金固股份(002488) - 2025 Q2 - 季度财报

Important Notes, Table of Contents, and Definitions This section provides essential disclaimers, lists the report's structure, and defines key terms used throughout the document Important Notes The Board of Directors, Supervisory Board, and senior management guarantee the report's accuracy and completeness, with the company not distributing cash dividends or bonus shares - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, assuming legal responsibility[4] - Sun Fengfeng, the company's head, Shi Qingyun, the chief accountant, and Shi Qingyun, the head of the accounting department, declare that the financial report in this semi-annual report is true, accurate, and complete[4] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[5] Table of Contents This section outlines the report's structure, covering company profile, management discussion, corporate governance, and financial statements - The report's table of contents is clear, covering major sections such as company profile, management discussion and analysis, corporate governance, significant matters, share changes and shareholder information, bond-related matters, financial reports, and other submitted data[7] List of Reference Documents Reference documents include signed financial statements, publicly disclosed company files, and the original semi-annual report signed by the chairman - Reference documents include financial statements signed and sealed by the legal representative, chief accountant, and head of the accounting department[9] - Originals of all company documents and announcements publicly disclosed on the information disclosure platform designated by the China Securities Regulatory Commission during the reporting period[10] - The original 2025 semi-annual report bearing the signature of Mr Sun Fengfeng, the company's chairman[11] Definitions This section defines key terms, including the full names and abbreviations of the company and its subsidiaries, with the reporting period from January 1 to June 30, 2025 - The reporting period refers to January 1, 2025, to June 30, 2025[14] - Lists the full names and abbreviations of the company and its various subsidiaries, joint ventures, and associates, such as Hangzhou Jingu Avatar, Jingu Avatar Hefei, and Nanning Jingu Avatar[13][14] Company Profile and Key Financial Indicators This section provides an overview of the company, its contact information, and a summary of key financial performance and position indicators I. Company Profile Zhejiang Jingu Co Ltd, stock code 002488, is listed on the Shenzhen Stock Exchange, with Sun Fengfeng as its legal representative - Company stock abbreviation: Jingu Shares, stock code: 002488, listed on: Shenzhen Stock Exchange[16] - The company's legal representative is Sun Fengfeng[16] II. Contact Persons and Information The company's Board Secretary is Sun Qunhui and Securities Affairs Representative is Luo Xiangfeng, both located in Hangzhou, with specified contact details Company Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Sun Qunhui | No 1 Huazhu Road, Changkou Town, Fuyang District, Hangzhou, Zhejiang Province | 0571-63133920 | 0571-63102488 | wallence.sun@jgwheel.com | | Securities Affairs Representative | Luo Xiangfeng | No 1 Huazhu Road, Changkou Town, Fuyang District, Hangzhou, Zhejiang Province | 0571-63133920 | 0571-63102488 | xiangfeng.luo@jgwheel.com | III. Other Information No changes occurred in the company's contact information, information disclosure, or document storage locations during the reporting period - The company's registered address, office address, website, email, and other contact information remained unchanged during the reporting period[18] - Information disclosure and document storage locations remained unchanged during the reporting period[19] - No other relevant information changed during the reporting period[20] IV. Key Accounting Data and Financial Indicators In H1 2025, revenue grew 10.04% to 2.123 billion yuan, net profit attributable to shareholders increased 45.36% to 30.2715 million yuan, and operating cash flow decreased 35.08% Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,122,676,046.30 | 1,928,991,542.81 | 10.04% | | Net Profit Attributable to Listed Company Shareholders | 30,271,546.10 | 20,825,223.01 | 45.36% | | Net Profit Attributable to Listed Company Shareholders (excluding non-recurring items) | 25,410,270.87 | 15,813,362.45 | 60.69% | | Net Cash Flow from Operating Activities | -187,969,200.50 | -139,155,654.10 | -35.08% | | Basic Earnings Per Share (yuan/share) | 0.03 | 0.02 | 50.00% | | Diluted Earnings Per Share (yuan/share) | 0.03 | 0.02 | 50.00% | | Weighted Average Return on Net Assets | 0.85% | 0.50% | 0.35% | | Period-End Indicators | Current Period-End (yuan) | Prior Year-End (yuan) | Current Period-End vs Prior Year-End Change | | Total Assets | 9,261,778,184.75 | 9,406,451,382.40 | -1.54% | | Net Assets Attributable to Listed Company Shareholders | 3,504,319,839.60 | 3,512,354,473.08 | -0.23% | V. Differences in Accounting Data Under Domestic and International Accounting Standards The company reported no differences in net profit or net assets between international/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[22] - 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[23] VI. Non-Recurring Gains and Losses and Amounts Non-recurring gains and losses totaled 4.8613 million yuan, primarily from asset disposals, government grants, and fair value changes, after tax and minority interest adjustments Non-Recurring Gains and Losses for H1 2025 | Item | Amount (yuan) | | :--- | :--- | | Gains/losses on disposal of non-current assets | 434,381.25 | | Government grants recognized in current period profit or loss | 2,083,898.43 | | Gains/losses from changes in fair value of financial assets and liabilities, and disposal of financial assets and liabilities, excluding effective hedging activities related to normal business operations | 1,254,768.73 | | Gains/losses from entrusted investments or asset management | 3,998,999.39 | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 81,908.19 | | Other non-operating income and expenses apart from the above | 69,579.45 | | Less: Income tax impact | 1,461,933.42 | | Minority interest impact (after tax) | 1,600,326.79 | | Total | 4,861,275.23 | - 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 items as recurring ones[26] Management Discussion and Analysis This section details the company's primary business, core competencies, operational performance, financial condition, and risk management strategies I. Main Business Activities During the Reporting Period The company specializes in automotive wheel R&D, production, and sales, expanding into robotics and low-altitude aircraft with its Avatar niobium micro-alloy materials (I) Industry Overview China's automotive market grew in H1 2025, with new energy vehicles seeing significant increases, benefiting the lightweight automotive wheel industry - From January to June 2025, China's automobile production and sales reached 15.621 million units and 15.653 million units respectively, representing year-on-year increases of 12.5% and 11.4%[28] - New energy vehicle production and sales reached 6.968 million units and 6.937 million units respectively, growing 41.4% and 40.3% year-on-year, with steadily increasing market share[28] - The company's self-developed Avatar low-carbon wheels feature lightweight design, high precision, high strength, low carbon emissions, low cost, good load-bearing capacity, and novel appearance[29] - The latest "Fengxing" series of Avatar low-carbon wheels has successfully secured a designated project for a leading domestic passenger vehicle OEM's main SUV model, also covering mid-to-high-end passenger vehicle models[29] (II) Main Business and Products The company, a high-tech leader in automotive wheels, saw over 20% growth in auto parts revenue, is expanding globally, and is applying its niobium micro-alloy in robotics and low-altitude aircraft - The company's main business is the R&D, production, and sales of automotive wheels, recognized as a national automotive parts export base enterprise, a leading enterprise in China's automotive wheel industry, and a "Green Factory" by the Ministry of Industry and Information Technology[31] - In H1 2025, the company's automotive parts manufacturing revenue grew by over 20% year-on-year, with domestic market growth reaching 43%[31] - The company has secured multiple overseas customer designated projects, with several projects having sales exceeding USD 100 million over their lifecycle, including an estimated USD 158 million in sales for the first five years of a global leading automaker's US designated project[31] - The company's self-developed Avatar niobium micro-alloy material offers comprehensive advantages of high strength (up to 2000MPa), high toughness, low cost, and low carbon emissions, capable of replacing traditional metal materials like aluminum alloy, titanium alloy, ordinary steel, and high-strength steel[32] - The company has advanced the application of Avatar niobium micro-alloy and other materials in emerging fields such as embodied intelligent robots (including humanoid robots, quadruped robots, service robots, and professional application robots) and low-altitude aircraft[33] - Significant progress has been made in robot structural component development, with the company providing Avatar niobium micro-alloy-based structural components to Zhiyuan Robotics, expected to achieve mass production and bulk supply within the year[33] - Compared to aluminum alloy wheels, Avatar passenger car wheels are of similar weight, lower cost, 5-6 times stronger in material, and have approximately 1/6 the carbon emissions[34] - Compared to ordinary steel wheels, Avatar commercial vehicle wheels are lighter, significantly more precise, approximately 3 times stronger in material, while maintaining the cost level of ordinary steel wheels[34] - The company is a supplier to domestic brands like BYD, Chery, Leapmotor, SAIC, Changan, Geely, Wuling, and joint venture brands such as SAIC Volkswagen, GAC Toyota, SAIC-GM, as well as a global Tier 1 supplier to international automakers like GM, Volkswagen, and Ford[35] - In the commercial vehicle sector, the company is a supplier to leading commercial vehicle manufacturers such as Daimler, China National Heavy Duty Truck, FAW Jiefang, Foton Motor, JAC Motors, Yutong Bus, CAMC, and CIMC Vehicles[35] (III) Business Model The company employs a customer-centric R&D system, order-based production, and a dual sales model for OEM and aftermarket, leveraging its proprietary Avatar low-carbon wheel technology - The company has established a customer and market-oriented R&D system, achieving full-stack independent R&D innovation across all aspects including materials, key processes, equipment, molds, and styling design[37] - The company focuses on the core demands for lightweight, high-performance, and low-cost solutions in emerging industries, leveraging the cross-industry adaptability of Avatar niobium micro-alloy materials to develop a new material product matrix through self-R&D, joint development, and equity cooperation[37] - The procurement model involves a dedicated procurement management team that rigorously reviews and assesses suppliers, selecting them through price comparison, negotiation, or bidding based on order volume[38] - The production model is primarily "order-based" production, organizing monthly production based on customer order forecasts, and also selecting some best-selling products for production based on market insights[40] - The OEM sales model involves direct supply to vehicle manufacturers, with a process including inspection, agreement signing, product design, price negotiation, contract signing, PPAP confirmation, mold development, sample confirmation, small-batch trials, and mass production[40] - The AM (Aftermarket) sales model primarily operates through a dealer network, including domestic dealer distribution, direct sales to large overseas auto parts chain stores, and sales to small specialized vehicle manufacturing factories via distributors[41][42] II. Analysis of Core Competencies The company's core strengths include full-stack R&D, proprietary intelligent production lines, extensive market reach, product diversification into new sectors, a robust talent pool, and exclusive niobium micro-alloy material applications - The company has been deeply rooted in the wheel industry for nearly 30 years, achieving full-stack independent R&D innovation across all aspects including materials, key processes, equipment, molds, and styling design, forming significant technological barriers[43] - The company ranks first in priority patent applications in the steel wheel industry, with patents accounting for over 1/3, and ranks first globally among major competitors in both the number of invention patent applications and grants[44] - The main specialized machines, dedicated equipment, and molds for the Avatar low-carbon wheel production line are self-developed and manufactured by the company, representing a global first and possessing competitive barriers[46] - The company's products target the global market with a wide customer base, serving as a global Tier 1 supplier to international automakers like GM, Volkswagen, and Ford, as well as a supplier to domestic brands such as BYD and Chery, and joint venture brands[47] - The company's products are widely used across passenger vehicles, new energy vehicles, commercial vehicles, and special vehicles, achieving the replacement of mid-to-high-end aluminum alloy wheels through technological upgrades[49] - The company possesses professional teams in materials, processes, equipment, molds, and styling, and strengthens its talent pipeline through social recruitment, campus recruitment, systematic training, and equity incentives[50] - The exclusive revolutionary new material, Avatar niobium micro-alloy, offers advantages of high strength (up to 2000MPa), good toughness, low cost, and low carbon emissions, capable of replacing various traditional metal materials[51] - Avatar niobium micro-alloy material has been applied in emerging fields such as embodied intelligent robots and low-altitude aircraft, with significant progress in robot structural component development, expected to achieve mass production within the year[52] III. Main Business Analysis Revenue increased 10.04% to 2.123 billion yuan, driven by a 20.61% rise in auto parts manufacturing, while financial and income tax expenses significantly grew, and all cash flow activities were negative Year-on-Year Changes in Key Financial Data | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 2,122,676,046.30 | 1,928,991,542.81 | 10.04% | - | | Operating Cost | 1,848,328,653.58 | 1,762,538,284.89 | 4.87% | - | | Financial Expenses | 68,202,219.61 | 20,765,046.88 | 228.45% | Primarily due to the recognition of financial interest expenses for strategic investors during the reporting period | | Income Tax Expenses | 14,387,716.33 | 3,502,547.52 | 310.78% | Primarily due to the offset of deferred income tax expenses recognized in prior periods by operating profits during the reporting period | | R&D Investment | 40,934,949.00 | 22,783,812.86 | 79.67% | Primarily due to increased R&D investment during the reporting period | | Net Cash Flow from Operating Activities | -187,969,200.50 | -139,155,654.10 | -36.56% | Primarily due to increased operating investments during the reporting period | | Net Cash Flow from Investing Activities | -354,732,236.68 | -129,194,489.51 | -174.57% | Primarily due to increased purchases of wealth management products during the reporting period | | Net Cash Flow from Financing Activities | -345,174,981.43 | -56,501,000.00 | -507.26% | Primarily due to cash outflow for loan repayments during the reporting period | | Net Increase in Cash and Cash Equivalents | -888,349,885.14 | -323,882,832.52 | -174.28% | Primarily due to cash outflow for purchases of wealth management products and loan repayments during the reporting period | Operating Revenue Composition (by Industry, Product, Region) | Category | Item | Current Reporting Period Amount (yuan) | % of Operating Revenue | Prior Year Period Amount (yuan) | % of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | By Industry | Automotive Parts Manufacturing | 1,390,523,391.39 | 65.51% | 1,152,874,029.23 | 59.77% | 20.61% | | | Steel Trading | 576,972,300.29 | 27.18% | 641,293,901.17 | 33.25% | -10.03% | | By Product | Automotive Parts Manufacturing | 1,390,523,391.39 | 65.51% | 1,152,874,029.23 | 59.77% | 20.61% | | | Steel Trading | 576,972,300.29 | 27.18% | 641,293,901.17 | 33.25% | -10.03% | | By Region | Export (Steel Wheels and Assembled Wheels) | 274,659,666.77 | 12.94% | 374,413,918.21 | 19.41% | -26.64% | | | Domestic Sales (Steel Wheels and Assembled Wheels) | 1,115,863,724.62 | 52.57% | 778,460,111.02 | 40.36% | 43.34% | | | Domestic Sales (Steel Trading) | 576,972,300.29 | 27.18% | 641,293,901.17 | 33.25% | -10.03% | Industry, Product, or Region Accounting for Over 10% of Operating Revenue or Operating Profit | Category | Item | Operating Revenue | Operating Cost | Gross Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | By Industry | Automotive Parts Manufacturing | 1,390,523,391.39 | 1,132,472,290.74 | 18.56% | 20.61% | 13.52% | 5.09% | | | Steel Trading | 576,972,300.29 | 574,945,932.21 | 0.35% | -10.03% | -10.12% | 0.10% | | By Region | Export (Steel Wheels and Assembled Wheels) | 274,659,666.77 | 225,634,935.80 | 17.85% | -26.64% | -33.02% | 7.82% | | | Domestic Sales (Steel Wheels and Assembled Wheels) | 1,115,863,724.62 | 906,837,354.94 | 18.73% | 43.34% | 37.25% | 3.61% | - There were no significant changes in the company's profit composition or sources during the reporting period[55] IV. Non-Core Business Analysis The company reported no applicable non-core business analysis during the reporting period, with no related data disclosed - The company reported no applicable non-core business analysis during the reporting period[59] V. Analysis of Assets and Liabilities Total assets decreased by 1.54%, and net assets attributable to shareholders decreased by 0.23%, primarily due to reduced cash and increased operating investments and loan repayments, with significant asset restrictions for collateral Significant Changes in Asset Composition | Item | Period-End Amount (yuan) | % of Total Assets | Prior Year-End Amount (yuan) | % of Total Assets | % Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 640,942,306.66 | 6.92% | 1,706,856,291.52 | 18.15% | -11.23% | Primarily due to increased operating investments and cash outflow for loan repayments during the reporting period | | Fixed Assets | 2,036,059,341.10 | 21.98% | 1,586,437,348.87 | 16.87% | 5.11% | - | | Construction in Progress | 923,695,436.45 | 9.97% | 1,111,504,654.21 | 11.82% | -1.85% | - | | Short-Term Borrowings | 1,105,311,809.77 | 11.93% | 1,288,741,202.15 | 13.70% | -1.77% | - | | Long-Term Borrowings | 1,396,848,412.81 | 15.08% | 1,312,424,182.54 | 13.95% | 1.13% | - | - The company reported no significant overseas assets or assets and liabilities measured at fair value during the reporting period[61] - Period-end asset restrictions include cash and cash equivalents, accounts receivable financing, accounts receivable, fixed assets, intangible assets, investment properties, and construction in progress, totaling 1.757 billion yuan, primarily used as collateral or pledge for loans[62] VI. Analysis of Investment Status The company had no securities, major equity, or non-equity investments, but engaged in hedging derivative investments (forward foreign exchange) to mitigate currency risk, generating a profit of 173,700 yuan - The company reported no securities investments, major equity investments, or ongoing major non-equity investments during the reporting period[63][68] Hedging Derivative Investments | Derivative Investment Type | Period-End Investment Amount as % of Net Assets | | :--- | :--- | | Forward Foreign Exchange | 0.11% | | Total | 0.11% | Reporting Period Actual Profit/Loss: Profit of 173,700 yuan - The company's foreign exchange derivatives are consistent with reducing exchange rate fluctuation risks, mitigating their impact on the company, and effectively avoiding and preventing foreign exchange market risks[65] - The company has established the "Foreign Exchange Derivative Transaction Management System" to avoid and prevent exchange rate or interest rate risks, prohibiting investment and arbitrage transactions[65] - The company reported no speculative derivative investments during the reporting period[67] VII. Major Asset and Equity Disposals The company did not undertake any major asset or equity disposals during the reporting period - The company did not dispose of any major assets during the reporting period[69] - The company did not dispose of any major equity during the reporting period[70] VIII. Analysis of Major Holding and Associate Companies The company reported no significant information regarding major holding or associate companies that required disclosure during the reporting period - The company reported no significant information regarding major holding or associate companies that required disclosure during the reporting period[70] IX. Structured Entities Controlled by the Company The company reported no structured entities under its control during the reporting period - The company reported no structured entities under its control during the reporting period[71] X. Risks Faced by the Company and Countermeasures The company addresses macroeconomic, industry, raw material price, and exchange rate risks through strategic adjustments, supply chain integration, and foreign exchange derivative strategies - The company addresses macroeconomic and industry fluctuation risks by adjusting business decisions, enhancing market competitiveness, technological innovation, and optimizing product structure[71] - The company manages raw material price fluctuation risks by deeply integrating with the upstream supply chain, fostering long-term cooperation, and leveraging negotiation power to control costs[72] - The company mitigates exchange rate fluctuation risks by deepening internal reforms, improving quality, reducing costs, increasing efficiency, and collaborating with banks to upgrade foreign exchange derivative trading strategies (forward and option combinations)[73] XI. Implementation of Market Value Management System and Valuation Enhancement Plan The company did not establish a market value management system or disclose a valuation enhancement plan during the reporting period - The company did not establish a market value management system during the reporting period[74] - The company did not disclose a valuation enhancement plan during the reporting period[74] XII. Implementation of "Quality and Return Dual Enhancement" Action Plan The company did not disclose an announcement regarding the "Quality and Return Dual Enhancement" action plan during the reporting period - The company did not disclose an announcement regarding the "Quality and Return Dual Enhancement" action plan during the reporting period[75] Corporate Governance, Environment, and Society This section covers changes in the company's governance, profit distribution, employee incentives, environmental disclosures, and social responsibility initiatives I. Changes in Directors, Supervisors, and Senior Management Director Gao Yunchuan resigned for personal reasons, and Shi Qingyun was elected as a director due to work relocation during the reporting period Changes in Directors, Supervisors, and Senior Management | Name | Position | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Gao Yunchuan | Director | Resigned | April 25, 2025 | Personal reasons | | Shi Qingyun | Director | Elected | May 30, 2025 | Work relocation | II. Profit Distribution and Capital Reserve Conversion to Share Capital in This Reporting 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, bonus shares, or convert capital reserves into share capital for the semi-annual period[77] III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company had no equity incentive plans, but its employee stock ownership plan sold 2,297,400 shares, leaving 102,650 shares, representing 0.01% of total share capital - The company had no equity incentive plans during the reporting period[78] All Valid Employee Stock Ownership Plans During the Reporting Period | Scope of Employees | Number of Employees | Total Shares Held (shares) | Changes | % of Total Share Capital | Funding Sources for the Plan | | :--- | :--- | :--- | :--- | :--- | :--- | | Company Directors (excluding independent directors), Supervisors, Senior Management, Middle and Senior Management, and Key Business Personnel | 153 | 102,650 | Employee stock ownership plan sold 2,297,400 shares during the reporting period | 0.01% | Employees' legal remuneration, self-raised funds, and other self-owned funds obtained through legal and administrative regulations | Shareholding of Directors, Supervisors, and Senior Management in Employee Stock Ownership Plans During the Reporting Period | Name | Position | Shares Held at Beginning of Period (shares) | Shares Held at End of Period (shares) | % of Total Share Capital | | :--- | :--- | :--- | :--- | :--- | | Jin Jiayan | Director, Deputy General Manager | 146,551.86 | 6,268.01 | 0.00% | | Sun Yufan | Supervisor | 27,478.47 | 1,175.25 | 0.00% | | Yu Feng | Deputy General Manager | 54,956.95 | 2,350.51 | 0.00% | | Shen Zheng | Deputy General Manager | 82,435.42 | 3,525.76 | 0.00% | | Sun Qunhui | Director, Board Secretary, Deputy General Manager | 82,435.42 | 3,525.76 | 0.00% | | Shi Qingyun | Director, Financial Controller | 82,515.55 | 3,529.19 | 0.00% | | Ye Caixiu | Supervisor | 45,797.46 | 1,958.75 | 0.00% | - During the reporting period, this employee stock ownership plan sold 2,297,400 shares, with 102,650 shares remaining[80] - The company has no other employee incentive measures[81] IV. Environmental Information Disclosure The company and its main subsidiary, Zhejiang Jingu Co Ltd, are listed as legally required environmental information disclosure enterprises and have published reports on the Zhejiang Provincial Department of Ecology and Environment platform - The listed company and its main subsidiary, Zhejiang Jingu Co Ltd, are included in the list of enterprises legally required to disclose environmental information[81] - Environmental information disclosure reports can be accessed on the Zhejiang Provincial Department of Ecology and Environment's Enterprise Environmental Information Disclosure System[81] V. Social Responsibility The company actively fulfills its social responsibilities by promoting low-carbon initiatives through technological innovation, prioritizing employee welfare, operating with integrity, and supporting local public welfare - The company's mission is to promote a low-carbon society through industrial technological innovation, striving to create lighter, more precise, and aesthetically pleasing products to be the customer's first choice[82] - Avatar low-carbon wheels significantly reduce wheel weight through lightweight technology, enabling large-scale replacement of traditional wheels, with low energy consumption during production and energy saving and efficiency improvement during use, aligning with the "Dual Carbon" strategy[83] - The company diligently implements the "Labor Law" and "Labor Contract Law," establishing a comprehensive human resource management system, improving its compensation and benefits system, and emphasizing talent development and employee incentives[84] - The company adheres to honest operation, pays taxes according to law, contributes to local economic development and employment, and supports local education, culture, science, health, and poverty alleviation efforts[84] Significant Matters This section addresses commitments, related party transactions, legal proceedings, and other significant events 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 The company reported no commitments fulfilled or overdue by its controlling shareholder, shareholders, related parties, acquirers, or the company itself during the reporting period - The company reported no commitments fulfilled or overdue by its actual controller, shareholders, related parties, acquirers, or the company itself during and as of the end of the reporting period[86] 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 from the listed company 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[87] III. Irregular External Guarantees The company reported no irregular external guarantees during the reporting period - The company reported no irregular external guarantees during the reporting period[88] IV. Appointment and Dismissal of Accounting Firms The company's semi-annual report was unaudited - The company's semi-annual report was unaudited[89] V. Board of Directors' and Supervisory Board's Explanations on "Non-Standard Audit Report" for This Reporting Period The company reported no non-standard audit report during the reporting period - The company reported no non-standard audit report during the reporting period[90] VI. Board of Directors' Explanations on "Non-Standard Audit Report" for the Previous Year The company reported no non-standard audit report during the reporting period - The company reported no non-standard audit report during the reporting period[90] VII. Bankruptcy and Reorganization Matters The company reported no bankruptcy or reorganization matters during the reporting period - The company reported no bankruptcy or reorganization matters during the reporting period[90] VIII. Litigation Matters The company reported no significant or other litigation or arbitration matters during the reporting period - The company had no significant litigation or arbitration matters during this reporting period[91] - The company had no other litigation matters during the reporting period[91] IX. Penalties and Rectification The company reported no penalties or rectification situations during the reporting period - The company reported no penalties or rectification situations during the reporting period[92] X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller The company reported no issues regarding the integrity status of itself, its controlling shareholder, or actual controller during the reporting period - The company reported no issues regarding the integrity status of itself, its controlling shareholder, or actual controller during the reporting period[93] XI. Significant Related Party Transactions The company engaged in daily related party transactions, primarily purchasing steel from Angang Jingu (Hangzhou) Metal Materials Co Ltd for 507.9043 million yuan, within approved limits, and received various related party guarantees Related Party Transactions Related to Daily Operations | Related Party | Type of Related Transaction | Content of Related Transaction | Amount of Related Transaction (10,000 yuan) | Approved Transaction Limit (10,000 yuan) | Exceeded Approved Limit | | :--- | :--- | :--- | :--- | :--- | :--- | | Angang Jingu (Hangzhou) Metal Materials Co Ltd | Purchase of goods | Steel | 50,790.43 | 120,000 | No | - During the reporting period, the actual amount of daily related party transactions was 507.9043 million yuan[93] - The company reported no related party transactions involving asset or equity acquisitions/disposals during the reporting period[95] - The company reported no related party transactions involving joint external investments during the reporting period[96] - The company reported no related party creditor-debtor relationships during the reporting period[97] - There were no deposits, loans, credit lines, or other financial services between the company and related financial companies[98][99] - The company reported no other significant related party transactions during the reporting period[100] XII. Significant Contracts and Their Performance The company had no entrustment, contracting, or leasing matters, but provided guarantees to subsidiaries totaling 1.02 billion yuan, representing 29.11% of net assets, with no entrusted wealth management or other major contracts - The company reported no entrustment, contracting, or leasing situations during the reporting period[101][102][103] External Guarantees by the Company and its Subsidiaries | Name of Guaranteed Party | Guarantee Limit (10,000 yuan) | Actual Guarantee Amount (10,000 yuan) | Guarantee Period | Fulfilled | Related Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | | For homebuyers of Jingu Shares Headquarters Building office space | 9,000 | 0 | From the date the bank issues the loan to the homebuyer until the homebuyer completes the mortgage registration with the lender as mortgagee and the other rights certificate is delivered to the bank | No | No | | Total Approved External Guarantee Limit at Period-End | 9,000 | Total Actual External Guarantee Balance at Period-End | 0 | | | Guarantees Provided by the Company to its Subsidiaries | Name of Guaranteed Party | Guarantee Limit (10,000 yuan) | Actual Guarantee Amount (10,000 yuan) | Guarantee Period | Fulfilled | Related Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | | Jingu Avatar Low-Carbon Wheel (Hefei) Co Ltd | 30,000 | 3,000 | 8 years | No | Yes | | Jingu Avatar Low-Carbon Wheel (Hefei) Co Ltd | 30,000 | 17,000 | 8 years | No | Yes | | Jingu Avatar Low-Carbon Wheel (Hefei) Co Ltd | 39,000 | 7,000 | 8 years | No | Yes | | Jingu Avatar Low-Carbon Wheel (Hefei) Co Ltd | 30,000 | 2,000 | 8 years | No | Yes | | Jingu Avatar Low-Carbon Wheel (Hefei) Co Ltd | 30,000 | 18,000 | 8 years | No | Yes | | Jingu Avatar Low-Carbon Wheel (Hefei) Co Ltd | 39,000 | 15,000 | 8 years | No | Yes | | Jingu Avatar Low-Carbon Wheel (Hefei) Co Ltd | 39,000 | 7,000 | 8 years | No | Yes | | Nanning Jingu Avatar Automotive Parts Manufacturing Co Ltd | 33,000 | 9,000 | 8 years | No | Yes | | Nanning Jingu Avatar Automotive Parts Manufacturing Co Ltd | 33,000 | 5,000 | 8 years | No | Yes | | Nanning Jingu Avatar Automotive Parts Manufacturing Co Ltd | 33,000 | 6,000 | 8 years | No | Yes | | Nanning Jingu Avatar Automotive Parts Manufacturing Co Ltd | 33,000 | 8,120 | 8 years | No | Yes | | Nanning Jingu Avatar Automotive Parts Manufacturing Co Ltd | 33,000 | 3,480 | 8 years | No | Yes | | Nanning Jingu Avatar Automotive Parts Manufacturing Co Ltd | 33,000 | 1,400 | 8 years | No | Yes | | Nanning Jingu Avatar Automotive Parts Manufacturing Co Ltd | 17,600 | 7,000 | 1 year | Yes | Yes | | Nanning Jingu Avatar Automotive Parts Manufacturing Co Ltd | 17,600 | 4,500 | 1 year | Yes | Yes | | Nanning Jingu Avatar Automotive Parts Manufacturing Co Ltd | 20,000 | 0 | 1 year | No | Yes | | Total Approved Guarantee Limit for Subsidiaries at Period-End | 122,000 | Total Actual Guarantee Balance for Subsidiaries at Period-End | 102,000 | | | - The company's total guarantee amount (A4+B4+C4) accounts for 29.11% of its net assets[107] - The company reported no entrusted wealth management during the reporting period[109] - The company reported no other significant contracts during the reporting period[110] XIII. Explanation of Other Significant Matters The company reported no other significant matters requiring explanation during the reporting period - The company reported no other significant matters requiring explanation during the reporting period[111] 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[112] Share Changes and Shareholder Information This section details changes in the company's share capital, securities issuance, shareholder structure, and holdings of directors, supervisors, and senior management I. Share Changes The company's total share capital remained unchanged at 995,439,065 shares, with 7.57% restricted and 92.43% unrestricted, following a share repurchase of 5,042,400 shares for 56,063,168.00 yuan Share Changes | Share Class | Number Before Change (shares) | % Before Change | Net Increase/Decrease in This Change | Number After Change (shares) | % After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 75,355,066 | 7.57% | 0 | 75,355,066 | 7.57% | | II. Unrestricted Shares | 920,083,999 | 92.43% | 0 | 920,083,999 | 92.43% | | III. Total Shares | 995,439,065 | 100.00% | 0 | 995,439,065 | 100.00% | - The reasons, approval status, and transfer status of the company's share changes are not applicable[116][118] - On November 28, 2024, the company approved a share repurchase plan, intended for equity incentive or employee stock ownership plans, with a repurchase amount not less than 30 million yuan and not exceeding 60 million yuan[116] - As of January 20, 2025, the company had cumulatively repurchased 5,042,400 shares, accounting for 0.51% of the total share capital, with a total transaction amount of 56,063,168.00 yuan[117] II. Securities Issuance and Listing The company reported no securities issuance or listing activities during the reporting period - The company reported no securities issuance or listing activities during the reporting period[118] III. Number of Shareholders and Shareholding As of the reporting period end, the company had 24,374 common shareholders, with Sun Fengfeng, Sun Jinguo, and three investment funds holding over 5% each, and some shares of Sun Fengfeng and Sun Jinguo pledged - The total number of common shareholders at the end of the reporting period was 24,374[119] Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio | Shares Held at End of Reporting Period (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | Pledged, Marked, or Frozen Status | Number of Pledged, Marked, or Frozen Shares (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Sun Fengfeng | Domestic Natural Person | 10.09% | 100,473,422 | 75,355,066 | 25,118,356 | Pledged | 100,473,422 | | Sun Jinguo | Domestic Natural Person | 5.13% | 51,107,461 | 0 | 51,107,461 | Pledged | 51,107,461 | | Nanning Chantu Emerging No 1 Investment Fund Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 5.03% | 50,095,742 | 0 | 50,095,742 | Not Applicable | 0 | | Hefei Dongxin Chantu Venture Capital Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 5.03% | 50,095,742 | 0 | 50,095,742 | Not Applicable | 0 | | Hefei Chantu Xingchao Low-Carbon Venture Capital Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 5.03% | 50,095,742 | 0 | 50,095,742 | Not Applicable | 0 | - Sun Jinguo, Sun Liqun, and Sun Fengfeng are the company's controlling shareholders (Sun Jinguo and Sun Liqun are a married couple, and Sun Fengfeng is their son)[120] - Hebei Zongheng Group Fengnan Steel Co Ltd and Hebei Zhongzhong Cold Rolling Material Co Ltd are parties acting in concert[120] 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[122] 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[123] - The company's actual controller remained unchanged during the reporting period[123] VI. Preferred Share Information The company reported no preferred shares during the reporting period - The company reported no preferred shares during the reporting period[124] Bond-Related Matters This section confirms that the company had no bond-related matters during the reporting period Bond-Related Matters The company reported no bond-related matters during the reporting period - The company reported no bond-related matters during the reporting period[126] 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 owner's equity I. Audit Report The company's semi-annual financial report was unaudited - The company's semi-annual financial report was unaudited[128] II. Financial Statements This section provides the company's H1 2025 consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owner's equity 1. Consolidated Balance Sheet As of June 30, 2025, consolidated total assets were 9.262 billion yuan, total liabilities 5.025 billion yuan, and total owner's equity 4.237 billion yuan Key Data from Consolidated Balance Sheet (June 30, 2025) | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Total Assets | 9,261,778,184.75 | 9,406,451,382.40 | | Total Current Assets | 3,717,390,372.33 | 4,069,985,249.10 | | Total Non-Current Assets | 5,544,387,812.42 | 5,336,466,133.30 | | Total Liabilities | 5,024,846,415.87 | 5,184,108,991.31 | | Total Current Liabilities | 2,015,447,582.67 | 2,320,558,599.71 | | Total Non-Current Liabilities | 3,009,398,833.20 | 2,863,550,391.60 | | Total Owner's Equity | 4,236,931,768.88 | 4,222,342,391.09 | | Total Owner's Equity Attributable to Parent Company | 3,504,319,839.60 | 3,512,354,473.08 | 2. Parent Company Balance Sheet As of June 30, 2025, parent company total assets were 7.457 billion yuan, total liabilities 3.934 billion yuan, and total owner's equity 3.523 billion yuan Key Data from Parent Company Balance Sheet (June 30, 2025) | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Total Assets | 7,457,061,323.74 | 7,397,838,727.16 | | Total Current Assets | 2,580,318,682.93 | 2,521,188,839.79 | | Total Non-Current Assets | 4,876,742,640.81 | 4,876,649,887.37 | | Total Liabilities | 3,933,949,404.51 | 3,844,261,514.41 | | Total Current Liabilities | 2,076,255,262.50 | 2,170,564,168.82 | | Total Non-Current Liabilities | 1,857,694,142.01 | 1,673,697,345.59 | | Total Owner's Equity | 3,523,111,919.23 | 3,553,577,212.75 | 3. Consolidated Income Statement In H1 2025, consolidated total operating revenue was 2.123 billion yuan, up 10.04%, with net profit attributable to parent company shareholders at 30.2715 million yuan, up 45.36% Key Data from Consolidated Income Statement (H1 2025) | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | I. Total Operating Revenue | 2,122,676,046.30 | 1,928,991,542.81 | | II. Total Operating Costs | 2,059,105,551.78 | 1,902,398,676.57 | | III. Operating Profit | 66,907,394.25 | 25,009,868.80 | | IV. Total Profit | 66,976,973.70 | 24,679,813.43 | | V. Net Profit | 52,589,257.37 | 21,177,265.91 | | Net Profit Attributable to Parent Company Shareholders | 30,271,546.10 | 20,825,223.01 | | VI. Net Other Comprehensive Income After Tax | 2,079,332.08 | -8,766,449.55 | | VII. Total Comprehensive Income | 54,668,589.45 | 12,410,816.36 | | VIII. Earnings Per Share: Basic EPS | 0.03 | 0.02 | | VIII. Earnings Per Share: Diluted EPS | 0.03 | 0.02 | 4. Parent Company Income Statement In H1 2025, parent company operating revenue was 1.214 billion yuan, up 51.55%, but net profit significantly decreased by 81.66% to 9.6362 million yuan Key Data from Parent Company Income Statement (H1 2025) | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | I. Operating Revenue | 1,213,841,793.40 | 800,982,181.03 | | II. Operating Profit | 9,623,514.23 | 56,726,086.93 | | III. Total Profit | 9,710,653.03 | 56,391,709.45 | | IV. Net Profit | 9,636,229.11 | 52,537,852.26 | | VI. Total Comprehensive Income | 9,636,229.11 | 52,537,852.26 | 5. Consolidated Cash Flow Statement In H1 2025, consolidated net cash flows from operating, investing, and financing activities were all negative, resulting in a net decrease of 888 million yuan in cash and cash equivalents Key Data from Consolidated Cash Flow Statement (H1 2025) | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -187,969,200.50 | -139,155,654.10 | | Net Cash Flow from Investing Activities | -354,732,236.68 | -129,194,489.51 | | Net Cash Flow from Financing Activities | -345,174,981.43 | -56,501,000.00 | | Net Increase in Cash and Cash Equivalents | -888,349,885.14 | -323,882,832.52 | | Period-End Cash and Cash Equivalents Balance | 547,481,683.76 | 77,019,295.69 | 6. Parent Company Cash Flow Statement In H1 2025, parent company net cash flow from operating activities was 284 million yuan, while investing and financing activities were negative, leading to a net increase of 14.7983 million yuan in cash and cash equivalents Key Data from Parent Company Cash Flow Statement (H1 2025) | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 284,047,920.72 | 106,792,254.88 | | Net Cash Flow from Investing Activities | -16,783,080.31 | -86,163,061.23 | | Net Cash Flow from Financing Activities | -252,233,130.36 | -113,281,608.17 | | Net Increase in Cash and Cash Equivalents | 14,798,257.08 | -93,636,461.88 | | Period-End Cash and Cash Equivalents Balance | 221,247,536.45 | 33,476,018.39 | 7. Consolidated Statement of Changes in Owner's Equity In H1 2025, consolidated owner's equity increased by 14.5894 million yuan, with parent company owner's equity decreasing by 8.0346 million yuan and minority interest increasing by 22.6240 million yuan Consolidated Statement of Changes in Owner's Equity (H1 2025) | Item | Total Owner's Equity Attributable to Parent Company (yuan) | Minority Interest (yuan) | Total Owner's Equity (yuan) | | :--- | :--- | :--- | :--- | | I. Balance at End of Prior Year | 3,512,354,473.08 | 709,987,918.01 | 4,222,342,391.09 | | III. Amount of Changes in Current Period | -8,034,633.48 | 22,624,011.27 | 14,589,377.79 | | Including: Total Comprehensive Income | 32,350,878.18 | 22,317,711.27 | 54,668,589.45 | | Including: Owner's Contribution and Capital Reduction | -40,065,438.25 | 306,300.00 | -39,759,138.25 | | IV. Balance at End of Current Period | 3,504,319,839.60 | 732,611,929.28 | 4,236,931,768.88 | 8. Parent Company Statement of Changes in Owner's Equity In H1 2025, parent company owner's equity decreased by 30.4653 million yuan, primarily due to total comprehensive income and an increase in treasury stock Parent Company Statement of Changes in Owner's Equity (H1 2025) | Item | Total Owner's Equity (yuan) | | :--- | :--- | | I. Balance at End of Prior Year | 3,553,577,212.75 | | III. Amount of Changes in Current Period | -30,465,293.52 | | Including: Total Comprehensive Income | 9,636,229.11 | | Including: Owner's Contribution and Capital Reduction | -40,065,438.25 | | IV. Balance at End of Current Period | 3,523,111,919.23 | III. Company Basic Information Zhejiang Jingu Co Ltd, established on September 28, 2007, with a registered capital of 995,439,065.00 yuan, is listed on the Shenzhen Stock Exchange and primarily engages in automotive manufacturing - Zhejiang Jingu Co Ltd was established on September 28, 2007, with a registered capital of 995,439,065.00 yuan, and its shares were listed on the Shenzhen Stock Exchange on October 21, 2010[164] - The company's main business is in the automotive manufacturing industry, with a business scope including automotive parts, hot-dip galvanized steel wheel manufacturing, wheel production, metal surface treatment equipment production and maintenance, metal products, general equipment sales, and real estate development and sales[164] - These financial statements were approved for external release by the company's 6th Board of Directors' 12th meeting on August 20, 2025[164] IV. Basis of Financial Statement Preparation The financial statements are prepared on a going concern basis, with no significant doubts about the company's ability to continue as a going concern for the next 12 months - The company's financial statements are prepared on a going concern basis[165] - There are no matters or circumstances that raise significant doubts about the company's ability to continue as a going concern for the 12 months from the end of the reporting period[166] V. Significant Accounting Policies and Estimates This section details the company's accounting policies and estimates, including accounting period, business cycle, functional currency, financial instrument classification, impairment, inventory valuation, fixed asset depreciation, and revenue recognition, with a retrospective adjustment for quality assurance accounting from January 1, 2024 - The company's financial statements comply with enterprise accounting standards, accurately and completely reflecting its financial position, operating results, and cash flows[167] - The accounting year runs from January 1 to December 31, with a short operating cycle, using 12 months as the liquidity classification standard for assets and liabilities[168][169] - The company classifies, recognizes, measures, and derecognizes financial assets and liabilities, and provides impairment allowances based on expected credit losses[180][192][197] - Fixed assets are depreciated using the straight-line method, with depreciation periods of 10-59 years for buildings, 4-57 years for machinery, 4-57 years for transportation equipment, and 4-57 years for other equipment[225] - Intangible assets include land use rights, management software, emission rights, and e-commerce operating platforms, amortized using the straight-line method[231][232] - R&D expenditures are divided into research and development phases; research phase expenditures are expensed in the current period, while development phase expenditures are recognized as intangible assets when conditions are met[239] - Revenue recognition principles are based on identifying distinct performance obligations, determining whether they are satisfied over time or at a point in time, and measuring revenue at the transaction price allocated to each distinct performance obligation[256][258] - The company has implemented the Ministry of Finance's "Interpretation No 18 of Accounting Standards for Business Enterprises" regarding the accounting treatment of guarantee-type quality assurance not constituting a distinct performance obligation, effective January 1, 2024, and has retrospectively adjusted comparable period information[283] VI. Taxation The company's main taxes include VAT (6%, 9%, 13%), Urban Maintenance and Construction Tax (5%, 7%), Corporate Income Tax (15%, 25%), Property Tax (1.2%, 12%), Education Surcharge (3%), and Local Education Surcharge (2%), benefiting from high-tech enterprise and Western Development tax incentives Major Taxes and Tax Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | VAT | Based on sales of goods and taxable services calculated according to tax laws, deducting deductible input VAT for the current period, the difference is the VAT payable | 6%, 9%, 13% | | Urban Maintenance and Construction Tax | Actual amount of turnover tax paid | 5%, 7% | | Corporate Income Tax | Taxable income | 15%, 25% | | Property Tax | For value-based assessment, 1.2% of the remaining value after a one-time deduction of 30% from the original property value; for rent-based assessment, 12% of rental income | 1.2%, 12% | | Education Surcharge | Actual amount of turnover tax paid | 3% | | Local Education Surcharge | Actual amount of turnover tax paid | 2% | - The company and its subsidiary Chengdu Jingu Wheel Co Ltd apply a 15% corporate income tax rate, while other tax entities apply 25%[286] - The company passed the high-tech enterprise re-evaluation for 2023, and from 2023-2025, it will pay corporate income tax at a reduced rate of 15%[287] - The main business of subsidiary Chengdu Jingu Wheel Co Ltd belongs to a nationally encouraged industry, and from 2011-2030, it will pay corporate income tax at a rate of 15%[287] - As an advanced manufacturing enterprise, from January 1, 2023, to December 31, 2027, the company is allowed to deduct 5% of the current period's deductible input VAT from its payable VAT[288] VII. Notes to Consolidated Financial Statement Items This section provides detailed notes on consolidated balance sheet, income statement, and cash flow items, including significant changes in monetary funds, financial assets, receivables, fixed assets, borrowings, and revenue/cost components - Period-end balance of monetary funds was 641 million yuan, with 93.4606 million yuan restricted, primarily for bank acceptance bill deposits and letter of credit deposits[290] - Period-end balance of trading fin