登云股份(002715) - 2025 Q2 - 季度财报

Part I Important Notes, Table of Contents, and Definitions Important Notes The board, supervisory board, and senior management guarantee the report's truthfulness, accuracy, and completeness; the company plans no cash dividends, bonus shares, or capital reserve conversions for the period - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content[5] - Company head Yang Haikun, chief accountant Wang Ye, and head of accounting department Ye Jingnian declare the financial report is true, accurate, and complete[5] - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital[8] Catalogue of Reference Documents This section lists the company's semi-annual report reference documents, including signed financial statements and publicly disclosed company files, available at the company's securities legal department - Reference documents include financial statements signed by the legal representative, chief financial officer, and head of the accounting department[13] - Originals of all company documents and announcements publicly disclosed on CSRC-designated newspapers and websites during the reporting period[13] - The reference documents are available at the company's Securities Legal Department[13] Definitions This section defines common terms used in the report, such as regulatory bodies, company names, and the reporting period from January 1 to June 30, 2025 Key Definitions | Term | Definition | | :--- | :--- | | CSRC | China Securities Regulatory Commission | | SZSE, Exchange | Shenzhen Stock Exchange | | Dengyun Shares, Huaiji Auto Parts, The Company | Huaiji Dengyun Auto Parts Co., Ltd. | | Controlling Shareholder, Yikeruihai | Beijing Yikeruihai Mining Co., Ltd. | | Actual Controller | Yang Tao | | Reporting Period | January 1, 2025 to June 30, 2025 | Part II Company Profile and Key Financial Indicators I. Company Profile Huaiji Dengyun Auto Parts Co., Ltd. (stock code 002715) is listed on the Shenzhen Stock Exchange, with Yang Haikun as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Dengyun Shares | | Stock Code | 002715 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | Huaiji Dengyun Auto Parts Co., Ltd. | | Legal Representative | Yang Haikun | II. Contact Persons and Information The company provides contact details for Board Secretary Hu Lei and Securities Affairs Representative Li Ting, including address, phone, fax, and email Company Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Hu Lei | Dengyunting, Huaiji Town, Huaiji County | 0758-5525368 | 0758-5865855 | hulei@huaijivalve.com | | Securities Affairs Representative | Li Ting | Dengyunting, Huaiji Town, Huaiji County | 0758-5525368 | 0758-5865855 | liting@huaijivalve.com | III. Other Information The company's registered address, office address, website, email, and information disclosure locations remained unchanged during the reporting period - The company's registered address, office address, website, and email remained unchanged during the reporting period[19] - Information disclosure and storage locations remained unchanged during the reporting period[20] IV. Key Accounting Data and Financial Indicators In H1 2025, revenue grew 4.15% to RMB 262 million, but net profit attributable to shareholders decreased 58.94% to RMB 3.56 million, with operating cash flow up 10.73% 2025 Semi-Annual Key Accounting Data and Financial Indicators | Indicator | Current Period (RMB) | Prior Period (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 261,971,031.00 | 251,526,699.51 | 4.15% | | Net Profit Attributable to Listed Company Shareholders | 3,555,866.15 | 8,660,984.66 | -58.94% | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-Recurring Gains/Losses) | 2,078,844.76 | 9,108,258.21 | -77.18% | | Net Cash Flow from Operating Activities | 28,712,612.28 | 25,931,126.12 | 10.73% | | Basic Earnings Per Share (RMB/share) | 0.0258 | 0.0628 | -58.92% | | Weighted Average Return on Net Assets | 0.74% | 2.07% | -1.33% | | End of Current Period | End of Prior Year | Change from Prior Year-End | | Total Assets | 1,059,283,712.87 | 1,026,878,737.12 | 3.16% | | Net Assets Attributable to Listed Company Shareholders | 478,390,037.79 | 477,809,179.77 | 0.12% | V. Differences in Accounting Data Under Domestic and Overseas Accounting Standards The company reported no differences in net profit and net assets between international/overseas accounting standards and Chinese accounting standards during the period - The company reported no differences in net profit and net assets between financial reports disclosed under international accounting standards and Chinese accounting standards during the reporting period[23] - The company reported no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese accounting standards during the reporting period[24] VI. Non-Recurring Gains and Losses and Amounts The company's H1 2025 non-recurring gains and losses totaled RMB 1.48 million, primarily from government subsidies, after tax and other non-operating items 2025 Semi-Annual Non-Recurring Gains and Losses and Amounts | Item | Amount (RMB) | | :--- | :--- | | Government grants recognized in current profit or loss | 2,039,928.50 | | Other non-operating income and expenses apart from the above | -194,906.26 | | Less: Income tax impact | 368,000.85 | | Total | 1,477,021.39 | - The company has no other profit or 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[27] Part III Management Discussion and Analysis I. Main Business Activities During the Reporting Period The company's main businesses include R&D, production, and sales of automotive engine intake/exhaust valves, development of solenoid valve bodies, and gold mining operations - The company's main business is the R&D, production, and sales of automotive engine intake and exhaust valve series products, widely used in automobiles, motorcycles, and agricultural machinery[29] - The company provides product matching services to renowned domestic and international vehicle and engine manufacturers such as Cummins, Caterpillar, and Weichai, and exports to countries including the United States and Italy[29] - In 2023, the company developed new solenoid valve body products, achieving phased results in the new energy vehicle solenoid valve field and gradually building a competitive advantage[30] - In March 2021, the company acquired Beijing Huanglong, entering the gold mining and beneficiation sector, with its wholly-owned subsidiary Hanyin Huanglong obtaining a 300,000 tons/year mining permit in June 2024[30] II. Analysis of Core Competencies The company's core strengths lie in strong R&D, stable talent, quality customer base, balanced market structure, and significant industry position, including advanced technology and mining rights - The company has established a technology innovation system integrating enterprises, market, and academia, possessing 25 authorized effective patents and participating in the formulation of 5 national and industry standards[31][35] - The company possesses industry-leading process technology in multiple key valve production steps and has introduced and upgraded a large number of advanced automated processing equipment[33][34] - The company's core management team is experienced and stable, with most mid-level managers and technical personnel having served for over 10 years, providing a foundation for manufacturing quality[36][37] - Since 2003, the company has fully implemented lean production management and applied an RFID-based Manufacturing Management Execution System (MMES) to enhance production transparency and controllability[38] - The company's valve products have received strict certifications from renowned domestic and international OEMs such as Caterpillar and Cummins, establishing long-term strategic cooperative relationships[40] - The company has achieved balanced development in domestic and international markets, with international market revenue accounting for 47.06% and domestic market for 52.94% in H1 2025[41] - The company and its wholly-owned subsidiary Dengyue Valve are recognized as "National High-Tech Enterprises," "Leading Enterprises in China's Internal Combustion Engine Parts Industry," and "National Specialized, Refined, and New 'Little Giant' Enterprises"[43] - The company's wholly-owned subsidiary Hanyin Huanglong has obtained mining and exploration rights for the Hanyin Huanglong Gold Mine and secured a 300,000 tons/year mining permit in June 2024[44] (I) Strong R&D Capabilities and Technological Advantages in the Industry The company has established a technology innovation system, a provincial engineering research center, 25 authorized patents, and participates in national/industry standard setting, with leading valve manufacturing processes - The company has established the Guangdong Engine Valve Engineering Technology Research and Development Center, holding 25 authorized effective patents to date, including 16 invention patents and 1 international patent[31] - The company has pioneered the development of a series of valve manufacturing new technologies and processes with independent intellectual property rights in China, such as superhard alloy surfacing and induction heating stress relief technology[33] - Through introduction and modification, the company possesses internationally advanced automated manufacturing equipment, including fully automatic valve machining production lines and robotic automatic valve blank production lines[34] - The company and its wholly-owned subsidiaries participated in the formulation of 5 national and industry standards, including GB/T 12773—2021 "Steel and Alloy Rods for Internal Combustion Engine Valves"[35] (II) Stable Talent Pool and Management Advantages The company boasts an experienced core management team and stable mid-level technical staff, many with over 10 years of service, implementing lean production and RFID-based management - The company's core management team is highly experienced in the automotive engine valve industry and are all company shareholders, ensuring team stability[36] - Most of the company's mid-level managers and professional technical personnel have served for over 10 years, effectively ensuring the stability of production management, product quality, and new product development capabilities[37] - Since 2003, the company has fully implemented lean production management and applied an RFID-based Manufacturing Management Execution System (MMES), achieving integration and transparency of the production process[38] - The gold mining and beneficiation business management team consists of experts in mining and capital markets, having established a management model and incentive assessment mechanism tailored to the company's actual situation[39] (III) High-Quality Customers and Balanced Market Structure The company's valve products are IATF16949 certified, maintaining long-term strategic partnerships with major OEMs and achieving balanced development across domestic/international and OEM/aftermarket segments - The company's valve products have obtained strict certifications from renowned domestic and international OEMs such as Caterpillar, Cummins, Yuchai, Xichai, and Weichai, establishing long-term strategic cooperative relationships[40] Valve Product Domestic and International Market Revenue Proportion | Item | H1 2025 | | :--- | :--- | | International Market | 47.06% | | Domestic Market | 52.94% | Valve Product OEM and Aftermarket Revenue Proportion | Item | H1 2025 | | :--- | :--- | | OEM Market | 66.46% | | Aftermarket | 33.54% | Revenue Proportion of Various Valve Products | Item | H1 2025 | | :--- | :--- | | Diesel Engine Market | 88.85% | | Gasoline Engine Market | 2.95% | | Natural Gas Market | 6.99% | | Solenoid Valve Market | 1.21% | (IV) Industry Position and Brand Advantages The company and its subsidiary are recognized as "National High-Tech Enterprises" and "Specialized, Refined, and New 'Little Giant' Enterprises," with its "Dengyun Brand" receiving multiple industry honors - The company and its wholly-owned subsidiary Dengyue Valve are recognized as "National High-Tech Enterprises," "Leading Enterprises in China's Internal Combustion Engine Parts Industry," and "National Specialized, Refined, and New 'Little Giant' Enterprises"[43] - The company's "Dengyun Brand" products have consistently received honorary titles such as "Core Supplier," "Annual Excellent Supplier," and "Best Cooperation Award" from OEMs for many years[43] (V) Mining Rights The company's wholly-owned subsidiary Hanyin Huanglong has obtained mining and exploration rights for the Hanyin Huanglong Gold Mine, securing a 300,000 tons/year mining permit in June 2024 - The company's wholly-owned subsidiary Hanyin Huanglong has obtained the mining right for Hanyin County Huanglong Gold Mine, the detailed exploration right for the deep gold mine in Huanglong Gold Mine Jingou mining section, and the detailed exploration right for the gold mine in the peripheral mining area of Huanglong Gold Mine[44] - Hanyin Huanglong obtained a 300,000 tons/year mining permit in June 2024, which will provide continuous performance support for the company in the future[44] III. Analysis of Main Business H1 2025 revenue increased 4.15%, but cost growth outpaced revenue, leading to profit margin pressure; R&D investment rose 43.85%, and financing cash flow surged due to increased borrowing Major Financial Data YoY Changes | Indicator | Current Period (RMB) | Prior Period (RMB) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 261,971,031.00 | 251,526,699.51 | 4.15% | | | Operating Cost | 196,248,528.23 | 173,668,356.74 | 13.00% | | | Income Tax Expense | 1,199,372.51 | 5,996,635.88 | -80.00% | Decrease in current period profit | | R&D Investment | 7,155,032.63 | 4,973,785.14 | 43.85% | Increase in R&D investment | | Net Cash Flow from Financing Activities | 21,081,658.76 | -14,134,639.72 | 249.15% | Increase in current period borrowings, relatively fewer repayments | Operating Revenue Composition (by Industry) | Industry | Current Period Amount (RMB) | Proportion of Operating Revenue | | :--- | :--- | :--- | | Auto Parts | 239,939,698.31 | 91.59% | | Gold Concentrate | 19,985,373.96 | 7.63% | Operating Revenue Composition (by Product) | Product | Current Period Amount (RMB) | Proportion of Operating Revenue | | :--- | :--- | :--- | | OEM Diesel Engine Valves | 135,296,577.91 | 51.65% | | Aftermarket Valves | 80,475,707.02 | 30.72% | | Gold Concentrate | 19,985,373.96 | 7.63% | | Solenoid Valves | 2,894,465.71 | 1.10% | Operating Revenue Composition (by Region) | Region | Current Period Amount (RMB) | Proportion of Operating Revenue | | :--- | :--- | :--- | | International Market | 112,915,061.95 | 43.10% | | Domestic Market | 149,055,969.05 | 56.90% | IV. Analysis of Non-Main Business The company had no non-main business analysis during the reporting period V. Analysis of Assets and Liabilities Total assets increased 3.16% at period-end, with cash growing due to sales and bill settlements, while long-term borrowings significantly increased due to reclassification from refinancing Significant Changes in Asset Composition | Item | Amount at Period-End (RMB) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 63,785,919.47 | 6.02% | 2.19% | Increase in sales revenue and concentrated settlement of maturing notes receivable led to an increase in cash and bank balances | | Right-of-Use Assets | 472,802.34 | 0.04% | -0.05% | Lease assets are nearing expiration this year, and no new lease business was conducted, leading to a decrease in right-of-use assets compared to the previous year | | Long-Term Borrowings | 80,433,486.24 | 7.59% | 6.24% | Refinancing this year led to the reclassification of loans previously categorized as long-term borrowings due within one year to long-term borrowings | Major Overseas Asset Information | Specific Asset Content | Asset Scale (RMB 10,000) | Location | Profitability (RMB 10,000) | Proportion of Overseas Assets to Company's Net Assets | | :--- | :--- | :--- | :--- | :--- | | Huaiji Engine Valve US Company | 11,233 | Illinois, USA | 218.33 | 23.48% | Asset Rights Restriction Status as of Reporting Period End | Item | Book Balance (RMB) | Reason for Restriction | | :--- | :--- | :--- | | Cash and Bank Balances | 11,395,660.20 | Geological environment restoration fund deposit, customs declaration and settlement deposit | | Fixed Assets | 287,650,939.41 | Bank loan collateral | | Intangible Assets | 42,442,295.00 | Bank loan collateral | VI. Analysis of Investment Status The company had no significant equity investments, non-equity investments, securities investments, derivative investments, or use of raised funds during the reporting period - The company had no securities investments during the reporting period[53] - The company had no derivative investments during the reporting period[54] - The company had no use of raised funds during the reporting period[55] VII. Significant Asset and Equity Sales The company did not sell any significant assets or equity during the reporting period - The company did not sell significant assets during the reporting period[56] - The company did not sell significant equity during the reporting period[57] VIII. Analysis of Major Holding and Participating Companies Key subsidiaries include Huaiji Dengyue Valve, Huaiji Engine Valve US, and Shaanxi Hanyin Huanglong Gold Mine, with Dengyue Valve reporting the highest net profit Major Subsidiary Financial Data | Company Name | Company Type | Main Business | Registered Capital (RMB) | Total Assets (RMB) | Net Assets (RMB) | Operating Revenue (RMB) | Operating Profit (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Huaiji Dengyue Valve Co., Ltd. | Subsidiary | Valve production and manufacturing | 10,000,000.00 | 741,536,819.46 | 408,630,968.21 | 199,710,579.65 | 9,637,149.94 | 9,531,719.75 | | Huaiji Engine Valve US Company | Subsidiary | Valve sales | 1,366,340.00 | 112,329,987.19 | 22,517,210.08 | 91,302,772.13 | 2,899,866.84 | 2,183,330.49 | | Shaanxi Hanyin Huanglong Gold Mine Co., Ltd. | Subsidiary | Gold mining | 16,000,000.00 | 166,317,793.79 | 73,645,309.89 | 20,011,074.17 | -2,454,258.33 | -2,428,818.50 | - The company had no acquisitions or disposals of subsidiaries during the reporting period[58] IX. Structured Entities Controlled by the Company The company had no structured entities under its control during the reporting period - The company had no structured entities under its control during the reporting period[59] X. Risks Faced by the Company and Countermeasures The company addresses risks such as industry cycles, raw material price volatility, exchange rate fluctuations, inventory impairment, and gold mining uncertainties through R&D, hedging, and enhanced management - The company faces industry cyclical fluctuation risks and mitigates them by increasing R&D investment in diesel engine valve products and expanding market capacity[59][60] - Raw material price fluctuation risks are hedged by the company through signing price lock agreements with suppliers and developing multiple suppliers[60] - To manage foreign exchange rate fluctuation risks, the company agrees with international customers on product prices linked to exchange rates and raw material benchmark prices[60] - Inventory impairment risk is reduced by the company through strengthening control and supervision at all stages of inventory management[61] - Regarding tax preferential policy changes, subsidiary Dengyue Valve enjoys a 15% corporate income tax preference, and the company will enhance operational performance through technological innovation and optimized management[62] - The gold mining and beneficiation business faces risks of mineral resource development uncertainty and production safety, which the company addresses through geological exploration and strengthened safety management[62][63][64] XI. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company has not formulated a market value management system nor disclosed a valuation enhancement plan - The company has not formulated a market value management system[65] - The company has not disclosed a valuation enhancement plan[65] XII. Implementation of "Quality and Return Dual Improvement" Action Plan The company has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan - The company has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan[65] Part IV Corporate Governance, Environment, and Society I. Changes in Directors, Supervisors, and Senior Management There were no changes in the company's directors, supervisors, or senior management during the reporting period - The company's directors, supervisors, and senior management had no changes during the reporting period[66] II. Profit Distribution and Capital Reserve Conversion to Share Capital in This Reporting Period The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for the semi-annual period - The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for the semi-annual period[67] III. 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 implemented during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures implemented during the reporting period[68] IV. Environmental Information Disclosure Huaiji Dengyue Valve Co., Ltd., a key subsidiary, is listed for environmental information disclosure, with its report available on the Guangdong Provincial Department of Ecology and Environment website - Huaiji Dengyue Valve Co., Ltd. is included in the list of enterprises required to disclose environmental information by law[69] - Huaiji Dengyue Valve Co., Ltd.'s environmental information disclosure report can be found on the website of the Guangdong Provincial Department of Ecology and Environment[69] V. Social Responsibility The company protects stakeholder rights, prioritizes employee welfare and safety, fosters fair supplier relations, provides quality customer service, adheres to environmental regulations, and actively engages in social welfare - The company strictly adheres to laws and regulations, improves its institutional framework, perfects its corporate governance structure, safeguards the interests of investors and the company, and conducts separate vote counting for small and medium investors[70] - The company adheres to a "people-oriented" philosophy, provides social insurance, benefits, training, and promotion channels for employees, and has established a Safety and Environmental Protection Department to formulate safety production systems[70][71] - Upholding principles of cooperation and responsibility, the company actively engages in technical exchanges with suppliers, treating them fairly and justly; it provides high-quality products and 24-hour on-site service to customers[71] - The company strictly complies with environmental regulations, emphasizes wastewater, exhaust gas, and noise treatment to ensure compliance with discharge standards, and is certified under ISO/TS16949 and ISO14001 systems[72] - In June 2025, when Huaiji County suffered from floods, the company actively fulfilled its social responsibility by donating over RMB 100,000 and organizing a disaster relief team to participate in post-disaster rescue efforts[73] Part V Significant Matters I. Fulfilled and Overdue Unfulfilled Commitments by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period No commitments by the company's actual controller, shareholders, related parties, acquirers, or the company were fulfilled or overdue unfulfilled during the reporting period - The company reported no commitments by its actual controller, shareholders, related parties, acquirers, or the company that were fulfilled during the reporting period or overdue unfulfilled as of the end of the reporting period[75] II. Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties from the Listed Company There were no non-operating funds occupied by controlling shareholders or other related parties from the listed company during the reporting period - The company reported no non-operating funds occupied by controlling shareholders and other related parties from the listed company during the reporting period[76] III. Irregular External Guarantees The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[77] IV. Appointment and Dismissal of Accounting Firms The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[78] V. Explanations by the Board of Directors and Supervisory Board on "Non-Standard Audit Reports" for This Reporting Period The company's board of directors and supervisory board had no explanations regarding "non-standard audit reports" for this reporting period VI. Explanations by the Board of Directors on "Non-Standard Audit Reports" for the Previous Year The company's board of directors had no explanations regarding "non-standard audit reports" for the previous year VII. Bankruptcy and Reorganization Matters The company had no bankruptcy or reorganization matters during the reporting period - The company had no bankruptcy or reorganization matters during the reporting period[79] VIII. Litigation Matters The company had no significant litigation or arbitration matters during the reporting period - The company had no significant litigation or arbitration matters during the reporting period[80] IX. Penalties and Rectification Status The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[81] X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller The company, its controlling shareholder, and actual controller had no integrity issues requiring disclosure during the reporting period - The company reported no integrity issues requiring explanation during the reporting period[82] XI. Significant Related Party Transactions The company had no significant related party transactions concerning daily operations, asset/equity acquisition/disposal, or joint external investments, but did have non-operating related party debt/credit transactions - The company reported no related party transactions related to daily operations, asset or equity acquisition/disposal, or joint external investments during the reporting period[82][83][84] Debts Payable to Related Parties | Related Party | Related Relationship | Reason for Formation | Beginning Balance (RMB 10,000) | Amount Newly Added in Current Period (RMB 10,000) | Amount Repaid in Current Period (RMB 10,000) | Ending Balance (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Yike Zhenrun Investment Group Co., Ltd. | Same ultimate controlling party | Asset acquisition | 9,253.37 | 0 | 0 | 9,253.37 | | Yike Zhenrun Investment Group Co., Ltd. | Same ultimate controlling party | Inter-group transactions | 2,800 | 150 | 0 | 2,950 | | Zhang Tao | Shareholder holding over 5% | Loan | 1,500 | 0 | 0 | 1,500 | | Ou Hongxian | Shareholder holding over 5% | Loan | 2,900 | 0 | 1,900 | 1,000 | - The company's wholly-owned subsidiary Dengyue Valve received gratuitous guarantees for bank financing from shareholders Zhang Tao and Ou Hongxian[89] - Dengyue Valve applied for a loan facility of up to RMB 50 million from related party Zhang Tao, with interest calculated at the LPR rate[89] - The company applied for a loan facility of up to RMB 100 million from related party Yike Zhenrun Investment Group Co., Ltd., with interest calculated at the LPR rate[90] XII. Significant Contracts and Their Performance The company had no significant entrustment, contracting, leasing, guarantees, or wealth management activities, but entered into several large procurement and sales contracts for valve steel and intake/exhaust valves - The company had no entrustment, contracting, or leasing situations during the reporting period[92][93][94] - The company had no significant guarantees during the reporting period[95] - The company had no wealth management activities during the reporting period[96] Other Significant Contracts | Company Entering Contract | Name of Counterparty | Contract Subject | Contract Signing Date | Transaction Price (RMB 10,000) | Execution Status as of Reporting Period End | | :--- | :--- | :--- | :--- | :--- | :--- | | Huaiji Dengyue Valve Co., Ltd. | Hengyang Jinzeli Special Alloy Co., Ltd. | Valve steel | January 1, 2025 | 5,500 | Uncompleted | | Huaiji Dengyue Valve Co., Ltd. | Jiangsu Shenyuan Group Co., Ltd. | Valve steel | January 1, 2025 | 3,000 | Uncompleted | | Huaiji Dengyue Valve Co., Ltd. | Caterpillar Inc. | Intake and exhaust valves | January 1, 2025 | 3,958.94 | Uncompleted | XIII. Explanation of Other Significant Matters The company had no other significant matters requiring explanation during the reporting period - The company had no other significant matters requiring explanation during the reporting period[99] XIV. Significant Matters of Company Subsidiaries The company's subsidiaries had no significant matters during the reporting period - The company's subsidiaries had no significant matters during the reporting period[100] Part VI Share Changes and Shareholder Information I. Share Change Status The company's total share capital remained unchanged at 138 million shares, all unrestricted, with no new issuances, bonus shares, or capital reserve conversions Share Change Status | Item | Quantity Before Change (shares) | Proportion Before Change | Increase/Decrease in This Change (shares) | Quantity After Change (shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 0 | 0.00% | 0 | 0 | 0.00% | | II. Unrestricted Shares | 138,000,000 | 100.00% | 0 | 138,000,000 | 100.00% | | III. Total Shares | 138,000,000 | 100.00% | 0 | 138,000,000 | 100.00% | - The company's total share capital remained unchanged during the reporting period[103] II. Securities Issuance and Listing The company had no securities issuance or listing activities during the reporting period - The company had no securities issuance or listing activities during the reporting period[104] III. Number of Shareholders and Shareholding Status As of the reporting period end, the company had 8,843 common shareholders, with Beijing Yikeruihai Mining Co., Ltd. as the largest shareholder (23.63%), whose shares are pledged and frozen - The total number of common shareholders at the end of the reporting period was 8,843[105] Top 10 Shareholders' Shareholding Status | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at Period-End (shares) | Number of Unrestricted Shares Held (shares) | Pledged, Marked, or Frozen Status | | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing Yikeruihai Mining Co., Ltd. | Domestic Non-State Legal Person | 23.63% | 32,603,013 | 32,603,013 | Pledged 22,410,000 shares, Frozen 8,689,402.56 shares | | Zhang Tao | Domestic Natural Person | 6.55% | 9,038,480 | 9,038,480 | Pledged 900,000 shares | | Ou Hongxian | Domestic Natural Person | 3.21% | 4,429,157 | 4,429,157 | Pledged 900,000 shares | - Zhang Tao, Ou Hongxian, and Li Pansheng are among the company's seven parties acting in concert[106] IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management There were no changes in the shareholdings of the company's directors, supervisors, or senior management during the reporting period - The shareholdings of the company's directors, supervisors, and senior management had no changes during the reporting period[108] V. Changes in Controlling Shareholder or Actual Controller There were no changes in the company's controlling shareholder or actual controller during the reporting period - The company's controlling shareholder had no changes during the reporting period[109] - The company's actual controller had no changes during the reporting period[109] VI. Preferred Share Information The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[110] Part VII Bond-Related Information 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[112] Part VIII Financial Report I. Audit Report The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[114] II. Financial Statements This section presents the company's H1 2025 consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owner's equity Consolidated Balance Sheet Summary as of June 30, 2025 | Item | Balance at Period-End (RMB) | | :--- | :--- | | Total Assets | 1,059,283,712.87 | | Total Liabilities | 580,893,675.08 | | Total Owner's Equity | 478,390,037.79 | Consolidated Income Statement Summary for H1 2025 | Item | H1 2025 (RMB) | | :--- | :--- | | Total Operating Revenue | 261,971,031.00 | | Operating Profit | 4,950,144.92 | | Net Profit | 3,555,866.15 | | Net Profit Attributable to Parent Company Owners | 3,555,866.15 | Consolidated Cash Flow Statement Summary for H1 2025 | Item | H1 2025 (RMB) | | :--- | :--- | | Net Cash Flow from Operating Activities | 28,712,612.28 | | Net Cash Flow from Investing Activities | -25,566,668.13 | | Net Cash Flow from Financing Activities | 21,081,658.76 | | Net Increase in Cash and Cash Equivalents | 24,755,575.94 | Parent Company Balance Sheet Summary as of June 30, 2025 | Item | Balance at Period-End (RMB) | | :--- | :--- | | Total Assets | 645,118,553.39 | | Total Liabilities | 145,939,969.71 | | Total Owner's Equity | 499,178,583.68 | Parent Company Income Statement Summary for H1 2025 | Item | H1 2025 (RMB) | | :--- | :--- | | Operating Revenue | 135,377.62 | | Operating Profit | -4,241,628.55 | | Net Profit | -4,241,628.55 | III. Company Basic Information Huaiji Dengyun Auto Parts Co., Ltd., listed on the SZSE in 2014, changed its controlling shareholder to Yike Zhenrun and actual controller to Yang Tao in 2019, and entered gold mining in 2021 - Huaiji Dengyun Auto Parts Co., Ltd. was established through the overall conversion of Huaiji County Auto Parts Manufacturing Co., Ltd., and was listed on the Shenzhen Stock Exchange on February 19, 2014[153][155] - On March 7, 2019, the company's controlling shareholder changed to Yike Zhenrun Investment Group Co., Ltd., and the actual controller changed to natural person Mr. Yang Tao[157] - On March 2, 2021, the company acquired 100% equity of Beijing Huanglong Jintai Mining Co., Ltd., entering the gold mining and beneficiation industry[158] - The company's main products are automotive engine intake and exhaust valves, and gold mining and sales[159] IV. Basis of Financial Statement Preparation The company's financial statements are prepared on a going concern basis, adhering to enterprise accounting standards and CSRC disclosure regulations, with no significant going concern issues - The company's financial statements are prepared on a going concern basis, in compliance with enterprise accounting standards and relevant disclosure requirements of the China Securities Regulatory Commission[160] - The company possesses the ability to continue as a going concern for at least 12 months from the end of the reporting period, with no significant matters affecting its going concern ability[161] V. Significant Accounting Policies and Accounting Estimates This section details the company's key accounting policies and estimates, including financial instruments, revenue recognition, and fixed asset depreciation, with no changes during the reporting period - The financial statements prepared by the company comply with the requirements of enterprise accounting standards, truthfully and completely reflecting the company's financial position, operating results, and other information[163] - The company classifies financial assets into three categories based on the business model for managing financial assets and the characteristics of contractual cash flows: measured at amortized cost, measured at fair value through other comprehensive income, and measured at fair value through profit or loss[178] - For receivables, the company adopts a simplified model for expected credit losses, consistently measuring loss provisions at an amount equal to the expected credit losses throughout the entire lifetime[189] - The company's fixed assets include buildings, machinery and equipment, transportation equipment, and electronic equipment, depreciated using the straight-line method, while the gold mine subsidiary's tunnel assets are amortized using the output method[211][212][213] - The company's revenue recognition principle involves identifying each distinct performance obligation within a contract and determining whether it is satisfied over time or at a point in time, recognizing revenue when the customer obtains control of the related goods or services[229][231] - There were no significant changes in the company's accounting policies and accounting estimates during the reporting period[249] VI. Taxation This section outlines the company's main tax categories and rates, including corporate income tax, where Huaiji Dengyue Valve enjoys a 15% preferential rate as a high-tech enterprise Major Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Urban Maintenance and Construction Tax | Amount of turnover tax payable | 5% | | Corporate Income Tax | Taxable income | 15%, 25%, Other | | Property Tax | 70% of original property value | 1.2% | | Resource Tax | Taxable sales amount | 4.5%, 2% | | Education Surcharge, Local Education Surcharge | Amount of turnover tax payable | 3%, 2% | Taxable Entities with Different Corporate Income Tax Rates | Taxable Entity Name | Income Tax Rate | | :--- | :--- | | Huaiji Dengyun Auto Parts Co., Ltd. | 25% | | Huaiji Dengyue Valve Co., Ltd. | 15% | | Huaiji Engine Valve US Company | Applicable US federal tax rates of 15%-21% and Illinois state income tax rate of 9.5% | | Shaanxi Hanyin Huanglong Gold Mine Co., Ltd. | 25% | - Huaiji Dengyue Valve Co., Ltd., as a high-tech enterprise, is eligible for a 15% corporate income tax rate from 2022 to 2025[251] - Shaanxi Hanyin Huanglong Gold Mine Co., Ltd. is exempt from value-added tax on gold sales[251] VII. Notes to Consolidated Financial Statement Items This section provides detailed notes on consolidated financial statement items, including cash, receivables, inventory, fixed assets, borrowings, revenue, costs, and a 43.85% increase in R&D expenses Cash and Bank Balances Composition | Item | Balance at Period-End (RMB) | | :--- | :--- | | Cash on hand | 31,886.89 | | Bank deposits | 52,358,372.38 | | Other cash and bank balances | 11,395,660.20 | | Total | 63,785,919.47 | | Of which: Total amount of funds deposited overseas | 12,207,772.12 | Notes Receivable Classification | Item | Balance at Period-End (RMB) | | :--- | :--- | | Bank acceptance bills | 13,964,230.94 | | Commercial acceptance bills | 5,282,247.31 | | Total | 19,246,478.25 | Accounts Receivable Aging Distribution | Aging | Book Balance at Period-End (RMB) | | :--- | :--- | | Within 1 year (inclusive) | 137,858,778.86 | | 1 to 2 years | 2,166,037.17 | | 2 to 3 years | 6,504.00 | | Over 3 years | 7,403,750.62 | | Total | 147,435,070.65 | Inventory Classification | Item | Book Value at Period-End (RMB) | | :--- | :--- | | Raw materials | 41,165,842.71 | | Work in progress | 32,306,856.86 | | Finished goods | 80,666,636.96 | | Goods in transit | 32,172,596.26 | | Total | 186,311,932.79 | Fixed Assets Book Value | Item | Book Value at Period-End (RMB) | | :--- | :--- | | Buildings and structures | 227,665,776.28 | | Machinery and equipment | 116,336,223.85 | | Transportation equipment | 4,378,441.51 | | Electronic equipment | 5,187,278.98 | | Total | 353,567,720.62 | Construction in Progress | Item | Book Value at Period-End (RMB) | | :--- | :--- | | Jingou Blind Shaft Project | 40,535,739.81 | | 300,000 tons Mining Right | 4,466,996.00 | | Total | 52,622,052.09 | Short-Term Borrowings Classification | Item | Balance at Period-End (RMB) | | :--- | :--- | | Guaranteed loans | 27,000,000.00 | | Mortgage + Guaranteed loans | 99,160,000.00 | | Total | 126,160,000.00 | Operating Revenue and Operating Cost | Item | Current Period Revenue (RMB) | Current Period Cost (RMB) | | :--- | :--- | :--- | | Main business | 259,925,072.27 | 195,495,802.10 | | Other businesses | 2,045,958.73 | 752,726.13 | | Total | 261,971,031.00 | 196,248,528.23 | R&D Expense Composition | Item | Current Period Amount (RMB) | | :--- | :--- | | Direct labor | 3,662,630.38 | | Depreciation and amortization | 1,698,311.51 | | Direct input | 1,457,276.75 | | Other | 336,813.99 | | Total | 7,155,032.63 | VIII. R&D Expenses The company's total R&D expenditure for the reporting period was RMB 7.16 million, entirely expensed, representing a 43.85% increase year-on-year R&D Expenditure Status | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | R&D expenses | 7,155,032.63 | 4,973,785.14 | | Total | 7,155,032.63 | 4,973,785.14 | | Of which: Expensed R&D expenditure | 7,155,032.63 | 4,973,785.14 | IX. Interests in Other Entities The company holds full ownership in nine subsidiaries, including Huaiji Dengyue Valve and Shaanxi Hanyin Huanglong Gold Mine, engaged in manufacturing, sales, and mining Enterprise Group Structure | Subsidiary Name | Registered Capital (RMB) | Main Operating Location | Business Nature | Direct Shareholding Proportion | | :--- | :--- | :--- | :--- | :--- | | Huaiji Dengyue Valve Co., Ltd. | 10,000,000.00 | Huaiji, Guangdong | Manufacturing | 100.00% | | Huaiji Engine Valve US Company | 1,366,340.00 | Illinois, USA | Sales | 100.00% | | Beijing Huanglong Jintai Mining Co., Ltd. | 10,000,000.00 | Beijing | Technology promotion and application services | 100.00% | | Shaanxi Hanyin Huanglong Gold Mine Co., Ltd. | 16,000,000.00 | Hanyin County, Shaanxi Province | Non-ferrous metal mining and beneficiation | 100.00% | X. Government Grants Government grants primarily relate to assets, with deferred income increasing to RMB 7.07 million and RMB 2.04 million recognized as current period income Liability Items Related to Government Grants | Accounting Account | Beginning Balance (RMB) | Amount of New Grants in Current Period (RMB) | Amount Transferred to Other Income in Current Period (RMB) | Ending Balance (RMB) | Related to Assets/Income | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 3,793,506.99 | 3,944,977.00 | 669,563.79 | 7,068,920.20 | Related to assets | Government Grants Recognized in Current Profit or Loss | Accounting Account | Current Period Amount (RMB) | | :--- | :--- | | Other income | 2,039,928.50 | XI. Risks Related to Financial Instruments The company manages market risks (exchange rate, interest rate, price), credit risk, and liquidity risk through various strategies, including hedging, credit limits, and financing negotiations - The company's exchange rate risk is primarily related to the US dollar, as export sales, imported raw materials, and sales by its US subsidiary are mainly settled in US dollars[410] Foreign Currency Monetary Items Balance at Period-End | Item | Balance at Period-End | | :--- | :--- | | Cash and Bank Balances - USD | 1,993,967.49 | | Accounts Receivable - USD | 8,412,246.19 | | Accounts Receivable - EUR | 291,612.90 | | Accounts Payable - USD | 55,636.45 | - The company's interest rate risk arises from bank borrowings, with floating-rate borrowings totaling RMB 101.04 million and fixed-rate borrowings totaling RMB 149.19 million[412] - The company's main raw materials are steel and alloy powder, and their price fluctuations significantly impact the company's operating performance[414] - The company mitigates credit risk through credit limit management, credit approval, and provision for bad debts, ensuring liquid funds are held in banks with high credit ratings[415][416] - The company manages liquidity risk by regularly analyzing its debt structure and maturity, monitoring bank loan utilization, and engaging in financing negotiations with financial institutions[418] XII. Related Parties and Related Party Transactions The company's actual controller is Yang Tao, with Beijing Yikeruihai Mining as the controlling shareholder; significant related party transactions include guarantees received and intercompany borrowings - The company's actual controller is natural person Mr. Yang Tao, and the controlling shareholder is Beijing Yikeruihai Mining Co., Ltd[104] - Other related parties include Zhang Tao, Ou Hongxian (one of the seven parties acting in concert, shareholders holding over 5% in aggregate), and Yike Zhenrun Investment Group Co., Ltd[421] Company as a Guaranteed Party | Guarantor | Guaranteed Amount (RMB) | Guarantee Start Date | Guarantee End Date | Is Guarantee Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Zhang Tao | 30,000,000.00 | April 12, 2024 | November 15, 2025 | No | | Ou Hongxian | 30,000,000.00 | April 12, 2024 | November 15, 2025 | No | | Zhang Tao, Li Fen | 115,000,000.00 | January 1, 2022 | October 8, 2026 | No | Related Party Fund Borrowing (Borrowed In) | Related Party | Borrowed Amount (RMB) | Start Date | Due Date | | :--- | :--- | :--- | :--- | | Zhang Tao | 15,000,000.00 | May 21, 2025 | May 20, 2028 | | Ou Hongxian | 10,000,000.00 | September 4, 2024 | September 3, 2025 | | Yike Zhenrun Investment Group Co., Ltd. | 15,000,000.00 | November 28, 2024 | November 27, 2025 | Key Management Personnel Remuneration | Item | Current Period Amount (RMB) | | :--- | :--- | | Total Remuneration | 1,976,550.71 | Related Party Payables | Item Name | Related Party | Book Balance at Period-End (RMB) | | :--- | :--- | :--- | | Other Payables | Zhang Tao | 15,232,541.68 | | Other Payables | Ou Hongxian | 10,179,138.88 | | Other Payables | Yike Zhenrun Investment Group Co., Ltd. | 31,965,286.17 | | Long-Term Payables | Yike Zhenrun Investment Group Co., Ltd. | 103,348,927.88 | XIII. Notes to Key Items in Parent Company Financial Statements The parent company's financial statements show RMB 11.11 million in other receivables, primarily from subsidiaries, and RMB 632 million in long-term equity investments, with a net loss of RMB 4.24 million Parent Company Other Receivables | Item | Balance at Period-End (RMB) | | :--- | :--- | | Other receivables | 11,111,720.51 | | Total | 11,111,720.51 | Parent Company Other Receivables by Nature of Payment | Nature of Payment | Book Balance at Period-End (RMB) | | :--- | :--- | | Subsidiary current accounts | 11,102,664.04 | | Unit current accounts | 9,056.47 | | Total | 11,111,720.51 | Parent Company Long-Term Equity Investments | Item | Book Value at Period-End (RMB) | | :--- | :--- | | Investments in subsidiaries | 631,632,565.05 | | Total | 631,632,565.05 | Parent Company Operating Revenue and Operating Cost | Item | Current Period Revenue (RMB) | Current Period Cost (RMB) | | :--- | :--- | :--- | | Other businesses | 135,377.62 | 0 | | Total | 135,377.62 | 0 | XIV. Supplementary Information This section includes details on non-recurring gains/losses (totaling RMB 1.48 million), return on net assets (0.74%), basic earnings per share (RMB 0.0258), and confirms no accounting standard differences 2025 Semi-Annual Non-Recurring Gains and Losses Details | Item | Amount (RMB) | | :--- | :--- | | Government grants recognized in current profit or loss | 2,039,928.50 | | Other non-operating income and expenses apart from the above | -194,906.26 | | Less: Income tax impact | 368,000.85 | | Total | 1,477,021.39 | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets | Basic Earnings Per Share (RMB/share) | | :--- | :--- | :--- | | Net profit attributable to common shareholders of the company | 0.74% | 0.0258 | | Net profit attributable to common shareholders of the company after deducting non-recurring gains and losses | 0.43% | 0.0151 | - The company reported no differences in net profit and net assets between financial reports disclosed under international accounting standards and Chinese accounting standards[448] - The company reported no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese accounting standards[448] Part IX Other Submitted Data I. Other Significant Social Security Issues The company and its subsidiaries had no other significant social security issues or administrative penalties during the reporting period - The listed company and its subsidiaries had no other significant social security issues[450] - No administrative penalties were received during the reporting period[450] II. Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period The company did not host any research, communication, or interview activities during the reporting period - The company had no research, communication, or interview activities during the reporting period[450] III. Fund Transactions Between the Listed Company and Controlling Shareholders and Other Related Parties The company had non-operating fund transactions with controlling shareholders and other related parties, totaling RMB 147.03 million in payables at period-end, with all transactions duly approved Fund Transactions Between the Listed Company and Controlling Shareholders and Other Related Parties | Counterparty Name | Nature of Transaction | Beginning Balance (RMB 10,000) | Amount Incurred in Current Period (RMB 10,000) | Amount Repaid in Current Period (RMB 10,000) | Ending Balance (RMB 10,000) | Interest Expense (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Yike Zhenrun Investment Group Co., Ltd. | Non-operating current account | 9,253.37 | 0 | 0 | 9,253.37 | 142.66 | | Yike Zhenrun Investment Group Co., Ltd. | Non-operating current account | 2,800 | 150 | 0 | 2,950 | 53.4 | | Zhang Tao