profitable during the reporting period, with the former contributing 34.01 million Yuan in net profit Financials of Major Subsidiaries | Company Name | Company Type | Main Business | Registered Capital (Yuan) | Total Assets (Yuan) | Net Assets (Yuan) | Operating Revenue (Yuan) | Operating Profit (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Handan Hanguang Office Automation Consumables Co, Ltd | Subsidiary | Development, production, and sales of office consumables | 250,000,000.00 | 703,323,710.94 | 497,168,020.61 | 401,812,508.34 | 39,131,552.24 | 34,014,209.69 | | CSSC Hanguang (Fuzhou) Information Technology Co, Ltd | Subsidiary | Sales of office supplies | 15,000,000.00 | 50,672,307.60 | 32,602,402.90 | 56,841,534.60 | 3,705,336.77 | 2,784,381.07 | - The company did not acquire or dispose of any subsidiaries during the reporting period84 Risks and Countermeasures The company faces risks from intensified market competition, intellectual property disputes, and raw material price volatility, which it plans to mitigate through increased R&D, product upgrades, innovative sales strategies, and enhanced procurement management - Intensified Market Competition Risk: Fierce competition in the downstream toner cartridge manufacturing industry may adversely affect the prices of toner and OPC drums, and competition in the information security copier market is also increasing85 - Countermeasures: Increase R&D investment, accelerate product upgrades, optimize production processes, seek low-cost alternative raw materials, innovate sales methods, and strengthen sales channel construction86 - Intellectual Property Risk: The industry has high technical barriers, and internationally renowned companies are strengthening intellectual property protection, potentially exposing the company to litigation risks86 - Countermeasures: Continue to actively protect intellectual property, align risk prevention with R&D, emphasize differentiated development, and actively seek patent protection87 - Raw Material Price Fluctuation Risk: Significant future fluctuations in raw material prices could adversely affect the company's profitability88 - Countermeasures: Continuously strengthen procurement management, control purchasing costs, and seek more suppliers88 Record of Investor Relations Activities During the reporting period, the company actively engaged in investor relations by participating in online performance briefings for 2024 and Q1 2025, and promptly responding to investor inquiries, thereby enhancing its investor relations management - On April 29, 2025, the company participated in the 2024 annual online performance briefing via an online platform89 - On May 20, 2025, the company participated in the CSSC Group's 2024 annual and Q1 2025 collective performance briefing89 Establishment and Implementation of Market Value Management System and Valuation Enhancement Plan The company has established the "CSSC Hanguang Science & Technology Co, Ltd Market Value Management System" to regulate market value management activities and enhance investment value, which was approved by the Board of Directors on June 25, 2025 - The company has formulated the "CSSC Hanguang Science & Technology Co, Ltd Market Value Management System," which was approved by the Board of Directors on June 25, 202590 - The system aims to standardize the company's market value management practices, strengthen related efforts, enhance investment value, and increase investor returns90 Implementation of the "Dual Improvement of Quality and Returns" Action Plan The company has disclosed its "Dual Improvement of Quality and Returns" action plan, aiming to enhance corporate quality and investment value, with significant progress made in focusing on the main business, R&D, governance, and shareholder returns - The company has disclosed its "Dual Improvement of Quality and Returns" action plan, which covers focusing on the core business, strengthening R&D, improving corporate governance, enhancing information disclosure, and prioritizing shareholder returns9192 - During the reporting period, the company achieved operating revenue of 594.64 million Yuan and net profit attributable to shareholders of 57.09 million Yuan, indicating continuous improvement in operational quality93 - The company's R&D investment reached 25.51 million Yuan, a 3.03% YoY increase, reflecting a continued focus on technological breakthroughs and innovation94 - The company adjusted its organizational structure, formulated multiple policies, and strengthened the role of independent directors to enhance corporate governance effectiveness95 - The company issued 44 announcements, held performance briefings, and responded to 63 investor inquiries, improving information disclosure quality and investor relations management96 - The company completed its 2024 profit distribution, paying a cash dividend of 1.36 Yuan per 10 shares (tax inclusive), totaling 40.26 million Yuan, which represents 32.48% of the 2024 net profit attributable to the parent company97 Corporate Governance, Environment, and Society Changes in Directors, Supervisors, and Senior Management During the reporting period, Deputy General Manager Li Anzhou resigned on March 6, 2025, due to a work transfer - Deputy General Manager Li Anzhou resigned on March 6, 2025, due to a work transfer99 Profit Distribution and Capitalization of Capital Reserves for the Reporting Period The company does not plan to distribute cash dividends, issue bonus shares, or increase share capital from capital reserves for the current semi-annual period - The company plans not to distribute cash dividends, issue bonus shares, or increase share capital from capital reserves for the semi-annual period100 Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company did not implement any equity incentive plans, employee stock ownership plans, or other employee incentive measures 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 period101 Environmental Information Disclosure The company and its main subsidiaries, CSSC Hanguang Science & Technology Co, Ltd and Handan Hanguang Office Automation Consumables Co, Ltd, are included in the list of enterprises required to disclose environmental information and have made such information publicly available - The company and its main subsidiaries (CSSC Hanguang Science & Technology Co, Ltd, Handan Hanguang Office Automation Consumables Co, Ltd) are included in the list of enterprises required to disclose environmental information102 - Both companies have publicly disclosed environmental information, which can be accessed at http://121.29.48.71:8080[102](index=102&type=chunk) Social Responsibility The company actively fulfilled its social responsibilities by protecting employee rights, ensuring production safety and occupational health, supporting rural revitalization, and safeguarding the interests of stakeholders including suppliers, customers, and investors - The company prioritizes the protection of employee rights, strictly adheres to labor laws, and provides social insurance and housing provident funds for its employees103 - The company rigorously implements safety production and occupational health management systems and actively supports rural economic development through consumption-based poverty alleviation103 - The company adheres to principles of equality and mutual benefit to protect the rights of suppliers and customers, and safeguards shareholder and investor interests through a sound corporate governance system103 Significant Matters Fulfillment of Commitments During the reporting period, there were no commitments from the company's actual controller, shareholders, related parties, or the company itself that were completed or overdue - There were no commitments from the company's actual controller, shareholders, related parties, acquirers, or the company itself that were fulfilled or remained unfulfilled past their deadlines during the reporting period105 Non-operating Fund Occupation by Controlling Shareholders and Other Related Parties There were no instances of non-operating fund occupation by the controlling shareholder or other related parties during the reporting period - There were no instances of non-operating fund occupation by the controlling shareholder or other related parties during the reporting period106 Irregular External Guarantees The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period107 Appointment and Dismissal of Accounting Firm The company's semi-annual financial report has not been audited - The company's semi-annual report has not been audited108 Explanation from the Board of Directors, Supervisory Committee, and Audit Committee on the "Non-standard Audit Report" for the Current Period There was no "non-standard audit report" issued by the accounting firm for the current reporting period - There was no "non-standard audit report" issued by the accounting firm for the current reporting period109 Explanation from the Board of Directors on the "Non-standard Audit Report" of the Previous Year There is no explanation regarding a "non-standard audit report" from the previous year as it is not applicable - There is no explanation regarding a "non-standard audit report" from the previous year109 Bankruptcy and Reorganization Matters The company did not undergo any bankruptcy or reorganization procedures during the reporting period - The company did not undergo any bankruptcy or reorganization procedures during the reporting period109 Litigation Matters The company had no major litigation or arbitration during the reporting period, but has an unresolved payment dispute of 2.61 million Yuan with Zhuhai Lianjin Electronic Technology Co, Ltd, where the company won the case but has not received payment as the counterparty's bankruptcy proceedings have concluded - The company had no major litigation or arbitration matters during the reporting period110 - In a payment dispute of 2.61 million Yuan with Zhuhai Lianjin Electronic Technology Co, Ltd, the company won the initial lawsuit but has not received payment as the counterparty has no assets for enforcement and its bankruptcy liquidation has concluded111 Penalties and Rectifications The company was not subject to any penalties or rectifications during the reporting period - The company was not subject to any penalties or rectifications during the reporting period112 Integrity Status of the Company, its Controlling Shareholder, and Actual Controller There were no issues concerning the integrity of the company, its controlling shareholder, or its actual controller during the reporting period - There were no issues concerning the integrity of the company, its controlling shareholder, or its actual controller during the reporting period113 Significant Related-Party Transactions The company had no significant related-party transactions related to daily operations, asset acquisitions, or joint investments, but maintained financial service transactions, including deposits and credit lines, with CSSC Finance Company Limited - The company had no related-party transactions related to daily operations, asset or equity acquisitions/disposals, joint investments, or related-party debts during the reporting period113114115116 Related-Party Financial Business with CSSC Finance Company Limited | Business Type | Related Party | Relationship | Daily Max Deposit/Loan Limit (10k Yuan) | Deposit/Loan Interest Rate Range | Amount Incurred This Period (10k Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Deposit Business | CSSC Finance Company Limited | Same ultimate controlling party | 200,000 | 0.06%-1.65% | 46,606.88 (Opening Balance) | | Credit Business | CSSC Finance Company Limited | Same ultimate controlling party | 30,500 | | 478.35 (Actual Amount) | - There were no deposits, loans, credit lines, or other financial transactions between the company's controlled finance company and any related parties118 Significant Contracts and Their Performance The company had no custody or contracting arrangements but engaged in several property leases to support business operations, with no other significant guarantees or major contracts during the reporting period - The company had no custody arrangements during the reporting period121 - The company had no contracting arrangements during the reporting period122 - During the reporting period, the company and its subsidiaries entered into lease agreements in Handan, Fuzhou, Zhongshan, and Zhuhai, but none of these leases generated profit or loss exceeding 10% of the company's total profit123 - The company had no significant guarantees during the reporting period124 - The company had no significant ordinary course of business contracts or other major contracts during the reporting period125 Explanation of Other Significant Matters There were no other significant matters requiring explanation during the reporting period - There were no other significant matters requiring explanation during the reporting period126 Significant Matters of Subsidiaries There were no significant matters concerning the company's subsidiaries during the reporting period - There were no significant matters concerning the company's subsidiaries during the reporting period127 Share Capital Changes and Shareholder Information Changes in Share Capital The company's total number of shares and share capital structure remained unchanged during the reporting period, with all 296,010,000 shares being unrestricted Changes in Share Capital | Share Type | Quantity Before Change (Shares) | Proportion Before Change (%) | Change (+/-) (Shares) | Quantity After Change (Shares) | Proportion After Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 0 | 0.00 | 0 | 0 | 0.00 | | II. Unrestricted Shares | 296,010,000 | 100.00 | 0 | 296,010,000 | 100.00 | | 1. RMB Ordinary Shares | 296,010,000 | 100.00 | 0 | 296,010,000 | 100.00 | | III. Total Shares | 296,010,000 | 100.00 | 0 | 296,010,000 | 100.00 | - During the reporting period, there were no changes related to the reasons for share capital changes, approvals, transfers, share buybacks, or their impact on financial indicators131 Securities Issuance and Listing The company did not issue or list any securities during the reporting period - The company did not issue or list any securities during the reporting period131 Number of Shareholders and Shareholding Status At the end of the reporting period, the total number of ordinary shareholders was 25,949, with the top five shareholders being state-owned legal entities, led by Hebei Hanguang Heavy Industry Co, Ltd with a 26.89% stake - At the end of the reporting period, the total number of ordinary shareholders was 25,949132 Shareholdings of Shareholders with Over 5% or Top 10 Shareholders | Shareholder Name | Shareholder Type | Shareholding Ratio (%) | Number of Shares at Period-End | Change During Period (Shares) | Number of Unrestricted Shares | Share Status | Quantity (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hebei Hanguang Heavy Industry Co, Ltd | State-owned Legal Entity | 26.89 | 79,605,362.00 | 0.00 | 79,605,362.00 | N/A | 0.00 | | CSSC Technology Investment Co, Ltd | State-owned Legal Entity | 12.73 | 37,689,750.00 | 0.00 | 37,689,750.00 | N/A | 0.00 | | CSSC Capital Holding (Tianjin) Co, Ltd | State-owned Legal Entity | 9.35 | 27,688,500.00 | 0.00 | 27,688,500.00 | N/A | 0.00 | | Handan Industrial Investment Group Co, Ltd | State-owned Legal Entity | 7.75 | 22,932,000.00 | 0.00 | 22,932,000.00 | Pledged | 8,500,000.00 | | Institute of Chemistry, Chinese Academy of Sciences | State-owned Legal Entity | 5.36 | 15,860,250.00 | 0.00 | 15,860,250.00 | N/A | 0.00 | - China State Shipbuilding Corporation Limited directly or indirectly controls Hebei Hanguang Heavy Industry Co, Ltd, CSSC Technology Investment Co, Ltd, and CSSC Capital Holding (Tianjin) Co, Ltd134 Changes in Shareholdings of Directors, Supervisors, and Senior Management There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period135 Changes in Controlling Shareholder or Actual Controller There were no changes in the company's controlling shareholder or actual controller during the reporting period - The company's controlling shareholder did not change during the reporting period136 - The company's actual controller did not change during the reporting period137 Information on Preferred Shares The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period138 Bond-related Matters Bond-related Matters The company had no bond-related matters during the reporting period - The company had no bond-related matters during the reporting period140 Financial Report Audit Report The company's semi-annual financial report has not been audited - The company's semi-annual financial report has not been audited142 Financial Statements This section provides the consolidated and parent company financial statements for H1 2025, including the balance sheet, income statement, cash flow statement, and statement of changes in owner's equity - The financial statements include the consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owner's equity143147151155159161163170 Consolidated Balance Sheet As of June 30, 2025, the company's consolidated total assets were 1.59 billion Yuan, a slight decrease from the beginning of the period, while total liabilities decreased to 136 million Yuan, and equity attributable to the parent company increased to 1.43 billion Yuan Key Data from the Consolidated Balance Sheet | Item | Closing Balance (Yuan) | Opening Balance (Yuan) | | :--- | :--- | :--- | | Total Assets | 1,586,274,757.80 | 1,599,034,040.32 | | Total Liabilities | 136,489,451.03 | 168,306,685.16 | | Total Equity Attributable to Parent Company | 1,433,830,344.41 | 1,416,136,559.78 | | Total Owner's Equity | 1,449,785,306.77 | 1,430,727,355.16 | Consolidated Income Statement In H1 2025, the company achieved a total operating revenue of 595 million Yuan, a 4.01% YoY increase, while net profit decreased by 7.14% to 58.45 million Yuan, and net profit attributable to the parent company fell by 6.61% to 57.09 million Yuan Key Data from the Consolidated Income Statement | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 594,639,928.11 | 571,715,774.57 | | Total Operating Costs | 530,357,447.36 | 510,061,700.11 | | Operating Profit | 66,997,869.27 | 69,424,888.42 | | Total Profit | 67,119,232.66 | 69,764,787.48 | | Net Profit | 58,453,872.55 | 62,946,471.99 | | Net Profit Attributable to Parent Company Shareholders | 57,089,705.57 | 61,128,650.53 | | Basic Earnings Per Share | 0.1929 | 0.2065 | | Diluted Earnings Per Share | 0.1929 | 0.2065 | Consolidated Cash Flow Statement In H1 2025, net cash flow from operating activities was 17.46 million Yuan, a significant 74.30% YoY decrease, while net cash outflows from investing and financing activities led to a net decrease in cash and cash equivalents of 39.74 million Yuan Key Data from the Consolidated Cash Flow Statement | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 17,458,120.44 | 67,939,100.52 | | Net Cash Flow from Investing Activities | -15,545,396.56 | -4,075,267.50 | | Net Cash Flow from Financing Activities | -41,512,862.24 | -31,317,620.19 | | Net Increase in Cash and Cash Equivalents | -39,744,992.24 | 32,569,857.73 | | Closing Balance of Cash and Cash Equivalents | 621,725,510.02 | 540,767,772.55 | Company Basic Information The company, formerly Handan Guangdao Heavy Industry High-Tech Co, Ltd, was renamed CSSC Hanguang Science & Technology Co, Ltd in May 2023, with a registered capital of 296.01 million Yuan and a business scope covering optoelectronic materials and related products - The company was renamed CSSC Hanguang Science & Technology Co, Ltd in May 2023177 - The company's registered capital is 296.01 million Yuan, and its main business includes the R&D, production, and sale of optoelectronic materials and related products178 - The scope of the consolidated financial statements includes Handan Hanguang Office Automation Consumables Co, Ltd and CSSC Hanguang (Fuzhou) Information Technology Co, Ltd180 Significant Accounting Policies and Estimates This section details the company's significant accounting policies and estimates, including compliance with accounting standards, accounting period, operating cycle, functional currency, business combinations, financial instruments, revenue recognition, and government grants - The company's financial statements comply with the Enterprise Accounting Standards issued by the Ministry of Finance, prepared on a going concern basis using the accrual basis and historical cost measurement181183184 - The company classifies financial assets into three categories: measured at amortized cost, measured at fair value through other comprehensive income, and measured at fair value through profit or loss, with detailed methods for recognizing impairment provisions208215216217 - The company's revenue recognition principle is to recognize revenue when the customer obtains control of the relevant goods, with specific methods disclosed based on business type252253254 - The company classifies government grants as either asset-related or income-related and accounts for them based on government documents or specific project budgets257258259 Taxes The company's main taxes include VAT, Urban Maintenance and Construction Tax, and Corporate Income Tax, with the company and its subsidiaries benefiting from a 15% preferential corporate income tax rate as high-tech enterprises and other tax incentives Main Taxes and Tax Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | The output tax is calculated based on the sales revenue of goods and taxable services as stipulated by tax law, and the difference after deducting the allowable input tax for the current period is the VAT payable | 0%, 9%, 13% | | Urban Maintenance and Construction Tax | Based on the actual VAT paid | 7% | | Corporate Income Tax | Based on taxable income | 15%, 25% | | Education Surcharge | Based on the actual VAT paid | 3% | | Local Education Surcharge | Based on the actual VAT paid | 2% | - CSSC Hanguang Science & Technology Co, Ltd and Handan Hanguang Office Automation Consumables Co, Ltd, as high-tech enterprises, are eligible for a preferential corporate income tax rate of 15%269270 - The company benefits from the "exempt, credit, refund" tax policy for exported goods, with a 13% export tax rebate rate for organic photoconductor drums and toner products270271 - The company and its subsidiaries are eligible for the advanced manufacturing enterprise VAT super-deduction policy, allowing an additional 5% deduction based on the current period's deductible input tax271 Notes to Consolidated Financial Statement Items This section provides detailed disclosures on the closing and opening balances of items in the consolidated financial statements, including cash, accounts receivable, inventory, fixed assets, construction in progress, and revenue, with explanations for significant changes Composition of Cash and Cash Equivalents | Item | Closing Balance (Yuan) | Opening Balance (Yuan) | | :--- | :--- | :--- | | Bank Deposits | 211,176,403.15 | 196,940,216.62 | | Other Cash and Cash Equivalents | 4,433,810.60 | 389,945.64 | | Deposits in Finance Company | 411,788,065.20 | 466,068,785.63 | | Total | 627,398,278.95 | 663,398,947.89 | - The closing balance of accounts receivable was 164.30 million Yuan, an increase of 47.45% from the beginning of the period, with a bad debt provision rate of 8.70%289 - The closing balance of inventory was 234.37 million Yuan, a slight decrease from the beginning of the period, with a total inventory write-down provision of 2.58 million Yuan351355 - The closing balance of construction in progress was 14.78 million Yuan, a significant increase of 248.05% from the beginning of the period, mainly due to increased investment in minor technical upgrades for the toner production line399400 - The breakdown of operating revenue and costs shows that the electrostatic imaging equipment and consumables industry is the main source of income, with the domestic market contributing the majority of revenue486 R&D Expenditure In H1 2025, the company's total R&D expenditure was 25.51 million Yuan, all of which was expensed, with no R&D projects meeting the criteria for capitalization Composition of R&D Expenditure | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Direct Materials | 14,957,027.86 | 14,443,253.78 | | Direct Labor | 8,717,431.31 | 8,378,013.17 | | Manufacturing Overheads | 1,838,465.66 | 1,941,668.07 | | Total | 25,512,924.83 | 24,762,935.02 | | Of which: Expensed R&D Expenditure | 25,512,924.83 | 24,762,935.02 | - During the reporting period, the company had no R&D projects that met the criteria for capitalization530 Changes in the Scope of Consolidation There were no changes in the scope of consolidation during the reporting period resulting from business combinations, disposals of subsidiaries, or other events - There were no business combinations under non-common control during the period532 - There were no business combinations under common control during the period537 - There were no reverse acquisitions, disposals of subsidiaries, or other changes in the scope of consolidation during the period541 Interests in Other Entities The company's interests in subsidiaries show that CSSC Hanguang (Fuzhou) Information Technology Co, Ltd is a non-wholly-owned subsidiary with a 49% minority interest, and there were no significant joint ventures or associates Composition of the Enterprise Group | Subsidiary Name | Registered Capital (Yuan) | Principal Place of Business | Business Nature | Shareholding Ratio (Direct) | Method of Acquisition | | :--- | :--- | :--- | :--- | :--- | :--- | | CSSC Hanguang (Fuzhou) Information Technology Co, Ltd | 15,000,000.00 | Fuzhou, Fujian | Sales of office supplies | 51.00% | Investment establishment | | Handan Hanguang Office Automation Consumables Co, Ltd | 250,000,000.00 | Handan, Hebei | Development, production, and sales of office consumables | 100.00% | Acquired through business combination under common control | Financial Information of Significant Non-wholly-owned Subsidiaries | Subsidiary Name | Minority Interest Ratio (%) | Profit/Loss Attributable to Minority Interests This Period (Yuan) | Minority Interest Balance at Period-End (Yuan) | | :--- | :--- | :--- | :--- | | CSSC Hanguang (Fuzhou) Information Technology Co, Ltd | 49.00 | 1,364,166.98 | 15,954,962.36 | - The company had no transactions that resulted in a change in the ownership interest in a subsidiary while still retaining control546 - The company has no significant joint ventures or associates549 Government Grants During the reporting period, the company recognized a total of 0.66 million Yuan in government grants in current profit or loss, with a closing balance of 2.17 million Yuan in deferred income related to government grants Government Grants Recognized in Current Profit or Loss | Account | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Other Income | 658,338.61 | 1,527,803.82 | | Non-operating Income | | 223,583.90 | | Total | 658,338.61 | 1,751,387.72 | Liability Items Involving Government Grants | Account | Opening Balance (Yuan) | New Grants This Period (Yuan) | Recognized in Non-operating Income This Period (Yuan) | Transferred to Other Income This Period (Yuan) | Closing Balance (Yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 2,628,271.66 | | | 457,269.21 | 2,171,002.45 | Asset-related, Income-related | Risks Related to Financial Instruments The company's main financial instruments expose it to market risk (foreign exchange and interest rate), credit risk, and liquidity risk, which are managed through monitoring foreign currency transactions, assessing credit risk, and maintaining sufficient cash reserves - The company's main financial instruments, including receivables and payables, are exposed to market risk (foreign exchange, interest rate), credit risk, and liquidity risk559 - Foreign exchange risk is mainly related to the USD and JPY, and the company mitigates this by monitoring foreign currency transactions and asset/liability balances, without using forward contracts or currency swaps this period560 - The company had no interest rate risk during this period560 - Credit risk arises mainly from financial assets and is managed by placing funds with highly-rated banks and assessing credit risk by portfolio561 - Liquidity risk is managed by maintaining sufficient cash and cash equivalents and monitoring cash balances and forecasts563 - The company did not engage in any hedging activities during the reporting period565 Fair Value Disclosure This section discloses the closing fair values of assets and liabilities measured at fair value, explaining the determination methods and key inputs for Level 1, 2, and 3 fair value measurements, with no changes in valuation techniques during the period - This section discloses the closing fair values of assets and liabilities measured at fair value, though specific amounts are not listed in the summary568 - Fair value measurement projects use quoted prices in active markets or valuation techniques, prioritizing the use of observable inputs whenever possible214 - There were no changes in valuation techniques during the period568 Related Parties and Related-Party Transactions The company's parent is Hebei Hanguang Heavy Industry Co, Ltd, and its ultimate controller is China State Shipbuilding Corporation Limited, with significant related-party transactions involving procurement, sales, leasing, and financial services - The company's parent company is Hebei Hanguang Heavy Industry Co, Ltd, with a 26.89% shareholding, and the ultimate controlling party is China State Shipbuilding Corporation Limited569570 - The company engaged in related-party transactions for the purchase and sale of goods and services, with total purchases of 4.53 million Yuan and total sales of 25.65 million Yuan in the current period574576579 - As a lessee, the company paid 1.16 million Yuan in rent to Hebei Hanguang Heavy Industry Co, Ltd for property leases during the period582 - The company had related-party financial transactions with CSSC Finance Company Limited, earning 1.10 million Yuan in interest income591 - At the period-end, the balance of accounts receivable from related parties totaled 40.09 million Yuan, accounting for 22.28% of the total accounts receivable balance597 Share-based Payment The company had no share-based payment arrangements, including equity-settled or cash-settled plans, during the reporting period - The company had no overall share-based payment situation during the reporting period600 - The company had no equity-settled share-based payment arrangements during the reporting period600 - The company had no cash-settled share-based payment arrangements during the reporting period600 - The company incurred no share-based payment expenses during the reporting period600 - There were no modifications or terminations of share-based payment arrangements during the reporting period600 Commitments and Contingencies As of the balance sheet date, the company had no significant commitments or material contingencies to disclose - Significant commitments existing at the balance sheet date: None601 - The company has no significant contingencies to disclose601 Post-Balance Sheet Events The company had no significant non-adjusting events, profit distribution plans, or sales returns after the balance sheet date - The company had no significant non-adjusting events during the reporting period602 - The company had no profit distribution plans during the reporting period603 - The company had no sales returns during the reporting period603 Other Significant Matters The company had no prior period accounting error corrections, deb
中船汉光(300847) - 2025 Q2 - 季度财报