合力科技(603917) - 2025 Q2 - 季度财报

Important Notice The board, supervisory board, and senior management guarantee the report's truthfulness, accuracy, and completeness, noting it is unaudited and forward-looking statements are not substantive commitments - Board, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no false records, misleading statements, or major omissions[3] - This semi-annual report is unaudited[5] - The company's head, chief accountant, and head of accounting department declare the financial report is true, accurate, and complete[5] - Forward-looking statements regarding future plans and development strategies in this report do not constitute a substantive commitment to investors, and investment risks are highlighted[6] - During the reporting period, there was no non-operating occupation of funds by controlling shareholders or other related parties, nor any external guarantees provided in violation of decision-making procedures[7] Section I Definitions This section defines common terms, company names, and related party names used in the report for clarity - The reporting period is from January 1, 2025, to June 30, 2025[16] Common Term Definitions | Common Term | Meaning | | :--- | :--- | | China Securities Regulatory Commission | China Securities Regulatory Commission | | SSE | Shanghai Stock Exchange | | Company, This Company, Heli Technology | Ningbo Heli Technology Co., Ltd. | | Boly Auto | Ningbo Boly Auto Parts Co., Ltd. | | Heli Braking | Ningbo Heli Braking System Co., Ltd. | | Nanjing Nuohe | Nanjing Nuohe Machinery Co., Ltd. | | Nabtesco (Shanghai) | Nabtesco Automotive Systems (Shanghai) Co., Ltd. | | Heli Group | Ningbo Heli Group Co., Ltd. | | Manches | Ningbo Manches Sports Goods Co., Ltd. | | Hehao Hydraulic | Ningbo Hehao Hydraulic Pump Co., Ltd. | | Reporting Period | January 1, 2025 - June 30, 2025 | | Yuan, 10,000 Yuan | RMB Yuan, RMB 10,000 Yuan | Section II Company Profile and Key Financial Indicators This section provides company basic information, contact details, stock overview, key accounting data, and financial indicators for the reporting period, including non-recurring gains and losses Company Information This section provides the company's registered name, abbreviation, legal representative, registered and office addresses, website, and email Company Basic Information | Indicator | Content | | :--- | :--- | | Chinese Name | 宁波合力科技股份有限公司 | | Chinese Abbreviation | 合力科技 | | English Name | Ningbo Heli Technology Co., Ltd. | | English Name Abbreviation | Heli Technology | | Legal Representative | Shi Dingwei | | Registered Address | No. 358 Xigu Road, Xiangshan Industrial Park, Zhejiang | | Office Address | No. 358 Xigu Road, Xiangshan Industrial Park, Zhejiang | | Postal Code | 315700 | | Company Website | http://www.helimould.com | | Email | stock@helimould.com | Contact Person and Information This section lists the name, address, phone, fax, and email of the company's board secretary for investor communication Board Secretary Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Wu Haitao | No. 358 Xigu Road, Xiangshan Industrial Park, Zhejiang | 0574-65773106 | 0574-65773106 | stock@helimould.com | Brief Introduction to Changes in Information Disclosure and Document Storage Locations This section specifies the company's designated information disclosure newspaper, website for semi-annual reports, and document storage location, noting no changes during the reporting period Information Disclosure Channels | Information Disclosure Newspaper | Shanghai Securities News | | :--- | :--- | | Website Address for Publication | www.sse.com.cn | | Report Storage Location | Company Securities Department | Company Stock Overview This section provides basic information about the company's stock, including type, listing exchange, stock abbreviation, and code Stock Information | Stock Type | Stock Exchange | Stock Abbreviation | Stock Code | Former Stock Abbreviation | | :--- | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange | Heli Technology | 603917 | - | Company's Key Accounting Data and Financial Indicators This section presents the company's key accounting data and financial indicators for the current reporting period (Jan-Jun 2025) compared to the same period last year, showing significant growth in operating revenue and net profit, but slight decreases in total assets and net assets Key Accounting Data (Jan-Jun 2025 vs. Same Period Last Year) | Key Accounting Data | Current Reporting Period (Jan-Jun) (Yuan) | Same Period Last Year (Yuan) | Change from Same Period Last Year (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 313,797,858.51 | 271,011,387.60 | 15.79 | | Total Profit | 10,418,332.96 | 3,665,637.62 | 184.22 | | Net Profit Attributable to Shareholders of the Listed Company | 9,849,233.11 | 4,760,197.31 | 106.91 | | Net Profit Attributable to Shareholders of the Listed Company after Deducting Non-Recurring Gains and Losses | 1,608,004.27 | -3,585,766.59 | Not Applicable | | Net Cash Flow from Operating Activities | 20,060,624.87 | -45,524,244.95 | Not Applicable | | Period-end Data | Current Period-end | Previous Year-end | Change from Previous Year-end (%) | | Net Assets Attributable to Shareholders of the Listed Company | 1,664,288,365.28 | 1,684,437,671.83 | -1.20 | | Total Assets | 2,027,707,616.38 | 2,052,549,249.85 | -1.21 | Key Financial Indicators (Jan-Jun 2025 vs. Same Period Last Year) | Key Financial Indicators | Current Reporting Period (Jan-Jun) | Same Period Last Year | Change from Same Period Last Year (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | 0.0483 | 0.0264 | 82.95 | | Diluted Earnings Per Share (Yuan/share) | 0.0483 | 0.0264 | 82.95 | | Basic Earnings Per Share after Deducting Non-Recurring Gains and Losses (Yuan/share) | 0.0079 | -0.0199 | Not Applicable | | Weighted Average Return on Net Assets (%) | 0.58 | 0.33 | Increased by 0.25 percentage points | | Weighted Average Return on Net Assets after Deducting Non-Recurring Gains and Losses (%) | 0.10 | -0.25 | Increased by 0.35 percentage points | - Profit-related data and indicator changes are mainly due to steady growth in mold business production and sales, and increased exchange gains; net cash flow from operating activities increased primarily due to higher cash received from sales of goods and provision of services[20] Non-Recurring Gains and Losses Items and Amounts This section details the components and amounts of the company's non-recurring gains and losses during the reporting period, totaling 8,241,228.83 Yuan Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (Yuan) | | :--- | :--- | | Gains and losses on disposal of non-current assets | 216,322.62 | | Government grants recognized in current profit or loss | 6,699,949.10 | | Gains and losses from changes in fair value and disposal of financial assets and liabilities, excluding effective hedge accounting related to normal business operations of non-financial enterprises | 2,509,734.31 | | Other non-operating income and expenses apart from the above | 180,582.83 | | Other gains and losses items that meet the definition of non-recurring gains and losses | 94,358.73 | | Less: Income tax impact | -1,459,718.76 | | Total | 8,241,228.83 | Section III Management Discussion and Analysis This section elaborates on the company's industry, main business, operating model, and industry trends, analyzing operating performance, core competencies, and significant risks during the reporting period, focusing on new energy and lightweighting, synergistic development, R&D investment, and talent cultivation Description of the Company's Industry and Main Business Operations during the Reporting Period The company operates in specialized equipment manufacturing (mold manufacturing), focusing on R&D, design, manufacturing, and sales of automotive molds, aluminum alloy components, and automotive braking systems, with an order-based production model driven by new energy vehicle lightweighting and integrated die-casting trends - The company belongs to mold manufacturing (C3525) under C35 specialized equipment manufacturing, primarily engaged in R&D, design, manufacturing, and sales of automotive casting molds, die-casting molds, hot stamping molds, aluminum alloy components, and automotive braking systems[25][26] - Main products include large precision molds for automotive engines, gearbox housings, new energy vehicle battery boxes, motor molds, hot stamping molds for door rings, A-pillars, B-pillars, anti-collision beams, lightweight aluminum alloy components, and commercial vehicle braking assembly systems[26] - The company adopts an "order-to-produce, produce-to-purchase" operating model, combining in-house production with outsourced processing for procurement and production, and a "one-to-one" direct sales model[31][33][34] - Industry development trends are driven by new energy vehicle lightweighting demands, with integrated die-casting technology (e.g., Tesla Model Y) becoming a popular lightweight process, leading to continuous growth in demand for aluminum alloy components and various types of molds[35][36] Discussion and Analysis of Operations During the reporting period, the company focused on new energy and lightweighting strategies, promoting synergistic development across its mold, aluminum alloy, and braking system business segments, actively expanding markets, and continuously investing in intelligent manufacturing, talent development, and R&D innovation to strengthen its industry leadership - The company strategically focuses on new energy and lightweighting, forming three business segments: mold, aluminum alloy, and Heli Braking, providing one-stop services to domestic and international clients in automotive, rail transit, new energy, and mechanical engineering sectors[48] - Promoting synergistic development across business segments, with mold business actively exploring large integrated die-casting molds, aluminum alloy business expanding into technically challenging projects in new energy vehicles, rail transit, marine, 5G communication, and robotics, and braking business strengthening technical cooperation with Nabtesco Japan and developing the domestic electric air compressor (EAC) market[48] - Continuously advancing the construction of large integrated molds and precision aluminum alloy components intelligent manufacturing projects to effectively meet market needs and enhance customer service capabilities, solidifying the company's industry-leading position[49] - Continuously strengthening human resource development and management, improving scientific and reasonable mechanisms for talent selection, employment, and cultivation, and establishing long-term cooperation with universities and technical talent training institutions to build a sound system for technical talent introduction and development[50] - Adhering to innovation-driven development, increasing R&D investment and team building, enhancing design, development, and intelligent manufacturing capabilities for molds and components, focusing on improving proactive development capabilities, and strengthening synchronous R&D capabilities with downstream manufacturers[50] Analysis of Core Competencies during the Reporting Period The company's core competencies include strong design and R&D capabilities, advanced processing technology, stringent product quality control, extensive brand and customer base, synchronous development advantages in molds and aluminum alloy components, and comprehensive "one-stop" service capabilities - The company possesses strong design and R&D advantages, is a high-tech enterprise, masters core technologies such as large precision casting process design, hot forming process design, and CAE simulation analysis, and holds multiple patents and "Fine Mold Award" honors[51][52] - Processing technology advantages include modular automated processing lines, electrode automated processing units, equipped with precision machining equipment like DMG MORI and GROB, and a stable team of fitters with an average of over 10 years of experience, ensuring high precision and quality stability of molds[53][54] - Product quality advantages are demonstrated through multiple system certifications such as ISO9001, ISO14001, ISO17025, IATF16949, and possession of a nationally certified CNAS laboratory and advanced testing equipment, ensuring all parameters meet or exceed customer technical standards[55][56] - Significant brand and customer advantages, as a leading enterprise in China's casting mold industry, having established long-term cooperative relationships with globally renowned companies such as BYD, Xiaomi, Pierburg, SAIC Group, Tesla, and NIO[57] - Possesses synchronous development advantages for molds and aluminum alloy components, enabling participation in initial R&D of client's end products, achieving a "design-manufacturing parallel" approach, which improves mold production efficiency[58][59] - Provides "one-stop" services, covering the entire chain from mold R&D and design to aluminum alloy component production, enhancing the company's ability to serve downstream customers and its profitability[60] Key Operating Performance during the Reporting Period This section analyzes changes in key financial statement items during the reporting period, including operating revenue, profit, cash flow, assets, liabilities, and the financial performance of major subsidiaries and associates, revealing trends of business growth, improved cash flow, and asset structure adjustments Financial Statement Item Variation Analysis (Jan-Jun 2025 vs. Same Period Last Year) | Item | Current Period Amount (Yuan) | Same Period Last Year Amount (Yuan) | Change Ratio (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 313,797,858.51 | 271,011,387.60 | 15.79 | | Operating Cost | 257,057,293.48 | 215,449,609.59 | 19.31 | | Selling Expenses | 7,060,351.76 | 6,654,677.52 | 6.10 | | Administrative Expenses | 17,991,335.77 | 19,018,077.63 | -5.40 | | Financial Expenses | -10,037,320.69 | -826,443.08 | Not Applicable | | R&D Expenses | 13,367,114.67 | 15,993,734.74 | -16.42 | | Net Cash Flow from Operating Activities | 20,060,624.87 | -45,524,244.95 | Not Applicable | | Net Cash Flow from Investing Activities | -318,081,935.95 | -189,250,630.66 | Not Applicable | | Net Cash Flow from Financing Activities | -13,514,642.62 | 585,006,007.80 | Not Applicable | - Changes in financial expenses are mainly due to increased exchange gains in the current period; net cash flow from operating activities increased primarily due to higher cash received from sales of goods and provision of services; net cash flow from investing activities changed mainly due to increased purchases of wealth management products in the current period; net cash flow from financing activities changed mainly due to funds received from private placement in the same period last year[62] Asset and Liability Status Variation (Period-end vs. Year-end Last Year) | Item Name | Current Period-end Amount (Yuan) | Previous Year-end Amount (Yuan) | Change Ratio (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 294,953,592.51 | 602,876,861.16 | -51.08 | Raised funds used to purchase wealth management products | | Trading Financial Assets | 300,636,173.15 | 5,002,444.44 | 5,909.79 | Increased due to purchase of wealth management products | | Notes Receivable Financing | 14,350,569.83 | 62,245,095.52 | -76.95 | Endorsement and transfer of notes receivable | | Prepayments | 3,177,992.35 | 5,649,664.31 | -43.75 | Decrease in prepayments for materials | | Construction in Progress | 8,814,332.10 | 16,056,407.28 | -45.10 | Decrease due to return of some equipment | | Right-of-Use Assets | 6,476,659.85 | 2,614,040.97 | 147.76 | New leased factory building by subsidiary | | Short-term Borrowings | 17,409,172.78 | 2,397,568.92 | 626.12 | New bank loans | | Notes Payable | 59,363,537.10 | 43,183,023.23 | 37.47 | Increase in acceptance bills issued | | Employee Benefits Payable | 19,186,729.74 | 28,169,655.17 | -31.89 | Payment of previous year's employee year-end bonuses | | Other Current Liabilities | 17,213,926.30 | 11,067,546.09 | 55.54 | Increase in endorsed but unexpired notes receivable | | Lease Liabilities | 5,744,320.76 | 2,138,220.11 | 168.65 | New leased factory building by subsidiary | Financial Information of Major Subsidiaries and Associates (Units: 10,000 Yuan) | Company Name | Company Type | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Ningbo Boly Auto Parts Co., Ltd. | Subsidiary | 5,327.24 | 4,996.47 | 1,571.50 | -62.98 | -63.30 | | Ningbo Heli Braking System Co., Ltd. | Subsidiary | 14,090.84 | 10,241.12 | 4,371.48 | 117.09 | 134.07 | | Nanjing Nuohe Machinery Co., Ltd. | Subsidiary | 6,539.28 | 5,428.03 | 10.87 | -305.29 | -297.15 | | Nabtesco Automotive Systems (Shanghai) Co., Ltd. | Associate | 1,687.12 | 1,736.29 | 16.45 | -97.14 | -97.17 | Other Disclosures This section details significant risks the company may face, including macroeconomic and automotive industry cyclical fluctuations, high customer concentration, raw material price volatility, technological advancements and product upgrades, and exchange rate fluctuations, advising investors to consider potential operational uncertainties - The company faces risks from macroeconomic and automotive industry cyclical fluctuations; as a high-end durable consumer good, automotive consumption is affected by the macroeconomy, potentially leading to reduced orders, sales difficulties, and slow collections[72] - There is a risk of relatively high customer concentration; sales to the top ten customers accounted for a high proportion of main business revenue during the reporting period, and if major customers face operational difficulties or switch suppliers, it could adversely affect the company's operations and profitability[73] - Raw material price fluctuation risk exists; mold steel and aluminum alloy ingots are major raw materials, accounting for a high proportion of total procurement, and if prices rise significantly and the company fails to adequately account for it or lacks sufficient bargaining power, production costs may increase, and profitability may decline[74] - Risks of technological advancement and product upgrades; the company's technology accumulation period is relatively short, and there is still a gap compared to international peers; if it cannot keep up with the latest technological developments in the mold industry, it may be at a disadvantage in market competition[75][76] - Exchange rate fluctuation risk; the company's export business primarily uses spot exchange settlement, and RMB appreciation could weaken the price competitiveness of products in international markets, affecting exchange gains/losses and operating performance[77] Section IV Corporate Governance, Environment, and Society This section discloses changes in directors, supervisors, and senior management, profit distribution plans, and environmental information, emphasizing the company's strict adherence to environmental regulations and absence of major pollution incidents Changes in Directors, Supervisors, and Senior Management This section details the change in the company's chief financial officer during the reporting period, with Mr. Wang Guowei resigning for personal reasons and Mr. Wu Haitao being elected as the new CFO Senior Management Changes | Name | Position Held | Change | | :--- | :--- | :--- | | Wang Guowei | Chief Financial Officer | Resigned | | Wu Haitao | Chief Financial Officer | Elected | - Mr. Wang Guowei resigned as Chief Financial Officer for personal reasons, and the company appointed Mr. Wu Haitao as Chief Financial Officer[80] Profit Distribution or Capital Reserve Conversion Plan This section states that the company has no profit distribution or capital reserve conversion plan for the current reporting period - The company has no profit distribution or capital reserve conversion plan for the current reporting period[81] Environmental Information This section clarifies that the company and its subsidiaries are not key polluting units, strictly comply with environmental laws and regulations, implement treatment measures for minor pollution sources, and had no environmental violations or pollution incidents during the reporting period - The company and its subsidiaries are not listed as key polluting units by the Ningbo Environmental Protection Bureau; minor wastewater, exhaust gas, solid waste, and noise are generated during production, but no severe pollution exists[83] - During the reporting period, the company strictly adhered to national environmental laws and regulations, established strict environmental operating procedures, implemented treatment measures for pollution sources, and had no violations of environmental laws, pollution disputes, or administrative penalties from environmental authorities[83] Section V Significant Matters This section details the fulfillment of various commitments by the company and its related parties, including those regarding prospectus truthfulness, shareholding and reduction intentions, avoidance of horizontal competition, and standardization of related party transactions. It also covers the progress of raised funds utilization, including temporary replenishment of working capital and cash management Fulfillment of Commitments This section details commitments made by the company, controlling shareholders, actual controllers, and directors, supervisors, and senior management regarding prospectus truthfulness, shareholding and reduction intentions, avoidance of horizontal competition, standardization of related party transactions, and share lock-up, including related restrictive measures and share reduction arrangements after equity division - The company, controlling shareholders, actual controllers, and all directors, supervisors, and senior management commit that the prospectus contains no false records, misleading statements, or major omissions, and will bear legal liabilities such as share repurchase and investor compensation[86][88][89] - Controlling shareholders, actual controllers, and shareholders holding 5% or more of shares commit not to reduce their holdings during the lock-up period, and for two years after the lock-up period expires, the reduction price will not be lower than the issue price, adhering to reduction ratio limits for centralized bidding and block trades, and information disclosure obligations[90][91][92] - Controlling shareholders and actual controllers commit to avoid horizontal competition, not to engage in any business competing with the company, and to offer commercial opportunities to the company; they also commit to standardize related party transactions, ensuring fairness and not harming the interests of the company and other shareholders[96][98] - Fan Kaishu, one of the company's controlling shareholders and actual controllers, and Ms. Wu Jinhua have completed equity division; both will be jointly considered major shareholders, share reduction quotas, and commit not to reduce listed company shares for 18 months from the completion date of equity transfer[101][102] Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties This section explicitly states that there was no non-operating occupation of funds by controlling shareholders or other related parties during the reporting period - During the reporting period, there was no non-operating occupation of funds by controlling shareholders or other related parties[103] Illegal Guarantees This section explicitly states that there were no external guarantees provided in violation of decision-making procedures during the reporting period - During the reporting period, there were no external guarantees provided in violation of decision-making procedures[103] Significant Litigation and Arbitration Matters This section states that the company had no significant litigation or arbitration matters during the reporting period - The company had no significant litigation or arbitration matters during the current reporting period[104] Significant Related Party Transactions This section discloses significant related party transactions during the reporting period, including sales of goods to associates, rental income from related parties, rental expenses to related parties, and guarantees provided by related parties - During the reporting period, the company sold goods/provided services to its associate, Nabtesco Automotive Systems (Shanghai) Co., Ltd., with a current period amount of 1,945,760.80 Yuan[473] Related Party Sales/Services | Related Party | Related Transaction Content | Current Period Amount (Yuan) | Previous Period Amount (Yuan) | | :--- | :--- | :--- | :--- | | Nabtesco Automotive Systems (Shanghai) Co., Ltd. | Sales of goods/provision of services | 1,945,760.80 | 237,810.53 | - As a lessor, the company provided building rental services to Ningbo Manches Sports Goods Co., Ltd. and Ningbo Hehao Hydraulic Pump Co., Ltd., with total rental income recognized in the current period amounting to 1,038,000.00 Yuan[474][475] Related Party Rental Income | Lessee Name | Type of Leased Asset | Rental Income Recognized in Current Period (Yuan) | Rental Income Recognized in Previous Period (Yuan) | | :--- | :--- | :--- | :--- | | Ningbo Manches Sports Goods Co., Ltd. | Buildings | 930,000.00 | 620,000.00 | | Ningbo Hehao Hydraulic Pump Co., Ltd. | Buildings | 108,000.00 | 72,000.00 | - As a lessee, the company leased buildings from Ningbo Heli Group Co., Ltd., paying 1,323,823.92 Yuan in rent during the current period[476] - As a guaranteed party, the company received multiple maximum guarantee amounts from Ningbo Heli Group Co., Ltd., covering credit business agreements and notes payable, totaling 204 million Yuan[477][478][479][480] Explanation of Progress in Use of Raised Funds This section details the overall utilization of the company's raised funds, progress of investment projects, and the temporary replenishment of working capital and cash management using idle raised funds Overall Use of Raised Funds | Source of Raised Funds | Date Funds Received | Total Raised Funds (10,000 Yuan) | Net Raised Funds (10,000 Yuan) | Committed Investment (10,000 Yuan) | Cumulative Investment as of Period-end (10,000 Yuan) | Cumulative Investment Progress as of Period-end (%) | Amount Invested This Year (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Private Placement of Shares | March 27, 2024 | 59,693.76 | 58,608.84 | 58,608.84 | 13,343.08 | 22.77 | 2,325.66 | - The "Large Integrated Molds and Precision Aluminum Alloy Components Intelligent Manufacturing Project" has a planned investment of 586.0884 million Yuan, with a cumulative investment of 133.4308 million Yuan as of the end of the reporting period, representing 22.77% of the total investment[111] - The company previously used up to 60 million Yuan of idle raised funds to temporarily replenish working capital on April 12, 2024, which was fully repaid before March 21, 2025. On March 31, 2025, a resolution was again approved to use up to 80 million Yuan of idle raised funds to temporarily replenish working capital, with a cumulative use of 22.1409 million Yuan as of the end of the reporting period[113][114] Cash Management of Idle Raised Funds | Board Resolution Date | Approved Limit (10,000 Yuan) | Start Date | End Date | Cash Management Balance at Period-end (10,000 Yuan) | Was Highest Balance During Period Exceeded Authorized Limit | | :--- | :--- | :--- | :--- | :--- | :--- | | March 31, 2025 | 40,000 | March 31, 2025 | March 30, 2026 | 30,000 | No | Section VI Share Changes and Shareholder Information This section discloses that the company's share capital structure remained unchanged during the reporting period and details the total number of shareholders, top ten shareholders, and top ten unrestricted shareholders as of the end of the reporting period, including shareholdings, proportions, and pledge/freeze status Changes in Share Capital This section states that the company's total share capital and share capital structure remained unchanged during the reporting period - During the reporting period, the company's total share capital and share capital structure remained unchanged[119] Shareholder Information This section lists the total number of common shareholders as of the end of the reporting period, along with detailed holdings of the top ten shareholders and top ten unrestricted shareholders, including share quantity, proportion, share status (e.g., pledged), and shareholder nature, also explaining the related party relationships among major shareholders - As of the end of the reporting period, the total number of common shareholders was 21,163[119] Top Ten Shareholders' Holdings as of the End of the Reporting Period | Shareholder Name | Shares Held at Period-end (shares) | Proportion (%) | Number of Restricted Shares Held (shares) | Share Status | Quantity (shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shi Liangcai | 18,326,387 | 8.99 | 0 | Unpledged | | Domestic Natural Person | | Shi Yuanzhi | 14,615,456 | 7.17 | 0 | Unpledged | | Domestic Natural Person | | Yang Weibeng | 12,683,170 | 6.22 | 0 | Unpledged | | Domestic Natural Person | | Fan Kaishu | 9,026,293 | 4.43 | 0 | Pledged | 1,800,000 | Domestic Natural Person | | Wu Jinhua | 7,026,292 | 3.45 | 0 | Unpledged | | Domestic Natural Person | | Fan Kaiyuan | 5,600,000 | 2.75 | 0 | Unpledged | | Domestic Natural Person | | Shi Dingwei | 3,710,931 | 1.82 | 0 | Unpledged | | Domestic Natural Person | | Shanghai Daixi Investment Management Co., Ltd. - Daixi Strategic Emerging Industry Growth No. 1 Private Securities Investment Fund | 3,652,600 | 1.79 | 0 | Unpledged | | Other | | Zhejiang Hongribaochi Innovation Investment Management Co., Ltd. - Xiangshan Hongcheng Equity Investment Fund Partnership (Limited Partnership) | 3,152,110 | 1.55 | 0 | Unpledged | | Other | | Cai Zhenxian | 2,736,748 | 1.34 | 0 | Unpledged | | Domestic Natural Person | - Shi Liangcai, Fan Kaishu, Shi Yuanzhi, Fan Kaiyuan, and Shi Dingwei are the company's controlling shareholders, actual controllers, and parties acting in concert; Shi Liangcai and Shi Yuanzhi are brothers, Shi Dingwei is Shi Yuanzhi's son, Fan Kaishu and Fan Kaiyuan are brothers, Fan Kaishu and Fan Kaiyuan are Shi Yuanzhi's wife's brothers, and Cai Zhenxian is Shi Liangcai and Shi Yuanzhi's nephew[122] Section VII Bond-Related Information This section states that the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments, nor any convertible corporate bonds during the reporting period - During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[125] - During the reporting period, the company had no convertible corporate bonds[125] Section VIII Financial Report This section includes the company's unaudited consolidated and parent company financial statements, detailing assets, liabilities, profit, cash flow, and changes in owners' equity, with comprehensive notes on significant accounting policies, estimates, taxation, consolidated financial statement items, R&D expenses, changes in consolidation scope, interests in other entities, government grants, financial instrument risks, fair value disclosures, related parties and transactions, commitments and contingencies, and parent company financial statement items Audit Report This section states that the company's semi-annual report is unaudited - This semi-annual report is unaudited[5] Financial Statements This section presents 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, comprehensively illustrating its financial position and operating results - This section includes the consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated cash flow statement, parent company cash flow statement, consolidated statement of changes in owners' equity, and parent company statement of changes in owners' equity[127][130][132][135][139][142][146][154] Company Overview This section provides an overview of Ningbo Heli Technology Co., Ltd., including its listing date, industry, registered capital, location, main business activities, and actual controllers - Ningbo Heli Technology Co., Ltd. was listed on the Shanghai Stock Exchange in December 2017, operates in the specialized equipment manufacturing industry, and has a registered capital of 203.84 million Yuan[158] - The company's main business activities include mold manufacturing, mold sales, non-ferrous metal casting, automotive parts R&D and manufacturing, mechanical parts processing, and technical services, with the Shi Liangcai family as the actual controllers[158] Basis of Preparation of Financial Statements This section states that the company's financial statements are prepared in accordance with accounting standards issued by the Ministry of Finance and relevant CSRC regulations, on a going concern basis, ensuring the company's ability to continue operations for at least 12 months from the reporting period end - These financial statements are prepared in accordance with the "Accounting Standards for Business Enterprises" issued by the Ministry of Finance and "Information Disclosure Rules for Companies Issuing Securities No. 15 – General Provisions on Financial Reports" by the China Securities Regulatory Commission[160] - These financial statements are prepared on a going concern basis, and the company has the ability to continue operations for at least 12 months from the end of the reporting period[161] Significant Accounting Policies and Estimates This section details the company's significant accounting policies and estimates, including accounting standards, period, operating cycle, functional currency, materiality, business combinations, consolidated financial statements, financial instruments, inventories, fixed assets, intangible assets, R&D expenses, revenue recognition, government grants, and deferred income tax - The company adheres to enterprise accounting standards, with the accounting year from January 1 to December 31, an operating cycle of 12 months, and the functional currency being RMB[163][164][165][166] Materiality Standards Determination Methods | Item | Materiality Standard | | :--- | :--- | | Significant individual accounts receivable for which bad debt provisions are made | Individual amount ≥ 2 million Yuan | | Significant recovery and reversal of bad debt provisions for accounts receivable | Individual amount ≥ 2 million Yuan | | Significant write-off of accounts receivable | Individual amount ≥ 2 million Yuan | | Significant change in carrying amount of contract assets | Individual amount ≥ 2 million Yuan | | Significant construction in progress | Individual amount ≥ 2 million Yuan | | Significant accounts payable overdue for more than one year | Individual amount ≥ 2 million Yuan | | Significant contract liabilities overdue for more than one year | Individual amount ≥ 2 million Yuan | | Significant cash flows from investing activities | Individual investing activity accounts for more than 10% of total cash inflows or outflows from investing activities and individual amount ≥ 10 million Yuan | - Financial instruments are classified as measured at amortized cost, fair value through other comprehensive income, or fair value through profit or loss, with detailed recognition criteria and measurement methods[178][179][180][181][182][183][184] - Inventories include raw materials, revolving materials, and finished goods; raw materials are valued using the weighted average method upon issuance, molds by specific identification, and aluminum alloy components and braking systems by the weighted average method. Inventories are measured at the lower of cost and net realizable value, with provision for impairment[193][195][198] - Fixed assets are depreciated using the straight-line method, with depreciation rates determined by category, estimated useful life, and net residual value. Construction in progress is measured at actual cost and transferred to fixed assets when ready for intended use[215][217] - Intangible assets (e.g., land use rights, software) are initially measured at cost, and those with finite useful lives are amortized over their estimated useful lives. R&D expenditures are divided into research and development phases; research phase expenditures are expensed as incurred, while development phase expenditures can be capitalized if specific conditions are met[223][225][228][229] - Revenue is recognized when the customer obtains control of the related goods or services, classified as recognized over time or at a point in time based on the nature of the performance obligation. Government grants are classified as asset-related or income-related, either reducing the carrying amount of the asset or recognized as deferred income, and then recognized in profit or loss over the asset's useful life or the period when related costs are incurred[247][248][249][250][256][258] Taxation This section lists the company's main tax categories and rates, and discloses the preferential corporate income tax policies enjoyed by the company and its subsidiaries as high-tech enterprises Main Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Sales of goods and taxable services revenue | 13% | | Urban Maintenance and Construction Tax | Actual VAT paid | 5%, 1% | | Corporate Income Tax | Taxable income | 15%, 25% | | Education Surcharge | Actual VAT paid | 3% | | Local Education Surcharge | Actual VAT paid | 2% | - The company and its subsidiary, Ningbo Heli Braking System Co., Ltd., are approved as high-tech enterprises and enjoy a preferential corporate income tax rate of 15% from 2023 to 2025[276] Notes to Consolidated Financial Statement Items This section provides detailed notes on major asset, liability, owners' equity, revenue, cost, and expense items in the consolidated financial statements, including period-end balances, beginning balances, reasons for changes, and relevant accounting treatments, offering a thorough analysis of the company's financial position and operating performance - Cash and cash equivalents balance at period-end is 294,953,592.51 Yuan, including 21,000.00 Yuan for ETC deposits[277][369] - Trading financial assets balance at period-end is 300,636,173.15 Yuan, primarily wealth management products, showing a significant increase from the beginning of the period[279] - Accounts receivable carrying amount at period-end is 396,261,702.14 Yuan, with a bad debt provision of 36,601,800.51 Yuan[289] - Inventories carrying amount at period-end is 385,877,654.61 Yuan, with inventory impairment provision and contract performance cost impairment provision totaling 49,422,764.88 Yuan[323][325] - Fixed assets carrying amount at period-end is 369,441,607.64 Yuan, and construction in progress carrying amount is 8,814,332.10 Yuan, including an impairment provision of 3,527,603.85 Yuan[341][345][348] - Short-term borrowings balance at period-end is 17,409,172.78 Yuan, mainly due to new bank loans[370] - Operating revenue for the current period is 313,797,858.51 Yuan, a 15.79% year-on-year increase; operating cost is 257,057,293.48 Yuan, a 19.31% year-on-year increase[410] - Financial expenses for the current period are -10,037,320.69 Yuan, mainly due to increased exchange gains[418] - Net profit for the current period is 9,849,233.11 Yuan, a 106.91% year-on-year increase[19][133] Research and Development Expenses This section lists the components and amounts of the company's R&D expenditures during the reporting period, showing a decrease in total R&D expenses, all of which were expensed R&D Expenditure Details | Item | Current Period Amount (Yuan) | Previous Period Amount (Yuan) | | :--- | :--- | :--- | | Employee Compensation | 6,366,897.24 | 7,072,214.73 | | Direct Materials | 5,209,596.67 | 6,321,259.79 | | Depreciation and Amortization | 1,713,197.88 | 2,503,688.58 | | Other Expenses | 77,422.88 | 96,571.64 | | Total | 13,367,114.67 | 15,993,734.74 | | Of which: Expensed R&D Expenditures | 13,367,114.67 | 15,993,734.74 | | Capitalized R&D Expenditures | 0 | 0 | - Total R&D expenses for the current period are 13,367,114.67 Yuan, a decrease from the previous period, and all were expensed[447] Changes in Consolidation Scope This section states that the company had no changes in consolidation scope during the reporting period, such as business combinations under non-common control, common control, reverse acquisitions, or disposal of subsidiaries leading to loss of control - During the reporting period, the company had no business combinations under non-common control, common control, reverse acquisitions, or disposal of subsidiaries leading to loss of control[448][449] Interests in Other Entities This section discloses the company's interests in subsidiaries and associates, including basic information of subsidiaries and financial information of significant associates, demonstrating the company's control or significant influence over these entities Basic Information of Subsidiaries | Subsidiary Name | Main Operating Location | Registered Capital (Yuan) | Business Nature | Shareholding Ratio (%) (Direct) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | | Ningbo Boly Auto Parts Co., Ltd. | Ningbo | 46,000,000.00 | Manufacturing | 100.00 | Cash Purchase | | Ningbo Heli Braking System Co., Ltd. | Ningbo | 50,000,000.00 | Manufacturing | 100.00 | Cash Purchase | | Nanjing Nuohe Machinery Co., Ltd. | Nanjing | 80,000,000.00 | Manufacturing | 100.00 | Establishment | Financial Information of Significant Associate (Nabtesco Automotive Systems (Shanghai) Co., Ltd.) | Item | Period-end Balance (Yuan) | Period-beginning Balance (Yuan) | | :--- | :--- | :--- | | Total Assets | 16,871,225.70 | 22,080,998.35 | | Total Liabilities | -491,642.40 | 3,746,435.86 | | Equity Attributable to Parent Company Shareholders | 17,362,868.10 | 18,334,562.49 | | Net Assets Share Calculated by Shareholding Ratio | 8,507,805.36 | 8,983,935.61 | | Operating Revenue | 164,461.94 | 8,764,358.94 | | Net Profit | -971,694.39 | 1,750,895.10 | | Total Comprehensive Income | -971,694.39 | 1,750,895.10 | Government Grants This section discloses the company's government grant liability items and the amounts of government grants recognized in current profit or loss, categorized as asset-related and income-related Government Grant Liability Item Changes | Financial Statement Item | Period-beginning Balance (Yuan) | New Grants in Current Period (Yuan) | Transferred to Other Income in Current Period (Yuan) | Period-end Balance (Yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 49,931,654.78 | 3,230,000.00 | 4,870,461.34 | 48,291,193.44 | Asset-related | | Deferred Income | 2,016,610.17 | 2,120,000.00 | 1,430,311.85 | 2,706,298.32 | Income-related | | Total | 51,948,264.95 | 5,350,000.00 | 6,300,773.19 | 50,997,491.76 | / | Government Grants Recognized in Current Profit or Loss | Type | Current Period Amount (Yuan) | Previous Period Amount (Yuan) | | :--- | :--- | :--- | | Asset-related | 4,870,461.34 | 4,947,238.02 | | Income-related | 1,829,469.89 | 2,207,302.41 | | Total | 6,699,931.23 | 7,154,540.43 | Risks Related to Financial Instruments This section details the company's exposure to credit risk, liquidity risk, and market risk (including interest rate risk and exchange rate risk), and explains the risk management policies implemented to mitigate these risks through diversified investments, customer credit assessment, cash flow monitoring, and forward foreign exchange contracts - The company faces credit risk, liquidity risk, and market risk (including exchange rate risk, interest rate risk, and other price risks) in its operations, and manages these risks through appropriate diversified investments and business portfolios, risk management policies, and regular assessment of market conditions[458][459][460][462][463][464] Undiscounted Contractual Cash Flows of Financial Liabilities by Maturity (Period-end Balance) | Item | Immediately Repayable (Yuan) | Within 1 Year (Yuan) | 1-2 Years (Yuan) | 2-5 Years (Yuan) | Over 5 Years (Yuan) | Total Undiscounted Contractual Amount (Yuan) | Carrying Amount (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Short-term Borrowings | | 17,409,172.78 | | | | 17,409,172.78 | 17,409,172.78 | | Notes Payable | | 59,363,537.10 | | | | 59,363,537.10 | 59,363,537.10 | | Accounts Payable | | 119,513,622.93 | | | | 119,513,622.93 | 119,513,622.93 | | Other Payables | | 15,510,350.75 | | | | 15,510,350.75 | 15,510,350.75 | | Non-current Liabilities Due Within One Year | | 1,481,428.56 | | | | 1,481,428.56 | 1,220,559.21 | | Lease Liabilities | | | 1,007,857.14 | 3,174,531.39 | 2,489,965.70 | 6,672,354.23 | 5,744,320.76 | | Total | | 213,278,112.12 | 1,007,857.14 | 3,174,531.39 | 2,489,965.70 | 219,950,466.35 | 218,761,563.53 | Foreign Currency Financial Assets and Liabilities Converted to RMB | Item | USD (Yuan) | Other Foreign Currencies (Yuan) | Total (Yuan) | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 62,329,469.54 | 20,734,196.14 | 83,063,665.68 | | Accounts Receivable | 55,702,677.07 | 53,778,690.80 | 109,481,367.87 | | Accounts Payable | | | | | Total | 118,032,146.61 | 74,512,886.94 | 192,545,033.55 | Disclosure of Fair Value This section discloses the fair value of the company's assets and liabilities measured at fair value at the end of the reporting period, and explains the basis for determining fair value measurements at each level and the valuation techniques used Fair Value of Assets and Liabilities Measured at Fair Value at Period-end | Item | Level 1 Fair Value Measurement (Yuan) | Level 2 Fair Value Measurement (Yuan) | Level 3 Fair Value Measurement (Yuan) | Total (Yuan) | | :--- | :--- | :--- | :--- | :--- | | I. Recurring Fair Value Measurements | | | | | | (I) Trading Financial Assets | | | | | | (4) Wealth Management Products | | 300,636,173.15 | | 300,636,173.15 | | (3) Notes Receivable Financing | | | 14,350,569.83 | 14,350,569.83 | | (4) Other Non-current Financial Assets | | | 10,000,000.00 | 10,000,000.00 | | Total Assets Subject to Recurring Fair Value Measurements | | 300,636,173.15 | 24,350,569.83 | 324,986,742.98 | | (VI) Trading Financial Liabilities | | | | | | Forward Foreign Exchange Contracts | 78,160.95 | | | 78,160.95 | | Total Liabilities Subject to Recurring Fair Value Measurements | 78,160.95 | | | 78,160.95 | - Level 1 fair value measurement items are determined by quoted prices in active markets; Level 2 items (e.g., forward foreign exchange contracts) adopt publicly available bank rates as observable inputs; Level 3 items use unobservable inputs[470] Related Parties and Related Party Transactions This section details the company's subsidiaries, associates, and other related parties, and lists significant related party transactions during the reporting period, including sales/purchases of goods, provision of services, leases, guarantees, asset transfers, and key management personnel compensation, as well as amounts due from related parties - The company's subsidiaries include Ningbo Boly Auto Parts Co., Ltd., Ningbo Heli Braking System Co., Ltd., and Nanjing Nuohe Machinery Co., Ltd. The associate is Nabtesco Automotive Systems (Shanghai) Co., Ltd[450][472] - Other related parties include Ningbo Heli Group Co., Ltd., Ningbo Manches Sports Goods Co., Ltd., and Ningbo Hehao Hydraulic Pump Co., Ltd., all controlled by the same actual controller[472] - Sales of goods/provision of services to associate Nabtesco Automotive Systems (Shanghai) Co., Ltd. amounted to 1,945,760.80 Yuan in the current period[473] - Rental income from related parties Ningbo Manches Sports Goods Co., Ltd. and Ningbo Hehao Hydraulic Pump Co., Ltd. totaled 1,038,000.00 Yuan in the current period[475] - Key management personnel compensation for the current period was 1.5523 million Yuan[483] - Accounts receivable from Nabtesco Automotive Systems (Shanghai) Co., Ltd. had a carrying amount of 0 Yuan at period-end, compared to 226,415.15 Yuan at the beginning of the period[485] Commitments and Contingencies This section discloses the company's significant commitments at the balance sheet date, primarily involving pledge guarantees for subsidiary asset pool business and participation in international trade financing risk - The company's subsidiary, Ningbo Heli Braking System Co., Ltd., signed an asset pool business cooperation and pledge agreement with Ningbo Bank, providing pledge guarantees for in-pool export accounts receivable using asset pool margin account balances, in-pool notes, and wealth management products, with a guarantee limit not exceeding 50 million Yuan[487] - The company signed a master agreement for international trade financing risk participation with Industrial and Commercial Bank of China for export trade order financing to pay for goods; as of the end of the reporting period, borrowings under this business have been settled[488] Notes to Parent Company Financial Statement Items This section provides detailed notes on key items in the parent company's financial statements, including accounts receivable, other receivables, long-term equity investments, operating revenue and cost, and investment income, reflecting the parent company's financial performance and asset-liability structure - Parent company accounts receivable carrying amount at period-end is 365,000,824.41 Yuan, with a bad debt provision of 33,883,386.26 Yuan[493] - Parent company other receivables carrying amount at period-end is 3,025,896.19 Yuan, with a bad debt provision of 139,284.38 Yuan[504][509] - Parent company long-term equity investments carrying amount at period-end is 210,006,765.43 Yuan, including investments in subsidiaries and associates[517] - Parent company operating revenue for the current period is 261,078,624.38 Yuan, and operating cost is 210,233,204.91 Yuan[521] - Parent company investment income for the current period is 439,919.18 Yuan, mainly comprising investment income from long-term equity investments accounted for using the equity method and wealth management product investments[525] Supplementary Information This section provides supplementary information, including a detailed statement of non-recurring gains and losses, return on net assets, and earnings per share, further refining the company's financial performance Current Period Non-Recurring Gains and Losses Details | Item | Amount (Yuan) | | :--- | :--- | | Gains and losses on disposal of non-current assets | 216,322.62 | | Government grants recognized in current profit or loss | 6,699,949.10 | | Gains and losses from changes in fair value and disposal of financial assets and liabilities, excluding effective hedge accounting related to normal business operations of non-financial enterprises | 2,509,734.31 | | Other non-operating income and expenses apart from the above | 180,582.83 | | Other gains and losses items that meet the definition of non-recurring gains and losses | 94,358.73 | | Less: Income tax impact | -1,459,718.76 | | Total | 8,241,228.83 | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share (Yuan) | Diluted Earnings Per Share (Yuan) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Ordinary Shareholders of the Company | 0.58 | 0.0483 | 0.0483 | | Net Profit Attributable to Ordinary Shareholders of the Company after Deducting Non-Recurring Gains and Losses | 0.10 | 0.0079 | 0.0079 |