快可电子(301278) - 2025 Q2 - 季度财报

Part I. Important Notice, Table of Contents, and Definitions Important Notice The company's board, supervisory board, and senior management guarantee the report's accuracy and completeness, and declare no cash dividends, bonus shares, or capital increase from capital reserves - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, free from false records, misleading statements, or major omissions[3] - Company head Duan Zhenggang, chief accountant Xu Shaodong, and head of accounting department Xu Shaodong declare the financial report is true, accurate, and complete[3] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[4] Table of Contents This report's table of contents clearly lists all chapters, including important notices, company profile, management discussion, and financial reports - The main chapters of the report include: Part I Important Notice, Table of Contents, and Definitions; Part II Company Profile and Key Financial Indicators; Part III Management Discussion and Analysis; Part VIII Financial Report[6] Definitions This section defines common terms, including company names, agencies, reporting period, and product descriptions, ensuring accurate report understanding - Full company name: Suzhou Quick Connect Photovoltaic Electronics Co., Ltd., abbreviation: Quick Connect Electronics[10] - Reporting period: January 1, 2025 to June 30, 2025[10] - Main products include solar PV module junction boxes, smart solar PV junction boxes, and PV connectors, used for connection and protection in PV systems[10] Part II. Company Profile and Key Financial Indicators I. Company Profile Suzhou Quick Connect Photovoltaic Electronics Co., Ltd. (stock code: 301278) is listed on the Shenzhen Stock Exchange, with Duan Zhenggang as its legal representative - Stock abbreviation: Quick Connect Electronics, stock code: 301278, listed on: Shenzhen Stock Exchange[12] - Company Chinese name: Suzhou Quick Connect Photovoltaic Electronics Co., Ltd., legal representative: Duan Zhenggang[12] II. Contact Persons and Information The company disclosed contact information for Board Secretary Wang Xinlin and Securities Affairs Representative Ji Huafeng, including address, phone, fax, and email - Board Secretary: Wang Xinlin, Securities Affairs Representative: Ji Huafeng[13] - Contact address: No. 31 Xinfa Road, Suzhou Industrial Park, phone: 0512-62603393, email: zq01@qc-solar.com.cn[13] III. Other Information During the reporting period, there were no changes in the company's contact information, information disclosure, or registration details, as referenced in the 2024 annual report - The company's registered address, office address, website, and email address remained unchanged during the reporting period[14] - Information disclosure and document storage locations remained unchanged during the reporting period[15] - The company's registration status remained unchanged during the reporting period[16] IV. Key Accounting Data and Financial Indicators Revenue and net profit significantly decreased year-on-year, with operating cash flow turning negative, primarily due to intensified industry competition Comparison of Key Accounting Data and Financial Indicators for the Current Period and Prior Year | Indicator | Current Period (Yuan) | Prior Year (Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 471,141,740.55 | 546,641,280.77 | -13.81% | | Net Profit Attributable to Shareholders of Listed Company | 13,176,937.88 | 69,902,018.27 | -81.15% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | 6,454,501.36 | 61,766,557.77 | -89.55% | | Net Cash Flow from Operating Activities | -57,063,028.41 | 191,473,140.20 | -129.80% | | Basic Earnings Per Share (Yuan/share) | 0.15 | 0.84 | -82.14% | | Diluted Earnings Per Share (Yuan/share) | 0.15 | 0.84 | -82.14% | | Weighted Average Return on Net Assets | 0.99% | 5.72% | -4.73% | | Total Assets | 1,944,652,847.14 | 1,701,798,004.15 | 14.27% | | Net Assets Attributable to Shareholders of Listed Company | 1,416,268,192.53 | 1,265,168,689.94 | 11.94% | V. Differences in Accounting Data Under Domestic and Overseas Accounting Standards During the reporting period, there were no differences in net profit and net assets between financial reports prepared under international or overseas accounting standards and Chinese accounting standards - The company's financial reports for the reporting period show no differences in net profit and net assets between International Accounting Standards and Chinese Accounting Standards[18] - The company's financial reports for the reporting period show no differences in net profit and net assets between overseas accounting standards and Chinese Accounting Standards[19] VI. Non-Recurring Gains and Losses Items and Amounts Non-recurring gains and losses totaled 6.72 million Yuan, primarily from fair value changes in financial assets and government grants, offset by non-current asset disposal losses and non-operating expenses Non-Recurring Gains and Losses Items and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | -266,427.19 | | Government grants recognized in current profit or loss | 249,827.78 | | Gains or losses from changes in fair value of financial assets and liabilities, and investment income from disposal of financial assets and liabilities, excluding effective hedge accounting related to normal business operations | 8,099,283.49 | | Gains or losses from debt restructuring | 59,037.11 | | Other non-operating income and expenses apart from the above | -225,286.42 | | Less: Income tax impact | 1,193,998.25 | | Total | 6,722,436.52 | - The company has no other profit or loss items that meet the definition of non-recurring gains and losses[22] - The company does not classify non-recurring gains and losses as recurring gains and losses[23] Part III. Management Discussion and Analysis I. Principal Business Activities During the Reporting Period The company focuses on R&D, production, and sales of PV junction boxes and connectors for solar PV modules and power stations, serving global customers despite intensified industry competition - The company primarily engages in the R&D, production, and sales of PV junction boxes and PV connectors, positioning itself as a high-tech enterprise in the new energy sector for electrical protection and connection of solar PV modules and power stations[25] - In the first half of 2025, China's PV installed capacity reached 212.21 GW, a 107% year-on-year increase, but overcapacity and slowing demand in the PV industry intensified competition and led to declining product prices[25] - The company's customers include mainstream PV module manufacturers such as Trina Solar and JA Solar, with a sales network covering multiple domestic provinces and overseas countries[25] (I) Industry Development Overview China's PV industry saw strong policy support and significant installation growth in the reporting period, but overcapacity and price declines led to profit pressure for enterprises - China's policy support for the solar PV industry has steadily increased, driving the industry towards high-end, intelligent, and green development[25] - The PV industry chain experienced overcapacity coupled with slowing demand growth, intensifying competition across all segments, leading to continuous product price declines and sustained pressure on PV enterprises' profitability[25] - In the first half of 2025, China's PV installed capacity reached 212.21 GW, a 107% year-on-year increase[25] (II) Principal Business The company specializes in R&D, production, and sales of PV junction boxes and connectors for solar PV modules and power stations, aiming to provide safe, reliable, and efficient products - The company consistently focuses on the electrical protection and connection of solar PV modules and power stations within the new energy industry[25] - Primarily engaged in the R&D, production, and sales of PV junction boxes and PV connectors[25] - The company is committed to continuously providing customers with safe, reliable, and efficient PV junction box and connector series products that integrate current transmission, bypass protection, and connection for PV cell modules[25] (III) Main Products and Applications The company offers a diverse range of PV junction boxes and connectors, including smart and specialized types, along with cables, featuring technical advantages in current/voltage capacity, weather resistance, and smart protection - Main products include general junction boxes (integrated hollow type, potted type, split potted type), module junction boxes (PV module junction boxes, module-like center diode junction boxes, negative integrated junction boxes), and smart junction boxes (optimizers, rapid shutdown)[26][27] - Connector products include QC4.10 series, QC4.3 series, AC series, T-branch connectors, fuse connectors, micro-inverter connectors, and energy storage connectors[27][28] - The company's products possess technical advantages in current and voltage carrying capacity, weather resistance, and smart protection, making it an important partner for mainstream PV module manufacturers both domestically and internationally[28] (IV) Business Model The company operates on an "order-driven procurement with supplementary stocking" model, "production-to-order" manufacturing, and direct sales to domestic and international PV module manufacturers - The procurement model is primarily order-driven, supplemented by reasonable stock procurement, with a strict supplier evaluation system and qualified supplier list in place[29] - The production model is based on sales orders, combining automated (injection molding, connector manufacturing), semi-automated (junction box assembly), and modular (special processes) methods[31] - The sales model is direct sales, with customers primarily being PV module manufacturers, and a sales network covering North China, East China, South China, Northwest China, as well as overseas countries and regions such as South Korea, India, Vietnam, Germany, Spain, Egypt, and the United States[32][33] (V) Market Position The company maintains a leading market share among domestic PV connector manufacturers, leveraging diverse products, continuous innovation, and strong technical advantages to secure long-term partnerships with mainstream PV module clients - The company has developed over ten series of junction box and connector products, possessing technical advantages in current and voltage carrying capacity, weather resistance, and smart protection[34] - The company's customers include mainstream PV module manufacturers such as Trina Solar, JA Solar, Aiko Solar, and Tongwei Co., Ltd., both domestically and internationally[34] - The company has an extensive sales network and is one of the enterprises with strong competitive advantages in its niche market[34] (VI) Performance Drivers Sales revenue and net profit significantly declined year-on-year, primarily due to intensified PV industry competition and decreasing gross profit margins - During the reporting period, the company achieved sales revenue of 471.14 million Yuan, a 13.81% decrease compared to the same period last year[35] - Net profit reached 13.18 million Yuan, an 81.15% decrease compared to the same period last year[35] - The decline in performance was mainly due to intensified competition in the PV industry and a decrease in the gross profit margin of main products[35] II. Analysis of Core Competencies The company's core competencies include strong R&D and manufacturing capabilities, stringent quality control, a comprehensive global sales network, and rapid customer demand-to-product conversion ability - The company has over 60 technical R&D personnel and more than 190 patent intellectual property rights, demonstrating strong R&D and innovation capabilities[37] - The company operates five production bases with a total area exceeding 82,000 square meters, and has established a CNAS-accredited "PV Connector Product Testing Center" along with German TÜV SÜD and US UL witness laboratories, ensuring strong manufacturing and quality assurance capabilities[38] - The company's sales network spans multiple countries and regions globally, holding a leading market share among major domestic PV connector manufacturers, and is capable of providing timely customized services to clients[40][41][42] (I) Technological Advantages The company invests heavily in R&D, boasts over 60 R&D personnel and 190 patents, and operates five production bases with automated lines and a CNAS-accredited testing center, ensuring robust manufacturing and quality - The company employs over 60 technical R&D personnel and has obtained more than 190 patent intellectual property rights, demonstrating strong R&D and innovation capabilities[37] - The company operates five production bases in Suzhou, Nantong, Huai'an, Van Trung Industrial Park in Bac Giang, Vietnam, and Texas, USA, with a total area exceeding 82,000 square meters[38] - The company has established a "PV Connector Product Testing Center," accredited by CNAS, German TÜV SÜD, and US UL witness laboratories, ensuring product performance meets world-class standards[38] (II) Product Quality Advantages The company prioritizes product quality, with mainstream products certified by German TÜV and US UL, adhering to ISO management systems, and continuously improving design for superior mechanical, electrical, and durability performance - The company's mainstream products are certified by German TÜV and US UL, and in 2008, it obtained ISO9001, ISO14001, and ISO45001 quality, environmental, and occupational health management system certifications[39] - The company continuously improves product mechanical and electrical performance and service life through ongoing enhancements in core component materials, processing technology, circuit layout design, and structural design[39] - The company's product designs are original and advanced, featuring high safety, structural stability, excellent weather resistance, high sealing and waterproofing, high current and voltage carrying capacity, and good heat dissipation[39] (III) Sales Advantages The company boasts a comprehensive domestic and international sales network with a leading market share, leveraging an R&D-marketing synergy to offer customized services and strengthen market control - The company's sales network covers multiple provinces, municipalities, and autonomous regions in North China, East China, South China, and Northwest China, with products widely used in countries and regions such as South Korea, India, Vietnam, Germany, Spain, Egypt, and the United States[40] - The company holds a leading market share among major domestic PV connector manufacturers and emphasizes product quality control and after-sales service to ensure a stable customer base[40] - The company adopts an R&D and marketing-driven model, engaging in project cooperation and technical exchanges with solar cell module manufacturers to provide customized services and enhance market control capabilities[41] (IV) Strong Ability to Translate Customer Needs into Products Facing intense competition and diverse customer demands in the PV industry, the company's experienced R&D team can quickly optimize designs and launch stable, customized products - The PV industry faces intense competition, and downstream module customers have differentiated product design requirements[42] - Relying on its R&D team cultivated over many years, the company can optimize design solutions based on customer product characteristics[42] - The company can promptly launch products that meet diverse customer needs and offer stable performance[42] III. Analysis of Principal Business Principal business revenue decreased by 13.81%, and net profit by 81.15%, primarily due to intensified PV industry competition and declining gross profit margins, with junction boxes remaining the main revenue source Year-on-Year Changes in Key Financial Data | Indicator | Current Period (Yuan) | Prior Year (Yuan) | YoY Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 471,141,740.55 | 546,641,280.77 | -13.81% | | | Operating Cost | 432,860,608.50 | 438,078,851.01 | -1.19% | | | Selling Expenses | 3,178,832.73 | 4,396,635.33 | -27.70% | | | Administrative Expenses | 13,018,071.75 | 12,513,484.15 | 4.03% | | | Financial Expenses | -992,598.23 | -4,426,530.66 | -77.58% | Primarily due to relatively stable exchange rates during the reporting period | | Income Tax Expense | 2,018,720.63 | 11,817,895.85 | -82.92% | Primarily due to lower profit this period leading to reduced income tax payments | | R&D Investment | 13,436,507.71 | 22,557,978.80 | -40.44% | Primarily due to delays in important R&D projects during the reporting period | | Net Cash Flow from Operating Activities | -57,063,028.41 | 191,473,140.20 | -129.80% | Primarily due to declining operating profit during the reporting period | | Net Cash Flow from Investing Activities | -134,530,708.09 | -241,988,635.92 | -44.41% | Primarily due to reduced investment activities resulting from lower profit during the reporting period | | Net Cash Flow from Financing Activities | 194,805,950.61 | -26,318,222.13 | -840.19% | Primarily due to completion of private placement financing during the reporting period | | Net Increase in Cash and Cash Equivalents | 4,402,325.21 | -72,908,256.81 | -106.04% | Primarily due to reduced investment activities during the reporting period | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (10,000 Yuan) | Operating Cost (10,000 Yuan) | Gross Profit Margin (%) | YoY Change in Operating Revenue (%) | YoY Change in Operating Cost (%) | YoY Change in Gross Profit Margin (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Junction Boxes | 39,171.42 | 36,903.15 | 5.79% | -3.86% | 8.37% | -10.63% | | Connectors | 5,653.58 | 4,498.89 | 20.42% | -54.65% | -49.00% | -8.81% | | Others | 2,289.17 | 1,884.03 | 17.70% | 57.20% | 102.14% | -18.30% | Overall Operating Revenue Situation | Category | Current Period Amount (Yuan) | Proportion of Operating Revenue (%) | Prior Year Amount (Yuan) | Proportion of Operating Revenue (%) | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Operating Revenue | 471,141,740.55 | 100% | 546,641,280.77 | 100% | -13.81% | | Manufacturing | 471,141,740.55 | 100.00% | 546,641,280.77 | 100.00% | -13.81% | | Junction Boxes | 391,714,204.64 | 83.14% | 407,423,768.47 | 74.53% | -3.86% | | Connectors | 56,535,797.04 | 12.00% | 124,655,746.69 | 22.80% | -54.65% | | Others | 22,891,738.87 | 4.86% | 14,561,765.61 | 2.66% | 57.20% | | Domestic Sales | 268,969,420.14 | 57.09% | 388,322,770.59 | 59.79% | -30.74% | | Export Sales | 202,172,320.41 | 42.01% | 261,145,028.65 | 40.21% | -22.58% | IV. Analysis of Non-Principal Business Non-principal business contributed significantly to total profit, with investment income accounting for over 50%, though these gains are not sustainable Analysis of Non-Principal Business | Item | Amount (Yuan) | Proportion of Total Profit (%) | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 7,833,567.18 | 51.55% | Primarily due to investment income from holding transactional financial assets | No | | Gains or losses from changes in fair value | 324,753.42 | 2.14% | Primarily due to gains from changes in fair value of financial instruments | No | | Asset Impairment | -175,869.65 | -1.16% | Primarily due to inventory impairment losses | No | | Non-operating Income | 32,138.75 | 0.21% | Primarily due to unpayable amounts | No | | Non-operating Expenses | 511,334.45 | 3.37% | Primarily due to disposal of non-current assets | No | V. Analysis of Assets and Liabilities Total assets and net assets attributable to shareholders increased, with higher proportions of accounts receivable and inventory, and a significant rise in short-term borrowings Significant Changes in Asset Composition | Item | Amount at End of Current Period (Yuan) | Proportion of Total Assets (%) | Amount at End of Prior Year (Yuan) | Proportion of Total Assets (%) | Change in Proportion (%) | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 154,067,709.57 | 7.92% | 141,602,936.80 | 8.32% | -0.40% | | | Accounts Receivable | 302,696,540.87 | 15.57% | 241,107,367.89 | 14.17% | 1.40% | | | Inventories | 177,709,400.53 | 9.14% | 124,198,097.17 | 7.30% | 1.84% | | | Fixed Assets | 187,010,583.72 | 9.62% | 178,783,743.40 | 10.51% | -0.89% | | | Construction in Progress | 105,458,127.07 | 5.42% | 91,796,172.96 | 5.39% | 0.03% | | | Right-of-Use Assets | 1,000,717.53 | 0.05% | 151,342.55 | 0.01% | 0.04% | | | Short-term Borrowings | 56,207,867.30 | 2.89% | 0 | 0 | 2.89% | Primarily due to increased short-term loans during the reporting period | | Contract Liabilities | 5,286,724.37 | 0.27% | 8,557,055.14 | 0.50% | -0.23% | | Key Overseas Assets | Specific Asset Details | Reason for Formation | Asset Scale | Location | Operating Model | Control Measures to Ensure Asset Security | Profitability | Proportion of Overseas Assets to Company's Net Assets (%) | Significant Impairment Risk | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Quick Connect Hong Kong | Overseas holding company | 335,430,897.57 | Hong Kong, China | Independent operation | Established sound business supervision rules and internal control and risk prevention mechanisms | -1,926,217.37 | 26.51% | No | Asset Restrictions as of the End of the Reporting Period | Item | Book Balance at Period End (Yuan) | Book Value at Period End (Yuan) | Type of Restriction | Book Balance at Period Start (Yuan) | Book Value at Period Start (Yuan) | Type of Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 305,415.23 | 305,415.23 | Margin and letter of guarantee margin | 307,639.86 | 307,639.86 | Margin and letter of guarantee margin | | Cash and Cash Equivalents | 9,105,971.56 | 9,105,971.56 | Cash in transit | 1,041,339.08 | 1,041,339.08 | Cash in transit | | Cash and Cash Equivalents | 11,831,902.82 | 11,831,902.82 | Litigation freeze and long-term restricted | 11,831,902.87 | 11,831,902.87 | Litigation freeze and long-term restricted | | Notes Receivable | 78,773,314.62 | 78,773,314.62 | Endorsed but not derecognized notes | 90,881,280.49 | 90,881,280.49 | Endorsed but not derecognized notes | | Total | 100,016,604.23 | 100,016,604.23 | —— | 104,062,162.30 | 104,062,162.30 | —— | VI. Analysis of Investment Activities The company's investment activities included fair value financial asset investments and the use of raised funds for committed projects and working capital, alongside wealth management, with no derivative or entrusted loan investments Financial Assets Measured at Fair Value | Asset Category | Initial Investment Cost (Yuan) | Fair Value Change Gains/Losses for Current Period (Yuan) | Amount Purchased During Reporting Period (Yuan) | Amount Sold During Reporting Period (Yuan) | Amount at Period End (Yuan) | Source of Funds | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Others | 55,028,808.22 | 324,753.42 | 205,069,690.00 | 135,069,690.00 | 115,324,753.42 | Raised funds, own funds | | Total | 55,028,808.22 | 324,753.42 | 205,069,690.00 | 135,069,690.00 | 115,324,753.42 | -- | - The company completed a private placement of shares in April 2025, raising a total of 186,153,987.00 Yuan, with net proceeds of 183,847,240.97 Yuan[62] Overview of Entrusted Wealth Management | Specific Type | Source of Funds for Entrusted Wealth Management | Amount of Entrusted Wealth Management (10,000 Yuan) | Unmatured Balance (10,000 Yuan) | Overdue Unrecovered Amount (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own funds | 10,006.97 | 59,000 | 0 | | Bank Wealth Management Products | Raised funds | 15,500 | 13,500 | 0 | | Total | | 25,506.97 | 72,500 | 0 | 1. Overall Situation During the reporting period, the company did not undertake any significant equity or non-equity investments - The company did not acquire any significant equity investments during the reporting period[58] - The company did not undertake any significant non-equity investments during the reporting period[58] 4. Financial Assets Measured at Fair Value The company's financial assets measured at fair value totaled 115,324,753.42 Yuan at period-end, primarily other assets funded by raised capital and own funds Financial Assets Measured at Fair Value | Asset Category | Initial Investment Cost (Yuan) | Fair Value Change Gains/Losses for Current Period (Yuan) | Amount Purchased During Reporting Period (Yuan) | Amount Sold During Reporting Period (Yuan) | Amount at Period End (Yuan) | Source of Funds | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Others | 55,028,808.22 | 324,753.42 | 205,069,690.00 | 135,069,690.00 | 115,324,753.42 | Raised funds, own funds | | Total | 55,028,808.22 | 324,753.42 | 205,069,690.00 | 135,069,690.00 | 115,324,753.42 | -- | 5. Use of Raised Funds The company completed a private placement, raising 186.15 million Yuan, with 490.77 million Yuan cumulatively invested in expansion, R&D center construction, and working capital, with some projects experiencing delays - On April 14, 2025, the company received approval from the China Securities Regulatory Commission to issue shares to specific investors, with an issuance of 6,419,103 shares and total raised funds of 186,153,987.00 Yuan[62] - As of the reporting period, the company has cumulatively invested 490.77 million Yuan of raised funds, with an unused balance of 201.91 million Yuan[63] - Raised fund projects include the PV Module Smart Protection and Connection System Expansion Project, R&D Center Construction Project, and supplementary working capital, with some projects experiencing delays[64][66] 6. Entrusted Wealth Management, Derivative Investments, and Entrusted Loans During the reporting period, the company invested 725 million Yuan in bank wealth management products using both own and raised funds, but had no derivative investments or entrusted loans Overview of Entrusted Wealth Management During the Reporting Period | Specific Type | Source of Funds for Entrusted Wealth Management | Amount of Entrusted Wealth Management (10,000 Yuan) | Unmatured Balance (10,000 Yuan) | Overdue Unrecovered Amount (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own funds | 10,006.97 | 59,000 | 0 | | Bank Wealth Management Products | Raised funds | 15,500 | 13,500 | 0 | | Total | | 25,506.97 | 72,500 | 0 | - The company had no derivative investments during the reporting period[70] - The company had no entrusted loans during the reporting period[71] VII. Significant Asset and Equity Disposals During the reporting period, the company did not undertake any significant asset or equity disposal transactions - The company did not dispose of any significant assets during the reporting period[72] - The company did not dispose of any significant equity during the reporting period[73] VIII. Analysis of Major Holding and Associate Companies During the reporting period, the company had no significant holding or associate company information requiring disclosure - The company had no significant holding or associate company information requiring disclosure during the reporting period[73] IX. Structured Entities Controlled by the Company During the reporting period, the company did not control any structured entities - The company did not control any structured entities during the reporting period[74] X. Risks Faced by the Company and Countermeasures The company faces risks from declining gross profit margins, product prices, accounts receivable bad debts, and R&D, which it plans to address through increased R&D investment, cost management, and strengthened receivables management - The company's comprehensive gross profit margin is 8.13%, facing the risk of declining gross profit margins, primarily due to intensified competition in the PV industry[74] - The company's PV junction boxes face the risk of declining sales prices, requiring R&D innovation and cost management as countermeasures[75] - The company has high balances of accounts receivable and notes receivable, posing bad debt risks, and will strengthen accounts receivable management and credit approval[77] - The company faces technological R&D risks and needs to increase R&D investment to enhance technological innovation and product development capabilities[78][79] XI. Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period On May 8, 2025, the company held its 2024 annual online performance briefing via the Panorama Network "Investor Relations Interactive Platform" for online investor communication - Reception time: May 8, 2025[80] - Reception location: Online communication via Panorama Network "Investor Relations Interactive Platform"[80] - Main content discussed: 2024 Annual Online Performance Briefing[80] XII. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company has not disclosed a market value management system or a valuation enhancement plan - The company has not formulated a market value management system[81] - The company has not disclosed a valuation enhancement plan[82] XIII. Implementation of "Dual Improvement in Quality and Returns" Action Plan The company has not disclosed an announcement regarding the "Dual Improvement in Quality and Returns" action plan - The company has not disclosed an announcement regarding the "Dual Improvement in Quality and Returns" action plan[82] Part IV. Corporate Governance, Environment, and Society I. Changes in Directors, Supervisors, and Senior Management During the reporting period, there were no changes in the company's directors, supervisors, or senior management, as detailed in the 2024 annual report - There were no changes in the company's directors, supervisors, and senior management during the reporting period[84] II. Profit Distribution and Capital Reserve Conversion to Share Capital for the Current 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[85] III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures In August 2025, the company terminated its 2023 Restricted Stock Incentive Plan, repurchasing and canceling some granted but unvested restricted shares - On August 7, 2025, the company convened a shareholders' meeting and approved the termination of the 2023 Restricted Stock Incentive Plan[86] - 72,000 Class I restricted shares granted but not yet vested for the second and third vesting periods to 25 incentive recipients will be repurchased and canceled, with the repurchase price adjusted to 26.169324 Yuan/share[86] - The company intends to cancel 64,800 Class II restricted shares granted but not yet vested for the second and third vesting periods under this incentive plan, involving 23 incentive recipients[86] IV. Environmental Information Disclosure The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[88] V. Social Responsibility The company actively fulfills its social responsibilities by ensuring规范治理, strengthening safety production, caring for employees, protecting stakeholder rights, and prioritizing environmental protection and sustainable development - The company strictly adheres to laws, regulations, and its articles of association, improving governance structure and internal control systems to protect investor rights[88] - The company adheres to the "safety first, prevention为主" policy, establishing a safety production responsibility system and management committee[89] - The company adheres to a people-oriented approach, implements labor laws and regulations, respects and protects employee rights, and provides training, social insurance, and housing provident funds[90] - The company focuses on win-win cooperation with suppliers, strictly controlling entry thresholds; it prioritizes "customer satisfaction," enhancing R&D innovation and product quality to build long-term stable relationships with customers[91] - The company highly values environmental protection, strictly complies with environmental laws and regulations, and has obtained ISO14001 environmental management system certification[93] Part V. Significant Matters I. Fulfillment of Commitments by Actual Controllers, Shareholders, Related Parties, Acquirers, and the Company During the Reporting Period and Overdue Unfulfilled Commitments as of the End of the Reporting Period All commitment-related parties, including the actual controller, shareholders, and the company, fulfilled their commitments made during IPO or refinancing, with no overdue unfulfilled commitments as of the reporting period end - Commitments by Duan Zhenggang, Hou Yanli, and other promising parties regarding horizontal competition, related party transactions, and fund occupation are being fulfilled normally during the reporting period[95][98] - Commitments by the company and Duan Zhenggang, Hou Yanli, and other promising parties regarding legal liability for compensation are being fulfilled normally during the reporting period[100][101] - Commitments by the company and Duan Zhenggang, Hou Yanli, and other promising parties regarding share repurchase for fraudulent issuance and listing are being fulfilled normally during the reporting period[101][102] - The lock-up commitment for shares subscribed by specific investors, such as Beijing Taidesheng Private Equity Fund Management Co., Ltd., prohibits transfer within 6 months from May 9, 2025, and is being fulfilled normally during the reporting period[106][107] II. Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties During the reporting period, there was no non-operating occupation of listed company funds by controlling shareholders or other related parties - The company had no non-operating occupation of listed company funds by controlling shareholders or other related parties during the reporting period[108] III. Irregular External Guarantees During the reporting period, the company had no irregular external guarantees - The company had no irregular external guarantees during the reporting period[109] IV. Appointment and Dismissal of Accounting Firms The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[110] V. Board of Directors, Supervisory Board, and Audit Committee's Explanation of "Non-Standard Audit Report" for the Current Period During the reporting period, the company did not receive a "non-standard audit report" from its accounting firm - During the reporting period, the company did not receive a "non-standard audit report" from its accounting firm[111] VI. Board of Directors' Explanation of "Non-Standard Audit Report" for the Prior Year During the reporting period, there was no explanation from the board of directors regarding a "non-standard audit report" for the prior year - During the reporting period, there was no explanation regarding a "non-standard audit report" for the prior year[111] VII. Bankruptcy and Reorganization Matters During the reporting period, the company did not experience any bankruptcy or reorganization matters - The company did not experience any bankruptcy or reorganization matters during the reporting period[111] VIII. Litigation Matters The company had no major litigation or arbitration matters, but was involved in other lawsuits as defendant (12.36 million Yuan) and plaintiff (23.36 million Yuan), with no significant impact - The company had no major litigation or arbitration matters during the current reporting period[112] Summary of Other Litigation Matters | Basic Information of Litigation (Arbitration) | Amount Involved (10,000 Yuan) | Provision for Liabilities Formed | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | Enforcement Status of Litigation (Arbitration) Judgment | | :--- | :--- | :--- | :--- | :--- | :--- | | Summary of other litigation not meeting major litigation disclosure standards (company as defendant) | 1,235.52 | 0 | In trial or appeal process | No significant impact on the company | No cases concluded and awaiting enforcement | | Summary of other litigation not meeting major litigation disclosure standards (company as plaintiff) | 2,336.46 | 0 | Some lawsuits in trial, some in compulsory enforcement | No significant impact on the company | Awaiting compulsory enforcement and bankruptcy reorganization | IX. Penalties and Rectification During the reporting period, the company had no penalties or rectification situations - The company had no penalties or rectification situations during the reporting period[114] X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the reporting period, there were no integrity issues concerning the company, its controlling shareholder, or actual controller - During the reporting period, there were no integrity issues concerning the company, its controlling shareholder, or actual controller[115] XI. Significant Related Party Transactions During the reporting period, the company had no related party transactions related to daily operations, asset/equity acquisition/disposal, joint external investments, or related party debt/credit - The company had no related party transactions related to daily operations during the reporting period[115] - The company had no related party transactions involving asset or equity acquisition/disposal during the reporting period[116] - The company had no related party debt or credit transactions during the reporting period[118] XII. Significant Contracts and Their Performance The company had several leasing arrangements, primarily for overseas production facilities, and provided a 20 million Yuan guarantee limit for subsidiaries, with an actual outstanding balance of 1.19 million Yuan, representing 0.08% of net assets - The company had no entrustment situations during the reporting period[122] - The company had no contracting situations during the reporting period[123] Explanation of Leasing Situation | No. | Lessee | Lessor | Location | Purpose | Area (m²) | Lease Period | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | Quick Connect Vietnam | CHI NGHIÉP VIÉT DÃNG | Zone 15, Noi Hoang Industrial Park, Noi Hoang Commune, Yen Dung District, Bac Giang Province | Production plant | 2,256 | April 15, 2023 to April 14, 2025 | | 2 | Quick Connect USA | MAVERICK BEVERAGE COMPANY TEXAS, LLC, | 6511 West Little York Road, Harris County, Houston, Texas | Production plant | 2,131.38 | December 1, 2024 to December 31, 2025 | | 3 | Quick Connect USA | LEVEY FUND GROUP 10,LLC | 6513 West Little York Road, Houston, Harris County, Texas | Production plant | 929.00 | June 1, 2025 to December 31, 2028 | Company Guarantees for Subsidiaries | Guaranteed Entity Name | Announcement Date of Guarantee Limit | Guarantee Limit (10,000 Yuan) | Actual Occurrence Date | Actual Guarantee Amount (10,000 Yuan) | Guarantee Type | Collateral (if any) | Counter-Guarantee (if any) | Guarantee Period | Fulfilled | Related Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangsu Quick Connect New Energy Technology Co., Ltd. | November 15, 2024 | 500 | | 0 | None | None | | 3 | No | Yes | | Nantong Quick Connect New Energy Technology Co., Ltd. | November 15, 2024 | 1,500 | | 119.48 | None | None | | 3 | No | Yes | | Total approved guarantee limit for subsidiaries during the reporting period (B1) | | 2,000 | | | | | | | | | | Total actual guarantee amount for subsidiaries during the reporting period (B2) | | | | 337.37 | | | | | | | | Total approved guarantee limit for subsidiaries at period end (B3) | | 2,000 | | | | | | | | | | Total actual guarantee balance for subsidiaries at period end (B4) | | | | 119.48 | | | | | | | | Proportion of total actual guarantee amount (i.e., A4+B4+C4) to company's net assets | | | | | | | | | | 0.08% | XIII. Explanation of Other Significant Matters During the reporting period, the company had no other significant matters requiring explanation - The company had no other significant matters requiring explanation during the reporting period[130] XIV. Significant Matters of Company Subsidiaries In April 2025, the company completed a private placement of 6,419,103 shares at 29.00 Yuan/share, raising 186.15 million Yuan, which were listed on May 9, 2025 - The company's 2024 private placement of shares to specific investors via simplified procedure received approval from the China Securities Regulatory Commission on April 14, 2025[131] - This issuance involved 6,419,103 shares at an issue price of 29.00 Yuan/share, raising a total of 186,153,987.00 Yuan[131] - These shares completed registration on April 29, 2025, and were listed on May 9, 2025[131] Part VI. Share Changes and Shareholder Information I. Share Change Situation The company's total share capital increased by 6,419,103 shares due to a private placement, altering the structure of restricted and unrestricted shares, with some director/executive restricted shares released Share Change Situation | Item | Quantity Before This Change (shares) | Proportion | Increase/Decrease in This Change (+, -) New Shares Issued (shares) | Increase/Decrease in This Change (+, -) Other (shares) | Increase/Decrease in This Change (+, -) Subtotal (shares) | Quantity After This Change (shares) | Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 49,550,700 | 59.44% | 6,419,103 | -1,247,021 | 5,172,082 | 54,722,782 | 60.95% | | Of which: Other Domestic Shares | 49,550,700 | 59.44% | 6,419,103 | -1,247,021 | 5,172,082 | 54,722,782 | 60.95% | | II. Unrestricted Shares | 33,810,340 | 40.56% | 0 | 1,247,021 | 1,247,021 | 35,057,361 | 39.05% | | III. Total Shares | 83,361,040 | 100.00% | 6,419,103 | 0 | 6,419,103 | 89,780,143 | 100.00% | - The main reason for share changes was the company's 2024 private placement of 6,419,103 shares to specific investors via simplified procedure, which were listed on May 9, 2025[135] Changes in Restricted Shares | Shareholder Name | Restricted Shares at Period Start (shares) | Restricted Shares Released This Period (shares) | Restricted Shares Increased This Period (shares) | Restricted Shares at Period End (shares) | Reason for Restriction | Planned Release Date | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Wang Xinlin | 9,769,500 | 1,247,021 | 0 | 8,522,479 | Director, senior executive lock-up, 25% of year-end holdings released annually | 25% of year-end holdings released annually | | Beijing Taidesheng Private Equity Fund Management Co., Ltd. - Taidesheng Investment Tailai No. 1 Private Securities Investment Fund | 0 | 0 | 2,068,965 | 2,068,965 | Shares issued to specific investors via simplified procedure after company listing, not transferable within six months from May 9, 2025 | November 9, 2025 | | Caitong Fund Management Co., Ltd. | 0 | 0 | 1,444,827 | 1,444,827 | Shares issued to specific investors via simplified procedure after company listing, not transferable within six months from May 9, 2025 | November 9, 2025 | | Nord Fund Management Co., Ltd. | 0 | 0 | 910,344 | 910,344 | Shares issued to specific investors via simplified procedure after company listing, not transferable within six months from May 9, 2025 | November 9, 2025 | | Shanghai Bansheng Private Equity Fund Management Co., Ltd. - Bansheng Preferred No. 9 Private Securities Investment Fund | 0 | 0 | 610,344 | 610,344 | Shares issued to specific investors via simplified procedure after company listing, not transferable within six months from May 9, 2025 | November 9, 2025 | | Huaan Securities Asset Management Co., Ltd. | 0 | 0 | 548,275 | 548,275 | Shares issued to specific investors via simplified procedure after company listing, not transferable within six months from May 9, 2025 | November 9, 2025 | | Yu Zhenhuan | 0 | 0 | 227,586 | 227,586 | Shares issued to specific investors via simplified procedure after company listing, not transferable within six months from May 9, 2025 | November 9, 2025 | | China Asset Management Co., Ltd. | 0 | 0 | 206,896 | 206,896 | Shares issued to specific investors via simplified procedure after company listing, not transferable within six months from May 9, 2025 | November 9, 2025 | | Changzhou New Development Industrial Co., Ltd. | 0 | 0 | 172,413 | 172,413 | Shares issued to specific investors via simplified procedure after company listing, not transferable within six months from May 9, 2025 | November 9, 2025 | | Donghai Fund Management Co., Ltd. | 0 | 0 | 172,413 | 172,413 | Shares issued to specific investors via simplified procedure after company listing, not transferable within six months from May 9, 2025 | November 9, 2025 | | Yang Yuezhi | 0 | 0 | 57,040 | 57,040 | Shares issued to specific investors via simplified procedure after company listing, not transferable within six months from May 9, 2025 | November 9, 2025 | | Total | 9,769,500 | 1,247,021 | 6,419,103 | 14,941,582 | -- | -- | II. Securities Issuance and Listing On April 29, 2025, the company completed the registration of 6,419,103 shares from its 2024 private placement at 29.00 Yuan/share, which were listed on the Shenzhen Stock Exchange on May 9, 2025 Issuance and Listing of Stocks and Derivative Securities | Name of Stock and Derivative Securities | Issue Date | Issue Price (or Interest Rate) | Issue Quantity | Listing Date | Quantity Approved for Listing and Trading | Disclosure Index | Disclosure Date | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 2024 Private Placement of Shares to Specific Investors via Simplified Procedure | April 29, 2025 | 29 | 6,419,103 | May 9, 2025 | 6,419,103 | The "Suzhou Quick Connect Photovoltaic Electronics Co., Ltd. 2024 Private Placement of Shares to Specific Investors via Simplified Procedure Listing Announcement" disclosed by the company on Juchao Information Network cninfo.com.cn on May 7, 2025 | May 7, 2025 | - This issuance involved 6,419,103 shares at an issue price of 29.00 Yuan/share, raising a total of 186,153,987.00 Yuan[142] - These shares completed registration on April 29, 2025, and were listed on May 9, 2025[142] III. Number of Shareholders and Shareholding Structure At the end of the reporting period, the company had 11,480 common shareholders. Duan Zhenggang held the largest stake at 44.26%, followed by Wang Xinlin, with new shareholders from the private placement subject to lock-up periods - Total number of common shareholders at the end of the reporting period: 11,480[144] Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion (%) | Number of Shares Held at Period End (shares) | Increase/Decrease During Reporting Period (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Duan Zhenggang | Domestic natural person | 44.26% | 39,734,000.00 | 0 | 39,726,000.00 | 8,000.00 | | Wang Xinlin | Domestic natural person | 12.66% | 11,363,305.00 | 0 | 8,522,479.00 | 2,840,826.00 | | Chengdu Fuende Equity Investment Co., Ltd. - Chengdu Fuende Xingyu Equity Investment Fund Partnership (Limited Partnership) | Other | 5.74% | 5,157,000.00 | -80,500.00 | 0 | 5,157,000.00 | | Beijing Taidesheng Private Equity Fund Management Co., Ltd. - Taidesheng Investment Tailai No. 1 Private Securities Investment Fund | Other | 2.30% | 2,068,965.00 | 2,068,965.00 | 2,068,965.00 | 0 | | Shanghai Bansheng Private Equity Fund Management Co., Ltd. - Bansheng Preferred No. 9 Private Securities Investment Fund | Other | 0.68% | 610,344.00 | 610,344.00 | 610,344.00 | 0 | | Caitong Fund - Taizhou Jinkong Asset Management Co., Ltd. - Caitong Fund Tianxi Private Placement Sci-Tech Innovation No. 2 Single Asset Management Plan | Other | 0.35% | 310,345.00 | 310,345.00 | 310,345.00 | 0 | | Xu Chunfeng | Domestic natural person | 0.31% | 279,300.00 | 279,300.00 | 0 | 279,300.00 | | Caitong Fund - Huaxi Yinfeng Investment Co., Ltd. - Caitong Fund Huaxi Yinfeng No. 2 Single Asset Management Plan | Other | 0.31% | 275,862.00 | 275,862.00 | 275,862.00 | 0 | | BARCLAYS BANK PLC | Overseas legal entity | 0.30% | 272,389.00 | 272,389.00 | 0 | 272,389.00 | | J. P. Morgan Securities PLC - Proprietary Funds | Overseas legal entity | 0.26% | 234,709.00 | 234,709.00 | 0 | 234,709.00 | IV. Changes in Shareholdings of 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, as detailed in the 2024 annual report - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period[147] V. Changes in Controlling Shareholder or Actual Controller During the reporting period, there were no changes in the company's controlling shareholder or actual controller - The company's controlling shareholder did not change during the reporting period[149] - The company's actual controller did not change during the reporting period[149] VI. Preferred Share Information During the reporting period, the company had no preferred shares - The company had no preferred shares during the reporting period[150] Part VII. Bond-Related Information Bond-Related Information During the reporting period, the company had no bond-related information - The company had no bond-related information during the reporting period[152] Part 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[154] II. Financial Statements This section provides the company's 2025 semi-annual consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity - 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[155] 1. Consolidated Balance Sheet As of June 30, 2025, the company's consolidated total assets were 1,944,652,847.14 Yuan, total liabilities 528,384,654.61 Yuan, and total owners' equity 1,416,268,192.53 Yuan Key Data from Consolidated Balance Sheet | Item | Balance at Period End (Yuan) | Balance at Period Start (Yuan) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 154,067,709.57 | 141,602,936.80 | | Transactional Financial Assets | 115,324,753.42 | 55,028,808.22 | | Notes Receivable | 177,425,821.02 | 198,328,449.58 | | Accounts Receivable | 302,696,540.87 | 241,107,367.89 | | Inventories | 177,709,400.53 | 124,198,097.17 | | Total Current Assets | 1,014,555,065.91 | 843,161,049.89 | | Fixed Assets | 187,010,583.72 | 178,783,743.40 | | Construction in Progress | 105,458,127.07 | 91,796,172.96 | | Total Non-Current Assets | 930,097,781.23 | 858,636,954.26 | | Total Assets | 1,944,652,847.14 | 1,701,798,004.15 | | Short-term Borrowings | 56,207,867.30 | 0 | | Accounts Payable | 262,283,646.68 | 219,699,431.24 | | Total Current Liabilities | 527,492,890.32 | 435,725,754.45 | | Total Liabilities | 528,384,654.61 | 436,629,314.21 | | Share Capital | 89,780,143.00 | 83,361,040.00 | | Total Owners' Equity Attributable to Parent Company | 1,416,268,192.53 | 1,265,168,689.94 | | Total Liabilities and Owners' Equity | 1,944,652,847.14 | 1,701,798,004.15 | 2. Parent Company Balance Sheet As of June 30, 2025, the parent company's total assets were 1,849,200,782.25 Yuan, total liabilities 471,956,429.16 Yuan, and total owners' equity 1,377,244,353.09 Yuan Key Data from Parent Company Balance Sheet | Item | Balance at Period End (Yuan) | Balance at Period Start (Yuan) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 132,594,164.08 | 126,530,957.53 | | Transactional Financial Assets | 115,324,753.42 | 55,028,808.22 | | Notes Receivable | 174,093,099.74 | 198,328,449.58 | | Accounts Receivable | 325,808,243.43 | 214,928,023.00 | | Inventories | 61,974,046.57 | 56,845,491.09 | | Total Current Assets | 955,940,581.97 | 742,065,383.00 | | Long-term Equity Investments | 106,797,384.24 | 97,472,404.24 | | Fixed Assets | 62,306,126.71 | 71,138,397.68 | | Construction in Progress | 103,653,832.05 | 84,362,858.38 | | Total Non-Current Assets | 893,260,200.28 | 824,474,279.51 | | Total Assets | 1,849,200,782.25 | 1,566,539,662.51 | | Short-term Borrowings | 56,207,867.30 | 0 | | Notes Payable | 100,049,199.68 | 92,532,734.27 | | Accounts Payable | 165,573,584.24 | 133,232,971.07 | | Total Current Liabilities | 471,064,664.87 | 348,274,953.38 | | Total Liabilities | 471,956,429.16 | 349,178,513.14 | | Share Capital | 89,780,143.00 | 83,361,040.00 | | Total Owners' Equity | 1,377,244,353.09 | 1,217,361,149.37 | | Total Liabilities and Owners' Equity | 1,849,200,782.25 | 1,566,539,662.51 | 3. Consolidated Income Statement For the first half of 2025, the company's consolidated total operating revenue was 471.14 million Yuan, and net profit was 13.18 million Yuan, a significant year-on-year decrease Key Data from Consolidated Income Statement | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | I. Total Operating Revenue | 471,141,740.55 | 546,641,280.77 | | II. Total Operating Costs | 463,251,939.78 | 474,415,842.88 | | Of which: Operating Cost | 432,860,608.50 | 438,078,851.01 | | R&D Expenses | 13,436,507.71 | 22,557,978.80 | | Financial Expenses | -992,598.23 | -4,426,530.66 | | Add: Other Income | 2,227,822.14 | 5,893,821.75 | | Investment Income | 7,833,567.18 | 8,676,286.31 | | Gains from Changes in Fair Value | 324,753.42 | 5,206.01 | | III. Operating Profit | 15,674,854.21 | 81,721,466.03 | | IV. Total Profit | 15,195,658.51 | 81,719,914.12 | | Less: Income Tax Expense | 2,018,720.63 | 11,817,895.85 | | V. Net Profit | 13,176,937.88 | 69,902,018.27 | | VI. Net Other Comprehensive Income After Tax | -122,168.63 | 545,584.98 | | VII. Total Comprehensive Income | 13,054,769.25 | 70,447,603.25 | | VIII. Earnings Per Share: Basic Earnings Per Share | 0.15 | 0.84 | 4. Parent Company Income Statement For the first half of 2025, the parent company's operating revenue was 497,307,477.97 Yuan, and net profit was 21,838,470.38 Yuan, showing a year-on-year decrease Key Data from Parent Company Income Statement | Item | H1 2025 (Yuan)