雪人集团(002639) - 2025 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions This chapter provides essential disclaimers, the report's structured table of contents, and definitions of key terms used throughout the document Important Notice The board of directors, supervisory board, and senior management guarantee the report's accuracy, completeness, and truthfulness, with no plans for cash dividends or bonus shares - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content[5] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[7] Table of Contents This section lists the structured table of contents for the report, covering nine main chapters from company profile to financial statements Definitions This section defines common terms used in the report, clarifying key concepts such as the company, controlling shareholder, and reporting period - The reporting period refers to January 1, 2025, to June 30, 2025[15] - The company's controlling shareholder and de facto controller is Lin Rujie 1[15] Company Profile and Key Financial Indicators This chapter provides an overview of the company, its contact information, and a detailed analysis of key financial data and indicators for the reporting period Company Profile Fujian Snowman Group Co., Ltd. (stock code: 002639) is listed on the Shenzhen Stock Exchange, with Lin Rujie 1 as its legal representative - The company's stock abbreviation is 'Snowman Group', stock code '002639', listed on the Shenzhen Stock Exchange[17] - The company's legal representative is Lin Rujie 1[17] Contacts and Contact Information This section provides contact details for the company's Board Secretary, Wang Qinglong, and Securities Affairs Representative, Li Jialin - The Board Secretary is Wang Qinglong, and the Securities Affairs Representative is Li Jialin[18] Other Information The company's registered address, office address, website, email, and information disclosure locations remained unchanged during the reporting period - The company's contact information, information disclosure, and storage locations remained unchanged during the reporting period[19][20] Key Accounting Data and Financial Indicators In the first half of 2025, the company's operating revenue and net profit attributable to shareholders increased, but net cash flow from operating activities significantly decreased Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Period (CNY) | Prior Period (CNY) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 960,361,839.33 | 803,257,880.81 | 19.56 | | Net Profit Attributable to Parent Company Shareholders | 26,896,034.28 | 22,696,440.89 | 18.50 | | Net Profit Attributable to Parent Company Shareholders After Deducting Non-Recurring Gains and Losses | 26,922,363.55 | 16,802,654.24 | 60.23 | | Net Cash Flow from Operating Activities | -78,045,527.73 | -22,768,384.27 | -242.78 | | Basic Earnings Per Share (CNY/share) | 0.0348 | 0.0294 | 18.37 | | Diluted Earnings Per Share (CNY/share) | 0.0347 | 0.0294 | 18.03 | | Weighted Average Return on Net Assets | 1.08 | 0.92 | 0.16 | | End of Current Period (CNY) | End of Prior Year (CNY) | Period-end YoY Change (%) | | | Total Assets | 4,708,845,608.75 | 4,450,707,812.42 | 5.80 | | Net Assets Attributable to Parent Company Shareholders | 2,496,289,889.04 | 2,466,964,329.47 | 1.19 | Differences in Accounting Data Under Domestic and International Accounting Standards The company reported no differences in net profit and net assets between international or overseas accounting standards and Chinese accounting standards - The company reported no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards during the reporting period[23] - The company reported no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards during the reporting period[24] Non-Recurring Gains and Losses Items and Amounts Non-recurring gains and losses totaled -26.33 thousand CNY, primarily influenced by government subsidies, asset disposal gains, and non-operating income and expenses Non-Recurring Gains and Losses Items and Amounts for H1 2025 | Item | Amount (CNY) | | :--- | :--- | | Gains/losses on disposal of non-current assets | 127,804.93 | | Government subsidies recognized in current profit/loss (excluding those related to normal business operations) | 3,811,439.98 | | 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 | 219,241.90 | | Reversal of impairment provisions for receivables subject to individual impairment testing | 1,368,355.21 | | Other non-operating income and expenses apart from the above items | -5,711,303.42 | | Other profit/loss items meeting the definition of non-recurring gains and losses | 115,846.48 | | Less: Income tax impact | -187,676.38 | | Minority interests impact (after tax) | 145,390.73 | | Total | -26,329.27 | - Other non-recurring gains and losses items include handling fee income from withholding and remitting taxes[25] Management Discussion and Analysis This chapter provides a comprehensive analysis of the company's business operations, financial performance, asset and liability status, and investment activities during the reporting period Main Businesses Engaged by the Company During the Reporting Period The company, an advanced equipment manufacturer focused on thermal power technology, operates in cold chain logistics, industrial refrigeration, clean energy, and hydrogen energy - The company is an advanced equipment manufacturing enterprise with thermal power technology at its core, aiming to be a global leader in cold/heat and new energy equipment manufacturing[28] - The company's business covers cold chain logistics, industrial refrigeration, clean energy, and hydrogen energy sectors[28] Industrial and Commercial Refrigeration and Ice-Making System Business The refrigeration industry is undergoing transformation with increasing demand for high-end domestic equipment, energy-saving solutions, and liquid cooling for AI data centers - The refrigeration industry is undergoing domestic high-end equipment localization, deep energy-saving transformation, and intelligent green transition, with continuous market demand growth[29] - Magnetic bearing centrifugal chillers are increasingly popular in data center cooling systems and high-standard cold chain logistics parks, while liquid cooling technology creates a tens of billions of CNY market for AI high-density data center cooling[29] - The company's Snowkey ice machine brand enjoys recognition in domestic and international markets, with products applied in food processing, supermarket logistics, ocean fishing, water conservancy, hydropower, nuclear power, and construction engineering[30] - The company possesses advanced piston, screw, and centrifugal compressor technologies, with products and services covering food processing, biomedicine, cold chain logistics, petrochemicals, and hydrogen energy equipment[31] Oil and Gas Technical Services Business The global oil and gas technical services sector is experiencing technology-driven recovery and accelerated low-carbon transition, with the company's subsidiary, Jiayun Oil & Gas, providing integrated solutions - The global oil and gas technical services industry is experiencing a “technology-driven recovery and accelerated low-carbon transition” under the influence of energy transition and geopolitical factors[38] - The company's wholly-owned subsidiary, Jiayun Oil & Gas, is a leading domestic integrated solution provider for oil and gas development engineering, covering the entire onshore oil and natural gas development and production value chain[39] - Jiayun Oil & Gas has established a diversified service system covering four major segments: production operation and maintenance, equipment support, engineering technology, and digital energy[39] Central Air Conditioning System Sales and Installation Business The central air conditioning engineering installation service industry faces opportunities and challenges driven by "dual carbon" strategies and energy efficiency standards - The central air conditioning engineering installation service industry faces both opportunities and challenges driven by the “dual carbon” strategy and enhanced energy efficiency standards[40] - The company's controlled subsidiary, Hangzhou Longhua, is a leading domestic building environment system integration service provider, holding a Grade A qualification for building mechanical and electrical installation engineering contracting[40] - Hangzhou Longhua maintains close cooperative relationships with companies such as China Mobile, China Unicom, and Huawei Technical Services[40] Hydrogen Energy Business The hydrogen energy sector in H1 2025 saw parallel technological development and market differentiation, with accelerated growth in industrial and energy storage applications - In the first half of 2025, the hydrogen energy industry showed parallel trends of technological development and market differentiation, with accelerated growth in industrial and energy storage sectors[42] - The company conducts R&D and manufacturing of hydrogen fuel cell power systems and their core components, applying compressor and refrigeration technologies to liquid hydrogen and hydrogen energy equipment[42] - The company has developed fuel cell centrifugal air compressors and a new generation of hydrogen circulation pumps compatible with high-power fuel cell engine systems, and a new generation of hydrogen fuel cell systems for various hydrogen fuel cell vehicles[42] Core Competitiveness Analysis The company boasts strong brand recognition, advanced compressor technology with over 280 patents, a commitment to green manufacturing, and intelligent production capabilities - The company owns the internationally renowned ice-making equipment brand “SNOWKEY” and two major international compressor brands “SRM” and “Refcomp”, enjoying high brand recognition[43] - Through international investment and M&A, the company has become one of the few global enterprises simultaneously possessing leading piston, screw, and centrifugal compressor technologies, holding over 280 core patents[44] - The company's produced “megawatt-class” large helium compressor breaks foreign monopolies, fills domestic gaps, and is applied in major scientific engineering fields such as aerospace and controlled nuclear fusion[44] - The company adheres to the core values of “natural refrigerants, green development”, developing refrigeration and heat pump technologies using natural refrigerants like ammonia, water, and CO2[45] - The company possesses world-leading high-precision, fully automated, intelligent production and testing equipment, and has built an industrial IoT platform with independent intellectual property rights, offering digital customization services[46] Main Business Analysis Operating revenue increased by 19.56% due to business expansion, with refrigeration equipment manufacturing and compressor products showing significant growth, while R&D investment decreased - The company's operating revenue increased by 19.56% year-on-year, primarily due to expanded business scale during the period[48] - Financial expenses decreased by 87.41% year-on-year, mainly due to increased exchange gains during the period[48] - R&D investment decreased by 56.67% year-on-year, primarily due to reduced R&D expenditure during the period[48] - Net cash flow from operating activities decreased by 242.78% year-on-year, mainly due to increased cash paid to and on behalf of employees[48] Year-on-Year Changes in Key Financial Data Operating revenue increased by 19.56%, while operating costs rose by 25.18%; financial expenses significantly decreased by 87.41% due to exchange gains Year-on-Year Changes in Key Financial Data | Indicator | Current Period (CNY) | Prior Period (CNY) | YoY Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 960,361,839.33 | 803,257,880.81 | 19.56 | Primarily due to expanded business scale in the current period | | Operating Cost | 739,753,545.57 | 590,939,847.47 | 25.18 | Primarily due to expanded business scale and corresponding cost increase in the current period | | Selling Expenses | 66,494,485.97 | 51,766,697.25 | 28.45 | Primarily due to increased expenses from strengthening marketing efforts to expand market | | Administrative Expenses | 76,035,980.68 | 75,780,165.80 | 0.34 | No significant change | | Financial Expenses | 3,123,224.13 | 24,804,488.61 | -87.41 | Primarily due to increased exchange gains in the current period | | Income Tax Expense | -2,768,805.43 | 4,398,689.48 | -162.95 | Primarily due to decreased income tax expense in the current period | | R&D Investment | 38,671,509.05 | 89,253,878.07 | -56.67 | Primarily due to decreased R&D investment in the current period | | Net Cash Flow from Operating Activities | -78,045,527.73 | -22,768,384.27 | -242.78 | Primarily due to increased cash paid to and on behalf of employees | | Net Cash Flow from Investing Activities | -43,805,927.11 | -85,003,867.85 | 48.47 | Primarily due to increased redemption of wealth management products and decreased purchase of long-term assets in the current period | | Net Cash Flow from Financing Activities | 70,429,216.72 | -84,643,560.79 | 183.21 | Primarily due to decreased repayment of bank loans in the current period | | Net Increase in Cash and Cash Equivalents | -46,983,004.75 | -191,277,910.29 | 75.44 | Primarily due to increased net cash flow from financing activities in the current period | | Taxes and Surcharges | 7,498,876.97 | 5,545,046.55 | 35.24 | Primarily due to increased taxes corresponding to revenue growth in the current period | | Investment Income | 217,638.32 | 400,867.39 | -45.71 | Primarily due to decreased wealth management income in the current period | | Fair Value Change Gains/Losses | 48,318.58 | 173,481.15 | -72.15 | Primarily due to decreased fair value changes of wealth management products in the current period | | Credit Impairment Losses | -4,470,056.98 | 4,148,844.99 | -207.74 | Primarily due to increased provision for impairment losses on receivables in the current period | | Asset Impairment Losses | -4,630,007.84 | -1,358,410.17 | -240.84 | Primarily due to increased provision for impairment losses on contract assets in the current period | | Gains on Asset Disposal | 458,449.00 | -364,042.17 | 225.93 | Primarily due to increased gains on asset disposal in the current period | | Non-Operating Income | 4,389,960.07 | 1,573,082.19 | 179.07 | Primarily due to increased penalty income received in the current period | | Non-Operating Expenses | 10,431,907.56 | 351,898.45 | 2,864.47 | Primarily due to increased litigation compensation payments in the current period | Operating Revenue Composition Total operating revenue reached 960.36 million CNY, with refrigeration equipment manufacturing and compressor products being the largest contributors, both domestically and internationally Operating Revenue Composition | Category | Current Period Amount (CNY) | Share of Operating Revenue (%) | Prior Period Amount (CNY) | Share of Operating Revenue (%) | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Operating Revenue | 960,361,839.33 | 100 | 803,257,880.81 | 100 | 19.56 | | By Industry | | | | | | | Refrigeration Equipment Manufacturing and Others | 693,628,939.78 | 72.23 | 569,426,902.84 | 70.89 | 21.81 | | Central Air Conditioning System Sales and Installation | 24,903,347.22 | 2.59 | 17,635,280.34 | 2.20 | 41.21 | | Oil and Gas Technical Services | 241,829,552.33 | 25.18 | 216,195,697.63 | 26.91 | 11.86 | | By Product | | | | | | | Ice-Making Equipment | 208,835,186.48 | 21.75 | 193,562,149.32 | 24.10 | 7.89 | | Compressors (Sets) | 484,793,753.30 | 50.48 | 375,864,753.52 | 46.79 | 28.98 | | Central Air Conditioning Systems | 24,903,347.22 | 2.59 | 17,635,280.34 | 2.20 | 41.21 | | Oil and Gas Technical Services | 241,829,552.33 | 25.18 | 216,195,697.63 | 26.91 | 11.86 | | By Region | | | | | | | Domestic Sales | 784,525,372.63 | 81.69 | 657,876,011.60 | 81.90 | 19.25 | | Overseas Sales | 175,836,466.70 | 18.31 | 145,381,869.21 | 18.10 | 20.95 | Industries, Products, or Regions Accounting for Over 10% of Operating Revenue or Operating Profit Refrigeration equipment manufacturing and oil and gas technical services are key revenue drivers, with compressor products showing significant growth, and overseas sales' gross margin increasing Industries, Products, or Regions Accounting for Over 10% of Operating Revenue or Operating Profit | Category | Operating Revenue (CNY) | Operating Cost (CNY) | Gross Margin (%) | YoY Change in Operating Revenue (%) | YoY Change in Operating Cost (%) | YoY Change in Gross Margin (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | By Industry | | | | | | | | Refrigeration Equipment Manufacturing and Others | 693,628,939.78 | 513,086,955.22 | 26.03 | 21.81 | 29.36 | -4.32 | | Oil and Gas Technical Services | 241,829,552.33 | 207,261,233.35 | 14.29 | 11.86 | 16.32 | -3.29 | | By Product | | | | | | | | Ice-Making Equipment | 208,835,186.48 | 134,497,712.80 | 35.60 | 7.89 | 13.40 | -3.13 | | Compressors (Sets) | 484,793,753.30 | 378,589,242.42 | 21.91 | 28.98 | 36.17 | -4.12 | | Oil and Gas Technical Services | 241,829,552.33 | 207,261,233.35 | 14.29 | 11.86 | 16.32 | -3.29 | | By Region | | | | | | | | Domestic Sales | 784,525,372.63 | 628,146,824.67 | 19.93 | 19.25 | 28.54 | -5.79 | | Overseas Sales | 175,836,466.70 | 111,606,720.90 | 36.53 | 20.95 | 9.14 | 6.87 | Non-Core Business Analysis Non-core business activities significantly impacted total profit, with asset impairment, credit impairment losses, and non-operating expenses (mainly litigation compensation) negatively affecting profitability Impact of Non-Core Business on Total Profit | Item | Amount (CNY) | Share of Total Profit (%) | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 217,638.32 | 0.86 | Primarily interest income from wealth management products | No | | Gains/losses from changes in fair value | 48,318.58 | 0.19 | Primarily fair value changes of unexpired wealth management products | No | | Asset Impairment | -4,630,007.84 | -18.33 | Primarily provision for impairment losses on contract assets | No | | Non-Operating Income | 4,389,960.07 | 17.38 | Primarily penalty income received | No | | Non-Operating Expenses | 10,431,907.56 | 41.29 | Primarily litigation compensation payments | No | | Credit Impairment Losses | -4,470,056.98 | -17.69 | Primarily provision for bad debts on accounts receivable and other receivables | No | | Gains on Asset Disposal | 458,449.00 | 1.81 | Primarily gains on disposal of fixed assets | No | Analysis of Assets and Liabilities Total assets increased by 5.80% and net assets attributable to shareholders by 1.19%, with stable asset structure, increased short-term borrowings and contract liabilities, and some restricted assets - At the end of the reporting period, the company's total assets increased by 5.80% year-on-year, and net assets attributable to shareholders increased by 1.19% year-on-year[22] Significant Changes in Asset Composition At period-end, monetary funds, accounts receivable, inventory, and contract liabilities increased as a percentage of total assets, while construction in progress decreased Significant Changes in Asset Composition | Item | Amount at End of Current Period (CNY) | Share of Total Assets (%) | Amount at End of Prior Year (CNY) | Share of Total Assets (%) | Change in Proportion (%) | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 536,926,047.07 | 11.40 | 472,998,615.73 | 10.63 | 0.77 | No significant change | | Accounts Receivable | 887,494,568.06 | 18.85 | 811,677,227.07 | 18.24 | 0.61 | No significant change | | Contract Assets | 16,655,957.25 | 0.35 | 13,155,680.69 | 0.30 | 0.05 | No significant change | | Inventory | 899,407,228.73 | 19.10 | 767,233,245.58 | 17.24 | 1.86 | No significant change | | Investment Properties | 204,625,255.80 | 4.35 | 204,625,255.80 | 4.60 | -0.25 | No significant change | | Long-Term Equity Investments | 2,341,298.68 | 0.05 | 2,294,583.68 | 0.05 | 0.00 | No significant change | | Fixed Assets | 760,456,639.75 | 16.15 | 774,740,729.65 | 17.41 | -1.26 | No significant change | | Construction in Progress | 1,970,930.12 | 0.04 | 5,022,975.60 | 0.11 | -0.07 | Primarily due to decreased construction projects in the current period | | Right-of-Use Assets | 11,018,795.00 | 0.23 | 12,570,881.14 | 0.28 | -0.05 | No significant change | | Short-Term Borrowings | 1,040,831,630.46 | 22.10 | 871,331,268.06 | 19.58 | 2.52 | No significant change | | Contract Liabilities | 311,759,505.61 | 6.62 | 234,867,295.53 | 5.28 | 1.34 | Primarily due to increased contract prepayments | | Long-Term Borrowings | 18,363,299.06 | 0.39 | 16,321,659.95 | 0.37 | 0.02 | No significant change | | Lease Liabilities | 7,888,158.24 | 0.17 | 9,661,986.38 | 0.22 | -0.05 | No significant change | Assets and Liabilities Measured at Fair Value At period-end, financial assets measured at fair value totaled 218.75 million CNY, including trading financial assets, other equity instrument investments, and other non-current financial assets Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (CNY) | Fair Value Change Gains/Losses for Current Period (CNY) | Accumulated Fair Value Changes Recognized in Equity (CNY) | Amount Purchased in Current Period (CNY) | Amount Sold in Current Period (CNY) | Other Changes (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Subtotal Financial Assets | 118,825,144.51 | 27,458.58 | 11,695,000.00 | 230,000,000.00 | 125,098,465.52 | -4,999,547.62 | 218,754,589.95 | | Investment Properties | 204,625,255.80 | | | | | | 204,625,255.80 | | Total Above | 323,450,400.31 | 27,458.58 | 11,695,000.00 | 230,000,000.00 | 125,098,465.52 | -4,999,547.62 | 423,379,845.75 | | Financial Liabilities | 0.00 | 20,860.00 | | | | 90,100.00 | 110,960.00 | - Other changes in other equity instrument investments amounted to -4.99 million CNY, primarily due to exchange rate fluctuations and fair value changes of Horgos Snowman Kaister Metal Technology Co., Ltd[56] Asset Restrictions as of the End of the Reporting Period At period-end, 399.16 million CNY of assets were restricted, mainly comprising monetary funds for guarantees, and fixed assets and investment properties pledged for bank loans Asset Restrictions as of the End of the Reporting Period | Item | Book Balance (CNY) | Book Value (CNY) | Restriction Status | | :--- | :--- | :--- | :--- | | Monetary Funds | 217,161,164.86 | 217,161,164.86 | Bank acceptance bill and other guarantees | | Fixed Assets | 67,593,294.57 | 53,960,823.52 | Pledged for bank loans | | Investment Properties | 114,406,102.50 | 114,406,102.50 | Pledged for bank loans | | Total | 399,160,561.93 | 385,528,090.88 | - | Investment Analysis The company's investment amounted to 1.24 million CNY, with no significant equity, non-equity, securities, or derivative investments, and a 22.58% utilization rate of raised funds - Investment during the reporting period was 1.24 million CNY, representing a 100% year-on-year increase[59] - The company had no securities or derivative investments during the reporting period[60][61] Use of Raised Funds As of June 30, 2025, the company utilized 149.77 million CNY of its 670 million CNY raised funds, with a 22.58% utilization rate, and some projects are still under construction Overall Use of Raised Funds | Fundraising Year | Fundraising Method | Total Raised Funds (10k CNY) | Net Raised Funds (10k CNY) | Total Raised Funds Used in Current Period (10k CNY) | Total Raised Funds Used Cumulatively (10k CNY) | Utilization Rate of Raised Funds at Period-end (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 2021 | Non-public issuance of common shares (A-shares) | 67,000 | 66,315.72 | 124.5 | 14,977.22 | 22.58 | - As of June 30, 2025, the company has invested 149.77 million CNY of raised funds, with 400 million CNY temporarily supplementing working capital and 105 million CNY used for cash management[63] - The “Hydrogen Fuel Cell System Production Base Project” and “Hydrogen Energy Technology R&D Center Project” are still within their planned construction periods and have not yet begun calculating investment returns[65] - The company changed the implementation location of its raised fund investment projects from “Hunan Area, Fuzhou Changle Airport Economic Zone, Fujian Province” to the company's existing land, and adjusted the investment structure, reducing the “Hydrogen Fuel Cell System Production Base Project” investment by 170 million CNY and reallocating it to the “Hydrogen Energy Technology R&D Center Project”[67] Significant Asset and Equity Sales The company did not engage in any significant asset or equity sales during the reporting period - The company did not sell any significant assets during the reporting period[69] - The company had no significant equity sales during the reporting period[70] Analysis of Major Controlled and Invested Companies This section lists the company's major subsidiaries, including Snowman Refrigeration and Snowman Compressor, which contributed significant net profits, while some others incurred losses 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) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Snowman Refrigeration | Subsidiary | Manufacturing | 350,000,000 | 996,615,138.70 | 420,928,207.61 | 495,374,610.66 | 23,720,894.70 | 23,170,338.84 | | Snowman Compressor | Subsidiary | Manufacturing | 330,000,000 | 462,994,964.83 | 267,255,351.22 | 215,927,209.74 | 12,168,924.30 | 12,337,073.11 | | Fujian Opcon Energy | Subsidiary | Technical Services, Equipment Sales | 98,000,000 | 42,482,899.32 | -46,860,676.48 | 227,651.85 | -4,966,057.31 | -4,891,645.95 | | Snowman Technology | Subsidiary | Technical Services, Sales | 70,000,000 | 223,843,089.45 | 42,613,030.57 | 99,082.56 | -3,507,707.01 | -3,420,414.78 | | Jiayun Oil & Gas | Subsidiary | Technical Services, Equipment Sales | 80,000,000 | 675,564,048.43 | 470,801,782.93 | 241,829,552.33 | 8,579,118.34 | 6,854,350.04 | | SRM Italy S.R.L | Subsidiary | Manufacturing | 834,315.36 | 106,993,625.95 | 33,937,364.05 | 18,414,130.29 | -3,874,941.94 | -3,844,101.20 | | Zhenxun Development | Subsidiary | Sales, Technical Services | 250,000,000.00 | 600,546,251.58 | 168,303,549.52 | 325,947,304.84 | 1,475,961.02 | 600,379.11 | - During the reporting period, the company established Nippon Precision Industry Co., Ltd., which had no significant impact on overall production, operations, or performance[71] Structured Entities Controlled by the Company The company did not control any structured entities during the reporting period - The company had no controlled structured entities during the reporting period[72] Risks Faced by the Company and Countermeasures The company faces risks including underperforming business development, accounts receivable collection, exchange rate fluctuations, and raw material price increases, with corresponding mitigation strategies - The company faces risks of underperforming business development, including intensified competition in the refrigeration industry, macroeconomic impacts, international political uncertainties, and policy influences on the hydrogen fuel cell sector[73] - The company plans to address business development risks by strengthening core competitiveness, continuous R&D innovation, adjusting overseas business strategies, and expanding product application areas[73] - The company faces the risk of uncollectible accounts receivable and will strengthen control over client credit assessment, contract review, delivery verification, and after-sales service[74] - Significant and sustained fluctuations in foreign currency exchange rates may impact the company's operating performance, and the company will closely monitor global financial markets and national exchange rate policies to select appropriate exchange rate management tools in a timely manner[75] - Fluctuations in raw material prices may increase the company's operating pressure, and the company will adhere to a “material cost + value-added” pricing model, negotiate non-standard products on a case-by-case basis, and reserve materials based on price forecasts[76] Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company has not formulated a market value management system nor disclosed a valuation enhancement plan - The company has not formulated a market value management system[77] - The company has not disclosed a valuation enhancement plan[77] Implementation of 'Quality and Return Dual Enhancement' Action Plan The company has not disclosed an announcement regarding the "Quality and Return Dual Enhancement" action plan - The company has not disclosed an announcement regarding the “Quality and Return Dual Enhancement” action plan[77] Corporate Governance, Environment, and Society This chapter details changes in the company's directors, supervisors, and senior management, profit distribution plans, employee incentive schemes, environmental disclosures, and social responsibility initiatives Changes in Directors, Supervisors, and Senior Management During the reporting period, Lin Hongyi and Lin Rujie 1 resigned as Vice General Manager and General Manager, respectively, while Lin Ruxiong and Chen Ling were appointed to these roles Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Lin Hongyi | Vice General Manager | Term Expired Resignation | February 14, 2025 | Re-election | | Lin Ruxiong | Vice General Manager | Appointment | February 13, 2025 | Re-election | | Lin Rujie 1 | General Manager | Term Expired Resignation | February 14, 2025 | Re-election | | Chen Ling | General Manager | Appointment | February 13, 2025 | Re-election | 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[80] Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company approved a 2025 stock option incentive plan for 381 employees and terminated its fourth employee stock ownership plan after all shares were sold - On March 11, 2025, the company approved the implementation of the 2025 stock option incentive plan, granting 34.67 million stock options to 381 incentive recipients at an exercise price of 7.53 CNY per share[84][85] - The company's fourth employee stock ownership plan was fully sold and terminated on June 4, 2025, through centralized bidding, involving 7,381,100 shares of company stock[87] 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[90] Social Responsibility During the reporting period, the company actively fulfilled its social responsibilities, with its wholly-owned subsidiary, Zhenxun Development, donating 370,000 CNY to the Changle District Charity Federation - The company's wholly-owned subsidiary, Zhenxun Development, donated 370,000 CNY to the Fuzhou Changle District Charity Federation to support infrastructure construction, including the renovation of Songxia Village Health Clinic and road repairs[90] Significant Matters This chapter covers commitments, related party transactions, guarantees, litigation, and other significant events affecting the company during the reporting period Commitments Fulfilled or Overdue by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period The company reported no commitments by its controlling shareholder, shareholders, related parties, acquirers, or the company that were fulfilled or overdue during the reporting period - The company reported no commitments by its controlling shareholder, shareholders, related parties, acquirers, or the company that were fulfilled or overdue during or as of the end of the reporting period[92] Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties The company reported no non-operating fund occupation by its controlling shareholder or other related parties during the reporting period - The company reported no non-operating fund occupation by its controlling shareholder or other related parties during the reporting period[93] Illegal External Guarantees The company had no illegal external guarantees during the reporting period - The company had no illegal external guarantees during the reporting period[94] Appointment and Dismissal of Accounting Firms The company's semi-annual report was not audited - The company's semi-annual report was not audited[95] Board of Directors' and Supervisory Board's Explanation of 'Non-Standard Audit Report' for the Current Period The company reported no explanation from the board of directors or supervisory board regarding a "non-standard audit report" for the current period - The company reported no explanation from the board of directors or supervisory board regarding a “non-standard audit report” for the current period[96] Board of Directors' Explanation of 'Non-Standard Audit Report' for the Prior Year The company reported no explanation from the board of directors regarding a "non-standard audit report" for the prior year - The company reported no explanation from the board of directors regarding a “non-standard audit report” for the prior year[96] Bankruptcy and Reorganization Matters The company had no bankruptcy or reorganization matters during the reporting period - The company had no bankruptcy or reorganization matters during the reporting period[96] Litigation Matters The company had no major litigation or arbitration matters, but several other lawsuits are ongoing, involving various contract and labor disputes - The company had no major litigation or arbitration matters during the reporting period[97] Overview of Other Litigation Matters | Basic Information on Litigation (Arbitration) | Amount Involved (10k CNY) | Whether Provision for Liabilities Formed | Litigation (Arbitration) Progress | Trial Outcome and Impact | Execution Status of Litigation (Arbitration) Judgment | | :--- | :--- | :--- | :--- | :--- | :--- | | Shareholder liability dispute for harming company creditors' interests; Plaintiff: Unit 1; Defendant: Snowman Group | 864.1 | Yes, provision for liabilities of 8.22 million CNY has been made | Snowman Group appealed, and the second instance court has rendered a final judgment | Appeal dismissed, original judgment upheld | Fulfilled, case closed | | Contract dispute case; Plaintiff: Snowman Engineering; Defendants: Unit 4, Unit 5 | 449.4 | No, bad debt provision has been made | Second instance hearing has commenced | The case is still under trial, and the judgment has not been announced | Undecided | | Contract dispute case; Plaintiff: Snowman Engineering; Defendant: Unit 7 | 2,312.14 | No | The defendant filed for retrial, the court issued a retrial decision, and the hearing has not yet commenced | - | Undecided | | Contract dispute case; Plaintiff: Unit 18; Defendant: Snowman Group | 950.92 | No, bad debt provision has been made | First instance hearing has commenced | The case is still under trial, and the judgment has not been announced | Undecided | Penalties and Rectification The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[100] Integrity Status of the Company, its Controlling Shareholder, and De Facto Controller The company, its controlling shareholder, and de facto controller had no unfulfilled legal obligations or large overdue debts during the reporting period - During the reporting period, the company, its controlling shareholder, and de facto controller had no unfulfilled obligations determined by effective legal documents or large overdue debts[101] Significant Related Party Transactions The company reported no significant related party transactions, including those related to daily operations, asset/equity acquisition/disposal, joint investments, or intercompany debt - The company had no related party transactions related to daily operations during the reporting period[102] - The company had no related party transactions involving asset or equity acquisition or disposal during the reporting period[103] - The company had no related party creditor-debtor relationships during the reporting period[105] Significant Contracts and Their Performance The company had no custody, contracting, or leasing matters, but provided significant guarantees to subsidiaries and engaged in entrusted wealth management - The company had no custody, contracting, or leasing situations during the reporting period[109][110][111] - The company had no other significant contracts during the reporting period[119] Significant Guarantees During the reporting period, the company and its subsidiaries approved 726.5 million CNY in guarantees for subsidiaries, with actual guarantees totaling 606.83 million CNY, representing 24.39% of net assets Company Guarantees for Subsidiaries | Guaranteed Party Name | Announcement Date of Guarantee Limit | Guarantee Limit (10k CNY) | Actual Occurrence Date | Actual Guarantee Amount (10k CNY) | Guarantee Type | Guarantee Period | Whether Fulfilled | Whether Related Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Snowman Technology | June 14, 2016 | 12,500 | August 15, 2016 | 1,439 | Joint and Several Liability Guarantee | Not exceeding 10 years | No | No | | Snowman Refrigeration | April 30, 2024, April 25, 2025 | 9,000 | August 14, 2024 | 7,000 | Joint and Several Liability Guarantee | Within twelve months from the actual occurrence date of the guarantee | No | No | | Zhenxun Development | April 25, 2025 | 10,000 | June 23, 2025 | 10,000 | Joint and Several Liability Guarantee | Within thirty-six months from the actual occurrence date of the guarantee | No | No | | Jiayun Oil & Gas | April 30, 2024, April 25, 2025 | 11,000 | March 24, 2025 | 5,000 | Joint and Several Liability Guarantee | Within twelve months from the actual occurrence date of the guarantee | No | No | - During the reporting period, approved guarantee limits for subsidiaries totaled 726.5 million CNY, with actual guarantees amounting to 606.83 million CNY[115] - At the end of the reporting period, approved guarantee limits for subsidiaries totaled 1.2765 billion CNY, with actual outstanding guarantees for subsidiaries amounting to 606.83 million CNY[115] - The total actual guarantee amount accounted for 24.39% of the company's net assets[115] Entrusted Wealth Management The company's entrusted wealth management amounted to 230 million CNY, with an outstanding balance of 105.14 million CNY at period-end, all in bank wealth management products with no overdue amounts Entrusted Wealth Management Status | Specific Type | Source of Entrusted Wealth Management Funds | Amount of Entrusted Wealth Management (10k CNY) | Outstanding Balance (10k CNY) | Overdue Unrecovered Amount (10k CNY) | Impairment Amount for Overdue Unrecovered Wealth Management (10k CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 23,000 | 10,514.32 | 0 | 0 | | Total | | 23,000 | 10,514.32 | 0 | 0 | Explanation of Other Significant Matters The company reported no other significant matters requiring explanation during the reporting period - The company reported no other significant matters requiring explanation during the reporting period[120] Significant Matters of Company Subsidiaries The company reported no significant matters concerning its subsidiaries during the reporting period - The company reported no significant matters concerning its subsidiaries during the reporting period[121] Share Changes and Shareholder Information This chapter details changes in the company's share capital, securities issuance, shareholder numbers, and holdings of directors, supervisors, and senior management Share Change Status The company's total share capital remained unchanged at 772,602,178 shares, with a decrease in restricted shares and a corresponding increase in unrestricted shares due to executive share unlocking - The company's total share capital remained unchanged at 772,602,178 shares[126] - Restricted shares decreased by 37,500 shares, while unrestricted shares increased by 37,500 shares[126] - The share change was primarily due to the unlocking of new transferable quotas for executive restricted shares held by former director Lin Rujie 2[124][125] Securities Issuance and Listing Status The company had no securities issuance or listing activities during the reporting period - The company had no securities issuance or listing activities during the reporting period[128] Number of Shareholders and Shareholding Status At period-end, the company had 156,755 common shareholders, with controlling shareholder Lin Rujie 1 holding 20.12% of shares, of which 25.39 million shares were pledged - At the end of the reporting period, the total number of common shareholders was 156,755[129] Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio (%) | Number of Shares Held at Period-end (shares) | Changes in Shareholding During Reporting Period (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | Share Status | Quantity (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Lin Rujie 1 | Domestic Natural Person | 20.12 | 155,452,029 | 0 | 116,589,022 | 38,863,007 | Pledged | 25,390,000 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 1.86 | 14,372,947 | 9,326,217 | 0 | 14,372,947 | N/A | 0 | | Wang Airui | Domestic Natural Person | 1.80 | 13,908,600 | -3,314,956 | 0 | 13,908,600 | N/A | 0 | | Chen Cunzhong | Domestic Natural Person | 1.42 | 10,980,000 | 0 | 0 | 10,980,000 | N/A | 0 | | Yang Yi | Domestic Natural Person | 0.83 | 6,443,008 | 4,276,900 | 0 | 6,443,008 | N/A | 0 | | Yuan Renquan | Domestic Natural Person | 0.76 | 5,877,827 | 3,117,900 | 0 | 5,877,827 | N/A | 0 | | BARCLAYS BANK PLC | Overseas Legal Person | 0.47 | 3,664,680 | 3,664,080 | 0 | 3,664,680 | N/A | 0 | | Lin Rujie 2 | Domestic Natural Person | 0.43 | 3,350,000 | -200,000 | 2,662,500 | 687,500 | N/A | 0 | | Zheng Zhishu | Domestic Natural Person | 0.43 | 3,290,000 | -960,000 | 0 | 3,290,000 | N/A | 0 | | J.P.Morgan Securities PLC | Overseas Legal Person | 0.27 | 2,094,474 | 2,042,565 | 0 | 2,094,474 | N/A | 0 | Changes in Shareholdings of Directors, Supervisors, and Senior Management The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period - The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period[131] Changes in Controlling Shareholder or De Facto Controller The company's controlling shareholder and de facto controller remained unchanged during the reporting period - The company's controlling shareholder remained unchanged during the reporting period[132] - The company's de facto controller remained unchanged during the reporting period[132] Preferred Share Information The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[133] Bond-Related Information This chapter confirms that the company had no bond-related activities during the reporting period Bond-Related Information The company had no bond-related activities during the reporting period - The company had no bond-related information during the reporting period[135] Financial Report This chapter presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity Audit Report The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[137] 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 H1 2025 - The consolidated balance sheet shows total assets of 4.71 billion CNY and total equity attributable to parent company owners of 2.50 billion CNY at period-end[141] - The consolidated income statement shows total operating revenue of 960.36 million CNY, net profit of 28.03 million CNY, and net profit attributable to parent company shareholders of 26.90 million CNY for H1 2025[146][147] - The consolidated cash flow statement shows net cash flow from operating activities of -78.05 million CNY for H1 2025[153] Consolidated Balance Sheet As of June 30, 2025, consolidated total assets were 4.71 billion CNY, with current assets at 2.78 billion CNY and non-current assets at 1.93 billion CNY Key Data from Consolidated Balance Sheet | Item | Ending Balance (CNY) | Beginning Balance (CNY) | | :--- | :--- | :--- | | Total Assets | 4,708,845,6