星云股份(300648) - 2025 Q2 - 季度财报

Part I Important Notice, Table of Contents, and Definitions Important Notice The company's board and management assure the semi-annual report's integrity, with no plans for dividends or share transfers - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report[5] - The company's responsible person, head of accounting, and head of accounting department declare the financial report is true, accurate, and complete[5] - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital[6] Table of Contents This section outlines the report's eight main chapters, covering company profile, financial metrics, management discussion, governance, and financial reports - The report is divided into eight main chapters, covering company profile, financial indicators, management discussion and analysis, corporate governance, significant matters, share changes, bond status, and financial reports[8] Definitions This section defines common terms, including company names, shareholders, subsidiaries, technical acronyms, and the reporting period - The reporting period refers to January 1 to June 30, 2025[15] - Nebula Stock refers to Fujian Nebula Electronics Co., Ltd., with controlling shareholders Li Youcai and Liu Zuobin[15] - BMS stands for Battery Management System, MES for Manufacturing Execution System, and EOL for End-of-Line testing[15] Part II Company Profile and Key Financial Indicators Company Profile Nebula Stock (300648) is listed on the Shenzhen Stock Exchange, with Li Youcai as legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Nebula Stock | | Stock Code | 300648 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Li Youcai | Contact Persons and Information Xu Longfei is Board Secretary and Zhou Chao is Securities Affairs Representative, both at Nebula Science Park, Fuzhou Contact Information | Position | Name | Contact Address | Phone | Email | | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Xu Longfei | Nebula Science Park, No. 7 Majiang Road, Mawei District, Fuzhou City, Fujian Province | 0591-28051312 | investment@e-nebula.com | | Securities Affairs Representative | Zhou Chao | Nebula Science Park, No. 7 Majiang Road, Mawei District, Fuzhou City, Fujian Province | 0591-28051312 | investment@e-nebula.com | Other Information Company contact details and disclosure locations remained unchanged, but registration was updated on June 5, 2025 - The company's registered address, office address, website, and email remained unchanged during the reporting period[19] - Information disclosure and filing locations remained unchanged during the reporting period[20] - The company's registration status changed during the reporting period, with industrial and commercial registration completed on June 5, 2025[21][22] Key Accounting Data and Financial Indicators H1 2025 revenue slightly decreased, but net profit attributable to shareholders significantly reduced loss, with total assets growing 30.11% Key Accounting Data and Financial Indicators (Year-on-Year Change) | Indicator | Current Period (CNY) | Prior Period (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 556,917,383.44 | 561,266,688.35 | -0.77% | | Net Profit Attributable to Shareholders | -8,853,718.79 | -40,546,764.16 | 78.16% | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | -18,552,829.29 | -48,528,099.73 | 61.77% | | Net Cash Flow from Operating Activities | 86,321,977.31 | 44,341,186.03 | 94.68% | | Basic Earnings Per Share (CNY/share) | -0.0565 | -0.2744 | 79.41% | | Diluted Earnings Per Share (CNY/share) | -0.0565 | -0.2721 | 79.24% | | Weighted Average Return on Net Assets | -0.91% | -4.83% | 3.92% | | Period-End Indicators | Current Period-End (CNY) | Prior Year-End (CNY) | Period-End vs. Prior Year-End Change | | Total Assets | 2,734,750,958.36 | 2,101,842,407.29 | 30.11% | | Net Assets Attributable to Shareholders | 1,388,138,971.41 | 769,306,957.57 | 80.44% | - The company's share capital changed due to new share issuance from the end of the reporting period to the disclosure date, impacting the amount of owners' equity[23] Differences in Accounting Data Under Domestic and International Accounting Standards No differences in net profit or net assets were reported between international/overseas and Chinese accounting standards - During the reporting period, there were no differences in net profit and net assets in financial reports disclosed under International Accounting Standards versus Chinese Accounting Standards[24] - During the reporting period, there were no differences in net profit and net assets in financial reports disclosed under overseas accounting standards versus Chinese Accounting Standards[25] Non-Recurring Gains and Losses Items and Amounts Total non-recurring gains and losses amounted to CNY 9.70 million, primarily from government grants and asset disposal Non-Recurring Gains and Losses Items and Amounts | Item | Amount (CNY) | | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | 1,265,517.92 | | Government Grants Recognized in Current Profit or Loss (Excluding Those Continuously Affecting) | 9,602,507.97 | | Fair Value Changes and Disposal Gains/Losses from Financial Assets and Liabilities Held by Non-Financial Enterprises | 172,333.33 | | Other Non-Operating Income and Expenses | 248,121.52 | | Less: Income Tax Impact | 1,573,431.50 | | Impact on Minority Interests (After Tax) | 15,938.74 | | Total | 9,699,110.50 | - The company has no other profit or loss items meeting the definition of non-recurring gains and losses, nor has it classified non-recurring items as recurring[26][27] Part III Management Discussion and Analysis Company's Main Business Activities During the Reporting Period The company's core business in lithium equipment, energy storage, and charging piles benefits from rapid growth in new energy sectors Industry Development Status and Future Trends Operating in the midstream lithium-ion battery industry, the company benefits from strong demand in new energy vehicles and energy storage - The company operates in the midstream of the lithium-ion battery industry, with businesses covering lithium equipment, energy storage products, charging piles, and battery testing services[30] - From January to June 2025, China's new energy vehicle sales reached 5.878 million units, a 34.3% year-on-year increase, with penetration rising to 50.4%[31] - In H1 2025, global power battery installations were approximately 465.9 GWh, a 35% year-on-year increase[31] - From January to June 2025, China's new energy storage installed capacity reached 42.6 GWh, a 27.5% year-on-year increase[31] - By 2030, lithium battery shipments for AI terminals and robots are expected to reach 58 GWh, with an average annual compound growth rate of 83.9% over the next six years[32] - From January to June 2025, charging infrastructure increased by 3.282 million units, a 99.2% year-on-year increase[32] - GGII projects that China's lithium equipment market size is expected to reach CNY 57.5 billion by 2025[33] - China's new energy storage converter market size is projected to reach CNY 6.05 billion by 2025[34] Company Business Model, Market Position, and Competitive Landscape The company operates with an independent, market-driven business model, leading in smart energy solutions and lithium battery testing - The company's R&D model is market-demand oriented, integrating technological foresight and developing new products through the IPD process[36] - The procurement model establishes a comprehensive supply chain system and procurement management, utilizing an ERP system for purchasing and reasonable inventory control[36] - The production model adopts flexible production management based on sales orders, gradually transitioning from a 'customized equipment enterprise' to a 'scaled and standardized product enterprise'[37] - The sales model adheres to the 'customer success' philosophy, deepening relationships with existing clients and expanding into new energy storage sectors, establishing a strong reputation[38] - The company is a leading domestic professional provider of key components for smart energy solutions, with testing technology at its core[38] - The company is among the first batch of 'National Specialized, Refined, Unique, and New 'Little Giant' Enterprises' awarded by the Ministry of Industry and Information Technology, and participated in drafting 4 national standards for lithium battery testing[39] - During the reporting period, the company, in collaboration with the China Academy of Transportation Sciences, jointly released the 'Vehicle and Vessel In-Service Battery Health AI Large Model'[39] Company's Main Business Operations The company provides comprehensive lithium battery testing solutions, including equipment, services, energy storage PCS, and charging piles - The company's main businesses include R&D, production, and sales of lithium battery equipment, battery testing services, and R&D, production, and sales of energy storage PCS and charging pile products[40] - The company provides comprehensive lithium battery testing product solutions, covering the entire lifecycle of lithium batteries from 'R&D, manufacturing, application, to recycling'[40] Main Products, Services, and Application Areas | Category | Product/Service Name | Application Area | | :--- | :--- | :--- | | Lithium Battery Equipment | Lithium Battery Protection Board Testing System, Lithium Battery Finished Product Testing System, Lithium Battery Pack Testing System BMS, Lithium Battery Pack Charge-Discharge Testing System, Lithium Battery Pack Working Condition Simulation Testing System, Power Battery Module/Pack EOL System, Manufacturing Execution System (MES) | Production fields for 3C products, power tools, electric bicycles, new energy vehicles, energy storage lithium cells, modules, or battery packs | | Services | Testing Services | Lithium battery R&D field | | Energy Storage Products | Energy Storage PCS | Industrial and commercial energy storage, grid-side energy storage, and other scenarios | | Battery Swapping Products | Nebula Smart Testing and Battery Swapping Cabinet | Battery swapping and battery testing scenarios | Performance Driving Factors Performance is driven by policy support, industry growth, strong product and R&D, and expanding marketing, including new patents and international collaborations - New energy vehicles, energy storage, and charging infrastructure sectors are expected to maintain rapid growth driven by policy support and industry development[42] - During the reporting period, the company obtained 64 new invention patents, 5 utility model patents, and 7 software copyrights[44] - As of the end of the reporting period, the company and its subsidiaries cumulatively held 864 authorized patents and 100 software copyrights[44] - The company participated in drafting 5 national standards and 3 industry standards related to lithium battery testing[45] - The company formed a strategic partnership with German and Australian partners to jointly develop a new generation of household 'microgrid PV-storage-charging integrated' products[45] Core Competitiveness Analysis The company maintains competitive advantages in R&D, product range, team expertise, and strong client relationships with leading battery and EV companies - The company established an R&D system comprising 'one laboratory, two research institutes, three validation platforms, and four R&D centers', with Fujian Nebula Testing's 'Power and Energy Storage Battery Pilot Platform' selected as one of the Ministry of Industry and Information Technology's 'First Batch of Key Cultivated Pilot Platforms'[47] - The company boasts a comprehensive product line covering power, energy storage, consumer, and small power lithium batteries, and has delivered solid-state battery testing equipment and intelligent production lines[48] - The company possesses an experienced technical management team and professional R&D team, mastering industry-leading technologies in lithium battery testing, power electronics, and automation[49] - The company's client base includes industry-renowned enterprises and testing institutions such as CATL, BYD, SAIC Group, Huawei, and State Grid, establishing stable and continuous cooperative relationships[50] Main Business Analysis Operating revenue slightly decreased, but net cash flow from operations surged, driven by strong lithium equipment sales and regional growth Key Financial Data Year-on-Year Changes | Indicator | Current Period (CNY) | Prior Period (CNY) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 556,917,383.44 | 561,266,688.35 | -0.77% | - | | Operating Cost | 370,944,678.48 | 384,485,387.16 | -3.52% | - | | Selling Expenses | 54,565,438.09 | 61,782,081.98 | -11.68% | - | | Administrative Expenses | 37,120,594.95 | 34,155,737.69 | 8.68% | - | | Financial Expenses | 12,241,547.90 | 15,253,898.65 | -19.75% | - | | Income Tax Expense | 1,398,410.23 | 5,461,374.61 | -74.39% | Current income tax and deferred income tax decreased YoY | | R&D Investment | 75,438,292.61 | 85,361,971.46 | -11.63% | - | | Net Cash Flow from Operating Activities | 86,321,977.31 | 44,341,186.03 | 94.68% | Good sales collection, reduced procurement payments | | Net Cash Flow from Investing Activities | -359,209,058.63 | -6,335,311.29 | -5,569.95% | Increased purchase of wealth management products, acquisition of fixed assets and other long-term assets | | Net Cash Flow from Financing Activities | 562,413,716.92 | -9,040,109.73 | 6,321.32% | Received raised funds from private placement of shares | | Net Increase in Cash and Cash Equivalents | 290,746,493.30 | 29,480,172.73 | 886.24% | Good sales collection and receipt of raised funds | Products or Services Accounting for Over 10% of Revenue | By Product or Service | Operating Revenue (CNY) | Operating Cost (CNY) | Gross Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Lithium Battery Equipment | 422,020,938.77 | 279,248,538.37 | 33.83% | 9.01% | 5.29% | 2.34% | | Other | 80,580,616.97 | 58,260,631.50 | 27.70% | -28.88% | -30.18% | 1.35% | | Testing Services | 53,773,769.51 | 33,267,632.14 | 38.13% | -9.48% | -4.77% | -3.07% | Regional Performance Accounting for Over 10% of Company's Operating Revenue | By Region | Operating Revenue (CNY) | Operating Cost (CNY) | Gross Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | East China | 300,896,494.91 | 199,681,840.98 | 33.64% | -5.46% | -13.67% | 6.32% | | Other | 116,017,265.70 | 88,269,423.54 | 23.92% | -16.62% | -14.26% | -2.09% | | South China | 77,206,631.44 | 53,411,550.44 | 30.82% | 36.00% | 48.73% | -5.92% | | Export | 62,796,991.39 | 29,581,863.52 | 52.89% | 33.40% | 106.77% | -16.71% | - Operating revenue in the South China region increased by 36.00% year-on-year, primarily due to active expansion into southern clients and increased orders for charge-discharge testing systems and intelligent equipment[54] - Operating revenue in export regions increased by 33.40% year-on-year, primarily due to active expansion into overseas clients and increased orders for charge-discharge testing systems and intelligent equipment[54] Production and Sales of Different Products or Businesses | By Business/Product | Unit | Capacity | Capacity Utilization Rate | Output | | :--- | :--- | :--- | :--- | :--- | | Testing Systems | Channels | 36,165 | 86.43% | 31,259 | | Automated Assembly Systems | Units | 788 | 86.80% | 684 | Non-Core Business Analysis Non-core businesses significantly impacted total profit, with negative investment income and substantial asset impairment losses, while other income contributed positively Non-Core Business Items and Amounts | Item | Amount (CNY) | Proportion of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | -9,145,025.35 | 124.44% | Investment income from associates accounted for using equity method | No | | Fair Value Change Gains/Losses | 172,333.33 | -2.35% | Fair value changes of financial assets held for trading | No | | Asset Impairment | -19,748,391.88 | 268.73% | Provision for inventory depreciation | Yes | | Non-Operating Income | 572,558.53 | -7.79% | Scrap income, gains on disposal of non-current assets, etc. | No | | Non-Operating Expenses | 138,014.82 | -1.88% | Penalty payments, losses from destruction or scrapping of non-current assets, etc. | No | | Other Income | 13,328,177.93 | -181.36% | VAT refunds for software products and government grants related to the company's daily operations | Yes | | Credit Impairment Losses | 4,054,436.62 | -55.17% | Provision for doubtful accounts on accounts receivable | Yes | | Asset Disposal Gains | 1,079,095.73 | -14.68% | Gains on disposal of right-of-use assets | No | Analysis of Assets and Liabilities Total assets grew 30.11% due to increased cash and reduced receivables, while liabilities shifted, with CNY 275.52 million in fair value financial assets Significant Changes in Asset Composition | Item | Current Period-End Amount (CNY) | Proportion of Total Assets | Prior Year-End Amount (CNY) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 424,385,780.79 | 15.52% | 133,060,368.78 | 6.33% | 9.19% | Good sales collection and receipt of raised funds | | Accounts Receivable | 403,948,254.05 | 14.77% | 498,300,136.01 | 23.71% | -8.94% | Good sales collection | | Fixed Assets | 586,316,474.90 | 21.44% | 598,157,175.87 | 28.46% | -7.02% | Provision for accumulated depreciation of fixed assets | | Short-Term Borrowings | 564,755,479.92 | 20.65% | 638,673,351.50 | 30.39% | -9.74% | Repayment of some bank loans | | Long-Term Borrowings | 132,100,000.00 | 4.83% | 43,000,000.00 | 2.05% | 2.78% | - | Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (CNY) | Fair Value Change Gains/Losses for the Period (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | | Financial Assets Held for Trading | 0.00 | 172,333.33 | 240,172,333.33 | | Receivables Financing | 46,246,033.09 | -108,441.25 (Accumulated fair value changes recognized in equity) | 27,343,581.84 | | Other Non-Current Financial Assets | 8,004,700.07 | 0.00 | 8,004,700.07 | | Total | 54,250,733.16 | 172,333.33 (Fair value change gains/losses) | 275,520,615.24 | Asset Restrictions as of the End of the Reporting Period | Item | Period-End Carrying Amount (CNY) | Reason for Restriction | | :--- | :--- | :--- | | Other Cash and Bank Balances | 34,388,288.90 | Guarantees for bills and letters of guarantee | | Other Cash and Bank Balances | 6,437,019.74 | Funds in transit already paid but not yet received | | Intangible Assets - Land Use Rights | 57,667,435.55 | Pledged for bank credit facilities | | Intangible Assets - Patent Rights | 776,729.57 | Pledged for bank credit facilities | | Fixed Assets - Mawei Nebula Zhenzhulu Mazongdi 2017-03 Factory Building | 236,231,591.25 | Pledged for bank credit facilities | | Fixed Assets - Mawei District Kuaian Majiang Avenue Building 1-4 | 40,964,081.06 | Pledged for bank credit facilities | | Notes Receivable | 19,548,018.32 | Endorsed, discounted, unexpired, and not derecognized notes | | Total | 396,013,164.39 | - | Investment Analysis The company invested CNY 320 million in wealth management, utilizing CNY 83.46 million of CNY 627 million raised funds for projects and working capital Investment Amount During the Reporting Period | Indicator | Amount (CNY) | | :--- | :--- | | Investment Amount for the Reporting Period | 320,000,000.00 | | Investment Amount for the Prior Period | 0.00 | | Change Percentage | Not applicable | Financial Assets Measured at Fair Value | Asset Category | Initial Investment Cost (CNY) | Fair Value Change Gains/Losses for the Period (CNY) | Ending Balance (CNY) | Source of Funds | | :--- | :--- | :--- | :--- | :--- | | Financial Assets Held for Trading | 0.00 | 172,333.33 | 240,172,333.33 | Raised Funds | | Receivables Financing | 46,246,033.09 | -108,441.25 (Accumulated fair value changes recognized in equity) | 27,343,581.84 | Own Funds | | Other Non-Current Financial Assets | 8,004,700.07 | 0.00 | 8,004,700.07 | Own Funds | | Total | 54,250,733.16 | 172,333.33 | 275,520,615.24 | - | Overall Utilization of Raised Funds (Unit: CNY 10,000) | Fundraising Year | Fundraising Method | Net Raised Funds (1) | Total Raised Funds Used in Current Period | Total Raised Funds Cumulatively Used (2) | Utilization Ratio of Raised Funds at Period-End (3)=(2)/(1) | Total Unused Raised Funds | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 2020 | Private Placement of Shares | 38,840.00 | 0.00 | 38,560.67 | 99.28% | 0.00 | | 2023 | Private Placement of Shares | 62,755.08 | 8,346.06 | 8,346.06 | 13.30% | 54,494.14 | | Total | - | 101,595.08 | 8,346.06 | 46,906.73 | 46.17% | 54,494.14 | - The CNY 544.9414 million of unused raised funds from 2023 are held in dedicated accounts and cash management[67][70] - During the reporting period, the company had no entrusted wealth management, derivative investments, or entrusted loans[75][76][77] Analysis of Major Holding and Associate Companies Major subsidiaries include Nebula Intelligent Equipment and Fujian Nebula Testing, with the latter reporting CNY 13.39 million net profit, while associates incurred losses Major Subsidiaries and Associates with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Main Business | Registered Capital (CNY) | Total Assets (CNY) | Net Assets (CNY) | Operating Revenue (CNY) | Operating Profit (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Nebula Intelligent Equipment (Kunshan) Co., Ltd. | Subsidiary | Industrial and technology research and experimental development | 20,000,000.00 | 31,752,472.15 | 13,288,947.93 | 9,420,000.00 | 3,773,168.45 | 2,829,820.37 | | Fuzhou Xingxing Investment Development Co., Ltd. | Subsidiary | Investment | 20,000,000.00 | 23,709,416.22 | 23,709,416.22 | 0.00 | 1,097,828.12 | 1,097,826.50 | | Fujian Nebula Testing Technology Co., Ltd. | Subsidiary | Metrology services | 10,000,000.00 | 317,261,884.69 | 136,763,175.90 | 53,918,544.92 | 12,821,539.29 | 13,392,283.10 | | Fujian Nebula International Trade Co., Ltd. | Subsidiary | Domestic trade agency | 10,000,000.00 | 222,312,958.02 | 2,468,716.61 | 1,713,010.30 | -1,552,395.14 | -1,164,320.64 | | Fujian Times Nebula Technology Co., Ltd. | Associate Company | Engineering and technology research and experimental development services | 421,950,000.00 | 1,148,490,551.87 | 284,109,849.48 | 203,739,446.20 | -32,192,347.39 | -22,868,265.91 | | Nebula Smart (Fujian) Energy Technology Co., Ltd. | Associate Company | Energy technology promotion and application services | 65,000,000.00 | 404,887,304.70 | 32,601,998.98 | 20,927,309.92 | -24,676,617.33 | -24,861,119.24 | - During the reporting period, the company established three new subsidiaries: Nebula Electronics Hungary Llc., Beijing Nebula Huineng Technology Co., Ltd., and Fujian Nebula Embodied Intelligence Technology Co., Ltd., none of which generated operating revenue or net profit[81] Risks Faced by the Company and Countermeasures The company faces risks from economic cycles, bad debts, policy changes, costs, and competition, addressed by strategic adjustments and R&D - Risk of macroeconomic cyclical fluctuations: The company's business scale is affected by macroeconomic and downstream industry cyclical fluctuations; unfavorable external economic conditions or reduced downstream investment will adversely impact the company's business. Countermeasures: Adjust operating strategies, enhance risk resistance capabilities, and improve core competitiveness[81][82] - Risk of accounts receivable bad debts: As of the end of the reporting period, the carrying amount of accounts receivable was CNY 403.9483 million, accounting for 22.57% of current assets, which is a high amount, posing a risk of bad debts. Countermeasures: Strengthen accounts receivable management, establish a customer credit management system, incorporate collection status into performance evaluations, and supplement working capital through financing[82] - Risk of changes in tax preferential policies: The company enjoys a 15% income tax rate for high-tech enterprises and VAT immediate refund policy for software products; changes in these policies will affect performance. Countermeasures: Actively strive to obtain and maintain relevant tax incentives[82][83] - Risk of raw material cost fluctuations: Direct raw material costs account for a relatively high proportion; if cost pressures cannot be passed on or costs optimized, operating performance will be affected. Countermeasures: Reduce costs through process technology innovation, strengthen communication with downstream to pass on cost pressures, and enhance cost management and supply chain construction[83] - Market and technological risks due to competition: The industry has a high degree of marketization and fierce technological competition, which may lead to product price reductions. Countermeasures: Establish a rapid industrial policy analysis mechanism, strengthen R&D and cost management, actively expand markets, and improve product performance and customer recognition[84] Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period The company hosted online investor interactions with institutional and general investors, discussing company overview and operations - On April 28, April 30, and June 19, 2025, the company hosted institutional investors such as Kaiyuan Securities, Guoxin Securities, Changjiang Securities, and Caitong Fund, as well as all investors, through online communication[85] - The main topics discussed were the company's introduction and operating conditions, with relevant record tables disclosed on Juchao Information Network[85] Part IV Corporate Governance, Environment, and Society Profit Distribution and Capital Reserve Conversion to Share Capital in the Current Reporting Period The company plans no cash dividends, bonus shares, or capital reserve conversions for the semi-annual period - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for the semi-annual period[90] Social Responsibility Performance The company integrates social responsibility into its core strategy, upholding values of customer success, innovation, and people-centricity - The company continuously practices its core values, actively undertaking responsibility for national and social sustainable development while achieving sustainable operations, economic benefits, and safeguarding shareholder interests[92] - The company improves its corporate governance structure, strengthens internal management systems, strictly fulfills information disclosure obligations, builds harmonious investor relations, and protects the legitimate interests of creditors[92] - The company adheres to a 'people-oriented' development philosophy, safeguarding employees' legitimate rights and interests, providing competitive compensation, benefits, and career development paths, and focusing on employees' physical and mental health[93] - The company focuses on customer needs, protects the legitimate rights and interests of suppliers, customers, and consumers, and fosters an atmosphere of honest cooperation[93] - The company considers environmental protection a crucial part of its sustainable development strategy, actively promoting energy conservation, emission reduction, and green manufacturing[93] Part V Significant Matters Litigation Matters No major litigation occurred; other cases involve CNY 15.52 million as defendant, CNY 272.80 million (settled/judged) and CNY 27.75 million (pending) as plaintiff - There were no significant litigation or arbitration matters for the company during the current reporting period[101] Summary of Other Litigation Matters | Basic Information of Litigation (Arbitration) | Amount Involved (CNY 10,000) | Whether a Provision for Liabilities is Formed | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | | :--- | :--- | :--- | :--- | :--- | | Summary of other lawsuits against Nebula Stock not meeting the disclosure threshold for significant litigation | 155.22 | No | As of the end of the reporting period, these cases are still under trial in court | Not yet ruled, the impact on the company's post-period profit is uncertain | | Summary of other lawsuits and arbitration matters initiated by Nebula Stock not meeting the disclosure threshold for significant litigation: judged, ruled | 2,727.97 | No | As of the end of the reporting period, these cases have reached settlement, been judged, or ruled, but not yet fully executed | Settled, judged, or ruled, but not yet fully executed, the impact on the company's post-period profit is uncertain | | Summary of other lawsuits and arbitration matters initiated by Nebula Stock not meeting the disclosure threshold for significant litigation: under trial | 277.5 | No | As of the end of the reporting period, these cases are still under trial in court | Not yet ruled, the impact on the company's post-period profit is uncertain | | Summary of other lawsuits and arbitration matters initiated by Nebula Stock not meeting the disclosure threshold for significant litigation: claim declaration in progress | 1,374.56 | No | As of the end of the reporting period, the sued company has entered bankruptcy proceedings, and the company has filed a claim | Not applicable | Significant Related Party Transactions The company engaged in routine related party transactions for sales, services, and procurement with entities like Fujian Times Nebula, all fairly priced Related Party Transactions for Purchase and Sale of Goods, Provision and Acceptance of Services (Sales) | Related Party | Related Transaction Content | Amount for Current Period (CNY) | Proportion of Similar Transactions | Approved Transaction Limit (CNY 10,000) | | :--- | :--- | :--- | :--- | :--- | | Fujian Times Nebula Technology Co., Ltd. | Sales of Products, Goods | 22,193.81 | 0.00% | 3,000.00 | | Fujian Times Nebula Technology Co., Ltd. | Provision of Services | 73,253.00 | 0.13% | 3,000.00 | | Fuzhou Chekuaichong Technology Co., Ltd. and its subsidiaries | Sales of Products, Goods | 78,371.69 | 0.01% | 100.00 | | Fuzhou Chekuaichong Technology Co., Ltd. and its subsidiaries | Provision of Services | 4,601.77 | 0.01% | 100.00 | | Nebula Smart (Fujian) Energy Technology Co., Ltd. and its subsidiaries | Sales of Products, Goods | 21,249,677.89 | 3.81% | 5,000.00 | | Nebula Smart (Fujian) Energy Technology Co., Ltd. and its subsidiaries | Provision of Services | 474,111.19 | 0.84% | 5,000.00 | | Beijing Nebula Jiaoxin Technology Co., Ltd. | Sales of Products, Goods | 1,283.19 | 0.00% | 3,000.00 | Related Party Transactions for Purchase and Sale of Goods, Provision and Acceptance of Services (Purchases) | Related Party | Related Transaction Content | Amount for Current Period (CNY) | Proportion of Similar Transactions | Approved Transaction Limit (CNY 10,000) | | :--- | :--- | :--- | :--- | :--- | | Fujian Times Nebula Technology Co., Ltd. | Purchase of Goods | 566,371.68 | 4.96% | 3,000.00 | | Fujian Baocheng Precision Machinery Co., Ltd. | Purchase of Goods | 14,015,308.89 | 48.00% | 5,000.00 | | Fuzhou Xingqidai Trading Co., Ltd. | Purchase of Goods | 5,990.64 | 0.05% | 300.00 | | Nebula Smart (Fujian) Energy Technology Co., Ltd. and its subsidiaries | Purchase of Goods | 198,490.57 | 1.74% | 3,000.00 | - During the reporting period, the company had no related party transactions involving asset or equity acquisitions/disposals, joint external investments, related party debt/credit, dealings with affiliated finance companies, dealings between the company's controlled finance company and related parties, or other significant related party transactions[108][109][110][111][112][113] Significant Contracts and Their Performance The company has no trusteeships or contracting, but leases facilities and provides CNY 44.42 million in guarantees for subsidiaries, with major contracts performing well - The company had no trusteeship or contracting arrangements during the reporting period[114][115] - The company and its subsidiaries obtained some factory buildings and office premises for production and operation through leasing[116] Company Guarantees for Subsidiaries (Unit: CNY 10,000) | Guaranteed Party Name | Guarantee Limit | Actual Guarantee Amount | Guarantee Type | Guarantee Period | Whether Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | | Fujian Nebula Testing Technology Co., Ltd. | 6,000.00 | 350.00 | Joint and Several Liability Guarantee | 2024/7/12-2025/7/11 | No | | Fujian Nebula Testing Technology Co., Ltd. | 6,000.00 | 135.07 | Joint and Several Liability Guarantee | 2024/7/18-2025/7/18 | No | | Fujian Nebula Testing Technology Co., Ltd. | 6,000.00 | 93.41 | Joint and Several Liability Guarantee | 2024/8/15-2025/8/15 | No | | Fujian Nebula Testing Technology Co., Ltd. | 6,000.00 | 345.83 | Joint and Several Liability Guarantee | 2024/8/29-2025/8/29 | No | | Fujian Nebula Testing Technology Co., Ltd. | 6,000.00 | 270.39 | Joint and Several Liability Guarantee | 2024/9/13-2025/9/13 | No | | Fujian Nebula Testing Technology Co., Ltd. | 6,000.00 | 179.15 | Joint and Several Liability Guarantee | 2024/9/24-2025/9/24 | No | | Fujian Nebula Testing Technology Co., Ltd. | 1,500.00 | 181.31 | Joint and Several Liability Guarantee | 2024/11/26-2025/11/26 | No | | Fujian Nebula Testing Technology Co., Ltd. | 1,500.00 | 128.80 | Joint and Several Liability Guarantee | 2024/11/27-2025/11/27 | No | | Fujian Nebula Testing Technology Co., Ltd. | 1,500.00 | 211.11 | Joint and Several Liability Guarantee | 2024/12/11-2025/12/11 | No | | Fujian Nebula Testing Technology Co., Ltd. | 1,500.00 | 379.71 | Joint and Several Liability Guarantee | 2025/1/13-2026/1/13 | No | | Fujian Nebula Testing Technology Co., Ltd. | 6,000.00 | 90.27 | Joint and Several Liability Guarantee | 2025/3/19-2025/9/19 | No | | Fujian Nebula Testing Technology Co., Ltd. | 6,000.00 | 8.55 | Joint and Several Liability Guarantee | 2025/3/19-2025/9/19 | No | | Fujian Nebula Testing Technology Co., Ltd. | 6,000.00 | 42.02 | Joint and Several Liability Guarantee | 2025/5/28-2025/11/28 | No | | Fujian Nebula Testing Technology Co., Ltd. | 6,000.00 | 8.38 | Joint and Several Liability Guarantee | 2025/5/28-2025/11/28 | No | | Ningde Nebula Testing Technology Co., Ltd. | 4,000.00 | 292.63 | Joint and Several Liability Guarantee | 2024/7/11-2025/7/11 | No | | Ningde Nebula Testing Technology Co., Ltd. | 4,000.00 | 493.60 | Joint and Several Liability Guarantee | 2024/8/15-2025/8/15 | No | | Ningde Nebula Testing Technology Co., Ltd. | 4,000.00 | 45.55 | Joint and Several Liability Guarantee | 2024/8/20-2025/8/20 | No | | Ningde Nebula Testing Technology Co., Ltd. | 4,000.00 | 49.87 | Joint and Several Liability Guarantee | 2024/9/13-2025/9/13 | No | | Ningde Nebula Testing Technology Co., Ltd. | 4,000.00 | 42.31 | Joint and Several Liability Guarantee | 2024/9/20-2025/9/19 | No | | Ningde Nebula Testing Technology Co., Ltd. | 1,000.00 | 1,000.00 | Joint and Several Liability Guarantee | 2024/9/29-2025/9/29 | No | | Ningde Nebula Testing Technology Co., Ltd. | 4,000.00 | 78.70 | Joint and Several Liability Guarantee | 2024/12/13-2025/12/13 | No | | Ningde Nebula Testing Technology Co., Ltd. | 4,000.00 | 158.51 | Joint and Several Liability Guarantee | 2024/12/13-2025/12/13 | No | | Total Actual Guarantee Balance for Subsidiaries at Period-End | - | 4,585.18 | - | - | - | Significant Contracts in Ordinary Operations | Company Party Name | Counterparty Name | Total Contract Amount (CNY 10,000) | Contract Performance Progress | Sales Revenue Recognized in Current Period (CNY 10,000) | Cumulative Sales Revenue Recognized (CNY 10,000) | Accounts Receivable Collection Status | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Nebula Stock and its controlled subsidiaries | BYD and its subsidiaries | 11,329.66 | 100% | 0.00 | 11,329.66 | 99.54% collected | | Ningde Nebula Testing | CATL | 12,053.29 | 89.40% | 900.99 | 10,775.31 | 100% collected | | Nebula Stock | CATL and its subsidiaries | 10,181.24 | 100% | 0.00 | 10,181.24 | 99.89% collected | | Nebula Stock | CATL and its subsidiaries | 11,376.18 | 100% | 0.00 | 11,376.18 | 100% collected | | Nebula Stock | CATL and its subsidiaries | 10,214.06 | 100% | 0.00 | 10,214.06 | 98.99% collected | | Nebula Stock | CATL and its subsidiaries | 12,745.30 | 100% | 0.00 | 12,745.30 | 98.77% collected | | Nebula Stock | CATL and its subsidiaries | 29,592.41 | 100% | 0.00 | 29,592.41 | 99.81% collected | | Nebula Stock | CATL and its subsidiaries | 28,887.11 | 100% | 0.00 | 28,887.11 | 97.15% collected | - The company had no other significant contracts during the reporting period[124] Explanation of Other Significant Matters In April 2025, the company completed a private placement, raising CNY 627 million and listing 26,497,504 new shares - On April 3, 2025, the company received subscription funds for a private placement of shares, with total raised funds of CNY 636,999,996.16 and net raised funds of CNY 627,550,798.00[125] - The number of shares issued in this offering was 26,497,504 shares, with an issue price of CNY 24.04 per share[125] - The newly issued shares were listed on the Shenzhen Stock Exchange on April 18, 2025[125] Part VI Share Changes and Shareholder Information Share Change Status Total share capital increased by 26,497,504 shares to 174,281,400 shares due to a private placement, with new shares listed Share Change Status (Unit: Shares) | Item | Quantity Before This Change | Proportion Before This Change | Increase/Decrease in This Change (New Share Issuance) | Quantity After This Change | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 41,594,457 | 28.15% | 26,497,504 | 68,091,961 | 39.07% | | Of which: State-owned Legal Person Shares | 0 | 0.00% | 831,946 | 831,946 | 0.48% | | Other Domestic Shares | 41,594,457 | 28.15% | 25,665,558 | 67,260,015 | 38.59% | | II. Unrestricted Shares | 106,189,439 | 71.85% | 0 | 106,189,439 | 60.93% | | III. Total Shares | 147,783,896 | 100.00% | 26,497,504 | 174,281,400 | 100.00% | - The change in shares was due to the issuance of 26,497,504 A-shares to 13 specific investors, with the new shares listed on the ChiNext Board of the Shenzhen Stock Exchange on April 18, 2025, subject to a 6-month lock-up period[130] - Upon completion of this issuance, the company's total share capital increased from 147,783,896 shares to 174,281,400 shares[131] Securities Issuance and Listing Status On March 27, 2025, the company issued 26,497,504 A-shares at CNY 24.04/share, listed on the Shenzhen Stock Exchange Securities Issuance and Listing Status | Name of Stock and Derivative Securities | Issuance Date | Issuance Price (or Interest Rate) | Issuance Quantity | Listing Date | Quantity Approved for Listing and Trading | | :--- | :--- | :--- | :--- | :--- | :--- | | RMB Ordinary Shares (A-shares) | 2025年03月27日 | 24.04 | 26,497,504 | 2025年04月18日 | 26,497,504 | - The newly issued shares from this private placement were listed on the ChiNext Board of the Shenzhen Stock Exchange on April 18, 2025, with a lock-up period of 6 months from the listing date of the new shares[136] Company Shareholder Number and Shareholding Status As of period-end, the company had 15,607 common shareholders, with Li Youcai and Liu Zuobin as controlling shareholders - As of the end of the reporting period, the total number of common shareholders was 15,607[137] Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at Period-End | Number of Restricted Shares Held | Number of Unrestricted Shares Held | Pledge, Mark, or Freeze Status (Quantity) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Li Youcai | Domestic Natural Person | 12.69% | 22,124,190 | 16,593,143 | 5,531,047 | Pledged 5,741,192 | | Liu Zuobin | Domestic Natural Person | 9.63% | 16,782,152 | 12,586,614 | 4,195,538 | Pledged 6,664,192 | | Jiang Meizhu | Domestic Natural Person | 9.50% | 16,552,934 | 12,414,700 | 4,138,234 | Not applicable | | Tang Ping | Domestic Natural Person | 6.27% | 10,924,137 | 0 | 10,924,137 | Not applicable | | Yibin Chendao New Energy Industry Equity Investment Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 3.58% | 6,239,600 | 6,239,600 | 0 | Not applicable | | Hubei Provincial Railway Development Fund Co., Ltd. | Domestic Non-State-Owned Legal Person | 3.15% | 5,492,104 | 5,492,104 | 0 | Not applicable | - Company shareholders Li Youcai and Liu Zuobin are persons acting in concert, jointly holding actual control of the company, with their concerted action agreement extended until October 24, 2027[138][143] Part VIII Financial Report Audit Report The company's semi-annual financial report is unaudited - The company's semi-annual financial report is unaudited[146] Financial Statements This section presents H1 2025 consolidated and parent company financial statements, showing CNY 2.735 billion total assets and CNY -8.85 million net profit Key Data from Consolidated Balance Sheet (Unit: CNY) | Item | Period-End Balance | Beginning Balance | | :--- | :--- | :--- | | Total Assets | 2,734,750,958.36 | 2,101,842,407.29 | | Total Liabilities | 1,345,822,351.18 | 1,331,852,267.38 | | Total Owners' Equity Attributable to Parent Company | 1,388,138,971.41 | 769,306,957.57 | | Total Owners' Equity | 1,388,928,607.18 | 769,990,139.91 | Key Data from Consolidated Income Statement (Unit: CNY) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Total Operating Revenue | 556,917,383.44 | 561,266,688.35 | | Operating Profit | -7,783,459.87 | -35,347,415.54 | | Total Profit | -7,348,916.16 | -35,792,714.13 | | Net Profit | -8,747,326.39 | -41,254,088.74 | | Net Profit Attributable to Parent Company Shareholders | -8,853,718.79 | -40,546,764.16 | | Basic Earnings Per Share (CNY/share) | -0.0565 | -0.2744 | Key Data from Consolidated Cash Flow Statement (Unit: CNY) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 86,321,977.31 | 44,341,186.03 | | Net Cash Flow from Investing Activities | -359,209,058.63 | -6,335,311.29 | | Net Cash Flow from Financing Activities | 562,413,716.92 | -9,040,109.73 | | Net Increase in Cash and Cash Equivalents | 290,746,493.30 | 29,480,172.73 | | Period-End Cash and Cash Equivalents Balance | 377,712,567.77 | 186,482,004.29 | Company Basic Information Fujian Nebula Electronics Co., Ltd., established in 2014 and listed in 2017, has 174,281,400 shares and operates in lithium battery equipment and services - Fujian Nebula Electronics Co., Ltd. was established through an overall change in July 2014 and listed on the Shenzhen Stock Exchange in April 2017[180][181] - As of June 30, 2025, the company's registered capital and share capital were both CNY 174,281,400[182] - The company has 5 branches, 14 second-tier subsidiaries, and 1 third-tier subsidiary[183][184] - The company primarily provides lithium battery testing equipment, automated production equipment, energy storage systems and key battery components, battery testing services, and charging pile products[184] Basis of Financial Statement Preparation These financial statements are prepared under Chinese accounting standards and CSRC rules, based on a going concern, accrual basis, and historical cost - These financial statements are prepared in accordance with the Accounting Standards for Business Enterprises, their application guidelines, interpretations, and other relevant regulations issued by the Ministry of Finance[186] - The statements are presented on a going concern basis, with accounting based on the accrual method, and measured at historical cost except for certain financial instruments[187] Significant Accounting Policies and Estimates This section details the company's significant accounting policies and estimates, covering business combinations, financial instruments, and revenue recognition - The company determines depreciation of fixed assets, amortization of intangible assets, capitalization conditions for R&D expenses, and revenue recognition policies based on its own production and operating characteristics[188] - These financial statements comply with the requirements of Accounting Standards for Business Enterprises, truly and completely reflecting the company's financial position, operating results, and cash flows[189] - The company's accounting period adopts the calendar year, with an operating cycle of 12 months, and the functional currency is RMB[190][191][192] - The company classifies and measures financial assets, including those measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[207][208][209][210] - The company performs impairment accounting and recognizes loss provisions for items such as notes receivable, accounts receivable, and contract assets, based on expected credit losses[215][216][217][218][219][220][221][222][223] - The company's revenue recognition principle is to recognize revenue when the customer obtains control of the related goods or services, and specific recognition methods are adopted based on business types (equipment sales, testing services)[265][266] Taxation The company's main taxes include VAT and surcharges, benefiting from various tax incentives like a 15% high-tech enterprise income tax rate and 100% R&D super deduction Main Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Taxable value-added amount | 13%, 9%, 6%, 5% | | Urban Maintenance and Construction Tax | Actual amount of turnover tax paid | 7%, 5% | | Education Surcharge | Actual amount of turnover tax paid | 3% | | Local Education Surcharge | Actual amount of turnover tax paid | 2% | Taxable Entities with Different Corporate Income Tax Rates | Taxable Entity Name | Income Tax Rate | | :--- | :--- | | Fujian Nebula Electronics Co., Ltd. | 15% | | Wuhan Nebula Integrated Energy Technology Co., Ltd. | 20% | | Nebula Intelligent Equipment (Kunshan) Co., Ltd. | 25% | | Fuzhou Xingxing Investment Development Co., Ltd. | 20% | | Fujian Nebula Testing Technology Co., Ltd. | 25% | | Ningde Nebula Testing Technology Co., Ltd. | 25% | | Fujian Nebula International Trade Co., Ltd. | 20% | | Fujian Xingdubang Precision Industry Co., Ltd. | 20% | | NEBULA INTERNATIONAL CORPORATION | 27% | | Sichuan Nebula Electronics Technology Co., Ltd. | 20% | | Ningde Nebula Electronics Technology Co., Ltd. | 20% | | NEBULA ELECTRONICS INC | 29.84% | | Nebula Electronics Europe GmbH | 15% | | Nebula Electronics Hungary Llc. | 9% | | Beijing Nebula Huineng Technology Co., Ltd. | 25% | | Fujian Nebula Embodied Intelligence Technology Co., Ltd. | 25% | - The company enjoys a 15% corporate income tax preferential policy for high-tech enterprises[290] - The company enjoys an income tax preferential policy of 100% super deduction for R&D expenses[290][291] - Some subsidiaries qualify as small and micro enterprises, enjoying a preferential policy where the portion of annual taxable income not exceeding CNY 3 million is reduced by 25% and taxed at a 20% corporate income tax rate[292] - The company qualifies for the VAT additional deduction policy for advanced manufacturing enterprises, allowing for an additional deduction of 5% of the current period's deductible input VAT[293] Notes to Consolidated Financial Statement Items This section details period-end and beginning balances for consolidated financial statement items, noting significant increases in cash and equity due to raised funds - Cash and bank balances at period-end were CNY 424,385,780.79, an increase of 218.95% from the beginning of the period, primarily due to good sales collection and receipt of raised funds[295][59] - Financial assets held for trading at period-end were CNY 240,172,333.33, up from 0 at the beginning of the period, mainly comprising structured deposits[297] - Accounts receivable at period-end were CNY 403,948,254.05, a decrease of 18.88% from the beginning of the period, primarily due to good sales collection[307][59] - Inventory carrying amount at period-end was CNY 428,421,420.91, an increase of 28.69% from the beginning of the period, with total inventory depreciation provision and contract performance cost impairment provision amounting to CNY 34,580,083.98[351][353] - Fixed assets carrying amount at period-end was CNY 586,316,474.90, a decrease of 1.98% from the beginning of the period, primarily due to depreciation provision[373][59] - Short-term borrowings at period-end were CNY 564,755,479.92, a decrease of 11.69% from the beginning of the period, primarily due to repayment of some bank loans[396][59] - Long-term borrowings at period-end were CNY 132,100,000.00, an increase of 207.21% from the beginning of the period[426][59] - Share capital at period-end was CNY 174,281,400.00, an increase of 17.93% from the beginning of the period, primarily due to private placement of shares[437] - Capital reserves at period-end were CNY 1,201,185,967.50, an increase of 100.04% from the beginning of the period, primarily due to receipt of raised funds from private placement of shares[439] - Operating revenue for the current period was CNY 556,917,383.44, and operating cost was CNY 370,944,678.48[446] - R&D expenses for the current period were CNY 75,438,292.61, a decrease of 11.63% from the prior period[454] - Net cash flow from operating activities was CNY 86,321,977.31, an increase of 94.68% from the prior period[481] R&D Expenses Total R&D expenses for the period were CNY 75,438,292.61, fully expensed, with a decrease from the prior year Composition of R&D Expenses | Item | Amount for Current Period (CNY) | Amount for Prior Period (CNY) | | :--- | :--- | :--- | | Salaries, Social Security, and Benefits, etc. | 57,309,717.98 | 59,391,934.53 | | Material Costs | 1,241,557.18 | 7,777,385.20 | | Equity Incentive | 0.00 | 463,920.80 | | Depreciation Expense | 8,992,503.84 | 9,593,078.67 | | Administrative and Office Expenses | 2,746,498.05 | 1,646,092.41 | | Travel Expenses | 3,167,025.45 | 3,719,666.94 | | Depreciation of Right-of-Use Assets | 521,082.96 | 811,990.54 | | Utilities (Water, Electricity, Gas) | 546,027.84 | 728,836.31 | | Amortization of Long-Term Deferred Expenses | 372,136.54 | 249,160.13 | | Technology Development Fees | 21,955.87 | 943.40 | | Lease Expenses | 237,127.45 | 248,530.21 | | Amortization of Intangible Assets | 103,823.00 | 115,922.99 | | Other | 178,836.45 | 614,509.33 | | Total | 75,438,292.61 | 85,361,971.46 | | Of which: Expensed R&D Expenses | 75,438,292.61 | 85,361,971.46 | - All R&D expenses for the current period were expensed, with no R&D projects meeting capitalization criteria[490][491] Changes in Consolidation Scope The company's consolidation scope changed due to the establishment of three new second-tier subsidiaries: Fujian Nebula Embodied Intelligence, Beijing Nebula Huineng, and Nebula Electronics Hungary Llc Changes in Consolidation Scope Due to Other Reasons | No. | Company Name | Tier | Reason for Change | | :--- | :--- | :--- | :--- | | 1 | Fujian Nebula Embodied Intelligence Technology Co., Ltd. | Second-tier | Newly Established | | 2 | Beijing Nebula Huineng Technology Co., Ltd. | Second-tier | Newly Established | | 3 | Nebula Electronics Hungary Llc. | Second-tier | Newly Established | - During the reporting period, there were no changes in the consolidation scope due to business combinations not under common control, business combinations under common control, reverse acquisitions, or disposal of subsidiaries[491][492] Interests in Other Entities The company holds interests in several wholly-owned subsidiaries and significant associates like Fujian Times Nebula, accounted for using the equity method Composition of the Enterprise Group (Partial Subsidiaries) | Subsidiary Name | Registered Capital (CNY) | Main Operating Location | Business Nature | Shareholding Proportion (Direct) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | | Fuzhou Xingxing Investment Development Co., Ltd. | 20,000,000.00 | Fuzhou | Investment | 100.00% | Establishment | | Wuhan Nebula Integrated Energy Technology Co., Ltd. | 20,000,000.00 | Wuhan | Industrial and technology research and experimental development | 100.00% | Establishment | | Nebula Intelligent Equipment (Kunshan) Co., Ltd. | 20,000,000.00 | Kunshan | Industrial and technology research and experimental development | 100.00% | Establishment | | Fujian Nebula Testing Technology Co., Ltd. | 10,000,000.00 | Fuzhou | Metrology services | 100.00% | Establishment | | Ningde Nebula Testing Technology Co., Ltd. | 10,000,000.00 | Ningde | Professional technical services | 100.00% | Establishment | | Fujian Nebula International Trade Co., Ltd. | 10,000,000.00 | Fuzhou | Domestic trade agency | 100.00% | Establishment | Significant Joint Ventures or Associate Companies | Joint Venture or Associate Company Name | Main Operating Location | Business Nature | Shareholding Proportion (Direct) | Accounting Method | | :--- | :--- | :--- | :--- | :--- | | Fujian Times Nebula Technology Co., Ltd. | Fuzhou | Engineering and technology research and experimental development services | 9.48% | Equity Method | | Nebula Smart (Fujian) Energy Technology Co., Ltd. | Fuzhou | Technology promotion and application services | 30.00% | Equity Method | Key Financial Information of Significant Associate Companies (Period-End Balance/Current Period Amount) | Item | Fujian Times Nebula Technology Co., Ltd. (CNY) | Nebula Smart (Fujian) Energy Technology Co., Ltd. (CNY) | | :--- | :--- | :--- | | Total Assets | 1,148,490,551.87 | 404,887,304.70 | | Total Liabilities | 864,380,702.39 | 372,285,305.72 | | Net Assets | 284,109,849.48 | 32,601,998.98 | | Operating Revenue | 203,739,446.20 | 20,927,309.92 | | Net Profit | -22,868,265.91 | -24,861,119.24 | Government Grants As of period-end, asset-related government grants in deferred income totaled CNY 10.89 million, with CNY 11.92 million recognized in current profit or loss Liability Items Involving Government Grants | Accounting Account | Beginning Balance (CNY) | Amount of New Grants in Current Period (CNY) | Amount Transferred to Other Income in Current Period (CNY) | Period-End Balance (CNY) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 16,019,364.23 | 70,000.00 | 5,203,531.97 | 10,885,832.26 | Asset-Related | Government Grants Recognized in Current Profit or Loss | Accounting Account | Amount for Current Period (CNY) | Amount for Prior Period (CNY) | | :--- | :--- | :--- | | Other Income | 11,921,779.75 | 9,938,500.17 | Risks Related to Financial Instruments The company manages credit, liquidity, and market risks; a 50-basis point interest rate hike would reduce net profit by CNY 0.29 million, and a 10% RMB fluctuation would impact net profit by CNY 4.68 million - Risks arising from the company's main financial instruments include credit risk, liquidity risk, and market risk (interest rate risk and exchange rate risk)[509] - The company manages credit risk through diversified investments, customer credit assessment, regular monitoring of customer credit records, and shortening or canceling credit periods[511] - Among the company's accounts receivable, the top five customers account for 25.89% of the total[512] - The company manages liquidity risk by maintaining sufficient cash and cash equivalents, monitoring bank loan utilization, securing standby funding commitments, and arranging supplier financing[513] - As of period-end, the company's unused bank borrowing limit was CNY 508.7871 million[514] - If the floating interest rate on borrowings increases or decreases by 50 basis points, the company's net profit and shareholders' equity will decrease or increase by approximately CNY 0.2938 million[518] - Assuming the RMB appreciates or depreciates by 10% against foreign currencies (mainly USD and EUR), the company's shareholders' equity and net profit would both increase or