宇晶股份(002943) - 2025 Q2 - 季度财报

Important Notes, Table of Contents, and Definitions This section provides important declarations, lists reference documents, and defines key terms used throughout the report Important Notes The Board, Supervisory Committee, and senior management guarantee the report's accuracy, completeness, and assume legal responsibility; the company plans no interim cash dividends or share transfers from capital reserves - The Board of Directors, Supervisory Committee, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, assuming individual and joint legal responsibility[4] - Company head Yang Yuhong, chief accountant Tan Peng, and head of accounting department Tao Yuhuan declare the financial report is true, accurate, and complete[4] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[5] Reference Documents Catalog This section lists financial statements signed by key personnel, publicly disclosed company documents, and the original semi-annual report and abstract, all available at the company's securities department - Reference documents include financial statements signed and sealed by the company's legal representative, chief accountant, and head of accounting department[9] - All original company documents and announcements publicly disclosed on the Shenzhen Stock Exchange website and media meeting CSRC requirements during the reporting period[9] - The reference documents are available at the company's Securities Department office[9] Definitions This section defines key terms, company names, subsidiaries, core products, industry terms, currency units, and the reporting period - Yujing Shares, the Company, and the Group refer to Hunan Yujing Machine Co., Ltd[10] - Multi-wire cutting machine is a new cutting method that uses high-speed reciprocating metal wire to introduce abrasive into the processing area for grinding, or to simultaneously cut hard and brittle materials into hundreds or thousands of thin slices using electroplated diamond wire[10] - Reporting period, current reporting period, and this period refer to January 1, 2025 - June 30, 2025[11] Company Profile and Key Financial Indicators This section outlines the company's basic information, contact details, and presents key financial data and indicators for the reporting period Company Profile Hunan Yujing Machine Co., Ltd., stock code 002943, is listed on the Shenzhen Stock Exchange, with Yang Yuhong as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Yujing Shares | | Stock Code | 002943 | | Stock Exchange | Shenzhen Stock Exchange | | Company's Chinese Name | 湖南宇晶机器股份有限公司 | | Company's Legal Representative | Yang Yuhong | Contact Persons and Information The company's Board Secretary is Zhou Boping and Securities Affairs Representative is Liu Tuofu, both located at Yiyang Changchun Economic Development Zone Company Contact Information | Position | Name | Contact Address | Phone | Email | | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Zhou Boping | No. 01, North Ziyang Avenue, Changchun Economic Development Zone, Yiyang City | 0737-2218141 | zhouboping@hnyj-cn.com | | Securities Affairs Representative | Liu Tuofu | No. 01, North Ziyang Avenue, Changchun Economic Development Zone, Yiyang City | 0737-2218141 | liutuofu@hnyj-cn.com | Other Information The company's registered address, office address, website, email, and information disclosure locations remained unchanged during the reporting period - The company's registered address, office address and postal code, website, and email remained unchanged during the reporting period, as detailed in the 2024 annual report[15] - The company's designated website and media for semi-annual report disclosure, and the location for semi-annual report availability, remained unchanged during the reporting period, as detailed in the 2024 annual report[16] Key Accounting Data and Financial Indicators In H1 2025, operating revenue and net profit attributable to shareholders decreased significantly, while net cash flow from operating activities increased substantially Key Accounting Data and Financial Indicators (Year-over-Year) | Indicator | Current Reporting Period (RMB) | Prior Year Period (RMB) | Year-over-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 483,535,886.66 | 731,682,518.64 | -33.91% | | Net Profit Attributable to Shareholders of the Listed Company | 11,796,517.10 | 46,664,760.93 | -74.72% | | Net Profit Attributable to Shareholders of the Listed Company (Excluding Non-recurring Gains and Losses) | 1,124,325.24 | 41,186,477.47 | -97.27% | | Net Cash Flow from Operating Activities | 81,755,236.12 | -49,798,604.35 | 264.17% | | Basic Earnings Per Share (RMB/share) | 0.0574 | 0.2288 | -74.91% | | Diluted Earnings Per Share (RMB/share) | 0.0574 | 0.2288 | -74.91% | | Weighted Average Return on Net Assets | 1.33% | 3.52% | -2.19% | | Total Assets (RMB) | 2,843,649,559.63 | 2,973,024,314.15 | -4.35% | | Net Assets Attributable to Shareholders of the Listed Company (RMB) | 881,585,702.10 | 861,707,638.92 | 2.31% | Differences in Accounting Data Under Domestic and International Accounting Standards There are no differences in net profit and net assets between international/overseas accounting standards and Chinese accounting standards for the reporting period - The company's financial reports for the reporting period show no differences in net profit and net assets when disclosed under international accounting standards versus Chinese accounting standards[19] - The company's financial reports for the reporting period show no differences in net profit and net assets when disclosed under overseas accounting standards versus Chinese accounting standards[20] Non-recurring Gains and Losses Items and Amounts Non-recurring gains and losses totaled RMB 10.67 million, primarily from government subsidies and reversal of impairment provisions, with certain tax deductions classified as recurring Non-recurring Gains and Losses Items and Amounts | Item | Amount (RMB) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 14,845.31 | | Government grants recognized in current profit or loss | 9,039,862.24 | | Gains and losses from entrusted investment or asset management | 207,290.79 | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 2,828,000.00 | | Gains and losses from debt restructuring | 16,369.90 | | Other non-operating income and expenses apart from the above | 89,662.50 | | Less: Income tax impact | 1,391,680.55 | | Minority interest impact (after tax) | 132,158.33 | | Total | 10,672,191.86 | - Input tax credit additional deduction (RMB 311,060.07) and individual income tax handling fee refunds (RMB 133,668.10) are classified as recurring gains and losses because they comply with national policy regulations and occur continuously[23] Management Discussion and Analysis This section analyzes the company's main business, core competencies, financial performance, non-operating activities, asset and liability status, investment, and risks Main Business Activities During the Reporting Period The company's core business remains high-precision CNC cutting, grinding, and polishing equipment, consumables, and processing services, serving multiple industries - The company's main business is the manufacturing of high-precision CNC cutting, grinding, and polishing equipment and supporting core consumables, having formed an industrial layout of "equipment + consumables + processing services" that develops synergistically[25] - Main products and services include high-precision CNC cutting, grinding, and polishing equipment, diamond wire consumables, silicon wafer and slicing processing services, hot field system series products, and photovoltaic power stations, serving industries such as consumer electronics, photovoltaic, semiconductor, magnetic materials, and other new materials[25] - In H1 2025, the company achieved operating revenue of RMB 483.54 million, a 33.91% decrease year-on-year, mainly due to the gradual delivery of overseas photovoltaic equipment orders[46] (I) Main Business, Products, and Their Applications The company manufactures high-precision CNC cutting, grinding, and polishing equipment and related consumables, serving semiconductor, consumer electronics, and photovoltaic sectors - The company's main business is the manufacturing of high-precision CNC cutting, grinding, and polishing equipment and supporting core consumables, having formed an industrial layout of "equipment + consumables + processing services" that develops synergistically[25] - High-precision CNC cutting, grinding, and polishing equipment is primarily used in high-precision cutting, grinding, and polishing processes for non-metallic hard and brittle materials such as glass for mobile phones and automotive displays, silicon materials, sapphire, ceramics, crystal, and magnetic materials[26] - Diamond wire products for cutting hard and brittle materials are mainly used as consumables for cutting hard and brittle materials such as glass, crystalline silicon, and sapphire[26] (II) Industry Overview During the Reporting Period The company operates in general equipment manufacturing, serving consumer electronics, semiconductor, photovoltaic, and magnetic materials industries, with varying market dynamics - The company's industry is "C34 General Equipment Manufacturing," and its main products and services are primarily applied in the consumer electronics, semiconductor, photovoltaic, and magnetic materials industries[28] - The semiconductor industry is strongly driven by storage, AI, and big data-related applications, with the semiconductor silicon wafer market expected to recover in 2025, and the silicon carbide semiconductor market continuously expanding[31] - The company's 6-8 inch high-precision CNC cutting, grinding, and polishing equipment for silicon carbide substrate processing has achieved batch sales, and the R&D of high-precision multi-wire cutting equipment for 12-inch semiconductor silicon wafers is progressing smoothly[32] - The photovoltaic industry is rebounding with policy support and falling costs, maintaining steady growth in global installed capacity, and the company is actively expanding into overseas photovoltaic markets through its internationalization strategy[34][35] 3、Main Business Model The company employs a "production-based procurement" model, "sales-based production" for equipment, "contract-order" for consumables, and direct sales with flexible delivery - The company currently adopts a "production-based procurement, appropriate stocking" model for raw material procurement and annually evaluates and eliminates unqualified suppliers[38] - Equipment products adopt a "sales-based production, reasonable stocking" model, consumable products primarily adopt a "contract order" model, and silicon wafer and slicing processing services are mainly based on an OEM model[39][40] - The company primarily uses direct sales, acquiring orders through online channels, exhibitions, and customer referrals; consumable product orders are characterized by small batches and multiple shipments, with some adopting a consignment model[41] 4、Company's Industry Position The company holds a leading domestic position in high-precision CNC cutting, grinding, and polishing equipment, actively expanding its consumables and processing services - In high-precision CNC cutting, grinding, and polishing equipment, the company has achieved full coverage of cutting, grinding, and polishing equipment for hard and brittle materials such as monocrystalline silicon, silicon carbide, sapphire, magnetic materials, and glass, with its technical level and product performance being domestically leading[43][44] - Diamond wire products are expanding into new business areas such as consumer electronics, magnetic materials, and stone industries by increasing R&D investment in new products and processes, with a focus on tungsten wire diamond wire[45] - Silicon wafer processing services will further implement new processes and technologies to improve profitability through extreme cost reduction and efficiency enhancement; carbon-carbon hot field series products are positioned for a small but refined development path, achieving cost reduction and efficiency enhancement through continuous process improvement measures[45] 5、Key Performance During the Reporting Period In H1 2025, operating revenue decreased by 33.91% to RMB 483.54 million, mainly due to overseas photovoltaic equipment order deliveries - In H1 2025, the company achieved operating revenue of RMB 483,535,886.66, a 33.91% decrease year-on-year[46] - Revenue primarily came from high-precision CNC cutting, grinding, and polishing equipment, mainly due to the gradual delivery of overseas photovoltaic equipment orders[46] Analysis of Core Competencies The company's core strengths include R&D innovation, rapid market response, integrated services, strong brand reputation, and an experienced management team - The company has established multiple technology R&D platforms, such as the "Hunan Provincial Industrial Design Center for High-Precision Cutting, Grinding, and Polishing Equipment," with a stable and highly capable core R&D team[47] - The company's numerous technologies are at an industry-leading level, having received awards such as the "First Prize for Science and Technology Progress in China's Machinery Industry," and as of the end of the reporting period, it has obtained 250 authorized patents, including 72 invention patents[48] - The company possesses strong capabilities for rapid response and conversion of innovative achievements, enabling it to promptly grasp technological and process changes in downstream industries and quickly update its products to meet diverse and personalized customer needs[49][50] - The company has built a "equipment + consumables + processing services" business layout, providing customers with integrated services and one-stop overall solutions, including testing and verification, and process improvement[51] - The company's core management team has deep industry experience and forward-looking strategic planning capabilities, and has enhanced team cohesion and innovation through equity incentive plans[53] Analysis of Main Business Operating revenue decreased by 33.91% due to reduced sales, while net cash flow from operating activities significantly improved by 264.17% Key Financial Data Year-over-Year Changes | Indicator | Current Reporting Period (RMB) | Prior Year Period (RMB) | Year-over-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 483,535,886.66 | 731,682,518.64 | -33.91% | Decrease in sales volume, reduced revenue from multi-wire cutting machines and slicing processing services | | Operating Cost | 353,219,508.34 | 558,895,326.11 | -36.80% | Decreased in line with operating revenue | | Selling Expenses | 24,203,286.93 | 26,091,454.53 | -7.24% | Decrease in sales volume | | Administrative Expenses | 37,387,145.44 | 38,282,727.34 | -2.34% | No significant change | | Financial Expenses | 18,935,202.50 | 11,376,548.10 | 66.44% | Increase in interest expenses due to increased borrowings and amortization of unrecognized financing expenses | | Income Tax Expenses | 4,090,122.17 | 100,993.85 | 3,949.87% | Significant deferred income tax assets recognized for subsidiary's uncompensated losses in the prior year | | R&D Investment | 28,297,296.41 | 37,316,893.47 | -24.17% | Decrease in direct materials due to fewer R&D projects | | Net Cash Flow from Operating Activities | 81,755,236.12 | -49,798,604.35 | 264.17% | Decrease in purchases of goods in the current period | | Net Cash Flow from Investing Activities | -49,344,444.00 | -176,140,928.43 | 71.99% | Decrease in fixed asset investment in the current period | | Net Cash Flow from Financing Activities | 11,882,118.43 | 342,202,905.58 | -96.53% | Increase in repayment of borrowings and decrease in new borrowings in the current period | | Net Increase in Cash and Cash Equivalents | 44,292,910.55 | 116,263,372.80 | -61.90% | Decrease in borrowings in the current period | Operating Revenue Composition (by Product) | Product | Current Reporting Period Amount (RMB) | Proportion of Operating Revenue | Prior Year Period Amount (RMB) | Proportion of Operating Revenue | Year-over-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | High-precision CNC Cutting, Grinding, and Polishing Equipment | 321,844,318.30 | 66.56% | 523,336,195.08 | 71.53% | -38.50% | | Silicon Wafer and Slicing Processing Services | 71,981,482.90 | 14.89% | 157,654,874.93 | 21.55% | -54.34% | | Hot Field System Series Products | 11,001,436.93 | 2.28% | 32,481,011.73 | 4.44% | -66.13% | | Diamond Wire | 4,259,235.45 | 0.88% | 12,136,700.27 | 1.66% | -64.91% | | Equipment Modification and Services | 7,122,534.15 | 1.47% | 1,814,159.29 | 0.25% | 292.61% | | Other | 67,326,878.93 | 13.92% | 4,259,577.34 | 0.58% | 1,480.60% | Operating Revenue Composition (by Region) | Region | Current Reporting Period Amount (RMB) | Proportion of Operating Revenue | Prior Year Period Amount (RMB) | Proportion of Operating Revenue | Year-over-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Domestic Sales | 462,300,842.53 | 95.61% | 729,439,254.09 | 99.69% | -36.62% | | Overseas Sales | 21,235,044.13 | 4.39% | 2,243,264.55 | 0.31% | 846.61% | Analysis of Non-Operating Activities Non-operating income, primarily government subsidies, significantly contributed to profit, while credit and asset impairment losses had a negative impact Impact of Non-Operating Activities on Total Profit | Item | Amount (RMB) | Proportion of Total Profit | Explanation of Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 277,536.19 | 2.43% | Primarily wealth management income | No | | Non-operating Income | 672,786.43 | 5.90% | Primarily liquidated damages received and other | No | | Non-operating Expenses | 510,754.09 | 4.48% | Primarily liquidated damages paid and other | No | | Other Income | 9,484,590.41 | 83.21% | Primarily government grants received and amortization of deferred income in the current period | No | | Credit Impairment Losses | -8,295,071.94 | -72.78% | Primarily provision for bad debts of accounts receivable | No | | Asset Impairment Losses | -7,696,911.35 | -67.53% | Primarily provision for inventory depreciation in the reporting period | No | Analysis of Assets and Liabilities Total assets decreased by 4.35%, while net assets attributable to shareholders increased by 2.31%, with shifts in current and non-current liabilities Significant Changes in Asset Composition | Item | Period-end Balance (RMB) | Proportion of Total Assets | Prior Year-end Balance (RMB) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 238,238,732.00 | 8.38% | 213,201,821.03 | 7.17% | 1.21% | Increase in cash collection | | Accounts Receivable | 509,024,282.80 | 17.90% | 476,276,511.10 | 16.02% | 1.88% | Increase in sales revenue | | Inventories | 345,390,666.68 | 12.15% | 450,749,109.38 | 15.16% | -3.01% | Decrease in goods shipped | | Short-term Borrowings | 129,139,867.45 | 4.54% | 203,015,095.65 | 6.83% | -2.29% | Decrease in bank short-term borrowings | | Contract Liabilities | 184,665,762.11 | 6.49% | 270,719,853.77 | 9.11% | -2.62% | Increase in recognized revenue | | Long-term Borrowings | 472,421,835.33 | 16.61% | 454,135,348.40 | 15.28% | 1.33% | Increase in bank long-term borrowings | | Non-current Liabilities Due Within One Year | 223,175,270.68 | 7.85% | 137,073,173.54 | 4.61% | 3.24% | Increase in long-term borrowings due within one year | Assets and Liabilities Measured at Fair Value | Item | Period-beginning Balance (RMB) | Period-end Balance (RMB) | | :--- | :--- | :--- | | Other Equity Instrument Investments | 3,429,997.67 | 3,429,997.67 | | Accounts Receivable Financing | 51,872,380.41 | 66,860,939.95 | | Total | 55,302,378.08 | 70,290,937.62 | Restricted Asset Rights | Item | Book Balance (RMB) | Book Value (RMB) | Type of Restriction | Details of Restriction | | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 11,292,574.52 | 11,292,574.52 | Deposits, Frozen | Bill deposits, litigation freeze | | Notes Receivable | 20,688,616.83 | 20,688,616.83 | Endorsed | Endorsed but not yet due | | Intangible Assets | 15,644,463.00 | 15,070,832.77 | Mortgage | Mortgage for borrowings | | Long-term Equity Investments | 50,655,016.69 | - | Pledge | Pledge for borrowings | | Total | 98,280,671.04 | 47,052,024.12 | - | - | Analysis of Investment Status Total investment increased by 38.42% to RMB 44.68 million, with several ongoing non-equity projects yet to generate returns Investment Amount During the Reporting Period | Investment Amount During the Reporting Period (RMB) | Investment Amount in Prior Year Period (RMB) | Change Rate | | :--- | :--- | :--- | | 44,679,386.51 | 32,279,236.77 | 38.42% | Significant Non-Equity Investments in Progress | Project Name | Investment Method | Investment Amount (RMB) | Source of Funds | Amount Invested in Current Period (RMB) | Cumulative Actual Investment as of Period-end (RMB) | Estimated Return | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Annual Production of 60 Million KM Diamond Wire R&D and Production Project | Self-built | 260,000,000.00 | Self-raised | 505,942.50 | 95,558,694.02 | Not yet generated returns | | Annual Production of 12 Million KM Diamond Wire Project | Self-built | 130,000,000.00 | Self-raised | 3,723,241.24 | 72,868,785.08 | Not yet generated returns | | Intelligent Equipment 4 Factory Base Infrastructure Project | Self-built | 45,000,000.00 | Self-raised | 13,302,300.39 | 44,387,408.67 | Not yet generated returns | | Cutting, Grinding, and Polishing Intelligent Equipment Manufacturing Project | Self-built | 80,000,000.00 | Self-raised | 7,840,805.30 | 30,727,579.28 | Not yet generated returns | | 25GW 210mm Silicon Wafer Project | Self-built | 337,489,642.24 | Self-raised | 8,066,794.47 | 9,027,719.48 | Not yet generated returns | Analysis of Major Holding and Associate Companies Key subsidiaries like Yiyuan New Material and Jiangsu Shuangjing New Energy experienced net profit declines due to industry downturns, while Yujing New Energy maintained stable profits Major Subsidiary Financial Information | Company Name | Company Type | Main Business | Registered Capital (RMB) | Total Assets (RMB) | Net Assets (RMB) | Operating Revenue (RMB) | Operating Profit (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hunan Yiyuan New Material Technology Co., Ltd. | Subsidiary | Diamond wire production and sales | 30,000,000.00 | 324,201,516.88 | -64,969,930.01 | 5,776,681.30 | -16,142,152.53 | -15,948,406.39 | | Hunan Yuxing Carbon Co., Ltd. | Subsidiary | Carbon-carbon product production and sales | 18,000,000.00 | 78,857,800.57 | -21,274,619.23 | 13,046,250.08 | -1,558,379.42 | -1,540,973.03 | | Yujing Machine (Changsha) Co., Ltd. | Subsidiary | Equipment R&D | 10,000,000.00 | 32,136,727.37 | 13,303,687.60 | 7,709,730.08 | -780,003.49 | -780,003.49 | | Jiangsu Shuangjing New Energy Technology Co., Ltd. | Subsidiary | Silicon wafer production and sales | 360,000,000.00 | 571,617,227.27 | 28,181,908.96 | 71,981,482.90 | -20,192,912.97 | -20,231,729.42 | | Hunan Yujing New Energy Technology Co., Ltd. | Subsidiary | Photovoltaic power generation | 50,000,000.00 | 57,873,933.26 | 39,283,804.14 | 3,025,716.76 | 1,153,553.55 | 1,145,524.97 | - Hunan Yiyuan New Material Technology Co., Ltd.'s net profit decreased, mainly due to the downturn in the photovoltaic industry and a significant drop in diamond wire prices[76] - Jiangsu Shuangjing New Energy Technology Co., Ltd.'s net profit decreased, mainly due to the downturn in the photovoltaic industry, leading to lower silicon wafer prices and processing service fees[76] Risks Faced by the Company and Countermeasures The company faces risks from industry fluctuations, international uncertainties, and financial factors, addressed by innovation, market expansion, and financial management - Industry risk: Affected by macroeconomic fluctuations, trade frictions, imbalanced industrial chain development, and periodic overcapacity, which may impact market demand for the company's products. Countermeasures: Continuously strengthen technological innovation and broaden product market application areas[77] - International environment risk: The complex and volatile international situation, with increased uncertainty in trade policies, may adversely affect the company's product exports. Countermeasures: Closely monitor changes in the external environment, actively expand into different global markets, and enhance core product competitiveness[79] - Exchange rate fluctuation risk: An increasing proportion of international business revenue means significant exchange rate fluctuations could increase the difficulty of overseas business expansion. Countermeasures: Closely monitor and control exchange rate fluctuations, and adopt reasonable settlement methods and hedging measures[80] - Raw material price fluctuation risk: Raw material costs account for a high proportion of product costs, and price fluctuations directly affect profit margins. Countermeasures: Maintain stable cooperation with suppliers, strengthen internal management, and improve raw material utilization efficiency[81] - Accounts receivable recovery risk: A large balance of accounts receivable may negatively impact operating cash flow. Countermeasures: Strengthen accounts receivable management, establish a recovery assessment mechanism, and intensify collection efforts[83][84] - Inventory impairment risk: High customization of products, or changes in industry development trends and downstream market demand, may lead to inventory impairment. Countermeasures: Strengthen industry analysis and research, reinforce internal control systems for inventory management, and strictly control inventory scale[85] Corporate Governance, Environment, and Society This section covers changes in directors, supervisors, and senior management, profit distribution, equity incentive plans, environmental disclosures, and social responsibility Changes in Directors, Supervisors, and Senior Management There were no changes in the company's directors, supervisors, or senior management during the reporting period - The company's directors, supervisors, and senior management did not change during the reporting period, as detailed in the 2024 annual report[87] Profit Distribution and Capital Reserve Conversion to Share Capital in the Current Period The company plans no interim cash dividends, bonus shares, or capital reserve conversions to share capital - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[88] Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company's 2022 stock option incentive plan's second exercise period for reserved grants and third exercise period for initial grants have been fulfilled, with 2,363,273 shares exercised - On January 9, 2025, the company convened the fourth meeting of the Fifth Board of Directors and the fourth meeting of the Fifth Supervisory Committee, which approved the "Proposal on the Achievement of the Second Exercise Period Conditions for the Reserved Grant Portion of the 2022 Stock Option Incentive Plan"[100] - On April 24, 2025, the company convened the fifth meeting of the Fifth Board of Directors and the fifth meeting of the Fifth Supervisory Committee, which approved the "Proposal on the Achievement of the Third Exercise Period Conditions for the Initially Granted Portion of the 2022 Stock Option Incentive Plan"[101] - As of June 30, 2025, some of the company's equity incentive recipients have cumulatively exercised 2,363,273 shares through autonomous exercise (of which: 527,787 shares were from the third period of initial grants and the second period of reserved grants)[102] Environmental Information Disclosure The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - Are the listed company and its major subsidiaries included in the list of enterprises required to disclose environmental information by law: No[103] Social Responsibility The company actively fulfills social responsibilities by protecting shareholder rights, prioritizing employee development and safety, ensuring product quality, and adhering to environmental regulations - The company ensures shareholders' right to know, participate, and vote on major company matters through standardized general meetings and various communication channels such as on-site surveys, interactive platform responses, and telephone exchanges, fully protecting the interests of small and medium investors[104] - The company values employees' future career development plans, provides equal development opportunities through various means, focuses on production safety, labor protection, and physical and mental health, and has established a relatively comprehensive performance appraisal system[105] - The company consistently adheres to the principle of "product as root, customer first," providing high-quality products to customers, establishing and improving a quality management system, and protecting the interests of customers and consumers[107] - The company highly values environmental protection, strictly conducts production and operation activities in accordance with relevant laws and regulations, regularly monitors the environment, actively uses energy-saving products, and reduces pollutant emissions[108] Significant Events This section details commitments, non-operating fund occupation, illegal external guarantees, auditor appointments, bankruptcy reorganization, litigation, penalties, integrity, and related party transactions Commitments by Actual Controllers, Shareholders, Related Parties, Acquirers, and the Company Fulfilled or Overdue as of the Reporting Period End There were no commitments by the company, its actual controllers, shareholders, or related parties that were fulfilled or overdue during the reporting period - The company had no commitments by its actual controllers, shareholders, related parties, acquirers, or the company itself that were fulfilled or overdue as of the end of the reporting period[111] Non-Operating Occupation of Funds by Controlling Shareholders and Other Related Parties of the Listed Company There was no non-operating occupation of funds by controlling shareholders or other related parties of the listed company during the reporting period - The company had no non-operating occupation of funds by controlling shareholders or other related parties during the reporting period[112] Illegal External Guarantees The company had no illegal external guarantees during the reporting period - The company had no illegal external guarantees during the reporting period[113] Appointment and Dismissal of Accounting Firms The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[114] Bankruptcy Reorganization Matters The company had no bankruptcy reorganization matters during the reporting period - The company had no bankruptcy reorganization matters during the reporting period[115] Litigation Matters The company had no major litigation or arbitration matters, with several minor cases resolved or ongoing during the reporting period - The company had no major litigation or arbitration matters in the current reporting period[116] Other Litigation Matters | Litigation (Arbitration) Basic Information | Amount Involved (RMB in 10,000s) | Provision for Liabilities Formed | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | Litigation (Arbitration) Judgment Enforcement Status | | :--- | :--- | :--- | :--- | :--- | :--- | | Construction contract dispute between Jiangsu Shuangjing New Energy Technology Co., Ltd. and Shoukong Environmental Technology (Shanghai) Co., Ltd. | 1,388 | No | Both parties have withdrawn the lawsuit | Case closed | Not applicable | | Sales contract dispute between Hunan Yuxing Carbon Co., Ltd. and Ningxia Xuying New Energy Technology Co., Ltd. | 65.83 | No | Mediation reached | Xuying has fulfilled payment as per mediation agreement, case closed | Not applicable | | Assignment of claims contract dispute between Hunan Yujing Machine Co., Ltd. and Wuxi Rongneng Semiconductor Material Co., Ltd. | 29 | No | Court ruled in favor of our party on January 22, 2025 | First instance judgment ordered Wuxi Rongneng Semiconductor Material Co., Ltd. to pay RMB 290,000 in goods payment and overdue payment losses, case closed | Enforcement completed | | Sales contract dispute between Hunan Yujing Machine Co., Ltd. and Zhongqi Jiangsu Solar Technology Co., Ltd. | 2,922.46 | No | Court hearing held on April 21, 2025, civil mediation document served, case closed | Not applicable | Not applicable | | Contract dispute between Hunan Yujing Machine Co., Ltd. and Beijing Jingyuntong Technology Co., Ltd. | 254.7 | No | First and second instance judgments in enforcement | First instance judgment ordered Beijing Jingyuntong Technology Co., Ltd. to pay RMB 1.8 million in goods payment and RMB 747,000 in overdue interest; second instance judgment rejected Beijing Jingyuntong Technology Co., Ltd.'s appeal | In enforcement | | Sales contract dispute between Hunan Yiyuan New Material Technology Co., Ltd. and Jiangxi Saivei LDK Solar Hi-Tech Co., Ltd. (Xinyu) | 272.86 | No | First instance judgment in enforcement | First instance judgment ordered Saivei to pay RMB 2,518,284.44 in goods payment and overdue interest at an annual rate of 5.175% from January 12, 2024, until full payment | In enforcement | Penalties and Rectification The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[119] Integrity Status The company, its controlling shareholders, and actual controllers maintained good integrity status during the reporting period - The company had no integrity issues with its controlling shareholders and actual controllers during the reporting period[120] Significant Related Party Transactions The company engaged in routine related party transactions for procurement and sales, all within approved limits and market-based pricing, with no other major related party transactions Related Party Transactions Related to Daily Operations | Related Party | Type of Related Party Transaction | Content of Related Party Transaction | Amount of Related Party Transaction (RMB in 10,000s) | Approved Transaction Limit (RMB in 10,000s) | Exceeded Approved Limit | | :--- | :--- | :--- | :--- | :--- | :--- | | Shuangliang Silicon Material (Baotou) Co., Ltd. | Procurement of raw materials | Procurement of monocrystalline silicon rods, silicon wafers | 12.52 | 5,000 | No | | Shuangliang Silicon Material (Baotou) Co., Ltd. | Sales of goods | Sales of hot field system series products | 2.85 | 5,000 | No | | Yancheng Hongshuang Energy Development Co., Ltd. | Provision of labor services | Provision of silicon wafer processing services | 6,220.38 | 50,000 | No | - The company had no related party transactions involving the acquisition or disposal of assets or equity during the reporting period[123] - The company had no related party creditor-debtor transactions during the reporting period[125] Significant Contracts and Their Performance The company had no entrusted management, contracting, or leasing matters, but provided significant guarantees to subsidiaries totaling RMB 361.69 million, and engaged in RMB 50 million in wealth management - The company had no entrusted management, contracting, or leasing situations during the reporting period[130][131][132] Company Guarantees to Subsidiaries | Name of Guaranteed Party | Guarantee Limit (RMB in 10,000s) | Actual Guarantee Amount (RMB in 10,000s) | Type of Guarantee | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | | Yiyuan New Material | 9,400 | 2,330 | Joint and several liability guarantee | 60 months | No | | Yiyuan New Material | 30,000 | 1,200 | Joint and several liability guarantee | 36 months | No | | Yiyuan New Material | 30,000 | 700 | Joint and several liability guarantee | 36 months | No | | Yiyuan New Material | 30,000 | 500 | Joint and several liability guarantee | 36 months | No | | Yiyuan New Material | 30,000 | 3,650 | Joint and several liability guarantee | 60 months | No | | Yiyuan New Material | 30,000 | 950 | Joint and several liability guarantee | 12 months | Yes | | Yiyuan New Material | 40,000 | 2,200 | Joint and several liability guarantee | 60 months | No | | Yiyuan New Material | 40,000 | 2,200 | Joint and several liability guarantee | 60 months | No | | Yiyuan New Material | 40,000 | 1,980 | Joint and several liability guarantee | 36 months | No | | Yiyuan New Material | 40,000 | 1,000 | Joint and several liability guarantee | 12 months | Yes | | Yiyuan New Material | 40,000 | 1,000 | Joint and several liability guarantee | 12 months | Yes | | Yiyuan New Material | 40,000 | 500 | Joint and several liability guarantee | 12 months | No | | Yiyuan New Material | 40,000 | 500 | Joint and several liability guarantee | 12 months | Yes | | Yiyuan New Material | 40,000 | 500 | Joint and several liability guarantee | 12 months | No | | Yiyuan New Material | 40,000 | 500 | Joint and several liability guarantee | 9 months | Yes | | Yiyuan New Material | 40,000 | 950 | Joint and several liability guarantee | 10 months | No | | Yiyuan New Material | 40,000 | 900 | Joint and several liability guarantee | 8 months | No | | Yiyuan New Material | 40,000 | 930 | Joint and several liability guarantee | 12 months | No | | Yiyuan New Material | 40,000 | 1,000 | Joint and several liability guarantee | 12 months | No | | Yujing Photovoltaic | 5,000 | 1,341.8 | Joint and several liability guarantee | 120 months | No | | Yujing Photovoltaic | 5,000 | 254.38 | Joint and several liability guarantee | 114 months | Yes | | Yujing New Energy | 10,000 | 341.51 | Joint and several liability guarantee | 120 months | No | | Yujing New Energy | 10,000 | 109.77 | Joint and several liability guarantee | 112 months | No | | Yuxing Carbon | 10,000 | 930 | Joint and several liability guarantee | 36 months | Yes | | Yuxing Carbon | 10,000 | 1,000 | Joint and several liability guarantee | 12 months | Yes | | Yuxing Carbon | 10,000 | 500 | Joint and several liability guarantee | 12 months | Yes | | Yuxing Carbon | 10,000 | 500 | Joint and several liability guarantee | 12 months | Yes | | Yuxing Carbon | 10,000 | 500 | Joint and several liability guarantee | 12 months | Yes | | Yuxing Carbon | 10,000 | 500 | Joint and several liability guarantee | 10 months | No | | Yuxing Carbon | 10,000 | 1,000 | Joint and several liability guarantee | 12 months | No | | Yuxing Carbon | 10,000 | 1,000 | Joint and several liability guarantee | 12 months | No | | Yuxing Carbon | 10,000 | 500 | Joint and several liability guarantee | 12 months | No | | Yuxing Carbon | 10,000 | 500 | Joint and several liability guarantee | 12 months | No | | Yuxing Carbon | 10,000 | 930 | Joint and several liability guarantee | 24 months | No | | Jiangsu Shuangjing | 50,000 | 1,500 | Joint and several liability guarantee | 60 months | No | | Jiangsu Shuangjing | 50,000 | 600 | Joint and several liability guarantee | 59 months | No | | Jiangsu Shuangjing | 50,000 | 3,080 | Joint and several liability guarantee | 57 months | No | | Jiangsu Shuangjing | 80,000 | 1,800 | Joint and several liability guarantee | 53 months | No | | Jiangsu Shuangjing | 80,000 | 1,400 | Joint and several liability guarantee | 12 months | No | | Jiangsu Shuangjing | 80,000 | 4,000 | Joint and several liability guarantee | 47 months | No | | Total approved guarantee limit for subsidiaries in the reporting period (B1) | 271,000 | Total actual guarantee amount for subsidiaries in the reporting period (B2) | 45,777.47 | | Total approved guarantee limit for subsidiaries at period-end (B3) | 123,000 | Total actual guarantee balance for subsidiaries at period-end (B4) | 36,168.85 | | Proportion of total actual guarantee amount to company's net assets | 41.03% | | | | | Entrusted Wealth Management | Specific Type | Source of Entrusted Wealth Management Funds | Amount of Entrusted Wealth Management (RMB in 10,000s) | Unexpired Balance (RMB in 10,000s) | Overdue Unrecovered Amount (RMB in 10,000s) | | :--- | :--- | :--- | :--- | :--- | | Bank wealth management products | Own funds | 3,000 | 0 | 0 | | Brokerage wealth management products | Own funds | 2,000 | 1,000 | 0 | | Total | - | 5,000 | 1,000 | 0 | Changes in Shares and Shareholder Information This section details changes in share capital, shareholder numbers, shareholdings of major shareholders, and changes in holdings by directors, supervisors, and senior management Changes in Share Capital Total share capital increased by 527,787 shares due to the exercise of stock options from the 2022 incentive plan Changes in Share Capital | Item | Quantity Before This Change (shares) | Net Increase/Decrease in This Change (shares) | Quantity After This Change (shares) | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 72,989,339 | 0 | 72,989,339 | | II. Unrestricted Shares | 131,884,251 | 527,787 | 132,412,038 | | III. Total Shares | 204,873,590 | 527,787 | 205,401,377 | - The change in shares was mainly due to the achievement of exercise conditions for the second exercise period of the reserved grant portion and the third exercise period of the initial grant portion of the company's 2022 stock option incentive plan in January and April 2025, with some equity incentive recipients cumulatively exercising 527,787 shares through autonomous exercise[145][146] Number of Shareholders and Shareholding Information As of the reporting period end, the company had 14,399 common shareholders, with Yang Yuhong and Yang Jiawei as major shareholders, both having pledged shares - As of the end of the reporting period, the total number of common shareholders was 14,399 households[150] Shareholding Information of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares Held at Period-end (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | Share Status | Number of Pledged, Marked, or Frozen Shares (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Yang Yuhong | Domestic Natural Person | 22.63% | 46,478,991 | 34,859,243 | 11,619,748 | Pledged | 22,750,000 | | Yang Jiawei | Domestic Natural Person | 16.46% | 33,800,000 | 33,800,000 | 0 | Pledged | 16,800,000 | | Hangzhou Queshi Private Equity Fund Management Co., Ltd. - Queshi Quanli No. 1 Private Securities Investment Fund | Other | 6.96% | 14,300,000 | 0 | 14,300,000 | Not applicable | 0 | - Yang Yuhong and Yang Jiawei are father and son; apart from this, it is unknown whether other shareholders have any关联关系 or act in concert[151] - Hunan Yujing Machine Co., Ltd.'s special securities account for share repurchase holds 1,600,660 shares of the company[151] Changes in Shareholdings of Directors, Supervisors, and Senior Management There were no changes in the shareholdings of the company's directors, supervisors, or senior management during the reporting period - The company's directors, supervisors, and senior management's shareholding situation did not change during the reporting period, as detailed in the 2024 annual report[153] Changes in Controlling Shareholder or Actual Controller There were no changes in the company's controlling shareholder or actual controller during the reporting period - The company's controlling shareholder did not change during the reporting period[154] - The company's actual controller did not change during the reporting period[154] Bond-Related Information This section provides information regarding the company's bond-related activities Bond-Related Information The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[157] Financial Report This section includes the audit report, financial statements, company basic information, basis of financial statement preparation, significant accounting policies, taxes, and notes to consolidated financial statements Audit Report The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[159] Financial Statements This section presents the consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for H1 2025 Consolidated Balance Sheet (Period-end Balance) | Item | Period-end Balance (RMB) | | :--- | :--- | | Total Current Assets | 1,484,927,905.75 | | Total Non-current Assets | 1,358,721,653.88 | | Total Assets | 2,843,649,559.63 | | Total Current Liabilities | 1,076,072,362.04 | | Total Non-current Liabilities | 880,521,723.58 | | Total Liabilities | 1,956,594,085.62 | | Total Owners' Equity Attributable to Parent Company | 881,585,702.10 | | Minority Interests | 5,469,771.91 | | Total Owners' Equity | 887,055,474.01 | | Total Liabilities and Owners' Equity | 2,843,649,559.63 | Consolidated Income Statement (H1 2025) | Item | H1 2025 (RMB) | | :--- | :--- | | I. Total Operating Revenue | 483,535,886.66 | | II. Total Operating Costs | 465,011,688.75 | | III. Operating Profit (Loss indicated by "—") | 11,235,776.60 | | IV. Total Profit (Total loss indicated by "—") | 11,397,808.94 | | V. Net Profit (Net loss indicated by "—") | 7,307,686.77 | | Net Profit Attributable to Parent Company Shareholders | 11,796,517.10 | | Minority Interest Income/Loss | -4,488,830.33 | | VII. Total Comprehensive Income | 7,307,686.77 | | VIII. Earnings Per Share: (I) Basic Earnings Per Share | 0.0574 | | (II) Diluted Earnings Per Share | 0.0574 | Consolidated Cash Flow Statement (H1 2025) | Item | H1 2025 (RMB) | | :--- | :--- | | Net Cash Flow from Operating Activities | 81,755,236.12 | | Net Cash Flow from Investing Activities | -49,344,444.00 | | Net Cash Flow from Financing Activities | 11,882,118.43 | | Net Increase in Cash and Cash Equivalents | 44,292,910.55 | | Period-end Cash and Cash Equivalents Balance | 226,946,157.48 | Company Basic Information Hunan Yujing Machine Co., Ltd., listed on the Shenzhen Stock Exchange, specializes in high-precision equipment, diamond wire, and silicon wafer processing, controlled by Yang Yuhong and Yang Jiawei - Hunan Yujing Machine Co., Ltd.'s shares were listed and traded on the SME Board of the Shenzhen Stock Exchange on November 29, 2018, stock code: 002943[191] - As of June 30, 2025, the company's registered capital was RMB 203.960584 million, and its share capital was RMB 205.4014 million[192] - The company operates in the general equipment manufacturing industry (C34), primarily engaged in the R&D, production, and sales of high-precision series flat grinding and polishing machines, multi-wire cutting machines, and other electronic industrial special equipment; R&D, production, and sales of diamond wire products; silicon wafer and slicing processing services; carbon fiber composite graphite and carbon products, R&D, production, and sales of semiconductor material preparation equipment; and photovoltaic power station system integration and operation[194][195][196] - The company is jointly controlled by Mr. Yang Yuhong and Mr. Yang Jiawei[197] - These financial statements were approved for issuance by the company's Sixth Meeting of the Fifth Board of Directors on August 25, 2025. As of June 30, 2025, the Group's consolidated scope included 10 subsidiaries and 5 sub-subsidiaries[198][199] Basis of Financial Statement Preparation The financial statements are prepared on a going concern basis, adhering to accounting standards and regulations, using accrual accounting and historical cost - The Group's financial statements are prepared on a going concern basis, in accordance with the "Accounting Standards for Business Enterprises - Basic Standards" issued by the Ministry of Finance and other relevant regulations, based on actual transactions and events[200] - The Group's accounting is based on the accrual basis, and except for certain financial instruments, these financial statements are measured at historical cost[200] - The company's and the Group's financial statements comply in all material respects with the disclosure requirements for financial statements and their notes under the "Information Disclosure Rules for Companies Issuing Securities No. 15 - General Provisions for Financial Reports" revised by the China Securities Regulatory Commission in 2023[201] Significant Accounting Policies and Accounting Estimates This section details the company's accounting policies and estimates for financial reporting, covering areas like revenue recognition, financial instruments, and asset impairment - The financial statements prepared by the company comply with the requirements of Accounting Standards for Business Enterprises, truly and completely reflecting the financial position of the company and the Group as of June 30, 2025, and the operating results and cash flows for H1 2025[203] - The Group's accounting period is divided into annual and interim periods, with the accounting year adopting the calendar year, i.e., from January 1 to December 31 each year[204] - The Group classifies financial assets based on the business model for managing financial assets and the contractual cash flow characteristics of the financial assets into: financial assets measured at amortized cost; financial assets measured at fair value through other comprehensive income; and financial assets measured at fair value through profit or loss[232] - Specific methods for revenue recognition from sales of goods by the Group: Domestic sales are recognized when installation and debugging are completed and the customer signs the debugging acceptance form; sales of equipment, accessories, diamond wire, carbon-carbon hot field products, and silicon wafers that do not require installation and debugging are recognized when delivered to the agreed location and the customer signs the acceptance form. Overseas sales are recognized at the date when the company's assigned technical personnel complete debugging and installation and sign the debugging acceptance form; for equipment, accessories, diamond wire, carbon-carbon hot field products, and silicon wafers that do not require installation and debugging, revenue is recognized at the date the customer obtains the bill of lading[333] - Specific methods for revenue recognition from services provided by the Group: Silicon wafer cutting and processing services are recognized when the service is completed and delivered to the customer for acceptance[333] Taxation The company's main taxes include VAT, urban maintenance and construction tax, and corporate income tax, with several subsidiaries enjoying high-tech enterprise and other tax incentives Main Tax Categories and Rates | Tax Category | Tax Rate | | :--- | :--- | | Value-Added Tax | 13.00% | | Urban Maintenance and Construction Tax | 7.00% | | Corporate Income Tax | 15% / 25% | | Education Surcharge | 3.00% | | Local Education Surcharge | 2.00% | | Property Tax | 1.20% / 12.00% | | Land Use Tax | RMB 12.00/㎡, RMB 8.00/㎡, RMB 6.00/㎡ | | Export VAT Refund Rate | 13.00% | - Hunan Yujing Machine Co., Ltd., Yujing Machine (Changsha) Co., Ltd., Hunan Yiyuan New Material Technology Co., Ltd., Hunan Yuxing Carbon Co., Ltd., and Jiangsu Shuangjing New Energy Technology Co., Ltd. have all passed high-tech enterprise qualification certification and enjoy a 15.00% corporate income tax preferential rate[375][376] - The company's subsidiaries that meet the conditions for public infrastructure projects can enjoy a "three-year exemption, three-year half reduction" corporate income tax preferential policy[377] - The company and its subsidiaries selling self-developed and produced software products are subject to VAT at the statutory tax rate, with a "collect and refund" policy for the portion of actual VAT burden exceeding 3%[377] - According to Cai Shui [2023] No. 25, the company, as a general VAT taxpayer meeting the conditions for producing and selling advanced industrial mother machine hosts, key functional components, and CNC systems, is allowed an additional 15% deduction of current deductible input VAT from payable VAT[380] Notes to Consolidated Financial Statement Items This section provides detailed explanations for consolidated financial statement items, including cash, receivables, inventory, borrowings, and the impact of non-operating items Cash and Bank Balances | Item | Period-end Balance (RMB) | Period-beginning Balance (RMB) | | :--- | :--- | :--- | | Cash on Hand | 24,999.00 | 224,479.03 | | Bank Deposits | 226,921,158.48 | 182,428,767.90 | | Other Cash and Bank Balances | 11,292,574.52 | 30,548,574.10 | | Total | 238,238,732.00 | 213,201,821.03 | Accounts Receivable | Item | Period-end Book Value (RMB) | Period-beginning Book Value (RMB) | | :--- | :--- | :--- | | Accounts Receivable | 509,024,282.80 | 476,276,511.10 | Inventories | Item | Period-end Book Value (RMB) | Period-beginning Book Value (RMB) | | :--- | :--- | :--- | | Raw Materials | 36,586,349.61 | 48,935,875.06 | | Work in Progress | 91,407,791.26 | 122,997,519.54 | | Finished Goods | 36,482,109.90 | 36,488,486.01 | | Revolving Materials | 8,648,333.07 | 9,956,441.19 | | Goods Shipped | 172,266,082.84 | 232,370,787.58 | | Total | 345,390,666.68 | 450,749,109.38 | Short-term Borrowings | Item | Period-end Balance (RMB) | Period-beginning Balance (RMB) | | :--- | :--- | :--- | | Guaranteed Borrowings | 16,000,000.00 | 102,800,000.00 | | Credit Borrowings | 113,052,130.00 | 95,459,000.00 | | Supplier Factoring Borrowings | 0.00 | 4,600,000.00 | | Interest Payable | 87,737.45 | 156,095.65 | | Total | 129,139,867.45 | 203,015,095.65 | Long-term Borrowings | Item | Period-end Balance (RMB) | Period-beginning Balance (RMB) | | :--- | :--- | :--- | | Pledged Borrowings | 16,000,000.00 | 18,000,000.00 | | Mortgaged Borrowings | 44,000,000.00 | 44,000,000.00 | | Guaranteed Borrowings | 210,883,437.87 | 206,156,745.00 | | Credit Borrowings | 413,480,000.00 | 311,180,000.00 | | Interest Payable | 291,413.67 | 540,573.40 | | Less: Long-term Borrowings Due Within One Year | -212,233,016.21 | -125,741,970.00 | | Total | 472,421,835.33 | 454,135,348.40 | Research and Development Expenses Total R&D expenses for the current period were RMB 28.30 million, fully expensed, primarily comprising employee compensation and material consumption R&D Expense Details | Item | Amount for Current Period (RMB) | Amount for Prior Period (RMB) | | :--- | :--- | :--- | | Employee Compensation | 12,734,234.82 | 15,008,688.22 | | Material Consumption, Fuel, and Power | 8,621,071.83 | 17,217,459.40 | | Depreciation Expense | 1,477,440.20 | 2,035,238.24 | | Share-based Payment Expense | 220,583.57 | 503,232.90 | | Other | 5,243,965.99 | 2,552,274.71 | | Total | 28,297,296.41 | 37,316,893.47 | | Of which: Expensed R&D Expenses | 28,297,296.41 | 37,316,893.47 | Changes in Consolidation Scope The company established Yiyang Jingshi New Material Co., Ltd. as a new subsidiary, which has been included in the consolidated financial statements - The company established a controlling subsidiary, Yiyang Jingshi New Material Co., Ltd., on January 22, 2025, with a subscribed registered capital of RMB 2 million, and it has been included in the consolidated financial statements for this year[669] Interests in Other Entities The group holds interests in 10 subsidiaries and 5 sub-subsidiaries, with Jiangsu Shuangjing New Energy Technology Co., Ltd. being a significant non-wholly owned subsidiary Composition of Enterprise Group | Subsidiary Name | Registered Capital (RMB) | Main Operating Location | Registered Location | Business Nature | Shareholding Ratio (Direct) | | :--- | :--- | :--- | :--- | :--- | :--- | | Yujing Machine (Changsha) Co., Ltd. | 10,000,000.00 | Changsha | Changsha | Manufacturing | 100.00% | | Hunan Yucheng Precision Technology Co., Ltd. | 10,000,000.00 | Yiyang | Yiyang | Manufacturing | 100.00% | | Hunan Yiyuan New Material Technology Co., Ltd. | 30,000,000.00 | Yiyang | Yiyang | Manufacturing | 100.00% | | Hunan Yuxing Carbon Co., Ltd. | 20,000,000.00 | Yiyang | Yiyang | Manufacturing | 85.00% | | Jiangsu Shuangjing New Energy Technology Co., Ltd. | 360,000,000.00 | Yancheng | Yancheng | Manufacturing | 74