苏奥传感(300507) - 2025 Q2 - 季度财报

Section I Important Notice, Table of Contents, and Definitions This section provides crucial disclaimers, the report's structured table of contents, and definitions for key terms used throughout the document Important Notice The Board of Directors, Supervisory Board, and senior management guarantee the report's accuracy and completeness, with no plans for cash dividends or bonus shares - The Board of Directors, Supervisory Board, and senior management guarantee the semi-annual report's truthfulness, accuracy, and completeness, assuming individual and joint legal responsibility[3] - Company head Teng Fei, chief accountant Kong Youtian, and accounting department head Shen Wanjuan declare the financial report's truthfulness, accuracy, and completeness[3] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[5] Table of Contents This section presents the report's structured table of contents, outlining eight main chapters from company profile to financial statements - The report comprises eight main chapters, from important notices to financial statements, providing comprehensive company information[7] Definitions This section defines common terms and company abbreviations, specifies the reporting period, and lists full names of key entities - The reporting period refers to January 1, 2025, to June 30, 2025[13] - Company, this company, Suao Sensing refers to Jiangsu Aoliwei Sensing High-Tech Co., Ltd[13] - Lists major subsidiaries and affiliates including Schurholz Precision, Yantai Aoliwei, Wuhan Aoliwei, Europe Aoliwei, and Bonaire[13] Section II Company Profile and Key Financial Indicators This section provides an overview of the company's basic information, contact details, and a summary of its key accounting data and financial performance indicators I. Company Profile The company, listed on the Shenzhen Stock Exchange under stock code 300507, is named Suao Sensing, with Teng Fei as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Suao Sensing | | Stock Code | 300507 | | Listed Stock Exchange | Shenzhen Stock Exchange | | Chinese Name | Jiangsu Aoliwei Sensing High-Tech Co., Ltd | | Legal Representative | Teng Fei | II. Contact Person and Contact Information The company's Board Secretary is Fang Tarang, and Securities Affairs Representative is Ling Jun, both located at 158 Xiangyuan Road, Yangzhou High-tech Zone Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Fang Tarang | 158 Xiangyuan Road, Yangzhou High-tech Industrial Development Zone, Jiangsu Province | 0514-82775359 | 0514-82775137 | olive@yos.net.cn | | Securities Affairs Representative | Ling Jun | 158 Xiangyuan Road, Yangzhou High-tech Industrial Development Zone, Jiangsu Province | 0514-82775359 | 0514-82775137 | olive@yos.net.cn | III. Other Information The company's registered address, office address, website, and information disclosure locations remained unchanged during the reporting period - The company's registered address, office address, website, and email remained unchanged during the reporting period, as detailed in the 2024 annual report[17] - Information disclosure and archiving locations remained unchanged during the reporting period, as detailed in the 2024 annual report[18] - The company's registration status remained unchanged during the reporting period, as detailed in the 2024 annual report[19] IV. Key Accounting Data and Financial Indicators In H1 2025, revenue grew 99.21% to 1.104 billion yuan due to Bonaire's consolidation, while net profit attributable to shareholders decreased 9.12% to 57.24 million yuan Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Period (yuan) | Previous Year's Corresponding Period (yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,103,710,431.15 | 554,052,522.61 | 99.21% | | Net Profit Attributable to Shareholders of Listed Company | 57,244,550.56 | 62,991,650.76 | -9.12% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 40,743,813.36 | 39,336,830.15 | 3.58% | | Net Cash Flow from Operating Activities | 157,117,018.79 | -437,145.80 | 36,041.56% | | Basic Earnings Per Share (yuan/share) | 0.07 | 0.08 | -12.50% | | Diluted Earnings Per Share (yuan/share) | 0.07 | 0.08 | -12.50% | | Weighted Average Return on Net Assets | 2.74% | 3.20% | -0.46% | | End of Current Period | End of Previous Year | Change from End of Previous Year | | | Total Assets | 4,050,242,926.42 | 4,103,525,600.48 | -1.30% | | Net Assets Attributable to Shareholders of Listed Company | 2,088,449,093.78 | 2,059,803,311.95 | 1.39% | V. Differences in Accounting Data Under Domestic and Overseas Accounting Standards The company reported no differences in net profit or net assets between domestic and international or overseas accounting standards during the period - The company reported no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards during the reporting period[21] - The company reported no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards during the reporting period[22] VI. Non-Recurring Gains and Losses Items and Amounts Total non-recurring gains and losses amounted to 16.50 million yuan, primarily from disposal of non-current assets, government grants, and fair value changes of financial instruments Non-Recurring Gains and Losses Items and Amounts | Item | Amount (yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | 1,406,176.43 | | Government grants recognized in current profit or loss (excluding those closely related to the company's business and continuously enjoyed) | 5,768,550.61 | | Gains or losses from changes in fair value of financial assets and liabilities held for trading, and investment income from disposal of financial assets and liabilities, except for effective hedging activities related to the company's normal business operations | 13,364,400.14 | | Fund occupation fees charged to non-financial enterprises recognized in current profit or loss | -195,240.12 | | Other non-operating income and expenses apart from the above | 777,180.70 | | Less: Income tax impact | 3,110,846.00 | | Minority interest impact (after tax) | 1,509,484.56 | | Total | 16,500,737.20 | - The company has no other profit or loss items meeting the definition of non-recurring gains and losses, nor has it classified non-recurring items as recurring[25] Section III Management Discussion and Analysis This section provides a comprehensive analysis of the company's principal operations, core competencies, financial performance, investment activities, and risk factors during the reporting period I. Principal Business Activities During the Reporting Period The company specializes in automotive components, including sensors, fuel system accessories, and new energy parts, expanding into thermal management and semiconductors through acquisitions and new product lines 1. Industry Development Overview Operating in automotive core electronics, the company benefits from the 'New Four Modernizations' trend and policy support, with China's NEV production and sales growing over 40% - The company belongs to the automotive parts and accessories manufacturing industry, specifically the automotive core electronics sector[27] - In H1 2025, China's automotive production and sales increased by 12.5% and 11.4% respectively, with new energy vehicle production and sales both growing over 40%, reaching a penetration rate of 44.3%[28] - The development of flying cars opens up new challenges and opportunities for the automotive sensor industry[29] - National policies continue to guide the independent innovation and upgrading of the automotive sensor industry, explicitly targeting domestic substitution for automotive-grade sensors[30] - Driven by trends in new energy, lightweighting, intelligence, and connectivity, the automotive industry has significantly increased the depth and breadth of plastic component applications, with single-vehicle plastic usage reaching 80-220 kilograms[31] - The new energy vehicle component industry has entered a stage of rapid growth and technological innovation, with continuous national policy support and a development trend towards "low-carbon, internationalization, and lightweighting"[32] - The value of automotive thermal management system components has increased in new energy vehicles, with national policies promoting their transformation and upgrading towards high efficiency, environmental friendliness, and high reliability[34] 2. Company's Main Business and Products During the Reporting Period As a high-tech enterprise, the company expanded its automotive component portfolio, including sensors and thermal management, through the Bonaire acquisition and new product line development - The company has established a diversified product matrix covering four core segments: sensors and accessories, fuel system accessories, automotive interior parts, and new energy components, and controls subsidiary Bonaire, which specializes in automotive thermal management system components[36] - The company continuously increases R&D investment to ensure its product lines fully cover the needs of traditional fuel vehicles, extended-range/hybrid vehicles, pure electric models, and emerging application areas[37] - In the thermal management sector, the acquisition of Bonaire was successfully completed, achieving deep synergistic integration[38] - The AMB copper-clad ceramic substrate project is progressing smoothly, achieving important customer certifications[38] - Successfully expanded new product lines including eddy current position sensors, current sensors, and new EMB force sensors, committed to domestic substitution and technological breakthroughs[38] 3. Company's Main Operating Model The company's operating model integrates 'sales-driven production' with in-house manufacturing for high-tech products and outsourced processing for others, supported by strict supplier management - The sales model follows a "four steps forward, four steps back" process, from customer demand and company bidding, to signing product development agreements, sample production, small-batch supply, and finally mass production[41][42][43][44][45] - The production model adopts "production based on sales," with high-tech and complex products manufactured in-house, while lower-tech fuel system accessories and automotive interior parts are outsourced to external manufacturers[47][48] - The company implements strict quality control over outsourced production, including pre-evaluation, technical guidance, and post-inspection, to ensure product quality[51] - The procurement model establishes a strict supplier management system, selecting qualified suppliers through comprehensive evaluation and signing annual framework procurement agreements[54] 4. Key Performance Drivers During the Reporting Period H1 2025 revenue surged 99.21% to 1.104 billion yuan due to Bonaire's consolidation, but net profit declined 9.12% to 57.24 million yuan due to lower Bonaire gross margin - During the reporting period, the company achieved operating revenue of 1.104 billion yuan, a year-on-year increase of 99.21%, primarily due to the consolidation of subsidiary Bonaire's operating revenue into the company's consolidated financial statements in Q4 2024[56] - Net profit attributable to shareholders of the listed company was 57.24 million yuan, a year-on-year decrease of 9.12%[56] - The main reason for the decline in net profit was the decrease in Bonaire's gross margin due to annual price reductions from its major customer Chery, and the lower overall gross margin of its supplied products compared to the parent company's main products[56] - The company systematically optimizes full value chain operational efficiency through technological breakthroughs, zero quality defects, lean cost management, and enhanced response speed, while comprehensively integrating AI technology into various business scenarios[55] - The company will strengthen the integrated management of its subsidiary Bonaire, optimize its customer structure and credit policies, improve production and operational efficiency, and enhance gross margin levels[56] II. Analysis of Core Competencies The company's core strengths include robust R&D, extensive client network, diverse product portfolio, rapid service, and an experienced management team, with 207 patents and 30+ years in automotive sensors 1. Company's Own and R&D Advantages With 30+ years in automotive oil level sensors and 207 patents, the company is a high-tech enterprise with 4.36% R&D investment, achieving breakthroughs in MEMS, current, and eddy current sensors - The company has been engaged in the R&D, manufacturing, and sales of automotive oil level sensors for over 30 years, making it one of the largest domestic manufacturers of automotive oil level sensors[58] - As of June 30, 2025, the company holds a total of 207 patents, including 27 invention patents, 175 utility model patents, and 5 design patents[58] - The company is a national high-tech enterprise and a national "specialized, refined, unique, and new" small giant enterprise, with R&D investment of approximately 48.09 million yuan, accounting for 4.36% of operating revenue[58] - In core technology areas, domestic MEMS pressure sensors have achieved large-scale pre-installation applications; current sensors have made breakthroughs in dynamic range and battery safety monitoring accuracy; eddy current sensors are applied in electric vehicle motors and new aircraft; independently developed EMB brake force sensor platform technology indicators are globally leading with significant cost optimization; AMB silicon nitride copper-clad substrates have broken through the 800V high-voltage platform technical bottleneck[59] 2. Customer Resource Advantages The company has established deep strategic partnerships with mainstream automakers like NIO and BYD, and international component leaders, ensuring a broad customer network - In the complete vehicle matching field, deep cooperation has been established with mainstream automakers such as NIO, XPeng Motors, BYD, Changan Deep Blue, SAIC-GM, Geely Auto, Jiangling Motors, and Chongqing Seres[62] - Within the Tier 1 supplier system, stable technical support relationships have been established with international component leaders such as United Automotive Electronic Systems, YAPP, BorgWarner, and Locat[62] 3. Product Advantages The company's product portfolio includes market-leading OBD steam pressure sensors, high-reliability MEMS chips, and innovative solutions for various automotive applications, achieving significant domestic substitution - OBD steam pressure sensors were the first to achieve large-scale domestic MEMS low-micro pressure solutions for passenger vehicle pre-installation, holding the top market share among domestic sensor brands[63] - High-reliability, corrosion-resistant low-pressure MEMS chips (Super MEMS) maintain product accuracy meeting design requirements after durability testing in high temperature, high humidity, and highly corrosive gas conditions[63] - The MSG low-cost solution provides effective technical and cost competition against common ceramic capacitive pressure sensors in medium-pressure sensor fields such as air conditioning pressure, gearbox pressure, and air suspension pressure[64] - The core technology for National VI valves (anti-rollover valves, refueling volume control valves) and National VI refueling pipes is independently developed by the company, filling domestic gaps and replacing imports[64] - Current sensors feature large range and high precision, enabling domestic substitution; eddy current sensors are a new generation of automotive angle position sensors, offering excellent measurement accuracy, high-speed compatibility, and anti-interference capabilities[64] - AMB silicon nitride copper-clad substrates possess excellent thermal conductivity, high mechanical strength, good electrical insulation, and superior high-temperature resistance[65] 4. Rapid Service Advantages The company offers rapid pre-sales and after-sales service, including synchronized product development with clients and 24-hour on-site support within 24 hours of notification - The company has standardized and systematized product development through continuous technical accumulation, establishing a rapid-response project development team system that shortens new product development cycles and enables synchronized development with customers[66] - The company's sales customer service provides 24-hour support, ensuring that after-sales service personnel arrive at the customer's site within 24 hours of receiving notification to provide assistance[66] 5. Management Team Advantages Adhering to a 'talent-first' philosophy, the company's core management team, with an average age of 42 and 15+ years of industry experience, ensures a robust talent structure - The company has built a full-cycle talent development system covering selection, cultivation, utilization, and retention, focusing on creating a knowledge-based, innovative, and composite management and marketing echelon[68] - The current core management team has an average age of 42 and possesses over 15 years of deep experience in the automotive parts industry, forming a healthy structure with organic衔接 across three generations of talent[68] III. Analysis of Principal Business Revenue grew 99.21% to 1.104 billion yuan due to Bonaire's consolidation, while financial expenses decreased 150.23% from increased exchange gains, and investment cash flow saw significant outflow Year-on-Year Changes in Key Financial Data | Indicator | Current Period (yuan) | Previous Year's Corresponding Period (yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,103,710,431.15 | 554,052,522.61 | 99.21% | Primarily due to Bonaire's consolidation | | Operating Cost | 925,713,987.40 | 421,656,662.14 | 119.54% | Primarily due to Bonaire's consolidation | | Selling Expenses | 7,044,601.22 | 3,273,720.87 | 115.19% | Primarily due to Bonaire's consolidation | | Administrative Expenses | 63,347,677.63 | 45,213,762.81 | 40.11% | Primarily due to Bonaire's consolidation | | Financial Expenses | -3,464,460.18 | 6,897,163.05 | -150.23% | Primarily due to increased exchange gains | | R&D Investment | 48,090,338.93 | 23,579,327.87 | 103.95% | Primarily due to Bonaire's consolidation | | Net Cash Flow from Operating Activities | 157,117,018.79 | -437,145.80 | 36,041.56% | Primarily due to Bonaire's consolidation | | Net Cash Flow from Investing Activities | -187,416,771.76 | 80,786,997.74 | -331.99% | Primarily due to increased net investment in wealth management products in the current period | | Net Cash Flow from Financing Activities | -4,988,013.50 | 47,896,037.72 | -110.41% | Primarily due to decreased net loans and repayments in the current period | | Net Increase in Cash and Cash Equivalents | -34,468,814.97 | 127,998,940.67 | -126.93% | | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (yuan) | Operating Cost (yuan) | Gross Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Automotive Sensors and Accessories | 119,748,774.29 | 94,857,570.03 | 20.79% | -5.67% | -5.35% | -0.26% | | Automotive Fuel System Accessories | 248,346,303.72 | 163,696,190.71 | 34.09% | 6.34% | 8.39% | -1.24% | | Automotive Interior Parts | 73,153,525.45 | 55,802,196.25 | 23.72% | 23.23% | 10.32% | 8.93% | | New Energy Components | 144,512,819.06 | 131,782,672.91 | 8.81% | 48.66% | 57.40% | -5.06% | | Automotive Thermal Management System Components | 469,003,128.12 | 435,021,030.42 | 7.25% | - | - | - | - There were no significant changes in the company's profit structure or sources during the reporting period[70] IV. Analysis of Non-Principal Business Non-principal business income primarily stemmed from investment gains (16.33 million yuan, 18.22% of total profit) and fair value changes (2.77 million yuan, 3.09%), with only investment gains being sustainable Analysis of Non-Principal Business | Item | Amount (yuan) | Percentage of Total Profit | Explanation of Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 16,325,178.20 | 18.22% | Wealth management income and external investment income | Yes | | Fair Value Change Gain/Loss | 2,771,802.70 | 3.09% | Fair value changes of financial assets held for trading | No | | Asset Impairment | 7,508.44 | 0.01% | Inventory depreciation provision | No | | Non-Operating Income | 1,669,245.35 | 1.86% | Income from breach of contract compensation | No | | Non-Operating Expenses | 1,533,128.35 | 1.71% | External donations and customer claims | No | | Credit Impairment Losses | 242,609.43 | 0.27% | Provision for bad debts | No | V. Analysis of Assets and Liabilities Total assets decreased 1.30% to 4.05 billion yuan, with slight shifts in asset composition; overseas equity assets totaled 87.99 million yuan, and restricted assets were 84.28 million yuan in bank acceptance bill deposits Significant Changes in Asset Composition | Item | Amount at End of Current Period (yuan) | Percentage of Total Assets | Amount at End of Previous Year (yuan) | Percentage of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 260,529,998.19 | 6.43% | 274,418,460.50 | 6.69% | -0.26% | | Accounts Receivable | 986,804,666.93 | 24.36% | 1,002,374,934.17 | 24.43% | -0.07% | | Long-Term Equity Investments | 87,993,439.71 | 2.17% | 73,260,519.54 | 1.79% | 0.38% | | Fixed Assets | 567,476,166.14 | 14.01% | 603,390,139.89 | 14.70% | -0.69% | | Construction in Progress | 89,240,253.19 | 2.20% | 62,066,757.56 | 1.51% | 0.69% | | Short-Term Borrowings | 334,370,404.31 | 8.26% | 313,860,318.94 | 7.65% | 0.61% | | Long-Term Borrowings | 29,341,040.00 | 0.72% | 31,000,000.00 | 0.76% | -0.04% | Key Overseas Assets | Specific Asset Content | Reason for Formation | Asset Scale (million yuan) | Location | Profit Status (million yuan) | Proportion of Overseas Assets to Company's Net Assets | | :--- | :--- | :--- | :--- | :--- | :--- | | Equity Assets | Wholly-owned subsidiary Europe Aoliwei acquired 32% equity in Schürholz GmbH and two other companies | 87.99 | Germany and Poland | 5.88 | 4.22% | Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (yuan) | Fair Value Change Gain/Loss for Current Period (yuan) | Amount Purchased in Current Period (yuan) | Amount Sold in Current Period (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Financial Assets Held for Trading | 438,086,005.33 | 2,771,802.70 | 375,200,000.00 | 260,194,612.43 | 555,863,195.60 | | Other Non-Current Financial Assets | 39,760,015.45 | - | 9,000,000.00 | - | 48,760,015.45 | | Subtotal of Financial Assets | 477,846,020.78 | 2,771,802.70 | 384,200,000.00 | 260,194,612.43 | 604,623,211.05 | Asset Restrictions at End of Reporting Period | Item | Ending Balance (yuan) | Beginning Balance (yuan) | | :--- | :--- | :--- | | Bank Acceptance Bill Deposits | 84,283,461.46 | 62,503,108.80 | | Credit Deposits | - | 1,200,000.00 | | Total | 84,283,461.46 | 63,703,108.80 | VI. Analysis of Investment Status The company invested 9 million yuan during the period, with 516 million yuan in outstanding wealth management products, and 476 million yuan in 2021 raised funds were reallocated, including for working capital Investment Amount During the Reporting Period | Investment Amount in Current Period (yuan) | Investment Amount in Previous Year's Corresponding Period (yuan) | Change Rate | | :--- | :--- | :--- | | 9,000,000.00 | 0.00 | 100.00% | - There were no significant equity or non-equity investments during the reporting period[84] Financial Assets Measured at Fair Value | Asset Category | Initial Investment Cost (yuan) | Fair Value Change Gain/Loss for Current Period (yuan) | Amount Purchased in Current Period (yuan) | Amount Sold in Current Period (yuan) | Ending Balance (yuan) | Source of Funds | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Other | 438,086,005.33 | 2,771,802.70 | 375,200,000.00 | 260,194,612.43 | 555,863,195.60 | Own Funds | | Total | 438,086,005.33 | 2,771,802.70 | 375,200,000.00 | 260,194,612.43 | 555,863,195.60 | -- | Overview of Wealth Management Products | Specific Type | Source of Funds for Wealth Management | Amount of Wealth Management Occurred (million yuan) | Outstanding Balance (million yuan) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 21,000 | 16,000 | | Other Categories | Own Funds | 35,560.54 | 35,560.54 | | Total | | 56,560.54 | 51,560.54 | - Total funds raised in 2021 amounted to 476 million yuan, with a zero balance in the dedicated fund account as of June 30, 2025[88][89] - The 'Intelligent Production Line Project for Automotive Sensor Products' investment scale was reduced from 340 million yuan to 180 million yuan, with 183.7 million yuan reallocated to permanently supplement working capital[93] - The 'Commercial Vehicle Telematics System Project' has been terminated, with all remaining raised funds permanently supplementing the company's working capital[93] - The company had no derivative investments or entrusted loans during the reporting period[101][102] VII. Significant Asset and Equity Disposals The company did not undertake any significant asset or equity disposals during the reporting period - The company did not dispose of significant assets during the reporting period[103] - The company did not dispose of significant equity during the reporting period[104] VIII. Analysis of Major Controlled and Invested Companies Schurholz Precision, a key subsidiary, generated 211 million yuan in revenue and 45.48 million yuan in net profit in H1 2025, while the company expanded competitiveness through equity investments in semiconductor firms Major Subsidiaries and Invested Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Main Business | Registered Capital (yuan) | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Operating Profit (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Schurholz Precision | Subsidiary | R&D, production, and sales of automotive fuel pump inserts, lock rings, and other stamped parts | 10,000,000 | 426,533,791.78 | 377,339,958.79 | 210,943,840.05 | 51,429,852.03 | 45,476,169.13 | Acquisition and Disposal of Subsidiaries During the Reporting Period | Company Name | Method of Acquisition and Disposal of Subsidiaries During the Reporting Period | Impact on Overall Production, Operations, and Performance | | :--- | :--- | :--- | | Shanghai Indasens Semiconductor Technology Co., Ltd. | Equity Investment | Expanded the company's comprehensive competitiveness | | Shanghai Xinhuarui Semiconductor Technology Co., Ltd. | Equity Investment | Expanded the company's comprehensive competitiveness | - Schurholz Precision achieved 211 million yuan in operating revenue and 45.48 million yuan in net profit from January to June 2025[106] IX. Structured Entities Controlled by the Company The company did not control any structured entities during the reporting period - The company had no controlled structured entities during the reporting period[107] X. Risks Faced by the Company and Countermeasures The company faces risks including customer concentration, declining gross margins, rising raw material costs, and integration challenges, addressed by diversifying clients, enhancing high-value products, and optimizing operations - Business concentration risk with major customers: High entry barriers in the automotive industry lead to high customer concentration, potentially weakening bargaining power. The company is strengthening new customer and new product development to reduce concentration[107] - Product gross margin decline risk: Intensified competition in the automotive market may lead to vehicle manufacturers passing on costs to component suppliers. The company is mitigating pressure by increasing high-value-added new model supporting products[108] - Raw material price increase risk: Fluctuations in international commodity prices and changes in global trade policies create procurement pressure for raw materials. The company needs to respond through supply chain optimization and cost control[109] - Risk of core technical personnel loss: Core technical personnel are crucial for product development and process optimization, and their loss could impact operations and lead to technology leakage. The company has taken measures to attract and retain talent[110][111] - Quality liability risk: Automotive manufacturers have high quality requirements for components, and defective products may lead to recalls and compensation risks. The company needs to strengthen its quality management system[112] - Outsourced processing management risk: Some products are manufactured through outsourcing, posing risks of quality issues or untimely supply due to improper supplier selection or poor management. The company will strengthen outsourced supplier management[113] - Risk of gradual elimination of traditional energy vehicles: National policies promote automotive electrification, and the company's traditional products face the risk of reduced demand. The company is actively developing new energy vehicle supporting products[114] - Integration risks of acquired target companies: Merged companies may have differences in market environment, regulatory policies, and corporate culture, leading to uncertainties in integration effectiveness and expected benefits, potentially resulting in goodwill impairment[115] XI. Registration Form for Research, Communication, and Interview Activities During the Reporting Period On May 12, 2025, the company hosted investors online to discuss its 2024 annual report during an earnings briefing Registration Form for Research, Communication, and Interview Activities During the Reporting Period | Reception Date | Reception Location | Reception Method | Type of Reception Object | Reception Object | Main Content Discussed and Materials Provided | Index of Basic Survey Information | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | May 12, 2025 | Online (Online "Appointment Research") | Other | Other | Investors participating in this earnings briefing | Information related to the company's 2024 annual report | 300507 Suao Sensing Investor Relations Management Information 20250512 | XII. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company has not established a market value management system nor disclosed any valuation enhancement plans - The company has not formulated a market value management system[117] - The company has not disclosed a valuation enhancement plan[117] XIII. Implementation of 'Quality and Return Dual Enhancement' Action Plan The company has not disclosed an announcement regarding its 'Quality and Return Dual Enhancement' action plan - The company has not disclosed an announcement regarding its 'Quality and Return Dual Enhancement' action plan[117] Section IV Corporate Governance, Environment, and Society This section details changes in the company's governance structure, profit distribution, employee incentive plans, environmental disclosures, and social responsibility initiatives I. Changes in Directors, Supervisors, and Senior Management There were no changes in the company's directors, supervisors, or senior management during the reporting period - There were no changes in the company's directors, supervisors, or senior management during the reporting period, as detailed in the 2024 annual report[119] II. Profit Distribution and Capital Reserve Conversion to Share Capital in Current Period The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[120] III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The 2022 restricted stock incentive plan continued, with the Board approving vesting conditions for initial and reserved grants, while some unvested restricted shares were cancelled - The company's 2022 restricted stock incentive plan continued, with the Board approving the vesting conditions for the second vesting period of the initial grant and the first vesting period of the reserved grant during the reporting period[124] - Concurrently, the 'Proposal on Cancelling Part of Granted but Unvested Class II Restricted Shares' was approved[124] - The company did not implement any employee stock ownership plans or other employee incentive measures during the reporting period[125] IV. Environmental Information Disclosure The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises legally required to disclose environmental information[125] V. Social Responsibility The company actively fulfills its social responsibilities by enhancing governance, protecting stakeholder rights, ensuring fair employee treatment, and delivering quality products and services to customers and suppliers - Shareholder and creditor rights protection: The company strictly adheres to laws and regulations, improves its governance structure, strengthens internal controls, standardizes information disclosure, safeguards investors' right to know, and implements its cash dividend policy[126] - Employee rights protection: The company regards employees as its most valuable asset, providing equal development opportunities, prioritizing workplace safety, labor protection, and employee well-being, and has established comprehensive human resource management systems and employee care initiatives to foster mutual growth[126] - Customer and supplier rights protection: Upholding its mission to "create value," the company is committed to providing high-quality and reliable products and services to customers, protecting consumer interests through a sound quality management system, and safeguarding the legitimate rights and interests of suppliers and customers[127][128] Section V Significant Matters This section covers significant events including commitments, related party transactions, legal proceedings, penalties, and changes in control, providing a comprehensive overview of material developments I. Commitments Fulfilled and Overdue Unfulfilled by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period No commitments by the controlling shareholder, related parties, or the company were fulfilled or overdue unfulfilled during the reporting period - During the reporting period, there were no commitments by the company's controlling shareholder, shareholders, related parties, acquirers, or the company that were either fulfilled or overdue and unfulfilled as of the end of the reporting period[130] II. Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties There was no non-operating occupation of listed company funds by the controlling shareholder or other related parties during the reporting period - During the reporting period, there was no non-operating occupation of listed company funds by the controlling shareholder or other related parties[131] III. Irregular External Guarantees The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[132] IV. Appointment and Dismissal of Accounting Firms The company's semi-annual financial report was unaudited - The company's semi-annual report was unaudited[133] V. Board of Directors, Supervisory Board, and Audit Committee's Explanation of 'Non-Standard Audit Report' for Current Period There was no non-standard audit report for the company during the reporting period - There was no non-standard audit report for the company during the reporting period[134] VI. Board of Directors' Explanation of 'Non-Standard Audit Report' for Previous Year There was no non-standard audit report for the company during the reporting period - There was no non-standard audit report for the company during the reporting period[134] VII. Bankruptcy and Reorganization Matters The company had no bankruptcy or reorganization matters during the reporting period - The company had no bankruptcy or reorganization matters during the reporting period[134] VIII. Litigation Matters The company had no major litigation or arbitration during the reporting period; other cases totaling 26.324 million yuan were settled or won, with no significant adverse impact - The company had no major litigation or arbitration matters during the current reporting period[135] Other Litigation Matters | Basic Information of Litigation (Arbitration) | Amount Involved (million yuan) | Provision for Estimated Liabilities | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | | :--- | :--- | :--- | :--- | :--- | | Other litigation and arbitration matters not meeting the disclosure standard for major litigation, where the company and its subsidiaries are plaintiffs | 26.324 | No | Settlement reached/Won | No significant adverse impact on the company | IX. Penalties and Rectification The company and Board Secretary Fang Tarang received a warning letter from Jiangsu CSRC on January 15, 2025, for failing to timely review and disclose related-party transactions Penalties and Rectification | Name | Type | Reason | Investigation and Penalty Type | Conclusion (if any) | | :--- | :--- | :--- | :--- | :--- | | Jiangsu Aoliwei Sensing High-Tech Co., Ltd., Fang Tarang | Other | Failure to timely fulfill review procedures and information disclosure obligations for related-party transactions | Other | Decision by Jiangsu Securities Regulatory Bureau of China Securities Regulatory Commission to issue a warning letter to Jiangsu Aoliwei Sensing High-Tech Co., Ltd. and Fang Tarang ([2025] No. 5) | - The company and responsible individuals have submitted written reports, pledging to reflect deeply, learn lessons, and strengthen information disclosure management by studying relevant laws and regulations[137] X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller There were no integrity issues concerning the company, its controlling shareholder, or actual controller during the reporting period - There were no integrity issues concerning the company, its controlling shareholder, or actual controller during the reporting period[138] XI. Significant Related-Party Transactions The company engaged in routine related-party transactions, primarily purchasing goods from Longwei Technology Wuxi Co., Ltd. (20.972 million yuan), with no significant asset, equity, or debt-related transactions Related-Party Transactions for Purchase and Sale of Goods, Provision and Acceptance of Services | Related Party | Related-Party Transaction Content | Related-Party Transaction Amount (million yuan) | Approved Transaction Limit (million yuan) | Pricing Principle for Transaction Price | | :--- | :--- | :--- | :--- | :--- | | Longwei Technology Wuxi Co., Ltd. | Purchase of goods | 20.972 | 80 | Market Price | | Shenzhen Yuanwang | Purchase of goods | 0 | 10 | Market Price | | Kong Youtian | Purchase of goods | 0 | 10 | Market Price | - The daily related-party transaction amounts with Longwei Technology and Shenzhen Yuanwang did not exceed the estimated amounts[139] - The company had no related-party transactions involving asset or equity acquisitions or disposals during the reporting period[140] - The company had no related-party transactions involving joint external investments during the reporting period[141] - There were no related-party creditor-debtor transactions during the reporting period[142] - There were no deposits, loans, credit lines, or other financial transactions between the company and related financial companies, or between the company's controlled financial companies and related parties[143][144] XII. Significant Contracts and Their Performance The company had no significant entrustment, contracting, leasing, or guarantee matters during the reporting period, and no major risks were identified in other significant contracts - The company had no entrustment arrangements during the reporting period[146] - The company had no contracting arrangements during the reporting period[147] - The company had no leasing arrangements during the reporting period[148] - The company had no significant guarantee situations during the reporting period[149] - The company had no other significant contracts during the reporting period[153] XIII. Explanation of Other Significant Matters On May 6, 2025, controlling shareholder Li Hongqing signed agreements to transfer control to CALB, making the company without an actual controller, pending regulatory approval - On May 6, 2025, the company's controlling shareholder and actual controller, Mr. Li Hongqing, signed a 'Share Transfer Agreement' and 'Waiver of Voting Rights Agreement' with CALB Technology Group Co., Ltd., intending to transfer company control[154] - Upon completion of this control transfer, the company's controlling shareholder will change from Mr. Li Hongqing to CALB, and the company will have no actual controller[154] - CALB intends to fully subscribe for new shares issued by the company to specific targets in cash[154] - This change in control is subject to compliance confirmation from the Shenzhen Stock Exchange and completion of share transfer registration procedures, thus carrying uncertainties[155] XIV. Significant Matters of Company Subsidiaries There were no significant matters concerning the company's subsidiaries during the reporting period - There were no significant matters concerning the company's subsidiaries during the reporting period[156] Section VI Share Changes and Shareholder Information This section details changes in the company's share capital, securities issuance, shareholder structure, and changes in holdings by directors, supervisors, and senior management I. Share Change Status Total share capital increased by 4.098 million shares to 801 million shares, primarily due to the vesting and listing of restricted shares from the 2022 incentive plan Share Change Status | Share Class | Number Before This Change (shares) | Proportion Before This Change | Increase/Decrease in This Change (shares) | Number After This Change (shares) | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 24,980,159 | 3.14% | 675,000 | 25,655,159 | 3.20% | | II. Unrestricted Shares | 771,568,748 | 96.86% | 3,423,000 | 774,991,748 | 96.80% | | III. Total Shares | 796,548,907 | 100.00% | 4,098,000 | 800,646,907 | 100.00% | - The share change primarily resulted from the listing of 4.098 million vested restricted shares on May 22, 2025, under the 2022 incentive plan, involving 48 individuals[160] Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Increase in Restricted Shares During Current Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Teng Fei | 21,101,284 | 225,000 | 21,326,284 | Senior Management Locked Shares | | Kong Youtian | 3,159,337 | 112,500 | 3,271,837 | Senior Management Locked Shares | | Fang Tarang | 254,428 | 112,500 | 366,928 | Senior Management Locked Shares | | Dai Zhaoxi | 315,110 | 112,500 | 427,610 | Senior Management Locked Shares | | Zuo Qiang | 150,000 | 112,500 | 262,500 | Senior Management Locked Shares | | Total | 24,980,159 | 675,000 | 25,655,159 | -- | II. Securities Issuance and Listing There were no securities issuance or listing activities by the company during the reporting period - The company had no securities issuance or listing activities during the reporting period[164] III. Number of Shareholders and Shareholding Status As of the reporting period end, the company had 46,718 common shareholders, with controlling shareholder Li Hongqing holding 36.36% as the largest shareholder - The total number of common shareholders at the end of the reporting period was 46,718 households[165] Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares Held at End of Reporting Period (shares) | Change in Holdings During Reporting Period (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Li Hongqing | Domestic Natural Person | 36.36% | 291,120,704 | 0 | 0.00 | 291,120,704.0 | | Teng Fei | Domestic Natural Person | 3.55% | 28,435,045 | 300,000 | 21,326,284.00 | 7,108,761.0 | | Liu Tetang | Domestic Natural Person | 1.35% | 10,800,000 | -2,300,000 | 0.00 | 10,800,000.0 | | Wang Wenqiao | Domestic Natural Person | 1.12% | 9,006,706 | 0 | 0.00 | 9,006,706.0 | | Zhang Min | Domestic Natural Person | 0.89% | 7,147,752 | 0 | 0.00 | 7,147,752.0 | | Kong Youtian | Domestic Natural Person | 0.54% | 4,362,450 | 150,000.00 | 3,271,837.00 | 1,090,613.0 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 0.54% | 4,351,385 | -2,412,276.00 | 0.00 | 4,351,385.0 | | Dai Chengyou | Domestic Natural Person | 0.44% | 3,502,600 | 2,693,400.00 | 0.00 | 3,502,600.0 | | Zhu Junya | Domestic Natural Person | 0.34% | 2,723,100 | 2,723,100.00 | 0.00 | 2,723,100.0 | | Guo Fengming | Domestic Natural Person | 0.30% | 2,396,800 | 2,396,800.00 | 0.00 | 2,396,800.0 | - The company is unaware of any related-party relationships or concerted actions among the aforementioned other shareholders[166] IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management Key executives, including Chairman Teng Fei and CFO Kong Youtian, collectively increased their shareholdings by 900,000 shares during the reporting period, all holding granted restricted shares Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Employment Status | Shares Held at Beginning of Period (shares) | Shares Increased in Current Period (shares) | Shares Held at End of Period (shares) | Number of Restricted Shares Granted at End of Period (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Teng Fei | Chairman, General Manager | Current | 28,135,045 | 300,000 | 28,435,045.00 | 1,000,000.00 | | Kong Youtian | Deputy General Manager, CFO | Current | 4,212,450 | 150,000 | 4,362,450.00 | 500,000.00 | | Fang Tarang | Director, Board Secretary | Current | 339,238 | 150,000 | 489,238.00 | 500,000.00 | | Dai Zhaoxi | Deputy General Manager | Current | 420,147 | 150,000 | 570,147.00 | 500,000.00 | | Zuo Qiang | Deputy General Manager | Current | 200,000 | 150,000 | 350,000.00 | 500,000.00 | | Total | -- | -- | 33,306,880.00 | 900,000 | 34,206,880.00 | 3,000,000.00 | V. Changes in Controlling Shareholder or Actual Controller There were no changes in the company's controlling shareholder or actual controller during the reporting period - The company's controlling shareholder did not change during the reporting period[169] - The company's actual controller did not change during the reporting period[169] VI. Preferred Share Information The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[170] Section VII Bond-Related Information This section confirms that the company had no bond-related activities or outstanding bonds during the reporting period Bond-Related Information The company had no bond-related activities during the reporting period - The company had no bond-related information during the reporting period[172] Section VIII Financial Report This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity, along with key accounting policies and notes I. Audit Report The company's semi-annual financial report was unaudited - The company's semi-annual financial report was unaudited[174] II. Financial Statements This section presents the company's H1 2025 consolidated and parent company financial statements, showing 4.05 billion yuan in consolidated total assets and 57.24 million yuan in net profit attributable to the parent - The consolidated balance sheet shows total assets of 4.05 billion yuan at the end of the period, and total owner's equity attributable to the parent company of 2.088 billion yuan[178] - The consolidated income statement shows total operating revenue of 1.104 billion yuan for the current period, and net profit attributable to parent company shareholders of 57.24 million yuan[184][186] - The consolidated cash flow statement shows net cash flow from operating activities of 157.12 million yuan, and net cash flow from investing activities of -187.42 million yuan[192][193] - The parent company balance sheet shows total assets of 2.644 billion yuan at the end of the period, and total owner's equity of 1.870 billion yuan[182] - The parent company income statement shows operating revenue of 454.51 million yuan for the current period, and net profit of 28.17 million yuan[188][190] 1. Consolidated Balance Sheet As of June 30, 2025, consolidated total assets were 4.05 billion yuan, with 2.973 billion yuan in current assets and 2.088 billion yuan in equity attributable to the parent company - Total assets at the end of the period were 4.050 billion yuan, compared to 4.104 billion yuan at the beginning of the period[177] - Total owner's equity attributable to the parent company at the end of the period was 2.088 billion yuan, compared to 2.060 billion yuan at the beginning of the period[178] - Among current assets, financial assets held for trading had an ending balance of 555.86 million yuan, accounts receivable were 986.80 million yuan, and receivables financing was 267.05 million yuan[176] - Among current liabilities, short-term borrowings were 334.37 million yuan, notes payable were 489.09 million yuan, and accounts payable were 558.09 million yuan[177] 2. Parent Company Balance Sheet As of June 30, 2025, parent company total assets were 2.644 billion yuan, with 1.617 billion yuan in current assets and 1.870 billion yuan in total owner's equity - Total assets at the end of the period were 2.644 billion yuan, compared to 2.647 billion yuan at the beginning of the period[181] - Total owner's equity at the end of the period was 1.870 billion yuan, compared to 1.875 billion yuan at the beginning of the period[182] - Among current assets, financial assets held for trading were 378.09 million yuan, accounts receivable were 400.00 million yuan, and receivables financing was 101.00 million yuan[180][181] - Among current liabilities, short-term borrowings were 322.00 million yuan, notes payable were 66.10 million yuan, and accounts payable were 253.00 million yuan[181][182] 3. Consolidated Income Statement In H1 2025, consolidated total operating revenue was 1.104 billion yuan, up 99.21%, with net profit attributable to parent company shareholders at 57.24 million yuan, down 9.12% - Total operating revenue for the current period was 1.104 billion yuan, com