联赢激光(688518) - 2025 Q2 - 季度财报

Definitions This section defines key terms and company entities used throughout the report, providing essential context for understanding the financial and operational discussions Definitions of Common Terms This chapter defines common terms used in the report, including company entities (e.g., UW Laser, UW Limited), reporting period, regulatory bodies, and industry-specific technical terms like laser processing, power batteries, and consumer electronics, providing a foundation for understanding the report content - Company entity definitions: Company, this company, joint-stock company, and UW Laser refer to Shenzhen United Winners Laser Co., Ltd.; UW Limited refers to Shenzhen United Winners Laser Equipment Co., Ltd., the predecessor of UW Laser; UW Software refers to Shenzhen United Winners Software Co., Ltd., a wholly-owned subsidiary of UW Laser; Huizhou UW refers to Huizhou United Winners Laser Co., Ltd., a wholly-owned subsidiary of UW Laser; UW Technology refers to Huizhou United Winners Technology Co., Ltd., a wholly-owned subsidiary of UW Laser; Jiangsu UW refers to Jiangsu United Winners Laser Co., Ltd., a wholly-owned subsidiary of UW Laser; Sichuan UW refers to Sichuan United Winners Zhiguang Technology Co., Ltd., a wholly-owned subsidiary of UW Laser; German UW refers to United Winners Laser Deutschland GmbH; US UW refers to United Winners Laser LLC; UW JAPAN refers to UW JAPAN Inc[12] - Industry term definitions: Laser processing refers to the technology of using light energy focused by a lens to achieve high energy density at the focal point, relying on the photothermal effect for processing; Laser refers to a device that emits laser light; Consumer electronics refers to electronic products designed for consumer applications; Power battery refers to a storage battery that provides power for electric vehicles, electric bicycles, etc.; Pulsed laser refers to a mode of laser operation that outputs laser light at a certain frequency; Fiber laser refers to a laser that uses rare-earth-doped glass fiber as the gain medium[12] - Reporting period definition: January 1, 2025, to June 30, 2025[12] Company Profile and Key Financial Indicators This section provides an overview of the company's fundamental information and presents its key financial performance metrics for the reporting period Company Basic Information This section provides the company's basic registration details, including its Chinese name, abbreviation, legal representative, registered address, office address, website, and email, ensuring investors can quickly access company identity information - Company Chinese name: 深圳市联赢激光股份有限公司 (Shenzhen United Winners Laser Co., Ltd.), abbreviation: 联赢激光 (UW Laser)[14] - Legal Representative: 韩金龙 (Han Jinlong)[14] - Company registered address: 深圳市坪山区坑梓街道沙田社区荣沙路18号A栋联赢大厦101 (Building A, No. 18 Rongsha Road, Shatian Community, Kengzi Street, Pingshan District, Shenzhen, UW Building 101)[14] - Company website: http://www.uwlaser.com, email: ir@uwlaser.com[14] Contact Persons and Information This section lists the names, contact addresses, phone numbers, fax numbers, and email addresses of the company's Board Secretary (domestic representative for information disclosure) and Securities Affairs Representative, facilitating information inquiries and communication for investors - Board Secretary (domestic representative for information disclosure): 谢强 (Xie Qiang), contact address: 深圳市福田区紫竹六道49号建安山海中心6B (6B, Jian'an Shan Hai Center, No. 49 Zizhu 6th Road, Futian District, Shenzhen), phone: 0755-86001062, email: ir@uwlaser.com[15] - Securities Affairs Representative: 黄帅宇 (Huang Shuaiyu), contact address: 深圳市福田区紫竹六道49号建安山海中心6B (6B, Jian'an Shan Hai Center, No. 49 Zizhu 6th Road, Futian District, Shenzhen), phone: 0755-86001062, email: ir@uwlaesr.com[15] Information Disclosure and Document Availability Changes This section introduces the company's designated information disclosure newspapers, the website address for semi-annual reports, and the location where semi-annual reports are available, ensuring transparency and accessibility of information disclosure - Company's selected information disclosure newspapers: 《中国证券报》(China Securities Journal), 《上海证券报》(Shanghai Securities News), 《证券日报》(Securities Daily), 《证券时报》(Securities Times)[16] - Website address for semi-annual reports: **www.sse.com.cn**[16](index=16&type=chunk) - Location where company's semi-annual reports are available: Company Board Office[16] Company Stock/Depositary Receipt Overview This section outlines the company's stock listing, including stock type, listing exchange and board, stock abbreviation, and code, for investor identification and trading - Company stock type: A-shares[17] - Stock listing exchange and board: Shanghai Stock Exchange STAR Market[17] - Stock abbreviation: 联赢激光 (UW Laser), stock code: 688518[17] Company Key Accounting Data and Financial Indicators This section presents the company's key accounting data and financial indicators for H1 2025, showing revenue growth and net profit increase, despite a total profit decline due to lower gross margin and reduced other income, while benefiting from R&D tax incentives 2025 Semi-Annual Key Accounting Data and Financial Indicators | Indicator | Current Reporting Period (Jan-Jun) | Prior Period | Period-over-Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (million Yuan) | 1,533.35 | 1,456.19 | 5.30 | | Total Profit (million Yuan) | 47.37 | 55.23 | -14.24 | | Net Profit Attributable to Shareholders of the Listed Company (million Yuan) | 57.92 | 51.18 | 13.16 | | Net Profit Attributable to Shareholders of the Listed Company After Deducting Non-Recurring Gains and Losses (million Yuan) | 42.46 | 38.42 | 10.52 | | Net Cash Flow from Operating Activities (million Yuan) | 69.86 | -371.07 | N/A | | Basic Earnings Per Share (Yuan/share) | 0.17 | 0.15 | 13.33 | | Diluted Earnings Per Share (Yuan/share) | 0.17 | 0.15 | 13.33 | | Weighted Average Return on Net Assets (%) | 1.83 | 1.68 | Increased by 0.15 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 1.34 | 1.26 | Increased by 0.08 percentage points | | R&D Investment as % of Operating Revenue (%) | 7.78 | 7.78 | - | - Total profit decreased by 14.24% year-on-year, primarily due to a year-on-year decrease in gross margin and other income[20] - Net profit attributable to shareholders of the listed company increased by 13.16% year-on-year, mainly because the company's "industrial mother machine" qualification was approved in May 2025, allowing it to enjoy a 120% super deduction tax incentive for R&D expenses, which adjusted income tax expenses based on the final settlement results[20] - Net cash flow from operating activities was 69.86 million Yuan, primarily due to an increase in cash received from sales of goods and provision of services during the reporting period[20] Non-Recurring Gains and Losses Items and Amounts This section details the company's non-recurring gains and losses for H1 2025, totaling 15.46 million Yuan, primarily from government subsidies, fair value changes in financial assets, and entrusted investment income 2025 Semi-Annual Non-Recurring Gains and Losses Items | Non-Recurring Gains and Losses Item | Amount (Yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets, including the write-back of impairment provisions already made | -93,033.82 | | Government grants recognized in current profit or loss, except for those closely related to the company's normal business operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss | 14,253,650.58 | | Gains or losses from changes in fair value of financial assets and financial liabilities held by non-financial enterprises, and gains or losses from disposal of financial assets and financial liabilities, except for effective hedging activities related to normal business operations | 1,482,161.53 | | Gains or losses from entrusted investments or asset management | 2,095,937.93 | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 684,000.00 | | Other non-operating income and expenses apart from the above | -792,187.23 | | Less: Income tax impact | 2,163,868.71 | | Impact on minority interests (after tax) | 3,730.50 | | Total | 15,462,929.78 | Management Discussion and Analysis This section provides management's perspective on the company's operational performance, financial condition, and future outlook, including industry trends, business strategies, and risk factors Industry and Main Business Overview During the Reporting Period This section outlines the company's leading position in the laser processing equipment industry, driven by growing laser welding applications in power batteries, automotive, and consumer electronics, with strategic expansion into new technologies and favorable government policies - The company's industry is manufacturing—specialized equipment manufacturing, specifically the laser processing equipment manufacturing sub-industry, which belongs to the high-end equipment manufacturing sector[25] - In 2024, China's laser welding complete equipment market sales revenue was approximately 12.25 billion Yuan, a year-on-year increase of 6.3%, with market sales revenue expected to grow to 12.5 billion Yuan in 2025[25] - The company maintains a leading position in the laser welding complete equipment market, with a market share of approximately 26% in 2024[28] - The company has delivered its first complete solid-state battery assembly line, including laser welding equipment, to a leading industry customer, and continues to secure international top-tier customer orders for small steel-shell battery welding equipment in the consumer electronics sector, establishing it as a new growth area[29] - Laser welding technology development trends include: increasing application of composite laser welding equipment with different wavelengths of lasers, or lasers combined with electric arcs or other heat sources; continuous increase in demand for laser welding equipment for new materials such as plastics, glass, carbon fiber, and titanium; gradual emergence of market demand for special wavelength laser welding equipment for high-reflection, low-absorption materials; laser welding equipment demonstrating more fully digital, automated, and intelligent technical requirements; a surge in demand for reliability testing technology for laser welding processes; and the application material thickness for laser welding developing towards both thinner and thicker directions[32] - The company's main products include lasers, laser welding heads, laser welding machines, robot welding workstations, laser welding automation complete equipment, and various non-standard automation solutions[34] Discussion and Analysis of Operations This section analyzes the company's H1 2025 operations, highlighting revenue and net profit growth despite a gross margin decline, driven by sustained R&D, market expansion, and standardized management, with near-saturated capacity supporting future profitability - During the reporting period, the company achieved operating revenue of 1,533.35 million Yuan, a year-on-year increase of 5.30%; net profit attributable to shareholders of the listed company was 57.92 million Yuan, a year-on-year increase of 13.16%[34] - The gross margin for the reporting period was 27.32%, a year-on-year decrease of 1.46 percentage points, mainly because nearly 80% of the main business revenue came from the lithium battery industry[35] - The company has sufficient orders on hand, and its capacity utilization rate is near saturation, with 374 new employees added by the end of the reporting period compared to the beginning of the year, and expansion projects in Shenzhen and Liyang, Jiangsu, are both operational[36] - R&D investment during the reporting period was 119.28 million Yuan, accounting for 7.78% of operating revenue[37] - R&D achievements include: successful delivery of the first full solid-state battery assembly line developed for a leading industry customer; research and development of ultra-high power single-mode fiber lasers, ten-kilowatt annular beam fiber lasers, high-power QCW fiber lasers, 300W/500W air-cooled fiber lasers, 6KW/12KW high-power lasers; completion of software function upgrades for the Laser Real-time Welding Depth Detection System (RWD), which has been implemented for mass production by customers; and completion of process R&D for ultrasonic-assisted laser welding, arc-assisted laser welding, metal and glass laser welding, metal and plastic laser welding, titanium alloy large square-shell battery welding, consumer steel-shell battery welding, and multi-beam scribing and synchronous cleaning of pole pieces[37][38][39] - The company has improved its standardization system and multi-level standardized component library, achieving rapid iterative design, reduced procurement costs, precise control of production parameters, and established an equipment technology knowledge base, which has increased problem matching accuracy to 85% and improved engineer troubleshooting efficiency by 40%[40] Analysis of Core Competencies During the Reporting Period This section analyzes the company's core competencies, including strong R&D capabilities, comprehensive complete equipment development, extensive customer and service networks, and a stable and efficient management team, with continuous high R&D investment, leading core technologies, and active industrialization of research achievements (I) Core Competency Analysis This section details the company's four core competencies: R&D advantages (high investment, patents, collaborations), complete equipment development (industry experience, customized solutions), customer and service advantages (marketing network, brand image), and management and team advantages (stability, experience) - The company's R&D investment amounted to 119.28 million Yuan, accounting for 7.78% of operating revenue; the number of R&D personnel was 1,915, accounting for 40.54% of the company's total employees[41] - The company possesses multiple industry-leading core technologies, including laser energy control technology, real-time image processing technology, intelligent production line information management and industrial cloud platform technology, multi-wavelength laser coaxial composite welding technology, and laser welding processing technology[42] - As of June 30, 2025, the company had obtained 477 patents (including 55 invention patents) and 276 software copyrights[42] - The company specializes in laser welding and its automated equipment, accumulating deep industry experience and capable of integrated design to efficiently assemble precision laser automation complete equipment based on customer capacity needs, personnel situations, production site conditions, and product process requirements[43] - The company has localized professional marketing and service teams, providing pre-sales communication, mid-sales product follow-up, and after-sales warranty and software/hardware maintenance, establishing a strong brand image as "UW Laser Welding Expert" among industry customers[43] - The company boasts a long-term stable management team, with most members having worked at the company for over ten years, accumulating rich industry experience in one or more areas such as R&D, production, or sales[45] (III) Core Technologies and R&D Progress This section details the company's eight core technologies, highlighting their leading positions, with 43 new patents and 12 software copyrights granted, and 49 ongoing R&D projects across diverse fields, showcasing continuous innovation and broad application potential - The company possesses 8 major core technologies, including: Laser Energy Control Technology (internationally leading), Multi-wavelength Laser Coaxial Composite Welding Technology (domestically leading/internationally advanced), Blue Light Laser Welding Technology (domestically leading/internationally advanced), Real-time Image Processing Technology (domestically leading/internationally advanced), Intelligent Production Line Information Management and Industrial Cloud Platform Technology (domestically leading/internationally advanced), and Laser Welding Processing Technology (domestically leading/internationally advanced)[46][47] - During the reporting period, the company obtained 43 new authorized patents (including 4 invention patents) and 12 software copyrights[49] - As of June 30, 2025, the company had obtained 477 authorized patents (including 55 invention patents) and 276 software copyrights[49] 2025 Semi-Annual R&D Investment | Indicator | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 119,281,825.40 | 113,310,714.82 | 5.27 | | Capitalized R&D Investment | - | - | - | | Total R&D Investment | 119,281,825.40 | 113,310,714.82 | 5.27 | | R&D Investment as % of Operating Revenue (%) | 7.78 | 7.78 | - | - The company has 49 ongoing R&D projects, covering areas such as laser welding, adhesive dispensing, stack testing, intelligent laser control, FPC welding, large-format welding, power battery assembly, overseas rapid intelligent manufacturing for lithium equipment, adaptive production for energy storage lithium equipment, innovative manufacturing for blade lithium equipment, intelligent lithium equipment process R&D, precision laser pole piece surface etching, heavy-duty maglev conveying lines, EOL-flying probe FPC testing machines, multi-energy field laser composite welding, ultrafast laser brittle material cutting, high-brightness blue light lasers, five-axis laser processing centers, single-module fiber lasers, coaxial wire-feeding laser welding heads, thin-walled irregular 3D curved steel laser welding, thin-walled steel sealed welding, thin-walled steel shell sealed nail welding, thin material curved surface cutting, photovoltaic panel laser dismantling machines, FPC laser soldering machines, new energy carrier intelligent forming platforms, logistics path optimization and automation, CBB basic R&D technology platform, BSB welding quality improvement, kilowatt-level high-brightness blue light laser key technologies, electric vehicle electronic controller laser welding processing technology, blade battery positive and negative electrode shell cover laser full welding machines, cylindrical battery sealing welding clutches, current collector maglev welding workstations, cylindrical battery necking machines, square-shell battery inverted shell cover laser full welding machines, gantry handling equipment, cylindrical battery positive electrode seam welding workstations, cylindrical battery UV printers, laser annealing processes, oil spray ring welding processes, cylindrical battery magnetic drive turret sealed nail welding workstations, coaxial additive welding processes, square-shell 20PPM sealed nail welding machine flexible lines, laser welding/additive manufacturing processes and typical new energy vehicle parts, laser thinning equipment, picosecond lasers, wafer scribing machines, gantry workstations, and laser wafer modification cutting machines[54][55][56][57][58] - The number of R&D personnel is 1,915, accounting for 40.54% of the company's total employees[66] Risk Factors This section identifies the company's main risks, including core competency risks (technological obsolescence, increased competition), operational risks (price competition, order loss), financial risks (high accounts receivable and inventory balances, bad debt risk), and industry risks (reliance on new energy sector, policy changes), advising investors to consider potential adverse impacts - Core competency risk: The laser welding industry experiences rapid technological upgrades and iterations; if the company fails to maintain technological advancement, its market competitiveness may decline[67] - Operating risk: Competition in the laser welding sector is expected to intensify, with competitors potentially increasing industry competition through price reductions, which could adversely affect the company's profitability and even lead to performance decline[67] - Financial risk: The large balance of notes receivable and accounts receivable, totaling 1,862.79 million Yuan and accounting for 121.48% of operating revenue, poses a risk of bad debt losses; the book value of inventory is 2,352.67 million Yuan, accounting for 38.42% of current assets, posing an impairment risk[68] - Industry risk: The company's product sales are primarily concentrated in the power and energy storage battery equipment sector; if downstream industry capacity becomes saturated or industrial policy support significantly weakens, the company faces the risk of slowing or even declining revenue and profit growth[69] Key Operating Performance During the Reporting Period This section summarizes the company's overall operating performance for H1 2025, with operating revenue increasing by 5.30% and net profit attributable to shareholders increasing by 13.16%, while also detailing the reasons for changes in various financial statement items, such as decreased selling and administrative expenses, increased financial and R&D expenses, and significant improvement in net cash flow - During the reporting period, the company achieved operating revenue of 1,533.35 million Yuan, a year-on-year increase of 5.30%[70] - Net profit attributable to shareholders of the listed company was 57.92 million Yuan, a year-on-year increase of 13.16%[70] 2025 Semi-Annual Financial Statement Item Variation Analysis | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,533,350,739.72 | 1,456,189,797.13 | 5.30 | Primarily due to increased contract acceptance and recognized revenue during the reporting period | | Operating Cost | 1,114,381,615.50 | 1,037,154,503.53 | 7.45 | Primarily due to increased operating revenue and corresponding increase in operating costs during the reporting period | | Selling Expenses | 37,353,073.84 | 41,726,749.05 | -10.48 | Primarily due to decreased advertising and other expenses during the reporting period | | Administrative Expenses | 219,660,764.02 | 223,657,824.57 | -1.79 | Primarily due to decreased travel expenses during the reporting period | | Financial Expenses | 2,374,337.51 | 2,269,505.75 | 4.62 | Primarily due to increased interest expenses and exchange gains/losses during the reporting period | | R&D Expenses | 119,281,825.40 | 113,310,714.82 | 5.27 | Primarily due to increased investment in company R&D projects | | Net Cash Flow from Operating Activities | 69,860,045.81 | -371,074,464.50 | N/A | Primarily due to increased cash received from sales of goods and provision of services during the reporting period | | Net Cash Flow from Investing Activities | -29,674,007.05 | -161,344,374.80 | 81.61 | Primarily due to decreased purchases of wealth management products during the reporting period | | Net Cash Flow from Financing Activities | 218,650,876.07 | 440,465,516.05 | -50.36 | Primarily due to increased cash paid for debt repayment during the reporting period | Analysis of Assets and Liabilities This section analyzes period-end asset and liability changes, showing an 8.73% increase in total assets driven by monetary funds, notes receivable, inventory, and fixed assets, with fixed assets growing 80.16% from construction in progress transfers, alongside significant increases in accounts payable, long-term borrowings, and current portion of non-current liabilities 2025 Semi-Annual Assets and Liabilities Status | Item Name | Current Period End Balance (Yuan) | Proportion of Total Assets (%) | Prior Period End Balance (Yuan) | Proportion of Total Assets (%) | Change from Prior Period End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 1,120,737,391.93 | 14.63 | 839,011,374.35 | 11.91 | 33.58 | Primarily due to customer collections, bill discounting, and redemption of matured wealth management products | | Trading Financial Assets | 252,664,855.56 | 3.30 | 352,600,910.46 | 5.00 | -28.34 | | | Notes Receivable | 156,290,339.31 | 2.04 | 118,467,583.89 | 1.68 | 31.93 | Primarily due to increased notes held at the end of the reporting period | | Accounts Receivable | 1,706,497,415.43 | 22.28 | 1,648,494,730.24 | 23.40 | 3.52 | | | Inventory | 2,352,674,780.59 | 30.71 | 2,054,123,169.54 | 29.16 | 14.53 | | | Fixed Assets | 1,077,003,326.00 | 14.06 | 597,799,633.99 | 8.48 | 80.16 | Primarily due to transfer of construction in progress to fixed assets during the reporting period | | Construction in Progress | 46,564.08 | 0.00 | 368,781,457.27 | 5.23 | -99.99 | Primarily due to transfer of construction in progress to fixed assets during the reporting period | | Short-term Borrowings | 647,601,531.93 | 8.45 | 595,197,816.38 | 8.45 | 8.80 | | | Accounts Payable | 1,555,776,990.64 | 20.31 | 1,188,452,732.96 | 16.87 | 30.91 | Primarily due to increased procurement during the reporting period | | Contract Liabilities | 1,429,278,109.77 | 18.66 | 1,325,039,122.83 | 18.81 | 7.87 | | | Non-Current Liabilities Due Within 1 Year | 52,090,003.80 | 0.68 | 5,791,013.00 | 0.08 | 799.50 | Primarily due to reclassification of long-term borrowings due within one year at the end of the reporting period | | Long-term Borrowings | 99,768,068.99 | 1.30 | 46,182,131.58 | 0.66 | 116.03 | Primarily due to increased bank borrowings during the reporting period | - Overseas assets amounted to 33.85 million Yuan, accounting for 0.44% of total assets[78] Analysis of Investment Status This section analyzes the company's investment status, with a total investment of 461.72 million Yuan during the reporting period, an increase from the previous year, and also discloses the opening and closing balances and changes in financial assets measured at fair value, primarily including trading financial assets, notes receivable financing, and other equity instrument investments - The investment amount for the reporting period was 461.72 million Yuan, an increase of 43 million Yuan compared to the prior period[80] 2025 Semi-Annual Changes in Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (Yuan) | Fair Value Change Gain/Loss for Current Period (Yuan) | Current Period Purchase Amount (Yuan) | Current Period Sale/Redemption Amount (Yuan) | Other Changes (Yuan) | Ending Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Other | 567,799,963.49 | 1,182,759.26 | 280,000,000.00 | 381,279,750.28 | -58,348,814.36 | 411,016,018.18 | | Of which: Trading Financial Assets | 352,600,910.46 | 1,482,161.53 | 280,000,000.00 | 381,279,750.28 | -138,466.15 | 252,664,855.56 | | Notes Receivable Financing | 200,593,148.36 | - | - | - | -58,210,348.21 | 144,044,660.22 | | Other Equity Instruments | 8,780,349.87 | -299,402.27 | - | - | - | 8,480,947.60 | | Other Non-Current Financial Assets | 5,825,554.80 | - | - | - | - | 5,825,554.80 | Analysis of Major Holding and Participating Companies This section provides financial information for the company's major holding and participating companies, including registered capital, total assets, net assets, operating revenue, operating profit, and net profit, noting that Jiangsu UW Laser Co., Ltd. was profitable, while Huizhou UW Technology Co., Ltd. incurred losses Major Subsidiary Financial Information (2025 Semi-Annual) | Company Name | Company Type | Main Business | Registered Capital (ten thousand Yuan) | Total Assets (ten thousand Yuan) | Net Assets (ten thousand Yuan) | Operating Revenue (ten thousand Yuan) | Operating Profit (ten thousand Yuan) | Net Profit (ten thousand Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangsu UW Laser Co., Ltd. | Subsidiary | R&D, production, and sales of laser welding equipment | 30,000.00 | 186,463.97 | 68,600.62 | 39,509.11 | 647.48 | 548.46 | | Huizhou UW Technology Co., Ltd. | Subsidiary | R&D, production, and sales of laser welding equipment | 10,000.00 | 114,883.78 | -20,210.82 | 41,670.40 | -1,514.85 | -1,484.25 | Corporate Governance, Environment, and Society This section addresses the company's governance structure, environmental responsibilities, and social contributions, including changes in key personnel and incentive plans Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel This section states that there were no changes in the company's directors, supervisors, senior management, and core technical personnel during the reporting period, reflecting the stability of the management team - During the reporting period, there were no changes in the company's directors, supervisors, senior management, and core technical personnel[86] Profit Distribution or Capital Reserve Conversion Plan This section clarifies that the company's semi-annual report does not include a profit distribution plan or a capital reserve conversion to share capital plan, indicating no such distribution plans for the current reporting period - This semi-annual report does not include a profit distribution plan or a capital reserve conversion to share capital plan[87] Status and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures This section discloses that the registration for the third vesting period of the company's 2021 restricted stock incentive plan's reserved grant was completed on February 21, 2025, and officially listed for trading on February 28 - On February 21, 2025, the company completed the share registration for the third vesting period of the reserved grant under its 2021 restricted stock incentive plan[88] - These shares were officially listed for trading on February 28, 2025[164] Significant Matters This section covers important events and disclosures that could significantly impact the company's operations, financial position, or shareholder interests, including commitments, guarantees, and fundraising activities Fulfillment of Commitments This section details the fulfillment of various commitments by the company and its key personnel, including share lock-up, price stabilization, and avoidance of horizontal competition, confirming all commitments were strictly and timely met during the reporting period - The company's controlling shareholder, actual controller, company director, and core technical personnel Han Jinlong and Niu Zengqiang made commitments regarding share lock-up, extension of lock-up periods, and reduction intentions, which were timely and strictly fulfilled[91][92][93][94] - The company, its controlling shareholder, actual controller, current directors (non-independent directors), and senior management made commitments regarding share price stabilization measures, which were timely and strictly fulfilled[101][102][103] - The company, its controlling shareholder, actual controller, directors, supervisors, and senior management made commitments regarding the repurchase of shares in case of fraudulent issuance, which were timely and strictly fulfilled[104][105][106][107][108] - The company, its actual controller, directors, and senior management made commitments regarding measures to enhance returns for diluted immediate returns, which were timely and strictly fulfilled[109][110][111][112] - The company's controlling shareholder, actual controller, directors, supervisors, and senior management made commitments regarding profit distribution policies, which were timely and strictly fulfilled[113][114][115] - The company, its controlling shareholder, actual controller, directors, supervisors, senior management, and core technical personnel made commitments regarding binding measures for commitments, which were timely and strictly fulfilled[117][118][119][120][121][122] - The company's controlling shareholder and actual controllers, Han Jinlong and Niu Zengqiang, issued a "Commitment Letter to Avoid Horizontal Competition", which was timely and strictly fulfilled[123] - The company's controlling shareholder, actual controller, directors, supervisors, and senior management issued commitments regarding reducing and regulating related party transactions, which were timely and strictly fulfilled[124][125][126] - The company's actual controller made commitments regarding tax-related matters, social security and housing provident fund, defects in housing leases, avoidance of occupying company funds, and not seeking control, which were timely and strictly fulfilled[127][128][129][130][131][132][133][134][135] - The company's directors, senior management, controlling shareholder, actual controller, and their concerted parties made commitments regarding the effective implementation of the company's return enhancement measures, which were timely and strictly fulfilled[136][137] - The company made commitments regarding equity incentives, which were timely and strictly fulfilled[138] Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties During the Reporting Period This section explicitly states that there was no non-operating fund occupation by the controlling shareholder or other related parties during the reporting period, indicating compliance in fund management - During the reporting period, there was no non-operating fund occupation by the controlling shareholder or other related parties[139] Irregular Guarantees This section declares that the company did not provide any external guarantees in violation of decision-making procedures during the reporting period, reflecting its principle of compliant operations - During the reporting period, there was no external guarantee provided in violation of decision-making procedures[8] - During the reporting period, there were no irregular guarantees[139] Significant Litigation and Arbitration Matters This section confirms that the company had no significant litigation or arbitration matters during the reporting period, indicating stable operations free from major legal disputes - The company had no significant litigation or arbitration matters during this reporting period[140] Significant Contracts and Their Performance This section primarily discloses significant guarantees provided by the company and its subsidiaries during and after the reporting period, with the company mainly guaranteeing its subsidiaries, totaling 113.6 million Yuan in new guarantees and a period-end balance of 0.2 million Yuan, representing 0.01% of the company's net assets, indicating low guarantee risk (II) Significant Guarantees Performed and Not Yet Performed During the Reporting Period This section details the company's guarantees for its subsidiaries, with new guarantees totaling 113.6 million Yuan and a period-end balance of 0.2 million Yuan, representing 0.01% of the company's net assets, indicating low guarantee risk - The total amount of guarantees provided to subsidiaries during the reporting period was 113.6 million Yuan[143] - The total balance of guarantees provided to subsidiaries at the end of the reporting period was 0.2 million Yuan[143] - The company's total guarantee amount (including guarantees to subsidiaries) was 0.2 million Yuan, accounting for 0.01% of the company's net assets[143][144] Explanation of Proceeds Utilization Progress This section details the company's overall utilization of raised funds and project progress, with IPO proceeds 95.93% invested and private placement proceeds 88.38% invested, noting some projects are operational but below expected benefits or delayed, while idle funds were used for cash management (I) Overall Utilization of Raised Funds This section outlines the overall utilization of the company's initial public offering and private placement proceeds, with cumulative investment progress of 95.93% for IPO funds and 88.38% for private placement funds by the end of the reporting period, totaling 1,338.52 million Yuan invested Overall Utilization of Raised Funds (As of Period End) | Source of Raised Funds | Total Raised Funds (ten thousand Yuan) | Net Raised Funds (ten thousand Yuan) | Committed Investment Amount of Raised Funds in Prospectus (ten thousand Yuan) | Cumulative Raised Funds Invested as of Period End (ten thousand Yuan) | Cumulative Raised Funds Investment Progress as of Period End (%) | Amount Invested in Current Year (ten thousand Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering | 58,418.80 | 49,890.55 | 49,890.55 | 47,861.87 | 95.93 | 2,486.22 | | Private Placement | 98,999.99 | 97,292.58 | 97,292.58 | 85,989.82 | 88.38 | 11,220.47 | | Total | 157,418.79 | 147,183.13 | 147,183.13 | 133,851.69 | - | 13,706.69 | (II) Details of Raised Fund Investment Projects This section details raised fund project progress, noting the "High-Precision Laser Welding Production Base" is operational but below expected benefits, the "New Laser R&D Center" is extended to 2026, the "East China Base Expansion" is ramping up, and the "High-Precision Laser Capacity Project" is usable but without current period benefits - The "High-Precision Laser Welding Complete Equipment Production Base Construction Project" was completed in the second half of 2022, with 2024 revenue reaching the expected full-capacity revenue, but 2025 semi-annual net profit was below the expected full-capacity benefits, mainly due to a slight decrease in the company's product gross margin influenced by intensified market competition[150] - The "New Laser and Laser Welding Complete Equipment R&D Center Construction Project" had its construction period extended to August 2026 due to changes in implementation location and tight factory space[151][152] - The production base (Phase III) of the "UW Laser East China Base Expansion and Technology Center Construction Project" achieved revenue of 122.97 million Yuan and net profit of 4.35 million Yuan from January to June 2025; as it is in the capacity ramp-up phase, it had not yet reached the estimated full-capacity benefits by the end of June 2025[152] - The "High-Precision Laser and Laser Welding Complete Equipment Capacity Construction Project" reached its intended usable state in June 2025, but did not generate benefits from January to June 2025[152] (IV) Other Uses of Raised Funds During the Reporting Period This section explains other uses of the company's raised funds, including the completion of replacing self-raised funds with raised funds and the board's approval to use temporarily idle raised funds for cash management, with a zero balance for idle raised funds used for cash management as of June 30, 2025 - The company completed the use of raised funds to replace self-raised funds previously invested on July 27, 2020, and February 27, 2023[154][155] - The company's board of directors approved the use of temporarily idle raised funds, up to a maximum of 600 million Yuan, for cash management, specifically for purchasing highly secure, liquid, and principal-guaranteed investment products[157] - As of June 30, 2025, the balance of idle raised funds used for cash management was 0 Yuan[158][159] Share Changes and Shareholder Information This section details changes in the company's share capital and provides an overview of its shareholder structure, including the total number of shareholders and the holdings of major shareholders Share Capital Changes This section discloses the company's share capital changes during the reporting period, with the total share capital increasing by 75,200 shares due to the completion of registration for the third vesting period of the 2021 restricted stock incentive plan's reserved grant, which officially listed for trading on February 28, 2025 Share Capital Change Table | | Before This Change | Change (+,-) | After This Change | | :--- | :--- | :--- | :--- | | | Quantity | Proportion (%) | Subtotal | Quantity | Proportion (%) | | I. Restricted Shares | 0 | 0 | 0 | 0 | 0 | | II. Unrestricted Tradable Shares | 341,249,895 | 100.00 | 75,200 | 341,325,095 | 100.00 | | 1. RMB Ordinary Shares | 341,249,895 | 100.00 | 75,200 | 341,325,095 | 100.00 | | III. Total Shares | 341,249,895 | 100.00 | 75,200 | 341,325,095 | 100.00 | - On February 21, 2025, the company completed the share registration for the third vesting period of the reserved grant under its 2021 restricted stock incentive plan, with these 75,200 shares officially listed for trading on February 28, 2025[164] Shareholder Information This section discloses the total number of shareholders and the shareholding situation of the top ten shareholders as of the end of the reporting period, with 16,213 common stock shareholders, and Han Jinlong and Niu Zengqiang, as actual controllers and their concerted parties, holding a relatively high combined stake among the top ten shareholders - As of the end of the reporting period, the total number of common stock shareholders was 16,213[166] Top Ten Shareholders' Shareholding as of Period End | Shareholder Name | Increase/Decrease During Reporting Period (shares) | Period-End Shareholding Quantity (shares) | Proportion (%) | Quantity of Restricted Shares Held (shares) | Quantity of Restricted Shares Including Securities Lending (shares) | Pledge, Mark, or Freeze Status (Share Status) | Pledge, Mark, or Freeze Status (Quantity) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Han Jinlong | 0 | 28,724,356 | 8.42 | 0 | 28,724,356 | None | 0 | Domestic Natural Person | | Niu Zengqiang | 0 | 12,926,646 | 3.79 | 0 | 12,926,646 | None | 0 | Domestic Natural Person | | Shenzhen Huitong Jinkong Fund Investment Co., Ltd. | 0 | 9,241,314 | 2.71 | 0 | 9,241,314 | None | 0 | State-owned Legal Entity | | Li Jin | 0 | 7,824,600 | 2.29 | 0 | 7,824,600 | None | 0 | Domestic Natural Person | | Industrial and Commercial Bank of China Co., Ltd. - Golden Eagle Technology Innovation Stock Fund | 1,593,363 | 5,563,542 | 1.63 | 0 | 5,563,542 | None | 0 | Other | | National Manufacturing Transformation and Upgrade Fund Co., Ltd. | 0 | 5,504,587 | 1.61 | 0 | 5,504,587 | None | 0 | State-owned Legal Entity | | Jia Song | 0 | 3,923,996 | 1.15 | 0 | 3,923,996 | None | 0 | Domestic Natural Person | | Jinjiang Yidian Najin Asset Management Co., Ltd. - Yidian Najin Guanhong Phase VI Private Securities Investment Fund | 1,350,889 | 3,850,889 | 1.13 | 0 | 3,850,889 | None | 0 | Other | | Invesco Great Wall Fund - China Life Insurance Co., Ltd. - Participating Insurance - Invesco Great Wall Fund China Life Shares Growth Stock Portfolio Single Asset Management Plan (Available for Sale) | -4,859,878 | 3,663,306 | 1.07 | 0 | 3,663,306 | None | 0 | Other | | China Everbright Bank Co., Ltd. - Xingquan Commercial Model Preferred Mixed Securities Investment Fund (LOF) | 3,590,460 | 3,590,460 | 1.05 | 0 | 3,590,460 | None | 0 | Other | - Han Jinlong and Niu Zengqiang are concerted parties and the actual controllers of the company; Li Jin is the spouse of actual controller Han Jinlong; Jia Song is the company's Vice Chairman and General Manager[169] Bond-Related Information This section provides details on any outstanding bonds or debt financing instruments issued by the company, including corporate bonds and convertible bonds Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments This section states that the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments during the reporting period, indicating that the company did not use these methods for financing - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[173] Convertible Corporate Bonds This section states that the company had no convertible corporate bonds during the reporting period, further indicating that the company did not use such equity-related financing instruments - The company has no convertible corporate bonds[173] Financial Report This section presents the company's complete financial statements, including the audit report, balance sheet, income statement, cash flow statement, and notes to the financial statements Audit Report This section explicitly states that the company's H1 2025 semi-annual report is unaudited, advising investors to note the nature of the report - This semi-annual report is unaudited[6] Financial Statements This section provides the company's consolidated and parent company financial statements for H1 2025, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity, comprehensively reflecting the company's financial position, operating results, and cash flow - Consolidated Balance Sheet as of June 30, 2025[174] - Parent Company Balance Sheet as of June 30, 2025[179] - Consolidated Income Statement for January-June 2025[181] - Parent Company Income Statement for January-June 2025[185] - Consolidated Cash Flow Statement for January-June 2025[187] - Parent Company Cash Flow Statement for January-June 2025[191] - Consolidated Statement of Changes in Owners' Equity for January-June 2025[194] - Parent Company Statement of Changes in Owners' Equity for January-June 2025[199] Company Basic Information This section outlines the company's establishment background, historical evolution, registered capital, listing status, and main business activities, clarifying its positioning as a supplier of laser welding systems and embedded application software in the special equipment manufacturing industry - The company's predecessor, Shenzhen United Winners Laser Equipment Co., Ltd., was established on September 22, 2005, and was wholly converted into a joint-stock company on September 7, 2011[204] - The company's shares were listed and traded on the STAR Market of the Shanghai Stock Exchange on June 22, 2020[204] - The company currently holds a business license with a unified social credit code of 91440300779880020Q and a registered capital of 341,325,095.00 Yuan[204] - The company belongs to the specialized equipment manufacturing industry, with its main business activities being the R&D, production, and sales of laser welding systems and the development and sales of embedded application software[205] Basis of Financial Statement Preparation This section states that the company's financial statements are prepared on a going concern basis and confirms no significant doubts about its ability to continue as a going concern within 12 months from the end of the reporting period - The company's financial statements are prepared on a going concern basis[207] - 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[208] Significant Accounting Policies and Estimates This section details the company's significant accounting policies and estimates for financial instrument impairment, inventory, fixed assets, construction in progress, intangible assets, and revenue recognition, ensuring standardized and accurate financial statement preparation in accordance with enterprise accounting standards, using a 12-month liquidity classification, and defining materiality criteria - The financial statements prepared by the company comply with the requirements of Enterprise Accounting Standards, truthfully and completely reflecting the company's financial position, operating results, changes in shareholders' equity, and cash flows[210] - The company's accounting year runs from January 1 to December 31 of the Gregorian calendar[211] - The company's operating cycle is relatively short, using 12 months as the liquidity classification standard for assets and liabilities[212] - The company identifies accounts receivable with individual impairment provisions and amounts exceeding 10 million Yuan as significant accounts receivable[214] Fixed Asset Depreciation Methods | Category | Depreciation Method | Depreciation Period (years) | Salvage Rate (%) | Annual Depreciation Rate (%) | | :--- | :--- | :--- | :--- | :--- | | Buildings and Structures | Straight-line method | 20, 30 | 5.00 | 4.75, 3.17 | | Machinery and Equipment | Straight-line method | 5 | 5.00 | 19.00 | | Transportation Equipment | Straight-line method | 5 | 5.00 | 19.00 | | Electronic and Other Equipment | Straight-line method | 5 | 5.00 | 19.00 | - The company's sales of laser welding machines and other products constitute performance obligations fulfilled at a point in time, with revenue recognition methods as follows: for domestic sales, revenue is recognized upon customer acceptance and receipt of acceptance certificate; for export sales, revenue is recognized upon customs declaration, departure from port, and receipt of bill of lading, and if acceptance is required, upon receipt of the buyer's acceptance certificate, otherwise based on the customs declaration and delivery order[269] Taxation This section details the company's and its subsidiaries' main tax types and rates, and discloses the tax incentives enjoyed, with the company and some subsidiaries benefiting from a 15% corporate income tax rate due to high-tech enterprise qualifications, and also from VAT super deduction and R&D expense super deduction policies for industrial mother machine enterprises Main Tax Types and Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sales of goods and taxable services calculated according to tax laws, with output tax minus deductible input tax as payable VAT | 3%, 6%, 9%, 13%, 19% | | Consumption Tax | Taxable sales amount (volume) | 10% | | Property Tax | For value-based assessment, 1.2% of the remaining value after a one-time deduction of 30% from the original property value; for rent-based assessment, 12% of rental income | 1.2%, 12% | | Urban Maintenance and Construction Tax | Actual amount of turnover tax paid | 7% | | Education Surcharge | Actual amount of turnover tax paid | 3% | | Local Education Surcharge | Actual amount of turnover tax paid | 2% | | Corporate Income Tax | Taxable income | 15%, 15.825%, 22.64%, 25% | - The company, Jiangsu United Winners Laser Co., Ltd., and Huizhou United Winners Technology Co., Ltd. enjoy a 15% corporate income tax preferential rate due to their high-tech enterprise qualifications[281] - The company and Jiangsu United Winners Laser Co., Ltd. benefit from a 15% VAT super deduction policy for industrial mother machine enterprises in 2025[283] - The company and Jiangsu United Winners Laser Co., Ltd., as industrial mother machine enterprises, enjoy a 120% super deduction tax incentive for R&D expenses in 2025[283] Notes to Consolidated Financial Statement Items This section provides detailed notes for each item in the consolidated financial statements, including monetary funds, notes receivable, accounts receivable, inventory, fixed assets, construction in progress, short-term borrowings, accounts payable, contract liabilities, and undistributed profits, highlighting significant increases in several items, with fixed assets and construction in progress changes primarily due to project construction and transfers - The ending balance of monetary funds was 1,120.74 million Yuan, of which 70.59 million Yuan was restricted funds, mainly for bank acceptance bill deposits and letter of guarantee deposits[285] - The ending balance of notes receivable was 156.29 million Yuan, of which 88.89 million Yuan were bank acceptance bills that had been endorsed or discounted and were not yet due on the balance sheet date[287][289] - The ending book value of accounts receivable was 1,706.50 million Yuan, with an impairment provision of 221.87 million Yuan[295] - The ending book value of inventory was 2,352.67 million Yuan, with an inventory impairment provision of 62.74 million Yuan[338][340] - The ending book value of fixed assets was 1,077.00 million Yuan, an increase of 80.16% from the beginning of the period, primarily due to the transfer of construction in progress to fixed assets during the reporting period[354][76] - The ending balance of construction in progress was 46,564.08 Yuan, a decrease of 99.99% from the beginning of the period, primarily due to the transfer of construction in progress to fixed assets during the reporting period[362][76] - The ending balance of short-term borrowings was 647.60 million Yuan, an increase of 8.80% from the beginning of the period[385][76] - The ending balance of accounts payable was 1,555.78 million Yuan, an increase of 30.91% from the beginning of the period, primarily due to increased procurement during the reporting period[388][77] - The ending balance of contract liabilities was 1,429.28 million Yuan, an increase of 7.87% from the beginning of the period[394][77] - The ending balance of undistributed profits was 908.79 million Yuan[425] Research and Development Expenses This section details the company's H1 2025 R&D expenses, totaling 119.28 million Yuan, primarily composed of employee compensation and material costs, all recognized as expensed R&D 2025 Semi-Annual R&D Expenses by Nature | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Employee Compensation | 99,411,072.58 | 93,383,556.01 | | Material Costs | 14,141,087.84 | 14,110,808.34 | | Depreciation and Amortization | 3,265,431.16 | 3,019,139.79 | | Equity Incentive | - | 557,154.00 | | Other | 2,464,233.82 | 2,240,056.68 | | Total | 119,281,825.40 | 113,310,714.82 | | Of which: Expensed R&D Investment | 119,281,825.40 | 113,310,714.82 | | Capitalized R&D Investment | - | - | Changes in Consolidation Scope This section states that there were no changes in the consolidation scope during the reporting period due to non-same control business combinations, same control business combinations, reverse acquisitions, or disposal of subsidiaries - During this period, there were no changes in the consolidation scope due to non-same control business combinations, same control business combinations, reverse acquisitions, or disposal of subsidiaries[471][472][473] Interests in Other Entities This section lists the company's enterprise group structure and main subsidiaries, detailing their business, registered capital, and shareholding, noting that Jiangsu Chuangying Guangneng Technology Co., Ltd. is consolidated despite 50% ownership due to the company's effective control over its operating decisions Enterprise Group Structure (Main Subsidiaries) | Subsidiary Name | Principal Place of Business | Registered Capital | Business Nature | Shareholding Proportion (%) (Direct) | Shareholding Proportion (%) (Indirect) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shenzhen UW Software Co., Ltd. | Shenzhen | 500,000.00 Yuan | Software Industry | 100.00 | - | Established | | Huizhou UW Laser Co., Ltd. | Huizhou | 5,000,000.00 Yuan | Manufacturing | 100.00 | - | Established | | Jiangsu UW Laser Co., Ltd. | Liyang | 300,000,000.00 Yuan | Manufacturing | 100.00 | - | Established | | Huizhou UW Technology Co., Ltd. | Huizhou | 100,000,000.00 Yuan | Manufacturing | 100.00 | - | Established | | Sichuan UW Zhiguang Technology Co., Ltd. | Yibin | 20,000,000.00 Yuan | Manufacturing | 100.00 | - | Established | | Jiangsu UW Semiconductor Technology Co., Ltd. | Liyang | 10,000,000.00 Yuan | Manufacturing | 60.00 | - | Established | | Jiangsu Chuangying Guangneng Technology Co., Ltd. | Liyang | 33,400,000.00 Yuan | Manufacturing | 50.00 | - | Established | | UW JAPAN Inc. | Japan | 60,000,000.00 Japanese Yen | Manufacturing | 97.00 | - | Established | | United Winners Laser Deutschland GmbH |