Definitions This section defines key terms like the company, controlling shareholder, actual controller, and reporting period, ensuring clarity for report content Definitions of Common Terms This chapter clarifies the definitions of frequently used terms within the report, including the company's identity and reporting period - Company refers to China Railway High-speed Electrical Equipment Co., Ltd., with China Railway Electrification Engineering Co., Ltd. as the controlling shareholder and the State-owned Assets Supervision and Administration Commission of the State Council as the actual controller10 - The reporting period spans from January 1, 2025, to June 30, 202510 Company Profile and Key Financial Indicators This section provides an overview of the company's fundamental information, including its registration details, contact information, stock profile, and key financial performance metrics Company Basic Information This chapter outlines the company's essential registration details, such as its official name, legal representative, and primary addresses - Company Chinese Name: China Railway High-speed Electrical Equipment Co., Ltd., Abbreviation: CRH Electrical12 - Legal Representative: Zhang Changyu12 - Company Registered Address: No. 196 Gaoxin Avenue, High-tech Development Zone, Baoji City, Shaanxi Province12 Contact Person and Contact Information This chapter lists the contact details for the company's Board Secretary and Securities Affairs Representative - Board Secretary: Wang Shuping, Securities Affairs Representative: He Baoguo14 - Contact Phone: 0917-2829163, Email: gtdq@bjqcc.com14 Brief Introduction to Information Disclosure and Document Placement Location Changes This chapter specifies the official channels for the company's information disclosure and the location for report availability - Information Disclosure Newspapers: "Shanghai Securities News", "China Securities Journal", "Securities Times", "Securities Daily"15 - Website Address: **www.sse.com.cn**[15](index=15&type=chunk) Brief Introduction to Company Shares/Depositary Receipts This chapter provides a concise overview of the company's stock type, listing details, and trading codes - Share Type: A-shares, Listing Exchange and Board: Shanghai Stock Exchange STAR Market16 - Stock Abbreviation: CRH Electrical, Stock Code: 68828516 Company's Key Accounting Data and Financial Indicators This chapter presents the company's key financial performance for the first half of 2025, highlighting revenue and net profit growth alongside negative operating cash flow Major Accounting Data (Jan-Jun 2025 vs. Prior Year Period) | Indicator | Current Period (yuan) | Prior Year Period (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 533,415,177.73 | 430,117,971.30 | 24.02 | | Total Profit | 35,693,572.75 | 27,049,971.81 | 31.95 | | Net Profit Attributable to Shareholders of the Listed Company | 28,413,904.52 | 21,229,854.52 | 33.84 | | Net Profit Attributable to Shareholders of the Listed Company After Deducting Non-recurring Gains and Losses | 25,944,069.14 | 16,356,859.33 | 58.61 | | Net Cash Flow from Operating Activities | -97,013,337.47 | -14,315,257.74 | Not Applicable | Major Financial Indicators (Jan-Jun 2025 vs. Prior Year Period) | Indicator | Current Period | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.0755 | 0.0564 | 33.87 | | Diluted Earnings Per Share (yuan/share) | 0.0755 | 0.0564 | 33.87 | | Basic Earnings Per Share After Deducting Non-recurring Gains and Losses (yuan/share) | 0.0689 | 0.0435 | 58.39 | | Weighted Average Return on Net Assets (%) | 1.71 | 1.31 | Increased by 0.4 percentage points | | Weighted Average Return on Net Assets After Deducting Non-recurring Gains and Losses (%) | 1.56 | 1.01 | Increased by 0.55 percentage points | | Proportion of R&D Investment to Operating Revenue (%) | 3.95 | 5.38 | Decreased by 1.43 percentage points | - Total profit, net profit attributable to shareholders of the listed company, net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses, basic earnings per share, and diluted earnings per share all increased due to operating revenue growth1819 - The proportion of R&D investment to operating revenue decreased by 1.43 percentage points year-on-year18 Non-recurring Gains and Losses and Amounts This chapter itemizes the company's non-recurring gains and losses for the reporting period, primarily government subsidies and other non-operating income Non-recurring Gains and Losses (Jan-Jun 2025) | Item | Amount (yuan) | | :--- | :--- | | Government subsidies included in current profit or loss | 2,486,350.14 | | Other non-operating income and expenses apart from the above | 449,717.04 | | Less: Income tax impact | 440,410.08 | | Impact on minority interests (after tax) | 25,821.72 | | Total | 2,469,835.38 | Management Discussion and Analysis This section provides an in-depth review of the company's industry, business operations, core competencies, risk factors, and key operating performance during the reporting period Explanation of the Company's Industry and Main Business Operations During the Reporting Period This chapter details the company's industry classification and its core business activities, including railway electrification, urban rail transit, and expanding off-rail products - The company belongs to the manufacturing industry, specifically railway, ship, aerospace, and other transportation equipment manufacturing25 - Main business includes R&D, design, manufacturing, and sales of railway electrification contact network system equipment, urban rail transit power supply system equipment, and off-rail products25 - Off-rail product business layout covers subframes, automotive gearbox components, wind power series, high-voltage electrical flanges, self-activating flame suppression products, and anti-loosening fasteners25 Discussion and Analysis of Operations This chapter discusses the company's operational achievements in R&D, market expansion, talent development, and quality management during the reporting period - R&D Innovation: New busbar and roller-type busbar positioning clamps for urban rail transit were promoted in multiple subway lines; trough channels and 25kV rigid catenary systems for electrified railways were applied in high-speed rail projects; cast aluminum longitudinal beam semi-finished products for off-rail products achieved batch supply25 - Market Aspects: Undertook multiple high-speed railway, passenger dedicated line, conventional railway, and urban rail transit projects, including the Guangzhou-Zhanjiang High-speed Railway, Chengdu-Chongqing Mid-line Railway, and Ningbo Metro Line 626 - "Second Curve" Initiatives: Continued cooperation with customers like Xi'an Shuangte Intelligent Transmission in the new energy vehicle sector, added new customers such as Baoji Xinyu Zhongyi Metal Processing Co., Ltd.; flame suppression products were applied in projects like the newly built Zhangzhou-Shantou High-speed Railway27 - Talent Development: Strengthened the cadre and talent team, formulated the "Middle Management Cadre Management Measures" and a series of talent training systems, enhancing the comprehensive strength of the professional technical team27 - Quality and Safety Production: Continuously improved quality, with effective operation of ISO9001 and IATF16949 quality management systems; established a "Dual Prevention Mechanism for Safety Risk Classification and Control and Hidden Hazard Investigation and Rectification," passed ISO14001 and ISO45001 certifications, awarded "National Green Factory" title, achieving a zero-accident goal2829 Analysis of Core Competitiveness During the Reporting Period This chapter analyzes the company's core strengths in technology, market position, talent, and corporate culture, which underpin its industry leadership Technological Competitiveness This chapter highlights the company's commitment to innovation, evidenced by national honors, R&D collaborations, increasing patent portfolio, and showcased advanced technologies - The company has been awarded "National Enterprise Technology Center Sub-center" and "National Intellectual Property Advantage Enterprise" honors, and is a primary drafter of technical standards in the electrified railway contact network industry30 - Adopts a model primarily based on independent R&D, supplemented by collaborative R&D, jointly tackling key issues with enterprises, universities, and design institutes, with multiple technical products receiving China Railway Engineering Group Co., Ltd. and China Railway Society Science and Technology Awards31 - During the reporting period, obtained 35 authorized patents (including 10 invention patents) and applied for 16 patents (including 2 invention patents), accumulating 355 valid intellectual property rights (79 invention patents, including 3 PCT)32 - Showcased cutting-edge technological achievements such as the overhead rigid catenary system and simplified catenary cantilever positioning device, expanding business channels32 Market Position, Reputation, and Brand Competitiveness This chapter emphasizes the company's leading market position, comprehensive product range, involvement in major national and international projects, and strong brand reputation - The company is the largest manufacturer of contact network components in China, participates in setting industry standards, with simplified contact network products successfully tested on the Beijing-Shenyang High-speed Railway and fully applied on the Indonesia Jakarta-Bandung High-speed Railway34 - Actively participates in national "Belt and Road" initiative projects, providing products for overseas projects such as the Indonesia Jakarta-Bandung High-speed Railway and China-Laos Railway, laying the foundation for overseas markets34 - Holds a significant market share in urban rail transit power supply equipment, with products covering various rail transit modes, suitable for rigid catenary, flexible catenary, and contact rail systems35 - Received honors such as "Excellent Supplier" and "Advanced Unit" in multiple projects, and continuously increases investment and R&D in civilian products like new energy vehicles36 Talent Competitiveness This chapter highlights the company's stable, high-caliber talent pool, supported by a robust talent development and compensation system that fosters innovation - The company has formed a stable, high-quality, composite professional technical and management talent team36 - By establishing a scientific, reasonable, and efficient talent training system, improving the compensation distribution mechanism, and optimizing human resource allocation, the company stimulates talent innovation and efficiency36 Corporate Culture Competitiveness This chapter describes the company's strategic positioning and cultural initiatives, which align with its parent company's "Pioneer" philosophy, enhancing brand value and industry influence - The company is positioned as a "leader in traction power supply equipment technology innovation, promoter of intelligent transformation in construction and operation & maintenance, and practitioner of green and low-carbon development"37 - Actively implements China Railway's "Pioneer" cultural concept and China Railway Electrification Bureau's "Tianyi Culture" concept, building a distinctive "CRH Electrical" corporate culture37 - Continuously enhances brand premium and industry leadership through technological innovation, quality upgrades, and fulfillment of social responsibilities38 Core Technologies and R&D Progress This chapter details the company's sustained focus on R&D, including numerous research projects, patent achievements, standard contributions, and awards, despite a slight decrease in R&D investment - Core Technologies and Their Advanced Nature: During the reporting period, 50 scientific research projects were executed, including 2 national key R&D programs, 1 Shaanxi Province technology innovation guidance project, 1 China Railway Qinghai-Tibet Group Co., Ltd. project, and 14 China Railway Electrification Bureau Group Co., Ltd. projects39 - Focused on major scientific research topics such as "Online Monitoring and Early Warning System for Contact Rail Expansion Joints" and "Research on Electrified Road Contact Network System Technology and Key Equipment", promoting new technology applications and product iteration upgrades39 - Scientific research achievements such as new busbars and roller-type busbar positioning clamps in urban rail transit were promoted in multiple subway lines; electrified railway pre-embedded trough channels and 25kV rigid catenary products were applied in high-speed railway projects40 National Specialized, Refined, and New "Little Giant" Enterprise, Manufacturing "Single Champion" Recognition Status | Certifying Body | Title | Certification Year | Product Name | | :--- | :--- | :--- | :--- | | Ministry of Industry and Information Technology, China Federation of Industrial Economics | Single Champion Product | 2021 | Electrified Railway Contact Network Products | - Major Scientific Research Projects: In 2025, the company carried out a total of 50 research projects, participated in 2 national-level projects; participated in 1 China Railway Qinghai-Tibet Group Co., Ltd. project; undertook 1 Shaanxi Provincial Department of Science and Technology project; and undertook 14 China Railway Electrification Bureau Group Co., Ltd. projects41 - Patents: During the reporting period, the company applied for 16 patents, including 2 invention patents; obtained 35 authorized patents, including 10 invention patents. As of June 30, 2025, the company cumulatively owned 355 valid intellectual property rights, including 79 invention patents (including 3 PCT) and 8 software copyrights42 - Standards: During the reporting period, the company participated in the compilation of 17 standards, adding 1 industry standard "Technical Requirements for Steel-Aluminum Composite Conductive Rails for Urban Rail Transit", and 2 group standards "General Technical Requirements for Fluoroketone Microcapsule Fire Extinguishing Products" and "Design Specifications for AC Traction Power Supply Systems for Intercity (Suburban) Railways". One group standard, "T/CIET1140-2025 Technical Requirements for Microcapsule Perfluorohexanone Fire Extinguishing Agent", which the company participated in compiling, was released and implemented on April 2, 202547 Awards | No. | Award Date | Award Name | Technical Product | Awarding Unit | | :--- | :--- | :--- | :--- | :--- | | 1 | 2025.01.09 | Second Prize for Science and Technology Award | High-speed Railway Contact Network Vibration Fatigue Characteristics and Key Technologies and Applications | China Railway Society | | 2 | 2025.01.09 | Third Prize for Science and Technology Award | 160 Overhead Rigid Catenary System Technology and Equipment Research | China Railway Society | | 3 | 2025.01.15 | Second Prize for Science and Technology Award | Research on Key Technologies and Engineering Applications of Overseas Engineering Power Supply Systems | China Railway Engineering Group Co., Ltd. | | 4 | 2025.01.15 | Third Prize for Science and Technology Award | New Series of High-speed Railway Terminal Anchoring Clamps | China Railway Engineering Group Co., Ltd. | R&D Investment Status | Indicator | Current Period (yuan) | Prior Year Period (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 21,054,020.65 | 23,158,044.99 | -9.09 | | Capitalized R&D Investment | - | - | - | | Total R&D Investment | 21,054,020.65 | 23,158,044.99 | -9.09 | | Proportion of Total R&D Investment to Operating Revenue (%) | 3.95 | 5.38 | Decreased by 1.43 percentage points | | Proportion of Capitalized R&D Investment (%) | - | - | - | In-Progress Projects (Partial) | No. | Project Name | Estimated Total Investment (yuan) | Current Period Investment (yuan) | Cumulative Investment (yuan) | | :--- | :--- | :--- | :--- | :--- | | 1 | AC27.5kV Insulated Cantilever Device Technology and Process Research | 3,500,000.00 | 418,839.01 | 3,753,948.61 | | 2 | Research on Contact Network Thread Fastener Adaptability | 1,200,000.00 | 41.50 | 2,334,541.79 | | 3 | Online Monitoring and Early Warning System for Contact Rail Expansion Joints | 1,000,000.00 | 560,691.58 | 1,873,121.12 | | 10 | Research on Electrified Road Contact Network System Equipment Application | 1,550,000.00 | 593,867.59 | 1,027,603.00 | R&D Personnel Status | Indicator | Current Period | | :--- | :--- | | Number of Company R&D Personnel (people) | 113 | | Proportion of R&D Personnel to Total Company Staff (%) | 14.39 | | Total R&D Personnel Compensation (million yuan) | 7.7996 | | Average R&D Personnel Compensation (million yuan) | 0.069 | | Education Composition: Bachelor's Degree | 89 people (78.76%) | | Age Structure: 30-40 years old | 57 people (50.44%) | Risk Factors This chapter identifies key risks including R&D, customer concentration, industry cycles, policy changes, raw material costs, receivables, inventory, and gross margin, along with mitigation strategies - Product R&D and Technology Update Risks: Failure to keep pace with technological advancements or new products not meeting demand could lead to market share decline. Countermeasures include continuous technological innovation, proactive market positioning, building an industry-academia-research-application system, increasing R&D investment, and talent acquisition7778 - High Customer Concentration and High Proportion of Related-Party Transactions Risks: Major customers are mostly central and state-owned enterprises, and a high proportion of related-party transactions may lead to a lack of fairness in transaction prices and impact cash recovery. Countermeasures include continuous expansion of off-rail product markets, improving related-party transaction management systems, and strengthening monitoring of related parties' operating conditions7980 - Cyclical Changes in Railway and Urban Rail Transit Construction Risks: Influenced by macroeconomic policies and investment plans, construction projects may be delayed or reduced, leading to a decline in product demand. Countermeasures include closely monitoring policy dynamics, anticipating market changes, reasonably adjusting production scale and inventory, and expanding diversified business layouts8081 - Industry Policy Change Risks: The company's industry development heavily relies on national industrial policies, and policy adjustments will directly affect operating performance. Countermeasures include deepening main business, increasing investment in emerging markets like urban rail transit, and continuously increasing R&D investment8182 - Raw Material Risks: Fluctuations in raw material market prices may lead to significant fluctuations in procurement costs. Countermeasures include monitoring market conditions, public bidding for procurement, maintaining safety stock, and prudent material preparation8283 - Large Accounts Receivable Balance and Low Turnover Rate Risks: Slow collection of accounts receivable may affect financial condition and operating results. Countermeasures include assigning responsibility for accounts receivable, setting collection targets, accelerating settlement procedures, and prioritizing collection of old outstanding payments8384 - Large Inventory Balance and Impairment Risks: A large book value of goods issued, if customers face operational difficulties or acceptance is delayed, may lead to inventory impairment. Countermeasures include setting year-end inventory targets, accelerating "collection," and formulating sales invoicing targets8485 - Gross Profit Margin Decline Risks: The gross profit margin of the main business decreased during the reporting period; if the proportion of high-speed rail product revenue decreases or costs are not controlled, the overall gross profit margin may decline. Countermeasures include increasing operational efforts to gain market share and increasing R&D investment in new technologies and products85 Key Operating Performance During the Reporting Period This chapter summarizes the company's operational and financial performance, noting revenue and net profit growth, changes in key financial statement items, and asset-liability structure Analysis of Main Business This chapter analyzes the main business performance, showing increases in operating revenue and cost, significant rises in selling and financial expenses, and decreases in administrative and R&D expenses Financial Statement Related Item Fluctuation Analysis (Jan-Jun 2025 vs. Prior Year Period) | Item | Current Period (yuan) | Prior Year Period (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 533,415,177.73 | 430,117,971.30 | 24.02 | | Operating Cost | 433,808,389.38 | 344,460,143.02 | 25.94 | | Selling Expenses | 20,819,331.29 | 15,817,253.68 | 31.62 | | Administrative Expenses | 16,607,477.04 | 17,071,127.73 | -2.72 | | Financial Expenses | 1,358,441.98 | 8,543.14 | 15,800.97 | | R&D Expenses | 21,054,020.65 | 23,158,044.99 | -9.09 | | Net Cash Flow from Operating Activities | -97,013,337.47 | -14,315,257.74 | Not Applicable | - Selling expenses changed primarily due to business growth and increased operating expenses88 - Financial expenses changed primarily due to lower interest expenses compared to the prior year, which reduced the offset against financial expenses, and a small base in the prior year89 Analysis of Assets and Liabilities This chapter analyzes the company's asset and liability structure, noting a slight decrease in total assets, an increase in net assets, and significant changes in specific current asset and construction in progress items Assets and Liabilities Status (Period-end vs. Prior Year-end) | Item Name | Current Period-end (yuan) | Prior Year-end (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 476,316,136.94 | 606,730,283.50 | -21.49 | | Notes Receivable | 23,072,640.14 | 60,985,871.97 | -62.17 | | Accounts Receivable | 1,298,128,731.98 | 1,224,211,474.41 | 6.04 | | Inventories | 390,021,165.55 | 339,313,223.76 | 14.94 | | Construction in Progress | 2,945,809.05 | 436,988.65 | 574.12 | | Short-term Borrowings | 209,621,635.62 | 209,640,933.32 | -0.01 | | Notes Payable | 53,293,767.19 | 90,662,829.91 | -41.22 | | Accounts Payable | 976,112,347.11 | 945,707,878.22 | 3.21 | - Notes receivable period-end balance decreased by 62.17% compared to the period-beginning, primarily because endorsed but unmatured acceptance bills at the beginning of the period matured in the current reporting period92273 - Construction in progress period-end balance increased by 574.12% compared to the period-beginning, primarily due to the construction of the science and technology industrial park staff restaurant93345 - Notes payable period-end balance decreased by 41.22% compared to the period-beginning, primarily due to the repayment of matured notes payable93362 Analysis of Investment Status This chapter confirms that the company did not engage in any significant equity or non-equity investments, nor did it measure financial assets at fair value during the reporting period - During the reporting period, there were no significant equity investments, non-equity investments, or financial assets measured at fair value95 Analysis of Major Holding and Participating Companies This chapter focuses on Baoji Baodeli Electrical Equipment Co., Ltd., a key subsidiary, detailing its main business and financial performance for the reporting period - Controlled subsidiary Baoji Baodeli Electrical Equipment Co., Ltd. primarily engages in the R&D, design, manufacturing, and sales of electrified railway contact network products, with the company holding 95% equity97 Baoji Baodeli Electrical Equipment Co., Ltd. Key Financial Data (Jan-Jun 2025) | Indicator | Amount (yuan) | | :--- | :--- | | Total Assets | 687,103,850.25 | | Net Assets | 278,277,778.37 | | Main Business Revenue | 213,322,606.67 | | Total Profit | 56,007,437.00 | | Net Profit | 47,369,502.85 | Corporate Governance, Environment, and Society This section covers changes in the company's governance structure, including personnel adjustments and proposed profit distribution plans Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel This chapter reports a change in the company's senior management, specifically the resignation of Deputy General Manager Luo Zhen due to work transfer - Deputy General Manager Luo Zhen resigned from his position due to work transfer and no longer holds any position in the company after resignation100 Profit Distribution or Capital Reserve Conversion Plan This chapter outlines the proposed 2025 semi-annual profit distribution plan, involving a cash dividend based on 10% of the net profit attributable to shareholders - The company plans to distribute 10% of the net profit attributable to shareholders of the listed company for the first half of the year100 - Based on the total share capital as of June 30, 2025, a cash dividend of 0.08 yuan (including tax) per 10 shares is proposed to all shareholders100 - The total proposed cash dividend is 3.0103 million yuan (including tax), accounting for 10.59% of the consolidated net profit attributable to the parent company for the current period100 Significant Matters This section addresses the company's fulfillment of commitments, absence of fund occupation or illegal guarantees, and progress in using raised funds Fulfillment of Commitments This chapter confirms that the company and its related parties have strictly fulfilled all commitments made during the initial public offering and STAR Market listing - The company, China Railway Engineering Group, China Railway Electrification Engineering, Aiderui, and other committing parties have all strictly fulfilled various commitments regarding fraudulent issuance repurchase, prospectus truthfulness, avoidance of horizontal competition, standardization of related-party transactions, and profit distribution104105106107108109110111112113114115 - All commitments had fulfillment deadlines and were timely and strictly fulfilled, with no instances of failure to fulfill on time104105106107107108109110111112113114115 Non-operating Fund Occupation by Controlling Shareholder and Other Related Parties During the Reporting Period This chapter states that there was no non-operating occupation of company funds by the controlling shareholder or other related parties during the reporting period - During the reporting period, there was no non-operating occupation of funds by the controlling shareholder or other related parties116 Illegal Guarantees This chapter confirms the absence of any illegal external guarantees provided by the company during the reporting period - During the reporting period, there were no instances of providing external guarantees in violation of regulatory procedures6116 Major Litigation and Arbitration Matters This chapter states that the company had no major litigation or arbitration matters during the reporting period - The company had no major litigation or arbitration matters in the current reporting period117 Major Related-Party Transactions This chapter confirms the absence of undisclosed significant related-party transactions, including those related to operations, asset/equity changes, joint investments, or debt - During the reporting period, there were no related-party transactions related to daily operations that were not disclosed in temporary announcements117 - During the reporting period, there were no related-party transactions involving asset or equity acquisition/disposal117 - During the reporting period, there were no significant related-party transactions involving joint external investments118 - During the reporting period, there were no related-party creditor-debtor relationships118 Explanation of Progress in Use of Raised Funds This chapter details the progress of the company's initial public offering funds, with a cumulative investment of 424.572 million yuan, representing 66.82% of the total Overall Use of Raised Funds | Indicator | Amount (million yuan) | | :--- | :--- | | Total Raised Funds | 675.6380 | | Net Raised Funds | 635.3896 | | Cumulative Raised Funds Invested as of Period-end | 424.5720 | | Cumulative Raised Funds Investment Progress as of Period-end (%) | 66.82 | | Amount Invested in Current Year | 14.9734 | | Total Raised Funds with Changed Purpose | 88.9800 | Details of Raised Fund Investment Projects | Project Name | Committed Investment of Raised Funds (million yuan) | Cumulative Raised Funds Invested as of Period-end (million yuan) | Cumulative Raised Funds Investment Progress as of Period-end (%) | Amount Invested in Current Year (million yuan) | | :--- | :--- | :--- | :--- | :--- | | High-speed Railway Contact Network Production Equipment Intelligent Manufacturing Project | 49.9037 | 44.6945 | 89.56 | 10.1100 | | Rail Transit Power Supply Equipment Smart Industrial Park Construction Project | 346.1369 | 213.8472 | 61.78 | 107.5664 | | R&D Center Construction Project | 109.5612 | 35.4610 | 32.37 | 75.2078 | | Supplementary Working Capital/Repayment of Bank Loans Project | 129.7879 | 130.5693 | 100.60 | 0.970 | - All raised fund investment projects have reached their intended usable state and have not undergone significant changes123124 Share Changes and Shareholder Information This section provides an overview of the company's share capital stability and detailed information on its shareholder structure, including the top ten shareholders Changes in Share Capital This chapter confirms that there were no changes in the company's total ordinary shares or share capital structure during the reporting period - During the reporting period, there were no changes in the company's total ordinary shares or share capital structure127 Shareholder Information This chapter details the company's shareholder base, including the total number of ordinary shareholders and the holdings of the top ten shareholders, with China Railway Electrification Engineering Co., Ltd. as the largest - As of the end of the reporting period, the total number of ordinary shareholders was: 7,504129 Top Ten Shareholders' Holdings (Period-end) | Shareholder Name | Shares Held at Period-end (shares) | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | China Railway Electrification Engineering Co., Ltd. | 268,681,583 | 71.40 | State-owned Legal Entity | | Sichuan Aiderui Electrical Co., Ltd. | 13,508,330 | 3.59 | State-owned Legal Entity | | Li Shengjun | 8,389,112 | 2.23 | Domestic Natural Person | | Li Baifeng | 2,485,065 | 0.66 | Domestic Natural Person | | Cao Dong | 2,442,548 | 0.65 | Domestic Natural Person | | Li Li | 1,528,424 | 0.41 | Domestic Natural Person | | Chen Feng | 1,407,900 | 0.37 | Domestic Natural Person | | Yuan Donghong | 1,260,000 | 0.33 | Domestic Natural Person | | Tang Youchui | 1,183,682 | 0.31 | Domestic Natural Person | | Wang Kefang | 1,000,000 | 0.27 | Domestic Natural Person | - China Railway Electrification Engineering and Aiderui have an associated relationship, being controlled by the same actual controller (China Railway Engineering Group)131 Bond-Related Information This section confirms that the company did not have any corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds during the reporting period Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments This chapter states that the company had no corporate bonds or non-financial enterprise debt financing instruments during the reporting period - During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments135 Convertible Corporate Bonds This chapter confirms the absence of any convertible corporate bonds for the company during the reporting period - During the reporting period, the company had no convertible corporate bonds135 Financial Report This section encompasses the company's unaudited financial statements, including balance sheets, income statements, cash flow statements, and detailed notes on accounting policies and financial items Audit Report This chapter states that the semi-annual report has not been audited - This semi-annual report is unaudited4137 Financial Statements This chapter presents the company's consolidated and parent company financial statements for the first half of 2025, offering a comprehensive view of its financial position and performance Consolidated Balance Sheet (June 30, 2025) | Item | Period-end Balance (yuan) | Period-beginning Balance (yuan) | | :--- | :--- | :--- | | Total Assets | 3,019,219,812.93 | 3,075,351,274.37 | | Total Liabilities | 1,335,905,333.89 | 1,413,056,659.38 | | Total Owners' Equity Attributable to Parent Company | 1,670,046,299.99 | 1,646,147,874.43 | Consolidated Income Statement (Jan-Jun 2025) | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 533,415,177.73 | 430,117,971.30 | | Total Profit | 35,693,572.75 | 27,049,971.81 | | Net Profit Attributable to Parent Company Shareholders | 28,413,904.52 | 21,229,854.52 | Consolidated Cash Flow Statement (Jan-Jun 2025) | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -97,013,337.47 | -14,315,257.74 | | Net Cash Flow from Investing Activities | -23,212,306.29 | -48,399,178.91 | | Net Cash Flow from Financing Activities | -10,188,502.80 | -15,956,033.36 | | Net Increase in Cash and Cash Equivalents | -130,414,146.56 | -78,670,470.01 | Company Basic Information This chapter provides an overview of the company's foundational details, including its registration, historical development, listing status, and core business focus in rail transit equipment - Company registered place and headquarters address: No. 196 Gaoxin Avenue, Baoji City, Shaanxi Province, company type is joint-stock limited company175 - The company's predecessor was Baoji Material Factory of China Railway Electrification Bureau Group, and it was listed on the STAR Market of the Shanghai Stock Exchange on October 20, 2021175176 - Main business focuses on the R&D, design, manufacturing, and sales of electrified railway contact network products and urban rail transit power supply equipment176 Basis of Financial Statement Preparation This chapter explains that the financial statements are prepared on a going concern basis, adhering to accounting standards and regulatory requirements, using the accrual basis and historical cost - Financial statements are prepared on a going concern basis, in accordance with enterprise accounting standards and relevant disclosure regulations of the China Securities Regulatory Commission177 - Accounting is based on the accrual method, and except for certain financial instruments, all are measured at historical cost177 Significant Accounting Policies and Accounting Estimates This chapter comprehensively details the company's significant accounting policies and estimates, covering various financial instruments, assets, liabilities, revenue recognition, and recent accounting standard interpretations - The company's accounting year runs from January 1 to December 31 of the Gregorian calendar, and the functional currency is RMB180182 Materiality Standards | Item | Materiality Standard | | :--- | :--- | | Material Accounts Receivable | Top five accounts receivable balances at period-end | | Material Construction in Progress Projects | Single project's current period investment amount accounts for 0.5% of total assets | | Material Accounts Payable Over One Year Old | Amount greater than or equal to 5 million yuan | | Material Other Payables Over One Year Old or Overdue | Amount greater than or equal to 0.6 million yuan | | Material Non-wholly Owned Subsidiaries | Non-wholly owned subsidiary's absolute revenue amount ≥ 30% of company's total revenue | - Financial assets are classified into three categories: measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in profit or loss198 Fixed Asset Depreciation Methods | Category | Depreciation Method | Useful Life (years) | Salvage Rate (%) | Annual Depreciation Rate (%) | | :--- | :--- | :--- | :--- | :--- | | Buildings and Structures | Straight-line method | 10-30 | 0-5.00 | 3.17-10.00 | | Machinery and Equipment | Straight-line method | 5-15 | 0-5.00 | 6.33-20.00 | | Transportation Equipment | Straight-line method | 4-10 | 0-5.00 | 9.50-25.00 | | Office Equipment | Straight-line method | 3-10 | 0-5.00 | 9.50-33.33 | Intangible Asset Amortization Methods | Asset Category | Useful Life (years) | Amortization Method | | :--- | :--- | :--- | | Land Use Rights | Useful life on land use right certificate | Straight-line method | | Software | 3-10 | Straight-line method | - Revenue recognition principle is to recognize revenue when the customer obtains control of the related goods, primarily including revenue from electrified railway contact network components, urban rail transit power supply products, and off-rail products248251 - Significant Accounting Policy Changes: The Ministry of Finance issued "Interpretation No. 17 of Enterprise Accounting Standards" on November 9, 2023, and "Interpretation No. 18 of Enterprise Accounting Standards" on December 31, 2024, clarifying the classification of current and non-current liabilities and the accounting treatment of guarantee-type quality deposits, but these had no significant impact on the company's financial statements during the reporting period265 Taxation This chapter details the company's primary tax categories and rates, and explains the income tax preferential policy for high-tech enterprises and the VAT additional deduction for advanced manufacturing Main Tax Categories and Rates | Tax Category | Tax Rate | | :--- | :--- | | Value-Added Tax | 13%, 9%, 6% | | Urban Maintenance and Construction Tax | 7% | | Enterprise Income Tax | 15% | - The company and its subsidiary, Baoji Baodeli Electrical Equipment Co., Ltd., are both recognized as high-tech enterprises, enjoying a 15% reduced enterprise income tax rate from 2023 to 2025267 - The company and its subsidiary, as advanced manufacturing enterprises, enjoy a 5% additional VAT deduction from January 1, 2023, to December 31, 2027268 Notes to Consolidated Financial Statement Items This chapter provides detailed explanations and period-end/period-beginning comparisons for various items within the consolidated financial statements, including assets, liabilities, income, and expenses Cash and Bank Balances (Period-end vs. Period-beginning) | Item | Period-end Balance (yuan) | Period-beginning Balance (yuan) | | :--- | :--- | :--- | | Bank Deposits | 476,316,136.94 | 606,730,283.50 | | Total | 476,316,136.94 | 606,730,283.50 | Notes Receivable (Period-end vs. Period-beginning) | Item | Period-end Balance (yuan) | Period-beginning Balance (yuan) | | :--- | :--- | :--- | | Bank Acceptance Bills | 9,834,500.00 | 51,147,772.92 | | Commercial Acceptance Bills | 15,007,571.14 | 10,193,454.78 | | Subtotal | 24,842,071.14 | 61,341,227.70 | | Less: Impairment Provision | 1,769,431.00 | 355,355.73 | | Total | 23,072,640.14 | 60,985,871.97 | - Notes receivable period-end balance decreased by 62.17% compared to the period-beginning, primarily because endorsed but unmatured acceptance bills at the beginning of the period matured in the current reporting period92273 Accounts Receivable (Period-end vs. Period-beginning) | Age | Period-end Book Balance (yuan) | Period-beginning Book Balance (yuan) | | :--- | :--- | :--- | | Within 1 year (inclusive) | 712,631,030.34 | 631,581,987.91 | | 1 to 2 years | 236,995,536.28 | 253,957,112.09 | | 2 to 3 years | 185,731,269.95 | 205,367,744.62 | | Over 3 years | 225,970,647.15 | 191,478,999.29 | | Subtotal | 1,361,338,483.72 | 1,282,385,843.91 | | Less: Impairment Provision | 63,209,751.74 | 58,174,369.50 | | Total | 1,298,128,731.98 | 1,224,211,474.41 | Inventory Classification (Period-end Book Value vs. Period-beginning Book Value) | Item | Period-end Book Value (yuan) | Period-beginning Book Value (yuan) | | :--- | :--- | :--- | | Raw Materials | 63,496,777.83 | 46,023,289.47 | | Work in Progress and Semi-finished Goods | 115,657,078.97 | 121,172,235.05 | | Finished Goods | 37,981,594.49 | 26,490,777.37 | | Goods Issued | 172,796,424.15 | 145,561,024.66 | | Consigned Processing Materials | 89,290.11 | 65,897.21 | | Total | 390,021,165.55 | 339,313,223.76 | Construction in Progress (Period-end vs. Period-beginning) | Item | Period-end Balance (yuan) | Period-beginning Balance (yuan) | | :--- | :--- | :--- | | TMS Software System | 436,988.65 | 436,988.65 | | Science and Technology Industrial Park Staff Restaurant | 2,508,820.40 | - | | Total | 2,945,809.05 | 436,988.65 | - Construction in progress period-end balance increased by 574.12% compared to the period-beginning, primarily due to the construction of the science and technology industrial park staff restaurant93345 Short-term Borrowings (Period-end vs. Period-beginning) | Item | Period-end Balance (yuan) | Period-beginning Balance (yuan) | | :--- | :--- | :--- | | Credit Loans | 209,621,635.62 | 209,640,933.32 | | Total | 209,621,635.62 | 209,640,933.32 | Notes Payable (Period-end vs. Period-beginning) | Type | Period-end Balance (yuan) | Period-beginning Balance (yuan) | | :--- | :--- | :--- | | Bank Acceptance Bills | 10,231,815.95 | 66,223,153.77 | | Commercial Acceptance Bills | 43,061,951.24 | 24,439,676.14 | | Total | 53,293,767.19 | 90,662,829.91 | - Notes payable period-end balance decreased by 41.22% compared to the period-beginning, primarily due to the repayment of matured notes payable93362 Operating Revenue and Operating Cost (Current Period vs. Prior Period) | Item | Revenue (yuan) | Cost (yuan) | | :--- | :--- | :--- | | Main Business | 523,017,259.74 | 425,884,558.19 | | Other Business | 10,397,917.99 | 7,923,831.19 | | Total | 533,415,177.73 | 433,808,389.38 | Selling Expenses (Current Period vs. Prior Period) | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Employee Compensation | 5,269,535.77 | 4,246,946.15 | | Business Entertainment Expenses | 4,466,832.50 | 3,726,831.06 | | Travel Expenses | 2,906,365.88 | 3,040,664.50 | | Bidding Expenses | 4,952,800.11 | 3,219,094.29 | | Other | 3,223,178.03 | 1,583,718.78 | | Total | 20,819,331.29 | 15,817,253.68 | - Selling expenses for the current period increased by 31.62% year-on-year, primarily due to business growth and increased operating expenses88409 Financial Expenses (Current Period vs. Prior Period) | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Interest Expense | 2,549,304.15 | 2,698,182.72 | | Less: Interest Income | 1,633,263.38 | 3,014,342.98 | | Exchange Gains/Losses | 3,908.23 | -2,432.88 | | Handling Fees | 438,492.98 | 327,136.28 | | Total | 1,358,441.98 | 8,543.14 | - Financial expenses for the current period increased by 15,800.97% year-on-year, primarily because interest income decreased compared to the prior year, reducing the offset against financial expenses, and the prior year's base was small89414 R&D Expenses (Current Period vs. Prior Period) | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Employee Compensation | 10,852,013.49 | 9,954,062.95 | | Design and Testing Fees | 3,624,155.31 | 3,150,672.66 | | Material Costs | 3,696,278.57 | 4,112,800.00 | | Travel Expenses | 426,832.62 | 1,521,683.54 | | Depreciation and Amortization | 1,787,749.08 | 1,807,602.11 | | Office Expenses | 172,544.95 | 159,348.25 | | Lease Expenses | 28,280.58 | 208,057.38 | | Business Entertainment Expenses | 302,836.05 | 469,719.16 | | Outsourced R&D Expenses | 150,000.00 | 779,059.89 | | Other | 13,330.00 | 995,039.05 | | Total | 21,054,020.65 | 23,158,044.99 | Other Income (Current Period vs. Prior Period) | Classified by Nature | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Government Grants | 3,479,809.88 | 3,882,112.97 | | VAT Input Tax Additional Deduction | 2,780,093.43 | 1,906,913.99 | | Handling Fee Refund for Withholding Individual Income Tax | 27,350.14 | 55,477.72 | | Total | 6,287,253.45 | 5,844,504.68 | Credit Impairment Losses (Current Period vs. Prior Period) | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Notes Receivable Impairment Loss | -1,414,075.27 | -53,470.71 | | Accounts Receivable Impairment Loss | -5,035,382.24 | -4,194,059.97 | | Other Receivables Impairment Loss | 723,097.97 | -105,970.51 | | Total | -5,726,359.54 | -4,353,501.19 | Asset Impairment Losses (Current Period vs. Prior Period) | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Contract Asset Impairment Loss | -98,846.09 | -1,995.42 | | Inventory Write-down and Contract Performance Cost Impairment Loss | -30,099.72 | -125,356.25 | | Total | -128,945.81 | -127,351.67 | Income Tax Expenses (Current Period vs. Prior Period) | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Current Income Tax Expense | 9,328,578.98 | 8,208,276.72 | | Deferred Income Tax Expense | -4,416,704.48 | -4,699,893.29 | | Total | 4,911,874.50 | 3,508,383.43 | R&D Expenses This chapter details the company's R&D expenditures for the reporting period, totaling 21.05402065 million yuan, all expensed, with a 9.09% year-on-year decrease R&D Expenditures by Expense Nature (Current Period vs. Prior Period) | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Employee Compensation | 10,852,013.49 | 9,954,062.95 | | Design and Testing Fees | 3,624,155.31 | 3,150,672.66 | | Material Costs | 3,696,278.57 | 4,112,800.00 | | Total R&D Investment | 21,054,020.65 | 23,158,044.99 | | Expensed R&D Expenditure | 21,054,020.65 | 23,158,044.99 | - Total R&D investment for the current period decreased by 9.09% year-on-year443 Changes in Consolidation Scope This chapter confirms that there were no changes in the company's consolidation scope during the reporting period due to business combinations or subsidiary disposals - During the reporting period, the company experienced no changes in its consolidation scope due to business combinations not under common control, business combinations under common control, reverse acquisitions, or disposal of subsidiaries446 Interests in Other Entities This chapter details the company's equity interests in subsidiaries, including the corporate group structure and key financial data for its significant non-wholly owned subsidiary Composition of the Enterprise Group | Subsidiary Name | Main Operating Location | Registered Capital (million yuan) | Registered Place | Business Nature | Shareholding Ratio (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Baoji Baodeli Electrical Equipment Co., Ltd. | Baoji City, Shaanxi Province | 80.00 | Baoji City, Shaanxi Province | Manufacturing of Railway Special Equipment and Parts | 95 | Significant Non-wholly Owned Subsidiaries | Subsidiary Name | Minority Shareholder Holding Ratio (%) | Current Period Profit or Loss Attributable to Minority Shareholders (yuan) | Dividends Declared and Distributed to Minority Shareholders in Current Period (yuan) | Period-end Minority Shareholder Equity Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Baoji Baodeli Electrical Equipment Co., Ltd. | 5 | 2,367,793.73 | 5,246,355.24 | 13,268,179.05 | Baoji Baodeli Electrical Equipment Co., Ltd. Key Financial Information (Period-end) | Item | Amount (yuan) | | :--- | :--- | | Current Assets | 613,296,679.50 | | Non-current Assets | 73,807,170.75 | | Total Assets | 687,103,850.25 | | Current Liabilities | 408,402,683.29 | | Non-current Liabilities | 423,388.59 | | Total Liabilities | 408,826,071.88 | Baoji Baodeli Electrical Equipment Co., Ltd. Current Period Operating Performance | Item | Amount (yuan) | | :--- | :--- | | Operating Revenue | 221,072,591.59 | | Net Profit | 47,369,502.85 | | Total Comprehensive Income | 47,369,502.85 | | Net Cash Flow from Operating Activities | 36,811,153.26 | Government Grants This chapter reports the company's government grants received during the period, totaling 1.6 million yuan, primarily as deferred income, with 3.47980988 million yuan recognized in current profit or loss Liability Items Involving Government Grants (Deferred Income) | Item | Period-beginning Balance (yuan) | New Grants in Current Period (yuan) | Transferred to Other Income in Current Period (yuan) | Period-end Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 13,738,840.14 | 1,600,000.00 | 1,020,809.88 | 14,318,030.26 | Government Grants Recognized in Current Profit or Loss | Type | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Other | 3,479,809.88 | 3,882,112.97 | | Total | 3,479,809.88 | 3,882,112.97 | Disclosure of Fair Value This chapter discloses that the company's total assets measured at fair value on a recurring basis amounted to 12.93424852 million yuan at period-end, primarily notes receivable financing, categorized as Level 2 Total Assets Measured at Fair Value on a Recurring Basis (Period-end) | Item | Level 2 Fair Value Measurement (yuan) | Total (yuan) | | :--- | :--- | :--- | | Notes Receivable Financing | 12,934,248.52 | 12,934,248.52 | | Total Assets Measured at Fair Value on a Recurring Basis | 12,934,248.52 | 12,934,248.52 | Related Parties and Related-Party Transactions This chapter provides comprehensive details on the company's related parties and transactions, including purchases, sales, key management compensation, and outstanding balances with related entities Information on the Company's Parent Company | Parent Company Name | Registered Place | Business Nature | Registered Capital (yuan) | Parent Company's Shareholding Ratio in the Company (%) | Parent Company's Voting Rights Ratio in the Company (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | China Railway Electrification Engineering Co., Ltd. | Baoding, Hebei | General Equipment Manufacturing | 521,965,912.02 | 71.40 | 71.40 | Related-Party Transactions for Purchase of Goods/Acceptance of Services (Current Period) | Related Party | Related-Party Transaction Content | Current Period Amount (million yuan) | | :--- | :--- | :--- | | China Railway Electrification Engineering Co., Ltd. | Material Procurement | 0.3525 | | China Railway Electrification Bureau Group Co., Ltd. Shijiazhuang Sida Branch | Material Procurement | 0.0221 | Related-Party Transactions for Sale of Goods/Provision of Services (Current Period) | Related Party | Related-Party Transaction Content | Current Period Amount (million yuan) | | :--- | :--- | :--- | | China Railway Electrification Bureau Group Co., Ltd. Urban Rail Company | Sale of Goods | 25.6899 | | China Railway Electrification Bureau Group Co., Ltd. Shenyang Electrification Engineering Branch | Sale of Goods | 25.2759 | | China Railway Fourth Bureau Group Co., Ltd. | Sale of Goods | 24.8807 | | China Railway Electrification Bureau Group First Engineering Co., Ltd. | Sale of Goods | 23.2627 | Key Management Personnel Compensation | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Key Management Personnel Compensation | 1,803,351.00 | 1,843,194.00 | Receivables from Related Parties (Period-end) | Item Name | Book Balance (million yuan) | Impairment Provision (million yuan) | | :--- | :--- | :--- | | Accounts Receivable | 810.2004 | 46.6510 | | Notes Receivable | 18.4763 | 0.7134 | | Receivables Financing | 6.6647 | - | | Prepayments | 0.6304 | - | | Other Receivables | 3.8861 | 0.2676 | | Contract Assets (including other non-current assets) | 113.6761 | 0.5682 | Payables to Related Parties (Period-end) | Item Name | Period-end Book Balance (million yuan) | | :--- | :--- | | Accounts Payable | 27.0284 | | Other Payables | 4.5513 | | Contract Liabilities | 1.7954 | Supplementary Information This chapter provides additional financial details, including a breakdown of non-recurring gains and losses, and key profitability and earnings per share metrics Detailed Statement of Non-recurring Gains and Losses (Current Period) | Item | Amount (yuan) | | :--- | :--- | | Government subsidies included in current profit or loss | 2,486,350.14 | | Other non-operating income and expenses apart from the above | 449,717.04 | | Less: Income tax impact | 440,410.08 | | Impact on minority interests (after tax) | 25,821.72 | | Total | 2,469,835.38 | Return on Net Assets and Earnings Per Share (Current Period) | 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 Ordinary Shareholders of the Company | 1.71 | 0.0755 | 0.0755 | | Net Profit Attributable to Ordinary Shareholders of the Company After Deducting Non-recurring Gains and Losses | 1.56 | 0.0689 | 0.0689 |
高铁电气(688285) - 2025 Q2 - 季度财报