蓝海华腾(300484) - 2025 Q2 - 季度财报

Part I Important Notice, Table of Contents, and Definitions This section provides crucial disclaimers, lists the report's structure, and defines key terms used throughout the document Important Notice The Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, disclaiming any false statements or material omissions - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report and assume legal responsibility[4] - Company head Qiu Wenyuan, chief accountant Fan Peng, and head of accounting department He Xiwei declare the financial report is true, accurate, and complete[4] - Forward-looking statements regarding future plans in this report do not constitute a substantive commitment to investors, who should maintain risk awareness[4] Risk Factors The company faces risks from macroeconomic fluctuations, intensifying competition in the EV motor controller market, raw material price volatility, and inherent growth-stage challenges - The industrial automation and new energy vehicle industries, where the company operates, are significantly affected by macroeconomic fluctuations, potentially leading to reduced orders, sales difficulties, and slow collections[5] - Competition in the electric vehicle motor controller market continues to intensify, and failure to maintain technological innovation and cost advantages may lead to decreased revenue growth or market share[6] - Raw material costs are a major component of operating costs, and price fluctuations may lead to declining gross margins, while supply shortages in extreme cases could also impact production and operations[7] - As a growth-stage company with a relatively small operating scale, the company faces growth risks such as intensifying market competition, hindered market expansion, macroeconomic uncertainties, rapid technological updates, accounts receivable collection, and loss of core R&D personnel[8] Table of Contents This section lists the eight main chapters of the 2025 semi-annual report, covering important notices, company profile, management discussion, corporate governance, significant events, share changes, bond information, and financial reports - The report comprises eight main chapters, from important notices to financial reports, with a clear structure[10] Reference Documents Reference documents include the semi-annual report signed by the legal representative, financial statements, and all company documents publicly disclosed on the CSRC-designated website, available at the company's securities department - Reference documents include the semi-annual report text signed by the legal representative, financial statements, and original copies of all company documents publicly disclosed on Juchao Information Network[12] - All reference documents are kept at the company's securities department[14] Definitions This section provides definitions for common terms and abbreviations used in the report, including company names, subsidiaries, the reporting period, and technical terms like IGBT, DSP, MOSFET, and NVH - Defines entity names such as the Company, this Company, and LanHaiHuaTeng[16] - Clarifies the reporting period as the first half of 2025, from January 1, 2025, to June 30, 2025[16] - Explains technical abbreviations such as IGBT (Insulated Gate Bipolar Transistor), DSP (Digital Signal Processing/Processor), MOSFET (Metal-Oxide-Semiconductor Field-Effect Transistor), and NVH (Noise, Vibration, Harshness)[17] Part II Company Profile and Key Financial Indicators This section provides an overview of the company's basic information, contact details, and a summary of its key accounting data and financial performance for the reporting period I. Company Profile The company, "LanHaiHuaTeng," stock code 300484, is listed on the Shenzhen Stock Exchange, with Qiu Wenyuan as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | LanHaiHuaTeng | | Stock Code | 300484 | | Stock Exchange | Shenzhen Stock Exchange | | Chinese Name | Shenzhen LanHaiHuaTeng Technology Co., Ltd. | | Legal Representative | Qiu Wenyuan | II. Contact Persons and Information Qiu Wenyuan serves as both the Board Secretary and Securities Affairs Representative, with all contact details provided Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Qiu Wenyuan | Room 801, Building 2, Southeast Intersection of Genyu Road and Tianliao Road, Tianliao Community, Yutang Street, Guangming District, Shenzhen | 0755-27657465 | 0755-81795840 | information@v-t.com | | Securities Affairs Representative | Su Jihai | Room 801, Building 2, Southeast Intersection of Genyu Road and Tianliao Road, Tianliao Community, Yutang Street, Guangming District, Shenzhen | 0755-27657465 | 0755-81795840 | information@v-t.com | III. Other Information The company's registered address, office address, website, email, information disclosure, and registration status remained unchanged during the reporting period, as detailed in the 2024 annual report - The company's contact information remained unchanged during the reporting period, as detailed in the 2024 annual report[21] - Information disclosure and reference locations remained unchanged during the reporting period, as detailed in the 2024 annual report[23] - The company's registration status remained unchanged during the reporting period, as detailed in the 2024 annual report[24] IV. Key Accounting Data and Financial Indicators This period, the company's operating revenue increased by 62.61% to 240,070,017.25 yuan, and net profit attributable to shareholders grew by 159.83% to 41,118,170.85 yuan Key Accounting Data and Financial Indicators (Current Period vs. Prior Year) | Indicator | Current Period (yuan) | Prior Year (yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 240,070,017.25 | 147,631,559.69 | 62.61% | | Net Profit Attributable to Shareholders | 41,118,170.85 | 15,824,955.73 | 159.83% | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | 37,500,162.33 | 9,982,049.10 | 275.68% | | Net Cash Flow from Operating Activities | 12,423,051.67 | -13,162,974.95 | 194.38% | | Basic Earnings Per Share (yuan/share) | 0.1980 | 0.0759 | 160.87% | | Diluted Earnings Per Share (yuan/share) | 0.1980 | 0.0759 | 160.87% | | Weighted Average Return on Net Assets | 6.03% | 2.40% | 3.63% | | Total Assets (Period-end) | 932,881,725.73 | 915,155,408.13 | 1.94% | | Net Assets Attributable to Shareholders (Period-end) | 669,265,398.91 | 661,293,452.06 | 1.21% | V. Differences in Accounting Data Under Domestic and International Accounting Standards The company reported no differences in net profit and net assets between international/overseas accounting standards and Chinese accounting standards during the reporting period - The company's financial reports for the period show no differences in net profit and net assets between International Accounting Standards and Chinese Accounting Standards[27] - The company's financial reports for the period show no differences in net profit and net assets between overseas accounting standards and Chinese Accounting Standards[28] VI. Non-Recurring Gains and Losses Items and Amounts Non-recurring gains and losses totaled 3,618,008.52 yuan this period, primarily from non-current asset disposal, government grants, fair value changes of financial assets, and reversal of impairment provisions Non-Recurring Gains and Losses Items and Amounts | Item | Amount (yuan) | | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | 8,700.92 | | Government Grants Recognized in Current Profit/Loss | 160,446.66 | | Gains/Losses from Changes in Fair Value of Financial Assets and Liabilities Held by Non-Financial Enterprises, and Gains/Losses from Disposal of Financial Assets and Liabilities, Excluding Effective Hedging Activities Related to Normal Business Operations | 2,054,589.66 | | Reversal of Impairment Provisions for Accounts Receivable Subject to Individual Impairment Testing | 2,057,235.95 | | Other Non-Operating Income and Expenses Apart from the Above | -27,225.42 | | Less: Income Tax Impact | 635,739.25 | | Total | 3,618,008.52 | - The company has not classified any non-recurring gains and losses items listed in "Interpretive Announcement No. 1 on Information Disclosure by Companies Issuing Securities to the Public – Non-Recurring Gains and Losses" as recurring gains and losses[31] Part III Management Discussion and Analysis This section analyzes the company's main business operations, core competencies, financial performance, investment activities, and risk factors during the reporting period I. Principal Business Activities During the Reporting Period The company primarily focuses on new energy vehicle drives and industrial automation control, with significant growth driven by electric vehicle motor controller sales, supported by favorable national policies (I) Company's Principal Business, Main Products, and Their Applications The company specializes in new energy vehicle drives and industrial automation control, offering electric vehicle motor controllers, medium/low voltage inverters, servo drives, and elevator control systems for various applications - The company's main business focuses on new energy vehicle drives and industrial automation control, with products including electric vehicle motor controllers, medium/low voltage inverters, servo drives, and elevator control systems[33] - New energy vehicle drive products cover main drive all-in-one, main/auxiliary drive integrated, and hybrid integrated controllers, applied in new energy commercial vehicles, passenger vehicles, hybrid vehicles, and hydrogen energy vehicles[33] - Industrial automation control products include medium/low voltage inverters and servo drives, widely used in various industries such as hoisting, machine tools, metallurgy, petroleum, chemical, water supply, and electro-hydraulic hybrid drives[34] - Elevator control system products include dedicated elevator drive controllers and integrated controllers, applied in various types of elevators in residences, villas, commercial office buildings, and hospitals[34] (II) Business Model The company maintains a consistent business model, featuring matrix R&D management, multi-departmental procurement, order-driven production, and a combined direct and channel sales approach - The R&D model adopts matrix R&D management and integrated product development, forming a full-chain R&D system[35][36] - The procurement model is centered on the purchasing department, with multiple departments collaborating to solicit quotes from qualified suppliers[36] - The production model is primarily order-based with supplementary stock production, where core processes are self-produced and non-core processes are outsourced[36] - The marketing model combines direct sales (new energy vehicle drive products) and channel sales (industrial automation control products)[36] (III) Key Performance Drivers Significant growth in operating revenue and net profit was primarily driven by a 132.12% increase in electric vehicle motor controller sales, with future growth expected from rising new energy commercial vehicle penetration and industrial automation localization Performance Overview During the Reporting Period | Indicator | Amount (10,000 yuan) | YoY Growth | | :--- | :--- | :--- | | Operating Revenue | 24,007.00 | 62.61% | | Net Profit Attributable to Shareholders | 4,111.82 | 159.83% | - Revenue from electric vehicle motor controller products increased by 132.12% year-on-year, serving as the primary performance driver[38] - Future performance drivers include new energy commercial vehicle market penetration increase (new energy commercial vehicle sales grew by 55.90% in H1 2025) and industrial automation domestic substitution trend[39][40] (IV) Industry Background and Outlook The new energy vehicle industry benefits from strong national policy support and steady commercial vehicle growth, while industrial automation is driven by strategic initiatives and manufacturing upgrades, leading to market expansion and intelligent transformation - The state has introduced multiple policies, including the "New Energy Vehicle Industry Development Plan (2021-2035)," providing strong support for the new energy vehicle industry[41] - In H1 2025, commercial vehicle production and sales reached 2.099 million units and 2.122 million units, respectively, with year-on-year growth of 4.70% and 2.60%; new energy commercial vehicle sales reached 354,000 units, up 55.90% year-on-year[42] - National policies encourage the development and innovation of the industrial automation industry, such as the "Notice on Intensifying and Expanding the Implementation of Large-Scale Equipment Renewal and Consumer Goods Trade-in Policies in 2025," promoting intelligent and green upgrades in manufacturing[42][43] - China's industrial automation market size is projected to reach 322.5 billion yuan in 2025, with significant growth in sub-sectors like industrial robots and intelligent control systems[44] (V) Industry Position The company is a leading domestic supplier of electric vehicle motor controllers and medium/low voltage inverters, recognized for its core motor control technology, strong R&D, extensive customer base, and market reputation - The company is a mainstream domestic supplier of electric vehicle motor controllers and medium/low voltage inverters[45] - The company possesses core motor drive control technology, ample technical reserves, extensive customer resources, and a strong market reputation[45] II. Analysis of Core Competencies The company's core strengths include robust R&D and technological leadership, superior product quality with CE certification, a broad brand and customer base, and a highly skilled, multidisciplinary talent team - The company possesses strong R&D capabilities and leading technical expertise, having built a full-chain R&D system and an advanced vector control basic technology platform[46][47] - The product range is extensive, with major series products passing CE certification, demonstrating reliable quality and excellent performance, and electric vehicle motor controllers having significant advantages in safety and reliability[48] - The company has established trusted long-term cooperative relationships with numerous renowned automakers in domestic and international markets, while automation control products achieve broad brand recognition through direct and distribution sales[49] - The company places high importance on talent acquisition and development, boasting a high-caliber, multidisciplinary R&D and management team whose core members possess solid theoretical foundations and extensive practical experience[50] III. Analysis of Principal Business Operating revenue increased by 62.61% due to a 132.12% surge in electric vehicle motor controller sales, while financial expenses decreased due to higher interest income Year-on-Year Changes in Key Financial Data | Item | Current Period (yuan) | Prior Year (yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 240,070,017.25 | 147,631,559.69 | 62.61% | Significant sales growth of electric vehicle motor controllers | | Operating Cost | 148,025,646.79 | 89,714,611.15 | 65.00% | Significant sales revenue growth | | Financial Expenses | -1,961,678.64 | -753,434.22 | -160.36% | Increased interest income | | Income Tax Expense | 8,382,648.29 | 2,927,640.04 | 186.33% | Significant increase in total profit | | Net Cash Flow from Operating Activities | 12,423,051.67 | -13,162,974.95 | 194.38% | Increased cash received from sales of goods and services | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (yuan) | Operating Cost (yuan) | Gross Margin | YoY Change in Operating Revenue | | :--- | :--- | :--- | :--- | :--- | | Electric Vehicle Motor Controller | 186,964,661.52 | 115,959,013.85 | 37.98% | 132.12% | | Medium/Low Voltage Inverter | 44,296,637.93 | 27,794,032.77 | 37.25% | -18.22% | Operating Revenue by Region | Region | Operating Revenue (yuan) | YoY Change in Operating Revenue | | :--- | :--- | :--- | | Northwest Region | 92,686,400.88 | 150.52% | | South China Region | 51,777,089.16 | 31.50% | | East China Region | 49,265,925.50 | -10.10% | IV. Analysis of Non-Principal Business Non-principal business income primarily stems from other income (government grants and VAT refunds) and investment gains, with other income contributing significantly to total profit Non-Principal Business Items and Sustainability | Item | Amount (yuan) | Proportion of Total Profit | Sustainability | | :--- | :--- | :--- | :--- | | Investment Income | 1,931,724.94 | 3.98% | Yes | | Non-Operating Income | 42,882.18 | 0.09% | No | | Non-Operating Expenses | 70,107.60 | 0.14% | No | | Credit Impairment Loss | -1,794,550.55 | -3.70% | Yes | | Gains on Asset Disposal | 8,700.92 | 0.02% | No | | Other Income | 7,187,851.51 | 14.83% | Yes | V. Analysis of Assets and Liabilities Total assets increased by 1.94% this period, with accounts receivable and inventory rising due to sales growth, while cash decreased due to dividends and equity investments Significant Changes in Asset Composition | Item | Period-end Amount (yuan) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 205,086,393.94 | 21.98% | -3.03% | Cash dividend distribution and equity investment | | Accounts Receivable | 257,711,759.78 | 27.63% | 4.53% | Significant sales growth in current period | | Inventories | 151,355,822.38 | 16.22% | 1.66% | Significant sales growth in current period | | Right-of-Use Assets | 16,876,686.85 | 1.81% | -0.82% | Decreased asset value due to lease changes | | Contract Liabilities | 10,546,947.90 | 1.13% | 0.28% | Advance payments from customers | | Lease Liabilities | 13,212,294.48 | 1.42% | -0.66% | Decreased lease liabilities due to lease changes | | Employee Benefits Payable | 4,383,977.83 | 0.47% | -1.10% | Payment of year-end bonuses accrued at prior year-end | Period-end Fair Value of Financial Assets | Item | Period-end Amount (yuan) | | :--- | :--- | | Investments in Other Equity Instruments | 49,399,455.15 | | Other Non-Current Financial Assets | 66,920,753.41 | | Total | 116,320,208.56 | - Of the period-end cash and cash equivalents, 2,195,276.71 yuan is restricted due to judicial freezing, and 20,702,879.23 yuan is pledged for issuing bank acceptance bills[65] VI. Analysis of Investment Activities Total investments for the period were 17,275,000.00 yuan, a 25.78% decrease year-on-year, with no overdue entrusted wealth management products or significant equity/non-equity investments Investment Amount During the Reporting Period | Indicator | Amount (yuan) | | :--- | :--- | | Investment Amount in Current Period | 17,275,000.00 | | Investment Amount in Prior Year | 23,275,000.00 | | Change Percentage | -25.78% | Overview of Entrusted Wealth Management During the Reporting Period | Specific Type | Entrusted Wealth Management Amount (10,000 yuan) | Unmatured Balance (10,000 yuan) | | :--- | :--- | :--- | | Bank Wealth Management Products | 7,000 | 0 | | Other Categories | 3,388.70 | 0 | | Total | 10,388.70 | 0 | - The company had no use of raised funds, derivative investments, or entrusted loans during the reporting period[68][70][71] VII. Significant Asset and Equity Disposals The company did not engage in any significant asset or equity disposals during the reporting period - The company did not dispose of any significant assets during the reporting period[73] - The company did not dispose of any significant equity during the reporting period[74] VIII. Analysis of Major Controlled and Invested Companies Xiamen LanHaiHuaTeng Electric Co., Ltd. and Wuxi LanHaiHuaTeng Technology Co., Ltd. are key subsidiaries, with newly established entities having no material impact on overall operations Major Subsidiaries and Invested Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Registered Capital (yuan) | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Xiamen LanHaiHuaTeng Electric Co., Ltd. | Subsidiary | 45,000,000 | 61,542,530.60 | 57,844,131.98 | 18,461,021.85 | 3,313,630.31 | | Wuxi LanHaiHuaTeng Technology Co., Ltd. | Subsidiary | 10,000,000 | 48,625,774.74 | 28,164,159.24 | 20,162,429.13 | 4,558,467.79 | - During the reporting period, Shenzhen Huasheng International New Energy Co., Ltd. and Shenzhen Huateng Guowei Technology Co., Ltd. were newly established, with no impact on overall production, operations, or performance[75] IX. Information on Structured Entities Controlled by the Company The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[76] X. Risks Faced by the Company and Countermeasures The company faces risks from macroeconomic volatility, intensifying competition, raw material price fluctuations, and growth-stage challenges, which it addresses through innovation, talent, market expansion, and improved governance - The company faces macroeconomic fluctuation risks, as the industrial automation and new energy vehicle industries are significantly affected by the macroeconomy[77] - The electric vehicle motor controller business faces risks of intensifying market competition and adjustments in industrial policies[77] - Raw material price fluctuations and supply shortages are significant risks for the company, potentially impacting gross margins and production operations[78] - As a growth-stage company, it faces growth risks such as hindered market expansion, technological updates, accounts receivable collection, and loss of core R&D personnel[78] - The company will address risks by strengthening technological innovation, talent acquisition, market expansion, optimizing supplier management, and improving corporate governance[79] XI. Registration Form for Research, Communication, and Interview Activities During the Reporting Period On May 8, 2025, the company held its 2024 annual online performance briefing via the Value Online platform, engaging with investors and addressing their questions - On May 8, 2025, the company through the Value Online platform held its 2024 annual online performance briefing, engaging in online interaction with investors[80] XII. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company did not formulate a market value management system or disclose a valuation enhancement plan during the reporting period - The company has not formulated a market value management system[82] - The company has not disclosed a valuation enhancement plan[82] XIII. Implementation of "Quality and Return Dual Enhancement" Action Plan The company did not disclose any announcement regarding the "Quality and Return Dual Enhancement" action plan during the reporting period - The company has not disclosed an announcement regarding the "Quality and Return Dual Enhancement" action plan[82] Part IV Corporate Governance, Environment, and Society This section details changes in the company's board and management, profit distribution plans, employee incentive schemes, environmental disclosures, and social responsibility initiatives I. Changes in Directors, Supervisors, and Senior Management Independent directors Liu Siyue, Zheng Meilian, and Chen Jianxing retired due to term expiration, with Wang Jianyou, Zhou Qing, and Ye Peiqing elected as new independent directors - Liu Siyue, Zheng Meilian, and Chen Jianxing resigned from their independent director positions due to term expiration[84] - Wang Jianyou, Zhou Qing, and Ye Peiqing were elected as new independent directors[84] - The aforementioned changes in independent directors were due to re-election[84] II. Profit Distribution and Capital Reserve Conversion to Share Capital in Current Period The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for the semi-annual period - The company plans not to distribute cash dividends for the semi-annual period[85] - The company plans not to issue bonus shares for the semi-annual period[85] - The company plans not to convert capital reserves into share capital for the semi-annual period[85] III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company repurchased and canceled some restricted shares from its 2022 incentive plan due to employee departures and unmet performance conditions, with no other employee incentive schemes in place - The company repurchased and canceled a portion of restricted shares from its 2022 restricted stock incentive plan due to the departure of incentive recipients[86] - The company's 2023 performance did not meet the assessment requirements for the second vesting period of the initial grant and the first vesting period of the reserved grant under the 2022 restricted stock incentive plan, resulting in the non-fulfillment of vesting conditions for some restricted shares and their repurchase and cancellation[86] - The company had no employee stock ownership plans or other employee incentive measures during the reporting period[87] IV. Environmental Information Disclosure The company and its major subsidiaries were not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries were not included in the list of enterprises required to disclose environmental information by law[87] V. Social Responsibility The company actively fulfills its social responsibilities by enhancing internal governance, safeguarding shareholder rights, prioritizing employee development, and adhering to its corporate culture to create value for stakeholders - The company actively fulfills its corporate social responsibilities by establishing and improving internal management and control systems to promote standardized operations[87] - The company standardizes shareholder meeting procedures, safeguards shareholders' rights to information, participation, and voting, and fulfills information disclosure obligations based on principles of fairness, impartiality, and openness[87] - The company values employee career development, provides equal opportunities, emphasizes workplace safety, labor protection, and physical and mental health, and has established a comprehensive human resource management system[87] - Adhering to a corporate culture of "pioneering, innovation, integrity, and pragmatism," the company operates with the philosophy of "creating value for customers, employees, the enterprise, and society," committed to the development of industrial automation and new energy industries[88] Part V Significant Matters This section covers commitments, related party transactions, litigation, penalties, and other material events that occurred during the reporting period I. Commitments Fulfilled or Overdue by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period No commitments by the controlling shareholder, shareholders, related parties, acquirers, or the company were either fulfilled or overdue during the reporting period - During the reporting period, there were no commitments by the company's actual controller, shareholders, related parties, acquirers, or the company that were either fulfilled or overdue as of the end of the reporting period[90] II. Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties The company reported no non-operating funds occupied by its controlling shareholder or other related parties during the reporting period - During the reporting period, there were no instances of non-operating funds being occupied by the listed company's controlling shareholder or other related parties[91] III. Irregular External Guarantees The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[92] IV. Appointment and Dismissal of Accounting Firms The company's semi-annual financial report was unaudited - The company's semi-annual report was unaudited[93] V. Board of Directors, Supervisory Board, and Audit Committee Explanations on "Non-Standard Audit Report" for the Current Period The company did not have a non-standard audit report during the reporting period - The company had no non-standard audit report during the reporting period[94] VI. Board of Directors' Explanation on "Non-Standard Audit Report" for the Prior Year The company provided no explanation regarding a non-standard audit report for the prior year during the reporting period - The company provided no explanation regarding a non-standard audit report for the prior year during the reporting period[94] VII. Bankruptcy and Reorganization Matters The company had no bankruptcy or reorganization matters during the reporting period - The company had no bankruptcy or reorganization matters during the reporting period[94] VIII. Litigation Matters The company had no major litigation or arbitration matters this period, with other lawsuits totaling 41.4117 million yuan primarily involving creditor interest disputes, which are not expected to have a material impact - The company had no major litigation or arbitration matters during the current reporting period[96] Summary of Other Litigation Matters | Basic Information on Litigation (Arbitration) | Amount Involved (10,000 yuan) | Whether Provision for Liabilities Formed | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | Status of Litigation (Arbitration) Judgment Enforcement | | :--- | :--- | :--- | :--- | :--- | :--- | | Summary of other lawsuits occurring in the reporting period that did not meet the disclosure threshold for major lawsuits | 4,141.17 | No | Cases filed or settled through mediation | Primarily disputes harming company creditor interests, with no material impact on the company | As of the end of the reporting period, cases have not been judged | IX. Penalties and Rectification The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[97] X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller The company, its controlling shareholder, and actual controller maintained good integrity status during the reporting period - The company, its controlling shareholder, and actual controller had no integrity issues during the reporting period[98] XI. Significant Related Party Transactions The company reported no significant related party transactions during the period, including those related to daily operations, asset/equity acquisitions or disposals, joint investments, or intercompany debt - The company had no related party transactions related to daily operations during the reporting period[98] - The company had no related party transactions involving asset or equity acquisitions or disposals during the reporting period[99] - The company had no related party transactions involving joint external investments during the reporting period[100] - The company had no related party creditor-debtor relationships during the reporting period[101] - There were no deposits, loans, credit lines, or other financial transactions between the company and related financial companies, or between financial companies controlled by the company and related parties[102][103] - The company had no other significant related party transactions during the reporting period[104] XII. Significant Contracts and Their Performance The company has various leasing contracts for warehouses, offices, and facilities, with terms ranging from 2023 to 2030, but no other significant contracts, trusteeships, or guarantees - The company had no trusteeship or contracting situations during the reporting period[105][106] - The company has multiple leasing contracts, with leased assets including houses, factory buildings, and dormitories, and lease terms ranging from 1 to 7 years[107][108][109] - The company had no leasing projects that generated profit or loss exceeding 10% of total profit during the reporting period[110] - The company had no significant guarantees or other major contracts during the reporting period[111][114] XIII. Explanation of Other Significant Matters The company made two external investments in new energy and industrial automation, and secured 0.805 billion yuan in comprehensive credit lines from multiple banks - The company's wholly-owned subsidiary, Xinjiang LanHaiZhongTeng Electric Co., Ltd., jointly invested 10 million yuan with Shenzhen Huangjintai Electronics Co., Ltd. to establish Shenzhen Huasheng International New Energy Co., Ltd., with Xinjiang Zhongteng Electric subscribing 5.1 million yuan, accounting for 51%[115][116] - Huasheng International New Energy Co., Ltd. will focus on the development, production, and sales of products such as photovoltaic inverters and controllers, and will strategically plan integrated wind, solar, load, and storage projects[116] - The company plans to invest 10 million yuan in Shenzhen Huachuang Zhiqi Technology Co., Ltd., aiming to achieve industrial synergy in core components and solutions for industrial automation[116] Company's Bank Credit Line Applications | No. | Credit Bank Name | Credit Amount (billion yuan) | | :--- | :--- | :--- | | 1 | Ping An Bank Co., Ltd. Shenzhen Branch | 0.20 | | 2 | Bank of China Ltd. Shenzhen Branch | 0.05 | | 3 | China Everbright Bank Co., Ltd. Shenzhen Branch | 0.12 | | 4 | Industrial Bank Co., Ltd. Shenzhen Branch | 0.10 | | 5 | Huaxia Bank Co., Ltd. Shenzhen Branch | 0.125 | | 6 | China Minsheng Banking Corp., Ltd. Shenzhen Branch | 0.05 | | 7 | Agricultural Bank of China Ltd. Shenzhen Branch | 0.08 | | 8 | Bank of Hangzhou Co., Ltd. Shenzhen Branch | 0.03 | | 9 | Guangdong Huaxing Bank Shenzhen Branch | 0.05 | | Total | | 0.805 | XIV. Significant Matters of Company Subsidiaries The company reported no significant matters concerning its subsidiaries during the reporting period - The company reported no significant matters concerning its subsidiaries during the reporting period[118] Part VI Share Changes and Shareholder Information This section details changes in the company's share capital, including restricted stock repurchases, and provides an overview of shareholder numbers and major shareholder holdings I. Share Capital Changes The company's total shares decreased by 49,000 due to the repurchase and cancellation of restricted shares from five departed incentive recipients, impacting limited and unlimited shares but not key financial metrics Share Capital Changes (shares) | Item | Quantity Before Change | Proportion Before Change | Change (Other) | Quantity After Change | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 43,324,147 | 20.86% | -2,043,872 | 41,280,275 | 19.88% | | II. Unrestricted Shares | 164,357,753 | 79.14% | 1,994,872 | 166,352,625 | 80.12% | | III. Total Shares | 207,681,900 | 100.00% | -49,000 | 207,632,900 | 100.00% | - The main reason for the share capital change was the repurchase and cancellation of a total of 49,000 restricted shares held by five departed incentive recipients from the 2022 restricted stock incentive plan[122][123] - As of March 24, 2025, the repurchase and cancellation procedures were completed at China Securities Depository and Clearing Corporation Limited Shenzhen Branch[124] II. Securities Issuance and Listing The company had no securities issuance or listing activities during the reporting period - The company had no securities issuance or listing activities during the reporting period[125] III. Shareholder Numbers and Shareholding As of the reporting period end, there were 34,264 common shareholders, with Qiu Wenyuan as the controlling shareholder and actual controller, holding 11.06% and acting in concert with several entities - The total number of common shareholders at the end of the reporting period was 34,264 households[126] Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Period-end Shareholding (shares) | Restricted Shares Held (shares) | Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Qiu Wenyuan | Domestic Natural Person | 11.06% | 22,968,394.00 | 17,226,296.00 | 5,742,098.00 | | Xu Xuehai | Domestic Natural Person | 6.00% | 12,456,348.00 | 10,092,261.00 | 2,364,087.00 | | Jiang Zhongwen | Domestic Natural Person | 3.66% | 7,603,972.00 | 5,882,979.00 | 1,720,993.00 | | Fu Ying | Domestic Natural Person | 3.24% | 6,733,200.00 | 5,049,900.00 | 1,683,300.00 | | Pingtan LanHaiHuaTeng Investment Co., Ltd. | Domestic Non-State-Owned Legal Person | 2.14% | 4,437,000.00 | 0.00 | 4,437,000.00 | - Qiu Wenyuan is the company's controlling shareholder and actual controller, and acts in concert with Pingtan LanHaiHuaTeng Investment Co., Ltd., Pingtan LanHaiZhongTeng Investment Co., Ltd., and Shenzhen Minghuaxinde Private Securities Investment Fund Management Co., Ltd. – Minghuaxinde New Economy Phase I Private Securities Investment Fund[127] IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management Directors Xu Xuehai, Jiang Zhongwen, Shi Renshuai, and Board Secretary Li Yahhui experienced decreases in their shareholdings, primarily due to the repurchase and cancellation of restricted shares Changes in Shareholdings of Directors, Supervisors, and Senior Management (shares) | Name | Position | Beginning Shareholding | Shares Decreased in Current Period | Period-end Shareholding | | :--- | :--- | :--- | :--- | :--- | | Xu Xuehai | Director | 13,456,348 | 1,000,000 | 12,456,348 | | Jiang Zhongwen | Director | 7,843,972 | 240,000 | 7,603,972 | | Shi Renshuai | Director | 3,413,119 | 820,000 | 2,593,119 | | Li Yahhui | Board Secretary | 40,000 | 40,000 | 0 | - The decrease in shares held by senior management Ms. Li Yahhui was due to the repurchase and cancellation of restricted shares[131] V. Changes in Controlling Shareholder or Actual Controller The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder remained unchanged during the reporting period[132] - The company's actual controller remained unchanged during the reporting period[132] VI. Preferred Share Information The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[133] Part VII Bond-Related Information The company had no bond-related matters during the reporting period Bond-Related Information The company had no bond-related matters during the reporting period - The company had no bond-related matters during the reporting period[135] Part VIII Financial Report This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes I. Audit Report The company's semi-annual financial report was unaudited - The company's semi-annual financial report was unaudited[137] II. Financial Statements This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025 [1. Consolidated Balance Sheet](index=40&type=section&id=1%E3%80%81%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%