众业达(002441) - 2025 Q2 - 季度财报

Section I Important Notice, Table of Contents and Definitions Important Notice The Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report and financial statements - The Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, free from false statements, misleading representations, or major omissions[5] - Wu Kaixian, the company's head, Wang Baoyu, the chief financial officer, and Li Huiyi, the head of the accounting department, declare the financial report to be true, accurate, and complete[5] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[7] Table of Contents This section lists the report's nine main chapters, covering company operations, finance, governance, and significant matters - The report comprises nine main chapters, covering comprehensive information on the company's operations, financials, governance, and significant matters[10] Definitions This section defines common terms, including company abbreviations, laws, and major supplier names, to ensure clear understanding of the report - Key terms such as 'the Company/Zhongyeda', 'Articles of Association', and 'CSRC' are clearly defined in the report[15] - Major suppliers like ABB, Schneider, Siemens, Changshu Switchgear, and Delixi are explicitly referenced[15] Section II Company Profile and Key Financial Indicators I. Company Profile Zhongyeda Electric Co., Ltd. is listed on the Shenzhen Stock Exchange under stock code 002441, with Wu Kaixian as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Zhongyeda | | Stock Code | 002441 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | Zhongyeda Electric Co., Ltd. | | Legal Representative | Wu Kaixian | II. Contact Persons and Information The company's Board Secretary is Zhang Haina and Securities Affairs Representative is Han Huimin, with disclosed contact address, phone, fax, and email Contact Information | Position | Name | Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Zhang Haina | No. 1 Zhujin 1st Horizontal Street, Zhujin Industrial Zone, Longhu District, Shantou City, Guangdong Province | 0754-88738831 | 0754-88695366 | stock@zyd.cn | | Securities Affairs Representative | Han Huimin | No. 1 Zhujin 1st Horizontal Street, Zhujin Industrial Zone, Longhu District, Shantou City, Guangdong Province | 0754-88738831 | 0754-88695366 | stock@zyd.cn | III. Other Information During the reporting period, there were no changes in the company's contact information, information disclosure, or document storage locations, as detailed in the 2024 annual report - The company's registered address, office address, website, and email contact information remained unchanged during the reporting period[19] - Information disclosure and document storage locations remained unchanged during the reporting period, as detailed in the 2024 annual report[20] IV. Key Accounting Data and Financial Indicators In the first half of 2025, the company's operating revenue increased by 4.79% year-on-year, but net profit attributable to shareholders slightly decreased by 0.22%, and non-recurring net profit decreased by 2.57%, with operating cash flow significantly down by 46.54% Key Accounting Data and Financial Indicators (Year-on-Year Change) | Indicator | Current Reporting Period (RMB) | Prior Year Same Period (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 5,458,369,666.73 | 5,209,095,822.45 | 4.79% | | Net Profit Attributable to Shareholders of Listed Company | 130,328,641.32 | 130,621,868.10 | -0.22% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 126,329,021.15 | 129,657,295.63 | -2.57% | | Net Cash Flow from Operating Activities | 116,344,315.10 | 217,608,689.75 | -46.54% | | Basic Earnings Per Share (RMB/share) | 0.24 | 0.24 | 0.00% | | Diluted Earnings Per Share (RMB/share) | 0.24 | 0.24 | 0.00% | | Weighted Average Return on Net Assets | 2.82% | 2.82% | 0.00% | | End of Current Reporting Period | | | | | Total Assets | 7,045,398,268.91 | 6,782,556,135.56 | 3.88% | | Net Assets Attributable to Shareholders of Listed Company | 4,529,143,458.65 | 4,561,638,136.60 | -0.71% | V. Differences in Accounting Data Under Domestic and International Accounting Standards During the reporting period, the company reported no differences in net profit and net assets between financial statements prepared under international or overseas accounting standards and Chinese accounting standards - The company reported no differences in net profit and net assets between financial statements disclosed under International Accounting Standards and Chinese Accounting Standards during the reporting period[23] - The company reported no differences in net profit and net assets between financial statements disclosed under overseas accounting standards and Chinese Accounting Standards during the reporting period[24] VI. 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 RMB 3.9996 million, primarily from disposal of non-current assets, government grants, and fair value changes of financial assets Non-Recurring Gains and Losses Items and Amounts | Item | Amount (RMB) | | :--- | :--- | | Gains and Losses from Disposal of Non-Current Assets | 11,929.29 | | Government Grants Recognized in Current Profit or Loss | 1,898,001.04 | | Gains and Losses from Changes in Fair Value of Financial Assets and Liabilities Held by Non-Financial Enterprises, and from Disposal of Financial Assets and Liabilities | 3,817,145.10 | | Other Non-Operating Income and Expenses Apart from the Above | -343,341.83 | | Less: Income Tax Impact | 1,279,157.50 | | Impact on Minority Interests (After Tax) | 104,955.93 | | Total | 3,999,620.17 | Section III Management Discussion and Analysis I. Main Business Activities During the Reporting Period The company primarily engages in the distribution, system integration, and complete set manufacturing of industrial electrical products, with operating revenue increasing by 4.79% year-on-year, despite a slight decrease in total profit and net profit attributable to the parent company (I) Overview of the Company's Main Business Activities The company specializes in industrial electrical product distribution, maintaining a leading position in the market, with the industry trending towards intelligence, green solutions, localization, and digitalization - The company's main business is the distribution of industrial electrical products, covering various fields such as power equipment and automatic control systems[29] - The company maintains a leading position in the industrial electrical product distribution industry, possessing a nationwide stable customer base and strong reputation[30] - Industry trends are towards intelligence, green solutions, localization, and digitalization, particularly in new energy, intelligent manufacturing, and infrastructure investment sectors[31] (II) Details of the Company's Main Business Activities The company operates as a professional distributor of industrial electrical products, combining distribution of major brands with system integration and complete set manufacturing, aiming to expand its leading market position through a complementary business model - The company's main business involves the distribution of industrial electrical components and the production and sale of system integration and complete set manufacturing products, with no significant changes to its core business[32] - The company distributes industrial electrical components from international brands like ABB, Schneider, Siemens, and renowned domestic manufacturers such as Changshu Switchgear and Delixi[32] - System integration and complete set manufacturing products include electrical control systems for oil drilling platforms, wind power generation, and charging piles/stations, offering comprehensive services[32] - The company's profitability stems from product sales premiums and supplier sales discounts in its distribution business, as well as profits from system integration and complete set businesses[35] - The company in industrial electrical distribution maintains a leading position, with the market expected to consolidate towards multi-brand distributors possessing nationwide sales networks[36] (III) Company Operating Performance in the First Half of 2025 In the first half of 2025, the company's operating revenue grew by 4.79% to RMB 5.458 billion, while total profit and net profit attributable to shareholders decreased by 0.94% and 0.22% respectively, with non-recurring net profit down by 2.57% - In the first half of 2025, industrial electrical market demand showed recovery growth, driven by accelerated grid investment and demand from new energy and new infrastructure sectors[37] Key Operating Data for the First Half of 2025 | Indicator | Amount (RMB) | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 5,458,369,666.73 | 4.79% | | Total Profit | 171,627,661.02 | -0.94% | | Net Profit Attributable to Shareholders of Listed Company | 130,328,641.32 | -0.22% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 126,329,021.15 | -2.57% | II. Analysis of Core Competencies The company's core competitiveness is built upon its '3+1' network (distribution, logistics, technical services, plus internet) and '3+1' team (power distribution, industrial control, SME client teams, plus technical services), ensuring sustainable development and differentiated competition 1. The '3+1' Network: 'Distribution Network, Logistics Network, Technical Service Network, plus Internet' The company has established a nationwide distribution, logistics, and technical service network, complemented by an internet platform for resource integration and online-offline synergy, enhancing its core competitiveness - The 'Distribution Network' comprises 53 subsidiaries and over 120 offices covering major domestic cities, with plans for further expansion into third and fourth-tier cities and unserved regions[38] - The 'Logistics Network' utilizes 7 major logistics centers and 50 transit warehouses to effectively shorten supply cycles, with plans to enhance facility upgrades and optimize management and service systems[39] - The 'Technical Service Network' establishes a nationwide industrial technical service network, coordinated by the headquarters' technical center and regional service centers, offering pre-sales, solutions, training, and after-sales services[39] - The 'Internet Plus' initiative develops B2B business through 'Zhongyeda Mall' and 'Gongkongmao Mall', and launched the 'Industrial Express' technical service outsourcing platform, achieving a digital closed-loop system[40] 2. The '3+1' Team: 'Power Distribution Team, Industrial Control Team, SME Client Team, plus Technical Services' The company has assembled specialized teams, including power distribution and industrial control teams for core clients, an SME client team for fragmented markets, and a technical service team for support and solutions, ensuring comprehensive coverage across industries, products, and regions - The power distribution and industrial control teams focus on core clients such as complete set manufacturers, OEMs, system integrators, and end-users[41] - The SME client team achieves digital coverage of fragmented markets and small client maintenance through a combination of online and offline approaches[41] - The technical service team provides industrial electrical product-related services, industry-specific application solutions, and emerging industry solutions[41] III. Analysis of Main Business During the reporting period, the company's main business revenue grew by 4.79%, accompanied by increases in operating costs, sales, and administrative expenses, while financial expenses rose due to accounting adjustments, and operating cash flow significantly decreased Overview This section provides an overview of the company's main business activities during the reporting period, with specific details available in the 'I. Main Business Activities During the Reporting Period' section - The company's main business situation is consistent with the content in 'I. Main Business Activities During the Reporting Period'[42] Year-on-Year Changes in Key Financial Data The company experienced growth in operating revenue and costs, with increased sales and administrative expenses, while financial expenses rose by 13.54% due to bill discounting adjustments, and net cash flow from operating activities significantly decreased by 46.54% Year-on-Year Changes in Key Financial Data | Indicator | Current Reporting Period (RMB) | Prior Year Same Period (RMB) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 5,458,369,666.73 | 5,209,095,822.45 | 4.79% | Sales continued steady growth | | Operating Cost | 4,958,841,096.44 | 4,692,474,062.00 | 5.68% | Increase in operating revenue led to higher costs | | Selling Expenses | 227,958,025.87 | 225,031,365.52 | 1.30% | Business development, sales growth | | Administrative Expenses | 89,553,283.12 | 88,627,252.90 | 1.04% | Business development, administrative expenses increased with sales | | Financial Expenses | -21,540,358.91 | -24,913,458.19 | 13.54% | Bill discounting adjusted to financial expenses | | Income Tax Expense | 38,406,199.92 | 37,918,288.40 | 1.29% | Accrual of corporate income tax and recognition of deferred income tax expenses | | R&D Investment | 15,496,753.76 | 17,147,058.72 | -9.62% | Continuous investment by high-tech subsidiaries based on R&D progress | | Net Cash Flow from Operating Activities | 116,344,315.10 | 217,608,689.75 | -46.54% | Normal operating activities, impact of settlement period, and increased inventory | | Net Cash Flow from Investing Activities | -56,479,048.47 | -221,241,537.33 | 74.47% | Investment in transactional financial assets, recovery of large-denomination deposit certificates | | Net Cash Flow from Financing Activities | -164,608,184.62 | -175,061,097.52 | 5.97% | Payment of dividends and bonuses, etc. | | Net Increase in Cash and Cash Equivalents | -101,259,996.40 | -179,057,461.44 | 43.45% | Cash flows from investing and financing activities were both net outflows | - There were no significant changes in the company's profit structure or sources of profit during the reporting period[44] Composition of Operating Revenue The company's operating revenue primarily derives from wholesale of energy, materials, and machinery electronic equipment, accounting for 99.09% of total revenue, with significant growth in industrial control product distribution and in the Central-South and South China regions Composition of Operating Revenue (By Industry) | By Industry | Current Reporting Period Amount (RMB) | Proportion of Operating Revenue | Prior Year Same Period Amount (RMB) | Proportion of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Wholesale of Energy, Materials, and Machinery Electronic Equipment | 5,408,759,087.34 | 99.09% | 5,121,928,507.62 | 98.33% | 5.60% | | Electrical Machinery and Equipment Manufacturing | 39,939,217.66 | 0.73% | 61,998,374.37 | 1.19% | -35.58% | | Other Business Income | 9,671,361.73 | 0.18% | 25,168,940.46 | 0.48% | -61.57% | Composition of Operating Revenue (By Product) | By Product | Current Reporting Period Amount (RMB) | Proportion of Operating Revenue | Prior Year Same Period Amount (RMB) | Proportion of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Low-Voltage Electrical Product Distribution | 3,510,510,335.73 | 64.32% | 3,379,610,908.67 | 64.89% | 3.87% | | Medium-Voltage Electrical Product Distribution | 374,068,509.24 | 6.85% | 386,101,076.01 | 7.41% | -3.12% | | Industrial Control Product Distribution | 1,481,962,393.99 | 27.15% | 1,319,114,925.88 | 25.32% | 12.35% | | System Integration and Complete Set Manufacturing | 39,939,217.66 | 0.73% | 61,998,374.37 | 1.19% | -35.58% | | Other | 42,217,848.38 | 0.77% | 37,101,597.06 | 0.71% | 13.79% | | Other Business Income | 9,671,361.73 | 0.18% | 25,168,940.46 | 0.48% | -61.57% | Composition of Operating Revenue (By Region) | By Region | Current Reporting Period Amount (RMB) | Proportion of Operating Revenue | Prior Year Same Period Amount (RMB) | Proportion of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | North China | 1,459,438,329.71 | 26.73% | 1,411,916,198.48 | 27.10% | 3.37% | | Northeast China | 264,038,084.75 | 4.84% | 274,725,929.92 | 5.27% | -3.89% | | East China | 1,393,732,123.02 | 25.53% | 1,379,636,143.19 | 26.49% | 1.02% | | Southwest China | 439,341,525.21 | 8.05% | 451,905,641.83 | 8.68% | -2.78% | | Central-South China | 703,686,237.34 | 12.89% | 591,859,571.02 | 11.36% | 18.89% | | Northwest China | 256,823,712.49 | 4.71% | 249,942,394.52 | 4.80% | 2.75% | | South China | 931,638,292.48 | 17.07% | 823,941,003.03 | 15.82% | 13.07% | | Other Business Income | 9,671,361.73 | 0.18% | 25,168,940.46 | 0.48% | -61.57% | Industries, Products, or Regions Accounting for Over 10% of the Company's Operating Revenue or Operating Profit | Item | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | By Industry | | | | | | | | Wholesale of Energy, Materials, and Machinery Electronic Equipment | 5,408,759,087.34 | 4,920,888,400.39 | 9.02% | 5.60% | 6.39% | -0.68% | | By Product | | | | | | | | Industrial Electrical Product Distribution—Low-Voltage Electrical Product Distribution | 3,510,510,335.73 | 3,177,744,762.24 | 9.48% | 3.87% | 4.10% | -0.20% | | Industrial Electrical Product Distribution—Industrial Control Product Distribution | 1,481,962,393.99 | 1,384,966,330.06 | 6.55% | 12.35% | 14.36% | -1.64% | | By Region | | | | | | | | North China | 1,459,438,329.71 | 1,366,815,524.85 | 6.35% | 3.37% | 4.08% | -0.64% | | East China | 1,393,732,123.02 | 1,326,606,236.43 | 4.82% | 1.02% | 1.17% | -0.14% | | Central-South China | 703,686,237.34 | 669,900,089.40 | 4.80% | 18.89% | 19.63% | -0.59% | | South China | 4,923,606,371.20 | 4,676,975,964.70 | 5.01% | 4.09% | 4.29% | -0.18% | IV. Analysis of Non-Core Business During the reporting period, the company had no non-core business activities - The company had no non-core business activities during the reporting period[50] V. Analysis of Assets and Liabilities At the end of the reporting period, total assets increased by 3.88% year-on-year, with significant changes including an 18.69% decrease in monetary funds, a 70.56% increase in accounts receivable, and a 21.69% increase in inventory 1. Significant Changes in Asset Composition At the end of the reporting period, monetary funds decreased by 18.69%, while accounts receivable and inventory increased by 70.56% and 21.69% respectively, and transactional financial assets significantly rose by 85.71% Significant Changes in Asset Composition | Item | Amount at End of Current Reporting Period (RMB) | Proportion of Total Assets | Amount at End of Prior Year (RMB) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 1,304,585,669.57 | 18.52% | 1,604,363,048.03 | 23.65% | -5.13% | Investment in transactional financial assets and normal operating cash receipts and payments | | Accounts Receivable | 1,963,127,577.74 | 27.86% | 1,151,009,436.26 | 16.97% | 10.89% | Normal sales activities, affected by customer settlement cycles | | Inventories | 1,015,926,299.99 | 14.42% | 834,859,114.30 | 12.31% | 2.11% | Maintained normal steady operations, increased inventory as appropriate | | Long-Term Equity Investments | 5,665,589.32 | 0.08% | 6,836,139.64 | 0.10% | -0.02% | Received dividends from associates and recognized investment income under equity method | | Fixed Assets | 746,471,877.85 | 10.60% | 761,389,224.45 | 11.23% | -0.63% | Purchase of office equipment, transportation vehicles, and depreciation accrual | | Construction in Progress | 3,484,197.69 | 0.05% | 3,382,179.00 | 0.05% | 0.00% | Construction costs for Guangzhou Zhongyeda subsidiary's property | | Right-of-Use Assets | 11,213,262.00 | 0.16% | 9,162,501.23 | 0.14% | 0.02% | New leased office premises for ELVO PTE.LTD. subsidiary | | Short-Term Borrowings | 21,000,000.00 | 0.30% | 18,000,000.00 | 0.27% | 0.03% | Increased short-term borrowings considering financing costs | | Contract Liabilities | 143,265,141.94 | 2.03% | 224,525,305.42 | 3.31% | -1.28% | Settlement of goods payments according to sales agreements with customers | | Lease Liabilities | 10,589,989.35 | 0.15% | 7,483,909.08 | 0.11% | 0.04% | New leased office premises for ELVO PTE.LTD. subsidiary | | Transactional Financial Assets | 520,000,000.00 | 7.38% | 280,004,206.77 | 4.13% | 3.25% | Purchase of structured deposits | | Notes Receivable | 72,580,188.13 | 1.03% | 165,609,922.64 | 2.44% | -1.41% | Adjustment of settlement methods with customers and suppliers | | Financing for Receivables | 779,168,512.40 | 11.06% | 1,311,368,110.21 | 19.33% | -8.27% | Adjustment of settlement methods with customers and suppliers | | Prepayments | 58,687,908.75 | 0.83% | 100,223,520.00 | 1.48% | -0.65% | Prepayment for goods according to procurement agreements with suppliers | | Employee Benefits Payable | 27,706,710.28 | 0.39% | 72,751,008.73 | 1.07% | -0.68% | Employee annual bonuses accrued at prior year-end paid in current reporting period | | Non-Current Liabilities Due Within One Year | 892,743.91 | 0.01% | 1,743,518.74 | 0.03% | -0.02% | Operating lease payments made periodically according to lease contracts | | Other Current Liabilities | 18,624,468.45 | 0.26% | 40,644,665.17 | 0.60% | -0.34% | Settlement of goods payments according to sales agreements with customers | 2. Major Overseas Assets During the reporting period, the company had no major overseas assets requiring disclosure - The company had no major overseas assets during the reporting period[55] 3. Assets and Liabilities Measured at Fair Value At the end of the reporting period, the company's financial assets measured at fair value totaled RMB 607.88 million, primarily comprising transactional financial assets and other equity instrument investments, with a RMB 532.20 million decrease in receivables financing Assets and Liabilities Measured at Fair Value | Item | Opening Balance (RMB) | Fair Value Change Gains/Losses for Current Period (RMB) | Amount Purchased in Current Period (RMB) | Amount Sold in Current Period (RMB) | Other Changes (RMB) | Closing Balance (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Financial Assets | | | | | | | | 1. Transactional Financial Assets | 280,004,206.77 | -4,206.77 | 1,615,000,000.00 | 1,375,000,000.00 | | 520,000,000.00 | | 4. Other Equity Instrument Investments | 87,880,822.68 | | | | | 87,880,822.68 | | Subtotal of Financial Assets | 367,885,029.45 | -4,206.77 | 1,615,000,000.00 | 1,375,000,000.00 | | 607,880,822.68 | | Financing for Receivables | 1,311,368,110.21 | | | | -532,199,597.81 | 779,168,512.40 | | Total Above | 1,679,253,139.66 | -4,206.77 | 1,615,000,000.00 | 1,375,000,000.00 | -532,199,597.81 | 1,387,049,335.08 | | Financial Liabilities | 0.00 | | | | | 0.00 | - Bills classified as receivables financing for the current period showed a total change of -RMB 532,199,597.81[55] - There were no significant changes in the measurement attributes of the company's major assets during the reporting period[56] 4. Asset Restrictions as of the End of the Reporting Period As of the end of the reporting period, the company's restricted assets totaled RMB 245,139,566.44, primarily consisting of bill deposits, letter of guarantee deposits, litigation-frozen monetary funds, and pledged receivables financing for bank acceptance bills Asset Restrictions | Item | Book Balance (RMB) | Book Value (RMB) | Type of Restriction | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 204,937,183.06 | 204,937,183.06 | Other | Bill deposits | | Monetary Funds | 3,217,386.29 | 3,217,386.29 | Other | Letter of guarantee deposits | | Monetary Funds | 1,760,000.00 | 1,760,000.00 | Frozen | Litigation freeze | | Notes Receivable | 39,766.00 | 39,766.00 | Other | Not derecognized | | Financing for Receivables | 35,185,231.09 | 35,185,231.09 | Pledged | Pledged for bank acceptance bills | | Total | 245,139,566.44 | 245,139,566.44 | — | — | VI. Analysis of Investment Status During the reporting period, the company's investment amounted to RMB 58.8 million, a significant increase of 19,522.28% year-on-year, with no major equity, non-equity, securities, or derivative investments, and no use of raised funds 1. Overall Situation During the reporting period, the company's investment amounted to RMB 58.8 million, representing a 19,522.28% increase compared to the same period last year Investment Amount Changes | Investment Amount in Reporting Period (RMB) | Investment Amount in Prior Year Same Period (RMB) | Change Rate | | :--- | :--- | :--- | | 58,800,000.00 | 299,659.42 | 19,522.28% | 2. Significant Equity Investments Acquired During the Reporting Period During the reporting period, the company did not acquire any significant equity investments - The company had no securities investments during the reporting period[58] 3. Significant Non-Equity Investments in Progress During the Reporting Period During the reporting period, the company had no significant non-equity investments in progress - The company had no derivative investments during the reporting period[59] 4. Financial Asset Investments During the reporting period, the company had no securities or derivative investments - The company had no securities investments during the reporting period[58] - The company had no derivative investments during the reporting period[59] 5. Use of Raised Funds During the reporting period, the company did not use any raised funds - The company did not use any raised funds during the reporting period[61] VII. Significant Asset and Equity Disposals During the reporting period, the company did not dispose of any significant assets or equity - The company did not dispose of any significant assets during the reporting period[62] - The company did not dispose of any significant equity during the reporting period[63] VIII. Analysis of Major Holding and Participating Companies During the reporting period, the company had no major holding or participating company information requiring disclosure - The company had no major holding or participating company information requiring disclosure during the reporting period[63] IX. Structured Entities Controlled by the Company During the reporting period, the company did not control any structured entities - The company did not control any structured entities during the reporting period[64] X. Risks Faced by the Company and Countermeasures The company faces risks related to reliance on major suppliers, macroeconomic fluctuations, accounts receivable bad debts, and inability to secure sales discounts, which are addressed through strengthening core competencies, financial risk control, and strategic partnerships - The company faces risks of reliance on major suppliers but maintains stable strategic cooperative relationships with key suppliers such as ABB, Schneider, and Siemens[64] - Macroeconomic fluctuations may impact end-customer demand, and the company will ensure continuous and stable business growth by enhancing its '3+1' network and team core competencies[65] - Increased accounts receivable pose bad debt risks, and the company will strengthen financial risk control, enhance customer credit reviews, and actively recover overdue accounts receivable[66] - The company faces the risk of not obtaining sales discounts and will address this by improving its sales network, enhancing service levels, and negotiating with suppliers to adjust sales targets[67] XI. Implementation of Market Value Management System and Valuation Enhancement Plan The company has not established a market value management system nor disclosed a valuation enhancement plan - The company has not established a market value management system[68] - The company has not disclosed a valuation enhancement plan[68] XII. Implementation of the 'Quality and Return Dual Enhancement' Action Plan The company has not disclosed any announcement regarding the 'Quality and Return Dual Enhancement' action plan - The company has not disclosed any announcement regarding the 'Quality and Return Dual Enhancement' action plan[68] Section IV Corporate Governance, Environment, and Society I. Changes in Directors, Supervisors, and Senior Management During the reporting period, there were no changes in the company's directors, supervisors, or senior management, with details available in the 2024 annual report - The company's directors, supervisors, and senior management remained unchanged during the reporting period[70] II. Profit Distribution and Capital Reserve Conversion to Share Capital for the Current Reporting Period The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[71] III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place or implemented - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures or their implementation during the reporting period[72] IV. Environmental Information Disclosure The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[73] V. Social Responsibility The company is committed to creating corporate social value by improving governance, protecting stakeholder rights, caring for employees, maintaining supplier and customer relationships, and actively participating in social welfare initiatives - The company ensures that shareholders, directors, and supervisors fulfill their duties in the best interest of the company and all shareholders by improving corporate governance and internal control systems, and promptly discloses significant matters to protect investor rights[74] - The company adheres to a people-oriented approach, complies with labor laws and regulations, respects and protects employee rights, and prioritizes talent development and employee growth[75] - The company establishes strategic cooperative relationships with suppliers and customers based on principles of voluntariness, equality, and mutual benefit, ensuring product quality, reasonable pricing, and after-sales service[76][77] - The company actively engages in social welfare and charitable activities, supports community greening efforts, and strives to foster harmonious public relations[78] - During the reporting period, the company did not undertake any poverty alleviation or rural revitalization initiatives[79] Section V Significant Matters I. Commitments Fulfilled and Overdue Unfulfilled by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and Other Committed Parties During and as of the End of the Reporting Period During the reporting period, there were no commitments fulfilled or overdue unfulfilled by the company's actual controller, shareholders, related parties, acquirers, or other committed parties - During the reporting period, there were no commitments fulfilled or overdue unfulfilled by the company's actual controller, shareholders, related parties, acquirers, or other committed parties as of the end of the reporting period[81] II. Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties from the Listed Company During the reporting period, there were no non-operating funds occupied by controlling shareholders or other related parties from the listed company - During the reporting period, there were no non-operating funds occupied by controlling shareholders or other related parties from the listed company[82] III. Irregular External Guarantees During the reporting period, the company had no irregular external guarantees - The company had no irregular external guarantees during the reporting period[83] IV. Appointment and Dismissal of Accounting Firms The company's semi-annual report was not audited - The company's semi-annual report was not audited[84] V. Board of Directors' and Supervisory Board's Explanation of 'Non-Standard Audit Report' for the Current Reporting Period The company did not have a non-standard audit report for the current reporting period - The company did not have a non-standard audit report for the current reporting period[85] VI. Board of Directors' Explanation of 'Non-Standard Audit Report' for the Prior Year The company did not have a non-standard audit report for the prior year - The company did not have a non-standard audit report for the prior year[85] VII. Bankruptcy and Reorganization Matters During the reporting period, the company did not experience any bankruptcy or reorganization matters - The company did not experience any bankruptcy or reorganization matters during the reporting period[85] VIII. Litigation Matters During the reporting period, the company had no significant litigation or arbitration matters, with other minor cases totaling RMB 45.22 million largely concluded and having no material impact on operations - The company had no significant litigation or arbitration matters in the current reporting period[86] Summary of Other Litigation Matters | Basic Information on Litigation (Arbitration) | Amount Involved (RMB 10,000) | Whether a Provision for Liabilities Was Formed | Progress of Litigation (Arbitration) | Outcome and Impact of Litigation (Arbitration) | Enforcement Status of Litigation (Arbitration) Judgment | | :--- | :--- | :--- | :--- | :--- | :--- | | Summary of Other Litigation Cases Not Meeting the Disclosure Threshold for Significant Litigation | 4,522.22 | No | Some cases concluded, others pending | As of the end of the reporting period, most cases concluded, pending litigation has no significant impact on company operations | As of the end of the reporting period, some cases executed, others not yet in execution phase or in progress | IX. Penalties and Rectification During the reporting period, the company had no penalties or rectification situations - The company had no penalties or rectification situations during the reporting period[88] X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity status - The company had no integrity issues during the reporting period[89] XI. Significant Related Party Transactions During the reporting period, the company had no significant related party transactions, including those related to daily operations, asset/equity acquisitions or disposals, joint investments, related party debts, or financial company dealings - The company had no related party transactions related to daily operations during the reporting period[89] - The company had no related party transactions involving asset or equity acquisitions or disposals during the reporting period[90] - The company had no related party transactions involving joint external investments during the reporting period[91] - The company had no related party creditor-debtor relationships during the reporting period[92] - There were no deposits, loans, credit lines, or other financial transactions between the company's related financial companies and related parties[93] - There were no deposits, loans, credit lines, or other financial transactions between the company's controlled financial companies and related parties[94] - The company had no other significant related party transactions during the reporting period[95] XII. Significant Contracts and Their Performance During the reporting period, the company generated RMB 14.9286 million from leasing idle properties, provided RMB 640 million in approved guarantees for subsidiaries with an actual balance of RMB 51.8186 million, and engaged in entrusted wealth management with an outstanding balance of RMB 520 million, while also signing distribution agreements with Schneider Electric for RMB 3.4496 billion in procurement targets 1. Custody, Contracting, and Leasing Matters During the reporting period, the company had no custody or contracting arrangements, but generated RMB 14.9286 million in leasing income from idle properties, none of which accounted for over 10% of the period's total profit - The company had no custody arrangements during the reporting period[96] - The company had no contracting arrangements during the reporting period[97] - The company and its subsidiaries leased out some idle properties, generating a total leasing income of RMB 14.9286 million during the reporting period[98] - During the reporting period, no leasing projects generated profits or losses exceeding 10% of the company's total profit for the period[98] 2. Significant Guarantees The company provided several joint liability guarantees for its subsidiaries, totaling an approved amount of RMB 640 million, with an actual outstanding balance of RMB 51.8186 million at the end of the reporting period, representing 1.14% of the company's net assets Company Guarantees for Subsidiaries | Guaranteed Party Name | Disclosure Date of Guarantee Limit Announcement | Guarantee Limit (RMB 10,000) | Actual Occurrence Date | Actual Guarantee Amount (RMB 10,000) | Guarantee Type | Guarantee Period | Whether Fulfilled | Whether Related Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shantou Zhongyeda Electrical Equipment Co., Ltd. | 2023年07月11日 | 4,000 | 2024年04月30日 | 13.12 | Joint liability guarantee | 30-2025.5.10 | No | No | | Shantou Zhongyeda Electrical Equipment Co., Ltd. | 2023年07月11日 | 4,000 | 2025年02月07日 | 1.49 | Joint liability guarantee | 2-2025.7.22 | No | No | | Shantou Zhongyeda Electrical Equipment Co., Ltd. | 2023年07月11日 | 4,000 | 2025年02月07日 | 1.49 | Joint liability guarantee | 2-2025.7.22 | No | No | | Shantou Zhongyeda Electrical Equipment Co., Ltd. | 2023年07月11日 | 4,000 | 2025年05月28日 | 2.36 | Joint liability guarantee | 28-2025.10.14 | No | No | | Zhongyeda Supply Chain Management (Suzhou) Co., Ltd. | 2024年05月07日 | 20,000 | 2024年05月07日 | 6,193.18 | Joint liability guarantee | Term is 3 years after the performance period of debt formed by the "2024 Product Sales Agreement" | No | No | | Zhongyeda Supply Chain Management (Suzhou) Co., Ltd. | 2025年04月30日 | 18,000 | 2025年04月30日 | 4,271.17 | Joint liability guarantee | Term is 3 years after the performance period of debt formed by the "2025 Product Sales Agreement" | No | No | Subsidiary Guarantees for Subsidiaries | Guaranteed Party Name | Disclosure Date of Guarantee Limit Announcement | Guarantee Limit (RMB 10,000) | Actual Occurrence Date | Actual Guarantee Amount (RMB 10,000) | Guarantee Type | Guarantee Period | Whether Fulfilled | Whether Related Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Gongkongwang (Beijing) E-commerce Co., Ltd. | 2024年05月24日 | 2,000 | 2024年05月24日 | 2,000 | Joint liability guarantee | 2 years from the date of approval by the 2023 Annual General Meeting | No | No | Total Company Guarantees | Indicator | Amount (RMB 10,000) | | :--- | :--- | | Total Approved Guarantee Limit During Reporting Period | 18,000 | | Total Actual Guarantee Amount During Reporting Period | 12,482.81 | | Total Approved Guarantee Limit at End of Reporting Period | 64,000 | | Total Actual Guarantee Balance at End of Reporting Period | 5,181.86 | | Proportion of Total Actual Guarantees to Company's Net Assets | 1.14% | | Debt Guarantee Balance Provided Directly or Indirectly for Guaranteed Parties with Asset-Liability Ratio Exceeding 70% | 2,000 | | Total of the Above Three Guarantee Amounts | 2,000 | 3. Entrusted Wealth Management During the reporting period, the company's entrusted wealth management amounted to RMB 1.895 billion, with an outstanding balance of RMB 520 million at period-end, all in bank wealth management products with no overdue unrecovered amounts Entrusted Wealth Management Status | Specific Type | Source of Entrusted Wealth Management Funds | Amount of Entrusted Wealth Management (RMB 10,000) | Unexpired Balance (RMB 10,000) | Overdue Unrecovered Amount (RMB 10,000) | Impairment Amount Provided for Overdue Unrecovered Wealth Management (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 189,500 | 52,000 | 0 | 0 | | Total | | 189,500 | 52,000 | 0 | 0 | - The company had no high-risk entrusted wealth management products with significant individual amounts, low security, or poor liquidity during the reporting period[104] - Entrusted wealth management did not experience situations where principal was expected to be unrecoverable or other circumstances that could lead to impairment[104] 4. Other Significant Contracts The company and its consolidated subsidiaries signed multiple distribution agreements with Schneider Electric (China) Co., Ltd. and its affiliates, with a total procurement target of RMB 3.4496 billion (excluding tax) for low-voltage distribution, industrial control, and medium-voltage products Other Significant Contracts | Company Party to Contract | Counterparty to Contract | Contract Subject | Signing Date | Transaction Price (RMB 10,000) | Related Party Transaction | Whether Related Party Relationship | Execution Status as of End of Reporting Period | Disclosure Date | Disclosure Index | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Company and Consolidated Subsidiaries | Schneider Electric (China) Co., Ltd. and its Affiliates | Schneider-related Equipment/Products | 2025年04月15日 | 345,285.471 | No | Not applicable | As of June 30, 2025, the specific procurement amount for low-voltage distribution, industrial control, and medium-voltage product distribution agreements and related equipment/products was 117,106.19 million RMB | 2025年04月15日 | Juchao Information Network, Announcement No.: 2025-04, Announcement Name: "Announcement on Signing Significant Daily Operating Contracts" | XIII. Explanation of Other Significant Matters During the reporting period, the company had no other significant matters requiring explanation - The company had no other significant matters requiring explanation during the reporting period[106] XIV. Significant Matters of Company Subsidiaries The company proportionally reduced capital in its controlling subsidiary Chengdu Hongda and its invested subsidiaries Yibin Hongda and Guizhou Zhongyeda to integrate resources and optimize fund utilization, with no change in equity holdings post-reduction - The company proportionally reduced capital in its controlling subsidiary Chengdu Hongda and its invested subsidiaries Yibin Hongda and Guizhou Zhongyeda[107] - The capital reduction aims to integrate company resources and optimize fund utilization, with no change in the company's equity holdings in these entities after completion[107] Section VI Share Changes and Shareholder Information I. Share Change Status During the reporting period, the company's total share capital remained unchanged, with no alterations in the number or proportion of restricted and unrestricted shares, and no share repurchases or concentrated bidding reductions Share Change Status | Item | Number Before This Change (shares) | Proportion Before This Change | Increase/Decrease in This Change (Subtotal) (shares) | Number After This Change (shares) | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 145,463,880 | 26.71% | 0 | 145,463,880 | 26.71% | | Of which: Shares Held by Domestic Natural Persons | 145,463,880 | 26.71% | 0 | 145,463,880 | 26.71% | | II. Unrestricted Shares | 399,079,729 | 73.29% | 0 | 399,079,729 | 73.29% | | Of which: RMB Ordinary Shares | 399,079,729 | 73.29% | 0 | 399,079,729 | 73.29% | | III. Total Shares | 544,543,609 | 100.00% | 0 | 544,543,609 | 100.00% | - Share changes had no impact on financial indicators such as basic and diluted earnings per share, and net assets per share attributable to ordinary shareholders for the most recent year and period[111] II. Securities Issuance and Listing During the reporting period, the company had no securities issuance or listing activities - The company had no securities issuance or listing activities during the reporting period[111] III. Number of Shareholders and Shareholding Status At the end of the reporting period, the company had 33,563 ordinary shareholders, with Wu Kaixian and his family members collectively holding 49.70% of shares, and Naqu City Wuwei Enterprise Management Co., Ltd. holding 2.00% with all its shares pledged Total Number of Ordinary Shareholders at End of Reporting Period | Indicator | Number | | :--- | :--- | | Total Number of Ordinary Shareholders at End of Reporting Period | 33,563 | | Total Number of Preferred Shareholders with Restored Voting Rights at End of Reporting Period (if any) | 0 | Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at End of Reporting Period (shares) | Changes in Shareholding During Reporting Period (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | Pledge, Mark, or Freeze Status of Shares | Number of Pledged, Marked, or Frozen Shares (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Wu Kaixian | Domestic natural person | 29.11% | 158,508,340 | 0 | 118,881,255 | 39,627,085 | Not applicable | 0 | | Yan Suzhen | Domestic natural person | 8.81% | 48,000,000 | 0 | 0 | 48,000,000 | Not applicable | 0 | | Wu Senyue | Domestic natural person | 5.90% | 32,121,000 | 0 | 0 | 32,121,000 | Not applicable | 0 | | Wu Senjie | Domestic natural person | 5.88% | 32,000,000 | 0 | 24,000,000 | 8,000,000 | Not applicable | 0 | | Naqu City Wuwei Enterprise Management Co., Ltd. | Domestic non-state-owned legal person | 2.00% | 10,890,800 | 0 | 0 | 10,890,800 | Pledged | 10,890,800 | | Qingdao Henglan Investment Co., Ltd. | Domestic non-state-owned legal person | 1.77% | 9,655,400 | 0 | 0 | 9,655,400 | Not applicable | 0 | | Zheng Guolun | Domestic natural person | 1.33% | 7,245,302 | 0 | 7,245,302 | 0 | Not applicable | 7,245,302 | | Hong Kong Securities Clearing Company Limited | Overseas legal person | 0.89% | 4,855,971 | 736,784 | 0 | 4,855,971 | Not applicable | 0 | | Shi Jianguo | Domestic natural person | 0.44% | 2,406,000 | 115,200 | 0 | 2,406,000 | Not applicable | 0 | | Wang Zongcheng | Domestic natural person | 0.44% | 2,402,100 | 0 | 0 | 2,402,100 | Not applicable | 0 | - Wu Kaixian and Yan Suzhen are a married couple, Wu Senjie and Wu Senyue are their sons; Naqu City Wuwei Enterprise Management Co., Ltd. and Qingdao Henglan Investment Co., Ltd. are entities under common control[113] - The company's top 10 ordinary shareholders and top 10 unrestricted ordinary shareholders did not engage in agreed repurchase transactions during the reporting period[114] IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management During the reporting period, there were no changes in the shareholdings of the company's directors, supervisors, or senior management, with details available in the 2024 annual report - The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period[115] V. Changes in Controlling Shareholder or Actual Controller During the reporting period, there were no changes in the company's controlling shareholder or actual controller - The company's controlling shareholder remained unchanged during the reporting period[116] - The company's actual controller remained unchanged during the reporting period[116] VI. Preferred Share Information During the reporting period, the company had no preferred shares - The company had no preferred shares during the reporting period[117] Section VII Bond-Related Information Bond-Related Information During the reporting period, the company had no bond-related information - The company had no bond-related information during the reporting period[119] Section VIII Financial Report I. Audit Report The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[121] II. Financial Statements This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, offering a comprehensive view of its financial position, operating results, and cash flows 1. Consolidated Balance Sheet As of June 30, 2025, the company's consolidated total assets were RMB 7.045 billion, an increase of 3.88% from the beginning of the period, with total liabilities at RMB 2.468 billion and total owners' equity at RMB 4.577 billion Key Data from Consolidated Balance Sheet | Item | Closing Balance (RMB) | Opening Balance (RMB) | | :--- | :--- | :--- | | Monetary Funds | 1,304,585,669.57 | 1,604,363,048.03 | | Transactional Financial Assets | 520,000,000.00 | 280,004,206.77 | | Notes Receivable | 72,580,188.13 | 165,609,922.64 | | Accounts Receivable | 1,963,127,577.74 | 1,151,009,436.26 | | Financing for Receivables | 779,168,512.40 | 1,311,368,110.21 | | Inventories | 1,015,926,299.99 | 834,859,114.30 | | Total Current Assets | 5,934,989,904.78 | 5,658,989,592.01 | | Fixed Assets | 746,471,877.85 | 761,389,224.45 | | Total Non-Current Assets | 1,110,408,364.13 | 1,123,566,543.55 | | Total Assets | 7,045,398,268.91 | 6,782,556,135.56 | | Short-Term Borrowings | 21,000,000.00 | 18,000,000.00 | | Notes Payable | 1,235,407,077.40 | 959,750,596.89 | | Accounts Payable | 931,290,401.91 | 763,698,804.18 | | Contract Liabilities | 143,265,141.94 | 224,525,305.42 | | Total Current Liabilities | 2,411,823,442.01 | 2,119,130,664.16 | | Total Liabilities | 2,468,452,283.68 | 2,173,240,403.02 | | Total Owners' Equity Attributable to Parent Company | 4,529,143,458.65 | 4,561,638,136.60 | | Total Owners' Equity | 4,576,945,985.23 | 4,609,315,732.54 | 2. Parent Company Balance Sheet As of June 30, 2025, the parent company's total assets were RMB 6.148 billion, an 11.11% increase from the beginning of the period, with total liabilities at RMB 2.166 billion and total owners' equity at RMB 3.982 billion Key Data from Parent Company Balance Sheet | Item | Closing Balance (RMB) | Opening Balance (RMB) | | :--- | :--- | :--- | | Monetary Funds | 877,754,038.79 | 1,095,003,264.36 | | Transactional Financial Assets | 510,000,000.00 | 270,000,000.00 | | Accounts Receivable | 1,815,814,137.39 | 1,005,259,990.24 | | Inventories | 908,816,054.30 | 739,517,986.02 | | Total Current Assets | 4,826,957,107.10 | 4,267,153,465.59 | | Long-Term Equity Investments | 971,094,028.41 | 913,464,578.73 | | Total Assets | 6,147,957,661.13 | 5,533,508,575.78 | | Notes Payable | 1,103,621,830.26 | 790,100,000.00 | | Accounts Payable | 722,542,597.76 | 600,233,182.11 | | Total Current Liabilities | 2,147,879,049.68 | 1,740,851,881.42 | | Total Liabilities | 2,166,033,749.55 | 1,759,006,581.29 | | Total Owners' Equity | 3,981,923,911.58 | 3,774,501,994.49 | 3. Consolidated Income Statement For the first half of 2025, the company's consolidated total operating revenue was RMB 5.458 billion, up 4.79% year-on-year, while net profit decreased by 1.56% to RMB 133.22 million, and net profit attributable to parent company shareholders decreased by 0.22% Key Data from Consolidated Income Statement | Item | First Half of 2025 (RMB) | First Half of 2024 (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 5,458,369,666.73 | 5,209,095,822.45 | | Total Operating Cost | 5,286,856,950.81 | 5,015,060,610.86 | | Operating Profit | 172,223,993.37 | 173,486,163.24 | | Total Profit | 171,627,661.02 | 173,251,031.22 | | Net Profit | 133,221,461.10 | 135,332,742.82 | | Net Profit Attributable to Parent Company Shareholders | 130,328,641.32 | 130,621,868.10 | | Minority Interests | 2,892,819.78 | 4,710,874.72 | | Total Comprehensive Income | 133,761,224.53 | 134,969,243.53 | | Basic Earnings Per Share | 0.24 | 0.24 | | Diluted Earnings Per Share | 0.24 | 0.24 | 4. Parent Company Income Statement For the first half of 2025, the parent company's operating revenue was RMB 3.892 billion, up 2.62% year-on-year, with net profit significantly increasing by 212.45% to RMB 370.78 million, primarily due to substantial growth in investment income Key Data from Parent Company Income Statement | Item | First Half of 2025 (RMB) | First Half of 2024 (RMB) | | :--- | :--- | :--- | | Operating Revenue | 3