新风光(688663) - 2025 Q2 - 季度财报

Definitions Key terms such as reporting period, SVG, and PCS are defined for clarity - The reporting period refers to January 1, 2025, to June 30, 2025[11] - SVG (Static Var Generator) is an advanced reactive power compensation device implemented using power electronics technology[11] - PCS (Power Conversion System) controls battery charging and discharging, performs AC/DC conversion, and enables active and reactive power regulation of the grid[11] Company Profile and Key Financial Indicators Provides an overview of the company's basic information, contact details, stock specifics, and key financial performance for the reporting period Company Basic Information Xin Feng Guang Electronics Technology Co., Ltd. (XFG) is represented by He Hongchen, with its registered and office address in Wenshang County Economic Development Zone, and website http://www.fengguang.com Company Basic Information | Indicator | Content | | :--- | :--- | | Chinese Name | Xin Feng Guang Electronics Technology Co., Ltd. | | Chinese Abbreviation | XFG | | Legal Representative | He Hongchen | | Registered Address | North of Jincheng Road, Wenshang County Economic Development Zone, Shandong Province | | Office Address | North of Jincheng Road, Wenshang County Economic Development Zone, Shandong Province | | Company Website | http://www.fengguang.com | Contacts and Contact Information The report provides contact details for the Board Secretary Hou Lei and Securities Affairs Representative Sun Luqian for investor inquiries Key Contact Information | Position | Name | Contact Number | Email | | :--- | :--- | :--- | :--- | | Board Secretary | Hou Lei | 0537-7288590 | info@fengguang.com | | Securities Affairs Representative | Sun Luqian | 0537-7288529 | info@fengguang.com | Brief Introduction to Information Disclosure and Document Custody Location Changes The company designates four newspapers for information disclosure, publishes its semi-annual report on the SSE website, and keeps documents at the Board of Directors' office - The company designates "China Securities Journal", "Securities Daily", "Securities Times", and "Shanghai Securities News" as information disclosure newspapers[15] - The website for the semi-annual report is www.sse.com.cn[15](index=15&type=chunk) Brief Introduction to Company Shares/Depositary Receipts The company's A-shares are listed on the STAR Market of the Shanghai Stock Exchange under the stock name XFG and code 688663 Company Stock Overview | Stock Type | Listing Exchange and Board | Stock Abbreviation | Stock Code | | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange STAR Market | XFG | 688663 | Company's Key Accounting Data and Financial Indicators Revenue increased by 6.57% to 870.42 million yuan, but net profit attributable to shareholders decreased by 23.70% to 60.17 million yuan, primarily due to intensified competition in the new energy sector Key Accounting Data (Jan-Jun 2025 vs. Prior Year Period) | Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (yuan) | 870,421,630.89 | 816,786,181.00 | 6.57 | | Total Profit (yuan) | 69,291,423.13 | 94,860,287.88 | -26.95 | | Net Profit Attributable to Shareholders of Listed Company (yuan) | 60,165,717.02 | 78,852,636.59 | -23.70 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-recurring Gains and Losses (yuan) | 56,982,382.71 | 74,413,858.50 | -23.43 | | Net Cash Flow from Operating Activities (yuan) | -34,446,220.09 | -75,128,815.58 | Not Applicable | Key Financial Indicators (Jan-Jun 2025 vs. Prior Year Period) | Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.43 | 0.56 | -23.21 | | Diluted Earnings Per Share (yuan/share) | 0.43 | 0.56 | -23.21 | | Basic Earnings Per Share After Deducting Non-recurring Gains and Losses (yuan/share) | 0.41 | 0.53 | -22.64 | | Weighted Average Return on Net Assets (%) | 4.32 | 5.89 | Decrease of 1.57 percentage points | | R&D Investment as Percentage of Operating Revenue (%) | 4.49 | 5.85 | Decrease of 1.36 percentage points | - The change in net cash flow from operating activities is primarily due to an increase in cash received from sales of goods and provision of services, driven by higher operating revenue and sales orders during the reporting period[19] Non-recurring Gains and Losses Items and Amounts Non-recurring gains and losses totaled 3.18 million yuan, primarily from government subsidies and net profit from business combinations under common control Non-recurring Gains and Losses Items and Amounts | Non-recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Government subsidies included in current profit and loss | 1,513,700.24 | | Net profit from the beginning of the period to the consolidation date for subsidiaries acquired under common control | 3,796,435.53 | | Other non-operating income and expenses apart from the above | 3,086.10 | | Less: Income tax impact | 227,517.95 | | Impact on minority interests (after tax) | 1,902,369.61 | | Total | 3,183,334.31 | Net Profit After Deducting Share-based Payment Impact Net profit after deducting share-based payment impact was 64.26 million yuan, a decrease of 27.01% year-on-year Net Profit After Deducting Share-based Payment Impact | Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Net profit after deducting share-based payment impact (yuan) | 64,256,263.98 | 88,031,674.22 | -27.01 | Management Discussion and Analysis Discusses the company's industry, main business, operational performance, core competencies, and risk factors, highlighting strategic initiatives and financial changes Explanation of the Company's Industry and Main Business The company focuses on high-power power electronic control technology, building a comprehensive industrial chain with products like SVG, inverters, and energy storage systems - The company's core technology platform is high-power power electronic control technology, focusing on the development and application of industrial energy saving and new energy grid technologies and equipment[27] - The company's main products include high-voltage dynamic reactive power compensation devices (SVG), various high, medium, and low-voltage inverters, smart energy storage system devices, rail transit energy feedback devices, and coal mine explosion-proof and intelligent control equipment[27] - The company's high-voltage dynamic reactive power compensation device (SVG) was awarded the 2024 National Manufacturing Single Champion title[27] Main Business The company's core technology is high-power power electronic control, focusing on industrial energy saving and new energy grid technologies and equipment - The company's core technology platform is high-power power electronic control technology, focusing on the development and application of industrial energy saving and new energy grid technologies and equipment[27] - The company's main products include high-voltage dynamic reactive power compensation devices (SVG), various high, medium, and low-voltage inverters, smart energy storage system devices, rail transit energy feedback devices, and coal mine explosion-proof and intelligent control equipment[27] - The company's high-voltage dynamic reactive power compensation device (SVG) was awarded the 2024 National Manufacturing Single Champion title[27] Main Products and Their Uses The company's diverse product portfolio includes high-voltage inverters, SVG, smart energy storage systems, and mining explosion-proof equipment, serving various industrial and energy sectors - High, medium, and low-voltage inverters: Achieve soft start, intelligent control, and speed regulation for high-voltage motors, improving energy utilization efficiency[29] - Dynamic reactive power compensation devices (SVG): Rapidly provide capacitive or inductive reactive power, ensuring stable and efficient grid operation and reducing energy loss[35] - Smart energy storage systems: Provide low-voltage 1000V/1500V and high-voltage 6kV-35kV direct cascade energy storage systems, applied in power generation, grid, and user sides[38] - Smart mining equipment: Includes explosion-proof inverters, explosion-proof SVG, and mine grid comprehensive regulation and control devices, enhancing coal mine safety and intelligence[42][45] - Rail transit regenerative braking energy absorption devices: Absorb train braking regenerative energy, save energy, avoid overvoltage in DC power supply systems, and ensure operational safety[47] Main Business Model The company's business model involves direct sales, order-based production for high-voltage products, and a multi-departmental procurement system - Profit model: Generates revenue by selling power electronic equipment such as SVG, inverters, smart energy storage systems, rail transit energy feedback devices, and coal mine explosion-proof and intelligent control equipment[50] - Procurement model: Implements a supplier management and procurement execution model led by the procurement department, with coordination from the component, quality, planning, manufacturing, and finance departments[51][53] - Production model: High-voltage products are produced to order, low-voltage inverters are produced for stock, core processes are self-produced, adopting a "MTO+MTS" and "standardization+modularization" flexible production model[55][57] - Marketing model: Primarily direct sales, supplemented by distribution, acquiring orders through bidding and exhibitions, with pricing based on "production cost + reasonable gross profit"[63] Industry Overview The company operates in industries like SVG, inverters, smart energy storage, rail transit, and mining equipment, all driven by national policies and market growth - High-voltage dynamic reactive power compensation device (SVG) industry: Benefiting from energy saving and emission reduction, smart grid, and new energy development policies, the market demand in the new energy power generation sector is approximately 40 Gvar (2 billion yuan) in 2025, with an industrial user market space of approximately 6 billion yuan[65] - Inverter industry: Benefiting from industrial green and low-carbon transformation and equipment renewal policies, demand is expected to rebound in 2025, with a market capacity of approximately 30 billion yuan for medium and low-voltage inverters and approximately 5.9 billion yuan for high-voltage inverters[66] - Smart energy storage industry: Driven by accelerated energy transition and government policy support (e.g., "Action Plan for High-Quality Development of New Energy Storage Manufacturing"), new installed capacity is expected to reach 160.2 GWh in 2025, a year-on-year increase of 62%[67] - Rail transit high-end equipment industry: Benefiting from the "14th Five-Year Plan" and the construction of a strong transportation nation, urban rail transit construction mileage is expected to reach 10,000 kilometers by 2025, promoting localization[68] - Coal mine explosion-proof and intelligent control equipment industry: Influenced by "dual carbon" goals and deeper coal mining, the market size has reached tens of billions of yuan and continues to grow, with intelligence and greening as major trends[69][70] Discussion and Analysis of Operating Conditions Revenue increased by 6.57% to 870.42 million yuan, but net profit decreased by 23.70% to 60.17 million yuan, primarily due to intensified competition in the new energy sector - During the reporting period, the company's operating revenue was 870.42 million yuan, a year-on-year increase of 6.57%; net profit attributable to shareholders of the listed company was 60.17 million yuan, a year-on-year decrease of 23.70%[71] - The decrease in net profit was mainly due to intensified competition in the new energy industry in the first half of the year, leading to a decline in product prices and gross profit margins[71] Completion of Key Operating Indicators The company achieved 870.42 million yuan in operating revenue, a 6.57% increase, but net profit attributable to shareholders decreased by 23.70% Completion of Key Operating Indicators | Indicator | Current Reporting Period | Period-on-Period Change (%) | | :--- | :--- | :--- | | Operating Revenue (billion yuan) | 0.87 | 6.57 | | Net Profit Attributable to Shareholders of Listed Company (million yuan) | 60.1657 | -23.70 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-recurring Gains and Losses (million yuan) | 56.9824 | -23.43 | Key Operating Work During the Reporting Period The company focused on R&D innovation, overseas market expansion, strategic foresight, business transformation, cost control, and talent development - Strengthened R&D innovation: R&D investment of 39.12 million yuan, launched GT51 series inverters, FD2300 integrated inverter, mine power quality online monitoring and analysis device, and achieved breakthroughs in flow battery energy storage technology. Obtained 7 new invention patents, 10 utility model patents, and 6 software copyrights[72][73] - Expanded overseas markets: Overseas order signing increased by 33.79% year-on-year, achieving diversified breakthroughs in Southeast Asia, South Asia, Africa, and Europe. The Indonesia energy storage project was successfully grid-connected, high-voltage inverters entered the Guinea market, and the company participated in international exhibitions to deepen global brand expansion[74][75] - Forward-looking layout: Actively prepared and researched for the nuclear fusion industry chain, deepened industry-university-research collaboration, applied to join the "Fusion Industry Alliance"; collaborated with Huawei Digital Energy to deploy new energy grid-forming energy storage, and with Jianghai Co., Ltd. to promote secondary frequency regulation in thermal power plants[75][76] - Deepened five major business transformations: Promoted supply chain S&OP, product IPD, marketing LTC, service ITR, and organizational structure reforms, established innovation laboratories, stimulated innovation, and improved operational efficiency and customer service levels[77] - Deepened industrial chain layout: Acquired 52.83% equity in Yanzhou Dongfang Electromechanical Co., Ltd. through capital increase and equity acquisition, increasing revenue from explosion-proof electrical appliances, high and low-voltage switchgear, and control equipment businesses[78] - Strictly controlled operating costs: Launched "Five Transformations, Five Increases, Five Improvements" activities, promoted "Ten Hard Measures for Cost Reduction and Efficiency Improvement", received 28.07 million yuan in tax refunds and reductions in the first half of the year, and achieved 52.70 million yuan in procurement optimization and cost reduction[79] - Talent pipeline construction: Launched a position certification system, strengthened employee professional skills and professional qualities, and built a high-quality supply chain talent pipeline[80] - Lean safety management: Optimized management mechanisms, enhanced cybersecurity and emergency response, fostered a safety culture, and effectively prevented accidents[81] - Improved corporate governance: Revised and improved corporate governance structure and articles of association in accordance with the new "Company Law" and other regulations, solidifying ESG management levels[82] Analysis of Core Competitiveness The company's core strengths lie in its robust R&D, proprietary technology, strong brand, experienced team, and comprehensive marketing and service network - The company has 296 R&D personnel, established 12 provincial-level scientific and technological innovation platforms, and collaborates with multiple research institutes, having received the National Technology Invention Second Prize and the National Science and Technology Progress Second Prize[84] - All company products are independently developed, with 375 authorized patents (including 104 invention patents), 111 software copyrights, and participation in drafting multiple national standards[86] - The company has obtained "China Famous Brand Product Certificate" and "Shandong Province Famous Trademark", was selected for the State-owned Assets Supervision and Administration Commission's "World-Class Specialized and Sophisticated 'Little Giant' Enterprise Demonstration List", and received the 2024 National Quality Benchmark Award[87] Analysis of Core Competitiveness The company boasts strong R&D capabilities, proprietary technologies, high product quality, an experienced team, and a professional marketing and service network - R&D advantage: Emphasizes product technology R&D and continuous innovation, with 296 R&D personnel, 12 provincial-level scientific and technological innovation platforms, and collaborations with Cardiff University, National Engineering Research Center for Power Electronics and Control, etc[84] - Technology advantage: All products are independently developed, with 375 authorized patents (104 invention patents), 111 software copyrights, and participation in drafting multiple national standards[86] - Quality and brand advantage: Certified by ISO9001 and other international standards, possesses a CNAS laboratory, awarded "China Famous Brand Product" and "Shandong Province Famous Trademark", selected as a national specialized and sophisticated "Little Giant" enterprise and a manufacturing "Single Champion" enterprise[87] - Management and technical team advantage: Core team has long been engaged in R&D, production, and sales in related fields, with rich experience and accurate insights into industry development, and core members hold company shares, ensuring team stability[88] - Professional marketing and after-sales service advantage: Established a marketing center covering six major sales regions nationwide, sales personnel have technical backgrounds, and a user service center provides pre-sales consultation, in-sales technical support, and after-sales service[89] Core Technologies and R&D Progress The company possesses 29 core technologies, has received national science and technology awards, and continues to invest significantly in R&D with 13 ongoing projects - During the reporting period, the company possessed 29 core technologies, mainly including ultra-large scale power unit cascade H-bridge technology, big data monitoring and modular redundancy technology, multi-machine parallel intelligent operation technology, grid adaptive high-performance compensation technology, strong environmental adaptability technology for SVG, etc[90][91][92][93][94][95][96] National Science and Technology Award Winnings | Award Name | Award Year | Project Name | Award Level | | :--- | :--- | :--- | :--- | | National Technology Invention Award | 2013 | Key Technologies and Applications for High-Efficiency Operation and Control of Motor Systems under Complex Conditions | Second Prize | | National Science and Technology Progress Award | 2020 | Key Control Technologies and Applications for Power Quality Purification in High-Proportion New Energy Power Systems | Second Prize | National Specialized and Sophisticated "Little Giant" Enterprise, Manufacturing "Single Champion" Recognition | Recognition Body | Title | Recognition Year | Product Name | | :--- | :--- | :--- | :--- | | Ministry of Industry and Information Technology | National Specialized and Sophisticated "Little Giant" Enterprise | 2023 | Not Applicable | | Ministry of Industry and Information Technology | Single Champion Product | 2024 | High-Voltage Dynamic Reactive Power Compensation Device | - During the reporting period, 7 new invention patents, 10 utility model patents, and 6 software copyrights were obtained[97] R&D Investment | Indicator | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 39,122,352.97 | 47,768,752.41 | -18.10 | | Total R&D Investment | 39,122,352.97 | 47,768,752.41 | -18.10 | | Total R&D Investment as Percentage of Operating Revenue (%) | 4.49 | 5.85 | Decrease of 1.36 percentage points | - Ongoing projects include 13 items such as high-voltage high-energy cascade energy storage systems, high-throughput data synchronous acquisition and processing systems for power batteries, high-power high-frequency high-efficiency precision excitation power supplies, key technologies for ultra-high power inverters, 35kV direct cascade G60 series products, BMS serialization research and application, key technologies for high-voltage large-capacity smart energy storage systems, high-performance high-power density explosion-proof inverters, SVG new technology R&D, new generation high-voltage inverters, expansion of inverter models, liquid-cooled industrial and commercial energy storage development, and R&D of key control technologies and core equipment for large-scale energy storage systems[101][102] R&D Personnel Information | Indicator | Current Period Number | Prior Year Period Number | | :--- | :--- | :--- | | Number of company R&D personnel (people) | 296 | 304 | | Percentage of R&D personnel in total company headcount (%) | 24.96 | 33.82 | | Total R&D personnel compensation (million yuan) | 29.8684 | 30.4750 | | Average R&D personnel compensation (million yuan) | 0.1009 | 0.1002 | Risk Factors The company faces risks related to technological advancements, talent shortages, project delays, declining gross margins, policy changes, and macroeconomic instability - Risks of technological progress and product updates: If the company fails to timely improve new product R&D efficiency and optimize production processes, it may not adapt to market demand[106] - Risk of R&D personnel shortage: The power electronic equipment industry is technology, talent, and capital-intensive, and the company faces the risk of losing excellent R&D personnel and a shortage of high-quality talent[107] - Risk of declining gross profit margin: Intensified market competition and falling product prices in the new energy industry may lead to a decrease in the company's gross profit margin[110] - Risk of large accounts receivable balance: As of the end of the reporting period, the book value of accounts receivable was 1.10 billion yuan, accounting for 32.14% of total assets; if customers face operational difficulties, these amounts may not be recovered on time[114] Core Competitiveness Risks Risks include rapid technological advancements, potential shortage of R&D personnel, and the threat of technology leakage - Risk of technological progress and product updates: The industry's technology updates rapidly; if the company cannot timely develop new products and optimize processes, it may not adapt to market demand[106] - Risk of R&D personnel shortage: The power electronic equipment industry is talent-intensive, and the company faces the risk of losing excellent R&D personnel and a shortage of high-quality talent[107] - Risk of technology leakage: Technology-intensive industries face the risk of core technology leakage, which could negatively impact the company's market competitiveness[108] Operational Risks Operational risks include project contract delays and the potential for declining gross margins due to market competition - Risk of project contract delays: Construction of photovoltaic, wind power, and other new energy power stations is susceptible to external factors, which may prolong contract performance, affecting revenue recognition and capital turnover[109] - Risk of declining gross profit margin: Intensified market competition and falling product prices in the new energy industry may lead to a decrease in the gross profit margin of the company's main products[110] Financial Risks Financial risks involve changes in tax preferential policies, high inventory balances, and significant accounts receivable - Risk of changes in tax preferential policies: The company enjoys VAT immediate refund for self-developed software products and a 15% corporate income tax preferential rate for high-tech enterprises; policy changes could adversely affect profits[111][112] - Risk of large inventory balance: A high inventory balance ties up working capital, and project stagnation or order cancellations could lead to inventory impairment[113] - Risk of large accounts receivable balance: As of the end of the reporting period, the book value of accounts receivable was 1.10 billion yuan, accounting for 32.14% of total assets; if customers face operational difficulties, these amounts may not be recovered on time[114] Industry Risks The industry is highly susceptible to macroeconomic and policy changes, with intense competition and product homogenization posing market share risks - Industry development is highly influenced by national macroeconomic conditions and policies; the power electronic equipment and new energy markets are intensely competitive, with product homogenization emerging, posing a risk of market share decline for the company[115] Macroeconomic Environment Risks Global economic slowdown, geopolitical conflicts, and trade protectionism could negatively impact the new energy industry and company performance - Unstable factors such as global economic slowdown, geopolitical conflicts, and trade protectionism may negatively impact the development of the new energy industry and the company's operating performance[116] Key Operating Conditions During the Reporting Period Revenue increased by 6.57% to 870.42 million yuan, but net profit decreased by 23.70% to 60.17 million yuan, influenced by product sales, declining gross margins, and shifts in asset-liability structure - During the reporting period, the company achieved total operating revenue of 870.42 million yuan, a year-on-year increase of 6.57%; net profit attributable to shareholders of the listed company was 60.17 million yuan, a year-on-year decrease of 23.70%[117] - Operating revenue growth was mainly due to increased income from energy storage products and motor drive products[119] - Net cash flow from investing activities decreased by 119.35% year-on-year, mainly because there were no recoveries of wealth management funds in the current period[119] - Net cash flow from financing activities increased year-on-year, mainly due to a 1.00 yuan (tax inclusive) increase in cash dividends per 10 shares compared to the prior year period[119] Analysis of Main Business The company's main business analysis shows revenue growth but increased operating costs, sales, and administrative expenses, while R&D expenses decreased Analysis Table of Financial Statement Items Changes | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 870,421,630.89 | 816,786,181.00 | 6.57 | | Operating Cost | 679,383,279.73 | 606,981,397.72 | 11.93 | | Selling Expenses | 68,165,624.24 | 60,734,132.45 | 12.24 | | Administrative Expenses | 33,329,695.49 | 29,691,249.84 | 12.25 | | Financial Expenses | -4,678,100.44 | -4,910,474.57 | Not Applicable | | R&D Expenses | 39,122,352.97 | 47,768,752.41 | -18.10 | | Net Cash Flow from Operating Activities | -34,446,220.09 | -75,128,815.58 | Not Applicable | | Net Cash Flow from Investing Activities | -8,386,313.82 | 43,332,629.41 | -119.35 | | Net Cash Flow from Financing Activities | -73,683,006.50 | -31,178,054.70 | Not Applicable | Analysis of Assets and Liabilities The company's asset and liability structure changed, with significant increases in inventory and accounts receivable financing, and decreases in cash and other receivables Changes in Assets and Liabilities (Current Period End vs. Prior Year End) | Item Name | Current Period End Amount (yuan) | Current Period End % of Total Assets | Prior Year End Amount (yuan) | Prior Year End % of Total Assets | Change from Prior Year End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 724,406,044.56 | 21.16 | 861,109,555.46 | 25.21 | -15.88 | | | Inventory | 854,288,009.71 | 24.95 | 562,070,257.27 | 16.45 | 51.99 | Mainly due to increased sales scale and goods issued | | Investment Properties | 0 | 0 | 1,780,630.26 | 0.05 | -100.00 | Mainly due to subsidiary (Dongfang Electromechanical) production and operation needs, original leased properties are no longer leased | | Right-of-Use Assets | 2,431,164.78 | 0.07 | 3,251,181.80 | 0.1 | -25.22 | Mainly due to depreciation accrued during the reporting period | | Contract Liabilities | 162,834,626.97 | 4.76 | 135,864,525.91 | 3.98 | 19.85 | | | Lease Liabilities | 1,028,450.09 | 0.03 | 1,635,065.86 | 0.05 | -37.10 | Mainly due to rent payments by subsidiaries and branches during the reporting period | | Accounts Receivable Financing | 143,474,922.39 | 4.19 | 34,238,203.68 | 1.00 | 319.05 | Mainly due to an increase in notes receivable measured at fair value with changes recognized in other comprehensive income | | Prepayments | 15,518,138.36 | 0.45 | 79,855,828.81 | 2.34 | -80.57 | Mainly due to arrival and warehousing of battery materials for energy storage products and invoice settlement | | Other Receivables | 33,276,821.45 | 0.97 | 159,777,993.81 | 4.68 | -79.17 | Mainly due to the return of funds from subsidiary (Dongfang Electromechanical) deposited with its former superior entity | | Long-term Deferred Expenses | 2,044,332.51 | 0.06 | 662,763.03 | 0.02 | 208.46 | Mainly due to expenses incurred for factory renovation by subsidiary (Qingdao Company) | | Employee Compensation Payable | 49,232,517.60 | 1.44 | 85,787,586.41 | 2.51 | -42.61 | Mainly due to payment of compensation accrued for 2024 during the reporting period | | Taxes Payable | 7,723,010.48 | 0.23 | 26,536,745.32 | 0.78 | -70.90 | Mainly due to payment of taxes accrued for 2024 during the reporting period | - Total restricted assets at period-end were 2.44 million yuan, primarily for deposits and interest[123] Analysis of Investment Status The company's investment activities primarily involved increasing its stake in Yanzhou Dongfang Electromechanical Co., Ltd., with a total investment of 55.93 million yuan Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (yuan) | Amount Purchased in Current Period (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | | Accounts Receivable Financing | 34,238,203.68 | 109,236,718.71 | 143,474,922.39 | | Total | 34,238,203.68 | 109,236,718.71 | 143,474,922.39 | - The investment amount during the reporting period was 55.93 million yuan, mainly for increasing the equity in Yanzhou Dongfang Electromechanical Co., Ltd. by 50%[127] Analysis of Major Holding and Participating Companies The company's major subsidiaries include Zhejiang Yijia Energy Saving Equipment, XFG (Suzhou) Technology, XFG (Qingdao) Rail Transit Technology, and Yanzhou Dongfang Electromechanical Financial Information of Major Subsidiaries | Company Name | Company Type | Registered Capital (yuan) | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhejiang Yijia Energy Saving Equipment Co., Ltd. | Subsidiary | 5,000,000.00 | 5,466,448.23 | 5,458,761.49 | 309,734.51 | 110,222.07 | | Xin Feng Guang (Suzhou) Technology Co., Ltd. | Subsidiary | 32,000,000.00 | 26,676,875.01 | 4,462,085.62 | 16,711,628.73 | 25,462.85 | | Xin Feng Guang (Qingdao) Rail Transit Technology Co., Ltd. | Subsidiary | 80,000,000.00 | 62,764,816.06 | 43,923,559.89 | 7,505,091.92 | 541,801.07 | | Yanzhou Dongfang Electromechanical Co., Ltd. | Subsidiary | 100,000,000.00 | 362,234,531.58 | 121,045,461.91 | 129,329,090.91 | 5,814,038.05 | - The acquisition of Yanzhou Dongfang Electromechanical Co., Ltd. as a subsidiary during the reporting period does not constitute a significant impact on its overall production, operation, and performance[130] Corporate Governance, Environment, and Society Details changes in the company's governance structure, including board and senior management adjustments, and information on equity incentive plans Changes in Directors, Senior Management, and Core Technical Personnel The company abolished the Supervisory Board, added employee representative directors, and saw several supervisors resign during the reporting period Changes in Directors, Senior Management, and Core Technical Personnel | Name | Position Held | Change | | :--- | :--- | :--- | | Jiang Hanwen | Chairman of the Supervisory Board | Resigned | | An Shoubing | Employee Supervisor | Resigned | | Zhao Shuguo | Supervisor | Resigned | - The company abolished the Supervisory Board, with its functions now exercised by the Board of Directors' Audit Committee, and added employee representative directors[133] Profit Distribution or Capital Reserve Conversion Plan The company has no profit distribution or capital reserve conversion plan for the semi-annual period - The proposed profit distribution plan or capital reserve conversion plan for the semi-annual period is "Not Applicable"[134] Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The first vesting period of the 2022 restricted stock incentive plan resulted in 670,230 new shares being listed and circulated, increasing the company's total share capital - The first vesting period of the company's 2022 restricted stock incentive plan resulted in 670,230 new shares being listed and circulated on May 29, 2025[135] Significant Matters Covers the fulfillment of commitments, absence of major litigation, significant related-party transactions, and the progress of raised capital utilization Fulfillment of Commitments The company's controlling shareholders, directors, supervisors, senior management, and core technical personnel have strictly fulfilled all commitments related to the initial public offering - Controlling shareholders, shareholders Wenshang Kaiyuan Group, Shandong Gaoxin Chuangtou, directors, supervisors, senior management holding company shares, and shareholders Pingtan Liheng, Jining Bochuan, and natural person shareholder Xu Lin all committed to comply with relevant regulations for share reduction after the lock-up period, with reduction prices not lower than the issue price (within two years after the lock-up period), and to disclose reduction plans as required[141][142][143][144][145][146][147][148][149] - The company committed to maintain stock price stability after listing and may repurchase company shares[150] - The company, controlling shareholders, directors, supervisors, senior management, and core technical personnel all committed that information disclosure contains no false records, misleading statements, or major omissions, and will bear corresponding legal responsibilities[151][152][153][154][155][156] - The company and controlling shareholders committed that there are no fraudulent issuance circumstances, and if they occur, a share repurchase program will be initiated[157][158][159] - The company and controlling shareholders, directors, and senior management committed to take measures to fill immediate returns, including increasing R&D investment, market expansion, strengthening operational management, enhancing management of raised funds, accelerating investment progress of fundraising projects, improving corporate governance, increasing talent cultivation and introduction, and strictly implementing dividend policies[160][161][162][163][164][165][166][167][168][169] - Controlling shareholders, directors, supervisors, and senior management committed to avoid horizontal competition and regulate related-party transactions[173][174][175][176][177][178][179] - Controlling shareholders, directors, supervisors, and senior management committed not to occupy company funds and not to provide guarantees for related parties[180][181] - Controlling shareholders committed not to transfer or reduce company shares within 24 months from April 15, 2024; Wenshang Kaiyuan Holding Group Co., Ltd. and some directors and senior management committed not to transfer or reduce company shares within 12 months from February 5, 2024[188][189][190] Major Litigation and Arbitration Matters The company had no major litigation or arbitration matters during the reporting period - The company had no major litigation or arbitration matters in this reporting period[193] Significant Related-Party Transactions The company's estimated annual related-party transactions total 1.05 billion yuan, including an acquisition of Yanzhou Dongfang Electromechanical and financial dealings with Shandong Energy Group Finance Co., Ltd - The company's estimated total daily related-party transactions for 2025 amount to 1.05 billion yuan[193] - The company has completed a 55.93 million yuan capital increase in Yanzhou Dongfang Electromechanical Co., Ltd. and acquired a 2.832% equity stake from its 23 natural person shareholders, making it a 52.832% controlled subsidiary[195] Financial Business with Shandong Energy Group Finance Co., Ltd. | Business Type | Maximum Daily Deposit Limit (yuan) | Total Deposits in Current Period (yuan) | Total Withdrawals in Current Period (yuan) | Ending Balance (yuan) | Total Credit Limit (yuan) | Actual Credit Amount (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deposit Business | 150,000,000.00 | 251,665,200.53 | 251,509,219.25 | 155,981.28 | | | | Credit Business | | | | | 130,000,000.00 | 55,953,579.01 | Related-Party Transactions Related to Daily Operations The company's estimated total daily related-party transactions for 2025 amount to 1.05 billion yuan - The company's estimated total daily related-party transactions for 2025 amount to 1.05 billion yuan[193] Significant Related-Party Transactions for Joint External Investment The company completed a 55.93 million yuan capital increase and acquired a 2.832% stake in Yanzhou Dongfang Electromechanical, making it a 52.832% controlled subsidiary - The company has completed a 55.93 million yuan capital increase in Yanzhou Dongfang Electromechanical Co., Ltd. and acquired a 2.832% equity stake from its 23 natural person shareholders, making it a 52.832% controlled subsidiary[195] Financial Business with Affiliated Finance Companies The company conducts deposit and credit business with Shandong Energy Group Finance Co., Ltd., with specific limits and actual transaction amounts Deposit Business with Shandong Energy Group Finance Co., Ltd. | Related Party | Maximum Daily Deposit Limit (yuan) | Total Deposits in Current Period (yuan) | Total Withdrawals in Current Period (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | | Shandong Energy Group Finance Co., Ltd. | 150,000,000.00 | 251,665,200.53 | 251,509,219.25 | 155,981.28 | Credit Business with Shandong Energy Group Finance Co., Ltd. | Related Party | Business Type | Total Amount (yuan) | Actual Amount Incurred (yuan) | | :--- | :--- | :--- | :--- | | Shandong Energy Group Finance Co., Ltd. | Issuance of Commercial Paper | 130,000,000.00 | 55,953,579.01 | Explanation of Progress in Use of Raised Funds As of the end of the reporting period, the company had invested 365.56 million yuan, or 82.46%, of its initial public offering proceeds into various projects Overall Use of Raised Funds | Source of Raised Funds | Total Raised Funds (million yuan) | Net Raised Funds (million yuan) | Total Investment Committed in Prospectus (million yuan) | Cumulative Raised Funds Invested as of Reporting Period End (million yuan) | Cumulative Investment Progress of Raised Funds as of Reporting Period End (%) | Amount Invested in Current Year (million yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering of Shares | 506.6552 | 443.2926 | 590.2002 | 365.5583 | 82.46 | 9.9203 | - Raised fund investment projects include R&D upgrades and expansion for inverters and SVG, R&D and industrialization of rail transit regenerative braking energy absorption inverters, R&D and industrialization of energy storage PCS products, R&D center construction, and supplementary working capital[202][203] - The investment progress of all raised fund projects is in line with the planned schedule, with the supplementary working capital project having reached 100% investment[203] Overall Use of Raised Funds The company's initial public offering raised 506.66 million yuan, with 365.56 million yuan (82.46%) cumulatively invested by the end of the reporting period Overall Use of Raised Funds | Source of Raised Funds | Total Raised Funds (million yuan) | Net Raised Funds (million yuan) | Total Investment Committed in Prospectus (million yuan) | Cumulative Raised Funds Invested as of Reporting Period End (million yuan) | Cumulative Investment Progress of Raised Funds as of Reporting Period End (%) | Amount Invested in Current Year (million yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering of Shares | 50,665.52 | 44,329.26 | 59,020.02 | 36,555.83 | 82.46 | 992.03 | Details of Raised Fund Investment Projects Details of the raised fund investment projects, including R&D upgrades, industrialization of rail transit and energy storage products, and R&D center construction, are progressing as planned Details of Raised Fund Investment Projects Use | Project Name | Planned Investment Amount of Raised Funds (million yuan) | Amount Invested in Current Year (million yuan) | Cumulative Raised Funds Invested as of Reporting Period End (million yuan) | Cumulative Investment Progress as of Reporting Period End (%) | Date Project Reached Intended Usable State | Is Investment Progress in Line with Planned Progress | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Inverter and SVG R&D Upgrade and Expansion Project | 14,975.70 | 0 | 13,056.16 | 87.18 | April 2024 | Yes | | Rail Transit Regenerative Braking Energy Absorption Inverter R&D and Industrialization Project | 8,651.82 | 684.34 | 6,162.07 | 71.22 | April 2024 | Yes | | Energy Storage PCS Product R&D and Industrialization Project | 10,380.16 | 0 | 8,612.60 | 82.97 | April 2024 | Yes | | R&D Center Construction Project | 7,512.34 | 307.69 | 5,915.76 | 78.75 | April 2024 | Yes | | Supplementary Working Capital | 2,809.24 | 0 | 2,809.24 | 100.00 | Not Applicable | Yes | Explanation of Other Significant Matters As of June 30, 2025, the company had repurchased 2,041,139 shares, representing 1.45% of its total share capital, for a total of 44.99 million yuan - As of June 30, 2025, the company had cumulatively repurchased 2,041,139 shares, accounting for 1.45% of the company's total share capital[206] - The highest repurchase price was 22.90 yuan/share, the lowest was 20.70 yuan/share, and the total amount paid was 44.99 million yuan[206] Share Changes and Shareholder Information Details changes in the company's share capital, information on top shareholders, and the shareholdings of directors, senior management, and core technical personnel Changes in Share Capital The company's total share capital increased by 670,230 shares to 140,620,230 shares due to the vesting of restricted stock from the 2022 incentive plan Share Capital Change Table | Item | Quantity Before This Change | Increase/Decrease in This Change (+,-) | Quantity After This Change | | :--- | :--- | :--- | :--- | | II. Unrestricted Shares | 139,950,000 | +670,230 | 140,620,230 | | III. Total Shares | 139,950,000 | +670,230 | 140,620,230 | - The first vesting period of the 2022 restricted stock incentive plan resulted in 670,230 shares being vested, leading to an increase in the company's total share capital[210] Shareholder Information As of the reporting period end, the company had 6,769 common shareholders. Shandong Energy Group Co., Ltd. held 38.07%, He Hongchen held 5.02%, and Wenshang Kaiyuan Holding Group Co., Ltd. held 4.51% - As of the end of the reporting period, the total number of common shareholders was 6,769[212] Top Ten Shareholders' Shareholding as of Reporting Period End | Shareholder Name | Number of Shares Held at Period End | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Shandong Energy Group Co., Ltd. | 53,529,600 | 38.07 | State-owned Legal Person | | He Hongchen | 7,065,066 | 5.02 | Domestic Natural Person | | Wenshang Kaiyuan Holding Group Co., Ltd. | 6,340,775 | 4.51 | State-owned Legal Person | | Shandong High-tech Venture Capital Co., Ltd. | 3,356,933 | 2.39 | State-owned Legal Person | | Fujian Pingtan Liheng Investment Co., Ltd. | 3,085,573 | 2.19 | Domestic Non-state-owned Legal Person | | Li Fengxin | 1,500,000 | 1.07 | Domestic Natural Person | | Ding Yancan | 1,220,328 | 0.87 | Domestic Natural Person | | Wu Ping | 1,020,000 | 0.73 | Domestic Natural Person | | Cheng Xudong | 994,323 | 0.71 | Domestic Natural Person | | Beijing Jintai Private Equity Fund Management Co., Ltd. - Jintai Jixiang No. 1 Private Equity Investment Fund | 830,227 | 0.59 | Other | - The company's special repurchase account held 2,041,139 shares, accounting for 1.45% of the company's total share capital[215] Information on Directors, Senior Management, and Core Technical Personnel Several directors, senior management, and core technical personnel saw an increase in their shareholdings due to the vesting of equity incentive shares Changes in Shareholdings of Current and Resigned Directors, Senior Management, and Core Technical Personnel During the Reporting Period | Name | Position | Beginning Shareholding | Ending Shareholding | Change in Shares During Reporting Period | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Hu Shunquan | Director, General Manager | 336,152 | 367,502 | 31,350 | Equity incentive share vesting | | Qin Xiansheng | Deputy General Manager | 8,535 | 33,615 | 25,080 | Equity incentive share vesting | | Hou Lei | Board Secretary | 8,380 | 33,460 | 25,080 | Equity incentive share vesting | | Yin Pengfei | Chief Engineer | 270,952 | 296,032 | 25,080 | Equity incentive share vesting | | Ma Yunsheng | Deputy General Manager | 200,900 | 225,980 | 25,080 | Equity incentive share vesting | | He Zhaocheng | Director | 8,000 | 33,080 | 25,080 | Equity incentive share vesting | | Zhang Changyuan | Deputy General Manager | 0 | 18,150 | 18,150 | Equity incentive share vesting | | Guo Shaoming | Core Technical Personnel | 0 | 18,150 | 18,150 | Equity incentive share vesting | | Fang Hanxue | Core Technical Personnel | 218,579 | 233,429 | 14,850 | Equity incentive share vesting | | Ren Qiguang | Core Technical Personnel | 2,250 | 17,100 | 14,850 | Equity incentive share vesting | Equity Incentive Information (Second Class Restricted Shares) Granted to Directors, Senior Management, and Core Technical Personnel During the Reporting Period | Name | Position | Number of Restricted Shares Granted at Beginning of Period | Number Vested | Number of Restricted Shares Granted at End of Period | | :--- | :--- | :--- | :--- | :--- | | Hu Shunquan | Director, General Manager | 95,000.00 | 31,350.00 | 63,650.00 | | Qin Xiansheng | Deputy General Manager | 76,000.00 | 25,080.00 | 50,920.00 | | Hou Lei | Board Secretary | 76,000.00 | 25,080.00 | 50,920.00 | | Yin Pengfei | Chief Engineer | 76,000.00 | 25,080.00 | 50,920.00 | | Ma Yunsheng | Deputy General Manager | 76,000.00 | 25,080.00 | 50,920.00 | | He Zhaocheng | Director | 76,000.00 | 25,080.00 | 50,920.00 | | Zhang Changyuan | Deputy General Manager | 55,000.00 | 18,150.00 | 36,850.00 | | Guo Shaoming | Core Technical Personnel | 55,000.00 | 18,150.00 | 36,850.00 | | Fang Hanxue | Core Technical Personnel | 45,000.00 | 14,850.00 | 30,150.00 | | Ren Qiguang | Core Technical Personnel | 45,000.00 | 14,850.00 | 30,150.00 | Bond-Related Information The company has no corporate bonds or convertible corporate bonds - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[222] - The company has no convertible corporate bonds[222] Financial Report Presents the company's unaudited consolidated and parent company financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity Audit Report This semi-annual report has not been audited - This semi-annual report has not been audited[4] Financial Statements This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025 - 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[224][227][231][234][237][240][243][249] Consolidated Balance Sheet Presents the consolidated financial position of the company as of June 30, 2025, detailing assets, liabilities, and owners' equity Key Data from Consolidated Balance Sheet (June 30, 2025) | Item | June 30, 2025 (yuan) | December 31, 2024 (yuan) | | :--- | :--- | :--- | | Monetary Funds | 724,406,044.56 | 861,109,555.46 | | Accounts Receivable | 1,100,370,399.53 | 1,155,593,195.94 | | Inventory | 854,288,009.71 | 562,070,257.27 | | Total Current Assets | 3,132,828,476.58 | 3,119,036,650.00 | | Fixed Assets | 228,266,980.89 | 231,906,930.36 | | Total Assets | 3,423,329,898.76 | 3,415,887,593.22 | | Accounts Payable | 1,216,771,592.48 | 1,075,106,865.25 | | Total Current Liabilities | 2,009,084,686.56 | 1,951,562,691.06 | | Total Liabilities | 2,015,075,924.66 | 1,958,934,245.17 | | Total Owners' Equity Attributable to Parent Company | 1,331,465,580.08 | 1,411,229,539.47 | | Total Owners' Equity | 1,408,253,974.10 | 1,456,953,348.05 | Consolidated Income Statement Details the company's consolidated operating results for the first half of 2025, including revenue, costs, and net profit Key Data from Consolidated Income Statement (Jan-Jun 2025) | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 870,421,630.89 | 816,786,181.00 | | Total Operating Costs | 820,097,920.51 | 743,340,583.79 | | Total Profit | 69,291,423.13 | 94,860,287.88 | | Net Profit | 63,267,458.98 | 81,938,619.22 | | Net Profit Attributable to Parent Company Shareholders | 60,165,717.02 | 78,852,636.59 | | Basic Earnings Per Share (yuan/share) | 0.43 | 0.56 | Consolidated Cash Flow Statement Shows the consolidated cash inflows and outflows from operating, investing, and financing activities for the first half of 2025 Key Data from Consolidated Cash Flow Statement (Jan-Jun 2025) | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -34,446,220.09 | -75,128,815.58 | | Net Cash Flow from Investing Activities | -8,386,313.82 | 43,332,629.41 | | Net Cash Flow from Financing Activities | -73,683,006.50 | -31,178,054.70 | | Net Increase in Cash and Cash Equivalents | -116,518,028.92 | -62,974,240.87 | | Cash and Cash Equivalents at Period End | 721,963,628.93 | 527,633,166.50 | Company Basic Information Xin Feng Guang Electronics Technology Co., Ltd. was listed on the Shanghai Stock Exchange on April 13, 2021, with a total share capital of 140,620,230 shares as of June 30, 2025 - The company was listed on the Shanghai Stock Exchange on April 13, 2021[252] - As of June 30, 2025, the company's total issued share capital was 140,620,230 shares, and its registered capital was 140,620,230 yuan[252] - The company's main business includes five segments: motor drive and energy-saving control, power quality management, rail transit high-end equipment, coal mine explosion-proof and intelligent control equipment, and smart energy storage equipment[252] Basis of Financial Statement Preparation The company's financial statements are prepared on a going concern basis, affirming its ability to continue operations for at least 12 months from the reporting period end - The company's financial statements are prepared on a going concern basis[253] - The company has the ability to continue as a going concern for at least 12 months from the end of the reporting period[254] Significant Accounting Policies and Accounting Estimates The company adheres to enterprise accounting standards, detailing policies for financial instruments, inventory, revenue recognition, and other areas, with a retrospective adjustment for quality assurance - The company's financial statements comply with the requirements of enterprise accounting standards and truly and completely reflect its financial position[256] - During the reporting period, the company implemented the provisions of "Interpretation No. 18 of Enterprise Accounting Standards" regarding the accounting treatment of guarantee-type quality assurance that does not constitute a single performance obligation, recognizing related estimated liabilities in operating costs and retrospectively adjusting prior period financial statement items[349][350] Impact of Accounting Policy Changes on Financial Statement Items | Content and Reason for Accounting Policy Change | Name of Significantly Affected Financial Statement Item | Impact Amount in Prior Period (yuan) | | :--- | :--- | :--- | | Implementation of "Interpretation No. 18 of Enterprise Accounting Standards" regarding "accounting treatment of guarantee-type quality assurance that does not constitute a single performance obligation" | Operating Cost | 9,408,799.45 | | | Selling Expenses | -9,408,799.45 | Taxation The company's main taxes include VAT (5%, 6%, 9%, 13%), Urban Maintenance and Construction Tax (5%, 7%), and Corporate Income Tax (15%, 20%), with some subsidiaries enjoying preferential rates Main Tax Categories and Rates | Tax Category | Tax Rate | | :--- | :--- | | Value-Added Tax | 5%, 6%, 9%, 13% | | Urban Maintenance and Construction Tax | 5%, 7% | | Corporate Income Tax | 15%, 20% | - Xin Feng Guang Co., Ltd. implements an immediate refund policy for VAT exceeding 3% on sales of self-developed software products[352] - Xin Feng Guang Electronics Technology Co., Ltd., Xin Feng Guang (Qingdao) Rail Transit Technology Co., Ltd., and Yanzhou Dongfang Electromechanical Co., Ltd. enjoy a 15% preferential corporate income tax rate as high-tech enterprises[353][354] - Zhejiang Yijia Energy Saving Equipment Co., Ltd. and Xin Feng Guang (Suzhou) Technology Co., Ltd. qualify as small and micro-profit enterprises and enjoy a 20% preferential corporate income tax rate[354] Notes to Consolidated Financial Statement Items Provides detailed explanations for various consolidated financial statement items, including cash, receivables, inventory, fixed assets, and revenue/cost components - The ending balance of monetary funds was 724.41 million yuan, of which 2.44 million yuan was restricted funds[356] - The ending book value of accounts receivable was 1.10 billion yuan, with a bad debt provision of 82.68 million yuan[369] - The ending book value