德固特(300950) - 2025 Q2 - 季度财报

Section I Important Notice, Table of Contents, and Definitions Important Notice The Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no false records, misleading statements, or major omissions - The Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report[4] - Company head Wei Zhenwen, chief accountant Gao Linlin, and head of accounting Jiang Li declare the financial report is true, accurate, and complete[4] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[5] Table of Contents This section lists the report's overall structure, comprising eight main chapters covering company profile, financial indicators, management discussion, corporate governance, significant events, share changes, bond information, and financial reports - The report's table of contents includes eight main chapters, comprehensively covering the company's semi-annual operations from company profile to financial reports[7] Definitions This section provides definitions for common terms used in the report, including company names, currency units, reporting period, regulatory bodies, and specialized equipment and technical terms related to the company's main business - "Doright", "the Company", and "this Company" all refer to Qingdao Doright Energy Saving Equipment Co., Ltd[11] - The reporting period refers to January 1, 2025, to June 30, 2025[11] - Detailed definitions are provided for the company's core products and related technologies, such as heat exchangers, air preheaters, waste heat boilers, dryers, wet granulators, and low-NOx burners[11][13] Section II Company Profile and Key Financial Indicators 1. Company Profile The company's stock abbreviation is "Doright", stock code 300950, listed on the Shenzhen Stock Exchange, with Wei Zhenwen as the legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Doright | | Stock Code | 300950 | | Listing Stock Exchange | Shenzhen Stock Exchange | | Chinese Name | Qingdao Doright Energy Saving Equipment Co., Ltd. | | Legal Representative | Wei Zhenwen | 2. Contact Persons and Contact Information The company's Board Secretary is Gao Linlin, and Securities Affairs Representative is Zhao Shuangshuang, both located at No. 17 Shangde Avenue, Jiaozhou, Qingdao, with identical phone and fax numbers, and provided email addresses Company Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Gao Linlin | No. 17 Shangde Avenue, Jiaozhou, Qingdao | 0532-82293590 | 0532-82293590 | gaolinlin@doright.biz | | Securities Affairs Representative | Zhao Shuangshuang | No. 17 Shangde Avenue, Jiaozhou, Qingdao | 0532-82293590 | 0532-82293590 | zhaoshuangshuang@doright.biz | 3. Other Information The company's registered address, office address, website, email, information disclosure and storage locations, and registration changes remained unchanged during the reporting period, with details available in the 2024 annual report - The company's contact information, information disclosure and storage locations, and registration changes remained unchanged during the reporting period[17][18][19] 4. Key Accounting Data and Financial Indicators During the reporting period, the company's operating revenue and net profit attributable to shareholders decreased year-on-year, but net cash flow from operating activities significantly increased, while total assets and net assets attributable to shareholders both grew Key Accounting Data and Financial Indicators (Current Reporting Period vs. Prior Year Period) | Indicator | Current Period (CNY) | Prior Year Period (CNY) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 250,171,968.90 | 273,898,747.78 | -8.66% | | Net Profit Attributable to Shareholders of Listed Company | 49,032,051.79 | 68,314,095.33 | -28.23% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 46,369,077.77 | 66,924,365.50 | -30.71% | | Net Cash Flow from Operating Activities | 66,597,722.94 | 13,854,367.24 | 380.70% | | Basic Earnings Per Share (CNY/share) | 0.33 | 0.45 | -26.67% | | Diluted Earnings Per Share (CNY/share) | 0.32 | 0.45 | -28.89% | | Weighted Average Return on Net Assets | 6.45% | 9.69% | -3.24% | | End of Current Period vs. End of Prior Year | | | | | Total Assets | 1,217,280,688.92 | 1,124,117,349.97 | 8.29% | | Net Assets Attributable to Shareholders of Listed Company | 761,840,022.36 | 741,076,222.52 | 2.80% | 5. Differences in Accounting Data Under Domestic and Overseas Accounting Standards During the reporting period, the company had no differences in net profit and net assets between financial reports disclosed under International Accounting Standards or overseas accounting standards and Chinese Accounting Standards - The company had no differences in accounting data under domestic and overseas accounting standards during the reporting period[22][23] 6. Non-Recurring Gains and Losses and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to CNY 2,662,974.02, primarily from government subsidies, disposal gains/losses of non-current assets, and fair value changes of financial assets and liabilities Non-Recurring Gains and Losses and Amounts | Item | Amount (CNY) | | :--- | :--- | | Disposal gains/losses of non-current assets | 4,812.80 | | Government subsidies recognized in current profit/loss | 2,642,063.74 | | Gains/losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains/losses from disposal of financial assets and liabilities | 341,042.13 | | Other non-operating income and expenses apart from the above | 79,201.28 | | Less: Income tax impact | 404,145.93 | | Total | 2,662,974.02 | - The company does not classify any non-recurring gains and losses listed in "Interpretive Announcement No. 1 on Information Disclosure by Companies Issuing Public Securities – Non-Recurring Gains and Losses" as recurring gains and losses[27] Section III Management Discussion and Analysis 1. Main Business Activities During the Reporting Period As a high-tech energy-saving and environmental protection equipment manufacturer, the company's main business encompasses the design, R&D, manufacturing, inspection, sales, and service of energy-saving heat exchange equipment, powder and other environmental protection equipment, and specialized custom equipment, while also providing clean combustion and heat transfer energy-saving solutions - The company is high-tech energy-saving and environmental protection equipment manufacturer, providing clean combustion and heat transfer energy-saving solutions and specialized equipment customization[29] - The company's main products include energy-saving heat exchange equipment (air preheaters, waste heat boilers, dryers), powder and other environmental protection equipment (wet granulators, low-NOx burners), and specialized custom equipment[29][31][33][35][36][37][39][40] - The company adopts core operating models of "procurement based on sales," "production based on sales," and direct sales, achieving profitability through a composite pricing model of "cost accounting + benchmark profit margin + market dynamic negotiation"[42][43][45][46][47][48] H1 2025 Operating Performance | Indicator | Amount (million CNY) | Year-on-Year Change | | :--- | :--- | :--- | | Operating Revenue | 250.0 | -8.66% | | Net Profit Attributable to Shareholders of Listed Company | 49.0321 | -28.23% | | Overall Gross Margin | 39.14% | - | | Revenue Share of Energy-Saving Heat Exchange Equipment | 76.84% | - | | Gross Margin of Energy-Saving Heat Exchange Equipment | 37.68% | - | | Revenue Share of Overseas Sales | 50.16% | - | | Gross Margin of Overseas Sales | 48.98% | - | | Unrecognized Revenue Orders on Hand | 558.0 | +8.35% | | Share of Overseas Project Orders | 41.22% | - | - The company continues to enhance its intelligent manufacturing capabilities, improving production efficiency and asset utilization through manufacturing operations management systems and smart factory construction[50] - The energy-saving and environmental protection industry, driven by policy support and market demand, exhibits characteristics of "optimized demand structure, accelerated technological iteration, and released policy dividends," providing broad development space for the company[51] - Large-scale equipment renewal and "dual carbon" policies drive increased demand for energy-saving equipment in downstream industries, while rising new energy vehicle sales boost carbon black production, creating new development opportunities for the company[52][53][54] (1) Company's Main Products The company's main products are categorized into energy-saving heat exchange equipment, powder and other environmental protection equipment, and specialized custom equipment, serving high-energy-consuming industries and environmental treatment - Energy-saving heat exchange equipment includes air preheaters, waste heat boilers, and dryers, applied in coal chemical, petrochemical, and other fields[31][32][33][35] - Powder and other environmental protection equipment primarily includes wet granulators and low-NOx burners, used for powder and tail gas environmental treatment[36][37][39] - The company holds multiple design and manufacturing qualifications for pressure vessels, boilers, and pipelines, along with international certifications, enabling customization of large and heavy specialized equipment according to client needs[40] (2) Main Operating Models The company's core operating models are "procurement based on sales" and "production based on sales," integrating technology R&D and product innovation throughout the entire operation process, with a composite pricing model - The company adopts core operating models of "procurement based on sales" and "production based on sales," deeply embedding technology R&D and product innovation throughout the entire operation process[42] - The profitability model employs a composite pricing model of "cost accounting + benchmark profit margin + market dynamic negotiation"[43] - The marketing model is one-on-one direct sales, with pricing following a "cost + basic profit margin + competitive bidding / negotiation" framework[46] - The procurement system is "procurement based on sales," selecting preferred suppliers through competitive inquiry or public bidding[47] - The production model is "production based on sales," with core products being non-standardized large equipment, requiring close collaboration among multiple functional units[48] (3) Overview of Operating Performance In H1 2025, operating revenue decreased by 8.66% to CNY 250 million, and net profit attributable to shareholders decreased by 28.23% to CNY 49.03 million, yet the overall gross margin reached 39.14%, with overseas sales accounting for 50.16% of revenue and a gross margin of 48.98% H1 2025 Operating Performance Overview | Indicator | Amount (million CNY) | Year-on-Year Change | | :--- | :--- | :--- | | Operating Revenue | 250.0 | -8.66% | | Net Profit Attributable to Shareholders of Listed Company | 49.0321 | -28.23% | | Overall Gross Margin | 39.14% | - | | Revenue Share of Overseas Sales | 50.16% | - | | Gross Margin of Overseas Sales | 48.98% | - | | Unrecognized Revenue Orders on Hand | 558.0 | +8.35% | | Share of Overseas Project Orders | 41.22% | - | - The company focuses on the mid-to-high-end equipment manufacturing market, maintaining strong profitability and continuously highlighting its international advantages[49] - The company continues to enhance its intelligent manufacturing capabilities, improving production efficiency and asset utilization through manufacturing operations management systems and smart factory construction[50] (4) Industry Market Conditions In H1 2025, the energy-saving and environmental protection industry experienced steady demand growth, driven by equipment upgrades and "dual carbon" policies, with national policies encouraging high-end, intelligent, and green equipment applications - The energy-saving and environmental protection industry, driven by policy support and market demand, exhibits significant characteristics of "optimized demand structure, accelerated technological iteration, and released policy dividends"[51] - National large-scale equipment renewal policies expand support, encouraging high-end, intelligent, and green equipment applications, and increasing funding support from ultra-long-term special national bonds, directly benefiting the company's industry[52] - "Dual carbon" policies accelerate downstream equipment investment and construction, with high-energy-consuming industries facing mandatory upgrades and promoting low-carbon processes and equipment, providing opportunities for the company to expand into applications such as sludge treatment and waste tire pyrolysis[53] - The new energy vehicle market continues to expand, with production and sales growing by 41.4% and 40.3% respectively in H1 2025, driving increased carbon black production, especially a surge in demand for highly dispersible carbon black and conductive carbon black, benefiting the company's traditional advantageous downstream sectors[54] 2. Analysis of Core Competencies The company's core competencies stem from its technological and product advantages, strong brand, efficient service, experienced team, robust management system, and international presence, all contributing to its competitive edge - The company possesses core technologies such as gas-gas high-temperature heat exchange and gas-liquid waste heat recovery, over 20 core product series, 167 valid patents (33 invention patents), with multiple technologies reaching international advanced and domestic leading levels[55] - The company operates multiple research platforms, including a "National Enterprise Technology Center," and collaborates with universities and research institutes to strengthen industry-academia-research innovation[56] - The company has obtained numerous domestic and international certifications (e.g., ASME "U" and "S" certificates, PED certification), with product standards covering most countries and regions globally, demonstrating a clear competitive advantage in overseas markets[57] - The company has been honored as a "National Specialized, Refined, Unique, and New 'Little Giant'" and is a professional equipment supplier to renowned domestic and international enterprises such as Black Cat Shareholding and Cabot Corporation, with products exported to over 30 countries and regions[58] - The company enhances its lean management through the MOM information system, achieving high production efficiency and rapid response capabilities, further benefiting from logistical convenience due to its proximity to Qingdao Port and Jiaodong International Airport[59][60] - The company boasts an experienced and stable core management and technical team, continuously attracting outstanding talent[61] - The company has established comprehensive management systems for procurement, production, sales, quality, safety, and environmental protection, and has obtained multiple management system certifications (ISO9001, ISO14001, ISO45001, etc.)[62] - Leveraging the "Belt and Road" initiative, the company strengthens recruitment of international professionals, possesses manufacturing capabilities compliant with global standards, and holds authoritative certifications, with clients across over 30 countries and regions[63] 3. Analysis of Main Business During the reporting period, the company's operating revenue decreased by 8.66%, and operating costs decreased by 6.87%, leading to a slight decline in gross margin; sales expenses increased due to export business, while financial expenses significantly decreased by 90.48% due to reduced interest income and exchange gains Year-on-Year Changes in Key Financial Data | Item | Current Period (CNY) | Prior Year Period (CNY) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 250,171,968.90 | 273,898,747.78 | -8.66% | - | | Operating Cost | 152,251,392.88 | 163,479,936.78 | -6.87% | - | | Selling Expenses | 5,866,747.03 | 4,764,076.25 | 23.15% | Mainly due to increased export business selling expenses during the reporting period | | Administrative Expenses | 20,396,790.62 | 18,079,694.26 | 12.82% | - | | Financial Expenses | -697,520.62 | -7,326,927.37 | -90.48% | Mainly due to decreased interest income and exchange gains during the reporting period | | Income Tax Expense | 6,310,757.68 | 11,565,759.16 | -45.44% | Mainly due to decreased total profit during the reporting period | | R&D Investment | 12,408,842.54 | 10,480,435.05 | 18.40% | Mainly due to increased R&D projects in the current period | | Net Cash Flow from Operating Activities | 66,597,722.94 | 13,854,367.24 | 380.70% | Mainly due to the company's optimized cash management during the reporting period | | Net Cash Flow from Investing Activities | -94,219,997.08 | -40,442,588.37 | 132.97% | Mainly due to decreased recovery of matured wealth management products during the reporting period | | Net Cash Flow from Financing Activities | 3,288,540.81 | -32,626,791.14 | -110.08% | Mainly due to increased bank borrowings and increased subscription for equity incentive shares during the reporting period | | Net Increase in Cash and Cash Equivalents | -24,448,328.47 | -55,967,431.29 | -56.32% | Mainly due to increased cash payments for investments during the reporting period | | Other Income | 2,686,214.91 | 842,689.43 | 218.77% | Mainly due to increased government subsidies during the reporting period | | Investment Income | 1,172,397.81 | 808,402.37 | 45.03% | Mainly due to increased investment income from associates accounted for using the equity method during the reporting period | | Credit Impairment Loss | -6,597,589.00 | -2,303,224.57 | 186.45% | Mainly due to increased bad debt provision for accounts receivable during the reporting period | | Asset Impairment Loss | 246,443.69 | -659,440.49 | -137.37% | Mainly due to decreased bad debt provision for contract assets during the reporting period | | Gains from Disposal of Assets | 4,812.80 | 9,942.99 | -51.60% | Mainly due to decreased asset disposals during the reporting period | | Non-Operating Income | 94,811.20 | 39,424.78 | 140.49% | Mainly due to increased insurance claims received during the reporting period | | Non-Operating Expenses | 15,609.92 | 129,132.87 | -87.91% | Mainly due to decreased donations during the reporting period | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (CNY) | Operating Cost (CNY) | Gross Margin | Year-on-Year Change in Operating Revenue | Year-on-Year Change in Operating Cost | Year-on-Year Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Energy-Saving Heat Exchange Equipment | 192,235,146.94 | 119,791,352.43 | 37.68% | 6.98% | 17.31% | -5.49% | - There were no significant changes in the company's profit composition or sources of profit during the reporting period[66] 4. Analysis of Non-Core Business During the reporting period, the company's non-core business did not significantly impact its profit - The company had no non-core business analysis during the reporting period[69] 5. Analysis of Assets and Liabilities At the end of the reporting period, total assets increased by 8.29% year-on-year, and net assets attributable to shareholders increased by 2.80%, with a significant 4.14% increase in short-term borrowings due to higher bank loans Significant Changes in Asset Composition | Item | Amount at End of Current Period (CNY) | Proportion of Total Assets | Amount at End of Prior Year (CNY) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 190,167,161.48 | 15.62% | 195,567,427.36 | 17.40% | -1.78% | - | | Accounts Receivable | 110,687,324.66 | 9.09% | 100,707,638.30 | 8.96% | 0.13% | - | | Contract Assets | 38,217,194.93 | 3.14% | 40,051,858.86 | 3.56% | -0.42% | - | | Inventories | 263,844,930.38 | 21.67% | 255,189,270.77 | 22.70% | -1.03% | - | | Long-Term Equity Investments | 54,194,681.22 | 4.45% | 53,363,325.54 | 4.75% | -0.30% | - | | Fixed Assets | 121,340,187.32 | 9.97% | 125,247,271.58 | 11.14% | -1.17% | - | | Construction in Progress | 202,400,903.36 | 16.63% | 194,638,396.74 | 17.31% | -0.68% | - | | Right-of-Use Assets | 2,059,568.24 | 0.17% | 2,210,268.32 | 0.20% | -0.03% | - | | Short-Term Borrowings | 68,227,777.37 | 5.60% | 16,446,838.31 | 1.46% | 4.14% | Mainly due to increased bank borrowings during the reporting period | | Contract Liabilities | 148,917,547.14 | 12.23% | 170,372,024.84 | 15.16% | -2.93% | - | | Lease Liabilities | 2,135,296.86 | 0.18% | 2,275,637.82 | 0.20% | -0.02% | - | - The company had no significant overseas assets during the reporting period[71] Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (CNY) | Amount Purchased in Current Period (CNY) | Amount Sold in Current Period (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | :--- | | Financial Assets Held for Trading | 0.00 | 127,409,100.00 | 48,661,500.00 | 78,747,600.00 | | Total Above | 0.00 | 127,409,100.00 | 48,661,500.00 | 78,747,600.00 | | Financial Liabilities | 0.00 | 0.00 | 0.00 | 0.00 | Restricted Asset Rights as of the End of the Reporting Period | Item | Book Balance (CNY) | Book Value (CNY) | Type of Restriction | | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 39,158,642.86 | 39,158,642.86 | Acceptance deposit | | Cash and Bank Balances | 1,821,189.57 | 1,821,189.57 | Letter of guarantee deposit | | Cash and Bank Balances | 601,788.82 | 601,788.82 | Wage deposit | | Fixed Assets | 6,664,826.64 | 1,435,523.82 | Credit mortgage | | Intangible Assets | 3,278,989.00 | 1,970,723.29 | Credit mortgage | | Total | 51,525,436.89 | 44,987,868.36 | — | 6. Analysis of Investment Status During the reporting period, the company's total investment was CNY 0.00, a 100% year-on-year decrease, with a total utilization rate of 86.83% for raised funds, and no derivative investments or entrusted loans Overall Investment Amount | Indicator | Investment Amount in Current Period (CNY) | Investment Amount in Prior Year Period (CNY) | Change Rate | | :--- | :--- | :--- | :--- | | Investment Amount | 0.00 | 50,000,000.00 | -100.00% | - The company did not acquire significant equity investments or undertake significant non-equity investments during the reporting period[75] Overall Utilization of Raised Funds | Fundraising Year | Fundraising Method | Total Raised Funds (ten thousand CNY) | Net Raised Funds (ten thousand CNY) | Total Raised Funds Used Cumulatively (ten thousand CNY) | Utilization Rate of Raised Funds at End of Reporting Period | | :--- | :--- | :--- | :--- | :--- | :--- | | 2021 | Initial Public Offering | 21,025 | 17,568.99 | 15,255.67 | 86.83% | - The "Energy-Saving Equipment Production Line Technical Transformation Project" has had its expected date of reaching usable condition adjusted to October 31, 2025, due to policy changes, market environment, and other factors[81] Overview of Wealth Management | Specific Type | Source of Wealth Management Funds | Amount of Wealth Management Transactions (ten thousand CNY) | Outstanding Balance (ten thousand CNY) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Raised Funds | 3,000 | 3,000 | | Bank Wealth Management Products | Own Funds | 4,874.76 | 4,874.76 | | Total | - | 7,874.76 | 7,874.76 | - The company had no derivative investments or entrusted loans during the reporting period[87] 5. Utilization of Raised Funds The company's 2021 IPO raised CNY 175.69 million net, with 86.83% utilized by June 30, 2025; the "Energy-Saving Equipment Production Line Technical Transformation Project" was extended to October 31, 2025, due to external factors Overall Utilization of Raised Funds | Fundraising Year | Fundraising Method | Total Raised Funds (ten thousand CNY) | Net Raised Funds (ten thousand CNY) | Total Raised Funds Used in Current Period (ten thousand CNY) | Total Raised Funds Used Cumulatively (ten thousand CNY) | Utilization Rate of Raised Funds at End of Reporting Period | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 2021 | Initial Public Offering | 21,025 | 17,568.99 | 297.94 | 15,255.67 | 86.83% | Status of Promised Raised Fund Projects | Project Name | Total Promised Investment of Raised Funds (ten thousand CNY) | Adjusted Total Investment (ten thousand CNY) | Cumulative Investment Amount as of Period End (ten thousand CNY) | Investment Progress as of Period End | Date Project Reaches Intended Usable Condition | | :--- | :--- | :--- | :--- | :--- | :--- | | Energy-Saving Equipment Production Line Technical Transformation Project | 11,090.37 | 11,090.37 | 8,777.05 | 79.14% | October 31, 2025 | | R&D Center Construction Project | 3,534.36 | 3,534.36 | 3,534.36 | 100.00% | October 31, 2023 | | Replenishment of Working Capital | 2,944.26 | 2,944.26 | 2,944.26 | 100.00% | October 31, 2022 | | Subtotal of Promised Investment Projects | 17,568.99 | 17,568.99 | 15,255.67 | - | - | - On April 18, 2025, the company approved the "Proposal on the Company's Use of Idle Raised Funds for Cash Management," agreeing to use no more than CNY 30 million of idle raised funds for cash management[82] 6. Wealth Management, Derivative Investments, and Entrusted Loans During the reporting period, the company's wealth management transactions amounted to CNY 78.75 million, with the same outstanding balance, primarily involving bank wealth management products funded by raised and own capital, with no overdue amounts Overview of Wealth Management | Specific Type | Source of Wealth Management Funds | Amount of Wealth Management Transactions (ten thousand CNY) | Outstanding Balance (ten thousand CNY) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Raised Funds | 3,000 | 3,000 | | Bank Wealth Management Products | Own Funds | 4,874.76 | 4,874.76 | | Total | - | 7,874.76 | 7,874.76 | - The company had no high-risk wealth management products with significant individual amounts, low safety, or poor liquidity during the reporting period[86] - The company had no derivative investments or entrusted loans during the reporting period[87] 7. Significant Asset and Equity Disposals During the reporting period, the company did not undertake any significant asset or equity disposal transactions - The company did not dispose of significant assets during the reporting period[88] - The company did not dispose of significant equity during the reporting period[89] 8. Analysis of Major Controlled and Invested Companies The company's main subsidiary, Doright (Shanghai) Engineering Technology Co., Ltd., reported total assets of CNY 3.07 million, negative net assets of CNY 0.39 million, and a net loss of CNY 1.24 million during the reporting period Major Subsidiaries and Invested Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Main Business | Registered Capital (CNY) | Total Assets (CNY) | Net Assets (CNY) | Operating Revenue (CNY) | Operating Profit (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Doright (Shanghai) Engineering Technology Co., Ltd. | Subsidiary | Equipment manufacturing and engineering technical services | 9,500,000 | 3,072,943.30 | -393,292.83 | 425,776.98 | -1,271,739.18 | -1,240,539.18 | - The company did not acquire or dispose of any subsidiaries during the reporting period[90] 9. Information on Structured Entities Controlled by the Company During the reporting period, the company did not control any structured entities - The company had no controlled structured entities during the reporting period[91] 10. Risks Faced by the Company and Countermeasures The company faces risks from macroeconomic fluctuations, raw material price volatility, exchange rate changes, increasing accounts receivable and bad debts, and the possibility of raised fund projects not meeting expected benefits, which it addresses through various strategic and operational measures - The company faces macroeconomic risks and will respond by optimizing product structure, enhancing core competitiveness, and intensifying market development efforts[91] - Raw material price volatility poses a significant risk to the company's gross profit, which the company will address through process innovation to reduce raw material consumption and actively seek cost-stable alternative materials[92] - Exchange rate fluctuation risk impacts the gross margin and net profit of export products, and the company will strengthen research and analysis of exchange rate trends, provide timely warnings, and implement countermeasures[93] - The risk of increasing accounts receivable and bad debts will be mitigated by evaluating client strength, strictly managing client credit, and standardizing commercial contracts[94][95] - There is a risk that raised fund investment projects may not achieve expected benefits, which the company will address by strengthening project construction management, accelerating construction progress, and actively expanding markets[96][97] 11. Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period During the reporting period, the company conducted online exchanges via the Panorama Roadshow platform, engaging with unspecified investors to discuss restricted stock unlocking, development strategies, and shareholder information - On May 7 and May 12, 2025, the company conducted online exchanges via the Panorama Roadshow platform, engaging with unspecified investors[98] - Key discussion topics included the unlocking of restricted shares, development strategies, and shareholder information[98] 12. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan During the reporting period, the company did not formulate a market value management system or disclose a valuation enhancement plan - The company did not formulate a market value management system during the reporting period[99] - The company did not disclose a valuation enhancement plan during the reporting period[99] 13. Implementation of “Quality and Return Dual Enhancement” Action Plan During the reporting period, the company did not disclose any announcements regarding the "Quality and Return Dual Enhancement" action plan - The company did not disclose any announcements regarding the "Quality and Return Dual Enhancement" action plan during the reporting period[99] Section IV Corporate Governance, Environment, and Society 1. Changes in Directors, Supervisors, and Senior Management During the reporting period, there were no changes in the company's directors, supervisors, or senior management, with specific details available in the 2024 annual report - There were no changes in the company's directors, supervisors, or senior management during the reporting period[101] 2. Profit Distribution and Capital Reserve Conversion to Share Capital in Current Period The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[102] 3. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures In H1 2025, the company completed the grant registration for its 2025 Restricted Stock Incentive Plan, awarding 2 million restricted shares to 3 incentive recipients, representing 1.33% of total share capital, with an adjusted grant price of CNY 7.82 per share - On January 17, 2025, the company's Board of Directors and Supervisory Board convened to review and approve the "2025 Restricted Stock Incentive Plan (Draft)" and its summary[103] - On April 18, 2025, the company's General Meeting of Shareholders convened to review and approve the "2025 Restricted Stock Incentive Plan (Draft)"[104] - On May 26, 2025, the company adjusted the grant price of restricted shares to CNY 7.82 per share[105] - On June 17, 2025, the company completed the grant registration for the first category of restricted shares under the 2025 Restricted Stock Incentive Plan, with 2 million shares granted, representing 1.33% of the company's total share capital[106] - The company had no implementation of employee stock ownership plans or other employee incentive measures during the reporting period[107] 4. Environmental Information Disclosure The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[107] 5. Social Responsibility The company actively fulfills its social responsibilities by protecting investor and employee rights, ensuring customer and supplier satisfaction, promoting environmental protection and sustainable development, and engaging in public welfare activities - The company strictly adheres to laws and regulations, improves its corporate governance structure and internal control systems, and protects investor rights through various channels such as online voting, performance briefings, and interactive platforms[108] - The company complies with labor laws, fully pays social insurance for employees, provides diverse subsidies and benefits, establishes career advancement paths, and strengthens corporate culture through training programs like "Doright University"[109] - Adhering to the "customer satisfaction" philosophy, the company actively communicates and respects client rights; it establishes strict management systems for suppliers, upholding fairness and impartiality, and fulfilling contracts to protect supplier rights[111] - The company is committed to providing energy-saving and environmental protection solutions, establishing and improving ISO45001 Occupational Health and Safety Management System and ISO14001 Environmental Management System, and enhancing resource comprehensive utilization efficiency[112] - The company actively practices social responsibility, participates in targeted assistance for rural revitalization, and donates funds to universities such as Tsinghua University and Shandong University of Science and Technology to support educational philanthropy[113] Section V Significant Matters 1. 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 The company's actual controller, major shareholders, and other related parties have strictly fulfilled their commitments regarding share lock-up, reduction, avoidance of horizontal competition, related party transactions, and fund occupation during the reporting period, with no overdue unfulfilled commitments - Actual controller Wei Zhenwen committed to share lock-up, share reduction at prices not lower than the issue price, and avoidance of horizontal competition, related party transactions, and fund occupation; these commitments are long-term and currently being fulfilled[115][117][119][121][123] - Major shareholder Qingdao Defeng Investment Enterprise committed to share lock-up, share reduction, and avoidance of related party transactions and fund occupation; these commitments are long-term and currently being fulfilled[115][117][121] - Share lock-up commitments of some directors, supervisors, and senior management have been fulfilled, while other directors, supervisors, and senior management's commitments regarding share lock-up, reduction, avoidance of related party transactions, and fund occupation are currently being fulfilled[116][117][120][121][124] - The company committed to strengthening supervision of raised fund projects, intensifying business development efforts, accelerating construction progress of raised fund projects, and improving the profit distribution system to compensate for immediate returns; these commitments are long-term and currently being fulfilled[118][119] - The company and relevant intermediaries committed that the prospectus and information disclosure materials are true, accurate, and complete, without false records, misleading statements, or major omissions, and assume corresponding legal responsibilities; these commitments are long-term and currently being fulfilled[122][123][124] 2. Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties During the reporting period, there was no non-operating fund occupation by controlling shareholders or other related parties of the listed company - During the reporting period, there was no non-operating fund occupation by controlling shareholders or other related parties of the listed company[126] 3. Irregular External Guarantees During the reporting period, the company had no irregular external guarantees - The company had no irregular external guarantees during the reporting period[128] 4. Appointment and Dismissal of Accounting Firms The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[129] 5. Board of Directors, Supervisory Board, and Audit Committee’s Explanation of “Non-Standard Audit Report” for the Current Period The company had no non-standard audit report during the reporting period - The company had no non-standard audit report during the reporting period[130] 6. Board of Directors’ Explanation of “Non-Standard Audit Report” for the Prior Year The company had no explanation regarding a non-standard audit report for the prior year during the reporting period - The company had no explanation regarding a non-standard audit report for the prior year during the reporting period[130] 7. Bankruptcy and Reorganization Matters During the reporting period, the company did not experience any bankruptcy or reorganization related matters - The company did not experience any bankruptcy or reorganization related matters during the reporting period[130] 8. Litigation Matters During the reporting period, the company had no significant litigation, arbitration, or other litigation matters - The company had no significant litigation or arbitration matters during the current reporting period[131] - The company had no other litigation matters during the reporting period[131] 9. Penalties and Rectification During the reporting period, the company had no penalties or rectification situations - The company had no penalties or rectification situations during the reporting period[131] 10. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no unfulfilled effective court judgments or large overdue debts - During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no unfulfilled effective court judgments or large overdue debts[132] 11. Significant Related Party Transactions During the reporting period, the company did not engage in significant related party transactions concerning daily operations, asset/equity acquisitions or disposals, joint external investments, related party creditor-debtor relationships, or financial dealings with affiliated financial companies - The company had no related party transactions related to daily operations during the reporting period[133] - The company had no related party transactions involving asset or equity acquisitions or disposals during the reporting period[