涛涛车业(301345) - 2025 Q2 - 季度财报

Section 1 Important Notes, Table of Contents and Definitions Important Notes The Board, Supervisory Board, and senior management affirm the report's accuracy and completeness, with a proposed cash dividend of RMB 15 per 10 shares. - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the report content[4] - All directors attended the Board meeting to review this semi-annual report[5] - Profit distribution plan: Based on 108,631,741 shares, a cash dividend of RMB 15 (including tax) per 10 shares will be distributed to all shareholders[5] Table of Contents This chapter outlines the report's complete structure, detailing eight main sections and their respective starting page numbers for easy navigation. - The report comprises eight main chapters, covering important notes, company profile, management discussion and analysis, corporate governance, significant matters, share changes, bond information, and financial reports[8] Definitions This chapter defines key terms and entities, including company names, subsidiaries, related parties, platforms, and product types, to ensure clear report comprehension. - Defined company entities such as "Listed Company" and "Taotao Vehicles", along with controlling shareholders and related parties like "Zhongtao Investment"[14] - Listed multiple wholly-owned subsidiaries and sub-subsidiaries, including TAO MOTOR and DENAGO EV[14][15] - Explained major e-commerce and retail platforms such as AMAZON, WALMART, and TARGET[15] - Clarified main product types including ATV, UTV, Go-Kart, and off-road motorcycles[16] - Explained business model terms such as ODM, wholesaler, and retailer[17] - Defined industry standards and certifications like EPA, CARB, e-mark, and CE certification[17] Section 2 Company Profile and Key Financial Indicators Company Profile Zhejiang Taotao Vehicles Co., Ltd., stock code 301345, is listed on the Shenzhen Stock Exchange, with unchanged basic corporate information. Company Basic Information | Metric | Content | | :--- | :--- | | Stock Abbreviation | Taotao Vehicles | | Stock Code | 301345 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | Zhejiang Taotao Vehicles Co., Ltd. | | Legal Representative | Cao Matao | - The company's registered address, office address, website, and email address remained unchanged during the reporting period[21] - Information disclosure and document storage locations remained unchanged during the reporting period[22] Key Accounting Data and Financial Indicators The company achieved strong financial results in H1 2025, with significant growth in revenue, net profit, and operating cash flow, alongside asset expansion. H1 2025 Key Accounting Data and Financial Indicators | Metric | Current Period (RMB) | Prior Period (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,713,293,159.57 | 1,390,741,240.93 | 23.19 | | Net Profit Attributable to Shareholders | 342,216,741.16 | 181,993,998.22 | 88.04 | | Net Profit Attributable to Shareholders Excluding Non-recurring Gains and Losses | 338,780,222.70 | 178,638,091.53 | 89.65 | | Net Cash Flow from Operating Activities | 487,079,592.22 | 287,600,404.31 | 69.36 | | Basic Earnings Per Share (RMB/share) | 3.15 | 1.66 | 89.76 | | Diluted Earnings Per Share (RMB/share) | 3.14 | 1.66 | 89.16 | | Weighted Average Return on Net Assets | 10.43 | 6.22 | 4.21 | | Metric | End of Current Period (RMB) | End of Prior Year (RMB) | Change from Prior Year-End (%) | | :--- | :--- | :--- | :--- | | Total Assets | 4,929,974,743.61 | 4,538,588,836.36 | 8.62 | | Net Assets Attributable to Shareholders | 3,308,159,682.94 | 3,180,756,918.57 | 4.01 | - The company reported no differences in net profit and net assets between financial reports disclosed under international or overseas accounting standards and Chinese accounting standards during the reporting period[26][27] Non-recurring Gains and Losses and Amounts Non-recurring gains and losses totaled RMB 3.44 million, primarily from asset disposal, government grants, and financial instrument fair value changes. H1 2025 Non-recurring Gains and Losses and Amounts | Item | Amount (RMB) | | :--- | :--- | | Gains or losses from disposal of non-current assets | 243,754.25 | | Government grants recognized in current profit or loss | 3,108,375.34 | | Gains or losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains or losses from disposal of financial assets and liabilities | 1,676,785.28 | | Gains or losses from entrusted investments or asset management | 31.30 | | Other non-operating income and expenses apart from the above | -1,000,550.19 | | Less: Income tax impact | 591,877.52 | | Total | 3,436,518.46 | - The company has no other profit or loss items that meet the definition of non-recurring gains and losses, nor does it classify non-recurring gains and losses as recurring ones[30] Section 3 Management Discussion and Analysis Main Businesses Engaged by the Company During the Reporting Period The company, a "new energy intelligent mobility" high-tech enterprise, focuses on smart electric low-speed and special vehicles, expanding globally and entering new sectors. - The company's main businesses are smart electric low-speed vehicles (electric golf carts, e-bikes, electric scooters, electric balance bikes) and special vehicles (ATVs, off-road motorcycles)[32] - The company's business model integrates brand channels and cost manufacturing, primarily focusing on proprietary brand sales through multi-channel marketing and a global production layout to enhance competitiveness[55][56] H1 2025 Key Operating Performance | Metric | Amount (RMB 100 million) | YoY Growth (%) | | :--- | :--- | :--- | | Operating Revenue | 17.13 | 23.19 | | Smart Electric Low-Speed Vehicle Sales Revenue | 11.52 | 30.65 | | Special Vehicle Sales Revenue | 4.90 | 8.22 | | Net Profit Attributable to Parent Company Owners | 3.42 | 88.04 | Company's Main Business and Products The company specializes in smart electric low-speed and special vehicles, achieving significant North American market penetration through product and brand expansion. - Electric golf cart business achieved rapid breakthroughs in the North American market, ranking among the top in market share within two years, with 60 new high-end dealers and a total exceeding 230[33][34] - DENAGO brand recognition and premium capability improved, with the second brand “TEKO” launched in the North American market in July 2025[35] - Electric bicycle business focused on a blockbuster strategy, with strong sales performance in hypermarket channels (WALMART) and new product promotion on the AMAZON platform solidifying rankings[37] - Electric scooters and electric balance bikes consistently ranked among the top sellers on the AMAZON platform, and were included in WALMART's annual product recommendation list for several consecutive years[42] - ATV export volume ranked second, with continuous improvement in product coverage across all displacement segments; UTVs will focus on the North American market[45][46] - Off-road motorcycles entered the US market under the DENAGO brand, establishing partnerships with over 100 North American high-end dealers[49] Main Business Model The company employs an integrated brand channel and cost manufacturing model, leveraging autonomous brands and a global production network for full-chain efficiency. - The company's business model integrates brand channels and cost manufacturing, entering the market with high-cost-performance products and gradually initiating a high-end strategy[55] - The brand channel primarily focuses on proprietary brand sales, achieving warehouse-style sales through overseas subsidiaries, overseas warehouses, and multi-channel marketing networks (online + offline)[55] - The cost manufacturing side adheres to a "world factory" strategic positioning, building a "China + Southeast Asia + North America" three-location collaborative production layout to achieve full industry chain integration[56] Discussion and Analysis of Company's Operations The company enhanced its brand strategy, with 64.77% self-owned brand sales, focused on R&D for electrification and intelligence, expanded global production, and strategically entered robotics. - Self-owned brand sales accounted for 64.77%, enhancing brand reputation and communication effectiveness through global mainstream new media platforms and top international exhibitions[58] - Channel expansion yielded significant results: the high-end dealer network expanded to over 630, professional hypermarket TSC stores increased to over 1,900, and multiple products on third-party e-commerce platforms like AMAZON consistently ranked among “BEST SELLER”[59] - The core R&D strategy is "electrification, intelligence, and high-end," expanding product lines from electric scooters to electric golf carts and large-displacement ATVs, possessing 506 patents[61][63] - Electric golf carts are equipped with "CAN" bus communication, EPS steering systems, and IOT vehicle networking technology, innovatively applying pure electric braking systems and dual-mode temperature control systems[62] - Accelerated the construction of a "China + Southeast Asia + North America" global production layout, with the US factory advancing electric golf cart assembly, the Vietnam base possessing full-chain independent production capabilities, and the Thailand base construction progressing orderly[64] - Strategically laid out in cutting-edge fields such as humanoid robots and autonomous driving technology, established Shanghai Jizhi Intelligent Technology Co., Ltd., and plans to set up Shanghai Zhangjiang Research Institute and Chongqing Research Institute[66][67] Analysis of Core Competencies The company's core strengths lie in its global production, localized North American operations, strong brands, in-house component manufacturing, and efficient operations. - The company built a global manufacturing system through a "China + Southeast Asia + North America" three-location production layout, effectively addressing international trade barriers and improving market response efficiency[71] - Established an international operations team of over 250 people in North America and Canada, setting up multiple sales and warehousing centers to build a precise and efficient pre-sales and after-sales service system[72][74][75] - Owns two major proprietary brands, GOTRAX and DENAGO, with a high proportion of proprietary brand sales and a comprehensive independent multi-channel sales network, possessing strong bargaining power[77][78] - High self-sufficiency rate for core components, with independent R&D and production capabilities for engines, frames, wheels, motors, and battery (assembly), maintaining cost advantages through global factory layouts and high-end equipment investment[83] - Achieved an industry-leading operational efficiency by empowering digitalization and lean management, building an efficient "R&D-production-sales" closed loop, realizing domestic factory capacity ramp-up, efficient formation of Southeast Asian manufacturing hubs, and accelerated North American manufacturing layout[84] Analysis of Main Business Main business revenue grew 23.19%, primarily from smart electric low-speed vehicles, with the US market as the main contributor and strong product gross margins. YoY Changes in Key Financial Data | Metric | Current Period (RMB) | Prior Period (RMB) | YoY Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,713,293,159.57 | 1,390,741,240.93 | 23.19 | Increase in sales of smart electric low-speed vehicles | | Operating Cost | 1,028,086,204.69 | 891,235,001.45 | 15.36 | Increase in operating revenue, leading to corresponding increase in cost of goods sold | | Financial Expenses | -17,412,778.15 | -24,861,580.51 | -29.96 | Decrease in exchange gains | | R&D Investment | 48,214,875.59 | 54,173,941.75 | -11.00 | Decrease in R&D materials | | Net Cash Flow from Operating Activities | 487,079,592.22 | 287,600,404.31 | 69.36 | Increase in cash received from sales of goods | Products or Services Accounting for Over 10% of Revenue | By Product or Service | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Margin (%) | YoY Change in Operating Revenue (%) | YoY Change in Operating Cost (%) | YoY Change in Gross Margin (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Smart Electric Low-Speed Vehicles | 1,151,862,149.88 | 630,561,100.96 | 45.26 | 30.65 | 16.55 | 6.62 | | Special Vehicles | 489,908,851.33 | 339,448,911.33 | 30.71 | 8.22 | 10.52 | -1.44 | | By Region | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Margin (%) | YoY Change in Operating Revenue (%) | YoY Change in Operating Cost (%) | YoY Change in Gross Margin (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | United States | 1,337,873,543.57 | 752,092,576.85 | 43.78 | 29.09 | 17.65 | 5.47 | | Asia (excluding China) | 95,046,404.90 | 75,990,766.66 | 20.05 | 199.23 | 250.74 | -11.74 | | Europe | 86,150,859.48 | 65,481,854.29 | 23.99 | -26.05 | -21.77 | -4.15 | | China | 59,592,141.35 | 41,006,363.04 | 31.19 | 184.02 | 177.54 | 1.61 | Analysis of Non-Main Business Non-main business income, including investment gains and fair value changes, is a small, non-sustainable portion of total profit. Non-Main Business Items and Proportion of Total Profit | Item | Amount (RMB) | Proportion of Total Profit (%) | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 1,200,518.65 | 0.30 | Investment income from swap settlement and sales | No | | Gains or Losses from Fair Value Changes | 476,297.93 | 0.12 | Expected gains from currency swaps | No | | Asset Impairment | -5,176,593.42 | -1.28 | Provision for inventory depreciation | No | | Non-operating Expenses | 1,000,550.19 | 0.25 | External donation expenses | No | | Gains from Asset Disposal | 243,754.25 | 0.06 | Gains from disposal of fixed assets and right-of-use assets | No | Analysis of Assets and Liabilities Total assets and net assets grew, with increases in cash, receivables, and construction in progress, while inventory and fixed assets slightly decreased. Significant Changes in Asset Composition | Item | Amount at End of Current Period (RMB) | Proportion of Total Assets (%) | Amount at End of Prior Year (RMB) | Proportion of Total Assets (%) | Proportion Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 1,787,209,376.75 | 36.25 | 1,530,074,083.12 | 33.71 | 2.54 | | Accounts Receivable | 831,522,707.15 | 16.87 | 698,196,181.69 | 15.38 | 1.49 | | Inventory | 1,163,684,921.48 | 23.60 | 1,206,096,970.56 | 26.57 | -2.97 | | Fixed Assets | 566,434,096.23 | 11.49 | 568,841,773.23 | 12.53 | -1.04 | | Construction in Progress | 116,207,006.67 | 2.36 | 88,638,464.86 | 1.95 | 0.41 | | Right-of-Use Assets | 97,660,115.55 | 1.98 | 67,032,812.72 | 1.48 | 0.50 | | Short-term Borrowings | 603,902,492.25 | 12.25 | 414,915,040.41 | 9.14 | 3.11 | | Lease Liabilities | 64,894,806.82 | 1.32 | 40,312,992.99 | 0.89 | 0.43 | Major Overseas Asset Information | Specific Asset Content | Asset Scale (RMB) | Location | Operating Model | Profitability (RMB) | Proportion of Overseas Assets to Company's Net Assets (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | GOLABS (Wholly-owned Sub-subsidiary) | 820,506,230.73 | United States | Overseas Sales | 16,433,914.03 | 24.80 | | DENAGO EV (Wholly-owned Sub-subsidiary) | 898,079,970.09 | United States | Overseas Sales | 131,752,031.03 | 27.15 | - The company's total restricted assets at period-end amounted to RMB 392,405,370.06, primarily including pledged or mortgaged monetary funds, fixed assets, intangible assets, and accounts receivable[96] Analysis of Investment Status Investment surged 169.77%, mainly for fundraising projects in special vehicles, smart electric vehicles, and marketing, with good fund utilization and achieved project benefits. Investment Amount During the Reporting Period | Metric | Amount (RMB) | | :--- | :--- | | Investment Amount in Current Period | 79,064,162.89 | | Investment Amount in Prior Period | 29,307,677.73 | | Change Rate | 169.77% | Significant Non-Equity Investments in Progress During the Reporting Period | Project Name | Amount Invested in Current Period (RMB) | Cumulative Actual Investment at End of Reporting Period (RMB) | Project Progress (%) | Cumulative Profit Achieved at End of Reporting Period (RMB) | | :--- | :--- | :--- | :--- | :--- | | Annual Production of 40,000 Large-Displacement Special Vehicles Project | 51,710,309.34 | 159,133,432.09 | 45.47 | Not applicable | | Annual Production of 30,000 Smart Electric Low-Speed Vehicles Project | 13,160,635.80 | 418,311,705.90 | 84.51 | 128,944,152.37 | | Marketing Network Construction Project | 14,176,151.73 | 14,543,254.70 | 32.32 | Not applicable | | Yongkang Production Base Construction Project | 17,066.02 | 17,066.02 | 0.01 | Not applicable | Financial Assets Measured at Fair Value | Asset Category | Period-End Amount (RMB) | Cumulative Investment Income (RMB) | | :--- | :--- | :--- | | Financial Derivatives | 160,047,970.00 | 1,200,487.35 | - Total raised funds RMB 2.0076529 billion, actual net raised funds RMB 1.8652197 billion. As of June 30, 2025, cumulative use of raised funds was RMB 1.5619884 billion, with a utilization rate of 83.74%[104] - Some fundraising projects have achieved expected benefits, such as the "Annual Production of 1 Million Smart Electric Vehicles Project" and the "ATV Smart Manufacturing Improvement Project"[106] - The use of over-raised funds totaling RMB 1.26 billion has been clearly defined for permanently supplementing working capital, repaying bank loans, investing in large-displacement special vehicle and smart electric low-speed vehicle projects, and marketing network construction[109] - Changes occurred in the implementation entities, methods, investment amounts, and internal investment structures of some fundraising projects, such as the "Marketing Network Construction Project" and the "Annual Production of 30,000 Smart Electric Low-Speed Vehicles Project"[109] Wealth Management, Derivative Investments, and Entrusted Loans The company holds RMB 300 million in wealth management and RMB 160.048 million in hedging currency swaps, with no speculative derivatives or entrusted loans. Overview of Wealth Management During the Reporting Period | Specific Type | Source of Wealth Management Funds | Wealth Management Amount (RMB 10,000) | Outstanding Balance (RMB 10,000) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Raised Funds | 25,000 | 25,000 | | Bank Wealth Management Products | Own Funds | 5,000 | 5,000 | | Total | | 30,000 | 30,000 | Derivative Investments for Hedging Purposes During the Reporting Period | Derivative Investment Type | Period-End Amount (RMB 10,000) | Proportion of Period-End Investment to Company's Net Assets (%) | | :--- | :--- | :--- | | Currency Swaps | 16,004.8 | 4.84 | - The company engages in foreign exchange derivative transactions for hedging purposes, effectively mitigating exchange rate fluctuation risks and improving the efficiency of foreign exchange fund utilization[116] - The company has formulated the "Foreign Exchange Hedging Business System" to clearly define operating principles, approval authority, business management, and operating procedures to control risks[117] - The company had no speculative derivative investments or entrusted loans during the reporting period[118][119] Major Asset and Equity Sales The company did not undertake any significant asset or equity sales during the reporting period. - The company did not sell any major assets during the reporting period[120] - The company did not sell any major equity during the reporting period[121] Analysis of Major Holding and Participating Companies Key subsidiaries like GOLABS and DENAGO EV drive overseas sales and profit, with new entities established for market expansion and robotics R&D. Major Subsidiaries and Participating Companies with Over 10% Impact on Company's Net Profit | Company Name | Main Business | Total Assets (RMB 10,000) | Net Assets (RMB 10,000) | Operating Revenue (RMB 10,000) | Net Profit (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | | GOLABS | Sales of smart electric vehicles and other products | 82,050.62 | 62.39 | 34,804.43 | 1,643.39 | | DENAGO EV | Manufacturing and sales of smart electric low-speed vehicles | 89,808.00 | 18,505.71 | 65,044.93 | 13,175.20 | | THUNDERTREK | Sales of ATVs and electric golf carts | 31,295.07 | 5,742.52 | 26,635.35 | 5,768.31 | - Multiple new subsidiaries were established during the reporting period, including TBLAZER (SG)PTE. LTD., TRAILBLAZER VEHICLES(THAILAND) CO.,LTD., ALLTRACK TRADING INC., NO SPEED LIMIT INC., TEKO INC., THUNDERTREK INC., REVEDGE INC., TRANSVOLT INC., CAMPICO INC., DYNO FUTURE INC., and Shanghai Jizhi Intelligent Technology Co., Ltd., and Shenzhen Qixing Biji Trading Co., Ltd. was acquired[123] - Newly established subsidiaries DYNO FUTURE INC. and Shanghai Jizhi Intelligent Technology Co., Ltd. are primarily responsible for the R&D, production, and sales of robots and autonomous vehicles in the US[123] Risks Faced by the Company and Countermeasures The company addresses market competition, exchange rate volatility, trade friction, overseas capacity, and high inventory through R&D, brand building, and global operational strategies. - Risk of intensified market competition: The company will increase R&D investment, strengthen brand building, and improve the refinement of management and operations[125][126] - Risk of exchange rate fluctuations: The company will strengthen research on foreign exchange policies, adjust settlement windows as appropriate, and conduct foreign exchange hedging operations when necessary[127] - Risk of international trade friction: The company will closely monitor domestic and international economic trends, deepen the construction of its global production matrix, enhance product core competitiveness, and expand sales channels[128] - Risk of overseas capacity construction: The company will closely monitor changes in the overseas operating environment, promote localized operational management, optimize the global supply chain layout, and prudently use financial instruments to manage exchange rate risks[129][130] - Risk of large inventory balance: The company will strengthen the accuracy of product sales forecasts, increase market development efforts, improve inventory turnover, and maintain reasonable inventory levels[131] Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period The company engaged institutional investors through various channels, discussing performance, dividends, trade strategies, global capacity, and robotics entry plans. - The company hosted institutional investors multiple times between February and June 2025 through conference calls, online exchanges, and on-site visits[132] - Guests included China Asset Management, Shanghai Juming Investment, Zheshang Securities, CICC Fund, Cathay Fund, E Fund, Fullgoal Fund, etc[132] - Discussion topics covered reasons for company performance growth, strategies for electric golf carts against anti-dumping and countervailing duties, dividend plans, strategies for US tariff increases, progress in overseas capacity construction, performance outlook, and plans for entering the robotics industry[132] Section 4 Corporate Governance, Environment and Society Changes in Directors, Supervisors, and Senior Management No changes occurred in the company's directors, supervisors, or senior management during the reporting period. - The company's directors, supervisors, and senior management did not change during the reporting period[135] Profit Distribution and Capital Reserve Conversion to Share Capital in This Reporting Period The Board approved a H1 2025 profit distribution of RMB 15 cash dividend per 10 shares, totaling RMB 162.95 million, with no share capital increase. H1 2025 Profit Distribution Plan | Metric | Amount | | :--- | :--- | | Dividend per 10 Shares (incl. tax, RMB) | 15 | | Share Capital Base for Distribution Plan (shares) | 108,631,741 | | Cash Dividend Amount (incl. tax, RMB) | 162,947,611.50 | | Proportion of Total Cash Dividend to Total Profit Distribution (%) | 100.00 | - This profit distribution does not involve capital reserve conversion to share capital or bonus shares[136] Implementation of Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company continued its 2023 restricted stock incentive plan, granting new shares, canceling some, and completing the first vesting period for 411,400 shares. - The company approved the "2023 Restricted Stock Incentive Plan (Draft)" on July 2023[137] - In July 2024, the company granted 255,000 reserved restricted shares to 47 incentive recipients at a grant price of RMB 24.16 per share[139] - A total of 3,700 restricted shares granted but not yet vested to 2 departed incentive recipients were canceled[139] - The first vesting period for the 2023 restricted stock incentive plan's initial grant was achieved, and 411,400 shares became tradable on August 28, 2024[140] Environmental Information Disclosure The company and its key subsidiaries are not mandated 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[141] Social Responsibility The company upholds corporate governance, investor rights, employee welfare, environmental protection, and actively engages in social responsibility initiatives. - The company has cumulatively distributed cash dividends totaling RMB 544.5995 million, demonstrating continuous attention to shareholder rights[141] - The company strictly fulfills its information disclosure obligations, communicating with investors through performance briefings, online exchanges, and offline surveys[142] - The company strictly complies with the "Labor Law," pays various social insurances and housing provident funds for employees, and implements a regular physical examination system[143] - The company implements a fair and reasonable compensation and benefits system, and motivates employees through equity incentives[143] - The company vigorously promotes automation upgrades of production equipment, establishes labor unions, enriches employees' extracurricular lives, and enhances employee cohesion[144] - The company strictly complies with national occupational health laws and regulations, conducts annual workplace occupational disease hazard factor monitoring, and provides employees with occupational health examinations and training[144] - The company actively participates in social welfare activities, prioritizes environmental protection, and effectively manages and treats wastewater, exhaust gas, and solid waste generated during production[145] Section 5 Significant Matters Commitments The company had no outstanding or overdue commitments from its actual controller, shareholders, or related parties during the reporting period. - During the reporting period, the company had no commitments from its actual controller, shareholders, related parties, acquirers, or the company itself that were fulfilled or overdue and unfulfilled as of the end of the reporting period[148] Non-operating Fund Occupation by Controlling Shareholder and Other Related Parties No non-operating funds were occupied by the controlling shareholder or other related parties during the reporting period. - During the reporting period, there was no non-operating occupation of listed company funds by the controlling shareholder or other related parties[149] Irregular External Guarantees The company reported no irregular external guarantees during the reporting period. - The company had no irregular external guarantees during the reporting period[150] Appointment and Dismissal of Accounting Firms The company's semi-annual financial report remained unaudited. - The company's semi-annual report was unaudited[151] Litigation Matters The company had no significant litigation or arbitration matters during the reporting period. - The company had no significant litigation or arbitration matters during this reporting period[153] Penalties and Rectification The company reported no penalties or rectification situations during the reporting period. - The company had no penalties or rectification situations during the reporting period[154] Integrity Status The company, its controlling shareholder, and actual controller maintained good integrity, with no unfulfilled judgments or overdue debts. - The company, its controlling shareholder, and actual controller had no unfulfilled court judgments or large overdue debts at maturity during the reporting period[155] Significant Related Party Transactions The company had a significant related party property lease transaction of USD 9.1606 million but no other major related party asset, equity, or debt dealings. Related Party Transactions Related to Daily Operations | Related Party | Related Party Transaction Content | Related Party Transaction Amount (USD 10,000) | Proportion of Similar Transactions (%) | Approved Transaction Limit (USD 10,000) | | :--- | :--- | :--- | :--- | :--- | | 2201 LUNA ROAD,LLC | Property Lease | 916.06 | 30.89 | 123 | - The company had no related party transactions involving asset or equity acquisition or disposal during the reporting period[156] - The company had no related party transactions involving joint external investments during the reporting period[157] - The company had no related party creditor-debtor relationships during the reporting period[158] - The company had no deposits, loans, credit lines, or other financial business with related financial companies or financial companies controlled by the company and its related parties[159][160] Major Contracts and Their Performance The company incurred RMB 29.6514 million in facility leasing expenses across various locations, with no other significant contracts or guarantees. - During the reporting period, the company leased factory buildings, warehouses, and office buildings in the United States, Canada, Vietnam, Shenzhen (Guangdong), and Yongkang (Zhejiang) for production, operations, and warehousing, incurring total leasing expenses of RMB 29.6514 million[164] - The company earned rental income of RMB 1.6008 million from leasing out factory rooftops, transportation vehicles, and equipment[164] - The company had no significant guarantee situations during the reporting period[165] - The company had no other major contracts during the reporting period[168] Section 6 Share Changes and Shareholder Information Share Changes Total share capital decreased to 108,631,741 shares due to repurchased share cancellation, and a former director's restricted shares became unrestricted. Share Changes | Share Type | Quantity Before Change (shares) | Proportion Before Change (%) | Increase/Decrease in This Change (shares) | Quantity After Change (shares) | Proportion After Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 79,948,000 | 72.85 | -12,000 | 79,936,000 | 73.58 | | II. Unrestricted Shares | 29,797,000 | 27.15 | -1,101,259 | 28,695,741 | 26.42 | | III. Total Shares | 109,745,000 | 100.00 | -1,113,259 | 108,631,741 | 100.00 | - After former director Wu Guoqiang's departure, his 12,000 restricted shares converted to unrestricted shares[174] - The company completed the cancellation of 1,113,259 repurchased shares, leading to a decrease in total share capital[174] - Based on the changed share capital, H1 2025 basic earnings per share were RMB 3.15, diluted earnings per share were RMB 3.14, and net assets per common share attributable to the company's shareholders were RMB 30.45 per share[174] Changes in Restricted Shares Restricted shares slightly decreased due to a former director's release, while major shareholders' restricted holdings remained unchanged. Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Restricted Shares Released in Current Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | Proposed Release Date | | :--- | :--- | :--- | :--- | :--- | :--- | | Zhejiang Zhongtao Investment Co., Ltd. | 45,000,000 | 0 | 45,000,000 | Pre-IPO restricted shares | September 21, 2026 | | Cao Matao | 28,500,000 | 0 | 28,500,000 | Pre-IPO restricted shares | September 21, 2026 | | Wu Guoqiang | 12,000 | 12,000 | 0 | Senior management restricted shares | April 2025 | - Former director Mr. Wu Guoqiang's 12,000 senior management restricted shares became tradable in April 2025 due to the expiration of his term[178] Number of Shareholders and Shareholding Information The company had 5,892 common shareholders, with Zhejiang Zhongtao Investment and Cao Matao as controlling shareholders, holding 41.42% and 26.24% respectively. - Total number of common shareholders at the end of the reporting period was 5,892[180] Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion (%) | Shareholding Quantity at End of Reporting Period (shares) | Quantity of Restricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | | Zhejiang Zhongtao Investment Co., Ltd. | Domestic Non-State-Owned Legal Person | 41.42 | 45,000,000 | 45,000,000 | | Cao Matao | Domestic Natural Person | 26.24 | 28,500,000 | 28,500,000 | | Jinyun Zhongjiu Investment Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 3.54 | 3,850,000 | 3,850,000 | | Cao Xiashu | Domestic Natural Person | 1.38 | 1,500,000 | 1,500,000 | | Donghai Securities - ICBC - Donghai Securities ChiNext Taotao Vehicles No. 1 Strategic Placement Collective Asset Management Plan | Other | 1.32 | 1,439,001 | 0 | | Shanghai Geru Private Equity Fund Management Co., Ltd. - Geru Chieftain No. 1 Private Equity Investment Fund | Other | 0.96 | 1,037,700 | 0 | - Cao Matao directly holds 90.89% of Zhongtao Investment and is the sole general partner and executive partner of Zhongjiu Investment; Cao Xiashu is Cao Matao's sister and holds 100% equity in Zhongbang Investment[182] Changes in Shareholdings of Directors, Supervisors, and Senior Management No changes occurred in the shareholdings of the company's directors, supervisors, or senior management during the reporting period. - The company's directors, supervisors, and senior management had no changes in shareholdings during the reporting period[184] Changes in Controlling Shareholder or Actual Controller The company's controlling shareholder and actual controller remained unchanged during the reporting period. - The company's controlling shareholder did not change during the reporting period[185] - The company's actual controller did not change during the reporting period[185] Section 7 Bond-Related Information Bond-Related Information The company reported no bond-related activities during the reporting period. - The company had no bond-related situations during the reporting period[188] Section 8 Financial Report Audit Report The company's semi-annual financial report was not subject to an audit. - The company's semi-annual financial report was unaudited[190] Financial Statements This chapter presents the H1 2025 consolidated and parent company financial statements, including balance sheets, income statements, and cash flow statements. - Financial statements include the consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated cash flow statement, parent company cash flow statement, consolidated statement of changes in owners' equity, and parent company statement of changes in owners' equity[191][196][201][204][206][210][212][222] Consolidated Balance Sheet As of June 30, 2025, consolidated assets totaled RMB 4.93 billion, liabilities RMB 1.62 billion, and equity RMB 3.31 billion, with shifts in current assets and liabilities. Major Data from Consolidated Balance Sheet | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | Total Assets | 4,929,974,743.61 | 4,538,588,836.36 | | Total Liabilities | 1,621,742,003.91 | 1,357,762,503.18 | | Total Owners' Equity | 3,308,232,739.70 | 3,180,826,333.18 | | Monetary Funds | 1,787,209,376.75 | 1,530,074,083.12 | | Accounts Receivable | 831,522,707.15 | 698,196,181.69 | | Inventory | 1,163,684,921.48 | 1,206,096,970.56 | | Short-term Borrowings | 603,902,492.25 | 414,915,040.41 | | Notes Payable | 136,909,754.36 | 126,265,370.07 | Consolidated Income Statement In H1 2025, total operating revenue reached RMB 1.713 billion, up 23.19%, with net profit of RMB 342 million, up 88.04%. Major Data from Consolidated Income Statement | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 1,713,293,159.57 | 1,390,741,240.93 | | Total Operating Costs | 1,298,922,730.61 | 1,153,225,039.01 | | Total Profit | 402,863,862.70 | 236,086,524.36 | | Net Profit | 342,220,383.31 | 181,993,998.22 | | Net Profit Attributable to Parent Company Shareholders | 342,216,741.16 | 181,993,998.22 | | Basic Earnings Per Share (RMB/share) | 3.15 | 1.66 | | Diluted Earnings Per Share (RMB/share) | 3.14 | 1.66 | Consolidated Cash Flow Statement H1 2025 operating cash flow was RMB 487 million, up 69.36% due to increased sales, with negative investing and positive financing cash flows. Major Data from Consolidated Cash Flow Statement | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 487,079,592.22 | 287,600,404.31 | | Net Cash Flow from Investing Activities | -69,202,304.98 | -50,265,050.51 | | Net Cash Flow from Financing Activities | 4,133,129.38 | 5,550,856.46 | | Net Increase in Cash and Cash Equivalents | 426,890,556.15 | 249,764,915.21 | | Period-End Balance of Cash and Cash Equivalents | 1,670,093,086.36 | 2,049,467,343.54 | Company's Basic Information Zhejiang Taotao Vehicles Co., Ltd., established in 2015 and listed in 2023, specializes in electric vehicles and ATVs, with H1 2025 financial statements approved. - The company was registered on September 24, 2015, listed on the Shenzhen Stock Exchange in March 2023, with a registered capital of RMB 108,631,741.00[229] - Its main business involves the R&D, production, and sales of electric golf carts, e-bikes, electric scooters, electric balance bikes, ATVs, off-road motorcycles, and their accessories and supplies[229] - These financial statements were approved for external release by the company's Eighth Meeting of the Fourth Board of Directors on August 25, 2025[229] Basis of Preparation of Financial Statements The financial statements are prepared on a going concern basis, with no significant doubts about the company's ability to continue operations. - The company's financial statements are prepared on a going concern basis[231] - There are no matters or circumstances that would cause significant doubt about the company's ability to continue as a going concern for 12 months from the end of the reporting period[232] Significant Accounting Policies and Estimates The company applies specific accounting policies and estimates for financial instruments, inventory, fixed assets, and revenue recognition, adhering to accounting standards. - The company's financial statements comply with enterprise accounting standards, accurately and completely reflecting its financial position, operating results, and cash flows[234] - The accounting year is from January 1 to December 31 of the Gregorian calendar, and this reporting period is from January 1, 2025, to June 30, 2025[235] - The company and its domestic subsidiaries use RMB as their bookkeeping currency, while overseas subsidiaries use the currency of their primary operating economic environment as their bookkeeping currency[237] - Financial assets are classified into three categories: measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in current profit or loss[246] - Accounts receivable and contract assets adopt a simplified measurement method, measuring loss provisions based on the expected credit loss amount over the entire lifetime[262] - Inventory is measured at the lower of cost and net realizable value, and inventory issued is accounted for using the weighted average method at month-end[276] - Fixed asset depreciation is calculated using the straight-line method, with depreciation periods of 25-39 years for buildings and structures, and 8-10 years for machinery and equipment[293] - Intangible assets include land use rights, software, and network domain names; those with finite useful lives are amortized using the straight-line method, while those with indefinite useful lives are not amortized[300] - Revenue recognition principle is to recognize revenue when the customer obtains control of the related goods or services, and to measure revenue based on the transaction price allocated to each performance obligation[319][320] Taxation The company is subject to various taxes, including VAT and corporate income tax, and benefits from high-tech and small enterprise tax incentives. Major Tax Types and Rates | Tax Type | Tax Rate | | :--- | :--- | | Value-Added Tax (VAT) | Domestic companies 13%; Canada 3%-15%; Germany 19%; UK/France 20%; Vietnam 10%; US none | | Consumption Tax | 10% (Japan) | | Urban Maintenance and Construction Tax | 5%, 7% | | Corporate Income Tax | Parent company 15%; US federal 21%, varying by state; Canada 26.50%; Japan 15%/23.20%; Netherlands 20%/25%; Hong Kong 8.25%/16.50%; Singapore 17%; Vietnam 20% (tax-exempt for first 4 years, then half for subsequent 9 years); Thailand 20% | | Customs Duties | Levied according to specific tariff rates of each importing country | | US Sales Tax | 8.25% (Texas) | | Property Tax | Domestic companies 12%/1.2%; US companies 1%-3% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | - The company was recognized as a high-tech enterprise in Zhejiang Province in 2023, enjoying a 15% preferential corporate income tax rate from 2023 to 2025[335] - Subsidiary Shenzhen Baike was recognized as a high-tech enterprise in Shenzhen in 2022, enjoying a 15% preferential corporate income tax rate from 2022 to 2024[335] - Subsidiaries Taotao Import & Export, Taotao E-commerce, Taotao Zhixing, Qixing Baike, and Jizhi Intelligent meet the criteria for small and micro-profit enterprises, paying corporate income tax at preferential rates[336] - The company enjoys tax incentives for R&D expenses and additional deductions for wages of disabled employees[336] - Subsidiary Taotao Technology is eligible for VAT reduction and exemption policies for employing people from poverty[336] Notes to Consolidated Financial Statement Items This chapter details period-end and period-beginning balances and changes for major consolidated financial statement items, including cash, receivables, inventory, and revenue. - Monetary funds period-end balance RMB 1.787 billion, with RMB 764 million deposited overseas[339] - Accounts receivable period-end balance RMB 832 million, with 99.72% aged within 1 year[355][357] - Inventory period-end book value RMB 1.164 billion, primarily composed of finished goods, raw materials, and work-in-progress[435] - Fixed assets period-end book value RMB 566 million, mainly comprising buildings and structures and machinery equipment[494] - Short-term borrowings period-end balance RMB 604 million, primarily including pledged loans, mortgaged loans, and credit loans[545] - Operating revenue for the current period RMB 1.713 billion, operating cost RMB 1.028 billion, with main business revenue accounting for 99.75%[637] - Net cash flow from operating activities RMB 487 million, primarily due to increased cash received from sales of goods and provision of services[692] R&D Expenses Total R&D expenditure was RMB 48.2149 million, down 11.00% due to lower material costs, with all expenses recognized in profit or loss. R&D Expense Composition | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Employee Compensation | 23,457,093.70 | 19,821,294.02 | | Direct Materials | 17,427,645.11 | 26,402,744.10 | | Share-based Payment Expenses | 1,476,251.28 | 2,248,138.62 | | Product Design Fees | 1,340,108.33 | 1,008,380.07 | | Depreciation and Amortization | 817,085.23 | 792,257.64 | | Technical Service Fees | 764,741.51 | 1,100,106.18 | | Other | 2,931,950.43 | 2,801,021.12 | | Total | 48,214,875.59 | 54,173,941.75 | | Of which: Expensed R&D Expenditure | 48,214,875.59 | 54,173,941.75 | - Current period R&D investment decreased by 11.00% year-on-year, primarily due to a decrease in R&D materials[86] - All R&D expenditures were expensed and recognized in current profit or loss, with no R&D projects meeting capitalization criteria[720][722] Changes in Consolidation Scope The company expanded its consolidation scope by establishing new subsidiaries and acquiring Shenzhen Qixing Biji Trading Co., Ltd. to broaden its market reach. - During the reporting period, the company expanded its consolidation scope through the establishment of new subsidiaries and acquisitions[739] - Newly established subsidiaries include ALLTRACK TRADING INC., NO SPEED LIMIT INC., TEKO INC., THUNDERTREK INC., REVEDGE INC., TRANSVOLT INC., CAMPICO INC., DYNO FUTURE INC., TBLAZER(SG)PTE.LTD., TRAILBLAZER VEHICLES (THAILAND) CO.,LTD., and Shanghai Jizhi Intelligent Technology Co., Ltd[739] - Shenzhen Qixing Biji Trading Co., Ltd. was acquired, with an equity acquisition cost of RMB 10,000.00[724] - The company had no goodwill arising from business combinations not under common control during the reporting period[727] Interests in Other Entities The company holds 100% equity in numerous subsidiaries across various countries, engaged in commercial and manufacturing activities, with unchanged ownership interests. - The company owns multiple wholly-owned subsidiaries and sub-subsidiaries, including TAO MOTOR INC., GOLABS INC., and VELOZ POWERSPORTS INC[741] - Subsidiaries' main operating and registered locations are in the United States, Canada, Japan, Netherlands, Hong Kong, Singapore, and Vietnam, among others[741][742][709][710] - The company holds 100% equity in its subsidiaries, with business natures covering commercial and manufacturing sectors[741][742] - During the reporting period, the company's ownership interest in its subsidiaries did not change, and it continues to control them[759] Government Grants The company received RMB 2.5037 million in income-related government grants and RMB 0.5494 million in asset-related grants, with no receivable grants. Liability Items Involving Government Grants | Accounting Account | Period-Beginning Balance (RMB) | Amount Recognized in Other Income in Current Period (RMB) | Period-End Balance (RMB) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 17,954,251.82 | 549,437.88 | 17,404,813.94 | Asset Related | Government Grants Recognized in Current Profit or Loss | Source of Other Income | Current Period Amount (RMB) | | :--- | :--- | | Income-related Government Grants | 2,503,687.46 | | Total | 2,503,687.46 | - The company has no government grants recognized at receivable amounts that require disclosure[778] Risks Related to Financial Instruments The company manages credit, liquidity, and market risks (interest rate and foreign exchange) through credit assessment, financing optimization, and hedging strategies. - The company faces credit risk, liquidity risk, and market risk (interest rate risk and foreign exchange risk)[782][796] - Credit risk is managed through regular credit assessments, monitoring of accounts receivable balances, and depositing monetary funds with financial institutions with high credit ratings[783][789][790] - Liquidity risk is controlled by comprehensively utilizing various financing methods such as bill settlement and bank borrowings, and by appropriately combining long-term and short-term financing methods[793] Financial Liabilities Classified by Remaining Maturity (Period-End) | Item | Book Value (RMB) | Undiscounted Contract Amount (RMB) | Within 1 Year (RMB) | | :--- | :--- | :--- | :--- | | Bank Borrowings | 611,164,732.47 | 612,643,494.94 | 612,643,494.94 | | Accounts Payable | 572,156,615.00 | 572,156,615.00 | 572,156,615.00 | | Notes Payable | 136,909,754.36 | 136,909,754.36 | 136,909,754.36 | | Lease Liabilities | 101,929,926.94 | 108,953,834.20 | 40,763,537.70 | | Other Payables | 9,669,031.58 | 9,669,031.58 | 9,669,031.58 | | Subtotal | 1,431,830,060.35 | 1,440,332,730.08 | 1,372,142,433.58 | - Foreign exchange risk is primarily related to foreign currency monetary assets and liabilities; the company will buy and sell foreign currencies at market exchange rates when necessary to ensure net risk exposure remains at an acceptable level[796] - The company conducts accounts receivable factoring business without derecognition, retaining almost all risks and rewards[801] Disclosure of Fair Value Period-end assets measured at fair value are primarily derivative financial assets, valued using Level 2 fair value measurement based on forward contract rates. Period-End Fair Value of Assets and Liabilities Measured at Fair Value | Item | Level 2 Fair Value Measurement (RMB) | Total (RMB) | | :--- | :--- | :--- | | Derivative Financial Assets | 704,659.67 | 704,659.67 | - The fair value of derivative financial assets is determined by the present value of the difference between the forward contract's agreed delivery exchange rate and the market forward exchange rate quotation at the balance sheet date[808] - The company has no Level 3 items measured at fair value, nor has there been any change in valuation techniques[809][812] Related Parties and Related Party Transactions Zhejiang Zhongtao Investment and Cao Matao are controlling parties; the company engaged in catering and property leasing with related parties, with key management compensation of RMB 2.2267 million. - The company's controlling shareholder is Zhejiang Zhongtao Investment Co., Ltd., and the actual controller is Cao Matao[815] - Other related parties include 2201 LUNA ROAD, LLC (an enterprise jointly controlled by actual controller Cao Matao and his spouse) and Hangzhou Musk Trading Co., Ltd. (an enterprise controlled by actual controller Cao Matao's spouse's brother)[818] Related Party Transactions for Purchase and Sale of Goods/Acceptance of Services | Related Party | Related Party Transaction Content | Current Period Amount (RMB) | | :--- | :--- | :--- | | Chen Wei | Catering Services | 72,832.71 | Related Leases Where the Company is the Lessee | Lessor Name | Type of Leased Asset | Current Period Amount (RMB) | | :--- | :--- | :--- | | 2201 LUNA ROAD | Property | 9,160,626.74 | Key Management Personnel Compensation | Item | Current Period Amount (RMB) | | :--- | :--- | | Key Management Personnel Compensation | 2,226,728.73 | - During this period, company employees consumed RMB 1,670,799.66 in meal expenses at the employee canteen contracted by related party Chen Wei, which was collected and paid by the company on their behalf[839] Share-based Payment The 2023 restricted stock incentive plan has three vesting periods based on performance, with RMB 5.2029 million in equity-settled share-based payment expenses recognized. - The company approved the "Proposal on Granting Restricted Shares to Incentive Recipients for the First Time" on August 2, 2023; the granted restricted shares can be exercised in three tranches at ratios of 40%, 30%, and 30% over 48 months, provided vesting conditions are met after 12 months from the grant date[848] - The main performance assessment targets are that the operating revenue or net profit growth rate for 2023, 2024, and 2025 shall not be less than 12%, 32%, and 56% respectively, based on 2022 figures[848] - The fair value of equity instruments on the grant date was determined using the Black-Scholes model[850] Current Period Share-based Payment Expenses | Category of Grantee | Equity-Settled Share-based Payment Expense (RMB) | | :--- | :--- | | Management Personnel | 2,497,217.82 | | R&D Personnel | 1,476,251.28 | | Sales Personnel | 1,176,606.24 | | Production Personnel | 52,866.36 | | Total | 5,202,941.70 | Commitments and Contingencies As of the balance sheet date, the company had no significant commitments or contingencies requiring disclosure. - As of the balance sheet date, the company had no significant commitments requiring disclosure[855] - As of the balance sheet date, the company had no significant contingencies requiring disclosure[856][857] Events After the Balance Sheet Date The Board approved a H1 2025 profit distribution of RMB 15 cash dividend per 10 shares, with no other significant post-balance sheet events. Profit Distribution Information | Item | Amount | | :--- | :--- | | Proposed Dividend per 10 Shares (RMB) | 15 | | Approved and Declared Dividend per 10 Shares (RMB) | 15 | | Profit Distribution Plan | It is proposed to distribute a cash dividend of RMB 15 (including tax) per 10 shares to all shareholders, based on a total share capital of 108,631,741 shares, totaling RMB 162,947,611.50 (including tax), with no capital reserve conversion to share capital or bonus shares. | - The company had no important non-adjusting events or sales returns[859][861] Other Significant Matters The company reported no prior period accounting error corrections or other major events, and disclosed financial information by geographical segments. - The company had no prior period accounting error corrections, debt restructurings, asset exchanges, annuity plans, or discontinued operations during the reporting period[863][865][866][868][869] - The company determines its reporting segments based on geographical divisions, with operating revenue and operating costs allocated by the final sales location, and assets and liabilities allocated by the operating entity's location[871] Financial Information by Reporting Segment | Item | Domestic (RMB) | Overseas (RMB) | Inter-segment Elimination (RMB) | Total (RMB) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 982,900,412.47 | 2,018,148,376.96 | -1,287,755,629.86 | 1,713,293,159.57 | | Operating Cost | 790,460,676.70 | 1,608,255,883.77 | -1,370,630,355.78 | 1,028,086,204.69 | | Total Assets | 4,596,532,711.69 | 4,707,168,566.34 | -4,373,726,534.42 | 4,929,974,743.61 | | Total Liabilities | 1,333,577,401.98 | 3,410,041,858.66 | -3,121,877,256.73 | 1,621,742,003.91 | Notes to Parent Company Financial Statement Items This chapter details period-end and period-beginning balances and changes for major parent company financial statement items, including receivables, investments, and revenue. - Parent company accounts receivable period-end balance RMB 1.911 billion, with 72.14% aged within 1 year[878] - Parent company other receivables period-end balance RMB 88.2378 million, primarily intercompany balances[908] - Parent company long-term equity investments period-end book value RMB 655 million, mainly investments in subsidiaries[923]