中瑞股份(301587) - 2025 Q2 - 季度财报

Section I Important Notice, Table of Contents, and Definitions This section provides essential disclaimers, the report's structure, and definitions of key terms for clarity Important Notice The Board of Directors, Supervisory Board, and senior management guarantee the report's accuracy, completeness, and truthfulness, while forward-looking statements are not substantive commitments - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content[5] - The company's responsible person, chief financial officer, and head of accounting department declare the financial report is true, accurate, and complete[5] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[6] Table of Contents This section lists the report's eight main chapters and their starting page numbers, providing quick navigation for investors - The report comprises eight main chapters, covering important notices, company profile, management discussion and analysis, corporate governance, significant matters, share changes, bond information, and financial reports[8] List of Reference Documents This section lists the locations for reference documents, including signed financial statements, publicly disclosed filings, and the original semi-annual report - Reference documents include signed and sealed financial statements, original publicly disclosed filings, and the original semi-annual report text[10] - The aforementioned filed documents are available at the company's Board of Directors Office[11] Definitions This section defines common terms used in the report, including company abbreviations, industry research institutions, key customer names, relevant laws, and the reporting period - Defines the company's abbreviation 'Zhongrui Shares' and its full name[12] - Explains the meaning of industry research institutions (e.g., GGII, SNE Research, EVTank) and major customers (e.g., LG Energy Solution, Tesla)[12] - Clarifies that the 'reporting period' is from January 1, 2025, to June 30, 2025[12] Section 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 period I. Company Profile The company, listed on the Shenzhen Stock Exchange with stock code 301587, is named Changzhou Wujin Zhongrui Electronic Technology Co., Ltd., and its legal representative is Yang Xuexin Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Zhongrui Shares | | Stock Code | 301587 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | Changzhou Wujin Zhongrui Electronic Technology Co., Ltd. | | Legal Representative | Yang Xuexin | II. Contact Persons and Information The company's Board Secretary is Cao Yan and Securities Affairs Representative is Zhu Xiaojiang, with disclosed contact address, phone, fax, and email Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Cao Yan | No. 11 and 11-1, Jinghu Road, Wujin National High-tech Industrial Development Zone | 0519-88867701 | 0519-86193758 | ir@zrelectron.com | | Securities Affairs Representative | Zhu Xiaojiang | No. 11 and 11-1, Jinghu Road, Wujin National High-tech Industrial Development Zone | 0519-88867701 | 0519-86193758 | ir@zrelectron.com | III. Other Information The company's contact details, information disclosure, and registration status remained unchanged during the reporting period, as detailed in the 2024 annual report - The company's registered address, office address, website, email, and other contact information remained unchanged during the reporting period[17] - Information disclosure and reference locations remained unchanged during the reporting period[18] - The company's registration status remained unchanged during the reporting period[19] IV. Key Accounting Data and Financial Indicators The company's operating revenue decreased by 3.23% year-on-year, and net profit attributable to shareholders significantly declined by 63.11% in the first half of 2025 Key Accounting Data and Financial Indicators (YoY) | Indicator | Current Period (CNY) | Prior Year Period (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 317,855,129.56 | 328,464,803.24 | -3.23% | | Net Profit Attributable to Shareholders | 16,604,344.70 | 45,007,733.71 | -63.11% | | Net Profit Attributable to Shareholders After Deducting Non-Recurring Gains and Losses | 12,683,442.24 | 43,916,380.55 | -71.12% | | Net Cash Flow from Operating Activities | 4,879,388.25 | 35,887,566.49 | -86.40% | | Basic Earnings Per Share (CNY/share) | 0.11 | 0.35 | -68.57% | | Diluted Earnings Per Share (CNY/share) | 0.11 | 0.35 | -68.57% | | Weighted Average Return on Net Assets | 0.82% | 2.80% | -1.98% | | Period-End Indicators | End of Current Period (CNY) | End of Prior Year (CNY) | Change from Prior Year-End | | Total Assets | 2,365,946,188.23 | 2,465,890,211.24 | -4.05% | | Net Assets Attributable to Shareholders | 1,991,435,091.09 | 2,022,999,298.80 | -1.56% | V. Differences in Accounting Data Under Domestic and International Accounting Standards The company reported no differences in net profit and net assets between international or overseas accounting standards and Chinese accounting standards during the reporting period - The company reported no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards during the reporting period[21] - The company reported no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards during the reporting period[22] VI. Non-Recurring Gains and Losses Items and Amounts The company's total non-recurring gains and losses for the reporting period amounted to CNY 3,920,902.46, primarily from government grants and fair value changes of financial assets Non-Recurring Gains and Losses Items and Amounts | Item | Amount (CNY) | | :--- | :--- | | Government grants recognized in current period P&L (excluding those with continuous impact) | 169,628.86 | | Gains and losses from changes in fair value and disposal of financial assets and liabilities held by non-financial enterprises | 3,731,832.66 | | Reversal of impairment provisions for accounts receivable subject to individual impairment testing | 81,366.92 | | Other non-operating income and expenses apart from the above items | 629,997.98 | | Less: Income tax impact | 691,923.96 | | Total | 3,920,902.46 | - The company has no other profit or loss items that meet the definition of non-recurring gains and losses, nor does it classify non-recurring gains and losses as recurring gains and losses[25] Section III Management Discussion and Analysis This section provides an in-depth analysis of the company's primary business operations, core competencies, financial performance, investment activities, and risk factors during the reporting period I. Main Business Activities During the Reporting Period The company specializes in the R&D, manufacturing, and sales of cylindrical lithium battery precision safety structural components, serving various sectors including new energy vehicles and energy storage - The company's main business is the R&D, manufacturing, and sales of cylindrical lithium battery precision safety structural components, including lithium battery combination caps and large cylindrical structural components[27][34] - Downstream applications cover multiple fields such as new energy vehicles, power tools, electric bicycles, consumer electronics, and energy storage lithium batteries[27][36] - The company has proactively developed 46-series large cylindrical lithium battery structural components, with some products already supplied in bulk[36] (I) Industry Overview The company operates in the metal products industry, benefiting from rapid growth in the lithium battery sector driven by global energy transition and strong demand from new energy vehicles and energy storage - The company operates in the metal products industry (C33), primarily engaged in the R&D, manufacturing, and sales of cylindrical lithium battery precision safety structural components[27] - From January to June 2025, new energy vehicle production and sales increased by 41.4% and 40.3% respectively, with power battery cumulative installed capacity growing by 47.3% year-on-year[28] - In the first half of 2025, new energy storage installed capacity grew by approximately 29%, and global energy storage cell shipments increased by 100% year-on-year[29] - In the first half of 2025, domestic cylindrical power battery installed capacity was approximately 6.2 GWh, a 51% year-on-year increase, with global 46-series large cylindrical battery production capacity planning exceeding 6 billion units[30][31] - Policies such as the 'Action Plan for High-Quality Development of New Energy Storage Manufacturing' support the development of new energy storage and new energy vehicles[33] (II) Main Business Activities During the Reporting Period The company is a leading supplier of cylindrical lithium battery precision safety structural components, utilizing "production-based procurement" and "sales-driven production" models, maintaining direct sales relationships with industry leaders - The company's main products are lithium battery combination caps and large cylindrical structural components, with deep involvement in product development for renowned manufacturers like LG Energy Solution and Tesla in the large cylindrical structural components sector[34][36] - The procurement model is 'production-based procurement', the production model is 'sales-driven production with reasonable inventory', and the sales model is direct sales[36][37][38] - The company holds 99 authorized patents (15 invention patents, 84 utility model patents), possessing core technological advantages in product and mold R&D, design, and manufacturing[39] - In the first half of 2025, the company's combination cap sales increased year-on-year, but due to intensified market competition and cost pass-through, operating revenue decreased by 3.23% year-on-year, and net profit declined by 63.11%[40] II. Analysis of Core Competencies The company's core competencies lie in its technological R&D, stringent product quality control, strong customer relationships, and an experienced management team - The company possesses independent intellectual property rights in multiple core technologies such as anti-leakage, safety explosion protection, power-off protection, and intelligent detection, holding 99 authorized patents as of June 30, 2025[41] - The company maintains highly consistent and stable production processes, achieving high standards in product precision and process capability control, and is certified under quality management systems such as ISO9001 and TS16949[42] - The company has established close cooperative relationships with leading domestic and international lithium battery manufacturers such as LG Energy Solution, Tesla, and E-Nergy Technology, forming a high-quality major customer base[43] - The company's management team and technical personnel possess extensive experience and advantages in product R&D, production management, quality control, and market development[43] III. Analysis of Main Business Operations The company experienced a 3.23% year-on-year decrease in operating revenue and a significant 63.11% decline in net profit attributable to shareholders, primarily due to increased operating costs and changes in cash flow from operating and financing activities Key Financial Data Year-on-Year Changes | Indicator | Current Period (CNY) | Prior Year Period (CNY) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 317,855,129.56 | 328,464,803.24 | -3.23% | | | Operating Cost | 246,064,450.59 | 226,808,795.94 | 8.49% | | | Administrative Expenses | 28,409,591.66 | 23,907,954.54 | 18.83% | | | R&D Investment | 30,286,383.76 | 26,048,261.41 | 16.27% | | | Net Cash Flow from Operating Activities | 4,879,388.25 | 35,887,566.49 | -86.40% | Increase in payments for maturing notes payable, increase in cash paid for goods purchased and services received | | Net Cash Flow from Investing Activities | -20,310,273.47 | -659,025,328.01 | 96.92% | Decrease in purchase of structured deposits with temporarily idle funds | | Net Cash Flow from Financing Activities | -43,644,144.67 | 712,313,821.24 | -106.13% | IPO proceeds received in prior period | | Net Increase in Cash and Cash Equivalents | -57,768,034.43 | 90,321,940.34 | -163.96% | Payments for IPO projects, dividends | | Income Tax Expense | -1,795,299.99 | 4,258,148.12 | -142.16% | Decrease in total profit, decrease in income tax expense | Products or Services Accounting for Over 10% of Revenue | By Product or Service | Operating Revenue (CNY) | Operating Cost (CNY) | Gross Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Combination Caps | 256,667,422.40 | 210,615,030.25 | 17.94% | -4.04% | 4.69% | -6.84% | | Large Cylindrical Structural Components | 23,185,169.84 | 22,161,959.02 | 4.41% | -17.75% | 19.59% | -29.85% | IV. Analysis of Non-Core Business Operations The company's non-core business income primarily stems from investment gains, fair value changes, and government grants, with investment and fair value gains being non-sustainable Non-Core Business Analysis | Item | Amount (CNY) | Proportion of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 2,596,079.23 | 18.78% | Wealth management income | No | | Gains and Losses from Fair Value Changes | 1,135,753.43 | 8.22% | Wealth management income | No | | Asset Impairment | -3,551,926.22 | -25.70% | Inventory impairment | No | | Non-Operating Income | 642,443.13 | 4.65% | Natural disaster compensation | No | | Other Income | 2,636,682.97 | 19.08% | Government grants and VAT additional deduction | Yes | V. Analysis of Assets and Liabilities At the end of the reporting period, the company's total assets decreased by 4.05% year-on-year, with a notable decrease in monetary funds and an increase in construction in progress Significant Changes in Asset Composition | Item | End of Current Period Amount (CNY) | Proportion of Total Assets | End of Prior Year Amount (CNY) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 387,908,936.38 | 16.40% | 536,403,813.03 | 21.75% | -5.35% | | Fixed Assets | 1,054,729,570.05 | 44.58% | 1,053,188,352.82 | 42.71% | 1.87% | | Construction in Progress | 161,708,376.98 | 6.83% | 102,967,382.13 | 4.18% | 2.65% | | Contract Liabilities | 7,208,420.14 | 0.30% | 1,302,812.83 | 0.05% | 0.25% | Assets and Liabilities Measured at Fair Value | Item | End of Period Balance (CNY) | | :--- | :--- | | Financial Assets Held for Trading | 226,523,225.65 | | Accounts Receivable Financing | 96,475,544.77 | | Total Above | 322,998,770.42 | Asset Restrictions | Item | End of Period Carrying Amount (CNY) | Reason for Restriction | | :--- | :--- | :--- | | Monetary Funds | 48,396,576.33 | Used for bank acceptance bills issued by the company, e-banking balances, and received debt transfer payments and interest | | Monetary Funds | 273,454,079.91 | Time deposits and accrued interest | | Total | 321,850,656.24 | | VI. Analysis of Investment Activities The company's total investment decreased by 2.28% year-on-year, with IPO-funded projects progressing but their completion date extended to December 31, 2026, and significant funds allocated to wealth management Investment Amount During the Reporting Period | Indicator | Current Period Investment Amount (CNY) | Prior Year Period Investment Amount (CNY) | Change Rate | | :--- | :--- | :--- | :--- | | Investment Amount | 813,056,545.64 | 831,995,820.91 | -2.28% | - IPO-funded projects 'Precision Structural Components for Power Lithium Batteries Project' and 'R&D Center Construction Project' have accumulated investments of CNY 609.9671 million, with progress rates of 84.97% and 85.93% respectively[64] - The scheduled completion date for the IPO-funded projects has been extended from June 30, 2025, to December 31, 2026[64] Overview of Entrusted Wealth Management | Specific Type | Source of Entrusted Wealth Management Funds | Amount of Entrusted Wealth Management (CNY 10,000) | Outstanding Balance (CNY 10,000) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | IPO Proceeds | 22,400.00 | 9,500.00 | | Bank Wealth Management Products | Own Funds | 44,158.82 | 40,158.82 | | Total | | 66,558.82 | 49,658.82 | 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[70] - The company did not dispose of any significant equity during the reporting period[71] VIII. Analysis of Major Controlled and Invested Companies The company's main subsidiary, Zhongrui Korea, increased its registered capital from KRW 5 billion to KRW 7.175 billion, maintaining the company's 70% stake, and reported operating revenue of CNY 9,117,898.86 with a net loss of CNY 3,288,139.15 Financial Information of Major Subsidiary Zhongrui Korea | Company Name | Company Type | Main Business | Registered Capital | Total Assets (CNY) | Net Assets (CNY) | Operating Revenue (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhongrui Korea | Subsidiary | Manufacturing and sales of lithium-ion battery structural components | KRW 7.175 billion | 86,382,309.43 | 63,482,645.41 | 9,117,898.86 | -3,288,139.15 | - In June 2025, Zhongrui Korea's registered capital increased from KRW 5 billion to KRW 7.175 billion, with the company's shareholding remaining at 70%[73] 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[74] X. Risks Faced by the Company and Countermeasures The company faces risks from policy changes, raw material price fluctuations, high customer concentration, increased depreciation, technological iteration, and management challenges from expansion, addressed through strategic adjustments, optimized procurement, and enhanced R&D - Facing risks from changes in industrial policies, countermeasures include closely monitoring policy dynamics, adjusting strategic planning, and expanding international markets[74] - Facing risks from raw material price fluctuations, countermeasures include enhancing market forecasting capabilities, optimizing procurement plans, adjusting product pricing, and establishing diversified procurement channels[74][75] - Facing risks from high customer concentration, countermeasures include strengthening existing customer relationships, developing new products, and expanding high-quality domestic and international customers[75][76] - Facing risks from increased depreciation of new fixed assets, countermeasures include strict cost control, improving capital utilization efficiency, regular risk assessment, and optimizing production processes[76][77] - Facing risks from product technology iteration, countermeasures include keeping abreast of industry trends, strengthening technological R&D, cultivating high-tech talent, and enhancing industry-academia-research cooperation[77][78] - Facing management risks due to future scale expansion, countermeasures include timely adjustment of organizational structure, improving internal control systems, and strengthening management personnel training[78] XI. Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period During the reporting period, the company engaged with institutional investors through phone calls and on-site visits to discuss business, performance, and industry trends, without providing additional materials - From January to May 2025, the company hosted institutional investors multiple times through phone calls and on-site visits[79][80][81] - Research content primarily focused on the company's basic situation, operating performance, customer cooperation, business progress, industry trends, investment project progress, production and operation status, and development strategy[79][80][81] - The company did not provide materials to investors during the research reception process[79][80][81] 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 'Dual Improvement in Quality and Returns' Action Plan The company did not disclose any announcement regarding the "Dual Improvement in Quality and Returns" action plan during the reporting period - The company did not disclose an announcement regarding the 'Dual Improvement in Quality and Returns' action plan[82] Section IV Corporate Governance, Environment, and Society This section details changes in the company's directors, supervisors, and senior management, profit distribution plans, employee incentive measures, environmental information disclosure, and social responsibility initiatives I. Changes in Directors, Supervisors, and Senior Management During the reporting period, the company's Chief Engineer, Liu Yuancheng, was no longer classified as a senior executive due to a work reassignment, though his position within the company remains unchanged - The company's Chief Engineer, Liu Yuancheng, is no longer classified as a senior executive due to a work reassignment[83] - Mr. Liu Yuancheng's position within the company remains unchanged[83] II. Profit Distribution and Capital Reserve Conversion to Share Capital in the Current Period The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the current 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[84] III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place or implemented during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[85] IV. Environmental Information Disclosure Neither the company nor its major subsidiaries were included in the list of enterprises required to disclose environmental information by law - Neither the listed company nor its major subsidiaries were included in the list of enterprises required to disclose environmental information by law[86] V. Social Responsibility The company operates in compliance with laws and regulations, actively fulfilling its social responsibilities by improving corporate governance, prioritizing investor returns, protecting employee rights, and adhering to green development principles - The company operates in compliance with laws and regulations, actively fulfilling its social responsibilities, including improving its corporate governance structure and standardized operating system[86] - The company values reasonable investor returns, actively implements profit distribution policies, protects employee rights, and prioritizes employee health and safety[86] - The company practices green development principles and has obtained ISO14001 environmental management system and GB/T23331 energy management system certifications[86] Section V Significant Matters This section covers the company's commitments, related party transactions, litigation, penalties, and other significant events during the reporting period I. Commitments Fulfilled and Overdue Unfulfilled by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period During the reporting period, the company's share lock-up commitments made during its initial public offering or refinancing were fulfilled on time, with no overdue unfulfilled commitments - The company's share lock-up commitments made during its initial public offering or refinancing were fulfilled on time[88][89] - As of the end of the reporting period, there were no overdue unfulfilled commitments[89] II. Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties from the Listed Company The company reported no non-operating funds occupied by its controlling shareholder or other related parties during the reporting period - The company reported no non-operating funds occupied by its controlling shareholder or other related parties from the listed company during the reporting period[90] 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[91] IV. Appointment and Dismissal of Accounting Firms The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[93] V. Explanation by the Board of Directors, Supervisory Board, and Audit Committee on the Accounting Firm's 'Non-Standard Audit Report' for the Current Period The company did not receive a non-standard audit report during the reporting period - The company did not receive a non-standard audit report during the reporting period[94] VI. Explanation by the Board of Directors on the 'Non-Standard Audit Report' for the Prior Year The company did not receive a non-standard audit report during the reporting period - The company did not receive a non-standard audit report during the reporting period[94] VII. Bankruptcy and Reorganization Matters The company had no bankruptcy and reorganization matters during the reporting period - The company had no bankruptcy and reorganization matters during the reporting period[94] VIII. Litigation Matters The company had no significant litigation or arbitration matters, but other lawsuits where the company/subsidiary was the plaintiff totaled CNY 2.6261 million, which are now closed and in the execution phase - The company had no significant litigation or arbitration matters during the current reporting period[95] Other Litigation Matters | Basic Information of Litigation (Arbitration) | Amount Involved (CNY 10,000) | Whether Provision for Liabilities Formed | Litigation (Arbitration) Progress | Execution Status of Litigation (Arbitration) Judgment | | :--- | :--- | :--- | :--- | :--- | | Summary of other litigation (arbitration) matters where the company/subsidiary is the plaintiff | 262.61 | No | Closed | In execution application | 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[96] 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[97] XI. Significant Related Party Transactions The company had no significant related party transactions during the reporting period, including those related to daily operations, asset/equity acquisitions or disposals, joint investments, or related party debt - The company had no related party transactions related to daily operations during the reporting period[97] - The company had no related party transactions involving asset or equity acquisitions or disposals during the reporting period[98] - The company had no related party debt transactions during the reporting period[100] - There were no deposits, loans, credit lines, or other financial services between the company and related financial companies[101] XII. Significant Contracts and Their Performance The company had no significant entrustment, contracting, or guarantee contracts, but incurred CNY 1.1537 million in lease expenses as a lessee and generated CNY 0.0317 million in lease income as a lessor - The company had no entrustment or contracting situations during the reporting period[104][105] - During the reporting period, as a lessee, the company incurred cumulative lease expenses of CNY 1.1537 million; as a lessor, it generated cumulative lease income of CNY 0.0317 million[107] - The company had no significant guarantee situations during the reporting period[108] - The company had no other significant contracts during the reporting period[111] XIII. Explanation of Other Significant Matters The company had no other significant matters requiring explanation during the reporting period - The company had no other significant matters requiring explanation during the reporting period[112] XIV. Significant Matters of Company Subsidiaries The company's subsidiaries had no significant matters during the reporting period - The company's subsidiaries had no significant matters during the reporting period[113] Section VI Share Changes and Shareholder Information This section details changes in the company's share capital, shareholder structure, and the holdings of directors, supervisors, and senior management I. Share Change Information During the reporting period, 42,907,269 shares (29.12% of total share capital) from strategic placements and pre-IPO issuances became tradable, increasing unrestricted shares, and a share repurchase plan was approved but not yet implemented - A total of 42,907,269 shares (29.12% of total share capital) from the company's initial public offering strategic placement and some pre-IPO issued shares became tradable on April 8, 2025[117][118] Share Change Information | Share Type | Number of Shares Before Change | Proportion Before Change | Increase/Decrease in Change (Shares) | Number of Shares After Change | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 116,782,269 | 79.27% | -42,907,269 | 73,875,000 | 50.14% | | II. Unrestricted Shares | 30,545,771 | 20.73% | 42,907,269 | 73,453,040 | 49.86% | | III. Total Shares | 147,328,040 | 100.00% | 0 | 147,328,040 | 100.00% | - The company has approved a share repurchase plan, intending to use CNY 10 million to CNY 20 million to repurchase shares for employee stock ownership plans or equity incentives, with a repurchase price cap of CNY 34.31 per share[118][119] - As of June 30, 2025, the company had not yet commenced the share repurchase[120] 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[124] III. Number of Shareholders and Shareholding Information At the end of the reporting period, the company had 11,699 ordinary shareholders, with controlling shareholder Yang Xuexin holding 50.14% in restricted shares, while some major shareholders' restricted shares were converted to unrestricted - At the end of the reporting period, the total number of ordinary shareholders was 11,699[126] Shareholding Information of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at Period-End | Number of Restricted Shares Held | Number of Unrestricted Shares Held | | :--- | :--- | :--- | :--- | :--- | :--- | | Yang Xuexin | Domestic Natural Person | 50.14% | 73,875,000 | 73,875,000 | 0 | | Shenzhen Guozhong SME Development Private Equity Investment Partnership (Limited Partnership) | Other | 4.41% | 6,501,888 | 0 | 6,501,888 | | Changzhou Ruijin Venture Capital Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 2.39% | 3,522,710 | 0 | 3,522,710 | | Changzhou Ruizhong Venture Capital Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 2.19% | 3,229,790 | 0 | 3,229,790 | | Huatai Securities Asset Management - Industrial Bank - Huatai Zhongrui Electronic Home No. 1 ChiNext Employee Stock Ownership Collective Asset Management Plan | Other | 2.04% | 3,008,587 | 0 | 3,008,587 | - Ruijin Investment and Ruizhong Investment are the company's employee stock ownership platforms, with controlling shareholder and actual controller Yang Xuexin holding 43.76% and 40.21% of their respective property shares[128] IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period, as detailed in the 2024 annual report - The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period[129] 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[130] - The company's actual controller remained unchanged during the reporting period[131] VI. Preferred Share Information The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[132] Section VII Bond-Related Information This section confirms that the company had no bond-related activities or outstanding bonds during the reporting period Bond-Related Information The company had no bond-related situations during the reporting period - The company had no bond-related situations during the reporting period[134] Section 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 equity, along with detailed notes on accounting policies and financial items I. Audit Report The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[136] 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 - Financial statements include the consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated cash flow statement, parent company cash flow statement, consolidated statement of changes in owners' equity, and parent company statement of changes in owners' equity[137][141][144][148][152][154][156][163] III. Company Basic Information Changzhou Wujin Zhongrui Electronic Technology Co., Ltd., registered on August 14, 2018, with a registered capital of CNY 147.32804 million, is listed on the Shenzhen Stock Exchange and specializes in R&D, production, and sales of lithium battery structural components - The company was registered on August 14, 2018, with a registered capital of CNY 147.32804 million[169] - The company's shares were listed and traded on the Shenzhen Stock Exchange on April 8, 2024[169] - Its main business is the R&D, production, and sales of lithium battery combination caps and large cylindrical structural components, belonging to the metal products industry[169] IV. Basis of Financial Statement Preparation The company's financial statements are prepared on a going concern basis, with no significant doubts about its ability to continue as a going concern for the next 12 months from the reporting period end - The company's financial statements are prepared on a going concern basis[170] - There are no matters or circumstances that cause significant doubt about the company's ability to continue as a going concern for the 12 months from the end of the reporting period[171] V. Significant Accounting Policies and Estimates This section details the company's accounting policies and estimates for financial instruments, inventory, fixed assets, construction in progress, intangible assets, and revenue recognition, affirming compliance with enterprise accounting standards - The company's financial statements comply with the requirements of enterprise accounting standards, truly and completely reflecting the company's financial position, operating results, cash flows, and other relevant information[173] - The company's operating cycle is short, using 12 months as the liquidity classification standard for assets and liabilities[175] - The company uses Renminbi as its functional currency, while its overseas subsidiary Zhongrui Korea uses Korean Won as its functional currency[176] - Detailed disclosure of accounting policies and estimates for financial instruments, inventory, fixed assets, construction in progress, intangible assets, and revenue recognition[184][207][221][223][229][247] VI. Taxation This section outlines the company's main tax categories and rates, including VAT (13%, 10%), urban maintenance and construction tax (7%), and enterprise income tax, with its Korean subsidiary at 9% and the parent company provisionally at 15% pending high-tech enterprise certification Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sales of goods and taxable services income | 13%, 10%, export goods enjoy 'exemption, offset, refund' policy | | Urban Maintenance and Construction Tax | Actual amount of turnover tax paid | 7% | | Enterprise Income Tax | Taxable income | 15%, 9% | - Subsidiary Zhongrui Korea applies an enterprise income tax rate of 9%[270] - The company's high-tech enterprise certification application has been submitted, and enterprise income tax is provisionally prepaid at a rate of 15%[271] VII. Notes to Consolidated Financial Statement Items This section provides detailed notes on the consolidated financial statement items, including monetary funds of CNY 388 million, trading financial assets of CNY 227 million, accounts receivable of CNY 148 million, and net profit of CNY 15.6179 million End of Period Balances of Major Consolidated Balance Sheet Items | Item | End of Period Balance (CNY) | | :--- | :--- | | Monetary Funds | 387,908,936.38 | | Financial Assets Held for Trading | 226,523,225.65 | | Accounts Receivable | 147,777,894.59 | | Inventories | 126,677,193.45 | | Fixed Assets | 1,054,729,570.05 | | Construction in Progress | 161,708,376.98 | | Short-term Borrowings | 210,193.33 | | Notes Payable | 108,764,579.17 | | Contract Liabilities | 7,208,420.14 | | Total Equity Attributable to Parent Company Owners | 1,991,435,091.09 | Current Period Amounts of Major Consolidated Income Statement Items | Item | Current Period Amount (CNY) | | :--- | :--- | | Total Operating Revenue | 317,855,129.56 | | Total Operating Cost | 306,364,769.59 | | Net Profit | 15,617,902.96 | | Net Profit Attributable to Parent Company Shareholders | 16,604,344.70 | - Inventory impairment provisions and contract performance cost impairment provisions increased by CNY 3,551,926.22 in the current period, with an end-of-period balance of CNY 13,006,884.16[355] - At the end of the reporting period, the total amount of assets with restricted ownership or use rights was CNY 321,850,656.24, primarily monetary funds[437] VIII. Research and Development Expenses The company's total R&D expenses for the current period amounted to CNY 30,286,383.76, all of which were expensed, primarily comprising personnel, direct input, and depreciation costs Composition of R&D Expenses | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Personnel Costs | 15,827,895.31 | 13,995,328.94 | | Direct Input Costs | 9,349,300.69 | 8,892,486.41 | | Depreciation and Amortization of Long-term Deferred Expenses | 4,994,565.87 | 3,110,977.24 | | Other Expenses | 114,621.89 | 49,468.82 | | Total | 30,286,383.76 | 26,048,261.41 | | Of which: Expensed R&D Expenses | 30,286,383.76 | 26,048,261.41 | - All R&D expenses for the current period were expensed, with no capitalized R&D projects[552][554] IX. Changes in Consolidation Scope The company reported no changes in its consolidation scope during the reporting period, including no non-same control business combinations, same control business combinations, reverse acquisitions, or loss of control over subsidiaries - The company had no non-same control business combinations during the reporting period[556] - The company had no same control business combinations during the reporting period[560] - The company had no reverse acquisitions during the reporting period[562] - The company had no transactions or events resulting in the loss of control over subsidiaries during the reporting period[563] X. Interests in Other Entities The company holds a 70% equity interest in its main subsidiary, Zhongrui Korea, and has investments in associates Suzhou Zherui Automation Equipment Co., Ltd. and Ruiqing Intelligent Technology (Suzhou) Co., Ltd. Composition of the Enterprise Group | Subsidiary Name | Main Operating Location | Registered Place | Business Nature | Shareholding Proportion (Direct) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | | Zhongrui Korea | Pyeongtaek-si, Gyeonggi-do, South Korea | Pyeongtaek-si, Gyeonggi-do, South Korea | Manufacturing | 70.00% | Establishment | Financial Information of Significant Non-Wholly Owned Subsidiaries | Subsidiary Name | Minority Shareholding Proportion | Current Period Profit/Loss Attributable to Minority Shareholders (CNY) | End of Period Minority Interest Balance (CNY) | | :--- | :--- | :--- | :--- | | Zhongrui Korea | 30.00% | -986,441.74 | 19,044,793.62 | Summary Financial Information of Insignificant Associates | Item | End of Period Balance/Current Period Amount (CNY) | | :--- | :--- | | Total Carrying Amount of Investments | 1,845,348.55 | | --Net Profit | -104,651.45 | XI. Government Grants At the end of the reporting period, the company's deferred income from government grants totaled CNY 24,040,229.74, all asset-related, with CNY 1,463,078.88 recognized as other income in the current period Liability Items Involving Government Grants | Account Title | Beginning of Period Balance (CNY) | New Subsidies Added This Period (CNY) | Amount Transferred to Other Income This Period (CNY) | End of Period Balance (CNY) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 25,485,308.62 | 0.00 | 1,445,078.88 | 24,040,229.74 | Asset-related | Government Grants Recognized in Current Period P&L | Account Title | Current Period Amount (CNY) | | :--- | :--- | | Other Income | 1,463,078.88 | XII. Risks Related to Financial Instruments The company primarily faces credit, market (exchange rate), and liquidity risks, managed through monitoring bank deposits, assessing customer credit, forecasting cash flows, and using forward foreign exchange contracts - The company primarily faces credit risk, market risk (exchange rate risk), and liquidity risk[580] - Liquidity risk is managed through measures such as monitoring bank deposit balances, bank acceptance bills, and rolling cash flow forecasts[582] Undiscounted Contractual Amounts of Financial Liabilities by Maturity Date | Item | End of Period Carrying Amount (CNY) | Undiscounted Contractual Amount (CNY) | Within 1 Year (CNY) | 1-3 Years (CNY) | Over 3 Years (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | | Bank Borrowings | 210,193.33 | 211,993.39 | 211,993.39 | | | | Notes Payable | 108,764,579.17 | 108,764,579.17 | 108,764,579.17 | | | | Accounts Payable | 109,959,729.64 | 109,959,729.64 | 109,959,729.64 | | | | Other Payables | 2,487,081.32 | 2,487,081.32 | 2,487,081.32 | | | | Non-current liabilities due within one year - Lease liabilities | 515,639.36 | 548,071.58 | 548,071.58 | | | | Lease Liabilities | 694,156.83 | 742,523.00 | | 689,012.47 | 53,510.53 | | Subtotal | 222,631,379.65 | 222,713,978.10 | 221,971,455.10 | 689,012.47 | 53,510.53 | - The company's exchange rate risk primarily arises from financial assets and liabilities denominated in USD and KRW[586][587] XIII. Disclosure of Fair Value At period-end, the company's assets continuously measured at fair value totaled CNY 322,998,770.42, primarily comprising trading financial assets and accounts receivable financing, all measured using Level 3 fair value End of Period Fair Value of Assets and Liabilities Measured at Fair Value | Item | Level 3 Fair Value Measurement (CNY) | Total (CNY) | | :--- | :--- | :--- | | (I) Financial Assets Held for Trading | 226,523,225.65 | 226,523,225.65 | | (II) Accounts Receivable Financing | 96,475,544.77 | 96,475,544.77 | | Total Assets Continuously Measured at Fair Value | 322,998,770.42 | 322,998,770.42 | - The company's financial assets held for trading and accounts receivable financing are all measured using Level 3 fair value[598] - The company transferred financial assets of CNY 101,833,130.04, primarily through bill endorsement and discounting, which have been derecognized[591] XIV. Related Parties and Related Party Transactions The company's ultimate controlling party is Yang Xuexin, with key related parties including Zhongrui Korea and two associates, and reported related party purchases of automation and intelligent detection equipment - The ultimate controlling party of the enterprise is Yang Xuexin[137] - Major related parties include subsidiary Zhongrui Korea, and associates Suzhou Zherui Automation Equipment Co., Ltd. and Ruiqing Intelligent Technology (Suzhou) Co., Ltd.[599][600] Table of Goods Purchased/Services Received | Related Party | Related Party Transaction Content | Current Period Amount (CNY) | | :--- | :--- | :--- | | Suzhou Zherui Automation Equipment Co., Ltd. | Automation equipment | 830,530.98 | | Ruiqing Intelligent Technology (Suzhou) Co., Ltd. | Intelligent detection equipment | 39,035.40 | Key Management Personnel Remuneration | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Key management personnel remuneration | 2,526,695.00 | 3,146,553.00 | XV. Share-Based Payment The company recognized total equity-settled share-based payment expenses of CNY 1,744,624.84 in the current period, with a cumulative amount of CNY 53,380,170.44 recorded in capital reserves - The total expense recognized for equity-settled share-based payments in the current period was CNY 1,744,624.84[619][620] - The cumulative amount of equity-settled share-based payments recognized in capital reserves was CNY 53,380,170.44[619] - The fair value of equity instruments on the grant date is determined by the relatively fair price introduced by external institutions or strategic investors[619] XVI. Commitments and Contingencies The company had significant commitments at the balance sheet date but no important contingencies requiring disclosure - The company had significant commitments at the balance sheet date[621] - The company had no important contingencies requiring disclosure[621] XVII. Post-Balance Sheet Events The company had no significant non-adjusting events, profit distribution, or sales returns after the balance sheet date - The company had no significant non-adjusting events after the reporting period[623] - The company had no profit distribution situations after the reporting period[624] - The company had no sales returns after the reporting period[624] XVIII. Other Significant Matters The company had no prior period accounting error corrections, debt restructurings, asset exchanges, annuity plans, discontinued operations, or segment information during the reporting period - The company had no prior period accounting error corrections during the reporting period[624] - The company had no debt restructurings, asset exchanges, annuity plans, discontinued operations, or other similar matters during the reporting period[627][634] - The company has no reportable segments[630] XIX. Notes to Parent Company Financial Statement Items This section provides detailed notes on the parent company's financial statement items, including accounts receivable of CNY 164 million, other receivables of CNY 3.784 million, long-term equity investments of CNY 50.4282 million, and operating revenue of CNY 319 million Parent Company Accounts Receivable Info