百达精工(603331) - 2025 Q2 - 季度财报

Section I Definitions This section provides definitions of common terms used in the report to ensure consistent understanding of professional terminology Definitions of Common Terms This chapter defines key terms used throughout the report, ensuring clarity and consistent interpretation for readers - Company, the Company, Baida Precision refers to Zhejiang Baida Precision Manufacturing Co., Ltd[11] - This report, this period refers to January 1, 2025 to June 30, 2025[11] Section II Company Profile and Key Financial Indicators This section presents the company's fundamental information and key financial performance metrics for the reporting period I. Company Information This section outlines the company's basic identification details, including its Chinese name, abbreviation, foreign name, and legal representative - The company's Chinese name is Zhejiang Baida Precision Manufacturing Co., Ltd., abbreviated as Baida Precision[13] - The company's legal representative is Shi Xiaoyou[13] II. Contact Person and Information This section provides contact details for the company's Board Secretary and Securities Affairs Representative, including name, address, phone, fax, and email - The Board Secretary is Xu Wen, and the Securities Affairs Representative is Li Wenqiqi[14] - The company's contact address is No. 2399 Haicheng Road, Taizhou Bay New Area, Taizhou City, Zhejiang Province, and the email is ir@baidapm.com[14] III. Brief Introduction to Changes in Basic Information This section details changes in the company's registered and office addresses, along with its website and email address - The company's registered address changed to No. 2399 Haicheng Road, Taizhou Bay New Area, Taizhou City, Zhejiang Province on May 12, 2023[15] - The company's website is **www.baidapm.com**[15](index=15&type=chunk) IV. Brief Introduction to Changes in Information Disclosure and Document Storage Locations This section specifies the company's designated newspaper and website for information disclosure, as well as the storage location for its semi-annual report - The company's selected newspaper for information disclosure is "Shanghai Securities News", and the website for publishing the semi-annual report is the **Shanghai Stock Exchange website www.sse.com.cn**[16](index=16&type=chunk) - The company's semi-annual report is stored at the company's Securities Investment Department[16] V. Company Stock Overview This section provides the company's stock listing information, including stock type, exchange, stock abbreviation, and code - The company's A-shares are listed on the Shanghai Stock Exchange, with stock abbreviation Baida Precision and stock code 603331[17] VII. Key Accounting Data and Financial Indicators This section presents the company's key accounting data and financial indicators for the current reporting period and the same period last year, explaining significant changes Key Accounting Data (Jan-Jun 2025 vs. Same Period Last Year) | Key Accounting Data | Current Period (Jan-Jun) (CNY) | Same Period Last Year (CNY) | Change from Same Period Last Year (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 774,667,580.51 | 776,662,711.39 | -0.26 | | Total Profit | 47,358,019.92 | 60,341,809.23 | -21.52 | | Net Profit Attributable to Shareholders of Listed Company | 44,228,038.07 | 55,503,232.03 | -20.31 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | 45,255,694.35 | 49,451,684.27 | -8.49 | | Net Cash Flow from Operating Activities | 161,315,827.17 | 38,200,032.19 | 322.29 | | End of Current Period vs. End of Last Year | | | | | Net Assets Attributable to Shareholders of Listed Company | 1,311,090,833.19 | 1,283,036,846.00 | 2.19 | | Total Assets | 3,404,541,242.25 | 3,257,252,574.63 | 4.52 | Key Financial Indicators (Jan-Jun 2025 vs. Same Period Last Year) | Key Financial Indicators | Current Period (Jan-Jun) | Same Period Last Year | Change from Same Period Last Year (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.22 | 0.28 | -21.43 | | Diluted Earnings Per Share (CNY/share) | 0.22 | 0.28 | -21.43 | | Basic Earnings Per Share (Excluding Non-Recurring Gains/Losses) (CNY/share) | 0.22 | 0.25 | -12.00 | | Weighted Average Return on Net Assets (%) | 3.40 | decreased by 4.25 percentage points | 0.85 | | Weighted Average Return on Net Assets (Excluding Non-Recurring Gains/Losses) (%) | 3.47 | decreased by 3.79 percentage points | 0.32 | - Total profit decreased by 21.52% year-on-year, primarily due to intense market competition and a decline in product prices[22] - Net profit attributable to shareholders of the listed company decreased by 20.31% year-on-year, mainly due to the decrease in total profit[22] - Net cash flow from operating activities increased by 322.29% year-on-year, primarily due to a reduction in cash outflows related to purchasing goods and receiving services[22] IX. Non-Recurring Gains and Losses Items and Amounts This section details the non-recurring gains and losses items and their respective amounts for the reporting period, including the total impact Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Gains or losses from disposal of non-current assets | -789,515.77 | | Government grants recognized in profit or loss for the current period (excluding those continuously related to the company's normal business operations) | 1,480,635.82 | | Gains or losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and investment gains or losses from disposal of financial assets and liabilities | -1,837,468.00 | | Other non-operating income and expenses apart from the above | -462,699.32 | | Other gains and losses that meet the definition of non-recurring gains and losses | 114,690.24 | | Less: Income tax impact | -467,594.07 | | Impact on minority interests (after tax) | 893.31 | | Total | -1,027,656.28 | Section III Management Discussion and Analysis This section provides management's perspective on the company's operational performance, financial condition, and future outlook I. Description of the Company's Industry and Main Business During the Reporting Period This section elaborates on the market conditions, policy impacts, competitive landscape, and business models within the compressor and automotive parts industries (I) Market Conditions Description This section analyzes market dynamics in the compressor and automotive parts industries, including policy support, production and sales data, and the company's competitive position - National policies for large-scale equipment renewal and consumer goods trade-in have stimulated household appliance consumption, benefiting the compressor industry[26] Compressor Industry Production and Sales (Jan-Jun 2025) | Indicator | Production (10,000 units) | Year-on-Year Growth | Sales (10,000 units) | Year-on-Year Growth | | :--- | :--- | :--- | :--- | :--- | | Household Air Conditioners | 12,032 | 6.91% | 12,311 | 8.30% | | Rotary Compressors | 16,767 | 10.51% | 17,003 | 7.30% | | Scroll Compressors | 240 | -5.26% | 241 | -4.87% | - The company holds approximately 32% market share in the blade market and is the sole enterprise producing all five major components of rotary compressor pump bodies[27] - Automotive industry trade-in policies and financial support are driving consumption recovery, with new energy vehicle production and sales increasing by 41.4% and 40.3% year-on-year respectively, achieving a market share of 44.3%[28] - The company demonstrates strong competitiveness in niche areas such as automotive alternator claw poles and brake caliper pistons, actively expanding into lightweight products for new energy vehicles[29][30][31] (II) Company's Business Operations During the Reporting Period This section describes the company's main businesses, product applications, and its procurement, production, and sales models, emphasizing customized production and direct sales for non-standardized products - The company primarily engages in the research, development, manufacturing, and sales of various compressor and automotive components[31] - Products are applied in household appliances such as residential air conditioners and heat pump water heaters, as well as traditional fuel vehicles and new energy vehicles[31] - The company operates on a direct sales model, establishing stable partnerships with globally renowned compressor manufacturers and Tier-1 automotive component suppliers, with pricing based on a cost-plus principle[32][33] II. Discussion and Analysis of Operations This section discusses the company's operational performance in H1 2025, achieving CNY 774.67 million in revenue and CNY 44.23 million in net profit attributable to shareholders, driven by strategic projects, operational optimization, and governance improvements H1 2025 Operating Performance | Indicator | Amount (CNY 10,000) | | :--- | :--- | | Operating Revenue | 77,466.76 | | Net Profit Attributable to Shareholders of Listed Company | 4,422.80 | - The company actively promotes the construction of a new energy vehicle component intelligent manufacturing base and the intelligent transformation of high-efficiency and energy-saving compressor core component production lines to optimize business structure and enhance competitiveness[33] - By deeply integrating ERP and MES systems, the company promotes integrated production, supply, and sales collaborative operations, achieving cost reduction, efficiency improvement, and enhanced equipment utilization and order delivery speed[34] - The company continuously improves its governance structure and regulations, with the Board Audit Committee exercising the functions of the Supervisory Board, enhancing internal control management efficiency[34] - Systematically building an innovative talent pipeline, the company focuses on selection, training, incentives, and cultural integration to stimulate intrinsic motivation for sustainable enterprise development[35][36] III. Analysis of Core Competencies During the Reporting Period This section analyzes the company's five core competencies in compressor and automotive components, including customer resources, technology, quality, scaled manufacturing, and rapid supply, which underpin its sustainable development - The company has established long-term strategic partnerships with renowned domestic and international compressor and automotive component manufacturers such as Highly, Midea, Gree, Valeo, and ZF, possessing a strong customer resource advantage[37] - The company is a national high-tech enterprise, mastering advanced core technologies such as metal forming, precision machining, and powder metallurgy, demonstrating a technological and process advantage within the industry[37][38] - The company has established comprehensive ISO9001, ISO14001, and ISO/TS16949 quality management systems, ensuring product quality meets customer requirements[38][39] - The company's production scale continues to expand, enhancing production efficiency and product quality through automation upgrades, thereby possessing advantages in scaled and automated manufacturing[39] - Leveraging an excellent operational management team, advanced mold development capabilities, and a comprehensive supply chain management system, the company achieves stable production and rapid supply[39] IV. Key Operating Performance During the Reporting Period This section provides a detailed analysis of the company's key operating performance during the reporting period, including changes in financial statement items and a comprehensive overview of its asset and liability status (I) Main Business Analysis This section analyzes the changes in revenue, cost of sales, various expenses, and net cash flow from operating activities through a detailed financial statement item variation analysis Financial Statement Item Variation Analysis (Jan-Jun 2025 vs. Same Period Last Year) | Item | Current Period Amount (CNY) | Same Period Last Year Amount (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 774,667,580.51 | 776,662,711.39 | -0.26 | | Operating Cost | 607,856,896.13 | 598,587,156.71 | 1.55 | | Selling Expenses | 7,360,420.48 | 7,038,379.83 | 4.58 | | Administrative Expenses | 55,192,053.00 | 61,685,014.16 | -10.53 | | Financial Expenses | 11,284,268.55 | 13,530,381.88 | -16.60 | | R&D Expenses | 24,080,915.23 | 23,167,944.02 | 3.94 | | Net Cash Flow from Operating Activities | 161,315,827.17 | 38,200,032.19 | 322.29 | | Net Cash Flow from Investing Activities | -113,990,041.91 | -281,106,808.14 | 59.45 | | Net Cash Flow from Financing Activities | -12,838,584.99 | 126,361,880.04 | -110.16 | - Administrative expenses decreased by 10.53%, primarily due to the company's cost reduction and efficiency improvement initiatives[41] - Financial expenses decreased by 16.60%, mainly due to increased exchange gains[41] - Net cash flow from operating activities increased by 322.29%, primarily due to a reduction in cash outflows related to purchasing goods and receiving services[41] - Net cash flow from investing activities increased by 59.45%, primarily due to a decrease in cash paid for the acquisition of fixed assets, intangible assets, and other long-term assets during the reporting period[41] - Net cash flow from financing activities decreased by 110.16%, primarily due to a decrease in cash received from borrowings during the reporting period[41] (III) Analysis of Assets and Liabilities This section analyzes the company's asset and liability status at period-end compared to the end of the previous year, explaining key changes and disclosing restricted major assets Changes in Assets and Liabilities (End of Current Period vs. End of Last Year) | Item | Current Period End (CNY) | % of Total Assets (Current Period End) | Last Year End (CNY) | % of Total Assets (Last Year End) | Change from Last Year End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 301,612,554.22 | 8.86 | 225,214,473.91 | 6.91 | 33.92 | Primarily due to an increase in bank deposits | | Receivables Financing | 157,254,406.71 | 4.62 | 98,610,726.34 | 3.03 | 59.47 | Primarily due to an increase in bank acceptance bills | | Other Current Assets | 6,520,539.80 | 0.19 | 10,090,923.87 | 0.31 | -35.38 | Primarily due to a decrease in deductible input VAT | | Intangible Assets | 156,575,777.46 | 4.60 | 102,445,242.51 | 3.15 | 52.84 | Primarily due to the acquisition of land use rights by the company's subsidiary Baida Electric during the reporting period | | Advances from Customers | 94,598,050.00 | 2.78 | 27,028,014.00 | 0.83 | 250.00 | Primarily due to receipt of land acquisition compensation | | Contract Liabilities | 1,033,050.42 | 0.03 | 2,195,886.45 | 0.07 | -52.96 | Primarily due to maturity of advance receipts for goods | | Taxes Payable | 11,719,538.64 | 0.34 | 21,867,607.10 | 0.67 | -46.41 | Primarily due to a decrease in corporate income tax | | Non-Current Liabilities Due Within 1 Year | 243,260,897.06 | 7.15 | 184,739,187.97 | 5.67 | 31.68 | Primarily due to long-term borrowings becoming due and rental payments | Restricted Major Assets at Period-End | Item | Period-End Carrying Amount (CNY) | Period-End Carrying Value (CNY) | Type of Restriction | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 93,829,802.18 | 93,829,802.18 | Deposit | Bank acceptance bill deposits, loan collateral | | Notes Receivable | 83,435,973.86 | 79,264,175.16 | Endorsement, Discounting | Endorsed or discounted and not yet due on the balance sheet date, not derecognized | | Fixed Assets | 435,976,957.88 | 316,219,418.02 | Mortgage | Bank loan mortgage | | Intangible Assets | 68,964,233.65 | 52,076,264.32 | Mortgage | Bank loan mortgage | | Construction in Progress | 404,862,804.46 | 358,884,563.64 | Mortgage | Finance lease | | Total | | 900,274,223.32 | | | V. Other Disclosure Matters This section discloses various risks the company may face, including raw material price fluctuations, customer concentration, market competition, rising costs, exchange rate volatility, and underperforming photovoltaic cell projects (I) Potential Risks This section elaborates on the main risks the company may encounter in its operations, ranging from raw material prices and market competition to uncertainties in specific projects - Fluctuations in raw material prices (non-ferrous metals, steel, powder) could lead to a decline in the company's gross profit margin, as direct materials account for over 40% of main business costs[49] - The company's customer base is relatively concentrated, and the oligopolistic competition downstream may impact its profitability[49] - Increased market competition could lead to product price declines and squeezed market space[49] - Rising labor costs and increased fixed capital investment expose the company to the risk of escalating costs[50] - Growth in export business exposes the company to exchange rate fluctuation risks for USD and EUR[50] - The Jiangxi Baida solar cell project is not yet in operation and has been suspended, posing risks of delayed production and lower-than-expected returns[50] Section IV Corporate Governance, Environment, and Society This section covers the company's corporate governance structure, environmental responsibilities, and social contributions I. Changes in Company Directors and Senior Management This section discloses changes in the company's directors and senior management, including the election of an employee director and the transfer of supervisory board functions to the Board Audit Committee - Mr. Pan Shibin was elected as an employee director of the company's Fifth Board of Directors[53][54] - Following the amendment of the company's articles of association, the functions of the Supervisory Board are now exercised by the Board Audit Committee, and no Supervisory Board or supervisors are set up[53] II. Profit Distribution or Capital Reserve Conversion Plan This section outlines the company's proposed plan for semi-annual profit distribution or conversion of capital reserves into share capital - The company has no profit distribution or capital reserve conversion to share capital plan for this reporting period[55] IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information This section discloses the environmental information status of the company and its major subsidiaries included in the list of enterprises required to disclose environmental information, providing an inquiry index - Zhejiang Baida Precision Manufacturing Co., Ltd. and Taizhou Baida Electric Appliance Co., Ltd. are included in the list of enterprises required to disclose environmental information[57] - The environmental information disclosure report can be accessed on the Zhejiang Provincial Department of Ecology and Environment - Enterprise Environmental Information Disclosure System[57] Section V Significant Matters This section details important events and developments that significantly impact the company's operations, financial position, or shareholder interests I. Fulfillment of Commitments This section details the fulfillment of various commitments by the company's actual controllers, directors, and senior management, including share restrictions, competition avoidance, related party transactions, and share price stabilization, all of which have been strictly adhered to - Directors Shi Xiaoyou, Zhang Qichun, and Zhang Qibin committed to transferring no more than 25% of their total company shares annually during their tenure and not transferring shares within six months after resignation, which is currently strictly fulfilled[59] - Actual controllers Shi Xiaoyou, Zhang Qichun, and Zhang Qibin committed to resolving horizontal competition, not engaging in or participating in businesses identical or similar to Baida Precision's, which is currently strictly fulfilled[59] - Actual controllers committed to resolving related party transactions, strictly adhering to market principles, avoiding unnecessary related party transactions, and fulfilling information disclosure obligations according to law, which is currently strictly fulfilled[60] - Actual controllers committed to implementing a share increase plan when share price stabilization measures are triggered, with a total increase of no less than 2% of the company's total shares, which is currently strictly fulfilled[60][61] - The company's directors (excluding independent directors) and senior management committed to implementing a share increase plan when share price stabilization measures are triggered, with funds for the increase being no less than 30% of their previous year's remuneration, which is currently strictly fulfilled[61] - The company's controlling shareholders and actual controllers committed not to overstep their authority in interfering with the company's business management activities, not to infringe upon the company's interests, and to effectively implement measures to compensate for diluted immediate returns, which is currently strictly fulfilled[61][62] - The company's directors and senior management committed to faithfully and diligently performing their duties, safeguarding the legitimate rights and interests of the company and all shareholders, and restricting job-related consumption, which is currently strictly fulfilled[62][63] - The company committed not to provide loans or other forms of financial assistance to incentive recipients of the equity incentive plan, which is currently strictly fulfilled[63] IX. Explanation of the Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the Reporting Period This section describes the integrity status of the company, its controlling shareholder, and actual controller during the reporting period - During the reporting period, the company's actual controllers had no unfulfilled effective court judgments or significant overdue debts, indicating no adverse integrity issues[65] X. Significant Related Party Transactions This section discloses the company's significant related party transactions during the reporting period, including purchases of goods/services related to daily operations and other major related party transactions such as related leases (I) Related Party Transactions Related to Daily Operations This section lists related party transactions involving the purchase of goods and receipt of services in the company's daily operations, primarily covering utilities, materials, and processing fees Table of Goods Purchased/Services Received | Related Party | Related Transaction Content | Amount for Current Period (CNY) | Amount for Prior Period (CNY) | | :--- | :--- | :--- | :--- | | Zhejiang Jieying Metal Material Co., Ltd. | Water | 49,509.33 | 96,428.13 | | Zhejiang Yicheng Technology Co., Ltd. | Materials | 0 | 10,890.48 | | Taizhou Jingsheng Machinery Co., Ltd. | Materials, Processing Fees | 97,389.21 | 30,927.00 | (VI) Other Significant Related Party Transactions This section discloses the company's related party lease transactions for buildings and structures with Zhejiang Jieying Metal Material Co., Ltd., where the company acts as the lessee Company Lease Information (Buildings and Structures) | Lessor Name | Type of Leased Asset | Rental Expense for Short-Term Leases and Low-Value Asset Leases (Simplified Treatment) (CNY) | Rent Paid in Prior Period (Excluding Variable Lease Payments Not Included in Lease Liabilities) (CNY) | | :--- | :--- | :--- | :--- | | Zhejiang Jieying Metal Material Co., Ltd. | Buildings and Structures | 3,300,641.24 | 1,760,884.19 | XI. Significant Contracts and Their Performance This section discloses the company's significant contracts performed and not yet fully performed during the reporting period, with a particular focus on major guarantees provided to subsidiaries (II) Significant Guarantees Performed and Not Yet Performed During the Reporting Period This section details the company's guarantees to its subsidiaries, including amounts incurred during the reporting period, period-end balances, and the total guarantee amount as a percentage of net assets Company Guarantees to Subsidiaries | Indicator | Amount (CNY) | | :--- | :--- | | Total Guarantees to Subsidiaries Incurred During the Reporting Period | 938,550,000.00 | | Total Guarantees to Subsidiaries Outstanding at Period-End (B) | 574,492,972.24 | | Total Guarantees (A+B) | 574,492,972.24 | | Total Guarantees as % of Company's Net Assets | 43.82 | | Debt Guarantees Provided Directly or Indirectly to Guaranteed Parties with Asset-Liability Ratio Exceeding 70% (D) | 422,822,573.96 | - The company's actual controllers Shi Xiaoyou, Zhang Qichun, and Zhang Qibin provided a guarantee of CNY 50,000,000.00 for the company, with a start date of 2023/8/11 and an end date of 2025/8/9, which is not yet fully performed[409] XIII. Explanation of Other Significant Matters This section explains other important matters that occurred during the reporting period, including land acquisition progress, the status of the solar cell project, and the construction of the new energy vehicle component intelligent manufacturing base - The company's land use rights and buildings in Taizhou Central Innovation Zone were acquired by the government, with total compensation, rewards, and subsidies of CNY 173,503,366.00, of which CNY 94,598,050.00 has been received[74] - The 13.5GW annual solar cell project (Phase I 4.5GW) was not completed and has been suspended as of June 30, 2025[75] - Baida Electric's new energy vehicle component intelligent manufacturing base project has a total investment of approximately CNY 1.088 billion, with main products including automotive chassis control arms, new energy vehicle air conditioner compressor moving and static plates, and new energy vehicle drive motor shafts; the project is still under construction[75] Section VI Share Changes and Shareholder Information This section provides an overview of changes in the company's share capital and detailed information about its shareholders I. Changes in Share Capital This section describes the changes in the company's share capital during the reporting period - During the reporting period, there were no changes in the company's total share capital or share structure[77] II. Shareholder Information This section discloses the total number of common shareholders, the top ten shareholders, and the top ten unrestricted shareholders at the end of the reporting period, along with their related party relationships - As of the end of the reporting period, the total number of common shareholders was 17,198[78] Top Ten Shareholders' Shareholding (As of the End of the Reporting Period) | Shareholder Name | Shares Held at Period-End (shares) | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Zhang Qichun | 20,871,825 | 10.32 | Domestic Natural Person | | Hangzhou Chonghu Private Equity Fund Management Co., Ltd. - Chonghu - Yunshu No. 1 Private Securities Investment Fund | 15,557,285 | 7.69 | Domestic Non-State-Owned Legal Person | | Shi Xiaoyou | 12,593,700 | 6.23 | Domestic Natural Person | | Ruan Jilin | 11,033,700 | 5.46 | Domestic Natural Person | | Shi Yangzhong | 9,260,000 | 4.58 | Domestic Natural Person | | Shao Yutian | 7,622,390 | 3.77 | Domestic Natural Person | | Zhang Qibin | 4,818,300 | 2.38 | Domestic Natural Person | | Wei Chenggang | 3,150,024 | 1.56 | Domestic Natural Person | | Wu Weijie | 1,740,000 | 0.86 | Domestic Natural Person | | Ruan Xiangyu | 1,700,000 | 0.84 | Domestic Natural Person | - The company's actual controllers Shi Xiaoyou, Zhang Qichun, and Zhang Qibin are parties acting in concert; Shi Yangzhong, son of Shi Xiaoyou, is also considered a party acting in concert with the actual controllers[81] Section VII Bond-Related Information This section provides information regarding the company's bonds and other debt financing instruments I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments This section describes the company's corporate bonds and non-financial enterprise debt financing instruments - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[85] II. Convertible Corporate Bonds This section describes the company's convertible corporate bonds - The company has no convertible corporate bonds[85] Section VIII Financial Report This section contains the company's comprehensive financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity I. Audit Report This section clarifies the audit status of the semi-annual report - This semi-annual report has not been audited[4] 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 H1 2025, presenting a comprehensive view of its financial position, operating results, and cash flows Consolidated Balance Sheet The consolidated balance sheet presents the company's combined financial position as of June 30, 2025, and December 31, 2024, detailing current and non-current assets, liabilities, and owners' equity Key Data from Consolidated Balance Sheet | Item | June 30, 2025 (CNY) | December 31, 2024 (CNY) | | :--- | :--- | :--- | | Total Assets | 3,404,541,242.25 | 3,257,252,574.63 | | Total Liabilities | 2,070,179,726.68 | 1,947,845,517.91 | | Total Owners' Equity Attributable to Parent Company | 1,311,090,833.19 | 1,283,036,846.00 | | Total Owners' Equity | 1,334,361,515.57 | 1,309,407,056.72 | Parent Company Balance Sheet The parent company balance sheet outlines Zhejiang Baida Precision Manufacturing Co., Ltd.'s financial position as of June 30, 2025, and December 31, 2024, including its assets, liabilities, and owners' equity Key Data from Parent Company Balance Sheet | Item | June 30, 2025 (CNY) | December 31, 2024 (CNY) | | :--- | :--- | :--- | | Total Assets | 2,022,922,594.41 | 1,855,767,125.09 | | Total Liabilities | 862,135,112.80 | 706,727,742.28 | | Total Owners' Equity | 1,160,787,481.61 | 1,149,039,382.81 | Consolidated Income Statement The consolidated income statement presents the company's combined operating results for January-June 2025 and January-June 2024, including total operating revenue, total operating costs, total profit, and net profit Key Data from Consolidated Income Statement | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 774,667,580.51 | 776,662,711.39 | | Total Operating Costs | 714,810,272.95 | 709,887,855.70 | | Total Profit | 47,358,019.92 | 60,341,809.23 | | Net Profit | 41,128,509.73 | 51,723,669.14 | | Net Profit Attributable to Parent Company Shareholders | 44,228,038.07 | 55,503,232.03 | | Basic Earnings Per Share (CNY/share) | 0.22 | 0.28 | | Diluted Earnings Per Share (CNY/share) | 0.22 | 0.28 | Parent Company Income Statement The parent company income statement presents Zhejiang Baida Precision Manufacturing Co., Ltd.'s operating results for January-June 2025 and January-June 2024, including operating revenue, operating costs, total profit, and net profit Key Data from Parent Company Income Statement | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Operating Revenue | 441,125,138.89 | 431,433,175.54 | | Operating Profit | 30,914,484.25 | 57,879,451.50 | | Total Profit | 30,723,159.12 | 57,863,411.46 | | Net Profit | 27,922,149.68 | 53,642,211.37 | Consolidated Cash Flow Statement The consolidated cash flow statement reflects the company's net cash flows from operating, investing, and financing activities for January-June 2025 and January-June 2024 Key Data from Consolidated Cash Flow Statement | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 161,315,827.17 | 38,200,032.19 | | Net Cash Flow from Investing Activities | -113,990,041.91 | -281,106,808.14 | | Net Cash Flow from Financing Activities | -12,838,584.99 | 126,361,880.04 | | Net Increase in Cash and Cash Equivalents | 34,487,200.27 | -116,544,895.91 | Parent Company Cash Flow Statement The parent company cash flow statement presents Zhejiang Baida Precision Manufacturing Co., Ltd.'s net cash flows from operating, investing, and financing activities for January-June 2025 and January-June 2024 Key Data from Parent Company Cash Flow Statement | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 102,507,072.06 | 51,054,475.57 | | Net Cash Flow from Investing Activities | -25,752,215.62 | -5,148,353.55 | | Net Cash Flow from Financing Activities | -4,982,496.92 | -23,220,133.30 | | Net Increase in Cash and Cash Equivalents | 71,772,359.52 | 22,685,988.72 | Consolidated Statement of Changes in Owners' Equity The consolidated statement of changes in owners' equity reflects the variations in each component of consolidated owners' equity for January-June 2025 and January-June 2024, including the impact of net profit and profit distribution Consolidated Changes in Owners' Equity (H1 2025) | Item | Beginning Balance (CNY) | Change for Current Period (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | | Total Owners' Equity Attributable to Parent Company | 1,283,036,846.00 | 28,053,987.19 | 1,311,090,833.19 | | Minority Interests | 26,370,210.72 | -3,099,528.34 | 23,270,682.38 | | Total Owners' Equity | 1,309,407,056.72 | 24,954,458.85 | 1,334,361,515.57 | Parent Company Statement of Changes in Owners' Equity The parent company statement of changes in owners' equity presents the variations in each component of parent company owners' equity for January-June 2025 and January-June 2024 Parent Company Changes in Owners' Equity (H1 2025) | Item | Beginning Balance (CNY) | Change for Current Period (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | | Total Owners' Equity | 1,149,039,382.81 | 11,748,098.80 | 1,160,787,481.61 | III. Company Basic Information This section provides an overview of the company, including its establishment, registration, listing information, industry, and primary business activities - Zhejiang Baida Precision Manufacturing Co., Ltd. was registered on December 2, 2011, and listed on the Shanghai Stock Exchange on July 5, 2017[117] - The company's registered capital is CNY 202,175,636.00, with a total of 202,175,636 shares[117] - The company belongs to the general equipment manufacturing industry, primarily engaged in the manufacturing, processing, and sales of air conditioner compressors, refrigerator compressors, air compressors and equipment parts, and automotive components[117] IV. Basis for Preparation of Financial Statements This section explains the basis for preparing the company's financial statements and the assessment of its going concern status - The company's financial statements are prepared on a going concern basis[118] - There are no matters or circumstances that would cause significant doubt about the company's ability to continue as a going concern within 12 months from the end of the reporting period[119] V. Significant Accounting Policies and Accounting Estimates This section details the company's adherence to enterprise accounting standards, significant accounting policies, and estimates for financial instruments, inventory, fixed assets, intangible assets, and revenue recognition - The company's financial statements comply with enterprise accounting standards, accurately and completely reflecting its financial position[121] - The company's accounting year runs from January 1 to December 31 of the Gregorian calendar; with a short operating cycle, 12 months is used as the liquidity classification standard for assets and liabilities[122][123] - The company has formulated specific accounting policies and estimates for transactions and matters such as financial instrument impairment, inventory, fixed asset depreciation, construction in progress, intangible assets, and revenue recognition[120] - The company considers individual accounts receivable, other receivables, construction in progress, cash flows from investing activities, and post-balance sheet events exceeding 0.3% of total assets as significant[125] VI. Taxation This section discloses the company's main tax categories and rates, along with applicable tax preferential policies Main Tax Categories and Rates | Tax Category | Tax Rate | | :--- | :--- | | Value-Added Tax | 13%, 9%, 6%, 3% (Export sales implement "exemption, offset, refund" policy, with a refund rate of 13%) | | Property Tax | 1.2%, 12% | | Urban Maintenance and Construction Tax | 7% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | | Corporate Income Tax | 15%, 25% | - The corporate income tax rate for the Company (Zhejiang Baida Precision Manufacturing Co., Ltd.) is 15%, while for Baida Electric, Baida Machinery, and Jiangxi Baida it is 25%[197] - The company obtained high-tech enterprise certification, and since 2024, it has been subject to corporate income tax at a 15% rate, with the certification valid for three years[198] VII. Notes to Consolidated Financial Statement Items This section provides detailed notes for each item in the consolidated financial statements, covering assets, liabilities, and equity components, offering comprehensive insights into their composition and changes Cash and Bank Balances at Period-End | Item | Period-End Balance (CNY) | | :--- | :--- | | Cash on Hand | 49,186.85 | | Bank Deposits | 207,733,556.86 | | Other Cash and Bank Balances | 93,829,810.51 | | Total | 301,612,554.22 | - Of the cash and bank balances, CNY 93,829,802.18 is restricted for use as bank acceptance bill deposits and loan collateral[200] Categorization of Notes Receivable | Item | Period-End Balance (CNY) | Beginning Balance (CNY) | | :--- | :--- | :--- | | Commercial Acceptance Bills | 572,036.37 | 4,307,924.06 | - At period-end, commercial acceptance bills endorsed or discounted and not yet due on the balance sheet date amounted to CNY 565,973.86, which were not derecognized[204] Aging Analysis of Accounts Receivable | Aging | Period-End Carrying Amount (CNY) | | :--- | :--- | | Within 1 year (inclusive) | 455,656,907.02 | | 1 to 2 years | 814,131.74 | | 2 to 3 years | 30,163.94 | | Over 3 years | 239,203.93 | | Total | 456,740,406.63 | - The top five accounts receivable balances at period-end totaled CNY 302,538,661.88, accounting for 66.24% of the combined period-end balances of accounts receivable and contract assets[215] Categorization of Receivables Financing | Item | Period-End Balance (CNY) | Beginning Balance (CNY) | | :--- | :--- | :--- | | Bank Acceptance Bills | 91,638,963.43 | 50,424,549.47 | | Accounts Receivable | 65,615,443.28 | 48,186,176.87 | | Total | 157,254,406.71 | 98,610,726.34 | - At period-end, bank acceptance bills endorsed or discounted and not yet due on the balance sheet date amounted to CNY 305,594,889.98, which were derecognized[223] Inventory Categorization (Period-End Balance) | Item | Carrying Amount (CNY) | Inventory Impairment Provision/Contract Performance Cost Impairment Provision (CNY) | Carrying Value (CNY) | | :--- | :--- | :--- | :--- | | Raw Materials | 95,025,813.63 | 3,224,065.46 | 91,801,748.17 | | Work in Progress | 54,183,820.44 | 779,573.82 | 53,404,246.62 | | Finished Goods | 130,227,466.68 | 10,758,456.01 | 119,469,010.67 | | Goods in Transit | 94,561,542.40 | 3,264,639.67 | 91,296,902.73 | | Consigned Processing Materials | 4,472,106.49 | 0 | 4,472,106.49 | | Contract Performance Costs | 8,521,021.61 | 0 | 8,521,021.61 | | Total | 386,991,771.25 | 18,026,734.96 | 368,965,036.29 | - The carrying value of assets held for sale at period-end was CNY 12,043,444.92, primarily consisting of land use rights and buildings, with the reason for sale being land acquisition[247] Carrying Value of Fixed Assets (Period-End) | Item | Carrying Value (CNY) | | :--- | :--- | | Buildings and Structures | 521,496,687.68 | | General Equipment | 13,184,407.82 | | Specialized Equipment | 556,330,550.99 | | Transportation Vehicles | 2,714,475.81 | | Other Equipment | 182,362.64 | | Total | 1,093,908,484.94 | Construction in Progress (Period-End Balance) | Item | Carrying Value (CNY) | | :--- | :--- | | Jiangxi Baida Company 4.5GW TOPCON Cell Project | 563,889,660.28 | | Baida Electric New Energy Vehicle Component Intelligent Manufacturing Base Project | 17,981,841.04 | | Company and Controlled Subsidiaries Minor Projects | 1,400,241.88 | | Total | 681,299,805.43 | Carrying Value of Intangible Assets (Period-End) | Item | Carrying Value (CNY) | | :--- | :--- | | Land Use Rights | 120,631,429.17 | | Patent Rights | 35,484,810.05 | | Management Software | 459,538.24 | | Total | 156,575,777.46 | - The original carrying value of goodwill at period-end was CNY 901,805.76, entirely arising from Taizhou Baida Heat Treatment Co., Ltd[274] Categorization of Short-Term Borrowings (Period-End Balance) | Item | Period-End Balance (CNY) | | :--- | :--- | | Pledged Loans | 127,873,333.33 | | Mortgaged Loans | 138,106,968.05 | | Guaranteed Loans | 59,650,893.37 | | Credit Loans | 80,549,966.68 | | Total | 406,181,161.43 | - The period-end balance of financial liabilities held for trading was CNY 1,736,868.00, entirely consisting of derivative financial liabilities[292] Accounts Payable (Period-End Balance) | Item | Period-End Balance (CNY) | | :--- | :--- | | Goods Payable | 287,858,435.31 | | Project Payables | 48,756,598.74 | | Equipment Payables | 93,739,784.08 | | Other | 672,624.88 | | Total | 431,027,443.01 | - The period-end balance of advances from customers was CNY 94,598,050.00, entirely consisting of land acquisition compensation[297] Employee Remuneration Payable (Period-End Balance) | Item | Period-End Balance (CNY) | | :--- | :--- | | Short-Term Remuneration | 27,749,906.10 | | Post-Employment Benefits - Defined Contribution Plans | 2,041,007.76 | | Total | 29,790,913.86 | Taxes Payable (Period-End Balance) | Item | Period-End Balance (CNY) | | :--- | :--- | | Value-Added Tax | 4,500,006.71 | | Corporate Income Tax | 2,558,352.55 | | Urban Maintenance and Construction Tax | 700,038.76 | | Property Tax | 2,508,046.45 | | Land Use Tax | 460,191.36 | | Education Surcharge | 300,016.62 | | Local Education Surcharge | 200,011.08 | | Stamp Duty | 222,467.86 | | Total | 11,719,538.64 | - The period-end balance of other payables was CNY 75,292,529.85, comprising CNY 16,174,050.88 in dividends payable and CNY 59,118,478.97 in other payables[306] Non-Current Liabilities Due Within 1 Year (Period-End Balance) | Item | Period-End Balance (CNY) | | :--- | :--- | | Long-Term Borrowings Due Within 1 Year | 58,028,898.88 | | Long-Term Payables Due Within 1 Year | 185,231,998.18 | | Total | 243,260,897.06 | Categorization of Long-Term Borrowings (Period-End Balance) | Item | Period-End Balance (CNY) | | :--- | :--- | | Mortgaged Loans | 178,357,705.79 | | Total | 178,357,705.79 | - The period-end balance of long-term payables was CNY 148,125,262.80, entirely consisting of finance lease payables[316] Deferred Income (Period-End Balance) | Item | Period-End Balance (CNY) | Reason for Formation | | :--- | :--- | :--- | | Government Grants | 138,964,563.47 | Government grants related to assets received | | Other | 80,500,000.00 | | | Total | 219,464,563.47 | | VIII. Research and Development Expenses This section presents the company's research and development expenditures for the reporting period, categorized by nature of expense R&D Expenses by Nature of Expense | Item | Amount for Current Period (CNY) | Amount for Prior Period (CNY) | | :--- | :--- | :--- | | Employee Remuneration | 9,856,071.28 | 9,580,369.84 | | Direct Materials | 11,208,369.81 | 11,840,941.47 | | Direct Expenses | 3,016,474.14 | 1,746,632.71 | | Total | 24,080,915.23 | 23,167,944.02 | | Of which: Expensed R&D Expenditures | 24,080,915.23 | 23,167,944.02 | IX. Changes in Consolidation Scope This section describes any changes in the company's consolidation scope during the reporting period - During the reporting period, there were no changes in the company's consolidation scope due to business combinations not under common control, business combinations under common control, reverse acquisitions, disposal of subsidiaries, or other reasons[375] X. Interests in Other Entities This section discloses the company's equity interests in subsidiaries, including the composition of the enterprise group and key financial information for significant non-wholly owned subsidiaries Composition of the Enterprise Group | Subsidiary Name | Main Operating Location | Registered Capital (CNY) | Business Nature | Direct Shareholding (%) | | :--- | :--- | :--- | :--- | :--- | | Baida Electric | Taizhou | 272,533,179.00 | Manufacturing | 100.00 | | Baida Machinery | Taizhou | 20,000,000.00 | Manufacturing | 100.00 | | Jiangxi Baida | Jiujiang | 305,900,000.00 | Manufacturing | 85.00 | - The company includes Taizhou Baida Electric Appliance Co., Ltd., Taizhou Baida Machinery Co., Ltd., and Jiangxi Baida New Energy Co., Ltd. in its consolidated financial statements[376] Key Financial Information of Significant Non-Wholly Owned Subsidiary (Jiangxi Baida) | Item | Period-End Balance (CNY) | Beginning Balance (CNY) | | :--- | :--- | :--- | | Current Assets | 93,661,085.28 | 47,985,663.69 | | Non-Current Assets | 970,653,204.26 | 972,691,190.21 | | Total Assets | 1,064,314,289.54 | 1,020,676,853.90 | | Current Liabilities | 579,115,488.21 | 500,539,865.03 | | Non-Current Liabilities | 330,021,956.37 | 344,303,369.53 | | Total Liabilities | 909,137,444.58 | 844,843,234.56 | | Operating Revenue | 0 | 712,644.66 | | Net Profit | -20,656,774.38 | -25,188,857.60 | | Total Comprehensive Income | -20,656,774.38 | -25,188,857.60 | | Cash Flow from Operating Activities | -4,990,619.34 | -12,378,548.29 | XI. Government Grants This section discloses the company's liabilities related to government grants and the government grants recognized in profit or loss for the current period Liability Items Involving Government Grants (Deferred Income) | Financial Statement Item | Beginning Balance (CNY) | New Grants for Current Period (CNY) | Amount Recognized in Non-Operating Income for Current Period (CNY) | Amount Transferred to Other Income for Current Period (CNY) | Ending Balance (CNY) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 138,741,394.06 | 2,590,894.49 | 0 | 2,367,725.08 | 138,964,563.47 | Asset-related | Government Grants Recognized in Profit or Loss for the Current Period | Type | Amount for Current Period (CNY) | Amount for Prior Period (CNY) | | :--- | :--- | :--- | | Other | 3,041,870.38 | 9,452,695.00 | | Total | 3,041,870.38 | 9,452,695.00 | - New asset-related government grants of CNY 2,590,894.49 and income-related government grants of CNY 674,145.30 were added in the current period[385] XII. Risks Related to Financial Instruments This section details the company's financial instrument-related risks, including credit, liquidity, and market risks (interest rate and foreign exchange), and outlines its risk management strategies and practices - The company's risk management objective is to balance risk and return, minimizing the negative impact of risks on operating performance[386] - Credit risk primarily arises from cash and bank balances and receivables; the company controls this risk by depositing funds with highly-rated financial institutions and conducting continuous credit assessments[388] - As of June 30, 2025, 66.24% of the company's accounts receivable originated from its top five customers, indicating a certain degree of credit concentration risk[388] - Liquidity risk is managed through a comprehensive approach, utilizing various financing methods such as bill settlement and bank borrowings, and appropriately combining long-term and short-term financing[390] Financial Liabilities by Remaining Maturity (Period-End) | Item | Carrying Amount (CNY) | Undiscounted Contractual Amount (CNY) | Within 1 Year (CNY) | 1-3 Years (CNY) | Over 3 Years (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | | Bank Borrowings | 642,567,766.10 | 663,068,064.24 | 474,040,869.26 | 115,160,533.97 | 73,866,661.01 | | Notes Payable | 165,679,162.52 | 165,679,162.52 | 165,679,162.52 | 0 | 0 | | Accounts Payable | 431,027,443.01 | 431,027,443.01 | 431,027,443.01 | 0 | 0 | | Other Payables | 75,292,529.85 | 75,292,529.85 | 75,292,529.85 | 0 | 0 | | Long-Term Payables | 333,357,260.98 | 350,031,164.34 | 197,612,413.02 | 152,418,751.32 | 0 | | Subtotal | 1,647,924,162.46 | 1,685,098,363.96 | 1,343,652,417.66 | 267,579,285.29 | 73,866,661.01 | - As of June 30, 2025, the company's floating-rate bank borrowings amounted to CNY 236,119,900.52, and a 50 basis point change in interest rates would not have a significant impact on total profit and shareholders' equity[394] - The company's primary activities are denominated in RMB, and the market risk from foreign exchange fluctuations is not significant[394] XIII. Disclosure of Fair Value This section discloses the fair value of the company's assets and liabilities measured at fair value at period-end, along with the basis for fair value determination and valuation techniques Fair Value Measurement Items at Period-End | Item | Level 1 Fair Value Measurement (CNY) | Level 2 Fair Value Measurement (CNY) | Level 3 Fair Value Measurement (CNY) | Total (CNY) | | :--- | :--- | :--- | :--- | :--- | | Receivables Financing | 0 | 157,254,406.71 | 0 | 157,254,406.71 | | Total Assets Measured at Fair Value on a Recurring Basis | 0 | 157,254,406.71 | 0 | 157,254,406.71 | | Financial Liabilities Held for Trading | 1,736,868.00 | 0 | 0 | 1,736,868.00 | | Total Liabilities Measured at Fair Value on a Recurring Basis | 1,736,868.00 | 0 | 0 | 1,736,868.00 | - Notes receivable held are fair valued at face amount; transferable accounts receivable are fair valued at carrying amount; forward foreign exchange settlement transactions are fair valued based on bank valuation statements[401] XIV. Related Parties and Related Party Transactions This section discloses other related parties and related party transactions during the reporting period, including purchases, sales, services, leases, and guarantees, along with outstanding balances of receivables and payables Names and Relationships of Other Related Parties | Other Related Party Name | Relationship with the Company | | :--- | :--- | | Ruan Jilin | Shareholder holding over 5% of the company's shares | | Shao Yutian | Shareholder holding over 5% of the company's shares (no longer after October 2024) | | Taizhou Jingsheng Machinery Co., Ltd. | Enterprise controlled by Shi Xiaoyou's relative | | Zhejiang Jieying Metal Material Co., Ltd. | Enterprise controlled by Ruan Jilin's relative | | Suzhou Zhonglai Photovoltaic New Material Co., Ltd. | Minority shareholder of subsidiary Jiangxi Baida Company | Related Party Transactions for Purchase/Sale of Goods and Receipt/Provision of Services | Related Party | Related Transaction Content | Amount for Current Period (CNY) | | :--- | :--- | :--- | | Zhejiang Jieying Metal Material Co., Ltd. | Water | 49,509.33 | | Taizhou Jingsheng Machinery Co., Ltd. | Materials, Processing Fees | 97,389.21 | Related Party Lease Information (Company as Lessee) | Lessor Name | Type of Leased Asset | Rental Expense for Short-Term Leases and Low-Value Asset Leases (Simplified Treatment) (CNY) | | :--- | :--- | :--- | | Zhejiang Jieying Metal Material Co., Ltd. | Buildings and Structures | 3,300,641.24 | - The company's actual controllers Shi Xiaoyou, Zhang Qichun, and Zhang Qibin provided a guarantee of CNY 50,000,000.00 for the company[409] Key Management Personnel Remuneration | Item | Amount for Current Period (CNY 10,000) | | :--- | :--- | | Key Management Personnel Remuneration | 292.59 | Amounts Payable to Related Parties (Period-End Carrying Amount) | Item Name | Related Party | Period-End Carrying Amount (CNY) | | :--- | :--- | :--- | | Accounts Payable | Taizhou Jingsheng Machinery Co., Ltd. | 50,136.28 | | Other Payables | Suzhou Zhonglai Photovoltaic New Material Co., Ltd. | 47,169,811.32 | XVI. Commitments and Contingencies This section discloses the company's significant commitments and contingencies existing at the balance sheet date, including tax commitments to subsidiaries, irrevocable letters of credit, and the absence of other major contingencies - The company bears joint and several guarantee liability for the total comprehensive tax amount of its subsidiary Jiangxi Baida Company in Jiujiang Economic and Technological Development Zone, requiring replenishment if it falls short of the committed amount[418] - As of June 30, 2025, the company had outstanding irrevocable letters of credit totaling CNY 71,250,497.76[418] - As of June 30, 2025, the company had no significant contingencies[419] XVII. Events After the Balance Sheet Date This section discloses profit distribution events that occurred after the balance sheet date - On May 19, 2025, the company's 2024 Annual Shareholders' Meeting approved a profit distribution plan to distribute a cash dividend of CNY 0.08 (tax inclusive) per share based on a total share capital of 202,175,636 shares, totaling CNY 16,174,050.88, which was completed on July 11, 2025[420] XVIII. Other Significant Matters This section discloses other important transactions and matters affecting investor decisions, including segment information, land acquisition, the solar cell project, and the new energy vehicle component intelligent manufacturing base project Financial Information by Reporting Segment (H1 2025) | Item | Compressor Components (CNY) | Automotive Components (CNY) | Other (CNY) | Total (CNY) | | :--- | :--- | :--- | :--- | :--- | | Main Business Revenue | 428,910,216.70 | 320,989,521.25 | 7,460,384.86 | 757,360,122.81 | | Main Business Cost | 337,267,131.64 | 246,715,030.80 | 6,367,088.59 | 590,349,251.03 | | Total Assets | 1,928,068,930.48 | 1,442,935,837.94 | 33,536,473.83 | 3,404,541,242.25 | | Total Liabilities | 1,172,389,736.98 | 877,397,659.79 | 20,392,329.91 | 2,070,179,726.68 | - The company determines its reporting segments based on product divisions[421] - Land acquisition: The company's land use rights and buildings in Taizhou Central Innovation Zone were acquired by the government, with CNY 94,598,050.00 in partial compensation and rewards received[424] - The 13.5GW annual solar cell project (Phase I 4.5GW) was not completed and has been suspended as of June 30, 2025[425] - Baida Electric's new energy vehicle component intelligent manufacturing base project has a total investment of approximately CNY 1.088 billion; the project is still under construction[425] XIX. Notes to Major Items in Parent Company Financial Statements This section provides detailed notes for major items in the parent company's financial statements, including accounts receivable, other receivables, long-term equity investments, operating revenue and costs, and R&D expenses Aging Analysis of Parent Company Accounts Receivable | Aging | Period-End Carrying Amount (CNY) | | :--- | :--- | | Within 1 year (inclusive) | 270,299,844.70 | | 1 to 2 years | 548,268.04 | | Over 3 years | 19,871.60 | | Total | 270,867,984.34 | - The top five parent company accounts receivable balances at period-end totaled CNY 226,516,890.67, accounting for 83.63% of the combined period-end balances of accounts receivable and contract assets[435] Categorization of Parent Company Other Receivables by Nature of Item | Nature of Item | Period-End Carrying Amount (CNY) | | :--- | :--- | | Temporary Advances | 373,956.85 | | Deposits and Guarantees | 1,404,500.00 | | Petty Cash | 20,000.00 | | Intercompany Payables/Receivables | 69,620,000.00 | | Total | 71,418,456.85 | - The top five parent company other receivables bal