爱乐达(300696) - 2025 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions Important Notice The company's board, supervisory board, and senior management guarantee the accuracy and completeness of the semi-annual report, with all directors attending the review meeting - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[6] Table of Contents This section presents the structured directory of the report, listing chapter titles and their corresponding starting page numbers Definitions This section provides definitions for key terms, company entities, legal frameworks, regulatory bodies, and major clients used within the report Company Profile and Key Financial Indicators Company Profile This section provides the company's basic information, including its stock ticker "Ailedar," stock code "300696," and listing on the Shenzhen Stock Exchange - Stock Abbreviation: Ailedar, Stock Code: 300696, Listed Exchange: Shenzhen Stock Exchange[15] Contact Persons and Information This section provides contact details for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, fax, and email Other Information The company's registered address, office address, website, email, information disclosure, and registration status remained unchanged during the reporting period - The company's contact information, information disclosure, and registration status remained unchanged during the reporting period[17][18][19] Key Accounting Data and Financial Indicators During the reporting period, the company's operating revenue significantly increased by 65.82%, and net profit attributable to shareholders turned profitable, growing by 158.64% Key Accounting Data and Financial Indicators | Indicator | Current Period (CNY) | Prior Period (CNY) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 227,958,211.99 | 137,473,936.44 | 65.82% | | Net Profit Attributable to Shareholders of Listed Company | 10,313,992.42 | -17,587,240.09 | 158.64% | | Net Cash Flow from Operating Activities | -1,961,450.75 | -31,864,241.81 | 93.84% | | Basic Earnings Per Share | 0.04 | -0.06 | 166.67% | | Total Assets (Period-end) | 2,123,434,822.27 | 2,090,873,326.37 | 1.56% | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 1,852,491,485.38 | 1,834,958,082.81 | 0.96% | Differences in Accounting Data under Domestic and Overseas Accounting Standards The company reported no differences in net profit and net assets between financial statements prepared under international or overseas accounting standards and Chinese accounting standards - The company's financial reports show no differences in net profit and net assets under domestic and overseas accounting standards[21][22] Non-Recurring Gains and Losses and Amounts The company's non-recurring gains and losses totaled CNY 1,584,272.34, primarily comprising disposal gains/losses on non-current assets, government grants, and fair value changes Non-Recurring Gains and Losses and Amounts | Item | Amount (CNY) | | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | 1,508,221.83 | | Government Grants Recognized in Current Profit/Loss | 553,300.00 | | Gains/Losses from Changes in Fair Value of Financial Assets and Liabilities and Disposal Gains/Losses | 4,626,913.23 | | Other Non-Operating Income and Expenses Apart from the Above | -12,463.34 | | Other Income/Loss Items Meeting the Definition of Non-Recurring Gains/Losses | -5,091,699.38 | | Total | 1,584,272.34 | Management Discussion and Analysis Principal Businesses Engaged in by the Company During the Reporting Period The company specializes in precision manufacturing of aerospace components and design/development of aircraft fuel system products, forming an integrated "precision machining-special processes-assembly-product R&D" system Company's Principal Businesses and Products The company's core business encompasses CNC precision machining, special process treatment, component assembly, and design R&D, serving military, domestic, and international aerospace sectors - The company's main business involves CNC precision machining, special process treatment, and assembly of aerospace components, along with the R&D and manufacturing of aircraft fuel system products[27] - Products include multi-spectrum military aircraft (fighters, transport aircraft, UAVs, trainers, etc.), multi-category civil aircraft (C909, C919, C929, A320, B737, etc.), and large structural components for aerospace missiles[29] - Design and R&D business focuses on aircraft fuel system products, with projects like a certain helicopter's "belly-mounted external fuel tank" entering the qualification phase and small-batch trial production[34] Company's Business Model The company employs a direct sales model with centralized procurement, customized production, and high-level executive leadership, supported by technical departments to meet diverse customer needs - The procurement model is coordinated by the Production Support Department, covering raw materials, production consumables, finished components, and outsourced collaboration services[36][40] - The production model is order-customized, including processing with supplied materials and production with self-purchased materials, covering single-process, multi-process, and full-process businesses[41] - The sales model is direct sales, led by the Marketing Department, with strategic guidance from the executive team and professional support from design R&D and technical process departments[41] Key Performance Drivers National industrial policies, defense modernization, global aviation market recovery, and the C919 project are key drivers for the company's performance, leading to increased military and civil orders - National industrial policies provide solid policy support and broad development space for the aerospace industry[42] - Major customer orders in military aviation equipment are steadily issued, with military product business growing year-on-year[44] - In civil aviation, orders for C919, direct business with Safran International (France), and international subcontracting business increased year-on-year[44] Industry Position The company has transformed into an integrated aerospace manufacturer with "CNC precision machining, special process treatment, component assembly, and finished product R&D" capabilities, achieving industry-leading product yield rates - The company has successfully transformed from a "single CNC precision machining process" to "full-process capability for aerospace components"[45] - Product yield rates consistently remain at industry-leading levels, successfully establishing the "Ailedar" brand image[45] - The company has become a core supplier to numerous clients, establishing strategic collaborative relationships with several key customers and receiving "Excellent Supplier" and other honors for many consecutive years[45] Core Competitiveness Analysis The company's core competitiveness lies in its integrated "CNC precision machining-special process treatment-component assembly-finished product R&D" capabilities, leading in complex part processes and new material exploration - The company has built an integrated full-process manufacturing capability system encompassing "CNC precision machining-special process treatment-component assembly-finished product R&D and design"[46] - The company is a leader in CNC precision machining for critical load-bearing, complex curved, and irregularly deep-cavity structural components, as well as multi-variety small-batch parts, actively exploring emerging fields like high-difficulty complex aerospace 3D printing precision machining[47][48] - The company has established a multi-department joint R&D and innovation mechanism involving R&D, technology, production, and quality, holding a cumulative total of 103 patents across the company and its subsidiaries[49][50] - The company has established AS9100 and weapon equipment quality management systems, continuously optimizing lean management processes through digital and information management systems to enhance production efficiency and resource utilization[51][52][53] - The company has established deep strategic collaborative relationships with numerous domestic and international clients, including multiple military aircraft prime contractors under AVIC, civil aircraft sub-contractors, research institutes, aero-engine manufacturers, COMAC, and Safran (France)[54] Analysis of Principal Business During the reporting period, the company's principal business revenue and costs both significantly increased, with operating revenue growing by 65.82% primarily due to increased orders Year-on-Year Changes in Key Financial Data | Indicator | Current Period (CNY) | Prior Period (CNY) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 227,958,211.99 | 137,473,936.44 | 65.82% | Primarily due to increased orders in the current period | | Operating Cost | 166,270,866.79 | 136,075,056.93 | 22.19% | Primarily due to increased orders in the current period, leading to increased costs | | Selling Expenses | 2,827,842.98 | 1,679,447.58 | 68.38% | Primarily due to business expansion, increased personnel compensation, transportation, and travel expenses in the current period | | Administrative Expenses | 21,774,544.00 | 9,884,483.91 | 120.29% | Primarily due to equity incentive implementation and increased share-based payments in the current period | | Financial Expenses | -1,724,754.64 | -6,741,465.60 | 74.42% | Primarily due to decreased interest income in the current period | | Income Tax Expense | -2,561,700.12 | 459,338.21 | -657.69% | Primarily due to increased bad debt provision adjustment for deferred income tax and profit offsetting losses in the current period | | Net Cash Flow from Operating Activities | -1,961,450.75 | -31,864,241.81 | 93.84% | Primarily due to increased sales collections in the current period | - Aircraft component business operating revenue was CNY 225,936,393.90, a 64.48% year-on-year increase, with a gross profit margin of 26.62%, up 25.66% year-on-year[58] Analysis of Non-Principal Business Non-principal business activities significantly impacted the company's total profit during the reporting period, with negative investment income and credit impairment losses, but positive fair value changes Impact of Non-Principal Business on Total Profit | Item | Amount (CNY) | Percentage of Total Profit | Explanation of Formation Reason | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | -5,091,699.38 | -80.55% | Primarily due to recognition of investment partnership income | No | | Gains/Losses from Fair Value Changes | 4,626,913.23 | 73.19% | Primarily due to fair value changes from held wealth management products | No | | Asset Impairment | -1,706,042.47 | -26.99% | Primarily due to provision for inventory impairment | No | | Other Income | 3,260,482.37 | 51.58% | Primarily due to government grants received and amortized | No | | Credit Impairment Losses | -15,320,475.48 | -242.36% | Primarily due to provision for bad debts on accounts receivable | No | | Gains on Disposal of Assets | 1,508,221.83 | 23.86% | Primarily due to gains on disposal of right-of-use assets | No | Analysis of Assets and Liabilities At the end of the reporting period, the company's total assets and net assets attributable to shareholders both increased, with notable changes in cash, receivables, inventory, and contract liabilities Significant Changes in Asset Composition | Item | End of Current Period (CNY) | Percentage of Total Assets | End of Prior Year (CNY) | Percentage of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 475,139,496.42 | 22.38% | 389,564,164.84 | 18.63% | 3.75% | | Accounts Receivable | 385,868,146.99 | 18.17% | 335,447,372.00 | 16.04% | 2.13% | | Inventories | 195,745,887.29 | 9.22% | 188,925,426.08 | 9.04% | 0.18% | | Financial Assets Held for Trading | 402,711,619.14 | 18.97% | 500,464,867.09 | 23.94% | -4.97% | | Contract Liabilities | 18,643,559.64 | 0.88% | 9,212,101.91 | 0.44% | 0.44% | | Taxes Payable | 5,027,633.83 | 0.24% | 80,638.04 | 0.00% | 0.24% | - The company's financial assets measured at fair value totaled CNY 402,711,619.14 at period-end, primarily comprising financial assets held for trading (wealth management products)[64] - The book value of restricted fixed assets at period-end was CNY 2,254,443.85, primarily used as counter-guarantees for entrusted loans[65] Analysis of Investment Status The company's investment decreased by 28.09% year-on-year, and the "Aerospace Component Intelligent Manufacturing Center" project, funded by raised capital, has been extended to December 31, 2025 - Investment during the reporting period totaled CNY 302,422,606.85, a 28.09% decrease compared to the prior year[68] - Accumulated use of raised funds reached CNY 358.982 million, with an actual balance of CNY 13.1516 million in the special account, and an additional CNY 150 million allocated for cash management[70] - The completion date for the "Aerospace Component Intelligent Manufacturing Center" project, funded by raised capital, has been extended to December 31, 2025, although the main construction was completed in October 2023[74][75] Significant Asset and Equity Disposals The company did not engage in any significant asset or equity disposal transactions during the reporting period - The company did not dispose of significant assets during the reporting period[80] - The company did not dispose of significant equity during the reporting period[81] Analysis of Major Holding and Invested Companies The company has no significant holding or invested company information requiring disclosure during the reporting period - The company has no significant holding or invested company information requiring disclosure during the reporting period[81] Structured Entities Controlled by the Company The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[82] Risks Faced by the Company and Countermeasures The company identified ten key risks, including policy adjustments, customer concentration, and operational fluctuations, outlining specific strategies to mitigate each - The company faces risks from industry policy adjustments, with countermeasures including actively monitoring policy dynamics, optimizing business structure, and accelerating transformation and upgrading[82] - The company faces risks from high customer concentration, with countermeasures including strengthening comprehensive capabilities, increasing market development efforts, and optimizing customer structure[83][84] - The company faces risks of operating performance fluctuations, with countermeasures including maintaining close communication with customers and strengthening multi-regional and multi-business market development efforts[85] - The company faces risks in accounts receivable collection, with countermeasures including strengthening customer credit rating management and establishing a joint collection mechanism between the finance and marketing departments[86] - The company faces risks that raised capital investment projects may not meet expectations, with countermeasures including closely monitoring market changes, strengthening project management and supervision, and timely adjusting projects[92] Registration Form for Investor Relations Activities During the Reporting Period On April 25, 2025, the company participated in the 2024 annual online performance briefing via the Shenzhen Stock Exchange's "Interactive Easy" platform - On April 25, 2025, the company participated in the 2024 annual online performance briefing via the Shenzhen Stock Exchange's "Interactive Easy" platform "Cloud Interview" section[94] 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[96] - The company has not disclosed a valuation enhancement plan[96] "Quality and Return Dual Enhancement" Action Plan Implementation 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[96] Corporate Governance, Environment, and Society Changes in Directors, Supervisors, and Senior Management There were no changes in the company's directors, supervisors, or senior management during the reporting period - There were no changes in the company's directors, supervisors, or senior management during the reporting period[97] Profit Distribution and Capital Reserve Conversion to Share Capital in the 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[98] Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures On May 16, 2025, the company granted 2.814 million restricted shares to 220 incentive recipients at CNY 9.25 per share, targeting middle management and core personnel - On May 16, 2025, the company initially granted 2.814 million Class II restricted shares to 220 incentive recipients at a grant price of CNY 9.25 per share[103] Environmental Information Disclosure The listed 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[105] Social Responsibility The company actively fulfills its social responsibilities in corporate governance, stakeholder protection, environmental conservation, and employee welfare, aiming for sustainable development - The company strictly adheres to laws, regulations, and its Articles of Association, actively promoting internal control system construction and continuously improving its corporate governance structure[106] - The company highly values shareholder returns, formulating and implementing reasonable profit distribution plans while considering sustainable development[107] - The company has obtained international and domestic aviation quality management system certifications such as AS9100B, AS9100C, and AS9100D, and successfully passed Nadcap certification audits for special processes like heat treatment, surface treatment, and non-destructive testing[108] - The company actively responds to the national call for "dual carbon" goals, fully implementing the new development concept of "innovation, coordination, green, openness, and sharing," and actively engaging in energy saving, emission reduction, and lean production activities[109] - The company adheres to a people-oriented talent philosophy, focusing on employee safety, labor protection, physical and mental health, and talent development[110] Significant Matters Commitments Fulfilled and Overdue Unfulfilled by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period During the reporting period, there were no commitments by the controlling shareholder, shareholders, related parties, acquirers, or the company that were overdue and unfulfilled - The company had no overdue unfulfilled commitments from relevant parties during the reporting period[112] Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties from the Listed Company During the reporting period, there were no instances of non-operating funds being occupied by the controlling shareholder or other related parties from the listed company - The company had no non-operating funds occupied by controlling shareholders or other related parties during the reporting period[113] Irregular External Guarantees The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[114] 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[115] Explanations by the Board of Directors, Supervisory Board, and Audit Committee on the Accounting Firm's "Non-Standard Audit Report" for the Current Period Not applicable Explanations by the Board of Directors on Matters Related to the "Non-Standard Audit Report" for the Prior Year Not applicable Bankruptcy and Reorganization Matters The company did not experience any bankruptcy or reorganization matters during the reporting period - The company did not experience any bankruptcy or reorganization matters during the reporting period[116] Litigation Matters The company had no significant litigation or arbitration matters during the reporting period - The company had no significant litigation or arbitration matters during the current reporting period[117] Penalties and Rectification Status The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[118] Integrity Status of the Company, its Controlling Shareholder, and Actual Controllers Not applicable Significant Related Party Transactions During the reporting period, the company did not engage in significant related party transactions concerning daily operations, asset/equity acquisitions/disposals, joint external investments, or related party debt/credit - The company had no related party transactions related to daily operations during the reporting period[119] - The company had no related party transactions involving asset or equity acquisitions/disposals during the reporting period[120] - The company had no related party debt or credit transactions during the reporting period[122] - There were no deposits, loans, credit lines, or other financial transactions between the company and related financial companies, or between the company's controlled financial companies and related parties[123][124] Significant Contracts and Their Performance The company had no significant entrustment, contracting, major guarantees, or other major contracts during the reporting period, though a subsidiary's leased plant area was reduced Entrustment, Contracting, and Leasing Matters The company had no entrustment or contracting situations, but its wholly-owned subsidiary Tang'an Aviation reduced its leased property area from 19,055 sqm to 11,269.58 sqm - The company had no entrustment situations during the reporting period[126] - The company had no contracting situations during the reporting period[127] - Wholly-owned subsidiary Tang'an Aviation's leased property area changed from 19,055 square meters to 11,269.58 square meters[128] Significant Guarantees The company had no significant guarantees during the reporting period - The company had no significant guarantees during the reporting period[129] Major Contracts in Ordinary Course of Business No specific information on major contracts in the ordinary course of business was disclosed Other Significant Contracts The company had no other significant contracts during the reporting period - The company had no other significant contracts during the reporting period[132] Explanation of Other Significant Matters The company had no other significant matters requiring explanation during the reporting period - The company had no other significant matters requiring explanation during the reporting period[134] Significant Matters of Company Subsidiaries The company had no significant matters concerning its subsidiaries during the reporting period - The company had no significant matters concerning its subsidiaries during the reporting period[135] Share Changes and Shareholder Information Share Change Status During the reporting period, restricted shares decreased by 97,181,266, while unrestricted shares increased by the same amount, mainly due to director and senior management share transfers and release from restrictions Share Change Status | Share Type | Number Before Change (Shares) | Increase/Decrease in This Change (Shares) | Number After Change (Shares) | Percentage Before Change | Percentage After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Restricted Shares | 124,447,608 | -97,181,266 | 27,266,342 | 42.45% | 9.30% | | Unrestricted Shares | 168,705,375 | 97,181,266 | 265,886,641 | 57.55% | 90.70% | | Total Shares | 293,152,983 | 0 | 293,152,983 | 100.00% | 100.00% | - The main reasons for share changes were the calculation of legally transferable share quotas for directors and senior management according to regulatory requirements, and the release of all shares held by previous directors, supervisors, and senior management due to the expiration of their terms and completion of six months[139] - During the reporting period, restricted shares held by executives such as Ran Guangwen, Ding Hongtao, and Fan Qingxin were released from restrictions[141][142] Securities Issuance and Listing 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[143] Number of Shareholders and Shareholding Status At the end of the reporting period, the total number of common shareholders was 31,724. The actual controllers, Ran Guangwen, Ding Hongtao, Xie Peng, and Fan Qingxin, collectively held 42.11% of the total share capital - Total number of common shareholders at period-end: 31,724 accounts[145] - The company's actual controllers are four natural person shareholders: Ran Guangwen, Ding Hongtao, Xie Peng, and Fan Qingxin, who have signed a concerted action agreement and collectively directly hold 42.11% of the company's total share capital[151][657] Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held at Period-End (Shares) | Number of Restricted Shares Held (Shares) | Number of Unrestricted Shares Held (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Ran Guangwen | Domestic Natural Person | 12.18% | 35,715,521 | 0 | 35,715,521 | | Ding Hongtao | Domestic Natural Person | 12.00% | 35,176,175 | 0 | 35,176,175 | | Xie Peng | Domestic Natural Person | 9.00% | 26,381,862 | 26,381,862 | 0 | | Fan Qingxin | Domestic Natural Person | 8.93% | 26,172,681 | 0 | 26,172,681 | | Sichuan Zhiliming Technology Co., Ltd. | Domestic Non-State-Owned Legal Person | 5.98% | 17,518,181 | 0 | 17,518,181 | Changes in Shareholdings of Directors, Supervisors, and Senior Management During the reporting period, Chairman Xie Peng reduced his shareholding by 8,793,954 shares, Vice Chairman Yang Youxin resigned, and other directors, supervisors, and senior management had no significant changes Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Employment Status | Number of Shares Held at Beginning of Period (Shares) | Number of Shares Reduced in Current Period (Shares) | Number of Shares Held at End of Period (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Xie Peng | Chairman | Current | 35,175,816 | 8,793,954 | 26,381,862 | | Yang Youxin | Vice Chairman | Resigned | 148,077 | 148,077 | 0 | Changes in Controlling Shareholder or Actual Controller There were no changes in the company's controlling shareholder or actual controller during the reporting period - The company's controlling shareholder did not change during the reporting period[149] - The company's actual controller did not change during the reporting period[150] Preferred Share Information The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[151] Bond-Related Information Bond-Related Information The company had no bond-related matters during the reporting period - The company had no bond-related matters during the reporting period[153] Financial Report Audit Report The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[155] 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 Consolidated Balance Sheet As of June 30, 2025, the company's consolidated total assets were CNY 2.123 billion, with current assets accounting for approximately 70.56%, total liabilities of CNY 254 million, and total owners' equity of CNY 1.869 billion Key Data from Consolidated Balance Sheet | Item | Period-end Balance (CNY) | Period-beginning Balance (CNY) | | :--- | :--- | :--- | | Total Assets | 2,123,434,822.27 | 2,090,873,326.37 | | Total Current Assets | 1,498,344,028.33 | 1,437,262,524.00 | | Total Liabilities | 254,251,908.36 | 237,792,967.29 | | Total Owners' Equity | 1,869,182,913.91 | 1,853,080,359.08 | Parent Company Balance Sheet As of June 30, 2025, the parent company's total assets were CNY 2.105 billion, with current assets accounting for approximately 70.82%, total liabilities of CNY 233 million, and total owners' equity of CNY 1.871 billion Key Data from Parent Company Balance Sheet | Item | Period-end Balance (CNY) | Period-beginning Balance (CNY) | | :--- | :--- | :--- | | Total Assets | 2,104,683,789.56 | 2,055,683,147.77 | | Total Current Assets | 1,490,403,609.70 | 1,431,397,766.46 | | Total Liabilities | 233,492,229.86 | 204,615,658.24 | | Total Owners' Equity | 1,871,191,559.70 | 1,851,067,489.53 | Consolidated Income Statement For the first half of 2025, the company achieved total operating revenue of CNY 228 million, a 65.82% year-on-year increase, with net profit attributable to parent company shareholders of CNY 10.314 million, turning profitable Key Data from Consolidated Income Statement | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 227,958,211.99 | 137,473,936.44 | | Total Operating Cost | 208,901,704.19 | 160,479,259.33 | | Total Profit | 6,321,444.56 | -17,127,901.88 | | Net Profit | 8,883,144.68 | -17,587,240.09 | | Net Profit Attributable to Parent Company Shareholders | 10,313,992.42 | -17,587,240.09 | | Basic Earnings Per Share | 0.04 | -0.06 | Parent Company Income Statement For the first half of 2025, the parent company achieved operating revenue of CNY 226 million and net profit of CNY 12.9047 million, representing significant growth compared to the prior year Key Data from Parent Company Income Statement | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Operating Revenue | 225,936,393.90 | 137,473,936.44 | | Operating Cost | 162,718,116.37 | 134,880,695.29 | | Total Profit | 10,650,287.70 | -15,043,192.43 | | Net Profit | 12,904,660.02 | -15,502,530.64 | | Basic Earnings Per Share | 0.04 | -0.05 | Consolidated Cash Flow Statement For H1 2025, net cash flow from operating activities was -CNY 1.9615 million, a significant improvement; net cash flow from investing activities was CNY 89.9576 million, mainly due to reduced investment in wealth management and equipment purchases Key Data from Consolidated Cash Flow Statement | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -1,961,450.75 | -31,864,241.81 | | Net Cash Flow from Investing Activities | 89,957,554.33 | -16,046,092.94 | | Net Cash Flow from Financing Activities | -2,420,772.00 | -31,234,699.41 | | Net Increase in Cash and Cash Equivalents | 85,575,331.58 | -79,145,034.16 | Parent Company Cash Flow Statement For H1 2025, net cash flow from operating activities was CNY 1.7598 million, from investing activities was CNY 82.9051 million, and from financing activities was CNY 6.3901 million Key Data from Parent Company Cash Flow Statement | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 1,759,798.73 | -31,565,733.71 | | Net Cash Flow from Investing Activities | 82,905,059.00 | -16,046,092.94 | | Net Cash Flow from Financing Activities | 6,390,145.00 | -31,525,409.41 | | Net Increase in Cash and Cash Equivalents | 91,055,002.73 | -79,137,236.06 | Consolidated Statement of Changes in Owners' Equity During the reporting period, consolidated owners' equity increased by CNY 16.1025 million, primarily due to increased net profit attributable to parent company shareholders and share-based payments recognized in capital reserves - Total owners' equity attributable to the parent company at period-end was CNY 1,852,491,485.38, an increase of CNY 17,533,402.57 from the beginning of the period[179] - Total comprehensive income for the current period was CNY 10,313,992.42[179] - Share-based payments recognized in owners' equity amounted to CNY 6,743,540.92[179] Parent Company Statement of Changes in Owners' Equity During the reporting period, parent company owners' equity increased by CNY 20.124 million, mainly due to increased net profit and share-based payments recognized in capital reserves - Total parent company owners' equity at period-end was CNY 1,871,191,559.70, an increase of CNY 20,124,070.17 from the beginning of the period[186] - Total comprehensive income for the current period was CNY 12,904,660.02[185] - Share-based payments recognized in owners' equity amounted to CNY 6,743,540.92[185] Company Basic Information Established on March 1, 2004, the company's main business is aerospace equipment manufacturing, including precision manufacturing of military and civil aircraft components and R&D of aircraft fuel system products - The company was established on March 1, 2004, primarily engaged in aerospace equipment manufacturing[189] - It primarily engages in precision manufacturing of military and civil aircraft components, aero-engine parts, and large aerospace structural components, as well as design and R&D of aircraft fuel system products[189] Basis of Financial Statement Preparation The Group's financial statements are prepared in accordance with the Accounting Standards for Business Enterprises and relevant regulations, presented on a going concern basis - The financial statements are prepared in accordance with the Accounting Standards for Business Enterprises, their application guidelines, interpretations, and other relevant regulations issued by the Ministry of Finance, as well as the disclosure requirements of the China Securities Regulatory Commission's "Rules for the Preparation of Information Disclosure by Companies Issuing Securities to the Public No. 15—General Provisions on Financial Reports" (Revised 2023)[190] - The Group assessed its ability to continue as a going concern for 12 months from June 30, 2025, finding no significant doubts, and thus the financial statements are presented on a going concern basis[191] Significant Accounting Policies and Accounting Estimates This section details the company's specific accounting policies and estimates for financial instruments, inventories, fixed assets, intangible assets, and revenue recognition, including expected credit losses and depreciation - The specific accounting policies and estimates formulated by the Group based on its actual production and operation characteristics include bad debt provisions for receivables, inventory impairment provisions, depreciation of fixed assets, amortization of intangible assets, and revenue recognition and measurement[192] - The Group's financial assets are classified at initial recognition, based on the Group's business model for managing financial assets and the contractual cash flow characteristics of the financial assets, as financial assets measured at amortized cost or financial assets measured at fair value through profit or loss[207] - For accounts receivable, notes receivable, and other receivables arising from daily operating activities such as sales of goods and provision of services that do not contain significant financing components, the Group applies a simplified measurement approach, measuring loss provisions at an amount equal to the expected credit losses over the entire lifetime[217] - The Group recognizes revenue when it satisfies a performance obligation in a contract by transferring control of a promised good or service to a customer[266] Taxation The company's main taxes include VAT, urban maintenance and construction tax, and corporate income tax, benefiting from various preferential policies such as VAT deductions, high-tech enterprise income tax, and R&D expense super deduction Major Taxes and Tax Rates | Tax Type | Tax Rate | | :--- | :--- | | Value-Added Tax (VAT) | 13% | | Urban Maintenance and Construction Tax | 7% | | Corporate Income Tax | 15%、25% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | - The company benefits from a 5% additional VAT deduction policy for advanced manufacturing[289] - As a high-tech enterprise, the company enjoys a 15% preferential corporate income tax rate[290] - The company's main business falls under the encouraged industries in the "Catalogue of Encouraged Industries in the Western Region," enjoying a 15% preferential corporate income tax rate[291] - The company's research and development expenses incurred in 2025 are eligible for a 100% super deduction before corporate income tax[292] Notes to Consolidated Financial Statement Items This section provides detailed notes on various consolidated financial statement items, explaining their period-end and period-beginning balances, as well as changes and reasons for those changes - Cash and cash equivalents balance at period-end was CNY 475,139,496.42, an increase from the beginning of the period[295] - Financial assets held for trading balance at period-end was CNY 402,711,619.14, primarily consisting of wealth management products[296] - Accounts receivable book value at period-end was CNY 385,868,146.99, with a bad debt provision of CNY 39,007,000.53[311] - Inventory book balance at period-end was CNY 205,755,723.55, with an inventory impairment provision of CNY 10,009,836.26[374] - Administrative expenses increased by 120.29% in the current period compared to the prior period, primarily due to increased share-based payments from equity incentive implementation[543] - Credit impairment losses increased by 941.03% in the current period compared to the prior period, primarily due to increased provision for bad debts on accounts receivable[556] Research and Development Expenses The company's total R&D expenses for the reporting period were CNY 17,655,718.45, all expensed, primarily for personnel salaries, depreciation, and materials - Total R&D expenses for the current period were CNY 17,655,718.45[598] - All R&D expenses were expensed, with no capitalized R&D expenses[598] - Major components of R&D expenses: R&D personnel salaries of CNY 6,708,052.37, R&D depreciation of CNY 2,666,597.94, and R&D materials of CNY 6,684,145.35[598] Changes in Consolidation Scope During the reporting period, the company had no changes in its consolidation scope due to non-same-control business combinations, same-control business combinations, reverse acquisitions, or subsidiary disposals - The company had no non-same-control business combinations during the reporting period[603] - The company had no same-control business combinations during the reporting period[606] - The company had no reverse acquisitions during the reporting period[610] - The company had no subsidiary disposals during the reporting period[610] Interests in Other Entities The company owns three subsidiaries: Tang'an Aviation, Xirui Fangxiao and Xinrui Fangxiao, with a total book value of CNY 57,991,326.60 for investments in joint ventures - The company owns three subsidiaries: Chengdu Tang'an Aviation Manufacturing Co., Ltd. (wholly-owned), Chengdu Xirui Fangxiao Technology Co., Ltd. (52% shareholding), and Chengdu Xinrui Fangxiao Technology Co., Ltd. (Xirui Fangxiao holds 52%)[611] - The total book value of investments in joint ventures was CNY 57,991,326.60[627] - Net profit of joint ventures was -CNY 5,091,699.38[627] Government Grants During the reporting period, the company received new government grants of CNY 10 million, recognized CNY 1,309,595.24 as other income, with a period-end deferred income balance of CNY 30,167,287.36, primarily asset-related - New government grants received in the current period amounted to CNY 10,000,000.00[631] - The amount transferred to other income in the current period was CNY 1,309,595.24[631] - Deferred income balance at period-end was CNY 30,167,287.36, related to assets[631] Risks Related to Financial Instruments The company faces market, credit, and liquidity risks, managed through monitoring interest rates, credit approvals, and ensuring fund liquidity; as of June 2025, it had no foreign currency exposure and low liquidity risk - The Group faces various financial instrument risks in its daily activities, primarily including market risks (such as exchange rate risk, interest rate risk, and commodity price risk), credit risk, and liquidity risk[633] - As of June 30, 2025, the Group had no foreign currency balances in assets or liabilities, and exchange rate risks from sales and purchasing activities did not impact its operating performance[635] - As of the end of June 2025, the Group's interest-bearing liabilities consisted of fixed-rate loan contracts denominated in RMB, with a loan balance of CNY 15 million[636] - Among the Group's accounts receivable and contract assets, the top five amounts totaled CNY 404,182,451.34, accounting for 95.13% of the company's total accounts receivable and contract assets, indicating credit concentration risk[639] - As of year-end, the Group had a low asset-liability ratio, with bank deposits and short-term wealth management product balances significantly exceeding total liabilities, indicating ample working capital and low liquidity risk[642] Disclosure of Fair Value At period-end, the company's total assets measured at fair value were CNY 402,711,619.14, primarily financial assets held for trading (wealth management products), measured at Level 3 fair value - Total assets continuously measured at fair value at period-end amounted to CNY 402,711,619.14[649] - Primarily financial assets held for trading (wealth management products), measured at Level 3 fair value[649][652] Related Parties and Related Party Transactions The company's actual controllers are four natural person shareholders collectively holding 42.11% of total shares. No significant related party transactions occurred during the reporting period - The company's actual controllers are four natural person shareholders: Ran Guangwen, Ding Hongtao, Xie Peng, and Fan Qingxin, who have signed a concerted action agreement and collectively directly hold 42.11% of the company's total share capital[151][657] - The company had no related party transactions involving the purchase and sale of goods or the provision and acceptance of services during the reporting period[661] - The company had no related party guarantees during the reporting period[667] - Total compensation for key management personnel was CNY 3,486,250.98[672] Share-Based Payments On May 16, 2025, the company granted 2.814 million restricted shares to 220 incentive recipients at CNY 9.25 per share, recognizing CNY 6,743,540.92 in equity-settled share-based payment expenses - On May 16, 2025, the company initially granted 2.814 million Class II restricted shares to 220 incentive recipients at a grant price of CNY 9.25 per share[154][679] - Equity-settled share-based payment expenses of CNY 6,743,540.92 were recognized in the current period[682] Commitments and Contingencies As of June 30, 2025, the Group had no significant commitments or contingencies requiring disclosure - As of June 30, 2025, the Group had no significant commitments requiring disclosure[682] - As of June 30, 2025, the Group had no significant contingencies requiring disclosure[683] Events After the Balance Sheet Date The company had no significant non-adjusting events after the reporting period - The company had no significant non-adjusting events after the reporting period[686] Other Significant Matters During the reporting period, the company had no prior period accounting error corrections, debt restructurings, asset exchanges, annuity plans, or discontinued operations - The company had no prior period accounting error corrections[687] - The company had no debt restructurings[689] - The company had no asset exchanges[689] - The company had no annuity plans[690] - The company had no discontinued operations[691] - The Group's consolidated financial statements include the company and three subsidiaries: Tang'an Aviation, Xirui Fangxiao, and Xinrui Fangxiao, which are in early development stages and do not require segment information disclosure[694] Notes to Parent Company Financial Statement Items This section provides detailed notes on key parent company financial statement items, including accounts receivable, other receivables, long-term equity investments, operating revenue, and investment income - Parent company accounts receivable book balance at period-end was CNY 423,517,807.99, with a bad debt provision of CNY 38,926,095.05[699] - Parent company other receivables balance at period-end was CNY 3,092,063.91, primarily including intercompany balances with related parties within the consolidation scope[705][722] - Parent company long-term equity investments balance at period-end was CNY 89,706,526.60, including investments in subsidiaries and associates/joint ventures[737] - Parent company operating revenue was CNY 225,936,393.90, and operating cost was CNY 162,718,116.37[744] - Parent company investment income was -CNY 5,091,699.38, primarily from long-term equity investments accounted for using the equity method[750] Supplementary Information This section provides supplementary information, including a detailed statement of non-recurring gains and losses, net asset return, and earnings per share - Total non-recurring gains and losses amounted to CNY 1,584,272.34[752] - The weighted average return on net assets attributable to common shareholders was 0.56%, with basic earnings per share of CNY 0.04 per share[754]