多利科技(001311) - 2025 Q2 - 季度财报

Section I Important Notice, Table of Contents, and Definitions Important Notice The Board, Supervisory Board, and senior management guarantee the semi-annual report's accuracy, with financial reports certified by key personnel, and no cash dividends or capital increases planned - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, assuming individual and joint legal responsibility[4] - Company head Jiang Jianqiang, chief accountant Cao Feng, and accounting department head Zhou Jun declare the financial report in this semi-annual report is true, accurate, and complete[4] - The company plans not to distribute cash dividends, send bonus shares, or convert capital reserves into share capital for this half-year period[6] Table of Contents This section lists the report's nine main chapters and their starting page numbers, providing a structural overview for investors - The report comprises nine main chapters, covering important notices, company profile, management discussion and analysis, corporate governance, significant matters, share changes, bond information, financial report, and other submitted data[8] Definitions This section defines key terms and entities used in the report, including company names, subsidiaries, customers, industry terms, and the reporting period, ensuring clear understanding - "Dolly Technology, the Company, this Company" refers to Chuzhou Dolly Automotive Technology Co., Ltd[12] - The reporting period is from January 1, 2025, to June 30, 2025[12] - "Integrated die-casting" refers to a processing method that uses large-tonnage die-casting machines to highly integrate multiple separate, dispersed components, forming several large aluminum castings in a single process[12] Section II Company Profile and Key Financial Indicators Company Profile Chuzhou Dolly Automotive Technology Co., Ltd. (stock code 001311) is listed on the Shenzhen Stock Exchange, with no changes in contact information or registered address during the reporting period - The company's stock abbreviation is "Dolly Technology", stock code 001311, listed on the Shenzhen Stock Exchange[15] - The company's legal representative is Jiang Jianqiang, and the Board Secretary is Zhang Yepin[15][16] - During the reporting period, there were no changes in the company's contact information, registered address, office address, website, email, or information disclosure storage location[17][18] Key Accounting Data and Financial Indicators In H1 2025, revenue grew 13.15% to 1.73 billion yuan, but net profit attributable to shareholders decreased 28.13% to 157 million yuan, with basic EPS down 44.57% 2025 Semi-Annual Key Accounting Data and Financial Indicators | Item | Current Reporting Period (yuan) | Prior Year Period (yuan) | Change from Prior Year Period | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,734,484,239.91 | 1,532,881,971.78 | 13.15% | | Net Profit Attributable to Shareholders of Listed Company | 157,401,611.39 | 219,011,253.93 | -28.13% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains/Losses) | 145,140,303.85 | 213,852,000.16 | -32.13% | | Net Cash Flow from Operating Activities | 245,381,980.08 | 344,207,098.74 | -28.71% | | Basic Earnings Per Share (yuan/share) | 0.51 | 0.92 | -44.57% | | Diluted Earnings Per Share (yuan/share) | 0.51 | 0.92 | -44.57% | | Weighted Average Return on Net Assets | 3.43% | 4.98% | Decreased by 1.55 percentage points | | Item | End of Current Reporting Period (yuan) | End of Prior Year (yuan) | Change from End of Prior Year | | Total Assets | 6,007,567,640.40 | 5,903,292,570.94 | 1.77% | | Net Assets Attributable to Shareholders of Listed Company | 4,554,969,103.51 | 4,560,505,963.95 | -0.12% | - The company implemented its 2024 profit distribution and capital reserve to share capital transfer plan on June 10, 2025, transferring 3 shares for every 10, which increased total share capital and led to a recalculation of comparative period earnings per share[20] Differences in Accounting Data under Domestic and Overseas Accounting Standards The company reported no differences in net profit and net assets between international/overseas accounting standards and Chinese accounting standards during the reporting period - The company 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] Non-recurring Gains and Losses and Amounts Non-recurring gains and losses totaled 12.26 million yuan, primarily from government subsidies, non-current asset disposal gains, and fair value changes of financial assets 2025 Semi-Annual Non-recurring Gains and Losses and Amounts | Item | Amount (yuan) | | :--- | :--- | | Gains/losses from disposal of non-current assets | 338,245.93 | | Government grants recognized in current profit/loss | 13,331,748.72 | | Gains/losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains/losses from disposal of financial assets and liabilities | 996,986.30 | | Other non-operating income and expenses apart from the above | 539,280.17 | | Other non-recurring gains/losses as defined | 350,872.73 | | Less: Income tax impact | 3,295,826.31 | | Total | 12,261,307.54 | - Other non-recurring gains/losses as defined primarily represent the individual income tax handling fee refund of 350,872.73 yuan recognized in other income[24] Section III Management Discussion and Analysis Main Business Activities During the Reporting Period The company specializes in R&D, production, and sales of automotive stamping, welding assemblies, functional parts, molds, hot-formed, and integrated die-casting components, actively expanding into NEV markets Automotive and Automotive Parts Industry Development In H1 2025, China's auto production and sales grew by 12.5% and 11.4% respectively, with NEV production and sales increasing significantly by over 40% 2025 Semi-Annual China Automotive Production and Sales Data | Indicator | Production/Sales Volume (ten thousand units) | Year-on-Year Growth Rate | | :--- | :--- | :--- | | Cumulative Auto Production/Sales | 1,562.1 / 1,565.3 | 12.5% / 11.4% | | Passenger Vehicle Production/Sales | 1,352.2 / 1,353.1 | 13.8% / 13.0% | | New Energy Vehicle Production/Sales | 696.8 / 693.7 | 41.4% / 40.3% | | NEV Sales Share | 44.3% | - | | Auto Vehicle Exports | 347.3 | 18.6% | | Auto Vehicle Export Value | 59.67 billion USD | 8.2% | - The automotive industry, a strategic pillar of the national economy, is undergoing transformation towards electrification, intelligence, and connectivity, with the automotive parts industry gradually shifting from traditional manufacturing to intelligent manufacturing[28][30] Company's Main Business Overview The company focuses on automotive stamping, welding, functional parts, molds, hot-forming, and integrated die-casting, becoming a qualified supplier for major NEV manufacturers like Tesla and BYD - The company is primarily engaged in the research and development, production, and sales of automotive stamping, welding assembly parts, functional parts, stamping molds, hot-formed parts, and integrated die-casting parts[31] - The company has become a qualified supplier for well-known new energy vehicle manufacturers such as Tesla, Li Auto, Nio, Leapmotor, and BYD, as well as new energy models under traditional vehicle manufacturers like JAC Motors[33] 2025 January-June Company Key Financial Performance | Indicator | Amount (billion yuan) | Year-on-Year Growth Rate | | :--- | :--- | :--- | | Operating Revenue | 1.734 | 13.15% | | Net Profit Attributable to Shareholders of Listed Company | 0.157 | -28.13% | Company's Main Products Products include automotive stamping, welding, functional parts, molds, hot-formed, and integrated die-casting components, with strong mold development capabilities and multiple patents - The company's main products include automotive stamping parts (primarily white body stamping parts), welding assembly parts, functional parts, stamping molds, hot-formed parts, and integrated die-casting parts[35] - Integrated die-casting parts mainly include automotive rear floor parts, front cabin, and torsion box[35] - The company possesses industry-leading mold development capabilities, has established a complete technical process system, and has obtained multiple patents in core technical areas such as stamping mold design, development, and manufacturing[37] Company's Main Business Model The company uses a "production-to-order" and "safety stock" model for parts, with direct sales to OEMs and suppliers, and order-based production for molds - The main raw materials for the company's stamping and integrated die-casting parts are automotive steel, aluminum, aluminum ingots, and other components, with procurement modes divided into non-designated procurement and designated procurement[38][40] - The company's parts products primarily adopt a "production-to-order" and "safety stock" combined production model, with production and transportation layouts organized around vehicle manufacturers' production bases[41] - The company employs a direct sales model, with customers including vehicle manufacturers and parts suppliers, mainly focusing on vehicle manufacturers, and has become a Tier 1 supplier for renowned vehicle manufacturers such as SAIC Volkswagen and Tesla[42] - Stamping mold sales models are divided into two types: revenue recognized separately (sales realized after customer acceptance) and revenue not recognized separately (mold value reflected in subsequent parts sales unit price)[49] Analysis of Core Competencies The company's core competencies stem from advanced technology in mold development, stamping, welding, and integrated die-casting, efficient cost control, diverse product structure, strong customer base, strategic regional layout, and experienced management Technological and R&D Advantages Strong capabilities in mold development, stamping (solving ultra-high strength steel rebound), welding (lightweight materials), and integrated die-casting, with established R&D systems - The company has formed a complete technical process from preliminary process design analysis and stamping process simulation analysis to subsequent mold design and manufacturing, and has obtained multiple patents in core technologies such as stamping mold design, development, and manufacturing[50] - The company has solved the problem of easy springback of ultra-high strength steel during cold stamping and has accumulated rich experience in lightweight material joining, including steel-aluminum, aluminum plate, cast aluminum, and extruded aluminum connections[52] - The company is a pioneer in the large-scale integrated die-casting field, having secured customer project designations and achieved mass production, with major customers including Nio, Leapmotor, and Li Auto[53] Production Equipment Advantages Possesses advanced equipment like robotic flexible stamping lines, multi-station progressive die lines, robotic welding lines, and large-scale integrated die-casting units, ensuring high quality and efficiency - The company possesses advanced production equipment such as robotic flexible automatic stamping production lines, multi-station progressive die automatic stamping lines, robotic welding production lines, and fully automatic blue light scanning equipment, enhancing production efficiency and product quality[54] - In the research and development and production of integrated die-casting body parts, the company has established large aluminum alloy integrated die-casting island units (using the Swiss Buhler brand), high-precision five-axis machining centers, and automated assembly lines[55] Cost Control Advantages Achieves cost control through ERP system optimization, "machine-for-labor" automation, and strategic production facility placement near OEMs to reduce transportation costs - The company has introduced an ERP information management system to build a centralized and unified information management center, improving resource utilization efficiency[56] - By introducing industrial robots and other advanced production equipment, the company achieves "machine-for-labor" to reduce labor costs and improve work efficiency and product precision[56] - The company strategically locates its production facilities around vehicle manufacturers' production bases, significantly shortening transportation distances and saving transportation costs[56] Product Structure Advantages Diverse product portfolio including molds, stamping, integrated die-casting, and hot-formed parts, offering synergistic effects, performance assurance, and risk mitigation - The company integrates businesses such as mold and inspection tool production, development and manufacturing, as well as manufacturing of large, medium, and small stamping parts, integrated die-casting parts, hot-formed parts, and assembly welding[58] - A diversified and high-quality product structure provides assurance for the company's performance and enhances its ability to withstand risks[58] Customer Resource Advantages Long-term, stable partnerships with major traditional and NEV OEMs (e.g., SAIC VW, Tesla, Li Auto), providing strong brand effect and support for new customer acquisition - The company has established stable cooperative relationships with multiple vehicle manufacturers such as SAIC Volkswagen, SAIC General Motors, SAIC Passenger Vehicle, and SAIC Maxus[59] - The company has become a qualified supplier for renowned new energy vehicle manufacturers such as Tesla, Li Auto, Nio, Leapmotor, and BYD, as well as new energy models under traditional vehicle manufacturers like JAC Motors[59] - The company's cooperation with SAIC Volkswagen and Shanghai Tongzhou has exceeded 20 years, and with SAIC General Motors, Shanghai Huizhong, and Xinpeng Co., Ltd., it has exceeded 10 years[59] Regional Layout Advantages Strategic production base deployment near automotive industry clusters in regions like Shanghai, Jiangsu, and Anhui, focusing on the Yangtze River Delta and central NEV clusters - The company implements a strategy of establishing production bases close to automotive industry clusters, having set up facilities in Shanghai Anting, Jiangsu Kunshan, Anhui Chuzhou, Shandong Yantai, Zhejiang Ningbo, Hunan Changsha, Jiangsu Changzhou, Shanghai Lingang, Jiangsu Yancheng, Anhui Lu'an, and Zhejiang Jinhua[60] - The company focuses on the Yangtze River Delta industrial cluster, which has the strongest automotive consumption capacity, while also considering the central automotive industrial cluster, which boasts prominent advantages in new energy and independent brands[60] Management Advantages Experienced management team with robust production and internal control systems, leveraging ERP, SCM, MES, and other IT systems for real-time information sharing and efficient operations - The company's operations and management team possesses rich industry experience and forward-looking thinking, having established relatively complete production and operation management systems and internal control systems[61] - The company has progressively introduced ERP, SCM, barcode systems, MES, and other information management systems to achieve real-time information sharing across all links, improving communication efficiency and supporting cost control and product quality assurance[61] Main Business Analysis Main business revenue increased 13.15% to 1.73 billion yuan, but higher cost growth led to a decline in gross margin; stamping and integrated die-casting revenue grew, while mold revenue decreased 2025 Semi-Annual Key Financial Data Year-on-Year Change | Item | Current Reporting Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,734,484,239.91 | 1,532,881,971.78 | 13.15% | Due to fluctuations in downstream customer terminal product sales | | Operating Cost | 1,428,171,574.31 | 1,188,425,650.03 | 20.17% | Due to fluctuations in downstream customer terminal product sales and increased asset depreciation and amortization | | Selling Expenses | 5,245,096.95 | 3,997,938.03 | 31.20% | Primarily due to increased marketing and office expenses in the current period | | Administrative Expenses | 70,835,915.62 | 57,085,152.99 | 24.09% | Primarily due to increased employee compensation and office expenses compared to the prior period | | R&D Investment | 57,569,708.45 | 40,331,631.66 | 42.74% | Primarily due to an increase in new vehicle model R&D projects | | Net Cash Flow from Operating Activities | 245,381,980.08 | 344,207,098.74 | -28.71% | - | 2025 Semi-Annual Operating Revenue Composition | Item | Current Reporting Period Amount (yuan) | Proportion of Operating Revenue | Prior Year Period Amount (yuan) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Operating Revenue | 1,734,484,239.91 | 100.00% | 1,532,881,971.78 | 100.00% | 13.15% | | Automotive Parts | 1,734,484,239.91 | 100.00% | 1,532,881,971.78 | 100.00% | 13.15% | | Stamping and Integrated Die-casting Parts | 1,624,198,962.87 | 93.64% | 1,391,854,265.75 | 90.80% | 16.69% | | Stamping Molds | 31,510,681.42 | 1.82% | 48,045,500.00 | 3.13% | -34.41% | | Domestic Sales | 1,639,753,465.68 | 94.54% | 1,458,732,351.98 | 95.16% | 12.41% | | Export Sales | 94,730,774.23 | 5.46% | 74,149,619.80 | 4.84% | 27.76% | 2025 Semi-Annual Main Business Gross Margin Change | Item | Gross Margin | Operating Revenue Year-on-Year Change | Operating Cost Year-on-Year Change | Gross Margin Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | | Automotive Parts | 17.66% | 13.15% | 20.17% | -4.81% | | Stamping and Integrated Die-casting Parts | 13.93% | 16.69% | 21.95% | -3.71% | | Stamping Molds | 10.00% | -34.41% | -30.71% | -4.81% | | Export Sales | 35.34% | 27.76% | 16.21% | 6.43% | Non-Main Business Analysis Non-main business activities impacted total profit, with investment income from wealth management products being non-sustainable, while asset impairment losses increased due to inventory write-downs 2025 Semi-Annual Non-Main Business Impact on Total Profit | Item | Amount (yuan) | Proportion of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 996,986.30 | 0.55% | Primarily income from purchasing wealth management products | No | | Asset Impairment | -16,146,555.27 | -8.84% | Primarily due to increased provision for inventory depreciation in the current period | Yes | | Credit Impairment Loss | 12,734,646.22 | 6.97% | Primarily due to reduced bad debts | Yes | Analysis of Assets and Liabilities Total assets increased 1.77%, while net assets attributable to shareholders slightly decreased; inventory and construction in progress significantly increased, and accounts receivable decreased 2025 Semi-Annual Significant Changes in Asset Composition | Item | Amount at End of Current Period (yuan) | Proportion of Total Assets | Amount at End of Prior Year (yuan) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 441,445,399.04 | 7.35% | 546,981,655.31 | 9.27% | -1.92% | - | | Accounts Receivable | 971,176,644.06 | 16.17% | 1,203,686,046.03 | 20.39% | -4.22% | - | | Inventories | 972,835,182.35 | 16.19% | 807,677,250.55 | 13.68% | 2.51% | Increased inventory scale due to new customer orders in the current period | | Construction in Progress | 374,331,603.76 | 6.23% | 164,597,277.61 | 2.79% | 3.44% | Primarily due to increased factory buildings and machinery equipment under construction in the current period | | Contract Liabilities | 35,832,219.55 | 0.60% | 13,683,247.58 | 0.23% | 0.37% | - | - As of the end of the reporting period, some of the company's monetary funds were restricted, totaling 39,027,400.00 yuan, due to letter of credit margins, performance bonds, and restricted bank deposits[68] Analysis of Investment Status Total investment decreased by 28.34%; overall utilization of raised funds was 88.38%, with some projects achieving expected benefits, but the Yancheng project underperformed due to delays Overall Situation Total investment for the period was 136.50 million yuan, a 28.34% decrease year-on-year, with no securities or derivatives investments Reporting Period Investment Amount | Indicator | Amount (yuan) | Change | | :--- | :--- | :--- | | Reporting Period Investment Amount | 136,499,628.77 | -28.34% | | Prior Year Period Investment Amount | 190,492,055.11 | - | - The company had no securities investments during the reporting period[70] - The company had no derivatives investments during the reporting period[71] Use of Raised Funds Raised funds directly invested in projects totaled 87.06 million yuan in H1 2025, with an overall utilization rate of 88.38%; some projects were closed, and surplus funds were used for working capital 2025 Semi-Annual Use of Raised Funds | Indicator | Amount (ten thousand yuan) | | :--- | :--- | | Total Raised Funds Used in Current Period | 8,706.42 | | Total Raised Funds Used Cumulatively | 179,123.24 | | Raised Funds Utilization Rate at End of Reporting Period | 88.38% | | Total Unused Raised Funds | 21,899.61 | | Total Cumulatively Changed Use of Raised Funds | 63,000.00 | | Proportion of Cumulatively Changed Use of Raised Funds | 31.09% | - The Yancheng Dolly Automotive Parts Co., Ltd. automotive parts manufacturing project did not achieve its expected benefits, primarily due to delays in relevant customer projects and lower-than-expected new vehicle sales, failing to achieve the anticipated scale effect[77] - The company has permanently supplemented working capital with 48.91 million yuan of surplus raised funds from projects such as "Chuzhou Dolly Automotive Technology Co., Ltd. Automotive Parts Automation Factory Project" and "Changzhou Daya Automotive Parts Co., Ltd. Automotive Parts Production Project"[78] - The use of some raised funds was changed to "Changzhou Dolly Automotive Parts Co., Ltd. Automotive Precision Parts and Integrated Chassis Structural Parts Project" and "Shanghai Daya Auto Parts Co., Ltd. Lingang Daya Automotive Parts Intelligent Manufacturing Base Project" to adapt to industry development trends and customer needs[79][81] Significant Asset and Equity Sales The company did not engage in any significant asset or equity sales during the reporting period - The company did not sell significant assets during the reporting period[82] - The company did not sell significant equity during the reporting period[83] Analysis of Major Holding and Participating Companies Key subsidiaries include Kunshan Daya, Shanghai Daya, and Anhui Daya, with Kunshan Daya having the highest net profit; Kunshan Daya Smart Technology was newly established for robotics and composite materials Major Subsidiary Financials (Unit: ten thousand yuan) | Company Name | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Kunshan Daya | 119,000.00 | 308,549.28 | 206,587.80 | 207,133.26 | 12,726.39 | 11,089.89 | | Shanghai Daya | 500.00 | 37,101.38 | 11,332.86 | 30,784.74 | 2,217.99 | 1,665.38 | | Anhui Daya | 46,000.00 | 60,698.36 | 40,075.41 | 16,132.19 | -1,884.37 | -1,413.28 | - In the first half of 2025, the company's subsidiary Kunshan Daya established a wholly-owned subsidiary, Kunshan Daya Smart Technology Co., Ltd., primarily for the research and development and production of robots and related components, non-metallic composite materials, and other businesses[83] Risks Faced by the Company and Countermeasures The company faces risks from policy changes, market competition, NEV development uncertainties, and raw material price fluctuations, addressing them through R&D, market expansion, and supply chain management - The company faces automotive industry policy risks and will closely monitor policy dynamics, flexibly adjust business strategies, increase R&D investment, and enhance product competitiveness[84] - The company faces market competition and business substitution risks and will continuously enhance its technological R&D capabilities, closely monitor market trends, strengthen brand building, and expand domestic and international markets[84][85] - New energy vehicle development poses uncertainty risks, and the company will continuously monitor market dynamics, maintain communication with existing customers, actively expand new customers and new models, increase R&D investment, and optimize product structure[86] - Raw material price fluctuations significantly impact the company's costs, and the company will strengthen market analysis and forecasting, establish a product price adjustment mechanism, improve raw material utilization, and build long-term stable cooperative relationships with suppliers[86][87] Implementation of Market Value Management System and Valuation Enhancement Plan The company did not formulate a market value management system or disclose a valuation enhancement plan during the reporting period - The company did not formulate a market value management system during the reporting period[88] - The company did not disclose a valuation enhancement plan during the reporting period[88] Implementation of "Quality and Return Dual Improvement" Action Plan The company did not disclose an announcement regarding the "Quality and Return Dual Improvement" action plan during the reporting period - The company did not disclose an announcement regarding the "Quality and Return Dual Improvement" action plan during the reporting period[88] Section IV Corporate Governance, Environment, and Society 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, and senior management during the reporting period[90] Profit Distribution and Capital Reserve to Share Capital Transfer for the Current Period The company plans no cash dividends, bonus shares, or capital increase from capital reserves for this half-year period - The company plans not to distribute cash dividends, send bonus shares, or convert capital reserves into share capital for this half-year period[91] Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[92] 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 required to disclose environmental information by law[93] Social Responsibility The company prioritizes social responsibility, adhering to laws, enhancing governance, protecting stakeholders, valuing employee rights, ensuring product quality, and promoting green operations for sustainable development - The company strictly adheres to laws and regulations such as the "Company Law" and "Securities Law," enhancing corporate governance and safeguarding the legitimate rights and interests of investors and creditors[93] - The company values employee rights, guarantees employee rights in accordance with the "Labor Contract Law," establishes talent training and incentive mechanisms, and provides diverse training opportunities[94] - The company upholds the principle of integrity in business, pays close attention to product quality and service quality, maintains close communication with customers, and has established a comprehensive supplier management system[94] - The company adheres to green operations and environmental protection priorities, strictly complies with environmental laws and regulations, continuously promotes clean production and energy conservation and emission reduction, and earnestly fulfills its environmental protection responsibilities[94] Section V Significant Matters Commitments The company had no unfulfilled or overdue commitments from controlling shareholders, related parties, or the company itself during the reporting period - The company reported no commitments made by its actual controller, shareholders, related parties, acquirers, or the company itself that were fulfilled during the reporting period or remained unfulfilled beyond their due date as of the end of the reporting period[96] Non-operating Funds Occupied by Controlling Shareholders and Other Related Parties There were no instances of non-operating funds being occupied by controlling shareholders or other related parties of the listed company during the reporting period - The company reported no non-operating funds occupied by controlling shareholders or other related parties of the listed company during the reporting period[96] Irregular External Guarantees The company had no irregular external guarantees during the reporting period - The company reported no irregular external guarantees during the reporting period[97] Appointment and Dismissal of Accounting Firms The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[98] Board of Directors' and Supervisory Board's Explanation on "Non-Standard Audit Report" for the Current Period This explanation is not applicable to the company for the reporting period - Not applicable[99] Board of Directors' Explanation on "Non-Standard Audit Report" for the Previous Year This explanation is not applicable to the company for the reporting period - Not applicable[99] Bankruptcy and Reorganization Matters The company had no bankruptcy or reorganization matters during the reporting period - The company reported no bankruptcy or reorganization matters during the reporting period[99] Litigation Matters The company had no significant litigation or arbitration matters, only several minor lawsuits (e.g., compensation, contract disputes) with small amounts, none significantly impacting the company - The company had no significant litigation or arbitration matters in this reporting period[100] - The company has multiple minor lawsuits, such as an economic compensation dispute between Li* and Kunshan Daya Automotive Parts Co., Ltd. (involved amount 25,000 yuan, settled through mediation), and a contract dispute between Yancheng Dolly Automotive Parts Co., Ltd. and Yancheng Zhengshun Machinery Manufacturing Co., Ltd. (involved amount 2.04 million yuan, under trial)[101] - All other listed litigation matters involve small amounts, do not meet disclosure standards, and have no significant impact on the company[101] Penalties and Rectification Subsidiary Changzhou Dolly was fined 27,500 yuan for safety production violations and promptly rectified; the company and senior management received a warning letter from the CSRC for non-compliant use of raised funds - The company's wholly-owned subsidiary, Changzhou Dolly, was fined 27,500 yuan by the Jintan District Emergency Management Bureau of Changzhou City for failing to uniformly coordinate and manage the safety production work of its contracting unit, and has promptly rectified the issue[474] - The company and senior management personnel Zhang Yepin and Cao Feng received administrative supervisory measures in the form of a warning letter from the Anhui Regulatory Bureau of the China Securities Regulatory Commission for issues such as non-compliant replacement of raised funds, irregular use of special accounts, and use for non-raised fund purposes, and were recorded in the securities and futures market integrity file[102] Integrity Status of the Company, Controlling Shareholders, and Actual Controllers The company's controlling shareholders and actual controllers have no unfulfilled court judgments or large overdue debts - The company's controlling shareholders and actual controllers have no unfulfilled effective court judgments or large overdue debts[102] Significant Related Party Transactions The company engaged in routine related party transactions for goods and services with entities controlled by actual controller's relatives, all within approved limits; key management compensation totaled 5.05 million yuan 2025 Semi-Annual Related Party Transactions for Purchases/Acceptance of Services (Unit: yuan) | Related Party | Related Transaction Content | Amount in Current Period | Approved Transaction Limit | Exceeded Approved Limit | | :--- | :--- | :--- | :--- | :--- | | Wuxi Huaerzhong Auto Parts Co., Ltd. | Parts and miscellaneous materials | 9,280,189.82 | 50,000,000.00 | No | | Wuxi Bangqi Auto Parts Co., Ltd. | Parts and miscellaneous materials | 12,297,578.30 | 50,000,000.00 | No | | Wuxi Xiaocheng Precision Manufacturing Co., Ltd. | Parts and miscellaneous materials | 40,913,148.28 | 110,000,000.00 | No | | Jixi Dolly Breeding Co., Ltd. | Food | 51,607.00 | 250,000.00 | No | 2025 Semi-Annual Related Party Transactions for Sales/Provision of Services (Unit: yuan) | Related Party | Related Transaction Content | Amount in Current Period | | :--- | :--- | :--- | | Wuxi Huaerzhong Auto Parts Co., Ltd. | Raw materials and miscellaneous materials | 3,372,603.45 | | Wuxi Bangqi Auto Parts Co., Ltd. | Raw materials and miscellaneous materials | 161,364.49 | | Wuxi Xiaocheng Precision Manufacturing Co., Ltd. | Raw materials and miscellaneous materials | 11,344,824.95 | Key Management Personnel Compensation | Item | Amount in Current Period (ten thousand yuan) | | :--- | :--- | | Total Compensation | 505.41 | - The company reported no related party transactions involving asset or equity acquisition/disposal, joint external investments, related party creditor/debtor relationships, or dealings with affiliated financial companies during the reporting period[104][105][106][107][108] Significant Contracts and Their Performance No significant entrustment, contracting, or guarantees; subsidiaries have operating leases for factory buildings; raised funds were used for wealth management, with 160 million yuan outstanding - The company reported no entrustment or contracting situations during the reporting period[110][111] - The company's subsidiaries, Shanghai Daya and Anhui Yaomei, lease multiple factory buildings, with lease terms extending to 2029-2030[112] 2025 Semi-Annual Entrusted Wealth Management | Specific Type | Source of Entrusted Wealth Management Funds | Amount of Entrusted Wealth Management (ten thousand yuan) | Unmatured Balance (ten thousand yuan) | Overdue Unrecovered Amount | | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Raised Funds | 24,000.00 | 16,000.00 | 0 | - The company reported no significant guarantees or other major contracts during the reporting period[114][117] Explanation of Other Significant Matters There are no other significant matters requiring explanation during the reporting period - The company reported no other significant matters requiring explanation during the reporting period[118] Significant Matters of Company Subsidiaries Subsidiaries are constructing two major investment projects (Lingang Daya Intelligent Manufacturing Base, Jinhua Integrated Body Structure Project); the company plans to acquire 52% equity in Fagor Arrasate Automotive Parts (Kunshan) Co., Ltd. - The company's subsidiary plans to invest in and construct the Lingang Daya Automotive Parts Intelligent Manufacturing Base Project in the Lingang New Area, which is currently proceeding according to the planned schedule[119] - The company plans to invest in and construct an integrated automotive body structural parts project in Jinhua Economic and Technological Development Zone, including die-casting production lines, which is currently proceeding according to the planned schedule[120] - The company plans to acquire 52% equity in Fagor Arrasate Automotive Parts (Kunshan) Co., Ltd. from EDERLAN SUBSIDIARIES, S.A. through its wholly-owned subsidiary Kunshan Daya, with both parties currently carrying out equity transfer procedures as stipulated in the agreement[121] Section VI Share Changes and Shareholder Information Share Changes Total share capital increased from 238.85 million to 310.51 million shares due to the 2024 profit distribution and capital reserve transfer, affecting both restricted and unrestricted shares Share Changes (Unit: shares) | Item | Number Before Change | Proportion Before Change | Capital Reserve to Share Capital Transfer | Other | Subtotal | Number After Change | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 178,227,887 | 74.62% | 53,468,366 | -33,588 | 53,434,778 | 231,662,665 | 74.61% | | II. Unrestricted Shares | 60,625,447 | 25.38% | 18,187,634 | 33,588 | 18,221,222 | 78,846,669 | 25.39% | | III. Total Shares | 238,853,334 | 100.00% | 71,656,000 | 0 | 71,656,000 | 310,509,334 | 100.00% | - The company's 2024 annual general meeting approved the 2024 profit distribution and capital reserve to share capital transfer plan, transferring 3 shares for every 10 from capital reserves to all shareholders, totaling 71,656,000 shares, which was completed on June 10, 2025[124][126] - The share changes resulted in the recalculation of basic earnings per share, diluted earnings per share, and net assets per share attributable to shareholders of the listed company at the beginning of the current year, from 0.92 yuan/share, 0.92 yuan/share, and 19.09 yuan/share to 0.71 yuan/share, 0.71 yuan/share, and 14.69 yuan/share, respectively[127] Securities Issuance and Listing The company had no securities issuance or listing activities during the reporting period - Not applicable[129] Number of Shareholders and Shareholding Total ordinary shareholders were 20,265; controlling shareholder Cao Dalong held 47.41%, and together with his concerted parties, held a significant stake; some shares of Cao Dalong and Deng Liqin were pledged - The total number of ordinary shareholders at the end of the reporting period was 20,265[129] Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders (Unit: shares) | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held at End of Reporting Period | Number of Restricted Shares Held | Number of Unrestricted Shares Held | Pledged, Marked, or Frozen Status (Number) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cao Dalong | Domestic Natural Person | 47.41% | 147,199,000 | 147,199,000 | 0 | Pledged 5,915,000 | | Deng Liqin | Domestic Natural Person | 23.35% | 72,501,845 | 72,501,000 | 0 | Pledged 9,295,000 | | Zhang Yepin | Domestic Natural Person | 1.13% | 3,515,200 | 2,636,400 | 878,800 | Pledged 2,619,500 | | Jiang Jianqiang | Domestic Natural Person | 1.10% | 3,405,350 | 3,405,350 | 0 | Not applicable 0 | | Basic Pension Insurance Fund 16052 Portfolio | Other | 0.87% | 2,702,218 | 0 | 2,702,218 | Not applicable 0 | - Cao Dalong is the company's controlling shareholder and actual controller, and is a concerted party with Jiang Jianqiang, Cao Yanxia, Cao Wu, Deng Liqin, and Deng Zhujun[130] Changes in Shareholdings of Directors, Supervisors, and Senior Management Shareholdings of directors, supervisors, and senior management increased due to the 2024 capital reserve to share capital transfer Changes in Shareholdings of Directors, Supervisors, and Senior Management (Unit: shares) | Name | Position | Shares Held at Beginning of Period | Number of Shares Increased in Current Period | Shares Held at End of Period | | :--- | :--- | :--- | :--- | :--- | | Deng Liqin | Chairman | 55,770,650 | 16,731,195 | 72,501,845 | | Cao Dalong | Director | 113,230,000 | 33,969,000 | 147,199,000 | | Jiang Jianqiang | Director, General Manager | 2,619,500 | 785,850 | 3,405,350 | | Cao Yanxia | Director, Deputy General Manager | 1,216,800 | 365,040 | 1,581,840 | | Zhang Yepin | Director, Board Secretary | 2,704,000 | 811,200 | 3,515,200 | | Cao Wu | Deputy General Manager | 1,740,700 | 522,210 | 2,262,910 | | Cao Feng | Financial Controller | 135,200 | 40,560 | 175,760 | - The changes in company shares held by directors, supervisors, and senior management are primarily due to the company's 2024 equity distribution plan, which involved transferring 3 shares for every 10 from capital reserves to all shareholders, resulting in a corresponding increase in shareholder holdings[132] 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[133] - The company's actual controller did not change during the reporting period[133] Preferred Share Information The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[134] Section VII Bond-Related Information Not Applicable The company had no bond-related information during the reporting period - Not applicable[137] Section VIII Financial Report Audit Report The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[139] Financial Statements This section presents the company's H1 2025 consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in equity, reflecting financial position, operating results, and cash flows Consolidated Balance Sheet As of June 30, 2025, consolidated total assets were 6.01 billion yuan, up 1.77%; inventory and construction in progress significantly increased, while accounts receivable decreased June 30, 2025 Consolidated Balance Sheet Key Data (Unit: yuan) | Item | Period-End Balance | Period-Beginning Balance | | :--- | :--- | :--- | | Total Assets | 6,007,567,640.40 | 5,903,292,570.94 | | Total Current Assets | 2,863,867,400.07 | 2,928,940,477.47 | | Total Non-Current Assets | 3,143,700,240.33 | 2,974,352,093.47 | | Total Liabilities | 1,452,598,536.89 | 1,345,693,345.04 | | Total Owners' Equity | 4,554,969,103.51 | 4,557,599,225.90 | | Monetary Funds | 441,445,399.04 | 546,981,655.31 | | Accounts Receivable | 971,176,644.06 | 1,203,686,046.03 | | Inventories | 972,835,182.35 | 807,677,250.55 | | Construction in Progress | 374,331,603.76 | 164,597,277.61 | | Share Capital | 310,509,334.00 | 238,853,334.00 | Parent Company Balance Sheet As of June 30, 2025, parent company total assets were 4.72 billion yuan, up 1.49%; long-term equity investments were the main non-current asset June 30, 2025 Parent Company Balance Sheet Key Data (Unit: yuan) | Item | Period-End Balance | Period-Beginning Balance | | :--- | :--- | :--- | | Total Assets | 4,722,214,629.24 | 4,652,805,868.66 | | Total Current Assets | 587,812,875.09 | 585,230,824.74 | | Total Non-Current Assets | 4,134,401,754.15 | 4,067,575,043.92 | | Total Liabilities | 444,551,645.60 | 220,985,295.05 | | Total Owners' Equity | 4,277,662,983.64 | 4,431,820,573.61 | | Long-term Equity Investments | 3,878,880,661.57 | 3,815,885,661.57 | | Share Capital | 310,509,334.00 | 238,853,334.00 | Consolidated Income Statement In H1 2025, consolidated total operating revenue was 1.73 billion yuan (up 13.15%), but net profit decreased to 157 million yuan (down 28.13%) due to higher costs and impairment losses 2025 Semi-Annual Consolidated Income Statement Key Data (Unit: yuan) | Item | 2025 Semi-Annual | 2024 Semi-Annual | | :--- | :--- | :--- | | Total Operating Revenue | 1,734,484,239.91 | 1,532,881,971.78 | | Total Operating Costs | 1,569,385,756.98 | 1,295,736,412.34 | | Operating Profit | 181,844,095.24 | 264,340,209.79 | | Total Profit | 182,655,678.99 | 264,431,086.90 | | Net Profit | 157,401,611.39 | 218,013,445.96 | | Net Profit Attributable to Parent Company Shareholders | 157,401,611.39 | 219,011,253.93 | | Credit Impairment Loss | 12,734,646.23 | 18,220,767.15 | | Asset Impairment Loss | -16,146,555.27 | -8,558,474.08 | Parent Company Income Statement In H1 2025, parent company operating revenue was 196 million yuan (down 4.07%), and net profit significantly decreased to 5.87 million yuan (down 70.49%) 2025 Semi-Annual Parent Company Income Statement Key Data (Unit: yuan) | Item | 2025 Semi-Annual | 2024 Semi-Annual | | :--- | :--- | :--- | | Operating Revenue | 196,118,583.49 | 204,441,450.23 | | Operating Cost | 165,381,859.88 | 167,509,137.01 | | Operating Profit | 7,214,648.25 | 26,359,407.72 | | Total Profit | 7,216,224.00 | 25,961,087.61 | | Net Profit | 5,874,143.81 | 19,906,773.76 | | Credit Impairment Loss | -677,924.32 | 12,379.12 | | Asset Impairment Loss | -6,427,629.54 | -2,688,512.23 | Consolidated Cash Flow Statement In H1 2025, net cash from operating activities was 245 million yuan (down 28.71%); net cash used in investing activities decreased, while net cash used in financing activities also decreased 2025 Semi-Annual Consolidated Cash Flow Statement Key Data (Unit: yuan) | Item | 2025 Semi-Annual | 2024 Semi-Annual | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 245,381,980.08 | 344,207,098.74 | | Net Cash Flow from Investing Activities | -234,184,746.73 | -358,235,093.98 | | Net Cash Flow from Financing Activities | -154,427,363.19 | -200,497,329.49 | | Net Increase in Cash and Cash Equivalents | -143,245,201.77 | -213,704,133.62 | | Cash Received from Sales of Goods and Provision of Services | 1,247,328,151.36 | 1,376,712,936.42 | | Cash Paid for Acquisition of Fixed Assets, Intangible Assets, and Other Long-term Assets | 276,495,188.30 | 363,167,836.87 | Parent Company Cash Flow Statement In H1 2025, net cash from operating activities was negative 52.17 million yuan; net cash from investing activities significantly improved, while net cash used in financing activities increased 2025 Semi-Annual Parent Company Cash Flow Statement Key Data (Unit: yuan) | Item | 2025 Semi-Annual | 2024 Semi-Annual | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -52,172,453.95 | -35,149,898.60 | | Net Cash Flow from Investing Activities | 108,702,389.43 | -347,333,064.16 | | Net Cash Flow from Financing Activities | -148,179,998.15 | 51,026,166.12 | | Net Increase in Cash and Cash Equivalents | -91,650,062.67 | -331,456,796.64 | | Cash and Cash Equivalents at End of Period | 59,894,325.75 | 109,555,546.44 | Consolidated Statement of Changes in Equity As of June 30, 2025, consolidated owner's equity was 4.55 billion yuan; share capital increased due to capital reserve transfer, while undistributed profits decreased due to profit distribution 2025 Semi-Annual Consolidated Statement of Changes in Equity (Unit: yuan) | Item | Period-Beginning Balance | Amount of Change in Current Period | | :--- | :--- | :--- | | Share Capital | 238,853,334.00 | 71,656,000.00 | | Capital Reserves | 2,109,605,112.40 | -74,562,738.05 | | Undistributed Profits | 2,092,620,850.55 | -2,630,122.39 | | Total Owners' Equity Attributable to Parent Company | 4,560,505,963.95 | -5,536,860.44 | | Minority Interests | -2,906,738.05 | 2,906,738.05 | | Total Owners' Equity | 4,557,599,225.90 | -2,630,122.39 | | Total Comprehensive Income | - | 157,401,611.39 | | Distribution to Owners (or Shareholders) | - | -160,031,733.78 | Parent Company Statement of Changes in Equity As of June 30, 2025, parent company owner's equity was 4.28 billion yuan; share capital increased due to capital reserve transfer, while undistributed profits decreased due to profit distribution 2025 Semi-Annual Parent Company Statement of Changes in Equity (Unit: yuan) | Item | Period-Beginning Balance | Amount of Change in Current Period | | :--- | :--- | :--- | | Share Capital | 238,853,334.00 | 71,656,000.00 | | Capital Reserves | 2,741,825,544.41 | -71,656,000.00 | | Undistributed Profits | 1,331,715,028.20 | -154,157,589.97 | | Total Owners' Equity | 4,431,820,573.61 | -154,157,589.97 | | Total Comprehensive Income | - | 5,874,143.81 | | Distribution to Owners (or Shareholders) | - | -160,031,733.78 | Company Overview Chuzhou Dolly Automotive Technology Co., Ltd. was established in 2019, listed in 2023, and its share capital increased to 310.51 million shares by May 2025, focusing on automotive parts manufacturing - Chuzhou Dolly Automotive Technology Co., Ltd. was established through overall conversion on December 20, 2019, and its shares were listed on the Shenzhen Stock Exchange on February 27, 2023[169] - The company's share capital has undergone multiple capital reserve transfers, and as of May 8, 2025, the total share capital changed to 310,509,334 shares[171] - The company is primarily engaged in automotive parts manufacturing, with a business scope including R&D, manufacturing, sales of automotive parts, mold manufacturing, and electrophoresis processing[172] Basis of Financial Statement Preparation Financial statements are prepared on a going concern basis, adhering to CAS and CSRC disclosure rules, with no significant doubts about going concern within 12 months from the reporting period end - The company prepares its financial statements on a going concern basis, in accordance with the "Enterprise Accounting Standards" promulgated by the Ministry of Finance and the disclosure requirements of the China Securities Regulatory Commission's "Information Disclosure Compilation Rules for Companies Issuing Securities No. 15," based on actual transactions and events[173] - There are no matters or circumstances that would cause significant doubt about the company's ability to continue as a going concern within 12 months from the end of the reporting period[174] Significant Accounting Policies and Estimates This section details the company's accounting policies and estimates for financial instruments, inventories, fixed assets, intangible assets, revenue recognition, government grants, and deferred income tax, ensuring accurate financial reporting - The company classifies financial assets into those measured at amortized cost, those measured at fair value through other comprehensive income, and those measured at fair value through profit or loss, based on the business model for managing financial assets and the contractual cash flow characteristics of the financial assets[194] - The company's inventories include finished goods, work-in-progress, materials, and supplies, measured at actual cost, with the cost of issued inventories calculated using the weighted average method at month-end (molds use the specific identification method), and provisions for inventory depreciation are made[217][218][219] - The company depreciates fixed assets using the straight-line method, with useful lives of 20 years for buildings, 10 years for machinery and equipment, 4 years for transportation vehicles, and 3-5 years for electronic and other equipment[243] - The company uses the transfer of control as the criterion for revenue recognition, with clear revenue recognition points for sales of main products (automotive parts, domestic and international) and mold sales[274][276][277] - The company reported no significant changes in accounting policies or significant accounting estimates during the reporting period[303] Taxation Main taxes include VAT, CIT, property tax, and surcharges; some subsidiaries enjoy 15% CIT preferential rates as high-tech enterprises, and the company benefits from VAT export rebates and additional deductions for advanced manufacturing Main Tax Types and Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Value-added amount generated during sales of goods or provision of taxable services | Levied at rates such as 5%, 6%, 9%, 13%. Export goods are subject to "exempt, offset, refund" tax policy, with a refund rate of 13%. | | Corporate Income Tax (CIT) | 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 value of the property; for rent-based assessment, 12% of rental income | 1.2%, 12% | - The company's subsidiaries, Kunshan Daya and Changzhou Daya, are recognized as high-tech enterprises and enjoy a preferential corporate income tax rate of 15% for three years starting from January 1, 2022/2024, respectively[303][304] - The company's self-produced export goods are exempt from VAT and enjoy the VAT "exempt, offset, refund" tax policy; Kunshan Daya and Changzhou Daya also benefit from a 5% additional VAT deduction policy for advanced manufacturing enterprises[304][305] Notes to Consolidated Financial Statement Items This section detailed consolidated financial statement items, including 441 million yuan in cash (39.03 million restricted), 160 million yuan in financial assets, 971 million yuan in accounts receivable (131 million allowance), 973 million yuan in inventory (372 million molds), and 374 million yuan in construction in progress June 30, 2025 Monetary Funds (Unit: yuan) | Item | Period-End Balance | Period-Beginning Balance | | :--- | :--- | :--- | | Cash on Hand | 96,886.56 | 112,901.73 | | Bank Deposits | 402,338,512.48 | 545,567,699.08 | | Other Monetary Funds | 39,010,000.00 | 1,301,054.50 | | Total | 441,445,399.04 | 546,981,655.31 | | Of which: Restricted Monetary Funds | 39,027,400.00 | 1,318,454.50 | June 30, 2025 Trading Financial Assets (Unit: yuan) | Item | Period-End Balance | Period-Beginning Balance | | :--- | :--- | :--- | | Wealth Management Products | 160,000,000.00 | 200,940,000.00 | June 30, 2025 Accounts Receivable and Impairment Provision (Unit: yuan) | Item | Book Balance | Impairment Provision | Book Value | | :--- | :--- | :--- | :--- | | Total Accounts Receivable | 1,102,567,784.95 | 131,391,140.89 | 971,176,644.06 | June 30, 2025 Inventory Composition (Unit: yuan) | Item | Book Balance | Inventory Depreciation Provision | Book Value | | :--- | :--- | :--- | :--- | | Raw Materials | 214,802,783.50 | 0 | 214,802,783.50 | | Work-in-Progress | 168,246,677.60 | 13,642,872.00 | 154,603,805.60 | | Finished Goods | 26,286,995.91 | 13,439,580.62 | 12,847,415.29 | | Goods Issued | 206,162,405.77 | 3,258,287.97 | 202,904,117.80 | | Molds | 377,685,524.86 | 5,829,767.72 | 371,855,757.14 | | Total | 1,009,005,690.66 | 36,170,508.31 | 972,835,182.35 | June 30, 2025 Share Capital and Capital Reserve Changes (Unit: yuan) | Item | Period-Beginning Balance | Change in Current Period (Capital Reserve to Share Capital Transfer) | Period-End Balance | | :--- | :--- | :--- | :--- | | Total Shares | 238,853,334.00 | 71,656,000.00 | 310,509,334.00 | | Capital Surplus (Share Premium) | 2,109,605,112.40 | -74,562,738.05 | 2,035,042,374.35 | R&D Expenses Total R&D expenses were 57.57 million yuan, all expensed, primarily for direct materials and employee compensation, showing a 42.74% increase due to new model development 2025 Semi-Annual R&D Expenses (Unit: yuan) | Item | Amount in Current Period | Amount in Prior Period | | :--- | :--- | :--- | | Employee Compensation | 13,131,292.72 | 14,171,841.88 | | Direct Materials | 40,903,321.03 | 22,343,836.44 | | Depreciation and Amortization | 2,912,209.24 | 3,541,395.76 | | Other | 622,885.46 | 274,557.58 | | Total | 57,569,708.45 | 40,331,631.66 | | Of which: Expensed R&D Expenditure | 57,569,708.45 | 40,331,631.66 | - R&D investment increased by 42.74% year-on-year, primarily due to an increase in new vehicle model R&D projects[63] Changes in Consolidation Scope The company's consolidation scope increased by one subsidiary to 14 in 2025, with Kunshan Daya Smart Technology established on April 28, 2025 - The company's consolidation scope for 2025 includes a total of 14 subsidiaries, an increase of 1 subsidiary compared to the previous year[424] - During the reporting period, the company's subsidiary Kunshan Daya Smart Technology Co., Ltd. was established on April 28, 2025[424] Interests in Other Entities The corporate group comprises 14 wholly-owned manufacturing subsidiaries, including newly established Kunshan Daya Smart Technology, with no significant non-wholly-owned subsidiaries, joint ventures, or associates Corporate Group Composition (Partial Subsidiaries) | Subsidiary Name | Registered Capital | Main Operating Location | Business Nature | Shareholding Percentage (Direct) | | :--- | :--- | :--- | :--- | :--- | | Changzhou Daya | 143,442,500.00 | Changzhou, Jiangsu | Manufacturing | 100.00% | | Yancheng Dolly | 536,000,000.00 | Yancheng, Jiangsu | Manufacturing | 100.00% | | Kunshan Daya | 1,190,000,000.00 | Kunshan, Jiangsu | Manufacturing | 100.00% | | Kunshan Daya Smart Technology Co., Ltd. | 50,000,000 | Kunshan, Jiangsu | Manufacturing | 100.00% (Indirect) | - The company has