美湖股份(603319) - 2025 Q2 - 季度财报

Section I Definitions This section provides definitions of key terms used throughout the report, ensuring clarity and consistent understanding of the content Definitions of Common Terms This chapter provides definitions of common terms used in the report, including company name changes, major subsidiaries and their historical names, and other key terminology, ensuring clear understanding of the report's content Definitions of Common Terms | Common Term | Definition | | :--- | :--- | | The Company/Company/Meihu Shares | Hunan Meihu Intelligent Manufacturing Co., Ltd. (formerly "Hunan JiYouPump Co., Ltd.", changed to current name in June 2024); from March 20, 2025, the company's stock abbreviation changed from "XiangYouPump" to "Meihu Shares" | | Meihu Transmission/Hengshan Gear | Hunan Meihu Intelligent Transmission Co., Ltd. (formerly "Hengshan Gear Co., Ltd.", changed to current name in June 2025), a wholly-owned subsidiary of the Company | | Jiali Machinery | Hunan Jiali Machinery Co., Ltd., a wholly-owned subsidiary of the Company | | Tengzhi Electromechanical/Meihu Changsha | Meihu Technology (Changsha) Co., Ltd. (formerly Hunan Tengzhi Electromechanical Co., Ltd., changed to current name in March 2025), a wholly-owned subsidiary of the Company | | Dongchuang Intelligent | Hunan Dongchuang Intelligent Equipment Co., Ltd., a controlled subsidiary of the Company | | Dongxingchang Technology | Dongxingchang Technology (Shenzhen) Co., Ltd., a controlled subsidiary of the Company | | XiangYouPump Hong Kong | XiangYouPump Investment (Hong Kong) Co., Ltd., a wholly-owned subsidiary of the Company | | Meihu Anhui | Anhui Meihu Machinery Technology Co., Ltd. (formerly Anhui Jiali Machinery Technology Co., Ltd., changed to current name in December 2024), a controlled subsidiary of the Company | | Suzhou Lite | Suzhou Lite Composite Materials Co., Ltd., a controlled subsidiary of the Company | | Meihu North America | Meihu Intelligent Manufacturing (North America) Co., Ltd., a controlled sub-subsidiary of the Company | | Meihu Thailand | Meihu Intelligent Manufacturing (Thailand) Co., Ltd., a controlled sub-subsidiary of the Company | | Lite Thailand | Lite Composite Materials (Thailand) Co., Ltd., a controlled sub-subsidiary of the Company | | Meihu Chongqing | Meihu Intelligent Manufacturing (Chongqing) Technology Co., Ltd., a wholly-owned subsidiary of the Company | | Landao Zhitong | Shenzhen Landao Zhitong Technology Co., Ltd., a controlled subsidiary of the Company | | Hainan Dongjiang | Hainan Dongjiang Intelligent Technology Co., Ltd., a controlled sub-subsidiary of the Company | | Jinxin Futures | Jinxin Futures Co., Ltd., an associate company of the Company | | Xinyang Bank | Hunan Hengdong Xinyang Rural Bank Co., Ltd., an associate company of the Company | | Hengdong Tekeneng | Tekeneng (Hengdong) Technology Co., Ltd., an associate company of the Company | | Huihong Machinery | Hengdong Huihong Machinery Manufacturing Co., Ltd., an enterprise controlled by a close family member of the Company's actual controller | | Secheng International | Secheng International Development Co., Ltd., a minority shareholder of Hong Kong Dongxingchang, a significant subsidiary of the Company | | Dongjia Intelligent | Hunan Dongjia Intelligent Technology Co., Ltd., an associate company and related enterprise of the Company | | CSRC | China Securities Regulatory Commission | | SSE | Shanghai Stock Exchange | | Convertible Bonds | Convertible Corporate Bonds | | Articles of Association | Articles of Association of Hunan Meihu Intelligent Manufacturing Co., Ltd. | | Reporting Period | January 1, 2025 to June 30, 2025 | | Yuan, 10,000 Yuan | RMB Yuan, RMB 10,000 Yuan | Section II Company Profile and Key Financial Indicators This section provides an overview of the company's fundamental information and key financial performance metrics for the reporting period Company Information This section provides the basic identification information for Hunan Meihu Intelligent Manufacturing Co., Ltd., including its full Chinese and English names, abbreviations, and contact details, facilitating access to company overview for investors and stakeholders Basic Company Information | Indicator | Content | | :--- | :--- | | Chinese Name | 湖南美湖智造股份有限公司 | | Chinese Abbreviation | 美湖股份 | | English Name | Hunan Meihu Intelligent Manufacturing Co., Ltd. | | English Abbreviation | MHIM | | Board Secretary | Qi Feng | | Securities Affairs Representative | Tan Xiongyi | | Contact Address | No. 69, Hengyue North Road, Chengguan Town, Hengdong County, Hengyang City, Hunan Province | | Phone | 0734-5239008 | | Fax | 0734-5239008 | | Email | hnjyb@hnjyb.com | Brief Introduction to Changes in Basic Information The company's registered address, office address, postal code, website, and email address remained unchanged during the reporting period, maintaining stability - The company's registered address, office address, postal code, website, and email address remained unchanged during the reporting period[19] Brief Introduction to Changes in Information Disclosure and Document Custody Locations The company designates "Shanghai Securities News," "China Securities Journal," and "Securities Times" as its information disclosure newspapers, with the semi-annual report published on the Shanghai Stock Exchange website and available at the company's securities department, with no changes during the reporting period - The company designates Shanghai Securities News, China Securities Journal, and Securities Times as its information disclosure newspapers[20] - The semi-annual report is published on the Shanghai Stock Exchange website (http://www.sse.com.cn) and is available at the company's securities department[20] - There were no changes in information disclosure and document custody locations during the reporting period[20] Brief Introduction to Company Stock The company's A-shares are listed and traded on the Shanghai Stock Exchange, with stock code 603319, and the stock abbreviation has changed from "XiangYouPump" to "Meihu Shares" Brief Introduction to Company Stock | Stock Type | Stock Exchange | Stock Abbreviation | Stock Code | Former Stock Abbreviation | | :--- | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange | Meihu Shares | 603319 | XiangYouPump | Company's Key Accounting Data and Financial Indicators The company's operating revenue increased by 10.74% in the first half of 2025, total profit by 12.46%, and net profit attributable to shareholders by 10.26%; however, net cash flow from operating activities decreased by 9.22%, while net assets and total assets attributable to shareholders increased by 20.09% and 4.63% respectively, with basic earnings per share remaining at 0.44 Yuan/share but weighted average return on net assets declining, and financial data retrospectively adjusted due to changes in consolidation scope Key Accounting Data (Jan-Jun) | Key Accounting Data | Current Reporting Period (Yuan) | Prior Period (Adjusted) (Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,075,038,272.99 | 970,800,372.62 | 10.74 | | Total Profit | 114,045,941.88 | 101,413,134.24 | 12.46 | | Net Profit Attributable to Shareholders of Listed Company | 101,106,247.49 | 91,690,202.56 | 10.26 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-recurring Gains and Losses | 96,372,088.72 | 78,938,484.69 | 22.09 | | Net Cash Flow from Operating Activities | 113,079,551.44 | 124,565,334.19 | -9.22 | | End of Current Reporting Period (Yuan) | End of Prior Year (Adjusted) (Yuan) | Change from End of Prior Year (%) | | Net Assets Attributable to Shareholders of Listed Company | 2,502,948,026.28 | 2,084,293,792.97 | 20.09 | | Total Assets | 4,048,138,569.39 | 3,868,937,092.64 | 4.63 | Key Financial Indicators (Jan-Jun) | Key Financial Indicators | Current Reporting Period (Jan-Jun) | Prior Period (Adjusted) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | 0.44 | 0.44 | 0.00 | | Diluted Earnings Per Share (Yuan/share) | 0.44 | 0.44 | 0.00 | | Basic Earnings Per Share After Deducting Non-recurring Gains and Losses (Yuan/share) | 0.42 | 0.38 | 10.53 | | Weighted Average Return on Net Assets (%) | 4.52 | 5.25 | Decrease of 0.73 percentage points | | Weighted Average Return on Net Assets After Deducting Non-recurring Gains and Losses (%) | 4.31 | 4.52 | Decrease of 0.21 percentage points | - Due to changes in the scope of consolidation under common control in February 2025, the company retrospectively adjusted the relevant financial data in the consolidated balance sheet, consolidated income statement, and consolidated cash flow statement for January-June 2024[25] Differences in Accounting Data Under Domestic and Overseas Accounting Standards The company states that there are no differences in net profit and net assets attributable to shareholders of the listed company in its financial reports under international accounting standards versus Chinese accounting standards, or under overseas accounting standards versus Chinese accounting standards - There are no differences in net profit and net assets attributable to shareholders of the listed company in the company's financial reports under domestic and overseas accounting standards[26] Non-recurring Gains and Losses Items and Amounts The company's total non-recurring gains and losses for the first half of 2025 amounted to 4,734,158.77 Yuan, primarily including gains and losses from disposal of non-current assets, government grants, and net profit or loss of subsidiaries from the beginning of the period to the consolidation date arising from business combinations under common control Non-recurring Gains and Losses Items and Amounts (Unit: Yuan) | Item | Amount | | :--- | :--- | | Gains and losses from disposal of non-current assets, including the reversal of impairment provisions for assets | 1,086,726.20 | | Government grants recognized in current profit or loss, excluding those closely related to the company's normal business operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss | 5,501,214.37 | | Net profit or loss of subsidiaries from the beginning of the period to the consolidation date arising from business combinations under common control | -766,022.50 | | Other non-operating income and expenses apart from the above items | -321,241.21 | | Less: Income tax impact | 796,121.42 | | Impact on minority interests (after tax) | -29,603.33 | | Total | 4,734,158.77 | Section III Management Discussion and Analysis This section provides a comprehensive analysis of the company's operational performance, financial condition, and future outlook, highlighting key achievements and challenges Explanation of the Company's Industry and Main Business Operations During the Reporting Period The company continues to implement its "energy-saving, integrated modular, electrified, new energy, and lightweight" strategy, consolidating its advantages in engine pump products while actively expanding into new businesses such as transmission oil pumps, electronic pumps, motors, planetary/harmonic reducers, embodied intelligent joint modules, and intelligent driving execution layer control systems, achieving widespread application and technological upgrades in domestic and international markets to ensure sustainable growth - The company continues to implement its strategic goals of energy-saving, integrated modular, electrified, new energy, and lightweight[30] - While continuously developing engine pump products, the company has enriched its product lines, achieving significant breakthroughs in transmission/gearbox oil pumps, electronic pumps, motors, planetary/harmonic reducers, and embodied intelligent joint modules (actuators)[30] - Actively implementing technological iteration and upgrade, and promoting application scenarios for new energy vehicle components, embodied intelligent functional components, and intelligent driving execution layer control systems[30] Company's Main Business The company's main business covers variable displacement engine pumps, automatic transmission pumps, electronic pumps, motors, embodied intelligent functional components (planetary/harmonic reducers, joint modules, powder metallurgy parts), and intelligent driving execution layer control systems, achieving significant progress in each field with a broad customer base and core technological advantages both domestically and internationally - The company is a leading enterprise in the domestic engine lubrication and cooling pump sector, with a 40% domestic market share for diesel engine oil pumps, maintaining stable double-digit growth in sales and market share[30] - The company has focused on developing and applying engine cooling and lubrication module technology, variable displacement pump technology (with over 120 related patents, reaching domestic leading and international advanced levels), and medium-to-large horsepower pump technology in its engine pump products[31] - The company's automatic transmission pump products have obtained over 40 patent technologies and achieved mass production, with the 8AT automatic transmission pump supplied to Shengrui Transmission winning the "National Science and Technology Progress First Prize"[33][34] - The company's electronic pump products cover two major categories: automotive electronic water pumps and electronic oil pumps, widely used in passenger vehicles, commercial vehicles, new energy vehicles, and hydrogen fuel cells, with a voltage range of 12V-860V and power from 20W-5000W[34] - The company's wholly-owned subsidiary Meihu Changsha and controlled subsidiary Dongxingchang Technology hold over 50 motor-related patents and 2 software copyrights, with motor products covering 18W to 1500W DC brushless motors, achieving batch supply in consumer, industrial, and automotive-grade sectors[35][36] - The company's wholly-owned subsidiary Meihu Transmission has a production capacity of 50,000 sets of precision harmonic reducers and 5 million sets of precision gears annually, with core components independently researched and produced, and plans to build a 100,000-set harmonic reducer capacity[36] - The company possesses full-process product development and mass production capabilities for embodied intelligent joint modules (actuators), with core functional components independently developed; joint modules applied in exoskeleton robots have achieved batch production and supply, and the company collaborates with several leading domestic and international robot manufacturers[37] - The company's controlled subsidiary Landao Zhitong's main businesses include L4-level autonomous driving solutions, unmanned patrol vehicles, and industrial logistics robots (AGV), with its controlled subsidiary Hainan Dongjiang conducting autonomous driving road tests and data verification[38][39] - Dongjia Intelligent, an associate company established by the company, has achieved mass production of control unit (ECU) products in both electric power steering (EPS) systems and electronic pump product lines, with thousands of units applied in low-speed closed and semi-closed scenarios[39] - The company's controlled subsidiary Suzhou Lite is engaged in R&D, production, and sales of powder metallurgy and metal injection molding technologies, and is strategically expanding into the powder metallurgy soft magnetic composite materials sector, having initiated the construction of its Suzhou Phase II and Thailand base projects[40] - The company's wholly-owned subsidiary Jiali Machinery and controlled subsidiary Anhui Meihu have developed three main new energy vehicle housing products (motor housing, electronic control housing, reducer housing), steering gear housing, and gravity low-pressure casting products, forming stable development and batch production capabilities[41] Discussion and Analysis of Operating Performance In the first half of 2025, against a backdrop of stable and improving macroeconomic conditions, the management actively responded to market changes through new technology R&D, process optimization, supply chain efficiency, and market expansion, achieving steady growth in operating revenue and net profit; new energy business revenue increased by 19.82%, accounting for 21.88% of total revenue, demonstrating continuous progress in the company's "electrification, intelligence, and energy-saving" strategy, while also optimizing internal control systems, promoting digital intelligent manufacturing, and steadily advancing overseas factory construction Comparison of Key Accounting Data for H1 2025 with Prior Period | Indicator | Current Reporting Period (Jan-Jun) (Yuan) | Prior Period (Adjusted) (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,075,038,272.99 | 970,800,372.62 | 10.74 | | Total Profit | 114,045,941.88 | 101,413,134.24 | 12.46 | | Net Profit Attributable to Shareholders of Listed Company | 101,106,247.49 | 91,690,202.56 | 10.26 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-recurring Gains and Losses | 96,372,088.72 | 78,938,484.69 | 22.09 | | Net Cash Flow from Operating Activities | 113,079,551.44 | 124,565,334.19 | -9.22 | | Net Assets Attributable to Shareholders of Listed Company | 2,502,948,026.28 | 2,084,293,792.97 | 20.09 | | Total Assets | 4,048,138,569.39 | 3,868,937,092.64 | 4.63 | - New energy business achieved revenue of 231,898,087.68 Yuan, a 19.82% year-on-year increase, accounting for 21.88% of the company's total revenue, an increase of 1.76 percentage points year-on-year[42] - The company continues to intensify R&D efforts for new technologies and products, establishing a product matrix covering fuel, hybrid, pure electric, and hydrogen fuel power, with variable displacement pump technology being one of its core advantages[42] - The company continues to transform its digital intelligent manufacturing system, with over 80 automated production lines of various types, and its intelligent manufacturing workshop has become a national-level demonstration workshop for intelligent pump manufacturing[43] - The company is actively advancing the construction of its Thailand production base, leveraging overseas production bases to expand into global markets[44] Analysis of Core Competitiveness During the Reporting Period The company's core competitiveness is reflected in its profound brand heritage, strong R&D capabilities (with 523 patents, including 144 invention patents), synchronous development advantages with OEMs and robot manufacturers, stringent quality management system, full-process manufacturing capabilities, and extensive domestic and international customer resources, all of which collectively support its market leadership and continuous innovation - The company has over 40 years of industry experience, establishing a strong brand image, winning multiple national and provincial new product awards, and holding honors such as "China Well-known Trademark" and "Hunan Province Famous Brand Product"[45] - The company possesses a comprehensive R&D system and a high-caliber R&D team (over 400 technical personnel, more than 10 professor-level technical consultants), holding 523 patents, including 144 invention patents, with core technologies reaching domestic leading and international advanced levels[46][49] - The company is one of the earliest in the industry to achieve synchronous design and development with OEMs, entering the international advanced industry through advanced tools and a comprehensive system, enabling synchronous development with automotive OEMs and robot manufacturers[47][48] - The company strictly adheres to quality management systems such as IATF16949 and ISO9001 for R&D, manufacturing, and supply chain processes, establishing a standardized quality improvement system and a comprehensive after-sales service system[50][51] - The company has strategically deployed key production stages across the entire manufacturing process for engine pump products, mastering the full manufacturing flow, and possessing strong cost control and customized product delivery capabilities[52][53] - The company has established long-term stable strategic partnerships with major domestic and international OEMs such such as Cummins, Yuchai, Weichai Power, China National Heavy Duty Truck, Toyota, Nissan, Daimler-Benz, and Volkswagen, and has developed over ten leading robot customers in the field of embodied intelligent functional components[54] Major Operating Performance During the Reporting Period This chapter provides a detailed analysis of the company's major operating performance in the first half of 2025, including reasons for changes in financial statement items, a detailed analysis of asset and liability status, and investment activities; the increase in operating revenue and costs was primarily due to the expanded scope of consolidation, while financial expenses decreased due to increased interest income and exchange gains/losses; in terms of assets, monetary funds and total assets both increased, while trading financial assets and bonds payable significantly decreased due to redemption and conversion; the company undertook factory construction in Mexico and Thailand and made several significant equity and non-equity investments Analysis Table of Changes in Financial Statement Items The increase in the company's operating revenue and operating costs in the first half of 2025 was mainly due to the expanded scope of consolidation; selling expenses decreased due to lower business entertainment expenses, while administrative and R&D expenses increased due to the expanded scope of consolidation; financial expenses decreased primarily due to increased interest income and exchange gains/losses; net cash flow from operating activities decreased due to the expanded scope of consolidation, net cash flow from investing activities significantly increased due to the recovery of external wealth management and other investments, and net cash flow from financing activities turned into a net outflow due to decreased financing amounts Analysis of Changes in Financial Statement Items (Unit: Yuan) | Item | Current Period Amount | Prior Period Amount | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,075,038,272.99 | 970,800,372.62 | 10.74 | Mainly due to increased scope of consolidation in current period compared to prior period | | Operating Cost | 802,621,874.87 | 725,577,060.60 | 10.62 | Mainly due to increased scope of consolidation in current period compared to prior period | | Selling Expenses | 18,300,604.67 | 24,386,001.45 | -24.95 | Mainly due to decrease in business entertainment expenses | | Administrative Expenses | 48,146,701.53 | 43,103,544.05 | 11.70 | Mainly due to increased scope of consolidation | | Financial Expenses | 11,252,858.40 | 16,056,134.25 | -29.92 | Mainly due to increased interest income and impact of exchange gains/losses | | R&D Expenses | 74,407,400.82 | 61,032,223.77 | 21.91 | Mainly due to increased scope of consolidation | | Net Cash Flow from Operating Activities | 113,079,551.44 | 124,565,334.19 | -9.22 | Mainly due to increased scope of consolidation compared to prior period | | Net Cash Flow from Investing Activities | 61,613,362.44 | -202,318,974.35 | 130.45 | Mainly due to recovery of external wealth management and other investments in current period | | Net Cash Flow from Financing Activities | -45,763,023.26 | 691,437,623.93 | -106.62 | Mainly due to decrease in financing amount in current period | Analysis of Assets and Liabilities The company's monetary funds at the end of the period increased by 26.36% to 642 million Yuan, primarily due to sales collections; trading financial assets significantly decreased by 86.65% due to wealth management redemptions; notes payable surged by 335.82% due to new bank acceptances; bonds payable were cleared due to convertible bond conversions; deferred income tax liabilities also decreased by 51.40% due to convertible bond conversions; overseas assets accounted for 2.33% of total assets, with factory construction undertaken in Mexico and Thailand; total restricted assets at period-end amounted to 107 million Yuan Changes in Assets and Liabilities (Unit: Yuan) | Item Name | End of Current Period Amount | Percentage of Total Assets at End of Current Period (%) | End of Prior Year Amount | Percentage of Total Assets at End of Prior Year (%) | Change from End of Prior Year (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 641,949,227.85 | 15.86 | 508,018,410.91 | 13.13 | 26.36 | Mainly due to sales collections | | Trading Financial Assets | 12,050,000.00 | 0.30 | 90,230,035.23 | 2.33 | -86.65 | Mainly due to redemption of wealth management products in current period | | Prepayments | 35,822,436.80 | 0.62 | 23,912,980.35 | 0.62 | 49.80 | Mainly due to increased prepayments for purchases | | Other Current Assets | 36,321,709.99 | 0.90 | 55,804,511.41 | 1.44 | -34.91 | Mainly due to maturity and redemption of wealth management products | | Investments in Other Equity Instruments | 3,500,000.00 | 0.09 | 1,000,000.00 | 0.03 | 250.00 | Mainly due to new external investments in current period | | Right-of-Use Assets | 6,380,983.29 | 0.16 | 13,341,710.33 | 0.34 | -52.17 | Mainly due to amortization | | Notes Payable | 94,201,100.80 | 2.33 | 21,614,800.00 | 0.56 | 335.82 | Mainly due to new bank acceptances | | Employee Benefits Payable | 21,128,993.27 | 0.52 | 32,804,956.29 | 0.85 | -35.59 | Mainly due to payment of year-end bonuses in current period | | Taxes Payable | 6,381,820.46 | 0.16 | 9,304,629.42 | 0.24 | -31.41 | Mainly due to tax payments | | Other Payables | 12,544,375.02 | 0.31 | 18,011,132.95 | 0.47 | -30.35 | Mainly due to decrease in other payables due to repurchase of restricted shares | | Bonds Payable | 0 | 0 | 307,848,924.19 | 7.96 | -100.00 | Mainly due to decrease from convertible bond conversion | | Deferred Income Tax Liabilities | 11,934,889.82 | 0.29 | 24,378,487.81 | 0.63 | -51.40 | Mainly due to decrease in deferred income tax liabilities recognized from convertible bond conversion | - Overseas assets amounted to 94,173,900.44 Yuan, accounting for 2.33% of total assets[59] - During the reporting period, the company undertook factory construction in Mexico and Thailand[60] Major Restricted Assets at End of Reporting Period (Unit: Yuan) | Item | Book Balance at Period-End | Book Value at Period-End | Type of Restriction | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 28,500,976.49 | 28,500,976.49 | Other | Deposits of 28,210,365.3 Yuan and long-dormant accounts and other funds of 290,611.19 Yuan | | Fixed Assets | 74,542,246.40 | 53,834,156.44 | Mortgage | Provided as mortgage collateral for financing | | Investment Properties | 3,571,161.89 | 2,399,817.94 | Mortgage | Provided as mortgage collateral for financing | | Total | 106,614,384.78 | 84,734,950.87 | / | / | Analysis of Investment Status The company in the reporting period made several significant investments, including a 150 million Yuan capital increase to its wholly-owned subsidiary Meihu Changsha for new energy electronic pump and high-efficiency energy-saving brushless motor projects, and a 200 million Yuan investment to establish Meihu Intelligent Manufacturing (Chongqing) Technology Co., Ltd. for building a western production and R&D base; additionally, the company invested raised funds and its own capital in the new energy electronic pump intelligent manufacturing project and the automotive parts lightweight precision processing project - The company increased capital by 150 million Yuan to its subsidiary Meihu Changsha for the construction of the "Annual Production of 3.5 Million New Energy Electronic Pumps Intelligent Manufacturing Project", "High-Efficiency Energy-Saving Brushless Motor Project", and "Enterprise Technology Center Upgrade Project"[63][65] - The company invested 200 million Yuan (Phase I investment) to build the Meihu Intelligent Manufacturing Western Production and R&D Base Project, establishing Meihu Intelligent Manufacturing (Chongqing) Technology Co., Ltd. as the project implementation entity[64][65] - The company invested 33.8548 million Yuan of raised funds in the "Annual Production of 3.5 Million New Energy Electronic Pumps Intelligent Manufacturing Project" during the current period[66] - The company invested 30.3129 million Yuan of its own funds in the "Automotive Parts Lightweight Precision Processing Project (Phase I)" during the current period[66] Analysis of Major Controlled and Associate Companies This chapter analyzes the financial status of the company's major controlled and associate subsidiaries, with Suzhou Lite Composite Materials Co., Ltd. showing outstanding performance in operating profit and net profit; during the reporting period, the company acquired Shenzhen Landao Zhitong Technology Co., Ltd. and Hainan Dongjiang Intelligent Technology Co., Ltd. through business combinations under common control, established Meihu Intelligent Manufacturing (Chongqing) Technology Co., Ltd., and transferred equity in Taicang Chenghong Precision Mold Technology Co., Ltd., with these changes having a minor impact on the company's overall production, operations, and performance Financial Data of Major Subsidiaries (Unit: 10,000 Yuan) | Company Name | Company Type | Main Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Meihu Transmission | Subsidiary | Gears, Reducers | 5,000.00 | 25,214.81 | 14,840.94 | 6,820.32 | -177.18 | -100.43 | | Jiali Machinery | Subsidiary | Aluminum Die Castings | 6,000.00 | 34,291.85 | 12,297.98 | 13,783.58 | -9.41 | 46.62 | | Dongxingchang Technology | Subsidiary | Motors | 4,000.00 | 15,120.72 | 3,868.70 | 9,801.90 | 102.61 | 119.23 | | Suzhou Lite | Subsidiary | Powder Metallurgy Parts | 3,536.93 | 15,990.48 | 11,490.01 | 9,939.58 | 1,088.35 | 1,016.32 | - During the reporting period, the company acquired Shenzhen Landao Zhitong Technology Co., Ltd. and Hainan Dongjiang Intelligent Technology Co., Ltd. through business combinations under common control, established Meihu Intelligent Manufacturing (Chongqing) Technology Co., Ltd., and transferred equity in Taicang Chenghong Precision Mold Technology Co., Ltd., with these changes having a minor impact on overall production, operations, and performance[68] Other Disclosure Matters The company faces multiple risks, including demand fluctuations in the downstream automotive parts industry, competitive pressure from new technologies and products, rising raw material and labor costs, and deteriorating international trade conditions, exchange rate fluctuations, and changes in tariff policies, all of which could adversely affect its future operating performance - The company's operating performance is highly correlated with the prosperity of downstream industries such as medium and heavy-duty trucks, passenger vehicles, construction machinery, and marine power, and fluctuations in downstream demand may adversely affect the company's operating revenue and profit levels[68] - The automotive industry is highly competitive, and the company faces the risk of replacement by new technologies and products; if its synchronous development and supporting production capabilities fail to meet OEM requirements, it may adversely affect its production and operations[69] - The prices of the company's main raw materials (gears, aluminum ingots, pig iron, steel, etc.) fluctuate significantly, and costs such as logistics, transportation, and labor continue to rise, directly impacting the company's profits[69] - Affected by geopolitical tensions, escalating international trade frictions, and other factors, the continuous deterioration of international trade policies, tariffs, export restrictions, or other trade barriers may adversely affect the implementation of the company's overseas order projects and its expansion into overseas markets[69][70] Section IV Corporate Governance, Environment, and Society This section details the company's governance structure, including changes in key personnel, profit distribution plans, and employee incentive measures, alongside its environmental and social responsibilities Changes in Directors, Supervisors, and Senior Management During the reporting period, there were changes in the company's board of directors and senior management, with Qin Qiao and She Xiaomei elected as directors, Jiang Sha resigning as board secretary, and Qi Feng appointed as the new board secretary Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Change Type | | :--- | :--- | :--- | | Qin Qiao | Director | Election | | She Xiaomei | Director | Election | | Jiang Sha | Board Secretary | Resignation | | Qi Feng | Board Secretary | Appointment | - On January 24, 2025, the company's general meeting of shareholders elected Qin Qiao and She Xiaomei as directors[73] - On July 30, 2025, Mr. Jiang Sha resigned from his position as Board Secretary, and the company's Board of Directors appointed Mr. Qi Feng as the new Board Secretary[73] Profit Distribution or Capital Reserve Conversion Plan The company's board of directors resolved not to carry out profit distribution or capital reserve conversion into share capital for the current reporting period - No profit distribution or capital reserve conversion into share capital will be carried out for the current reporting period[6][74] Status and Impact of Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures Due to the failure to meet performance targets for the third vesting period of the 2022 restricted stock incentive plan, the company's board of directors resolved to repurchase and cancel 533,052 restricted shares that had been granted but not yet vested - The company's 2022 restricted stock incentive plan's third vesting period performance targets were not met[75] - The company will repurchase and cancel a total of 533,052 restricted shares corresponding to the performance year's exercisable shares for all incentive recipients[75] Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law The company is not applicable to the situation of enterprises required to disclose environmental information by law during the current reporting period - Not applicable to the situation of enterprises required to disclose environmental information by law[77] Specific Information on Consolidating and Expanding Poverty Alleviation Achievements, Rural Revitalization, etc. The company is not applicable to the disclosure of specific information on consolidating and expanding poverty alleviation achievements, rural revitalization, and other related work during the current reporting period - Not applicable to the disclosure of specific information on consolidating and expanding poverty alleviation achievements, rural revitalization, and other related work[77] Section V Significant Matters This section outlines key events and issues impacting the company, including commitments, related-party transactions, and other material disclosures Fulfillment of Commitments The company's controlling shareholder, actual controller, their related shareholders, and directors, supervisors, and senior management strictly fulfilled all commitments during the reporting period, including share lock-up, resolution of horizontal competition, resolution of related-party transactions, and measures to mitigate dilution of immediate returns, with no violations of commitments - The company's controlling shareholder, actual controller, their related shareholders, and directors, supervisors, and senior management strictly fulfilled their share lock-up commitments during the reporting period[79] - Controlling shareholder and actual controller Xu Zhongqiu and his related shareholders Xu Wenhui and Liu Yaqi committed to resolving horizontal competition, and have strictly fulfilled this commitment[79] - Major shareholders Xu Zhongqiu and Xu Wenhui committed to resolving related-party transactions, and have strictly fulfilled this commitment[80] - The controlling shareholder, actual controller, their concerted parties, and directors and senior management committed to effectively implementing measures to mitigate the dilution of immediate returns, and have strictly fulfilled this commitment[80] Non-operating Fund Occupation by Controlling Shareholder and Other Related Parties During the Reporting Period During the reporting period, there was no non-operating occupation of funds by the controlling shareholder or other related parties of the company - During the reporting period, there was no non-operating occupation of funds by the controlling shareholder or other related parties of the company[8] Illegal Guarantees During the reporting period, the company did not provide external guarantees in violation of prescribed decision-making procedures - During the reporting period, the company did not provide external guarantees in violation of prescribed decision-making procedures[8] Semi-Annual Report Audit Status This semi-annual report has not been audited - This semi-annual report has not been audited[5] Changes and Handling of Matters Related to Non-Standard Audit Opinions in the Prior Year's Annual Report During the current reporting period, there were no changes or handling of matters related to non-standard audit opinions in the prior year's annual report - During the current reporting period, there were no changes or handling of matters related to non-standard audit opinions in the prior year's annual report[82] Bankruptcy and Reorganization Related Matters During the current reporting period, the company had no bankruptcy and reorganization related matters - During the current reporting period, the company had no bankruptcy and reorganization related matters[82] Significant Litigation and Arbitration Matters During the current reporting period, the company had no significant litigation or arbitration matters - During the current reporting period, the company had no significant litigation or arbitration matters[82] Listed Company and Its Directors, Supervisors, Senior Management, Controlling Shareholder, Actual Controller Suspected of Violations, Penalties, and Rectification During the current reporting period, the company and its directors, supervisors, senior management, controlling shareholder, and actual controller were not suspected of any violations, subject to penalties, or undergoing rectification - During the current reporting period, the company and its directors, supervisors, senior management, controlling shareholder, and actual controller were not suspected of any violations, subject to penalties, or undergoing rectification[82] Explanation of the Integrity Status of the Company and Its Controlling Shareholder, Actual Controller During the Reporting Period During the current reporting period, the integrity status of the company and its controlling shareholder and actual controller was good, with no matters requiring explanation - During the current reporting period, the integrity status of the company and its controlling shareholder and actual controller was good, with no matters requiring explanation[82] Significant Related-Party Transactions During the current reporting period, the company had no related-party transactions related to daily operations, asset acquisitions or equity acquisitions/disposals, significant joint external investments, or related-party creditor-debtor relationships that were not disclosed in temporary announcements - During the current reporting period, the company had no related-party transactions related to daily operations that were not disclosed in temporary announcements[84] - During the current reporting period, the company had no related-party transactions involving asset acquisitions or equity acquisitions/disposals that were not disclosed in temporary announcements[84] - During the current reporting period, the company had no significant related-party transactions involving joint external investments that were not disclosed in temporary announcements[85] - During the current reporting period, the company had no related-party creditor-debtor relationships that were not disclosed in temporary announcements[85] Significant Contracts and Their Performance The company in the reporting period had external guarantees and guarantees for subsidiaries totaling 121.2276 million Yuan, accounting for 4.84% of the company's net assets, of which 36.2276 million Yuan was for related parties; all guarantees were not overdue Company's External Guarantees (Excluding Guarantees for Subsidiaries) (Unit: 10,000 Yuan) | Guarantor | Relationship between Guarantor and Listed Company | Guaranteed Party | Guaranteed Amount | Guarantee Date (Agreement Signing Date) | Guarantee Start Date | Guarantee End Date | Guarantee Type | Main Debt Status | Collateral (if any) | Is Guarantee Fulfilled | Is Guarantee Overdue | Overdue Guarantee Amount | Counter-Guarantee Status | Is it a Related-Party Guarantee | Related-Party Relationship | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Company Headquarters | Company Headquarters | Dongjia Intelligent | 4,300.00 | 2022/3/3 | 2022/3/3 | 2032/1/28 | Joint and Several Liability Guarantee | Loan Balance 2,622.76 10,000 Yuan | None | No | No | - | Controlling shareholder provides equivalent joint and several liability counter-guarantee | Yes | Associate Company | | Company Headquarters | Company Headquarters | Dongjia Intelligent | 1,000.00 | 2022/9/27 | 2022/9/27 | 2026/9/26 | Joint and Several Liability Guarantee | Loan Balance 1,000.00 10,000 Yuan | None | No | No | - | Controlling shareholder provides equivalent joint and several liability counter-guarantee | Yes | Associate Company | Company's Total Guarantee Status (Unit: 10,000 Yuan) | Indicator | Amount | | :--- | :--- | | Total Guarantee Amount Incurred During Reporting Period (Excluding Guarantees for Subsidiaries) | 0 | | Total Guarantee Balance at End of Reporting Period (A) (Excluding Guarantees for Subsidiaries) | 3,622.76 | | Total Guarantee Amount for Subsidiaries Incurred During Reporting Period | 2,000.00 | | Total Guarantee Balance for Subsidiaries at End of Reporting Period (B) | 8,500.00 | | Total Guarantee Amount (A+B) | 12,122.76 | | Percentage of Total Guarantee Amount to Company's Net Assets (%) | 4.84 | | Of which: Amount of Guarantees Provided for Shareholders, Actual Controllers, and Their Related Parties (C) | 3,622.76 | | Total of the Above Three Guarantee Amounts (C+D+E) | 3,622.76 | - All of the company's external guarantees are not overdue[88] Explanation of Progress in Use of Raised Funds The company's net proceeds from convertible bonds amounted to 570.5609 million Yuan, with a cumulative investment of 313.2472 million Yuan as of the end of the reporting period, representing an investment progress of 54.90%; the "supplementary working capital" project has been 100% invested, while other production, construction, and R&D projects are still under construction; during the reporting period, the company also managed idle raised funds through cash management, but the balance at period-end was 0 Overall Use of Raised Funds (Unit: 10,000 Yuan) | Source of Raised Funds | Total Raised Funds | Net Raised Funds (1) | Cumulative Investment at End of Reporting Period (2) | Investment Progress (%) (3)＝(2)/(1) | Amount Invested in Current Year | | :--- | :--- | :--- | :--- | :--- | :--- | | Issuance of Convertible Bonds | 57,739.00 | 57,056.09 | 31,324.72 | 54.90 | 3,987.79 | | Total | 57,739.00 | 57,056.09 | 31,324.72 | / | 3,987.79 | Detailed Use of Raised Investment Projects (Unit: 10,000 Yuan) | Project Name | Planned Total Investment of Raised Funds (1) | Cumulative Investment of Raised Funds at End of Reporting Period (2) | Cumulative Investment Progress (%) (3)＝(2)/(1) | Date Project Reaches Intended Usable State | | :--- | :--- | :--- | :--- | :--- | | Annual Production of 3.5 Million New Energy Electronic Pumps Intelligent Manufacturing Project | 21,500.00 | 16,028.54 | 74.55 | January 2027 | | High-Efficiency Energy-Saving Brushless Motor Project | 16,100.00 | 1,624.26 | 10.09 | April 2026 | | Enterprise Technology Center Upgrade Project | 6,139.00 | 354.83 | 5.78 | April 2027 | | Supplementary Working Capital | 13,317.09 | 13,317.09 | 100.00 | — | - The company's Board of Directors on April 26, 2024, and the General Meeting of Shareholders on June 14, 2024, approved the use of idle raised funds not exceeding 300 million Yuan for cash management, with an authorization period until the day before the 2024 Annual General Meeting of Shareholders; the cash management balance at the end of the reporting period was 0[94] Explanation of Other Significant Matters During the current reporting period, the company had no other significant matters requiring disclosure - During the current reporting period, the company had no other significant matters requiring disclosure[95] Section VI Share Changes and Shareholder Information This section details changes in the company's share capital, restricted shares, and information regarding its shareholders, including the top ten shareholders and changes in director and senior management shareholdings Changes in Share Capital The company's total share capital changed from 220,136,798 shares to 242,249,770 shares, primarily due to the conversion of 22,646,024 "XiangPump Convertible Bonds" into shares, while 533,052 restricted shares were repurchased and cancelled due to unmet performance targets for equity incentives; after the reporting period, the company plans to distribute profits and convert capital reserves into share capital, further increasing the total share capital to 339,149,678 shares Table of Share Changes (Unit: Share) | Share Type | Quantity Before This Change | Increase/Decrease in This Change (+, -) | Quantity After This Change | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 533,052 | -533,052 | 0 | | 3. Other Domestic Shares | 533,052 | -533,052 | 0 | | II. Unrestricted Tradable Shares | 219,603,746 | 22,646,024 | 242,249,770 | | 1. RMB Ordinary Shares | 219,603,746 | 22,646,024 | 242,249,770 | | III. Total Shares | 220,136,798 | 22,112,972 | 242,249,770 | - As of April 8, 2025, a cumulative total of 576,363,000 Yuan face value of "XiangPump Convertible Bonds" had been converted into the company's A-shares, with a cumulative conversion of 34,739,760 shares, of which 22,646,024 shares were converted during the reporting period[98] - The company's 2022 restricted stock incentive plan's third vesting period performance targets were not met, and the company will repurchase and cancel a total of 533,052 restricted shares corresponding to the performance year's exercisable shares for all incentive recipients[98] - The company plans to set July 8, 2025, as the record date, distributing a cash dividend of 0.21 Yuan (tax inclusive) per share to all shareholders, and converting 0.4 shares per share from capital reserves to all shareholders, resulting in a total share capital of 339,149,678 shares after this distribution[100] Changes in Restricted Shares During the reporting period, due to unmet performance targets for equity incentives, the company repurchased and cancelled 533,052 restricted shares, resulting in all initial restricted shares decreasing to 0 at the end of the period Changes in Restricted Shares (Unit: Share) | Shareholder Name | Initial Restricted Shares | Restricted Shares Released During Reporting Period | Restricted Shares Increased During Reporting Period | Restricted Shares at End of Reporting Period | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Restricted Stock Incentive Recipients | 533,052 | - | -533,052 | 0 | Equity Incentive | | Total | 533,052 | - | -533,052 | 0 | / | Shareholder Information As of the end of the reporting period, the total number of ordinary shareholders was 23,457; among the top ten shareholders, the actual controller Xu Zhongqiu and his concerted party Xu Wenhui collectively held 23.50% of the company's equity, with Xu Zhongqiu holding 16.84% and pledging 18,327,000 shares, and Xu Wenhui holding 6.66% and pledging 6,606,000 shares - As of the end of the reporting period, the total number of ordinary shareholders was 23,457[103] Top Ten Shareholders' Shareholding (Unit: Share) | Shareholder Name (Full Name) | Increase/Decrease During Reporting Period | Shareholding at Period-End | Percentage (%) | Number of Restricted Shares Held | Pledge, Mark, or Freeze Status - Share Status | Pledge, Mark, or Freeze Status - Quantity | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Xu Zhongqiu | - | 40,803,236 | 16.84 | - | Pledged | 18,327,000 | Domestic Natural Person | | Xu Wenhui | - | 16,132,536 | 6.66 | - | Pledged | 6,606,000 | Domestic Natural Person | | China Construction Bank Co., Ltd. - Yongying Advanced Manufacturing Smart Selection Mixed Initiated Securities Investment Fund | 10,128,588 | 10,128,588 | 4.18 | - | None | - | Other | | China Merchants Bank Co., Ltd. - Penghua Carbon Neutral Theme Mixed Securities Investment Fund | 8,306,254 | 8,306,254 | 3.43 | - | None | - | Other | | Yuan Chunhua | - | 3,405,869 | 1.41 | - | None | - | Domestic Natural Person | | Zheshang Bank Co., Ltd. - Qianhai Kaiyuan Jiaxin Flexible Allocation Mixed Securities Investment Fund | 3,223,579 | 3,223,579 | 1.33 | - | None | - | Other | | Shenzhen Qianhai Xingjian Capital Management Co., Ltd. - Qianhai Xingjian Xuance No. 2 Private Securities Investment Fund | 1,300,000 | 3,060,000 | 1.26 | - | None | - | Other | | Shao Mingfang | 2,388,421 | 2,388,421 | 0.99 | - | None | - | Domestic Natural Person | | Shenzhen Qianhai Xingjian Capital Management Co., Ltd. - Xuance No. 1 Private Equity Fund | -263,893 | 2,310,107 | 0.95 | - | None | - | Other | | Southern Tianchen (Beijing) Investment Management Co., Ltd. - Southern Tianchen Jingcheng Value Selection Phase 5 Private Securities Investment Fund | 2,280,609 | 2,280,609 | 0.94 | - | None | - | Other | - Xu Zhongqiu and Xu Wenhui are father and daughter, and are concerted parties[106] Information on Directors, Supervisors, and Senior Management During the reporting period, the shareholdings of several directors and senior management decreased due to the repurchase and cancellation of equity incentives, reflecting the impact of the company's 2022 restricted stock incentive plan's third vesting period performance targets not being met Changes in Shareholdings of Current and Resigned Directors, Supervisors, and Senior Management During the Reporting Period (Unit: Share) | Name | Position | Initial Shareholding | Shareholding at Period-End | Change in Shareholding During Reporting Period | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Yan Lijuan | Director, Deputy General Manager | 104,042 | 72,842 | -31,200 | Equity Incentive Repurchase and Cancellation | | Chen Guorong | Deputy General Manager, Financial Controller | 70,826 | 35,413 | -35,413 | Equity Incentive Repurchase and Cancellation | | Huang Jinhui | Deputy General Manager | 31,200 | 15,600 | -15,600 | Equity Incentive Repurchase and Cancellation | | Wang Bin | Deputy General Manager | 31,200 | 15,600 | -15,600 | Equity Incentive Repurchase and Cancellation | | Cai Hao | Deputy General Manager | 23,400 | 11,700 | -11,700 | Equity Incentive Repurchase and Cancellation | | She Xiaomei | Director, Deputy General Manager | 39,000 | 19,500 | -19,500 | Equity Incentive Repurchase and Cancellation | - The main reason for the change in shareholding is that the company's 2022 restricted stock incentive plan's third vesting period performance targets were not met, leading to the repurchase and cancellation of restricted shares[107] Changes in Controlling Shareholder or Actual Controller During the reporting period, there were no changes in the company's controlling shareholder or actual controller - During the reporting period, there were no changes in the company's controlling shareholder or actual controller[109] Preferred Share Related Matters During the current reporting period, the company had no preferred share related matters - During the current reporting period, the company had no preferred share related matters[109] Section VII Bond Related Matters This section provides details on the company's convertible corporate bonds, including issuance, conversion, and redemption activities during the reporting period Convertible Corporate Bonds The company issued 577.39 million Yuan of "XiangPump Convertible Bonds" on April 1, 2024, with a conversion period from October 9, 2024, to March 31, 2030; during the reporting period, 375.721 million Yuan of "XiangPump Convertible Bonds" were converted into 22,646,024 A-shares; the company prematurely redeemed the remaining convertible bonds on April 9, 2025, resulting in zero convertible bond holders and zero unconverted amount at period-end - On April 1, 2024, the company issued 577.39 million Yuan of convertible corporate bonds to unspecified investors, with a term of 6 years[111] - The conversion period for "XiangPump Convertible Bonds" was from October 9, 2024, to March 31, 2030, with an initial conversion price of 16.99 Yuan/share, and from July 12, 2024, the conversion price was 16.59 Yuan/share[111][118] Changes in Convertible Bonds During Reporting Period (Unit: Yuan) | Convertible Corporate Bond Name | Before This Change | Increase/Decrease in This Change - Conversion | Increase/Decrease in This Change - Redemption | After This Change | | :--- | :--- | :--- | :--- | :--- | | XiangPump Convertible Bonds | 376,748,000 | 375,721,000 | 1,027,000 | 0 | Cumulative Convertible Bond Conversion Status During Reporting Period | Convertible Corporate Bond Name | XiangPump Convertible Bonds | | :--- | :--- | | Conversion Amount During Reporting Period (Yuan) | 375,721,000 | | Number of Shares Converted During Reporting Period (Share) | 22,646,024 | | Cumulative Number of Shares Converted (Share) | 34,739,760 | | Cumulative Number of Shares Converted as Percentage of Total Shares Issued Before Conversion (%) | 16.70 | | Unconverted Amount (Yuan) | 0 | | Percentage of Unconverted Bonds to Total Bonds Issued (%) | 0 | - The company decided to prematurely redeem "XiangPump Convertible Bonds", redeeming 10,270 bonds on April 9, 2025, with a total redemption payment of 1,027,091.02 Yuan[119] Section VIII Financial Report This section presents the company's comprehensive financial statements, including the audit report, balance sheet, income statement, cash flow statement, and detailed notes on accounting policies, taxes, and specific financial items Audit Report This semi-annual report has not been audited - This semi-annual report has not been audited[121] Financial Statements This chapter provides the company's consolidated and parent company financial statements for the first half of 2025, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity, comprehensively reflecting the company's financial position, operating results, and cash flow - The consolidated balance sheet shows the company's total assets at period-end were 4,048,138,569.39 Yuan, total liabilities were 1,520,088,020.08 Yuan, and total owners' equity was 2,528,050,549.31 Yuan[123] - The consolidated income statement shows the company's total operating revenue for the first half of 2025 was 1,075,038,272.99 Yuan, net profit was 102,056,499.33 Yuan, and net profit attributable to parent company shareholders was 101,106,247.49 Yuan[128][129] - The consolidated cash flow statement shows the company's net cash flow from operating activities for the first half of 2025 was 113,079,551.44 Yuan, net cash flow from investing activities was 61,613,362.44 Yuan, and net cash flow from financing activities was -45,763,023.26 Yuan[135] Company Basic Information Hunan Meihu Intelligent Manufacturing Co., Ltd. was established on July 4, 1994, and listed on the Shanghai Stock Exchange on November 30, 2016; its main business is automotive parts manufacturing, focusing on the R&D, manufacturing, and sales of engine pump products, including diesel engine oil pumps, gasoline engine oil pumps, motors, transmission oil pumps, electronic pumps, modular products, and water pumps - Hunan Meihu Intelligent Manufacturing Co., Ltd. was established on July 4, 1994, and listed on the Shanghai Stock Exchange on November 30, 2016[147] - The company's main business is automotive parts manufacturing, primarily engaged in the R&D, manufacturing, and sales of engine pump products[147] - Products mainly include **diesel engine oil pumps, gasoline engine oil pumps,