成飞集成(002190) - 2025 Q2 - 季度财报

Section I Important Notice, Table of Contents, and Definitions This section provides important notices, the report's table of contents, and definitions of key terms to ensure accurate interpretation Important Notice The company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, advising investors to note market development, cost, and product quality risks, with no plans for interim cash dividends, bonus shares, or capital increase from reserves - The company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the report content[5] - The company primarily faces market development risks, cost risks, and product quality risks[5] - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital[6] Table of Contents This section lists the structured table of contents for the report, including major chapters such as company profile, management discussion and analysis, corporate governance, significant events, share changes, bond information, financial reports, and other submitted data - The report includes major chapters such as company profile, management discussion and analysis, corporate governance, significant events, share changes, bond information, financial reports, and other submitted data[8] Catalog of Reference Documents This section provides a list of reference documents for the report, including the original report text signed by the chairman, financial statements, original publicly disclosed documents, and other relevant materials, available at the company's Enterprise Development Department - Reference documents include the original report text signed by the chairman, financial statements, and original publicly disclosed documents[10][11][12] - The reference documents are available at the company's Enterprise Development Department[14] Definitions This section defines key terms used in the report, clarifying important concepts such as "Chengfei Jihong", "AVIC Group", and "Reporting Period" to ensure accurate interpretation of the report - The reporting period refers to January 1, 2025, to June 30, 2025[16] - "Chengfei Jihong" refers to Sichuan Chengfei Jihong Technology Co., Ltd[16] Section II Company Profile and Key Financial Indicators This section provides an overview of the company's basic information and presents its key accounting data and financial indicators for the reporting period Company Profile The company's stock abbreviation is "Chengfei Jihong", stock code 002190, listed on the Shenzhen Stock Exchange, with Shi Xiaoqing as its legal representative, and no changes in contact information or registration details during the reporting period - The company's stock abbreviation is Chengfei Jihong, stock code is 002190, and it is listed on the Shenzhen Stock Exchange[18] - The company's legal representative is Shi Xiaoqing[18] - The company's contact information, registered address, information disclosure, and document availability locations remained unchanged during the reporting period[20][21] Key Accounting Data and Financial Indicators During the reporting period, the company's operating revenue slightly decreased by 0.42% year-over-year, but the net loss attributable to shareholders of the listed company significantly narrowed by 43.90%, with basic earnings per share loss also narrowing, while total assets and net assets attributable to shareholders of the listed company both increased 2025 Semi-Annual Key Accounting Data and Financial Indicators | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | Year-over-year change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 992,070,703.64 | 996,299,934.16 | -0.42 | | Net Profit Attributable to Shareholders of the Listed Company | -14,920,777.39 | -26,597,143.79 | 43.90 | | Net Profit Attributable to Shareholders of the Listed Company (Excluding Non-recurring Gains and Losses) | -15,365,906.99 | -23,978,242.08 | 35.92 | | Net Cash Flow from Operating Activities | 77,614,462.46 | 151,877,374.74 | -48.90 | | Basic Earnings Per Share (yuan/share) | -0.0416 | -0.0741 | 43.86 | | Diluted Earnings Per Share (yuan/share) | -0.0416 | -0.0741 | 43.86 | | Weighted Average Return on Net Assets | -0.57 | -0.85 | 0.28 | | Indicator | End of Current Reporting Period (yuan) | End of Prior Year (yuan) | Change from Prior Year-end (%) | | Total Assets | 5,479,435,902.14 | 4,908,014,624.36 | 11.64 | | Net Assets Attributable to Shareholders of the Listed Company | 3,105,780,077.56 | 2,646,946,408.18 | 17.33 | Differences in Accounting Data Under Domestic and Overseas Accounting Standards During the reporting period, the company had no differences in net profit and net assets disclosed under International Accounting Standards or overseas accounting standards compared to Chinese Accounting Standards - The company had no differences in net profit and net assets disclosed in financial reports under International Accounting Standards compared to Chinese Accounting Standards during the reporting period[24] - The company had no differences in net profit and net assets disclosed in financial reports under overseas accounting standards compared to Chinese Accounting Standards during the reporting period[25] Non-recurring Gains and Losses Items and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to 445.13 thousand yuan, primarily including gains and losses from disposal of non-current assets, non-operating income and expenses, after deducting income tax and minority interest impacts 2025 Semi-Annual Non-recurring Gains and Losses Items and Amounts | Item | Amount (yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets (including the reversal of impairment provisions) | 3,036.87 | | Other non-operating income and expenses apart from the above | 1,175,221.03 | | Less: Income tax impact | 176,738.69 | | Minority interest impact (after tax) | 556,389.61 | | Total | 445,129.60 | - The company has no other profit and loss items that meet the definition of non-recurring gains and losses, nor does it classify non-recurring gains and losses as recurring gains and losses[28] Section III Management Discussion and Analysis This section provides a comprehensive analysis of the company's main business operations, core competitiveness, financial performance, investment activities, and risk management strategies during the reporting period Main Business Operations During the Reporting Period The company's main businesses include tooling and mold design, automotive parts production, and aviation parts production; operating revenue remained largely flat, but overall gross profit margin decreased by 1.92 percentage points, while net profit attributable to parent company shareholders increased by 43.90% due to growth in aviation parts, increased exchange gains, higher investment income from associates, and reduced quality claims - The company's main businesses are tooling and mold design, research and development, manufacturing, automotive parts production, and aviation parts production[30] - During the reporting period, the company achieved operating revenue of 992 million yuan, largely flat compared to the same period last year[31] 2025 Semi-Annual Gross Profit Margin and Year-over-Year Change | Indicator | Current Reporting Period Gross Profit Margin | Year-over-year change (percentage points) | | :--- | :--- | :--- | | Overall Gross Profit Margin | 7.54% | -1.92 | | Tooling and Molds & Automotive Parts Business Gross Profit Margin | 7.84% | -2.67 | - Net profit attributable to parent company shareholders was -14.92 million yuan, a year-over-year increase of 43.90%, primarily due to a 7.49 million yuan increase in gross profit from aviation parts business, a 6.42 million yuan increase in exchange gains, a 5.07 million yuan increase in investment income from associates, and a 5.44 million yuan decrease in non-operating expenses[32] Core Competitiveness Analysis The company possesses advanced mold manufacturing technology, nearly 110 patents or software copyrights, and cutting-edge HFQ (Hot Form Quenching of Aluminum Alloys) technology in tooling and molds and automotive parts, while its aviation parts business benefits from AVIC Group's advanced technology, extensive CNC high-speed machining experience, mature component assembly capabilities, and civil aircraft quality management system qualifications - The tooling and molds and automotive parts businesses have reached domestic advanced levels in computer-aided design, process manufacturing, and precision CNC machining, holding nearly 110 patents or software copyrights[33] - The company has mastered HFQ (Hot Form Quenching of Aluminum Alloys) technology for automotive parts and established a welding strength laboratory, enhancing welding technology standardization and body assembly precision adjustment capabilities[34][35] - The aviation parts business inherits advanced technology from AVIC Group, accumulating extensive experience in CNC high-speed machining, processing materials including aluminum alloys, titanium alloys, steel, and honeycomb composite materials, and possesses mature aviation component assembly capabilities[35] - The company has obtained civil aircraft quality management system qualifications, established long-term stable cooperative relationships with core customers, and achieved improved efficiency in the automated production lines of the Xindu Aviation Industrial Park, demonstrating significant advantages in intelligent manufacturing[35] Main Business Analysis The company's operating revenue slightly decreased by 0.42% year-over-year, but financial expenses significantly dropped by 72.81% primarily due to increased exchange gains; aviation parts revenue grew by 89.80%, while tooling and molds and automotive parts revenue declined by 1.60%, and international revenue increased by 100.80% 2025 Semi-Annual Key Financial Data Year-over-Year Change | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | Year-over-year change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 992,070,703.64 | 996,299,934.16 | -0.42 | | | Operating Cost | 917,298,392.38 | 902,118,808.64 | 1.68 | | | Selling Expenses | 2,702,340.22 | 2,800,327.98 | -3.50 | | | Administrative Expenses | 22,801,009.84 | 21,621,657.83 | 5.45 | | | Financial Expenses | 2,536,133.89 | 9,327,183.06 | -72.81 | Foreign exchange rate fluctuations in the current reporting period led to a year-over-year increase of 6.42 million yuan in exchange gains | | Income Tax Expense | 6,618,378.33 | 11,447,832.12 | -42.19 | Total profit decreased in the current reporting period due to reduced gross profit from automotive parts business, leading to a corresponding decrease in current income tax expense | | R&D Investment | 44,055,495.44 | 40,910,502.90 | 7.69 | | | Net Cash Flow from Operating Activities | 77,614,462.46 | 151,877,374.74 | -48.90 | Chengfei Jihong Ruigu's increased production and sales in the second half of 2024 led to increased procurement, and acceptance bills for procurement matured in the current reporting period, resulting in a year-over-year increase of 60 million yuan in cash outflow from bills | | Net Cash Flow from Investing Activities | -85,172,074.90 | -38,453,821.59 | -121.49 | Increased payments for new factory construction and equipment investment by Chengfei Jihong Ruigu in the current reporting period | | Net Cash Flow from Financing Activities | 28,047,114.87 | -94,474,371.50 | 129.69 | Chengfei Jihong Ruigu's increased loan scale in the current reporting period due to large capital demands for new factory investment and daily operations | | Net Increase in Cash and Cash Equivalents | 21,351,878.47 | 19,483,673.49 | 9.59 | | 2025 Semi-Annual Operating Revenue Composition | Category | Current Reporting Period Amount (yuan) | Proportion of Operating Revenue (%) | Prior Year Period Amount (yuan) | Proportion of Operating Revenue (%) | Year-over-year change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Operating Revenue | 992,070,703.64 | 100 | 996,299,934.16 | 100 | -0.42 | | By Product | | | | | | | Tooling and Molds & Automotive Parts Revenue | 958,665,366.78 | 96.63 | 974,246,115.81 | 97.79 | -1.60 | | Aviation Parts Revenue | 25,880,709.31 | 2.61 | 13,636,059.54 | 1.37 | 89.80 | | Other Incidental Revenue | 7,524,627.55 | 0.76 | 8,417,758.81 | 0.84 | -10.61 | | By Region | | | | | | | Domestic | 954,383,353.78 | 96.20 | 977,531,047.28 | 98.12 | -2.37 | | International | 37,687,349.86 | 3.80 | 18,768,886.88 | 1.88 | 100.80 | 2025 Semi-Annual Main Business Gross Profit Margin Change | Category | Gross Profit Margin (%) | Operating Revenue Year-over-year change (%) | Operating Cost Year-over-year change (%) | Gross Profit Margin Year-over-year change (percentage points) | | :--- | :--- | :--- | :--- | :--- | | Manufacturing | 7.54 | -0.42 | 1.68 | -1.91 | | Tooling and Molds & Automotive Parts | 7.84 | -1.60 | 1.34 | -2.67 | | Aviation Parts Revenue | -23.22 | 89.80 | 17.54 | 75.76 | | Other Incidental Revenue | 75.02 | -10.61 | -39.61 | 12.00 | | Domestic | 7.27 | -2.37 | 0.28 | -2.45 | Non-Main Business Analysis During the reporting period, the company's non-main businesses significantly contributed to total profit, with investment income accounting for 23.29% primarily from the profitability of associate Anhui Jiwen Jicheng, and other income reaching 116.37% mainly from government subsidies and VAT input tax deductions, while credit impairment losses and non-operating income also impacted total profit 2025 Semi-Annual Impact of Non-Main Business on Total Profit | Item | Amount (yuan) | Proportion of Total Profit (%) | Explanation of Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 2,552,534.35 | 23.29 | Investment income generated from the profitability of associate Anhui Jiwen Jicheng in the current reporting period | Yes | | Asset Impairment | 778,097.29 | 7.10 | Changes in contract assets for which impairment provisions had been made in the current reporting period, leading to a reversal of bad debt provisions for contract assets | Yes | | Non-operating Income | 1,803,682.73 | 16.46 | Compensation received from suppliers due to breach of contract or quality issues | No | | Non-operating Expenses | 628,461.70 | 5.73 | Payment of customer quality compensation | Yes | | Other Income | 12,753,031.28 | 116.37 | Government subsidies received and VAT input tax deductions increased other income year-over-year | No | | Credit Impairment Losses | -1,851,397.07 | -16.89 | Changes in accounts receivable amount and aging in the current reporting period led to increased bad debt provision | Yes | Asset and Liability Status Analysis At the end of the reporting period, the company's total assets increased by 11.64% year-over-year, and net assets attributable to shareholders of the listed company increased by 17.33%; investments in other equity instruments significantly rose due to CALB's stock price increase, accounts receivable decreased due to higher collections, short-term borrowings and prepayments increased, while long-term borrowings and lease liabilities decreased 2025 Semi-Annual Significant Changes in Asset Composition | Item | End of Current Reporting Period Amount (yuan) | Proportion of Total Assets (%) | End of Prior Year Amount (yuan) | Proportion of Total Assets (%) | Change in Proportion (percentage points) | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 163,167,829.12 | 2.98 | 132,913,774.02 | 2.71 | 0.27 | | | Accounts Receivable | 670,043,617.15 | 12.23 | 827,078,925.06 | 16.85 | -4.62 | Primarily due to higher collections from automotive parts business during the reporting period, leading to a decrease in accounts receivable | | Contract Assets | 142,339,474.34 | 2.60 | 147,035,579.00 | 3.00 | -0.40 | | | Inventories | 451,097,286.69 | 8.23 | 477,227,665.69 | 9.72 | -1.49 | | | Long-term Equity Investments | 40,726,332.74 | 0.74 | 37,400,157.13 | 0.76 | -0.02 | | | Fixed Assets | 718,118,512.14 | 13.11 | 697,246,357.23 | 14.21 | -1.10 | | | Construction in Progress | 71,365,034.35 | 1.30 | 70,698,834.58 | 1.44 | -0.14 | | | Right-of-Use Assets | 41,720,324.90 | 0.76 | 46,688,968.81 | 0.95 | -0.19 | | | Short-term Borrowings | 186,614,082.01 | 3.41 | 138,028,595.12 | 2.81 | 0.60 | | | Contract Liabilities | 122,863,713.14 | 2.24 | 118,636,385.61 | 2.42 | -0.18 | | | Long-term Borrowings | 204,625,363.61 | 3.73 | 245,845,494.84 | 5.01 | -1.28 | | | Lease Liabilities | 11,405,531.10 | 0.21 | 19,403,968.64 | 0.40 | -0.19 | | | Investments in Other Equity Instruments | 2,368,226,130.20 | 43.22 | 1,811,544,974.31 | 36.91 | 6.31 | Primarily due to the increase in CALB's stock price, in which the company invested | | Accounts Payable | 759,558,156.41 | 13.86 | 684,071,435.21 | 13.94 | -0.08 | | | Prepayments | 197,168,118.73 | 3.60 | 81,946,949.02 | 1.67 | 1.93 | | | Other Comprehensive Income | 597,391,771.43 | 10.90 | 124,212,788.91 | 2.53 | 8.37 | Primarily due to the increase in CALB's stock price, in which the company invested | - The company's restricted assets totaled 110.84 million yuan at period-end, mainly comprising acceptance bill deposits, loan deposits, and pledged properties and land use rights for long-term borrowings[47] Investment Status Analysis During the reporting period, the company's investment amount increased by 61.45% year-over-year, reaching 109.11 million yuan, with no securities investments, derivative investments, or use of raised funds 2025 Semi-Annual Investment Amount Change | Indicator | Investment Amount in Reporting Period (yuan) | Investment Amount in Prior Year Period (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Investment Amount | 109,110,000.00 | 67,581,623.36 | 61.45 | - The company had no securities investments, derivative investments, or use of raised funds during the reporting period[49][50][51] Significant Asset and Equity Sales The company did not engage in any significant asset or equity sales during the reporting period - The company did not sell significant assets during the reporting period[52] - The company did not sell significant equity during the reporting period[53] Analysis of Major Holding and Associate Companies Subsidiary Chengfei Jihong Ruigu's operating revenue decreased by 48.76 million yuan year-over-year, and net profit decreased by 22.04 million yuan, mainly due to product price reductions, increased costs, and factory relocation and expansion; subsidiary Chengfei Jihong Jiwen's operating revenue increased by 28.16 million yuan year-over-year, but net profit decreased by 5.71 million yuan, primarily due to higher costs for a tooling and mold project 2025 Semi-Annual Major Subsidiary Financial Data | Company Name | Company Type | Registered Capital (yuan) | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Operating Profit (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Sichuan Chengfei Jihong Jiwen Automotive Parts Co., Ltd. | Subsidiary | 197,228,200.00 | 440,219,406.41 | 157,697,334.27 | 58,763,588.84 | -15,965,509.56 | -16,545,747.05 | | Anhui Chengfei Jihong Ruigu Automotive Mold Co., Ltd. | Subsidiary | 150,000,000.00 | 1,838,810,909.86 | 631,236,122.74 | 824,690,694.95 | 52,398,570.40 | 47,429,269.29 | - Chengfei Jihong Ruigu's operating revenue decreased by 48.76 million yuan year-over-year, and net profit decreased by 22.04 million yuan, mainly due to product price reductions, increased labor and manufacturing expenses, and higher costs resulting from factory relocation and expansion[54] - Chengfei Jihong Jiwen's operating revenue increased by 28.16 million yuan year-over-year, but net profit decreased by 5.71 million yuan, primarily because a tooling and mold project incurred higher costs due to the client extending the project cycle and raising quality requirements[55] Structured Entities Controlled by the Company The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[56] Risks Faced by the Company and Countermeasures The company faces three major risks: market development, cost, and product quality; to address market risks, it plans to focus on core customers, expand overseas markets, develop aviation tooling business and HFQ technology applications; to mitigate cost risks, it will optimize cost budgeting, strengthen process control, and implement quality and efficiency improvement initiatives; to manage product quality risks, it will strictly enforce risk analysis and process review systems, continuously optimize procedures, and enhance management efforts - The company faces market development risks, with intense competition in the automotive mold industry and a relatively single customer base for aviation parts business[56] - Measures to address market development risks include: focusing on core customers, expanding overseas markets, developing tooling business in the aviation sector, actively developing HFQ (Hot Form Quenching of Aluminum Alloys) tooling business; strengthening communication with core customers, developing new customers, and broadening market areas such as aero engines, aerospace, civil aviation, low-altitude economy, and drones[56][57] - The company faces cost risks, primarily from client price reduction pressure and stricter requirements for environmental protection, safety, and labor compliance[57] - Measures to address cost risks include: optimizing cost budgeting models, strengthening pre-event and in-process cost control, optimizing cost monitoring and analysis mechanisms, and implementing special initiatives for quality and efficiency improvement and lean management to reduce costs[57] - The company faces product quality risks, as aviation CNC parts are diverse and raw materials are high-value, and subsidiary Chengfei Jihong Ruigu's quality assurance measures have gaps compared to customer requirements[59] - Measures to address product quality risks include: strictly implementing risk analysis and process review systems for high-value parts, optimizing procedures to reduce manual intervention, increasing random inspections and supervision during processing, and optimizing employee performance appraisals; Chengfei Jihong Ruigu continues to implement lean production initiatives, strengthening management in areas such as defect prevention, 4M changes, and non-conforming product control[59] Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company has formulated and disclosed a market value management system but has not disclosed a valuation enhancement plan - The company has formulated a market value management system and disclosed it on Cninfo.com.cn on July 25, 2025[60] - The company has not disclosed a valuation enhancement plan[60] "Quality and Return Dual Improvement" Action Plan Implementation Status The company did not disclose any "Quality and Return Dual Improvement" action plan announcements during the reporting period - The company did not disclose any "Quality and Return Dual Improvement" action plan announcements during the reporting period[61] Section IV Corporate Governance, Environment, and Society This section details changes in the company's directors, supervisors, and senior management, profit distribution plans, employee incentive measures, environmental information disclosure, and social responsibility initiatives Changes in Company Directors, Supervisors, and Senior Management During the reporting period, Tan Bo was appointed as Deputy General Manager, while supervisors Li Guochun, Xu Lin, and Wu Tingxu resigned due to the abolition of the supervisory board - Tan Bo was appointed as Deputy General Manager on July 24, 2025, due to job transfer[62] - Li Guochun, Xu Lin, and Wu Tingxu resigned as supervisors on August 25, 2025, due to dismissal (abolition of the supervisory board)[62] Profit Distribution and Capital Reserve Conversion to Share Capital in the Current Reporting Period The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for the semi-annual period[63] Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[64] Environmental Information Disclosure The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[65] Social Responsibility Status The company regularly publishes ESG reports, actively fulfills its social responsibilities as a state-owned enterprise, provides assistance through scholarships, book donations, and student aid, and supports rural revitalization by purchasing 409.04 thousand yuan in poverty alleviation goods in the first half of the year - The company regularly publishes ESG reports and actively fulfills its social responsibilities as a state-owned enterprise[65] - The company established the Chengfei Jihong Inspirational Scholarship, providing scholarships to outstanding students in need, and also donates books and offers student aid[65] - In the first half of 2025, the company purchased 409.04 thousand yuan of poverty alleviation goods from Ziyun County, Guizhou Province, contributing to rural economic development[65] Section V Significant Events This section details significant events during the reporting period, including the fulfillment of commitments by related parties, non-operating fund occupation, illegal external guarantees, auditor appointments, litigation, penalties, related party transactions, and major contracts Commitment Fulfillment by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During the Reporting Period, and Unfulfilled Commitments as of the End of the Reporting Period The company's controlling shareholder, AVIC Group, and China Aviation Automobile Systems Holdings Co., Ltd., both timely fulfilled their long-term commitments to avoid horizontal competition, regulate related party transactions, and ensure the independence of the listed company during the reporting period, with no breaches - AVIC Group and China Aviation Automobile Systems Holdings Co., Ltd. both committed to avoiding horizontal competition, and as of now, both are fulfilling these commitments without breach[67][68] - AVIC Group and China Aviation Automobile Systems Holdings Co., Ltd. both committed to regulating related party transactions, and as of now, both are fulfilling these commitments without breach[67][68] - AVIC Group and China Aviation Automobile Systems Holdings Co., Ltd. both committed to ensuring the independence of the listed company (personnel, assets, finance, organization, business), and as of now, both are fulfilling these commitments without breach[68][69] Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties The company had no non-operating fund occupation by controlling shareholders or other related parties during the reporting period - The company had no non-operating fund occupation by controlling shareholders or other related parties during the reporting period[70] Illegal External Guarantees The company had no illegal external guarantees during the reporting period - The company had no illegal external guarantees during the reporting period[71] Appointment and Dismissal of Accounting Firms The company's semi-annual report was not audited - The company's semi-annual report was not audited[72] Board of Directors' and Supervisory Board's Explanation of "Non-Standard Audit Report" for the Current Reporting Period The company had no non-standard audit report during the reporting period - The company had no non-standard audit report during the reporting period[73] Board of Directors' Explanation of "Non-Standard Audit Report" for the Prior Year The company had no non-standard audit report during the reporting period - The company had no non-standard audit report during the reporting period[73] Bankruptcy and Reorganization Matters The company had no bankruptcy and reorganization matters during the reporting period - The company had no bankruptcy and reorganization matters during the reporting period[73] Litigation Matters During the reporting period, the company had no significant litigation or arbitration matters; other litigation includes multiple disputes over automotive mold business payments (ranging from 1.04 million yuan to 21.69 million yuan), as well as arbitration for factory quality disputes and litigation for equipment quality disputes, some of which have been settled in favor of the company, while others are still pending or in execution - The company had no significant litigation or arbitration matters in the current reporting period[74] - The company is involved in multiple lawsuits regarding unpaid goods from automotive mold business customers, with amounts ranging from 1.04 million yuan to 21.69 million yuan, some of which have been settled in favor of the company, while others are in first-instance trial[74] - The company is also involved in arbitration for a factory quality dispute (amounting to 5.64 million yuan, settled in favor of the company) and litigation for an equipment quality dispute (amounting to 2.90 million yuan, settled in favor of the company)[74] Penalties and Rectification Status The company had no penalties or rectification matters during the reporting period - The company had no penalties or rectification matters during the reporting period[75] Integrity Status of the Company, its Controlling Shareholder, and Actual Controller The company had no issues regarding the integrity status of itself, its controlling shareholder, or its actual controller during the reporting period - The company had no issues regarding the integrity status of itself, its controlling shareholder, or its actual controller during the reporting period[76] Significant Related Party Transactions During the reporting period, the company had no related party transactions related to daily operations, asset or equity acquisitions/disposals, joint external investments, or related party creditor-debtor relationships; the company has deposit business with AVIC Group Finance Co., Ltd., with an ending deposit balance of 94.69 million yuan - The company had no related party transactions related to daily operations, asset or equity acquisitions/disposals, joint external investments, or related party creditor-debtor relationships during the reporting period[76][77][78][79] 2025 Semi-Annual Deposit Business with Related Financial Company | Related Party | Related Relationship | Maximum Daily Deposit Limit (ten thousand yuan) | Deposit Interest Rate Range | Beginning Balance (ten thousand yuan) | Total Deposits in Current Period (ten thousand yuan) | Total Withdrawals in Current Period (ten thousand yuan) | Ending Balance (ten thousand yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | AVIC Group Finance Co., Ltd. | Controlled by the same actual controller | 60,000 | 0.15%-0.8% | 7,824.81 | 66,208.54 | 64,564.31 | 9,469.04 | Major Contracts and Their Performance The company had no trusteeship, contracting, wealth management, or other major contracts during the reporting period; it has multiple leasing operations, including factory buildings, equipment, and dormitory leases, with annual rents ranging from 204.7 thousand yuan to 3.076 million yuan; the company provides bank loan guarantees for its subsidiary Sichuan Chengfei Jihong Jiwen Automotive Parts Co., Ltd., with an actual guarantee balance of 43.08 million yuan, accounting for 1.39% of the company's net assets - The company had no trusteeship, contracting, wealth management, or other major contracts during the reporting period[83][84][89][90] 2025 Semi-Annual Leasing Situation | Lessor Name | Lessee Name | Leased Asset Description | Lease Start Date | Lease End Date | Annual Rent (ten thousand yuan) | Basis for Lease Income Determination | Is it a Related Party Transaction | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Chengdu Xindu Xiangcheng Construction Investment Co., Ltd. | Sichuan Chengfei Jihong Technology Co., Ltd. Xindu Branch | Factory Building No. 1, No. 9 Shunfei Road, Shibanqiao Town, Xindu District, Chengdu | October 1, 2020 | November 30, 2030 | 151.32 | Market Price | No | | Chengdu Yuanxiang Aviation New Material Technology Co., Ltd. | Sichuan Chengfei Jihong Jiwen Automotive Parts Co., Ltd. | Part of factory building at No. 66 Heling West Road, Bahe Street, Longquanyi District, Chengdu | January 1, 2022 | December 31, 2025 | 20.47 | Market Price | No | | Sichuan Borui Zhongkong Technology Co., Ltd. | Sichuan Chengfei Jihong Jiwen Automotive Parts Co., Ltd. | Part of factory building at No. 66 Heling West Road, Bahe Street, Longquanyi District, Chengdu | December 1, 2019 | June 30, 2025 | 57.33 | Market Price | No | | AVIC International Financial Leasing Co., Ltd. | Sichuan Chengfei Jihong Jiwen Automotive Parts Co., Ltd. | 2500-ton multi-station mechanical press | March 29, 2023 | March 29, 2026 | 307.6 (zero-period rent) | Market Price | Yes | | Ningbo Jiwen Metal Technology Co., Ltd. | Sichuan Chengfei Jihong Jiwen Automotive Parts Co., Ltd. | Part of factory building at No. 56 Xingye Road, Sino-Italian Ningbo Ecological Park, Yuyao City, Zhejiang Province | January 1, 2025 | December 31, 2027 | 42.12 | Market Price | No | | Wuhu Yiju Real Estate Development Co., Ltd. | Anhui Chengfei Jihong Ruigu Automotive Mold Co., Ltd. | Lanjiangwan dormitory lease fee, Economic Development Zone, Wuhu City | January 1, 2025 | December 31, 2025 | 30.28 | Market Price | No | | Wuhu Ruier Sen Enterprise Management Service Co., Ltd. | Anhui Chengfei Jihong Ruigu Automotive Mold Co., Ltd. | Xiushui Jiangnan dormitory lease fee, Economic Development Zone, Wuhu City | July 1, 2024 | June 30, 2025 | 27.43 | Market Price | No | | Anhui Renyu Labor Service Co., Ltd. | Anhui Chengfei Jihong Ruigu Automotive Mold Co., Ltd. | Renyu dormitory lease fee, Economic Development Zone, Wuhu City | January 1, 2025 | December 31, 2025 | - | - | No | | Anqing Wanjiang Gaoke Construction and Installation Engineering Co., Ltd. | Anhui Chengfei Jihong Ruigu Automotive Mold Co., Ltd. Anqing Branch | Factory Building No. 2, Automotive Parts Industrial Park, Yuanmeng New District, Anqing City | October 1, 2024 | September 30, 2026 | 301.27 | Market Price | No | | Jiayu Doors and Windows Curtain Wall Anhui Co., Ltd. | Anhui Chengfei Jihong Ruigu Automotive Mold Co., Ltd. Anqing Branch | Part of factory building within Jiayu Doors and Windows Curtain Wall Anhui Co., Ltd. No. 2 Factory Building, intersection of Li Road and Inner Ring West Road | March 1, 2022 | February 28, 2026 | 207.36 | Market Price | No | | Qingdao Chengxin Technology Industrial Park Co., Ltd. | Anhui Chengfei Jihong Ruigu Automotive Mold Co., Ltd. Qingdao Branch | Chengxin Parts Industrial Park, Longquan Street, Jimo District, Qingdao City, Shandong Province | January 1, 2023 | December 31, 2027 | 283.05 | Market Price | No | | Qingdao Chengxin Technology Industrial Park Co., Ltd. | Anhui Chengfei Jihong Ruigu Automotive Mold Co., Ltd. Qingdao Branch | Chengxin Parts Industrial Park, Longquan Street, Jimo District, Qingdao City, Shandong Province | November 1, 2024 | April 30, 2028 | 53.85 | Market Price | No | | Anhui Chengfei Jihong Ruigu Automotive Mold Co., Ltd. | Wuhu Ruigu Automotive Lightweight Technology Co., Ltd. | Part of factory building at No. 19 Changshan Road, Wuhu Area, China (Anhui) Pilot Free Trade Zone | September 1, 2024 | August 31, 2027 | 198.13 | Market Price | No | | Anhui Chengfei Jihong Ruigu Automotive Mold Co., Ltd. | Wuhu Ruigu Automotive Lightweight Technology Co., Ltd. | Part of factory building at No. 19 Changshan Road, Wuhu Area, China (Anhui) Pilot Free Trade Zone | April 24, 2025 | April 23, 2028 | 62.69 | Market Price | No | 2025 Semi-Annual Company Guarantees for Subsidiaries | Guaranteed Entity Name | Announcement Disclosure Date for Guarantee Limit | Guarantee Limit (ten thousand yuan) | Actual Occurrence Date | Actual Guarantee Amount (ten thousand yuan) | Guarantee Type | Collateral (if any) | Counter-guarantee (if any) | Guarantee Period | Has it been fulfilled | Is it a related party guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Sichuan Chengfei Jihong Jiwen Automotive Parts Co., Ltd. | January 23, 2024 | 4,371 | January 25, 2025 | 2,582.75 | Joint and several liability guarantee | Counter-guarantee with investment equipment | | 6 years | No | No | | Sichuan Chengfei Jihong Jiwen Automotive Parts Co., Ltd. | November 18, 2023 | 1,725 | December 07, 2023 | 1,725 | Joint and several liability guarantee | Counter-guarantee with investment equipment | | 6 years | No | No | | Total approved guarantee limit for subsidiaries in the reporting period (B1) | | 0 | Total actual guarantee amount for subsidiaries in the reporting period (B2) | | 477.75 | | | | | | | Total approved guarantee limit for subsidiaries at the end of the reporting period (B3) | | 6,096 | Total actual guarantee balance for subsidiaries at the end of the reporting period (B4) | | 4,307.75 | | | | | | | Proportion of total actual guarantee amount (i.e., A4+B4+C4) to company's net assets | | 1.39% | | | | | | | | | | Of which: Guarantee balance provided for shareholders, actual controllers, and their related parties (D) | | 0 | | | | | | | | | | Debt guarantee balance provided directly or indirectly for guaranteed entities with asset-liability ratio exceeding 70% (E) | | 0 | | | | | | | | | | Amount of total guarantee exceeding 50% of net assets (F) | | 0 | | | | | | | | | | Total of the above three guarantee amounts (D+E+F) | | 0 | | | | | | | | | | Explanation of guarantee liability incurred or evidence indicating potential joint and several liability for unexpired guarantee contracts (if any) | | None | | | | | | | | | | Explanation of providing guarantees to external parties in violation of prescribed procedures (if any) | | None | | | | | | | | | Explanation of Other Significant Matters This section lists 37 important announcements disclosed by the company during the reporting period, covering various aspects such as abnormal stock trading, board resolutions, related party transaction forecasts, articles of association amendments, performance forecasts, general meeting resolutions, and executive changes - During the reporting period, the company disclosed 37 important announcements, including those related to abnormal stock trading, board resolutions, related party transaction forecasts, articles of association amendments, performance forecasts, general meeting resolutions, and executive changes[91][92] Significant Matters of Company Subsidiaries The company had no significant matters concerning its subsidiaries during the reporting period - The company had no significant matters concerning its subsidiaries during the reporting period[93] Section VI Share Changes and Shareholder Information This section details changes in the company's share capital, securities issuance, shareholder numbers, shareholding structure, and changes in holdings by directors, supervisors, and senior management Share Change Status During the reporting period, the company's total share capital and the number of unrestricted shares remained unchanged at 358,729,343 shares, representing 100%, with no information on reasons for share changes, approval status, transfer status, share repurchase progress, or impact on financial indicators 2025 Semi-Annual Share Change Status | Category | Number of Shares Before Change | Proportion (%) | Increase/Decrease in Current Change (＋, －) | Number of Shares After Change | Proportion (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | II. Unrestricted Shares | 358,729,343 | 100.00 | 0 | 358,729,343 | 100.00 | | 1. RMB Ordinary Shares | 358,729,343 | 100.00 | 0 | 358,729,343 | 100.00 | | III. Total Shares | 358,729,343 | 100.00 | 0 | 358,729,343 | 100.00 | - The company had no information on reasons for share changes, approval status, transfer status, share repurchase progress, or impact on financial indicators during the reporting period[96] - The company had no changes in restricted shares during the reporting period[97] Securities Issuance and Listing Status The company had no securities issuance or listing during the reporting period - The company had no securities issuance or listing during the reporting period[97] Company Shareholder Numbers and Shareholding Status At the end of the reporting period, the total number of ordinary shareholders was 98,779; the controlling shareholder, AVIC Group, held 50.17% of the shares, making it the largest shareholder; the top ten shareholders included several overseas and state-owned legal entities, with some shares pledged or frozen; the shareholding status of the top ten unrestricted shareholders was largely consistent with the top ten shareholders - The total number of ordinary shareholders at the end of the reporting period was 98,779[98] 2025 Semi-Annual Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion (%) | Change During Reporting Period | Number of Shares Held at End of Reporting Period (shares) | Number of Unrestricted Shares Held (shares) | Share Status | Number (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | AVIC Group | State-owned Legal Entity | 50.17 | 0 | 179,959,663 | 179,959,663 | Not Applicable | 0 | | BARCLAYS BANK PLC | Overseas Legal Entity | 1.23 | 4,332,065 | 4,399,755 | 4,399,755 | Not Applicable | 0 | | Chengdu Kaitian Electronics Co., Ltd. | State-owned Legal Entity | 0.92 | 0 | 3,290,080 | 3,290,080 | Frozen | 214,243 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Entity | 0.73 | 1,345,600 | 2,625,047 | 2,625,047 | Not Applicable | 0 | | Goldman Sachs International - Proprietary Trading | Overseas Legal Entity | 0.53 | 1,890,005 | 1,890,105 | 1,890,105 | Not Applicable | 0 | | Gu Zeming | Domestic Natural Person | 0.46 | 1,666,500 | 1,666,500 | 1,666,500 | Not Applicable | 0 | | J. P. Morgan Securities PLC - Proprietary Trading | Overseas Legal Entity | 0.46 | 1,635,400 | 1,635,541 | 1,635,541 | Not Applicable | 0 | | MORGAN STANLEY & CO. INTERNATIONAL PLC. | Overseas Legal Entity | 0.32 | 928,841 | 1,148,079 | 1,148,079 | Not Applicable | 0 | | China International Capital Corporation Limited | State-owned Legal Entity | 0.31 | 1,042,027 | 1,120,715 | 1,120,715 | Not Applicable | 0 | | Huatai Securities Co., Ltd. | State-owned Legal Entity | 0.30 | 994,900 | 1,063,000 | 1,063,000 | Not Applicable | 0 | - The controlling shareholder, AVIC Group, entrusted China Aviation Automobile Systems to manage its 50.17% stake (excluding dividend rights and disposal rights, all other shareholder rights)[99] - The company's top 10 ordinary shareholders and top 10 unrestricted ordinary shareholders did not engage in agreed repurchase transactions during the reporting period[100] Changes in Shareholdings of Directors, Supervisors, and Senior Management The shareholdings of the company's directors, supervisors, and senior management did not change during the reporting period - The shareholdings of the company's directors, supervisors, and senior management did not change during the reporting period[101] Changes in Controlling Shareholder or Actual Controller The company's controlling shareholder and actual controller did not change during the reporting period - The company's controlling shareholder did not change during the reporting period[102] - The company's actual controller did not change during the reporting period[102] Preferred Share Related Information The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[104] Section VII Bond Related Information This section confirms that the company had no bond-related information during the reporting period Bond Related Information The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[106] Section VIII Financial Report This section presents the company's financial report, including the audit report, consolidated and parent company financial statements, and detailed notes on accounting policies, estimates, and financial statement items Audit Report The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[108] Financial Statements This section provides the company's 2025 semi-annual consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, comprehensively presenting the company's financial position, operating results, and cash flow situation Consolidated Balance Sheet 2025 June 30 Consolidated Balance Sheet Key Data | Item | Ending Balance (yuan) | | :--- | :--- | | Total Assets | 5,479,435,902.14 | | Total Current Assets | 1,970,110,426.52 | | Total Non-current Assets | 3,509,325,475.62 | | Total Liabilities | 2,069,761,940.19 | | Total Owners' Equity | 3,409,673,961.95 | Parent Company Balance Sheet 2025 June 30 Parent Company Balance Sheet Key Data | Item | Ending Balance (yuan) | | :--- | :--- | | Total Assets | 3,575,811,206.91 | | Total Current Assets | 522,570,056.79 | | Total Non-current Assets | 3,053,241,150.12 | | Total Liabilities | 687,580,877.50 | | Total Owners' Equity | 2,888,230,329.41 | Consolidated Income Statement 2025 Semi-Annual Consolidated Income Statement Key Data | Item | Amount for Current Period (yuan) | | :--- | :--- | | Total Operating Revenue | 992,070,703.64 | | Total Operating Costs | 996,521,910.25 | | Net Profit | 4,340,938.81 | | Net Profit Attributable to Parent Company Shareholders | -14,920,777.39 | | Total Comprehensive Income | 477,519,921.33 | | Basic Earnings Per Share (yuan/share) | -0.0416 | | Diluted Earnings Per Share (yuan/share) | -0.0416 | Parent Company Income Statement 2025 Semi-Annual Parent Company Income Statement Key Data | Item | Amount for Current Period (yuan) | | :--- | :--- | | Operating Revenue | 110,271,705.41 | | Net Profit | -1,287,980.76 | | Total Comprehensive Income | 471,891,001.76 | Consolidated Cash Flow Statement 2025 Semi-Annual Consolidated Cash Flow Statement Key Data | Item | 2025 Semi-Annual (yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | 77,614,462.46 | | Net Cash Flow from Investing Activities | -85,172,074.90 | | Net Cash Flow from Financing Activities | 28,047,114.87 | | Net Increase in Cash and Cash Equivalents | 21,351,878.47 | | Ending Balance of Cash and Cash Equivalents | 117,263,558.84 | Parent Company Cash Flow Statement 2025 Semi-Annual Parent Company Cash Flow Statement Key Data | Item | 2025 Semi-Annual (yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | -45,120,956.73 | | Net Cash Flow from Investing Activities | 24,785,146.70 | | Net Cash Flow from Financing Activities | 21,863,208.89 | | Net Increase in Cash and Cash Equivalents | 2,389,868.16 | | Ending Balance of Cash and Cash Equivalents | 39,535,857.38 | Consolidated Statement of Changes in Owners' Equity 2025 June 30 Consolidated Owners' Equity Key Data | Item | Ending Balance (yuan) | | :--- | :--- | | Share Capital | 358,729,343.00 | | Capital Reserve | 1,295,908,178.06 | | Other Comprehensive Income | 597,391,771.43 | | Special Reserve | 15,360,605.52 | | Surplus Reserve | 141,843,929.81 | | Retained Earnings | 696,546,249.74 | | Total Owners' Equity Attributable to Parent Company | 3,105,780,077.56 | | Minority Interests | 303,893,884.39 | | Total Owners' Equity | 3,409,673,961.95 | Parent Company Statement of Changes in Owners' Equity 2025 June 30 Parent Company Owners' Equity Key Data | Item | Ending Balance (yuan) | | :--- | :--- | | Share Capital | 358,729,343.00 | | Capital Reserve | 1,350,234,353.79 | | Other Comprehensive Income | 597,391,771.43 | | Special Reserve | 6,555,137.30 | | Surplus Reserve | 140,943,874.57 | | Retained Earnings | 434,375,849.32 | | Total Owners' Equity | 2,888,230,329.41 | Company Basic Information Sichuan Chengfei Jihong Technology Co., Ltd., established on December 6, 2000, with a registered capital of 80.41 million yuan, later increased to 358.73 million yuan through multiple capital increases and capital reserve conversions; its controlling shareholder is AVIC Group, holding 50.17% of the shares; the company's main businesses include the development, design, and manufacturing of automotive molds, automotive parts, and aviation parts; two subsidiaries were included in the scope of consolidation for this period, unchanged from the previous period - Sichuan Chengfei Jihong Technology Co., Ltd. was established on December 6, 2000, with a registered capital of 80.41 million yuan[145] - The company's share capital, after multiple changes, amounted to 358.73 million yuan as of January 3, 2018[146][147][148][150][151] - The company's controlling shareholder is AVIC Group, holding 50.17% of the shares[149][152] - The company's main businesses include the development, design, and manufacturing of automotive molds, automotive parts, and aviation parts[152] - Two subsidiaries were included in the scope of consolidation for this period, unchanged from the previous period[152] Basis of Financial Statement Preparation The company's financial statements are prepared in accordance with the Enterprise Accounting Standards issued by the Ministry of Finance and relevant regulations of the China Securities Regulatory Commission, based on the going concern assumption, with no significant doubts about its ability to continue as a going concern identified - The company's financial statements are prepared in accordance with the Enterprise Accounting Standards issued by the Ministry of Finance and relevant regulations of the China Securities Regulatory Commission[153] - The financial statements are prepared on a going concern basis, and no matters or circumstances have been identified that cast significant doubt on the company's ability to continue as a going concern[154] Significant Accounting Policies and Accounting Estimates This section elaborates on the company's statement of compliance with enterprise accounting standards, accounting period, operating cycle, functional currency, materiality criteria, accounting treatment for business combinations, consolidated financial statement preparation methods, determination of cash and cash equivalents, foreign currency translation, classification and measurement of financial instruments, notes and accounts receivable, financing receivables, other receivables, contract assets, inventories, long-term equity investments, fixed assets, construction in progress, borrowing costs, intangible assets, long-term deferred expenses, contract liabilities, employee compensation, provisions, revenue recognition, government grants, deferred income tax assets/liabilities, leases, and safety production fees, among other significant accounting policies and estimates - The company complies with enterprise accounting standards, with the accounting year from January 1 to December 31, a normal operating cycle of one year, and the functional currency being RMB[156][157][158][159] - The company classifies financial assets as measured at amortized cost, at fair value through profit or loss, or at fair value through other comprehensive income, and details subsequent measurement methods[183][184][185][186] - The company's revenue recognition principle is to recognize revenue when the customer obtains control of the related goods, with specific recognition methods formulated based on business types (tooling and molds, aviation parts, automotive parts)[297][300][301] Changes in Significant Accounting Policies and Accounting Estimates The company had no changes in significant accounting policies or accounting estimates during the reporting period, nor did it adjust relevant items in the financial statements at the beginning of the first year of implementation of new accounting standards - The company had no significant accounting policy changes during the reporting period[341] - The company had no significant accounting estimate changes during the reporting period[341] - The company did not adjust relevant items in the financial statements at the beginning of the first year of implementation of new accounting standards[341] Taxes The company's main taxes include VAT (13%), Urban Maintenance and Construction Tax (7%), Corporate Income Tax (15%), Education Surcharge (3%), and Local Education Surcharge (2%); the company and its subsidiaries Chengfei Jihong Jiwen and Chengfei Jihong Ruigu enjoy corporate income tax preferential policies for western development and high-tech enterprises, taxed at a reduced rate of 15% 2025 Semi-Annual Major Tax Types and Rates | Tax Type | Tax Rate | | :--- | :--- | | Value-Added Tax | 13% | | Urban Maintenance and Construction Tax | 7% | | Corporate Income Tax | 15% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | | Property Tax | 1.2%, 12% | - The company and its subsidiary Chengfei Jihong Jiwen's main businesses fall within the encouraged cat