阿莱德(301419) - 2025 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions This section provides essential disclaimers, lists the report's structured content, and defines key terms for clarity Important Notice The Board of Directors, Supervisory Committee, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, assuming legal responsibility - The company's Board of Directors, Supervisory Committee, and senior management guarantee the truthfulness, accuracy, and completeness of the report content, assuming legal responsibility[5] - The company's principal, chief financial officer, and head of the accounting department declare that the financial report is true, accurate, and complete[5] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for this semi-annual period[6] Table of Contents This section presents the structured table of contents for the report, covering company profile, management discussion, corporate governance, and financial statements - The report's table of contents is clear, covering major sections such as company profile, management discussion and analysis, corporate governance, significant matters, share changes and shareholder information, bond-related matters, and financial reports[8] Definitions This section defines common terms and company-related entities used in the report, ensuring accurate understanding of the content - In this report, "Company" and "the Company" refer to Shanghai Allied Industrial Group Co, Ltd[13] - The reporting period refers to January 1, 2025, to June 30, 2025[13] - Global leading communication equipment manufacturers such as Ericsson, Nokia, ZTE, and Samsung are listed as the company's clients[13] Company Profile and Key Financial Indicators This section outlines the company's basic information, contact details, and a summary of its key financial performance and position Company Profile The company, listed on the Shenzhen Stock Exchange with stock code 301419, is Shanghai Allied Industrial Group Co, Ltd, with Zhang Yaohua as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Allied | | Stock Code | 301419 | | Listed Stock Exchange | Shenzhen Stock Exchange | | Chinese Name | 上海阿莱德实业集团股份有限公司 | | Legal Representative | Zhang Yaohua | Contacts and Contact Information This section provides detailed contact information for the company's Board Secretary and Securities Affairs Representative Company Contact Information | Project | Board Secretary | Securities Affairs Representative | | :--- | :--- | :--- | | Name | Zhou Li | Li Xiafan | | Contact Address | Building 6, 1368 Fengpao Road, Fengxian District, Shanghai | Building 6, 1368 Fengpao Road, Fengxian District, Shanghai | | Phone | +86 21 56480200 | +86 21 56480200 | | Fax | +86 21 56484206 | +86 21 56484206 | | Email | zoe.zhou@allied-corp.com | xiafan.li@allied-corp.com | Other Information The company's contact information, disclosure, and registration remained unchanged, but its name and capital structure were updated due to a capital reserve transfer - The company's name was changed from "Shanghai Allied Industrial Co, Ltd" to "Shanghai Allied Industrial Group Co, Ltd" and completed industrial and commercial registration in January 2025[21] - Due to the implementation of the 2024 profit distribution plan, the company's total share capital changed from 100 million shares to 120 million shares, and registered capital changed from 100 million yuan to 120 million yuan, with industrial and commercial registration completed in June 2025[22] Key Accounting Data and Financial Indicators During the reporting period, the company's operating revenue increased by 30.51% to 203 million yuan, and net profit attributable to shareholders grew by 97.24% to 33.49 million yuan Key Accounting Data and Financial Indicators (Current Reporting Period vs. Prior Year) | Project | Current Reporting Period (yuan) | Prior Year (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 203,522,053.28 | 155,938,695.39 | 30.51% | | Net Profit Attributable to Shareholders of Listed Company | 33,490,328.75 | 16,979,772.25 | 97.24% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | 33,476,062.55 | 16,871,590.60 | 98.42% | | Net Cash Flow from Operating Activities | 24,311,932.67 | 28,046,880.33 | -13.32% | | Basic Earnings Per Share (yuan/share) | 0.2791 | 0.1415 | 97.24% | | Diluted Earnings Per Share (yuan/share) | 0.2791 | 0.1415 | 97.24% | | Weighted Average Return on Net Assets | 3.50% | 1.78% | 1.72% | | Project | Current Reporting Period End (yuan) | Prior Year End (yuan) | Change (%) | | Total Assets | 1,024,561,123.66 | 1,040,548,761.43 | -1.54% | | Net Assets Attributable to Shareholders of Listed Company | 931,077,367.91 | 947,750,324.13 | -1.76% | Differences in Accounting Data under Domestic and Overseas Accounting Standards During the reporting period, the company reported no differences in net profit and net assets between international/overseas accounting standards and Chinese accounting standards - The company reported no differences in net profit and net assets under domestic and overseas accounting standards during the reporting period[24][25] Non-Recurring Gains and Losses Items and Amounts The company's non-recurring gains and losses totaled 14,266.20 yuan for the reporting period, primarily from asset disposal losses, government grants, and other non-operating income/expenses Non-Recurring Gains and Losses Items and Amounts | Project | Amount (yuan) | Explanation | | :--- | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | -193,109.06 | Office lease termination expenses in Jing'an District, Shanghai and Shenzhen of 106,100 yuan, and fixed asset disposal loss in Estonia of 39,400 yuan | | Government Grants Included in Current Profit/Loss | 609,758.82 | Primarily government grants | | Other Non-Operating Income and Expenses Apart from the Above | -393,113.37 | Primarily external donation expenses | | Less: Income Tax Impact | 9,270.72 | | | Impact on Minority Interests (After Tax) | -0.53 | | | Total | 14,266.20 | | Management Discussion and Analysis This section provides an in-depth analysis of the company's main business, industry trends, core competencies, financial performance, and risk management strategies Company's Main Business Activities During the Reporting Period The company, a polymer material communication equipment component supplier, achieved significant revenue and net profit growth by expanding into new markets and implementing cost-reduction measures - The company's main business involves supplying polymer material communication equipment components, including RF and wave-transparent protection devices, EMI and IP protection devices, and electronic thermal management devices[58] - During the reporting period, the company's operating revenue increased by 30.51%, and net profit attributable to the parent company increased by 97.24%, primarily due to a favorable communication industry market, new business expansion, and internal cost reduction and efficiency improvement measures[67] - The company actively expands the application of its existing products in high-computing power fields such as the ICT industry, consumer electronics, and artificial intelligence, seeking new growth points[67] (I) Industry Development Overview The ICT industry continues its digital, intelligent, and integrated trends, with significant advancements in 5G-A deployment, 6G R&D, AI, and new energy vehicles - The ICT information and communication industry continues its digital, intelligent, and integrated development trends, maintaining steady overall growth[30] - The data center and optical module industry exhibits "green, high-speed, and globalized" characteristics, with 800G optical modules becoming market leaders and 1.6T technology achieving breakthroughs[40] - The artificial intelligence industry is experiencing explosive market growth, with the global AI market size expected to reach 390.91 billion US dollars in 2025, and China's industry scale projected to reach 398.5 billion yuan[45] - New energy vehicle production and sales reached 6.968 million units and 6.937 million units respectively, growing by 41.4% and 40.3% year-on-year, driving strong demand for thermal management materials and devices[52][53] 1. ICT Information and Communication Industry The communication industry maintains stable growth with policy support for 5G-A and 6G, while data centers and optical modules see rapid development, with 800G modules dominating - As of the end of June 2025, the total number of 5G base stations nationwide reached 4.549 million, a net increase of 298,000 from the end of last year, accounting for 35.7% of all mobile base stations[33] - Operators are accelerating 5G-A upgrades, with China Mobile planning to invest nearly 10 billion yuan to expand 5G-A wireless network AI application deployment, achieving intelligent transformation of over 400,000 base stations[36] - In Q2 2025, global optical module sales increased by 10% quarter-on-quarter, with 800G modules contributing over 70% of the increment[41] - Leading companies have sampled 1.6T silicon optical modules to customers like Amazon and Meta, with small-batch shipments expected in the second half of 2025[43] 2. Related Industries The AI industry is experiencing explosive growth, driven by large model iterations and humanoid robot commercialization, while consumer electronics and new energy vehicles also show strong growth - In 2025, the global AI market size is expected to reach 390.91 billion US dollars, a year-on-year increase of over 20%; China's AI industry scale is projected to reach 398.5 billion yuan, with patents accounting for as high as 60%[45] - The commercialization inflection point for humanoid robots is emerging, with Tesla planning to mass-produce 10,000 Optimus units in 2025, and domestic leading enterprises accelerating their deployment[46] - In the first half of 2025, China's automobile production and sales reached 15.621 million units and 15.653 million units respectively, increasing by 12.5% and 11.4% year-on-year[49] - The global heat pipe and vapor chamber market sizes are expected to reach 3.776 billion US dollars and 1.197 billion US dollars respectively in 2025, with compound annual growth rates of 6.17% and 14.20%[54] (II) Company's Main Business The company is a polymer material communication equipment component supplier, offering RF and wave-transparent protection devices, EMI and IP protection devices, and electronic thermal management solutions - The company primarily provides RF and wave-transparent protection devices, EMI and IP protection devices, and electronic thermal management devices to major communication equipment manufacturers[58] - The company offers comprehensive component solutions, including early-stage R&D design involvement, mid-stage product development, late-stage manufacturing, and final product verification[58] - The company is committed to becoming a global leader in thermal management and electromagnetic compatibility solutions[58] (III) Company's Main Products The company's product portfolio includes RF and wave-transparent protection devices, EMI and IP protection devices, and electronic thermal management devices, widely used across various high-tech sectors - RF and wave-transparent protection devices include radomes, antenna vibrators, precision insert molding, and waterproof breathable valves, applied in communication, aerospace, smart transportation, and consumer electronics[59] - EMI and IP protection devices provide electromagnetic shielding and environmental sealing solutions in various forms, suitable for communication, smart transportation, consumer electronics, medical equipment, and aerospace[60][61] - Electronic thermal management devices offer "one-stop" thermal management solutions, covering thermal interface materials and liquid cooling devices, widely used in high-power density equipment for communication, data centers, AI, and new energy vehicles[62][63][64][65] (IV) Company's Main Business Model The company operates with independent R&D, procurement, production, and sales models, actively engaging in product design, optimizing supply chains, and expanding markets - The company operates with independent R&D, procurement, production, and sales business models, closely following industry technological developments and trends, and actively participating in downstream product design and R&D[66] - The company fully implements a lean production model, builds automated, intelligent, and digital factory benchmarks, and actively and orderly expands domestic and international markets[66] (V) Company's Performance Drivers Performance growth is driven by increased orders from a favorable communication market, expansion into high-computing power applications, and internal cost reduction and efficiency improvement initiatives - A favorable communication industry market led to increased demand for new products and projects from downstream customers, resulting in a slight increase in communication component product orders[67] - The company actively expands the application of its existing products in high-computing power fields such as the ICT industry, consumer electronics, and artificial intelligence, broadening its business scope and seeking new growth points[67] - The company vigorously promotes internal cost reduction and efficiency improvement through measures such as introducing automated equipment, optimizing production processes, improving material utilization, and implementing digital office solutions[67] 2. Company's Production, Operations, and Investment Projects During the reporting period, the company's communication equipment component production and sales increased, with operating revenue growing by 29.62% to 180.55 million yuan and gross margin improving to 41.10% Communication Equipment Component Production and Operation | Indicator | Current Reporting Period | Prior Year | Change | | :--- | :--- | :--- | :--- | | Capacity (units) | 252,594,051 | 245,944,454 | Growth | | Production (units) | 49,659,354 | 33,955,276 | Growth | | Sales (units) | 60,777,309 | 39,601,990 | Growth | | Operating Revenue (yuan) | 180,551,970.77 | 139,298,238.76 | 29.62% | | Gross Margin | 41.10% | 38.70% | 2.4% | - The growth in production and sales is primarily due to a favorable communication industry market and increased demand for new products and projects from downstream customers[68] - The company actively expands the application of its existing products in high-computing power fields such as the ICT industry, consumer electronics, and artificial intelligence, broadening its business scope[69] Core Competitiveness Analysis The company's core competitiveness stems from its strong R&D capabilities, extensive customer base, market expansion, customized services, first-mover advantage, cost control, rapid response, and comprehensive service offerings - The company holds 264 patents (including 68 invention patents), demonstrating extensive technological reserves in communication equipment components[69] - The company supplies products and services to globally renowned communication equipment manufacturers such as Ericsson, Nokia, ZTE, and Samsung, maintaining long-term partnerships with leading enterprises like Jabil and Flex[72] - The company actively enters emerging high-computing power industries like data centers, AI, consumer electronics, and new energy vehicles, securing bulk orders from leading clients such as HG Genuine and iFLYTEK[73] - The company possesses a first-mover advantage, facing high entry barriers into communication equipment manufacturers' supply chains, with significant brand influence and a strong customer base[76] (I) Technological R&D Advantage With over two decades in mobile communication, the company boasts 264 patents and continuous R&D investment in advanced thermal management and antenna vibrator technologies - As of June 30, 2025, the company holds 264 patents, including 68 invention patents (1 US patent, 1 Korean patent)[69] - The company's thermal interface material products, such as insulated ultra-high thermal conductivity pads (thermal conductivity up to 15W/m·K) and high-K thermal gels (thermal conductivity up to 12W/m·K), provide core thermal management solutions for cutting-edge fields like AI computing platforms, humanoid robots, and high-speed optical modules[70] - The company increases R&D investment in antenna vibrator products, deploying key equipment like test anechoic chambers and passive intermodulation analyzers, laying the foundation for future antenna integration and component products[71] (II) Customer Resource Advantage The company maintains deep collaborations with global communication giants like Ericsson and Nokia, serving as a primary supplier, and has stable partnerships with other renowned domestic and international enterprises - The company holds a leading technological position and a strong customer structure within the ICT sector's supply chain system[72] - The company currently supplies products and services to globally renowned communication equipment manufacturers such as Ericsson, Nokia, ZTE, and Samsung, being a primary supplier for Ericsson and Nokia[72] - The company maintains long-term stable cooperation with well-known domestic and international enterprises like Jabil, Flex, Foxconn, and Polarium[72] (III) Market Expansion Advantage Leveraging specialized technology and diverse channels, the company has successfully entered emerging high-computing power sectors, securing bulk orders from leading clients and initiating collaborations in new energy vehicles and data storage - The company has established metal technology and precision molding subsidiaries to deeply explore metal heat dissipation and mold development fields[73] - The company actively enters emerging high-computing power industries like data centers, artificial intelligence, consumer electronics, and new energy vehicles, securing bulk orders from leading clients such as HG Genuine and iFLYTEK[73] - In the new energy vehicle sector, the company has earned high recognition from benchmark enterprises like Sanhua, Fute, and Joyson; in data storage, it has initiated preliminary cooperation with emerging companies like ScaleFlux and Demingli[73] (IV) Customized Service Advantage Leveraging its technical expertise, the company rapidly understands client needs, providing tailored solutions from product design to functional configuration and appearance customization, meeting high-performance requirements - The company can quickly and deeply understand customer needs and provide tailored service solutions[75] - The company collaborates with customer R&D teams for targeted design and development, offering services such as product design, functional configuration, and appearance customization[75] - The company provides end-to-end services from design to integration, meeting performance requirements such as high thermal conductivity and lightweight design[75] (V) First-Mover Advantage The company's early market entry and technical accumulation have established a strong industry knowledge base, brand influence, and customer foundation, ensuring a leading position in a competitive market - Communication equipment manufacturers have high requirements for suppliers, with stringent entry barriers into their supply chain systems[76] - Through early in-depth market research and technological accumulation, the company has established a profound industry knowledge base and rich practical experience[76] - The company's brand influence and customer base hold significant advantages within the industry, ensuring its leading position in market competition[76] (VI) Cost Control Advantage Adhering to lean management, the company minimizes costs through optimized supply chain management, enhanced production efficiency, and advanced technological solutions, offering competitive pricing - The company emphasizes cost control and financial management, adhering to lean management principles, with strict budgeting and monitoring for every investment[77] - Cost minimization is achieved through optimized supply chain management, improved production efficiency, and the adoption of advanced technological solutions[77] - The company implements flexible and precise procurement strategies, promotes automation and digital transformation, and continuously enhances cost-effectiveness[77] (VII) Rapid Response Advantage With extensive client collaboration experience, the company has established efficient communication and flexible service processes, enabling swift responses to market dynamics and customer needs - The company has established efficient communication mechanisms and flexible service processes, enabling it to capture market dynamics and customer needs at the earliest opportunity[78] - The company's team can quickly mobilize to ensure prompt and effective resolution of customer inquiries, technical support, or emergency situations[78] (VIII) Comprehensive Service Advantage Leveraging over two decades of industry experience and technical expertise, the company provides customer-oriented, technology-driven, one-stop comprehensive solutions, ensuring leading service quality through continuous innovation - The company possesses over two decades of industry experience and technological accumulation, with a profound understanding of industry technology trends and communication products and components[79] - The company provides one-stop comprehensive solutions, driven by technological R&D and guided by customer needs[79] - The company ensures its service quality remains industry-leading through continuous service innovation and process optimization[79] Main Business Analysis During the reporting period, the company's operating revenue increased by 30.51% due to a favorable communication market and new business expansion, with all major product categories showing improved gross margins Key Financial Data Year-on-Year Changes | Project | Current Reporting Period (yuan) | Prior Year (yuan) | Year-on-Year Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 203,522,053.28 | 155,938,695.39 | 30.51% | Primarily due to a favorable communication industry market in the first half of the year and new business expansion | | Operating Cost | 127,296,013.08 | 97,259,622.53 | 30.88% | Primarily due to operating costs increasing in line with operating revenue growth | | Income Tax Expense | 3,936,752.11 | 2,763,120.62 | 42.47% | Primarily due to increased operating revenue and total profit during the reporting period | | Net Cash Flow from Investing Activities | -7,311,864.65 | -26,867,778.13 | 72.79% | Primarily due to a decrease in cash paid for investments during the reporting period | Products or Services Accounting for Over 10% of Revenue | Project | Operating Revenue (yuan) | Operating Cost (yuan) | Gross Margin (%) | Operating Revenue Year-on-Year Change (%) | Operating Cost Year-on-Year Change (%) | Gross Margin Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | RF and Wave-Transparent Protection Devices | 102,863,439.56 | 72,145,927.28 | 29.86% | 33.41% | 27.34% | 3.34% | | EMI and IP Protection Devices | 39,010,663.21 | 21,954,280.42 | 43.72% | 45.43% | 34.51% | 4.57% | | Electronic Thermal Management Devices | 38,677,868.00 | 12,241,391.16 | 68.35% | 9.34% | -1.35% | 3.43% | - During the reporting period, the company's R&D investment amounted to 16.13 million yuan, securing 9 new patent authorizations, including 2 invention patents (1 Korean patent) and 7 utility model patents[85] - The company's main R&D projects include millimeter-wave radome rapid prototyping technology, radome lightweight molding technology, low thermal resistance non-silicone based thermal grease, 3D phase change heat sink technology, carbon fiber series oriented thermal pads, boron nitride series oriented thermal pads, shielding materials with wave-absorbing functions, coating-type shielding materials, and high thermal conductivity gels[86][88] Non-Core Business Analysis Non-core business negatively impacted total profit, primarily due to asset impairment and credit impairment, while other income and non-operating income had minor contributions Impact of Non-Core Business on Total Profit | Project | Amount (yuan) | Percentage of Total Profit (%) | Explanation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Asset Impairment | -1,055,338.92 | -2.87% | Primarily due to inventory depreciation provision in accordance with accounting policies | Yes | | Non-Operating Income | 25,063.44 | 0.07% | | No | | Non-Operating Expenses | 462,263.51 | 1.26% | Primarily external donation expenses and losses from disposal of non-current assets | No | | Credit Impairment | -1,713,568.71 | -4.65% | Primarily due to provision for doubtful accounts on accounts receivable in accordance with accounting policies | Yes | | Gains/Losses from Asset Disposal | -149,022.36 | -0.40% | | Yes | | Other Income | 661,554.77 | 1.80% | Primarily government grants received and VAT input tax deduction benefits | No | Assets and Liabilities Analysis At the end of the reporting period, total assets and net assets attributable to shareholders slightly decreased, with a notable shift in the composition of monetary funds and accounts receivable Significant Changes in Asset Composition | Project | Amount at End of Current Reporting Period (yuan) | Percentage of Total Assets (%) | Amount at End of Prior Year (yuan) | Percentage of Total Assets (%) | Change in Proportion (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 462,328,958.20 | 45.12% | 497,916,012.23 | 47.85% | -2.73% | | Accounts Receivable | 141,910,979.07 | 13.85% | 111,659,541.99 | 10.73% | 3.12% | | Construction in Progress | 85,651.63 | 0.01% | 4,763,702.82 | 0.46% | -0.45% | | Total Assets | 1,024,561,123.66 | | 1,040,548,761.43 | | -1.54% | | Net Assets Attributable to Shareholders of Listed Company | 931,077,367.91 | | 947,750,324.13 | | -1.76% | Assets and Liabilities Measured at Fair Value | Project | Beginning Balance (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | | Other Equity Instrument Investments | 500,000.00 | 500,000.00 | | Accounts Receivable Financing | 1,553,832.19 | 1,580,427.28 | | Total | 2,053,832.19 | 2,080,427.28 | - As of the end of the reporting period, 5,522,498.78 yuan of monetary funds were restricted, primarily as bill deposits[94] Investment Analysis During the reporting period, the company's total investment significantly decreased by 87.95% to 9.2438 million yuan, with 360.40 million yuan of raised funds utilized, including 120 million yuan for permanent working capital Report Period Investment Amount | Indicator | Current Reporting Period Investment Amount (yuan) | Prior Year Investment Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Investment Amount | 9,243,815.05 | 76,701,421.90 | -87.95% | - As of June 30, 2025, the company's cumulative utilized raised funds totaled 360.3999 million yuan, with 211.8826 million yuan invested in fundraising projects and 120 million yuan used for permanent replenishment of working capital[101] - The precision molding processing center project was completed on December 31, 2024, but has not yet achieved profitability due to being in the market development and production technology integration phase[106] - As of June 30, 2025, the company's balance of idle raised funds used for cash management was 80 million yuan[107] 1. Overall Situation During the reporting period, the company's total investment was 9.2438 million yuan, a significant decrease of 87.95% compared to the same period last year Report Period Investment Amount | Indicator | Current Reporting Period Investment Amount (yuan) | Prior Year Investment Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Investment Amount | 9,243,815.05 | 76,701,421.90 | -87.95% | 5. Use of Raised Funds The company's initial public offering raised 542.4439 million yuan net, with 360.3999 million yuan utilized by June 30, 2025, including 120 million yuan for permanent working capital - The company's net proceeds from its initial public offering amounted to 542.4439 million yuan[100] - As of June 30, 2025, the company's cumulative utilized raised funds totaled 360.3999 million yuan, with 211.8826 million yuan invested in fundraising projects and 120 million yuan used for permanent replenishment of working capital[101] - The precision molding processing center project was completed on December 31, 2024, but has not yet achieved profitability[106] - As of June 30, 2025, the company's balance of idle raised funds used for cash management was 80 million yuan[107] Analysis of Major Holding and Participating Companies Pinghu Allied Industrial Co, Ltd, a major subsidiary, reported 100.6803 million yuan in revenue and 19.9455 million yuan in net profit, while Allied Technology Estonia Co, Ltd was liquidated Key Financials of Major Subsidiary (Pinghu Allied Industrial Co., Ltd.) | Indicator | Amount (yuan) | | :--- | :--- | | Registered Capital | 50,000,000.00 | | Total Assets | 349,259,283.65 | | Net Assets | 215,527,907.76 | | Operating Revenue | 100,680,296.32 | | Operating Profit | 23,194,124.26 | | Net Profit | 19,945,454.29 | - Pinghu Allied achieved operating revenue of 100.6803 million yuan in this reporting period, an increase of 15.204 million yuan compared to the same period in 2024, with net profit increasing by 3.9825 million yuan and net profit margin rising by 1.14%[115] - Allied Technology Estonia Co, Ltd completed liquidation in the first half of 2025, with minimal impact on the company's overall production, operations, and performance[115] Risks Faced by the Company and Countermeasures The company faces risks in technology, global economy, overseas operations, and exchange rates, addressed by continuous R&D, market diversification, and close monitoring of international conditions - The company faces technology and product development risks due to rapid technological iteration and high requirements for new-generation communication equipment[116] - The company addresses technological risks by establishing technology centers, attracting talent, implementing incentive systems, and collaborating with universities and research institutions[117] - The complex and volatile global economic situation poses cyclical fluctuation risks to the ICT industry, potentially leading to reduced market demand and raw material price volatility[118] - The company mitigates industry fluctuation risks by expanding into high-computing power application areas such as data centers, artificial intelligence, and consumer electronics, and optimizing its customer structure[119] - The company's export revenue is primarily denominated in US dollars, making it susceptible to RMB exchange rate fluctuations that affect its overseas market competitiveness and exchange gains/losses[122] - The company reduces exchange rate risk by expanding its domestic market, increasing the proportion of domestic sales, and closely monitoring market exchange rate fluctuations to settle foreign exchange opportunistically[123] Corporate Governance, Environment, and Society This section details the company's commitment to social responsibility, including stakeholder rights, green development, and community engagement Social Responsibility The company prioritizes social responsibility, safeguarding stakeholder rights, promoting green development, and actively participating in public welfare initiatives - The company considers social responsibility a crucial foundation for development, continuously optimizing internal management mechanisms to protect the legitimate rights and interests of all stakeholders, including shareholders, employees, and partners[131] - In terms of investor rights protection, the company strictly adheres to laws and regulations, ensuring truthful, accurate, and complete information disclosure, and strives to deliver lasting and reliable returns to shareholders[131] - Regarding employee rights protection, the company strictly complies with labor laws, creating a positive working environment, offering attractive compensation, systematic training, and health examinations for employees[132] - The company actively fulfills its social responsibilities, participating in long-term public welfare activities such as poverty alleviation, education support, and community building, while strengthening environmental management to promote ecological civilization[132][133] Significant Matters This section covers the fulfillment of commitments by key stakeholders, significant related party transactions, major contracts, and other important corporate changes during the reporting period Commitments Fulfilled and Overdue Unfulfilled Commitments by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period During the reporting period, all share restriction commitments made by the company's actual controller, directors, supervisors, and senior management were fulfilled on time, with no overdue unfulfilled commitments - Pan Huanqing, Wu Jing, Lu Ping, Qian Yi, Weng Chunli, and other related parties fulfilled their share restriction commitments on time during the reporting period[135][139][141][143][147] - Some commitment terms have been fulfilled, while others are being performed normally, with no overdue unfulfilled commitments[135][139][141][143][147][149] Significant Related Party Transactions The company engaged in routine related party transactions with Pinghu Jinjiu Plastic Processing Factory, totaling 2.7071 million yuan for product procurement and material sales, within the approved annual limit Related Party Transactions Related to Daily Operations | Related Party | Related Transaction Type | Related Transaction Content | Amount in Current Period (10,000 yuan) | Approved Transaction Limit (10,000 yuan) | Exceeded Limit | | :--- | :--- | :--- | :--- | :--- | :--- | | Pinghu Jinjiu Plastic Processing Factory | Sales of Products, Goods | Sales of Materials | 75.84 | 1,000 | No | | Pinghu Jinjiu Plastic Processing Factory | Procurement of Products, Goods | Procurement of Products | 194.87 | 1,000 | No | | Total | | | 270.71 | 1,000 | No | - The company's daily related party transactions with Jinjiu Factory amounted to 2.7071 million yuan, including 758,400 yuan for material sales and 1.9487 million yuan for raw material procurement[156] - Transaction prices did not significantly differ from market reference prices[156] Significant Contracts and Their Performance During the reporting period, the company had no significant entrustment, contracting, or guarantee situations, but engaged in various leasing activities as both lessee and lessor for its operations - The company, as lessee, leased multiple office and production facilities in Shanghai, Shenzhen, Kunshan, and India[166][167] - The company, as lessor, leased properties at its Fengxian headquarters to several companies for R&D, office, training, and commercial support purposes[166][167] - During the reporting period, no leasing projects generated profit or loss exceeding 10% of the company's total profit[168] Explanation of Other Significant Matters The company completed its name change to "Shanghai Allied Industrial Group Co, Ltd" in January 2025 and increased its total share capital and registered capital to 120 million shares/yuan in June 2025 - The company's name change from "Shanghai Allied Industrial Co, Ltd" to "Shanghai Allied Industrial Group Co, Ltd" was completed with industrial and commercial registration in January 2025[172] - The company implemented its 2024 profit distribution plan, transferring 2 shares from capital reserves for every 10 shares to all shareholders, increasing total share capital from 100 million shares to 120 million shares, and registered capital from 100 million yuan to 120 million yuan[173] - The aforementioned changes in share capital and registered capital were completed with industrial and commercial registration in June 2025[174] Share Changes and Shareholder Information This section details the company's share capital changes, shareholder numbers, and the shareholding status of directors, supervisors, and senior management Share Change Overview During the reporting period, the company's total share capital increased from 100 million shares to 120 million shares due to a capital reserve transfer, affecting both restricted and unrestricted shares Share Change Overview | Project | Quantity Before Change (shares) | Increase/Decrease in This Change (＋,－) | Quantity After Change (shares) | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 66,150,000 | 11,430,000 | 77,580,000 | | 3. Other Domestic Holdings | 66,150,000 | 11,430,000 | 77,580,000 | | II. Unrestricted Shares | 33,850,000 | 8,570,000 | 42,420,000 | | III. Total Shares | 100,000,000 | 20,000,000 | 120,000,000 | - The company's total share capital changed from 100 million shares to 120 million shares, primarily due to the implementation of the 2024 profit distribution plan, which involved transferring 2 shares from capital reserves for every 10 shares to all shareholders[179] - Due to Mr. Wu Jing's resignation as director and deputy general manager, his 1.5 million tradable shares were automatically locked for six months, then unrestricted on January 31, 2025, and subsequently changed to 1.8 million shares due to the capital reserve transfer[180][181] Number of Shareholders and Shareholding Structure At the end of the reporting period, the company had 11,708 common shareholders, with Zhang Yaohua and his concerted parties holding a significant combined stake among the top ten shareholders - The total number of common shareholders at the end of the reporting period was 11,708[187] Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares Held at End of Reporting Period (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Zhang Yaohua | Domestic Natural Person | 15.00% | 18,000,000 | 18,000,000 | 0 | | Shanghai Impax Enterprise Management Center (Limited Partnership) | Domestic Non-State-Owned Legal Person | 15.00% | 18,000,000 | 18,000,000 | 0 | | Xue Wei | Domestic Natural Person | 10.20% | 12,240,000 | 12,240,000 | 0 | | Zhu Lingling | Domestic Natural Person | 7.50% | 9,000,000 | 9,000,000 | 0 | | Wu Jing | Domestic Natural Person | 6.00% | 7,200,000 | 5,400,000 | 1,800,000 | | Zhu Hong | Domestic Natural Person | 4.50% | 5,400,000 | 5,400,000 | 0 | | Pan Huanqing | Domestic Natural Person | 3.70% | 4,440,000 | 0 | 4,440,000 | | Zhang Yilu | Domestic Natural Person | 3.00% | 3,600,000 | 3,600,000 | 0 | | Lu Ping | Domestic Natural Person | 2.73% | 3,276,000 | 3,240,000 | 36,000 | | Weng Chunli | Domestic Natural Person | 1.40% | 1,680,000 | 1,620,000 | 60,000 | - Mr. Zhang Yaohua signed a "Concerted Action Agreement" with company shareholders Impax, Ms. Zhang Yilu, Mr. Zhu Hong, Ms. Zhu Lingling, and Mr. Xue Wei[187] Shareholding Changes of Directors, Supervisors, and Senior Management During the reporting period, the total shareholding of the company's directors, supervisors, and senior management increased from 45.3 million shares to 52.5792 million shares, primarily due to capital reserve transfers Shareholding Changes of Directors, Supervisors, and Senior Management | Name | Position | Shares Held at Beginning of Period (shares) | Shares Increased in Current Period (shares) | Shares Decreased in Current Period (shares) | Shares Held at End of Period (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Zhang Yaohua | Chairman | 15,000,000 | 3,000,000 | 0 | 18,000,000 | | Xue Wei | Director, General Manager | 10,200,000 | 2,040,000 | 0 | 12,240,000 | | Wu Jing | Director, Deputy General Manager | 6,000,000 | 1,200,000 | 0 | 7,200,000 | | Zhu Hong | Director | 4,500,000 | 900,000 | 0 | 5,400,000 | | Zhang Yilu | Director | 3,000,000 | 600,000 | 0 | 3,600,000 | | Qian Yi | Director | 1,200,000 | 197,200 | 214,000 | 1,183,200 | | Lu Ping | Chairman of Supervisory Board | 3,600,000 | 546,000 | 870,000 | 3,276,000 | | Weng Chunli | Supervisor | 1,800,000 | 280,000 | 400,000 | 1,680,000 | | Total | | 45,300,000 | 8,763,200 | 1,484,000 | 52,579,200 | 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 owners' equity Audit Report The company's 2025 semi-annual financial report is unaudited - The company's semi-annual financial report is unaudited[195] Financial Statements This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025 Key Data from Consolidated Balance Sheet (Period-End Balance) | Project | Amount (yuan) | | :--- | :--- | | Total Assets | 1,024,561,123.66 | | Total Liabilities | 94,977,393.89 | | Total Owners' Equity Attributable to Parent Company | 931,077,367.91 | Key Data from Consolidated Income Statement (Current Period) | Project | Amount (yuan) | | :--- | :--- | | Total Operating Revenue | 203,522,053.28 | | Total Profit | 36,818,210.03 | | Net Profit | 32,881,457.92 | | Net Profit Attributable to Parent Company Shareholders | 33,490,328.75 | | Basic Earnings Per Share (yuan/share) | 0.2791 | Key Data from Consolidated Cash Flow Statement (Current Period) | Project | Amount (yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | 24,311,932.67 | | Net Cash Flow from Investing Activities | -7,311,864.65 | | Net Cash Flow from Financing Activities | -52,007,414.51 | | Net Increase in Cash and Cash Equivalents | -35,101,221.82 | Company Basic Information Shanghai Allied Industrial Group Co, Ltd, established in June 2004 and listed in February 2023, specializes in R&D and sales of polymer materials and modified products, with Zhang Yaohua as the actual controller - The company was established in June 2004 and listed on the ChiNext board of the Shenzhen Stock Exchange on February 9, 2023[231] - As of June 30, 2025, the company's total share capital was 120 million shares, and its registered capital was 120 million yuan[231] - The actual controller is Zhang Yaohua, who, along with Zhang Yilu, Zhu Hong, Zhu Lingling, Xue Wei, and Shanghai Impax Enterprise Management Center (Limited Partnership), acts as a concerted party[231] - The company's main business is the R&D and sales of polymer materials and modified materials, with key products including RF and wave-transparent protection devices, EMI and IP protection devices, and electronic thermal management devices[231] Significant Accounting Policies and Estimates This section details the company's accounting standards, periods, functional currency, and specific policies for financial instruments, receivables, inventory, fixed assets, intangible assets, revenue recognition, government grants, and leases - The company's financial statements are prepared in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance and relevant regulations of the China Securities Regulatory Commission[233] - Financial assets are classified as measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[256] - The company applies impairment accounting for notes receivable, accounts receivable, and accounts receivable financing based on expected credit losses, categorizing them into different portfolios based on credit risk characteristics[269][271][274][277] - Fixed assets are depreciated using the straight-line method, and intangible assets are amortized over their finite useful lives[295][304] - Revenue is recognized when customers obtain control of related goods or services, with performance progress determined using either the output method or input method based on the nature of the performance obligation[316][317][318] Notes to Consolidated Financial Statements This section provides detailed disclosures of the consolidated financial statement items, including period-end and beginning balances, and changes for assets, liabilities, income, expenses, and cash flows Monetary Funds Composition | Project | Ending Balance (yuan) | Beginning Balance (yuan) | | :--- | :--- | :--- | | Cash on Hand | 10,369.78 | 3,065.25 | | Bank Deposits | 455,650,842.49 | 491,904,615.99 | | Other Monetary Funds | 6,667,745.93 | 6,008,330.99 | | Total | 462,328,958.20 | 497,916,012.23 | | Of which: Funds Deposited Overseas | 16,889,779.41 | 14,243,238.34 | Accounts Receivable and Bad Debt Provision | Project | Ending Book Balance (yuan) | Ending Bad Debt Provision (yuan) | Ending Book Value (yuan) | | :--- | :--- | :--- | :--- | | Accounts Receivable | 150,258,765.68 | 8,347,786.61 | 141,910,979.07 | | Bad Debt Provision Accrued in Current Period | 1,734,549.90 | | | Inventory Classification and Impairment Provision | Project | Ending Book Balance (yuan) | Ending Inventory Impairment Provision (yuan) | Ending Book Value (yuan) | | :--- | :--- | :--- | :--- | | Raw Materials | 24,629,326.63 | 5,623,237.63 | 19,006,089.00 | | Work in Progress | 5,920,027.97 | 223,520.89 | 5,696,507.08 | | Finished Goods | 24,372,553.24 | 3,915,540.83 | 20,457,012.41 | | Goods in Transit | 7,251,859.79 | 0 | 7,251,859.79 | | Consigned Processing Materials | 15,435.66 | 0 | 15,435.66 | | Total | 62,189,203.29 | 9,762,299.35 | 52,426,903.94 | Operating Revenue and Operating Cost | Project | Current Period Revenue (yuan) | Current Period Cost (yuan) | Prior Period Revenue (yuan) | Prior Period Cost (yuan) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 198,324,691.19 | 122,863,356.94 | 149,756,707.35 | 93,765,730.65 | | Other Business | 5,197,362.09 | 4,432,656.14 | 6,181,988.04 | 3,493,891.88 | | Total | 203,522,053.28 | 127,296,013.08 | 155,938,695.39 | 97,259,622.53 | R&D Expenses Composition | Project | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Employee Compensation | 8,947,047.59 | 9,134,488.61 | | Direct Input | 3,811,994.76 | 3,982,018.08 | | Depreciation and Amortization | 2,364,920.28 | 1,892,244.64 | | Lease Expenses | 122,490.00 | 122,490.00 | | Other | 883,395.45 | 772,449.07 | | Total | 16,129,848.08 | 15,903,690.40 | Research and Development Expenses During the reporting period, the company's total R&D expenditure was 16.13 million yuan, entirely expensed, primarily comprising employee compensation, direct inputs, and depreciation R&D Expenses Composition | Project | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Employee Compensation | 8,947,047.59 | 9,134,488.61 | | Direct Input | 3,811,994.76 | 3,982,018.08 | | Depreciation and Amortization | 2,364,920.28 | 1,892,244.64 | | Lease Expenses | 122,490.00 | 122,490.00 | | Other | 883,395.45 | 772,449.07 | | Total | 16,129,848.08 | 15,903,690.40 | | Of which: Expensed R&D Expenditure | 16,129,848.08 | 15,903,690.40 | Changes in Consolidation Scope During the reporting period, the company's consolidation scope changed due to the liquidation of Allied Technology Estonia Co, Ltd, which had minimal financial impact - The company liquidated Allied Technology Estonia Co, Ltd during the reporting period[513] - This subsidiary had no economic activities during the reporting period, so its liquidation had minimal impact on the company's overall financial performance[513] Interests in Other Entities The company holds interests in various subsidiaries, including Pinghu Allied Industrial Co, Ltd and Shanghai Allied Metal Technology Co, Ltd, engaged in manufacturing and investment across multiple countries Enterprise Group Structure (Partial Subsidiaries) | Subsidiary Name | Registered Capital | Main Operating Location | Business Nature | Shareholding Ratio (Direct) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | | Pinghu Allied Industrial Co., Ltd. | 50,000,000.00 | Zhejiang | Manufacturing | 100.00% | Investment Establishment | | Allied Enterprise Development (Shanghai) Co., Ltd. | 1,000,000.00 | Shanghai | Investment | 100.00% | Investment Establishment | | Shanghai Allied Metal Technology Co., Ltd. | 10,000,000.00 | Shanghai | Manufacturing | 70.00% | Investment Establishment | | Allied Hungary Kft. | 200,000.00 | Hungary | Manufacturing | 100.00% | Investment Establishment | - The company owns multiple wholly-owned or controlled subsidiaries, with operations spanning manufacturing and investment, located in China, Hong Kong, India, Singapore, and Hungary[514] Government Grants During the reporting period, the company recognized 609,758.82 yuan in government grants as other income, with a deferred income balance of 41,666.61 yuan related to income Government Grants Included in Current Profit/Loss | Accounting Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Other Income | 609,758.82 | 670,555.01 | Liability Items Involving Government Grants | Accounting Item | Beginning Balance (yuan) | Current Period Decrease (yuan) | Ending Balance (yuan) | Related to Asset/Income | | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 104,166.63 | 62,500.02 | 41,666.61 | Related to Income | Risks Related to Financial Instruments The company manages credit, liquidity, and market risks (including exchange rate and interest rate risks) through diversified investments, credit assessments, cash flow monitoring, and foreign currency transaction oversight - The company faces credit risk, liquidity risk, and market risk (including exchange rate risk, interest rate risk, and other price risks)[521] - The company diversifies investments and business portfolios to mitigate financial instrument risks and implements risk management policies to reduce concentration risk[522] - Credit risk primarily arises from monetary funds, notes receivable, and accounts receivable; the company controls credit risk exposure by assessing customer creditworthiness and regularly monitoring credit records[523] - Liquidity risk is managed by monitoring cash balances, rolling forecasts of cash flows, and securing commitments for backup funding[526] - Exchange rate risk primarily stems from financial assets and liabilities denominated in US dollars; the company continuously monitors foreign currency transactions to minimize foreign exchange risk[529][530] Fair Value Disclosure At the end of the reporting period, the company's total assets measured at fair value on a recurring basis amounted to 2.0804 million yuan, primarily comprising accounts receivable financing and other equity instrument investments Fair Value of Assets and Liabilities Measured at Fair Value at Period-End | Project | Level 3 Fair Value Measurement (yuan) | Total (yuan) | | :--- | :--- | :--- | | Accounts Receivable Financing | 1,580,427.28 | 1,580,427.28 | | Other Equity Instrument Investments | 500,000.00 | 500,000.00 | | Total Assets Measured at Fair Value on a Recurring Basis | 2,080,427.28 | 2,080,427.28 | Related Parties and Related Party Transactions Zhang Yaohua is the actual controller, acting in concert with other shareholders; the company engaged in related party transactions with Pinghu Jinjiu Plastic Processing Factory and provided a guarantee for UTTERLY ALLIED (INDIA) PRIVATE LIMITED - The company's actual controller is Zhang Yaohua, who, along with Zhang Yilu, Zhu Hong, Zhu Lingling, Xue Wei, and Shanghai Impax Enterprise Management Center (Limited Partnership), acts as a concerted party[536] - Other related parties include Pinghu Jinjiu Plastic Processing Factory, deemed a related party in substance, and Wu Jing, a shareholder holding over 5% of the company's shares[537] Related Party Transactions for Purchase and Sale of Goods | Related Party | Related Transaction Content | Current Period Amount (yuan) | | :--- | :--- | :--- | | Pinghu Jinjiu Plastic Processing Factory | Procurement of Products | 1,948,729.67 | | Pinghu Jinjiu Plastic Processing Factory | Sales of Materials | 758,360.06 | - The company provided a guarantee for UTTERLY ALLIED (INDIA) PRIVATE LIMITED for 14,193,600.00 yuan, which was fulfilled on May 14, 2025[542] - Key management personnel compensation for the current period amounted to 4,219,209.32 yuan, compared to 4,137,962.40 yuan in the prior period[543] Commitments and Contingencies As of the balance sheet date, the company had no significant commitments or material contingencies requiring disclosure - The company has no significant commitments[550] - The company has no material contingencies requiring disclosure[550] Notes to Parent Company Financial Statements This section details the parent company's key financial statement items, including accounts receivable, other receivables, long-term equity investments, and operating revenue and costs Parent Company Accounts Receivable and Bad Debt Provision | Project | Ending Book Balance (yuan) | Ending Bad Debt Provision (yuan) | Ending Book Value (yuan) | | :--- | :--- | :--- | :--- | | Accounts Receivable | 114,079,200.99 | 5,942,094.58 | 108,137,106.41 | | Bad Debt Provision Accrued in Current Period | 1,299,812.44 | | | Parent Company Other Accounts Receivable Composition | Nature of Item | Ending Book Balance (yuan) | Beginning Book Balance (yuan) | | :--- | :--- | :--- | | Intercompany Payables/Receivables | 133,330,000.00 | 131,330,000.00 | | Deposits and Petty Cash | 538,381.69 | 732,819.29 | | Export Tax Rebates Receivable | 719,180.29 | 980,803.03 | | Total | 134,587,561.98 | 133,043,622.32 | Parent Company Long-Term Equity Investments | Project | Ending Book Value (yuan) | Beginning Book Value (yuan) | | :--- | :--- | :--- | | Investments in Subsidiaries | 124,432,300.00 | 124,432,300.00 | | Total | 124,432,300.00 | 124,432,300.00 | Parent Company Operating Revenue and Operating Cost | Project | Current Period Revenue (yuan) | Current Period Cost (yuan) | Prior Period Revenue (yuan) | Prior Period Cost (yuan) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 154,925,884.72 | 110,130,233.47 | 119,680,051.06 | 86,821,005.81 | | Other Business | 9,868,708.27 | 8,774,922.83 | 8,449,253.59 | 7,599,341.02 | | Total | 164,794,592.99 | 118,905,156.30 | 128,129,304.65 | 94,420,346.83 | Supplementary Information This section provides supplementary financial information, including a detailed statement of non-recurring gains and losses and key metrics such as return on net assets and earnings per share Current Period Non-Recurring Gains and Losses Details | Project | Amount (yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | -193,109.06 | | Government Grants Included in Current Profit/Loss | 609,758.82 | | Other Non-Operating Income and Expenses Apart from the Above | -393,113.37 | | Less: Income Tax Impact | 9,270.72 | | Impact on Minority Interests (After Tax) | -0.53 | | Total | 14,266.20 | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share (yuan/share) | Diluted Earnings Per Share (yuan/share) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Common Shareholders of the Company | 3.50% | 0.2791 | 0.2791 | | Net Profit Attributable to Common Shareholders of the Company After Deducting Non-Recurring Gains and Losses | 3.50% | 0.2790 | 0.2790 |