莱尔科技(688683) - 2025 Q2 - 季度财报

Section 1 Definitions This section defines key terms, company and subsidiary names, and technical acronyms like FFC, LED, and RoHS for clarity Definitions of Common Terms Key terms, company and subsidiary names, and technical acronyms such as FFC, LED, and RoHS are defined for clear understanding - The report defines abbreviations for the company and its subsidiaries, such as Lair Technology, Hehui Electronics, Shirui Technology, and Jingyan Technology[13] - Multiple professional technical and material terms are explained, including FFC (Flexible Flat Cable), LED (Light Emitting Diode), PET (Polyethylene Terephthalate), PI (Polyimide), PVC (Polyvinyl Chloride), MCC (Micro Coaxial Cable), RoHS (Restriction of Hazardous Substances Directive), UV (Ultraviolet), V-By-ONE (Digital Interface Standard), and carbon-coated foil[13] Section 2 Company Profile and Key Financial Indicators This section provides an overview of the company's basic information, contact details, disclosure changes, stock information, and key financial performance metrics I. Company Basic Information This section details the company's official names, legal representative, registered address, website, email, and lists its main subsidiaries - The company's Chinese abbreviation is “莱尔科技” (Lair Technology), and its legal representative is Wu Zhongqian[14] - The company's registered address changed in May 2023 to No 1-1, Shunhong Road, Wusha Community, Daliang Street, Shunde District, Foshan City, Guangdong Province[14] - The company owns several wholly-owned and controlled subsidiaries, including Hehui Electronics, Shirui Technology, Jingyan Technology, Foshan Dawei, Guangdong Yida, Sichuan Lair, Chengdu Lair, Henan Lair, and Herui Technology (Hong Kong) Holdings Limited[13] II. Contact Persons and Information This section provides contact details for the company's Board Secretary and Securities Affairs Representative, including addresses, phone numbers, fax, and email - The Board Secretary is Liang Yunxiang, and the Securities Affairs Representative is Wu Qi, both with the contact address at No 1, Shunhong Road, Wusha Community, Daliang Street, Shunde District, Foshan City, Guangdong Province[15] III. Brief Introduction to Information Disclosure and Document Placement Location Changes This section outlines the company's designated newspapers for information disclosure, the website for semi-annual reports, and the location for report placement - The company designates China Securities Journal, Shanghai Securities News, Securities Times, and Securities Daily as its information disclosure newspapers[16] - The semi-annual report is published on the Shanghai Stock Exchange website (http://www.sse.com.cn)[16](index=16&type=chunk) IV. Overview of Company Shares/Depositary Receipts This section provides a brief overview of the company's A-share listing on the Shanghai Stock Exchange STAR Market, including its stock abbreviation and code - The company's A-shares are listed on the Shanghai Stock Exchange STAR Market, with stock abbreviation “莱尔科技” (Lair Technology) and stock code 688683[17] VI. Company's Key Accounting Data and Financial Indicators During the reporting period, the company achieved significant growth in revenue and net profit, driven by the rapid expansion of its new energy battery current collector business Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Period (Jan-Jun) (RMB) | Prior Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 384,308,029.15 | 226,905,356.11 | 69.37 | | Total Profit | 22,264,342.17 | 18,582,540.94 | 19.81 | | Net Profit Attributable to Shareholders of Listed Company | 19,932,472.02 | 17,560,800.50 | 13.51 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains and Losses) | 17,788,422.00 | 16,029,672.37 | 10.97 | | Net Cash Flow from Operating Activities | 920,808.43 | 15,061,282.99 | -93.89 | | Basic Earnings Per Share (RMB/share) | 0.13 | 0.11 | 18.18 | | Diluted Earnings Per Share (RMB/share) | 0.13 | 0.11 | 18.18 | | Basic Earnings Per Share (Excluding Non-Recurring Gains and Losses) (RMB/share) | 0.12 | 0.10 | 20.00 | | Weighted Average Return on Net Assets (%) | 1.97 | 1.73 | Increased by 0.24 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Gains and Losses) (%) | 1.76 | 1.58 | Increased by 0.18 percentage points | | R&D Investment as % of Operating Revenue (%) | 5.16 | 6.36 | Decreased by 1.20 percentage points | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 1,012,806,005.81 | 1,003,015,805.27 | 0.98 | | Total Assets (Period-end) | 1,542,625,750.12 | 1,451,886,440.69 | 6.25 | - Operating revenue significantly increased by 69.37%, primarily due to active market expansion in the new energy battery current collector business[20][21] - Net cash flow from operating activities decreased significantly by 93.89% year-on-year, mainly due to increased working capital investment driven by the rapid growth of the new energy battery current collector business[22][70] VIII. Non-Recurring Gains and Losses Items and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to RMB 2.14 million, primarily from government subsidies and fair value changes of financial assets Non-Recurring Gains and Losses Items and Amounts for H1 2025 | Non-Recurring Gains and Losses Item | Amount (RMB) | | :--- | :--- | | Gains and Losses from Disposal of Non-Current Assets | -60,607.55 | | Government Subsidies Included in Current Profit and Loss | 2,518,619.26 | | Gains and Losses from Fair Value Changes and Disposal of Financial Assets and Liabilities Held by Non-Financial Enterprises | 264,512.13 | | Other Non-Operating Income and Expenses | -17,035.30 | | Other Income and Loss Items Meeting the Definition of Non-Recurring Gains and Losses | 55,358.82 | | Less: Income Tax Impact | 439,717.22 | | Minority Interest Impact (After Tax) | 177,080.13 | | Total | 2,144,050.02 | Section 3 Management Discussion and Analysis This section provides an in-depth analysis of the company's industry, main business operations, core competencies, risk factors, and key operating performance during the reporting period I. Explanation of the Company's Industry and Main Business Operations During the Reporting Period The company specializes in R&D, production, and sales of functional materials, benefiting from AI technology innovation, growing demand for new energy materials, and green development trends - The company belongs to the computer, communication, and other electronic equipment manufacturing industry, specifically electronic components and special materials manufacturing[25] - Deep integration of AI technology is reshaping user experience, driving up AI smartphone penetration, with global AI smartphone share projected to reach 34% in 2025[26] - The humanoid robot industry is at a critical turning point, with China's patent applications for humanoid robots expected to account for 2/3 of the global total in 2025, accelerating penetration into household, industrial, and medical fields[27] - In H1 2025, national power battery cumulative installed capacity reached 299.6 GWh, a year-on-year increase of 47.3%, and new energy vehicle cumulative sales reached 6.937 million units, a year-on-year increase of 40.3%[29] - As of H1 2025, the cumulative installed capacity of new energy storage projects nationwide reached 94.91 GW / 222 GWh, an increase of approximately 29% from the end of 2024[30] - The company's main business involves R&D, production, and sales of functional materials, including functional coated films and application products, new energy battery current collectors, and carbon nanotube powders and slurries[32] II. Discussion and Analysis of Operations In H1 2025, the company's operating revenue reached RMB 384.31 million, up 69.37%, and net profit attributable to shareholders was RMB 19.93 million, up 13.51%, driven by rapid growth in new energy battery current collectors Operating Performance for H1 2025 | Indicator | Amount (RMB 10,000) | Year-on-Year Growth (%) | | :--- | :--- | :--- | | Operating Revenue | 38,430.80 | 69.37 | | Net Profit Attributable to Shareholders of Listed Company | 1,993.25 | 13.51 | - The company's new energy battery current collector business achieved explosive growth, with revenue increasing by 408.33% year-on-year, successfully ranking among the top three in the industry[36] - The company's functional coated film products successfully entered international connector giant clients, participating in FFC connection solution development and expanding application space in new energy vehicles[35] - The company has strategically developed new energy battery current collector products, including safety coatings, solid-state electrolyte coatings, functional thermal insulation coatings, carbon-coated copper foil for fast charging and silicon-carbon anodes, and special substrate-coated current collectors[37] III. Analysis of Core Competitiveness During the Reporting Period The company's core competitiveness stems from its technological advantages, synergistic industrial chain, diversified product portfolio, strong customer base, and robust talent team - The company and its subsidiaries are all National High-Tech Enterprises and Guangdong 'Specialized, Refined, Unique, and New' Enterprises, holding 362 patents, including 83 invention patents[39][44] - The company's industrial chain synergy is evident in its functional coated film materials used in downstream FFC and flexible circuit board applications, extending upstream to carbon nanotubes and conductive slurries[40] - The company's product portfolio covers over a hundred types of film products across 3C, new energy vehicles, home appliances, servers, medical electronics, and security, with new additions in new energy power current collectors and carbon nanotube projects[41] - The company has established stable cooperative relationships with renowned enterprises such as Samsung, Foxconn, Sumitomo Japan, New Kinpo Group, Hisense Group, Jabil, and Luxshare Precision[42] - The company possesses an R&D team centered around Zhang Qiang, Zhou Songhua, and Luo Shaojing, continuously strengthening its talent pool through external recruitment and internal development[43] IV. Risk Factors The company faces various risks including new product R&D, loss of key technical personnel, patent infringement, raw material price fluctuations, high accounts receivable, declining gross margins, exchange rate volatility, and macroeconomic shifts - The company faces R&D risks for new products and technologies, requiring continuous innovation to meet the technological upgrade demands of downstream manufacturers[55] - There is a risk of losing key technical personnel, which could impact the company's technological leadership and competitiveness[56][57] - As of June 30, 2025, the company's net accounts receivable amounted to RMB 356.90 million, accounting for 23.14% of total assets, posing a risk of accounts receivable losses[60] - The company's main business export sales account for 12.11% of its main business revenue, and fluctuations in the RMB exchange rate may lead to exchange losses[62] - Macroeconomic cyclical fluctuations may affect the prosperity of downstream industries such as consumer electronics, LED lighting, and new energy, thereby impacting the company's performance[67] V. Key Operating Performance During the Reporting Period Operating revenue increased by 69.37% and net profit attributable to shareholders by 13.51%, driven by new energy battery current collector growth, while operating cash flow significantly decreased due to increased working capital Key Financial Data Changes for H1 2025 | Account | Current Period Amount (RMB) | Prior Period Amount (RMB) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 384,308,029.15 | 226,905,356.11 | 69.37 | New energy battery current collector business growth | | Operating Cost | 311,965,775.20 | 171,436,278.03 | 81.97 | Driven by revenue growth | | Financial Expenses | -376,451.66 | -2,403,176.29 | 84.34 | Decrease in interest income and exchange gains | | R&D Expenses | 19,828,133.47 | 14,423,220.37 | 37.47 | Increase in R&D investment | | Net Cash Flow from Operating Activities | 920,808.43 | 15,061,282.99 | -93.89 | Increase in working capital investment | | Net Cash Flow from Investing Activities | -20,536,441.17 | -144,925,121.59 | 85.83 | Decrease in fixed asset investment | | Net Cash Flow from Financing Activities | -3,099,584.73 | 10,543,335.25 | -129.40 | Decrease in capital contributions from minority shareholders | Asset and Liability Changes for H1 2025 | Item Name | Current Period-end Amount (RMB) | Change from Prior Year-end (%) | Reason for Change | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 119,062,369.71 | -18.19 | Payment for fixed asset purchases | | Financial Assets Held for Trading | 15,593,250.84 | -39.03 | Maturity and redemption of structured deposits | | Accounts Receivable | 356,898,583.82 | 42.42 | Rapid revenue growth | | Receivables Financing | 25,557,929.71 | 208.33 | Increase in bank acceptance bills received | | Accounts Payable | 192,083,579.30 | 81.74 | Increase in payables for goods | - As of the end of the reporting period, the company's overseas assets amounted to RMB 3.264 million, accounting for 0.21% of total assets[74] - On July 7, 2025, the company signed an investment agreement to acquire 60% equity in Guangdong Tianyuan Schleiter New Material Co., Ltd., making it a controlled subsidiary[78] - Key controlled subsidiaries include Foshan Shunde Hehui Electronics Co., Ltd., Foshan Dawei Technology Co., Ltd., and Henan Lair New Material Technology Co., Ltd., whose operating revenue and net profit significantly impact the company[80] Section 4 Corporate Governance, Environment, and Society This section covers changes in the company's key personnel, profit distribution plans, and employee incentive programs, reflecting its governance and social responsibilities I. Changes in Company Directors, Supervisors, Senior Management, and Core Technical Personnel During the reporting period, core technical personnel Zhou Yanfa resigned due to personal reasons and no longer holds any position in the company - Core technical personnel Zhou Yanfa resigned in August 2025 due to personal reasons and no longer holds any position in the company[83] II. Profit Distribution or Capital Reserve Conversion Plan During the reporting period, the company's board of directors resolved that there was no profit distribution or capital reserve conversion plan - The company has no profit distribution or capital reserve to share capital conversion plan for this reporting period[83] III. Status and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures In July 2025, the company approved the '2025 Employee Stock Ownership Plan (Draft)' and its summary, agreeing to implement the employee stock ownership plan - On July 3 and 23, 2025, the company reviewed and approved the '2025 Employee Stock Ownership Plan (Draft)' and its summary, agreeing to implement the employee stock ownership plan[84][85] Section 5 Significant Matters This section details the company's fulfillment of commitments, absence of illegal guarantees, significant litigation, related party transactions, major contracts, and progress on raised funds utilization I. Fulfillment of Commitments The company, its actual controllers, shareholders, and related parties strictly fulfilled all commitments related to initial public offering and refinancing during the reporting period - Directors, supervisors, senior management, and Foshan Hexin committed not to transfer or entrust others to manage their directly or indirectly held company shares within 12 months from the date of the company's initial public offering and listing[87][91] - Controlling shareholder Tenair and actual controller Wu Zhongqian committed to long-term holding of company shares, and that the reduction price within two years after the lock-up period expires will not be lower than the issue price[96][97] - The company committed that if the prospectus contains false records, misleading statements, or major omissions, it will initiate a share repurchase program and compensate investors for losses[101] - The controlling shareholder, actual controller, directors, supervisors, senior management, and core technical personnel all issued 'Commitment Letters to Avoid Horizontal Competition' and 'Commitment Letters to Avoid Fund Occupation', and committed to strictly fulfill them[115][116][117][118][119][120][121][122][123] - The company committed that for the next three years after listing, the annual cash dividend will be no less than 20% of the distributable profit achieved in that year[105] III. Illegal Guarantees During the reporting period, the company had no instances of illegal guarantees - There were no illegal guarantees by the company during the reporting period[127] VII. Significant Litigation and Arbitration Matters The company's controlled subsidiary, Henan Lair, is involved in a construction contract dispute with China Construction Fifth Engineering Bureau Co., Ltd., with its land use rights currently frozen - Controlled subsidiary Henan Lair is involved in a construction project contract dispute lawsuit with China Construction Fifth Engineering Bureau Co., Ltd., with the case currently in the first-instance trial stage[128] - The People's Court of Liangyuan District, Shangqiu City, Henan Province, ruled to seize the land use rights under Henan Lair's name[128] IX. Explanation of the Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the Reporting Period During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no unfulfilled court obligations or overdue large debts - During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity[129] X. Significant Related Party Transactions The company's estimated daily related party transactions for 2025 have been disclosed, including labor services provided to Guangdong Tianruide New Material Co., Ltd. in H1 - The company's estimated daily related party transactions for 2025 have been disclosed[130] - During the reporting period, the company provided labor services such as water, electricity, property management, and natural gas to related party Guangdong Tianruide New Material Co., Ltd., with a current period amount of RMB 13,518.3[169][489] XI. Significant Contracts and Their Fulfillment The company and its subsidiaries provided joint liability guarantees for Sichuan Lair's long-term loans totaling RMB 380 million, with RMB 155.35 million disbursed as of the reporting period end Guarantees by the Company and its Subsidiaries for Subsidiaries | Guarantor | Guaranteed Party | Guaranteed Amount (RMB) | Guarantee Start Date | Guarantee End Date | Guarantee Type | | :--- | :--- | :--- | :--- | :--- | :--- | | Guangdong Lair New Material Technology Co., Ltd. | Sichuan Lair New Material Technology Co., Ltd. | 380,000,000 | June 24, 2024 | June 30, 2032 | Joint and Several Liability Guarantee | | Chengdu Lair Nano Technology Co., Ltd. | Sichuan Lair New Material Technology Co., Ltd. | 380,000,000 | June 24, 2024 | June 30, 2032 | Joint and Several Liability Guarantee | - As of the end of the reporting period, the company's total guarantees amounted to RMB 155.35 million, accounting for 15.34% of the company's net assets[134][135] - The guarantees are primarily to meet the funding needs of controlled subsidiary Sichuan Lair for its 'Annual Production of 3,800 tons of Carbon Nanotubes and 38,000 tons of Carbon Nanotube Conductive Slurry Project'[135] XII. Explanation of Progress in Use of Raised Funds As of the reporting period end, the company's IPO raised funds were 99.69% utilized, and funds from targeted issuance were 89.26% utilized, with some projects concluded and surplus funds transferred to working capital Overall Utilization of Raised Funds | Source of Raised Funds | Net Amount of Raised Funds (RMB) | Total Committed Investment (RMB) | Cumulative Investment as of Period-end (RMB) | Cumulative Investment Progress as of Period-end (%) | Amount Invested in Current Year (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering (IPO) | 294,836,106.50 | 553,660,000.00 | 293,918,028.08 | 99.69 | 505,542.35 | | Targeted Issuance of Shares | 117,475,061.59 | 120,999,981.97 | 104,853,039.38 | 89.26 | 4,085,006.45 | | Total | 412,311,168.09 | 674,659,981.97 | 398,771,067.46 | - | 4,590,548.80 | - On January 8, 2024, the company's board of directors approved the resolution to conclude certain raised fund investment projects and permanently transfer the remaining RMB 15.54 million to supplement working capital[141][145] - During the reporting period, idle raised funds deposited in the company's special accounts generated a total interest income of RMB 451,093.96[144] Section 6 Share Changes and Shareholder Information This section details the company's share capital changes, total number of shareholders, and the shareholding structure of its top ten shareholders I. Share Capital Changes During the reporting period, there were no changes in the company's total ordinary share capital or share capital structure - During the reporting period, there were no changes in the company's total ordinary share capital or share capital structure[148] II. Shareholder Information As of the reporting period end, the company had 3,513 ordinary shareholders, with Guangdong Tenair Investment Co., Ltd. holding 51.55% and Fan Xiaoping holding 8.75% Top Ten Shareholders' Shareholding as of Period-end | Shareholder Name | Period-end Shareholding (shares) | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Guangdong Tenair Investment Co., Ltd. | 80,000,000 | 51.55 | Domestic Non-State-Owned Legal Person | | Fan Xiaoping | 13,575,060 | 8.75 | Domestic Natural Person | | Gong Weiquan | 3,796,493 | 2.45 | Domestic Natural Person | | Shanghai Ruiting Asset Management Co., Ltd. - Shanghai Ruiting Shouya Multi-Strategy No. 1 Private Securities Investment Fund | 2,080,000 | 1.34 | Other | | Liu Fangqiu | 1,461,200 | 0.94 | Domestic Natural Person | | Shi Yonghua | 1,379,062 | 0.89 | Domestic Natural Person | | Liu Xueheng | 1,267,661 | 0.82 | Domestic Natural Person | | Shanghai Ruiting Asset Management Co., Ltd. - Shanghai Ruiting Multi-Strategy No. 2 Private Securities Investment Fund | 1,198,000 | 0.77 | Other | | Foshan Hexin Investment Partnership (Limited Partnership) | 1,153,725 | 0.74 | Other | | Wang Yini | 1,122,150 | 0.72 | Domestic Natural Person | - As of the end of the reporting period, the total number of ordinary shareholders was 3,513[149] - The company's special share repurchase account held 1,507,149 shares as of the end of the reporting period, accounting for 0.97% of the company's total share capital[152] - Mr Fan Xiaoping, the company's chairman, holds a 60.71% capital contribution in Foshan Hexin[152] Section 7 Bond-Related Information This section confirms the absence of company bonds, enterprise bonds, non-financial enterprise debt financing instruments, and convertible corporate bonds during the reporting period I. Company Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments During the reporting period, the company had no company bonds (including enterprise bonds) or non-financial enterprise debt financing instruments - The company had no company bonds or non-financial enterprise debt financing instruments during the reporting period[157] II. Convertible Corporate Bonds During the reporting period, the company had no convertible corporate bonds - The company had no convertible corporate bonds during the reporting period[157] Section 8 Financial Report This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity, along with detailed notes on accounting policies and financial items I. Audit Report This semi-annual report has not been audited - This semi-annual report is unaudited[4][159] II. Financial Statements This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owner's equity for H1 2025 - Consolidated balance sheet, consolidated income statement, consolidated cash flow statement, and consolidated statement of changes in owner's equity are provided[159][165][172][178] - Parent company balance sheet, parent company income statement, parent company cash flow statement, and parent company statement of changes in owner's equity are provided[162][169][175][188] III. Company Basic Information This section provides an overview of the company, including its name, listing information, registered capital, and share capital - The company was listed and traded on the Shanghai Stock Exchange STAR Market on April 12, 2021, with stock code '688683'[193] - As of June 30, 2025, the company's registered capital and share capital both amounted to RMB 155,177,929.00[193] IV. Basis of Financial Statement Preparation The financial statements are prepared on a going concern basis, adhering to accounting standards and regulatory disclosure requirements, using accrual accounting and historical cost measurement - The financial statements are prepared on a going concern basis, in accordance with Enterprise Accounting Standards and the China Securities Regulatory Commission's 'Information Disclosure Compilation Rules for Companies Issuing Securities to the Public No 15'[194] - Accounting is based on the accrual method, and except for certain financial instruments, all measurements are based on historical cost[194] V. Significant Accounting Policies and Accounting Estimates This section details the company's accounting policies and estimates for various items, including financial instruments, inventory, fixed assets, intangible assets, revenue recognition, and government grants - The company defines a business cycle as 12 months, which serves as the criterion for classifying assets and liabilities as current or non-current[199] - Financial assets are classified into three categories based on the business model for managing them and their contractual cash flow characteristics: measured at amortized cost, measured at fair value through other comprehensive income, and measured at fair value through profit or loss[218] - For financial assets such as notes receivable, accounts receivable, and contract assets, the company accrues impairment provisions based on expected credit losses[229][234] - Inventories are valued at actual cost upon acquisition, at weighted average cost upon issuance, and measured at the lower of cost or net realizable value, with provisions for inventory depreciation[242][245] - Fixed assets are depreciated using the straight-line method, with depreciation periods of 40 years for buildings, 10 years for machinery, 5 years for transportation equipment, and 3 years for electronic equipment and others[267] - Intangible assets (such as land use rights, patent rights, office software) are amortized using the straight-line method over their estimated useful lives[271][272] - Revenue is recognized when customers obtain control of the related goods, primarily from sales of functional film materials, FFC flexible flat cables, LED flexible circuit boards, and carbon-coated aluminum foil[295] - Government grants are classified as asset-related or income-related; asset-related grants are recognized as deferred income and amortized over the asset's useful life, while income-related grants are recognized in current profit or loss or deferred income based on the compensation object[298][300] VI. Taxation This section outlines the company's main tax categories and rates, including VAT and corporate income tax, with several subsidiaries enjoying high-tech enterprise tax incentives and export tax rebates Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Based on taxable income | 13%, 9%, 6%, 5% | | Urban Maintenance and Construction Tax | Based on payable turnover tax | 7% | | Education Surcharge | Based on payable turnover tax | 3% | | Local Education Surcharge | Based on payable turnover tax | 2% | | Corporate Income Tax | Based on taxable income | 25%, 20%, 15% | - The company and several subsidiaries, including Hehui Electronics, Shirui Technology, and Dawei Technology, enjoy high-tech enterprise income tax preferential policies, paying corporate income tax at 15%[312][313] - Jingyan New Materials, Yida Electronics, Chengdu Lair, and other subsidiaries enjoy small and micro-profit enterprise income tax preferential policies, paying corporate income tax at a 20% rate[314] - The export tax rebate rate for the company's functional film materials, LED flexible circuit boards, FFC flexible flat cables, MCC, and related products is 13%[314] - The company and its subsidiaries Hehui Electronics, Shirui Technology, and Dawei Technology enjoy a 5% additional VAT deduction policy for advanced manufacturing enterprises[314] VII. Notes to Consolidated Financial Statement Items This section provides detailed notes on consolidated financial statement items, including cash, receivables, inventory, fixed assets, payables, and income/expense accounts, with period-end balances and changes Composition of Cash and Cash Equivalents (Period-end) | Item | Period-end Balance (RMB) | | :--- | :--- | | Bank Deposits | 103,642,117.14 | | Accrued Interest | 1,491,780.83 | | Other Cash and Cash Equivalents | 13,928,471.74 | | Total | 119,062,369.71 | Classification of Notes Receivable (Period-end) | Item | Period-end Balance (RMB) | | :--- | :--- | | Bank Acceptance Bills | 11,856,259.24 | | Commercial Acceptance Bills | 5,491,524.70 | | Subtotal | 17,347,783.94 | | Less: Impairment Provision | 202,247.76 | | Total | 17,145,536.18 | - The amount of bank acceptance bills endorsed or discounted and not yet due at period-end was RMB 23,533,146.88[320] Aging Analysis of Accounts Receivable (Period-end) | Aging | Period-end Book Balance (RMB) | | :--- | :--- | | Within 1 year | 357,684,551.25 | | 1 to 2 years | 3,700,825.48 | | 2 to 3 years | 3,329,146.16 | | Over 3 years | 1,966,787.32 | | Subtotal | 366,681,310.21 | | Less: Impairment Provision | 9,782,726.39 | | Total | 356,898,583.82 | Inventory Classification (Period-end) | Item | Book Balance (RMB) | Inventory Impairment Provision/Contract Performance Cost Impairment Provision (RMB) | Book Value (RMB) | | :--- | :--- | :--- | :--- | | Raw Materials | 31,657,466.66 | 1,822,480.16 | 29,834,986.50 | | Work in Progress | 3,630,302.54 | 0.00 | 3,630,302.54 | | Finished Goods | 28,688,087.48 | 3,682,664.37 | 25,005,423.11 | | Semi-finished Goods | 12,520,745.29 | 624,443.25 | 11,896,302.04 | | Outsourced Materials | 957,023.02 | 0.00 | 957,023.02 | | Goods in Transit | 2,791,245.80 | 154,360.34 | 2,636,885.46 | | Total | 80,244,870.79 | 6,283,948.12 | 73,960,922.67 | Book Value of Fixed Assets (Period-end) | Item | Period-end Book Value (RMB) | | :--- | :--- | | Buildings and Structures | 353,979,964.67 | | Machinery and Equipment | 115,598,084.98 | | Transportation Equipment | 5,141,363.41 | | Electronic Equipment and Others | 4,254,194.66 | | Total | 478,973,607.72 | - The book value of construction in progress at period-end was RMB 249,538,552.03, primarily comprising new plant construction and equipment awaiting installation[372] Book Value of Intangible Assets (Period-end) | Item | Period-end Book Value (RMB) | | :--- | :--- | | Land Use Rights | 76,439,132.23 | | Office Software | 2,771,513.43 | | Patent Rights | 13,636,618.58 | | Total | 92,847,264.24 | - The original book value of goodwill at period-end was RMB 28,478,541.84, primarily from Foshan Dawei Technology Co., Ltd and Guangdong Shunde Yida Electronic Film Devices Co., Ltd[378] Classification of Short-term Borrowings (Period-end) | Item | Period-end Balance (RMB) | | :--- | :--- | | Credit Loans | 18,160,000.00 | | Total | 18,160,000.00 | Accounts Payable Listing (Period-end) | Item | Period-end Balance (RMB) | | :--- | :--- | | Goods Payable | 157,125,267.10 | | Project Payables | 15,166,860.96 | | Equipment Payables | 10,440,179.86 | | Others | 9,351,271.38 | | Total | 192,083,579.30 | Employee Compensation Listing (Period-end) | Item | Period-end Balance (RMB) | | :--- | :--- | | Salaries, Bonuses, Allowances, and Subsidies | 6,167,716.35 | | Union Funds and Employee Education Funds | 21,111.48 | | Total | 6,188,827.83 | Taxes Payable Listing (Period-end) | Item | Period-end Balance (RMB) | | :--- | :--- | | Value-Added Tax (VAT) | 2,607,031.38 | | Corporate Income Tax | 1,076,407.46 | | Individual Income Tax | 216,557.86 | | Urban Maintenance and Construction Tax | 194,810.26 | | Education Surcharge | 83,490.12 | | Local Education Surcharge | 55,660.08 | | Stamp Duty | 158,964.78 | | Property Tax | 159,995.22 | | Land Use Tax | 50,005.77 | | Total | 4,602,922.93 | Classification of Long-term Borrowings (Period-end) | Item | Period-end Balance (RMB) | | :--- | :--- | | Mortgage and Guaranteed Loans | 155,350,000.00 | | Total | 155,350,000.00 | Operating Revenue and Operating Cost (Current Period) | Item | Revenue (RMB) | Cost (RMB) | | :--- | :--- | :--- | | Main Business | 375,044,851.59 | 306,161,881.23 | | Other Businesses | 9,263,177.56 | 5,803,893.97 | | Total | 384,308,029.15 | 311,965,775.20 | Composition of Selling Expenses (Current Period) | Item | Current Period Amount (RMB) | | :--- | :--- | | Employee Compensation | 5,099,662.55 | | Marketing and Promotion Fees | 1,375,663.25 | | Travel and Entertainment Expenses | 3,155,825.05 | | Depreciation and Amortization Expenses | 182,688.51 | | Others | 494,408.16 | | Total | 10,308,247.52 | Composition of Administrative Expenses (Current Period) | Item | Current Period Amount (RMB) | | :--- | :--- | | Employee Compensation | 12,927,002.69 | | Intermediary and Consulting Fees | 981,064.86 | | Office Expenses | 773,721.30 | | Business Entertainment Expenses | 741,508.72 | | Depreciation and Amortization Expenses | 2,308,291.79 | | Others | 2,673,093.60 | | Total | 20,404,682.96 | Composition of R&D Expenses (Current Period) | Item | Current Period Amount (RMB) | | :--- | :--- | | Personnel Expenses | 10,704,345.48 | | Direct Input Expenses | 7,189,283.81 | | Depreciation Expenses | 1,114,464.25 | | Outsourced R&D | 236,948.16 | | Others | 583,091.77 | | Total | 19,828,133.47 | Composition of Financial Expenses (Current Period) | Item | Current Period Amount (RMB) | | :--- | :--- | | Interest Expense | 517,136.31 | | Less: Interest Income | -832,200.34 | | Add: Exchange Gains and Losses | -191,051.29 | | Bank Charges | 129,663.66 | | Total | -376,451.66 | Composition of Investment Income (Current Period) | Item | Current Period Amount (RMB) | | :--- | :--- | | Investment Income from Long-term Equity Investments Accounted for Using Equity Method | 4,959.77 | | Wealth Management Income | 56,840.56 | | Total | 61,800.33 | Composition of Credit Impairment Losses (Current Period) | Item | Current Period Amount (RMB) | | :--- | :--- | | Impairment Loss on Notes Receivable | 5,207.75 | | Impairment Loss on Accounts Receivable | 212,286.02 | | Impairment Loss on Other Receivables | 179,700.00 | | Total | 397,193.77 | Composition of Asset Impairment Losses (Current Period) | Item | Current Period Amount (RMB) | | :--- | :--- | | Inventory Impairment Loss and Contract Performance Cost Impairment Loss | -1,508,690.98 | | Total | -1,508,690.98 | Composition of Income Tax Expense (Current Period) | Item | Current Period Amount (RMB) | | :--- | :--- | | Current Income Tax Expense | 2,278,256.19 | | Deferred Income Tax Expense | -461,335.66 | | Total | 1,816,920.53 | Supplementary Information to Cash Flow Statement (Current Period) | Supplementary Information | Current Period Amount (RMB) | | :--- | :--- | | Net Profit | 20,447,421.64 | | Add: Asset Impairment Provisions | 1,508,690.98 | | Credit Impairment Losses | -397,193.77 | | Depreciation of Fixed Assets, Depletion of Oil and Gas Assets, Depreciation of Productive Biological Assets | 12,780,720.84 | | Amortization of Intangible Assets | 2,400,590.34 | | Amortization of Long-term Deferred Expenses | 679,788.13 | | Losses from Disposal of Fixed Assets, Intangible Assets, and Other Long-term Assets | 54,765.60 | | Losses from Scrapping Fixed Assets | 5,841.95 | | Losses from Fair Value Changes | -207,671.57 | | Investment Losses | -61,800.33 | | Decrease in Deferred Income Tax Assets | -271,436.30 | | Increase in Deferred Income Tax Liabilities | -189,929.36 | | Decrease in Inventories | 6,836,078.53 | | Decrease in Operating Receivables | -121,992,587.97 | | Increase in Operating Payables | 79,327,529.72 | | Net Cash Flow from Operating Activities | 920,808.43 | VIII. R&D Expenses During the reporting period, the company's total R&D investment was RMB 19.83 million, entirely expensed, primarily for personnel and direct input costs R&D Expenses by Nature of Expense (Current Period) | Item | Current Period Amount (RMB) | | :--- | :--- | | Personnel Expenses | 10,704,345.48 | | Direct Input Expenses | 7,189,283.81 | | Depreciation Expenses | 1,114,464.25 | | Outsourced R&D | 236,948.16 | | Others | 583,091.77 | | Total | 19,828,133.47 | - All R&D investments in the current period were expensed, with no capitalized R&D expenditures[453] IX. Changes in Consolidation Scope During the reporting period, there were no changes in the company's consolidation scope due to business combinations or disposals of subsidiaries - The company's consolidation scope did not change during the reporting period[158][159] X. Interests in Other Entities This section details the company's group structure, including its nine subsidiaries, with information on their operations, registered capital, and equity stakes Composition of the Enterprise Group (Partial Subsidiaries) | Subsidiary Name | Registered Capital (RMB 10,000) | Business Nature | Shareholding (%) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | | Foshan Shunde Hehui Electronics Co., Ltd. | 3,100.00 | Computer, Communication, and Other Electronic Equipment Manufacturing | 100 (Direct) | Business Combination under Common Control | | Foshan Dawei Technology Co., Ltd. | 1,352.20 | Metal Products Manufacturing | 90 (Direct) | Business Combination not under Common Control | | Sichuan Lair New Material Technology Co., Ltd. | 10,000.00 | Non-metallic Mineral Products Manufacturing | 70 (Direct) | Establishment | | Henan Lair New Material Technology Co., Ltd. | 10,000.00 | Metal Products Manufacturing | 80 (Direct) | Establishment | Summarized Financial Information of Insignificant Associates (Current Period) | Item | Period-end Balance/Current Period Amount (RMB) | | :--- | :--- | | Total Book Value of Investments | 4,381,897.60 | | Net Profit | 4,959.77 | | Total Comprehensive Income | 4,959.77 | XI. Government Grants At period-end, deferred government grants totaled RMB 7.71 million, with RMB 2.52 million recognized in current profit or loss, primarily from provincial and municipal subsidies Liability Items Involving Government Grants (Period-end) | Financial Statement Item | Beginning Balance (RMB) | Decrease in Current Period (RMB) | Period-end Balance (RMB) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 7,999,082.31 | 289,019.26 | 7,710,063.05 | Asset Related | | Total | 7,999,082.31 | 289,019.26 | 7,710,063.05 | - | Government Grants Recognized in Current Profit or Loss (Current Period) | Item | Current Period Amount (RMB) | | :--- | :--- | | Guangdong Provincial Department of Commerce 2022 Provincial Stable Foreign Trade Subsidy Funds | 20,000.00 | | 2023 National and Provincial Major Science and Technology Special Project Municipal Matching Reward and Subsidy Funds Project | 450,000.00 | | Digital and Intelligent Transformation Development Project Loan Interest Subsidy Project | 212,420.01 | | Post-Event Reward and Subsidy for Industrial Enterprise Technological Transformation | 173,708.57 | | Technological Transformation Project Subsidy | 115,310.69 | | 2024 Provincial Department of Industry and Information Technology Government Subsidy (New Energy Carbon-Coated Aluminum Foil Industrialization) | 1,580,000.00 | | Preferential Reductions for Key Groups | 19,500.00 | | Henan Province 2025 Industrial Enterprise Q1 Full-Load Production Award | 200,000.00 | | Foshan City Manufacturing Digital and Intelligent Transformation Project | 380,100.00 | | Meishan City Incentive for Enterprises to Continue Production and Work Award | 50,000.00 | | Total | 2,518,619.26 | XII. Risks Related to Financial Instruments The company manages market risks (exchange rate, interest rate), credit risk, and liquidity risk through various strategies, including foreign currency transactions, credit limits, and maintaining sufficient cash - The company's main financial instruments include cash and cash equivalents, financial assets and liabilities held for trading, borrowings, receivables, and payables[465] - The company's foreign exchange risk is primarily related to the US dollar, managed through market exchange rate foreign currency transactions and forward foreign exchange settlement and sales[467] - As of June 30, 2025, the company's interest-bearing debt primarily consisted of RMB-denominated fixed-rate contracts, totaling RMB 173,510,000.00[468] - Credit risk primarily arises from financial assets, managed through procedures such as setting credit limits, credit approval, and recovering overdue receivables[469][470] - The company manages liquidity risk by maintaining sufficient cash and cash equivalents and monitoring the utilization of bank borrowings[472] Analysis of Financial Liabilities by Undiscounted Remaining Contractual Obligations Maturity (Period-end) | Item | Within 1 year (RMB) | 8 years (RMB) | | :--- | :--- | :--- | | Short-term Borrowings | 18,160,000.00 | - | | Notes Payable | 37,426,491.45 | - | | Accounts Payable | 192,083,579.30 | - | | Other Payables | 5,769,038.05 | - | | Long-term Borrowings (Including Interest) | - | 155,350,000.00 | | Other Current Liabilities | 23,571,447.28 | - | Financial Assets Derecognized Due to Transfer (Current Period) | Item | Method of Financial Asset Transfer | Amount of Derecognized Financial Assets (RMB) | | :--- | :--- | :--- | | Unmatured Acceptance Bills in Receivables Financing | Endorsement | 103,886,304.79 | Transferred Financial Assets with Continuing Involvement (Period-end) | Item | Method of Asset Transfer | Amount of Assets Arising from Continuing Involvement (RMB) | Amount of Liabilities Arising from Continuing Involvement (RMB) | | :--- | :--- | :--- | :--- | | Unmatured Acceptance Bills in Notes Receivable | Endorsement | 23,533,146.88 | 23,533,146.88 | XIII. Disclosure of Fair Value This section discloses the fair value of assets and liabilities measured at fair value at period-end, including financial assets held for trading and receivables financing, using Level 1 and Level 2 fair value measurements Period-end Fair Value of Assets and Liabilities Measured at Fair Value | Item | Level 1 Fair Value Measurement (RMB) | Level 2 Fair Value Measurement (RMB) | Total (RMB) | | :--- | :--- | :--- | :--- | | Financial Assets Held for Trading | 15,593,250.84 | - | 15,593,250.84 | | Receivables Financing | - | 25,557,929.71 | 25,557,929.71 | | Total Assets Continuously Measured at Fair Value | 15,593,250.84 | 25,557,929.71 | 41,151,180.55 | - Financial assets held for trading use public market quotations as the basis for market price determination[481] - Receivables financing (bank acceptance bills) uses the face amount as fair value due to its short remaining maturity[482] XIV. Related Parties and Related Party Transactions This section identifies the company's related parties and details significant related party transactions during the reporting period, including sales, services, leases, and key management compensation - The company's parent company is Guangdong Tenair Investment Co., Ltd, with a shareholding of 51.55%, and the ultimate controlling party is Wu Zhongqian[485] - During the reporting period, the company provided labor services such as water, electricity, property management, and natural gas to associate Guangdong Tianruide New Material Co., Ltd, with a current period amount of RMB 13,518.3[489] - As a lessor, the company leased properties to Guangdong Tianruide New Material Co., Ltd, recognizing lease income of RMB 72,792.66 in the current period[491] Key Management Personnel Compensation | Item | Current Period Amount (RMB 10,000) | Prior Period Amount (RMB 10,000) | | :--- | :--- | :--- | | Key Management Personnel Compensation | 558.36 | 450.19 | Receivables from Related Parties (Period-end) | Item Name | Related Party | Book Balance (RMB) | Impairment Provision (RMB) | | :--- | :--- | :--- | :--- | | Accounts Receivable | Guangdong Tianruide New Material Co., Ltd. | 97.64 | 4.88 | Payables to Related Parties (Period-end) | Item Name | Related Party | Period-end Book Balance (RMB) | | :--- | :--- | :--- | | Other Payables | Guangdong Tianruide New Material Co., Ltd. | 79,344 | XV. Share-based Payment During the reporting period, the company had no share-based payment arrangements, including equity-settled or cash-settled plans, or related expenses - The company had no share-based payment related situations during the reporting period[173] XVI. Commitments and Contingencies During the reporting period, the company had no significant commitments or contingencies requiring disclosure - The company had no significant commitments or contingencies during the reporting period[173] XVII. Events After the Balance Sheet Date From the reporting period end to the approval date of the financial report, the company had no significant non-adjusting events, profit distributions, sales returns, or other post-balance sheet events - The company had no significant non-adjusting events after the reporting period[174] XVIII. Other Significant Matters During the reporting period, the company had no prior period accounting error corrections, major debt restructurings, asset exchanges, annuity plans, discontinued operations, segment information, or other significant transactions - The company had no prior period accounting error corrections, significant debt restructurings, asset exchanges, annuity plans, discontinued operations, segment information, or other significant matters during the reporting period[174][175] XIX. Notes to Parent Company Financial Statement Major Items This section provides detailed notes on the parent company's financial statement items, including accounts receivable, other receivables, long-term equity investments, operating revenue and cost, and investment income Aging Analysis of Parent Company Accounts Receivable (Period-end) | Aging | Period-end Book Balance (RMB) | | :--- | :--- | | Within 1 year | 116,223,733.82 | | 1 to 2 years | 1,165,956.09 | | 2 to 3 years | 2,670,522.77 | | Over 3 years | 1,526,209.52 | | Subtotal | 121,586,422.20 | | Less: Impairment Provision | 4,783,996.12 | | Total | 116,802,426.08 | Parent Company Other Receivables Listing (Period-end) | Item | Period-end Balance (RMB) | | :--- | :--- | | Dividends Receivable | 15,000,000.00 | | Other Receivables | 44,599,507.75 | | Total | 59,599,507.75 | - Parent company's dividends receivable primarily from Foshan Shunde Hehui Electronics Co., Ltd, with a period-end balance of RMB 15,000,000.00[516] Parent Company Long-term Equity Investments (Period-end) | Item | Book Value (RMB) | | :--- | :--- | | Investments in Subsidiaries | 372,970,942.01 | | Investments in Associates and Joint Ventures | 4,381,897.60 | | Total | 377,352,839.61 | Parent Company Operating Revenue and Operating Cost (Current Period) | Item | Revenue (RMB) | Cost (RMB) | | :--- | :--- | :--- | | Main Business | 102,360,614.58 | 78,763,721.70 | | Other Businesses | 10,739,881.03 | 9,870,790.51 | | Total | 113,100,495.61 | 88,634,512.21 | Parent Company Investment Income (Current Period) | Item | Current Period Amount (RMB) | | :--- | :--- | | Investment Income from Long-term Equity Investments Accounted for Using Cost Method | 30,000,000.00 | | Investment Income from Long-term Equity Investments Accounted for Using Equity Method | 4,959.77 | | Total | 30,004,959.77 | XX. Supplementary Information This section provides supplementary financial information, including a detailed statement of non-recurring gains and losses, and key metrics such as return on net assets and earnings per share Statement of Non-Recurring Gains and Losses for the Current Period | Item | Amount (RMB) | | :--- | :--- | | Gains and Losses from Disposal of Non-Current Assets | -60,607.55 | | Government Subsidies Included in Current Profit and Loss | 2,518,619.26 | | Gains and Losses from Fair Value Changes and Disposal of Financial Assets and Liabilities Held by Non-Financial Enterprises | 264,512.13 | | Other Non-Operating Income and Expenses | -17,035.30 | | Other Income and Loss Items Meeting the Definition of Non-Recurring Gains and Losses | 55,358.82 | | Less: Income Tax Impact | 439,717.22 | | Minority Interest Impact (After Tax) | 177,080.13 | | Total | 2,144,050.02 | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share (RMB) | Diluted Earnings Per Share (RMB) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Ordinary Shareholders of the Company | 1.97 | 0.13 | 0.13 | | Net Profit Attributable to Ordinary Shareholders of the Company After Deducting Non-Recurring Gains and Losses | 1.76 | 0.12 | 0.12 |