锐新科技(300828) - 2025 Q2 - 季度财报

Section I Important Notice, Table of Contents, and Definitions This section provides assurance on report accuracy, warns of forward-looking statement risks, and confirms no semi-annual profit distribution plans - Company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, assuming individual and joint legal responsibility[5] - The company plans no cash dividends, bonus shares, or capital increase from capital reserves for the semi-annual period[6] Catalog of Reference Documents This section lists the semi-annual report, financial statements, and all publicly disclosed company documents as reference materials - Reference documents include the 2025 semi-annual report signed by the legal representative, financial statements signed and sealed by the company head, chief accountant, and head of accounting, and original announcements disclosed on the CSRC-designated website during the reporting period[10] Definitions This section defines key terms used in the report, covering company entities, customers, regulators, and reporting periods - "Company", "this company", "Rexin Technology" refer to Tianjin Rexin Chang Technology Co., Ltd[11] - "Reporting period" refers to January 1, 2025, to June 30, 2025[11] Section II Company Profile and Key Financial Indicators This section presents company fundamentals and key financial indicators, noting declines in revenue, net profit, and cash flow - The company's stock abbreviation is "Rexin Technology", stock code "300828", listed on the Shenzhen Stock Exchange[13] 2025 Semi-Annual Key Accounting Data and Financial Indicators | Indicator | Current Reporting Period (CNY) | Prior Year Period (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 289,301,689.56 | 292,326,127.14 | -1.03% | | Net Profit Attributable to Shareholders of Listed Company | 20,331,964.85 | 26,589,419.97 | -23.53% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | 19,331,085.30 | 25,181,211.64 | -23.23% | | Net Cash Flow from Operating Activities | 30,245,758.14 | 70,131,725.73 | -56.87% | | Basic Earnings Per Share (CNY/share) | 0.12 | 0.16 | -25.00% | | Diluted Earnings Per Share (CNY/share) | 0.12 | 0.16 | -25.00% | | Weighted Average Return on Net Assets | 2.64% | 3.36% | -0.72% | | End of Current Reporting Period | End of Prior Year | Change from Prior Year-End | | | Total Assets | 851,028,163.59 | 853,975,040.05 | -0.35% | | Net Assets Attributable to Shareholders of Listed Company | 771,004,036.87 | 800,084,252.25 | -3.63% | 2025 Semi-Annual Non-Recurring Gains and Losses Items and Amounts | Item | Amount (CNY) | Description | | :--- | :--- | :--- | | Gains or losses from disposal of non-current assets | 35,636.21 | | | Government grants recognized in current profit or loss (excluding those continuously related to the company's business) | 831,498.85 | | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises | 232,175.28 | | | Other non-operating income and expenses apart from the above | 104,394.13 | | | Less: Income tax impact | 202,824.92 | | | Total | 1,000,879.55 | | Section III Management Discussion and Analysis This section details the company's business, industry, strategy, and performance, noting revenue and profit declines due to market factors - The company belongs to the "C33 Metal Products Industry" within "C Manufacturing"[25] - Main products include electrical automation equipment components and automotive lightweighting and thermal management system components[25] - In H1 2025, the company achieved operating revenue of CNY 289.3017 million, a year-on-year decrease of 1.03%; net profit attributable to shareholders was CNY 20.3320 million, a year-on-year decrease of 23.53%[70] - Net profit decline was primarily due to intense market competition leading to lower gross margins, increased upfront costs for new projects, and reduced investment income[71] I. Main Businesses Engaged by the Company During the Reporting Period The company focuses on R&D, production, and sales of precision aluminum alloy components for industrial automation, automotive, and clean energy sectors (I) Industry Classification The company is classified under 'C33 Metal Products Industry', producing electrical automation and automotive components - The company belongs to the "C33 Metal Products Industry" within "C Manufacturing"[25] - Main products are electrical automation equipment components and automotive lightweighting and thermal management system components, applied in industrial automation, automotive lightweighting and new energy vehicles, and clean energy fields[25] (II) Industry Overview Industrial automation, new energy vehicles, and clean energy sectors show strong growth driven by policy and market demand - China's industrial automation industry market size is projected to exceed CNY 322.5 billion by 2025, with a compound annual growth rate of 12%[26] - From January to June 2025, China's new energy vehicle production and sales increased by 41.4% and 40.3% year-on-year, respectively, with new vehicle sales accounting for 44.3%[29] - As of the end of June 2025, national solar power installed capacity increased by 54.2% year-on-year, and wind power installed capacity increased by 22.7% year-on-year[33] (III) Company's Main Businesses During the Reporting Period The company, a high-tech enterprise, provides precision aluminum alloy component solutions for automation, automotive, and clean energy - The company is a leading domestic high-tech enterprise specializing in the R&D, production, and sales of industrial precision aluminum alloy components[35] - It provides heat exchange system solutions and precision aluminum alloy components in industrial automation, metal components like body structural parts, crash beams, and battery enclosures in automotive lightweighting and new energy vehicles, and heat dissipation and high-quality precision metal component solutions in clean energy[35] (IV) Company's Main Products Main products include electrical automation components and automotive lightweighting/thermal management parts for high-end industrial use - Power electronic heat sink products cover various types such as integral extrusion, press-fit, insert-press, skived fin, folded fin, copper-aluminum composite, heat pipe, and liquid cooling, meeting heat dissipation demands in low-to-high voltage switchgear, industrial energy-saving inverters, rail transit, communication, automation equipment, medical equipment, photovoltaic energy storage, wind power generation, and automotive power management[38] - Automotive lightweighting and thermal management system components include automotive body and sunroof structural parts, crash beams, new energy module protection end plates, battery enclosures and accessories, motor housings, and automotive power manager heat sinks, applied in traditional fuel vehicles and new energy vehicles[44] (V) Company's Main Business Model The company uses a customized 'build-to-order' model with direct sales, 'aluminum price + processing fee' pricing, and full-process production capabilities - The company's products are customized, adopting a "build-to-order"配套 operating model guided by customer rolling demand forecasts[47] - The sales model is direct sales, with pricing based on "base aluminum price + processing fee", where processing fees are the company's main source of operating profit[49] - The production model is "production-driven by sales", possessing full-process production capabilities from mold R&D to precision deep processing[52] (VI) Market Positioning The company targets global high-end industrial clients, providing precision aluminum solutions for automation, automotive, and clean energy - The company consistently focuses on serving leading global high-end industrial clients, providing functional and structural precision aluminum alloy components and business solutions[53] - In the electrical automation sector, major clients include ABB, Schneider, Siemens, and Vestas, with increased market development efforts in wind power, photovoltaic, energy storage, and new energy vehicle applications[54] - In the automotive lightweighting and thermal management system sector, products are applied in traditional fuel vehicles and new energy vehicles from brands such as Toyota, Honda, Geely, Volvo, Audi, BMW, and BYD[55] (VII) Key Performance Drivers Performance is driven by strong customer relationships, continuous R&D innovation, and efficient refined management practices - High-quality customer resources provide strong assurance for the company's stable performance, as it maintains long-term deep cooperation with well-known enterprises in the industry[57] - R&D innovation is the core driver of the company's performance growth, enhancing R&D capabilities through the introduction of high-level talent and industry-academia-research cooperation[58] - Refined management contributes to quality improvement and efficiency, enhancing efficiency through process improvements, cost control, and modern management tools[58] II. Analysis of Core Competitiveness Core competitiveness stems from one-stop service, full-process manufacturing, premium client base, R&D, experienced team, quality systems, and production capacity - The company provides customized, specialized, and comprehensive one-stop services, integrating customer needs throughout the entire process from material R&D and mold design to precision deep processing[61] - The company possesses full-process manufacturing capabilities from profile extrusion to precision deep processing of finished products, and has independently built multiple flexible production lines[62] - The company has accumulated a wealth of high-quality, high-end customer resources, including ABB, Schneider, Siemens, Vestas, Toyota, Honda, and BYD[54][55][63] - The company is a national high-tech enterprise, having obtained 90 patents as of the end of the reporting period, including 19 invention patents[64][66] - The company has 1 technical expert enjoying special government allowances from the State Council, and its R&D team has many years of experience in aluminum processing technology development and product design[67] - The company has obtained ISO9001, TS16949, ISO14001, ISO45001, and other quality management system certifications, and has introduced advanced testing equipment to ensure product quality[68] - The company has an annual production capacity of 45,000 tons of various industrial aluminum profiles, equipped with numerous extrusion production lines and over 400 CNC machining centers[69] III. Analysis of Main Business Main business revenue and net profit declined due to market competition, lower margins, and increased costs, despite ongoing R&D efforts - In H1 2025, the company achieved operating revenue of CNY 289.3017 million, a year-on-year decrease of 1.03%; net profit attributable to shareholders was CNY 20.3320 million, a year-on-year decrease of 23.53%[70] - Net profit decline was primarily due to intense market competition leading to lower gross margins, increased upfront costs for new projects, and reduced investment income[71] - The company actively researches and upgrades new aluminum alloy heat sink profiles and product preparation processes, deepening research into medical device structural parts and automation structural parts[72] - The company strengthens technology R&D and customer development for new energy vehicle motor housings, crash beams, battery enclosures, and power management system heat sinks, with multiple projects progressing steadily[73] Major Financial Data Year-on-Year Changes | Indicator | Current Reporting Period (CNY) | Prior Year Period (CNY) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 289,301,689.56 | 292,326,127.14 | -1.03% | | | Operating Cost | 239,088,725.14 | 236,332,608.21 | 1.17% | | | Selling Expenses | 2,745,620.23 | 2,456,160.96 | 11.79% | | | Administrative Expenses | 13,928,437.34 | 13,618,141.22 | 2.28% | | | Financial Expenses | -198,825.75 | -786,310.22 | 74.71% | Higher USD exchange gains in prior year period | | Income Tax Expense | 2,186,337.17 | 2,818,144.22 | -22.42% | | | R&D Investment | 12,203,872.91 | 13,790,820.88 | -11.51% | | | Net Cash Flow from Operating Activities | 30,245,758.14 | 70,131,725.73 | -56.87% | Increase in acceptance bills received this period | | Net Cash Flow from Investing Activities | 38,469,396.10 | 13,008,858.97 | 195.72% | Decrease in payments for engineering and equipment | | Net Cash Flow from Financing Activities | -20,770,569.13 | -34,162,393.68 | 39.20% | Increase in bank loans obtained, share repurchase in prior year period | | Investment Income | 232,175.28 | 991,279.91 | -76.58% | Decrease in bank wealth management income | Products or Services Accounting for Over 10% of Revenue | 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 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Power Electronic Heat Sinks | 118,932,449.50 | 92,404,123.99 | 22.31% | 0.76% | 4.12% | -2.50% | | Automotive Lightweighting and Thermal Management System Components | 85,940,271.31 | 78,479,088.48 | 8.68% | 19.83% | 29.47% | -6.80% | | Precision Components for Automation Equipment and Medical Devices | 38,143,636.10 | 28,511,357.00 | 25.25% | -2.53% | -4.30% | 1.38% | IV. Analysis of Non-Core Business The company had no non-core businesses during the reporting period - The company had no non-core businesses during the reporting period[79] V. Analysis of Assets and Liabilities Total assets and net assets slightly decreased; monetary funds rose, trading financial assets fell, and borrowings increased due to new loans and leases Significant Changes in Asset Composition | Item | Amount at End of Current Reporting Period (CNY) | % of Total Assets | Amount at End of Prior Year (CNY) | % of Total Assets | % Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 90,364,873.81 | 10.62% | 42,214,947.91 | 4.94% | 5.68% | Increase in USD time deposits this period | | Trading Financial Assets | 18,820,000.00 | 2.21% | 65,820,000.00 | 7.71% | -5.50% | Redemption of bank wealth management products for dividend distribution this period | | Right-of-Use Assets | 1,914,553.08 | 0.22% | | | 0.22% | Rexin Thailand leased production plant this period | | Short-Term Borrowings | 30,200,771.01 | 3.55% | | | 3.55% | New bank loans obtained this period | | Net Assets Attributable to Shareholders of Listed Company | 771,004,036.87 | | 800,084,252.25 | | -3.63% | Completed Q3 2024 dividend distribution | | Total Assets | 851,028,163.59 | | 853,975,040.05 | | -0.35% | | Major Overseas Asset Information | Specific Asset Content | Asset Size (CNY) | Location | Operating Model | Earnings Status (CNY) | Proportion of Overseas Assets to Company's Net Assets | | :--- | :--- | :--- | :--- | :--- | :--- | | Rexin Thailand | 6,478,490.52 | Thailand | Independent Operation | -882,793.60 | 0.84% | | Rexin Hong Kong | 45,561.97 | Hong Kong | Independent Operation | -11,247.15 | 0.01% | - The company pledged real estate and land use rights as collateral for a maximum debt amount of CNY 80 million[85] VI. Analysis of Investment Status Total investment decreased by 71.80%; a new energy vehicle project is 66.24% complete, and aluminum futures hedging resulted in a CNY 102,500 loss Investment Amount During the Reporting Period | Indicator | Amount (CNY) | | :--- | :--- | | Investment Amount in Current Reporting Period | 12,864,682.31 | | Investment Amount in Prior Year Period | 45,611,851.15 | | Change Percentage | -71.80% | - The new energy vehicle lightweight components R&D and production base project had a cumulative actual investment of CNY 157,081,635.53, with project progress at 66.24%[90] - The outstanding balance of entrusted wealth management was CNY 18.82 million, and reduced bank wealth management income led to a 76.58% year-on-year decrease in investment income this period[76][96] - The company engaged in aluminum futures hedging, with an actual gain of CNY 102,500 from derivatives during the reporting period, achieving its expected risk management objectives[98] VII. Major Asset and Equity Disposals The company did not undertake any major asset or equity disposals during the reporting period - The company did not dispose of any major assets during the reporting period[101] - The company had no major equity disposals during the reporting period[103] VIII. Analysis of Major Holding and Participating Companies Rexin Chang Technology (Changshu) Co., Ltd. saw revenue growth but declining profit due to automotive industry competition Financial Performance of Major Subsidiary Rexin Chang Technology (Changshu) Co., Ltd. | Company Name | Registered Capital (CNY) | Total Assets (CNY) | Net Assets (CNY) | Operating Revenue (CNY) | Operating Profit (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Rexin Chang Technology (Changshu) Co., Ltd. | 158,000,000.00 | 291,723,256.38 | 197,264,063.42 | 99,132,904.07 | -4,872,763.87 | -3,478,240.93 | - Rexin Chang Technology (Changshu) Co., Ltd.'s operating revenue increased by 1.90% year-on-year, but operating profit and net profit decreased by 18.80% and 14.34% respectively, mainly due to intense competition in the automotive industry leading to lower product gross margins[105] IX. Structured Entities Controlled by the Company The company had no controlled structured entities during the reporting period - The company had no controlled structured entities[106] X. Risks Faced by the Company and Countermeasures The company addresses customer concentration, aluminum price, processing fee, and tariff risks through R&D, market expansion, and operational adjustments - Customer concentration risk: Sales to the top five customers account for a high proportion; the company addresses this by enhancing R&D capabilities and expanding into new customers and areas[107] - Aluminum price volatility risk: Aluminum rod costs constitute a high proportion; the company mitigates this by signing aluminum price adjustment mechanisms with suppliers and customers[108] - Processing fee fluctuation risk: Processing fees are the main source of profit; the company enhances profitability by strengthening deep processing technology and developing high-value-added products[109] - Tariff risk: Export business accounts for a high proportion; the company addresses this by establishing a production base in Thailand to directly undertake foreign orders and strengthening technological innovation[109] XI. Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period On May 8, 2025, the company held an online investor exchange to discuss 2024 performance and future outlook - On May 8, 2025, the company conducted an online exchange via the Panorama Network "Investor Relations Interactive Platform", discussing its 2024 operating performance and future development outlook[110] XII. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company did not formulate a market value management system or disclose a valuation enhancement plan - The company did not formulate a market value management system during the reporting period[111] - The company did not disclose a valuation enhancement plan during the reporting period[111] XIII. Implementation of the 'Quality and Return Dual Enhancement' Action Plan The company did not disclose the 'Quality and Return Dual Enhancement' action plan during the reporting period - The company did not disclose an announcement regarding the "Quality and Return Dual Enhancement" action plan during the reporting period[112] Section IV Corporate Governance, Environment, and Society This section covers corporate governance, environmental, and social responsibility, noting stable management, no profit distribution, and ongoing equity incentives - The company's directors, supervisors, and senior management had no changes during the reporting period[114] - The company plans no cash dividends, bonus shares, or capital increase from capital reserves for the semi-annual period[115] I. Changes in Directors, Supervisors, and Senior Management No changes occurred in the company's directors, supervisors, or senior management during the reporting period - The company's directors, supervisors, and senior management had no changes during the reporting period[114] II. Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period The company plans no cash dividends, bonus shares, or capital increase from capital reserves for the semi-annual period - The company plans no cash dividends, bonus shares, or capital increase from capital reserves for the semi-annual period[115] III. Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company completed its 2022 Restricted Stock Incentive Plan by repurchasing and canceling 144,000 shares, with no other employee incentive plans - On May 30, 2025, the company completed the repurchase and cancellation of 144,000 restricted shares, involving 5 incentive recipients, marking the completion of the 2022 Restricted Stock Incentive Plan[129] - The company had no employee stock ownership plans during the reporting period[130] - The company had no other employee incentive measures during the reporting period[131] IV. Environmental Information Disclosure The company and its major subsidiaries are not legally required to disclose environmental information - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[131] V. Social Responsibility The company actively fulfills social responsibilities, safeguarding stakeholders, protecting the environment, and ensuring sustainable development - The company strictly complies with laws and regulations, safeguarding shareholders' rights to information, participation, and dividends, implementing a cash dividend policy, and strictly fulfilling information disclosure obligations[131] - The company values talent, employs legally, signs labor contracts with employees, pays social insurance and housing provident fund, and has established a comprehensive employee management system and career development pathways[132] - The company provides customized products and services to customers and establishes long-term, trusting cooperative relationships with suppliers to achieve mutual benefit and win-win outcomes[133][134] - The company considers environmental protection a sustainable development strategy, complying with environmental regulations, promoting energy conservation and emission reduction, actively using green electricity, and highly prioritizing safety production[135] - The company has established a sound corporate governance structure to safeguard investors' legitimate rights and interests[136] Section V Significant Matters This section covers commitment fulfillment, absence of related-party fund occupation, unaudited financials, minor litigation, completed equity distribution and share repurchase, and a change in control - The company's semi-annual report was unaudited[141] - The company completed its Q3 2024 equity distribution on January 20, 2025, distributing a cash dividend of CNY 3 (tax inclusive) per 10 shares to all shareholders, totaling CNY 49,535,700.00[159] - The company completed its share repurchase plan on February 19, 2025, repurchasing a total of 1,896,550 shares with a total expenditure of CNY 20,720,755.00[160] - The company's controlling shareholder changed to Huangshan Kaitou Lingdun Venture Capital Co., Ltd., and the actual controller changed to Huangshan Municipal People's Government State-owned Assets Supervision and Administration Commission[164] I. Commitments Fulfilled by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and the Company, and Commitments Overdue and Unfulfilled as of the End of the Reporting Period All equity incentive commitments were fulfilled on time by the company and incentive recipients, with no overdue commitments - The company and the incentive recipients of the equity incentive plan fulfilled all equity incentive commitments on time[138] II. Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties of the Listed Company No non-operating fund occupation by controlling shareholders or related parties occurred during the reporting period - The company had no non-operating fund occupation by controlling shareholders or other related parties during the reporting period[139] III. Irregular External Guarantees The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[140] IV. Appointment and Dismissal of Accounting Firms The company's semi-annual financial report was unaudited - The company's semi-annual report was unaudited[141] V. Explanation by the Board of Directors, Supervisory Board, and Audit Committee on the Accounting Firm's 'Non-Standard Audit Report' for the Current Reporting Period Not applicable, as the company's semi-annual report was unaudited VI. Explanation by the Board of Directors on Matters Related to the 'Non-Standard Audit Report' for the Previous Year Not applicable VII. Matters Related to Bankruptcy Reorganization The company had no bankruptcy reorganization matters during the reporting period - The company had no bankruptcy reorganization matters during the reporting period[143] VIII. Litigation Matters No major lawsuits or arbitrations occurred; minor litigation totaling CNY 3.8576 million is not expected to have a material impact - The company had no major lawsuits or arbitrations during the current reporting period[144] - Other litigation matters totaled CNY 3.8576 million and are not expected to have a significant adverse impact on the company's financial condition and going concern ability[144] IX. Penalties and Rectification The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[145] X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller Not applicable XI. Significant Related Party Transactions The company had no significant related party transactions during the reporting period, including operational, asset, investment, or debt-related - The company had no related party transactions related to daily operations during the reporting period[146] - The company had no related party transactions involving asset or equity acquisitions/disposals during the reporting period[147] - The company had no related party transactions involving joint external investments during the reporting period[148] - The company had no related party receivables or payables during the reporting period[150] - The company had no other significant related party transactions during the reporting period[153] XII. Significant Contracts and Their Performance The company had no entrustment, contracting, or major guarantees, but did have staff dormitory and Thailand plant leasing matters - The company had no entrustment situations during the reporting period[154] - The company had no contracting situations during the reporting period[155] - The company had leasing matters for staff dormitories and a production plant in Thailand, with the Thailand plant leasing an area of 2,576 square meters[156] - The company had no major guarantee situations during the reporting period[157] - The company had no other significant contracts during the reporting period[158] XIII. Explanation of Other Significant Matters The company completed Q3 2024 equity distribution and share repurchase, with a significant change in controlling shareholder and actual controller - On January 20, 2025, the company completed its Q3 2024 equity distribution, distributing a cash dividend of CNY 3 (tax inclusive) per 10 shares to all shareholders, totaling CNY 49,535,700.00[159] - On February 19, 2025, the company completed its share repurchase plan, repurchasing a total of 1,896,550 shares with a total expenditure of CNY 20,720,755.00[160] - The company's controlling shareholder changed to Huangshan Kaitou Lingdun Venture Capital Co., Ltd., and the actual controller changed to Huangshan Municipal People's Government State-owned Assets Supervision and Administration Commission[164] XIV. Significant Matters of Company Subsidiaries The company's subsidiaries had no significant matters during the reporting period - The company's subsidiaries had no significant matters[165] Section VI Share Changes and Shareholder Information This section details share capital changes, shareholder structure, and executive holdings, noting a decrease in total shares and a change in company control - The company's total share capital decreased by 144,000 shares from 166,566,000 shares to 166,422,000 shares, primarily due to the repurchase and cancellation of restricted shares[167][169] - As of the end of the reporting period, the total number of common shareholders was 13,362[178] - Guo Zhanchang holds 33.01% of shares, remaining the largest shareholder, but has signed a "Voting Rights Waiver Agreement", resulting in a change of company control[178][162] - The company's controlling shareholder changed to Huangshan Kaitou Lingdun Venture Capital Co., Ltd., and the actual controller changed to Huangshan Municipal People's Government State-owned Assets Supervision and Administration Commission[164] I. Share Change Status Total share capital decreased by 144,000 shares due to restricted share repurchase and cancellation, affecting both restricted and unrestricted shares Share Change Status | Category | Number of Shares Before Change (shares) | Proportion Before Change | Increase/Decrease in Current Change (shares) | Number of Shares After Change (shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 41,821,960 | 25.11% | -138,150 | 41,683,810 | 25.05% | | III. Total Shares | 166,566,000 | 100.00% | -144,000 | 166,422,000 | 100.00% | - Share changes were primarily due to adjustments in executive lock-up share quotas and the repurchase and cancellation of 144,000 restricted shares[167][168][169] - The repurchase and cancellation were completed on May 30, 2025, changing the total share capital from 166,566,000 shares to 166,422,000 shares[169][170] II. Securities Issuance and Listing The company had no securities issuance or listing activities during the reporting period III. Company Shareholder Numbers and Shareholding The company had 13,362 shareholders; control changed despite Guo Zhanchang remaining largest shareholder due to a voting rights waiver - As of the end of the reporting period, the total number of common shareholders was 13,362[178] Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at End of Reporting Period (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Guo Zhanchang | Domestic Natural Person | 33.01% | 54,939,000 | 41,204,250 | 13,734,750 | | Guo Jia | Domestic Natural Person | 14.99% | 24,945,000 | 0 | 24,945,000 | | Shanghai Guoshi Investment Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 6.30% | 10,486,500 | 0 | 10,486,500 | - Guo Zhanchang, Guo Jia, and Wang Jing signed a "Voting Rights Waiver Agreement", waiving voting rights for all remaining legally held company shares, resulting in a change of company control[179] - The company's dedicated share repurchase account held 1,447,000 shares, accounting for 0.87% of the total share capital[179] IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management Executive shareholdings changed due to lock-up quota adjustments and restricted share repurchases during the reporting period Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Shares Held at Beginning of Period (shares) | Shares Reduced in Current Period (shares) | Number of Restricted Shares Granted and Canceled in Current Period (shares) | Shares Held at End of Period (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Wang Zhe | Board Secretary, CFO | 192,600 | 47,400 | 27,000 | 118,200 | | Liu Jian | Deputy General Manager | 338,700 | 21,600 | 31,500 | 285,600 | | Wang Fa | Director, Deputy General Manager | 155,513 | 38,878 | 31,500 | 85,135 | | Liu Guocai | Deputy General Manager | 84,600 | 21,100 | 27,000 | 36,500 | | Total | -- | 771,413 | 128,978 | 117,000 | 525,435 | V. Changes in Controlling Shareholder or Actual Controller Controlling shareholder and actual controller changed post-reporting period to Huangshan Kaitou Lingdun Venture Capital and Huangshan SASAC - The company's controlling shareholder did not change during the reporting period[182] - The company's actual controller did not change during the reporting period[182] - The company disclosed a proposed change in control, which was completed after the reporting period, with the controlling shareholder changing to Huangshan Kaitou Lingdun Venture Capital Co., Ltd., and the actual controller changing to Huangshan Municipal People's Government State-owned Assets Supervision and Administration Commission[164][162] VI. Preferred Share Information The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[183] Section VII Bond-Related Information The company had no bond-related information during the reporting period Section VIII Financial Report This section presents the unaudited H1 2025 financial statements and notes, showing declines in assets, revenue, and profit, with detailed accounting disclosures - The company's semi-annual financial report was unaudited[187] - As of the end of the reporting period, consolidated total assets were CNY 851,028,163.59, and total equity attributable to parent company owners was CNY 771,004,036.87[191] - During the reporting period, consolidated operating revenue was CNY 289,301,689.56, and net profit attributable to parent company shareholders was CNY 20,331,964.85[198][199] - During the reporting period, consolidated net cash flow from operating activities was CNY 30,245,758.14, a year-on-year decrease of 56.87%[205] I. Audit Report The company's semi-annual financial report was unaudited - The company's semi-annual financial report was unaudited[187] II. Financial Statements This section presents the H1 2025 consolidated and parent company financial statements, including balance sheets, income, cash flow, and equity changes - The consolidated balance sheet shows total assets of CNY 851,028,163.59 and total current assets of CNY 443,544,046.05 at period-end[191] - The consolidated income statement shows total operating revenue of CNY 289,301,689.56 and net profit of CNY 20,331,964.85 for the current period[198][199] - The consolidated cash flow statement shows net cash flow from operating activities of CNY 30,245,758.14[205] - The consolidated statement of changes in owners' equity shows total equity attributable to parent company owners of CNY 771,004,036.87 at period-end[211] III. Company Overview The company, a metal products manufacturer in Tianjin, includes its parent and four subsidiaries in its consolidated financial statements - The company's registered address and headquarters are at No. 5 Haitai North Road, Huayuan Industrial Zone (Outer Ring), Tianjin New Technology Industrial Park[224] - The company belongs to the metal products manufacturing industry, with a business scope including electronic heat transfer technology development, electronic heat sink manufacturing, industrial aluminum/copper production, and precision processing[225] - The Group's consolidated financial statements include the parent company, Rexin Chang Technology (Changshu) Co., Ltd., Tianjin Rexin Chang New Energy Technology Co., Ltd., Rexin Chang (Hong Kong) Co., Ltd., and Rexin Technology (Thailand) Co., Ltd[225] IV. Basis of Financial Statement Preparation The Group's financial statements are prepared on a going concern basis, adhering to Enterprise Accounting Standards and CSRC regulations - The Group's financial statements are prepared in accordance with the "Enterprise Accounting Standards" and relevant regulations, as well as the "Information Disclosure and Reporting Rules for Companies Issuing Securities to the Public No. 15 – General Provisions for Financial Reports" (Revised 2023) by the China Securities Regulatory Commission[227] - The Group prepares its financial statements on a going concern basis[228] V. Significant Accounting Policies and Estimates This section details the company's significant accounting policies and estimates, ensuring accurate financial reporting in compliance with standards - The financial statements prepared by the company comply with the requirements of enterprise accounting standards, accurately and completely reflecting the financial position, operating results, and cash flows of the company and the Group[230] - The Group's accounting period is from January 1 to December 31 of the Gregorian calendar, with CNY as the functional currency[231][233] - The Group's financial assets are classified as measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss[248] - The Group performs impairment testing on financial assets measured at amortized cost and contract assets based on expected credit losses[258] - The Group recognizes revenue when customers obtain control of the related goods or services, primarily from sales of goods[320] VI. Taxation This section details the company's tax categories and rates, including preferential rates for high-tech and advanced manufacturing enterprises Major Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Taxable Income | 13%, 6% | | Urban Maintenance and Construction Tax | Amount of Turnover Tax Payable | 7% | | Corporate Income Tax | Taxable Income | 15%, 25%, 8.25%, 20% | | Education Surcharge | Amount of Turnover Tax Payable | 3% | | Local Education Surcharge | Amount of Turnover Tax Payable | 2% | | Land Use Tax | Land Area | CNY 1.5/square meter/year, CNY 1.2/square meter/year | | Property Tax | 70% of Original Value of Property | 1.2% | | Environmental Protection Tax | Pollution Equivalent Value | CNY 10/equivalent value, CNY 6/equivalent value | - The company and its subsidiary Rexin Chang Technology (Changshu) Co., Ltd. are recognized as high-tech enterprises, applying a preferential corporate income tax rate of 15% for 2023-2025[340] - Rexin Chang (Hong Kong) Co., Ltd. is taxed under a two-tiered profits tax system, and Rexin Technology (Thailand) Co., Ltd. applies a 20% corporate income tax rate[339][340] - The company and its subsidiary Rexin Chang Technology (Changshu) Co., Ltd. enjoy VAT super deduction policies for advanced manufacturing enterprises[341] VII. Notes to Consolidated Financial Statement Items This section provides detailed notes on all major consolidated financial statement items, including balances, changes, and specific components - The period-end balance of monetary funds was CNY 90,364,873.81, an increase from the beginning of the period, mainly due to an increase in USD time deposits[343][344] - The period-end balance of trading financial assets was CNY 18,820,000.00, a significant decrease from the beginning of the period, mainly due to the redemption of bank wealth management products purchased in the prior period for dividend distribution[81][346] - The period-end balance of accounts receivable was CNY 99,316,022.13, with an allowance for doubtful accounts of 10.80%[357] - The period-end balance of inventory was CNY 177,497,298.21, with an inventory impairment provision of CNY 1,693,753.66[391] - The period-end balance of short-term borrowings was CNY 30,200,771.01, primarily consisting of secured borrowings and discounted notes[426] - Share capital decreased due to the repurchase and cancellation of 144,000 restricted shares, with a period-end balance of CNY 166,422,000.00[446] - The period-end balance of retained earnings was CNY 252,884,326.85, with the decrease in the current period mainly affected by profit distribution and the appropriation of statutory surplus reserves[455] VIII. Research and Development Expenses Total R&D expenses were CNY 12.20 million, a 11.51% decrease, fully expensed, with no capitalized projects R&D Expense Composition | Item | Amount Incurred in Current Period (CNY) | Amount Incurred in Prior Period (CNY) | | :--- | :--- | :--- | | Employee Compensation | 6,669,649.79 | 6,378,998.32 | | Material Costs | 2,630,554.16 | 4,142,185.54 | | Depreciation | 1,484,936.79 | 1,201,156.27 | | Utilities | 1,333,930.61 | 1,014,372.23 | | Intangible Asset Amortization | 84,301.56 | 84,301.56 | | Share-Based Payment | 0.00 | 901,693.75 | | Experiment and Inspection Fees | 0.00 | 68,113.21 | | Other | 500.00 | 0.00 | | Total | 12,203,872.91 | 13,790,820.88 | | Of which: Expensed R&D Expenditure | 12,203,872.91 | 13,790,820.88 | - The company had no R&D projects eligible for capitalization or significant externally acquired in-progress projects[503] IX. Changes in Consolidation Scope The company had no changes in its consolidation scope due to other reasons during the reporting period - The company had no changes in its consolidation scope due to other reasons[503] X. Interests in Other Entities This section details the company's interests in its wholly-owned or controlled subsidiaries, with no significant non-wholly-owned entities or restrictions Composition of the Enterprise Group | Subsidiary Name | Registered Capital | Main Operating Location | Business Nature | Shareholding Proportion (Direct) | Method of Acquisition | | :--- | :--- | :--- | :--- | :--- | :--- | | Rexin Chang Technology (Changshu) Co., Ltd. | CNY 158,000,000.00 | Changshu City | Manufacturing | 100.00% | Established in 2016 | | Tianjin Rexin Chang New Energy Technology Co., Ltd. | CNY 50,000,000.00 | Tianjin City | Manufacturing | 100.00% | Established in 2022 | | Rexin Chang (Hong Kong) Co., Ltd. | HKD 50,000.00 | Hong Kong | Wholesale Trade | 100.00% | Established in 2024 | | Rexin Technology (Thailand) Co., Ltd. | THB 30,000,000.00 | Thailand | Manufacturing | 99.90% | Established in 2024 | - The company had no significant non-wholly-owned subsidiaries[504] - The company had no major restrictions on using enterprise group assets or settling enterprise group debts[505] XI. Government Grants This section details government grants, with CNY 10.03 million in asset-related deferred income and CNY 930,730.72 recognized in current profit or loss Liability Items Related to Government Grants | Accounting Account | Beginning Balance (CNY) | New Grants in Current Period (CNY) | Amount Transferred to Other Income in Current Period (CNY) | Ending Balance (CNY) | Related to Asset/Income | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 10,863,068.34 | 0.00 | 829,230.72 | 10,033,837.62 | Asset-related | | Deferred Income | 0.00 | 1,500.00 | 1,500.00 | 0.00 | Income-related | | Total | 10,863,068.34 | 1,500.00 | 830,730.72 | 10,033,837.62 | | Government Grants Recognized in Current Profit or Loss | Accounting Account | Amount Incurred in Current Period (CNY) | Amount Incurred in Prior Period (CNY) | | :--- | :--- | :--- | | Other Income | 830,730.72 | 644,608.77 | | Non-Operating Income | 100,000.00 | 14,200.00 | | Total | 930,730.72 | 658,808.77 | XII. Risks Related to Financial Instruments This section analyzes market, credit, and liquidity risks related to financial instruments, detailing hedging strategies and financial asset transfers - The Group faces market risks (exchange rate risk, interest rate risk, and commodity price risk), credit risk, and liquidity risk[510] - The Group's exchange rate risk is primarily related to USD, EUR, THB, and JPY, managed by adjusting sales policies to reduce risk[512][514] - The Group's interest rate risk arises from bank borrowings, mainly fixed-rate borrowings denominated in CNY[515][516] - The Group mitigates copper and aluminum price volatility through hedging activities, with a realized fair value change of CNY 102,475.00 for effective aluminum futures in spot transactions during the reporting period[529][536] - The book value of endorsed but not derecognized notes receivable was CNY 2,223,326.32, and the amount of derecognized receivables financing was CNY 8,926,821.03[538][540][541] XIII. Disclosure of Fair Value This section discloses fair values of assets and liabilities, with trading financial assets at Level 1 and receivables financing at Level 2 Fair Value of Assets and Liabilities Measured at Fair Value at Period-End | Item | Level 1 Fair Value Measurement (CNY) | Level 2 Fair Value Measurement (CNY) | Total (CNY) | | :--- | :--- | :--- | :--- | | (I) Trading Financial Assets | 18,820,000.00 | 0.00 | 18,820,000.00 | | (II) Receivables Financing | 0.00 | 9,922,400.16 | 9,922,400.16 | | Total Liabilities Measured at Fair Value on a Recurring Basis | 18,820,000.00 | 9,922,400.16 | 28,742,400.16 | - Level 1 fair value measurement is determined by quoted prices in active markets, while Level 2 fair value measurement uses book balance as a reasonable estimate[544][545] XIV. Related Parties and Related Party Transactions This section details related parties and transactions, noting a post-period change in ultimate control and key management compensation - The ultimate controlling parties of the company are Guo Zhanchang and Guo Jia (father and daughter)[546] - The company's control has changed to Huangshan Municipal People's Government State-owned Assets Supervision and Administration Commission[547] Key Management Personnel Compensation | Item | Amount Incurred in Current Period (CNY) | Amount Incurred in Prior Period (CNY) | | :--- | :--- | :--- | | Total Compensation | 1,392,412.91 | 1,349,804.58 | XV. Share-Based Payment The company repurchased and canceled 144,000 restricted shares due to unmet performance targets, invalidating CNY 835,200.00 in related expenses Share-Based Payment Invalidation in Current Period | Category of Grantee | Number of Invalidated Shares in Current Period (shares) | Amount of Invalidation in Current Period (CNY) | | :--- | :--- | :--- | | Selling Expenses | 27,000 | 156,600.00 | | Administrative Expenses | 90,000 | 522,000.00 | | R&D Expenses | 27,000 | 156,600.00 | | Total | 144,000 | 835,200.00 | - Due to the 2022 Restricted Stock Incentive Plan not meeting performance targets, the company repurchased and canceled 144,000 restricted shares at a repurchase price of CNY 5.80/share[555][556] XVI. Commitments and Contingencies As of June 30, 2025, the company had no significant commitments or contingencies requiring disclosure - As of June 30, 2025, the Group had no significant commitments requiring disclosure[558] - The company had no significant contingencies requiring disclosure[559] XVII. Events After the Balance Sheet Date As of June 30, 2025, the company had no profit distribution or other reportable events after the balance sheet date - As of June 30, 2025, the Group had no profit distribution[560] - As of June 30, 2025, the Group had no other events after the balance sheet date requiring disclosure[560] XVIII. Other Significant Matters As of June 30, 2025, the company had no other significant matters requiring disclosure - As of June 30, 2025, the Group had no other significant matters requiring disclosure[561] XIX. Notes to Parent Company Financial Statement Major Items This section details parent company financial statement notes, including receivables, long-term equity investments, and declining revenue and profit - The parent company's accounts receivable balance was CNY 80,351,276.09, with an allowance for doubtful accounts of 9.48%[566] - The parent company's other receivables balance was CNY 204,474,981.94, with a significant portion being intercompany balances[571][573][578] - The parent company's long-term equity investments balance was CNY 217,614,616.60, primarily investments in subsidiaries[585][586] - The parent company's operating revenue for the current period was CNY 203,479,927.84, and operating cost was CNY 164,559,380.08[588] - The parent company's investment income from the disposal of trading financial assets was CNY 222,569.99[592] XX. Supplementary Information This section provides supplementary data on non-recurring gains/losses, return on net assets, and earnings per share Current Period Non-Recurring Gains and Losses Details | Item | Amount (CNY) | | :--- | :--- | | Gains or losses from disposal of non-current a