中电鑫龙(002298) - 2025 Q2 - 季度财报

Part I Important Notice, Table of Contents, and Definitions This section provides crucial disclaimers, outlines the report's structure, and defines key terms for clarity Important Notice The company's board, supervisory board, and senior management guarantee the accuracy and completeness of the semi-annual report - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no false records, misleading statements, or major omissions[3] - The company's principal, chief financial officer, and head of the accounting department declare that the financial report is true, accurate, and complete[3] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[5] Table of Contents This section lists the main chapters and their starting page numbers, offering an overview of the report's structure Report Chapter Directory | Chapter | Title | Page | | :--- | :--- | :--- | | Section I | Important Notice, Table of Contents, and Definitions | 2 | | Section II | Company Profile and Key Financial Indicators | 6 | | Section III | Management Discussion and Analysis | 9 | | Section IX | Other Submitted Data | 227 | Definitions This section defines key terms used throughout the report to ensure consistent understanding of its content - "The Company, Company, CECL, Joint Stock Company" refers to Anhui CECL Technology Co, Ltd[12] - "Reporting Period" refers to January-June 2025[12] - "CSRC" refers to China Securities Regulatory Commission, and "SZSE" refers to Shenzhen Stock Exchange[12] Part II Company Profile and Key Financial Indicators This section provides the company's basic information and a summary of its key financial performance and position I. Company Profile This section details the company's fundamental information, including its stock ticker, code, listing exchange, and legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | CECL | | Stock Code | 002298 | | Stock Exchange | Shenzhen Stock Exchange | | Company's Chinese Name | Anhui CECL Technology Co, Ltd | | Company's Legal Representative | Wang Yu | II. Contact Person and Contact Information This section provides detailed contact information for the company's board secretary and securities affairs representative for investor communication Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Gan Hongliang | No. 118 Jiuhua North Road, Wuhu Area, China (Anhui) Pilot Free Trade Zone | 0553-5772627 | 0553-5772865 | ganhongliang@163.com | | Securities Affairs Representative | Gan Hongliang | No. 118 Jiuhua North Road, Wuhu Area, China (Anhui) Pilot Free Trade Zone | 0553-5772627 | 0553-5772865 | ganhongliang@163.com | III. Other Information This section confirms that the company's registered address, office address, website, and email remained unchanged during the reporting period - The company's registered address, office address, website, and email remained unchanged during the reporting period[16] - Information disclosure and placement locations remained unchanged during the reporting period, refer to the 2024 annual report for details[17] IV. Key Accounting Data and Financial Indicators This section presents the company's key financial performance for the first half of 2025, showing revenue growth and a return to profitability Key Accounting Data and Financial Indicators (Current Reporting Period vs. Prior Year Period) | Indicator | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 961,045,872.46 | 913,276,938.77 | 5.23% | | Net Profit Attributable to Shareholders of Listed Company | 18,555,729.51 | -333,522,702.13 | 105.56% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | 8,582,458.54 | -339,859,363.29 | 102.53% | | Net Cash Flow from Operating Activities | 29,948,226.37 | -17,298,845.48 | 273.12% | | Basic Earnings Per Share | 0.0259 | -0.4650 | 105.57% | | Diluted Earnings Per Share | 0.0259 | -0.4650 | 105.57% | | Weighted Average Return on Net Assets | 0.51% | -9.72% | 10.23% | | Period-End Indicators | Current Period-End (Yuan) | Prior Year-End (Yuan) | Period-End Change from Prior Year-End | | Total Assets | 5,141,185,804.83 | 5,226,641,049.10 | -1.63% | | Net Assets Attributable to Shareholders of Listed Company | 2,040,134,865.73 | 2,018,366,345.85 | 1.08% | V. Differences in Accounting Data Under Domestic and Overseas Accounting Standards This section confirms no material differences in net profit and net assets between Chinese and international accounting standards for the reporting period - The company's financial reports for the reporting period show no differences in net profit and net assets when disclosed under International Accounting Standards versus Chinese Accounting Standards[20] - The company's financial reports for the reporting period show no differences in net profit and net assets when disclosed under overseas accounting standards versus Chinese Accounting Standards[21] VI. Non-Recurring Gains and Losses and Amounts This section details the company's non-recurring gains and losses for the reporting period, totaling 9.97 million Yuan Non-Recurring Gains and Losses and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Gains/losses from disposal of non-current assets | 334,148.41 | | Government grants recognized in current profit or loss | 2,734,279.02 | | Gains/losses from entrusted investment or asset management | 452,473.27 | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 498,140.00 | | Gains/losses from debt restructuring | 8,240,000.00 | | Other non-operating income and expenses apart from the above | -833,873.89 | | Other gains/losses that meet the definition of non-recurring gains/losses | 1,073,487.64 | | Less: Income tax impact | 1,990,936.07 | | Minority interest impact (after tax) | 534,447.41 | | Total | 9,973,270.97 | Part III Management Discussion and Analysis This section provides an in-depth analysis of the company's business operations, financial performance, and future outlook I. Main Business Activities of the Company During the Reporting Period The company focused on smart energy, smart new energy, and smart city sectors, achieving profitability despite challenges in smart city business (I) Industry Overview The company operates in the electrical machinery and equipment manufacturing sector, benefiting from national strategies in AI, new energy, and smart cities - The company operates in the electrical machinery and equipment manufacturing industry, with three main business segments: smart energy, smart new energy, and smart city[26] - National policies such as the "AI+" initiative, manufacturing powerhouse strategy, new power system construction, "carbon peak and carbon neutrality" strategy, new urbanization, and "East Data West Computing" provide development opportunities for the company's three major businesses[27][28][29][30] - Surging demand for smart power transmission and distribution equipment in overseas countries and a shortage of production capacity create favorable "going global" opportunities for China's power transmission and distribution and control equipment manufacturing industry[28][29] (II) Main Operating Performance The company achieved overall profitability with 79.16 million Yuan net profit from smart energy and new energy, despite losses in smart city business - The company closely adheres to the three major business development strategies: "strengthening and expanding smart energy, stabilizing and strengthening smart city, and fully promoting new energy business development"[31] Smart Energy and New Energy Business Performance | Indicator | Amount (10,000 Yuan) | YoY Growth | | :--- | :--- | :--- | | Net Profit Attributable to Parent Company | 7,916.32 | 54.05% | Smart City Business Performance | Indicator | Amount (10,000 Yuan) | | :--- | :--- | | Operating Loss | 6,060.75 | Company Overall Net Profit | Indicator | Amount (10,000 Yuan) | | :--- | :--- | | Net Profit Attributable to Shareholders of Listed Company | 1,855.57 | (III) Key Work Highlights The company focused on marketing, R&D, and refined management across its three business segments, securing new projects and advancing its "going global" strategy - Smart Energy Sector: Innovating marketing, R&D, and management, promoting digital, intelligent, and green low-carbon dual transformation, and seizing the national "equipment renewal" strategy[33] - Smart New Energy Sector: Leveraging power transmission and distribution experience and energy storage technology, expanding markets, focusing on new product R&D, and providing integrated new energy turnkey solutions[34] - Smart City Sector: Actively promoting the collection of payments from China Unicom's comprehensive reform cooperation, transforming market and customer structures (towards smart parks, smart factories), and strengthening product R&D and refined management[34][35] - The company completed the disclosure of its 2024 annual report and 2025 first-quarter report, and completed the change of company name and stock abbreviation on February 28, 2025[44][48] - Subsidiary Suzhou Switchgear No. 2 Co., Ltd. won the bid for the power distribution project in the East District of Sangtian Science Island Innovation Center in Suzhou Industrial Park, with a total contract amount of 69.56 million Yuan[52] - Subsidiary Tianjin TEDA Engineering Design Co., Ltd. won the bid for the power supporting project of Tanggu Xinhu Road (Xinhe Shipyard) plot in Binhai New Area, Tianjin, with a total contract amount of 64.00 million Yuan[53] - In new energy business, the company's 5.5MW distributed photovoltaic power generation project with Wuhu Zhaolian Automotive Lightweight Technology Co., Ltd. was successfully connected to the grid, signed a 24MWP distributed photovoltaic power generation project with Fengtai Industrial Park in Huainan City, Anhui Province, and signed a strategic cooperation agreement with Anhui Jinmao Smart Energy Storage Technology Co., Ltd[55] (IV) Introduction to the Company's Main Business Activities During the Reporting Period As a national innovative enterprise, the company provides comprehensive solutions across smart energy, smart new energy, and smart city sectors - The company is a national innovative demonstration enterprise, national intellectual property demonstration enterprise, national technological innovation demonstration enterprise, national green factory, and a specialized and sophisticated "little giant" enterprise recognized by the Ministry of Industry and Information Technology[57] - Smart Energy Business: Provides full-chain solutions for intelligent power transmission and distribution equipment, components, and automation products, achieving "digitalization, intelligence, miniaturization, humanization" of equipment and "remote measurement, remote signaling, remote adjustment, remote control"[59] - Smart New Energy Business: Offers comprehensive solutions for new energy storage, energy storage system integration, photovoltaic power stations, charging piles, energy and carbon management software platforms, and energy saving and carbon reduction, with products featuring high safety, long life, high integration, and easy maintenance[61] - Smart City Business: Provides independently controllable core technologies, products, and comprehensive solutions for artificial intelligence, IoT, cloud computing, and big data, building a "edge, network, cloud, application" integrated ecosystem[64] (V) Introduction to Main Core Technologies and Products The company offers a range of core technologies and products in smart energy, new energy, and smart city domains, including intelligent equipment, energy storage solutions, and AI platforms - Smart Energy Business: Provides power engineering design, intelligent power transmission and distribution equipment (such as KYN28A-12(B), magnetic levitation dedicated variable frequency box-type substations), intelligent high and low voltage components (such as VAZ intelligent vacuum circuit breakers), and automation products (such as DIX800A series switchgear integrated intelligent control devices), along with installation, commissioning, and maintenance services[66][67][69][71][72][74] - Smart New Energy Sector: Main products include energy storage air-cooled/liquid-cooled outdoor cabinets, energy storage prefabricated cabins, energy storage cabin testing platforms, photovoltaic power stations (providing EPC services), and "PV-storage-charging integrated station" related technologies and products (such as 60kW-240kW DC charging piles)[76][79][81][82][84] - Smart City Business: Possesses independent products such as cloud computing platforms, big data basic platforms, application software for government governance, video surveillance front-end products, IoT data management platforms, AI sharing capability platforms, and storage devices, and is building the DI-Edge intelligent edge product line and DI-Cloud digital cloud base, as well as digital government DAg and digital economy DAe applications[86][88][90][92][93][95] (VI) Key Factors Driving Company Performance The company's performance is driven by national strategies, market demand, and policies promoting smart manufacturing, new energy, and digital economy - National "new infrastructure" and "intelligent manufacturing" strategies are accelerating, further promoting the rapid development of the company's smart energy business[97][98] - The national release of "Guiding Opinions on Deepening Power System Reform and Accelerating the Construction of a New Power System" has brought significant development opportunities for the company's smart energy and new energy businesses[99] - The implementation of the "digital economy + East Data West Computing" strategy can boost the company's smart city business development[101][102] - The accelerated implementation of a series of national new energy policies will further promote the development of new energy business, including the "carbon peak and carbon neutrality" strategic goals[106][107][108] - Equipment renewal policies are becoming a core engine for global green transformation, with China's equipment renewal market expected to exceed 5 trillion Yuan by 2030, promoting the rapid development of the company's smart energy sector[109] - The expansion of power infrastructure in emerging markets and the demand for renovation of aging power grids in developed countries create new opportunities for the company's "going global" strategy[112] - The national "information innovation" strategy and the rapid development of civil-military integration greatly enhance the brand and marketing of the company's independently controllable products, and bring significant opportunities for the development of the smart defense industry[113][114] (VII) Industry Position of Main Business The company holds a strong industry position in smart energy, new energy, and smart city sectors, with high-quality products and extensive project experience - Smart Energy Business: The company is a member of the National Technical Committee for Standardization of Low-Voltage Switchgear and Control Equipment, with products widely used in major national projects such as the Olympic Games, high-speed rail, and airports, and exported to over 20 countries and regions[115][116] - Smart New Energy Sector: Products are widely applied in representative enterprises such as CGN, Zhongyuan Oilfield, and COFCO Group, and the company has undertaken multiple photovoltaic power generation projects[117] - Smart City Business: The company is a leading provider and operator of independently controllable products, repeatedly listed among the top 100 global smart city solution providers and top 500 world IoT companies, and has undertaken multiple national key scientific and technological research projects such as "Key Technologies and Demonstrations for IoT and Smart Cities"[118] - Smart City Business Typical Achievements: Provided reliable products and first-class technical services for major domestic and international events such as previous Two Sessions, Beijing APEC Summit, Hangzhou G20 Summit, and Wuhan Military World Games[119] II. Analysis of Core Competitiveness The company's core competitiveness stems from its independently controllable products, strong R&D capabilities, comprehensive qualifications, extensive industry applications, reputable brand, robust marketing, and talented team (I) Advantage of Independently Controllable Products The company offers independently controllable products and solutions across smart energy, new energy, and smart city domains, emphasizing localization and advanced technology - Smart Energy Sector: Provides intelligent power transmission and distribution equipment, components, and automation products, achieving "digitalization, intelligence, miniaturization, humanization" and "remote measurement, remote signaling, remote adjustment, remote control," and possesses Grade A and B qualifications for architectural, power, and municipal engineering design[121][122][123][125] - Smart New Energy Sector: Achieves "source-grid-load-storage" coordinated layout, providing energy storage products (air-cooled/liquid-cooled outdoor cabinets, prefabricated cabins), energy storage cabin testing platforms, photovoltaic power stations (EPC services), and "PV-storage-charging integrated station" related technologies and products (DC charging piles)[127][128][129][131][132] - Smart City Sector: Builds a "edge, network, cloud, application" integrated core technology and business ecosystem, with over 90% of its software products being independently developed, possessing independently controllable products in cloud computing, big data, and artificial intelligence, and having core advantages in cloud storage and algorithms, achieving hardware localization and compatibility with domestic operating systems[133][134] (II) Technology and R&D Advantages As a national high-tech enterprise, the company boasts a national-level technology center, CMMI5 certification, and 478 valid patents, driving innovation across its business segments - The company is a national high-tech enterprise, national intellectual property demonstration enterprise, possesses a national-level enterprise technology center, provincial key laboratories, and has passed CMMI5 top-level certification[136] Intellectual Property Situation | Indicator | Quantity | | :--- | :--- | | Valid Patents | 478 items | | - Invention Patents | 147 items | | - Utility Model Patents | 323 items | | - Design Patents | 8 items | - Smart Energy Sector: Multiple products (such as rail transit traction power supply systems, cloud computing center pre-intelligent complete sets of equipment) have won the honorary title of Anhui Province's first major technical equipment, and the first intelligent unattended substation was successfully delivered[137][141] - Smart City Sector: Independently developed video comprehensive management platform V2.0 has completed compatibility testing with domestic hardware and software, the XingShi Cloud platform provides powerful video device access and service capabilities, multiple products have been included in the "2020 China Brand Day Electronic Information Industry Domestic New Products Promotion Catalog," and 39 information innovation field mutual recognition certificates have been obtained[148][149][150][151] - The company won the "2020-2021 Best Information Innovation Product Provider" award, and iChinaE Big Data Practical Application Platform V2.0 and Shouwang Tianyan products won the "Excellent Innovative Software Product Award"[153][154][155] (III) Qualification Advantages The company holds "nine Grade A" qualifications, establishing a top-tier competitive barrier for industry information technology project bidding - The company possesses "nine Grade A" qualifications in the industry, establishing the most comprehensive and top-tier competitive barrier for industry information technology project bidding[156] - The company has been included in the FTSE Russell Global Equity Index, selected as a margin trading and short selling (two-way) target stock, is a national technological innovation demonstration enterprise, a national green factory, has obtained global software capability maturity CMMI5 top-level certification, and has obtained the "Weapon Equipment Quality Management System Certification Certificate"[156][157] - Smart Energy Qualifications: Included in the recommended list for national economic and trade commission and national power grid construction and renovation, is a drafting unit for low-voltage switchgear standards, and has continuously received "AAA" credit rating for 14 consecutive years[158] - Smart New Energy Qualifications: Possesses Grade A architectural engineering design, Grade B power engineering design, and Grade III power engineering general contracting qualifications, capable of undertaking 220kV and general contracting 110kV and below new energy projects[160] - Smart City Qualifications: Obtained the "Information System Construction and Service Capability (CS4) Level Certificate," with multiple software and hardware products obtaining mutual recognition certificates in the information innovation field, and has won multiple industry honors[161] (IV) Industry Application Advantages Leveraging its "nine Grade A" qualifications and extensive market experience, the company demonstrates significant industry application advantages across its business segments - Smart Energy products are widely used in enterprises, urban water supply, power supply, water conservancy, chemical, metallurgy, pharmaceutical, financial, and other industries, and have been successfully applied in national large-scale projects such as Beijing Olympic venues, high-speed rail lines, and airports[163] - Smart New Energy products are applied in peak shaving and valley filling, electricity cost saving, virtual power plant dispatching, and have been used in representative enterprises such as CGN, Zhongyuan Oilfield, and COFCO Group[164] - Smart City products and solutions have served over 200 million people nationwide, with hundreds of successful implementations, and the company is one of the industry's enterprises undertaking single projects worth over 100 million Yuan, such as the Guizhou Liupanshui City Skynet Project general integration project[165] - Smart City business provides services for major conferences and events such as previous Two Sessions, Beijing APEC Summit, and Hangzhou G20 Summit, and has rich experience in vertical application fields such as smart parks, smart emergency response, smart transportation, and smart defense[166] (V) Brand and Quality Advantages The company prioritizes brand building and quality management, with its "CECL" brand recognized as a "China Famous Trademark" and products receiving "National Inspection-Free" certification - Smart Energy Sector: The "CECL" brand has won "China Famous Trademark" and "Anhui Province Famous Brand Product" honors, products have received "National Inspection-Free Product Quality" certificates, and the company has obtained authorization certificates from Schneider, ABB, Siemens, and others[168] - Smart New Energy Sector: Obtained AAA credit rating from China Association of Construction Enterprise Management and AA credit rating from China Power Survey and Design Association, and passed ISO9001, ISO14001, and ISO45001 management system certifications[169] - Smart City Sector: Won honors such as "China Information Technology Service Excellent Brand Outstanding Enterprise" and "Special Award for Innovative Products in Full Intelligent Anti-Terrorism Robot Series," and ensures product quality through strict quality management and process control, enhancing brand image and influence[170][171] (VI) Marketing and Service Advantages The company has established a nationwide marketing and service network, providing comprehensive, high-quality services with a focus on customer satisfaction - The company has established a nationwide marketing and service network, providing comprehensive, high-quality services that are "time-saving, labor-saving, money-saving, and worry-free"[173] - Smart Energy products are widely used in national large-scale projects, receiving service commendation letters from the Beijing Olympic Organizing Committee, CCTV, and numerous other clients[174] - Smart New Energy Sector: Committed to providing customers with integrated turnkey solutions for energy storage, photovoltaic, and PV-storage-charging new energy, serving multiple energy storage power station projects for China Huaneng, China Electric Power Research Institute, and others[175][176] - Smart City Sector: Products and solutions have served over 200 million people nationwide, with hundreds of successful implementations, and multiple 100 million Yuan projects have received high recognition and letters of appreciation from clients, such as the Guizhou Smart Hezhang Project and Anhui Wuhu Xueliang Project[177] (VII) Talent Team Advantages The company adheres to a talent-centric strategy, focusing on attracting, developing, and retaining talent, and collaborates with leading universities and global electrical enterprises - The company adheres to a talent strategy of "people-oriented, virtue-first, talent-utilized" and "based on strivers," focusing on talent acquisition and development[178] - The company has established long-term cooperative relationships with prestigious universities and research institutes such as Tsinghua University, University of Science and Technology of China, and University of Electronic Science and Technology of China, and has formed technical and business partnerships with world-renowned electrical enterprise groups such as Schneider, Siemens, ABB, and GE[178] III. Main Business Analysis The company's main business revenue increased by 5.23% to 961.05 million Yuan, driven by electrical machinery manufacturing, while net profit turned positive Major Financial Data Year-on-Year Changes | Indicator | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 961,045,872.46 | 913,276,938.77 | 5.23% | | | Operating Cost | 734,929,349.91 | 673,550,472.14 | 9.11% | | | Selling Expenses | 65,256,441.55 | 75,436,422.38 | -13.49% | | | Administrative Expenses | 66,793,561.15 | 77,488,100.72 | -13.80% | | | Financial Expenses | 10,519,134.47 | 14,749,130.78 | -28.68% | | | Income Tax Expense | 20,361,150.82 | -36,897,832.28 | 155.18% | Due to profit growth in current period | | R&D Investment | 25,989,596.70 | 32,344,138.71 | -19.65% | | | Net Cash Flow from Operating Activities | 29,948,226.37 | -17,298,845.48 | 273.12% | Strengthened sales collection, expense control | | Net Cash Flow from Investing Activities | 41,881,208.60 | -27,809,914.59 | 250.60% | Increased cash collection from Unicom mixed-ownership reform asset disposal | | Net Cash Flow from Financing Activities | -49,635,019.53 | -19,745,968.10 | -151.37% | Repayment of some bank loans | | Net Increase in Cash and Cash Equivalents | 22,194,415.44 | -64,854,728.17 | 134.22% | Increase in cash flow from operating and investing activities | Operating Revenue Composition (by Industry, Product, Region) | Category | Item | Current Reporting Period Amount (Yuan) | Proportion of Operating Revenue | Prior Year Period Amount (Yuan) | Proportion of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | By Industry | Electrical Machinery and Equipment Manufacturing | 887,273,684.45 | 92.32% | 823,273,749.76 | 90.15% | 7.77% | | | Software and Information Technology Services | 73,772,188.01 | 7.68% | 90,003,189.01 | 9.85% | -18.03% | | By Product | Intelligent Power Transmission and Distribution Equipment, New Energy, Components, Automation, and Power Design | 865,259,119.53 | 90.03% | 805,885,025.27 | 88.24% | 7.37% | | | Independently Controllable Smart City Solutions and Operation Services | 73,750,949.07 | 7.67% | 83,861,890.31 | 9.18% | -12.06% | | By Region | North China | 394,691,637.76 | 41.07% | 194,589,872.42 | 21.31% | 102.83% | | | East China | 282,199,058.36 | 29.36% | 423,667,823.08 | 46.39% | -33.39% | Main Business Gross Profit Margin Changes | Category | Item | Gross Profit Margin (Current Reporting Period) | Gross Profit Margin (Prior Year Period) | Gross Profit Margin Change from Prior Year Period | | :--- | :--- | :--- | :--- | :--- | | By Industry | Electrical Machinery and Equipment Manufacturing | 22.51% | 26.81% | -4.30% | | | Software and Information Technology Services | 35.77% | 21.14% | 14.63% | | By Product | Intelligent Power Transmission and Distribution Equipment, New Energy, Components, Automation, and Power Design | 21.82% | 26.51% | -4.69% | | | Independently Controllable Smart City Solutions and Operation Services | 35.90% | 21.14% | 15.80% | | By Region | North China | 10.76% | 5.80% | 4.96% | | | East China | 42.02% | 37.64% | 4.38% | IV. Non-Main Business Analysis Non-main business activities significantly impacted total profit, with investment income from debt restructuring and asset impairment from bad debt provisions Impact of Non-Main Business on Total Profit | Item | Amount (Yuan) | Proportion of Total Profit | Explanation of Cause | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 9,804,591.48 | 16.80% | Primarily due to debt restructuring gains in the current period | No | | Asset Impairment | -7,911,152.70 | -13.55% | Primarily due to provision for bad debts on accounts receivable in the current period | No | | Non-Operating Income | 253,861.17 | 0.43% | | No | | Non-Operating Expenses | 1,100,305.30 | 1.89% | | No | V. Analysis of Assets and Liabilities At the end of the reporting period, total assets decreased by 1.63% to 5.14 billion Yuan, while total liabilities decreased by 4.05% to 2.99 billion Yuan Significant Changes in Asset Composition | Item | Current Period-End Amount (Yuan) | Proportion of Total Assets | Prior Year-End Amount (Yuan) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 447,517,853.12 | 8.70% | 429,905,350.81 | 8.23% | 0.47% | | | Accounts Receivable | 1,064,122,124.83 | 20.70% | 1,160,327,689.45 | 22.20% | -1.50% | | | Contract Assets | 544,309,663.25 | 10.59% | 506,636,703.71 | 9.69% | 0.90% | | | Inventories | 514,680,556.70 | 10.01% | 515,019,045.12 | 9.85% | 0.16% | | | Construction in Progress | 3,033,040.99 | 0.06% | 2,306,253.72 | 0.04% | 0.02% | Primarily due to increased property renovation expenses in the current period | | Short-term Borrowings | 538,697,450.31 | 10.48% | 597,873,028.95 | 11.44% | -0.96% | Primarily due to the company repaying some bank loans to improve capital utilization efficiency and reduce financial expenses in the current period | | Contract Liabilities | 233,447,620.18 | 4.54% | 183,605,136.06 | 3.51% | 1.03% | Primarily due to increased advance receipts for goods in the current period | | Lease Liabilities | 6,576,634.16 | 0.13% | 4,823,202.30 | 0.09% | 0.04% | Primarily due to increased renewal of property lease contracts in the current period | Asset Rights Restricted as of the End of the Reporting Period | Item | Book Balance (Yuan) | Book Value (Yuan) | Type of Restriction | Restricted Situation | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 43,963,097.11 | 43,963,097.11 | Frozen | Bill deposits, letter of guarantee deposits, court frozen funds, etc | | Notes Receivable | 36,861,840.46 | 36,861,840.46 | Endorsed or discounted but not yet due | Endorsed or discounted but not yet due | | Fixed Assets | 71,271,491.14 | 26,792,649.83 | Mortgage | Mortgage loans | | Total | 152,096,428.71 | 107,617,587.40 | | | VI. Investment Status Analysis The company's investment amount for the reporting period was 1 million Yuan, with no significant equity, non-equity, securities, or derivative investments Reporting Period Investment Amount | Reporting Period Investment Amount (Yuan) | Prior Year Period Investment Amount (Yuan) | Change Rate | | :--- | :--- | :--- | | 1,000,000.00 | 0.00 | 0.00% | - The company had no securities investments, derivative investments, or use of raised funds during the reporting period[192][193][194] VII. Disposal of Major Assets and Equity This section confirms that the company did not dispose of any major assets or equity during the reporting period - The company did not dispose of major assets during the reporting period[195] - The company did not dispose of major equity during the reporting period[196] VIII. Analysis of Major Holding and Participating Companies This section presents the financial data of key subsidiaries, Beijing CECL Xingfa Technology Co., Ltd. and Suzhou Switchgear No. 2 Co., Ltd Major Subsidiary Financial Data | Company Name | Company Type | Main Business | Registered Capital (Yuan) | Total Assets (Yuan) | Net Assets (Yuan) | Operating Revenue (Yuan) | Operating Profit (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing CECL Xingfa Technology Co., Ltd. | Subsidiary | Smart City, Public Safety, Anti-Terrorism and Stability Maintenance | 1,334,751,408.91 | 2,070,645,837.75 | -182,146,806.38 | 73,772,188.01 | -59,605,413.38 | -60,053,522.86 | | Suzhou Switchgear No. 2 Co., Ltd. | Subsidiary | Manufacturing, Processing: High and Low Voltage Complete Sets of Devices, Power Transmission and Distribution Equipment, etc | 52,000,000.00 | 826,172,901.93 | 508,318,834.93 | 160,754,939.78 | 67,388,539.96 | 55,877,808.86 | - There were no acquisitions or disposals of subsidiaries during the reporting period[198] IX. Structured Entities Controlled by the Company This section states that the company had no controlled structured entities during the reporting period - The company had no controlled structured entities during the reporting period[199] X. Risks Faced by the Company and Countermeasures The company faces risks from policy changes, customer payment issues, technological updates, and management challenges, addressed by strategic planning and internal controls - The company faces risks from policy and industry cycle changes, with smart city business orders significantly affected by national policies and industry cycle changes[199] - Risk of declining payment ability from some customers, leading to difficulties in collecting accounts receivable for smart city business[200] - Project and technology iteration risks, as smart city project implementation is complex and technology develops rapidly, potentially leading to a decline in market competitiveness[201] - Management risks associated with scale expansion, which places higher demands on operational management, product R&D, technical support, project organization, and human resource development[202] - Countermeasures include strengthening industry research, product technology upgrades, market expansion, accounts receivable management, refined project management, improving internal control systems, and human resource development[199][200][201][202] XI. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company has established a market value management system and plans to enhance its investment value through various strategies, including M&A, equity incentives, and investor relations - The company has formulated a market value management system[203] - The company plans to promote the reasonable reflection of its investment value through M&A, equity incentives, employee stock ownership plans, cash dividends, investor relations management, information disclosure, and share repurchases[203] XII. Implementation of "Quality and Return Dual Improvement" Action Plan This section states that the company has not disclosed an announcement regarding its "Quality and Return Dual Improvement" action plan - The company has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan[204] Part IV Corporate Governance, Environment, and Society This section covers the company's governance structure, environmental practices, and social responsibility initiatives I. Changes in Directors, Supervisors, and Senior Management of the Company This section confirms no changes in the company's directors, supervisors, and senior management during the reporting period - There were no changes in the company's directors, supervisors, and senior management during the reporting period[206] II. Profit Distribution and Capital Reserve to Share Capital Conversion During the Reporting Period This section states the company's plan 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[207] III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures This section confirms that the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[208] IV. Environmental Information Disclosure This section states that 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[209] V. Social Responsibility The company actively fulfills its social responsibilities by prioritizing green development, environmental protection, and energy conservation, while also engaging in public welfare initiatives (I) Protection of Shareholder Rights and Interests The company safeguards shareholder rights through robust governance, internal controls, technological innovation, and transparent investor relations - The company strictly adheres to laws, regulations, and its Articles of Association, continuously optimizing its "three meetings and one layer" corporate governance structure to ensure legal, compliant, and efficient operations[210] - The company adheres to the "independently controllable, domestic substitution" technology R&D roadmap, following the strategic plan of "producing one generation, researching one generation, planning one generation," continuously building "product factories" and "innovation factories"[211] - The company has established a comprehensive shareholder return plan and actively implements dividend policies, safeguarding the legitimate rights and interests of all shareholders[212][213] - The company strengthens investor relations management through diversified communication platforms (such as online performance briefings, interactive platforms) and timely, accurate, and complete information disclosure, enhancing corporate transparency and integrity[214][215][216][217] - The company highly values brand building, having won multiple brand honors, and enhances corporate reputation and internal management through Party building leadership and integrity construction[218][219][220] (II) Protection of Employee Rights and Interests The company prioritizes employee welfare through a "people-oriented" talent strategy, ensuring legal compliance, safety, and a supportive work environment - The company adheres to a talent strategy of "people-oriented, virtue-first, talent-utilized," focusing on talent selection, development, utilization, and retention, ensuring employees' rights to know, participate, express, and supervise company management[221] - The company strictly enforces labor laws and regulations, provides "five insurances and one fund" for employees, conducts regular safety and environmental protection education and training, distributes labor protection supplies, organizes health examinations, and enriches employees' cultural lives[221] - The company implements the safety production policy of "safety first, prevention foremost, comprehensive governance," establishes and improves a sound safety responsibility system, and protects employee rights through union management systems and employee satisfaction surveys[222][223] (III) Protection of Customer and Supplier Rights and Interests The company protects customer and supplier rights through robust internal controls, fair evaluation systems, and a commitment to quality and integrity - The company establishes and improves internal audit systems, procurement management systems, etc., to prevent commercial bribery and unfair transactions, protecting the legitimate rights and interests of suppliers and customers[224] - Customer Rights Protection: Through multi-dimensional information collection, the company provides "high-quality products, high-quality services, and high-quality commitments," continuously creating value for customers with a philosophy of safety first, integrity as the root, and quality as the priority[224] - Supplier Rights Protection: Adhering to the concept of co-creation and win-win, the company establishes a fair evaluation system, strengthens cooperation with strategic suppliers, practices green procurement, ethical procurement, and responsible procurement, and applies advanced supplier management systems to jointly build an open, transparent, and mutually beneficial integrity ecosystem[225] (IV) Environmental Protection and Sustainable Development As a national green factory, the company integrates green and low-carbon principles throughout its operations, leveraging technology to promote sustainable development - As a national green factory, the company strictly implements environmental protection policies, practices sustainable development, and integrates green and low-carbon concepts throughout its daily production processes, achieving full lifecycle digital and intelligent management[226][227] - Smart Energy Sector: Deeply applies internet, big data, and artificial intelligence technologies to build a clean and low-carbon energy system, achieving "four transformations" and "four remote controls" for equipment[227] - Smart New Energy Sector: Provides integrated turnkey solutions for energy storage, photovoltaic, and PV-storage-charging new energy, assisting in peak shaving and valley filling, energy saving and carbon reduction, and promoting the green upgrade of the energy structure[227] - Smart City Sector: Gradually promotes low-energy hardware equipment architecture to replace high-energy architecture, reducing data center energy consumption, and provides carbon emission monitoring and sensing products such as smart environmental protection, smart ecological, and smart safety supervision systems[228] (V) Practicing Public Welfare and Empowering Society The company actively engages in social welfare through various initiatives, including disaster relief, education support, employment, and community service - The company actively participates in social welfare activities, promoting social public welfare spirit through various forms such as donations for disaster relief, educational funding, establishing special funds, re-employing laid-off workers, assisting in poverty alleviation, donating to the Red Cross, and participating in "Warm the People's Hearts" initiatives[229] - The company encourages Party members to report to neighborhood committee Party branches and participate in community volunteer services as a vehicle for cultivating community volunteer service projects[229] - The company actively responds to national and government calls, liaising with blood donation centers and blood banks annually to encourage employees to participate in voluntary blood donation[229] Part V Important Matters This section details significant events, including commitments, related party transactions, litigation, and other material disclosures I. Commitments Fulfilled by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During the Reporting Period and Overdue Unfulfilled Commitments as of the End of the Reporting Period All commitments by the actual controllers, shareholders, and the company, including those on avoiding competition, related party transactions, and profit distribution, were fulfilled as of the reporting period - Actual controller Qu Honggui committed to avoiding horizontal competition, not directly or indirectly owning, managing, controlling, investing in, or engaging in businesses or projects identical to or competing with CECL[233] - Actual controller Qu Honggui committed to minimizing or reducing related party transactions with the listed company and its branches and subsidiaries, and for unavoidable related party transactions, to adhere to principles of fairness, impartiality, and equivalent compensation[233][234] - Senior executives Shu Longsheng, Wang Yu, Yan Tao, and Tao Liming committed that the company shares transferred annually during their tenure would not exceed 25% of their total holdings[234] - The company committed that the cumulative profit distributed in cash over the next three years (2024-2026) will not be less than 30% of the average distributable profit achieved in those three years[234] - All commitments have been fulfilled on time, with no overdue unfulfilled commitments[234] II. Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties of the Listed Company This section states that there were no non-operating funds occupied by controlling shareholders or other related parties of the listed company during the reporting period - There were no non-operating funds occupied by controlling shareholders or other related parties of the listed company during the reporting period[236] III. Irregular External Guarantees This section confirms that the company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[237] IV. Appointment and Dismissal of Accounting Firms This section states that the company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[238] V. Explanation by the Board of Directors and Supervisory Board on the Accounting Firm's "Non-Standard Audit Report" for the Current Reporting Period This section states that it is not applicable as there was no non-standard audit report for the current reporting period - Not applicable[239] VI. Explanation by the Board of Directors on the "Non-Standard Audit Report" for the Previous Year This section states that it is not applicable as there was no non-standard audit report for the previous year - Not applicable[239] VII. Matters Related to Bankruptcy and Reorganization This section confirms that the company had no bankruptcy or reorganization related matters during the reporting period - The company had no bankruptcy or reorganization related matters during the reporting period[239] VIII. Litigation Matters This section discloses significant pending litigation and arbitration cases involving the company and its subsidiaries, with claims ranging from hundreds of thousands to hundreds of millions of Yuan - The company had no major litigation or arbitration matters during the reporting period[240] Major Pending Litigation and Arbitration Matters | Plaintiff | Defendant | Cause of Action | Claim Amount (Yuan) | Case Progress | | :--- | :--- | :--- | :--- | :--- | | Tianjin TEDA Engineering Design Co., Ltd. | Tianjin Huanou New Energy Technology Co., Ltd. | EPC General Contracting Contract Dispute for Engineering Project | 10,121,770.35 | First-instance judgment ordered defendant to pay engineering fees, defendant has appealed | | Suzhou Switchgear No. 2 Co., Ltd. | Suzhou Zhongrun Lifeng Real Estate Co., Ltd. | Sales Contract Dispute | 438,334.96 | Defendant in bankruptcy proceedings | | Jiangsu Xingxia Construction Engineering Group Co., Ltd. | Suzhou Switchgear No. 2 Co., Ltd. | Sales Contract Dispute | 11,000,000.00 | In arbitration proceedings | | Suzhou Tianping Installation Engineering Co., Ltd. | Changshu City Transportation Industry Investment Group Co., Ltd., Yuteng Construction Group Co., Ltd. | Construction Project Contract Dispute | 106,243,184.81 | In litigation proceedings, Tianping Installation is the lead, Suzhou Switchgear No. 2 and Tianping Installation account for approximately 65% | | Beijing CECL Xingfa Technology Co., Ltd. | Client 3 | Lease Contract Dispute | 263,117,003.40 | Hearing held, awaiting judgment | | Xiayi County Natural Resources Bureau | Beijing CECL Xingfa Technology Co., Ltd. | Procurement Contract Dispute | 22,780,000.00 | Hearing held, awaiting judgment | IX. Penalties and Rectification This section states that the company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[241] X. Integrity Status of the Company and its Controlling Shareholders and Actual Controllers This section states that it is not applicable, as the company and its controlling shareholders and actual controllers maintain good integrity - Not applicable[242] XI. Major Related Party Transactions This section confirms that the company had no significant related party transactions during the reporting period, including those related to daily operations, asset/equity acquisition/disposal, joint external investments, or related party creditor/debtor relationships - The company had no related party transactions related to daily operations during the reporting period[242] - The company had no related party transactions involving asset or equity acquisition or disposal during the reporting period[243] - The company had no related party creditor-debtor relationships during the reporting period[245] - The company had no other major related party transactions during the reporting period[248] XII. Major Contracts and Their Performance This section confirms no entrustment, contracting, leasing, or wealth management activities, but details significant guarantees for subsidiaries, totaling 472.13 million Yuan - The company had no entrustment, contracting, leasing matters, or entrusted wealth management during the reporting period[249][250][251][257] Company Guarantees for Subsidiaries | Guarantor Name | Guarantee Limit (10,000 Yuan) | Actual Guarantee Amount (10,000 Yuan) | Guarantee Type | Guarantee Period | Fulfilled | Related Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Anhui CECL Automation Co., Ltd. | 10,000 | 800 | General Guarantee | 3 years | No | Yes | | Beijing CECL Xingfa Technology Co., Ltd. | 55,000 | 1,387 | General Guarantee | 1 year | No | Yes | | Anhui Senyuan Electric Appliance Co., Ltd. | 20,000 | 1,200 | General Guarantee | 1 year | No | Yes | | Anhui Beichen Energy Engineering Technology Co., Ltd. | 5,000 | 800 | General Guarantee | 3 years | No | Yes | Subsidiary Guarantees for Subsidiaries | Guarantor Name | Guar