亚光股份(603282) - 2025 Q2 - 季度财报

Section I Definitions This section provides definitions of key terms used throughout the report Section II Company Profile and Key Financial Indicators 2.1 Company Basic Information This section outlines Zhejiang Yaguang Technology Co, Ltd.'s basic information, including company name, contact details, registered and office addresses, information disclosure channels, and stock overview, with stock code 603282 listed on the Shanghai Stock Exchange - The company's Chinese name is Zhejiang Yaguang Technology Co, Ltd., abbreviated as Yaguang Shares, with Chen Guohua as the legal representative[14] - The company's shares are RMB A-shares, listed on the Shanghai Stock Exchange, with stock code 603282[20] - The company's designated information disclosure newspapers are Shanghai Securities News, Securities Times, China Securities Journal, and Securities Daily, with the website for semi-annual reports being https://www.sse.com.cn/[19](index=19&type=chunk) 2.2 Key Accounting Data and Financial Indicators During the reporting period, the company's operating revenue increased by 15.08% year-on-year, but net profit attributable to shareholders and non-recurring net profit decreased by 4.57% and 22.36% respectively, primarily due to market competition and declining product gross margins, while net cash flow from operating activities significantly grew by 106.93% due to strengthened cash flow management Key Accounting Data (January-June 2025 vs. Prior Period) | Indicator | Current Reporting Period (Jan-Jun) | Prior Period | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | CNY 344.61 million | CNY 299.46 million | 15.08 | | Total Profit | CNY 47.20 million | CNY 48.01 million | -1.69 | | Net Profit Attributable to Shareholders of the Listed Company | CNY 41.29 million | CNY 43.27 million | -4.57 | | Net Profit Attributable to Shareholders of the Listed Company After Deducting Non-Recurring Gains and Losses | CNY 33.41 million | CNY 43.03 million | -22.36 | | Net Cash Flow from Operating Activities | CNY 48.87 million | CNY 23.61 million | 106.93 | | Net Assets Attributable to Shareholders of the Listed Company (End of Period) | CNY 1.26 billion | CNY 1.25 billion | 0.91 | | Total Assets (End of Period) | CNY 2.51 billion | CNY 2.66 billion | -5.44 | Key Financial Indicators (January-June 2025 vs. Prior Period) | Indicator | Current Reporting Period (Jan-Jun) | Prior Period | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.31 | 0.32 | -3.13 | | Diluted Earnings Per Share (CNY/share) | 0.31 | 0.32 | -3.13 | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (CNY/share) | 0.25 | 0.32 | -21.88 | | Weighted Average Return on Net Assets (%) | 3.24 | 3.49 | Decreased by 0.25 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 2.62 | 3.47 | Decreased by 0.85 percentage points | - Operating revenue increased by 15.08% year-on-year, primarily due to the progressive acceptance of key projects[24] - Net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses decreased by 22.36% year-on-year, mainly due to declining product gross margins impacted by domestic and international market competition[24] - Net cash flow from operating activities increased by 106.93% year-on-year, reflecting the company's strong focus on cash flow security, enhanced collections, and cost-saving measures[24] 2.3 Non-Recurring Gains and Losses During the reporting period, the company's total non-recurring gains and losses amounted to CNY 7.88 million, primarily including government grants, fair value changes in financial assets, and disposal gains/losses of non-current assets Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Disposal gains and losses of non-current assets | -47,301.26 | | Government grants included in current profit and loss (excluding those continuously affecting) | 8,532,887.46 | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises and disposal gains and losses | 784,539.83 | | Other non-operating income and expenses | -44,389.25 | | Less: Income tax impact | 1,351,261.80 | | Impact on minority interests (after tax) | -10,273.03 | | Total | 7,884,748.01 | - VAT refunds for embedded software and VAT super deduction for advanced manufacturing enterprises are recognized as recurring gains and losses, as they comply with national policies and occur continuously[28] Section III Management Discussion and Analysis 3.1 Business Overview and Operating Model The company primarily engages in the R&D, production, and sales of pharmaceutical equipment and energy-saving and environmental protection equipment, providing system engineering solutions for industries such as pharmaceuticals, environmental protection, chemicals, and new energy, utilizing a customized direct sales model, combining in-house and outsourced production, and offering professional installation, commissioning, and after-sales services - The company's main business involves industrial evaporation, crystallization, filtration, washing, drying, and organic solvent distillation equipment, with products categorized into pharmaceutical equipment and energy-saving and environmental protection equipment series[30] - The pharmaceutical special equipment business is primarily managed by the company, with products covering mainstream API manufacturers in China and actively expanding overseas exports[30] - Wholly-owned subsidiary Leheng Energy Saving is responsible for environmental protection special equipment, with its core technical team independently developing steam compressors and MVR systems widely used in new energy, environmental protection, fine chemicals, and other industries, successfully expanding overseas business[31] - The company's products are customized equipment, adopting a direct sales model with phased payment terms, and a production model combining in-house and outsourced manufacturing[32][33] - The company has established a comprehensive procurement management system, ensuring stable cooperation with at least two suppliers for major materials to guarantee supply quality[36] - The company has a service testing department with a professional team providing on-site guidance for equipment installation, commissioning, operation training, and after-sales maintenance services, and has established cloud-based after-sales service for remote monitoring[37][38] 3.2 Industry Analysis In the first half of 2025, the pharmaceutical special equipment industry experienced rapid growth driven by biomedical innovation, policy support, and equipment upgrade demands, accelerating the domestic substitution process, while the environmental protection special equipment industry, propelled by "dual carbon" goals and technological upgrades, is transforming towards intelligence, modularization, and service-orientation, with a clear trend of domestic substitution - In the first half of 2025, the domestic pharmaceutical special equipment industry developed strongly, with the full-year market size expected to exceed CNY 80 billion, primarily driven by biomedical innovation, national drug bulk procurement policies, and government support for strategic emerging industries[39][40] - The pharmaceutical equipment industry shows differentiated characteristics, with sub-segments such as biopharmaceutical special equipment, intelligent equipment, and green environmental protection equipment maintaining high growth, and the domestic substitution process significantly accelerating[39][41] - The environmental protection special equipment industry, driven by "dual carbon" goals and the "Action Plan for Intelligent Transformation of Environmental Infrastructure," saw increased orders for water treatment and solid waste disposal equipment, with technological breakthroughs in domestic environmental protection equipment reducing costs and promoting domestic substitution[41][42] - The environmental protection and energy-saving equipment industry is transitioning from single equipment manufacturing to comprehensive services, with increasing penetration of modular design and accelerated technological innovation towards intelligence, IoT, and modularization[42] 3.3 Operating Performance Analysis During the reporting period, the company's operating revenue increased by 15.08% year-on-year, but net profit and non-recurring net profit declined, mainly due to market competition and declining gross margins, while net cash flow from operating activities significantly grew by 106.93% through strengthened cash flow management; the company possesses core competencies in brand, customer base, technology, project design, after-sales service, quality management, and management team, with a stable asset-liability structure, though monetary funds and inventory decreased, and construction in progress and trading financial assets increased - During the reporting period, the company achieved operating revenue of CNY 344.61 million, a 15.08% year-on-year increase; net profit attributable to shareholders of CNY 41.29 million, a 4.57% year-on-year decrease; and net cash flow from operating activities of CNY 48.87 million, a 106.93% year-on-year increase[44] - The company's core competitiveness includes: brand advantage as a national industry standard drafting unit in pharmaceutical special equipment and Leheng Energy Saving's MVR technology filling domestic gaps; customer advantage covering China's top 100 pharmaceutical manufacturers and high-quality new energy and environmental protection clients; technological advantage with a provincial high-tech R&D center and multiple patents; project design advantage from extensive engineering application experience; after-sales service advantage with rapid response and cloud monitoring; quality management advantage through ISO9001 and other certifications; and management team advantage from a stable core team and informatization management system[45][46][47][48] Financial Statement Item Fluctuation Analysis (January-June 2025 vs. Prior Period) | Item | Current Period Amount | Prior Period Amount | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | CNY 344,611,306.69 | CNY 299,463,865.86 | 15.08 | | Operating Cost | CNY 247,828,036.47 | CNY 193,849,784.06 | 27.85 | | Selling Expenses | CNY 9,998,653.09 | CNY 13,828,293.07 | -27.69 | | Administrative Expenses | CNY 25,865,771.00 | CNY 27,414,174.88 | -5.65 | | Financial Expenses | CNY -1,783,929.25 | CNY -4,920,904.08 | 63.75 | | R&D Expenses | CNY 15,936,311.29 | CNY 22,143,438.51 | -28.03 | | Net Cash Flow from Operating Activities | CNY 48,866,001.09 | CNY 23,614,590.52 | 106.93 | | Net Cash Flow from Investing Activities | CNY -79,771,258.92 | CNY 72,317,560.10 | -210.31 | | Net Cash Flow from Financing Activities | CNY -31,087,736.28 | CNY -47,722,269.71 | 34.86 | - Operating revenue growth primarily stems from project progress and increased acceptance; operating cost growth outpaced revenue, leading to a decline in gross margin; selling and R&D expenses decreased; financial expenses decreased mainly due to reduced interest from lower remaining raised funds; net cash flow from operating activities significantly increased primarily due to reduced inventory procurement and a slower decline in cash inflows compared to outflows[50][51] Asset and Liability Status Changes (End of Period vs. End of Prior Year) | Item Name | Current Period End Amount | Current Period End % of Total Assets | Prior Year End Amount | Prior Year End % of Total Assets | Current Period End Change vs. Prior Year End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | CNY 302,343,683.92 | 12.04 | CNY 368,655,868.72 | 13.89 | -17.99 | Decrease due to management of idle funds | | Trading Financial Assets | CNY 121,812,840.66 | 4.85 | CNY 92,070,584.18 | 3.47 | 32.30 | Increase due to management of idle funds | | Notes Receivable | CNY 36,799,777.71 | 1.47 | CNY 61,099,330.11 | 2.30 | -39.77 | Decrease in balance held at period-end | | Inventory | CNY 1,036,975,613.34 | 41.30 | CNY 1,133,630,222.93 | 42.70 | -8.53 | Projects progressively accepted and transferred out | | Construction in Progress | CNY 101,957,538.96 | 4.06 | CNY 72,487,400.04 | 2.73 | 40.66 | Investment in subsidiary's construction in progress | | Contract Liabilities | CNY 975,486,393.22 | 38.86 | CNY 1,063,278,548.95 | 40.05 | -8.26 | Projects progressively accepted and transferred out | Financial Assets Measured at Fair Value (End of Period) | Asset Category | Beginning Balance | Fair Value Change Gains/Losses for the Period | Amount Purchased for the Period | Amount Sold/Redeemed for the Period | Ending Balance | | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | CNY 92,070,584.18 | CNY 410,271.78 | CNY 290,000,000.00 | CNY 260,668,015.30 | CNY 121,812,840.66 | | Notes Receivable Financing | CNY 14,959,796.08 | - | - | - | CNY 13,300,996.76 | | Total | CNY 107,030,380.26 | CNY 410,271.78 | CNY 290,000,000.00 | CNY 260,668,015.30 | CNY 135,113,837.42 | Financial Information of Major Holding and Participating Companies (January-June 2025) | Company Name | Company Type | Main Business | Registered Capital (CNY) | Total Assets (CNY) | Net Assets (CNY) | Operating Revenue (CNY) | Operating Profit (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Leheng Energy Saving | Subsidiary | R&D, production, and sales of steam compressors and MVR systems | 80 million | 1.53 billion | 568.65 million | 233.69 million | 37.89 million | 33.08 million | | Daliheng | Subsidiary | Manufacturing and sales of pharmaceutical machinery equipment | 10 million | 41.75 million | 2.66 million | 16.66 million | 0.93 million | 0.81 million | | Yaheng Machinery | Subsidiary | Manufacturing and sales of general and specialized equipment | 50 million | 139.35 million | -0.02 million | 64.10 million | -0.46 million | -0.33 million | - During the reporting period, the company deregistered its participating company Henan Yuheng Environmental Technology Co, Ltd., which will not adversely affect the company's overall business development and profitability[58] 3.4 Risk Factors The company faces various risks including industry economic cycle fluctuations, new product development and core technology leakage, major raw material price volatility, new product promotion falling short of expectations, declining gross margins, and personnel turnover - The company's performance is significantly affected by the economic cycles of downstream industries such as pharmaceuticals, chemicals, environmental protection, and new energy[59] - Risks exist regarding new product R&D failure, inability to industrialize R&D achievements, and leakage of core technologies[59] - Price fluctuations of major raw materials (e.g., steel plates, titanium plates, forgings, valves) may impact the company's costs and profitability[60] - New product promotion may fall short of expectations, affecting the sustained growth of the company's operating performance[61] - Increased market competition, fluctuating pricing for customized products, and ineffective cost control may lead to declining gross margins[61] - Intensified industry competition may lead to the loss of R&D technical talent, weakening the company's technological advantages and competitiveness[62] Section IV Corporate Governance, Environment, and Social Responsibility 4.1 Changes in Directors, Supervisors, and Senior Management The company's third board of directors and supervisory board terms expired, leading to re-elections during the reporting period, with several directors, independent directors, employee supervisors, and a deputy general manager departing, and new members elected to the fourth board of directors, supervisory board, and senior management Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Change Type | | :--- | :--- | :--- | | Zhou Chengyu | Director | Resigned | | Luo Zongju | Director | Resigned | | Zhang Liwei | Director | Resigned | | Yang Dongsheng | Independent Director | Resigned | | Pan Weili | Independent Director | Resigned | | Yang Jigang | Independent Director | Resigned | | Zhang Junxiao | Employee Supervisor | Resigned | | Huang Jiancai | Employee Supervisor | Resigned | | Piao Qingguo | Deputy General Manager | Resigned | | Zhou Hua | Director | Elected | | Hu Fuzhen | Director | Elected | | Yang Shangbo | Director | Elected | | Zhou Xiafei | Independent Director | Elected | | Shao Leilei | Independent Director | Elected | | Xu Jin | Independent Director | Elected | | Li Xixi | Employee Supervisor | Elected | | Lai Huatan | Employee Supervisor | Elected | - The company held a shareholders' meeting on January 10, 2025, electing members of the fourth board of directors, with original third board members departing upon term expiration[66] - The company elected employee supervisors and non-employee representative supervisors for the fourth supervisory board on December 18, 2024, and January 10, 2025, respectively[66] - The company appointed members of the fourth senior management on January 10, 2025, with former Deputy General Manager Piao Qingguo departing, while General Manager Chen Jingbo, Deputy General Manager Ye Jun, CFO Hu Fuzhen, and Board Secretary Wu Chaoqun remained in their positions[66] 4.2 Profit Distribution Plan The company's board of directors resolved not to implement a profit distribution or capital reserve to share capital increase plan for the current reporting period - This semi-annual report does not involve a profit distribution plan or a capital reserve to share capital increase plan[7] - The company's proposed semi-annual profit distribution plan or capital reserve to share capital increase plan is "No"[67] Section V Significant Matters 5.1 Fulfillment of Commitments The company's actual controllers, shareholders, related parties, and the company itself have timely and strictly fulfilled all commitments made during the initial public offering, including share lock-up, resolution of horizontal competition, resolution of related party transactions, share price stabilization, and prospectus authenticity - The company's actual controllers Chen Guohua and Chen Jingbo, along with other shareholders, directors, supervisors, and senior management, strictly fulfilled their share lock-up commitments made before the initial public offering[71][72][73][74][75][76][77][78][79] - Controlling shareholder and actual controllers Chen Guohua and Chen Jingbo fulfilled their commitments to resolve horizontal competition and related party transactions, avoiding competition with the company's main business and ensuring fairness and impartiality in related party transactions[79][80] - The company, its controlling shareholder, directors, supervisors, and senior management all committed to strictly fulfill obligations according to the share price stabilization plan and bear legal responsibility for the truthfulness, accuracy, and completeness of the prospectus[80][81][82][83][84][85][86] - All commitments were timely and strictly fulfilled during the reporting period, with no instances of failure to fulfill them on time[71] 5.2 Major Litigation and Arbitration Matters The company had no major litigation or arbitration matters during the reporting period; however, subsidiary Hebei Leheng Energy Saving Equipment Co, Ltd. is involved in a construction project contract dispute with Xinyu Xinyihe New Material Technology Co, Ltd., currently in second-instance trial, involving a significant amount, with the financial impact on the company not yet accurately assessable - The company had no major litigation or arbitration matters during the reporting period[94] - Subsidiary Hebei Leheng Energy Saving Equipment Co, Ltd. is involved in a construction project contract dispute with Xinyu Xinyihe New Material Technology Co, Ltd., with a disputed amount of CNY 15.23 million and a counterclaim amount of CNY 74.93 million, currently in second-instance trial[504] - To resolve asset preservation issues, Hebei Leheng Energy Saving Equipment Co, Ltd. applied to Cangzhou Bank for a letter of guarantee to lift litigation preservation, depositing CNY 29.97 million as counter-guarantee collateral[505] - The first-instance judgment supported some of Hebei Leheng Energy Saving Equipment Co, Ltd.'s claims, but both parties appealed, and the second-instance judgment is pending, so the financial impact on the company cannot yet be accurately assessed[506] 5.3 Major Guarantees During the reporting period, the company did not provide guarantees for its subsidiaries, but the outstanding guarantee balance for subsidiaries at the end of the period was CNY 6.34 million, accounting for 0.50% of the company's net assets, including CNY 2.00 million in debt guarantees provided for guaranteed parties with an asset-liability ratio exceeding 70% Company Guarantee Total Amount | Indicator | Amount (CNY 10,000) | | :--- | :--- | | Total guarantees provided for subsidiaries during the reporting period | 200.00 | | Total outstanding guarantees for subsidiaries at the end of the reporting period (B) | 633.67 | | Total guarantees (A+B) | 633.67 | | Total guarantees as a percentage of the company's net assets (%) | 0.50 | | Of which: Debt guarantees provided directly or indirectly for guaranteed parties with an asset-liability ratio exceeding 70% (D) | 200.00 | | Total of the above three guarantee amounts (C+D+E) | 200.00 | - The company has no guarantees provided for shareholders, actual controllers, or their related parties[98] - Explanation for potential joint and several liability for unexpired guarantees is "None"[98] 5.4 Progress of Raised Funds Utilization As of the end of the reporting period, the net amount of funds raised from the company's initial public offering was CNY 517.48 million, with a cumulative investment of CNY 429.77 million, representing an investment progress of 83.05%; some raised investment projects experienced slower progress due to external environment and market competition, leading the company to adjust down investment amounts for some projects and reallocate them to a new project, "Screw Compressor Industrialization Project" Overall Utilization of Raised Funds | Source of Raised Funds | Date of Receipt | Net Amount of Raised Funds (CNY) | Cumulative Investment at End of Reporting Period (CNY) | Cumulative Investment Progress (%) | | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering | 2023-03-09 | 517.48 million | 429.77 million | 83.05 | - The raised investment project "Annual Production of 800 Sets of Chemical and Pharmaceutical Equipment Project" is planned to have its investment reduced by CNY 29 million and reallocated to the new project "Screw Compressor Industrialization Project" due to equipment investment expenditures not meeting planned budget[105][107] - The slower progress of raised investment projects is mainly influenced by objective factors such as the external economic environment and industry prosperity, with the company adopting a prudent investment strategy[104] - The company has used raised funds to replace self-raised funds of CNY 150.35 million previously invested in raised investment projects and for already paid issuance expenses[108] Section VI Changes in Shares and Shareholder Information 6.1 Changes in Share Capital During the reporting period, there were no changes in the company's total share capital or share capital structure - During the reporting period, there were no changes in the company's total share capital or share capital structure[110] 6.2 Shareholder Information As of the end of the reporting period, the total number of common shareholders was 8,927; among the top ten shareholders, Chen Guohua and Chen Jingbo are the company's actual controllers, holding a combined 36.24% of shares; some shareholders hold restricted shares and have related party relationships - As of the end of the reporting period, the total number of common shareholders was 8,927[112] Top Ten Shareholders' Shareholding (As of End of Reporting Period) | Shareholder Name | Shares Held at Period-End | Percentage (%) | Number of Restricted Shares Held | Share Status | Pledged, Marked, or Frozen Shares | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Chen Guohua | 34,949,800 | 26.12 | 34,949,800 | None | 0 | Domestic Natural Person | | Chen Jingbo | 13,544,000 | 10.12 | 13,544,000 | None | 0 | Domestic Natural Person | | Zhang Xianxin | 7,185,344 | 5.37 | 7,185,344 | None | 0 | Domestic Natural Person | | Lin Peigao | 6,533,500 | 4.88 | 0 | None | 0 | Domestic Natural Person | | Zhang Liwei | 5,812,800 | 4.34 | 0 | None | 0 | Domestic Natural Person | | Wenzhou Yuanxi Equity Investment Partnership (Limited Partnership) | 5,642,968 | 4.22 | 5,642,968 | None | 0 | Domestic Non-State-Owned Legal Person | | Chen Shaolong | 4,812,800 | 3.60 | 0 | None | 0 | Domestic Natural Person | | Zhang Xianbiao | 4,790,229 | 3.58 | 4,790,229 | None | 0 | Domestic Natural Person | | Li Weihua | 3,523,700 | 2.63 | 0 | Pledged | 2,170,000 | Domestic Natural Person | | Wenzhou Huayi Equity Investment Partnership (Limited Partnership) | 3,523,200 | 2.63 | 3,523,200 | None | 0 | Domestic Non-State-Owned Legal Person | - Chen Guohua and Chen Jingbo are father and son, acting in concert; Zhang Xianbiao and Zhang Xianxin are Chen Guohua's brothers-in-law, constituting related parties; Chen Guohua is the executive partner of Wenzhou Yuanxi and Wenzhou Huayi, constituting related parties[114] - The company's special securities account for share repurchase holds 1.37 million shares, representing a shareholding ratio of 1.03%[114] Section VII Bond-Related Information 7.1 Corporate Bonds and Non-Financial Enterprise Debt Financing Instruments During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments - The company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments during the reporting period[120] 7.2 Convertible Corporate Bonds During the reporting period, the company had no convertible corporate bonds - The company had no convertible corporate bonds during the reporting period[120] Section VIII Financial Report 8.1 Audit Report This semi-annual report is unaudited - This semi-annual report is unaudited[6] 8.2 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, comprehensively reflecting the company's financial position, operating results, and cash flows at the end of the reporting period 8.2.1 Consolidated Balance Sheet As of June 30, 2025, the company's consolidated total assets were CNY 2.51 billion, a 5.44% decrease from the end of the prior year; consolidated total liabilities were CNY 1.25 billion, an 11.00% decrease from the end of the prior year; and owners' equity attributable to the parent company was CNY 1.26 billion, a 0.91% increase from the end of the prior year - As of June 30, 2025, consolidated total assets were CNY 2.51 billion, and consolidated total liabilities were CNY 1.25 billion[124] - Owners' equity attributable to the parent company was CNY 1.26 billion[124] 8.2.2 Parent Company Balance Sheet As of June 30, 2025, the parent company's total assets were CNY 1.23 billion, total liabilities were CNY 394.42 million, and total owners' equity was CNY 839.64 million - As of June 30, 2025, the parent company's total assets were CNY 1.23 billion, and total liabilities were CNY 394.42 million[128] - The parent company's total owners' equity was CNY 839.64 million[128] 8.2.3 Consolidated Income Statement For January-June 2025, the company's consolidated total operating revenue was CNY 344.61 million, a 15.08% year-on-year increase; consolidated net profit was CNY 41.69 million, a 2.33% year-on-year decrease; and net profit attributable to parent company shareholders was CNY 41.29 million, a 4.57% year-on-year decrease - For January-June 2025, consolidated total operating revenue was CNY 344.61 million, and consolidated net profit was CNY 41.69 million[130][132] - Net profit attributable to parent company shareholders was CNY 41.29 million, with basic and diluted earnings per share both being CNY 0.31/share[132] 8.2.4 Parent Company Income Statement For January-June 2025, the parent company's operating revenue was CNY 96.93 million, a 22.74% year-on-year decrease; net profit was CNY 6.32 million, a 7.35% year-on-year increase - For January-June 2025, the parent company's operating revenue was CNY 96.93 million, and net profit was CNY 6.32 million[134][135] 8.2.5 Consolidated Cash Flow Statement For January-June 2025, the company's net cash flow from operating activities was CNY 48.87 million, a 106.93% year-on-year increase; net cash flow from investing activities was -CNY 79.77 million, a 210.31% year-on-year decrease; and net cash flow from financing activities was -CNY 31.09 million, a 34.86% year-on-year decrease - Net cash flow from operating activities was CNY 48.87 million, a 106.93% increase compared to the prior year[138] - Net cash flow from investing activities was -CNY 79.77 million, primarily due to increased cash management of idle liquid assets during the period[138][51] - Net cash flow from financing activities was -CNY 31.09 million, primarily due to a decrease in cash dividends implemented during the period compared to the prior year[138][51] 8.2.6 Parent Company Cash Flow Statement For January-June 2025, the parent company's net cash flow from operating activities was CNY 11.63 million, turning positive from negative in the prior year; net cash flow from investing activities was -CNY 46.60 million; and net cash flow from financing activities was -CNY 30.99 million - The parent company's net cash flow from operating activities was CNY 11.63 million, compared to -CNY 27.11 million in the prior year[140] - The parent company's net cash flow from investing activities was -CNY 46.60 million, and net cash flow from financing activities was -CNY 30.99 million[141] 8.2.7 Consolidated Statement of Changes in Owners' Equity For January-June 2025, the company's consolidated total owners' equity increased by CNY 11.76 million, mainly influenced by an increase in comprehensive income and a decrease in profit distribution - The total comprehensive income attributable to parent company owners for the current period was CNY 41.29 million[143] - Profit distribution for the current period resulted in a CNY 31.12 million decrease in undistributed profits[145] 8.2.8 Parent Company Statement of Changes in Owners' Equity For January-June 2025, the parent company's total owners' equity decreased by CNY 24.60 million, mainly due to profit distribution and an increase in treasury stock - The total comprehensive income of the parent company for the current period was CNY 6.32 million[151] - Profit distribution for the current period resulted in a CNY 31.12 million decrease in undistributed profits[153] - Treasury stock increased by CNY 0.34 million during the current period[151] 8.3 Company Basic Information Zhejiang Yaguang Technology Co, Ltd., formerly Wenzhou Yaguang Machinery Manufacturing Co, Ltd., was restructured into a joint-stock company in 2015 and listed on the Shanghai Stock Exchange on March 15, 2023, primarily engaged in pharmaceutical equipment and MVR system businesses within the specialized equipment manufacturing industry - The company's shares were listed on the Shanghai Stock Exchange on March 15, 2023, with a registered capital of CNY 133.82 million[154] - The company's main business involves industrial evaporation, crystallization, filtration, washing, drying, and organic solvent distillation equipment, with primary revenue derived from the manufacturing and sales of pharmaceutical equipment and energy-saving and environmental protection MVR evaporation and crystallization systems[155] - According to the China Securities Regulatory Commission classification, the company belongs to the specialized equipment manufacturing industry (C35) within manufacturing (C)[155] 8.4 Basis of Financial Statement Preparation The company's financial statements are prepared on a going concern basis, and its ability to continue as a going concern for 12 months from the end of the reporting period has been assessed, with no issues affecting going concern identified - The company's financial statements are prepared on a going concern basis[156] - The company has assessed its ability to continue as a going concern for 12 months from the end of the reporting period, and no issues affecting its going concern ability have been identified[157] 8.5 Significant Accounting Policies and Accounting Estimates The company determines specific accounting policies and estimates based on its production and operating characteristics, adhering to enterprise accounting standards; during the reporting period, the company implemented "Interpretation No. 17 of Enterprise Accounting Standards" and "Interpretation No. 18 of Enterprise Accounting Standards" issued by the Ministry of Finance, with Interpretation No. 18 standardizing the accounting treatment of guarantee-type quality assurance expenses as operating costs and adjusting comparable period financial statements - The company implemented "Interpretation No. 17 of Enterprise Accounting Standards" issued by the Ministry of Finance starting from January 1, 2024, which did not have a significant impact on the company's financial position and operating results[288][289][290] - The company began implementing "Interpretation No. 18 of Enterprise Accounting Standards" issued by the Ministry of Finance starting from the 2024 fiscal year, recognizing guarantee-type quality assurance expenses as operating costs and adjusting relevant items in the consolidated and parent company comparative financial statements for January-June 2024[290][291] Impact of Accounting Policy Changes on Financial Statement Items (January-June 2024) | Affected Financial Statement Item | Jan-Jun 2024 (Consolidated) Before Adjustment | Jan-Jun 2024 (Consolidated) After Adjustment | Jan-Jun 2024 (Parent Company) Before Adjustment | Jan-Jun 2024 (Parent Company) After Adjustment | | :--- | :--- | :--- | :--- | :--- | | Selling Expenses | CNY 18,471,758.69 | CNY 13,828,293.07 | CNY 9,238,065.35 | CNY 5,474,185.15 | | Operating Cost | CNY 189,206,318.44 | CNY 193,849,784.06 | CNY 89,318,352.92 | CNY 93,082,233.12 | 8.6 Taxation The company and its subsidiaries' main taxes include VAT, urban maintenance and construction tax, corporate income tax, property tax, education surcharge, and land use tax; the company and some subsidiaries enjoy corporate income tax preferential policies for high-tech enterprises, as well as VAT immediate refund for embedded software and VAT super deduction for advanced manufacturing enterprises Major Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sales of goods or provision of taxable services | 13% | | Urban Maintenance and Construction Tax | Amount of turnover tax actually paid | 5%, 7% | | Corporate Income Tax | Taxable income | 15%, 20% | | Property Tax | 70% of original property value (or rental income) as tax base | 12%, 1.2% | | Education Surcharge | Amount of turnover tax actually paid | 3% | | Land Use Tax | Based on land area | CNY 3/sqm, CNY 5/sqm | - The company, Hebei Leheng Energy Saving Equipment Co, Ltd., and Hebei Daliheng Machinery Equipment Co, Ltd. enjoy a corporate income tax preferential policy of 15% for high-tech enterprises[295] - Zhejiang Yaheng Machinery Equipment Co, Ltd. and Beijing Leheng Tianyi Technology Co, Ltd. meet the conditions for small and micro-profit enterprises and pay corporate income tax at a rate of 20%[295] - The company and Hebei Leheng Energy Saving Equipment Co, Ltd. enjoy VAT immediate refund policy for embedded software and VAT super deduction policy for advanced manufacturing enterprises[296] 8.7 Notes to Consolidated Financial Statement Items This section details the ending balances, beginning balances, and changes and reasons for each major item in the consolidated financial statements; monetary funds, notes receivable, inventory, and contract liabilities decreased, while trading financial assets and construction in progress increased; provisions for doubtful accounts for accounts receivable and contract assets are explained in detail, particularly a significant provision for accounts receivable from Zhicun Lithium Industry Group Co, Ltd.; both operating revenue and costs increased, but cost growth outpaced revenue, putting pressure on gross margins; operating cash flow significantly improved, and investing cash outflow increased - The ending balance of monetary funds was CNY 302.34 million, of which CNY 34.73 million was restricted funds such as letter of guarantee deposits[299] - The ending balance of trading financial assets was CNY 121.81 million, a 32.30% increase from the beginning of the period, mainly due to the management of idle funds[301][51] - The ending balance of accounts receivable was CNY 213.22 million, including a single provision for doubtful accounts of CNY 47.50 million for Zhicun Lithium Industry Group Co, Ltd. due to its uncertain operating conditions[314][315][317] - The ending balance of inventory was CNY 1.04 billion, a 8.53% decrease from the beginning of the period, mainly due to projects being progressively accepted and transferred out[357][52] - The ending balance of construction in progress was CNY 101.96 million, a 40.66% increase from the beginning of the period, mainly due to investment in subsidiary's construction in progress[374][52] - The ending balance of contract liabilities was CNY 975.49 million, a 8.26% decrease from the beginning of the period, mainly due to projects being progressively accepted and transferred out[402][52] - Operating revenue was CNY 344.61 million, a 15.08% year-on-year increase; operating cost was CNY 247.83 million, a 27.85% year-on-year increase, with cost growth outpacing revenue[430] - Net cash flow from operating activities was CNY 48.87 million, a 106.93% increase compared to the prior year[458] 8.8 R&D Expenses During the reporting period, the company's R&D expenses were CNY 15.94 million, a 28.03% year-on-year decrease, mainly due to reduced R&D investment during the period, with all R&D expenditures expensed R&D Expenses by Nature | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Employee Compensation | CNY 12,816,433.46 | CNY 14,661,015.58 | | Material Consumption | CNY 653,078.57 | CNY 2,743,814.60 | | Depreciation Expense | CNY 2,031,778.81 | CNY 1,532,885.79 | | Outsourced Development and Consulting Fees | CNY 348,000.00 | CNY 2,039,980.58 | | Other Expenses | CNY 87,020.45 | CNY 1,165,741.96 | | Total | CNY 15,936,311.29 | CNY 22,143,438.51 | | Of which: Expensed R&D Expenditures | CNY 15,936,311.29 | CNY 22,143,438.51 | | Capitalized R&D Expenditures | 0 | 0 | - R&D expenses decreased by 28.03% year-on-year, mainly due to a reduction in the company's R&D investment during the current period[51][439] 8.9 Changes in Consolidation Scope During the reporting period, the company had no business combinations under non-common control, business combinations under common control, reverse acquisitions, or disposal of subsidiaries leading to loss of control, nor any other changes in the consolidation scope - During the reporting period, the company had no business combinations under non-common control, business combinations under common control, reverse acquisitions, or disposal of subsidiaries leading to loss of control[467][468] - The company had no other changes in the consolidation scope[468] 8.10 Equity in Other Entities The company holds equity in subsidiaries including Hebei Leheng Energy Saving Equipment Co, Ltd., Beijing Leheng Tianyi Technology Co, Ltd., Zhejiang Yaheng Machinery Equipment Co, Ltd., and Hebei Daliheng Machinery Equipment Co, Ltd., with Hebei Daliheng Machinery Equipment Co, Ltd. being a significant non-wholly-owned subsidiary with a minority interest of 49.00%; the company also holds equity in associates Shandong Huayi Engineering Technology Co, Ltd. and Chongqing Xinrui Power Machinery Co, Ltd. Composition of the Enterprise Group | Subsidiary Name | Main Operating Location | Registered Capital (CNY) | Business Nature | Shareholding Ratio (%) Direct | Shareholding Ratio (%) Indirect | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hebei Leheng Energy Saving Equipment Co, Ltd. | Hebei Province | 80 million | Manufacturing | 100.00 | - | Acquisition under common control | | Beijing Leheng Tianyi Technology Co, Ltd. | Beijing | 10 million | Technical Services | - | 100.00 | Synchronous acquisition by Leheng subsidiary | | Zhejiang Yaheng Machinery Equipment Co, Ltd. | Zhejiang Province | 50 million | Trading Company | 100.00 | - | Establishment | | Hebei Daliheng Machinery Equipment Co, Ltd. | Hebei Province | 10 million | Manufacturing | 51.00 | - | Establishment | Key Financial Information of Significant Non-Wholly-Owned Subsidiary (Hebei Daliheng Machinery Equipment Co, Ltd.) | Indicator | Ending Balance (CNY) | Beginning Balance (CNY) | | :--- | :--- | :--- | | Minority Interest Shareholding Ratio (%) | 49.00 | 49.00 | | Net Profit Attributable to Minority Interests for the Period | 394,533.74 | -1,159,148.48 | | Ending Balance of Minority Interests | -463,094.53 | -857,628.27 | | Operating Revenue | 16,657,182.16 | 768,274.33 | | Net Profit | 805,170.90 | -1,159,148.48 | | Net Cash Flow from Operating Activities | -570,798.86 | -2,942,830.35 | - The company holds equity in associates Shandong Huayi Engineering Technology Co, Ltd. and Chongqing Xinrui Power Machinery Co, Ltd.[492] - The total carrying amount of investments in insignificant associates was CNY 0.82 million, with a net loss of CNY 0.28 million for the current period[475] 8.11 Government Grants At the end of the reporting period, the balance of government grants in the company's deferred income was CNY 20.03 million, primarily asset-related; the total government grants recognized in current profit and loss for the period was CNY 12.08 million, mainly including government grants closely related to the company's normal operating activities, VAT refunds for embedded software, and VAT super deduction for advanced manufacturing enterprises Liability Items Involving Government Grants | Financial Statement Item | Beginning Balance (CNY) | New Grants for the Period (CNY) | Amount Recognized in Non-Operating Income for the Period (CNY) | Amount Transferred to Other Income for the Period (CNY) | Ending Balance (CNY) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 20,287,670.22 | - | - | 260,827.75 | 20,026,842.47 | Asset | Government Grants Recognized in Current Profit and Loss | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Government Grants | 8,435,123.73 | 569,678.79 | | VAT Refund for Embedded Software | 2,151,921.29 | 1,938,933.21 | | Handling Fee Refund for Withholding Individual Income Tax | 97,763.73 | 211,476.08 | | Land Support Funds | - | 238,327.75 | | VAT Super Deduction for Advanced Manufacturing Enterprises | 1,395,369.60 | 4,965,377.07 | | Total | 12,080,178.35 | 7,923,792.90 | 8.12 Risks Related to Financial Instruments The company faces credit risk, liquidity risk, and market risk (foreign exchange risk and interest rate risk); the company manages these risks by setting credit policies, regularly monitoring customer credit records, coordinating cash management, and paying attention to exchange rate fluctuations, ensuring overall risk is within a controllable range - The company's financial instrument-related risks primarily include credit risk, liquidity risk, and market risk[480] - Credit risk mainly arises from monetary funds, notes receivable, accounts receivable, notes receivable financing, other receivables, contract assets, and long-term receivables; the company controls this risk by assessing customer creditworthiness, setting credit terms, and regular monitoring[480][481] - Liquidity risk is managed by regularly monitoring short-term and long-term liquidity needs, ensuring sufficient cash reserves and readily convertible marketable securities[484] - Market risk primarily includes foreign exchange risk (assets and liabilities denominated in USD and EUR) and interest rate risk (no long-term interest-bearing debt as of the end of the reporting period)[484] 8.13 Disclosure of Fair Value The company's assets measured at fair value primarily include trading financial assets and notes receivable financing; trading financial assets are measured using Level 2 fair value, while notes receivable financing are measured using Level 3 fair value; the carrying amounts of financial assets and liabilities not measured at fair value are very close to their fair values Fair Value of Assets and Liabilities Measured at Fair Value at Period-End | Item | Level 1 Fair Value Measurement | Level 2 Fair Value Measurement | Level 3 Fair Value Measurement | Total | | :--- | :--- | :--- | :--- | :--- | | I. Recurring Fair Value Measurement | | | | | | (I) Trading Financial Assets | - | CNY 121,812,840.66 | - | CNY 121,812,840.66 | | (VI) Notes Receivable Financing | - | - | CNY 13,300,996.76 | CNY 13,300,996.76 | | Total Assets Measured at Fair Value on a Recurring Basis | - | CNY 121,812,840.66 | CNY 13,300,996.76 | CNY 135,113,837.42 | - Trading financial assets (including bank wealth management products, equity instrument investments) are measured using Level 2 fair value, determined through specific valuation techniques[489] - Notes receivable financing, due to their short remaining maturity, have carrying amounts close to fair value and are measured at face value as fair value, belonging to Level 3 fair value measurement[490] - The carrying amounts of financial assets and liabilities not measured at fair value (e.g., monetary funds, accounts receivable, accounts payable) are very close to their fair values[491] 8.14 Related Parties and Related Party Transactions The company's related parties include subsidiaries, associates, actual controllers, directors, supervisors, senior management, and employee shareholding platforms; during the reporting period, the company engaged in equipment procurement related party transactions with associate Shandong Huayi Engineering Technology Co, Ltd., amounting to CNY 5.14 million; key management personnel compensation was CNY 1.93 million; at period-end, prepaid accounts from Shandong Huayi Engineering Technology Co, Ltd. were CNY 3.30 million, and accounts payable were CNY 0.27 million - The company's related parties include subsidiaries, associates (Shandong Huayi Engineering Technology Co, Ltd., Chongqing Xinrui Power Machinery Co, Ltd.), actual controllers Chen Guohua and Chen Jingbo, directors, supervisors, senior management, and employee shareholding platforms (Wenzhou Yuanxi, Wenzhou Huayi)[492] Related Party Transactions for Purchase and Sale of Goods/Acceptance of Services | Related Party | Related Transaction Content | Current Period Amount (CNY) | Approved Transaction Limit (if applicable) (CNY) | Exceeded Transaction Limit (if applicable) | Prior Period Amount (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | | Shandong Huayi Engineering Technology Co, Ltd. | Equipment Procurement | 5,143,362.83 | 20,000,000.00 | No | 6,508,849.56 | - Key management personnel compensation for the current period was CNY 1.93 million, compared to CNY 6.03 million in the prior period[496] Unsettled Items with Related Parties (Receivables and Payables) | Item Name | Related Party | Ending Balance (Book Balance) (CNY) | Beginning Balance (Book Balance) (CNY) | | :--- | :--- | :--- | :--- | | Prepaid Accounts | Shandong Huayi Engineering Technology Co, Ltd. | 3,299,468.39 | 5,281,557.78 | | Accounts Payable | Shandong Huayi Engineering Technology Co, Ltd. | 267,000.00 | 0 | 8.15 Commitments and Contingencies As of the end of the reporting period, the company had several outstanding letters of guarantee with significant total amounts; additionally, subsidiary Hebei Leheng Energy Saving Equipment Co, Ltd.'s construction project contract dispute with Xinyu Xinyihe New Material Technology Co, Ltd. is still in second-instance trial, and the contingent liabilities and their financial impact cannot yet be accurately assessed Outstanding Letters of Guarantee (As of June 30, 2025) | Issuing Bank | Guarantee Type | Guarantee Amount (CNY) | Guarantee Expiry Date | | :--- | :--- | :--- | :--- | | Industrial and Commercial Bank of China Wenzhou Longwan Branch | Advance Payment Guarantee | 0.14 million | 2026/5/11 | | China Merchants Bank Wenzhou Longwan Branch | Demand Guarantee | AUD 926,300.00 | 2026/7/18 | | Industrial and Commercial Bank of China Wenzhou Longwan Branch | Advance Payment Guarantee | 0.58 million | 2025/6/20 | | Cangzhou Bank Dachang Branch | Quality Maintenance Guarantee | 0.07 million | 2026/6/4 | | Cangzhou Bank Dachang Branch | Quality Maintenance Guarantee | 0.93 million | 2026/12/31 | | Cangzhou Bank Dachang Branch | Demand Guarantee | 74.93 million | 2027/9/10 | | CITIC Bank Langfang Branch | Domestic Payment Guarantee | 4.96 million | 2025/12/23 | | CITIC Bank Langfang Branch | Domestic Performance Guarantee | 11.60 million | 2025/9/27 | - Subsidiary Hebei Leheng Energy Saving Equipment Co, Ltd.'s construction project contract dispute with Xinyu Xinyihe New Material Technology Co, Ltd. is still in second-instance trial, involving a significant disputed amount, and the financial impact on the company cannot yet be accurately assessed[504][506] - The company has no other significant contingent matters requiring disclosure[507] 8.16 Supplementary Information This section provides supplementary information including a detailed statement of non-recurring gains and losses, net assets return, and earnings per share; during the reporting period, the company's total non-recurring gains and losses amounted to CNY 7.88 million, with a weighted average return on net assets of 3.24%, and 2.62% after deducting non-recurring gains and losses Detailed Statement of Non-Recurring Gains and Losses for the Current Period | Item | Amount (CNY) | | :--- | :--- | | Disposal gains and losses of non-current assets | -47,301.26 | | Government grants included in current profit and loss (excluding those continuously affecting) | 8,532,887.46 | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises and disposal gains and losses | 784,539.83 | | Other non-operating income and expenses | -44,389.25 | | Less: Income tax impact | 1,351,261.80 | | Impact on minority interests (after tax) | -10,273.03 | | Total | 7,884,748.01 | Net Assets Return and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share | Diluted Earnings Per Share | | :--- | :--- | :--- | :--- | | Net profit attributable to common shareholders of the company | 3.24 | 0.31 | 0.31 | | Net profit attributable to common shareholders of the company after deducting non-recurring gains and losses | 2.62 | 0.25 | 0.25 | - VAT refunds for embedded software and VAT super deduction for advanced manufacturing enterprises are recognized as recurring gains and losses, as they comply with national policies and occur continuously[551]