钧崴电子(301458) - 2025 Q2 - 季度财报

Section 1: Important Notices, Table of Contents, and Definitions Important Notices The company's management guarantees the report's authenticity and assumes legal responsibility, with no plans for dividend distribution or share capitalization - The Board of Directors, Supervisory Committee, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, ensuring it is free from false records, misleading statements, or major omissions, and they bear individual and joint legal liability[4] - The company's responsible person Yan Ruizhi, chief accounting officer Zhang Zhaoxin, and head of the accounting department Zhang Zhaoxin declare that the financial statements in this semi-annual report are true, accurate, and complete[4] - The company plans not to distribute cash dividends, issue bonus shares, or increase share capital from capital reserves[5] Table of Contents This report's table of contents clearly lists eight main sections, providing a comprehensive structural guide for investors - The report's table of contents includes eight main sections: Important Notices, Table of Contents, and Definitions; Company Profile and Key Financial Indicators; Management Discussion and Analysis; Corporate Governance, Environment, and Society; Important Matters; Changes in Share Capital and Shareholders; Bond-related Matters; and Financial Report[7] List of Documents for Inspection Documents for inspection are available at the company's securities affairs department and include signed financial statements and the official semi-annual report - Documents for inspection include financial statements signed and sealed by the company's responsible person, chief accounting officer, and head of the accounting department[9] - Documents for inspection include the original and summary of the 2025 semi-annual report, signed by the legal representative and sealed by the company[10] - The location for inspecting these documents is the company's securities affairs department[12] Definitions This section defines key terms used in the report, covering company names, products, and technical standards to ensure accurate understanding - The term "Junwei Electronics/the Company" refers to Junwei Electronics Technology Co, Ltd[14] - The reporting period refers to the period from January 1, 2025, to June 30, 2025[15] - Core products and technical terms such as current sensing precision resistors, shunts, fuses, magnetic sensor chips, Hall effect sensors, and TMR sensors are defined in detail[15] Section 2: Company Profile and Key Financial Indicators Company Profile Junwei Electronics Technology Co, Ltd, stock code 301458, is listed on the Shenzhen Stock Exchange with Yan Ruizhi as the legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Ticker | Junwei Electronics | | Stock Code | 301458 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | 钧崴电子科技股份有限公司 | | Legal Representative | Yan Ruizhi | Contact Persons and Methods The Board Secretary is Zhang Zhaoxin and the Securities Affairs Representative is Ren Yinan, both located at the company's Suzhou office Contact Information | Position | Name | Contact Address | Phone | Email | | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Zhang Zhaoxin | No 99, Xinli Road, Fenhu High-tech Industrial Development Zone, Wujiang District, Suzhou City, Jiangsu Province | 0512-80676869 | IR@jw-group.com | | Securities Affairs Representative | Ren Yinan | No 99, Xinli Road, Fenhu High-tech Industrial Development Zone, Wujiang District, Suzhou City, Jiangsu Province | 0512-80676869 | IR@jw-group.com | Other Information The company's registered and office addresses are in Jiangmen City, and no changes occurred in contact information or registration during the reporting period - The company's registered and office addresses are both located at Floors 2, 3, and 4, Building 202, Xincaifu Environmental Plating Base, Yamen Town, Xinhui District, Jiangmen City[20] - The company's website is https://www.jw-group.com, and its email address is IR@jw-group.com[20] - During the reporting period, there were no changes to the company's contact information, information disclosure and document storage locations, or registration details[20][21][22] Key Accounting Data and Financial Indicators In H1 2025, revenue grew 16.79% to 355 million Yuan, net profit grew 24.20% to 68.24 million Yuan, and total assets increased due to IPO proceeds Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Period (Yuan) | Prior-Year Period (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 354,731,314.86 | 303,722,513.87 | 16.79% | | Net Profit Attributable to Shareholders | 68,242,031.52 | 54,944,022.00 | 24.20% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 66,092,69.35 | 53,599,079.95 | 23.31% | | Net Cash Flow from Operating Activities | 94,093,719.21 | 63,832,315.72 | 47.41% | | Basic Earnings Per Share (Yuan/share) | 0.27 | 0.27 | 0.00% | | Diluted Earnings Per Share (Yuan/share) | 0.27 | 0.27 | 0.00% | | Weighted Average Return on Equity | 4.52% | 6.29% | -1.77% | | Indicator | End of Current Period (Yuan) | End of Prior Year (Yuan) | Change from Prior Year-End | | Total Assets | 1,871,764,188.41 | 1,254,936,214.86 | 49.15% | | Net Assets Attributable to Shareholders | 1,606,775,177.28 | 962,965,019.99 | 66.86% | Differences in Accounting Data under Domestic and Foreign Accounting Standards There were no discrepancies in net profit or net assets between financial reports prepared under Chinese and international or foreign accounting standards - The company has no discrepancies in net profit or net assets between financial reports prepared under international accounting standards and Chinese accounting standards for the reporting period[24] - The company has no discrepancies in net profit or net assets between financial reports prepared under foreign accounting standards and Chinese accounting standards for the reporting period[25] Non-recurring Profit and Loss Items and Amounts Non-recurring profit and loss totaled 2.15 million Yuan, primarily from fair value changes in financial assets and government subsidies Non-recurring Profit and Loss Items and Amounts for H1 2025 | Item | Amount (Yuan) | | :--- | :--- | | Gains and Losses on Disposal of Non-current Assets | -275,690.01 | | Government Subsidies Included in Current Profit or Loss | 771,880.45 | | Fair Value Gains/Losses from Financial Assets/Liabilities Held by Non-financial Enterprises | 1,990,775.87 | | Other Non-operating Income and Expenses | 90,147.85 | | Less: Income Tax Impact | 428,051.99 | | Total | 2,149,062.17 | - The company has no other profit or loss items that meet the definition of non-recurring items, nor has it reclassified any non-recurring items as recurring[28] Section 3: Management Discussion and Analysis Principal Business Activities During the Reporting Period The company designs, manufactures, and sells current sensing precision resistors and fuses for consumer electronics, new energy, and AI servers Industry Development In H1 2025, the passive components industry saw rising volume and prices, driven by strong demand from AI hardware, new energy, and data centers - In the first half of 2025, the passive components industry experienced a trend of rising volume and prices, driven by strong demand from AI hardware, new energy, and data centers[30] - The global alloy resistor market saw explosive growth from consumer electronics, new energy (the automotive-grade market is expected to reach 6.9 billion Yuan by 2031, with a CAGR of 8.6%), and AI servers[31] - The magnetic sensor chip industry is evolving towards higher precision and integration, with TMR sensors replacing Hall elements and fluxgate sensors dominating high-end energy infrastructure[32] - In the fuse sector, new energy vehicle sales reached 6.94 million units, a 40% year-on-year increase, boosting the penetration of high-voltage incentive fuses[33] Company's Industry Position The company is a leading global manufacturer of current sensing precision resistors, holding the third-largest market share at 8.52% - The company has established a strong competitive moat in the current sensing precision resistor segment, with influential brands including "Walter," "TFT," and "YED"[35] - The company is a member of the National Technical Committee for Fuse Standardization and actively participates in setting relevant standards[35] - According to QYResearch, the company is the world's third-largest manufacturer of current sensing precision resistors, with a market share of 8.52%[35] Main Business, Products, and Applications The company specializes in current sensing resistors and fuses and is expanding into current sensor solutions using fluxgate, Hall, and TMR technologies - The company's main business is the design, R&D, manufacturing, and sale of current sensing precision resistors and fuses, widely used in smartphones, laptops, new energy, and other fields[36] - The company is actively developing core current sensor technologies such as fluxgate, Hall effect, and Tunnel Magnetoresistance (TMR) to build a comprehensive product portfolio[38] - The company's sensor products have been successfully adopted by clients like Delta, Haide New Energy, and Yuedian New Energy, with mass production expected in the next 3-5 years[39] Company's Main Products and Applications | Product Type | Specifications | Main Application Areas | | :--- | :--- | :--- | | Current Sensing Precision Resistors | Size: 01005-4527, Resistance: <1 mΩ | Smartphones, laptops, lithium battery protection boards, PD fast charging, power banks, power tools, drones, battery formation/grading | | Current Sensing Shunt Resistors | Size: 1206-8518, Ultra-low resistance: <20 µΩ, High power: 245W, AEC-Q200 compliant | AI server motherboards and power supplies, power tools, new energy vehicles, PV energy storage systems, commercial air conditioners | | Current Sensors | Hall, TMR, Fluxgate tech, Wide current range (101500A), High power, Low internal resistance, High precision | Energy storage systems, DC charging piles, white goods, UPS, motor drivers, AI server power supplies, communication power supplies, BMS | | Leakage Current Sensors | Fluxgate tech, Safety compliant, Analog/digital output, High precision, Self-test function | Energy storage systems, Mode 2 & 3 AC charging piles, PV inverters, on-board chargers (OBC) | | Cartridge Fuses | Size: 3x7mm-6x30mm, Voltage: 125-420V, Current: 200mA30A | Charging power supplies (including PD fast charging) for smartphones, laptops, tablets; power boards for washing machines, air conditioners, TVs | | Chip Fuses | Size: 1.0x0.5mm-10x3.2mm, Voltage: 32-250V, Current: 500mA60A | Laptops, PD fast charging, game consoles, network adapter power supplies, power banks, panels, security cameras, power tools, cleaning appliances | | Power Fuses | Size: 5x20mm-37x70mm (round)/48x47x72mm (square), Voltage: 75V-1500V, Current: 200mA~800A | PV, energy storage, new energy vehicles, industrial and communication power supplies, UPS, inverters, motor drives | Downstream Application Areas of Main Products The company's products serve a diverse range of high-growth downstream markets, including consumer electronics, new energy, and AI servers - The company's products are applied in downstream sectors including consumer electronics, new energy vehicles, photovoltaic energy storage, AI servers, and industrial control[41][42] Business Model The company employs a direct sales-focused model, supported by a global distribution network, and combines planned and order-based production - The company has established an efficient marketing system with global sales teams for its "Walter," "TFT," and "YED" brands[43] - The company primarily uses a direct sales model, maintaining long-term partnerships with renowned brands such as Company A, Samsung, Sunwoda, Xiaomi, and Gree[44] - The company implements strict supplier management and maintains risk-based inventory to ensure production continuity[45] - The company combines planned production with make-to-order production, outsourcing some low-tech fuse products and purchasing certain products to meet customer needs[46] - The company's R&D model is project-based, driven by both technology and market demand, covering proactive and customer-driven research[47] Key Factors Affecting Performance In H1 2025, revenue grew 16.79% and net profit grew 24.20%, driven by industry recovery, AI demand, and new client acquisitions like OPPO and Huawei - In the first half of 2025, the company achieved operating revenue of 354.73 million Yuan, a year-on-year increase of 16.79%, and net profit attributable to shareholders of 68.24 million Yuan, a year-on-year increase of 24.20%[48] - Performance growth was primarily driven by a significant upturn in the components industry, the AI technology revolution, and a recovery in the consumer electronics market[49] - The company successfully entered the supply chains of OPPO, vivo, Huawei, and Honor, while also deepening its penetration into the new energy, PV storage, and industrial automation sectors[49] Core Competitiveness Analysis The company's core strengths lie in its high-growth market position, R&D capabilities, global layout, and strong relationships with leading customers Market Position and Growth Advantage The company focuses on high-growth passive component sectors like consumer electronics and AI, serving top-tier clients such as Company A and NVIDIA - The company is deeply engaged in high-growth passive component sectors such as consumer electronics, AI servers, and automotive electronics, with products evolving towards smaller sizes and higher performance[50] - The company's end customers include globally renowned enterprises such as Company A, Samsung, Xiaomi, NVIDIA, Qualcomm, and BYD[50] - The company prioritizes emerging industries, continuously developing new and iterative products driven by technological innovation to accelerate expansion in new markets[50] R&D and Technical Advantage The company possesses a complete in-house manufacturing process for precision resistors, holding 126 patents, including 26 invention patents - The company is one of the few manufacturers in the industry with a complete in-house production process for current sensing precision resistors, covering all stages from material forming to final packaging[51] - The company has mastered core technologies such as lamination, thin-film sputtering, and photolithography, and is developing its own low-resistivity alloy materials and automated production processes[51] - During the reporting period, the company held 126 patents, including 26 invention patents[53] Global Layout Advantage With subsidiaries in the US and Japan and three production bases in China, the company maintains a global operational network and holds numerous international certifications - The company has established subsidiaries and sales teams in the United States, Japan, Hong Kong, and Taiwan, serving major markets across the US, Europe, and Asia[54] - The company operates three major production bases in mainland China (Jiangmen, Suzhou, and Zhuhai), ensuring efficient production and stable supply[54] - The company holds numerous international certifications, including UL, VDE, and AEC-Q200, making it one of the most qualified enterprises in China's resistor and fuse industry[54] Leading Customer Advantage The company maintains long-term partnerships with industry leaders like Foxconn, Delta, Qualcomm, and NVIDIA, ensuring technological foresight and market stability - The company has established long-term, stable partnerships with industry-leading customers who demand a 2-3 year technological foresight in product development[55] - The company has multiple ongoing projects and has achieved mass supply to top-tier electronics manufacturers like Foxconn and Delta, as well as leading chip companies like Qualcomm and NVIDIA[56] - Collaboration with leading customers ensures technological advancement and market stability, creating positive spillover effects and enhancing bargaining power[56] Main Business Analysis In H1 2025, revenue grew 16.79%, driven by the current sensing precision resistor segment, which achieved a gross margin of 59.18% Overview The overview of the main business is detailed in the "Principal Business Activities During the Reporting Period" section - The overview for this section is available in "I. Principal Business Activities During the Reporting Period"[57] Year-on-Year Changes in Key Financial Data Revenue grew 16.79% and net profit grew 24.20%, while financial expenses decreased 58.69% due to favorable exchange rate fluctuations Year-on-Year Changes in Key Financial Data for H1 2025 | Indicator | Current Period (Yuan) | Prior-Year Period (Yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 354,731,314.86 | 303,722,513.87 | 16.79% | | | Net Profit Attributable to Shareholders | 68,242,031.52 | 54,944,022.00 | 24.20% | | | Financial Expenses | -2,207,940.73 | -5,344,691.19 | -58.69% | Primarily due to the impact of foreign exchange gains and losses | | Income Tax Expense | 12,523,251.68 | 7,809,037.88 | 60.37% | Primarily due to the increase in total profit for the period | | Net Cash Flow from Operating Activities | 94,093,719.21 | 63,832,315.72 | 47.41% | Primarily due to increased operating revenue and cash received from sales | | Net Cash Flow from Investing Activities | -277,050,209.93 | -20,545,966.10 | 1,248.44% | Primarily due to new investments in term deposits over three months and trading financial assets | | Net Cash Flow from Financing Activities | 585,775,508.30 | -8,888,855.24 | -6,690.00% | Primarily due to proceeds from the initial public offering of 66,666,700 A-shares on the Shenzhen Stock Exchange on January 10, 2025 | | Net Increase in Cash and Cash Equivalents | 402,491,293.10 | 37,128,087.65 | 984.06% | Primarily due to proceeds received from the public offering of shares | - There were no significant changes in the company's profit composition or sources of profit during the reporting period[59] Products or Services Accounting for Over 10% Current sensing precision resistors were the main revenue source at 230 million Yuan with a 59.18% gross margin, while overseas revenue grew 36.71% Main Products or Services for H1 2025 | Category | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Margin | Revenue YoY Change | Cost YoY Change | Gross Margin YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | By Product/Service | | | | | | | | Current Sensing Precision Resistors | 229,940,076.71 | 93,864,379.13 | 59.18% | 22.41% | 20.81% | 0.54% | | Fuses | 66,742,858.50 | 47,185,815.08 | 29.30% | 0.32% | -0.30% | 0.44% | | Other | 58,048,379.66 | 38,762,715.86 | 33.22% | 17.64% | 11.56% | 3.64% | | By Industry | | | | | | | | Electronic Components | 354,731,314.86 | 179,812,910.07 | 49.31% | 16.79% | 12.54% | 1.91% | | By Region | | | | | | | | Domestic | 226,166,156.37 | 128,923,010.14 | 43.00% | 7.86% | 5.29% | 1.40% | | Overseas | 128,565,158.49 | 50,889,899.93 | 60.42% | 36.71% | 36.36% | 0.10% | | By Sales Model | | | | | | | | Direct Sales | 236,719,189.84 | 95,829,887.39 | 59.52% | 16.00% | 4.43% | 4.49% | | Distribution | 118,012,125.02 | 83,983,022.68 | 28.84% | 18.42% | 23.49% | -2.92% | Non-core Business Analysis Non-core business activities had a mixed impact on total profit, with positive contributions from fair value changes and a negative impact from asset impairment Impact of Non-core Business on Total Profit for H1 2025 | Item | Amount (Yuan) | % of Total Profit | Reason | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Fair Value Change Gains | 1,990,775.87 | 2.46% | Fair value changes in trading and other non-current financial assets | No | | Asset Impairment | -5,609,447.84 | -6.95% | Primarily provision for inventory write-down | No | | Non-operating Income | 118,682.96 | 0.15% | Primarily receipts unrelated to daily operations | No | | Non-operating Expenses | 28,535.11 | 0.04% | Primarily charitable donation expenses | No | | Credit Impairment Loss | 2,110,770.88 | 2.61% | Primarily reversal of bad debt provision for accounts receivable | No | | Asset Disposal Gains | -275,690.01 | -0.34% | Primarily loss on disposal of non-current assets | No | | Other Income | 1,851,943.69 | 2.29% | Primarily government subsidies and VAT super-deduction | No | Analysis of Assets and Liabilities Total assets grew 49.15%, driven by a significant increase in cash and new trading financial assets, while the liability structure remained stable Significant Changes in Asset Composition Total assets grew 49.15%, with cash as a percentage of total assets increasing to 39.23% and trading financial assets newly accounting for 11.78% Significant Changes in Asset Composition for H1 2025 | Item | End of Current Period (Yuan) | % of Total Assets | End of Prior Year (Yuan) | % of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 734,322,425.86 | 39.23% | 338,025,199.15 | 26.94% | 12.29% | | Accounts Receivable | 156,081,990.65 | 8.34% | 155,387,396.46 | 12.38% | -4.04% | | Inventory | 82,758,675.77 | 4.42% | 81,296,626.16 | 6.48% | -2.06% | | Fixed Assets | 354,770,278.89 | 18.95% | 196,932,283.87 | 15.69% | 3.26% | | Construction in Progress | 114,855,888.49 | 6.14% | 210,678,229.47 | 16.79% | -10.65% | | Right-of-use Assets | 70,942,676.31 | 3.79% | 75,645,274.01 | 6.03% | -2.24% | | Contract Liabilities | 1,084,030.88 | 0.06% | 533,518.33 | 0.04% | 0.02% | | Long-term Borrowings | 1,367,802.52 | 0.07% | 1,438,770.97 | 0.11% | -0.04% | | Lease Liabilities | 66,001,088.10 | 3.53% | 68,571,942.94 | 5.46% | -1.93% | | Trading Financial Assets | 220,418,000.00 | 11.78% | 0.00 | 0.00% | 11.78% | Major Overseas Assets The company had no major overseas assets during the reporting period - The company had no major overseas assets during the reporting period[66] Assets and Liabilities Measured at Fair Value Financial assets measured at fair value totaled 253 million Yuan, primarily comprising 220 million Yuan in newly acquired trading financial assets Assets and Liabilities Measured at Fair Value for H1 2025 | Item | Opening Balance (Yuan) | Fair Value Change (Yuan) | Purchases (Yuan) | Closing Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | | 1. Trading Financial Assets (excl. derivatives) | | 418,000.00 | 220,000,000.00 | 220,418,000.00 | | 4. Other Equity Investments | 9,957,864.39 | | | 9,957,864.39 | | 5. Other Non-current Financial Assets | 5,170,244.53 | 1,572,775.87 | 3,000,000.00 | 9,743,020.40 | | Financial Assets Subtotal | 15,128,108.92 | 1,990,775.87 | 223,000,000.00 | 240,118,884.79 | | Receivables Financing | 13,309,623.00 | | 25,229,153.03 | 12,954,807.79 | | Total Above | 28,437,731.92 | 1,990,775.87 | 248,229,153.03 | 253,073,692.58 | | Financial Liabilities | 0.00 | | | 0.00 | - There were no significant changes in the measurement attributes of the company's main assets during the reporting period[68] Restricted Assets as of the Reporting Period End As of the period end, restricted assets consisted of 0.36 million Yuan in cash, pledged as a procurement deposit Restricted Assets as of June 30, 2025 | Item | Closing Book Balance (Yuan) | Closing Book Value (Yuan) | Restriction Type | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 358,930.00 | 358,930.00 | Pledge | Procurement deposit | Investment Analysis The company's investment amount was 223 million Yuan, and it utilized 266 million Yuan of its 619 million Yuan in net IPO proceeds for ongoing projects Overall Situation The company's investment amount for the reporting period was 223 million Yuan, a 100% increase from the prior-year period Investment Amount for the Reporting Period | Investment Amount (Yuan) | Prior-Year Investment Amount (Yuan) | Change | | :--- | :--- | :--- | | 223,000,000.00 | 0.00 | 100.00% | Significant Equity Investments Acquired During the Reporting Period The company did not acquire any significant equity investments during the reporting period - The company did not acquire any significant equity investments during the reporting period[72] Significant Ongoing Non-equity Investments During the Reporting Period The company had no significant ongoing non-equity investments during the reporting period - The company had no significant ongoing non-equity investments during the reporting period[72] Financial Assets Measured at Fair Value Information on financial assets measured at fair value is disclosed in the "Analysis of Assets and Liabilities" section - Information on financial assets measured at fair value is disclosed in the "Analysis of Assets and Liabilities" section[72] Use of Raised Funds The company raised 619 million Yuan in net proceeds from its IPO and has used 266 million Yuan, or 42.95%, primarily for production and R&D projects Overall Use of Raised Funds for H1 2025 | Year Raised | Method | Listing Date | Total Funds Raised (10k Yuan) | Net Funds Raised (10k Yuan) | Funds Used This Period (10k Yuan) | Cumulative Funds Used (10k Yuan) | Utilization Rate at Period End | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 2025 | IPO | 2025-01-10 | 69,333.37 | 61,945.33 | 26,604.57 | 26,604.57 | 42.95% | - As of June 30, 2025, the company had cumulatively used 266.05 million Yuan of raised funds, with 353.80 million Yuan remaining unused (including interest income and wealth management products)[75] Committed Investment Projects for Raised Funds for H1 2025 | Project Name | Committed Investment (10k Yuan) | Adjusted Investment (10k Yuan) | Cumulative Investment (10k Yuan) | Progress | Est. Completion Date | Reached Expected Benefit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Current Sensing Precision Resistor Production Project | 49,063.28 | 49,063.28 | 23,485.54 | 47.87% | 2027-12-31 | N/A | | Annual Production of 23 Million Power Fuses Project | 0 | 15,301.16 | 0 | 0.00% | -- | N/A | | Junwei Zhuhai R&D Center Construction Project | 5,254.05 | 5,254.05 | 2,158.71 | 41.09% | 2027-12-31 | N/A | | Supplementary Working Capital | 7,628 | 7,628 | 960.32 | 12.59% | -- | N/A | | Total | 61,945.33 | 112,744.98 | 26,604.57 | | | | - As of the end of the reporting period, the company's investment projects were still under construction and had not yet generated benefits[78] - On February 25, 2025, the company approved the use of 272.44 million Yuan of raised funds to replace self-funded amounts previously invested in the projects[79] Changes in Projects Using Raised Funds There were no changes to projects using raised funds during the reporting period - There were no changes to projects using raised funds during the reporting period[80] Entrusted Wealth Management, Derivative Investments, and Entrusted Loans The company engaged in 366 million Yuan of wealth management, with an outstanding balance of 361 million Yuan, and had no derivative investments or entrusted loans Entrusted Wealth Management Overview for H1 2025 | Type | Source of Funds | Amount (10k Yuan) | Outstanding Balance (10k Yuan) | | :--- | :--- | :--- | :--- | | Brokerage Wealth Management Products | Raised Funds | 22,000 | 22,000 | | Bank Wealth Management Products | Raised Funds | 7,000 | 7,000 | | Bank Wealth Management Products | Own Funds | 7,600 | 7,100 | | Total | | 36,600 | 36,100 | - The company had no derivative investments during the reporting period[82] - The company had no entrusted loans during the reporting period[83] Sale of Major Assets and Equity The company did not sell any major assets or equity during the reporting period - The company did not sell any major assets during the reporting period[84] - The company did not sell any major equity during the reporting period[85] Analysis of Major Holding and Participating Companies The company's main subsidiaries include Suzhou Walter Electronics, which recorded a net profit of 14.40 million Yuan during the period Major Subsidiaries for H1 2025 | Company Name | Type | Main Business | Registered Capital (Yuan) | Total Assets (Yuan) | Net Assets (Yuan) | Operating Revenue (Yuan) | Operating Profit (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Suzhou Walter Electronics Co, Ltd | Subsidiary | Electronic component production, sales | 30,369,390 | 329,009,018.22 | 215,767,953.93 | 146,990,837.62 | 15,682,938.20 | 14,398,458.51 | | THIN FILM TECHNOLOGY CORPORATION LIMITED | Subsidiary | Electronic component sales | 1,618,320 | 25,609,028.45 | 11,789,918.78 | 18,777,941.96 | 3,621,191.08 | 2,995,159.51 | - The company did not acquire or dispose of any subsidiaries during the reporting period[87] 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[88] Risks and Countermeasures The company faces risks from market competition, exchange rates, and raw material prices, and has implemented countermeasures including R&D investment and risk management - Market Competition Risk: The company will continue to increase R&D investment, focusing on high-performance and miniaturized products to build patent barriers, while accelerating smart manufacturing upgrades and deepening strategic customer cooperation[88] - Exchange Rate Fluctuation Risk: The company will establish a foreign exchange risk warning mechanism, utilize financial instruments for hedging, and optimize the currency structure of settlements to reduce exposure[89] - Raw Material Price Fluctuation Risk: The company has established a safety stock for strategic raw materials and is advancing R&D in new material technologies to reduce production costs[91] - Tax Incentive Risk: The company will maintain its R&D investment to meet qualification standards and actively seek diverse policy subsidies to enhance innovation and resource acquisition[92] - Risk of Declining Gross Margin for Fuse Products: The company is actively developing high-value-added fuse products and entering new markets such as new energy storage and charging piles to upgrade its product structure[93] - Distributor Management Risk: The company has established a tiered distributor certification and credit management system and is deploying a digital channel management system for real-time sales monitoring and risk control[94] - Risk of Changes in Overseas Business Environment: The company will strengthen internal controls, conduct regular compliance audits of overseas subsidiaries, and proactively adjust its overseas layout in response to global policy changes[95] - Risk of Changes in Foreign Investment Laws: The company closely monitors cross-strait policy dynamics and explores ways to build technological firewalls to diversify compliance risks[97] Record of Investor Relations Activities The company hosted two investor relations events, including an on-site survey on January 21 and an online communication session on May 19 Record of Investor Relations Activities for H1 2025 | Date | Location | Method | Type of Participant | Main Topics Discussed | | :--- | :--- | :--- | :--- | :--- | | 2025-01-21 | Company Conference Room | On-site Survey | Institution | Company's main business, industry development, operations, and strategy | | 2025-05-19 | Panorama "Investor Relations Interactive Platform" | Online Communication | Other | Company's performance, business, and development plans for the reporting period | Development and Implementation of Market Value Management System and Value Enhancement Plan The company has not formulated a market value management system or disclosed a value enhancement plan during the reporting period - The company did not formulate a market value management system during the reporting period[99] - The company did not disclose a value enhancement plan during the reporting period[99] Implementation of the "Dual Improvement in Quality and Returns" Action Plan The company has not disclosed an announcement regarding the "Dual Improvement in Quality and Returns" action plan - The company has not disclosed an announcement regarding the "Dual Improvement in Quality and Returns" action plan during the reporting period[99] Section 4: Corporate Governance, Environment, and Society Changes in Directors, Supervisors, and Senior Management Director Zhang Yuanjie resigned for personal reasons on May 24, 2025 Changes in Directors, Supervisors, and Senior Management for H1 2025 | Name | Position | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Zhang Yuanjie | Director | Resignation | 2025-05-24 | Personal reasons | Profit Distribution and Capitalization of Capital Reserves for the Reporting Period The company does not plan to distribute cash dividends, issue bonus shares, or capitalize capital reserves for the semi-annual period - The company plans not to distribute cash dividends, issue bonus shares, or increase share capital from capital reserves for the semi-annual period[102] Implementation of 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 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[103] Environmental Information Disclosure The company and its main subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its main subsidiaries are not included in the list of enterprises required to disclose environmental information by law[104] Social Responsibility The company actively fulfills its social responsibilities, including protecting stakeholder rights, supporting environmental protection, and participating in community welfare - The company ensures timely and accurate information disclosure to protect the rights of minority shareholders and enhances communication with investors[104] - The company complies with labor laws, provides equal opportunities, offers training, and ensures social insurance and housing fund contributions for all employees[105] - The company is committed to building long-term partnerships with customers and suppliers through strong technical innovation, quality service, and a robust supplier management system[106] - The company emphasizes environmental protection, conducting regular emissions testing to ensure compliance and promoting environmental awareness among employees[106] - During the reporting period, the company donated 20,000 Yuan for rural road repairs, 10,000 Yuan to support underprivileged children, and provided supplies to local nursing homes during holidays[106] Section 5: Important Matters Commitments by the Company's Controlling Shareholders, Affiliates, and Other Related Parties All commitments made during the IPO, including share lock-ups and price stabilization measures, are being fulfilled without any overdue items - The direct controlling shareholder Sky Line, indirect controlling shareholder EVER-ISLAND, and actual controller Yan Ruizhi have committed not to transfer their pre-IPO shares for 36 months from the listing date[109] - Shareholders with over 5% ownership have committed not to transfer their pre-IPO shares for 36 months from the date of acquisition or 12 months from the listing date, whichever is longer[111] - The company has committed to implementing an active profit distribution policy in accordance with its Articles of Association and the three-year dividend return plan[112] - The company, controlling shareholders, actual controller, directors, and senior management have committed to initiating share price stabilization measures if the closing price remains below net asset value per share for 20 consecutive trading days within three years of listing[114][115][116] - All commitments are being fulfilled as planned, with no overdue or unfulfilled commitments[122] Non-operating Fund Occupation by Controlling Shareholders and Other Affiliates There was no non-operating occupation of the company's funds by controlling shareholders or other affiliates during the reporting period - There was no non-operating occupation of the company's funds by controlling shareholders or other affiliates during the reporting period[123] 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[124] Appointment and Dismissal of Accounting Firm The company's semi-annual report has not been audited - The company's semi-annual report has not been audited[125] Explanation from the Board, Supervisory Committee, and Audit Committee on "Non-standard Audit Report" This section is not applicable as there was no non-standard audit report for the period - This section is not applicable as there was no non-standard audit report for the period[126] Board's Explanation on "Non-standard Audit Report" from the Previous Year This section is not applicable as there was no non-standard audit report in the previous year - This section is not applicable as there was no non-standard audit report in the previous year[126] Bankruptcy and Reorganization Matters The company was not involved in any bankruptcy or reorganization matters during the reporting period - The company was not involved in any bankruptcy or reorganization matters during the reporting period[126] Litigation Matters The company had no major litigation, arbitration, or other legal matters during the reporting period - The company had no major litigation or arbitration matters during the reporting period[127] - The company had no other litigation matters during the reporting period[127] Penalties and Rectifications The company was not subject to any penalties or rectifications during the reporting period - The company was not subject to any penalties or rectifications during the reporting period[127] Integrity of the Company, its Controlling Shareholders, and Actual Controller There were no issues concerning the integrity of the company, its controlling shareholders, or its actual controller during the reporting period - There were no issues concerning the integrity of the company, its controlling shareholders, or its actual controller during the reporting period[128] Major Related-Party Transactions The company had no major related-party transactions, including those related to daily operations, asset transfers, or joint investments - The company had no related-party transactions related to daily operations during the reporting period[129] - The company had no related-party transactions involving the acquisition or sale of assets or equity during the reporting period[130] - The company had no joint external investment-related party transactions during the reporting period[131] - The company had no related-party credit or debt transactions during the reporting period[132] - There were no deposits, loans, credit lines, or other financial services between the company and any related financial companies[133][134] - The company had no other major related-party transactions during the reporting period[135] Major Contracts and Their Performance The company had no custody, contracting, major guarantee, or other major contracts during the reporting period, and leasing activities were routine - The company had no custody arrangements during the reporting period[136] - The company had no contracting arrangements during the reporting period[138] - Leasing activities during the reporting period were for routine operational needs and did not have a significant impact on profits[139] - The company had no major guarantees during the reporting period[141] - The company had no major contracts related to daily operations during the reporting period[143] - The company had no other major contracts during the reporting period[144] Explanation of Other Major Matters There were no other major matters requiring explanation during the reporting period - There were no other major matters requiring explanation during the reporting period[145] Major Matters Concerning Subsidiaries There were no major matters concerning the company's subsidiaries during the reporting period - There were no major matters concerning the company's subsidiaries during the reporting period[146] Section 6: Changes in Share Capital and Shareholders Changes in Share Capital Total share capital increased from 200 million to 267 million shares due to the IPO, with non-restricted shares now accounting for 22.91% of the total Changes in Share Capital for H1 2025 | Item | Pre-Change Quantity (Shares) | Pre-Change Ratio | Change (+/- Shares) | Post-Change Quantity (Shares) | Post-Change Ratio | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 200,000,000 | 100.00% | 5,581,657 | 205,581,657 | 77.09% | | 3. Other Domestic Holdings | 32,929,401 | 16.46% | 5,561,742 | 38,491,143 | 14.43% | | 4. Foreign Holdings | 167,070,599 | 83.54% | 7,406 | 167,078,005 | 62.65% | | II. Unrestricted Shares | 0 | 0.00% | 61,085,043 | 61,085,043 | 22.91% | | 1. RMB Ordinary Shares | 0 | 0.00% | 61,085,043 | 61,085,043 | 22.91% | | III. Total Shares | 200,000,000 | 100.00% | 66,666,700 | 266,666,700 | 100.00% | - The company's total share capital increased from 200,000,000 to 266,666,700 shares following the initial public offering of 66,666,700 A-shares on the Shenzhen Stock Exchange on January 10, 2025[150] - The change in share capital had no impact on basic and diluted earnings per share for the latest year and period but did affect financial indicators such as net assets per share[154] Securities Issuance and Listing The company issued 66,666,700 A-shares at 10.40 Yuan per share, listing on the Shenzhen Stock Exchange on January 10, 2025 Securities Issuance and Listing for H1 2025 | Security Name | Issuance Date | Issuance Price (or Rate) | Quantity Issued | Listing Date | Quantity Approved for Trading | | :--- | :--- | :--- | :--- | :--- | :--- | | RMB Ordinary Shares (A-shares) | 2024-12-30 | 10.40 Yuan/share | 66,666,700 | 2025-01-10 | 66,666,700 | - Following this issuance, the company's total share capital increased from 200,000,000 shares to 266,666,700 shares[157] Number of Shareholders and Shareholding Status As of the period end, the company had 31,339 shareholders, with Sky Line Group Ltd holding a 55.94% majority stake - The total number of ordinary shareholders at the end of the reporting period was 31,339[160] Top 10 Shareholders or Those Holding Over 5% for H1 2025 | Shareholder Name | Nature | Shareholding Ratio | Shares Held at Period End | Restricted Shares Held | Unrestricted Shares Held | | :--- | :--- | :--- | :--- | :--- | :--- | | Sky Line Group Ltd | Foreign Legal Entity | 55.94% | 149,184,713 | 149,184,713 | 0 | | Shenglan (Zhuhai) Industrial Investment Partnership (LP) | Other | 5.82% | 15,516,238 | 15,516,238 | 0 | | Humble Elephant International Limited | Foreign Legal Entity | 2.71% | 7,231,764 | 7,231,764 | 0 | | CPE Investment (Hong Kong) 2021 Limited | Foreign Legal Entity | 2.03% | 5,423,823 | 5,423,823 | 0 | | Zhuhai Huajin Lingyue Intelligent Manufacturing Industry Investment Fund (LP) | Other | 1.38% | 3,689,675 | 3,689,675 | 0 | | Zhuhai Huajin Shangying No 3 Equity Investment Fund Partnership (LP) | Other | 1.38% | 3,689,675 | 3,689,675 | 0 | | Hunan Puxin Venture Capital Partnership (LP) | Domestic Non-state-owned Legal Entity | 1.22% | 3,246,914 | 3,246,914 | 0 | | PuXin One Hong Kong Limited | Foreign Legal Entity | 1.15% | 3,069,810 | 3,069,810 | 0 | | Zhuhai Qiande Technology Partnership (LP) | Domestic Non-state-owned Legal Entity | 0.95% | 2,543,773 | 2,543,773 | 0 | | Wuxi Fangzhou Investment Partnership (LP) | Other | 0.83% | 2,213,805 | 2,213,805 | 0 | - The general partners of Huajin Shangying and Huajin Lingyue are both wholly-owned subsidiaries of Zhuhai Huajin Capital Co, Ltd, indicating a related-party relationship; otherwise, no other relationships exist among the top shareholders[160] Top 10 Unrestricted Shareholders for H1 2025 | Shareholder Name | Unrestricted Shares Held at Period End | Share Type | | :--- | :--- | :--- | | China Merchants Bank - Southern CSI 1000 ETF | 742,395 | RMB Ordinary Share | | Wang Yongping | 668,108 | RMB Ordinary Share | | China Merchants Bank - Huaxia CSI 1000 ETF | 432,800 | RMB Ordinary Share | | ICBC - GF CSI 1000 ETF | 353,600 | RMB Ordinary Share | | Wang Guan | 188,200 | RMB Ordinary Share | | Teng Yibin | 184,500 | RMB Ordinary Share | | ABC - Invesco Great Wall CSI 500 Index Quant Enhanced Fund | 167,750 | RMB Ordinary Share | | Yin Lingfeng | 164,400 | RMB Ordinary Share | | Hong Kong Securities Clearing Company Ltd | 151,329 | RMB Ordinary Share | | Yang Jinquan | 150,000 | RMB Ordinary Share | Changes in Shareholdings of Directors, Supervisors, and Senior Management There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period; details can be found in the 2024 annual report[162] Changes in Controlling Shareholder or Actual Controller There were no changes in the company's controlling shareholder or actual controller during the reporting period - There was no change in the company's controlling shareholder during the reporting period[163] - There was no change in the company's actual controller during the reporting period[163] Preferred Stock Information The company had no preferred stock during the reporting period - The company had no preferred stock during the reporting period[164] Section 7: Bond-related Matters Bond-related Matters The company had no bond-related matters during the reporting period - The company had no bond-related matters during the reporting period[166] Section 8: Financial Report Audit Report The semi-annual financial report has not been audited - The semi-annual financial report has not been audited[168] Financial Statements This section presents the consolidated and parent company financial statements for H1 2025, showing total assets of 1.87 billion Yuan and revenue of 355 million Yuan Consolidated Balance Sheet As of June 30, 2025, consolidated total assets were 1.87 billion Yuan, a 49.15% increase, while total equity grew 66.86% to 1.61 billion Yuan Consolidated Balance Sheet Summary as of June 30, 2025 | Item | Closing Balance (Yuan) | Opening Balance (Yuan) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 734,322,425.86 | 338,025,199.15 | | Trading Financial Assets | 220,418,000.00 | | | Accounts Receivable | 156,081,990.65 | 155,387,396.46 | | Inventory | 82,758,675.77 | 81,296,626.16 | | Total Current Assets | 1,255,699,703.94 | 699,435,697.67 | | Fixed Assets | 354,770,278.89 | 196,932,283.87 | | Construction in Progress | 114,855,888.49 | 210,678,229.47 | | Total Non-current Assets | 616,064,484.47 | 555,500,517.19 | | Total Assets | 1,871,764,188.41 | 1,254,936,214.86 | | Accounts Payable | 60,717,109.28 | 49,624,272.14 | | Total Current Liabilities | 185,775,109.71 | 209,035,406.92 | | Total Non-current Liabilities | 79,213,901.42 | 82,935,787.95 | | Total Liabilities | 264,989,011.13 | 291,971,194.87 | | Share Capital | 266,666,700.00 | 200,000,000.00 | | Capital Reserves | 981,002,633.63 | 421,767,649.28 | | Total Equity Attributable to Parent | 1,606,775,177.28 | 962,965,019.99 | | Total Equity | 1,606,775,177.28 | 962,965,019.99 | | Total Liabilities and Equity | 1,871,764,188.41 | 1,254,936,214.86 | Parent Company Balance Sheet As of June 30, 2025, the parent company's total assets were 1.52 billion Yuan, a 59.15% increase, with total equity growing 73.62% to 1.44 billion Yuan Parent Company Balance Sheet Summary as of June 30, 2025 | Item | Closing Balance (Yuan) | Opening Balance (Yuan) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 342,138,308.24 | 149,576,932.78 | | Accounts Receivable | 118,664,839.28 | 93,803,203.40 | | Total Current Assets | 598,119,012.83 | 527,249,638.82 | | Long-term Equity Investments | 760,132,216.20 | 213,861,762.77 | | Total Non-current Assets | 920,190,378.49 | 426,767,158.63 | | Total Assets | 1,518,309,391.32 | 954,016,797.45 | | Accounts Payable | 22,046,186.29 | 15,740,195.29 | | Total Current Liabilities | 48,819,138.41 | 92,564,694.46 | | Total Non-current Liabilities | 27,806,650.48 | 31,097,368.79 | | Total Liabilities | 76,625,788.89 | 123,662,063.25 | | Share Capital | 266,666,700.00 | 200,000,000.00 | | Capital Reserves | 987,678,853.93 | 428,443,869.58 | | Total Equity | 1,441,683,602.43 | 830,354,734.20 | Consolidated Income Statement For H1 2025, consolidated revenue was 355 million Yuan, a 16.79% increase, resulting in a net profit of 68.24 million Yuan, up 24.20% year-on-year Consolidated Income Statement Summary for H1 2025 | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | I. Total Operating Revenue | 354,731,314.86 | 303,722,513.87 | | Of which: Operating Revenue | 354,731,314.86 | 303,722,513.87 | | II. Total Operating Costs | 274,124,532.10 | 238,825,654.93 | | Of which: Cost of Goods Sold | 179,812,910.07 | 159,771,183.88 | | Selling Expenses | 21,358,513.27 | 20,287,106.56 | | General & Administrative Expenses | 58,927,846.23 | 48,542,760.27 | | R&D Expenses | 13,286,745.83 | 13,506,381.61 | | Financial Expenses | -2,207,940.73 | -5,344,691.19 | | Add: Other Income | 1,851,943.69 | 2,386,417.67 | | Fair Value Change Gains | 1,990,775.87 | 134,911.17 | | Credit Impairment Loss | 2,110,770.88 | -281,715.01 | | Asset Impairment Loss | -5,609,447.84 | -4,525,798.41 | | III. Operating Profit | 80,675,135.35 | 62,734,292.37 | | IV. Total Profit | 80,765,283.20 | 62,753,059.88 | | Less: Income Tax Expense | 12,523,251.68 | 7,809,037.88 | | V. Net Profit | 68,242,031.52 | 54,944,022.00 | | Net Profit Attributable to Parent | 68,242,031.52 | 54,944,022.00 | | VII. Total Comprehensive Income | 70,708,479.50 | 54,002,336.85 | | VIII. Earnings Per Share: Basic EPS | 0.27 | 0.27 | | VIII. Earnings Per Share: Diluted EPS | 0.27 | 0.27 | Parent Company Income Statement For H1 2025, the parent company's revenue was 172 million Yuan, a 13.96% increase, while net profit decreased 7.06% to 38.23 million Yuan Parent Company Income Statement Summary for H1 2025 | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | I. Operating Revenue | 172,091,162.95 | 151,012,682.41 | | Less: Cost of Goods Sold | 109,215,760.25 | 89,317,797.87 | | Selling Expenses | 1,165,647.06 | 988,847.02 | | General & Administrative Expenses | 18,079,302.86 | 11,773,535.30 | | R&D Expenses | 6,322,816.58 | 6,574,807.25 | | Financial Expenses | -3,918,723.29 | -5,287,482.40 | | Add: Other Income | 1,334,660.96 | 1,284,434.37 | | Fair Value Change Gains | 1,572,775.87 | 134,911.17 | | Credit Impairment Loss | 14,306.71 | 63,207.28 | | Asset Impairment Loss | -1,306,096.77 | -1,520,296.91 | | Asset Disposal Gains | 3,171,266.35 | 123,556.21 | | II. Operating Profit | 44,571,422.80 | 46,660,271.85 | | III. Total Profit | 44,550,423.01 | 46,658,271.87 | | Less: Income Tax Expense | 6,323,232.57 | 5,526,878.28 | | IV. Net Profit | 38,227,190.44 | 41,131,393.59 | | VI. Total Comprehensive Income | 38,227,190.44 | 40,394,971.40 | Consolidated Cash Flow Statement For H1 2025, net cash from operating activities was 94.09 million Yuan, while financing activities generated 586 million Yuan from the IPO Consolidated Cash Flow Statement Summary for H1 2025 | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 94,093,719.21 | 63,832,315.72 | | Net Cash Flow from Investing Activities | -277,050,209.93 | -20,545,966.10 | | Net Cash Flow from Financing Activities | 585,775,508.30 | -8,888,855.24 | | Net Increase in Cash and Cash Equivalents | 402,491,293.10 | 37,128,087.65 | | Closing Balance of Cash and Cash Equivalents | 673,775,468.08 | 223,694,869.87 | Parent Company Cash Flow Statement For H1 2025, the parent company's operating cash flow was 36.36 million Yuan, with financing activities generating 590 million Yuan Parent Company Cash Flow Statement Summary for H1 2025 | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 36,359,978.92 | 24,788,300.70 | | Net Cash Flow from Investing Activities | -433,180,928.41 | -8,153,292.68 | | Net Cash Flow from Financing Activities | 589,871,990.44 | -8,202,939.89 | | Net Increase in Cash and Cash Equivalents | 192,561,375.46 | 7,935,778.05 | | Closing Balance of Cash and Cash Equivalents | 342,138,308.24 | 104,020,032.76 | Consolidated Statement of Changes in Equity In H1 2025, consolidated total equity increased by 644 million Yuan, primarily due to the IPO, which raised share capital and capital reserves Consolidated Statement of Changes in Equity Summary for H1 2025 | Item | Share Capital (Yuan) | Capital Reserves (Yuan) | Other Comprehensive Income (Yuan) | Surplus Reserves (Yuan) | Retained Earnings (Yuan) | Total Equity Attributable to Parent (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | II. Opening Balance | 200,000,000.00 | 421,767,649.28 | -10,893,077.99 | 21,315,357.38 | 330,775,091.32 | 962,965,019.99 | | III. Change This Period | 66,666,700.00 | 559,234,984.35 | 2,466,447.98 | | 15,442,024.96 | 643,810,157.29 | | (I) Total Comprehensive Income | | | 2,466,447.98 | | 68,242,031.52 | 70,708,479.50 | | (II) Capital Contribution | 66,666,700.00 | 559,234,984.35 | | | | 625,901,684.35 | | (III) Profit Distribution | | | | | -52,800,006.56 | -52,800,006.56 | | IV. Closing Balance | 266,666,700.00 | 981,002,633.63 | -8,426,630.01 | 21,315,357.38 | 346,217,116.28 | 1,606,775,177.28 |