海泰科(301022) - 2025 Q2 - 季度财报

Part I Important Notice, Table of Contents, and Definitions This section provides essential disclaimers, outlines the report's structure, and defines key terminology for clarity and compliance Important Notice The board, supervisory board, and senior management assure the report's accuracy, with no cash dividends, bonus shares, or capital reserve conversions planned - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content[4] - Company head Sun Wenqiang, chief accountant Liang Tingbo, and head of accounting department Liang Tingbo declare the financial report is true, accurate, and complete[4] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[5] Table of Contents This section outlines the report's eight main chapters, covering company profile, financial performance, management analysis, governance, and financial statements Definitions This section defines key terms, company entities, and technical jargon used throughout the report for clarity - "Company, this company, Haiteke, Haiteke Moulding" are defined as Qingdao Haiteke Moulding Technology Co., Ltd[13] - Multiple wholly-owned subsidiaries are listed, such as Haiteke Mould, Haiteke New Materials, Haiteke (Thailand), Haiteke (Europe), and Haiteke (Anhui)[13] - The reporting period is explicitly defined as January 1, 2025, to June 30, 2025[13] Part II Company Profile and Key Financial Indicators This section presents the company's fundamental information, contact details, and a summary of key financial performance metrics and indicators I. Company Profile This section provides the company's fundamental details, including stock information, names, and legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Haiteke | | Stock Code | 301022 | | Listing Stock Exchange | Shenzhen Stock Exchange | | Chinese Name | Qingdao Haiteke Moulding Technology Co., Ltd | | Legal Representative | Sun Wenqiang | II. Contact Persons and Information This section provides contact details for the Board Secretary and Securities Affairs Representative, including names and communication channels - The Board Secretary is Liang Tingbo, and the Securities Affairs Representative is Wei Qiuxiang[16] - The contact address for both is No. 66 Jinsheng Second Road, Jihongtan Street, Chengyang District, Qingdao City, Shandong Province[16] III. Other Information The company's contact details, disclosure locations, and registration status remained unchanged during the reporting period - The company's registered address, office address, website, and email address remained unchanged during the reporting period[17] - Information disclosure and availability locations remained unchanged during the reporting period[18] - The company's registration status remained unchanged during the reporting period[19] IV. Key Accounting Data and Financial Indicators In H1 2025, revenue grew 24.86%, net profit 383.49%, and non-recurring net profit 1,451.28%, despite negative operating cash flow Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Reporting Period (RMB) | Prior Year Period (RMB) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 385,881,524.40 | 309,047,231.12 | 24.86% | | Net Profit Attributable to Shareholders of Listed Company | 36,379,954.97 | 7,524,512.55 | 383.49% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 33,834,415.15 | 2,181,068.31 | 1,451.28% | | Net Cash Flow from Operating Activities | -23,723,837.53 | -10,041,708.97 | -136.25% | | Basic Earnings Per Share (RMB/share) | 0.4292 | 0.0904 | 374.78% | | Diluted Earnings Per Share (RMB/share) | 0.4292 | 0.0903 | 375.30% | | Weighted Average Return on Net Assets | 3.72% | 0.75% | 2.97% | | Indicator | End of Current Reporting Period (RMB) | End of Prior Year (RMB) | Change from End of Prior Year | | :--- | :--- | :--- | :--- | | Total Assets | 2,100,926,552.96 | 1,921,788,603.80 | 9.32% | | Net Assets Attributable to Shareholders of Listed Company | 1,105,300,074.99 | 1,044,372,336.21 | 5.83% | V. Differences in Accounting Data under Domestic and Overseas Accounting Standards No differences were found in net profit or net assets between domestic and international accounting standards during the reporting period - The company's financial reports disclosed under International Accounting Standards and Chinese Accounting Standards showed no differences in net profit and net assets during the reporting period[21] - The company's financial reports disclosed under overseas accounting standards and Chinese Accounting Standards showed no differences in net profit and net assets during the reporting period[22] VI. Non-Recurring Gains and Losses Items and Amounts Total non-recurring gains and losses for the period were RMB 2,432,919.71, mainly from asset disposals, government grants, and financial asset fair value changes Non-Recurring Gains and Losses Items and Amounts for H1 2025 | Item | Amount (RMB) | | :--- | :--- | | Gains or losses from disposal of non-current assets | 75,074.72 | | Government subsidies recognized in current profit or loss | 803,017.96 | | Gains or losses from changes in fair value of financial assets and liabilities, and disposal of financial assets and liabilities, excluding effective hedging activities related to normal business operations | 2,500,536.86 | | Other non-operating income and expenses apart from the above | 12,771.62 | | Less: Income tax impact | 958,481.45 | | Total | 2,432,919.71 | Part III Management Discussion and Analysis This section provides an in-depth analysis of the company's main business, core competencies, financial performance, investment activities, and risk management strategies I. Company's Main Business Activities During the Reporting Period The company specializes in injection molds and plastic parts, with automotive injection molds as its core business, benefiting from lightweighting and EV trends - The company primarily engages in the R&D, design, manufacturing, and sales of injection molds and plastic parts, belonging to the mold manufacturing sector within specialized equipment manufacturing[26] - During the reporting period, injection mold sales revenue accounted for 84.05% of total revenue, with automotive injection molds being the company's core business[26] 1. Industry Development Overview China's automotive market thrived in H1 2025, with NEV production and sales up over 40%, driving the automotive injection mold market past RMB 50 billion - In the first half of 2025, China's automotive production and sales reached 15.621 million and 15.653 million vehicles, respectively, representing year-on-year increases of 12.5% and 11.4%[27] - New energy vehicle production and sales reached 6.968 million and 6.937 million vehicles, respectively, with year-on-year increases of 41.4% and 40.3%, and new energy vehicle sales accounted for 44.3% of total new vehicle sales[27] - Under the trend of automotive lightweighting, the market for automotive plastic parts has significant development potential, driving the growth of the automotive injection mold industry, with a total market output value exceeding RMB 50 billion[29] 2. Main Business The company specializes in automotive injection molds and plastic parts, serving major global automotive and NEV brands with strong R&D and customer relationships - The company is a mold supplier to internationally renowned automotive interior and exterior trim companies such as Yanfeng, Faurecia, Adient, and Roechling[32] - Products are widely used by international brands like General Motors, Volkswagen, Audi, Mercedes-Benz, BMW, and domestic mainstream and new energy vehicle brands such as Great Wall, Changan, Geely, BYD, Li Auto, Xpeng, NIO, and Xiaomi[32] - The company has been recognized for many consecutive years as "Best/Excellent Mold Supplier" by SAIC General Motors and "Class A Mold Supplier" by FAW-Volkswagen, and was rated as a "Key Backbone Enterprise for Large Precision Injection Molds in China" by the China Die & Mould Industry Association[33] 3. Main Products and Applications Key products include automotive interior and exterior injection molds and plastic parts, with the latter expanding internationally via the Thai subsidiary - Injection mold products primarily include automotive interior molds (instrument panels, sub-instrument panels, door panels) and automotive exterior molds (bumpers, grilles)[36][37][38] - The plastic parts business actively expands into overseas markets by providing automotive injection molds and corresponding automotive plastic parts through its controlling subsidiary, Haiteke (Thailand)[40] 4. Business Model, Market Position, Performance Drivers, etc. The company's business model, market position, and performance drivers remained unchanged during the reporting period - The company's business model, market position, and performance drivers did not undergo significant changes during the reporting period[41] II. Core Competitiveness Analysis The company's core competitiveness, spanning R&D, manufacturing, customer relations, quality, management, and talent, remained stable - The company's core competitiveness includes advantages in technology R&D, manufacturing processes, customer resources and brand, product quality and delivery, management, and talent[42] - The company's core competitiveness did not undergo significant changes during this reporting period, as detailed in the company's 2024 annual report[42] III. Main Business Analysis Leveraging automotive lightweighting and NEV trends, the company achieved RMB 386 million revenue (+24.86%) and RMB 36.38 million net profit (+383.49%) in H1 2025, driven by mold growth, overseas expansion, and new materials - The company has built an integrated "injection mold-modified plastics" business structure, offering full-process "mold-plastic integration" solutions[43] Key Financial Performance for H1 2025 | Indicator | Amount (RMB in millions) | Year-on-Year Growth | | :--- | :--- | :--- | | Operating Revenue | 385.88 | 24.86% | | Net Profit Attributable to Shareholders of Listed Company | 36.38 | 383.49% | | Net Profit Attributable to Parent Company Shareholders After Deducting Non-Recurring Gains and Losses | 33.83 | 1,451.28% | - Injection mold business revenue increased by 26.30% year-on-year, with new orders totaling RMB 474 million (+25.36% year-on-year) and outstanding orders of RMB 1.024 billion (+22.77% year-on-year), including RMB 408 million in new energy vehicle injection mold orders (+58.80% year-on-year)[43] - Haiteke (Thailand)'s second-phase factory has successfully commenced production, expected to add approximately RMB 100 million in annual output value, with automotive parts business achieving operating revenue of RMB 44.6361 million[44] - The "Annual Production of 150,000 Tons of Polymer New Materials Project" is steadily progressing, with a pilot production base in Qingdao having built a 30,000-ton annual capacity, and modified materials business achieving small-batch supply breakthroughs[46][47] - The company continues to increase R&D investment, obtaining 7 new patents (5 invention patents, 2 utility model patents), bringing the total patent count to 105; it is focusing on PEEK modified materials and actively engaging in technical collaboration and supporting development with leading domestic humanoid robot companies[48] - The company implemented its 2024 annual profit distribution plan, with a cash dividend of RMB 25.4271 million, accounting for 161.38% of 2024 net profit, and a cumulative dividend ratio of 70.93% over the past three years[49] Year-on-Year Changes in Key Financial Data | Item | Current Reporting Period (RMB) | Prior Year Period (RMB) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 385,881,524.40 | 309,047,231.12 | 24.86% | Primarily due to an increase in the number of export injection molds in the current period | | Operating Cost | 323,871,511.17 | 244,231,523.19 | 32.61% | Primarily due to increased revenue leading to increased operating costs | | Financial Expenses | -17,434,886.66 | 21,000,238.78 | -183.02% | Primarily due to increased exchange gains from RMB depreciation in the current period, leading to a decrease in financial expenses | | Income Tax Expense | 2,098,225.21 | -2,409,296.61 | 187.09% | Primarily due to an increase in total profit in the current period leading to increased income tax expense | | Net Cash Flow from Operating Activities | -23,723,837.53 | -10,041,708.97 | -136.25% | Primarily due to an increase in cash paid for goods purchased, services rendered, and payments to employees compared to the same period last year | IV. Non-Core Business Analysis Non-core business activities positively impacted total profit through investment income and fair value gains, but were negatively affected by asset and credit impairment losses Non-Core Business Analysis for H1 2025 | Item | Amount (RMB) | Proportion of Total Profit | Explanation of Cause | | :--- | :--- | :--- | :--- | | Investment Income | 2,036,464.69 | 5.29% | Primarily due to idle raised funds wealth management income received in the current reporting period | | Fair Value Change Gains/Losses | 464,072.17 | 1.21% | Primarily due to idle raised funds wealth management income at the end of the current reporting period | | Asset Impairment | -2,954,864.71 | -7.68% | Primarily due to increased provision for impairment on loss-making mold inventory projects in the current reporting period | | Credit Impairment Losses | -1,749,539.56 | -4.55% | Primarily due to increased provision for bad debts on accounts receivable in the current reporting period | V. Analysis of Assets and Liabilities Total assets grew 9.32% at period-end, driven by increased receivables, inventory, and construction in progress, while trading financial assets decreased and borrowings rose 1. Significant Changes in Asset Composition Accounts receivable, inventory, and construction in progress increased by 3.67%, 0.87%, and 3.02% respectively, while trading financial assets decreased by 4.55%, and new borrowings were added Significant Changes in Asset Composition | Item | Amount at End of Current Reporting Period (RMB) | Proportion of Total Assets | Amount at End of Prior Year (RMB) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Accounts Receivable | 413,923,232.44 | 19.67% | 307,411,886.40 | 16.00% | 3.67% | | Inventory | 601,695,023.94 | 28.64% | 533,621,172.09 | 27.77% | 0.87% | | Construction in Progress | 77,772,545.98 | 3.70% | 13,147,788.49 | 0.68% | 3.02% | | Short-term Borrowings | 49,227,423.50 | 2.34% | 0.00 | 0.00% | 2.34% | | Long-term Borrowings | 31,019,012.50 | 1.48% | 0.00 | 0.00% | 1.48% | | Trading Financial Assets | 145,130,224.50 | 6.91% | 220,154,003.12 | 11.46% | -4.55% | 2. Major Overseas Assets Haiteke (Thailand), a key overseas asset, holds RMB 243.5479 million in assets (22.03% of net assets) and generated RMB 5.6391 million net profit in H1 2025 Major Overseas Assets of Haiteke (Thailand) | Specific Asset Content | Asset Scale (RMB in 10,000s) | Country | Operating Model | Profit Status (Net Profit H1 2025) (RMB in 10,000s) | Proportion of Overseas Assets to Company's Net Assets | | :--- | :--- | :--- | :--- | :--- | :--- | | Haiteke (Thailand) is the company's wholly-owned overseas subsidiary | 24,354.79 | Thailand | Independent Operation | 563.91 | 22.03% | 3. Assets and Liabilities Measured at Fair Value Financial assets measured at fair value, primarily trading financial assets and receivables financing, totaled RMB 186,954,849.71, with a fair value change loss of RMB -251,470.52 Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (RMB) | Fair Value Change Gains/Losses for Current Period (RMB) | Ending Balance (RMB) | | :--- | :--- | :--- | :--- | | Trading Financial Assets | 220,154,003.12 | -251,470.52 | 145,102,532.60 | | Accounts Receivable Financing | 32,682,484.03 | 0.00 | 20,837,317.11 | | Other Non-current Financial Assets | 21,015,000.00 | 0.00 | 21,015,000.00 | | Total Above | 273,851,487.15 | -251,470.52 | 186,954,849.71 | 4. Asset Rights Restrictions as of the End of the Reporting Period Restricted assets at period-end included RMB 20,145,851.34 in bank acceptance bill deposits and RMB 5,976,031.86 in conditional customer payments - Bank acceptance bill deposits from Qingdao Bank, Industrial Bank, and Pudong Development Bank totaled RMB 20,145,851.34[60] - China Merchants Bank received conditional customer payments of RMB 5,976,031.86 that can only be released after 90 days[61] VI. Investment Analysis Investment activities focused on the RMB 63.3944 million "150,000 Tons Polymer New Materials Project" and forward foreign exchange hedging, yielding RMB 0.0277 million in fair value gains and RMB 0.3748 million in investment income 2. Significant Equity Investments Acquired During the Reporting Period The company established Haite New Materials (Thailand) with a 49.00% stake and RMB 538,216.00 investment, though it remains unfunded and inoperative Significant Equity Investments During the Reporting Period | Investee Company Name | Investment Method | Investment Amount (RMB) | Shareholding Ratio | | :--- | :--- | :--- | :--- | | Haite New Materials (Thailand) Co., Ltd. | New Establishment | 538,216.00 | 49.00% | - As of the end of the reporting period, Haite New Materials (Thailand) Co., Ltd. had not commenced actual capital contribution or operations[63] 5. Use of Raised Funds As of June 30, 2025, RMB 63.3944 million of the RMB 391.3756 million convertible bond proceeds were used, with the "150,000 Tons Polymer New Materials Project" extended to January 2026 Overall Use of Raised Funds | Fundraising Year | Fundraising Method | Net Raised Funds (RMB in 10,000s) | Total Cumulatively Used Raised Funds (RMB in 10,000s) | Utilization Rate of Raised Funds at End of Reporting Period | | :--- | :--- | :--- | :--- | :--- | | 2023 | Issuance of Convertible Corporate Bonds to Unspecified Investors | 39,137.56 | 6,339.44 | 16.20% | - The main fundraising project, "Annual Production of 150,000 Tons of Polymer New Materials Project," is still under construction and has not reached its intended usable state, with the completion date extended to January 31, 2026[68][70] - As of June 30, 2025, the company used RMB 143.50 million of idle raised funds to temporarily supplement working capital and had RMB 145.00 million in cash management that had not yet matured and been redeemed[66][71] 6. Wealth Management, Derivative Investments, and Entrusted Loans The company had no wealth management or entrusted loans, but engaged in forward foreign exchange derivatives for hedging, with RMB 17.0597 million invested and RMB 0.0277 million fair value gains - The company had no wealth management or entrusted loan activities during the reporting period[73][78] Derivative Investment Status | Derivative Investment Type | Amount at Period-End (RMB in 10,000s) | Proportion of Investment Amount to Company's Net Assets at Period-End | | :--- | :--- | :--- | | Forward Foreign Exchange Settlement and Sales | 1,705.97 | 1.54% | - During the reporting period, the company realized gains from holding forward foreign exchange trading products (fair value change gains/losses) of RMB 0.0277 million, and gains from settling forward foreign exchange trading products (investment income) of RMB 0.3748 million[75] - The company engages in foreign exchange derivative transactions to effectively mitigate foreign exchange market risks, prevent adverse impacts from significant exchange rate fluctuations, improve foreign exchange fund utilization efficiency, reasonably reduce financial expenses, and enhance financial stability[75] VII. Significant Asset and Equity Sales The company did not undertake any significant asset or equity sales during the reporting period - The company did not sell any significant assets during the reporting period[79] - The company had no significant equity sales during the reporting period[80] VIII. Analysis of Major Holding and Associate Companies This section reviews the financial performance of key subsidiaries Haiteke Mold, Haiteke (Thailand), and Haiteke New Materials, noting the new, un-operated Haite New Materials (Thailand) Financial Information of Major Subsidiaries (H1 2025) | Company Name | Company Type | Registered Capital (RMB) | Total Assets (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | | Haiteke Mold | Subsidiary | 125,000,000.00 | 1,647,625,451.59 | 43,397,325.95 | | Haiteke (Thailand) | Subsidiary | 50,045,133.11 | 243,547,874.43 | 5,157,868.94 | | Haiteke New Materials | Subsidiary | 170,000,000.00 | 220,691,336.88 | -3,447,272.90 | - During the reporting period, the company jointly established Haite New Materials (Thailand) Co., Ltd. with Qingdao New Material Technology Industrial Park Development Co., Ltd., holding a 49% stake, but as of the end of the reporting period, no actual capital contribution or operations had commenced[81] IX. 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] X. Risks Faced by the Company and Countermeasures The company addresses risks like economic volatility, raw material prices, bad debts, exchange rates, talent loss, and project underperformance through market monitoring, cost control, credit management, hedging, and talent incentives - The company faces risks from macroeconomic and industry fluctuations, with countermeasures including close monitoring of market dynamics, timely adjustment of strategies and business policies, increased R&D investment, and enhanced overall competitiveness[82][83] - Risks from raw material price volatility are addressed by improving material utilization efficiency, optimizing process flows, signing long-term cooperation agreements with suppliers, and adjusting sales prices as appropriate[84] - The risk of accounts receivable bad debts is managed by formulating reasonable credit policies, strengthening customer credit investigations, assigning responsibility for collections, and intensifying collection efforts[85] - Exchange rate risks are mitigated through real-time exchange rate monitoring, reasonable control of foreign currency asset scale, and the use of appropriate foreign exchange hedging tools[86] - Risks of core personnel loss and core technology leakage are addressed by establishing effective talent acquisition and incentive systems, signing confidentiality agreements, increasing efforts in talent development and recruitment, and improving incentive methods[87] - The risk of fundraising project benefits not meeting expectations is managed by actively advancing project construction, strengthening project management, increasing market share, and striving to achieve returns as early as possible[88][89] XI. Registration Form for Research, Communication, Interview Activities During the Reporting Period The company engaged with institutional investors through various channels, disclosing investor relations activities to maintain communication - From February to June 2025, the company hosted institutional investors multiple times through online meetings and on-site visits[90][91] - All investor relations activity records have been disclosed on the Juchao Information Network[90][91] XII. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company established a "Market Value Management System" on July 11, 2025, but has not disclosed a valuation enhancement plan - The company has formulated the "Market Value Management System" and disclosed it on the Juchao Information Network on July 11, 2025[92] - The company has not disclosed a valuation enhancement plan[92] XIII. Implementation of "Quality and Return Dual Enhancement" Action Plan The company has not published an announcement for its "Quality and Return Dual Enhancement" action plan - The company has not disclosed an announcement regarding the "Quality and Return Dual Enhancement" action plan[93] Part IV Corporate Governance, Environment, and Society This section details changes in governance, profit distribution, incentive plans, environmental disclosures, and social responsibility initiatives I. Changes in Directors, Supervisors, and Senior Management No changes occurred in the company's directors, supervisors, or senior management during the reporting period - The company's directors, supervisors, and senior management did not undergo any changes during the reporting period[95] II. Profit Distribution and Capital Reserve Conversion to Share Capital in This Reporting Period The company plans no cash dividends, bonus shares, or capital reserve conversions 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[96] III. Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The 2023 Restricted Stock Incentive Plan completed its first vesting in September 2024 at RMB 15.36/share, with no new activity or other employee incentive plans - The company's 2023 Restricted Stock Incentive Plan's grant price was adjusted from RMB 15.62/share to RMB 15.36/share, and the registration of vested shares for the first vesting period was completed in September 2024[97] - There were no new implementation details for the aforementioned equity incentive plan during the reporting period[97] - The company has no employee stock ownership plans or other employee incentive measures[98] IV. Environmental Information Disclosure The company and its main subsidiaries are not legally required to disclose environmental information - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[99] V. Social Responsibility The company demonstrated integrity, legal compliance, and social responsibility, protecting stakeholders, prioritizing environmental safety, engaging in philanthropy, and advancing ESG management - The company strictly adheres to laws and regulations, improves its corporate governance structure, and ensures truthful, accurate, timely, and complete information disclosure to protect investor rights[100] - The company complies with the "Labor Law," refines its employment system, establishes sound incentive mechanisms, contributes to social security and housing provident funds for employees, provides training and benefits, and protects employee rights[101] - The company upholds integrity in business operations, maintains long-term positive cooperative relationships with customers and suppliers, and safeguards their legitimate rights and interests[102] - The company places high importance on environmental protection, has introduced a clean energy combined cooling, heating, and power system, and installed a photovoltaic power generation system, which generated 1,847,134.46 kWh from January to June 2025, equivalent to a carbon dioxide emission reduction of 877.39 tons[103] - The company has obtained environmental and occupational health and safety management system certifications and supports social welfare activities, donating RMB 10,000 during the reporting period[104][105] Part V Significant Matters This section covers commitments, related party transactions, litigation, penalties, and other material events affecting the company I. Commitments Fulfilled and Overdue Unfulfilled by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period No commitments by the company or related parties were fulfilled or overdue during the reporting period - During the reporting period, there were no commitments by the company's actual controller, shareholders, related parties, acquirers, or the company that were either fulfilled or overdue and unfulfilled[107] II. Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties from the Listed Company No non-operating funds were occupied by controlling shareholders or related parties from the company during the reporting period - During the reporting period, there were no instances of non-operating funds being occupied by controlling shareholders or other related parties from the listed company[108] III. 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[109] IV. Appointment and Dismissal of Accounting Firms The company's semi-annual financial report was unaudited - The company's semi-annual report was unaudited[110] V. Explanation by the Board of Directors, Supervisory Board, and Audit Committee on the Accounting Firm's "Non-Standard Audit Report" for This Reporting Period The company did not receive a non-standard audit report during the reporting period - The company did not have a non-standard audit report during the reporting period[111] VI. Board of Directors' Explanation on "Non-Standard Audit Report" for the Previous Year The company did not receive a non-standard audit report during the reporting period - The company did not have a non-standard audit report during the reporting period[111] VII. Bankruptcy and Reorganization Matters The company had no bankruptcy or reorganization matters during the reporting period - The company did not experience any bankruptcy or reorganization matters during the reporting period[111] VIII. Litigation Matters The company had no major litigation, but two civil contract disputes totaling RMB 2.19 million and RMB 4.6366 million are ongoing - The company had no significant litigation or arbitration matters during this reporting period[112] Other Litigation Matters | Basic Situation of Litigation (Arbitration) | Amount Involved (RMB in 10,000s) | Litigation (Arbitration) Progress | | :--- | :--- | :--- | | Case of contract dispute between Qingdao Haiteke Mold Co., Ltd. and Jiangsu Richang Auto Parts Co., Ltd. | 219.00 | Civil first instance, ongoing and unresolved | | Case of contract dispute between Qingdao Haiteke Mold Co., Ltd. and Shanghai Tianyuan Group Shengde Plastics Co., Ltd. | 463.66 | Civil first instance, ongoing and unresolved | IX. Penalties and Rectification The company incurred no penalties or rectification requirements during the reporting period - The company had no penalties or rectification situations during the reporting period[114] X. Integrity Status of the Company, its Controlling Shareholders, and Actual Controllers No integrity issues were reported for the company, its controlling shareholders, or actual controllers during the period - During the reporting period, there were no integrity issues concerning the company, its controlling shareholders, or actual controllers[115] XI. Significant Related Party Transactions The company had minor related party transactions for auxiliary materials (RMB 0.025 million) and jointly established Haite New Materials (Thailand), which remains unfunded Related Party Transactions Related to Ordinary Operations | Related Party | Related Party Transaction Content | Related Party Transaction Amount (RMB in 10,000s) | | :--- | :--- | :--- | | Qingdao New Material Technology Industrial Park Development Co., Ltd. | Purchase of auxiliary materials | 0.25 | Related Party Transactions for Joint External Investment | Joint Investor | Investee Company Name | Registered Capital of Investee Company | | :--- | :--- | :--- | | Qingdao New Material Technology Industrial Park Development Co., Ltd. | Haite New Materials (Thailand) Co., Ltd. | 5 million Thai Baht | - The company had no related party transactions involving asset or equity acquisition/disposal, related party creditor-debtor relationships, dealings with affiliated financial companies, or other significant related party transactions during the reporting period[116][118][119][120][121] XII. Significant Contracts and Their Performance The company had no major contracts for trusteeship, contracting, or guarantees, but engaged in multiple property leases for factory, office, and warehouse space - The company had no trusteeship, contracting, significant guarantee, or major ordinary course contracts during the reporting period[122][123][125][128] Leasing Situation | No. | Lessee | Property Address | Area (Square Meters) | Lease Start to End Date | Purpose | | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | Haiteke New Materials | No. 65 Jinsheng Second Road, Jihongtan Street, Chengyang District, Qingdao City | 4,900 | 2023.07.01 to 2025.06.30 | Factory/Office Building | | 3 | Haiteke (Thailand) | No. 7, Soi 700/6, Khao Kansong Sub-district, Si Racha District, Chonburi Province | 4,240 | 2022.09.01 to 2025.08.31 | Factory | XIII. Explanation of Other Significant Matters All significant matters were disclosed as interim reports on the Shenzhen Stock Exchange and other approved media, with no further explanations required - During the reporting period, all significant matters as stipulated by the "Securities Law" and "Administrative Measures for Information Disclosure by Listed Companies" were disclosed as interim reports on the Shenzhen Stock Exchange website and other information disclosure media meeting CSRC requirements[129] - The company had no other significant matters requiring explanation during the reporting period[129] XIV. Significant Matters of Company Subsidiaries Haiteke (Thailand) co-invested in Haite New Materials (Thailand) (unfunded), changed its registered address, and an associate fund extended its duration and investment terms - Haiteke (Thailand) jointly invested with a related party to establish an associate company, Haite New Materials (Thailand) Co., Ltd., with a registered capital of 5 million Thai Baht and a 49% stake, but as of the end of the reporting period, no actual capital contribution or operations had commenced[130][131][134] - Haiteke (Thailand)'s registered address changed from No. 7, 700/6, Moo 7, Khao Kansong Sub-district, Si Racha District, Chonburi Province, Thailand to No. 500/666, Moo 3, Tasit Sub-district, Pluak Daeng District, Rayong Province, Thailand[132] - Qingdao Xueheyou Qingyuan Venture Capital Investment Partnership (Limited Partnership), in which the company holds an interest, amended its partnership agreement to extend its duration from 8 years to 10 years, its investment period from 4 years to 6 years, and its capital contribution period from 48 months to 72 months[133] Part VI Share Changes and Shareholder Information This section details changes in the company's share capital, securities issuance, shareholder structure, and the holdings of directors, supervisors, and senior management I. Share Change Situation Total shares increased by 1,904,168 due to convertible bond conversions, raising unrestricted shares and total shares from 84,757,008 to 86,661,176 Share Change Situation | Share Class | Number Before This Change (shares) | Proportion Before This Change | Increase/Decrease in This Change (shares) | Number After This Change (shares) | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 32,547,169 | 38.40% | 0 | 32,547,169 | 37.56% | | II. Unrestricted Shares | 52,209,839 | 61.60% | 1,904,168 | 54,114,007 | 62.44% | | III. Total Shares | 84,757,008 | 100.00% | 1,904,168 | 86,661,176 | 100.00% | - The company's total shares increased by 1,904,168 shares due to convertible bond conversions[138] II. 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[140] III. Number of Shareholders and Shareholding Status The company had 18,492 ordinary shareholders, with Sun Wenqiang (30.10%) and Wang Jixue (17.01%) as controlling shareholders, and some top ten holdings changed - The total number of ordinary shareholders at the end of the reporting period was 18,492[141] Top 10 Shareholders' Shareholding Status | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at End of Reporting Period (shares) | Change in Holdings During Reporting Period | | :--- | :--- | :--- | :--- | :--- | | Sun Wenqiang | Domestic Natural Person | 30.10% | 26,088,656.00 | 0 | | Wang Jixue | Domestic Natural Person | 17.01% | 14,741,731.00 | 0 | | Li Qin | Domestic Natural Person | 5.38% | 4,659,928.00 | 0 | | Liu Qi | Domestic Natural Person | 5.15% | 4,462,827.00 | -190,000 | | Zhao Dongmei | Domestic Natural Person | 2.54% | 2,196,873.00 | -847,600 | | Ren Yong | Domestic Natural Person | 2.42% | 2,099,067.00 | 0 | | Suzhou Xinlin Phase III Venture Capital Enterprise (Limited Partnership) | Domestic Non-State-Owned Legal Person | 1.69% | 1,468,096.00 | -524,800 | | China Merchants Bank Co., Ltd. - GF Value Core Mixed Securities Investment Fund | Other | 0.88% | 760,000.00 | 760,000.00 | | ZHI MING YANG | Overseas Natural Person | 0.55% | 475,233.00 | 0 | | Ma Li | Domestic Natural Person | 0.48% | 419,813.00 | 0 | - Shareholders Sun Wenqiang and Wang Jixue are parties acting in concert and are both the company's controlling shareholders and actual controllers[142] IV. Shareholding Changes of Directors, Supervisors, and Senior Management No changes occurred in the shareholdings of the company's directors, supervisors, or senior management during the reporting period - The company's directors, supervisors, and senior management did not experience any changes in their shareholdings during the reporting period[144] V. Changes in Controlling Shareholder or Actual Controller The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder did not change during the reporting period[145] - The company's actual controller did not change during the reporting period[145] VI. Preferred Share Information The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[146] Part VII Bond-Related Information This section provides an overview of the company's bond instruments, including convertible bonds, their issuance, changes, and repayment arrangements I. Corporate Bonds The company had no corporate bonds during the reporting period - The company had no corporate bonds during the reporting period[148] II. Company Bonds The company had no company bonds during the reporting period - The company had no company bonds during the reporting period[149] III. Non-Financial Enterprise Debt Financing Instruments The company had no non-financial enterprise debt financing instruments during the reporting period - The company had no non-financial enterprise debt financing instruments during the reporting period[150] IV. Convertible Corporate Bonds The company issued RMB 396.5716 million in "Haite Convertible Bonds" on June 27, 2023, with 2,902,456 shares converted, a current price of RMB 26.06/share, and a stable A credit rating 1. Convertible Bond Issuance On June 27, 2023, the company issued 3,965,716 convertible bonds, raising RMB 396.5716 million (net RMB 391.3756 million), with an initial conversion price of RMB 26.69/share - On June 27, 2023, the company issued 3,965,716 convertible corporate bonds, raising a total of RMB 396.5716 million, with net proceeds of RMB 391.3756 million[151] - The convertible bond conversion period is from January 3, 2024, to June 26, 2029, with an initial conversion price of RMB 26.69/share[151][152] 2. Convertible Bond Guarantors and Top Ten Holders During the Reporting Period "Haite Convertible Bonds" had 7,605 holders, with no guarantors, and the top holder, China-Europe Convertible Bond Fund, held 8.17% - At the end of the period, the number of convertible bond holders was 7,605[152] - The company's convertible bonds have no guarantors[152] Top Ten Convertible Bond Holders | No. | Convertible Bond Holder Name | Number of Convertible Bonds Held at End of Reporting Period (bonds) | Proportion of Convertible Bonds Held at End of Reporting Period | | :--- | :--- | :--- | :--- | | 1 | Industrial and Commercial Bank of China Co., Ltd. - China-Europe Convertible Bond Fund | 261,607 | 8.17% | | 2 | China Galaxy Securities Co., Ltd. | 198,780 | 6.21% | | 3 | China Merchants Bank Co., Ltd. - Boshi CSI Convertible Bond and Exchangeable Bond ETF | 171,660 | 5.36% | 3. Convertible Bond Changes During the Reporting Period Convertible corporate bonds decreased by RMB 49,633,200.00 due to conversions, resulting in an ending balance of RMB 320,292,300.00 Convertible Bond Changes | Convertible Corporate Bond Name | Amount Before This Change (RMB) | Increase/Decrease in This Change (Conversion) (RMB) | Amount After This Change (RMB) | | :--- | :--- | :--- | :--- | | Haite Convertible Bonds | 369,925,500.00 | -49,633,200.00 | 320,292,300.00 | 4. Cumulative Conversion Status Cumulative convertible bond conversions totaled RMB 76,279,300.00 for 2,902,456 shares, representing 3.49% of pre-conversion issued shares Cumulative Conversion Status | Convertible Corporate Bond Name | Cumulative Conversion Amount (RMB) | Cumulative Number of Converted Shares (shares) | Proportion of Converted Shares to Total Issued Shares Before Conversion Commencement Date | | :--- | :--- | :--- | :--- | | Haite Convertible Bonds | 76,279,300.00 | 2,902,456 | 3.49% | 5. Historical Adjustments and Revisions of Conversion Price "Haite Convertible Bonds" conversion price was adjusted multiple times to RMB 26.06/share due to equity distributions and vested share listings Historical Adjustments to Conversion Price | Convertible Corporate Bond Name | Conversion Price Adjustment Date | Adjusted Conversion Price (RMB) | Disclosure Time | Explanation of Conversion Price Adjustment | Latest Conversion Price at End of Reporting Period (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Haite Convertible Bonds | May 29, 2024 | 26.43 | May 22, 2024 | The company completed its 2023 annual equity distribution | 26.06 | | Haite Convertible Bonds | September 20, 2024 | 26.36 | September 18, 2024 | The company's 2023 Restricted Stock Incentive Plan's first vesting period shares were listed | 26.06 | | Haite Convertible Bonds | June 20, 2025 | 26.06 | June 13, 2025 | The company completed its 2024 annual equity distribution | 26.06 | 6. Company's Debt Situation, Credit Rating Changes, and Cash Arrangements for Debt Repayment in Future Years as of the End of the Reporting Period The company maintains an A credit rating with a stable outlook, planning to repay convertible bond principal and interest using operating cash flow, project returns, and external financing - United Credit Ratings Co., Ltd. maintained the company's long-term corporate credit rating at A and the "Haite Convertible Bonds" credit rating at A, with a stable outlook, unchanged from the previous period[160] - The company's primary sources of funds for repaying convertible bond principal and interest in future years include cash flow from operating activities, cash generated from fundraising projects after commissioning, and financing channels through banks and other financial institutions[161] V. Consolidated Statement Scope Loss Exceeding 10% of Net Assets at the End of the Previous Year During the Reporting Period The company's consolidated loss did not exceed 10% of prior year-end net assets during the reporting period - The company did not experience a consolidated statement scope loss exceeding 10% of net assets at the end of the previous year during the reporting period[162] VI. Key Accounting Data and Financial Indicators for the Company's Last Two Years as of the End of the Reporting Period At period-end, current and quick ratios declined, asset-liability ratio rose, but net profit after non-recurring items and interest coverage ratios significantly improved Key Accounting Data and Financial Indicators for the Company's Last Two Years | Item | End of Current Reporting Period/Current Reporting Period (RMB in 10,000s) | End of Prior Year/Prior Year Period (RMB in 10,000s) | Change Percentage | | :--- | :--- | :--- | :--- | | Current Ratio | 2.06 | 2.29 | -10.04% | | Asset-Liability Ratio | 47.39% | 45.66% | 1.73% | | Quick Ratio | 1.14 | 1.31 | -12.98% | | Net Profit After Deducting Non-Recurring Gains and Losses | 3,383.24 | 218.11 | 1,451.25% | | EBITDA to Total Debt Ratio | 8.33% | 4.62% | 3.71% | | Interest Coverage Ratio | 3.38 | 1.33 | 154.14% | | Cash Interest Coverage Ratio | -5.0 | -0.8 | -525.00% | | EBITDA Interest Coverage Ratio | 5.14 | 2.72 | 88.97% | | Loan Repayment Rate | 100.00% | 100.00% | 0.00% | | Interest Payment Rate | 100.00% | 100.00% | 0.00% | Part VIII Financial Report This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owner's equity, along with basic company information and the basis of financial statement preparation I. Audit Report The company's semi-annual financial report was unaudited - The company's semi-annual financial report was unaudited[164] II. Financial Statements This section presents the company's H1 2025 consolidated and parent company financial statements, including balance sheets, income statements, cash flow statements, and equity changes 1. Consolidated Balance Sheet As of June 30, 2025, consolidated assets totaled RMB 2,100,926,552.96, liabilities RMB 995,626,477.97, and owner's equity RMB 1,105,300,074.99 - At period-end, total consolidated assets amounted to RMB 2,100,926,552.96, an increase of 9.32% from the beginning of the period[166][168] - At period-end, total consolidated liabilities amounted to RMB 995,626,477.97, an increase of 13.47% from the beginning of the period[168] - At period-end, total owner's equity attributable to the parent company amounted to RMB 1,105,300,074.99, an increase of 5.83% from the beginning of the period[168] 2. Parent Company Balance Sheet As of June 30, 2025, parent company assets totaled RMB 1,167,842,805.27, liabilities RMB 336,882,631.42, and owner's equity RMB 830,960,173.85 - At period-end, total parent company assets amounted to RMB 1,167,842,805.27, a decrease of 5.80% from the beginning of the period[171][172] - At period-end, total parent company liabilities amounted to RMB 336,882,631.42, a decrease of 19.55% from the beginning of the period[172] - At period-end, total parent company owner's equity amounted to RMB 830,960,173.85, an increase of 1.21% from the beginning of the period[172] 3. Consolidated Income Statement In H1 2025, consolidated operating revenue reached RMB 385,881,524.40 (+24.86%), with net profit at RMB 36,379,954.97 (+383.49%) - Total consolidated operating revenue for this period was RMB 385,881,524.40, compared to RMB 309,047,231.12 in the prior year period, representing a year-on-year increase of 24.86%[173] - Consolidated net profit for this period was RMB 36,379,954.97, compared to RMB 7,524,512.55 in the prior year period, representing a year-on-year increase of 383.49%[173] - Basic earnings per share were RMB 0.4292/share, and diluted earnings per share were RMB 0.4292/share[174] 4. Parent Company Income Statement In H1 2025, parent company operating revenue was RMB 4,824,000.00, with a net loss of RMB -9,171,805.50, reflecting an expanded loss - Parent company operating revenue for this period was RMB 4,824,000.00, compared to RMB 4,800,000.00 in the prior year period, showing a slight increase[176] - Parent company net profit for this period was RMB -9,171,805.50, compared to RMB -8,375,880.91 in the prior year period, indicating an expanded loss year-on-year[177] 5. Consolidated Cash Flow Statement In H1 2025, net cash flow from operating activities was RMB -23,723,837.53, investing activities RMB -27,943,357.19, and financing activities RMB 50,268,279.93 - Net cash flow from operating activities was RMB -23,723,837.53, a year-on-year decrease of 136.25%[51][52] - Net cash flow from investing activities was RMB -27,943,357.19, a year-on-year decrease of 231.46%[51][52] - Net cash flow from financing activities was RMB 50,268,279.93, a year-on-year decrease of 35.08%[51][52] 6. Parent Company Cash Flow Statement In H1 2025, parent company net cash flow from operating activities was RMB -5,434,089.13, investing activities RMB 95,553,343.21, and financing activities RMB -78,731,103.61 - Net cash flow from operating activities was RMB -5,434,089.13, a year-on-year decrease of 2.01%[182] - Net cash flow from investing activities was RMB 95,553,343.21, compared to RMB -68,160,730.64 in the prior year period, shifting from an outflow to an inflow[182] - Net cash flow from financing activities was RMB -78,731,103.61, compared to RMB 76,296,489.29 in the prior year period, shifting from an inflow to an outflow[182] 7. Consolidated Statement of Changes in Owner's Equity Consolidated owner's equity increased by RMB 60,927,738.78 in H1 2025, driven by comprehensive income, capital contributions, and special reserves - Total consolidated owner's equity increased by RMB 60,927,738.78 in this period[184] - Total comprehensive income was RMB 40,967,899.41[184] - Capital contributions and reductions from owners led to an increase in owner's equity of RMB 44,542,210.84[184] 8. Parent Company Statement of Changes in Owner's Equity Parent company owner's equity increased by RMB 9,943,367.50 in H1 2025, mainly from capital changes, despite profit distribution reducing equity - Total parent company owner's equity increased by RMB 9,943,367.50 in this period[196] - Capital contributions and reductions from owners led to an increase in owner's equity of RMB 44,542,210.84[196] - Profit distribution led to a decrease in owner's equity of RMB 25,427,037.84[198] III. Company Basic Information Established on August 13, 2019, and listed in July 2021, the company's registered capital is RMB 86,661,176.00, focusing on automotive injection molds and plastic parts - The company was restructured and established on August 13, 2019, and listed on the Shenzhen Stock Exchange in July 2021[204] - As of June 30, 2025, the company's registered capital is RMB 86,661,176.00[204] - The company's main products are injection molds and plastic parts, primarily used in the automotive industry and other fields[204] IV. Basis of Financial Statement Preparation Financial statements are prepared on a going concern basis, adhering to Ministry of Finance and CSRC accounting standards, using the accrual method - The company's financial statements are prepared on a going concern basis, in accordance with the "Accounting Standards for Business Enterprises" issued by the Ministry of Finance and relevant regulations of the China Securities Regulatory Commission[206] - The company's accounting is based on the accrual method, and except for certain financial instruments, all measurements are based on historical cost[206] - These financial statements are presented on a going concern basis, and the company has the ability to continue as a going concern for at least 12 months from the end of the reporting period[207] Part XX Supplementary Information This section provides additional details on non-recurring gains and losses, key financial ratios, and confirms no differences in accounting data under various standards 1. Details of Non-Recurring Gains and Losses for the Current Period Total non-recurring gains and losses for the period were RMB 2,545,539.82, mainly from asset disposals, government grants, and financial asset fair value changes Non-Recurring Gains and Losses Details for H1 2025 | Item | Amount (RMB) | | :--- | :--- | | Gains or losses from disposal of non-current assets | 75,074.72 | | Government subsidies recognized in current profit or loss | 803,017.96 | | Gains or losses from changes in fair value of financial assets and liabilities, and disposal of financial assets and liabilities, excluding effective hedging activities related to normal business operations | 2,500,536.86 | | Other non-operating income and expenses apart from the above | 12,771.62 | | Less: Income tax im