海伦哲(300201) - 2025 Q2 - 季度财报

Important Notes, Table of Contents, and Definitions This section outlines important disclaimers, the report's structure, and definitions of key terms for clarity Important Notes The Board of Directors, Supervisory Board, and senior management guarantee the report's accuracy and completeness, with no interim dividend distribution planned - The Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content, assuming legal responsibility[4] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[5] Table of Contents This report lists the main chapters of the company's semi-annual report, covering company profile, management discussion, governance, significant matters, share changes, bond information, and financial statements - The report includes eight main chapters: Company Profile, Management Discussion and Analysis, Corporate Governance, Significant Matters, Share Changes, Bond Information, and Financial Report[8] Definitions This section defines key terms like "Helen Zhe," "Haide Asset Management," "Graman," and "the reporting period" for clarity throughout the report Report Period Key Definitions | Definition Item | Definition Content | | :--- | :--- | | Helen Zhe, Company, This Company, Share Company | Xuzhou Helen Zhe Special Vehicle Co., Ltd. | | Haide Asset Management | Haide Asset Management Co., Ltd., Helen Zhe's largest shareholder | | Graman | Shanghai Graman International Fire Equipment Co., Ltd., Helen Zhe's wholly-owned subsidiary | | This Reporting Period, Reporting Period, This Period | January-June 2025 | Company Profile and Key Financial Indicators This section presents the company's basic information and a summary of its key financial performance and position for the reporting period Company Profile Xuzhou Helen Zhe Special Vehicle Co., Ltd., stock code 300201, is listed on the Shenzhen Stock Exchange, with Ding Bo as legal representative and Zhang Yanbo as Board Secretary Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Helen Zhe | | Stock Code | 300201 | | Stock Exchange | Shenzhen Stock Exchange | | Legal Representative | Ding Bo | - Board Secretary Zhang Yanbo, contact number 0516-87987729, email hlzzqb@xzhlz.com[18] Key Accounting Data and Financial Indicators In H1 2025, operating revenue grew by 53.86% to 802.88 million yuan, net profit attributable to shareholders increased by 63.42% to 83.67 million yuan, and basic EPS rose by 71.43% to 0.0888 yuan/share H1 2025 Key Accounting Data and Financial Indicators | Indicator | This Reporting Period (yuan) | Prior Year Period (yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 802,881,294.02 | 521,815,083.59 | 53.86% | | Net Profit Attributable to Shareholders of Listed Company | 83,671,095.99 | 51,198,648.85 | 63.42% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains/Losses) | 63,097,895.98 | 48,819,627.72 | 29.25% | | Net Cash Flow from Operating Activities | -70,465,767.67 | -106,909,742.15 | 34.09% | | Basic Earnings Per Share (yuan/share) | 0.0888 | 0.0518 | 71.43% | | Diluted Earnings Per Share (yuan/share) | 0.0888 | 0.0518 | 71.43% | | Weighted Average Return on Net Assets | 5.30% | 3.80% | 1.50% | H1 2025 Period-End Key Asset and Liability Indicators | Indicator | Period-End (yuan) | Prior Year-End (yuan) | Period-End vs. Prior Year-End Change | | :--- | :--- | :--- | :--- | | Total Assets | 2,547,790,790.79 | 2,581,091,901.96 | -1.29% | | Net Assets Attributable to Shareholders of Listed Company | 1,595,057,383.04 | 1,536,617,698.92 | 3.80% | Non-recurring Gains and Losses Items and Amounts In H1 2025, total non-recurring gains and losses amounted to 20.57 million yuan, primarily from disposal of non-current assets and government grants H1 2025 Non-recurring Gains and Losses Items and Amounts | Item | Amount (yuan) | Explanation | | :--- | :--- | :--- | | Gains or losses from disposal of non-current assets (including the write-off portion of asset impairment provisions) | 22,832,467.16 | | | Government grants recognized in current profit or loss (excluding those closely related to normal business operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss) | 67,003.12 | | | Other non-recurring gains and losses as defined | 258,032.29 | | | Less: Income tax impact | 2,588,395.98 | | | Minority interest impact (after tax) | -4,093.42 | | | Total | 20,573,200.01 | | - Other non-recurring gains and losses primarily include quality traceability payments received from suppliers and individual income tax handling fee refunds[27] Management Discussion and Analysis This section provides an in-depth analysis of the company's operations, financial performance, and future outlook for the reporting period Principal Business Activities During the Reporting Period The company focuses on high-end intelligent equipment manufacturing, driving growth through domestic market consolidation and international expansion in special vehicles, robots, and military industries - The company adheres to high-end intelligent equipment manufacturing as its development center, driven by solidifying the domestic market and vigorously expanding international markets, deeply cultivating special vehicles, special robots, and military intelligent equipment manufacturing[29] - The operational goal is to achieve "quadrupled operating performance and recreate another Helen Zhe" by 2025, transforming Helen Zhe into a leading enterprise in special intelligent equipment manufacturing[29] Industry Overview The company's special vehicle, robot, and military industries benefit from national policy support and stable market demand, driven by infrastructure, emergency response, and defense reforms - Demand in the special vehicle market is expected to maintain stable growth, driven by factors such as urban infrastructure construction, continuous power operation, and emergency rescue system development[30] - The special robot industry is supported by national policies, with application demand gradually being released, indicating broad market prospects[35] - The military industry is experiencing rapid growth in demand due to complex international political and military situations and national defense reforms[37] Main Products The company offers a diverse product portfolio including high-altitude operation vehicles, comprehensive power emergency support vehicles, emergency drainage vehicles, various fire rescue equipment, and military vehicles - High-altitude operation vehicle products cover working heights from 7 to 64 meters, dominating the market in intelligent, large-height, and insulated arm products[38] - Power emergency support vehicles provide a complete set of continuous power operation equipment, including small-power lightweight generators, low/medium voltage power vehicles, ultra-high power medium voltage power vehicles, UPS power vehicles, mobile energy storage vehicles, power engineering vehicles, and emergency lighting vehicles[43][46][48][51][55][56][58] - Emergency drainage and rescue vehicles have formed a series of products with drainage capacities from 500 m³/h to 6000 m³/h, recognized as a "2024 Safety Emergency Equipment Application Promotion Typical Case" by the Ministry of Industry and Information Technology[60] - Fire rescue equipment includes four major categories: tank, special, aerial, and fire robots, with the liquid nitrogen foam fire truck filling a domestic gap and high-altitude drone fire trucks already launched into the market[64] - Military products primarily include various decontamination vehicles, remote water supply vehicles, pollution suppression vehicles, fire trucks, and rescue robots, demonstrating strong market competitiveness[71] Business Model The company's business model is driven by market demand, centered on R&D innovation, differentiated custom design, flexible manufacturing, and refined service, with direct sales and bidding in domestic markets and a mix of direct and agency sales internationally - The business model is based on R&D innovation, centered on differentiated custom design, supported by flexible manufacturing, guaranteed by refined services, and guided by market demand[72] - Domestic market sales are primarily direct, mainly through product bidding; international markets combine direct sales and agency sales[76] - The production model combines "customized production" and "forecasted batch production" to shorten delivery times and quickly respond to market demand[75] - The R&D model focuses on differentiated custom design, providing innovative comprehensive solutions by deeply understanding customer needs[77] Key Initiatives in H1 In H1 2025, the company increased R&D, launched new products, saw significant growth in power market orders, secured 30 million yuan in overseas orders, improved supply chain efficiency, and divested Shanghai Liangji for 22 million yuan in investment income - Completed development of the GKJH40 large-height, high-voltage transmission insulated vehicle, developed and delivered the first domestic small lightweight power vehicle in batches, and completed the full series product layout for emergency drainage vehicles[79][80] - Power market robot insulated vehicle orders experienced explosive growth, exceeding 100 units; new overseas export orders amounted to approximately 30 million yuan, significantly surpassing last year's total[81] - Supply chain improvement efforts achieved good results, with rental blue-plate vehicle production capacity increasing by 25%, significantly enhancing overall sales order delivery capability and efficiency[82] - Completed the sale of 100% equity in Shanghai Liangji, generating approximately 22 million yuan in investment income[83] - Signed a strategic cooperation agreement with China Anneng Group South China Investment and Development Co., Ltd., focusing on in-depth cooperation in emergency equipment R&D, technology application, and market expansion[84] - Completed the 2024 annual cash dividend, distributing 0.3 yuan per 10 shares, totaling 29.85 million yuan[85] Key Factors Affecting Profit In H1 2025, total profit reached 98.88 million yuan and net profit attributable to parent was 83.67 million yuan, primarily driven by a 53.86% increase in operating revenue and an 870.74% surge in investment income from asset disposal, despite higher operating costs and expenses H1 2025 Profit Impact Factors | Indicator | Amount (10,000 yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 80,288.13 | 53.86% | Growth in high-altitude operation vehicle and fire truck revenue | | Operating Cost | 55,450.45 | 58.02% | Growth in high-altitude operation vehicle and fire truck costs | | Selling Expenses | 8,285.26 | 85.46% | Increase in market promotion expenses | | R&D Expenses | 3,769.18 | 63.25% | Increase in new product R&D investment | | Financial Expenses | 283.18 | 61.10% | Concentrated interest settlement for short-term borrowings | | Investment Income | 2,347.61 | 870.74% | Gain of 2,271.78 million yuan from selling 100% equity in Shanghai Liangji | | Credit Impairment Losses | -968.16 | Increased loss by 257.26 million yuan | Provision for bad debts on accounts receivable and other receivables | | Asset Impairment Losses | -379.30 | 100% | Provision for inventory depreciation | Core Competitiveness Analysis The company's core strengths include a clear strategic vision, leading positions in special vehicles, robots, and military sectors, strong customer relationships, and robust R&D capabilities as a national high-tech enterprise - The company's development strategy is clear, adhering to high-end intelligent equipment manufacturing as its development center, aiming to achieve "quadrupled operating performance and recreate another Helen Zhe" by 2025[89] - The special vehicle segment holds a high market share in high-altitude operation vehicles, with extremely strong competitiveness in insulated bucket trucks; wholly-owned subsidiary Graman is a "century-old brand" in the fire industry with leading technology[89] - The special robot industry started early, achieved many results, and has strong product competitiveness, leading in sub-segments such as special vehicle intelligence and robotization[90] - Military business, conducted by Graman, adheres to a "military priority, civil-military integration" strategy, with its developed and produced military equipment demonstrating strong market competitiveness[92] - The company possesses high-quality customer resources, with major clients being large state-owned enterprises and government-funded entities, establishing long-term, stable cooperative relationships[94] - As a national high-tech enterprise, as of June 30, 2025, the company has received 2 National Science and Technology Progress Second Prizes and 5 provincial/ministerial level Science and Technology Progress Awards; it holds 318 authorized valid patents, 40 registered software copyrights, and 7 PCT authorized international patents[95] - The company is a leading, major, or participating drafting unit for national or industry standards for high-altitude operation vehicles, aerial work platforms, power vehicles, power distribution vehicles, and fire trucks, consistently leading industry development in lightweight, large-height, intelligent, and insulated continuous power operation high-altitude vehicles[96] Main Business Analysis In H1 2025, main business revenue grew by 53.86% to 802.88 million yuan, driven by strong performance in high-altitude operation vehicles and military/fire trucks, despite a slight decrease in overall gross margin and negative operating cash flow Main Financial Data YoY Changes (H1 2025) | Indicator | This Reporting Period (yuan) | Prior Year Period (yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 802,881,294.02 | 521,815,083.59 | 53.86% | Primarily due to year-on-year growth of 183 million yuan in high-altitude operation vehicle segment revenue and 96 million yuan in fire truck segment revenue during the reporting period | | Operating Cost | 554,504,521.89 | 350,902,870.99 | 58.02% | Primarily due to year-on-year growth of 128 million yuan in high-altitude operation vehicle segment costs and 79 million yuan in fire truck segment costs during the reporting period | | Selling Expenses | 82,852,641.29 | 44,676,574.82 | 85.45% | Primarily due to increased market promotion expenses to achieve annual sales targets during the reporting period | | R&D Investment | 37,691,759.03 | 23,088,023.12 | 63.25% | Primarily due to increased new product R&D investment to adapt to market demand during the reporting period | | Net Cash Flow from Operating Activities | -70,465,767.67 | -106,909,742.15 | 34.09% | Primarily due to increased revenue leading to increased collections, while procurement expenditures, various taxes and fees, and paid deposits and various expenses also increased year-on-year with sales growth | | Net Cash Flow from Investing Activities | 35,630,670.57 | 49,995,021.26 | -28.73% | Primarily due to higher proceeds from disposal of subsidiaries and long-term assets in the prior year period | | Net Cash Flow from Financing Activities | -51,476,825.88 | -137,058,601.11 | 62.44% | Primarily due to payment for the acquisition of minority equity in Shanghai Liangji and higher payments for bank acceptance deposits and settlements in the prior year period | Products or Services Accounting for Over 10% (H1 2025) | Product or Service | Operating Revenue (yuan) | Operating Cost (yuan) | Gross Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | High-Altitude Operation Vehicles | 360,409,270.95 | 223,765,003.84 | 37.91% | 62.10% | 57.78% | 1.70% | | Power Vehicles | 167,430,000.02 | 118,390,878.82 | 29.29% | 45.98% | 40.84% | 2.58% | | Repair Vehicles | 21,180,707.93 | 14,333,554.25 | 32.33% | 112.52% | 116.49% | -1.24% | | Spare Parts Repair Training | 38,168,059.01 | 21,243,470.37 | 44.34% | -28.52% | 6.35% | -18.25% | | Military Products and Fire Trucks | 211,528,829.77 | 176,363,493.53 | 16.62% | 86.59% | 81.36% | 2.41% | | Other | 4,164,426.34 | 408,121.08 | 90.20% | -48.31% | -65.33% | 4.81% | | Total | 802,881,294.02 | 554,504,521.89 | 30.94% | 53.86% | 58.02% | -1.82% | Analysis of Assets and Liabilities As of June 2025, total assets were 2.55 billion yuan (down 1.29%), and net assets attributable to shareholders were 1.60 billion yuan (up 3.80%), with investment properties significantly increasing due to completed construction Significant Changes in Asset Composition (H1 2025 Period-End) | Item | Period-End (yuan) | % of Total Assets | Prior Year-End (yuan) | % of Total Assets | % Change | Significant Change Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 386,849,760.26 | 15.18% | 458,455,285.03 | 17.76% | -2.58% | | | Accounts Receivable | 927,180,187.50 | 36.39% | 943,938,375.66 | 36.57% | -0.18% | | | Inventories | 311,050,147.14 | 12.21% | 288,163,948.25 | 11.16% | 1.05% | | | Investment Properties | 158,979,549.26 | 6.24% | 19,519,318.38 | 0.76% | 5.48% | Primarily due to the transfer of Huizhou Lianshuo construction in progress upon completion and acceptance during the reporting period | | Long-term Equity Investments | 105,515,264.14 | 4.14% | 105,323,752.52 | 4.08% | 0.06% | | | Fixed Assets | 283,969,778.56 | 11.15% | 288,404,532.44 | 11.17% | -0.02% | | | Construction in Progress | 60,539.17 | 0.00% | 154,343,598.71 | 5.98% | -5.98% | Primarily due to the transfer out of Huizhou Lianshuo construction in progress upon completion and acceptance during the reporting period | | Short-term Borrowings | 255,876,906.11 | 10.04% | 267,985,938.40 | 10.38% | -0.34% | | | Contract Liabilities | 33,151,085.90 | 1.30% | 12,915,101.97 | 0.50% | 0.80% | | Restricted Asset Rights as of Period-End | Item | Period-End Book Value (yuan) | Reason for Restriction | | :--- | :--- | :--- | | Monetary Funds | 103,697,857.18 | Guarantees/Deposits | | Total | 103,697,857.18 | | Investment Analysis In H1 2025, the company's investment amounted to 5.79 million yuan, a 76.70% increase, with 150 million yuan in wealth management products fully recovered by period-end Reporting Period Investment Amount | Reporting Period Investment Amount (yuan) | Prior Year Period Investment Amount (yuan) | Change Rate | | :--- | :--- | :--- | | 5,792,401.43 | 3,278,037.74 | 76.70% | Overview of Wealth Management Products During the Reporting Period | Specific Type | Source of Funds for Wealth Management | Amount of Wealth Management (10,000 yuan) | Unmatured Balance (10,000 yuan) | Overdue Unrecovered Amount (10,000 yuan) | | :--- | :--- | :--- | :--- | :--- | | Other | Own Funds | 15,000 | 0 | 0 | Significant Asset and Equity Disposals On March 15, 2025, the company completed the sale of 100% equity in Shanghai Liangji Industrial Co., Ltd. for 48.29 million yuan, generating 20.20 million yuan in current period profit Disposal of Significant Equity | Counterparty | Equity Disposed | Disposal Date | Transaction Price (10,000 yuan) | Net Profit Contributed by Equity to Listed Company from Beginning of Period to Disposal Date (10,000 yuan) | Impact on Current Period Profit or Loss | Proportion of Net Profit Contributed by Equity Disposal to Total Net Profit | Implemented as Planned | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Tao Haoping, Liu Lei | 100% equity in Shanghai Liangji Industrial Co., Ltd. | March 15, 2025 | 4,829 | 39.41 | Upon completion of this transfer, it had a positive impact on the company's current period profit or loss, increasing the company's total profit by 2,019.63 million yuan. After this transfer, Shanghai Liangji is no longer included in the company's consolidated financial statements. Shanghai Liangji did not conduct actual operations, and this transfer will not have a significant impact on the company's main business operations. | 22.92% | Yes | Analysis of Major Holding and Participating Companies Wholly-owned subsidiary Shanghai Graman International Fire Equipment Co., Ltd. reported 212 million yuan in operating revenue and 0.39 million yuan in net profit, while the disposal of Shanghai Liangji contributed 20.20 million yuan to total profit Major Subsidiaries and Associates with Over 10% Impact on Company's Net Profit (H1 2025) | Company Name | Company Type | Main Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Graman International Fire Equipment Co., Ltd. | Subsidiary | Fire vehicles, military products, fire robots | 196,000,000.00 | 874,832,965.45 | 405,725,829.43 | 212,000,646.51 | 543,300.22 | 389,211.88 | Acquisition and Disposal of Subsidiaries During the Reporting Period | Company Name | Method of Acquisition and Disposal of Subsidiaries During the Reporting Period | Impact on Overall Production, Operations, and Performance | | :--- | :--- | :--- | | Shanghai Liangji Industrial Co., Ltd. | Disposal | Upon completion of this transfer, it had a positive impact on the company's current period profit or loss, increasing the company's total profit by 2,019.63 million yuan. After this transfer, Shanghai Liangji is no longer included in the company's consolidated financial statements. Shanghai Liangji did not conduct actual operations, and this transfer will not have a significant impact on the company's main business operations. | Risks Faced by the Company and Countermeasures The company faces risks from macroeconomic changes, market competition, high accounts receivable (1.034 billion yuan), and talent shortages, addressed by deepening client cooperation, technological leadership, cost reduction, market expansion, and talent development - Risk of macroeconomic environment changes: Slowing domestic and international economic growth may affect market demand. Countermeasures: Deepen customer cooperation, make market predictions, continuously innovate and accumulate technology, and deepen the layout of new products[120] - Risk of intensified market competition: Industry barriers are breaking down, and the market for low-priced products is growing. Countermeasures: Adhere to a "technology-leading differentiated" strategy, deploy mid-to-high-end products, reduce costs and increase efficiency, develop cost-effective rental products, and expand into emergency industries and overseas markets[121] - Risk of high accounts receivable: Accounts receivable balance at period-end was 1.034 billion yuan, accounting for 40.60% of total assets. Countermeasures: Optimize product structure, adjust sales strategies, select customers with good credit, intensify collection efforts, and take legal measures if necessary[121] - Risk of insufficient talent reserves: Company expansion and intensified industry competition lead to increased talent demand. Countermeasures: Strengthen internal talent selection and training, improve incentive mechanisms, externally recruit high-end talent, and build a high-quality employee talent pipeline[122] Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period On May 8, 2025, the company participated in an online performance briefing for the 2024 annual and Q1 2025 results, engaging with investors on its operations - On May 8, 2025, the company participated in the 2024 Annual and Q1 2025 Online Performance Briefing via the Panorama Roadshow platform, primarily discussing the company's production and operational status[124] Corporate Governance, Environment, and Society This section details the company's governance structure, profit distribution, employee incentives, and social responsibility initiatives Changes in Directors, Supervisors, and Senior Management During the reporting period, Ms. Ba Linjing was elected as an independent director on January 23, 2025, replacing Ms. Wang Chunhua who resigned for personal reasons Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Ba Linjing | Independent Director | Elected | January 23, 2025 | Work transfer | | Wang Chunhua | Independent Director | Resigned | January 23, 2025 | Personal reasons | Profit Distribution and Capital Reserve Conversion to Share Capital in This Reporting Period The company plans no cash dividend distribution, bonus shares, or capital reserve conversion to share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[127] Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The 2023 restricted stock incentive plan, involving 20.8 million shares at 1.93 yuan/share, is ongoing, with the first vesting period completed in October 2024 - The company's 2023 restricted stock incentive plan proposes to grant 20.8 million shares, with 16.64 million shares initially granted and 4.16 million shares reserved, at a grant price of 1.93 yuan/share (adjusted)[128][129] - On October 16, 2024, the company completed the vesting registration for the first vesting period of the initially granted portion of the 2023 restricted stock incentive plan[130] - There were no changes in the implementation of the equity incentive plan during this reporting period[131] Social Responsibility Performance The company prioritizes social responsibility, with its emergency rescue team actively participating in urban flood control, drainage, and drought relief efforts across 27 provinces and 67 cities for 788 days in H1 2025 - The company highly values fulfilling social responsibilities, adhering to technology leadership, safe development, caring for employees, maintaining workforce stability, paying employee social insurance and housing provident fund as required, and additionally providing supplementary medical insurance and enterprise annuities for employees[133] - The company's emergency power generation vehicles, bypass live-line operation vehicles, fire trucks, fire robots, and decontamination vehicles have been successfully applied in power assurance for major events like the SCO Summit, National Day Parade, G20 Summit, Winter Olympics, Universiade, Asian Games, and Asian Winter Games, as well as emergency rescue operations such as the Zhengzhou 720 flood, Sichuan power supply assurance, 812 Tianjin Port explosion, 312 Xiangshui explosion, and Tibet Rikaze earthquake[133] - During the reporting period, the company's emergency rescue team actively participated in urban flood control, drainage, and drought relief operations, providing services and assurance in 27 provinces and 67 cities, with a cumulative service input of 788 days[134] Significant Matters This section covers major legal proceedings, significant contracts, and external guarantees impacting the company Litigation Matters The company is involved in a major lawsuit seeking 241.81 million yuan in performance compensation and cash dividends from former shareholders, currently in the first instance civil stage, alongside other plaintiff and defendant lawsuits Major Litigation and Arbitration Matters | Basic Information of Litigation (Arbitration) | Amount Involved (10,000 yuan) | Provision for Liabilities Formed | Progress of Litigation (Arbitration) | | :--- | :--- | :--- | :--- | | The company filed a lawsuit with the Xuzhou Intermediate People's Court of Jiangsu Province, suing Yang Ya and 6 other former shareholders of Lianshuo Technology for performance compensation and return of cash dividends, etc. | 24,180.8 | No | Civil first instance | Other Litigation Matters | Basic Information of Litigation (Arbitration) | Amount Involved (10,000 yuan) | Provision for Liabilities Formed | | :--- | :--- | :--- | | Company or its subsidiaries as plaintiff | 2,316.35 | No | | Company or its subsidiaries as defendant | 1,573.6 | Yes, provision for liabilities of 38,000 yuan formed | Significant Contracts and Their Performance The company and its subsidiaries provided external guarantees totaling 29.16 million yuan to customers and 92.03 million yuan to subsidiaries, primarily Shanghai Graman, representing 7.60% of net assets External Guarantees by the Company and its Subsidiaries (Excluding Guarantees to Subsidiaries) | Name of Guaranteed Party | Guarantee Limit (10,000 yuan) | Actual Guarantee Amount (10,000 yuan) | Fulfilled | | :--- | :--- | :--- | :--- | | Customers | 15,000 | 2,916.28 | No | | Total Actual External Guarantee Balance at Period-End | 15,000 | 2,916.28 | | Company Guarantees to Subsidiaries | Name of Guaranteed Party | Guarantee Limit (10,000 yuan) | Actual Guarantee Amount (10,000 yuan) | Fulfilled | | :--- | :--- | :--- | :--- | | Shanghai Graman International Fire Equipment Co., Ltd. | 30,000 | 6,000 | No | | Shanghai Graman International Fire Equipment Co., Ltd. | 30,000 | 2,000 | No | | Shanghai Graman International Fire Equipment Co., Ltd. | 30,000 | 984.1 | No | | Shanghai Graman International Fire Equipment Co., Ltd. | 30,000 | 40.74 | No | | Shanghai Graman International Fire Equipment Co., Ltd. | 30,000 | 3.96 | No | | Shanghai Graman International Fire Equipment Co., Ltd. | 30,000 | 125.58 | No | | Shanghai Graman International Fire Equipment Co., Ltd. | 30,000 | 7.6 | No | | Shanghai Graman International Fire Equipment Co., Ltd. | 30,000 | 41.01 | No | | Total Actual Guarantee Balance to Subsidiaries at Period-End | 30,000 | 9,202.99 | | Total Company Guarantees | Indicator | Amount (10,000 yuan) | | :--- | :--- | | Total Actual Guarantees (i.e., A4+B4+C4) | 12,119.27 | | Percentage of Company's Net Assets | 7.60% | Share Changes and Shareholder Information This section reports on changes in the company's share capital structure and details of its major shareholders Share Changes As of the reporting period end, the company's total shares remained unchanged at 1,009,043,607 shares, with 0.36% restricted and 99.64% unrestricted Share Changes | Category | Quantity Before Change | Proportion Before Change | Quantity After Change | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 3,600,492 | 0.36% | 3,600,492 | 0.36% | | II. Unrestricted Shares | 1,005,443,115 | 99.64% | 1,005,443,115 | 99.64% | | III. Total Shares | 1,009,043,607 | 100.00% | 1,009,043,607 | 100.00% | Number of Shareholders and Shareholding As of the reporting period end, the company had 51,397 common shareholders, with Haide Asset Management (12.34%), Shanghai Dinghang Huiheng (5.49%), and MEI TUNG (CHINA) LIMITED (5.01%) as the top three, with the first two having pledged shares - The total number of common shareholders at the end of the reporting period was 51,397[165] Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held at Period-End | Share Status | Quantity | | :--- | :--- | :--- | :--- | :--- | :--- | | Haide Asset Management Co., Ltd. | Domestic Non-State-Owned Legal Person | 12.34% | 124,486,032 | Pledged | 124,000,000 | | Shanghai Dinghang Huiheng Enterprise Consulting Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 5.49% | 55,403,089 | Pledged | 28,400,000 | | MEI TUNG (CHINA) LIMITED | Overseas Legal Person | 5.01% | 50,523,325 | Not Applicable | 0 | | Jiangsu Provincial Institute of Mechanical and Electrical Engineering Co., Ltd. | Domestic Non-State-Owned Legal Person | 3.74% | 37,719,299 | Not Applicable | 0 | - The company's dedicated securities account for share repurchase held 14,144,000 shares, ranking fifth among the top ten shareholders, but not listed in the top ten common shareholders' shareholding information[167] - Ding Jianping is the legal representative of Jiangsu Provincial Institute of Mechanical and Electrical Engineering Co., Ltd., directly holding 67.78% equity in the Mechanical and Electrical Company, forming a concerted action relationship; Zhongtianze Holding Group Co., Ltd. sent a "Notice on Waiving Voting Rights Entrustment and Terminating Concerted Action Relationship" to the Mechanical and Electrical Company, Ding Jianping, and Helen Zhe on August 30, 2024, but the Mechanical and Electrical Company and Ding Jianping replied in writing that they disagreed with terminating the concerted action relationship[166][167] Bond-Related Information This section provides an overview of the company's bond-related activities and status during the reporting period Bond-Related Information The company had no bond-related activities during the reporting period - The company had no bond-related activities during the reporting period[173] Financial Report This section presents the company's unaudited financial statements, including balance sheets, income statements, and cash flow statements, along with detailed notes Audit Report The company's H1 2025 financial report is unaudited - The company's semi-annual financial report is unaudited[175] Financial Statements This section includes the consolidated and parent company balance sheets, income statements, and cash flow statements as of June 30, 2025, showing total assets of 2.55 billion yuan and net profit attributable to parent of 83.67 million yuan Consolidated Balance Sheet Summary (June 30, 2025) | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Total Assets | 2,547,790,790.79 | 2,581,091,901.96 | | Total Liabilities | 947,334,830.25 | 1,043,515,457.35 | | Total Equity Attributable to Owners of the Parent Company | 1,595,057,383.04 | 1,536,617,698.92 | Consolidated Income Statement Summary (H1 2025) | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 802,881,294.02 | 521,815,083.59 | | Total Profit | 98,880,974.30 | 58,089,656.65 | | Net Profit | 88,110,927.80 | 52,028,452.64 | | Net Profit Attributable to Parent Company Shareholders | 83,671,095.99 | 51,198,648.85 | | Basic Earnings Per Share | 0.0888 | 0.0518 | Consolidated Cash Flow Statement Summary (H1 2025) | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -70,465,767.67 | -106,909,742.15 | | Net Cash Flow from Investing Activities | 35,630,670.57 | 49,995,021.26 | | Net Cash Flow from Financing Activities | -51,476,825.88 | -137,058,601.11 | | Net Increase in Cash and Cash Equivalents | -86,304,965.60 | -193,970,155.93 | Company Basic Information Xuzhou Helen Zhe Special Vehicle Co., Ltd., registered in Xuzhou Economic Development Zone with 1.01 billion yuan registered capital, specializes in designing, manufacturing, and selling special vehicles, engineering machinery, and robots - Registered address: No. 19 Luoshan Road, Xuzhou Economic Development Zone; Office address: No. 19 Baoliansi Road, Xuzhou Economic Development Zone[211] - Registered capital: RMB 1,009,043,607.00; Legal representative: Ding Bo[211] - Main business activities include the design, manufacturing, and sale of special vehicles, engineering machinery, environmental protection machinery, automatic fire protection systems, industrial robots, special operation robots, and intelligent unmanned aerial vehicles; providing after-sales maintenance services; equipment leasing; technical services for machinery, automotive, and electronics industries; and installation, maintenance, and testing of power transmission, supply, and reception facilities[211] Basis of Financial Statement Preparation The financial statements are prepared on a going concern basis, adhering to Chinese Accounting Standards and CSRC regulations, primarily using historical cost measurement, with the company confirming its ability to continue as a going concern for at least 12 months - The company's financial statements are prepared on a going concern basis, in accordance with actual transactions and events, following the "Enterprise Accounting Standards" and relevant regulations issued by the Ministry of Finance, and the disclosure requirements of the China Securities Regulatory Commission's "Information Disclosure Rules for Companies Issuing Securities to the Public No. 15 - General Provisions for Financial Reports" (Revised 2023), and based on the important accounting policies and estimates described below[212] - Except for certain financial instruments, these financial statements are measured at historical cost; if assets are impaired, corresponding impairment provisions are made in accordance with relevant regulations[213] - The company possesses the ability to continue as a going concern for at least 12 months from the end of this reporting period, with no significant matters affecting its going concern ability[214] Significant Accounting Policies and Estimates This section details the company's adherence to accounting standards, accounting period, reporting currency, and materiality, covering policies for business combinations, financial instruments, receivables, inventory, fixed assets, R&D, government grants, and leases - The financial statements prepared by the company comply with the requirements of "Enterprise Accounting Standards," truly and completely reflecting the company's financial position as of June 30, 2025, and its operating results and cash flows for H1 2025[216] - The company's accounting year is the calendar year, from January 1 to December 31; the company uses 12 months as an operating cycle and as the liquidity classification standard for assets and liabilities; the company uses RMB as its bookkeeping base currency[217][218][219] - Financial assets are classified at initial recognition based on the business model for managing financial assets and their contractual cash flow characteristics into those measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss[245] - The company recognizes loss provisions 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, based on expected credit losses[263] - The company's inventories are measured at the lower of cost and net realizable value, with inventory depreciation provisions made on an individual inventory item basis[291] - The company uses the straight-line method for depreciation of fixed assets; for intangible assets with finite useful lives, the straight-line method is used for amortization[326][337] - Expenditures in the research phase of internal research and development projects are expensed as incurred; expenditures in the development phase are capitalized if specific conditions are met simultaneously[339] - Government grants are primarily classified into two types: government grants related to assets and government grants related to income, which are either offset against the book value of related assets or recognized as deferred income, or recognized in current profit or loss[363][364] - As a lessee, the company recognizes right-of-use assets and lease liabilities; as a lessor, leases are classified as finance leases and operating leases[376][384] Taxation The company's main taxes include VAT (13%, 6%, 5%), urban maintenance and construction tax, enterprise income tax (25%, 20%, 15%), education surcharges, and local education surcharges, with the company and key subsidiaries enjoying a 15% high-tech enterprise income tax rate and advanced manufacturing VAT deductions Main Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Taxable income | 13%, 6%, 5% | | Urban Maintenance and Construction Tax | Amount of turnover tax payable | 7%, 5%, 1% | | Enterprise Income Tax | Taxable income | 25%, 20%, 15% | | Education Surcharge | Amount of turnover tax payable | 3% | | Local Education Surcharge | Amount of turnover tax payable | 2% | Taxable Entities with Different Enterprise Income Tax Rates | Taxable Entity Name | Income Tax Rate | | :--- | :--- | | The Company | 15% | | Xuzhou Helen Zhe Special Vehicle Co., Ltd. | 15% | | Shanghai Graman International Fire Equipment Co., Ltd. | 15% | | Hangzhou Helen Zhe Automobile Sales and Service Co., Ltd. | 20% | | Wuhan Helen Zhe Special Vehicle Co., Ltd. | 20% | | Shaanxi Helen Zhe Automobile Sales and Service Co., Ltd. | 20% | | Beijing Helen Zhe Automobile Sales and Service Co., Ltd. | 20% | - The company, Xuzhou Helen Zhe Special Vehicle Co., Ltd., and Shanghai Graman International Fire Equipment Co., Ltd. all passed the high-tech enterprise qualification review, enjoying a reduced enterprise income tax rate of 15%[405] - The company and Shanghai Graman International Fire Equipment Co., Ltd. enjoy a 5% additional VAT deduction policy for advanced manufacturing enterprises; Hangzhou Helen Zhe, Wuhan Helen Zhe, Shaanxi Helen Zhe, and Beijing Helen Zhe enjoy small and micro enterprise income tax reduction policies[405][406] Notes to Consolidated Financial Statement Items This section details consolidated financial statement items, including 386.85 million yuan in monetary funds, 927.18 million yuan in accounts receivable, and 311.05 million yuan in inventory, with investment properties significantly increasing due to completed construction Monetary Funds (June 30, 2025) | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Cash on hand | 82,910.50 | 134,877.59 | | Bank deposits | 283,068,992.58 | 369,375,026.68 | | Other monetary funds | 103,697,857.18 | 88,945,380.76 | | Total | 386,849,760.26 | 458,455,285.03 | Accounts Receivable (June 30, 2025) | Age | Period-End Book Balance (yuan) | Period-Beginning Book Balance (yuan) | | :--- | :--- | :--- | | Within 1 year (inclusive) | 761,834,302.28 | 757,401,806.34 | | 1 to 2 years | 125,511,805.26 | 145,199,711.27 | | 2 to 3 years | 43,988,072.10 | 55,843,327.02 | | Over 3 years | 103,153,210.69 | 85,782,659.32 | | Total | 1,034,487,390.33 | 1,044,227,503.95 | Inventories (June 30, 2025) | Item | Period-End Book Value (yuan) | Period-Beginning Book Value (yuan) | | :--- | :--- | :--- | | Raw materials | 128,236,975.64 | 146,904,590.81 | | Work in progress | 98,785,065.21 | 67,579,802.87 | | Finished goods | 78,548,347.00 | 56,213,361.65 | | Goods in transit | 5,479,759.29 | 17,244,330.61 | | Total | 311,050,147.14 | 288,163,948.25 | Goodwill Original Book Value (June 30, 2025) | Name of Investee or Event Forming Goodwill | Period-Beginning Balance (yuan) | Decrease in Current Period (yuan) | Period-End Balance (yuan) | | :--- | :--- | :--- | :--- | | Shanghai Liangji Industrial Co., Ltd. | 1,768,509.60 | 1,768,509.60 | 0.00 | | Shanghai Graman International Fire Equipment Co., Ltd. | 2,603,878.83 | 0.00 | 2,603,878.83 | | Shanghai Helen Zhe International Fire Equipment Co., Ltd. | 1,388,485.41 | 0.00 | 1,388,485.41 | | Total | 5,760,873.84 | 1,768,509.60 | 3,992,364.24 | Operating Revenue and Operating Cost (H1 2025) | Item | Current Period Revenue (yuan) | Current Period Cost (yuan) | Prior Period Revenue (yuan) | Prior Period Cost (yuan) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 798,160,735.02 | 549,949,459.15 | 513,758,329.22 | 349,725,701.19 | | Other Business | 4,720,559.00 | 4,555,062.74 | 8,056,754.37 | 1,177,169.80 | | Total | 802,881,294.02 | 554,504,521.89 | 521,815,083.59 | 350,902,870.99 | R&D Expenditure In H1 2025, total R&D expenditure was 37.69 million yuan, a 63.25% increase, primarily for personnel and new product design, with no capitalized R&D projects R&D Expenditure (H1 2025) | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Personnel | 18,765,286.02 | 15,189,366.39 | | Direct input | 3,970,213.77 | 1,765,131.02 | | Depreciation | 69,723.11 | 211,381.74 | | Intangible asset amortization | 120,464.07 | 124,138.64 | | New product design | 13,770,719.22 | 5,402,258.05 | | Other expenses | 995,352.84 | 395,747.28 | | Total | 37,691,759.03 | 23,088,023.12 | - There were no R&D projects meeting capitalization conditions in this period[668][669] Changes in Consolidation Scope The company lost control over Shanghai Liangji Industrial Co., Ltd. due to the disposal of its 100% equity on April 3, 2025, generating 22.72 million yuan in investment income Disposal of Subsidiaries (H1 2025) | Subsidiary Name | Disposal Price at Loss of Control (yuan) | Disposal Proportion at Loss of Control | Disposal Method at Loss of Control | Date of Loss of Control | Difference Between Disposal Price and Share of Net Assets Enjoyed in Consolidated Financial Statements at Loss of Control (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Liangji Industrial Co., Ltd. | 49,223,419.00 | 100.00% | Sale | April 3, 2025 | 22,717,807.26 | Interests in Other Entities The company holds full or controlling interests in several subsidiaries and investments in joint ventures and associates, with total book value of associate investments at 105.52 million yuan and net profit of 0.19 million yuan for the period - The company owns several wholly-owned or controlled subsidiaries, including Xuzhou Helen Zhe Special Vehicle Co., Ltd., Shanghai Graman International Fire Equipment Co., Ltd., and Huizhou Lianshuo Technology Co., Ltd[682][683] Summary Financial Information of Insignificant Joint Ventures and Associates (H1 2025) | Item | Period-End Balance/Current Period Amount (yuan) | Period-Beginning Balance/Prior Period Amount (yuan) | | :--- | :--- | :--- | | Associates: Total book value of investments | 105,515,264.14 | 105,323,752.52 | | --Net profit | 191,511.62 | 3,052,185.74 | Government Grants In H1 2025, government grants recognized in current profit or loss totaled 3.78 million yuan, mainly from advanced manufacturing VAT deductions and individual income tax refunds, with 0.79 million yuan in asset-related deferred income Liability Items Involving Government Grants (June 30, 2025) | Accounting Account | Period-Beginning Balance (yuan) | Decrease in Current Period (yuan) | Period-End Balance (yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 820,238.14 | 28,571.42 | 791,666.72 | Asset-related | Government Grants Recognized in Current Profit or Loss (H1 2025) | Source of Other Income | Current Period Amount (yuan) | Accounting Account | | :--- | :--- | :--- | | Advanced manufacturing VAT input tax additional deduction 5% | 3,592,099.31 | Other income | | Individual income tax refund | 116,261.59 | Other income | | One-time employment subsidy | 38,431.70 | Other income | | 2021 Xuzhou Economic Development Zone "Specialized, Refined, Unique, New" Top Ten Enterprises | 28,571.42 | Deferred income/Other income | | Total | 3,775,364.02 | | Risks Related to Financial Instruments The company faces credit, liquidity, and market risks (foreign exchange, interest rate), with interest rate changes on short-term borrowings potentially impacting profit by 2.56 million yuan for every 1% fluctuation - The company faces various financial instrument risks in its daily activities, primarily including credit risk, liquidity risk, and market risk (including foreign exchange risk, interest rate risk, and other price risks)[701] - Foreign exchange risk refers to the risk of losses due to exchange rate fluctuations; the company's main business activities are denominated and settled in RMB, with fewer foreign currency-denominated transactions[702] Interest Rate Risk Sensitivity Analysis (H1 2025) | Item | Interest Rate Change | Impact on Profit (yuan) | Impact on Shareholder Equity (yuan) | | :--- | :--- | :--- | :--- | | Short-term borrowings | Increase 1% | -2,557,900.00 | -2,557,900.00 | | Short-term borrowings | Decrease 1% | 2,557,900.00 | 2,557,900.00 | - The company's credit risk primarily arises from monetary funds, notes and accounts receivable, other receivables, etc., and is controlled by assessing customer creditworthiness and regular monitoring[705] - Liquidity risk is managed by maintaining sufficient cash and cash equivalents and monitoring the use of bank borrowings; as of June 30, 2025, the company's unused bank borrowing limit was RMB 367.79 million[706] Disclosure of Fair Value The company discloses fair value measurements for assets and liabilities, including other equity instrument investments and accounts receivable financing, primarily using Level 3 fair value inputs based on book values or identifiable net assets Fair Value of Assets and Liabilities Measured at Fair Value at Period-End (June 30, 2025) | Item | Level 3 Fair Value Measurement (yuan) | Total (yuan) | | :--- | :--- | :--- | | I. Recurring Fair Value Measurement | -- | -- | | (III) Other equity instrument investments | 6,000,000.00 | 6,000,000.00 | | (VIII) Accounts receivable financing | 2,977,573.82 | 2,977,573.82 | | Notes receivable measured at fair value through other comprehensive income | 2,224,072.67 | 2,224,072.67 | | Accounts receivable measured at fair value through other comprehensive income | 753,501.15 | 753,501.15 | | Total liabilities measured at fair value on a recurring basis | 8,977,573.82 | 8,977,573.82 | | II. Non-recurring Fair Value Measurement | -- | -- | - For notes and accounts receivable measured at fair value through other comprehensive income, their fair value is determined based on their face amount or book balance; equity investments classified under other equity instrument investments are measured based on the share of the investee's identifiable net assets at fair value at the time of investment, as a reasonable estimate of fair value[711] Related Parties and Related Party Transactions Haide Asset Management Co., Ltd. is the largest shareholder (12.34%), with minor procurement transactions with Shanghai Weihong Automation Equipment Co., Ltd., and significant guarantees provided to subsidiary Shanghai Graman International Fire Equipment Co., Ltd - Haide Asset Management Co., Ltd. is the company's largest shareholder, with a shareholding ratio of 12.34%[713] Purchase of Goods/Acceptance of Services (H1 2025) | Related Party | Related Transaction Content | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | :--- | | Shanghai Weihong Automation Equipment Co., Ltd. | Purchase of goods | 0.00 | 1,239.82 | The Company as Guarantor (H1 2025) | Guaranteed Party | Guarantee Amount (yuan) | Guarantee Start Date | Guarantee End Date | Guarantee Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Shanghai Graman International Fire Equipment Co., Ltd. | 150,000,000.00 | March 12, 2025 | June 9, 2026 | No | | Shanghai Graman International Fire Equipment Co., Ltd. | 30,000,000.00 | March 7, 2025 | June 15, 2026 | No | Key Management Personnel Remuneration (H1 2025) | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Key management personnel remuneration | 2,564,017.30 | 2,258,297.88 | Commitments and Contingencies As of the balance sheet date, the company had no significant commitments or contingent matters requiring disclosure - The company had no significant contingent matters requiring disclosure[733] Events After the Balance Sheet Date After the reporting period, the company experienced no significant non-adjusting events, profit distribution, or sales returns - There were no significant non-adjusting events during the reporting period[734][735] - There was no profit distribution during the reporting period[736] - There were no sales returns during the reporting period[737] Other Significant Matters The company's segment information shows high-altitude operation vehicles as a major contributor with 587.91 million yuan in revenue and 100.16 million yuan in total profit, while fire trucks contributed 214.97 million yuan in revenue Financial Information by Reporting Segment (H1 2025) | Item | High-Altitude Operation Vehicle Segment (yuan) | Fire Truck Segment (yuan) | Total (yuan) | | :--- | :--- | :--- | :--- | | I. Operating Revenue | 587,907,430.54 | 214,973,863.48 | 802,881,294.02 | | VII. Total Profit | 100,156,338.83 | 1,764,722.67 | 98,880,974.30 | | X. Total Assets | 2,257,209,733.00 | 744,859,038.62 | 2,547,790,790.79 | Notes to Parent Company Financial Statement Items The parent company's financial statements show 668.61 million yuan in accounts receivable (74.65% within 1 year), 542.45 million yuan in other receivables (including 343.40 million yuan from related parties), and 432.17 million yuan in long-term equity investments Accounts Receivable (Parent Company) (June 30, 2025) | Age | Period-End Book Balance (yuan) | Period-Beginning Book Balance (yuan) | | :--- | :--- | :--- | | Within 1 year (inclusive) | 499,153,595.40 | 493,944,848.39 | | 1 to 2 years | 91,635,967.85 | 68,852,046.15 | | 2 to 3 years | 17,072,151.31 | 25,130,009.81 | | Over 3 years | 60,751,233.09 | 52,151,575.73 | | Total | 668,612,947.65 | 640,078,480.08 | Other Receivables (Parent Company) (June 30, 2025) | Nature of Item | Period-End Book Balance (yuan) | Period-Beginning Book Balance (yuan) | | :--- | :--- | :--- | | Deposits, guarantees | 2,990,441.10 | 7,936,875.50 | | Petty cash | 3,680,648.12 | 1,645,764.05 | | Borrowings | 184,012,412.96 | 184,332,212.96 | | Related party current accounts | 343,400,649.60 | 277,395,790.72 | | Equity transfer payment | 5,762,419.00 | 0.00 | | Other | 2,607,957.55 | 4,491,184.92 | | Total | 542,454,528.33 | 475,801,828.15 | Long-term Equity Investments (Parent Company) (June 30, 2025) | Item | Period-End Book Value (yuan) | Period-Beginning Book Value (yuan) | | :--- | :--- | :--- | | Investments in subsidiaries | 326,658,059.15 | 358,847,915.05 | | Investments in associates and joint ventures | 105,515,264.14 | 105,323,752.52 | | Total | 432,173,323.29 | 464,171,667.57 | Operating Revenue and Operating Cost (Parent Company) (H1 2025) | Item | Current Period Revenue (yuan) | Current Period Cost (yuan) | Prior Period Revenue (yuan) | Prior Period Cost (yuan) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 586,823,258.36 | 390,791,596.22 | 402,757,246.21 | 263,052,024.89 | | Other Business | 3,174,790.43 | 435,267.92 | 3,711,270.14 | 1,322.00 | | Total | 589,998,048.79 | 391,226,864.14 | 406,468,516.35 | 263,053,346.89 | Supplementary Information This section provides details on non-recurring gains and losses, totaling 20.57 million yuan for H1 2025, and reports a weighted average return on net assets of 5.30% and basic earnings per share of 0.0888 yuan/share Current Period Non-recurring Gains and Losses Details (H1 2025) | Item | Amount (yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | 22,832,467.16 | | Government grants recognized in current profit or loss | 67,003.12 | | Other non-recurring gains and losses as defined | 258,032.29 | | Less: Income tax impact | 2,588,395.98 | | Minority interest impact (after tax) | -4,093.42 | | Total | 20,573,200.01 | Return on Net Assets and Earnings Per Share (H1 2025) | Profit for the Reporting Period | Weighted Average Return on Net Assets | Basic Earnings Per Share (yuan/share) | Diluted Earnings Per Share (yuan/share) | | :--- | :--- | :--- | :--- | | Net profit attributable to common shareholders of the company | 5.30% | 0.0888 | 0.0888 | | Net profit attributable to common shareholders of the company after deducting non-recurring gains and losses | 4.00% | 0.0670 | 0.0670 |