好太太(603848) - 2025 Q2 - 季度财报

Important Notice The company's board and senior management guarantee the accuracy and completeness of this unaudited semi-annual report, which does not include profit distribution or capital increase from reserves for H1 2025, and investors should be aware of forward-looking statements' inherent risks - The company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content[3] - This semi-annual report is unaudited[5] - No profit distribution or capital increase from capital reserves will be made for the first half of 2025[6] - Forward-looking statements regarding future plans and development strategies in this report do not constitute a substantial commitment to investors, who are advised to be aware of investment risks[7] Section I Definitions This section defines common terms used in the report, including company names, financial units, reporting periods, and key technology acronyms like MES, ERP, WMS, AI, IPD, and BI, ensuring clear understanding of the report's content - Defines abbreviations for the company, Hooray Group, Hooray brand, and its main subsidiaries (e.g., Smart Home Co., Household Products Co., Network Technology, Smart Technology, Saike Smart, Haohao Property)[12] - Clarifies the reporting period as January 1, 2025, to June 30, 2025, with the prior year's corresponding period being January 1, 2024, to June 30, 2024[12] - Explains professional terms such as Manufacturing Execution System (MES), Enterprise Resource Planning (ERP), Warehouse Management System (WMS), Artificial Intelligence (AI), Integrated Product Development (IPD), and Business Intelligence (BI)[12] Section II Company Profile and Key Financial Indicators This section provides basic information, contact details, stock overview, and key financial data for Guangdong Hooray Technology Group Co., Ltd. for H1 2025, showing significant declines in revenue and net profit, but slight increases in total assets and net assets, with non-recurring gains contributing to net profit - The company's Chinese name is Guangdong Hooray Technology Group Co., Ltd., abbreviated as Hooray, with stock code 603848, listed on the Shanghai Stock Exchange[14][18] 2025 Semi-Annual Key Accounting Data Compared to Prior Year | Indicator | Current Reporting Period (Jan-Jun) (Yuan) | Prior Year Period (Yuan) | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 676,853,445.19 | 712,505,663.42 | -5.00 | | Total Profit | 95,256,813.31 | 164,389,281.85 | -42.05 | | Net Profit Attributable to Shareholders of Listed Company | 86,170,983.57 | 143,547,570.80 | -39.97 | | Net Cash Flow from Operating Activities | 50,207,526.77 | 59,782,588.12 | -16.02 | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 2,447,267,823.37 | 2,441,766,739.55 | 0.23 | | Total Assets (Period-end) | 3,448,907,390.99 | 3,373,598,528.85 | 2.23 | 2025 Semi-Annual Key Financial Indicators Compared to Prior Year | Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | 0.21 | 0.36 | -41.67 | | Diluted Earnings Per Share (Yuan/share) | 0.21 | 0.36 | -41.67 | | Basic Earnings Per Share Excluding Non-recurring Gains and Losses (Yuan/share) | 0.20 | 0.35 | -42.86 | | Weighted Average Return on Net Assets (%) | 3.51 | 6.17 | -2.66 | | Weighted Average Return on Net Assets Excluding Non-recurring Gains and Losses (%) | 3.34 | 6.13 | -2.79 | - Total non-recurring gains and losses amounted to 4.13 million Yuan, primarily including gains and losses from entrusted investments or asset management, government grants, and reversal of impairment provisions for receivables[22][23] Section III Management Discussion and Analysis This section details the company's H1 2025 operating strategies, industry trends, core competencies, and financial performance, focusing on smart drying and smart lock businesses, multi-channel sales, intelligent manufacturing, and innovation, while addressing risks from economic downturns, market competition, and real estate changes I. Industry and Main Business Overview for the Reporting Period The company operates as an integrated smart home enterprise, focusing on smart drying and smart locks, within a rapidly growing smart home market driven by technological innovation and consumer demand for intelligent, scenario-based, high-quality products (1) Company's Main Businesses Hooray is a smart home enterprise integrating R&D, production, sales, and service, primarily focusing on smart drying and smart locks, with products extending to smart care and smart lighting, aiming to provide comprehensive smart home solutions - Hooray is a smart home enterprise integrating R&D, production, sales, and service, having deeply cultivated the smart home sector, represented by smart fabric care, for over two decades[26] - The company focuses its layout on the smart home sector, concentrating on smart drying and smart locks as its two core businesses[26] - Products extend to smart categories such as electric towel racks, smart curtains, smart lighting, and smart gateways, offering consumers convenient whole-house smart home products[26] (2) Company's Main Operating Models The company employs agile, intelligent, and sustainable procurement, smart and lean manufacturing, an integrated online-offline sales approach, and an R&D model driven by independent innovation and external collaboration, all guided by user needs - Procurement Model: Building an agile, intelligent, and sustainable supply chain, comprehensively promoting the digitalization and intelligent transformation of the procurement system, and enhancing efficiency and traceability through a supply chain management platform[27] - Production Model: Adhering to smart manufacturing and lean production concepts, building an efficient, flexible, and high-quality production system, adopting automated assembly lines and intelligent logistics systems to support multi-variety, small-batch customized demands[28] - Sales Model: Persisting in building an omni-channel sales model, deeply integrating online and offline resources, actively deploying emerging content e-commerce platforms like Douyin, and achieving precise marketing driven by big data[29][30] - R&D Model: Adhering to the "independent R&D, innovation-driven" strategy, implementing a "research one generation, reserve one generation, develop one generation" R&D strategy, establishing a sound three-level R&D system, and conducting collaborative R&D with universities and research institutions[31] (3) Industry Overview The smart drying, smart lock, and overall smart home markets are experiencing rapid growth and intelligence trends, with smart drying evolving towards scenario-based intelligence, smart locks towards high-end AI integration, and smart homes towards "spatial computing" and "seamless interaction" driven by policy and consumer demand - The smart clothes dryer market size in the drying industry has exceeded 15 billion Yuan, with an average annual growth rate of over 20%, and the penetration rate of smart functions like AI environmental sensing and UV sterilization reaching 35%[32][35] - In H1 2025, the retail volume of China's smart door lock market across all channels was 9.07 million units, a year-on-year increase of 1.2%, with the online market growing by 11.7% year-on-year[39] - The high-end smart door lock market (1,500 Yuan and above) accounted for 23.1% of retail volume, with the 2,000 Yuan and above high-end market seeing year-on-year retail volume and value growth exceeding 40%, and over 60% of users willing to pay an additional 500 Yuan for AI smart locks[39][46] - From January to April 2025, 30,000 new types of smart home consumer products were added, a year-on-year surge of 1985.5%, with national subsidy policies and middle-class quality consumption driving the industry's leap from "device networking" to "spatial computing"[47][49] - The company's main business involves deep cultivation in the smart home sector, represented by smart fabric care, for over two decades, with products covering whole-house smart fabric care, smart monitoring, and smart light sensing[26] - The smart clothes dryer market size in the drying industry has exceeded 15 billion Yuan, with an average annual growth rate of over 20% in the past five years, and the penetration rate of smart functions like AI environmental sensing and UV sterilization reaching 35%[32][35] - In H1 2025, the retail volume of China's smart door lock market across all channels was 9.07 million units, a year-on-year increase of 1.2%, with the online market growing by 11.7%, and the high-end market seeing year-on-year retail volume and value growth exceeding 40%[39] - From January to April 2025, 30,000 new types of smart home consumer products were added, a year-on-year surge of 1985.5%, and middle-class consumers are willing to pay a 15%-30% premium for smart home products, seeking a "seamless interaction" full-scenario experience[47][49] II. Discussion and Analysis of Operations In H1 2025, the company maintained stable business development through comprehensive integration, brand rejuvenation, product innovation, intelligent manufacturing upgrades, and cost reduction, focusing on online sales, brand building, R&D, production efficiency, and operational cost control - The sales front adopted a holistic integration approach, accelerating the iteration of new smart home products, strengthening online live e-commerce, and promoting the transformation from a dealer model to a direct sales model[54] - The brand front continued its youth-oriented transformation, completing the renovation and upgrade of most stores, and building an omni-channel growth engine through a Douyin dealer matrix and central live broadcast room[54] - The product front focused on user scenarios, behavioral paths, and pain points, increasing investment in innovative R&D, and achieving multiple key technological breakthroughs[55] - The manufacturing front introduced multiple sets of intelligent production equipment, deeply practiced lean production concepts, and enhanced the level and efficiency of production automation[55] - The management front focused on the core goal of cost reduction and efficiency improvement, achieving precise control of operating costs and an improved input-output ratio through cost structure streamlining and process reform[55] III. Analysis of Core Competencies during the Reporting Period As a leader in smart drying, the company's core competencies include continuous technological and product innovation, extensive automated manufacturing and digital empowerment, stringent quality control, strong brand equity, diversified sales channels, and an efficient service system, forming a robust competitive advantage in the smart home market - The company adheres to the "independent R&D, innovation-driven" strategy, possesses core technologies such as motors and electronic controls, has accumulated over 1,600 national patents, continuously solidifying its technological leadership[57][58] - It owns two smart factories, Shanmen and Jinhu, equipped with MES, ERP, WMS, and other systems, enabling intelligent production control and enhancing per capita efficiency and production flexibility[59] - The company regards product quality as its lifeline, establishing a full lifecycle new product quality evaluation system, with product lifespan, warranty period, and functional stability ranking among the industry's best[61] - High brand recognition, consistently maintaining its position as the leading brand in the drying industry, empowering terminal sales through integrated brand and sales strategies and Douyin new retail coaching[62][63] - Built a diversified and multi-dimensional online and offline channel network, with online revenue ranking first in the industry, and actively expanding engineering channels[64][65] - The service network covers the entire country, promising "2-hour response, 48-hour on-site service," continuously improving service experience through a closed-loop management mechanism[66][67] IV. Key Operating Performance during the Reporting Period During the reporting period, the company's operating revenue decreased by 5.00%, total profit and net profit attributable to shareholders decreased by 42.05% and 39.97% respectively, while operating costs increased by 9.58%, administrative expenses increased by 12.30%, and R&D expenses decreased by 17.85%; asset-liability changes included significant increases in receivables and long-term borrowings, a decrease in inventory, new investments in associates, and holdings of financial assets measured at fair value 2025 Semi-Annual Financial Statement Item Changes | Item | Current Period Amount (Yuan) | Prior Year Period Amount (Yuan) | Change Ratio (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 676,853,445.19 | 712,505,663.42 | -5.00 | | Operating Cost | 363,437,558.33 | 331,656,228.75 | 9.58 | | Selling Expenses | 153,838,611.26 | 158,875,363.80 | -3.17 | | Administrative Expenses | 50,025,709.22 | 44,545,591.37 | 12.30 | | Financial Expenses | -4,505,127.52 | -7,183,793.02 | 37.29 | | R&D Expenses | 20,121,351.46 | 24,494,421.47 | -17.85 | | Net Cash Flow from Operating Activities | 50,207,526.77 | 59,782,588.12 | -16.02 | | Net Cash Flow from Investing Activities | -71,620,084.26 | -96,794,395.45 | 26.01 | | Net Cash Flow from Financing Activities | 43,113,465.79 | 21,100,248.19 | 104.33 | - The decrease in operating revenue was primarily due to the overall economic environment and consumption downgrade, while the increase in operating costs was mainly due to a decrease in gross profit margin and retrospective adjustments under accounting standards[71] 2025 Semi-Annual Asset and Liability Status Changes | Item Name | Current Period-end Amount (Yuan) | Current Period-end % of Total Assets | Prior Year-end Amount (Yuan) | Prior Year-end % of Total Assets | Change % from Prior Year-end | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 293,149,673.67 | 8.50 | 272,566,765.37 | 8.08 | 7.55 | | Accounts Receivable | 90,633,396.76 | 2.63 | 67,669,534.48 | 2.01 | 33.94 | | Inventories | 129,393,993.76 | 3.75 | 149,515,704.21 | 4.43 | -13.46 | | Long-term Equity Investments | 7,299,313.86 | 0.21 | - | - | 100.00 | | Construction in Progress | 308,926,007.52 | 8.96 | 249,840,533.03 | 7.41 | 23.65 | | Long-term Borrowings | 172,522,327.93 | 5.00 | 120,864,870.07 | 3.58 | 42.74 | - The change in long-term equity investments is due to increased investment in an associate during the reporting period, while the change in long-term borrowings is due to increased borrowings for the Hooray International project[74] - The period-end balance of financial assets measured at fair value is 100.21 million Yuan, with a fair value change loss of 0.235 million Yuan for the current period[79] V. Other Disclosures The company faces operational risks from raw material price fluctuations, intensified market competition (including cross-industry entrants), and changes in the real estate market, addressing these challenges with strategies such as enhanced R&D, brand building, supply chain integration, market regulation response, new retail transformation, and channel expansion to improve resilience and adaptability - Raw material price fluctuation risk: Direct materials account for a relatively high proportion of the company's production costs, and price fluctuations will affect profitability; countermeasures include market monitoring, diversified procurement, strategic inventory management, and cost control[82][83] - Market competition and cross-industry risks: The smart home industry faces intense competition, including vicious competition and entry by cross-industry enterprises; countermeasures include strengthening R&D investment, brand building, supply chain integration, and market penetration strategies[84][85] - Real estate market change risk: The company's operating performance is linked to the development of the real estate industry, and market regulation brings uncertainty to performance growth; countermeasures include strengthening brand promotion, new retail transformation, channel penetration, and existing market development[85][86] - The company has been deeply cultivating the smart home sector for over two decades, focusing on smart drying and smart locks as its two core businesses, with products extending to smart categories such as electric towel racks and smart curtains[26] - The smart clothes dryer market size has exceeded 15 billion Yuan, with an average annual growth rate of over 20%; the smart door lock market retail volume increased by 1.2% year-on-year, with online market growth of 11.7%, and the high-end market retail value growing over 40% year-on-year[32][39] - The company possesses competitive advantages in technology R&D, product innovation, manufacturing, quality control, brand building, sales channels, and user services, holding over 1,600 national patents[56][58] - During the reporting period, the company's operating revenue decreased by 5.00% year-on-year, total profit decreased by 42.05% year-on-year, and net cash flow from operating activities decreased by 16.02% year-on-year[20] - The company faces risks such as raw material price fluctuations, intensified market competition, and changes in the real estate market, and has formulated countermeasures including diversified procurement, strengthened R&D, brand building, and channel expansion[82][83][84][85][86] Section IV Corporate Governance, Environment and Society This section details changes in the company's board and senior management, including the election of the fourth board and appointment of new executives, confirms no profit distribution or capital increase from reserves for H1 2025, and reports the repurchase and cancellation of restricted shares from the 2023 incentive plan due to employee departures and unfulfilled performance conditions - The company's fourth board of directors has elected Mr. Shen Hanbiao as Chairman and Ms. Wang Miaoyu as Vice Chairman[91] - Mr. Zhou Liang was appointed as the company's General Manager, Ms. Xiao Juan as Deputy General Manager, Mr. Li Xiang as Board Secretary, and Mr. Sun Zheng as Financial Controller[91] - No profit distribution or capital increase from capital reserves will be made for the first half of 2025[92] - The company repurchased and cancelled a total of 1.505 million restricted shares from the 2023 restricted stock incentive plan that could not be unlocked due to the departure of incentive recipients and the non-achievement of the second unlocking condition[94] Section V Significant Matters This section details the company's fulfillment of commitments, including share repurchases and non-compete clauses, discloses recurring related-party transactions with Holike and its subsidiaries, and a significant related-party transaction involving a joint venture investment with Holike and Fengzhushou, noting the total guarantee balance for subsidiaries at period-end was 800 million yuan, representing 32.69% of net assets - All commitments made by the company, actual controllers, shareholders, related parties, and other relevant parties, whether during or continuing into the reporting period, have been fulfilled promptly and strictly[97] - Related-party transactions with Guangzhou Holike Creative Home Furnishings Co., Ltd. and its subsidiaries involve the purchase and sale of goods, and provision and acceptance of labor services, with 809,645.11 Yuan in products and services sold and 546,438.69 Yuan in products and services purchased during the current period[458][459] - The company recognized 596,993.63 Yuan in rental income from leasing office space to Guangzhou Holike Creative Home Furnishings Co., Ltd. during the current period[461] - The company, Holike, and Fengzhushou Co., Ltd. signed an investment cooperation agreement to jointly establish Guangzhou Hemi Technology Co., Ltd.[101] - The total guarantee balance for subsidiaries at the end of the reporting period was 800 million Yuan, accounting for 32.69% of the company's net assets[105] Section VI Share Changes and Shareholder Information This section details the company's share capital changes, primarily due to the repurchase and cancellation of restricted shares from the 2023 incentive plan, resulting in a reduced total share count; as of the reporting period end, the company had 7,324 shareholders, with the top three shareholders, Shen Hanbiao, Wang Miaoyu, and Hou Pengde, collectively holding over 88% of shares, and some directors' and senior executives' holdings also decreased Share Capital Change Table | | Number Before Change (shares) | Percentage Before Change (%) | Increase/Decrease in Change (shares) | Number After Change (shares) | Percentage After Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 1,603,489 | 0.3969 | -1,603,489 | 0 | 0 | | II. Unrestricted Tradable Shares | 402,406,511 | 99.6031 | 0 | 402,406,511 | 100 | | III. Total Shares | 404,010,000 | 100 | -1,603,489 | 402,406,511 | 100 | - The share capital change was primarily due to the company's repurchase and cancellation of restricted shares from the 2023 restricted stock incentive plan that could not be unlocked due to unfulfilled performance conditions and employee departures[110] - As of the end of the reporting period, the total number of common shareholders was 7,324[112] Top Ten Shareholders' Holdings as of the End of the Reporting Period | Shareholder Name | Number of Shares Held at Period-end (shares) | Percentage (%) | Number of Restricted Shares Held (shares) | | :--- | :--- | :--- | :--- | | Shen Hanbiao | 217,395,000 | 54.02 | 0 | | Wang Miaoyu | 116,165,000 | 28.87 | 0 | | Hou Pengde | 22,500,000 | 5.59 | 0 | | National Social Security Fund 103 Portfolio | 6,304,440 | 1.57 | 0 | | National Social Security Fund 501 Portfolio | 3,660,600 | 0.91 | 0 | - Shen Hanbiao and Wang Miaoyu are a married couple, the company's co-actual controllers, and acting in concert[116] - The shareholdings of directors and senior management, including Zhou Liang, Xiao Juan, Sun Zheng, and Li Xiang, decreased due to the repurchase and cancellation of restricted shares[118][119] Section VII Bond-Related Information This section confirms that the company had no corporate bonds (including enterprise bonds) and non-financial enterprise debt financing instruments, or convertible corporate bonds during the reporting period - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[123] - The company has no convertible corporate bonds[123] Section VIII Financial Report This section presents the company's unaudited H1 2025 consolidated and parent company financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on company background, accounting policies, taxes, financial instrument risks, related parties, and other supplementary information I. Audit Report This section explicitly states that the semi-annual report is unaudited - This semi-annual report is unaudited[5][125] II. Financial Statements This section provides the company's H1 2025 consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, offering a comprehensive view of the financial position, operating results, cash flows, and equity movements at the end of the reporting period Consolidated Balance Sheet (June 30, 2025) | Item | June 30, 2025 (Yuan) | December 31, 2024 (Yuan) | | :--- | :--- | :--- | | Total Assets | 3,448,907,390.99 | 3,373,598,528.85 | | Total Liabilities | 603,510,190.14 | 533,626,942.27 | | Total Owners' Equity (or Shareholders' Equity) | 2,845,397,200.85 | 2,839,971,586.58 | Consolidated Income Statement (Jan-Jun 2025) | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 676,853,445.19 | 712,505,663.42 | | Operating Profit | 94,789,708.35 | 164,416,605.74 | | Total Profit | 95,256,813.31 | 164,389,281.85 | | Net Profit | 86,095,514.02 | 143,307,907.86 | | Net Profit Attributable to Parent Company Shareholders | 86,170,983.57 | 143,547,570.80 | | Basic Earnings Per Share (Yuan/share) | 0.21 | 0.36 | Consolidated Cash Flow Statement (Jan-Jun 2025) | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 50,207,526.77 | 59,782,588.12 | | Net Cash Flow from Investing Activities | -71,620,084.26 | -96,794,395.45 | | Net Cash Flow from Financing Activities | 43,113,465.79 | 21,100,248.19 | | Net Increase in Cash and Cash Equivalents | 21,700,908.30 | -15,911,559.14 | III. General Information Guangdong Hooray Technology Group Co., Ltd., established in 2005 and listed on the Shanghai Stock Exchange in 2017, primarily engages in the R&D, production, and sales of smart clothes dryers; as of June 30, 2025, its total share capital was 402,406,511.00 yuan, following the repurchase and cancellation of restricted shares - The company, formerly Guangdong Hooray Integrated Kitchen Cabinet Co., Ltd., was registered on January 5, 2005[160] - The company was listed on the Shanghai Stock Exchange on December 1, 2017[161] - The company's main business is the R&D, production, and sales of smart clothes dryers, operating in the manufacturing industry[166][165] - As of June 30, 2025, the company's total share capital was 402,406,511.00 Yuan, having repurchased and cancelled a cumulative 1,803,489 restricted shares[162] IV. Basis of Financial Statement Preparation The company's financial statements are prepared on a going concern basis, comply with enterprise accounting standards, and accurately reflect its financial position and operating results, with no significant issues affecting its ability to continue as a going concern for the next 12 months from the reporting period end - The company's financial statements are prepared on a going concern basis[167] - The company has the ability to continue as a going concern for 12 months from the end of this reporting period, with no significant matters affecting its going concern ability[168] - The financial statements prepared by the company comply with the requirements of enterprise accounting standards and truly and completely reflect the company's financial position, operating results, changes in shareholders' equity, and cash flows[170] V. Significant Accounting Policies and Estimates This section details the company's significant accounting policies and estimates for financial statement preparation, covering financial instrument classification and measurement, revenue recognition, inventory, long-term equity investments, fixed assets, intangible assets, employee benefits, provisions, share-based payments, government grants, and deferred income tax, with specific methods tailored to operational characteristics and materiality standards - The company classifies financial assets into three categories based on the business model for managing financial assets and the contractual cash flow characteristics: measured at amortized cost, measured at fair value through other comprehensive income, and measured at fair value through profit or loss[185] - Revenue recognition principle: Revenue is recognized when the customer obtains control of the related goods, and the transaction price is allocated based on the relative standalone selling prices of each distinct performance obligation[242] - Inventories are valued using the weighted average method when issued and measured at the lower of cost and net realizable value at the balance sheet date, with provision for inventory impairment[204][205] - Fixed assets are depreciated using the straight-line method, with buildings depreciated over 20-50 years and machinery and equipment over 5-10 years[217] - Intangible assets (such as land use rights, computer software) are amortized using the straight-line method, with land use rights over 40-50 years and computer software over 2-5 years[223] - The company recognizes loss provisions for financial assets measured at amortized cost, debt instrument investments measured at fair value through other comprehensive income, and others, based on expected credit losses[193] VI. Taxes This section lists the company's main tax categories and rates, including VAT, urban maintenance and construction tax, education surcharges, and enterprise income tax; as a high-tech enterprise, the company enjoys a 15% corporate income tax rate, while 21 small and micro subsidiaries qualify for a 20% preferential rate, and software product sales benefit from a VAT immediate refund policy - The company's main tax categories include Value-Added Tax (3%, 6%, 9%, 13%), Urban Maintenance and Construction Tax (7%), Education Surcharge (3%), Local Education Surcharge (2%), and Enterprise Income Tax[267] - Guangdong Hooray Technology Group Co., Ltd. is recognized as a high-tech enterprise and is subject to a 15% enterprise income tax rate for the year 2025[269] - Twenty-one small and micro enterprise subsidiaries of the company, such as Guangdong Saike Smart Technology Co., Ltd., that meet the small and micro enterprise criteria for 2025, enjoy a 20% preferential enterprise income tax policy[269][270][271] - The company's sales of self-developed and produced software products are subject to an immediate refund of the portion of VAT exceeding 3%[269] VII. Notes to Consolidated Financial Statement Items This section provides detailed notes for each item in the consolidated financial statements, including cash and bank balances, financial assets at fair value, notes receivable, accounts receivable, inventories, construction in progress, long-term borrowings, share capital, capital reserves, retained earnings, operating revenue and costs, selling expenses, administrative expenses, R&D expenses, financial expenses, and investment income, with information on period-end balances, beginning balances, reasons for changes, and impairment provisions - Cash and bank balances at period-end amounted to 293,149,673.67 Yuan, including bank deposits of 267,578,737.20 Yuan[272] - Trading financial assets at period-end amounted to 100,210,301.37 Yuan, primarily bank wealth management products[273] - Accounts receivable at period-end had a carrying value of 90,633,396.76 Yuan, with an impairment provision of 72,515,871.95 Yuan[283] - Inventories at period-end had a carrying value of 129,393,993.76 Yuan, with an inventory impairment provision of 16,977,399.87 Yuan[306] - Construction in progress at period-end amounted to 308,926,007.52 Yuan, primarily for the Hooray International Center construction project[330] - Long-term borrowings at period-end amounted to 172,522,327.93 Yuan, primarily guaranteed and mortgaged borrowings[369] - Share capital at period-end amounted to 402,406,511.00 Yuan, decreased due to the repurchase and cancellation of restricted shares[373][375] - Operating revenue for the current period was 676,853,445.19 Yuan, and operating cost was 363,437,558.33 Yuan[389] - R&D expenses for the current period amounted to 20,121,351.46 Yuan, a year-on-year decrease of 17.85%[396] VIII. Research and Development Expenses This section details the company's H1 2025 R&D expenses, totaling 20,121,351.46 yuan, a decrease from the prior year; R&D expenditure primarily comprises personnel costs, direct materials, and patent application fees, with all expenditures expensed and none capitalized R&D Expenses by Nature of Expense | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Personnel Costs | 13,364,954.16 | 14,763,269.85 | | Direct Materials | 5,199,074.28 | 5,456,479.19 | | Patent Applications | 832,238.77 | 732,329.13 | | Total | 20,121,351.46 | 24,494,421.47 | | Of which: Expensed R&D Expenditure | 20,121,351.46 | 24,494,421.47 | | Capitalized R&D Expenditure | - | - | - The total R&D expenses for the current period decreased by 17.85% year-on-year, mainly due to a reduction in personnel costs and share-based payment expenses compared to the prior year[71][396] - All R&D expenditures were expensed, with no R&D projects meeting the criteria for capitalization[427] IX. Changes in Consolidation Scope During the reporting period, the company established 11 new wholly-owned subsidiaries, including Chengdu Saike Home Products Co., Ltd. and Beijing Saike Trading Co., Ltd., primarily to support national "trade-in" subsidy policies, which did not significantly impact the company's overall operations or performance - During the reporting period, the company added 11 new wholly-owned subsidiaries through establishment[431][432] - The newly established subsidiaries include Chengdu Saike Home Products Co., Ltd., Beijing Saike Trading Co., Ltd., Suzhou Saibao Trading Co., Ltd., Changsha Hooray Smart Technology Co., Ltd., Xi'an Saike Smart Technology Co., Ltd., Hefei Saike Smart Technology Co., Ltd., Guilin Hooray Trading Co., Ltd., Dalian Saike Trading Co., Ltd., Shijiazhuang Saike Trading Co., Ltd., Jinan Saike Trading Co., Ltd., and Zhengzhou Saichuang Trading Co., Ltd.[431][432] - These newly established subsidiaries were primarily set up to cooperate with the national "trade-in" subsidy policy and did not have a significant impact on the overall production, operations, and performance[80] X. Interests in Other Entities This section discloses the company's interests in subsidiaries and associates, including 26 subsidiaries, with Guangdong Haohao Property Investment Co., Ltd. being a significant non-wholly-owned subsidiary, and a 25% equity interest in Guangzhou Hemi Technology Co., Ltd., an associate jointly invested with Holike and Fengzhushou, accounted for using the equity method - The company owns 26 subsidiaries, including Guangdong Hooray Smart Technology Co., Ltd. and Guangdong Hooray Smart Home Co., Ltd., all with a 100% shareholding (except Guangdong Haohao Property Investment Co., Ltd. at 70%)[433][434] - Guangdong Haohao Property Investment Co., Ltd. is a significant non-wholly-owned subsidiary, with a minority shareholder stake of 30.00%, and the current period's profit or loss attributable to minority shareholders was -75,469.55 Yuan, with a period-end minority interest balance of 398,129,377.48 Yuan[436] - The company holds a 25% equity interest in Guangzhou Hemi Technology Co., Ltd., accounted for using the equity method, with investment gains/losses recognized for the current period amounting to -200,686.14 Yuan[440][442] - Guangzhou Hemi Technology Co., Ltd. had total assets of 29,329,115.65 Yuan and a net profit of -802,744.55 Yuan[442] XI. Government Grants This section details the government grants received by the company during the reporting period, with a total of 10,417,700.90 yuan recognized in current profit or loss, primarily as income-related grants, and a 50,420.16 yuan reduction in asset-related software service project grants within deferred income - The total government grants recognized in current profit or loss for the current period amounted to 10,417,700.90 Yuan, compared to 14,418,992.95 Yuan in the prior period[447] - Asset-related software service project grants within deferred income decreased by 50,420.16 Yuan in the current period, with a period-end balance of 243,697.58 Yuan[445] XII. Risks Related to Financial Instruments The company faces credit risk, market risk (including interest rate, foreign currency, and other price risks), and liquidity risk in its operations, which are managed through customer credit assessment, quarterly monitoring, accounts receivable aging analysis, and rolling cash flow forecasts to ensure operations remain within acceptable risk levels - The company primarily faces credit risk, market risk (including interest rate risk, foreign currency risk, and other price risks), and liquidity risk[448][449] - Credit risk is managed through customer credit risk assessment, quarterly monitoring, and monthly review of accounts receivable aging analysis[448] - Liquidity risk is managed by monitoring cash balances and rolling forecasts of cash flows for the next 12 months to ensure the company has sufficient cash to repay maturing debts[449] - The company's management is fully responsible for determining risk management objectives and policies and bears ultimate responsibility[448] XIII. Disclosure of Fair Value This section discloses the fair value of the company's assets and liabilities measured at fair value at the period-end, with total continuously measured assets at 234,969,109.28 yuan, primarily comprising financial assets at fair value through profit or loss (bank wealth management products) and other equity instrument investments, all measured using Level 3 fair value techniques based on comparable transactions or contractually agreed floating rates Period-end Fair Value of Assets and Liabilities Measured at Fair Value | Item | Level 3 Fair Value Measurement (Yuan) | Total (Yuan) | | :--- | :--- | :--- | | (I) Trading Financial Assets | 100,210,301.37 | 100,210,301.37 | | (III) Other Equity Instrument Investments | 134,758,807.91 | 134,758,807.91 | | Total Assets Continuously Measured at Fair Value | 234,969,109.28 | 234,969,109.28 | - Period-end trading financial assets primarily consist of floating-rate structured deposits and other bank wealth management products, with fair value changes predicted and recognized based on contractually agreed floating interest rates[454] - For other equity instrument investments without market quotations, the company determines fair value using comparable transaction methods[454] XIV. Related Parties and Related Party Transactions This section details the company's related parties and transactions, primarily involving Guangzhou Holike Creative Home Furnishings Co., Ltd. and its subsidiaries, controlled by the actual controller, with transactions including goods purchases and sales, provision and acceptance of services, related-party leasing, and joint external investments, and key management personnel compensation totaling 2.4123 million yuan for the period - Major related parties include Guangzhou Holike Creative Home Furnishings Co., Ltd., Guangzhou Holike Integrated Home Furnishings Co., Ltd., and Guangzhou Holike Furniture Installation Service Co., Ltd., all controlled by the actual controller[457] - During the current period, purchases of goods/acceptance of services from related parties totaled 546,438.69 Yuan, primarily for wardrobes and配套 furniture and installation services[458] - Sales of clothes racks and smart home products to related parties amounted to 809,645.11 Yuan in the current period[459] - As a lessor, the company recognized office space rental income of 596,993.63 Yuan from Guangzhou Holike Creative Home Furnishings Co., Ltd. in the current period[461] - The company, Holike, and Fengzhushou Co., Ltd. jointly invested in establishing Guangzhou Hemi Technology Co., Ltd., which constitutes a significant related-party transaction[101] - Key management personnel compensation for the current period amounted to 2.4123 million Yuan[463] XV. Share-based Payment This section states that the company had no significant equity instruments, equity-settled or cash-settled share-based payment arrangements, share-based payment expenses, or modifications or terminations of share-based payment arrangements requiring disclosure during the reporting period - The company had no significant details of equity instruments during the reporting period[466] - The company had no equity-settled or cash-settled share-based payment arrangements during the reporting period[466] - The company had no significant share-based payment expenses during the reporting period[466] XVI. Commitments and Contingencies This section states that the company had no significant commitments or contingencies requiring disclosure as of the balance sheet date - The company has no significant commitments requiring disclosure[467] - The company has no significant contingencies requiring disclosure[467] XVII. Events After the Balance Sheet Date This section states that the company had no significant non-adjusting events, profit distribution, or sales returns occurring between the balance sheet date and the report disclosure date - The company has no significant non-adjusting events[467] - The company has no profit distribution events[467] - The company has no sales return events[467] XVIII. Other Significant Matters This section states that the company had no prior period accounting error corrections, significant debt restructurings, asset exchanges, annuity plans, discontinued operations, segment information, or other important transactions or events affecting investor decisions during the reporting period - The company has no prior period accounting error corrections[468] - The company has no significant debt restructurings, asset exchanges, annuity plans, or discontinued operations[468] - The company has no segment information requiring disclosure[468] XIX. Parent Company Financial Statement Items This section provides detailed notes for key items in the parent company's financial statements, including accounts receivable, other receivables, long-term equity investments, operating revenue and costs, and investment income; the parent company has substantial accounts receivable and long-term equity investments, with a high proportion of intercompany balances in other receivables, and both operating revenue and investment income were recognized during the period - The parent company's accounts receivable at period-end had a carrying balance of 150,079,890.27 Yuan, with an impairment provision of 63,433,309.99 Yuan[472] - The parent company's other receivables at period-end had a carrying balance of 150,650,864.73 Yuan, of which intercompany balances with consolidated entities amounted to 143,661,181.37 Yuan[487] - The parent company's long-term equity investments at period-end had a carrying value of 1,160,799,313.86 Yuan, including investments in subsidiaries and investments in associates and joint ventures[497] - The parent company's operating revenue for the current period was 585,636,962.81 Yuan, and operating cost was 347,410,609.84 Yuan[501] - The parent company's investment income for the current period was 1,180,017.93 Yuan, primarily from wealth management product investment income and debt restructuring gains[502] XX. Supplementary Information This section provides supplementary information, including a detailed statement of non-recurring gains and losses, net asset return, and earnings per share; total non-recurring gains and losses amounted to 4,129,474.15 yuan, the weighted average return on net assets attributable to common shareholders was 3.51%, and basic earnings per share was 0.21 yuan/share, with no differences noted between domestic and international accounting standards - Total non-recurring gains and losses amounted to 4,129,474.15 Yuan, primarily including gains and losses from entrusted investments or asset management, reversal of impairment provisions for receivables, and government grants[505] Net Asset Return and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share (Yuan) | Diluted Earnings Per Share (Yuan) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Common Shareholders of the Company | 3.51 | 0.21 | 0.21 | | Net Profit Attributable to Common Shareholders of the Company Excluding Non-recurring Gains and Losses | 3.34 | 0.20 | 0.20 | - There are no differences in accounting data under domestic and international accounting standards[507] - This semi-annual report is unaudited[5][125] - The company's main business is the R&D, production, and sales of smart clothes dryers, operating in the manufacturing industry[166][165] - The company is recognized as a high-tech enterprise and is subject to a 15% enterprise income tax rate for 2025; 21 small and micro enterprise subsidiaries are subject to a 20% enterprise income tax rate[269][270][271] - During the reporting period, the company added 11 new wholly-owned subsidiaries through establishment, primarily to cooperate with the national "trade-in" subsidy policy, which did not have a significant impact on overall production, operations, and performance[80][431][432] - The company faces credit risk, market risk, and liquidity risk, which are managed through credit assessment, cash flow forecasting, and other measures[448][449]