双林股份(300100) - 2025 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions This section provides essential disclaimers, outlines the report's structure, and defines key terminology for clarity Important Notice The company's board, supervisory board, and senior management guarantee the report's truthfulness and completeness, while highlighting forward-looking statements and key risks - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the report content[3] - Forward-looking statements regarding future plans in this report do not constitute substantial commitments from the company to investors[3] - The company's existing risk factors are primarily concentrated in macroeconomic conditions, policy risks, and raw material price risks[3] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[4] Table of Contents This section outlines the report's overall structure, comprising eight main chapters covering company profile, management discussion, governance, and financial reports - The report contains eight main chapters, covering key information on the company's operations, financials, and governance[6] Definitions This section defines common terms used throughout the report, including company names, regulatory bodies, and reporting periods, to ensure clear understanding - Key terms used in the report, such as "the Company", "Reporting Period", and major subsidiary names, are clearly defined[10] Company Profile and Key Financial Indicators This section provides an overview of the company's basic information and highlights its key financial performance and indicators for the reporting period Company Profile The company, known as "Shuanglin Shares" with stock code 300100, is listed on the Shenzhen Stock Exchange, and its legal representative is Wu Jianbin Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Shuanglin Shares | | Stock Code | 300100 | | Listed Stock Exchange | Shenzhen Stock Exchange | | Legal Representative | Wu Jianbin | Contact Persons and Information This section provides detailed contact information for the company's board secretary and securities affairs representatives, including names, addresses, and communication channels Company Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Zhu Liming | No. 236, Keyuan North Road, Ninghai County, Ningbo City | 0574-83518938 | 0574-82552277 | lmzhu@shuanglin.com | | Securities Affairs Representative | Wu Ruijue, Xia Qingqing | No. 202, Beiying Road, Qingpu District, Shanghai | 0574-83518938 | 0574-82552277 | rjwu@shuanglin.com；qqxia@shuanglin.com | Other Information While contact details and registration remained unchanged, the company's name was officially updated to "Shuanglin Co.,Ltd." on August 4, 2025 - The company's registered address, office address, website, and email remained unchanged during the reporting period[15] - Information disclosure and filing locations remained unchanged during the reporting period[16] - The company's registration status remained unchanged during the reporting period[17] - On August 4, 2025, the company's name changed from "Ningbo Shuanglin Auto Parts Co., Ltd." to "Shuanglin Co.,Ltd.", with the stock abbreviation and code remaining unchanged[18] Key Accounting Data and Financial Indicators Operating revenue increased by 20.07%, net profit attributable to shareholders by 15.73%, and non-recurring net profit by 55.65% year-on-year, with growth in total assets and net assets Key Accounting Data and Financial Indicators (Year-on-Year Change) | Indicator | Current Reporting Period (Yuan) | Prior Year Period Adjusted (Yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,524,796,940.92 | 2,102,848,035.58 | 20.07% | | Net Profit Attributable to Shareholders of Listed Company | 287,228,635.82 | 248,181,410.76 | 15.73% | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-Recurring Gains and Losses | 246,492,286.41 | 158,361,920.90 | 55.65% | | Net Cash Flow from Operating Activities | 401,241,932.79 | 403,570,488.33 | -0.58% | | Basic Earnings Per Share (Yuan/share) | 0.51 | 0.44 | 15.91% | | Diluted Earnings Per Share (Yuan/share) | 0.50 | 0.44 | 13.64% | | Weighted Average Return on Net Assets | 10.40% | 10.71% | -0.31% | | Period-End Indicators | Current Period-End (Yuan) | Prior Year-End Adjusted (Yuan) | Period-End Change from Prior Year-End | | Total Assets | 6,391,854,635.82 | 6,270,656,390.53 | 1.93% | | Net Assets Attributable to Shareholders of Listed Company | 2,913,952,524.31 | 2,642,659,381.34 | 10.27% | Differences in Accounting Data under Domestic and International Accounting Standards The company reported no differences in net profit and net assets between financial reports prepared under international or foreign accounting standards and Chinese accounting standards - The company's financial reports for the reporting period show no differences in net profit and net assets when disclosed under International Accounting Standards compared to Chinese Accounting Standards[20] - The company's financial reports for the reporting period show no differences in net profit and net assets when disclosed under foreign accounting standards compared to Chinese Accounting Standards[21] Non-Recurring Gains and Losses Items and Amounts Total non-recurring gains and losses for this reporting period amounted to 40.74 million Yuan, primarily from disposal gains/losses on non-current assets and government subsidies Non-Recurring Gains and Losses Items and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets (including the write-off portion of asset impairment provisions) | 34,744,695.90 | | Government grants recognized in current profit or loss (excluding those closely related to the company's normal operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss) | 8,606,819.21 | | Gains or losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains or losses from disposal of financial assets and liabilities, except for effective hedging activities related to normal business operations | 159,083.33 | | Other non-operating income and expenses apart from the above items | -1,588,245.58 | | Less: Income tax impact | 1,186,003.45 | | Total | 40,736,349.41 | Management Discussion and Analysis This section provides an in-depth analysis of the company's principal businesses, core competencies, financial performance, and risk management strategies during the reporting period Principal Businesses Engaged in During the Reporting Period The company is a specialized intelligent manufacturing enterprise focused on R&D, manufacturing, and sales of automotive and robot components, with a global production and customer service network - The company's main business involves the R&D, manufacturing, and sales of automotive and robot components[25] - Key products include intelligent control systems, new energy power systems, bearing units, grinding equipment, and precision components[25] - The company operates 37 wholly-owned and controlling subsidiaries and 7 branches globally, with production bases across China and overseas regions[25] Main Products and Applications The company's product matrix spans multiple critical segments of the automotive industry, from traditional components to new energy core systems and emerging robotics, demonstrating diversified product offerings and technological expertise - The company's product matrix covers multiple key links in the automotive industry chain, including traditional components, new energy core systems, and the robotics sector[26] Intelligent Control Systems The company continues to innovate in intelligent control systems, achieving significant progress in automotive components and successfully developing reverse planetary roller screw products for humanoid robots - Automotive seat horizontal drive modules (HDM) have made the company one of the largest domestic enterprises, supplying leading North American new energy brands, BYD, and NIO[27] - Electric headrest lift motor assembly systems successfully passed mass production certification by a leading new energy vehicle manufacturer in mid-2024 and have secured two new projects[28] - EHB automotive ball screws have been designated by Chenzhi Technology, with mass production expected by the end of 2025; EMB braking ball screw products are under development for three companies[30] - Automatic steering wheel folding actuators are being jointly developed with Autoliv, with mass production anticipated by the end of 2025[31] - In-car drone clamping actuators passed mass production certification by a leading domestic new energy vehicle manufacturer in mid-2024 and are now in stable supply[32] - The company successfully developed humanoid robot upper and lower limb linear motion joint module reverse planetary roller screw products, established a trial production line, and delivered the first batch of samples to two leading domestic new energy vehicle manufacturers[33] New Energy Power Systems The company focuses on R&D, production, and sales of new energy electric vehicle electric drive systems, including motors and integrated electric axles, with plans for low-altitude aircraft electric drive products by late 2025 - New energy electric drive products cover pure electric platforms (155, 180, 210) and hybrid platforms (180, 210 oil-cooled, 270), achieving large-scale mass production for multiple clients[34] - In the low-altitude economy sector, the company plans a series of 30KW to 250KW aircraft electric drive products, with the 230KW oil-cooled product solution completing a prototype and expected for delivery in the second half of 2025[35][36] Bearing Units Wholly-owned subsidiary Hubei Shuanglin Bearing is a leading hub bearing manufacturer in China, with extensive technical expertise and national honors, supplying major OEMs and expanding into the new energy vehicle market - Wholly-owned subsidiary Hubei Shuanglin Bearing is a leading enterprise in China's hub bearing industry, with an annual production capacity of 18 million sets of hub bearings and units[37] - Hub bearing products have been developed for OEMs such as Dongfeng Nissan, SAIC-GM-Wuling, and Geely, and are supplied to new energy vehicle models from BYD and NIO[38] - In 2024, the company secured multiple new projects, including Avatr, Zeekr, AITO, Dongfeng Nissan, SAIC Audi, and Xpeng, with AITO M8 and Dongfeng Nissan N7 projects entering mass production in 2025[38] Grinding Equipment The acquisition of Wuxi Kezhixin Machinery Technology Co., Ltd. in January 2025 extended the planetary roller screw industry chain upstream, leveraging its internationally leading CNC thread grinding technology to reduce equipment costs and lead times - In January 2025, the company acquired 100% equity of Wuxi Kezhixin Machinery Technology Co., Ltd., extending the upstream segment of the planetary roller screw industry chain[39] - Kezhixin's CNC thread grinding machine technology has reached international leading levels, with internal thread grinding machines achieving C3 and C2 precision, and external thread grinding machines achieving P3 and P2 precision[39] - The acquisition resolved equipment "bottleneck" issues, significantly reducing equipment procurement costs and cycles[39] Automotive Precision Components The company excels in automotive interior/exterior trim, precision injection molded components, and injection molds, operating multiple production bases and an independent mold R&D center with an annual capacity of over 1,000 mold sets - The company primarily produces automotive interior and exterior trim parts such as bumpers, door panels, pillars, and high-gloss decorative panels, as well as precision injection molded components like airbag covers, ignition coils, and sensors[40] - An independent mold R&D center has been established, with an annual mold processing capacity of over 1,000 sets and 200 sets of inspection tools[41] - Key OEM customers include SAIC-GM-Wuling, Chongqing Changan, Xpeng, and SAIC Volkswagen[40] Company's Main Business Model The company operates a comprehensive procurement, production, sales, and R&D system, primarily using a make-to-order model and direct sales to OEMs, with continuous investment in R&D and technological innovation - Procurement model: Establishes a qualified supplier list through an information platform and business negotiations, adjusting supply based on demand forecasts and production plans[42] - Production model: Primarily adopts a make-to-order approach, with product serialization, specialization, and scaled production, implementing lean manufacturing[42][43] - Sales model: Primarily direct sales to vehicle manufacturers and Tier 1 suppliers, managed through dedicated project teams[43][44] - Research and development model: Operates five R&D centers, focusing on product R&D and technological innovation, increasing R&D investment, and concentrating on new energy vehicle motors and electronic control systems[44] Analysis of Core Competencies The company has established significant market advantages in automotive components and intelligent equipment through strong R&D, product synergy, quality management, cost control, global network, and adaptive organizational structure - The company operates 5 R&D centers, an academician workstation, and a postdoctoral research station, continuously investing in cutting-edge technologies such as planetary roller screws for humanoid robots and aircraft electric drive products[46][47] - Product categories are extensive, including intelligent control systems, new energy power systems, and bearing units, with humanoid robot planetary roller screws sharing technological origins with core HDM products[47][48] - The acquisition of Wuxi Kezhixin has integrated upstream segments of the industry chain, strengthening high-precision screw manufacturing capabilities[48] - A comprehensive quality management system has been established, achieving multiple international certifications and receiving the Ningbo Municipal Government Quality Innovation Award[48] - Cost leadership is achieved by enhancing product design precision, automation levels, platform-based production, and lean manufacturing[49] - Global production, R&D, or after-sales service bases are strategically located, with the Thailand factory commencing mass production in January 2025 and construction of an electric drive Thailand factory initiated[50] - The company maintains a stable customer base of mainstream vehicle manufacturers and globally renowned Tier 1 component suppliers, including SAIC-GM-Wuling, Volkswagen, Changan, BYD, NIO, and Xpeng[50] - Organizational adjustments in the first half of 2025, including new innovation incubation, strategic technology, strategic expansion centers, and intelligent equipment and overseas business units, support the transformation into an intelligent equipment solutions provider[51] Analysis of Principal Business Operating revenue increased by 20.07% year-on-year due to sales growth, with new energy electric drive business revenue up 93.78% and other business revenue up 97.92%, leading to an overall gross profit margin increase of 1.44% Key Financial Data Year-on-Year Changes | Indicator | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 2,524,796,940.92 | 2,102,848,035.58 | 20.07% | Primarily due to increased sales | | Operating Cost | 2,001,216,027.29 | 1,697,011,276.33 | 17.93% | | | Selling Expenses | 18,079,440.53 | 17,753,856.97 | 1.83% | | | Administrative Expenses | 150,920,754.22 | 128,692,959.96 | 17.27% | | | Financial Expenses | 6,541,939.81 | 14,034,606.26 | -53.39% | Primarily due to reduced borrowing interest | | Income Tax Expenses | 19,842,345.40 | 12,594,967.76 | 57.54% | Primarily due to increased net profit | | Net Cash Flow from Operating Activities | 401,241,932.79 | 403,570,488.33 | -0.58% | | | Net Cash Flow from Investing Activities | -332,238,016.19 | -2,445,327.89 | 13,486.64% | Primarily due to the acquisition of Kezhixin this period and receipt of performance compensation last period | | Net Cash Flow from Financing Activities | -52,826,687.72 | -275,129,317.51 | -80.80% | Primarily due to receipt of equity incentive funds this period and repayment of borrowings last period | | Net Increase in Cash and Cash Equivalents | 18,375,476.09 | 127,255,614.94 | -85.56% | Primarily due to the combined impact of operating, investing, and financing activities | Product or Service Information with Over 10% Contribution | Product or Service | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Profit Margin | Operating Revenue Year-on-Year Change | Operating Cost Year-on-Year Change | Gross Profit Margin Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Interior/Exterior Trim and Electromechanical Components | 1,344,074,245.81 | 1,049,679,027.92 | 21.90% | 11.04% | 9.06% | 1.41% | | Hub Bearing Components | 615,640,036.19 | 486,071,394.37 | 21.05% | 2.25% | 2.42% | -0.13% | | New Energy Electric Drive | 440,467,617.99 | 362,714,645.52 | 17.65% | 93.78% | 82.63% | 5.03% | | Other | 124,615,040.93 | 102,750,959.48 | 17.55% | 97.92% | 67.47% | 15.00% | | By Industry | | | | | | | | Industrial | 2,524,796,940.92 | 2,001,216,027.29 | 20.74% | 20.07% | 17.93% | 1.44% | | By Region | | | | | | | | Domestic | 2,317,827,774.54 | 1,852,538,444.99 | 20.07% | 22.73% | 20.33% | 1.59% | | International | 206,969,166.38 | 148,677,582.30 | 28.16% | -3.41% | -5.59% | 1.66% | Analysis of Non-Principal Business Non-principal business contributed 36.06 million Yuan to total profit, primarily from asset disposal gains, representing 11.74% of total profit, though this contribution is not sustainable Impact of Non-Principal Business on Total Profit | Item | Amount (Yuan) | Percentage of Total Profit | Explanation of Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | -4,052,729.63 | -1.32% | Due to bill discounting this period | No | | Asset Impairment | -4,521,926.55 | -1.47% | Due to inventory impairment provision this period | No | | Non-Operating Income | 2,007,056.42 | 0.65% | Primarily due to supplier compensation received | No | | Non-Operating Expenses | 763,139.78 | 0.25% | Primarily due to losses from disposal of scrap assets | No | | Gains from Asset Disposal | 36,056,140.76 | 11.74% | Due to disposal of buildings this period | No | Analysis of Assets and Liabilities At period-end, total assets increased by 1.93% and net assets attributable to shareholders by 10.27% year-on-year, with monetary funds and short-term borrowings rising, while accounts receivable and long-term borrowings decreased Significant Changes in Asset Composition | Item | Current Period-End Amount (Yuan) | Percentage of Total Assets | Prior Year-End Adjusted Amount (Yuan) | Percentage of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 704,910,891.57 | 11.03% | 621,927,613.80 | 9.92% | 1.11% | | Accounts Receivable | 1,239,220,162.17 | 19.39% | 1,427,098,025.53 | 22.76% | -3.37% | | Inventories | 1,010,127,981.26 | 15.80% | 1,017,130,072.60 | 16.22% | -0.42% | | Construction in Progress | 132,084,276.90 | 2.07% | 91,917,349.55 | 1.47% | 0.60% | | Short-Term Borrowings | 860,586,666.66 | 13.46% | 693,435,137.86 | 11.06% | 2.40% | | Long-Term Borrowings | 0.00 | 0.00% | 100,088,611.11 | 1.60% | -1.60% | - The company had no major overseas assets during the reporting period[61] - Period-end trading financial assets amounted to 13,471.00 Yuan, primarily due to the book balance of wealth management products from the newly consolidated Wuxi Kezhixin Machinery Technology Co., Ltd[62] Asset Rights Restricted as of Reporting Period-End | Item | Period-End Carrying Value (Yuan) | Restriction Type | Reason for Restriction | | :--- | :--- | :--- | :--- | | Monetary Funds | 126,410,854.40 | Guarantee, Margin, Other | Bill margin, letter of credit margin, letter of guarantee margin, other margins | | Notes Receivable | 17,643,973.23 | Guarantee | Acceptance bill split pledge | | Financing Receivables | 456,002,828.55 | Guarantee | Acceptance bill split pledge | | Fixed Assets | 156,305,487.52 | Guarantee | Mortgage guarantee | | Intangible Assets | 125,401,140.21 | Guarantee | Mortgage guarantee | | Monetary Funds | 5,352.92 | Other | Frozen bank deposits | | Total | 881,769,636.83 | | | Analysis of Investment Status The company's investment increased by 100% year-on-year, mainly due to the 135 million Yuan acquisition of Wuxi Kezhixin Machinery Technology Co., Ltd. to extend the planetary roller screw industry chain Overall Investment Status | Indicator | Amount (Yuan) | | :--- | :--- | | Investment Amount for the Reporting Period | 135,000,000.00 | | Investment Amount for the Prior Year Period | 0.00 | | Change Percentage | 100.00% | Significant Equity Investments During the Reporting Period | Investee Company Name | Main Business | Investment Method | Investment Amount (Yuan) | Shareholding Percentage | Source of Funds | Investment Progress | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Wuxi Kezhixin Machinery Technology Co., Ltd. | Grinding Equipment | Acquisition | 135,000,000.00 | 100.00% | Own Funds | The company completed the acquisition and industrial and commercial change in January 2025 | | Estimated Return | 26,000,000.00 | Current Period Investment Profit/Loss | 896,486.06 | - The company had no significant non-equity investments in progress during the reporting period[67] - The company had no use of raised funds during the reporting period[69] Entrusted Wealth Management | Specific Type | Source of Entrusted Wealth Management Funds | Amount of Entrusted Wealth Management (10,000 Yuan) | Unmatured Balance (10,000 Yuan) | Overdue Unrecovered Amount (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 1.35 | 0 | 0 | | Total | | 1.35 | 0 | 0 | - The company had no derivative investments or entrusted loans during the reporting period[71][72] Significant Asset and Equity Sales The company did not engage in any significant asset or equity sales during the reporting period - The company did not sell significant assets during the reporting period[73] - The company did not sell significant equity during the reporting period[74] Analysis of Major Holding and Participating Companies Major subsidiaries Hubei Shuanglin Bearing Co., Ltd. and Shandong Shuanglin New Energy Technology Co., Ltd. significantly contributed to net profit, with the recent acquisition of Wuxi Kezhixin Machinery Technology Co., Ltd. extending the roller screw industry chain Major Subsidiaries and Participating Companies with Over 10% Impact on Company Net Profit | Company Name | Company Type | Main Business | Registered Capital (Yuan) | Total Assets (Yuan) | Net Assets (Yuan) | Operating Revenue (Yuan) | Operating Profit (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hubei Shuanglin Bearing Co., Ltd. | Subsidiary | Automotive Components | 70,000,000.00 | 1,754,946,935.23 | 749,669,595.88 | 628,416,602.64 | 82,253,167.03 | 72,433,341.68 | | Shandong Shuanglin New Energy Technology Co., Ltd. | Subsidiary | Automotive Components | 30,000,000.00 | 476,419,474.30 | 39,718,956.96 | 339,192,411.40 | 34,740,751.13 | 31,334,301.40 | - During the reporting period, the company acquired Wuxi Kezhixin Machinery Technology Co., Ltd., extending the upstream segment of the roller screw industry chain and reducing procurement costs[76] Information on Structured Entities Controlled by the Company The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[77] Risks Faced by the Company and Countermeasures The company faces risks from macroeconomic conditions, raw material price volatility, and automotive component price competition, which it addresses through enhanced procurement, strategic partnerships, and financial instruments - Macroeconomic conditions and policy risks: The automotive industry is significantly affected by macroeconomic cycles, new energy vehicle subsidy policies are uncertain, and international trade frictions are escalating[77] - Raw material price risks: Fluctuations in prices of plastics, steel, and other raw materials impact manufacturing costs and working capital pressure. The company will strengthen procurement management, establish strategic partnerships, and employ financial instruments to mitigate risks[78] - Automotive component product price risks: Intensified competition in the automotive industry leads to pricing pressure on components, posing a continuous challenge to profit margins[79] Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period On April 18, 2025, the company conducted an online exchange via the SZSE Interactive Easy platform, discussing roller screw product advantages, Kezhixin's core competitiveness, and its overseas layout - On April 18, 2025, the company conducted an online exchange via the SZSE Interactive Easy platform, discussing the advantages of roller screw products, Kezhixin's core competitiveness, and the company's overseas layout[80][81] Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company approved its "Market Value Management System" on August 15, 2025, to enhance investment value and shareholder returns, but has not yet disclosed a valuation enhancement plan - The company has formulated and approved the "Market Value Management System" on August 15, 2025[82] - The company has not yet disclosed a valuation enhancement plan[82] Implementation of the "Dual Improvement in Quality and Returns" Action Plan The company disclosed its "Dual Improvement in Quality and Returns" action plan on January 13, 2025, focusing on core business, humanoid robot opportunities, investor returns, governance, and information disclosure - The company published the "Announcement on the 'Dual Improvement in Quality and Returns' Action Plan" on January 13, 2025[83] - The action plan primarily addresses focusing on the main business, seizing opportunities in humanoid robotics, prioritizing investor returns, improving corporate governance, and enhancing the quality of information disclosure[83] Corporate Governance, Environment, and Society This section covers changes in the company's governance structure, profit distribution plans, employee incentive programs, environmental disclosures, and social responsibility initiatives Changes in Directors, Supervisors, and Senior Management During the reporting period, there was a change in the company's senior management, with Wei Yong appointed as Deputy General Manager Changes in Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Wei Yong | Deputy General Manager | Appointment | April 17, 2025 | Job transfer | Profit Distribution and Capital Reserve Conversion to Share Capital During This Reporting Period The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[87] Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The 2022 Restricted Stock Incentive Plan is complete, the first vesting period of the 2024 plan's initial grant is done, and the 2025 Employee Stock Ownership Plan has completed stock purchases with adjusted holdings - The 2022 Restricted Stock Incentive Plan has been fully implemented, including multiple adjustments, cancellations, and vesting events[99] - The first vesting period of the initial grant under the 2024 Restricted Stock Incentive Plan has been completed, with 8.4952 million shares actually vested[107] - The 2025 Employee Stock Ownership Plan acquired 1.4262 million company shares through centralized bidding and was adjusted to 1.99668 million shares due to the 2024 annual profit distribution plan[109] 2022 Restricted Stock Incentive Plan The 2022 Restricted Stock Incentive Plan completed the second vesting period of the reserved grant and the third vesting period of the initial grant, with some unvested shares cancelled, and the plan is now fully implemented - The second reserved grant of 955,000 shares under the 2022 equity incentive plan has been vested, with the listing and circulation date for the shares being April 28, 2025[95] - The third initial grant of 6.0872 million shares (adjusted) under the 2022 equity incentive plan has been vested, with the listing and circulation date for the shares being June 19, 2025[98] - A total of 4.65 million restricted shares were cancelled due to the departure of incentive recipients and failure to meet performance targets[93] - The 2022 Restricted Stock Incentive Plan has been fully implemented[99] 2024 Restricted Stock Incentive Plan The 2024 Restricted Stock Incentive Plan completed the first vesting period of its initial grant, cancelled some unvested shares, and adjusted grant quantities and prices during the reporting period - The first initial grant of shares under the 2024 equity incentive plan has been vested, with 8.4952 million shares (adjusted) actually vested at an adjusted grant price of 3.58 Yuan/share[107] - 80,000 restricted shares were cancelled due to the departure of incentive recipients[103] - Due to the 2024 profit distribution plan, the adjusted number of unvested restricted shares under the 2024 Restricted Stock Incentive Plan is 23.03 million shares, with the grant price adjusted to 3.58 Yuan/share[105] Implementation of Employee Stock Ownership Plan The 2025 Employee Stock Ownership Plan acquired 1.4262 million company shares through centralized bidding and subsequently adjusted its holdings to 1.99668 million shares due to the 2024 annual profit distribution plan - As of February 12, 2025, the 2025 Employee Stock Ownership Plan completed stock purchases by acquiring 1.4262 million company shares through centralized bidding[109] - Due to the 2024 annual profit distribution plan, the number of shares held by the 2025 Employee Stock Ownership Plan was adjusted to 1.99668 million shares[109] Environmental Information Disclosure The company and its major subsidiaries are not included in the list of enterprises legally required to disclose environmental information - The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[111] Social Responsibility The company actively fulfills its social responsibilities by adhering to legal information disclosure, prioritizing investor returns, protecting employee rights, and operating lawfully to achieve both economic and social benefits - The company strictly adheres to laws and regulations for information disclosure, communicating with investors through various channels to enhance transparency and integrity[111] - The company values reasonable investor returns, strictly implementing dividend distribution plans in accordance with its articles of association and profit distribution policies[111] - The company complies with the Labor Contract Law, respects and protects employee rights, and focuses on employee health, safety, and satisfaction[111] Significant Matters This section details the company's significant events, including commitment fulfillment, litigation, related-party transactions, and other material developments during the reporting period Commitments Fulfilled and Overdue Unfulfilled Commitments by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period Commitments by the actual controller, shareholders, and related parties regarding non-compete, related-party transactions, and fund occupation were strictly adhered to, while Ninghai Jinshi's performance compensation obligation is under court enforcement - Wu Shaowei, Xiangyang Xinhuojv Technology Co., Ltd., and Xiangyang Xinggerun Network Technology Co., Ltd. strictly adhered to their commitments to avoid horizontal competition and regulate related-party transactions[113] - Shuanglin Group, Wu Jianbin, Wu Weijing, and Wu Xiaojing strictly adhered to their commitments to avoid horizontal competition and regulate related-party transactions[114][117] - Ninghai Jinshi Equity Investment Fund Partnership (Limited Partnership) failed to fulfill its 2020 performance commitment, leading the company to apply for court enforcement; 1,380,547 performance compensation shares have been cancelled, and the final fulfillment of cash compensation is subject to court enforcement results[114][119] - Commitments made by the company's controlling shareholder, actual controller, directors, and senior management regarding measures to mitigate dilution of immediate returns were terminated due to project termination[118] Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties During the reporting period, there was no non-operating fund occupation by the controlling shareholder or other related parties of the listed company - During the reporting period, there was no non-operating fund occupation by the controlling shareholder or other related parties of the listed company[120] Irregular External Guarantees The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[121] Appointment and Dismissal of Accounting Firms The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[122] Explanations by the Board of Directors, Supervisory Board, and Audit Committee on the "Non-Standard Audit Report" for This Reporting Period The company had no non-standard audit reports during the reporting period - The company had no non-standard audit reports during the reporting period[123] Explanations by the Board of Directors on the "Non-Standard Audit Report" for the Previous Year The company had no explanations regarding a non-standard audit report for the previous year during the reporting period - The company had no explanations regarding a non-standard audit report for the previous year during the reporting period[123] Bankruptcy and Reorganization Matters The company had no bankruptcy and reorganization matters during the reporting period - The company had no bankruptcy and reorganization matters during the reporting period[123] Litigation Matters The company is involved in multiple lawsuits, including a significant performance compensation case with Ninghai Jinshi (under enforcement) and various disputes with customers over payments, with some cases won and others ongoing - The company filed a lawsuit against Ninghai Jinshi regarding Shuanglin Investment's 2020 performance compensation, which has been finally adjudicated; the company has applied for mandatory enforcement, some shares have been cancelled, and the final fulfillment of cash compensation is subject to court enforcement results[124][125][126] - The company is involved in multiple disputes with customers such as Huoshenshan, Beijing Borgward, Dayun Auto, Hubei Daye Hanlong, Soueast Motor, Evergrande New Energy, and Enovate Motors over goods payments and mold fees; some cases have been won and are in enforcement, while others have been settled or are still under trial[126][127][128][129][130][131] Penalties and Rectification The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[132] Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the reporting period, there were no integrity issues concerning the company, its controlling shareholder, or actual controller - During the reporting period, there were no integrity issues concerning the company, its controlling shareholder, or actual controller[133] Significant Related Party Transactions The company engaged in routine related-party transactions with its controlling shareholder and entities under common control, including procurement, sales, and leasing, with market-based pricing, but no major asset/equity transactions or related-party debt occurred Related Party Transactions Related to Ordinary Operations | Transacting Party | Relationship | Transaction Type | Transaction Content | Transaction Amount (10,000 Yuan) | Approved Limit (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Ningbo Shuanglin Group Co., Ltd. | Controlling Shareholder | Procurement | Goods, Equipment | 249.66 | 500 | | Shanghai Quanmu Information Technology Co., Ltd. | Under Same Actual Control | Procurement | Gifts and other goods | 24.32 | 150 | | Ningbo Tianmingshan Hot Spring Hotel Co., Ltd., Ninghai Forest Hot Spring Resort Co., Ltd. | Under Same Actual Control | Procurement | Gifts and other goods | 39.95 | 200 | | Ningbo Tianmingshan Hot Spring Hotel Co., Ltd., Ninghai Forest Hot Spring Resort Co., Ltd. | Under Same Actual Control | Payment | Conference fees, reception fees, etc. | 115.46 | 200 | | Ninghai Shuanglin Vocational School | Under Same Actual Control | Acceptance | Services (training) | 0.28 | 10 | | Ningbo Shuanglin Electronics Co., Ltd. | Under Same Actual Control | Sales | Goods, Equipment | 2,040.1 | 6,500 | | Suzhou Shuanglin Plastic Electronics Co., Ltd. | Under Same Actual Control | Sales | Goods | 57.16 | 300 | | Suzhou Shuanglin Plastic Electronics Co., Ltd. | Under Same Actual Control | Lease | Factory | 132.15 | 400 | | Ningbo Shuanglin Electronics Co., Ltd. | Under Same Actual Control | Lease | Factory | 148.68 | 400 | | Total | | | | 2,807.76 | 8,660 | - The company had no related-party transactions involving asset or equity acquisition or disposal during the reporting period[136] - The company had no related-party transactions involving joint external investments during the reporting period[137] - The company had no related-party creditor-debtor relationships during the reporting period[138] - The company and its controlled finance companies had no deposits, loans, credit lines, or other financial transactions with related parties[139][140] - The company had no other significant related-party transactions during the reporting period[141] Significant Contracts and Their Performance The company has various lease contracts as both lessee and lessor, and significant guarantees, primarily for subsidiaries, with total actual guarantees representing 24.63% of the company's net assets - The company had no entrustment or contracting situations during the reporting period[142][143] - As a lessee, the company leases factories and office premises in Tianjin, Shenyang, Ningbo, Wuxi, Zhaoqing, and other locations[144][145][146] - As a lessor, Hubei Shuanglin Bearing leases factory buildings to Xiangyang Huili Machinery Manufacturing Co., Ltd., Hubei Quanyue Forging Co., Ltd., etc., and Autolin INC leases properties to Stephanie Su, D.D.S, PLLC, etc[147][148][149][150] - The company had no lease projects that generated profit or loss exceeding 10% of the company's total profit for the reporting period[151] Company Guarantees for Subsidiaries | Guaranteed Party Name | Guarantee Limit (10,000 Yuan) | Actual Guarantee Amount (10,000 Yuan) | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Hubei Shuanglin Bearing | 20,000 | 20,000 | 1 year | No | | Hubei Shuanglin Bearing | 10,000 | 10,000 | 1 year | No | | Hubei Shuanglin Bearing | 14,400 | 14,400 | 2 years | No | | Hubei Shuanglin Bearing | 9,600 | 9,600 | 3 years | No | | Shuanglin Mold | 5,500 | 5,500 | 3 years | No | | Guarantees for subsidiaries or branch members within bill pool/asset pool/supply chain | 20,000 | 12,270.66 | 9 months/10 months | No | | Total approved guarantee limit for subsidiaries within the reporting period (B1) | 92,150 | Total actual guarantee amount for subsidiaries within the reporting period (B2) | 71,770.66 | | Total approved guarantee limit for subsidiaries at the end of the reporting period (B3) | 92,150 | Total actual guarantee balance for subsidiaries at the end of the reporting period (B4) | 71,770.66 | - The total actual guarantee amount (i.e., A4+B4+C4) accounts for 24.63% of the company's net assets[154] - The company had no significant ordinary course contracts or other significant contracts during the reporting period[155][156] Explanation of Other Significant Matters The company terminated its 2025 A-share private placement, is planning an H-share listing, changed its name to "Shuanglin Co., Ltd.", and retrospectively adjusted prior year EPS due to capital reserve conversion - The company terminated its 2025 private placement of A-shares on July 11, 2025, primarily considering capital market conditions, the company's actual situation, and development plans[157] - The company plans to issue H-shares and list on the main board of the Hong Kong Stock Exchange to enhance capital strength, accelerate internationalization strategy, and expand overseas business[158] - On August 4, 2025, the company's name changed from "Ningbo Shuanglin Auto Parts Co., Ltd." to "Shuanglin Co.,Ltd."[160] - The company retrospectively adjusted its basic and diluted earnings per share for the first half of 2023 from 0.62 Yuan/share to 0.44 Yuan/share, primarily due to the capital reserve conversion to share capital in the 2024 equity distribution plan[161][162] Significant Matters of Company Subsidiaries The company's wholly-owned subsidiary, Hubei Xinhuojv Technology Co., Ltd., has been renamed Hubei Shuanglin Bearing Co., Ltd - In July 2025, the company's wholly-owned subsidiary, Hubei Xinhuojv Technology Co., Ltd., was renamed Hubei Shuanglin Bearing Co., Ltd[163] Share Changes and Shareholder Information This section details changes in the company's share capital, securities issuance, shareholder structure, and shareholdings of directors and senior management Share Change Status During the reporting period, the company's total share capital increased from 400.77 million shares to 567.07 million shares, primarily due to equity incentive vesting and capital reserve conversion Share Change Status | Item | Number of Shares Before Change | Percentage Before Change | Increase/Decrease (+) New Shares Issued (shares) | Increase/Decrease (+) Capital Reserve Conversion (shares) | Increase/Decrease (+) Other (shares) | Total Increase/Decrease (shares) | Number of Shares After Change | Percentage After Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 13,706,362 | 3.42% | 0 | 5,614,545 | 876,000 | 6,490,545 | 20,196,907 | 3.56% | | Of which: Shares held by domestic natural persons | 13,706,362 | 3.42% | 0 | 5,614,545 | 876,000 | 6,490,545 | 20,196,907 | 3.56% | | II. Unrestricted Shares | 387,062,884 | 96.58% | 0 | 153,642,752 | 6,166,200 | 159,808,952 | 546,871,836 | 96.44% | | Of which: RMB ordinary shares | 387,062,884 | 96.58% | 0 | 153,642,752 | 6,166,200 | 159,808,952 | 546,871,836 | 96.44% | | III. Total Shares | 400,769,246 | 100.00% | 0 | 159,257,297 | 7,042,200 | 166,299,497 | 567,068,743 | 100.00% | - Reasons for share changes include the vesting of the second reserved grant under the 2022 equity incentive plan (955,000 shares), the capital reserve conversion to share capital in the 2024 profit distribution plan (159,257,297 shares), and the vesting of the third initial grant under the 2022 equity incentive plan (6.0872 million shares)[167][168][169] - Share changes resulted in basic earnings per share being adjusted from 0.72 Yuan/share to 0.51 Yuan/share, and net assets per common share attributable to the company being adjusted from 7.22 Yuan/share to 5.14 Yuan/share[173] Changes in Restricted Shares | Shareholder Name | Initial Restricted Shares (shares) | Increase in Restricted Shares This Period (shares) | Period-End Restricted Shares (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Wu Jianbin | 13,500,000 | 5,767,500 | 19,267,500 | Lock-up for Directors, Supervisors, Senior Management | | Wu Weijing | 0 | 126,000 | 126,000 | Lock-up for Directors, Supervisors, Senior Management | | Chen Youfu | 75,975 | 159,015 | 234,990 | Lock-up for Directors, Supervisors, Senior Management | | Zhu Liming | 0 | 128,625 | 128,625 | Lock-up for Directors, Supervisors, Senior Management | | Ge Hai'an | 0 | 128,625 | 128,625 | Lock-up for Directors, Supervisors, Senior Management | | Qian Xueming | 130,388 | 180,780 | 311,168 | Lock-up for Directors, Supervisors, Senior Management | | Total | 13,706,363 | 6,490,545 | 20,196,908 | | Securities Issuance and Listing During the reporting period, the company issued and listed 955,000 and 6.0872 million A-shares, respectively, due to the second vesting period of the reserved grant and the third vesting period of the initial grant under the 2022 equity incentive plan Securities Issuance and Listing | Name of Stock and Derivative Securities | Issuance Date | Issuance Price (Yuan) | Issuance Quantity (shares) | Listing Date | Quantity Approved for Listing and Trading (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | 2022 Equity Incentive Restricted Shares Vesting (Second Reserved Grant) | April 28, 2025 | 4.18 | 955,000 | April 28, 2025 | 955,000 | | 2022 Equity Incentive Restricted Shares Vesting (Third Initial Grant) | June 19, 2025 | 2.84 | 6,087,200 | June 19, 2025 | 6,087,200 | Number of Shareholders and Shareholding Status At period-end, the company had 91,261 common shareholders, with controlling shareholder Ningbo Shuanglin Group Co., Ltd. holding 44.81% of shares, of which 63 million shares were pledged - At the end of the reporting period, the total number of common shareholders was 91,261[179] Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Period-End Shareholding (shares) | Change in Shareholding During Reporting Period (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | Share Status | Quantity (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Ningbo Shuanglin Group Co., Ltd. | Domestic Non-State-Owned Legal Person | 44.81% | 254,126,967 | 72,607,705 | 0.00 | 254,126,967 | Pledged | 63,000,000 | | Wu Jianbin | Domestic Natural Person | 4.53% | 25,690,000 | 7,690,000 | 19,267,500 | 6,422,500 | Not Applicable | 0 | | China Construction Bank Co., Ltd. - Yongying Advanced Manufacturing Smart Selection Mixed Initiated Securities Investment Fund | Other | 2.24% | 12,720,123 | 12,720,123 | 0 | 12,720,123 | Not Applicable | 0 | | Industrial and Commercial Bank of China Co., Ltd. - Guotai Valuation Advantage Mixed Securities Investment Fund (LOF) | Other | 0.71% | 4,053,661 | 1,735,560 | 0 | 4,053,661 | Not Applicable | 0 | | China Merchants Bank Co., Ltd. - Southern CSI 1000 Exchange Traded Index Securities Investment Fund | Other | 0.55% | 3,107,060 | 3,107,060 | 0 | 3,107,060 | Not Applicable | 0 | | Sun Min | Domestic Natural Person | 0.55% | 3,103,480 | 389,080 | 773,057 | 3,103,480 | Not Applicable | 0 | | Xinjiang Jiangna Mining Co., Ltd. | State-Owned Legal Person | 0.44% | 2,520,000 | 2,003,000 | 0 | 2,520,000 | Not Applicable | 0 | | China Merchants Bank Co., Ltd. - Penghua Carbon Neutral Theme Mixed Securities Investment Fund | Other | 0.40% | 2,295,420 | 2,295,420 | 0 | 2,295,420 | Not Applicable | 0 | | Ningbo Shuanglin Auto Parts Co., Ltd. - 2025 Employee Stock Ownership Plan | Other | 0.35% | 1,996,680 | 1,996,680 | 0 | 1,996,680 | Not Applicable | 0 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 0.33% | 1,861,829 | 418,290 | 0 | 1,861,829 | Not Applicable | 0 | - Among the top 10 shareholders, there is a share repurchase account holding 3,581,003 company shares, accounting for 0.89% of the company's total share capital as of June 30, 2025[181] - The company has no voting rights difference arrangements, and the top 10 common shareholders and top 10 unrestricted common shareholders did not engage in agreed repurchase transactions during the reporting period[182] Changes in Shareholdings of Directors, Supervisors, and Senior Management During the reporting period, the shareholdings of some directors and senior management increased due to equity incentive plans, with a total of 26.93 million shares held at period-end Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Employment Status | Initial Shareholding (shares) | Increase in Shareholding This Period (shares) | Period-End Shareholding (shares) | Number of Restricted Shares Granted at Period-End (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Wu Jianbin | Chairman, General Manager | Current | 18,000,000 | 0 | 25,690,000 | 490,000 | | Wu Weijing | Director | Current | 0 | 0 | 168,000 | 168,000 | | Chen Youfu | Director, Deputy General Manager | Current | 101,300 | 0 | 313,320 | 171,500 | | Zhu Liming | Director, CFO, Board Secretary | Current | 0 | 0 | 171,500 | 171,500 | | Ge Hai'an | Director, Deputy General Manager | Current | 0 | 0 | 171,500 | 171,500 | | Qian Xueming | Deputy General Manager | Current | 173,850 | 0 | 414,890 | 171,500 | | Total | | | 18,275,150 | 0 | 26,929,210 | 1,344,000 | Changes in Controlling Shareholder or Actual Controller Neither the company's controlling shareholder nor its actual controller changed during the reporting period - The company's controlling shareholder did not change during the reporting period[184] - The company's actual controller did not change during the reporting period[184] Preferred Share Information The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[185] Bond-Related Information This section confirms that the company had no bond-related activities or outstanding bonds during the reporting period Bond-Related Information The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[187] Financial Report This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and notes, providing a comprehensive overview of its financial position and performance Audit Report The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[189] Financial Statements This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025 - Consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity are provided[191][196][200][204][206][208][211][219] Company Basic Information Established by Ningbo Shuanglin Investment and Wu Jianbin, the company listed on SZSE in August 2010, with 567.07 million shares outstanding as of June 30, 2025, and the Wu Jianbin family as ultimate controllers - The company was listed on the Shenzhen Stock Exchange in August 2010, with the Wu Jianbin family members as the ultimate actual controllers[226] - As of June 30, 2025, the company's total issued share capital was 567,068,743 shares, with a registered capital of 567,068,743 Yuan[226] - The company's main business is the R&D, manufacturing, and sales of automotive and robot components, with operating revenue during the reporting period primarily from automotive component products[227] - A total of 37 subsidiaries were included in the scope of consolidated financial statements this period, an increase of 4 subsidiaries from the previous period[228] - These financial statements were approved for issuance by the company's board of directors on August 27, 2025[229] Basis of Financial Statement Preparation The company's financial statements are prepared in accordance with Enterprise Accounting Standards and CSRC regulations, based on a going concern assumption, with no significant doubts about its ability to continue as a going concern - Financial statements are prepared in accordance with the Enterprise Accounting Standards issued by the Ministry of Finance and relevant regulations of the China Securities Regulatory Commission[230] - These financial statements are prepared on a going concern basis, with no significant doubts identified regarding the ability to continue as a going concern[231] Significant Accounting Policies and Estimates This section comprehensively details the company's significant accounting policies and estimates, including those for financial instruments, receivables, inventory, fixed assets, intangible assets, and revenue recognition, ensuring transparent and comparable financial reporting - The financial statements prepared by the company comply with Enterprise Accounting Standards, accurately and completely reflecting the company's financial position, operating results, cash flows, and other relevant information for the reporting period[233] - The current reporting period is from January 1, 2025, to June 30, 2025[234] - The company defines an operating cycle as 12 months and uses it as the classification standard for current and non-current assets and liabilities[235] - The functional currency is RMB[236] - Key accounting policies and estimates for financial instruments, accounts receivable, inventories, fixed assets, intangible assets, and revenue recognition are disclosed in detail[259][282][288][309][319][343] Taxation The company's main taxes include VAT, urban maintenance and construction tax, and corporate income tax, with varying rates based on tax laws and company nature, and several subsidiaries enjoying a 15% preferential corporate income tax rate Main Tax Categories and Rates | Tax Category | Tax Rate | | :--- | :--- | | Value-Added Tax | 13%, 9%, 6%, 7%, 5% | | Urban Maintenance and Construction Tax | 7%, 5% | | Corporate Income Tax | 15%, 25%, 30% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | | Property Tax | 1.2%, 12% | Taxable Entities with Different Corporate Income Tax Rates | Taxable Entity Name | Income Tax Rate | | :--- | :--- | | Ningbo Shuanglin Mold Co., Ltd. | 15% | | Tianjin Shuanglin Auto Parts Co., Ltd. | 15% | | Suzhou Shuanglin Auto Parts Co., Ltd. | 15% | | Hubei Shuanglin Bearing Co., Ltd. | 15% | | Chongqing Wanglin Auto Parts Co., Ltd. | 15% | | Liuzhou Shuanglin Auto Parts Technology Co., Ltd. | 15% | | Liuzhou Shuanglin Auto Parts Manufacturing Co., Ltd. | 15% | | Liuzhou Wanglin New Energy Technology Co., Ltd. | 15% | | Wuhu Shuanglin Auto Parts Co., Ltd. | 15% | | Shandong Shuanglin New Energy Technology Co., Ltd. | 15% | | Shuanglin Shares (Hong Kong) Co., Ltd. | 16.5% | | Thailand Xinhuojv Co., Ltd. | 20% | | DSI Holdings Pty Limited | 30% | | Xinhuojv Technology Co., Ltd. | 17% | | Xinhuojv Trading Co., L