日丰股份(002953) - 2025 Q2 - 季度财报

Important Notes, Table of Contents, and Definitions This section provides crucial disclaimers, outlines the report structure, lists reference documents, and defines key terms for clarity Important Notes The Board, Supervisory Board, and senior management guarantee the report's truthfulness and completeness, disclaiming future investment promises and advising risk awareness - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, free from false statements, misleading representations, or major omissions[3] - The company's responsible person, head of accounting, and head of accounting department declare that the financial report in this semi-annual report is true, accurate, and complete[3] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[5] Table of Contents This section lists the report's overall structure, covering company profile, financial metrics, management discussion, governance, and financial statements Reference Documents Reference documents include signed and sealed financial statements and original announcements publicly disclosed during the reporting period - Reference documents include financial statements signed and sealed by the company's legal representative, the person in charge of accounting, and the head of the accounting department[10] - Reference documents also include originals of all company documents and announcements publicly disclosed in newspapers designated by the China Securities Regulatory Commission during the reporting period[10] Definitions This section defines common terms used in the report, including company names, key subsidiaries, and abbreviations for clarity - "Company," "the Company," and "Rifeng Cable" refer to Guangdong Rifeng Cable Co., Ltd[11] - Lists several wholly-owned or controlling subsidiaries, such as International Electrician, Hong Kong Rifeng, Anhui Rifeng, Rifeng Intelligent, Rifeng New Materials, Rifeng Electronics, Zhongshan Aimbei, Tianjin Yourong, Guangdong Yourong, Dongguan Yourong, and Hengchang Cable[11] - "Reporting period" refers to January 1, 2025, to June 30, 2025[11] Company Profile and Key Financial Indicators This section introduces the company, its contact information, and presents key accounting data and financial performance metrics Company Profile Guangdong Rifeng Cable Co., Ltd. (stock code: 002953) is listed on the Shenzhen Stock Exchange, with Feng Jiujing as its legal representative - The company's stock abbreviation is "Rifeng Cable," stock code "002953," listed on the Shenzhen Stock Exchange[13] - The company's Chinese name is "Guangdong Rifeng Cable Co., Ltd.," and its legal representative is Feng Jiujing[13] Contact Person and Information The company's Board Secretary is Li Yuhui, with contact details including address, phone, fax, and email provided - The Board Secretary is Li Yuhui, contact number 0760-85115672, email rfgf@rfcable.com.cn[14] - The company's registered address and office address are both Guangfeng Industrial Park, Xiqu, Zhongshan City, Guangdong Province[15] Other Information No changes occurred in the company's contact information, information disclosure, or document storage locations during the reporting period - The company's registered address, office address, website, and email address remained unchanged during the reporting period[15] - Information disclosure and document storage locations remained unchanged during the reporting period, refer to the 2024 annual report for details[16] Key Accounting Data and Financial Indicators Revenue increased by 13.22%, net profit by 27.33%, and net cash flow from operating activities turned positive, with total assets also growing Key Accounting Data and Financial Indicators (YoY Change) | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | As of End of Current Period (Yuan) | As of End of Prior Year (Yuan) | Change from Prior Year End | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 2,354,156,824.71 | 2,079,309,235.49 | 13.22% | - | - | - | | Net Profit Attributable to Shareholders of Listed Company | 112,501,179.80 | 88,353,379.84 | 27.33% | - | - | - | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains/Losses) | 100,961,283.46 | 87,201,068.99 | 15.78% | - | - | - | | Net Cash Flow from Operating Activities | 31,065,114.88 | -79,544,292.92 | 139.05% | - | - | - | | Basic EPS (Yuan/share) | 0.2482 | 0.19 | 30.63% | - | - | - | | Diluted EPS (Yuan/share) | 0.2482 | 0.19 | 30.63% | - | - | - | | Weighted Average Return on Net Assets | 5.91% | 4.92% | 0.99% | - | - | - | | Total Assets | - | - | - | 3,735,305,656.81 | 3,579,078,133.50 | 4.37% | | Net Assets Attributable to Shareholders of Listed Company | - | - | - | 1,914,480,483.01 | 1,847,590,876.10 | 3.62% | Differences in Accounting Data Under Domestic and International Accounting Standards The company reported no differences in net profit and net assets between international/overseas and Chinese accounting standards during the period - The company reported no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards during the reporting period[18] - The company reported no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards during the reporting period[19] Non-recurring Gains and Losses Items and Amounts Total non-recurring gains and losses amounted to 11.54 million Yuan, primarily from non-current asset disposal and government grants, net of tax and minority interest Non-recurring Gains and Losses Items and Amounts | Item | Amount (Yuan) | Description | | :--- | :--- | :--- | | Gains/losses from disposal of non-current assets (including reversal of impairment provisions) | 13,789,169.43 | Gain from disposal of assets held for sale by subsidiaries | | Government grants recognized in current profit/loss (excluding those closely related to normal operations, compliant with national policies, enjoyed by fixed standards, and with continuous impact on profit/loss) | 2,881,449.84 | - | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises, excluding effective hedge accounting related to normal operations | -58,573.17 | - | | Other non-operating income and expenses apart from the above | -1,281,578.61 | - | | Less: Income tax impact | 3,772,848.51 | - | | Minority interest impact (after tax) | 17,722.64 | - | | Total | 11,539,896.34 | - | - The company has no other profit/loss items meeting the definition of non-recurring gains/losses, nor has it classified non-recurring gains/losses as recurring ones[21][22] Management Discussion and Analysis This section analyzes the company's main business, core competitiveness, financial performance, investment activities, and risk factors Main Business Activities During the Reporting Period The company primarily researches, develops, produces, and sells special equipment, new energy, and communication cables, with significant revenue growth in new energy and overseas sales - The company primarily engages in the R&D, production, and sales of special equipment cables, new energy cables, communication equipment, and other electrical equipment cables[24] - Products are widely used in wind power, new energy, communication equipment, marine engineering, port machinery, construction machinery, shipbuilding, as well as common household appliances, robots, power tools, lighting, and outdoor equipment[24] Key Business Performance During the Reporting Period | Indicator | Amount (10,000 Yuan) | YoY Growth | | :--- | :--- | :--- | | Total Operating Revenue | 235,415.68 | 13.22% | | New Energy Market Operating Revenue | 20,195.92 | 61% | | Overseas Sales Operating Revenue | 40,365.92 | 37.71% | Company's Main Business The company specializes in rubber-sheathed wire and cable products, excelling in this niche and continuously optimizing its business structure for market responsiveness - The company has been deeply involved in the wire and cable industry for many years, dedicated to the technological research, application, and promotion of rubber-sheathed wire and cable products, possessing multiple core technologies and patents[25] - The company has become a leader in the segmented field of rubber-sheathed wire and cable[25] - The company optimizes its business unit structure to accelerate responsiveness to market changes, creating one-stop solutions to better serve existing customers and expand into new markets[25] Company's Main Products The company's main products include special equipment cables, new energy cables, communication equipment components, and appliance wiring, each tailored for specific applications - The company's main products are special equipment cables, new energy cables, communication equipment components, air conditioner connection cable assemblies, and small appliance wiring assemblies[26] - Special equipment cables are suitable for special heavy machinery, robot/flexible drag chain cables, power tools, and wind energy applications, featuring excellent tensile, torsion, wear resistance, flame retardancy, waterproofing, and chemical corrosion resistance[26] - New energy cables are suitable for wind power, energy storage, photovoltaics, and charging pile cables, characterized by strong flexibility, good weather resistance, and high-temperature resistance[26] - Communication equipment components are suitable for digital transmission equipment, base station antennas, etc., offering excellent high signal transmission performance, electrical performance, and reliable physical and mechanical properties[27] Core Competitiveness Analysis The company maintains a strong competitive edge through its comprehensive R&D, quality control, manufacturing, and marketing systems, focusing on product positioning, scale, certifications, talent, technology, quality, and service - The company has become a well-known wire and cable manufacturer in the industry with complete R&D, quality control, manufacturing, and marketing systems[28] - The company's competitive advantages are primarily in seven aspects: product positioning, scale, mandatory product safety certifications, talent development, R&D technology, product quality and performance, and marketing and service[28] Product Positioning Advantage The company focuses on high-end niche markets for rubber-sheathed cables, including special equipment, wind power, new energy charging, communication, and energy storage, avoiding low-to-mid-end competition - The company's products are mainly rubber-sheathed cables, which offer advantages over plastic cables in terms of flexibility, wear resistance, mechanical properties, flame retardancy, and electrical performance[28] - The company's main products are positioned in the R&D, production, sales, and service of rubber-sheathed cables for special equipment, wind power, new energy charging piles, communication equipment components, and energy storage, demonstrating significant competitive advantages in these niche markets[28] - The company maintains stable cooperative relationships with renowned enterprises such as Midea, Gree, TCL, Aux, Huawei, ZTE, FiberHome, Envision Energy, and Mingyang Smart, effectively mitigating competition risks in the low-to-mid-end cable market[29] Scale Advantage Extensive experience and high recognition in rubber-sheathed cables enable the company to leverage economies of scale, enhancing raw material procurement power and market competitiveness - For many years, the company has focused on the R&D, production, and sales of rubber-sheathed cables, accumulating rich experience and establishing a high reputation in this field[31] - Leveraging its scale advantage, the company has strengthened its bargaining power for raw material procurement, obtaining favorable prices through centralized purchasing, reducing procurement and manufacturing costs, thereby enhancing market competitiveness[31] Mandatory Product Safety Certification Advantage The company's products adhere to strict domestic and international standards, holding over 20 mandatory safety certifications, ensuring quality and market access globally - The company's wire and cable products strictly adhere to national standards, industry standards, enterprise standards, and international standards such as IEC, EN, and UL[32] - The company's products have obtained domestic certifications such as "China Compulsory Product Certification" and "Guangdong Province International Standard Product Recognition Certificate," as well as mandatory product safety certifications from over 20 countries and regions including US UL, CM, EU CE, German VDE, French NF, British BSI, Canadian CSA, Korean KC, and Japanese PSE[32] Talent Development Advantage The company has built a multi-layered R&D team through internal development and external recruitment, collaborating with universities to foster innovation and establish a postdoctoral innovation practice base - Through independent cultivation and talent acquisition, the company has established a multi-layered, comprehensive R&D team with a reasonable structure in terms of age, expertise, and research direction[33] - The R&D team's expertise covers fields such as cables, electromechanics, electronics, polymers, and chemicals, with research directions spanning the entire industry chain[33] - The company collaborates closely with universities, forming an "industry-university-research integration" model, and has been approved to establish a Guangdong Provincial Postdoctoral Innovation Practice Base, ensuring R&D and innovation drive[33] R&D Technology Advantage The company possesses independent R&D capabilities for high-end flexible and special cables, with subsidiaries leading in 5G communication and EV super-fast charging technologies, and mastering cost-effective material formulations - The company possesses independent design and R&D capabilities for high-end flexible cables, special wires and cables, and special material formulations[34] - Subsidiary Tianjin Yourong Dikang Communication Technology Co., Ltd. possesses excellent customer resources and superior product technology in the 5G communication sector[34] - Subsidiary Zhongshan Aimbei New Energy Technology Co., Ltd. holds unique standards and technologies in the field of new energy vehicle super-fast charging[34] - The company masters low-cost, high-quality raw material formulations and employs internationally advanced irradiation cross-linking technology, ranking among the industry leaders in the segmented field of rubber-sheathed wires and cables[34][35] Product Quality and Performance Advantage Adhering to "quality first," the company holds ISO9001, ISO14001, and IATF 16949 certifications, with its products achieving advanced domestic levels and earning customer trust - The company has obtained ISO9001:2015 Quality Management System Certification, ISO14001:2015 Environmental Management System Certification, and IATF 16949:2016 Automotive Industry Quality Management System Certification[36] - The company has obtained laboratory accreditation from the China National Accreditation Service for Conformity Assessment, elevating its R&D and testing capabilities to a new level[36] - Special equipment cable products have reached advanced domestic levels, achieving localization of high-performance products and gaining market share, with some products capable of replacing imports[36] - Communication equipment components, air conditioner connection cable assemblies, and small appliance wiring assemblies have consistently been rated as "Excellent Supplier," "A-level Supporting Enterprise," and "Best Partner" due to their superior quality and reputation, establishing stable strategic cooperative relationships with Midea, Gree, Hisense Kelon, TCL, Aux, and others[37] Marketing and Service Advantage The company employs a comprehensive marketing system with differentiated strategies and direct sales, offering full-spectrum services from design consultation to customized solutions for high-end clients - The company has established a relatively comprehensive marketing system, adhering to differentiated market service strategies and a direct sales model[38] - Possesses a team of technically proficient and skilled composite marketing professionals, providing customers with comprehensive service solutions covering initial selection, design consultation, technical exchange, installation guidance, and product quality tracking[38] - The company provides personalized services such as targeted customization, improvement, adjustment, and maintenance for high-end customers, and can quickly respond to customer feedback[38] Main Business Analysis Main business revenue increased by 13.22%, driven by significant growth in new energy cables (61%) and communication equipment components (22.05%), while overall gross margin slightly decreased Key Financial Data Year-over-Year Changes | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 2,354,156,824.71 | 2,079,309,235.49 | 13.22% | - | | Operating Cost | 2,074,071,529.65 | 1,829,350,862.68 | 13.38% | - | | Financial Expenses | 2,970,053.74 | 4,650,471.50 | -36.13% | Primarily due to a year-over-year decrease in loan principal and interest | | Income Tax Expense | 13,234,405.92 | 4,276,442.16 | 209.47% | Primarily due to the growth in current period total profit and adjustments for income tax deductions | | Net Cash Flow from Operating Activities | 31,065,114.88 | -79,544,292.92 | 139.05% | Primarily due to increased cash inflow from early discounting in the current period, used to repay supplementary working capital for projects | | Net Cash Flow from Investing Activities | -46,112,213.98 | -30,538,261.75 | 51.00% | Primarily due to continued increased construction investment in Longchang Industrial Park, leading to a corresponding increase in investing activities expenditures | | Net Cash Flow from Financing Activities | -93,172,844.54 | 6,363,791.39 | -1,564.11% | Primarily due to dividend distribution and loan repayments in the current period, leading to a corresponding increase in financing activities expenditures | Operating Revenue Composition (by Product and Region) | Category | Item | Current Period Amount (Yuan) | Current Period Share | Prior Year Period Amount (Yuan) | Prior Year Period Share | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | By Product | Special Equipment Cables | 408,660,119.06 | 17.36% | 346,696,498.44 | 16.67% | 17.87% | | | Communication Equipment Components | 437,360,519.58 | 18.58% | 358,339,080.26 | 17.23% | 22.05% | | | New Energy Cables | 201,959,195.00 | 8.58% | 125,440,044.60 | 6.03% | 61.00% | | | Air Conditioner Connection Cable Assemblies | 870,797,132.67 | 36.99% | 783,204,680.89 | 37.67% | 11.18% | | | Small Appliance Wiring Assemblies | 259,213,773.23 | 11.01% | 279,951,720.71 | 13.46% | -7.41% | | By Region | Domestic | 1,950,497,644.00 | 82.85% | 1,786,192,934.75 | 85.90% | 9.20% | | | Overseas | 403,659,180.71 | 17.15% | 293,116,300.74 | 14.10% | 37.71% | Gross Margin of Main Business Year-over-Year Change | Category | Item | Gross Margin | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | | By Industry | Wire and Cable Industry | 11.90% | -0.12% | | By Product | Special Equipment Cables | 15.46% | 0.69% | | | Communication Equipment Components | 9.25% | 0.71% | | | New Energy Cables | 13.97% | -5.10% | | | Air Conditioner Connection Cable Assemblies | 12.52% | -0.64% | | | Small Appliance Wiring Assemblies | 11.09% | -1.09% | | By Region | Domestic | 11.74% | -0.12% | | | Overseas | 12.65% | -0.37% | Non-Main Business Analysis The company reported no non-main business analysis during the period, indicating a focus on its core wire and cable operations - The company reported no non-main business analysis during the reporting period[46] Analysis of Assets and Liabilities Total assets grew by 4.37%. Accounts receivable and fixed assets increased significantly, while cash, inventories, and construction in progress decreased. Certain assets are restricted for bank loan collateral Significant Changes in Asset Composition | Item | Amount as of End of Current Period (Yuan) | Percentage of Total Assets | Amount as of End of Prior Year (Yuan) | Percentage of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 292,585,378.49 | 7.83% | 373,049,619.90 | 10.42% | -2.59% | | Accounts Receivable | 1,483,472,334.53 | 39.71% | 1,235,171,653.70 | 34.51% | 5.20% | | Inventories | 423,529,184.76 | 11.34% | 477,254,828.31 | 13.33% | -1.99% | | Fixed Assets | 685,933,360.92 | 18.36% | 458,147,244.84 | 12.80% | 5.56% | | Construction in Progress | 79,774,963.38 | 2.14% | 268,068,418.22 | 7.49% | -5.35% | | Short-term Borrowings | 377,750,000.00 | 10.11% | 423,339,305.58 | 11.83% | -1.72% | | Notes Payable | 765,047,865.43 | 20.48% | 618,499,968.02 | 17.28% | 3.20% | | Long-term Borrowings | 169,660,000.00 | 4.54% | 191,080,000.00 | 5.34% | -0.80% | Asset Restriction Status | Item | Book Balance at Period End (Yuan) | Book Value at Period End (Yuan) | Type of Restriction | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 107,550,162.39 | 107,550,162.39 | Guarantee and Pledge | Bank acceptance bill/L/C/guarantee deposit, litigation preservation funds | | Intangible Assets | 67,114,802.90 | 63,156,914.43 | Mortgage collateral for bank loans | Mortgage collateral for bank loans | | Fixed Assets | 233,915,781.93 | 231,367,408.47 | Mortgage collateral for bank loans | Mortgage collateral for bank loans | | Total | 408,580,747.22 | 402,074,485.29 | - | - | Significant Changes in Asset Composition Accounts receivable and fixed assets significantly increased their share of total assets, while cash, inventories, and construction in progress decreased, reflecting operational and investment shifts - Accounts receivable increased by 5.20% of total assets, and fixed assets increased by 5.56% of total assets[47] - Cash and cash equivalents decreased by 2.59% of total assets, inventories decreased by 1.99%, and construction in progress decreased by 5.35%[47] Major Overseas Assets The company reported no major overseas assets during the period, indicating that such assets are either not significant or have not undergone major changes - The company reported no major overseas assets during the reporting period[48] Assets and Liabilities Measured at Fair Value The company reported no assets or liabilities measured at fair value during the period, suggesting these financial instruments are not significant or unchanged - The company reported no assets or liabilities measured at fair value during the reporting period[48] Asset Restriction Status as of the End of the Reporting Period As of period-end, cash, intangible assets, and fixed assets were restricted, primarily for bank guarantees and loan collateral, totaling over 400 million Yuan in book value - Cash and cash equivalents of 107,550,162.39 Yuan were restricted at period-end, primarily for bank acceptance bill/L/C/guarantee deposits and litigation preservation funds[49] - Intangible assets with a book value of 63,156,914.43 Yuan and fixed assets with a book value of 231,367,408.47 Yuan were restricted at period-end, primarily for mortgage collateral for bank loans[49] - The total book value of restricted assets was 402,074,485.29 Yuan[49] Investment Analysis Total investment decreased by 39.25%. Raised funds utilization was 88.75%, with a key project concluded but not yet profitable. Idle raised funds were temporarily used for working capital and fully repaid Changes in Investment Amount During the Reporting Period | Indicator | Investment Amount for the Reporting Period (Yuan) | Investment Amount for the Prior Year Period (Yuan) | Change Percentage | | :--- | :--- | :--- | :--- | | Investment Amount | 71,944,297.19 | 118,428,873.46 | -39.25% | - The company reported no securities investments or derivative investments during the reporting period[51][52] - The overall utilization rate of raised funds was 88.75%, with a cumulative use of 329.82 million Yuan[56] - The "New Energy and Special Equipment Cable Assembly Project" had a committed total investment of 371.65 million Yuan, with a cumulative investment of 329.82 million Yuan as of period-end, an investment progress of 88.75%, completed and closed on June 30, 2025, but has not yet generated benefits[57][59] - The company previously used a portion of idle raised funds to temporarily supplement working capital, not exceeding 90 million Yuan, which was fully repaid on June 25, 2025[60] Overall Situation The company's investment amount for the reporting period was 71.94 million Yuan, representing a 39.25% decrease compared to the prior year Changes in Investment Amount During the Reporting Period | Indicator | Investment Amount for the Reporting Period (Yuan) | Investment Amount for the Prior Year Period (Yuan) | Change Percentage | | :--- | :--- | :--- | :--- | | Investment Amount | 71,944,297.19 | 118,428,873.46 | -39.25% | Significant Equity Investments Acquired During the Reporting Period The company reported no significant equity investments acquired during the reporting period - The company reported no securities investments during the reporting period[51] Significant Non-Equity Investments in Progress During the Reporting Period The company reported no significant non-equity investments in progress during the reporting period - The company reported no derivative investments during the reporting period[52] Financial Asset Investments The company reported no securities or derivative investments during the reporting period - The company reported no securities investments during the reporting period[51] - The company reported no derivative investments during the reporting period[52] Utilization of Raised Funds The overall utilization rate of raised funds was 88.75%. The "New Energy and Special Equipment Cable Assembly Project" was completed but not yet profitable. Idle funds were temporarily used for working capital and fully repaid Overall Utilization of Raised Funds | Fundraising Year | Fundraising Method | Net Amount of Raised Funds (10,000 Yuan) | Total Raised Funds Used in Current Period (10,000 Yuan) | Total Raised Funds Cumulatively Used (10,000 Yuan) | Utilization Rate of Raised Funds at Period End | | :--- | :--- | :--- | :--- | :--- | :--- | | 2021 | Issuance of convertible corporate bonds to unspecified investors | 37,164.53 | 5,465.83 | 32,982.07 | 88.75% | - The raised funds project, "New Energy and Special Equipment Cable Assembly Project," was officially closed at the end of the reporting period but has not yet generated benefits[57][59] - The company previously used a portion of idle raised funds to temporarily supplement working capital, not exceeding 90 million Yuan, which was fully repaid to the special raised funds account on June 25, 2025[60] Significant Asset and Equity Disposals The company did not dispose of any significant assets or equity during the reporting period - The company did not dispose of significant assets during the reporting period[62] - The company did not dispose of significant equity during the reporting period[63] Analysis of Major Holding and Associate Companies Tianjin Yourong Dikang Communication Technology Co., Ltd. is a key subsidiary with a net profit of 13.32 million Yuan. Wholly-owned subsidiary Anhui Rifeng Technology Co., Ltd. is undergoing liquidation Financial Information of Major Subsidiaries | Company Name | Company Type | Main Business | Registered Capital (10,000 Yuan) | Total Assets (10,000 Yuan) | Net Assets (10,000 Yuan) | Operating Revenue (10,000 Yuan) | Operating Profit (10,000 Yuan) | Net Profit (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Tianjin Yourong Dikang Communication Technology Co., Ltd. | Subsidiary | Manufacturing, processing, and sales of communication equipment, wires, cables, optical fibers, optical cables, cable materials, polymer materials, and non-ferrous metals | 6,450.30 | 44,510.40 | 23,615.27 | 56,697.17 | 1,353.80 | 1,331.86 | - Wholly-owned subsidiary Anhui Rifeng Technology Co., Ltd. is undergoing liquidation and deregistration, which was not completed as of the end of the reporting period, but is not expected to have a significant impact on the company's overall business development and operations[64] Structured Entities Controlled by the Company The company reported no structured entities under its control during the reporting period - The company reported no structured entities under its control during the reporting period[65] Risks Faced by the Company and Countermeasures The company faces risks from raw material price volatility, market competition, accounts receivable, tax policy changes, and exchange rate fluctuations, addressed by various mitigation strategies - Raw material price fluctuation risk: Copper costs constitute a high proportion of product costs, and price fluctuations directly impact product costs and gross margins, increasing working capital pressure. The company addresses this with a "cost + target gross margin" pricing model and average price procurement strategy[66] - Market competition risk: Intense industry competition requires the company to continuously invest in business and resources, adjust product structure, and launch high-value-added new products to cope[67] - Accounts receivable uncollectibility risk: Adverse changes in macroeconomics, industry, or customer operations may lead to bad debts. The company needs to strengthen accounts receivable management[68] - Tax preferential policy change risk: The company and its subsidiaries enjoy high-tech enterprise income tax incentives; if policies change or conditions are not met, tax burden will increase[69] - Exchange rate fluctuation risk: The company's export sales are primarily settled in foreign currencies such as USD, HKD, and EUR, and exchange rate fluctuations may result in exchange gains or losses, affecting financial position and operating performance[70] Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company has not formulated a market value management system nor disclosed a valuation enhancement plan - The company has not formulated a market value management system[71] - The company has not disclosed a valuation enhancement plan[71] Implementation of the 'Dual Improvement in Quality and Returns' Action Plan The company has not disclosed an announcement regarding the "Dual Improvement in Quality and Returns" action plan - The company has not disclosed an announcement regarding the "Dual Improvement in Quality and Returns" action plan[71] Corporate Governance, Environment, and Society This section covers changes in directors, supervisors, and senior management, profit distribution, incentive plans, environmental disclosures, and social responsibility initiatives 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 experienced no changes during the reporting period[73] Profit Distribution and Capital Reserve Conversion to Share Capital in the Current Period The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for the half-year period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[74] Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company reported no equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period - The company reported no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[75] Environmental Information Disclosure The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[76] Social Responsibility The company actively fulfills social responsibilities by protecting shareholder, employee, and customer rights, and engaging in public welfare through governance, talent development, innovation, and donations - The company strictly standardizes general meeting procedures, ensuring shareholders' right to know, participate, propose, and vote, diligently fulfilling information disclosure obligations, and strengthening investor relations management[76] - The company continuously improves talent pipeline construction, optimizes talent structure, provides a safe and comfortable working environment, supports union activities, and safeguards employees' legitimate rights and interests[78] - The company adheres to the principle of equality, mutual benefit, and win-win, establishing good cooperative relationships with suppliers; it upholds the "customer first" philosophy, enhancing product quality through technological innovation and providing excellent after-sales service[79] - During the reporting period, the company cumulatively donated 500,000 Yuan to the Zhongshan Xiqu Red Cross Society, specifically for public welfare projects supporting livelihood improvement, education development, paired assistance, and social relief[80] Significant Matters This section details commitments, related party fund occupation, external guarantees, auditor appointments, audit reports, bankruptcy, litigation, penalties, integrity, and major contracts Commitments The company reported no commitments that were fulfilled or overdue as of the end of the reporting period - The company reported no commitments by the actual controller, shareholders, related parties, acquirers, or the company that were fulfilled during the reporting period or overdue as of the end of the reporting period[83] Non-Operating Fund Occupation The company reported no non-operating fund occupation by controlling shareholders or other related parties during the reporting period - The company reported no non-operating fund occupation by controlling shareholders or other related parties of the listed company during the reporting period[84] Irregular External Guarantees The company reported no irregular external guarantees during the reporting period - The company reported no irregular external guarantees during the reporting period[85] Appointment and Dismissal of Accounting Firms The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[86] Board of Directors' and Supervisory Board's Explanation on the Accounting Firm's 'Non-Standard Audit Report' for the Current Period The company reported no non-standard audit report for the current period, thus no explanation from the Board or Supervisory Board is required - The company reported no non-standard audit report during the reporting period[87] Board of Directors' Explanation on Matters Related to the 'Non-Standard Audit Report' for the Prior Year The company reported no non-standard audit report for the prior year, thus no explanation from the Board is required - The company reported no matters related to a non-standard audit report for the prior year during the reporting period[87] Bankruptcy and Reorganization Matters The company reported no bankruptcy or reorganization matters during the reporting period - The company reported no bankruptcy or reorganization matters during the reporting period[88] Litigation Matters The company reported no significant litigation or arbitration matters during the reporting period - The company had no significant litigation or arbitration matters in the current reporting period[89] Penalties and Rectification The company reported no penalties or rectification situations during the reporting period - The company reported no penalties or rectification situations during the reporting period[90] Integrity Status of the Company, its Controlling Shareholder, and Actual Controller The company, its controlling shareholder, and actual controller operated with integrity, maintaining good credit and fulfilling obligations during the reporting period - During the reporting period, the company, its controlling shareholder, and actual controller operated with integrity in accordance with the law, maintaining good credit status[91] - There were no instances of unfulfilled obligations determined by effective legal documents from courts or large overdue debts remaining unpaid[91] Significant Related Party Transactions The company reported no significant related party transactions during the period, including those related to operations, asset/equity transfers, joint investments, or financial company dealings - The company reported no related party transactions related to daily operations during the reporting period[91] - The company reported no related party transactions involving asset or equity acquisitions/disposals during the reporting period[92] - The company reported no related party transactions involving joint external investments during the reporting period[93] - The company reported no related party creditor-debtor relationships during the reporting period[94] - There were no deposits, loans, credit lines, or other financial transactions between the company and related financial companies or related parties[95] Significant Contracts and Their Performance The company reported no significant contracts, including those for trusteeship, contracting, leasing, guarantees, wealth management, or other major agreements, during the reporting period - The company reported no trusteeship situations during the reporting period[98] - The company reported no contracting situations during the reporting period[99] - The company reported no leasing situations during the reporting period[101] - The company reported no significant guarantee situations during the reporting period[102] - The company reported no entrusted wealth management during the reporting period[103] - The company reported no other significant contracts during the reporting period[104] Explanation of Other Significant Matters The company reported no other significant matters requiring explanation during the reporting period - The company reported no other significant matters requiring explanation during the reporting period[105] Significant Matters of Company Subsidiaries Wholly-owned subsidiary Anhui Rifeng Technology Co., Ltd.'s land use rights were reclaimed, with full compensation received and property deregistration completed, while its liquidation is ongoing - The state-owned construction land use rights of wholly-owned subsidiary Anhui Rifeng Technology Co., Ltd. were reclaimed by the government for compensation; the company received the full land compensation of 25.42 million Yuan on June 10, 2025, and completed property deregistration procedures[106] - The company's Board of Directors approved the resolution to liquidate and deregister wholly-owned subsidiary Anhui Rifeng Technology Co., Ltd., which was not completed as of the end of the reporting period[108][109] Share Changes and Shareholder Information This section details share capital changes, securities issuance, shareholder numbers, major shareholders, and changes in holdings of directors, supervisors, and senior management Share Change Status The company's total share capital remained unchanged at 456,888,849 shares, with no changes in restricted or unrestricted shares, primarily due to executive lock-up shares Share Change Status | Item | Number before this change (shares) | Percentage before this change | Increase/Decrease in this change (+, -) | Number after this change (shares) | Percentage after this change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 185,251,318.00 | 40.55% | 0 | 185,251,318.00 | 40.55% | | II. Unrestricted Shares | 271,637,531.00 | 59.45% | 0 | 271,637,531.00 | 59.45% | | III. Total Shares | 456,888,849.00 | 100.00% | 0 | 456,888,849.00 | 100.00% | Changes in Restricted Shares | Shareholder Name | Restricted Shares at Period Start (shares) | Restricted Shares Released in Current Period (shares) | Restricted Shares Increased in Current Period (shares) | Restricted Shares at Period End (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Li Yongjuan | 978,537 | 0 | 0 | 978,537 | Executive Lock-up Shares | | Li Qiang | 7,411,216 | 0 | 0 | 7,411,216 | Executive Lock-up Shares | | Feng Jiujing | 176,861,565 | 0 | 0 | 176,861,565 | Executive Lock-up Shares | | Total | 185,251,318 | 0 | 0 | 185,251,318 | - | Securities Issuance and Listing The company reported no securities issuance or listing activities during the reporting period - The company reported no securities issuance or listing activities during the reporting period[115] Number of Shareholders and Shareholding Status As of period-end, there were 34,413 common shareholders. Feng Jiujing, the controlling shareholder, holds 51.61%, with some shares pledged. Feng Yuhua and Luo Yongwen are his concerted parties - The total number of common shareholders at the end of the reporting period was 34,413[116] Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held at Period End (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | Share Status | Quantity (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Feng Jiujing | Domestic Natural Person | 51.61% | 235,815,420.00 | 176,861,565.00 | 58,953,855 | Pledged | 42,500,000 | | Li Qiang | Domestic Natural Person | 2.16% | 9,881,621.00 | 7,411,216.00 | 2,470,405 | Pledged | 4,940,000 | | Feng Yuhua | Domestic Natural Person | 1.67% | 7,651,644.00 | 0 | 7,651,644.00 | N/A | 0 | | Luo Yongwen | Domestic Natural Person | 1.32% | 6,043,770.00 | 0 | 6,043,770.00 | N/A | 0 | - Mr. Feng Yuhua is the son of Mr. Feng Jiujing, and Mr. Luo Yongwen is the brother of Mr. Feng Jiujing's spouse; both are concerted parties of the company's actual controller, Mr. Feng Jiujing[116] Changes in Shareholdings of Directors, Supervisors, and Senior Management The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period - The shareholdings of the company's directors, supervisors, and senior management experienced no changes during the reporting period[119] Changes in Controlling Shareholder or Actual Controller The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder remained unchanged during the reporting period[120] - The company's actual controller remained unchanged during the reporting period[121] Preferred Share Information The company reported no preferred shares during the reporting period - The company reported no preferred shares during the reporting period[122] Bond-Related Information This section provides information regarding the company's bonds Bond-Related Information The company reported no bond-related information during the reporting period - The company reported no bond-related information during the reporting period[124] Financial Report This section includes the audit report, comprehensive financial statements, company basic information, accounting policies, tax details, and notes to the financial statements Audit Report The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[126] Financial Statements This section presents the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in equity for the 2025 half-year - Financial statements include the consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated cash flow statement, parent company cash flow statement, consolidated statement of changes in owners' equity, and parent company statement of changes in owners' equity[127][132][134][137][140][143][145][148][151][154] Consolidated Balance Sheet As of June 30, 2025, consolidated total assets were 3.74 billion Yuan, with high current asset proportion. Total liabilities were 1.81 billion Yuan, and total owners' equity was 1.93 billion Yuan - Consolidated total assets at period-end were 3,735,305,656.81 Yuan, compared to 3,579,078,133.50 Yuan at period-start[130] - Total current assets at period-end were 2,727,687,999.14 Yuan, and total non-current assets were 1,007,617,657.67 Yuan[129][130] - Total current liabilities at period-end were 1,631,391,245.81 Yuan, and total non-current liabilities were 177,700,277.26 Yuan[130] Parent Company Balance Sheet As of June 30, 2025, parent company total assets were 3.63 billion Yuan, with high current asset proportion. Total liabilities were 1.81 billion Yuan, and total owners' equity was 1.82 billion Yuan - Parent company total assets at period-end were 3,627,503,607.66 Yuan, compared to 3,341,908,072.13 Yuan at period-start[133] - Total current assets at period-end were 2,599,456,094.99 Yuan, and total non-current assets were 1,028,047,512.67 Yuan[131][132] - Total current liabilities at period-end were 1,631,946,599.99 Yuan, and total non-current liabilities were 175,731,837.56 Yuan[133] Consolidated Income Statement For the 2025 half-year, total operating revenue reached 2.35 billion Yuan, a 13.22% YoY increase. Net profit was 112.53 million Yuan, up 28.16%, with 112.50 million Yuan attributable to parent company shareholders - Total operating revenue for the first half of 2025 was 2,354,156,824.71 Yuan, compared to 2,079,309,235.49 Yuan in the prior year period, a 13.22% year-over-year increase[135] - Net profit for the first half of 2025 was 112,529,085.38 Yuan, compared to 87,800,674.94 Yuan in the prior year period, a 28.16% year-over-year increase[136] - Net profit attributable to parent company shareholders was 112,501,179.80 Yuan, with basic earnings per share of 0.2482 Yuan/share[136] Parent Company Income Statement For the 2025 half-year, parent company operating revenue was 1.83 billion Yuan, a 14.00% YoY increase. Net profit was 93.65 million Yuan, up 6.85% - Parent company operating revenue for the first half of 2025 was 1,831,645,061.01 Yuan, compared to 1,606,752,097.38 Yuan in the prior year period, a 14.00% year-over-year increase[138] - Parent company net profit for the first half of 2025 was 93,653,151.25 Yuan, compared to 87,652,391.04 Yuan in the prior year period, a 6.85% year-over-year increase[139] Consolidated Cash Flow Statement For the 2025 half-year, net cash flow from operating activities turned positive to 31.07 million Yuan, a 139.05% increase. Net cash flow from investing activities was -46.11 million Yuan, and from financing activities was -93.17 million Yuan - Net cash flow from operating activities for the first half of 2025 was 31,065,114.88 Yuan, compared to -79,544,292.92 Yuan in the prior year period, a 139.05% year-over-year increase[141] - Net cash flow from investing activities was -46,112,213.98 Yuan, compared to -30,538,261.75 Yuan in the prior year period[142] - Net cash flow from financing activities was -93,172,844.54 Yuan, compared to 6,363,791.39 Yuan in the prior year period[142] - Net increase in cash and cash equivalents was -105,293,088.37 Yuan[142] Parent Company Cash Flow Statement For the 2025 half-year, net cash flow from operating activities turned positive to 28.55 million Yuan. Net cash flow from investing activities was -59.36 million Yuan, and from financing activities was -79.12 million Yuan - Net cash flow from operating activities for the first half of 2025 was 28,548,503.38 Yuan, compared to -43,889,187.86 Yuan in the prior year period[144] - Net cash flow from investing activities was -59,358,897.65 Yuan, compared to -43,554,825.34 Yuan in the prior year period[144] - Net cash flow from financing activities was -79,118,029.78 Yuan, compared to -19,964,307.76 Yuan in the prior year period[144] - Net increase in cash and cash equivalents was -106,936,849.76 Yuan[144] Consolidated Statement of Changes in Owners' Equity For the 2025 half-year, total owners' equity attributable to the parent company increased by 67.17 million Yuan, primarily from comprehensive income, offset by profit distribution - Total owners' equity attributable to the parent company at period-end was 1,914,480,483.01 Yuan, compared to 1,847,590,876.10 Yuan at period-start[147][150] - Total comprehensive income attributable to parent company owners for the current period was 112,501,179.80 Yuan[146] - The amount of profit distribution to owners (or shareholders) for the current period was 45,334,114.90 Yuan[147] Parent Company Statement of Changes in Owners' Equity For the 2025 half-year, parent company owners' equity increased by 48.32 million Yuan, mainly from comprehensive income, offset by profit distribution - Total parent company owners' equity at period-end was 1,819,825,170.11 Yuan, compared to 1,771,506,133.76 Yuan at period-start[153][156] - Total parent company comprehensive income for the current period was 93,653,151.25 Yuan[153] - The amount of profit distribution to owners (or shareholders) for the current period was 45,334,114.90 Yuan[153] Company Basic Information Guangdong Rifeng Cable Co., Ltd., established on December 17, 2009, in Zhongshan, specializes in R&D, production, and sales of electrical and special equipment cables, with a share capital of 456.89 million Yuan - Guangdong Rifeng Cable Co., Ltd. was established on December 17, 2009, with its headquarters in Zhongshan City[157] - The company primarily engages in the R&D, production, and sales of special equipment cables, new energy cables, communication equipment, and other electrical equipment cables[24][157] - As of June 30, 2025, the company's share capital was 456,888,849.00 Yuan[157] Basis of Financial Statement Preparation The company prepares its financial statements on a going concern basis, adhering to Accounting Standards for Business Enterprises and CSRC regulations, confirming its ability to continue operations for at least 12 months - The company prepares its financial statements on a going concern basis, in accordance with actual transactions and events, and the "Accounting Standards for Business Enterprises" and the China Securities Regulatory Commission's "Information Disclosure Rules for Companies Issuing Securities to the Public No. 15 - General Provisions for Financial Reports" (Revised 2023)[158] - The company possesses the ability to continue as a going concern for at least 12 months from the end of the current reporting period, with no significant matters affecting its going concern ability[159] Significant Accounting Policies and Accounting Estimates The company has established specific accounting policies and estimates for financial instruments, fixed assets, intangible assets, and revenue recognition, adhering to accounting standards, with no significant changes during the period - The company has formulated specific accounting policies and estimates for transactions and matters such as financial instruments, fixed asset depreciation, intangible asset amortization, and revenue recognition, based on its actual production and operating characteristics[160] - The financial statements prepared by the company comply with the requirements of Accounting Standards for Business Enterprises, truly and completely reflecting the company's financial position, operating results, changes in owners' equity, and cash flows[161] - The company's accounting year runs from January 1 to December 31 of the Gregorian calendar, with a 12-month operating cycle, and uses Renminbi as its bookkeeping currency[163][164][165] - There were no significant changes in accounting policies or accounting estimates during the reporting period[328] Taxation The company's main taxes include VAT, urban maintenance and construction tax, and corporate income tax. It benefits from high-tech enterprise tax incentives and VAT input tax deduction for advanced manufacturing Major Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sales Revenue | 3.00%、6.00%、9.00%、13.00% | | Urban Maintenance and Construction Tax | Taxable turnover, export tax exemption and deduction amount | 5.00%、7.00% | | Corporate Income Tax | Taxable Income | 15.00%、16.50%、25.00% | | Education Surcharge | Taxable turnover, export tax exemption and deduction amount | 3.00% | | Local Education Surcharge | Taxable turnover, export tax exemption and deduction amount | 2.00% | - Guangdong Rifeng Cable Co., Ltd., Tianjin Yourong Dikang Communication Technology Co., Ltd., and Zhongshan Rifeng Intelligent Electrical Co., Ltd. enjoy a 15.00% preferential corporate income tax rate as high-tech enterprises[330] - Guangdong Rifeng Electronics Co., Ltd., Zhongshan Aimbei New Energy Technology Co., Ltd., Tianjin Hengchang Cable Co., Ltd., Dongguan Yourong Dikang Cable Assembly Co., Ltd., and Guangdong Yourong Dikang Communication Technology Co., Ltd. enjoy a 20% preferential corporate income tax rate as small low-profit enterprises[331][332] - The company benefits from the VAT additional deduction policy for advanced manufacturing enterprises in the current period, allowing an additional 5% deduction on the current period's deductible input VAT amount against payable VAT[332] Notes to Consolidated Financial Statement Items This section provides detailed notes on consolidated financial statement items, including assets, liabilities, equity, revenue, costs, expenses, and profits, with period-end balances, changes, and explanations - Cash and cash e