中国西电(601179) - 2025 Q2 - 季度财报

Important Notice Management Statement and Audit Status The company's board of directors, supervisory board, and senior management declare the truthfulness, accuracy, and completeness of the semi-annual report content, assuming legal responsibility, and confirm the financial report is unaudited - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content[5] - This semi-annual report is unaudited[7] - Company head Zhao Yongzhi, chief accountant Zheng Gaochao, and head of accounting department Chen Wang declare the financial report is true, accurate, and complete[7] Profit Distribution Plan The board of directors approved the 2025 interim profit distribution plan, proposing a cash dividend of 0.47 Yuan (tax inclusive) per 10 shares, totaling 240.92 million Yuan, representing 40.27% of the net profit attributable to shareholders 2025 Interim Profit Distribution Plan | Indicator | Amount/Ratio | | :--- | :--- | | Cash dividend per 10 shares (tax inclusive) | 0.47 Yuan | | Total cash dividend (tax inclusive) | 240,916,470.54 Yuan | | Percentage of net profit attributable to shareholders | 40.27% | - This profit distribution plan will be implemented upon approval by the board of directors and does not require submission to the general meeting of shareholders[8] Risk Statement and Disclaimer The company advises investors that forward-looking statements in this report do not constitute substantive commitments and encourages reviewing the risk section in "Management Discussion and Analysis" - Forward-looking statements regarding future plans in this report do not constitute substantive commitments by the company to investors, so investors and relevant parties are advised to be aware of investment risks[9] - The company has described potential risks in the report, please refer to the "Risks" section in "Management Discussion and Analysis"[10] Fund Occupation and External Guarantees During the reporting period, the company had no non-operating fund occupation by controlling shareholders or other related parties, nor any external guarantees in violation of decision-making procedures - No non-operating fund occupation by controlling shareholders or other related parties[10] - No external guarantees provided in violation of decision-making procedures[10] Section I Definitions This section provides definitions and abbreviations for common terms used in the report to ensure consistent understanding of its content Section II Company Profile and Key Financial Indicators Company Basic Information This section introduces the company's basic information, including its Chinese name, abbreviation, foreign name, legal representative, contact details, registered and office addresses, website, and information disclosure channels - The company's Chinese name is China Xidian Electric Co., Ltd., abbreviated as China Xidian[17] - The legal representative is Zhao Yongzhi, and the board secretary is Zheng Gaochao[17][18] - The company's shares are listed on the Shanghai Stock Exchange, stock code 601179[21] Key Accounting Data and Financial Indicators During the reporting period, the company achieved significant growth in operating revenue and net profit, but net cash flow from operating activities decreased substantially year-on-year, with net profit attributable to shareholders increasing by 30.08% due to scale expansion and improved gross profit margin Key Accounting Data (January-June 2025 vs. Prior Year Period) | Indicator | Current Period (Jan-Jun) | Prior Year Period (Adjusted) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 11,301,291,103.09 Yuan | 10,346,268,886.80 Yuan | 9.23 | | Total Profit | 811,085,482.38 Yuan | 698,150,238.78 Yuan | 16.18 | | Net Profit Attributable to Shareholders | 598,187,171.85 Yuan | 459,878,414.77 Yuan | 30.08 | | Net Cash Flow from Operating Activities | -29,303,071.09 Yuan | 708,591,149.42 Yuan | -104.14 | Key Financial Indicators (January-June 2025 vs. Prior Year Period) | Indicator | Current Period (Jan-Jun) | Prior Year Period (Adjusted) | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | 0.12 | 0.09 | 33.33 | | Diluted Earnings Per Share (Yuan/share) | 0.12 | 0.09 | 33.33 | | Weighted Average Return on Net Assets (%) | 2.68 | 2.11 | Increased by 0.58 percentage points | - Net profit attributable to shareholders increased by 30.08% year-on-year, primarily due to scale expansion and improved gross profit margin of main business[26] - Net cash flow from operating activities decreased by 104.14% year-on-year, mainly due to increased payments for goods purchased by the company[26] Non-Recurring Gains and Losses During the reporting period, the company's total non-recurring gains and losses amounted to -11.25 million Yuan, with government subsidies of 38.35 million Yuan and fair value change losses of -51.75 million Yuan, while certain investment income was classified as recurring Non-Recurring Gains and Losses (Unit: Yuan) | Non-Recurring Gain/Loss Item | Amount | | :--- | :--- | | Disposal gains and losses of non-current assets | 2,684,654.83 | | Government subsidies included in current profit and loss | 38,349,132.81 | | Fair value change gains and losses and disposal gains and losses of financial assets | -51,747,999.50 | | Other non-operating income and expenses apart from the above | -2,823,172.30 | | Income tax impact | -7,206,840.70 | | Impact on minority interests (after tax) | 5,801,110.77 | | Total | -11,246,038.34 | - The company classified 14.83 million Yuan of investment income as recurring gains and losses, as it originated from cash management of idle raised funds, aiming to reflect the company's normal operating performance and profitability[31] Section III Management Discussion and Analysis Industry Development and Main Business The power transmission and distribution equipment manufacturing industry is experiencing high-quality development driven by green transformation, policy support, technological innovation, and overseas market expansion, with the company's main business covering a full range of equipment and services - The power transmission and distribution equipment manufacturing industry benefits from policy dividends (large-scale equipment upgrades, high-quality development of distribution networks), technological innovation (UHV transmission, smart grids, grid-forming technology, AI applications), and overseas market expansion (grid upgrades, new energy base construction)[34][35] - The company's main business includes R&D, design, manufacturing, sales, testing, complete sets of equipment, technical services, and engineering contracting for power transmission and distribution and control equipment[35] - The company's leading products include full voltage level high-voltage switches, transformers, reactors, converter valves, power capacitors, instrument transformers, bushings, insulators, and arresters[35] Discussion and Analysis of Operations During the reporting period, the company's overall operations showed steady improvement, with total operating revenue increasing by 8.91%, total profit by 16.18%, and net profit attributable to shareholders by 30.08%, driven by advancements in party building, core functions, technological innovation, and market expansion Operating Performance H1 2025 | Indicator | Amount (Billion Yuan) | Year-on-Year Growth (%) | | :--- | :--- | :--- | | Total Operating Revenue | 11.33 | 8.91 | | Total Profit | 0.81 | 16.18 | | Net Profit Attributable to Shareholders | 0.60 | 30.08 | - The company achieved significant results in quality improvement, with 100% first-time test pass rate and on-site operation pass rate for UHV products[38] - Technological innovation stimulated new momentum, successfully developing the world's first complete set of switchgear for ultra-high altitude pumped storage and ±400kV/±200kV converter valve side bushings, overcoming multiple "bottleneck" challenges[40] - Market expansion showed new achievements, consolidating and expanding bids for State Grid, achieving a breakthrough with 110kV vacuum environmental-friendly combined electrical products for China Southern Power Grid, and accelerating single-unit equipment export business in the international market[41] Core Competitiveness Analysis The company possesses strong R&D and technical capabilities in power transmission and distribution, leading globally in UHV technology, with advanced testing capabilities, significant industry influence, stable customer resources, full industry chain coverage, excellent financing channels, and a strong state-owned enterprise brand advantage - The company has a strong technological foundation in UHV power transmission and distribution equipment manufacturing, with internationally advanced technical performance indicators, world-class experimental testing capabilities, and significant industry influence[43] - Through long-term market expansion, the company has accumulated rich domestic and international high-quality customer resources, ensuring stable supply and demand, and possessing a good reputation and brand influence in the global market[44] - The company has strong equipment R&D and manufacturing capabilities, achieving full industry chain coverage for power transmission and distribution equipment, owning 6 national-level "little giant" enterprises and 13 provincial-level "specialized, refined, unique, and new" enterprises[45] - The company holds an AAA corporate credit rating and ample credit lines, with a debt-to-asset ratio below the industry average, indicating excellent financing channels[44] - As a state-owned central enterprise, the company is the most historically rich, capable of complete sets, with the most complete R&D and manufacturing system, and the highest degree of internationalization among China Electrical Equipment Group's listed companies, possessing strong brand advantages and supply chain integration capabilities[44] Main Operating Conditions During the Reporting Period During the reporting period, the company's operating revenue increased by 9.23% due to market expansion and increased product sales, while operating costs rose proportionally; sales expenses decreased, but management and R&D expenses increased, and net cash flow from operating activities significantly declined due to increased procurement Main Business Analysis During the reporting period, the company's operating revenue increased by 9.23% due to intensified market expansion and increased product sales, with operating costs rising proportionally, sales expenses decreasing by 9.06%, and management and R&D expenses increasing, while net cash flow from operating activities decreased by 104.14% due to increased procurement Financial Statement Related Item Fluctuation Analysis (Unit: Yuan) | Item | Current Period Amount | Prior Year Period Amount | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 11,301,291,103.09 | 10,346,268,886.80 | 9.23 | | Operating Cost | 8,859,113,629.08 | 8,357,830,817.95 | 6.00 | | Selling Expenses | 325,183,911.79 | 357,585,924.50 | -9.06 | | Administrative Expenses | 712,366,544.66 | 653,700,388.62 | 8.97 | | R&D Expenses | 431,522,035.91 | 370,129,089.81 | 16.59 | | Net Cash Flow from Operating Activities | -29,303,071.09 | 708,591,149.42 | -104.14 | - The change in operating revenue was mainly due to intensified market expansion and increased product sales volume[47] - Net cash flow from operating activities decreased by 104.14% year-on-year, primarily due to increased procurement volume and higher cash payments to suppliers for goods and services[48] Analysis of Assets and Liabilities As of the end of the reporting period, the company's total assets increased by 3.27%, and net assets attributable to shareholders increased by 2.35%, with increases in receivables, inventories, and construction in progress, alongside higher short-term and long-term borrowings and contract liabilities Asset and Liability Status Changes (Unit: Ten Thousand Yuan) | Project Name | Current Period End Amount | Current Period End % of Total Assets | Prior Year End Amount | Prior Year End % of Total Assets | Current Period End vs. Prior Year End Change % | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 1,035,501.68 | 21.74 | 1,042,296.93 | 22.59 | -0.65 | | Receivables | 1,163,332.02 | 24.42 | 1,022,083.65 | 22.16 | 13.82 | | Inventories | 499,818.27 | 10.49 | 472,007.78 | 10.23 | 5.89 | | Construction in Progress | 180,667.45 | 3.79 | 162,803.09 | 3.53 | 10.97 | | Short-term Borrowings | 91,405.57 | 1.92 | 86,492.97 | 1.87 | 5.68 | | Contract Liabilities | 531,933.78 | 11.17 | 472,401.55 | 10.24 | 12.60 | | Long-term Borrowings | 39,152.36 | 0.82 | 32,987.42 | 0.72 | 18.69 | - Receivables increased by 13.82%, mainly due to increased revenue scale[50] - Construction in progress increased by 10.97%, mainly due to increased investment in the high-tech smart industrial park construction[50] Analysis of Investment Status During the reporting period, the company completed 505.90 million Yuan in significant non-equity investments, primarily for fixed asset projects like the Xi'an Smart Industrial Park and digital factories, and engaged in derivative investments for hedging exchange rate fluctuations - During the reporting period, the company completed significant non-equity investments totaling 505.90 million Yuan, mainly for 5 key fixed asset investments including the Xi'an Smart Industrial Park project and Xidian Xirong Digital Factory project[53] Financial Assets Measured at Fair Value (Unit: Ten Thousand Yuan) | Asset Category | Beginning Balance | Fair Value Change Gains/Losses for Current Period | Amount Purchased for Current Period | Amount Sold/Redeemed for Current Period | Ending Balance | | :--- | :--- | :--- | :--- | :--- | :--- | | Trust Products | 25,948.75 | -5,696.33 | - | - | 20,252.42 | | Derivative Instruments | 77.40 | -77.40 | - | - | - | | Others | 94,087.75 | 346.74 | 374,751.14 | 418,700.49 | 50,485.14 | | Total | 120,113.90 | -5,426.99 | 374,751.14 | 418,700.49 | 70,737.56 | - The company conducts derivative investments for hedging purposes to offset exchange rate fluctuation risks, with the total impact of value changes in hedging instruments and hedged items on current profit and loss being zero[55] Analysis of Major Holding and Participating Companies Most of the company's major holding subsidiaries achieved profitability during the reporting period, with Xi'an Xidian Switchgear Electric Co., Ltd. reporting the highest net profit of 258.46 million Yuan, while Xi'an Xidian International Engineering Co., Ltd. incurred a loss Major Subsidiary Financial Data (Unit: Ten Thousand Yuan) | Company Name | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | | Xi'an Xidian Transformer Co., Ltd. | 187,446.20 | 4,731.25 | 5,789.09 | | Xidian Jinan Transformer Co., Ltd. | 118,720.27 | 10,980.82 | 10,579.96 | | Changzhou Xidian Transformer Co., Ltd. | 166,335.77 | 9,320.23 | 8,992.39 | | Xi'an Xidian Switchgear Electric Co., Ltd. | 240,981.58 | 29,322.41 | 25,845.70 | | Xi'an Xidian High Voltage Switch Co., Ltd. | 119,269.08 | 9,881.27 | 9,267.37 | | Xi'an High Voltage Apparatus Research Institute Co., Ltd. | 41,962.31 | 16,781.75 | 14,753.74 | | Xi'an Xidian International Engineering Co., Ltd. | 89,333.63 | -4,385.33 | -3,003.66 | | Xi'an Xidian Power System Co., Ltd. | 39,311.20 | 6,272.16 | 5,448.79 | - On June 27, 2025, the company's second meeting of the fifth board of directors approved the "Proposal on the Dissolution and Liquidation of Xidian General Electric Automation Co., Ltd.", agreeing to its dissolution and liquidation[58] Other Disclosures The company faces multiple risks including macroeconomic, technological iteration, market competition, and overseas operations, and has formulated an action plan to enhance investment value through value creation, innovation, profit sharing, and improved communication Potential Risks The company faces various risks from macroeconomic policies, technological iteration, intensified market competition, and overseas operations (geopolitical, cultural, legal differences, exchange rate fluctuations), which could significantly impact its development - Macroeconomic risks: The global economic environment is complex and severe, and factors such as energy development strategies, industry resource integration, and market supply-demand changes may significantly impact the company's development[59] - Technological iteration risks: The construction of new power systems increases demands on power transmission and distribution equipment, and the speed of technological iteration may lag behind expected development[59] - Market competition risks: Numerous domestic and international enterprises are entering the power transmission and distribution market, leading to compressed profit margins and increasingly fierce competition[59] - Overseas operational risks: Affected by complex geopolitical changes, the company faces overseas operational risks arising from international situations, political situations, cultural differences, legal differences, as well as business management, tax policies, and exchange rate fluctuations[60] Quality Improvement and High Returns Action Plan The company's "Quality Improvement and High Returns" action plan focuses on value creation, innovation, profit sharing, investor communication, and standardized operations to drive high-quality development and enhance investment value - The company adheres to value creation, achieving 11.33 billion Yuan in total operating revenue in H1 2025, a year-on-year increase of 8.91%; net profit attributable to shareholders was 598 million Yuan, a year-on-year increase of 30.08%[61] - The company insists on innovation-driven development, establishing the Smart Electrical Research Institute and Major Electrical Equipment Research Institute, successfully developing the world's first complete set of switchgear for ultra-high altitude pumped storage and overcoming a number of "bottleneck" challenges[62] - The company practices profit sharing, with total cash dividends of 425 million Yuan (tax inclusive) distributed in H1, Q3, and annual profit distributions of 2024, accounting for 40.36% of the annual net profit attributable to company shareholders[63] - The company strengthens investor communication, holding 2 regular performance briefings with a 100% Q&A response rate, and actively participating in over 20 online and offline exchange meetings[64] - The company adheres to standardized operations, disclosing 61 types of information in H1 2025, publishing ESG reports for three consecutive years, and being awarded the "Top 50 Central Enterprises" in the 2024 ESG Golden Bull Awards[65] Section IV Corporate Governance, Environment and Society Changes in Directors, Supervisors, and Senior Management During the reporting period, the company completed the re-election of its board of directors and supervisory board, with several members departing and new members elected or appointed, including a new chairman of the supervisory board and an employee representative supervisor Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Change Status | | :--- | :--- | :--- | | Sun Peng | Director | Resigned | | Li Yajun | Director | Resigned | | Liu Wuzhou | Supervisor, Chairman of Supervisory Board | Resigned | | Guo Jianghong | Employee Representative Supervisor | Resigned | | Xie Qingfeng | Deputy General Manager | Resigned | | Ma Ding | Deputy General Manager | Resigned | | Ma Ding | Director | Elected | | Shen Zhixiang | Director | Elected | | Sun Chaoliang | Supervisor, Chairman of Supervisory Board | Elected | | Wang Lijuan | Employee Representative Supervisor | Elected | - During the reporting period, the company completed the re-election of its board of directors and supervisory board[67] Profit Distribution or Capital Reserve Conversion Plan The company proposes a cash dividend of 0.47 Yuan (tax inclusive) per 10 shares based on the total share capital on the equity distribution record date, totaling 240.92 million Yuan, representing 40.27% of the 2025 semi-annual consolidated net profit attributable to shareholders, with no shareholder approval required Semi-Annual Profit Distribution Plan | Indicator | Amount/Ratio | | :--- | :--- | | Is distribution or conversion applicable | Yes | | Dividend per 10 shares (Yuan) (tax inclusive) | 0.47 | | Total cash dividend (tax inclusive) | 240,916,470.54 Yuan | | Percentage of 2025 semi-annual consolidated net profit attributable to shareholders | 40.27% | - This profit distribution plan will be implemented upon approval by the board of directors and does not require submission to the general meeting of shareholders[69] Environmental Information Disclosure in Accordance with Law Four of the company's subsidiaries are included in the list of enterprises required to disclose environmental information in accordance with the law, and their reports are available through relevant systems - Four of the company's subsidiaries are included in the list of enterprises required to disclose environmental information in accordance with the law[70] - The subsidiaries included are Xi'an Xidian Switchgear Electric Co., Ltd., Xi'an Xidian Transformer Co., Ltd., Xi'an Xikai Surface Finishing Co., Ltd., and Liaoning Xidian Xingqi Electrical Material Co., Ltd[70] Specifics of Consolidating Poverty Alleviation Achievements and Rural Revitalization The company actively promotes rural revitalization through stable team衔接, talent development, party-youth league co-building, and consumption assistance, achieving 1.8 million Yuan in consumption assistance during the reporting period - The company steadily connects assistance teams and continues to promote the construction of rural "photovoltaic + clean energy heating" projects[71] - The company orderly promotes talent revitalization, holding college application guidance sessions at Linyou Middle School and planning "Stepping Out of the Mountains to See the World" study tours[71] - During the reporting period, the company actively participated in the "Spring Action" for central enterprise consumption assistance, achieving 1.8 million Yuan in consumption assistance[71] Section V Important Matters Fulfillment of Commitments Both the company's controlling shareholder, China Electrical Equipment Group Co., Ltd., and the company itself strictly fulfilled all commitments during the reporting period, including those related to resolving horizontal competition, reducing and standardizing related-party transactions, maintaining independence, share lock-up, stabilizing stock prices, share repurchases, and compensating for diluted immediate returns - China Electrical Equipment Group Co., Ltd. committed to continuously and effectively resolving horizontal competition, reducing and standardizing related-party transactions, and maintaining the company's independence during its control period[73][74][75][76][77][78][79] - China Xidian committed not to transfer its shares within 36 months from the listing date of Xigao Research shares, and to reduce shares at a price no lower than the issue price within two years after the lock-up period expires[80][85] - China Xidian committed to avoiding horizontal competition and minimizing related-party transactions with Xigao Research during its period as Xigao Research's controlling shareholder[81][82][83] - China Xidian committed to strictly adhering to the stock price stabilization plan for the three years after Xigao Research's listing, and made commitments regarding share repurchase for fraudulent issuance, compensation for diluted immediate returns, profit distribution policy, and legal liability for compensation[87][88][89][90][91][92][93][94][95][96] Significant Related-Party Transactions During the reporting period, the company engaged in daily operating related-party transactions involving the purchase and sale of goods, provision of labor, and financial business with related parties, including significant procurement from China Electrical Equipment Group and its affiliates, and substantial deposit and loan activities with Xidian Group Finance Co., Ltd. Related-Party Transactions in Daily Operations The company engaged in related-party transactions with China Electrical Equipment Group and its affiliated entities, joint ventures, and associates for the purchase and sale of goods and provision of labor, with sales totaling 442.07 million Yuan and procurement totaling 2.26 billion Yuan, all at market prices Related-Party Transactions in Daily Operations (Unit: Ten Thousand Yuan) | Related-Party Transaction Type | Related Party | Related-Party Transaction Amount | Percentage of Similar Transactions (%) | | :--- | :--- | :--- | :--- | | Sales of goods, provision of labor, interest income | China Electrical Equipment and its affiliated entities, joint ventures, associates | 44,207.22 | 3.91 | | Procurement of goods, acceptance of labor, interest expense | China Electrical Equipment and its affiliated entities, joint ventures, associates | 225,622.60 | 25.47 | | Procurement of goods, acceptance of labor | GE Group and its affiliated GE enterprises | 1,318.96 | 0.15 | | Total | / | 271,148.78 | / | - The pricing principle for related-party transactions is determined by market prices, with no instances of product prices sold to related parties being higher or lower than the company's normal selling prices[100] Financial Business Between the Company and Related Financial Companies, and Between the Company's Holding Financial Company and Related Parties The company has significant financial dealings with Xidian Group Finance Co., Ltd., a subsidiary of its controlling shareholder, including substantial deposits and loans, as well as various credit services like guarantees, factoring, electronic banking, and entrusted loans Deposit Business with Xidian Group Finance Co., Ltd. (Unit: Ten Thousand Yuan) | Related Party | Beginning Balance | Total Deposits for Current Period | Total Withdrawals for Current Period | Ending Balance | | :--- | :--- | :--- | :--- | :--- | | Xidian Group Finance Co., Ltd. | 954,032.05 | 2,899,266.42 | 2,934,926.62 | 918,371.85 | Loan Business with Xidian Group Finance Co., Ltd. (Unit: Ten Thousand Yuan) | Related Party | Beginning Balance | Total Loans for Current Period | Total Repayments for Current Period | Ending Balance | | :--- | :--- | :--- | :--- | :--- | | Xidian Group Finance Co., Ltd. | 96,262.50 | 33,921.79 | 27,684.66 | 102,499.63 | Credit Business with Xidian Group Finance Co., Ltd. (Unit: Ten Thousand Yuan) | Business Type | Total Amount | Actual Amount Incurred | | :--- | :--- | :--- | | Guarantees | 588,100.00 | 14,820.08 | | Factoring | 63,300.00 | - | | Electronic Banking | 207,810.00 | 76,451.41 | | Entrusted Loans | 900,000.00 | 11,000.00 | Explanation of Other Important Matters The company engaged in bill discounting business with Xidian Group Finance Co., Ltd., with an ending balance of 217.79 million Yuan, an increase of 269.91 million Yuan and a decrease of 62.88 million Yuan during the period Bill Discounting Business (Unit: Ten Thousand Yuan) | Related Party | Beginning Balance | Current Period Increase | Current Period Decrease | Ending Balance | | :--- | :--- | :--- | :--- | :--- | | Xidian Group Finance Co., Ltd. | 1,076.39 | 26,990.53 | 6,288.39 | 21,778.53 | Section VI Changes in Shares and Shareholder Information Changes in Share Capital During the reporting period, the company's total share capital and share structure remained unchanged, with an ending total share capital of 5,125,882,352 shares - During the reporting period, the company's total share capital and share structure remained unchanged[113] Share Capital Status | Project | Ending Balance | | :--- | :--- | | Total Shares | 5,125,882,352.00 shares | Shareholder Information As of the end of the reporting period, the company had 166,426 common shareholders; among the top ten shareholders, China Electrical Equipment Group Co., Ltd. held 51.87% as the controlling shareholder, and GE SMALLWORLD (SINGAPORE) PTE LTD held 10.00% - As of the end of the reporting period, the total number of common shareholders was 166,426 households[114] Top Ten Shareholders' Shareholding | Shareholder Name | Ending Shareholding (shares) | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | China Electrical Equipment Group Co., Ltd. | 2,658,914,685 | 51.87 | State-owned Legal Person | | GE SMALLWORLD (SINGAPORE) PTE LTD | 512,588,238 | 10.00 | Overseas Legal Person | | HONG KONG SECURITIES CLEARING COMPANY LIMITED | 113,400,232 | 2.21 | Unknown | - The company is unaware of any associated relationships or concerted action among the aforementioned shareholders[117] Information on Directors, Supervisors, and Senior Management During the reporting period, there were no changes in the shareholdings of the company's directors, supervisors, and senior management, nor were they granted any equity incentives - Changes in shareholdings of current and resigned directors, supervisors, and senior management during the reporting period: Not applicable[118] - Equity incentives granted to directors, supervisors, and senior management during the reporting period: Not applicable[118] Changes in Controlling Shareholder or Actual Controller During the reporting period, there were no changes in the company's controlling shareholder or actual controller - During the reporting period, there were no changes in the company's controlling shareholder or actual controller[118] Section VII Bond-Related Information During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments, nor any convertible corporate bonds - Corporate bonds (including enterprise bonds) and non-financial enterprise debt financing instruments: Not applicable[120] - Convertible corporate bonds: Not applicable[120] Section VIII Financial Report Audit Report This semi-annual report is unaudited - This semi-annual report is unaudited[122] 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 as of June 30, 2025, comprehensively reflecting the company's financial position at the end of the reporting period and operating results for the first half of the year Consolidated Balance Sheet As of June 30, 2025, the company's consolidated total assets were 47.64 billion Yuan, a 3.27% increase from the end of 2024, with total liabilities of 22.14 billion Yuan and total owners' equity of 25.50 billion Yuan Consolidated Balance Sheet Key Data (Unit: Yuan) | Project | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Assets | 47,641,559,137.10 | 46,132,601,108.92 | | Total Liabilities | 22,137,409,779.75 | 21,304,345,892.38 | | Total Owners' Equity Attributable to Parent Company | 22,543,156,488.82 | 22,024,621,140.11 | | Minority Interests | 2,960,992,868.53 | 2,803,634,076.43 | Parent Company Balance Sheet As of June 30, 2025, the parent company's total assets were 20.64 billion Yuan, a 1.72% increase from the end of 2024, with total liabilities of 392.84 million Yuan and total owners' equity of 20.25 billion Yuan Parent Company Balance Sheet Key Data (Unit: Yuan) | Project | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Assets | 20,642,893,722.70 | 20,293,405,107.85 | | Total Liabilities | 392,836,274.25 | 406,564,885.00 | | Total Owners' Equity | 20,250,057,448.45 | 19,886,840,222.85 | Consolidated Income Statement From January to June 2025, the company's consolidated total operating revenue was 11.33 billion Yuan, an 8.91% increase year-on-year, with total profit of 811.09 million Yuan, and net profit attributable to parent company shareholders of 598.19 million Yuan, a 30.08% increase Consolidated Income Statement Key Data (Unit: Yuan) | Project | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Total Operating Revenue | 11,331,466,190.92 | 10,404,077,393.06 | | Total Profit | 811,085,482.38 | 698,150,238.78 | | Net Profit | 740,033,213.53 | 597,208,699.86 | | Net Profit Attributable to Parent Company Shareholders | 598,187,171.85 | 459,878,414.77 | | Basic Earnings Per Share (Yuan/share) | 0.12 | 0.09 | Parent Company Income Statement From January to June 2025, the parent company's operating revenue was 11.82 million Yuan, and net profit was 475.99 million Yuan, an increase from 449.06 million Yuan in the prior year, with investment income being the primary source of profit Parent Company Income Statement Key Data (Unit: Yuan) | Project | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Operating Revenue | 11,815,354.21 | -578,593.11 | | Total Profit | 466,382,437.63 | 439,022,351.25 | | Net Profit | 475,986,637.35 | 449,057,094.08 | | Investment Income | 591,656,882.21 | 546,414,964.08 | Consolidated Cash Flow Statement From January to June 2025, the company's net cash flow from operating activities was -29.30 million Yuan, a significant 104.14% year-on-year decrease due to increased payments for goods and services, while net cash flow from investing activities was -102.90 million Yuan and from financing activities was -92.42 million Yuan Consolidated Cash Flow Statement Key Data (Unit: Yuan) | Project | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -29,303,071.09 | 708,591,149.42 | | Net Cash Flow from Investing Activities | -102,904,856.58 | -269,538,201.45 | | Net Cash Flow from Financing Activities | -92,419,673.86 | -875,410,949.74 | | Net Increase in Cash and Cash Equivalents | -181,245,965.70 | -476,691,206.65 | - Net cash flow from operating activities significantly decreased year-on-year, primarily due to increased cash payments for goods purchased and services received[138] Parent Company Cash Flow Statement From January to June 2025, the parent company's net cash flow from operating activities was -77.00 million Yuan, from investing activities was 1.02 billion Yuan, and from financing activities was -135.31 million Yuan, with an ending balance of cash and cash equivalents of 2.47 billion Yuan Parent Company Cash Flow Statement Key Data (Unit: Yuan) | Project | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -77,000,013.82 | -41,262,703.30 | | Net Cash Flow from Investing Activities | 1,020,762,270.22 | 220,372,012.43 | | Net Cash Flow from Financing Activities | -135,305,011.73 | - | | Net Increase in Cash and Cash Equivalents | 808,457,244.67 | 179,203,263.56 | Consolidated Statement of Changes in Owners' Equity From January to June 2025, the company's consolidated total owners' equity increased by 675.89 million Yuan to 25.50 billion Yuan, primarily due to comprehensive income, with parent company owners' equity increasing by 518.54 million Yuan and minority interests by 157.36 million Yuan Consolidated Statement of Changes in Owners' Equity (Unit: Yuan) | Project | Beginning Balance | Amount of Change for Current Period | Ending Balance | | :--- | :--- | :--- | :--- | | Total Owners' Equity Attributable to Parent Company | 22,024,621,140.11 | 518,535,348.71 | 22,543,156,488.82 | | Minority Interests | 2,803,634,076.43 | 157,358,792.10 | 2,960,992,868.53 | | Total Owners' Equity | 24,828,255,216.54 | 675,894,140.81 | 25,504,149,357.35 | Parent Company Statement of Changes in Owners' Equity From January to June 2025, the parent company's total owners' equity increased by 363.22 million Yuan to 20.25 billion Yuan, primarily driven by comprehensive income, while profit distribution led to a reduction in owners' equity Parent Company Statement of Changes in Owners' Equity (Unit: Yuan) | Project | Beginning Balance | Amount of Change for Current Period | Ending Balance | | :--- | :--- | :--- | :--- | | Total Owners' Equity | 19,886,840,222.85 | 363,217,225.60 | 20,250,057,448.45 | | Total Comprehensive Income | - | 475,986,637.35 | - | | Profit Distribution | - | -112,769,411.75 | - | Company Basic Information China Xidian Electric Co., Ltd. was established on April 30, 2008, listed on the Shanghai Stock Exchange on January 28, 2010, primarily engaged in power transmission and distribution equipment and related technical services, with China Electrical Equipment Group Co., Ltd. as its controlling shareholder and the State-owned Assets Supervision and Administration Commission of the State Council as its actual controller - China Xidian Electric Co., Ltd. was established on April 30, 2008, and listed on the Shanghai Stock Exchange on January 28, 2010[154] - The company's main business includes R&D, design, manufacturing, sales, testing, complete sets of equipment, technical services, and engineering contracting for power transmission and distribution and control equipment[155] - The company's controlling shareholder is China Electrical Equipment Group Co., Ltd., and the actual controller is the State-owned Assets Supervision and Administration Commission of the State Council[155] Basis of Financial Statement Preparation These financial statements are prepared in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance and relevant regulations of the China Securities Regulatory Commission, on a going concern basis - These financial statements are prepared in accordance with the "Accounting Standards for Business Enterprises" issued by the Ministry of Finance and the relevant provisions of "Rules for Information Disclosure by Companies Issuing Securities to the Public No. 15 - General Provisions on Financial Reports" by the China Securities Regulatory Commission[156] - These financial statements are prepared on a going concern basis[157] Significant Accounting Policies and Estimates This section details the company's specific accounting policies and estimates across various areas, including accounting period, operating cycle, functional currency, materiality, business combinations, consolidated financial statements, joint arrangements, cash and cash equivalents, foreign currency transactions, financial instruments, receivables, contract assets, assets held for sale, long-term equity investments, investment properties, fixed assets, construction in progress, borrowing costs, intangible assets, long-term asset impairment, long-term deferred expenses, contract liabilities, employee compensation, provisions, share-based payments, revenue, contract costs, government grants, deferred tax assets/liabilities, leases, hedge accounting, and restructuring - The company's accounting year runs from January 1 to December 31 of the Gregorian calendar, with an operating cycle of 12 months, and the functional currency is RMB[160][161][162] - The company classifies financial assets into those measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss, based on the business model for managing financial assets and their contractual cash flow characteristics[176] - The company applies impairment accounting based on expected credit losses for financial assets measured at amortized cost, financial assets measured at fair value through other comprehensive income (debt instruments), and financial guarantee contracts[186] - The company recognizes revenue when it satisfies a performance obligation in the contract, i.e., when the customer obtains control of the related goods or services, including revenue from product sales, provision of labor, and construction contracts[238] Taxes The company's main taxes include VAT (6%, 9%, 13%) and corporate income tax (15%, 25%), with the company and some subsidiaries enjoying preferential rates for western development and high-tech enterprises, as well as tax incentives for small low-profit enterprises and advanced manufacturing enterprises Major Taxes and Tax Rates | Tax Type | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Sales of goods and taxable services income | 6%, 9%, 13% | | Corporate Income Tax | Taxable income | 15%, 25% | | Urban Maintenance and Construction Tax | Actual VAT paid | 7% | - The company and some subsidiaries enjoy a 15% preferential corporate income tax rate for western development enterprises[269] - As of