睿能科技(603933) - 2025 Q2 - 季度财报

Definitions This section defines key terms, entities, and industry-specific terminology used throughout the report, including company names, subsidiaries, and financial periods Definitions of Common Terms This chapter defines common terms, including company entities, subsidiaries, industrial automation and semiconductor industry terminology, and financial reporting periods - The report defines key entities such as Raynen Technology, Raynen Industrial, Pingtan Jierun, Hong Kong Ruijie, Jiankun Investment, and Jupiter Investment[12] - Multiple subsidiary names are listed, including Raynen Intelligent, Fuzhou Raynen, Shanghai Raynen, Jiangsu Raynen, Jiaxing Raynen, Qidian Electric, Raynen Electric, Shenzhen Yiwei, Qili Software, Hong Kong Raynen Electronics, Singapore Raynen, Beneng International, Fujian Beneng, Shanghai Beneng, Hong Kong Taihe, Hong Kong Guangtai, and Taiwan Linsheng[12] - Professional terms in industrial automation are explained, including industrial control (IC), servo systems, servo drives, servo motors, inverters, soft starters, PLCs, HMIs, and IoT[12] - Major IC design manufacturers mentioned include Microchip Technology, Infineon, Littelfuse, Rohm, China Resources Micro, Xiaohua Semiconductor, 3PEAK, GigaDevice, Silergy, SaiZhuo Electronics, and Yutai Micro[12][13] - The reporting period is defined as the first half of 2025[13] Company Profile and Key Financial Indicators This section provides the company's basic information, contact details, stock overview, and key financial data and indicators for the first half of 2025 Company Information This section outlines the company's basic registration details, including its Chinese name, abbreviation, and legal representative - The company's Chinese name is Fujian Raynen Technology Co., Ltd., abbreviated as Raynen Technology[15] - The legal representative is Yang Weijian[15] Contact Persons and Information This section provides contact information for the company's Board Secretary and Securities Affairs Representative, including names, addresses, and contact details - The Board Secretary is Lan Lichun, and the Securities Affairs Representative is Su Ningyi[16] - The company's contact address is No. 12 Zhihui Avenue, Nanyu Town, Minhou County, Fuzhou City, Fujian Province, with telephone 0591-88267278 and email investor@raynen.cn[16] Brief Introduction to Changes in Basic Information This section details changes in the company's registered and office addresses, with references to relevant announcements - The company's registered address is Floor 3, Building A, No. 26, C Zone, Software Park, No. 89 Tongpan Road, Gulou District, Fuzhou City[17] - The company's office address changed to No. 12 Zhihui Avenue, Nanyu Town, Minhou County, Fuzhou City, Fujian Province, announced on June 12, 2025[17] Brief Introduction to Changes in Information Disclosure and Document Placement Locations This section specifies the company's designated newspapers and website for information disclosure, along with the placement location for the semi-annual report - Designated information disclosure newspapers include China Securities Journal, Shanghai Securities News, Securities Times, and Securities Daily[18] - The website address for the semi-annual report is **www.sse.com.cn**[18](index=18&type=chunk) Company Stock Summary This section provides the company's stock listing information, including stock type, exchange, ticker symbol, and code - The company's A-shares are listed on the Shanghai Stock Exchange under the ticker symbol Raynen Technology (603933)[19] - The company was listed on the Shanghai Stock Exchange on July 6, 2017[19] Company's Key Accounting Data and Financial Indicators This section presents the company's key accounting data and financial indicators for H1 2025, showing revenue growth, but declines in profit, EPS, and operating cash flow Key Accounting Data for H1 2025 | Indicator | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (yuan) | 1,132,915,190.24 | 995,291,167.74 | 13.83 | | Total Profit (yuan) | 37,064,989.48 | 53,017,908.99 | -30.09 | | Net Profit Attributable to Shareholders of Listed Company (yuan) | 35,587,208.45 | 51,900,946.63 | -31.43 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) (yuan) | 33,136,651.71 | 48,497,493.24 | -31.67 | | Net Cash Flow from Operating Activities (yuan) | -45,613,534.91 | 55,600,115.43 | -182.04 | | Net Assets Attributable to Shareholders of Listed Company (End of Current Period/End of Prior Year) (yuan) | 1,317,563,627.33 | 1,295,285,621.64 | 1.72 | | Total Assets (End of Current Period/End of Prior Year) (yuan) | 2,466,725,727.46 | 2,348,465,029.98 | 5.04 | Key Financial Indicators for H1 2025 | Key Financial Indicator | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.1715 | 0.2501 | -31.43 | | Diluted Earnings Per Share (yuan/share) | 0.1715 | 0.2501 | -31.43 | | Basic Earnings Per Share (Excluding Non-Recurring Gains/Losses) (yuan/share) | 0.1597 | 0.2337 | -31.67 | | Weighted Average Return on Net Assets (%) | 2.72 | 3.99 | Decrease of 1.27 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Gains/Losses) (%) | 2.53 | 3.73 | Decrease of 1.20 percentage points | Non-Recurring Gains and Losses and Amounts This section details the company's non-recurring gains and losses for H1 2025, totaling 2.45 million yuan Non-Recurring Gains and Losses for H1 2025 | Non-Recurring Gain/Loss Item | Amount (yuan) | | :--- | :--- | | Gains/losses from disposal of non-current assets | 13,701.30 | | Government grants included in current profit/loss (excluding those closely related to business and enjoyed consistently) | 2,372,596.93 | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises | 385,235.61 | | Other non-operating income and expenses | 126,333.46 | | Less: Income tax impact | 427,311.98 | | Minority interest impact (after tax) | 19,998.58 | | Total | 2,450,556.74 | Management Discussion and Analysis This section presents management's analysis of the company's industry, business operations, financial performance, core competencies, and risk factors Explanation of the Company's Industry and Main Business Operations During the Reporting Period This section details the company's industrial automation and semiconductor IC industries, outlining business operations and models, noting a weak recovery in industrial automation and continued growth in IC distribution - The company's main businesses are divided into two segments: industrial automation and IC distribution[27] - In H1 2025, the industrial automation market size was approximately 148.64 billion yuan, a slight 0.5% YoY increase, with OEM market growing by 1.98% and project-based market decreasing by 0.31%[29] - In H1 2025, the global semiconductor market size is estimated at $700.9 billion, growing 11.2% YoY; domestic integrated circuit output increased by 15.8% YoY[32][33] - New energy vehicle production and sales increased by 41.4% and 40.3% YoY, respectively, accounting for 44.3% of China's total vehicle sales, driving industrial transformation[33] - The company's IC distribution business actively explores emerging application fields such as new energy vehicles, photovoltaic inverters, charging piles, energy storage, high-efficiency motor control, industrial interconnection, and robotics[36] Industry Overview During the Reporting Period This section analyzes the industrial automation and semiconductor IC industries, highlighting market status, trends, and data, noting weak industrial automation recovery, sustained semiconductor growth, and strong emerging sectors - In H1 2025, the industrial automation industry market size was approximately 148.64 billion yuan, a slight 0.5% YoY increase[29] H1 2025 Industrial Automation Sub-Market Data | Sub-Market | Market Size (billion yuan) | YoY Growth (%) | | :--- | :--- | :--- | | Low-voltage Inverters | 13.6 | 8 | | General Servo Systems | 11.3 | 7 | | PLCs | 8.4 | 5 | | Industrial Robot Shipments (units) | 163,000 | 16 | - In H1 2025, China's automobile production and sales grew by 12.5% and 11.4%, respectively, with new energy vehicles growing by 41.4% and 40.3%[33] - In H1 2025, China's power battery shipments reached 477 GWh, a 49% YoY increase; energy storage lithium battery shipments reached 265 GWh, a 128% YoY increase[35] Company's Business Operations During the Reporting Period This section details the company's industrial automation and IC distribution businesses, including products, applications, and operating models, emphasizing technological innovation and market expansion in emerging sectors - Industrial automation products cover the 'information layer, control layer, drive layer, and execution layer' of industrial control systems, including dedicated control systems, PLCs, servo systems, inverters, soft starters, HMIs, and Industrial IoT[37] - The IC distribution business operates on a 'technical support + distribution' model, offering microcontrollers, power devices and modules, power management and driver ICs, and analog and mixed-signal ICs[41] - The company expanded its product lines to include automotive-grade MCUs, power management ICs, high-power modules, and Flash, attracting high-quality customers in automotive electronics, photovoltaic energy storage, and smart wearables[41] - The industrial automation business adopts an R&D model that is 'customer-demand oriented, based on independent R&D, with a three-generation product development strategy, and IPD development process'[42] - The IC distribution business procurement model is determined by inventory, orders, market forecasts, and other factors, with phased ordering to control inventory risk[45] Discussion and Analysis of Operations In H1 2025, operating revenue grew by 13.83%, but net profit attributable to shareholders decreased by 31.43%, driven by a decline in industrial automation and significant growth in IC distribution, alongside R&D and manufacturing optimization H1 2025 Operating Performance Overview | Indicator | Amount (ten thousand yuan) | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | 113,291.52 | 13.83 | | Net Profit Attributable to Shareholders of Listed Company | 3,558.72 | -31.43 | H1 2025 Business Segment Revenue | Business Segment | Operating Revenue (ten thousand yuan) | YoY Change (%) | | :--- | :--- | :--- | | Industrial Automation Business | 41,710.31 | -11.68 | | IC Distribution Business | 70,137.81 | 37.34 | - Industrial automation business in knitting flat machine control systems faced downward pressure, but glove machine and embroidery machine control systems performed well[48] - The IC distribution business accelerated expansion into emerging sectors like robotics, new energy, and AI, launching GaN high-power density motor solutions, photovoltaic energy storage bidirectional digital power solutions, automotive variable frequency water pump and air conditioner compressor solutions, and deploying AI server applications[52] - In H1 2025, R&D investment in the industrial automation business accounted for 13.15% of its operating revenue[54] - The Jiaxing manufacturing base topped out in May 2025 and is expected to commence production in early 2026, enhancing production efficiency and flexible customization capabilities[56] Analysis of Core Competencies During the Reporting Period The company's core competencies span R&D, industry experience, manufacturing, brand and customer resources, supplier networks, and management talent, with a strong focus on industrial automation and IC distribution - The company possesses multiple industry-leading core technologies, including automatic control, motor control, servo drive, frequency conversion control, digital power systems, embedded system software, industrial Ethernet, and CAD software[57] - As of June 30, 2025, the company holds 226 valid patent certificates (126 invention patents) and 256 computer software copyrights[58] - The company has evolved from an industrial control product supplier to a 'reconstructor of intelligent equipment value,' continuously strengthening its core competitive advantages in the knitting and sewing machinery sector[59] - By implementing MOM systems and smart park systems, the company achieves full-domain data interconnection and Industrial IoT device linkage, significantly reducing labor costs and material waste, while improving production efficiency and product yield[60][61] - The company maintains partnerships with renowned domestic and international IC design manufacturers such as Microchip Technology, Infineon, Littelfuse, Rohm, China Resources Micro, Xiaohua Semiconductor, 3PEAK, GigaDevice, and Silergy[63] Key Operating Performance During the Reporting Period This section analyzes H1 2025 financial statement changes, asset-liability status, and investment, showing revenue growth driven by IC distribution, but declining profits, with adjustments in asset-liability structure and increased construction in progress and long-term deferred expenses H1 2025 Financial Statement Item Changes | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,132,915,190.24 | 995,291,167.74 | 13.83 | | Operating Cost | 867,070,573.25 | 741,300,388.79 | 16.97 | | Selling Expenses | 82,007,225.43 | 70,246,637.07 | 16.74 | | Administrative Expenses | 55,937,230.93 | 47,697,163.86 | 17.28 | | Financial Expenses | 10,138,379.09 | 9,286,563.36 | 9.17 | | R&D Expenses | 60,058,437.02 | 59,387,253.20 | 1.13 | | Net Cash Flow from Operating Activities | -45,613,534.91 | 55,600,115.43 | -182.04 | | Net Cash Flow from Financing Activities | 33,101,346.91 | 10,659,838.85 | 210.52 | - Operating revenue growth was primarily driven by a 37.34% YoY increase in IC distribution business revenue, while industrial automation business revenue decreased by 11.68% YoY[65] - Net cash flow from operating activities significantly decreased by 182.04%, mainly due to reduced net inflows from IC distribution sales and purchases, and increased employee compensation payments[65] H1 2025 Major Asset and Liability Changes | Item Name | Current Period End Amount (yuan) | Current Period End % of Total Assets | Prior Year End Amount (yuan) | Prior Year End % of Total Assets | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 6,021,095.14 | 0.24 | - | 0.00 | Not applicable | | Notes Receivable | 173,634.31 | 0.01 | 870,729.37 | 0.04 | -80.06 | | Prepayments | 8,418,282.92 | 0.34 | 18,043,901.04 | 0.77 | -53.35 | | Other Receivables | 9,308,794.52 | 0.38 | 5,078,418.76 | 0.22 | 83.30 | | Other Current Assets | 33,241,019.45 | 1.35 | 113,988,060.26 | 4.85 | -70.84 | | Construction in Progress | 75,803,764.42 | 3.07 | 23,319,156.82 | 0.99 | 225.07 | | Long-term Deferred Expenses | 24,508,338.24 | 0.99 | 3,348,854.54 | 0.14 | 631.84 | | Other Non-current Assets | 13,271,855.48 | 0.54 | 7,715,105.84 | 0.33 | 72.02 | | Contract Liabilities | 15,861,731.52 | 0.64 | 23,307,162.90 | 0.99 | -31.94 | | Employee Compensation Payable | 39,539,141.26 | 1.60 | 60,211,245.22 | 2.56 | -34.33 | | Other Payables | 101,631,498.51 | 4.12 | 77,672,567.92 | 3.31 | 30.85 | | Long-term Borrowings | 76,800,000.00 | 3.11 | 58,899,999.88 | 2.51 | 30.39 | | Lease Liabilities | 4,645,360.96 | 0.19 | 2,620,809.03 | 0.11 | 77.25 | - Overseas assets totaled 622.57 million yuan, accounting for 25.24% of total assets[68] H1 2025 External Equity Investments | Investment Type | Current Period Investment Amount (ten thousand yuan) | Prior Year Period Investment Amount (ten thousand yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Equity Investment | 2,283.02 | 4,266.33 | -46.49 | - The Jiaxing Raynen Industrial Automation Production Base project invested 54.72 million yuan in the current period, with a cumulative investment of 71.28 million yuan, reaching 46.38% completion[73] Analysis of Main Business This section analyzes changes in key financial statement items, attributing revenue growth to IC distribution, while noting increased operating costs, selling, administrative, financial, and R&D expenses, and a significant decline in net operating cash flow - Operating revenue increased by 13.83% YoY, primarily due to a 37.34% YoY increase in IC distribution business revenue[65] - Net cash flow from operating activities decreased by 182.04% YoY, mainly due to reduced net inflows from IC distribution sales and purchases, and increased employee compensation payments[65] - Selling, administrative, and R&D expenses all increased due to higher payroll costs; administrative expenses also rose due to increased depreciation and utility costs from relocating to the new headquarters[65] Analysis of Assets and Liabilities This section analyzes period-end changes in assets and liabilities, showing significant increases in trading financial assets, construction in progress, long-term deferred expenses, other receivables, long-term borrowings, and lease liabilities, while notes receivable, prepayments, other current assets, contract liabilities, and employee compensation payable decreased - Trading financial assets increased at period-end compared to the prior year, mainly due to subsidiary Shenzhen Yiwei's purchase of wealth management products that had not yet matured for redemption[67] - Construction in progress increased by 225.07% at period-end compared to the prior period, mainly due to increased infrastructure investment by subsidiary Jiaxing Raynen[67] - Long-term deferred expenses increased by 631.84% at period-end compared to the prior period, mainly due to the completion and capitalization of office building renovations at the Fuzhou production base[67] - Employee compensation payable decreased by 34.33% at period-end compared to the prior period, mainly due to the payment of year-end bonuses accrued in the previous year[67] - Overseas assets totaled 622.57 million yuan, accounting for 25.24% of total assets[68] Analysis of Investment Status This section analyzes the company's external equity and non-equity investments, showing a YoY decrease in equity investment, but continued investment in the Jiaxing Raynen Industrial Automation Production Base project, reaching 46.38% completion - Equity investment during the reporting period was 22.83 million yuan, a 46.49% decrease compared to the prior year period[71] - The Jiaxing Raynen Industrial Automation Production Base project invested 54.72 million yuan in the current period, with a cumulative investment of 71.28 million yuan, reaching 46.38% completion[73] Major Asset Restrictions at Period End | Item | Book Balance (yuan) | Book Value (yuan) | Type of Restriction | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 35,354,180.57 | 35,354,180.57 | Pledge | Pledged deposits, letter of guarantee deposits, letter of credit deposits, bill deposits | | Investment Properties | 11,633,537.24 | 6,538,323.10 | Mortgage | Subsidiary Beneng International borrowed from HSBC Hong Kong, with Hong Kong Guangtai's property in Hong Kong as collateral | | Fixed Assets | 20,126,783.03 | 12,027,730.35 | Mortgage | Subsidiary Fujian Beneng borrowed from China Merchants Bank, with Raynen Technology's R&D building in Minhou County, Fuzhou City as collateral | | Total | 67,114,500.84 | 53,920,234.02 | / | / | Other Disclosures This section discloses seven major risks the company may face, including macroeconomic, market competition, exchange rate fluctuations, supplier concentration, inventory, accounts receivable, and goodwill impairment - The company faces macroeconomic risks, as the growth of its industrial automation and IC distribution businesses is highly correlated with the national economic climate[76] - The market is highly competitive; failure to keep pace with technological trends and enhance service and innovation capabilities will lead to increased market competition risk[77] - Exchange rate fluctuations may result in exchange gains or losses, impacting the company's profit[78] - The IC distribution business has a high concentration of suppliers; termination of cooperation with major suppliers could affect the company's operating performance[79][80] - Inventory impairment risk may increase if sales forecasting differs significantly from actual conditions or if downstream demand is not timely captured[81] - Increased accounts receivable balances pose a risk of significant uncollected receivables, leading to increased financial pressure or decreased operating performance[82] - Acquired companies failing to meet operational and profitability expectations may lead to goodwill impairment risk[83] Potential Risks This section details seven major risks, including macroeconomic fluctuations, intensified market competition, exchange rate volatility, high supplier concentration, inventory write-downs, accounts receivable collection difficulties, and goodwill impairment, all potentially impacting the company's operating performance - Industrial automation and IC distribution businesses are significantly affected by the macroeconomic environment; adverse changes in downstream industries will indirectly impact the company's operating performance[76] - The industrial automation market is crowded and highly competitive; the company must continuously innovate and enhance service capabilities to mitigate risks[77] - The company's foreign exchange receipts and payments primarily involve IC distribution, foreign currency borrowings, and overseas operations; significant exchange rate fluctuations will impact operating results[78] - The IC distribution business has a high concentration of suppliers; if major IC design manufacturers terminate cooperation, the company's operating performance will be affected[79][80] - Increased volatility in the semiconductor integrated circuit industry, coupled with significant discrepancies between sales forecasts and actuals, may lead to inventory impairment risk[81] - Increased accounts receivable balances, coupled with customer operational difficulties or delayed payments, pose risks of cash flow pressure and declining performance[82] - Goodwill arising from mergers and acquisitions faces impairment pressure, potentially affecting current period profitability[83] Corporate Governance, Environment and Society This section covers the company's corporate governance, environmental, and social responsibilities, including profit distribution plans Profit Distribution or Capital Reserve Conversion Plan The company will not implement a profit distribution or capital reserve conversion plan for the first half of 2025 - The company's proposed semi-annual profit distribution or capital reserve conversion plan is 'No'[86] Significant Matters This section covers significant matters such as commitment fulfillment, major related-party transactions, significant contracts, and the utilization of raised funds Fulfillment of Commitments The company's actual controller and controlling shareholders strictly fulfilled all commitments during the reporting period, including share reduction intentions, avoiding competition, regulating related-party transactions, and not occupying company funds - Controlling shareholder Raynen Industrial committed to reducing shares by no more than 10% of total share capital annually within two years after the lock-up period, with a reduction price no lower than the offering price[90] - Shareholder Pingtan Jierun committed to reducing shares by no more than 5% of total share capital annually within two years after the lock-up period, with a reduction price no lower than the offering price[91] - The controlling shareholder and actual controller committed to avoiding horizontal competition and not engaging in businesses identical, similar, or competitive with the company[92][93] - The controlling shareholder and actual controller committed to reducing and regulating related-party transactions, conducting fair operations based on market principles and fair prices[94] - The controlling shareholder and actual controller committed to not directly or indirectly occupying company funds or assets for any reason or in any form[95] - During the commitment period, all promisors strictly fulfilled their commitments, with no instances of non-fulfillment[95] Major Related-Party Transactions In H1 2025, the company's total daily related-party transactions amounted to 572,500 yuan, with an increased estimated IC product sales quota to 1.75 million yuan for associate Taiwan Linsheng - In H1 2025, the total actual daily related-party transactions of the company and its subsidiaries amounted to 572,500 yuan[97] - The company increased the estimated annual IC product sales quota from wholly-owned subsidiary Beneng International to associate Taiwan Linsheng from 50,000 yuan to 1.75 million yuan for 2025[97] Related-Party Transactions Related to Daily Operations During the reporting period, the company engaged in daily related-party transactions, primarily involving IC product sales to associate Taiwan Linsheng, with an increased annual sales quota based on customer demand - In H1 2025, total daily related-party transactions amounted to 572,500 yuan[97] - The estimated IC product sales quota to associate Taiwan Linsheng was increased from 50,000 yuan to 1.75 million yuan[97] Significant Contracts and Their Fulfillment At the end of the reporting period, the company's total guarantee balance for subsidiaries was 377.40 million yuan, representing 27.91% of its net assets Company Guarantee Total Amount | Indicator | Amount (yuan) | | :--- | :--- | | Total Guarantees Provided to Subsidiaries During the Reporting Period | 237,545,952.02 | | Total Guarantees Provided to Subsidiaries at Period End (B) | 377,403,408.86 | | Total Guarantees (A+B) | 377,403,408.86 | | Total Guarantees as % of Company's Net Assets | 27.91 | Significant Guarantees During the reporting period, the company primarily provided guarantees for subsidiaries, with a total outstanding guarantee balance of 377 million yuan, representing 27.91% of its net assets - Total guarantees provided to subsidiaries during the reporting period amounted to 237.55 million yuan[102] - At period-end, total outstanding guarantees for subsidiaries amounted to 377.40 million yuan, accounting for 27.91% of the company's net assets[102] Explanation of Progress in Use of Raised Funds The company's IPO net proceeds were 499.49 million yuan, with 447.75 million yuan cumulatively invested by period-end, reaching 89.64% completion; in May 2025, all IPO projects were closed, and 93.45 million yuan in remaining funds were transferred to own accounts for permanent working capital Overall Use of Raised Funds | Indicator | Amount (ten thousand yuan) | | :--- | :--- | | Total Raised Funds | 51,853.40 | | Net Raised Funds (1) | 49,949.20 | | Cumulative Investment of Raised Funds at Period End (2) | 44,775.31 | | Cumulative Investment Progress (%) = (2)/(1) | 89.64 | | Investment Amount for the Current Year | 1,455.20 | | Total Raised Funds with Changed Purpose | 25,728.53 | - In May 2025, the company closed all IPO investment projects and canceled special accounts, transferring 93.45 million yuan (including interest income and wealth management product gains) of remaining funds to its own capital account for permanent working capital replenishment[108] Overall Use of Raised Funds The company's IPO net proceeds were 499.49 million yuan, with 447.75 million yuan cumulatively invested by period-end, reaching 89.64% completion; the current year's investment amounted to 14.55 million yuan - The net proceeds from the initial public offering of shares amounted to 499.49 million yuan[104][105] - As of the end of the reporting period, the cumulative total investment of raised funds was 447.75 million yuan, with an investment progress of 89.64%[104] - The investment amount for the current year was 14.55 million yuan[104] Details of Raised Fund Investment Projects Raised fund projects include knitting flat machine and sock machine control system production, and the acquisition of Shanghai Qidian Electric, with most projects completed or near completion, and remaining funds transferred to own accounts Details of Raised Fund Investment Project Usage | Project Name | Planned Total Investment of Raised Funds (ten thousand yuan) | Cumulative Investment of Raised Funds at Period End (ten thousand yuan) | Cumulative Investment Progress (%) | Current Year's Benefits (ten thousand yuan) | Remaining Amount (ten thousand yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Knitting Flat Machine Computer Control System Production Project | 17,460.33 | 14,817.97 | 84.87 | 1,038.26 | 2,642.36 | | Knitting Sock Machine Computer Control System Production Project | 10,022.36 | 9,085.10 | 90.65 | -58.06 | 937.26 | | Acquisition of 100% Equity in Shanghai Qidian Electric Technology Co., Ltd. Project | 15,000.00 | 14,785.01 | 98.57 | -562.61 | 214.99 | | Knitting Equipment Control System R&D Center Project | 3,492.14 | 3,492.14 | 100.00 | Not applicable | - | | Working Capital Supplement Project | 2,594.83 | 2,594.83 | 100.00 | Not applicable | - | | Unused Accrued Interest | - | - | - | - | 4,171.47 | | Total | 49,949.20 | 44,775.31 | / | / | 9,345.36 | - The reason for the knitting flat machine and sock machine production projects not reaching 100% investment progress is that remaining funds are used to pay contract final payments and quality assurance deposits[107] - The reason for the acquisition of 100% equity in Shanghai Qidian Electric Technology Co., Ltd. project not reaching 100% investment progress is that unpaid equity transaction payments will be settled based on 2025 accounts receivable collection[107] Other Information on Use of Raised Funds During the Reporting Period In May 2025, the company closed all IPO investment projects and canceled special accounts, transferring 93.45 million yuan in remaining funds to its own capital account for permanent working capital replenishment - In May 2025, the company closed all IPO investment projects and canceled special accounts[108] - Remaining raised funds of 93.45 million yuan (including interest income and wealth management product gains) were transferred to the company's own capital account for permanent working capital replenishment[108] Share Changes and Shareholder Information This section provides details on changes in the company's share capital and shareholder structure, including the total number of shareholders and the top ten shareholders Changes in Share Capital During the reporting period, there were no changes in the company's total share capital or share structure - During the reporting period, there were no changes in the company's total share capital or share structure[111] Shareholder Information As of period-end, the company had 28,119 common shareholders; Raynen Industrial held the largest stake at 59.75% with no pledges or freezes, and actual controller Mr. Yang Weijian indirectly held 60.75% through Raynen Industrial and Pingtan Jierun - As of the end of the reporting period, the total number of common shareholders was 28,119[112] Top Ten Shareholders' Holdings at Period End | Shareholder Name | Shares Held at Period End (shares) | Percentage (%) | Restricted Shares Held (shares) | Pledge, Mark, or Freeze Status (Share Status/Quantity) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | | Raynen Industrial Co., Ltd. | 124,016,836 | 59.75 | 0 | None/0 | Overseas Legal Person | | Pingtan Jierun Equity Investment Management Partnership (Limited Partnership) | 9,525,264 | 4.59 | 0 | None/0 | Other | | Dajia Life Insurance Co., Ltd. - Dividend Product | 811,000 | 0.39 | 0 | None/0 | Other | | UBS AG | 498,030 | 0.24 | 0 | None/0 | Other | | Shanghai Yicun Investment Management Co., Ltd. - Yicun Donglinshi No. 1 Private Securities Investment Fund | 450,600 | 0.22 | 0 | None/0 | Other | | Yu Jianguo | 438,400 | 0.21 | 0 | None/0 | Domestic Natural Person | | Yang Zejiang | 385,400 | 0.19 | 0 | None/0 | Domestic Natural Person | | Dajia Life Insurance Co., Ltd. - Traditional Product | 377,000 | 0.18 | 0 | None/0 | Other | | China International Capital Corporation Limited | 329,223 | 0.16 | 0 | None/0 | State-owned Legal Person | | Dajia Life Insurance Co., Ltd. - Universal Product | 317,000 | 0.15 | 0 | None/0 | Other | - Mr. Yang Weijian, the company's chairman, indirectly holds a total of 126,086,383 shares through his stakes in Raynen Industrial and Pingtan Jierun, representing 60.75% of the company's equity, making him the actual controller[115] Bond-Related Information This section confirms that the company had no corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds during the reporting period Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments - During the reporting period, the company had no corporate bonds or non-financial enterprise debt financing instruments[119] Convertible Corporate Bonds During the reporting period, the company had no convertible corporate bonds - During the reporting period, the company had no convertible corporate bonds[119] Financial Report This section presents the company's unaudited H1 2025 financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity, with notes on accounting policies and related parties Audit Report This semi-annual report is unaudited - This semi-annual report is unaudited[5] 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 equity - Financial statements include the consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated cash flow statement, parent company cash flow statement, consolidated statement of changes in equity, and parent company statement of changes in equity[121][125][129][132][134][137][140][143] - The financial statements were approved for issuance by the 19th meeting of the Fourth Board of Directors on August 29, 2025[146] Company's Basic Information This section outlines the company's basic profile, including unified social credit code, registered and headquarters addresses, legal representative, company type, operating period, and consolidated subsidiaries - The company's Unified Social Credit Code is 9135000066509091XF, and its registered address is Floor 3, Building A, No. 26, C Zone, Software Park, No. 89 Tongpan Road, Gulou District, Fuzhou City[146] - The company and its subsidiaries primarily engage in two businesses: R&D, production, and sales of industrial automation control products, and IC product distribution[146] - The company has 13 first-tier subsidiaries and 11 second-tier subsidiaries within its consolidated scope[146] Basis of Financial Statement Preparation This section states that the company's financial statements are prepared on a going concern basis, adhering to enterprise accounting standards and relevant disclosure regulations - The financial statements are prepared on a going concern basis, adhering to Enterprise Accounting Standards and the China Securities Regulatory Commission's 'Rules for Information Disclosure by Companies Issuring Securities Publicly No. 15 – General Provisions for Financial Reports' (Revised 2023)[148] - The company possesses going concern capability for at least 12 months from the end of the reporting period, with no significant matters affecting this capability[149] Significant Accounting Policies and Accounting Estimates This section details the company's significant accounting policies and estimates, including statements of compliance, accounting period, operating cycle, functional currency, materiality criteria, business combinations, consolidated financial statements, cash and cash equivalents, foreign currency transactions, financial instruments, receivables, inventory, long-term equity investments, fixed assets, construction in progress, intangible assets, employee compensation, and revenue recognition - The company's accounting year runs from January 1 to December 31, with a 12-month operating cycle, and the functional currency is RMB[152][153][154] - Detailed accounting treatment methods for business combinations under common control and business combinations not under common control are defined[156] - The classification, recognition criteria, and measurement methods for financial assets and liabilities are clarified, including those measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[172][173][175] - Revenue recognition and measurement policies are based on recognizing revenue when the customer obtains control of the goods, distinguishing between performance obligations satisfied over time or at a point in time, and recognizing revenue based on whether the company is a principal or an agent[231][234][235] - In December 2024, the Ministry of Finance issued 'Interpretation No. 18 of Enterprise Accounting Standards,' leading the company to adopt retrospective adjustment, revising the 2024 semi-annual consolidated and parent company income statements' operating costs and selling expenses[248] Taxation This section discloses the company's main tax types and rates, including VAT, urban maintenance and construction tax, corporate income tax, education surcharges, property tax, and stamp duty, with several subsidiaries benefiting from high-tech or small and micro enterprise income tax incentives Main Tax Types and Rates | Tax Type | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Value added from sales of goods or provision of taxable services | 13%, 9%, 6% | | Urban Maintenance and Construction Tax | Amount of VAT payable | 7%, 5% | | Corporate Income Tax | Taxable income | 25%, 20%, 17%, 16.5%, 15% | | Education Surcharge | Amount of VAT payable | 3% | | Local Education Surcharge | Amount of VAT payable | 2% | | Property Tax | Rental income / Residual value of property | 12% / 1.2% | - Raynen Technology, Qidian Electric, Shenzhen Yiwei, Raynen Intelligent, and Fuzhou Raynen are high-tech enterprises, with an actual corporate income tax rate of 15%[250][253][254] - Hong Kong subsidiaries have a profits tax rate of 16.50%, and Singapore subsidiaries have a profits tax rate of 17.00%[250][252] - Beijing Beneng, Chengdu Beneng, Qingdao Beneng, Shenzhen Beneng, Zhuji Raynen, and Jiaxing Danaher are eligible for small and micro enterprise income tax preferential policies, paying corporate income tax at a rate of 20%[251][255] Notes to Consolidated Financial Statement Items This section provides detailed notes to consolidated financial statement items, covering assets, liabilities, equity, and income statement accounts, including cash, financial assets, receivables, inventory, investments, fixed assets, construction in progress, intangible assets, goodwill, deferred expenses, borrowings, payables, revenue, costs, and cash flow items - Period-end monetary funds balance was 195.68 million yuan, of which 112.23 million yuan was deposited overseas[257] - Period-end book value of accounts receivable was 709.78 million yuan, with a bad debt provision of 53.99 million yuan[265] - Period-end book value of inventory was 594.07 million yuan, with an inventory impairment provision of 46.80 million yuan[292] - During the reporting period, operating revenue was 1.13 billion yuan, and operating cost was 867.07 million yuan[363] - Net cash flow from operating activities was -45.61 million yuan, a 182.04% YoY decrease[389] - Overseas operating entities primarily include Beneng International Co., Ltd., Raynen Electronics (Hong Kong) Co., Ltd., Guangtai Industrial Co., Ltd., and Taihe Technology Co., Ltd., with functional currencies mainly USD or HKD[396] R&D Expenses This section details the company's H1 2025 R&D expenses, totaling 60.06 million yuan, all expensed, primarily comprising employee compensation, material costs, and travel expenses H1 2025 R&D Expenses by Nature of Expense | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Employee Compensation | 50,812,678.58 | 49,520,621.62 | | Depreciation | 1,721,750.96 | 1,676,693.88 | | Material Costs | 3,121,245.19 | 2,595,133.11 | | Travel Expenses | 2,502,119.62 | 2,224,415.20 | | Right-of-Use Asset Depreciation | 291,766.46 | 424,319.79 | | Other | 1,608,876.21 | 2,946,069.60 | | Total | 60,058,437.02 | 59,387,253.20 | | Of which: Expensed R&D Expenditure | 60,058,437.02 | 59,387,253.20 | - All R&D expenditures for the current period were expensed, with no capitalized R&D expenditures[400] Changes in Consolidation Scope During the reporting period, there were no changes in the consolidation scope due to business combinations not under common control, under common control, reverse acquisitions, or disposal of subsidiaries - During the reporting period, the company had no changes in consolidation scope due to business combinations not under common control, under common control, reverse acquisitions, or disposal of subsidiaries[401][402] Interests in Other Entities This section details the company's interests in subsidiaries, joint ventures, and associates, including their principal places of business, registered capital, business nature, shareholding percentages, acquisition methods, and key financial information for significant associates - The company owns subsidiaries including Beneng International, Fujian Beneng, Guangtai Industrial, Raynen Electronics (Hong Kong), Fujian Raynen Intelligent Electronics, Fuzhou Qili Software, Fuzhou Raynen Electric Technology, Shanghai Raynen Gaoqi Automation, Beneng Electronics (Shanghai), Fuzhou Raynen Control Technology, Jiangsu Raynen Control Technology, Beneng Electronics (Qingdao), Beneng Core Technology Development (Beijing), Beneng Core Electronics (Chengdu), Beneng Electronics (Shenzhen), Shanghai Qidian Electric Technology, Shanghai Danaher Electric Technology, Jiaxing Danaher Electronic Technology, Shenzhen Yiwei Automation Technology, Guangdong Yiwei Intelligent Technology, Zhuji Raynen Control System, Taihe Technology, and Raynen Technology Singapore Pte. Ltd.[404][405][406] - The company's significant associate is Zhejiang Zhongzi Electromechanical Control Technology Co., Ltd., with a 35% shareholding, accounted for using the equity method[409] - Zhejiang Zhongzi Electromechanical Control Technology Co., Ltd. reported H1 2025 operating revenue of 37.99 million yuan and net profit attributable to the parent company of 8.74 million yuan[411] Government Grants This section discloses the company's H1 2025 government grants recognized in current profit or loss, totaling 6.91 million yuan, primarily from VAT refunds for software products and other grants H1 2025 Government Grants Recognized in Current Profit or Loss | Type | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Income-related | 6,911,304.38 | 7,376,682.87 | | Total | 6,911,304.38 | 7,376,682.87 | - Government grants recognized in current profit or loss primarily include 4.54 million yuan from VAT refunds for software products and 2.37 million yuan from other government grants[415] Risks Related to Financial Instruments This section outlines the company's credit, market (exchange rate, interest rate), and liquidity risks, along with risk management strategies; during the period, 372.27 million yuan in receivables financing was derecognized due to financial asset transfers - The company faces credit risk, market risk (exchange rate risk, interest rate risk), and liquidity risk[416] - The company mitigates credit risk through credit limit management, credit approval, monitoring procedures, and daily review of receivables collection[416] - The purchasing, selling, and financing activities of the company's wholly-owned subsidiaries, Beneng International and Raynen Electronics (Hong Kong), are primarily denominated and settled in USD, exposing them to exchange rate risk[416] - The company mitigates interest rate risk by optimizing capital planning and adjusting the scale and structure of interest-bearing debt[417] - The company derecognized 372.27 million yuan in financial assets due to endorsement or discounting of bank acceptance bills within receivables financing[420][422] Fair Value Disclosure This section discloses period-end assets measured at fair value, totaling 109.70 million yuan, including trading financial assets, other equity instrument investments, and receivables financing, noting minimal differences between book and fair values for financial instruments not measured at fair value Assets Measured at Fair Value at Period End | Item | Period-End Fair Value (yuan) | | :--- | :--- | | Trading Financial Assets | 6,021,095.14 | | Other Equity Instrument Investments | 328,200.00 | | Receivables Financing | 103,349,691.91 | | Total Assets Measured at Fair Value on a Recurring Basis | 109,698,987.05 | - The fair value of receivables financing (notes receivable) is close to its book balance; trading financial assets (wealth management products) are measured based on contractual returns, and other equity instrument investments are valued using the comparable market approach[427] - The book value and fair value of financial assets and liabilities not measured at fair value (e.g., monetary funds, notes receivable, accounts receivable, other receivables, accounts payable, other payables) differ minimally[428] Related Parties and Related-Party Transactions This section discloses the company's parent company, ultimate controlling party, subsidiaries, joint ventures, associates, and other related parties, listing related-party transactions during the period, including goods purchases/sales, leases, key management compensation, and receivables/payables - The parent company is Raynen Industrial Co., Ltd., with a 59.75% shareholding, and the ultimate controlling party is Mr. Yang Weijian[430][431] - During the reporting period, goods sales to associate Zhejiang Zhongzi Electromechanical Control Technology Co., Ltd. amounted to 384,770.80 yuan, and to Shanghai Yiwei Tongchuang Automation Technology Co., Ltd. amounted to 175,844.02 yuan[435] - As lessor, the company recognized rental income of 43,648.52 yuan from Raynen Industrial Co., Ltd.[436] - As lessee, the company paid rent of 144,055.14 yuan and 61,100.94 yuan to Fuzhou Jiankun Industrial Partnership (Limited Partnership)[438] - Key management personnel compensation for the current period amounted to 3.65 million yuan[440] - Period-end receivables from associate Zhejiang Zhongzi Electromechanical Control Technology Co., Ltd. were 1.25 million yuan, and other receivables from Raynen Industrial Co., Ltd. were 43,531.95 yuan[442] - Period-end contract liabilities payable to Shanghai Yiwei Tongchuang Automation Technology Co., Ltd. were 88,495.58 yuan[444] Share-based Payment During the reporting period, the company had no share-based payment arrangements - During the reporting period, the company had no share-based payment arrangements[25] Commitments and Contingencies As of June 30, 2025, the company had 372.27 million yuan in discounted and endorsed bank acceptance bills not yet due, with no other significant discloseable contingencies - As of June 30, 2025, the company had 372.27 million yuan in discounted and endorsed bank acceptance bills that had not yet matured[446] - Aside from the aforementioned, as of June 30, 2025, the company had no other significant discloseable undisclosed contingencies[447] Events After the Balance Sheet Date During the reporting period, the company had no significant non-adjusting events, profit distribution, sales returns, or other events after the balance sheet date - During the reporting period, the company had no significant non-adjusting events, profit distribution, sales returns, or other events after the balance sheet date[162] Other Significant Matters This section discloses financial information for the company's industrial automation, IC distribution, and other three reporting segments, determined by internal organizational structure, management requirements, and reporting systems - The company identified industrial automation business, IC distribution business, and three other reporting segments based on internal organizational structure, management requirements, and internal reporting systems[449] Reporting Segment Financial Information | Item | Industrial Automation Business (ten thousand yuan) | IC Distribution Business (ten thousand yuan) | Other (ten thousand yuan) | Total (ten thousand yuan) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 41,710.31 | 70,137.81 | 1,443.40 | 113,291.52 | | Operating Cost | 26,646.06 | 59,387.14 | 673.86 | 86,707.06 | - As of June 30, 2025, the company had no other significant matters requiring disclosure[452] Notes to Parent Company Financial Statement Items This section provides detailed notes to the parent company's financial statement items, including accounts receivable, other receivables, long-term equity investments, operating revenue and costs, and investment income - Parent company's period-end book value of accounts receivable was 304.99 million yuan, with a bad debt provision of 20.71 million yuan[455] - Parent company's period-end book value of other receivables was 71.62 million yuan, with a bad debt provision of 158,537.33 yuan, primarily consisting of subsidiary loans[461][467][470] - Parent company's period-end investment in subsidiaries was 884.12 million yuan, and investment in associates and joint ventures was 34.08 million yuan[474] - Parent company's current period operating revenue was 275.30 million yuan, and operating cost was 209.54 million yuan[478] - Parent company's current period investment income was 3.86 million yuan, primarily from long-term equity investment income accounted for using the cost and equity methods[478] Supplementary Information This section provides supplementary information, including a detailed statement of non-recurring gains and losses, return on net assets, and earnings per share H1 2025 Non-Recurring Gains and Losses Details | Item | Amount (yuan) | | :--- | :--- | | Gains/losses from disposal of non-current assets | 13,701.30 | | Government grants included in current profit/loss (excluding those closely related to business and enjoyed consistently) | 2,372,596.93 | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises | 385,235.61 | | Other non-operating income and expenses | 126,333.46 | | Less: Income tax impact | 427,311.98 | | Minority interest impact (after tax) | 19,998.58 | | Total | 2,450,556.74 | H1 2025 Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share | Diluted Earnings Per Share | | :--- | :--- | :--- | :--- | | Net profit attributable to common shareholders of the company | 2.72 | 0.1715 | 0.1715 | | Net profit attributable to common shareholders of the company after deducting non-recurring gains and losses | 2.53 | 0.1597 | 0.1597 |