北摩高科(002985) - 2025 Q2 - 季度财报

Section 1 Important Notes, Contents and Definitions Important Notes The company's board and management affirm the semi-annual report's authenticity and completeness, highlighting risks and detailing no planned dividend distribution - The company's Board of Directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report and assume legal responsibility[4] - The company's legal representative Zhang Tianchuang, Chief Financial Officer Zhang Tianchuang, and head of the accounting department Wan Peng declare the financial report to be true, accurate, and complete[4] - The company does not plan to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital[5] Contents This section outlines the report's structure, covering nine main chapters from company profile to financial statements - The report comprises nine main chapters, providing comprehensive information on the company's operations, finances, governance, and significant matters[7] Directory of Documents for Inspection This section specifies the semi-annual report's reference documents, including signed financial statements and original public disclosures - Documents for inspection include signed and sealed financial statements, original publicly disclosed documents, and the original report signed by the legal representative[9][10] - All documents for inspection are kept at the company's securities department[10] Definitions This section defines key terms used in the report, such as the company name, reporting period, and monetary units Key Definitions for the Reporting Period | Term | Refers to | Definition | | :--- | :--- | :--- | | The Company/Beimo Gaoke | Refers to | Beijing Beimo Gaoke Friction Materials Co, Ltd | | Reporting Period | Refers to | January 1, 2025 - June 30, 2025 | | Jinghanyu | Refers to | Beijing Jinghanyu Electronic Engineering Technology Co, Ltd | | Yuan, 10,000 Yuan | Refers to | RMB Yuan, RMB 10,000 Yuan | Section 2 Company Profile and Key Financial Indicators I. Company Profile This section provides basic information about Beijing Beimo Gaoke Friction Materials Co, Ltd, including its stock details and legal representative Company Basic Information | Stock Abbreviation | Beimo Gaoke | | :--- | :--- | | Stock Code | 002985 | | Stock Listing Exchange | Shenzhen Stock Exchange | | Company's Chinese Name | 北京北摩高科摩擦材料股份有限公司 | | Company's Chinese Abbreviation (if any) | 北摩高科 | | Company's English Name (if any) | Beijing Beimo Gaoke Friction Materials Co, Ltd | | Company's Legal Representative | Zhang Tianchuang | II. Contact Person and Contact Information This section lists the contact details for the company's Board Secretary and Securities Affairs Representative Company Contact Information | | Board Secretary | Securities Affairs Representative | | :--- | :--- | :--- | | Name | Wang Xi | Zhang Yingchun | | Contact Address | Shahe Industrial Zone, Changping District, Beijing | Shahe Industrial Zone, Changping District, Beijing | | Telephone | 010-80725911 | 010-80725911 | | Fax | 010-80725921 | 010-80725921 | | Email | bmdongban@bjgk.com | bmdongban@bjgk.com | III. Other Information The company's contact information, disclosure media, and other relevant details remained unchanged during the reporting period - The company's registered address, office address, website, email, and other contact information remained unchanged during the reporting period[16] - The information disclosure media and document inspection location remained unchanged during the reporting period, with details available in the 2024 annual report[17] IV. Key Accounting Data and Financial Indicators The company demonstrated strong financial performance with significant growth in revenue, net profit, and operating cash flow Key Accounting Data and Financial Indicators (Current Period vs Prior Year Period) | Indicator | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | Change from Prior Year Period | | :--- | :--- | :--- | :--- | | Operating Revenue | 459,890,445.57 | 344,746,452.61 | 33.40% | | Net Profit Attributable to Shareholders | 80,976,100.90 | 66,646,723.40 | 21.50% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 79,816,820.04 | 61,547,031.22 | 29.68% | | Net Cash Flow from Operating Activities | 131,128,639.57 | -90,732,108.54 | 244.52% | | Basic Earnings Per Share (Yuan/Share) | 0.24 | 0.20 | 20.00% | | Diluted Earnings Per Share (Yuan/Share) | 0.24 | 0.20 | 20.00% | | Weighted Average Return on Equity | 3.19% | 2.07% | 1.12% | | Indicator | End of Current Reporting Period (Yuan) | End of Prior Year (Yuan) | Change from End of Prior Year | | Total Assets | 3,867,517,135.95 | 4,041,340,662.72 | -4.30% | | Net Assets Attributable to Shareholders | 2,569,886,803.97 | 2,496,442,683.84 | 2.94% | V. Differences in Accounting Data under Domestic and Foreign Accounting Standards There were no discrepancies in net profit or net assets between Chinese and international accounting standards during the reporting period - The company had no differences in net profit or net assets under domestic versus foreign accounting standards during the reporting period[20][21] VI. Non-recurring Profit and Loss Items and Amounts Non-recurring profit and loss totaled 1,159,280.86 Yuan, primarily from government subsidies and fair value changes of financial assets Non-recurring Profit and Loss Items and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Government Subsidies Recognized in Current Profit or Loss (Excluding those with continuous impact) | 1,193,300.00 | | Fair Value Changes and Disposal Gains/Losses on Financial Assets and Liabilities Held by Non-financial Enterprises (Excluding effective hedging related to normal operations) | 93,055.56 | | Other Non-operating Income and Expenses | 270,505.68 | | Less: Income Tax Impact | 233,522.11 | | Minority Interest Impact (After Tax) | 164,058.27 | | Total | 1,159,280.86 | - The company has no other items that meet the definition of non-recurring profit or loss, nor has it reclassified any non-recurring items as recurring[24] Section 3 Management Discussion and Analysis I. Main Business Operations during the Reporting Period The company develops and sells braking products for high-end equipment, transitioning from a component supplier to a system provider - The company's main business is the R&D, production, and sales of braking products for dual-use aerospace vehicles, landing gear systems, and other high-end equipment[26] - The company has successfully transitioned from a component and material supplier to a system supplier and overall solution provider[26] - The company's long-term strategy is "leading in military products, expanding in civil products, military-civil fusion, and serving the nation through industry," focusing on brake discs, aircraft braking systems, landing gear, and testing services[26] 1. Main Business Operations The company's business includes brake discs, control systems, landing gear, and testing, with significant growth potential in military and civil aviation markets - The brake disc business benefits from increased military training frequency and a vast civil aviation maintenance market, with the domestic civil aviation brake disc market exceeding 4 billion Yuan annually[27][28] - The landing gear business achieved its first revenue in 2021, marking the company's shift from a component supplier to a system supplier, and is expected to become a significant performance contributor[30][32] - The testing business achieved net profit growth in the first half of the year, with significant progress in regional diversification, 5 new invention patents, and national defense laboratory accreditation[33] 2. Business Model The company primarily sells military and civil aviation products to military, OEM, and civil aviation customers under a strict procurement and pricing system - The company's business is centered on the sale of military and civil aviation products to military, OEM, and civil aviation customers[34] - Military procurement follows a strict supporting management system, where suppliers cannot be changed without approval[34] - Military product pricing is determined by military review through a strict approval process, and orders demonstrate strong continuity[36] 3. Profit Model The company generates profit through product sales to OEMs and the aftermarket, as well as by providing professional technical services - The company's main profit model involves the R&D, production, and sale of braking products and the provision of professional services[37] - The product sales model includes direct supply to OEMs and selling spare parts to military, military factories, or civil aviation customers[38] - The professional technical services model leverages the company's expertise to provide product maintenance and testing services to customers[39] 4. Procurement Model The company employs a procurement model based on sales orders and production plans, with strict supplier qualification for military products - The company adopts a production-on-demand model, with procurement quantities determined by orders and production plans[40] - Suppliers for military products must be approved by resident military representatives and listed in the qualified supplier directory[42] - The company strictly controls all purchased materials and conducts comprehensive assessments of key suppliers through multi-departmental on-site inspections[43] 5. Production Model The company's production operates under a strict licensing system with quality supervision, utilizing both in-house manufacturing and outsourcing - Military production operates under a strict licensing system, with products manufactured according to military standards and subject to quality supervision by resident military representatives throughout the process[44] - The in-house production model is based on annual plans derived from sales contracts and market forecasts, with flexibility for temporary orders[46] - Outsourcing is mainly used for non-core production steps, with qualified suppliers selected to improve efficiency and meet customer needs[47] 6. R&D Model The company has a dedicated R&D department that follows a structured process from project initiation to design finalization - The company has a dedicated R&D department, and the R&D process includes stages such as project demonstration, solution validation, engineering development, and design finalization[48] II. Core Competitiveness Analysis The company's core strengths lie in its business model, first-mover advantage in the military sector, and strong R&D capabilities - As a supplier of consumables, the company benefits from increased military exercise frequency and the vast civil aviation maintenance and replacement market[49] - The company holds military business licenses from military and industry authorities and civil aviation qualifications from the CAAC, giving it a first-mover advantage[51] - The company has completed the delivery of landing gear systems, marking a leap from a component supplier to a system supplier and enhancing its overall industry chain competitiveness[53][54] - The company boasts an experienced core team led by the Chairman and General Manager, a strong R&D team led by the Chief Engineer, and collaborates with multiple universities on industry-academia-research projects[55][56] - With deep technical expertise and proprietary intellectual property, the company holds a leading position in the braking field, supported by professional R&D and testing centers[57][59] III. Main Business Analysis The company achieved significant growth in revenue and net profit, driven by its landing gear, brake disc, and wheel businesses Year-on-Year Changes in Key Financial Data | Indicator | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 459,890,445.57 | 344,746,452.61 | 33.40% | Increase in orders and deliveries this period | | Net Profit Attributable to Shareholders | 80,976,100.90 | 66,646,723.40 | 21.50% | | | Net Cash Flow from Operating Activities | 131,128,639.57 | -90,732,108.54 | 244.52% | Increased collections, reduced procurement payments, cost reduction, and lower salary expenses | | Net Cash Flow from Investing Activities | -16,502,911.79 | -663,771,895.73 | 97.51% | Due to the acquisition of minority interests in subsidiary Jinghanyu in the prior period | | Net Cash Flow from Financing Activities | -208,933,183.48 | 270,732,804.39 | -177.17% | Due to loans for the acquisition of minority interests in subsidiary Jinghanyu in the prior period | | Credit Impairment Loss | -34,660,626.03 | -17,559,004.33 | -97.40% | Increase in bad debt provisions for accounts receivable | Operating Revenue Composition (by Industry and Product) | Category | Current Period Amount (Yuan) | % of Operating Revenue | Prior Year Period Amount (Yuan) | % of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | By Industry | | | | | | | Aerospace Equipment Manufacturing | 315,088,355.58 | 68.51% | 199,028,322.61 | 57.73% | 58.31% | | Testing Services | 144,802,089.99 | 31.49% | 145,718,130.00 | 42.27% | -0.63% | | By Product | | | | | | | Aerospace Equipment Manufacturing | 315,088,355.58 | 68.51% | 199,028,322.61 | 57.73% | 58.31% | | Testing Services | 144,802,089.99 | 31.49% | 145,718,130.00 | 42.27% | -0.63% | - The company adheres to its strategy of "leading in military products, expanding in civil products, military-civil fusion, and serving the nation through industry," actively participating in COMAC's localization efforts and expanding into the civil aviation aftermarket and international cooperation[61] - In civil aviation, the company initiated STC certification and ground rig tests for several large aircraft brake disc models; subsidiaries Saini Aviation and Tianjin Quanshun are expected to complete NADCAP certification, paving the way into the global top-tier supply chain[64] IV. Non-Main Business Analysis Credit impairment losses significantly impacted total profit, primarily due to increased bad debt provisions for receivables Impact of Non-Main Business on Total Profit | Item | Amount (Yuan) | % of Total Profit | Reason | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 93,055.56 | 0.09% | Mainly from wealth management products | No | | Non-operating Income | 357,883.25 | 0.36% | Mainly compensation received from suppliers | No | | Non-operating Expenses | 87,377.57 | 0.09% | Mainly losses from disposal of non-current assets | No | | Credit Impairment Loss | -34,660,626.03 | -35.13% | Mainly bad debt losses on accounts and notes receivable | No | V. Analysis of Assets and Liabilities Total assets slightly decreased while net assets grew, with a notable reduction in short-term and long-term borrowings Significant Changes in Asset Composition (Period-end vs Year-end) | Item | Current Period-end Amount (Yuan) | % of Total Assets | Prior Year-end Amount (Yuan) | % of Total Assets | Change in % | Reason for Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 310,685,133.31 | 8.03% | 404,992,589.01 | 10.02% | -1.99% | | | Accounts Receivable | 1,534,070,099.91 | 39.67% | 1,546,239,844.83 | 38.26% | 1.41% | | | Inventories | 931,879,574.95 | 24.10% | 889,627,940.50 | 22.01% | 2.09% | | | Short-term Borrowings | 10,193,855.40 | 0.26% | 33,651,280.92 | 0.83% | -0.57% | | | Long-term Borrowings | 88,000,000.00 | 2.28% | 292,500,000.00 | 7.24% | -4.96% | Repayment of part of the loan for acquiring minority interests in subsidiary Jinghanyu | | Notes Receivable | 71,295,827.55 | 1.84% | 157,899,046.47 | 3.91% | -2.07% | | | Other Current Liabilities | 3,346,211.02 | 0.09% | 156,562,837.16 | 3.87% | -3.78% | A large number of endorsed commercial papers were outstanding at the end of the prior period | - The company had no major overseas assets, minimal changes in assets and liabilities measured at fair value, and no restricted assets at the end of the reporting period[76][78] VI. Investment Analysis Investment amount decreased significantly year-on-year due to a prior-period acquisition, with no major new investments made Change in Investment Amount during the Reporting Period | Investment Amount in Reporting Period (Yuan) | Investment Amount in Prior Year Period (Yuan) | Change | | :--- | :--- | :--- | | 16,595,967.35 | 744,687,912.46 | -97.77% | - The company had no securities investments or derivatives investments during the reporting period[79][80] Overall Use of Raised Funds | Total Raised Funds (10,000 Yuan) | Net Raised Funds (10,000 Yuan) | Cumulative Used Funds (10,000 Yuan) | Remaining Funds at Period-end (10,000 Yuan) | Cumulative Usage Rate | | :--- | :--- | :--- | :--- | :--- | | 84,577.62 | 77,408.13 | 73,416.33 | 4,145.94 | 94.84% | - The "High-speed Train Basic Friction Materials and Brake Pad Industrialization Project" was terminated due to market changes, and the remaining funds were used to permanently supplement working capital[85] VII. Sale of Major Assets and Equity The company did not engage in the sale of major assets or equity during the reporting period - The company did not sell any major assets or equity during the reporting period[88][89] VIII. Analysis of Major Subsidiaries and Investees Subsidiary Beijing Jinghanyu Electronic Engineering Technology Co, Ltd, significantly contributed to the company's net profit Financial Information of Major Subsidiary (Beijing Jinghanyu Electronic Engineering Technology Co, Ltd) | Company Name | Company Type | Main Business | Registered Capital (Yuan) | Total Assets (Yuan) | Net Assets (Yuan) | Operating Revenue (Yuan) | Operating Profit (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing Jinghanyu Electronic Engineering Technology Co, Ltd | Subsidiary | IC technology development, transfer, consulting, services; technical testing; product design; sales of computer hardware, software, and auxiliary equipment; software development | 360,000,000.00 | 868,396,853.86 | 476,895,338.45 | 148,880,826.66 | 48,365,728.55 | 43,816,674.31 | IX. 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[91] X. Risks and Countermeasures The company faces risks from military order instability, pricing fluctuations, and high customer concentration, which it mitigates through market development and risk management - The company faces risks of unstable military sales orders and pricing fluctuations, as long military review cycles and price adjustment mechanisms may cause revenue and performance volatility[91] - The company has a high concentration of customers, primarily enterprises controlled by the aviation industry, and adverse changes in their operations or demand could significantly impact performance[92] - The company's accounts receivable balance is relatively high, posing a risk of bad debt, although most are within a two-year aging period and customers have good credit[92][93] - The company faces risks of its technology not remaining advanced and the potential loss of military product licenses[93][94] - Countermeasures include strengthening market development, expanding into the civil aviation sector, enhancing customer credit management, continuous R&D investment, and actively managing license renewals[91][92][93][94] XI. Development and Implementation of Market Value Management System and Valuation Enhancement Plan The company has not formulated a market value management system or disclosed a valuation enhancement plan - The company has not formulated a market value management system or disclosed a valuation enhancement plan[96] XII. 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[96] Section 4 Corporate Governance, Environment and Society I. Changes in Directors, Supervisors, and Senior Management The company underwent significant changes in its board, supervisory committee, and senior management due to a periodic election - The company's directors, supervisors, and senior management underwent significant changes due to a periodic election[97] - Several former executives, including Wang Shumin, Wang Fei, Xia Qingsong, Wang Lianbo, Zhao Xiang, Li Rongli, and Liu Yang, have left their positions[97] - Zhang Tianchuang was elected Chairman and appointed General Manager, with Zheng Dan, Xiao Kai, Zhao Xiang, Deng Wensheng, Ji Xuewu, Jiang Xiaodong, Wan Peng, Ren Xuelong, Yang Changkun, and Wang Xi appointed or re-appointed to key roles[97] II. Profit Distribution and Capitalization of Capital Reserve in the Reporting Period The company does not plan to distribute dividends or convert capital reserves into share capital for the first half of the year - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for the semi-annual period[98] III. 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 during the reporting period[99] IV. Environmental Information Disclosure The company and its main subsidiaries are not listed as enterprises required to disclose environmental information by law - The company and its main subsidiaries are not included in the list of enterprises required to disclose environmental information by law[100] V. Social Responsibility The company actively fulfills its social responsibilities by integrating them into daily operations, focusing on safety, environmental protection, and sustainable development - The company actively fulfills its social responsibilities, emphasizing safety, environmental protection, resource conservation, and harmonious sustainable development[100] - The company protects shareholder rights through online voting and communication channels, and maintains active engagement with investors[101] - Adhering to a "people-oriented" philosophy, the company protects employee rights, provides household registration quotas, organizes activities, offers health check-ups, and collaborates with universities for talent development[101] - The company follows a "safety first, prevention foremost, comprehensive governance" policy, maintains a standardized supplier admission mechanism, and conducts regular customer satisfaction surveys to enhance supplier and customer satisfaction[102] Section 5 Significant Matters I. Commitments Fulfilled or Overdue by Controlling Shareholders, Related Parties, and the Company There were no commitments fulfilled or overdue by the company's controlling shareholders, related parties, or the company itself during the reporting period - There were no commitments fulfilled or overdue by the company's actual controller, shareholders, related parties, acquirers, or the company itself during the reporting period[104] II. Non-operating Fund Occupation by Controlling Shareholders and Other Related Parties There was no non-operating occupation of the company's funds by controlling shareholders or other related parties during the reporting period - There was no non-operating occupation of funds by the controlling shareholder or other related parties during the reporting period[105] 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[106] IV. Appointment and Dismissal of Accounting Firm The company's semi-annual financial report was not audited - The company's semi-annual report was unaudited[107] V. Explanation by the Board of Directors and Supervisory Committee on "Non-standard Audit Report" for the Current Period There was no "non-standard audit report" issued for the current reporting period - There was no non-standard audit report for the current reporting period[108] VI. Explanation by the Board of Directors on "Non-standard Audit Report" of the Previous Year There was no "non-standard audit report" for the previous year requiring explanation - There was no explanation regarding a non-standard audit report from the previous year[108] VII. 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[108] VIII. Litigation Matters The company had no major litigation or arbitration matters during the reporting period - The company had no major litigation or arbitration matters during the reporting period[109] IX. 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[110] X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller There were no integrity issues concerning the company, its controlling shareholder, or actual controller during the reporting period - There were no integrity issues during the reporting period[111] XI. Major Related-Party Transactions The company did not engage in any major related-party transactions during the reporting period - The company had no related-party transactions related to daily operations during the reporting period[111] - The company had no related-party transactions involving the acquisition or sale of assets or equity[112] - There were no related-party credit or debt transactions during the reporting period[114] - The company had no other major related-party transactions during the reporting period[117] XII. Major Contracts and Their Performance The company had no major contracts such as custody, contracting, leasing, guarantees, or wealth management during the reporting period - The company had no custody, contracting, or leasing matters during the reporting period[118][119][120] - The company had no major guarantee situations during the reporting period[121] - The company had no entrusted wealth management or other major contracts during the reporting period[122][123] XIII. Explanation of Other Significant Matters There were no other significant matters that required explanation during the reporting period - There were no other significant matters to be explained during the reporting period[124] XIV. Significant Matters of Subsidiaries There were no significant matters concerning the company's subsidiaries during the reporting period - There were no significant matters concerning subsidiaries during the reporting period[125] Section 6 Changes in Share Capital and Shareholders I. Changes in Share Capital The number of restricted shares increased while unrestricted shares decreased, with the total share capital remaining unchanged Changes in Share Capital (Shares) | | Shares Before Change | Proportion Before Change | Change (+, -) | Shares After Change | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 133,770,426.00 | 40.31% | 22,412,381.00 | 156,182,807.00 | 47.06% | | II. Unrestricted Shares | 198,083,174.00 | 59.69% | -22,412,381.00 | 175,670,793.00 | 52.94% | | III. Total Shares | 331,853,600.00 | 100.00% | 0.00 | 331,853,600.00 | 100.00% | Changes in Restricted Shares (Shares) | Shareholder Name | Restricted Shares at Start of Period | Shares Released from Restriction | Shares Added to Restriction | Restricted Shares at End of Period | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Wang Shumin | 90,387,473.00 | 0.00 | 30,129,158.00 | 120,516,631.00 | Executive Lock-up | | Chen Jianfeng | 33,066,586.00 | 8,266,647.00 | 0.00 | 24,799,939.00 | Executive Lock-up | | Total | 131,645,694.00 | 9,201,222.00 | 31,613,603.00 | 154,058,075.00 | -- | II. Securities Issuance and Listing The company did not issue or list any securities during the reporting period - The company did not issue or list any securities during the reporting period[131] III. Number of Shareholders and Shareholding Status Wang Shumin is the largest shareholder with a 36.32% stake, all of which is restricted Shareholding of Shareholders with over 5% or Top 10 Shareholders | Shareholder Name | Shareholder Type | Shareholding Ratio | Shares Held at Period-end (Shares) | Number of Restricted Shares (Shares) | Number of Unrestricted Shares (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Wang Shumin | Domestic Individual | 36.32% | 120,516,631.00 | 120,516,631.00 | 0 | | Chen Jianfeng | Domestic Individual | 9.96% | 33,066,586.00 | 24,799,939.00 | 8,266,647 | | Zhuhai Mingyong Management Consulting Co, Ltd | Domestic Non-state-owned Legal Entity | 2.32% | 7,700,000.00 | 0.00 | 7,700,000.00 | | Hong Kong Securities Clearing Company Ltd | Foreign Legal Entity | 2.29% | 7,603,040.00 | 0.00 | 7,603,040.00 | | Liu Yang | Domestic Individual | 1.31% | 4,346,186.00 | 4,346,186.00 | 0 | Shareholding of Top 10 Unrestricted Shareholders | Shareholder Name | Unrestricted Shares Held at Period-end (Shares) | Share Type | | :--- | :--- | :--- | | Chen Jianfeng | 8,266,647.00 | RMB Ordinary Share | | Zhuhai Mingyong Management Consulting Co, Ltd | 7,700,000.00 | RMB Ordinary Share | | Hong Kong Securities Clearing Company Ltd | 7,603,040.00 | RMB Ordinary Share | | Bank of China - Aegon-Industrial Fund Co, Ltd - Aegon-Industrial Hefeng Three-Year Holding Period Mixed Fund | 3,051,905.00 | RMB Ordinary Share | | Gao Kun | 2,659,442.00 | RMB Ordinary Share | IV. 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[135] V. Changes in Controlling Shareholder or Actual Controller The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder did not change during the reporting period[136] - The company's actual controller did not change during the reporting period[136] VI. Preferred Shares The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[137] 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[139] Section 8 Financial Report I. Audit Report The company's semi-annual financial report was not audited - The company's semi-annual financial report was unaudited[141] II. Financial Statements This section presents the consolidated and parent company financial statements for the first half of 2025 Key Data from Consolidated Balance Sheet (Period-end Balance) | Item | Period-end Balance (Yuan) | | :--- | :--- | | Total Assets | 3,867,517,135.95 | | Total Liabilities | 1,224,856,726.37 | | Total Equity Attributable to Parent Company | 2,569,886,803.97 | | Minority Interest | 72,773,605.61 | | Total Equity | 2,642,660,409.58 | Key Data from Consolidated Income Statement (Current Period Amount) | Item | Current Period Amount (Yuan) | | :--- | :--- | | Total Operating Revenue | 459,890,445.57 | | Total Operating Costs | 334,955,894.15 | | Operating Profit | 98,389,222.65 | | Total Profit | 98,659,728.33 | | Net Profit | 85,795,930.81 | | Net Profit Attributable to Parent Company Shareholders | 80,976,100.90 | | Basic Earnings Per Share (Yuan/Share) | 0.24 | Key Data from Consolidated Cash Flow Statement (Current Period Amount) | Item | Current Period Amount (Yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | 131,128,639.57 | | Net Cash Flow from Investing Activities | -16,502,911.79 | | Net Cash Flow from Financing Activities | -208,933,183.48 | | Net Increase in Cash and Cash Equivalents | -94,307,455.70 | III. Company Basic Information Beijing Beimo Gaoke Friction Materials Co, Ltd was established in 2016, listed in 2020, and primarily engages in braking products and testing services - The company was established on September 1, 2016, and listed on the main board of the Shenzhen Stock Exchange in April 2020[174] - The company's main business includes the R&D, production, and sale of braking products for military aircraft and ground equipment, as well as electronic component testing services[175] - As of June 30, 2025, the company's total issued share capital is 331.8536 million shares, with a registered capital of 331.8536 million Yuan[174] - The company's actual controller is Wang Shumin[176] IV. Basis of Preparation of Financial Statements The financial statements are prepared in accordance with PRC Accounting Standards for Business Enterprises and on a going concern basis - The financial statements are prepared in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance and relevant regulations of the CSRC[178] - These financial statements are prepared on a going concern basis[179] V. Significant Accounting Policies and Estimates This section details the key accounting policies and estimates used in preparing the financial statements, covering areas like revenue recognition and asset valuation - The company has formulated specific accounting policies and estimates for items such as bad debt provisions for accounts receivable, depreciation of fixed assets, amortization of intangible assets, and revenue recognition, based on its operational characteristics[180] - Revenue is recognized when the company has fulfilled its performance obligations in the contract, i,e, when the customer obtains control of the related goods or services[331] - Revenue from product sales is recognized upon acceptance by the resident military representative and delivery, or upon delivery and receipt of customer acceptance documents; revenue from testing services is recognized upon delivery of the test report to the customer[339][340] - The company applies impairment accounting based on expected credit losses for financial assets measured at amortized cost, financial assets at fair value through other comprehensive income (debt instruments), and financial guarantee contracts[237] VI. Taxes The company and several subsidiaries benefit from a reduced 15% corporate income tax rate as high-tech enterprises Major Taxes and Tax Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Output tax is calculated based on sales revenue and taxable service income as per tax law, with the difference after deducting allowable input tax being the VAT payable | 13%, 9%, 6% | | Urban Maintenance and Construction Tax | Levied on the actual amount of VAT and consumption tax paid | 7%, 5% | | Corporate Income Tax | Levied on taxable income | 25%, 20%, 15% | | Education Surcharge / Local Education Surcharge | Levied on the actual amount of VAT and consumption tax paid | 3%, 2% | - The company and its subsidiaries Shanghai Kaiben, Shaanxi Lantai, Beijing Jinghanyu, Xi'an Jinghanyu, and Beimo Gaoke Zhengding are all recognized as high-tech enterprises, subject to a reduced corporate income tax rate of 15%[379][380][381][382][383][384] - Subsidiary Hanzhong Lihang Hydraulic Equipment Co, Ltd is eligible for the preferential tax policy for small and micro enterprises, with its taxable income reduced by 25% and taxed at a rate of 20%[384] - Subsidiary Shanghai Kaiben Aviation Technology Co, Ltd enjoys a VAT refund policy for eligible aircraft maintenance services[385] VII. Notes to Consolidated Financial Statement Items This section provides detailed disclosures on key items in the consolidated financial statements, such as accounts receivable and long-term debt Accounts Receivable and Bad Debt Provision (Period-end Balance) | Item | Book Balance (Yuan) | Bad Debt Provision (Yuan) | Book Value (Yuan) | | :--- | :--- | :--- | :--- | | Accounts Receivable | 2,045,649,289.98 | 511,579,190.07 | 1,534,070,099.91 | Long-term Borrowings (Period-end Balance) | Item | Period-end Balance (Yuan) | Beginning Balance (Yuan) | | :--- | :--- | :--- | | Pledged Borrowings | 88,000,000.00 | 292,500,000.00 | | Total | 88,000,000.00 | 292,500,000.00 | - The decrease in long-term borrowings is mainly due to the repayment of part of the loan for acquiring minority interests in the subsidiary Jinghanyu Operating Revenue and Cost (Current Period Amount) | Item | Revenue (Yuan) | Cost (Yuan) | | :--- | :--- | :--- | | Main Business | 459,890,445.57 | 235,932,650.44 | | Total | 459,890,445.57 | 235,932,650.44 | VIII. R&D Expenditures Total R&D expenditure was 43.21 million Yuan, an increase of 5.94% year-on-year, with all expenses being expensed R&D Expenditure Details | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Employee Compensation | 20,444,541.27 | 24,758,305.74 | | Depreciation and Amortization | 4,184,150.04 | 2,336,449.51 | | R&D Materials | 11,722,359.05 | 7,842,665.66 | | Testing and Inspection Fees | 4,480,643.92 | 2,951,296.63 | | Electricity Fees | 844,018.46 | 1,220,636.78 | | Travel Expenses | 298,302.72 | 761,759.44 | | Others | 1,237,917.03 | 919,119.32 | | Total | 43,211,932.49 | 40,790,233.08 | | Of which: Expensed R&D | 43,211,932.49 | 40,790,233.08 | | Capitalized R&D | 0.00 | 0.00 | - All R&D expenditures in the current period were expensed, with no capitalized R&D projects[636] IX. Changes in the Scope of Consolidation There were no changes in the scope of consolidation due to business combinations or disposals during the reporting period - The company had no business combinations under common control during the reporting period[640] - The company had no business combinations not under common control during the reporting period[642] - The company had no reverse acquisitions or disposals of subsidiaries leading to a loss of control[646] X. Interests in Other Entities This section discloses the company's interests in its subsidiaries, with Beijing Jinghanyu being a significant non-wholly-owned subsidiary Composition of the Corporate Group (Selected Subsidiaries) | Subsidiary Name | Registered Capital (Yuan) | Business Nature | Shareholding Ratio (Direct) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | | Beijing Jinghanyu Electronic Engineering Technology Co, Ltd | 360,000,000.00 | Testing Services | 87.75% | Business combination not under common control | | Shanghai Kaiben Aviation Technology Co, Ltd | 5,000,000.00 | Manufacturing | 100.00% | Business combination not under common control | | Shaanxi Lantai Aviation Equipment Co, Ltd | 60,000,000.00 | Manufacturing | 66.67% | Business combination not under common control | Significant Non-wholly-owned Subsidiary (Beijing Jinghanyu Electronic Engineering Technology Co, Ltd) | Subsidiary Name | Minority Interest Ratio | Profit/Loss Attributable to Minority Shareholders (Yuan) | Minority Interest Balance at Period-end (Yuan) | | :--- | :--- | :--- | :--- | | Beijing Jinghanyu Electronic Engineering Technology Co, Ltd | 12.25% | 5,367,542.60 | 57,506,271.52 | - The company had no significant joint ventures or associates, nor any significant joint operations or structured entities not included in the consolidated financial statements during the reporting period[656][658][659][661] XI. Government Grants The company recognized deferred income from government grants of 45.93 million Yuan at period-end, with 8.02 million Yuan recognized in current profit or loss Liabilities Related to Government Grants (Deferred Income) | Account | Beginning Balance (Yuan) | New Grants (Yuan) | Transferred to Other Income (Yuan) | Ending Balance (Yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 46,475,000.00 | 0 | 550,000.00 | 45,925,000.00 | Asset-related | Government Grants Recognized in Current Profit or Loss | Account | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Other Income | 8,022,241.70 | 3,083,570.95 | XII. Risks Related to Financial Instruments The company manages credit, liquidity, and market risks through diversified investments, credit assessments, and cash flow monitoring - The company faces credit risk, liquidity risk, and market risk (including exchange rate risk, interest rate risk, and other price risks)[665] - The company controls credit risk through diversified investments, assessing customer creditworthiness, and regularly monitoring customer credit records[667] - The company manages liquidity risk by monitoring cash balances, using rolling cash flow forecasts, and ensuring access to backup funds[668] Financial Liabilities by Maturity of Undiscounted Contractual Cash Flows (Period-end Balance) | Item | Within 1 Year (Yuan) | Over 1 Year (Yuan) | Total Undiscounted Contractual Amount (Yuan) | Book Value (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Short-term Borrowings | 10,193,855.40 | | 10,193,855.40 | 10,193,855.40 | | Notes Payable | 79,577,440.00 | | 79,577,440.00 | 79,577,440.00 | | Accounts Payable | 622,341,334.39 | | 622,341,334.39 | 622,341,334.39 | | Other Payables | 317,270,508.01 | | 317,270,508.01 | 317,270,508.01 | | Non-current Liabilities Due within One Year | 21,743,603.75 | | 21,743,603.75 | 21,743,603.75 | | Other Current Liabilities | 3,346,211.02 | | 3,346,211.02 | 3,346,211.02 | | Long-term Borrowings | | 88,000,000.00 | 88,000,000.00 | 88,000,000.00 | | Lease Liabilities | | 29,733,245.72 | 29,733,245.72 | 29,733,245.72 | | Total | 1,054,472,952.57 | 117,733,245.72 | 1,172,206,198.29 | 1,162,012,342.89 | XIII. Fair Value Disclosure Assets continuously measured at fair value totaled 4.05 million Yuan, consisting entirely of receivables financing measured at Level 3 Period-end Fair Value of Assets and Liabilities Measured at Fair Value | Item | Level 3 Fair Value Measurement (Yuan) | Total (Yuan) | | :--- | :--- | :--- | | Receivables Financing | 4,053,637.29 | 4,053,637.29 | | Total Assets Continuously Measured at Fair Value | 4,053,637.29 | 4,053,637.29 | - The difference between the fair value and book value of financial assets and liabilities not measured at fair value is not significant[679] XIV. Related Parties and Related-Party Transactions The company's actual controller is Ms Wang Shumin, and no significant related-party transactions occurred during the reporting period - The company's actual controller is Ms Wang Shumin, who holds 36.32% of the company's equity[679] - The company had no related-party transactions for the purchase or sale of goods or the provision and receipt of services during the reporting period[682][683] - The company had no significant related-party transactions such as entrusted management, leasing, guarantees, fund lending, asset transfers, or debt restructuring during the reporting period[684][685][686][687][688][689][690][691][692] XV. Share-based Payment The company had no share-based payment arrangements during the reporting period - The company had no share-based payment situations during the reporting period[699] XVI. Commitments and Contingencies The company had no significant commitments or contingencies to disclose as of the balance sheet date - The company had no significant commitments as of the balance sheet date[700] - The company had no significant contingencies to disclose[701][702] XVII. Subsequent Events There were no significant subsequent events, such as non-adjusting events or profit distributions, after the reporting period - The company had no significant non-adjusting events after the reporting period[704] - The company had no subsequent events such as profit distributions or sales returns[705] XVIII. Other Significant Matters The company had no other significant matters such as prior period error corrections, debt restructuring, or discontinued operations - The company had no other significant matters such as prior period error corrections, debt restructuring, asset swaps, annuity plans, or discontinued operations[706][708][709] - The company has no reportable segments or is unable to disclose the total assets and liabilities of each reportable segment[712] XIX. Notes to Key Items in the Parent Company's Financial Statements This section details key items from the parent company's financial statements, including receivables, long-term investments, and revenue Parent Company Accounts Receivable and Bad Debt Provision (Period-end Balance) | Item | Book Balance (Yuan) | Bad Debt Provision (Yuan) | Book Value (Yuan) | | :--- | :--- | :--- | :--- | | Accounts Receivable | 1,555,188,885.28 | 422,175,456.48 | 1,133,013,428.80 | Parent Company Long-term Equity Investments (Period-end Balance) | Item | Book Balance (Yuan) | Book Value (Yuan) | | :--- | :--- | :--- | | Investments in Subsidiaries | 1,082,450,000.00 | 1,082,450,000.00 | | Total | 1,082,450,000.00 | 1,082,450,000.00 | Parent Company Operating Revenue and Cost (Current Period Amount) | Item | Revenue (Yuan) | Cost (Yuan) | | :--- | :--- | :--- | | Main Business | 312,945,095.20 | 190,179,901.01 | | Total | 312,945,095.20 | 190,179,901.01 | XX. Supplementary Information This section provides details on non-recurring items and key financial ratios, such as return on equity and earnings per share Details of Current Non-recurring Profit and Loss | Item | Amount (Yuan) | | :--- | :--- | | Government Subsidies Recognized in Current Profit or Loss (Excluding those with continuous impact) | 1,193,300.00 | | Fair Value Changes and Disposal Gains/Losses on Financial Assets and Liabilities Held by Non-financial Enterprises (Excluding effective hedging related to normal operations) | 93,055.56 | | Other Non-operating Income and Expenses | 270,505.68 | | Less: Income Tax Impact | 233,522.11 | | Minority Interest Impact (After Tax) | 164,058.27 | | Total | 1,159,280.86 | Return on Equity and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Equity | Basic Earnings Per Share (Yuan/Share) | Diluted Earnings Per Share (Yuan/Share) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Ordinary Shareholders | 3.19% | 0.24 | 0.24 | | Net Profit Attributable to Ordinary Shareholders (Excluding Non-recurring Items) | 3.15% | 0.24 | 0.24 | - The company has no differences in accounting data under domestic and foreign accounting standards[766] Section 9 Other Submitted Data I. Other Major Social Safety Issues The company and its subsidiaries have no other major social safety issues and received no administrative penalties - The company and its subsidiaries have no other major social safety issues[768] - No administrative penalties were received during the reporting period[768] II. Record of Investor Relations Activities The company hosted two institutional investor events during the reporting period, including a conference call and an on-site visit - On April 25, 2025, the company hosted several institutional investors via a conference call, with details available in the relevant announcement[768] - On June 13, 2025, the company conducted an on-site visit for several institutional investors, with details available in the relevant announcement[768] III. Fund Transactions between the Company and its Controlling Shareholder and Other Related Parties There were no fund transactions between the company and its controlling shareholder or other related parties during the reporting period - There were no fund transactions between the company and its controlling shareholder or other related parties during the reporting period[770]