拓邦股份(002139) - 2025 Q2 - 季度财报

Section I Important Notice, Table of Contents, and Definitions Important Notice The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content, with future plans subject to uncertainty and not constituting profit forecasts - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content[4] - Forward-looking statements regarding future plans and development strategies are subject to uncertainty, do not represent the company's profit forecasts, and do not constitute a substantive commitment to investors[5] - The company faces risks such as trade friction, geopolitical tensions, rapid technological updates, raw material price fluctuations, exchange rate volatility, and customer credit[5] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[6] Table of Contents This section lists the overall structure of the report, including key notices, company profile, management discussion and analysis, corporate governance, and financial reports Definitions This section provides definitions for common terms and abbreviations used in the report, ensuring clear understanding of the content - “Company, the Company, Topband Stock” refers to Shenzhen Topband Co., Ltd[14] - “Reporting Period” refers to January 1, 2025, to June 30, 2025[14] - “Four Electrics and One Network” refers to electronic control, motor, battery, power supply, and Internet of Things[14] - “BMS” refers to Battery Management System, used for monitoring battery status[14] Section II Company Profile and Key Financial Indicators I. Company Profile This section introduces the basic information of Shenzhen Topband Co., Ltd., including stock abbreviation, stock code, and listing exchange Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Topband Stock | | Stock Code | 002139 | | Listing Stock Exchange | Shenzhen Stock Exchange | | Chinese Name | Shenzhen Topband Co., Ltd. | | English Name Abbreviation | Topband | II. Contact Persons and Contact Information This section provides contact information for the company's Board Secretary and Securities Affairs Representative to facilitate investor communication Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Wen Chaohui | Topband Industrial Park, Keji 2nd Road, Shiyan Street, Bao'an District, Shenzhen | 0755-26957035 | 0755-26957440 | wenzh@topband.com.cn | | Securities Affairs Representative | Zhang Yuhua | Topband Industrial Park, Keji 2nd Road, Shiyan Street, Bao'an District, Shenzhen | 0755-26957035 | 0755-26957440 | zhangyuhua@topband.com.cn | III. Other Information During the reporting period, there were no changes in the company's contact information, information disclosure, or document storage locations - The company's registered address, office address and postal code, website, and email address remained unchanged during the reporting period[18] - The securities exchange website and media names and URLs for the company's semi-annual report disclosure, as well as the location for the semi-annual report, remained unchanged during the reporting period[19] IV. Key Accounting Data and Financial Indicators Operating revenue increased by 9.70% to 5.502 billion yuan, but net profit attributable to shareholders decreased by 15.11% to 330 million yuan Key Accounting Data and Financial Indicators (Current Reporting Period vs. Prior Year Period) | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | Change from Prior Year Period | | :--- | :--- | :--- | :--- | | Operating Revenue | 5,502,335,729.18 | 5,015,785,165.59 | 9.70% | | Net Profit Attributable to Shareholders of Listed Company | 330,078,194.08 | 388,828,515.18 | -15.11% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-recurring Gains and Losses | 310,205,414.77 | 373,156,776.26 | -16.87% | | Net Cash Flow from Operating Activities | 353,354,566.49 | 470,314,174.67 | -24.87% | | Basic Earnings Per Share (yuan/share) | 0.27 | 0.31 | -12.90% | | Diluted Earnings Per Share (yuan/share) | 0.27 | 0.31 | -12.90% | | Weighted Average Return on Net Assets | 4.82% | 6.10% | -1.28% | | Indicator | End of Current Reporting Period (yuan) | End of Prior Year (yuan) | Change from End of Prior Year | | Total Assets | 13,676,921,355.66 | 12,848,865,960.24 | 6.44% | | Net Assets Attributable to Shareholders of Listed Company | 6,976,290,180.59 | 6,672,327,751.46 | 4.56% | | Net Profit After Deducting Share-based Payment Impact | 382,525,364.47 | 388,828,515.18 | -1.62% | V. Differences in Accounting Data Under Domestic and International Accounting Standards During the reporting period, the company had no differences in net profit and net assets between financial reports disclosed under international or overseas accounting standards and those under Chinese accounting standards - During the reporting period, the company had no differences in net profit and net assets between financial reports disclosed under international accounting standards and those under Chinese accounting standards[21] - During the reporting period, the company had no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and those under Chinese accounting standards[22] VI. Non-recurring Gains and Losses Items and Amounts The company's total non-recurring gains and losses for this reporting period amounted to 19.87 million yuan, primarily including government subsidies and fair value changes Non-recurring Gains and Losses Items and Amounts | Item | Amount (yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | -1,707,477.44 | | Government subsidies recognized in current profit or loss (excluding those continuously affecting) | 17,853,105.34 | | Fair value change gains and losses and disposal gains and losses from financial assets and financial liabilities held by non-financial enterprises | 5,158,641.83 | | Reversal of impairment provisions for receivables subject to separate impairment testing | 37,257.93 | | Other non-operating income and expenses apart from the above items | 1,209,460.74 | | Other profit and loss items conforming to the definition of non-recurring gains and losses | 1,340,601.69 | | Less: Income tax impact | 4,018,285.89 | | Minority shareholders' equity impact (after tax) | 524.89 | | Total | 19,872,779.31 | Section III Management Discussion and Analysis I. Main Business Activities During the Reporting Period The company primarily operates in the intelligent controller business, leveraging its "Four Electrics and One Network" technology matrix to provide customized solutions across key sectors 1. Industry Overview Intelligent controllers are widely applied, benefiting from 5G, IoT, and AI technologies, leading to steady global market growth and a significant increase in China's market share - Intelligent controllers are high-tech products integrating advanced automatic control, computer, sensing, microelectronics, and power electronics technologies, acting as the 'nerve center' and 'brain' in electronic products[27] - The global intelligent controller market shows a steady growth trend, with the global market size expected to reach 2,058.8 billion USD and the Chinese market size 4,282.6 billion yuan by 2025[28] - China's intelligent controller market share has risen from 16% in 2016 to over 30% in 2024, indicating a structural shift in the global industry landscape from 'East rising, West declining'[28] 2. Industry Position Topband is a leading global intelligent control solutions provider, recognized as a "Manufacturing Single Champion Enterprise" and maintaining close partnerships with numerous industry-leading clients - Topband adheres to 'Agility, Innovation, Partnership' as its core values, leveraging its 'Four Electrics and One Network' (electronic control, motor, battery, power supply, and IoT platform) technology matrix to build a complete closed-loop technical ecosystem from hardware development to cloud services[30] - The company deeply serves the three major fields of tools and home appliances, digital energy and smart vehicles, and robotics, providing customized solutions to global customers[30] - In 2024, the company was awarded the title of 'Manufacturing Single Champion Enterprise (Smart Home Control Module)' by the Ministry of Industry and Information Technology, and ranked 62nd among the Top 500 Manufacturing Enterprises in Guangdong Province in 2024[31] II. Core Competitiveness Analysis The company's core competitiveness lies in platform-based technological innovation, partner-oriented customer service, and systematic agile service, enabling efficient response and continuous innovation 1. Platform-based Technological Innovation Capability The company focuses on technological innovation, building an integrated intelligent control solution platform covering core areas and possessing comprehensive "electronic control + motor + battery + power supply + IoT" solution capabilities - The company has built an integrated intelligent control solution technology platform comprehensively covering core areas such as intelligent control algorithms, motor control, lithium/sodium battery technology, sensing technology, human-machine interface, image recognition, digital power management, embedded software development, and temperature control[32] - The company possesses a unique 'electronic control + motor + battery + power supply + IoT' integrated solution capability in the industry, enabling continuous development of new category solutions[33] 2. Partner-oriented Customer Service Capability Adhering to long-termism and value co-creation, the company establishes an international market platform and overseas offices through multi-regional layouts, fostering deep cooperative relationships with excellent brand clients - The company upholds long-termism, adheres to the development philosophy of value co-creation and win-win, and is committed to establishing lasting and stable partnerships with clients[35] - Through multi-regional layouts, the company has established international production bases primarily in the Pearl River Delta, Yangtze River Delta, Southeast Asia, North America, and Europe, and built an international market platform to enhance proximity service capabilities[35] 3. Systematic Agile Service Capability The company systematically promotes IPD R&D processes, ISC supply chain transformation, and intelligent manufacturing, building a customer-centric organization for efficient and agile internal capabilities - The company systematically promotes the implementation of IPD R&D processes, ISC supply chain transformation for key clients, continuous optimization of laboratory and quality assurance systems, and accelerates the construction of intelligent manufacturing platforms[36] - By building a customer-centric, process-oriented organization, the company embeds its core advantages into its operating system, forming efficient and agile intrinsic capabilities[36] III. Main Business Analysis In the first half of 2025, operating revenue increased by 9.70% to 5.502 billion yuan, but net profit attributable to the parent company decreased by 15.11% to 330 million yuan - During the reporting period, the company achieved operating revenue of 5.502 billion yuan, a year-on-year increase of 9.70%[37] - Net profit attributable to shareholders of the listed company was 330 million yuan, a year-on-year decrease of 15.11%; net profit attributable to shareholders after deducting non-recurring gains and losses was 310 million yuan, a year-on-year decrease of 16.87%[37] - After excluding the impact of share-based payment expenses, net profit attributable to shareholders of the listed company for the reporting period was 383 million yuan, a decrease of 1.62% compared to the same period last year[38] - The company's core businesses (tools and home appliances) maintained steady growth, the digital energy sector completed structural adjustments, and new businesses (smart vehicles and robotics) achieved rapid growth[37] (I) Tools and Home Appliances Segment The tools and home appliances segment achieved revenue of 4.377 billion yuan, a year-on-year increase of 16.15%, with a gross profit margin of 22.22% Tools and Home Appliances Segment Performance | Indicator | Amount (billion yuan) | Year-on-year Growth | Gross Profit Margin | Gross Profit Margin Year-on-year Change | | :--- | :--- | :--- | :--- | :--- | | Tools and Home Appliances Segment Revenue | 4.377 | 16.15% | 22.22% | -1.98% | | Tools Segment Revenue | 2.079 | 5.67% | - | - | | Home Appliances Segment Revenue | 2.298 | 27.60% | - | - | - The tools segment focuses on industrial-grade and professional high-value product areas, consolidating its core advantages by improving customer response speed and accelerating innovative R&D[40] - Benefiting from the penetration of new technologies like AI in the home appliance industry, the company deeply cultivates core underlying intelligent control technologies, builds full-stack technical capabilities, and transforms from a 'function realization' provider to a 'scenario-based, intelligent solution' provider[43] (II) Digital Energy and Smart Vehicles The digital energy and smart vehicles segment generated 848 million yuan in revenue, a year-on-year decrease of 16.98%, with smart vehicle revenue strongly increasing by 86.03% Digital Energy and Smart Vehicles Segment Performance | Indicator | Amount (billion yuan) | Year-on-year Growth | Gross Profit Margin | Gross Profit Margin Year-on-year Change | | :--- | :--- | :--- | :--- | :--- | | Total Digital Energy and Smart Vehicles Revenue | 0.848 | -16.98% | 22.77% | 1.09% | | Digital Energy Revenue | 0.588 | -33.30% | - | - | | Smart Vehicles Revenue | 0.260 | 86.03% | - | - | - The digital energy segment relies on the 'One Chip, One Cloud, 3S' core technology system to build a full-link product ecosystem of 'cloud, solar, storage, and charging,' actively optimizing product structure and focusing on high-value-added areas[45] - The smart vehicle business focuses on electrification and advanced intelligent driving, building a product matrix centered on lidar motors and charging piles, with lidar motors achieving mass production and charging pile revenue doubling[49] (III) Robotics The robotics segment achieved sales revenue of 277 million yuan, a year-on-year increase of 22.72%, with a gross profit margin of 26.95% Robotics Segment Performance | Indicator | Amount (billion yuan) | Year-on-year Growth | Gross Profit Margin | Gross Profit Margin Year-on-year Change | | :--- | :--- | :--- | :--- | :--- | | Robotics Sales Revenue | 0.277 | 22.72% | 26.95% | -1.96% | - The company in the robotics segment is based on its component business and steadily expanding into mature complete machine categories, offering control, motor, drive, and AI complete machine products[50] - Hollow cup motors and actuator components in the humanoid robot field have established close cooperation with leading industry OEMs and secured bulk orders[51] Key Financial Data Year-on-Year Changes Operating revenue increased by 9.70%, and operating costs by 11.65%, while selling and administrative expenses rose due to personnel and market expansion Key Financial Data Year-on-Year Changes | Item | Current Reporting Period (yuan) | Prior Year Period (yuan) | Year-on-year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 5,502,335,729.18 | 5,015,785,165.59 | 9.70% | No significant change | | Operating Cost | 4,261,763,382.25 | 3,817,211,001.65 | 11.65% | No significant change | | Selling Expenses | 220,686,080.56 | 180,788,131.47 | 22.07% | Mainly due to increased personnel compensation for new business development, exhibition and advertising fees for market expansion, and increased equity incentive expenses | | Administrative Expenses | 222,560,862.57 | 190,587,638.62 | 16.78% | Mainly due to increased equity incentive expenses during the reporting period | | Financial Expenses | -38,757,798.52 | -28,781,584.15 | -34.66% | Mainly due to reduced interest expenses | | R&D Investment | 524,842,516.77 | 455,397,817.14 | 15.25% | Mainly due to increased R&D investment by the company during the reporting period | | Net Cash Flow from Operating Activities | 353,354,566.49 | 470,314,174.67 | -24.87% | Mainly due to increased salary payments during the reporting period | | Net Cash Flow from Investing Activities | -161,606,599.96 | -313,160,118.83 | 48.39% | Mainly due to increased net cash from cash management and reduced cash paid for long-term asset acquisition during the reporting period | | Net Cash Flow from Financing Activities | -19,230,084.46 | -120,296,374.28 | 84.01% | Mainly due to share repurchases in the prior year period | | Net Increase in Cash and Cash Equivalents | 206,373,931.40 | 78,953,413.52 | 161.39% | Mainly due to increased net cash flow from investing activities and financing activities | Operating Revenue Composition Total operating revenue was 5.502 billion yuan, up 9.70%, with tools and home appliances accounting for 79.55% and international revenue for 68.08% Operating Revenue Composition (by Product) | Product | 2025 Amount (yuan) | Proportion of Operating Revenue | 2024 Amount (yuan) | Proportion of Operating Revenue | Year-on-year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Tools and Home Appliances | 4,376,806,478.26 | 79.55% | 3,768,104,602.98 | 75.12% | 16.15% | | Digital Energy and Smart Vehicles | 848,096,798.91 | 15.41% | 1,021,618,215.64 | 20.37% | -16.98% | | Robotics | 277,432,452.01 | 5.04% | 226,062,346.97 | 4.51% | 22.72% | Operating Revenue Composition (by Region) | Region | 2025 Amount (yuan) | Proportion of Operating Revenue | 2024 Amount (yuan) | Proportion of Operating Revenue | Year-on-year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Domestic | 1,756,187,461.66 | 31.92% | 1,777,778,390.12 | 35.44% | -1.21% | | International | 3,746,148,267.52 | 68.08% | 3,238,006,775.47 | 64.56% | 15.69% | Gross Profit Margin of Main Business (by Product) | Product | Operating Revenue | Operating Cost | Gross Profit Margin | Operating Revenue Year-on-year Change | Operating Cost Year-on-year Change | Gross Profit Margin Year-on-year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Tools and Home Appliances | 4,376,806,478.26 | 3,404,098,742.46 | 22.22% | 16.15% | 19.18% | -1.98% | | Digital Energy and Smart Vehicles | 848,096,798.91 | 654,991,044.58 | 22.77% | -16.98% | -18.14% | 1.09% | IV. Non-Core Business Analysis The company had no non-core business analysis during this reporting period V. Analysis of Assets and Liabilities At period-end, total assets were 13.677 billion yuan, up 6.44%, with inventory, short-term, and long-term borrowings showing notable changes 1. Significant Changes in Asset Composition At period-end, total assets were 13.677 billion yuan, up 6.44%, with inventory, short-term, and long-term borrowings increasing, mainly due to Huizhou Industrial Park construction Significant Changes in Asset Composition | Item | Amount at End of Current Reporting Period (yuan) | Proportion of Total Assets | Amount at End of Prior Year (yuan) | Proportion of Total Assets | Proportion Change | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 1,854,938,875.14 | 13.56% | 1,713,976,263.34 | 13.34% | 0.22% | No significant change | | Accounts Receivable | 3,128,723,591.98 | 22.88% | 2,992,784,497.73 | 23.29% | -0.41% | No significant change | | Inventories | 2,183,308,352.70 | 15.96% | 1,810,510,580.57 | 14.09% | 1.87% | No significant change | | Fixed Assets | 2,751,625,689.48 | 20.12% | 2,737,959,115.57 | 21.31% | -1.19% | No significant change | | Short-term Borrowings | 1,508,128,644.65 | 11.03% | 1,224,214,110.41 | 9.53% | 1.50% | No significant change | | Long-term Borrowings | 412,270,000.00 | 3.01% | 245,740,474.88 | 1.91% | 1.10% | Mainly due to increased long-term borrowings for the construction of Huizhou Industrial Park during the reporting period | 2. Major Overseas Assets The company's major overseas assets, including India and Vietnam operations centers, are operating well with no significant impairment risks and generate good returns Major Overseas Assets | Specific Asset Content | Asset Scale (yuan) | Location | Operating Model | Profitability (yuan) | Proportion of Overseas Assets to Company's Net Assets | Significant Impairment Risk | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | India Operations Center | 655,931,218.04 | Pune, India | R&D, Production, Sales | 41,047,382.32 | 9.40% | No | | Vietnam Dong Nai Operations Center | 1,189,632,607.83 | Dong Nai, Vietnam | R&D, Production, Sales | 74,402,441.59 | 17.05% | No | 3. Assets and Liabilities Measured at Fair Value At period-end, financial assets measured at fair value totaled 805 million yuan, primarily trading financial assets and other equity instrument investments Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | | Financial Assets | | | | 1. Trading financial assets (excluding derivative financial assets) | 739,448,691.77 | 588,315,560.86 | | 2. Other equity instrument investments | 45,012,776.00 | 45,012,776.00 | | 3. Receivables financing | 131,217,672.56 | 171,997,770.09 | | Subtotal of Financial Assets | 915,679,140.33 | 805,326,106.95 | | Financial Liabilities | | | | Financial Liabilities | 444,281.13 | 106,506.00 | VI. Investment Analysis The company had no securities investments or speculative derivative investments, but engaged in foreign exchange derivative transactions for hedging purposes, reducing exchange rate risk 4. Financial Asset Investments The company had no securities investments, but utilized foreign exchange derivative investments for hedging, with an ending amount of 229.0752 million yuan, effectively preserving asset value - The company had no securities investments during the reporting period[69] Derivative Investment Situation (for Hedging Purposes) | Derivative Investment Type | Ending Balance (ten thousand yuan) | Proportion of Ending Investment Amount to Company's Net Assets at Period-end | | :--- | :--- | :--- | | Foreign Exchange Derivative Transactions | 8,626.08 | 0.00% | | Swaps | 22,907.52 | 3.28% | | Total | 22,907.52 | 3.28% | - The company conducts forward foreign exchange transactions, effectively reducing exchange rate fluctuation risks, locking in future transaction costs and revenues through reasonable RMB forward foreign exchange transactions, and achieving asset preservation for risk avoidance purposes[71] VIII. Analysis of Major Holding and Participating Companies Major subsidiaries contributed significant revenue and profit, while the deregistration of YOLANESS AFRICA (PTY) LTD had no significant impact on performance Financial Performance of Major Subsidiaries | Company Name | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | | Huizhou Topband Electrical Technology Co., Ltd. | 5,226,777,998.13 | 2,402,725,467.55 | 2,888,623,127.57 | 172,384,008.13 | | TOPBAND SMART DONGNAI (VIETNAM) COMPANY LIMITED | 1,189,632,607.83 | 662,807,598.59 | 757,666,410.81 | 74,402,441.59 | | TOPBAND INDIA PRIVATE LIMITED | 655,931,218.04 | 381,629,113.51 | 359,526,270.04 | 41,047,382.32 | - During the reporting period, the company deregistered its subsidiary YOLANESS AFRICA (PTY) LTD, which had no significant impact on the current report's performance[77] X. Risks Faced by the Company and Countermeasures The company faces macroeconomic, technological, and financial risks, actively responding through risk control, strategic adjustments, R&D investment, and hedging - The company may continue to face an uncertain external environment, such as trade friction and geopolitical tensions, which could adversely affect business confidence and investment[78] - The intelligent controller industry, the company's main business, is characterized by rapid technological development, quick product iteration, and short life cycles, posing a risk of declining market share and profitability due due to untimely technological updates[79] - International revenue accounts for over 60% of the company's total; to mitigate RMB fluctuation risks, the company will reduce or hedge foreign exchange risks through RMB hedging, international procurement, and re-pricing new products[80] XII. Implementation of 'Quality and Return Dual Enhancement' Action Plan The company has formulated and disclosed its "Quality and Return Dual Enhancement" action plan to improve quality, investment value, and investor confidence - The company has formulated and disclosed its 'Quality and Return Dual Enhancement' action plan, aiming to improve the quality and investment value of the listed company, enhance investor confidence, and safeguard the interests of all shareholders[86] Section IV Corporate Governance, Environment, and Society I. Changes in Directors, Supervisors, and Senior Management During the reporting period, the Chairman of the Supervisory Board and a Supervisor resigned due to the abolition of the Supervisory Board, and an Employee Supervisor resigned for personal reasons Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Dai Huijuan | Chairman of Supervisory Board | Resignation | 2025/04/22 | Resigned as supervisor due to the company's revision of the Articles of Association to abolish the Supervisory Board | | Kang Weiquan | Supervisor | Resignation | 2025/04/22 | Resigned as supervisor due to the company's revision of the Articles of Association to abolish the Supervisory Board | | Chen Jinzhou | Employee Supervisor | Resignation | 2025/02/18 | Personal reasons | II. Profit Distribution and Capital Reserve Conversion to Share Capital in This Reporting Period The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[90] III. Implementation of Company's Equity Incentive Plan, Employee Stock Ownership Plan, or Other Employee Incentive Measures The company implemented the 2024 stock option incentive plan, granting 32.9 million stock options, and completed the subscription and transfer of 5.1812 million shares under the employee stock ownership plan 1. Equity Incentive On December 9, 2024, the company granted 32.9 million stock options to 1,050 incentive recipients, with vesting periods of 12, 24, and 36 months, and the exercise price adjusted to 9.53 yuan/share - The company granted 32.9 million stock options to 1,050 incentive recipients on December 9, 2024[94] - Stock options are exercisable 12, 24, and 36 months from the grant date, with exercise ratios of 30%, 30%, and 40% respectively[91] - On June 11, 2025, the exercise price of stock options was adjusted from 9.6 yuan/share to 9.53 yuan/share[94] 2. Implementation of Employee Stock Ownership Plan The 2024 employee stock ownership plan subscribed for 5.1812 million shares, funded by a special incentive fund, with shares transferred on December 23, 2024, and unlocking in two tranches - The 2024 employee stock ownership plan actually subscribed for 5.1812 million shares, with a total subscription fund of 49,739,520.00 yuan[96] - The funds for this employee stock ownership plan were sourced from the company's accrued special incentive fund[96] - The shares will be unlocked in two tranches, 12 months and 24 months from the transfer date, with unlocking ratios of 40% and 60% respectively for each tranche[96] IV. Environmental Information Disclosure The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[97] V. Social Responsibility During this reporting period, the company had no social responsibility matters requiring disclosure Section V Significant Matters I. Commitments Fulfilled and Overdue Unfulfilled by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period Mr. Wu Yongqiang, the company's actual controller, strictly fulfilled his long-term commitment regarding non-competition during the reporting period, with no overdue unfulfilled situations - Mr. Wu Yongqiang, the company's actual controller, committed that during his tenure as the controlling shareholder and/or actual controller of the company, he would not directly or indirectly engage in any business that is identical, similar, or constitutes substantial competition with the company's current and future main businesses[99] - This commitment was made on June 12, 2006, has a long-term validity period, and has been strictly fulfilled[99] II. Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties During the reporting period, there was no non-operating fund occupation by the controlling shareholder or other related parties of the listed company - During the reporting period, there was no non-operating fund occupation by the controlling shareholder or other related parties of the listed company[100] III. Irregular External Guarantees The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[101] IV. Appointment and Dismissal of Accounting Firms The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[102] VIII. Litigation Matters During this reporting period, the company had no significant litigation, arbitration matters, or other litigation matters - During this reporting period, the company had no significant litigation or arbitration matters[104] XI. Significant Related Party Transactions During the reporting period, the company did not engage in related party transactions related to daily operations, asset/equity acquisitions/disposals, joint external investments, or related party creditor-debtor relationships - During the reporting period, the company did not engage in related party transactions related to daily operations[106] - During the reporting period, the company did not engage in related party transactions involving asset or equity acquisitions or disposals[108] - During the reporting period, there were no related party creditor-debtor relationships[110] XII. Significant Contracts and Their Performance The company had no entrustment or contracting situations, fulfilled guarantees for a subsidiary, and managed entrusted wealth management without overdue principal 1. Entrustment, Contracting, and Leasing Matters During the reporting period, the company had no entrustment or contracting situations, and no leasing projects generated profits exceeding 10% of total profit - The company had no entrustment situations during the reporting period[114] - The company had no contracting situations during the reporting period[115] - During the reporting period, there were no leasing projects that generated profits exceeding 10% of the company's total profit for the reporting period[116] 2. Significant Guarantees The company provided several joint liability guarantees for its subsidiary Huizhou Yankong, with the main contracts fulfilled and guarantees terminated during the reporting period Guarantees Provided by the Company to Subsidiaries | Guaranteed Party Name | Guarantee Limit (ten thousand yuan) | Actual Guarantee Amount (ten thousand yuan) | Guarantee Type | Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Huizhou Yankong | 20,000 | 3,000 | Joint and Several Liability Guarantee | No | | Huizhou Yankong | 20,000 | 1,200 | Joint and Several Liability Guarantee | No | | Huizhou Yankong | 20,000 | 2,000 | Joint and Several Liability Guarantee | No | | Huizhou Yankong | 20,000 | 1,200 | Joint and Several Liability Guarantee | No | | Huizhou Yankong | 20,000 | 1,779.74 | Joint and Several Liability Guarantee | No | | Huizhou Yankong | 20,000 | 1,500 | Joint and Several Liability Guarantee | No | | Huizhou Yankong | 20,000 | 1,685.98 | Joint and Several Liability Guarantee | No | | Huizhou Yankong | 20,000 | 1,500 | Joint and Several Liability Guarantee | No | | Huizhou Yankong | 20,000 | 1,250.82 | Joint and Several Liability Guarantee | No | | Huizhou Yankong | 20,000 | 450.21 | Joint and Several Liability Guarantee | No | - At the end of the reporting period, the total approved guarantee limit for subsidiaries was 200 million yuan. During the reporting period, the main contracts for these guarantees were fulfilled, and the guarantees were terminated[119] 3. Entrusted Wealth Management The company's total entrusted wealth management amounted to 1.455 billion yuan, with an outstanding balance of 245.3892 million yuan at period-end, and no overdue unrecovered principal Entrusted Wealth Management Situation | Specific Type | Source of Entrusted Wealth Management Funds | Amount of Entrusted Wealth Management (ten thousand yuan) | Outstanding Balance (ten thousand yuan) | Overdue Unrecovered Amount (ten thousand yuan) | | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 135,501.41 | 14,538.92 | 0 | | Brokerage Wealth Management Products | Own Funds | 10,000 | 10,000 | 0 | | Total | - | 145,501.41 | 24,538.92 | 0 | XIII. Explanation of Other Significant Matters On January 23, 2025, the company completed its share repurchase plan, cumulatively repurchasing 11.779 million shares, accounting for 0.94% of total share capital - The company completed its share repurchase plan on January 23, 2025[123] - The company has cumulatively repurchased 11,779,000 shares, accounting for 0.94% of the company's current total share capital[123] - The cumulative total payment was 95,702,125.00 yuan (excluding transaction fees)[123] Section VI Share Changes and Shareholder Information I. Share Changes During the reporting period, the company's total number of shares remained unchanged, with slight increases in restricted shares and corresponding decreases in unrestricted shares 1. Share Change Details The company's total shares remained unchanged, with restricted shares increasing by 79,902 and unrestricted shares decreasing by the same amount, following the completion of a share repurchase plan Share Change Details | Share Type | Number Before Change (shares) | Proportion Before Change | Increase/Decrease in This Change (shares) | Number After Change (shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 175,745,142 | 14.0953% | 79,902 | 175,825,044 | 14.1017% | | II. Unrestricted Shares | 1,071,089,846 | 85.9047% | -79,902 | 1,071,009,944 | 85.8983% | | III. Total Shares | 1,246,834,988 | 100.00% | 0 | 1,246,834,988 | 100% | - The company has cumulatively repurchased 11,779,000 shares, accounting for 0.94% of the company's current total share capital, with a cumulative total payment of 95,702,125.00 yuan[127] 2. Restricted Share Changes At period-end, total restricted shares increased by 79,902 to 175,825,044 shares, mainly due to an increase in restricted shares held by Supervisor Ms. Dai Huijuan Restricted Share Change Details | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Shares Released from Restriction in Current Period (shares) | Shares Added to Restriction in Current Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Wu Yongqiang | 159,006,536 | 0 | 0 | 159,006,536 | Senior Management Locked Shares | | Dai Huijuan | 239,709 | 0 | 79,903 | 319,612 | Senior Management Locked Shares | - The release dates for shares held by Supervisor Ms. Dai Huijuan are the day after six months from her resignation date, the beginning of the year following her resignation date, the day after six months from the end of her term, etc. The shares held by this person can be unlocked and circulated according to the proportions stipulated by the aforementioned regulations[128] III. Number of Shareholders and Shareholding At period-end, common shareholders totaled 103,893, with Wu Yongqiang as the largest shareholder (17.00%) and the company's repurchase account holding 1.45% of total share capital - At the end of the reporting period, the total number of common shareholders was 103,893[131] Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at End of Reporting Period (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | Pledged, Marked, or Frozen Status (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Wu Yongqiang | Domestic Natural Person | 17.00% | 212,008,715 | 159,006,536 | 53,002,179 | Pledged 38,860,000 | | Industrial Bank Co., Ltd. - Huaxia CSI Robotics ETF | Other | 2.24% | 27,916,600 | 0 | 27,916,600 | N/A 0 | | Xie Renguo | Domestic Natural Person | 1.96% | 24,495,088 | 0 | 24,495,088 | N/A 0 | | Ji Shuhai | Domestic Natural Person | 1.87% | 23,329,130 | 0 | 23,329,130 | N/A 0 | | China Merchants Bank Co., Ltd. - Southern CSI 1000 ETF | Other | 0.92% | 11,519,000 | 0 | 11,519,000 | N/A 0 | | Guotai Junan Securities Co., Ltd. - Tianhong CSI Robotics ETF | Other | 0.91% | 11,305,225 | 0 | 11,305,225 | N/A 0 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 0.87% | 10,826,180 | 0 | 10,826,180 | N/A 0 | | Dongguan Anyu Industrial Co., Ltd. | Domestic Non-State-Owned Legal Person | 0.71% | 8,846,700 | 0 | 8,846,700 | N/A 0 | | Agricultural Bank of China Co., Ltd. - Guotai Smart Vehicle Stock Fund | Other | 0.69% | 8,644,600 | 0 | 8,644,600 | N/A 0 | | Ma Wei | Domestic Natural Person | 0.68% | 8,519,734 | 6,389,800 | 2,129,934 | N/A 0 | - As of the end of the reporting period, the company's special securities account for repurchases held 18,045,600 shares, accounting for 1.45% of the company's currently issued total share capital[131] IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period; specific details can be found in the 2024 annual report[133] V. Changes in Controlling Shareholder or Actual Controller There were no changes in the company's controlling shareholder or actual controller during the reporting period - There were no changes in the company's controlling shareholder during the reporting period[134] - There were no changes in the company's actual controller during the reporting period[135] Section VII Bond-Related Matters Bond-Related Matters The company had no bond-related matters during the reporting period - The company had no bond-related matters during the reporting period[138] Section VIII Financial Report I. Audit Report The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[140] II. Financial Statements This section presents the company's consolidated and parent company financial statements, comprehensively detailing financial position, operating results, and cash flow - The consolidated balance sheet shows total assets at period-end of 13.677 billion yuan, with total owners' equity attributable to the parent company of 6.976 billion yuan[141][145] - The consolidated income statement shows total operating revenue for the current period of 5.502 billion yuan, and net profit attributable to parent company shareholders of 330.078 million yuan[150][152] - The consolidated cash flow statement shows net cash flow from operating activities of 353.355 million yuan, and a net increase in cash and cash equivalents of 206.374 million yuan[157][159] 1. Consolidated Balance Sheet As of June 30, 2025, the company's consolidated total assets were 13.677 billion yuan, with total liabilities of 6.701 billion yuan and total owners' equity of 6.976 billion yuan Consolidated Balance Sheet Key Data | Item | Ending Balance (yuan) | Beginning Balance (yuan) | | :--- | :--- | :--- | | Total Assets | 13,676,921,355.66 | 12,848,865,960.24 | | Total Current Assets | 8,542,467,944.93 | 7,861,510,225.74 | | Total Non-current Assets | 5,134,453,410.73 | 4,987,355,734.50 | | Total Liabilities | 6,700,797,436.36 | 6,176,485,704.96 | | Total Owners' Equity | 6,976,123,919.30 | 6,672,380,255.28 | | Total Owners' Equity Attributable to Parent Company | 6,976,290,180.59 | 6,672,327,751.46 | 3. Consolidated Income Statement For this reporting period, total operating revenue was 5.502 billion yuan, with net profit attributable to parent company shareholders decreasing by 15.11% to 330 million yuan Consolidated Income Statement Key Data | Item | 2025 Semi-annual Period (yuan) | 2024 Semi-annual Period (yuan) | | :--- | :--- | :--- | | I. Total Operating Revenue | 5,502,335,729.18 | 5,015,785,165.59 | | II. Total Operating Costs | 5,151,514,039.22 | 4,578,211,459.86 | | III. Operating Profit | 356,171,355.03 | 430,161,142.35 | | IV. Total Profit | 355,847,481.56 | 426,336,558.69 | | V. Net Profit | 329,859,428.97 | 389,557,984.88 | | Net Profit Attributable to Parent Company Shareholders | 330,078,194.08 | 388,828,515.18 | | VI. Net Other Comprehensive Income After Tax | 4,842,602.17 | -33,937,857.88 | | VII. Total Comprehensive Income | 334,702,031.14 | 355,620,127.00 | | VIII. Earnings Per Share (Basic/Diluted) | 0.27 | 0.31 | 5. Consolidated Cash Flow Statement Net cash flow from operating activities decreased by 24.87% to 353 million yuan, while net cash flow from investing and financing activities showed significant improvements Consolidated Cash Flow Statement Key Data | Item | 2025 Semi-annual Period (yuan) | 2024 Semi-annual Period (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 353,354,566.49 | 470,314,174.67 | | Net Cash Flow from Investing Activities | -161,606,599.96 | -313,160,118.83 | | Net Cash Flow from Financing Activities | -19,230,084.46 | -120,296,374.28 | | Effect of Exchange Rate Changes on Cash and Cash Equivalents | 33,856,049.33 | 42,095,731.96 | | Net Increase in Cash and Cash Equivalents | 206,373,931.40 | 78,953,413.52 | | Cash and Cash Equivalents at End of Period | 1,802,726,466.13 | 1,573,697,119.28 | III. Company Overview Shenzhen Topband Co., Ltd., established in 1996 and listed in 2007, specializes in intelligent control, leveraging its "Four Electrics and One Network" core technology system across key sectors - Shenzhen Topband Co., Ltd., formerly Shenzhen Topband Electronic Equipment Co., Ltd., was registered on February 9, 1996, and listed on the Shenzhen Stock Exchange on June 26, 2007[184] - As of June 30, 2025, the company's share capital was 1,246,834,988.00 yuan[185] - The company's main business is the intelligent control industry, based on the 'Four Electrics and One Network' (electronic control, motor, battery, power supply, and Internet of Things) core technology system, researching, developing, producing, and selling components and complete machine products applied in the three major fields of tools and home appliances, digital energy and smart vehicles, and robotics[185] IV. Basis of Financial Statement Preparation The company's financial statements are prepared on a going concern basis, adhering to enterprise accounting standards and relevant CSRC rules - The company prepares its financial statements on a going concern basis, recognizing and measuring transactions and events in accordance with the Accounting Standards for Business Enterprises and their application guidelines and interpretations[186] - The company assessed its ability to continue as a going concern for 12 months from the end of the reporting period and found no matters affecting its going concern ability[187] V. Significant Accounting Policies and Accounting Estimates This section details the company's compliance with accounting standards, accounting period, operating cycle, functional currency, materiality criteria, and significant accounting policies and estimates for various financial items - The financial statements prepared by the company comply with the requirements of Accounting Standards for Business Enterprises, truthfully and completely reflecting the company's financial position, operating results, changes in owners' equity, and cash flows[189] - The company classifies financial assets based on its business model for managing financial assets and the cash flow characteristics of the financial assets, including those measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[236] - The company recognizes revenue when it satisfies a performance obligation in a contract, which is when the customer obtains control of the related goods[348] VI. Taxation This section discloses the company's main tax categories and rates, with the company and several subsidiaries enjoying preferential corporate income tax rates as high-tech enterprises Main Tax Categories and Rates | Tax Category | Taxable Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sales of goods revenue | 13.00%、9.00%、6.00%、3.00%、0% | | Urban Maintenance and Construction Tax | Actual turnover tax paid | 7.00%、5.00% | | Education Surcharge | Actual turnover tax paid | 3.00%、2.00% | - The company and several subsidiaries (e.g., Shenzhen Topband Software Technology Co., Ltd., Shenzhen Topband Lithium Battery Co., Ltd., Huizhou Topband Electrical Technology Co., Ltd.) have obtained high-tech enterprise certificates and are subject to a 15.00% corporate income tax rate[404][405][406][407][408] - Some subsidiaries apply the small and micro-profit enterprise policy, calculating taxable income at 25.00% and paying corporate income tax at a 20.00% rate[409] VII. Notes to Consolidated Financial Statement Items This section details the ending and beginning balances and changes for major items in the consolidated financial statements, including cash, receivables, inventories, and R&D investment - Cash and cash equivalents at period-end amounted to 1,854,938,875.14 yuan, of which 399,964,056.07 yuan was deposited overseas[413] - The book value of accounts receivable at period-end was 3,128,723,591.98 yuan, with accounts receivable for which bad debt provisions were made based on aging portfolio amounting to 3,233,878,532.47 yuan[433] - The book value of inventories at period-end was 2,183,308,352.70 yuan, including 1,082,189,885.72 yuan for raw materials and 641,671,196.57 yuan for finished goods[479] - Current period R&D investment was 524,842,516.77 yuan, with 460,786,777.70 yuan expensed and 64,055,739.07 yuan capitalized[661] VIII. R&D Expenses Total R&D expenses for this reporting period amounted to 524.84 million yuan, a 15.25% increase, with significant portions expensed and capitalized across various projects R&D Expense Details | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Employee Compensation | 335,064,365.29 | 289,148,195.61 | | Depreciation and Amortization | 76,092,200.92 | 80,852,025.57 | | Materials and Mold Fees | 41,394,643.02 | 40,219,252.64 | | Equity Incentive Expenses | 20,184,487.19 | 0.00 | | Total | 524,842,516.77 | 455,397,817.14 | | Of which: Expensed R&D | 460,786,777.70 | 388,540,898.00 | | Capitalized R&D | 64,055,739.07 | 66,856,919.14 | Capitalizable R&D Projects | Item | Beginning Balance (yuan) | Amount Increased in Current Period (yuan) | Recognized as Intangible Assets (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | | Intelligent Controller Project | 53,659,877.07 | 40,547,673.12 | 41,699,178.22 | 52,508,371.97 | | Motor and Control System Project | 14,718,756.00 | 4,376,869.92 | 10,282,581.47 | 8,813,044.45 | | New Energy Project | 56,836,126.92 | 19,131,196.03 | 63,159,789.04 | 12,807,533.91 | | Total | 125,214,759.99 | 64,055,739.07 | 115,141,548.73 | 74,128,950.33 | IX. Changes in Consolidation Scope During the reporting period, the company deregistered its subsidiary YOLANESS AFRICA (PTY) LTD, resulting in a change in the consolidation scope - During the reporting period, the company deregistered its subsidiary YOLANESS AFRICA (PTY) LTD, with a liquidation date of February 1, 2025, and a former indirect shareholding of 100%[669] X. Interests in Other Entities This section discloses the company's interests in subsidiaries and associates, including wholly-owned/controlled subsidiaries and associates contributing 877,869.10 yuan in net profit - The company owns Shenzhen Topband Software Technology Co., Ltd., Huizhou Topband Electrical Technology Co., Ltd., TOPBAND INDIA PRIVATE LIMITED, and several other wholly-owned or controlled subsidiaries[671][672] Summary Financial Information of Insignificant Associates | Item | Ending Balance/Current Period Amount (yuan) | | :--- | :--- | | Total Book Value of Investments | 39,837,141.24 | | --Net Profit | 877,869.10 | XI. Government Grants Government grants in deferred income had an ending balance of 13.22 million yuan, with new additions and amounts recognized in other income, primarily asset-related Liability Items Involving Government Grants | Accounting Subject | Beginning Balance (yuan) | New Grants Added in Current Period (yuan) | Amount Recognized in Other Income in Current Period (yuan) | Ending Balance (yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 13,358,627.74 | 1,698,300.00 | 1,835,083.03 | 13,221,844.71 | Asset-related government grants | XII. Risks Related to Financial Instruments The company faces credit, liquidity, and market risks, which are managed through credit assessment, cash management, hedging, and interest rate monitoring - The company's risks related to financial instruments arise from various financial assets and liabilities recognized in its operations, including: credit risk, liquidity risk, and market risk[686] - The company's credit risk primarily arises from cash and cash equivalents, notes receivable, accounts receivable, receivables financing, other receivables, etc., controlled by assessing customer creditworthiness and monitoring credit records[688] - The company's exchange rate risk primarily stems from foreign currency assets and liabilities held by the company and its subsidiaries that are not denominated in their functional currency, mitigated through measures such as signing forward foreign exchange contracts[695] - The company's interest rate risk primarily arises from long-term bank borrowings, and management makes timely adjustments based on the latest market conditions[697] XIII. Disclosure of Fair Value This section discloses the fair value of the company's assets and liabilities measured at fair value at period-end, primarily trading financial assets, receivables financing, and other equity instrument investments Fair Value of Assets and Liabilities Measured at Fair Value at Period-end | Item | Level 1 Fair Value Measurement (yuan) | Level 2 Fair Value Measurement (yuan) | Level 3 Fair Value Measurement (yuan) | Total (yuan) | | :--- | :--- | :--- | :--- | :--- | | I. Recurring Fair Value Measurements | | | | | | (I) Trading financial assets | | 245,389,202.30 | 342,926,358.56 | 588,315,560.86 | | (II) Receivables financing | | | 171,997,770.09 | 171,997,770.09 | | (III) Other equity instrument investments | | | 45,012,776.00 | 45,012,776.00 | | Total Assets Measured at Fair Value on a Recurring Basis | | 245,389,202.30 | 559,936,904.65 | 805,326,106.95 | | (I) Trading financial liabilities | 106,506.00 | | | 106,506.00 | | Total Liabilities Measured at Fair Value on a Recurring Basis | 106,506.00 | | | 106,506.00 | - For financial liabilities measured at fair value through profit or loss, their fair value is primarily determined based on market quotes provided by banks[701] - Financial assets measured at fair value through profit or loss, other equity instrument investments, etc., are measured at investment cost or recent transaction prices as a reasonable estimate of fair value[703] XIV. Related Parties and Related Party Transactions The company's ultimate controlling party is Mr. Wu Yongqiang, with related party transactions including raw material purchases and product sales, and key management personnel compensation of 3.37 million yuan - The company's ultimate controlling party is natural person Mr. Wu Yongqiang; as of June 30, 2025, Wu Yongqiang held 17.00% of the company's shares[710] Table of Purchases of Goods/Acceptance of Services | Related Party | Related Party Transaction Content | Current Period Amount (yuan) | | :--- | :--- | :--- | | Shenzhen Jiziguang Electronics Co., Ltd. | Raw Materials | 9,507,111.27 | | Dongguan Jujin Plastic Technology Co., Ltd. | Raw Materials | 25,557,609.53 | Table of Sales of Goods/Provision of Services | Related Party | Related Party Transaction Content | Current Period Amount (yuan) | | :--- | :--- | :--- | | Shenzhen Orvibo Technology Co., Ltd. | Sales of Goods | 4,481,366.31 | Key Management Personnel Compensation | Item | Current Period Amount (yuan) | | :--- | :--- | | Key Management Personnel Compensation | 3,369,689.97 | XV. Share-based Payment The company implemented the 2024 employee stock ownership plan and stock option incentive plan, recognizing a total expense of 52.45 million yuan for equity-settled share-based payments - The 2024 employee stock ownership plan actually subscribed for 5.1812 million shares, which have been transferred to the employee stock ownership plan account[734] - The company granted 32.9 million stock options to 1,050 incentive recipients on December 9, 2024[735] Expenses Recognized for Equity-Settled Share-based Payments | Category of Grantee | Equity-Settled Share-based Payment Expense (yuan) | | :--- | :--- | | Management, key technical personnel, and other business backbone | 52,447,170.39 | | Total | 52,447,170.39 | XVI. Commitments and Contingencies As of the balance sheet date, the company had no significant commitments or important contingencies requiring disclosure - Significant commitments at the balance sheet date: None[741] - The company had no important contingencies requiring disclosure[743] XIX. Notes to Parent Company Financial Statement Major Items This section details notes to the parent company's major financial statement items, including accounts receivable, other receivables, long-term equity investments, and operating revenue and costs - The parent company's accounts receivable book balance at period-end was 1,860,408,952.29 yuan, of which 1,440,180,705.81 yuan were accounts receivable for which bad debt provisions were made based on aging portfolio, and 417,270,929.72 yuan were from related parties within the consolidation scope[748][749] - The parent company's other receivables book balan