蓝黛科技(002765) - 2025 Q2 - 季度财报

Important Notes, Table of Contents, and Definitions This section provides important disclaimers regarding forward-looking statements, outlines the report's structure, and defines key terms and the reporting period Important Notes The Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content[3] - Forward-looking statements regarding future plans do not constitute earnings forecasts or substantial commitments and are subject to significant uncertainties[4] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[5] Table of Contents This section lists the structured table of contents for the report, covering key chapters such as company profile, management discussion, corporate governance, and financial statements - The report's clear table of contents covers major chapters including company profile, management discussion and analysis, corporate governance, significant matters, share changes and shareholder information, bond-related information, financial report, and other submitted data[7] Definitions This section defines common terms and company-related entities used in the report, including the company itself, its controlling shareholder, actual controller, and main subsidiaries - The reporting period is defined as January 1, 2025, to June 30, 2025[11] - Names and references for the company, controlling shareholder, actual controller, and major subsidiaries are clarified[11] Company Profile and Key Financial Indicators This section provides an overview of the company's basic information, key accounting data, and financial indicators, highlighting strong performance in revenue and net profit growth Company Profile LanDai Technology Group Co., Ltd. (stock code 002765) is listed on the Shenzhen Stock Exchange, with its legal representative and contact information remaining unchanged Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | LanDai Technology | | Stock Code | 002765 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | LanDai Technology Group Co., Ltd. | | Legal Representative | Zhu Junhan | - The company's contact information, registered address, and information disclosure location remained unchanged during the reporting period[15][16] Key Accounting Data and Financial Indicators The company demonstrated strong financial performance in H1 2025, with revenue up 8.32%, net profit attributable to shareholders up 61.56%, and operating cash flow significantly improving Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Period (RMB) | Prior Period (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,750,631,263.02 | 1,616,216,351.26 | 8.32% | | Net Profit Attributable to Shareholders of Listed Company | 109,239,342.76 | 67,616,527.66 | 61.56% | | Net Profit Attributable to Shareholders of Listed Company After Non-Recurring Gains and Losses | 89,840,221.38 | 37,747,381.53 | 138.00% | | Net Cash Flow from Operating Activities | 44,721,269.07 | -2,337,401.10 | 2,013.29% | | Basic Earnings Per Share (yuan/share) | 0.1675 | 0.1037 | 61.52% | | Diluted Earnings Per Share (yuan/share) | 0.1675 | 0.1037 | 61.52% | | Weighted Average Return on Net Assets | 4.34% | 2.81% | 1.53% | | Total Assets (RMB) | 5,695,633,135.98 | 5,475,597,654.80 | 4.02% | | Net Assets Attributable to Shareholders of Listed Company (RMB) | 2,567,045,986.69 | 2,466,473,084.98 | 4.08% | Non-Recurring Gains and Losses Items and Amounts The company's total non-recurring gains and losses for H1 2025 amounted to 19.40 million RMB, primarily from government subsidies Non-Recurring Gains and Losses Items and Amounts for H1 2025 | Item | Amount (RMB) | Explanation | | :--- | :--- | :--- | | Gains and Losses on Disposal of Non-Current Assets | -846,896.22 | Disposal of equipment assets, etc | | Government Subsidies Included in Current Profit and Loss | 25,010,311.02 | See notes to financial report | | Reversal of Impairment Provisions for Receivables Subject to Separate Impairment Testing | 1,367,065.59 | Reduction of impairment provisions based on litigation settlement results | | Debt Restructuring Gains and Losses | 433,940.02 | Debt restructuring gains and losses arising from settlement with suppliers | | Other Non-Operating Income and Expenses Apart from the Above | -1,801,381.53 | Donations and fixed asset disposal losses | | Less: Income Tax Impact | 3,719,269.29 | | | Impact on Minority Interests (After Tax) | 1,044,648.21 | | | Total | 19,399,121.38 | | Management Discussion and Analysis This section analyzes the company's operational performance, core competencies, investment activities, and risk factors across its dual main businesses of power transmission and touch display Main Businesses Engaged in by the Company During the Reporting Period The company's main businesses are power transmission and touch display, with both achieving synergistic development and significant growth in net profit - The company's main businesses are power transmission and touch display, comprehensively promoting synergistic development of dual main businesses, with no significant changes during the reporting period[26] - During the reporting period, the company achieved operating revenue of 1.75 billion RMB, a year-on-year increase of 8.32%; net profit attributable to shareholders of 109.24 million RMB, a year-on-year increase of 61.56%; and net profit attributable to shareholders after non-recurring gains and losses of 89.84 million RMB, a year-on-year increase of 138.00%[26] Power Transmission Business The power transmission business, focusing on new energy vehicle components and robotics, achieved 961.37 million RMB in revenue and 72.18 million RMB in net profit, growing by 20.57% and 48.33% respectively - Power transmission business products cover three major categories: new energy vehicles, fuel passenger vehicles, and commercial vehicles, and have expanded to non-road machinery and other fields[27] - The company has established cooperative relationships with well-known domestic and international enterprises such as SAIC, FAW, Toyota, Geely, Great Wall, and BYD[27] - The company's wholly-owned subsidiary, LanDai Automation, invested in Wuxi Quanzhibo Technology Co., Ltd., collaborating on integrated robot joint modules and their core components, launching "robot integrated joint module" products[27] Key Financial Data for Power Transmission Business | Indicator | Current Period (million RMB) | Prior Period (million RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 961.37 | 797.34 (estimated) | 20.57% | | Net Profit Attributable to Parent Company Shareholders | 72.18 | 48.66 (estimated) | 48.33% | Introduction to Main Business, Products, and Their Uses The power transmission business focuses on R&D, design, manufacturing, and sales of power transmission assemblies and components, expanding from fuel vehicles to new energy and non-road machinery - Leading products include new energy vehicle electric drive system components, automotive transmission assemblies and components, and automotive engine balance shaft assemblies and components[27] - Product applications have expanded from fuel passenger vehicles to new energy vehicles, commercial vehicles, and non-road machinery[27] Business Model The power transmission business primarily operates on a "production-to-order" model with direct sales, collaborating closely with OEMs for synchronized R&D and customized solutions - The business model is "production-to-order" for manufacturing and procurement, with product sales primarily through direct sales[28] - Close cooperation with customers for synchronized technology and product development, rapidly responding to personalized needs[28] Industry Development In H1 2025, China's automotive market grew, driven by a 41.4% increase in new energy vehicle production, leading to increased orders for the company's new energy business and the launch of robot joint modules - In H1 2025, China's automotive production and sales reached 15.62 million units and 15.65 million units respectively, with year-on-year increases of 12.5% and 11.4%[31] - New energy vehicle production and sales reached 6.97 million units and 6.94 million units respectively, with year-on-year increases of 41.4% and 40.3%, accounting for 44.3% of total new vehicle sales[31] - The company's new energy reducer and new energy transmission system component businesses show an upward trend, while engine balance shaft assembly and component businesses maintain stable growth[32][33] - The company launched integrated robot joint module products, entering a new stage in intelligent equipment, and established a Thai subsidiary to accelerate overseas market expansion[33][34] Touch Display Business The touch display business, focusing on automotive and cover glass markets, achieved 787.58 million RMB in revenue and 38.07 million RMB in net profit, with net profit growing by 88.19% despite a slight revenue decrease - Touch display business products primarily include touch modules, display modules, integrated touch display modules, cover glass, and functional films, applied in automotive electronics, tablets, laptops, industrial control terminals, and IoT smart devices[35] - The company has become a supplier to renowned enterprises such as Corning, Innolux, BOE, Quanta Computer, Compal Electronics, and Foxconn, with automotive touchscreen products applied in Geely, Zeekr, Great Wall, and Wuling vehicle models[35][36] Key Financial Data for Touch Display Business | Indicator | Current Period (million RMB) | Prior Period (million RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 787.58 | 818.80 (estimated) | -3.82% | | Net Profit Attributable to Parent Company Shareholders | 38.07 | 20.23 (estimated) | 88.19% | Introduction to Main Business, Products, and Their Uses The touch display business specializes in R&D, production, and sales of touchscreens and integrated touch display products, serving automotive electronics, tablets, laptops, and IoT devices - The main business is the R&D, production, and sales of touchscreens and integrated touch display related products, including touch modules, display modules, and cover glass[35] - Products are primarily applied in automotive electronics, tablets, laptops, industrial control terminals, and IoT smart devices[35] Business Model, Sales Model, Procurement Model The touch display business operates on a "production-to-order" model for customized, batch production, primarily using ODM/OEM sales, and "purchase-to-order" for procurement based on supplier evaluation - The business model is "production-to-order" for customized, batch production, with product development and mass production based on customer orders[37] - Sales models are mainly ODM and OEM, entering the supplier system after customer certification[37] - The procurement model is "purchase-to-order," comprehensively evaluating supplier qualifications, financial status, product quality, delivery capability, lead time, price, and service factors[37] Industry Development The touch display market is growing, with China's market expected to exceed 240 billion RMB, driven by flexible screens and rapid expansion in automotive panels, where Chinese manufacturers dominate LCD and OLED sectors - China's touchscreen industry market size is expected to exceed 240 billion RMB in 2025, with flexible screens becoming a new growth point[38] - The automotive panel market is growing rapidly, with global shipments of automotive panels expected to increase to 245 million units in 2025[38] - Chinese manufacturers hold over 60% of the global LCD market share and nearly 50% of the small and medium-sized OLED market share, surpassing South Korea for the first time[39] - The company continues to consolidate its differentiated competitive advantage in medium and large-sized displays, with steady growth in cover glass business and automotive touch control as a key expansion area, having deep cooperation with renowned Tier 1 enterprises such as Foryou Corporation, Chongqing Yazaki, and Skyworth[40][41] Core Competitiveness Analysis The company's core competitiveness stems from its strong R&D, high-quality customer base, advanced manufacturing, and strategic geographical advantages in both power transmission and touch display businesses - The power transmission business possesses strong innovative design, supporting development, and large-scale manufacturing capabilities for high-tech products such as transmission assemblies and gear shafts, holding 157 valid authorized patents and 23 software copyrights[43] - The touch display business masters medium and large-sized touchscreen processing technology, industry-leading GF process, and full lamination process for touchscreens and LCD modules, holding 76 valid authorized patents and 19 software copyrights[50] - The company has a high-quality customer base both domestically and internationally in both business segments and has been repeatedly recognized as an excellent supplier[45][53] Core Competitiveness of Power Transmission Business The power transmission business excels with strong R&D, a robust patent portfolio, a premium customer base, proactive market expansion, advanced manufacturing, and favorable regional cost advantages - The company possesses strong innovative design, supporting development, and large-scale manufacturing capabilities for high-tech products such as transmission assemblies and new energy reducer assemblies, holding 157 valid authorized patents and 23 software copyrights[43] - The company has a high-quality customer base both domestically and internationally, establishing cooperation with mid-to-high-end customers such as SAIC, FAW, Toyota, Great Wall, and BYD, and has been repeatedly recognized as an excellent supplier[45] - Through proactive market strategies, the company has expanded its product range into multiple areas such as automotive engine balance shaft assemblies and new energy reducer assemblies, extending to non-road machinery and general machinery[46][47] - The company holds significant advantages in transmission gear heat treatment deformation control, rapid measurement of part dimensions during production, and transmission gear profile modification, and has passed quality system certifications such as ISO9001 and IATF16949[48] - The company's locations in Chongqing and Ma'anshan benefit from tax incentives, robust industrial foundations, and abundant regional supporting resources, forming geographical and cost advantages[49] Core Competitiveness of Touch Display Business The touch display business boasts advanced technology in large-sized touchscreens, efficient automated production, stringent quality management, a high-end client portfolio, and strategic regional advantages in the Pearl River Delta and Southwest China - The company masters processing technology for medium and large-sized touchscreens, industry-leading GF process, and full lamination process for touchscreens and LCD modules, holding 76 valid authorized patents and 19 software copyrights[50] - The company possesses leading domestic automated production lines, has passed ISO9001:2015 and ISO14001:2015 environmental system certifications, and has implemented the IATF16949:2016 automotive product quality certification system[51] - The company targets global leading manufacturers as key clients, having become a supplier to renowned enterprises such as Corning, Innolux, BOE, and Quanta Computer, with products ultimately used in internationally recognized electronic brands like Amazon, Lenovo, and Acer[53] - Subsidiaries Taiguan Technology and Jianrou Technology are located in the Pearl River Delta region of Guangdong, while Chongqing Taiguan is in the southwestern hinterland, forming a regional coordination advantage through the synergistic development of these two industrial clusters[54] Main Business Analysis The company's operating revenue increased by 8.32%, driven by a 33.23% growth in automotive parts manufacturing, while electronic components manufacturing saw a slight decline Year-on-Year Changes in Key Financial Data | Indicator | Current Period (RMB) | Prior Period (RMB) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,750,631,263.02 | 1,616,216,351.26 | 8.32% | See "Management Discussion and Analysis" Section I, "Main Businesses Engaged in by the Company During the Reporting Period" for relevant content | | Operating Cost | 1,460,530,250.00 | 1,417,758,935.51 | 3.02% | Primarily due to increased revenue during the reporting period | | Selling Expenses | 25,772,095.17 | 23,930,532.72 | 7.70% | Primarily due to increased revenue and corresponding cost increases during the reporting period | | Administrative Expenses | 58,416,974.37 | 45,571,255.84 | 28.19% | Primarily due to refined management and increased personnel during the reporting period | | Financial Expenses | 7,511,961.76 | 5,048,837.97 | 48.79% | Primarily due to decreased exchange gains during the reporting period | | Income Tax Expense | 12,223,640.07 | 1,630,396.89 | 649.73% | Primarily due to increased operating profit and corresponding increase in corporate income tax provision during the reporting period | | Net Cash Flow from Operating Activities | 44,721,269.07 | -2,337,401.10 | 2,013.29% | Primarily due to increased cash receipts from sales of goods during the reporting period | | Net Cash Flow from Financing Activities | 30,024,009.44 | 96,128,597.02 | -68.77% | Primarily due to increased dividend payments and increased margin for acceptance bills during the reporting period | Composition of Operating Revenue | Category | Current Period Amount (RMB) | Proportion of Operating Revenue | Prior Period Amount (RMB) | Proportion of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | By Industry | | | | | | | Electronic Components Manufacturing Industry | 785,993,519.48 | 44.90% | 817,470,489.78 | 50.58% | -3.85% | | Automotive Parts Manufacturing Industry | 953,305,750.52 | 54.45% | 715,557,027.27 | 44.27% | 33.23% | | By Product | | | | | | | Touch Display Module Assembly | 425,072,665.75 | 24.28% | 583,947,803.09 | 36.13% | -27.21% | | Touch Display Components | 359,915,458.38 | 20.56% | 229,781,757.04 | 14.22% | 56.63% | | Power Transmission Assembly | 539,992,269.29 | 30.85% | 373,378,091.07 | 23.10% | 44.62% | | Power Transmission Components | 411,162,172.77 | 23.49% | 340,991,508.48 | 21.10% | 20.58% | | By Region | | | | | | | Domestic Sales | 1,248,388,923.35 | 71.31% | 1,181,252,145.85 | 73.09% | 5.68% | | Export Sales | 502,242,339.67 | 28.69% | 434,964,205.41 | 26.91% | 15.47% | Non-Core Business Analysis Non-core businesses impacted total profit, with negative investment income from bill discounting and debt restructuring, significant asset impairment from inventory, and substantial positive contributions from government subsidies Impact of Non-Core Businesses on Total Profit | Item | Amount (RMB) | Proportion of Total Profit | Explanation of Cause | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | -2,319,783.55 | -1.88% | Primarily due to bank acceptance bill discounting fees, debt restructuring, and investment income from associates | Investment income from associates is sustainable | | Asset Impairment | -28,026,720.65 | -22.67% | Primarily due to inventory impairment provisions made during the reporting period | No | | Non-Operating Income | 1,264.79 | 0.00% | | No | | Non-Operating Expenses | 1,802,646.32 | 1.46% | Primarily due to donations and fixed asset disposal losses | No | | Other Income | 25,010,311.02 | 20.23% | Primarily due to government subsidies directly recognized and amortization of deferred income | No | Analysis of Assets and Liabilities Total assets and net assets attributable to shareholders increased, with growth in inventory, construction in progress, fixed assets, and long-term borrowings, while some assets remain restricted Significant Changes in Asset Composition | Item | Amount at End of Current Period (RMB) | Proportion of Total Assets | Amount at End of Prior Year (RMB) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 634,566,058.02 | 11.14% | 710,184,869.69 | 12.97% | -1.83% | | | Accounts Receivable | 1,096,416,320.96 | 19.25% | 1,133,237,205.03 | 20.70% | -1.45% | Primarily due to strengthened customer collections during the reporting period | | Inventories | 849,046,258.72 | 14.91% | 730,719,152.42 | 13.35% | 1.56% | Primarily due to increased revenue during the reporting period | | Fixed Assets | 1,860,966,934.77 | 32.67% | 1,767,025,705.60 | 32.27% | 0.40% | Primarily due to equipment capitalization during the reporting period | | Construction in Progress | 280,275,668.58 | 4.92% | 201,548,712.33 | 3.68% | 1.24% | Primarily due to new equipment purchases during the reporting period | | Long-Term Borrowings | 537,426,531.74 | 9.44% | 420,610,832.00 | 7.68% | 1.76% | Primarily due to increased fixed asset loans by subsidiaries during the reporting period | | Minority Interests | -48,414.96 | 0.00% | 23,233,302.12 | 0.42% | -0.42% | Primarily due to acquisition of minority equity in subsidiaries during the reporting period | Asset Restrictions as of the End of the Reporting Period | Item | Book Balance at Period End (RMB) | Book Value at Period End (RMB) | Reason for Restriction | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 204,450,614.66 | 204,450,614.66 | Used for bank acceptance bills and letter of credit deposits | | Fixed Assets | 537,711,000.54 | 373,514,060.05 | Used to mortgage bank loans and provide guarantees for agricultural development fund investments | | Intangible Assets | 207,537,894.70 | 164,247,181.75 | Used to mortgage bank loans and provide guarantees for agricultural development fund investments | | Investment Properties | 12,092,893.73 | 7,357,474.61 | Used to mortgage bank loans and provide guarantees for agricultural development fund investments | | Total | 961,792,403.63 | 749,569,331.07 | | Investment Analysis The company's total investment increased by 66.43% to 348.80 million RMB, driven by strategic equity acquisitions, capital injections, and the establishment of overseas subsidiaries to expand its global footprint and robotics business Investment Amount During the Reporting Period | Indicator | Investment Amount in Current Period (RMB) | Investment Amount in Prior Period (RMB) | Change Rate | | :--- | :--- | :--- | :--- | | Total Investment | 348,800,159.74 | 209,571,526.65 | 66.43% | - During the reporting period, the company acquired an 18% equity stake in its controlled subsidiary Chongqing Taiguan, making it a wholly-owned subsidiary[67] - The company increased capital in its wholly-owned subsidiary Ma'anshan LanDai Machinery by 30 million RMB for new energy vehicle high-precision transmission gear products[67] - Subsidiary LanDai Automation invested in Wuxi Quanzhibo Technology Co., Ltd., strategically entering the integrated robot joint field[67] - The company established Singaporean subsidiary ZYPHRA TECH PTE.LTD. and its grandchild company TEPHRIS TECH PTE.LTD., and jointly established Thai subsidiary AUREVEX TECHNOLOGY (THAILAND) CO., LTD., to expand into overseas markets[68][69] Overall Situation The company's total investment for the reporting period was 348.80 million RMB, marking a 66.43% increase year-on-year, reflecting active business expansion and strategic deployment Investment Amount During the Reporting Period | Indicator | Investment Amount in Current Period (RMB) | Investment Amount in Prior Period (RMB) | Change Rate | | :--- | :--- | :--- | :--- | | Total Investment | 348,800,159.74 | 209,571,526.65 | 66.43% | Significant Equity Investments Acquired During the Reporting Period The company made several significant equity investments, including acquiring an 18% stake in Chongqing Taiguan for 34.11 million RMB, injecting 30 million RMB into Ma'anshan LanDai Machinery, investing 5 million RMB in Wuxi Quanzhibo, and establishing Singaporean and Thai subsidiaries - Acquired an 18% equity stake in controlled subsidiary Chongqing Taiguan for an investment of 34.11 million RMB, making it a wholly-owned subsidiary[67] - Increased capital in wholly-owned subsidiary Ma'anshan LanDai Machinery by 30 million RMB for new energy vehicle high-precision transmission gear products[67][68] - Subsidiary LanDai Automation invested 5 million RMB in Wuxi Quanzhibo Technology Co., Ltd., holding a 4.35% equity stake, to strategically enter the integrated robot joint field[68] - Established wholly-owned Singaporean subsidiary ZYPHRA TECH PTE.LTD. and its grandchild company TEPHRIS TECH PTE.LTD., and jointly established Thai subsidiary AUREVEX TECHNOLOGY (THAILAND) CO., LTD., with investment amounts of 0.1 million USD and 5 million THB respectively[68][69] Significant Non-Equity Investments in Progress During the Reporting Period The company is undertaking several major non-equity investments, including touch display module production, new energy vehicle transmission gears, and automotive parts production lines, with most projects over 90% complete Significant Non-Equity Investment Projects in Progress | Project Name | Investment Method | Industry Involved in Investment Project | Cumulative Actual Investment Amount as of End of Reporting Period (RMB) | Project Progress | | :--- | :--- | :--- | :--- | :--- | | Integrated Touch Display Module Production Base Project | Self-built | Electronic Components Manufacturing Industry | 286,293,500.67 | 96.00% | | New Energy Vehicle High-Precision Transmission Gear and Motor Shaft Manufacturing Project | Self-built | Automotive Parts Manufacturing Industry | 375,079,126.06 | 100.00% | | New Energy Vehicle Parts Production Line | Self-built | Automotive Parts Manufacturing Industry | 328,296,859.96 | 96.53% | | Ma'anshan New Energy Vehicle High-Precision Transmission Gear Manufacturing Project | Self-built | Automotive Parts Manufacturing Industry | 527,752,744.97 | 90.00% | | New Energy Gear and Shaft Capacity Expansion Project | Self-built | Automotive Parts Manufacturing Industry | 56,774,288.53 | 99.43% | | Mechanical High-Precision Transmission Gear (Annual Production of 2.2 million sets) Construction Project | Self-built | Automotive Parts Manufacturing Industry | 97,246,106.06 | 26.64% | | Ma'anshan New Energy Vehicle High-Precision Transmission Gear (Annual Production of 0.6 million sets) Construction Project | Self-built | Automotive Parts Manufacturing Industry | 136,541,089.20 | 37.79% | Use of Raised Funds The company has utilized 99.72% of its 578.68 million RMB raised funds, primarily for new energy vehicle transmission gears and touch display cover glass expansion, with some projects reaching intended use Overall Use of Raised Funds | Year of Fundraising | Fundraising Method | Total Raised Funds (1) (RMB) | Net Raised Funds (RMB) | Total Raised Funds Cumulatively Used (2) (RMB) | Proportion of Raised Funds Used at End of Reporting Period (3)=(2)/(1) | | :--- | :--- | :--- | :--- | :--- | :--- | | 2023 | Issuance of Shares to Specific Objects | 586,429,998.00 | 578,680,811.40 | 577,037,900.00 | 99.72% | - The "New Energy Vehicle High-Precision Transmission Gear and Motor Shaft Manufacturing Project" reached its intended use state on June 30, 2025[78] - The "Automotive and Industrial Control Touchscreen Cover Glass Expansion Project" reached its intended use state on June 30, 2024, with cumulative operating revenue of 190.76 million RMB and a net loss of 29.88 million RMB, as production and sales are in the ramp-up phase during the initial period of operation[78] - As of the end of the reporting period, the company's total unused raised funds amounted to 6.27 million RMB, of which 2.37 million RMB in surplus funds will be permanently used to supplement working capital[79] Disposal of Significant Assets and Equity The company did not dispose of any significant assets or equity during the reporting period - The company did not dispose of significant assets during the reporting period[81] - The company did not dispose of significant equity during the reporting period[82] Analysis of Major Controlled and Investee Companies Key subsidiaries like LanDai Precision Components and LanDai Machinery showed significant revenue and net profit growth, while Chongqing Taiguan's net profit surged despite a revenue decline due to product restructuring and cost efficiency Financial Data of Major Subsidiaries | Company Name | Company Type | Main Business | Operating Revenue (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | | LanDai Precision Components | Subsidiary | Production and sales of automotive transmission assemblies | 616,514,616.39 | 39,355,056.75 | | LanDai Machinery | Subsidiary | Production and sales of automotive gears, shafts, and other transmission products | 504,847,797.74 | 39,936,898.64 | | Taiguan Technology | Subsidiary | Production and sales of touchscreens and integrated touch display products | 528,233,774.95 | 23,110,675.56 | | Chongqing Taiguan | Subsidiary | Production and sales of touch display module products | 308,781,695.27 | 15,210,893.00 | | Dihan Machinery | Subsidiary | Production and sales of die-casting products | 112,367,456.01 | 5,891,999.82 | | Ma'anshan LanDai Machinery | Subsidiary | Production and sales of automotive gears, shafts, and other transmission products | 106,752,758.92 | -17,788,598.02 | - LanDai Precision Components' operating revenue increased by 33.73% year-on-year, and net profit increased by 74.10%, primarily due to customer expansion and increased sales[86] - LanDai Machinery's operating revenue increased by 26.00% year-on-year, and net profit increased by 110.33%, primarily due to product R&D upgrades, new energy product line deployment, and economies of scale[87] - Chongqing Taiguan's operating revenue decreased by 28.88% year-on-year, but net profit increased by 837.08%, primarily because of aggressive market expansion, product structure adjustment and improvement, and cost reduction and efficiency enhancement[85] - Ma'anshan LanDai Machinery's operating revenue increased by 91.99% year-on-year, but net profit decreased by 160.32%, primarily because the new energy vehicle high-precision transmission gear manufacturing project is in its ramp-up phase, with insufficient capacity release leading to higher costs[88] Risks Faced by the Company and Countermeasures The company faces risks in both power transmission (market fluctuations, competition, receivables, raw material prices, talent loss) and touch display (competition, rapid technological updates, raw material prices, exchange rate volatility), with corresponding mitigation strategies in place - The power transmission business faces risks such as fluctuations in the downstream automotive market, intensified market competition, accounts receivable collection, raw material price fluctuations, and talent loss and technology leakage[89][90][91][92] - The touch display business faces risks such as intensified market competition, rapid technological updates and product upgrades, raw material price fluctuations, and exchange rate fluctuations and changes in tax policies[93][94][95] - The company addresses various risks by strengthening R&D innovation, optimizing product structure, expanding high-quality customers, enhancing accounts receivable management, flexible procurement, improving talent systems, vertical integration of the industrial chain, continuous technological improvement, and implementing hedging strategies[89][90][91][92][93][94][95][96] Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company did not formulate a market value management system or disclose a valuation enhancement plan during the reporting period - The company did not formulate a market value management system during the reporting period[97] - The company did not disclose a valuation enhancement plan during the reporting period[97] Implementation of "Dual Improvement in Quality and Returns" Action Plan The company did not disclose an announcement regarding the "Dual Improvement in Quality and Returns" action plan during the reporting period - The company did not disclose an announcement regarding the "Dual Improvement in Quality and Returns" action plan during the reporting period[97] Corporate Governance, Environment, and Society This section covers the stability of the company's board and management, its profit distribution policy, employee incentive plans, environmental information disclosure, and social responsibility initiatives Changes in Directors, Supervisors, and Senior Management There were no changes in the company's directors, supervisors, and senior management during the reporting period - The company's directors, supervisors, and senior management did not change during the reporting period[99] 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 semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[100] Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[101] Environmental Information Disclosure The company and its major subsidiaries are included in the list of enterprises required to disclose environmental information, with LanDai Technology Group Co., Ltd. having made its disclosures - The listed company and its major subsidiaries are included in the list of enterprises required to disclose environmental information by law, with LanDai Technology Group Co., Ltd. having disclosed its environmental information in the enterprise environmental information disclosure system[102] Social Responsibility The company actively fulfills its social responsibilities through charitable donations and support for local community development, committing to continued public welfare engagement - The company actively fulfills its social responsibilities, supporting public welfare and charitable causes through donations, assisting in maintaining local residents' water supply, and supporting the development of local automotive industry associations during the reporting period[103] Significant Matters This section details the company's commitments, related party transactions, litigation, and other significant events, including major contracts and future investment plans Commitments The company had no unfulfilled or overdue commitments from its actual controller, shareholders, related parties, acquirers, or the company itself during the reporting period - During the reporting period, there were no commitments from the company's actual controller, shareholders, related parties, acquirers, or the company itself that were either fulfilled or overdue as of the end of the reporting period[105] Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties from the Listed Company There were no non-operating funds occupied by the controlling shareholder or other related parties from the listed company during the reporting period - There were no non-operating funds occupied by the controlling shareholder or other related parties from the listed company during the reporting period[106] Irregular External Guarantees The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[107] Appointment and Dismissal of Accounting Firms The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[108] Board of Directors' and Supervisory Board's Explanation of "Non-Standard Audit Report" for the Current 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 during the reporting period[109] Board of Directors' Explanation of "Non-Standard Audit Report" for the Prior Year The company had no explanation regarding a non-standard audit report for the prior year during the reporting period - The company had no explanation regarding a non-standard audit report for the prior year during the reporting period[109] Bankruptcy and Reorganization Matters The company had no bankruptcy and reorganization matters during the reporting period - The company had no bankruptcy and reorganization matters during the reporting period[109] Litigation Matters The company is involved in significant litigation, including a contract dispute with Smart Technology Co., Ltd. where a settlement was reached, and other cases totaling 5.96 million RMB with no major impact - Subsidiary Chongqing Taiguan's contract dispute with Smart Technology Co., Ltd. resulted in Chongqing Taiguan winning the second-instance judgment; subsequently, both parties reached a settlement, and Chongqing Taiguan has received the first installment of 0.1 million USD[111] - The company has other litigation matters with a total involved amount of 5.96 million RMB, some cases have been executed, and the remaining cases are under trial, with no significant impact on the company[112] Penalties and Rectification The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[113] Integrity Status of the Company, its Controlling Shareholder, and Actual Controller The company, its controlling shareholder, and actual controller maintained good integrity during the reporting period, with no instances of unfulfilled court judgments or other illegal and dishonest conduct - During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no instances of unfulfilled effective court judgments or other illegal and dishonest conduct[114] Significant Related Party Transactions The company engaged in routine related party transactions with its associate, Dairong Transmission, including leasing, utility payments, and product sales/purchases, all within approved limits, with no other major related party transactions Related Party Transactions Related to Daily Operations | Type of Related Party Transaction | Content of Related Party Transaction | Amount of Related Party Transaction (million RMB) | Proportion of Similar Transactions | Approved Transaction Limit (million RMB) | Exceeded Approved Limit | | :--- | :--- | :--- | :--- | :--- | :--- | | Leasing Factory Buildings from Related Party | Leasing factory buildings | 0.48 | 9.82% | 0.96 | No | | Ancillary Fees for Leasing Factory Buildings from Related Party | Payment of water, electricity, sewage, and other ancillary fees | 0.28 | 0.79% | 0.80 | No | | Selling Goods to Related Party | Sales of steel, robot production lines, testing lines, tooling fixtures, etc | 0.003 | 0.00% | 0.30 | No | | Purchasing Goods from Related Party; Receiving Services Provided by Related Party | Purchase of automotive parts, etc.; receipt of automotive parts processing services | 3.49 | 3.99% | 12.00 | No | | Total | | 4.25 | | 14.06 | | - The company had no related party transactions involving asset or equity acquisition or disposal during the reporting period[116] - The company had no related party creditor-debtor relationships during the reporting period[118] Significant Contracts and Their Performance The company has various leasing contracts and significant guarantees, with a total actual guarantee balance of 2.80 billion RMB, representing 108.93% of net assets, including guarantees for entities with over 70% asset-liability ratio - The company had no entrustment situations during the reporting period[122] - The company had no contracting situations during the reporting period[123] - As a lessee, the company has multiple leasing contracts, primarily for factory buildings and dormitories, with leased areas ranging from 240 square meters to 33,713 square meters[124][125] - The company and its subsidiaries' external guarantees and guarantees to subsidiaries had a total actual guarantee balance of 2.80 billion RMB at the end of the reporting period, accounting for 108.93% of the company's net assets[131] - Among these, the debt guarantee balance provided directly or indirectly to guaranteed entities with an asset-liability ratio exceeding 70% was 950 million RMB[131] - To secure investment from China Agricultural Development Fund Co., Ltd., the company provided counter-guarantees to Chongqing State-owned Assets Management Co., Ltd. using land use rights, properties, and machinery, with an actual guarantee balance of 273.28 million RMB as of the end of the reporting period[134] - The company had no entrusted wealth management during the reporting period[136] - The company had no other significant contracts during the reporting period[137] Explanation of Other Significant Matters The company plans to build a production base in Thailand, faces uncertainty regarding the delayed delivery of a purchased property due to the developer's bankruptcy, and its controlling shareholder has pledged shares - The company plans to invest in building a production base in Thailand, with a planned investment of no more than 200 million RMB, and has established wholly-owned Singaporean subsidiaries, grandchild companies, and a Thai subsidiary[138][139] - The company's purchased Gudao Pinghu property is delayed in delivery, and the controlling shareholder of the developer, Chongqing Yushun Ecological Culture Tourism Development Co., Ltd., has entered bankruptcy liquidation proceedings, leading to significant uncertainty regarding project completion and delivery[140] - The company's controlling shareholder and actual controller have pledged shares[140] Significant Matters of Company Subsidiaries Significant subsidiary matters include LanDai Automation's investment in Wuxi Quanzhibo, Chongqing LanDai Transmission's name change, a 30 million RMB capital increase for Ma'anshan LanDai Machinery, and the acquisition of an 18% stake in Chongqing Taiguan for 34.11 million RMB, making it a wholly-owned subsidiary - The company's wholly-owned subsidiary LanDai Automation subscribed to Quanzhibo's newly increased registered capital with 5 million RMB, holding a 4.3478% equity stake in Quanzhibo[141] - Subsidiary Chongqing LanDai Transmission Co., Ltd. changed its name to Chongqing LanDai Precision Components Co., Ltd.[141] - The company used its own funds of 30 million RMB to increase the capital of its wholly-owned subsidiary Ma'anshan LanDai Machinery, increasing its registered capital to 170 million RMB[142] - The company acquired an 18% equity stake in controlled subsidiary Chongqing Taiguan for 34.11 million RMB, making it a wholly-owned subsidiary[143] Share Changes and Shareholder Information This section details the company's stable share capital, shareholder structure, and changes in director/management holdings, noting a potential future change in controlling shareholder Share Change Situation The company's total share capital remained unchanged at 652,128,090 shares during the reporting period, with no changes in restricted or unrestricted shares Share Change Situation | Share Class | Number Before Change (shares) | Proportion Before Change | Change (Increase/Decrease) | Number After Change (shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 56,242,950 | 8.62% | 0 | 56,242,950 | 8.62% | | II. Unrestricted Shares | 595,885,140 | 91.38% | 0 | 595,885,140 | 91.38% | | III. Total Shares | 652,128,090 | 100.00% | 0 | 652,128,090 | 100.00% | Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Restricted Shares Released in Current Period (shares) | Restricted Shares Increased in Current Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Zhu Junhan | 55,999,200 | 0 | 0 | 55,999,200 | Restricted shares held by current director (senior management) | | Niu Xuexi | 75,000 | 0 | 0 | 75,000 | Restricted shares held by current director (senior management) | | Liao Wenjun | 75,000 | 0 | 0 | 75,000 | Restricted shares held by current director | | Tang Haichuan | 93,750 | 0 | 0 | 93,750 | Restricted shares held by former director (senior management) | | Total | 56,242,950 | 0 | 0 | 56,242,950 | | Securities Issuance and Listing The company had no securities issuance or listing activities during the reporting period - The company had no securities issuance or listing activities during the reporting period[149] Number of Shareholders and Shareholding As of the end of the reporting period, the company had 79,525 common shareholders, with controlling shareholder Zhu Tangfu holding 19.36% and actual controller Zhu Junhan holding 11.45%, both with pledged shares - The total number of common shareholders at the end of the reporting period was 79,525[150] Shareholding 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) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | Share Status | Pledged Shares (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhu Tangfu | Domestic Natural Person | 19.36% | 126,260,320 | 0 | 126,260,320 | Pledged | 47,000,000 | | Zhu Junhan | Domestic Natural Person | 11.45% | 74,665,600 | 55,999,200 | 18,666,400 | Pledged | 29,716,400 | | China Merchants Bank Co., Ltd. - Penghua Carbon Neutral Theme Mixed Securities Investment Fund | Other | 2.78% | 18,161,690 | 0 | 18,161,690 | Not applicable | 0 | | China Construction Bank Co., Ltd. - Everbright Advanced Manufacturing Smart Selection Mixed Initiated Securities Investment Fund | Other | 1.94% | 12,645,500 | 0 | 12,645,500 | Not applicable | 0 | | National Social Security Fund 104 Portfolio | Other | 1.20% | 7,829,200 | 0 | 7,829,200 | Not applicable | 0 | | Huang Xiaoyun | Domestic Natural Person | 1.15% | 7,468,900 | 0 | 7,468,900 | Not applicable | 0 | | Li Xiaofang | Domestic Natural Person | 1.00% | 6,504,800 | 0 | 6,504,800 | Not applicable | 0 | | Zheshang Bank Co., Ltd. - Qianhai Open Source Jiaxin Flexible Allocation Mixed Securities Investment Fund | Other | 0.96% | 6,286,200 | 0 | 6,286,200 | Not applicable | 0 | | China Construction Bank Co., Ltd. - Huafu Technology Momentum Mixed Securities Investment Fund | Other | 0.52% | 3,400,000 | 0 | 3,400,000 | Not applicable | 0 | | Li Xin | Domestic Natural Person | 0.47% | 3,042,100 | 0 | 3,042,100 | Not applicable | 0 | - Controlling shareholder and actual controller Zhu Tangfu and actual controller Zhu Junhan are father and son[151] Changes in Shareholdings of Directors, Supervisors, and Senior Management The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period - The shareholdings of the company's directors, supervisors, and senior management did not change during the reporting period[154] Changes in Controlling Shareholder or Actual Controller The company's controlling shareholder and actual controller remained unchanged during the reporting period, though a post-period agreement indicates a potential future change in control - The company's controlling shareholder did not change during the reporting period[155] - The company's actual controller did not change during the reporting period[155] - After the reporting period, the company's actual controllers Zhu Tangfu, Xiong Min, and Zhu Junhan signed a share transfer agreement and a voting rights waiver agreement, which is expected to result in the controlling shareholder changing to Anhui Jiangdong Industrial Investment Group Co., Ltd., and the actual controller changing to Ma'anshan Municipal People's Government[132] Preferred Share Information The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[156] Bond-Related Information This section confirms that the company had no bond-related activities during the reporting period Bond-Related Information The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[158] Financial Report This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and detailed notes on accounting policies, taxes, and financial items Audit Report The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[160] Financial Statements This section provides the company's H1 2025 consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity - This section includes the company's H1 2025 consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity[161] Company Basic Information LanDai Technology Group Co., Ltd., established in 1996 and listed in 2015, operates dual main businesses in automotive parts and electronic components, with its registered capital and total share capital at 652.13 million RMB - The company was established in 1996, restructured into a joint-stock company in 2011, and listed on the Shenzhen Stock Exchange on June 12, 2015[194][195] - As of June 30, 2025, the company's registered capital and total share capital were both 652.13 million RMB[195] - The company's controlling shareholder is Zhu Tangfu, and the actual controllers are Zhu Tangfu, Xiong Min, and Zhu Junhan[196] - The company's business nature is automotive parts and accessories manufacturing and electronic components manufacturing, implementing a dual main business synergistic development model for power transmission and touch display businesses[197] Basis of Financial Statement Preparation The financial statements are prepared on a going concern basis in accordance with Enterprise Accounting Standards, with management affirming the company's strong ability to continue operations for the next 12 months - The company's financial statements are prepared on a going concern basis in accordance with Enterprise Accounting Standards and relevant regulations[201] - The company believes that its ability to continue as a going concern for the next 12 months is good, with no significant matters affecting this ability[202] Significant Accounting Policies and Accounting Estimates This section details the company's significant accounting policies and estimates, including financial instruments, fixed assets, intangible assets, revenue recognition, and key judgments in areas like impairment and depreciation - The company's financial statements are prepared in accordance with Enterprise Accounting Standards and relevant regulations[205] - The company classifies financial assets into three categories: measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in current profit or loss[218] - The company uses the straight-line method and workload method to depreciate fixed assets and the straight-line method to amortize intangible assets[248][257] - The company recognizes revenue when it satisfies a performance obligation in a contract, which is when the customer obtains control of the related goods or services[273] - In preparing its financial statements, the company made significant judgments and estimates in key areas such as revenue recognition, lease classification, financial instrument impairment, fixed asset residual value and useful life, goodwill impairment, and inventory impairment[283][288][289][290] Taxes The company and several subsidiaries benefit from a 15% corporate income tax rate due to Western Development policies or high-tech enterprise status, and apply "exemption, offset, and refund" for VAT on exports Major Taxes and Tax Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Taxable income | 6%、9%、13% | | Urban Maintenance and Construction Tax | Amount of turnover tax payable | 7% | | Corporate Income Tax | Taxable income | 15%、16.5%、25% | | Education Surcharge | Amount of turnover tax payable | 3% | | Local Education Surcharge | Amount of turnover tax payable | 2% | - The company and its subsidiaries Dihan Machinery, LanDai Precision Components, LanDai Machinery, Chongqing Taiguan, LanDai Electronics, LanDai Automation, and Xuanyu Optoelectronics benefit from the Western Development corporate income tax policy, enjoying a reduced 15% tax rate[293][294][295][298][299] - Subsidiary Taiguan Technology and grandchild company Jianrou Technology, as high-tech enterprises, recognize corporate income tax expenses at a reduced 15% rate[296][297] - The company and some subsidiaries are manufacturing enterprises with import and export rights, applying the "exemption, offset, and refund" policy for Value-Added Tax[300] Notes to Consolidated Financial Statement Items This section provides detailed notes on various consolidated financial statement items, including cash, receivables, inventory, fixed assets, goodwill, borrowings, revenue, and cash flows, highlighting key balances and changes - Cash and cash equivalents at period-end amounted to 634.57 million RMB, of which 204.45 million RMB is restricted for bank acceptance bills and letter of credit deposits[302] - Accounts receivable book value at period-end was 1.10 billion RMB, with an impairment provision balance of 64.99 million RMB at period-end[308] - Inventory book value at period-end was 849.05 million RMB, with an inventory impairment provision balance of 113.21 million RMB at period-end[349][350] - Fixed assets book value at period-end was 1.86 billion RMB, of which 373.51 million RMB is pledged for bank borrowings and guarantees for agricultural development fund investments[370][372] - Construction in progress book value at period-end was 280.28 million RMB, with major projects including the Ma'anshan New Energy Vehicle High-Precision Transmission Gear Manufacturing Project[377] - Goodwill original book value was 501.17 million RMB, with an impairment provision of 369.51 million RMB, and no new goodwill impairment was recognized in the current period[389][391][393] - Short-term borrowings at period-end amounted to 375.74 million RMB, and long-term borrowings at period-end amounted to 537.43 million RMB[411][439] - Operating revenue for the current period was 1.75 billion RMB, and operating cost was 1.46 billion RMB[461](i