Important Notices, Contents and Definitions Important Notices The company's management guarantees the truthfulness, accuracy, and completeness of the semi-annual report and assumes legal responsibility - The Board of Directors, Supervisory Committee, and senior management guarantee the authenticity, accuracy, and completeness of the semi-annual report, with no false records, misleading statements, or major omissions, and bear individual and joint legal liability3 - The company's responsible person Shen Zhigang, chief accounting officer Wang Ning, and head of the accounting department Wang Ning declare that the financial report in this semi-annual report is true, accurate, and complete3 - The company does not plan to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital4 List of Documents for Inspection This section lists the reference documents for the company's semi-annual report, including signed financial statements and original public disclosures - The list of documents for inspection includes financial statements signed and sealed by the company's responsible person, chief accounting officer, and head of the accounting department8 - Originals of all company documents and announcements publicly disclosed on the website designated by the China Securities Regulatory Commission during the reporting period are available for inspection8 Definitions This section provides definitions for common terms used in the report to ensure clear understanding of the content Key Definitions | Term | Refers to | Definition | | :--- | :--- | :--- | | The Company, This Company, Jintongling | Refers to | Jintongling Technology Group Co, Ltd | | Nantong Industrial Holding | Refers to | Nantong Industrial Holding Group Co, Ltd | | Fluid Machinery | Refers to | Machinery that uses fluid as a working medium to convert energy | Company Profile and Key Financial Indicators Company Profile Jintongling Technology Group Co, Ltd (Stock Abbreviation: Jintongling, Stock Code: 300091) is listed on the Shenzhen Stock Exchange Company Basic Information | Stock Abbreviation | Jintongling | | :--- | :--- | | Stock Code | 300091 | | Stock Exchange | Shenzhen Stock Exchange | | Chinese Name of the Company | 金通灵科技集团股份有限公司 | | Legal Representative | Shen Zhigang | Contact Persons and Methods The company's Board Secretary is Chen Shujun and the Securities Affairs Representative is Zhu Baolong, with contact details disclosed Contact Methods | Position | Board Secretary | Securities Affairs Representative | | :--- | :--- | :--- | | Name | Chen Shujun | Zhu Baolong | | Address | No 135 Zhongxiu Middle Road, Nantong City | No 135 Zhongxiu Middle Road, Nantong City | | Phone | 0513-85198488 | 0513-85198488 | | Email | dsh@jtltech.cn | dsh@jtltech.cn | Other Information During the reporting period, the company's registered address, office address, website, and information disclosure locations remained unchanged - The company's registered address, office address and its postal code, website, and email address did not change during the reporting period; for details, please refer to the 2024 annual report15 - The information disclosure and document storage locations did not change during the reporting period; for details, please refer to the 2024 annual report16 - The company's registration details did not change during the reporting period; for details, please refer to the 2024 annual report17 Key Accounting Data and Financial Indicators The company's operating revenue dropped by 48.70% YoY, net loss attributable to shareholders widened by 167.72%, and net cash flow from operating activities deteriorated by 3504.11% Key Accounting Data and Financial Indicators (YoY) | Indicator | Current Period | Prior Year Period | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 369,978,920.13 | 721,229,810.52 | -48.70% | | Net Profit Attributable to Shareholders (Yuan) | -202,398,215.57 | -75,601,658.51 | -167.72% | | Net Cash Flow from Operating Activities (Yuan) | -163,236,153.03 | -4,529,165.25 | -3,504.11% | | Basic Earnings Per Share (Yuan/share) | -0.1359 | -0.0508 | -167.52% | | Weighted Average Return on Equity | -34.84% | -3.86% | -30.98% | Key Accounting Data and Financial Indicators (Period-End) | Indicator | End of Current Period | End of Prior Year | Period-End Change | | :--- | :--- | :--- | :--- | | Total Assets (Yuan) | 4,117,440,873.26 | 4,338,533,339.28 | -5.10% | | Net Assets Attributable to Shareholders (Yuan) | 480,429,397.93 | 681,604,995.95 | -29.51% | Differences in Accounting Data under Domestic and Foreign Accounting Standards There were no discrepancies in net profit or net assets between financial reports prepared under international, foreign, and Chinese accounting standards - The company had no discrepancies in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards during the reporting period19 - The company had no discrepancies in net profit and net assets between financial reports disclosed under foreign accounting standards and Chinese Accounting Standards during the reporting period20 Non-recurring Profit and Loss Items and Amounts Non-recurring profit and loss totaled -42.35 million Yuan, mainly impacted by non-operating income and expenses from pending litigation Non-recurring Profit and Loss Items and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Gains and losses on disposal of non-current assets (including write-offs of asset impairment provisions) | -213,204.87 | | Government grants included in current profit or loss (excluding those closely related to normal business operations, compliant with national policies, and having a continuous impact on profit or loss) | 1,110,712.97 | | Reversal of impairment provisions for individually tested receivables | 806,936.53 | | Other non-operating income and expenses besides the above items | -44,938,544.01 | | Other profit and loss items that meet the definition of non-recurring profit and loss | 389,738.64 | | Less: Income tax effects | 46,714.97 | | Minority interest effects (after tax) | -544,338.06 | | Total | -42,346,737.65 | - The company has no other profit or loss items that meet the definition of non-recurring profit or loss, nor does it classify any non-recurring items as recurring23 Management Discussion and Analysis Principal Business Activities During the Reporting Period The company operates in the general equipment manufacturing industry, focusing on high-efficiency, energy-saving equipment as a strategic emerging industry - The company is classified under "C34 General Equipment Manufacturing" and its sub-sector is "high-efficiency and energy-saving general equipment manufacturing," a key strategic emerging industry25 - Through technological innovation and business model optimization, the company has transformed into a manufacturing service enterprise providing solutions for new energy and energy-saving retrofits25 - National policies encourage the manufacturing sector to upgrade towards high-end, intelligent, and green development, accelerating the phase-out of inefficient capacity262930 Industry Development The company's industry is general equipment manufacturing, specifically high-efficiency energy-saving equipment, a key national strategic emerging industry - The company's industry is classified as "C34 General Equipment Manufacturing" under the National Bureau of Statistics' "Industrial Classification for National Economic Activities"25 - The company's sub-industry is "high-efficiency and energy-saving general equipment manufacturing," which is one of the key strategic emerging industries supported by the state25 Industry Status and Development Trends Driven by national strategies, the manufacturing industry is transitioning to high-end, intelligent, and green models, with policy support for equipment upgrades - National policies support equipment upgrades in key areas like electronics and agriculture, emphasizing high-end, intelligent, and green equipment26 - The Ministry of Industry and Information Technology encourages domestic substitution for equipment like waste heat boilers and large compressors to reduce import dependency27 - The company is focusing on its core business and transitioning from equipment manufacturing to a "product + service" model, including system integration and project operation30 Core Competitiveness Analysis The company's core competitiveness lies in its manufacturing service transformation, R&D innovation, and proven project performance advantages - The company has transformed from a traditional equipment provider to a manufacturing service provider offering high-end equipment and system solutions, establishing a "equipment + system integration + service" business model32 - As a provincial-level "specialized, refined, unique, and new" enterprise, the company focuses on high-end fluid machinery R&D, holding 249 valid patents (including 42 invention patents) and operating provincial R&D centers33 - The company has accumulated extensive operational experience through benchmark projects like high-pressure air stations and waste heat power generation, expanding into new business areas34 Manufacturing Service Advantages The company has successfully transitioned from a traditional equipment provider to a manufacturing service provider of high-end equipment and diverse system solutions - The company has upgraded from a traditional equipment provider to a manufacturing service provider of high-end equipment and diversified system solutions32 - The company actively promotes system integration and operational services in energy conservation and environmental protection, gradually building a "equipment + system integration + service" business system32 R&D and Innovation Advantages As a provincial "specialized, refined, unique, and new" enterprise, the company focuses on R&D and innovation in high-end fluid machinery products - The company is a provincial-level "specialized, refined, unique, and new" small and medium-sized enterprise, focusing on the R&D, manufacturing, and system integration of high-end fluid machinery products33 - As of the end of the reporting period, the company and its subsidiaries held 249 valid authorized patents, including 42 invention patents, 204 utility model patents, and 3 design patents, along with 5 software copyrights33 Project Performance Advantages The company has validated key technologies and accumulated extensive operational experience through benchmark projects, enhancing its capabilities in the energy-saving sector - The company has completed several representative projects, such as high-pressure air stations and waste heat cogeneration, accumulating rich engineering data and operational experience34 - Through resource integration and product synergy, the company has strengthened its capabilities in manufacturing and EPC for energy-saving and environmental protection boilers, expanding into waste heat utilization and waste-to-energy businesses34 Analysis of Main Business Operations Main business revenue decreased by 48.70% YoY due to lower-than-expected sales, with significant declines in the petrochemical and system integration sectors Year-on-Year Changes in Key Financial Data | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 369,978,920.13 | 721,229,810.52 | -48.70% | Mainly due to lower-than-expected sales | | Net Profit Attributable to Shareholders | -202,398,215.57 | -75,601,658.51 | -167.72% | - | | Net Cash Flow from Operating Activities | -163,236,153.03 | -4,529,165.25 | -3,504.11% | Mainly due to a decrease in the recovery of restricted cash related to operating activities | | Net Cash Flow from Investing Activities | -3,002,709.58 | -18,601,697.80 | -83.86% | Mainly due to a decrease in cash paid for the construction of fixed assets | | Net Cash Flow from Financing Activities | 123,781,211.41 | -26,366,966.54 | 569.46% | Mainly due to a decrease in cash paid for debt repayment | Products or Services Accounting for Over 10% of Revenue The power and metallurgy sectors remain major revenue sources despite declines, while blowers are the top product category by revenue Operating Revenue and Gross Margin by Industry | Industry | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Margin | YoY Change in Revenue | YoY Change in Cost | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Power | 138,273,006.42 | 121,839,271.36 | 11.88% | -21.63% | -18.24% | -3.65% | | Environmental Protection | 37,226,885.09 | 36,947,569.13 | 0.75% | -25.74% | -16.30% | -11.20% | | Building Materials | 35,444,629.07 | 33,023,659.79 | 6.83% | 23.56% | 38.47% | -10.03% | | Petrochemical | 47,866,465.33 | 47,395,810.25 | 0.98% | -76.55% | -73.40% | -11.74% | | Metallurgy (incl. Gases) | 81,422,918.41 | 68,960,158.74 | 15.31% | -58.01% | -55.07% | -5.54% | | Trading | 19,039,387.51 | 16,691,268.82 | 12.33% | -46.18% | -51.66% | 9.95% | | Other Revenue | 10,705,628.30 | 7,341,483.12 | 31.42% | -40.14% | -51.61% | 16.26% | Operating Revenue and Gross Margin by Product | Product | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Margin | YoY Change in Revenue | YoY Change in Cost | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Blowers | 143,612,498.98 | 124,816,178.43 | 13.09% | -32.65% | -29.51% | -3.87% | | Compressors | 44,394,438.48 | 37,579,844.93 | 15.35% | -43.10% | -34.58% | -11.02% | | Steam Turbines | 13,730,446.91 | 17,619,836.93 | -28.33% | 18.63% | 120.96% | -59.43% | | Boiler Sales | 48,558,407.10 | 45,007,953.02 | 7.31% | -14.44% | -8.11% | -6.39% | | System Integration Construction | 60,461,519.46 | 58,411,919.16 | 3.39% | -76.85% | -74.42% | -9.16% | | System Integration Operation | 23,409,109.36 | 21,359,859.34 | 8.75% | -17.69% | -19.64% | 2.21% | | Other Business Revenue | 35,812,499.84 | 27,403,629.42 | 23.48% | -37.62% | -47.25% | 13.97% | Operating Revenue and Gross Margin by Region | Region | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Margin | YoY Change in Revenue | YoY Change in Cost | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Domestic | 357,748,145.04 | 322,625,066.13 | 9.82% | -45.48% | -42.39% | -4.83% | | International | 12,230,775.09 | 9,574,155.10 | 21.72% | -81.22% | -81.26% | 0.20% | Analysis of Non-Main Business Operations Non-main business operations negatively impacted profit, with non-operating expenses from pending litigation accounting for -23.73% of total profit Impact of Non-Main Business on Total Profit | Item | Amount (Yuan) | % of Total Profit | Reason | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 313,060.42 | -0.16% | Mainly from investment income of associate enterprises | - | | Asset Impairment | -8,026,135.86 | 4.14% | Mainly from impairment provisions for inventory and contract assets | Yes | | Non-operating Income | 1,050,184.93 | -0.54% | - | - | | Non-operating Expenses | 45,988,728.94 | -23.73% | Mainly due to an increase in pending litigation | - | | Other Income | 1,500,451.61 | -0.77% | Mainly from government grants related to daily business activities | Grants related to income are not sustainable; amortization of grants related to assets is sustainable | Analysis of Assets and Liabilities Total assets and net assets attributable to shareholders decreased, while 1.925 billion Yuan of assets were restricted at period-end Significant Changes in Asset Composition | Item | Amount at Period-End (Yuan) | % of Total Assets | Amount at Prior Year-End (Yuan) | % of Total Assets | Change in Weight | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Assets | 4,117,440,873.26 | - | 4,338,533,339.28 | - | -5.10% | | Net Assets Attributable to Shareholders | 480,429,397.93 | - | 681,604,995.95 | - | -29.51% | | Contract Assets | 831,486,737.17 | 20.19% | 770,537,889.10 | 17.76% | 2.43% | | Contract Liabilities | 215,276,386.84 | 5.23% | 105,402,832.21 | 2.43% | 2.80% | | Long-term Borrowings | 249,492,016.67 | 6.06% | 380,635,350.01 | 8.77% | -2.71% | Status of Restricted Assets | Item | Book Value at Period-End (Yuan) | Reason for Restriction | | :--- | :--- | :--- | | Cash and Cash Equivalents | 81,980,431.34 | Bank acceptance bill and letter of guarantee deposits, frozen | | Notes Receivable | 125,206,350.26 | Bank acceptance bill deposits, non-derecognized endorsed transfers | | Accounts Receivable | 441,246,123.89 | Pledged for loans | | Contract Assets | 674,419,766.62 | Pledged for loans | | Fixed Assets | 494,874,523.27 | Mortgaged for loans | | Intangible Assets | 107,362,206.72 | Mortgaged for loans | | Total | 1,925,089,402.10 | - | Significant Changes in Asset Composition Total assets and net assets attributable to shareholders decreased, while the proportion of contract assets and contract liabilities increased Overview of Asset Composition Changes | Item | % of Total Assets at Period-End | % of Total Assets at Prior Year-End | Change in Weight | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 2.58% | 2.63% | -0.05% | | Accounts Receivable | 17.79% | 18.15% | -0.36% | | Contract Assets | 20.19% | 17.76% | 2.43% | | Inventory | 7.65% | 7.10% | 0.55% | | Long-term Equity Investments | 0.48% | 0.44% | 0.04% | | Fixed Assets | 20.60% | 20.58% | 0.02% | | Construction in Progress | 10.63% | 9.90% | 0.73% | | Short-term Borrowings | 13.22% | 13.05% | 0.17% | | Contract Liabilities | 5.23% | 2.43% | 2.80% | | Long-term Borrowings | 6.06% | 8.77% | -2.71% | Status of Restricted Assets as of the End of the Reporting Period As of the period-end, a total of 1.925 billion Yuan in assets were restricted, primarily for bank acceptance bills, guarantees, and loan pledges Details of Restricted Assets | Item | Book Value at Period-End (Yuan) | Reason for Restriction | | :--- | :--- | :--- | | Cash and Cash Equivalents | 81,980,431.34 | Bank acceptance bill and letter of guarantee deposits, frozen | | Notes Receivable | 125,206,350.26 | Bank acceptance bill deposits, non-derecognized endorsed transfers | | Accounts Receivable | 441,246,123.89 | Pledged for loans | | Contract Assets | 674,419,766.62 | Pledged for loans | | Fixed Assets | 494,874,523.27 | Mortgaged for loans | | Intangible Assets | 107,362,206.72 | Mortgaged for loans | | Total | 1,925,089,402.10 | - | Investment Analysis The company's investment amount was 0 Yuan, a 100% decrease YoY, with no major equity investments or use of raised funds Investment Amount for the Reporting Period | Investment Amount (Yuan) | Investment Amount in Prior Year Period (Yuan) | Change | | :--- | :--- | :--- | | 0.00 | 276,623.60 | -100.00% | - The company had no use of raised funds during the reporting period47 - The company had no entrusted wealth management, derivative investments, or entrusted loans during the reporting period484950 Major Asset and Equity Sales No major asset or equity sales occurred during the reporting period - The company did not sell any major assets during the reporting period51 - The company did not sell any major equity during the reporting period52 Analysis of Major Holding and Associated Companies There was no information on significant holding or associated companies that required disclosure during the reporting period - There was no information on significant holding or associated companies that required disclosure during the reporting period52 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 period53 Risks and Countermeasures The company faces risks from slow receivables turnover, high R&D costs, goodwill impairment, litigation, tight cash flow, and potential delisting - Slow accounts receivable turnover negatively impacts cash flow and operational stability; the company will tighten credit approval, strengthen management, and intensify collection efforts53 - High-risk, long-cycle R&D may lead to sunk costs if projects fail; the company will continue to increase R&D investment and build high-level teams5354 - Potential goodwill impairment from the acquisition of Shanghai Yunneng exists if its performance falters; the company will promote business expansion and strengthen internal controls54 - The company faces multiple civil and criminal lawsuits, including a securities class action and a fraudulent stock issuance case, with uncertain financial impact; it will actively defend its interests555657 - Tight operating cash flow due to delayed receivables has led to judicial freezes on some bank accounts and overdue debt principal of 197.29 million Yuan; the company is negotiating with creditors and has been approved for pre-reorganization loans5758 - The company faces a risk of delisting if the court accepts the reorganization application, which would trigger a delisting risk warning, or if the reorganization fails, leading to bankruptcy and termination of listing5859 Record of Investor Relations Activities The company held its 2024 annual results presentation online on April 30, 2025, via the Panorama "Investor Relations Interactive Platform" Investor Relations Activities | Time | Location | Method | Counterparty Type | Main Content and Materials Provided | | :--- | :--- | :--- | :--- | :--- | | April 30, 2025 | Online via Panorama "Investor Relations Interactive Platform" | Online Communication | Other (All investors participating in the 2024 annual results presentation) | See Jintongling Investor Relations Activity Record Form (No 2025-001) | Formulation 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 system61 - The company has not disclosed a valuation enhancement plan62 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 plan62 Corporate Governance, Environment and Society Changes in Directors, Supervisors, and Senior Management There were no changes in the company's directors, supervisors, or senior management during the reporting period - There were no changes in the company's directors, supervisors, or senior management during the reporting period; for details, please refer to the 2024 annual report64 Profit Distribution and Capitalization of Capital Reserves for the Reporting Period The company does not plan to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for the semi-annual period65 Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentives The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period66 Environmental Information Disclosure The company and its main subsidiaries are included in the list of enterprises required to disclose environmental information by law Enterprises on the Environmental Information Disclosure List | No | Company Name | Index for Environmental Information Disclosure Report | | :--- | :--- | :--- | | 1 | Jintongling Technology Group Co, Ltd | Jiangsu Provincial Department of Ecology and Environment website (http://sthjt.jiangsu.gov.cn/) - "Environmental Profile" Information Disclosure Platform | | 2 | Jiangsu Jintongling Blower Co, Ltd | Jiangsu Provincial Department of Ecology and Environment website (http://sthjt.jiangsu.gov.cn/) - "Environmental Profile" Information Disclosure Platform | Social Responsibility The company is committed to protecting stakeholder interests through good governance, employee welfare, supplier partnerships, and environmental protection - The company protects investor rights through standardized corporate governance, quality information disclosure, diverse communication channels, and online voting68 - The company adheres to a people-oriented philosophy, protecting employee rights through competitive compensation, safe working conditions, career development, and union activities6869 - The company fosters win-win partnerships with suppliers and customers, focusing on product quality, supply capacity, and after-sales service70 - The company prioritizes safety and environmental protection, investing in pollution control, promoting clean production, and implementing sustainable development practices70 Important Matters Commitments Fulfilled During the Reporting Period and Overdue Commitments at Period-End Shareholders Ji Wei and Ji Weidong's commitments regarding concerted action and avoidance of competition were duly fulfilled during the reporting period Status of Commitments | Reason for Commitment | Promisor | Type | Content | Date | Term | Fulfillment Status | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | IPO or Refinancing | Ji Wei, Ji Weidong | Concerted Action | Parties will act in concert when exercising voting rights at shareholder and board meetings; any transfer of promoter shares requires written consent from the other party | June 25, 2010 | Long-term | Normally Fulfilled | | IPO or Refinancing | Ji Wei, Ji Weidong | Non-competition, Related Transactions, Fund Occupation | Shareholders holding 5% or more of the company's shares issued a "Letter of Commitment on Avoiding Competition," promising not to engage in any business that competes or may compete with Jintongling | June 25, 2010 | Long-term | Normally Fulfilled | - Were commitments fulfilled on time: Yes71 Non-operational Fund Occupation by Controlling Shareholders and Other Related Parties There was no non-operational fund occupation by the controlling shareholder or other related parties during the reporting period - There was no non-operational fund occupation by the controlling shareholder or other related parties during the reporting period72 Irregular External Guarantees The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period73 Appointment and Dismissal of Accounting Firm The company's semi-annual financial report was not audited - The company's semi-annual report was not audited74 Explanation on the 'Non-standard Audit Report' by the Board of Directors, Supervisory Committee, and Audit Committee No non-standard audit report was issued for the reporting period Board's Explanation on the Previous Year's 'Non-standard Audit Report' The auditor issued an unqualified opinion with an emphasis of matter paragraph for the 2024 financial statements regarding litigation uncertainties - Zhongxinghua Certified Public Accountants (Special General Partnership) issued an unqualified audit report with an emphasis of matter paragraph for the company's 2024 financial statements75 - The emphasis of matter paragraph highlights the uncertainty of the final compensation amount in the securities misrepresentation liability dispute case involving the China Securities Investor Services Center, which has not yet gone to trial75 - The Board of Directors considers the audit opinion to be objective and is actively taking measures to mitigate risks, including advancing the pre-reorganization plan to improve operational and financial conditions78 Bankruptcy and Reorganization Matters The company has initiated a pre-reorganization process after a creditor's application and faces a potential delisting risk warning - On March 28, 2025, the company received a notice from a creditor, Shanghai Chuangya Logistics Co, Ltd, applying for its reorganization and pre-reorganization79 - On April 3, 2025, the Nantong Intermediate People's Court of Jiangsu Province decided to initiate the pre-reorganization of the company and appointed a liquidation team as the temporary administrator79 - As of April 30, 2025, a total of 36 potential investors had submitted formal registration materials and paid the required deposit81 - On June 10, 2025, the court permitted the company to borrow up to 200 million Yuan during the pre-reorganization period for necessary operating expenses82 - If the court accepts the reorganization application, the company's stock will be subject to a delisting risk warning; failure of the reorganization could lead to bankruptcy and termination of listing83 Litigation Matters The company is involved in multiple major lawsuits with uncertain financial impact, including a securities class action and a criminal case Major Litigation and Arbitration Matters | Case Details | Amount Involved (ten thousand Yuan) | Provision Formed | Progress | Outcome and Impact | | :--- | :--- | :--- | :--- | :--- | | Cumulative Litigation/Arbitration | 24,743.34 | Yes | —— | Some cases are pending trial or unresolved; the impact on profit is currently unpredictable | | Cumulative Litigation/Arbitration | 22,239.65 | Yes | —— | Some cases are pending trial or unresolved; the impact on profit is currently unpredictable | | Cumulative Litigation/Arbitration | 7,062.21 | Yes | —— | Some cases are pending trial or unresolved; the impact on profit is currently unpredictable | | Securities Misrepresentation Liability Dispute | 0 | —— | Special representative litigation procedure applied | Not yet in trial; the impact on profit is currently unpredictable | | Fraudulent Stock Issuance Case | 0 | —— | Indictment received from prosecutor's office | Not yet in trial; the impact on profit is currently unpredictable | Penalties and Rectifications The company had no penalties or rectifications during the reporting period - The company had no penalties or rectifications during the reporting period85 Integrity Status of the Company, its Controlling Shareholder, and Actual Controller There were no integrity issues concerning the company, its controlling shareholder, or its actual controller during the reporting period - There were no integrity issues concerning the company, its controlling shareholder, or its actual controller during the reporting period86 Major Related-Party Transactions The company engaged in ordinary course related-party transactions totaling 16.59 million Yuan and had outstanding borrowings of 413.34 million Yuan from its controlling shareholder Related-Party Transactions in the Ordinary Course of Business | Related Party | Transaction Type | Transaction Content | Amount (ten thousand Yuan) | % of Similar Business | | :--- | :--- | :--- | :--- | :--- | | Nantong Jiangneng Public Utility Service Co, Ltd | Services Received | EPC Service | 1,343.39 | 45.65% | | Nantong Jiangneng Public Utility Service Co, Ltd | Services Received | EPC Service | 315.42 | 10.72% | | Total | - | - | 1,658.81 | - | Related-Party Debts and Credits (Payables to Related Parties) | Related Party | Relationship | Reason | Opening Balance (ten thousand Yuan) | Increase (ten thousand Yuan) | Repayment (ten thousand Yuan) | Interest Rate | Interest (ten thousand Yuan) | Closing Balance (ten thousand Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Nantong Industrial Holding Group Co, Ltd | Controlling Shareholder | Loans provided to supplement working capital | 30,239.88 | 15,343.01 | 5,065.44 | 3.10% | 816.91 | 41,334.36 | - The company had no related-party transactions involving the acquisition or sale of assets or equity, nor any joint external investments with related parties during the reporting period8889 Major Contracts and Their Performance The company has multiple leasing agreements and total actual guarantees of 323.81 million Yuan, representing 67.40% of net assets - The company is involved in multiple property and financing lease contracts with various subsidiaries and related parties96979899100101102103104 External Guarantees by the Company and its Subsidiaries | Guaranteed Party | Guarantee Limit (ten thousand Yuan) | Actual Guarantee Amount (ten thousand Yuan) | Guarantee Type | Term | Fulfilled | Related-Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Nantong Zhonghe Financing Guarantee Group Co, Ltd | 10,000 | 9,428 | Joint and Several Liability | 1 Year | No | Yes | Guarantees Provided by the Company to its Subsidiaries | Guaranteed Party | Guarantee Limit (ten thousand Yuan) | Actual Guarantee Amount (ten thousand Yuan) | Guarantee Type | Term | Fulfilled | Related-Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Gaoyou Linyuan Technology Development Co, Ltd | 3,700 | 450 | Joint and Several Liability | 1.9 Years | No | Yes | | Taizhou Fengling Special Power Station Equipment Co, Ltd | 7,500 | 2,300 | Joint and Several Liability | 1 Year | No | Yes | | Shanghai Industrial Boiler (Wuxi) Co, Ltd | 19,000 | 500 | Joint and Several Liability | 1 Year | Yes | Yes | | Jiangsu Jintongling Blower Co, Ltd | 20,000 | 6,260 | Joint and Several Liability | 5 Years | No | Yes | Overview of Total Guarantees | Indicator | Amount (ten thousand Yuan) | | :--- | :--- | | Total Approved Guarantee Limit at Period-End | 185,500 | | Total Actual Guarantee Balance at Period-End | 32,380.7 | | Ratio of Actual Total Guarantees to Company's Net Assets | 67.40% | | Guarantees for Shareholders, Actual Controllers, and their Affiliates | 9,427 | | Guarantees for Parties with Asset-Liability Ratio over 70% | 16,060 | | Amount of Total Guarantees Exceeding 50% of Net Assets | 8,359.23 | | Total of the Above Three Guarantee Amounts | 33,846.23 | Explanation of Other Major Matters There were no other major matters requiring explanation during the reporting period - There were no other major matters requiring explanation during the reporting period113 Major Matters of Subsidiaries There were no major matters concerning subsidiaries during the reporting period - There were no major matters concerning subsidiaries during the reporting period114 Changes in Share Capital and Shareholders Changes in Share Capital The number of restricted shares decreased by 50.72 million while unrestricted shares increased by the same amount, with total share capital unchanged Changes in Share Capital | Item | Pre-Change Quantity (shares) | Pre-Change Ratio | Change (+, -) (shares) | Post-Change Quantity (shares) | Post-Change Ratio | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 63,849,083 | 4.29% | -50,718,145 | 13,130,938 | 0.88% | | II. Unrestricted Shares | 1,425,315,131 | 95.71% | 50,718,145 | 1,476,033,276 | 99.12% | | III. Total Shares | 1,489,164,214 | 100.00% | 0 | 1,489,164,214 | 100.00% | - The change in shares was mainly due to the recalculation of transferable shares for directors, supervisors, and senior management, and the expiration of lock-up periods for some former executives117118 Changes in Share Capital Restricted shares decreased by 50.72 million, while unrestricted shares increased by the same amount, leaving total share capital unchanged Overview of Share Changes | Item | Pre-Change Quantity (shares) | Pre-Change Ratio | Change (+, -) (shares) | Post-Change Quantity (shares) | Post-Change Ratio | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 63,849,083 | 4.29% | -50,718,145 | 13,130,938 | 0.88% | | III. Total Shares | 1,489,164,214 | 100.00% | 0 | 1,489,164,214 | 100.00% | Changes in Restricted Shares The number of restricted shares decreased by 50.72 million, primarily due to the release of lock-up shares for several executives Details of Restricted Share Changes | Shareholder Name | Opening Restricted Shares | Released This Period | Closing Restricted Shares | Reason for Restriction | Proposed Release Date | | :--- | :--- | :--- | :--- | :--- | :--- | | Ji Wei | 45,671,104 | 45,671,104 | 0 | Executive Lock-up | March 3, 2025 | | Ji Weidong | 16,383,104 | 4,095,776 | 12,287,328 | Executive Lock-up | 25% of total holdings released annually | | Liu Jun | 135,900 | 135,900 | 0 | Executive Lock-up | March 3, 2025 | | Total | 63,849,083 | 50,718,145 | 13,130,938 | - | - | Securities Issuance and Listing The company had no securities issuance or listing activities during the reporting period - The company had no securities issuance or listing activities during the reporting period120 Number of Shareholders and Shareholdings At the end of the reporting period, the company had 45,506 shareholders, with Nantong Industrial Holding Group being the largest shareholder at 27.88% Total Shareholders at Period-End | Total number of common shareholders at the end of the reporting period | 45,506 | Shareholdings of Shareholders with over 5% or Top 10 Shareholders | Shareholder Name | Nature | Shareholding Ratio | Shares Held at Period-End | Restricted Shares | Unrestricted Shares | Share Status | Quantity (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Nantong Industrial Holding Group Co, Ltd | State-owned legal person | 27.88% | 415,148,776 | 0 | 415,148,776 | Pledged | 164,589,838 | | Ji Wei | Domestic individual | 4.09% | 60,894,805 | 0 | 60,894,805 | Pledged | 34,194,105 | | - | - | - | - | - | - | Frozen | 60,894,805 | | Ji Weidong | Domestic individual | 1.10% | 16,383,104 | 12,287,328 | 4,095,776 | Pledged | 16,340,000 | | - | - | - | - | - | - | Frozen | 16,383,104 | - Ji Wei and Ji Weidong are brothers and act in concert; the company is unaware of any other related-party relationships or concerted actions among other shareholders122 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 - There were no changes in the shareholdings of the company's directors, supervisors, or senior management during the reporting period; for details, please refer to the 2024 annual report124 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 period125 - The company's actual controller did not change during the reporting period125 Information on Preferred Shares The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period126 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 period128 Financial Report Audit Report The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited130 Financial Statements This section provides the company's consolidated and parent company financial statements for the first half of 2025 Consolidated Income Statement Key Data (H1 2025) | Item | Amount (Yuan) | | :--- | :--- | | Total Operating Revenue | 369,978,920.13 | | Total Operating Costs | 506,731,016.28 | | Operating Profit | -148,871,737.12 | | Total Profit | -193,810,281.13 | | Net Profit | -215,192,227.30 | | Net Profit Attributable to Parent Company Shareholders | -202,398,215.57 | | Net Cash Flow from Operating Activities | -163,236,153.03 | Consolidated Balance Sheet Key Data (June 30, 2025) | Item | Closing Balance (Yuan) | | :--- | :--- | | Total Assets | 4,117,440,873.26 | | Total Liabilities | 3,789,761,030.56 | | Total Equity Attributable to Parent Company Shareholders | 480,429,397.93 | | Total Equity | 327,679,842.70 | Consolidated Balance Sheet As of June 30, 2025, total consolidated assets were 4.117 billion Yuan, a decrease of 5.10% from the beginning of the period Key Data from Consolidated Balance Sheet | Item | Closing Balance (Yuan) | Opening Balance (Yuan) | | :--- | :--- | :--- | | Total Assets | 4,117,440,873.26 | 4,338,533,339.28 | | Total Current Assets | 2,328,264,828.76 | 2,463,754,054.67 | | Total Non-Current Assets | 1,789,176,044.50 | 1,874,779,284.61 | | Total Liabilities | 3,789,761,030.56 | 3,796,883,886.83 | | Total Current Liabilities | 2,979,643,615.26 | 2,835,674,997.10 | | Total Non-Current Liabilities | 810,117,415.30 | 961,208,889.73 | | Total Equity Attributable to Parent Company Shareholders | 480,429,397.93 | 681,604,995.95 | Consolidated Income Statement For the first half of 2025, consolidated operating revenue was 370 million Yuan, a YoY decrease of 48.70%, with a net loss of 215 million Yuan Key Data from Consolidated Income Statement | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 369,978,920.13 | 721,229,810.52 | | Total Operating Costs | 506,731,016.28 | 809,487,931.18 | | Operating Profit | -148,871,737.12 | -90,243,157.89 | | Total Profit | -193,810,281.13 | -90,105,705.99 | | Net Profit | -215,192,227.30 | -83,325,718.42 | | Net Profit Attributable to Parent Company Shareholders | -202,398,215.57 | -75,601,658.51 | | Basic Earnings Per Share (Yuan/share) | -0.1359 | -0.0508 | Consolidated Cash Flow Statement Net cash flow from operating activities was -163 million Yuan in H1 2025, a significant deterioration from the prior year period Key Data from Consolidated Cash Flow Statement | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -163,236,153.03 | -4,529,165.25 | | Net Cash Flow from Investing Activities | -3,002,709.58 | -18,601,697.80 | | Net Cash Flow from Financing Activities | 123,781,211.41 | -26,366,966.54 | | Net Increase in Cash and Cash Equivalents | -42,466,947.56 | -49,596,906.91 | | Cash and Cash Equivalents at Period-End | 24,155,643.53 | 51,768,319.02 | Company Basic Information Jintongling Technology Group Co, Ltd was listed on the Shenzhen Stock Exchange in 2010 and is primarily engaged in the manufacturing of large industrial fluid machinery - Jintongling Technology Group Co, Ltd was listed on the Shenzhen Stock Exchange on June 25, 2010, with a registered capital of 1,489,164,214.00 Yuan167 - The company's controlling shareholder is Nantong Industrial Holding Group Co, Ltd, and the ultimate actual controller is the State-owned Assets Supervision and Administration Commission of Nantong Municipal People's Government167 - The company's main products include large industrial centrifugal blowers, ventilators, axial flow blowers, energy-saving centrifugal air compressors, steam turbines, and gas turbines169 Basis of Preparation for Financial Statements The financial statements are prepared in accordance with China's Accounting Standards for Business Enterprises on a going concern basis - The company prepares its financial statements in accordance with the "Accounting Standards for Business Enterprises" issued by the Ministry of Finance and the relevant regulations of the China Securities Regulatory Commission171 - The company's accounting is based on the accrual basis, and the financial statements are measured on a historical cost basis, except for certain financial instruments171 - The company's financial statements are presented on a going concern basis, with the ability to continue as a going concern for at least 12 months from the end of the reporting period172 Significant Accounting Policies and Estimates This section details the significant accounting policies and estimates used in preparing the financial statements, covering areas like business combinations, financial instruments, and revenue recognition - The financial statements prepared by the company comply with the requirements of the Accounting Standards for Business Enterprises, truly and completely reflecting the company's financial position, operating results, and cash flows for the period174 - The company classifies financial assets into three categories based on business model and contractual cash flow characteristics: measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss200201 - The company's general principle for revenue recognition is to recognize revenue when the performance obligations in the contract are satisfied, i.e, when the customer obtains control of the relevant goods or services292 Taxes The company is subject to major taxes including VAT, corporate income tax, and urban maintenance and construction tax, with some subsidiaries enjoying preferential tax rates Main Taxes and Tax Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Taxable income is used to calculate output tax, with VAT paid on the difference after deducting allowable input tax | 13%, 9%, 6% | | Urban Maintenance and Construction Tax | Based on payable turnover taxes | 7%, 5% | | Corporate Income Tax | Based on taxable income | 25%, 15% | | Education Surcharge | Based on payable turnover taxes | 3% | | Local Education Surcharge | Based on payable turnover taxes | 2% | | Property Tax | Based on 70% of the original value of the property (or rental income) | 1.2%, 12% | Taxpayers with Different Corporate Income Tax Rates | Taxpayer Name | Income Tax Rate | | :--- | :--- | | Jintongling Technology Group Co, Ltd | 25% | | Shanghai Industrial Boiler (Wuxi) Co, Ltd | 15% | | Jiangsu Yunneng Energy Technology Co, Ltd | 15% | - The Taiyuan Beibai Cement contract energy management project of Shanghai Yunneng is exempt from VAT319 - Shanghai Industrial Boiler (Wuxi) Co, Ltd and Jiangsu Yunneng Energy Technology Co, Ltd, as high-tech enterprises, enjoy a reduced corporate income tax rate of 15% for three years starting from 2023/2024319320 Notes to Consolidated Financial Statement Items This section provides detailed disclosures on the balances and changes of items in the consolidated financial statements, including assets, liabilities, and income statement components Composition of Cash and Cash Equivalents | Item | Closing Balance (Yuan) | Opening Balance (Yuan) | | :--- | :--- | :--- | | Cash on Hand | 145,240.34 | 187,495.92 | | Bank Deposits | 24,010,403.19 | 66,435,095.17 | | Other Cash Equivalents | 81,980,431.34 | 47,312,492.84 | | Total | 106,136,074.87 | 113,935,083.93 | Accounts Receivable and Bad Debt Provision | Item | Closing Book Balance (Yuan) | Closing Bad Debt Provision (Yuan) | Closing Book Value (Yuan) | | :--- | :--- | :--- | :--- | | Individually Assessed Accounts Receivable | 384,912,852.08 | 144,614,099.01 | 240,298,753.07 | | Collectively Assessed Accounts Receivable | 739,786,789.57 | 247,390,073.48 | 492,396,716.09 | | Total | 1,124,699,641.65 | 392,004,172.49 | 732,695,469.16 | Inventory Classification and Write-down Provision | Item | Closing Book Balance (Yuan) | Closing Inventory Write-down Provision (Yuan) | Closing Book Value (Yuan) | | :--- | :--- | :--- | :--- | | Raw Materials | 169,343,572.60 | 37,055,072.34 | 132,288,500.26 | | Work in Progress | 154,110,776.80 | 75,796,839.78 | 78,313,937.02 | | Finished Goods | 125,951,318.77 | 38,388,784.11 | 87,562,534.66 | | Total | 466,392,210.65 | 151,401,624.65 | 314,990,586.00 | Composition of Provisions | Item | Closing Balance (Yuan) | Opening Balance (Yuan) | Reason | | :--- | :--- | :--- | :--- | | Pending Litigation | 433,873,727.62 | 392,022,89.33 | Special representative litigation and other pending lawsuits | | Product Quality Guarantees | 4,546,465.84 | 4,546,465.84 | Application of ASBE Interpretation No 18 | | Onerous Contracts | 783,674.44 | 973,309.34 | Onerous contracts | | Estimated Compensation | 1,836,020.32 | 1,836,020.32 | Breach of contract compensation | | Total | 441,039,888.22 | 399,378,784.83 | - | R&D Expenditures Total R&D expenditure in H1 2025 was 26.34 million Yuan, a decrease of 37.65% YoY, all of which was expensed Details of R&D Expenditures | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Direct Inputs | 3,740,414.68 | 10,092,439.90 | | Personnel Costs | 15,630,238.63 | 23,646,771.31 | | Depreciation and Amortization | 6,277,769.22 | 7,341,521.04 | | Others | 694,326.48 | 1,167,573.57 | | Total | 26,342,749.01 | 42,248,305.82 | | Of which: Expensed R&D | 26,342,749.01 | 42,248,305.82 | Changes in Consolidation Scope The consolidation scope changed due to the deregistration of the wholly-owned subsidiary Jintongling (Nong'an) Agricultural Environmental Protection Industrial Park Co, Ltd - The wholly-owned subsidiary Jintongling (Nong'an) Agricultural Environmental Protection Industrial Park Co, Ltd was deregistered during the reporting period597 Interests in Other Entities The company holds interests in multiple subsidiaries with ownership ranging from 51% to 100% and several associate companies accounted for using the equity method Composition of the Corporate Group (Partial) | Subsidiary Name | Registered Capital (Yuan) | Business Nature | Shareholding Ratio (Direct) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | | Nantong Jintongling Environmental Protection Equipment Co, Ltd | 6,000,000.00 | Machinery Manufacturing | 51.00% | Investment Establishment | | Guangxi Jintongling Blower Co, Ltd | 15,000,000.00 | Machinery Manufacturing | 100.00% | Investment Establishment | | Shanghai Yunneng Energy Technology Co, Ltd | 178,111,800.00 | Waste Heat Power Equipment Sales | 100.00% | Business Combination not under Common Control | | Shanghai Industrial Boiler (Wuxi) Co, Ltd | 250,000,000.00 | Equipment Manufacturing | 100.00% (Indirect) | Business Combination not under Common Control | Significant Non-wholly Owned Subsidiaries | Subsidiary Name | Minority Interest Ratio | Profit/Loss Attributable to Minority Interests (Yuan) | Minority Interest Balance at Period-End (Yuan) | | :--- | :--- | :--- | :--- | | Xinshili Company | 28.00% | 381,368.55 | 5,004,100.87 | | Taizhou Fengling | 30.00% | -3,765,347.74 | -30,394,674.47 | Significant Associate Companies | Associate Company Name | Business Nature | Shareholding Ratio (Direct) | Accounting Method | | :--- | :--- | :--- | :--- | | Hebei Shengtao Environmental Technology Co, Ltd | Waste Heat and Energy Power Generation and Sales | 30.00% | Equity Method | | Nantong Tiandian Smart Energy Co, Ltd | Energy | 23.00% | Equity Method | Government Grants The closing balance of government grants recorded as deferred income was 27.90 million Yuan, with 1.50 million Yuan recognized in current profit and loss Liability Items Involving Government Grants | Account | Opening Balance (Yuan) | New Grants (Yuan) | Recognized in Non-operating Income (Yuan) | Transferred to Other Income (Yuan) | Closing Balance (Yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 29,045,910.40 | - | - | 1,148,886.28 | 27,897,024.12 | Asset/Income Related | Government Grants Recognized in Current Profit and Loss | Account | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Deferred Income | 1,148,886.28 | 1,149,842.32 | | Other Income | 351,565.33 | 470,897.36 | | Total | 1,500,451.61 | 1,620,739.68 | Risks Related to Financial Instruments This section addresses the various risks arising from the company's financial instruments, without providing specific details on risk types - The company did not engage in hedging activities for risk management during the reporting period618 - The company did not apply hedge accounting for any qualifying hedging activities during the reporting period618 Fair Value Disclosures The total fair value of assets measured on a continuous basis was 27.72 million Yuan, primarily comprising receivables financing and other non-current financial assets Fair Value of Assets and Liabilities at Period-End | Item | Level 1 Fair Value (Yuan) | Level 2 Fair Value (Yuan) | Level 3 Fair Value (Yuan) | Total (Yuan) | | :--- | :--- | :--- | :--- | :--- | | I. Continuous Fair Value Measurement | -- | -- | -- | -- | | Receivables Financing | - | - | 9,413,155.71 | 9,413,155.71 | | Other Non-current Financial Assets | - | 13,582,400.00 | 4,727,919.05 | 18,310,319.05 | | Total Assets at Continuous Fair Value | - | 13,582,400.00 | 14,141,074.76 | 27,723,474.76 | Related Parties and Transactions The company's parent is Nantong Industrial Holding Group, and it engages in various transactions with related parties, including borrowings of 414 million Yuan Parent Company Information | Parent Company Name | Registered Location | Business Nature | Registered Capital (Yuan) | Shareholding Ratio | Voting Rights Ratio | | :--- | :--- | :--- | :--- | :--- | :--- | | Nantong Industrial Holding Group Co, Ltd | Nantong | Investment Holding | 5,000,000,000.00 | 27.88% | 27.88% | - The ultimate controlling party of the enterprise is the State-owned Assets Supervision and Administration Commission of the Nantong Municipal People's Government621 Related-Party Transactions (Sale of Goods/Provision of Services) | Related Party | Transaction Content | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | :--- | | Nantong Jiangneng Public Utility Service Co, Ltd | Construction Contract | 16,588,132.51 | 138,446,929.63 | | Hezhi Smelting Equipment (Shanghai) Co, Ltd | Sales and Labor Dispatch | - | 1,204,318.25 | Related-Party Receivables and Payables (Payable Items) | Item Name | Related Party | Closing Book Balance (Yuan) | Opening Book Balance (Yuan) | | :--- | :--- | :--- | :--- | | Other Payables | Nantong Industrial Holding Group Co, Ltd | 414,057,330.05 | 306,253,620.06 | Share-based Payments The company had no share-based payment arrangements during the reporting period - The company had no overall situation of share-based payments during the reporting period647 Commitments and Contingencies The company had no significant commitments or material contingencies to disclose as of the balance sheet date - The company has no significant contingencies to disclose647 Subsequent Events After the reporting period, the company's subsidiary, Jiangsu Jintongling Energy Storage Technology Co, Ltd, entered bankruptcy liquidation proceedings - On August 11, 2025, the company's subsidiary, Jiangsu Jintong
金通灵(300091) - 2025 Q2 - 季度财报