浙江黎明(603048) - 2025 Q2 - 季度财报

Important Notice The company's board and management guarantee the report's accuracy; the unaudited report proposes a 2025 semi-annual cash dividend of 0.07 yuan per share, totaling 10.22 million yuan - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no false records, misleading statements, or major omissions[4] - This semi-annual report is unaudited[6] 2025 Semi-Annual Profit Distribution Plan | Indicator | Amount/Percentage | | :--- | :--- | | Net Profit Attributable to Shareholders of Listed Company (million yuan) | 29.67 | | Undistributed Profit at Period-End (million yuan) | 272.12 | | Cash Dividend Per Share (yuan/share, tax inclusive) | 0.07 | | Total Expected Distribution (million yuan, tax inclusive) | 10.22 | | Percentage of Semi-Annual Net Profit Attributable to Parent Company (%) | 34.46 | Section I Definitions This section defines key terms used in the report, including company name, reporting period, actual controller, controlling shareholder, major subsidiaries, and automotive industry specific terms like PPM, ensuring clear understanding - The reporting period is from January 1, 2025, to June 30, 2025[15] - The company's actual controllers are Mr. Yu Liming and Ms. Zheng Xiaomin, with Mr. Yu Zhenhuan as a party acting in concert[15] - PPM (Parts Per Million) in quality management refers to the statistical standard for defect rates per million products, categorized into 0 km PPM and after-sales PPM[15] Section II Company Profile and Key Financial Indicators This section covers Zhejiang Liming Intelligent Manufacturing Co., Ltd.'s basic information, contact details, stock overview, and key financial data for the reporting period, showing revenue and net profit growth but a significant decrease in net cash flow from operating activities I. Company Information The company's full name is Zhejiang Liming Intelligent Manufacturing Co., Ltd., abbreviated as Zhejiang Liming, with Yu Liming as its legal representative - The company's Chinese name is Zhejiang Liming Intelligent Manufacturing Co., Ltd., abbreviated as Zhejiang Liming[18] - The company's legal representative is Yu Liming[18] II. Contact Person and Information The company's Board Secretary is Chen Guanyu, contact number 0580-2820008, and email address lmin@zhejiangliming.com - The Board Secretary is Chen Guanyu, contact number 0580-2820008[19] - The company's email address is lmim@zhejiangliming.com[19] III. Brief Introduction to Changes in Basic Information The company's registered and office addresses are both located at Honglu Avenue, Xingang Park, Zhoushan High-tech Industrial Park, Zhejiang Province, with a registered address change in 2013 - The company's registered and office addresses are both Zhejiang Province, Zhoushan High-tech Industrial Park, Xingang Park, Honglu Avenue[20] - The company's registered address was changed in 2013 from Zhoushan Economic Development Zone B Area to the current address[20] IV. Brief Introduction to Changes in Information Disclosure and Document Custody Locations The company designates "Shanghai Securities News" and three other newspapers as information disclosure media, with the Shanghai Stock Exchange website for semi-annual reports, and the company's securities department as the document custody location - The company's selected information disclosure newspapers include "Shanghai Securities News", "China Securities Journal", "Securities Times", and "Securities Daily"[21] - The website address for publishing the semi-annual report is **http://www.sse.com.cn/**[21](index=21&type=chunk) V. Company Stock Overview The company's A-shares are listed on the Shanghai Stock Exchange, with the stock abbreviation Zhejiang Liming and stock code 603048 - The company's stock type is A-shares, listed on the Shanghai Stock Exchange[22] - The stock abbreviation is Zhejiang Liming, and the stock code is 603048[22] VII. Key Accounting Data and Financial Indicators In the first half of 2025, the company's operating revenue increased by 10.51% year-on-year, and net profit attributable to shareholders increased by 14.65%, but net cash flow from operating activities significantly decreased by 146.72% due to increased bill discounting and endorsement transfers 2025 Semi-Annual Key Accounting Data | Indicator | Current Reporting Period (Jan-Jun) | Previous Year's Corresponding Period | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (yuan) | 341,365,278.13 | 308,894,085.95 | 10.51 | | Total Profit (yuan) | 30,546,313.58 | 25,706,057.68 | 18.83 | | Net Profit Attributable to Shareholders of Listed Company (yuan) | 29,674,269.53 | 25,883,420.89 | 14.65 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses (yuan) | 26,789,004.77 | 22,050,269.34 | 21.49 | | Net Cash Flow from Operating Activities (yuan) | -18,594,531.16 | 39,800,596.25 | -146.72 | | Net Assets Attributable to Shareholders of Listed Company (Period-End, yuan) | 1,271,633,277.96 | 1,282,868,620.48 | -0.88 | | Total Assets (Period-End, yuan) | 1,624,565,420.46 | 1,595,281,898.04 | 1.84 | 2025 Semi-Annual Key Financial Indicators | Indicator | Current Reporting Period (Jan-Jun) | Previous Year's Corresponding Period | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.20 | 0.18 | 11.11 | | Diluted Earnings Per Share (yuan/share) | 0.20 | 0.18 | 11.11 | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (yuan/share) | 0.18 | 0.15 | 20.00 | | Weighted Average Return on Net Assets (%) | 2.30 | 1.98 | Increased by 0.32 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 2.08 | 1.68 | Increased by 0.40 percentage points | - Net cash flow from operating activities decreased by 146.72% year-on-year, primarily due to a larger amount of bills discounted in the previous year and a significant year-on-year increase in bills endorsed and transferred in the current period[26] 2025 Semi-Annual Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains and Losses from Disposal of Non-Current Assets | 20,474.84 | | Government Grants Recognized in Current Profit and Loss | 3,756,671.43 | | Gains and Losses from Fair Value Changes and Disposal of Financial Assets and Liabilities | 209,514.54 | | Other Non-Operating Income and Expenses | -600,215.39 | | Less: Income Tax Impact | 501,180.66 | | Total | 2,885,264.76 | Section III Management Discussion and Analysis This section details the company's industry position, main business, operating results, core competitiveness, and financial status during the reporting period, highlighting steady revenue and profit growth through core business focus, R&D enhancement, and overseas market expansion I. Description of the Company's Industry and Main Business During the Reporting Period The company specializes in R&D, production, and sales of automotive precision components, primarily categorized into precision forgings, assemblies, stampings, and other parts, serving as a Tier 1 supplier to renowned domestic and international automotive manufacturers - The company continuously focuses on the R&D, production, and sales of automotive precision components[30] - Main products are categorized into four types: precision forgings (e.g., valve bridges, valve spring upper seats), assemblies (e.g., piston cooling nozzles), stampings (e.g., valve cotters, crankshaft sensor signal plates), and other parts[30] - The company primarily serves as a Tier 1 supplier to well-known domestic and international automotive manufacturers[30] II. Discussion and Analysis of Operating Performance As a leading domestic Tier 1 supplier of automotive precision components, the company achieved a 10.51% year-on-year increase in operating revenue and a 14.65% year-on-year increase in net profit attributable to the parent company in the first half of 2025, driven by core business focus, product upgrades, industry trend monitoring, and accelerated overseas expansion - The company has been deeply involved in the automotive precision components segment for over 20 years, with its main products holding a leading market share nationwide[30] - Key customers include FAW Toyota/GAC Toyota, Dongfeng Honda, Weichai Power, Cummins, and other renowned domestic and international OEMs or engine manufacturers[31] 2025 First Half Operating Performance | Indicator | Amount/Growth Rate | | :--- | :--- | | Operating Revenue (million yuan) | 341.37, year-on-year increase of 10.51% | | Net Profit Attributable to Parent Company (million yuan) | 29.67, year-on-year increase of 14.65% | - The company's strategic initiatives include continuously focusing on core businesses, enhancing R&D and management capabilities, prioritizing product transformation and upgrading, monitoring trends in automotive lightweighting, intelligence, and connected vehicles, and accelerating overseas business expansion[31][32] III. Analysis of Core Competitiveness During the Reporting Period The company's core competitiveness stems from its high-quality customer base, excellent product quality, strong R&D capabilities, efficient production management, and rapid customer response, collectively solidifying its market position in automotive precision components (I) High-Quality Customer Resources Leveraging superior quality and delivery capabilities, the company has cultivated a high-quality customer base including Weichai Power, Great Wall Motor, Cummins, and FAW Toyota, earning numerous "Excellent Supplier" awards - The company boasts a high-quality customer base including Weichai Power, Great Wall Motor, Cummins, FAW Toyota, SAIC General Motors, and many other renowned domestic and international automotive OEMs or engine manufacturers[33] - The company has become a designated supplier for FAW-Volkswagen, SAIC Volkswagen, MAN Germany, Navistar US, and other companies[34] - The company has been recognized over 150 times by customers with "Excellent Supplier" or "Excellent Quality Award" honors, and has established a global strategic partnership with Cummins US, earning the title of "Strategic Core Supplier"[36] (II) Product Quality Advantage Adhering to a "zero defects, zero customer complaints" goal, the company has established a comprehensive quality management system and laboratory, achieving a 0 km PPM value as low as 0.53, and has received multiple customer quality awards - The company aims for "zero defects, zero customer complaints", establishing a Quality Assurance Department with Quality Assurance, Inspection, and Laboratory sections[36] - The laboratory has obtained three major measuring tool calibration certificates, capable of providing new product technical feedback and support, and performing metrological verification of internal testing equipment[36] - During the reporting period, the company's 0 km PPM value reached as low as 0.53, with 0 PPM for over 40 customers and 0 after-sales PPM for over 60 customers in 2021[37] (III) Technology and R&D Advantage With over 110 R&D professionals, extensive use of CAD/CAE/CAM software, and strong independent mold development capabilities, the company achieves one-time forming through world-class equipment and proprietary processes, collaborating with Zhejiang University for R&D and holding 61 patents and multiple industry standard achievements - The company currently employs over 110 professional R&D personnel engaged in product development and manufacturing process technology R&D[37] - The company utilizes CAD/CAE/CAM software such as Creo, EESY-Form, NX, and SolidWorks to shorten R&D cycles and reduce R&D costs[37] - The company possesses world-class equipment, including Italian cold heading machines, Swiss fine blanking machines, and Japanese automatic lathes, combined with self-developed cold precision forging and precision stamping processes, enabling various products to be formed in one step[38] - The company established the "Zhejiang University-Liming Engine Valve Train System Product R&D Center" with Zhejiang University, obtaining 61 patents (3 domestic invention patents, 1 overseas invention patent, 57 utility model patents)[39] - The company led the formulation of 2 group standards and participated in the formulation of 1 national industry standard, covering main products such as valve bridges and piston cooling nozzles[39] (IV) Production Management Advantage The company implements advanced management methods combining lean production and 5S management, integrating ERP and Kanban management, and actively promoting full employee participation to enhance operational efficiency - The company implements advanced management methods combining lean production and 5S management, integrating ERP and Kanban management, and actively promoting full employee participation[39] - The company engages 5S management and lean production management experts for on-site guidance, fostering refined management and improving operational efficiency[39] (V) Rapid Customer Response Capability Through an efficient project management system, strong mold development capabilities, advanced production processes, and skilled workers, the company can promptly, accurately, and efficiently meet diverse customer needs with high quality - The company possesses an efficient project management system, strong mold development capabilities, advanced production processes, and skilled production workers[40] - The company can promptly, accurately, and efficiently meet diverse customer needs, developing products that comply with customer requirements within specified timelines[40] IV. Major Operating Performance During the Reporting Period This section analyzes the company's main operating performance during the reporting period, including financial changes in its core business, asset-liability structure, and the operating status of major subsidiaries and associates, showing increased operating revenue but significant changes in selling and financial expenses, while maintaining a stable asset-liability structure (I) Analysis of Main Business During the reporting period, the company's operating revenue increased by 10.51% year-on-year, and operating costs increased by 11.99%; selling expenses surged by 204.93% due to establishing provincial sales offices and expanding sales channels, while financial expenses shifted from positive to negative, decreasing by 335.56% year-on-year, primarily influenced by exchange gains and losses Analysis of Major Accounting Item Changes | Item | Current Period Amount (yuan) | Previous Year's Corresponding Period Amount (yuan) | Change Percentage (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 341,365,278.13 | 308,894,085.95 | 10.51 | | Operating Costs | 223,208,166.27 | 199,316,749.52 | 11.99 | | Selling Expenses | 8,526,576.01 | 2,796,284.57 | 204.93 | | Administrative Expenses | 58,221,446.95 | 53,394,052.35 | 9.04 | | Financial Expenses | -3,667,775.09 | 1,557,062.48 | -335.56 | | R&D Expenses | 18,802,727.86 | 18,749,420.83 | 0.28 | | Net Cash Flow from Operating Activities | -18,594,531.16 | 39,800,596.25 | -146.72 | | Net Cash Flow from Investing Activities | -54,174,642.99 | -15,179,139 | -256.90 | | Net Cash Flow from Financing Activities | 33,187,364.03 | -58,494,878.15 | 156.74 | - The change in selling expenses was primarily due to the establishment of provincial sales offices and active expansion of sales channels during the reporting period[42] - The change in financial expenses was primarily influenced by exchange gains and losses[42] (III) Analysis of Assets and Liabilities At the end of the reporting period, total assets increased by 1.84% year-on-year, while net assets attributable to shareholders slightly decreased; receivables financing increased by 45.76% due to bill discounting, short-term borrowings increased by 84.92%, and other payables surged by 1,613.41% mainly due to unpaid dividends Changes in Assets and Liabilities | Item Name | Current Period-End Amount (yuan) | Percentage of Total Assets at Current Period-End (%) | Previous Year-End Amount (yuan) | Percentage of Total Assets at Previous Year-End (%) | Change Percentage of Current Period-End Amount vs. Previous Year-End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Receivables Financing | 117,888,558.41 | 7.26 | 80,876,354.21 | 5.07 | 45.76 | Impact of bill discounting | | Inventories | 186,446,877.39 | 11.48 | 187,314,937.97 | 11.74 | -0.46 | Stable inventory levels | | Long-term Equity Investments | 89,378,406.01 | 5.50 | 84,785,031.85 | 5.31 | 5.42 | Increased profit from investees | | Fixed Assets | 706,268,201.02 | 43.47 | 717,012,978.56 | 44.95 | -1.50 | Impact of asset depreciation | | Construction in Progress | 43,220,574.37 | 2.66 | 41,974,769.15 | 2.63 | 2.97 | Impact of new equipment purchases | | Right-of-Use Assets | 1,791,402.38 | 0.11 | 2,301,196.14 | 0.14 | -22.15 | Impact of asset depreciation | | Short-term Borrowings | 74,018,022.08 | 4.56 | 40,028,006.90 | 2.51 | 84.92 | Increase in short-term borrowings | | Contract Liabilities | 307,490.73 | 0.02 | 463,125.42 | 0.03 | -33.61 | Impact of revenue recognition in current period | | Lease Liabilities | 657,965.14 | 0.04 | 1,415,454.73 | 0.09 | -53.52 | Increase in lease liabilities due within one year | | Other Payables | 43,488,933.57 | 2.68 | 2,538,148.53 | 0.16 | 1,613.41 | Dividends unpaid | Restricted Assets at Period-End | Item | Period-End Carrying Amount (yuan) | Reason for Restriction | | :--- | :--- | :--- | | Cash and Cash Equivalents | 24,000.00 | ETC deposit | | Fixed Assets | 318,887,620.42 | Pledged | | Intangible Assets | 50,318,403.04 | Pledged | | Total | 369,230,023.46 | / | (VI) Analysis of Major Controlled and Invested Companies The company's main subsidiary, Liming Nozzle Company, specializes in R&D and manufacturing of piston cooling nozzles, achieving operating revenue of 93.62 million yuan and net profit of 4.59 million yuan during the reporting period Financial Data of Major Subsidiary Liming Nozzle Company | Indicator | Amount (million yuan) | | :--- | :--- | | Company Type | Subsidiary | | Main Business | R&D and manufacturing of piston cooling nozzles | | Registered Capital | 3.00 | | Total Assets | 96.53 | | Net Assets | 53.50 | | Operating Revenue | 93.62 | | Operating Profit | 5.21 | | Net Profit | 4.59 | Section IV Corporate Governance, Environment, and Society This section discloses the company's corporate governance, environmental, and social responsibility performance, including the board's approval of the semi-annual profit distribution plan, detailed emissions of major pollutants and hazardous waste, and active participation in poverty alleviation and rural revitalization initiatives II. Profit Distribution or Capital Reserve Conversion Plan The board approved the 2025 semi-annual profit distribution plan, proposing a cash dividend of 0.07 yuan per 10 shares (tax inclusive), totaling 10.22 million yuan, representing 34.46% of the semi-annual net profit attributable to the parent company, without requiring shareholder approval 2025 Semi-Annual Profit Distribution Plan | Indicator | Amount | | :--- | :--- | | Whether to Distribute or Convert | No | | Number of Bonus Shares Per 10 Shares (shares) | 0 | | Cash Dividend Per 10 Shares (yuan, tax inclusive) | 0.07 | | Number of Shares Converted from Capital Reserve Per 10 Shares (shares) | 0 | - The net profit attributable to shareholders of the listed company for the first half of 2025 was 29.67 million yuan[50] - The total estimated cash dividend is 10.22 million yuan (tax inclusive), accounting for approximately 34.46% of the net profit attributable to shareholders of the listed company for the first half of 2025[50] - This profit distribution plan does not require submission to the general meeting of shareholders for deliberation[51] IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law The company, listed for environmental information disclosure, details annual emissions and disposal of major pollutants (COD, total nitrogen, phosphate, ammonia nitrogen) and industrial solid waste (scrap metal, polishing sludge), along with the generation and disposal of hazardous waste (waste oil, emulsion cutting fluid, phosphating sludge, waste chemical packaging) - The company has been included in the list of enterprises required to disclose environmental information by law, which can be queried through the Zhejiang Provincial Department of Ecology and Environment system[52] Annual Emissions of Major Pollutants | Pollutant | Annual Emission (tons) | | :--- | :--- | | Chemical Oxygen Demand | 1.158 | | Total Nitrogen | 0.7776 | | Phosphate | 0.03 | | Ammonia Nitrogen | 0.0396 | Annual Generation and Disposal of Industrial Solid Waste | Waste Type | Annual Generation and Entrusted Disposal (tons) | | :--- | :--- | | Scrap Metal | 534.2 | | General Polishing and Grinding Sludge | 189.38 | Annual Generation and Disposal of Hazardous Waste | Waste Type | Annual Generation and Entrusted Disposal (tons) | | :--- | :--- | | Waste Oil HW08 | 58.56 | | Emulsion Cutting Fluid HW09 | 9.304 | | Phosphating Sludge HW17 | 19.27 | | Waste Chemical Packaging, Waste Packaging Barrels HW49 | 1.88 | V. Specific Progress in Consolidating Poverty Alleviation Achievements and Rural Revitalization The company actively participates in East-West collaboration, partnering with Hongyan Community, Hongfeng Town, Xuanhan County, Dazhou City, Sichuan Province, for labor cooperation, industrial collaboration, and public welfare assistance, and has supported local community initiatives for difficult residents since 2019 - The company partners with Hongyan Community, Hongfeng Town, Xuanhan County, Dazhou City, Sichuan Province, for labor cooperation, industrial collaboration, public welfare assistance, and joint community building[54] - Since 2019, the company's Party General Branch has collaborated with Qingshan Community, Liuhang Town, Putuo District, providing over 120,000 yuan in support for community initiatives to assist residents in need[54] Section V Significant Matters This section details the company's significant matters during the reporting period, including the fulfillment of commitments related to its initial public offering, major related party transactions, and the performance of significant contracts, confirming strict adherence to commitments and no violations or major litigation I. Fulfillment of Commitments The company's controlling shareholder, actual controllers and their parties acting in concert, directors, supervisors, senior management, and other shareholders holding over 5% equity have all strictly fulfilled their commitments related to the initial public offering, including share lock-up, price stabilization, avoidance of horizontal competition, information disclosure, and standardized related party transactions - The company's controlling shareholder Liming Investment, and shareholders Jiheng Investment and Yifan Investment, committed not to transfer shares within 36 months from the listing date, and the reduction price will not be lower than the offering price within 2 years after the lock-up period expires[58] - Actual controllers Yu Liming and Zheng Xiaomin, and their party acting in concert Yu Zhenhuan, committed to a 36-month share lock-up, with the reduction price not lower than the offering price within 2 years after the lock-up period expires, and pledged not to transfer more than 25% of their total holdings annually during their tenure[59] - The company formulated a share price stabilization plan for the three years post-listing, including company share repurchases, increased holdings by the controlling shareholder/actual controllers and their parties acting in concert, and increased holdings by directors/senior management[60][61][62][63] - The controlling shareholder, actual controllers, and their parties acting in concert committed to avoiding horizontal competition and standardizing related party transactions to ensure no harm to the company and other shareholders' interests[69][70] - The company and relevant parties committed that information disclosure contains no false records, misleading statements, or major omissions, and will bear corresponding legal responsibilities[71][72][73] X. Major Related Party Transactions During the reporting period, the company engaged in routine operational related party transactions, such as purchasing goods from Zhejiang Liming Fangzhou Technology Co., Ltd., with transaction amounts not exceeding the approved limits - The company purchased goods from its associate, Zhejiang Liming Fangzhou Technology Co., Ltd.; the current period's transaction amount was not specifically disclosed but the approved transaction limit was 100,000 yuan, which was not exceeded[78][369] XI. Major Contracts and Their Performance During the reporting period, the company had no external guarantees, and the guarantee balance for subsidiaries was 1 million yuan, accounting for 0.07% of the company's net assets Company Guarantee Total | Indicator | Amount (yuan) | | :--- | :--- | | Total Guarantee Amount Incurred During Reporting Period (excluding guarantees for subsidiaries) | 0 | | Total Guarantee Balance at Period-End (A) (excluding guarantees for subsidiaries) | 0 | | Total Guarantee Amount Incurred for Subsidiaries During Reporting Period | 0 | | Total Guarantee Balance for Subsidiaries at Period-End (B) | 1,000,000.00 | | Total Guarantee Amount (A+B) | 1,000,000.00 | | Percentage of Total Guarantee Amount to Company's Net Assets (%) | 0.07 | Section VI Share Changes and Shareholder Information This section discloses the company's share capital structure and shareholder information during the reporting period; the total number of shares and share capital structure remained unchanged, with 16,521 ordinary shareholders at period-end, and the top three shareholders, Zhejiang Free Trade Zone Liming Investment Co., Ltd., Zhejiang Free Trade Zone Jiheng Investment Co., Ltd., and Zhoushan Yifan Equity Investment Partnership (Limited Partnership), collectively holding over 70% I. Share Capital Changes During the reporting period, there were no changes in the company's total share capital or share capital structure - During the reporting period, there were no changes in the company's total share capital or share capital structure[83] II. Shareholder Information As of the end of the reporting period, the company had 16,521 ordinary shareholders; among the top ten shareholders, Zhejiang Free Trade Zone Liming Investment Co., Ltd., Zhejiang Free Trade Zone Jiheng Investment Co., Ltd., and Zhoushan Yifan Equity Investment Partnership (Limited Partnership) were the top three, collectively holding over 70% of the shares - As of the end of the reporting period, the total number of ordinary shareholders was 16,521[84] Top Ten Shareholders' Holdings | Shareholder Name | Number of Shares Held at Period-End (shares) | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Zhejiang Free Trade Zone Liming Investment Co., Ltd. | 62,500,000 | 42.55 | Domestic Non-State-Owned Legal Person | | Zhejiang Free Trade Zone Jiheng Investment Co., Ltd. | 37,500,000 | 25.53 | Domestic Non-State-Owned Legal Person | | Zhoushan Yifan Equity Investment Partnership (Limited Partnership) | 9,160,000 | 6.24 | Other | | Cao Min | 600,000 | 0.41 | Domestic Natural Person | | MORGAN STANLEY & CO. INTERNATIONAL PLC. | 452,664 | 0.31 | Overseas Legal Person | | Xiao Yunxia | 317,700 | 0.22 | Domestic Natural Person | | Lin Jianxin | 273,100 | 0.19 | Domestic Natural Person | | BARCLAYS BANK PLC | 265,053 | 0.18 | Overseas Legal Person | | Goldman Sachs (China) Co., Ltd. | 255,069 | 0.17 | Domestic Non-State-Owned Legal Person | | Jiao Fengli | 200,085 | 0.14 | Domestic Natural Person | - Zhejiang Free Trade Zone Liming Investment Co., Ltd. and Zhejiang Free Trade Zone Jiheng Investment Co., Ltd. are enterprises controlled by the company's actual controllers, Mr. Yu Liming and Ms. Zheng Xiaomin; Zhoushan Yifan Equity Investment Partnership (Limited Partnership) is an enterprise controlled by Mr. Yu Zhenhuan, a party acting in concert with the actual controllers[87] - As of the end of this reporting period, Zhejiang Liming Intelligent Manufacturing Co., Ltd.'s special securities account for share repurchase held 812,400 shares, accounting for 0.55% of the company's total share capital[87] Section VII Bond-Related Information During the reporting period, the company had no corporate bonds (including enterprise bonds), non-financial enterprise debt financing instruments, or convertible corporate bonds - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[90] - The company has no convertible corporate bonds[90] Section VIII Financial Report This section includes the company's unaudited consolidated and parent company financial statements, along with detailed notes covering basic company information, significant accounting policies, taxes, specific annotations for various asset, liability, and income statement items, and important information related to financial instruments and related party transactions II. Financial Statements This part presents the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively reflecting the financial position at period-end and operating results and cash flows during the reporting period Consolidated Balance Sheet As of June 30, 2025, the company's total consolidated assets were 1.62 billion yuan, with total current assets of 661.09 million yuan and total non-current assets of 963.48 million yuan; total liabilities were 356.06 million yuan, and total owners' equity was 1.27 billion yuan Consolidated Balance Sheet Key Data (June 30, 2025) | Item | Amount (yuan) | | :--- | :--- | | Cash and Cash Equivalents | 121,959,878.47 | | Financial Assets Held for Trading | 20,215,501.67 | | Accounts Receivable | 205,461,334.37 | | Inventories | 186,446,877.39 | | Fixed Assets | 706,268,201.02 | | Short-term Borrowings | 74,018,022.08 | | Accounts Payable | 94,241,171.72 | | Total Liabilities | 356,062,998.46 | | Total Equity Attributable to Parent Company Owners | 1,271,633,277.96 | | Total Assets | 1,624,565,420.46 | Consolidated Income Statement From January to June 2025, the company's total consolidated operating revenue was 341.37 million yuan, a year-on-year increase of 10.51%; net profit attributable to parent company shareholders was 29.67 million yuan, a year-on-year increase of 14.65% Consolidated Income Statement Key Data (Jan-Jun 2025) | Item | Amount (yuan) | | :--- | :--- | | Total Operating Revenue | 341,365,278.13 | | Total Operating Costs | 310,510,836.12 | | Operating Profit | 31,146,528.97 | | Total Profit | 30,546,313.58 | | Net Profit | 28,112,448.66 | | Net Profit Attributable to Parent Company Shareholders | 29,674,269.53 | | Basic Earnings Per Share (yuan/share) | 0.20 | Consolidated Cash Flow Statement From January to June 2025, the company's net cash flow from operating activities was -18.59 million yuan, a significant year-on-year decrease of 146.72%; net cash flow from investing activities was -54.17 million yuan, and net cash flow from financing activities was 33.19 million yuan Consolidated Cash Flow Statement Key Data (Jan-Jun 2025) | Item | Amount (yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | -18,594,531.16 | | Net Cash Flow from Investing Activities | -54,174,642.99 | | Net Cash Flow from Financing Activities | 33,187,364.03 | | Net Increase in Cash and Cash Equivalents | -36,294,352.85 | | Cash and Cash Equivalents at Period-End | 121,935,878.47 | III. Company Basic Information Zhejiang Liming Intelligent Manufacturing Co., Ltd., established on May 15, 1997, with headquarters in Zhoushan, Zhejiang Province, and a registered capital of 146.88 million yuan, listed its shares on the Shanghai Stock Exchange on November 16, 2021, primarily engaging in R&D, production, and sales of automotive components - The company was established on May 15, 1997, with its headquarters in Zhoushan, Zhejiang Province[125] - The company's registered capital is 146.88 million yuan, with a total of 146.88 million shares[125] - The company's shares were listed and traded on the Shanghai Stock Exchange on November 16, 2021[125] - The main business involves the R&D, production, and sales of automotive components, including precision forgings, assemblies, and stampings[125] V. Significant Accounting Policies and Estimates This section details the company's specific accounting policies and estimates for financial instrument impairment, inventories, fixed asset depreciation, construction in progress, intangible assets, and revenue recognition, ensuring financial statement preparation complies with enterprise accounting standards 11. Financial Instruments The company classifies financial assets into three categories: measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss; financial liabilities are classified into four categories: at fair value through profit or loss, those arising from transfers not meeting derecognition criteria or continuing involvement, financial guarantee contracts, and measured at amortized cost; the company performs impairment assessments on financial assets based on expected credit losses - Financial assets are classified into three categories: measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[139] - Financial liabilities are classified into four categories: measured at fair value through profit or loss, those arising from transfers not meeting derecognition criteria or continuing involvement in transferred financial assets, financial guarantee contracts, and measured at amortized cost[139] - The company performs impairment assessments on financial assets measured at amortized cost, debt instrument investments measured at fair value through other comprehensive income, and other similar items, based on expected credit losses[144] 34. Revenue The company identifies distinct performance obligations within contracts and determines whether they are satisfied over time or at a point in time, with revenue measurement principles including transaction price allocation, best estimates for variable consideration, amortization of significant financing components, and transaction price allocation for multiple performance obligations; sales of automotive components are primarily recognized at a point in time, through consignment, domestic direct sales, and international direct sales models - The company identifies distinct performance obligations within contracts based on the relationship between satisfying performance obligations and customer payments, determining whether they are satisfied over time or at a point in time[185] - Revenue measurement principles include measuring at the transaction price allocated to each distinct performance obligation, using the best estimate for variable consideration, amortizing significant financing components, and allocating transaction prices for multiple performance obligations[186][187] - The company's sales of automotive components such as precision forgings, assemblies, and stampings are recognized at a point in time, with revenue recognition methods including consignment, domestic direct sales, and international direct sales[187][188] VI. Taxes The company's main taxes include VAT, property tax, urban maintenance and construction tax, education surcharges, local education surcharges, and corporate income tax; the company enjoys a 15% corporate income tax rate as a high-tech enterprise, while some subsidiaries, as small low-profit enterprises, are subject to a 20% corporate income tax rate and reduced resource tax and urban maintenance and construction tax Major Tax Categories and Rates | Tax Category | Tax Base | Tax Rate (%) | | :--- | :--- | :--- | | Value-Added Tax | Sales of goods and taxable services income | 13%, 9%, 6%, 5% | | Property Tax | Original value of property or rental income | 1.2%, 12% | | Urban Maintenance and Construction Tax | Actual amount of turnover tax paid | 5% | | Education Surcharge | Actual amount of turnover tax paid | 3% | | Local Education Surcharge | Actual amount of turnover tax paid | 2% | | Corporate Income Tax | Taxable income | 15%, 20%, 25%, 27% | - As a high-tech enterprise, the company pays corporate income tax at a rate of 15% from 2023 to 2025[202] - Subsidiaries Liming Solenoid Valve Company, Ji'an Electronic Control Company, Chongqing Liming Company, Liming Shenghe Company, and Liming Sensor Company, as small low-profit enterprises, calculate their taxable income at 25% and pay corporate income tax at a rate of 20%, also enjoying a 50% reduction in resource tax, urban maintenance and construction tax, etc[203] - The corporate income tax rate for Liming America is 27%[201] VII. Notes to Consolidated Financial Statement Items This section provides detailed notes for consolidated financial statement items, including assets, liabilities, owners' equity, income, costs, and expenses, such as cash and cash equivalents, accounts receivable, inventories, fixed assets, deferred income tax, short-term borrowings, and employee compensation, explaining their period-end balances, changes, and related accounting treatments 1. Cash and Cash Equivalents At period-end, the company's total cash and cash equivalents amounted to 121.96 million yuan, a decrease from the beginning of the period, comprising 119.27 million yuan in bank deposits and 2.69 million yuan in other cash and cash equivalents, including 24,000 yuan in restricted ETC deposits Cash and Cash Equivalents | Item | Period-End Balance (yuan) | Beginning-of-Period Balance (yuan) | | :--- | :--- | :--- | | Cash on Hand | 0.00 | 31,200.39 | | Bank Deposits | 119,273,259.36 | 155,661,770.23 | | Other Cash and Cash Equivalents | 2,686,619.11 | 2,565,260.70 | | Total | 121,959,878.47 | 158,258,231.32 | - Among other cash and cash equivalents, 24,000 yuan is an ETC deposit, with restricted use[205] - The total amount of funds held overseas at period-end was 421,968.54 yuan[205] 5. Accounts Receivable At period-end, the company's accounts receivable carrying amount was 205.46 million yuan, with 4.54 million yuan individually impaired, primarily from bankrupt entities, and 217.35 million yuan impaired by portfolio, with an impairment provision rate of 5.47% Accounts Receivable Classified by Impairment Provision Method (Period-End Balance) | Category | Carrying Balance (yuan) | Percentage (%) | Impairment Provision (yuan) | Provision Rate (%) | Carrying Amount (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Individually Impaired | 4,537,938.64 | 2.05 | 4,537,938.64 | 100.00 | 0.00 | | Impaired by Portfolio | 217,349,642.54 | 97.95 | 11,888,308.17 | 5.47 | 205,461,334.37 | | Total | 221,887,581.18 | / | 16,426,246.81 | / | 205,461,334.37 | - Individually impaired accounts receivable primarily involve Tongling Ruineng Procurement Co., Ltd., Dongfeng Chaoyang Chaichai Power Co., Ltd., and Tianjin Lovol Engine Co., Ltd.; due to the bankruptcy liquidation of these entities, the possibility of recovery is low, and a full impairment provision has been made[217] - The total of the top 5 accounts receivable balances at period-end was 82.34 million yuan, accounting for 37.11% of the total accounts receivable balance at period-end[221] 10. Inventories At period-end, the company's inventory carrying amount was 186.45 million yuan, with inventory impairment provisions and contract cost impairment provisions totaling 26.95 million yuan; the current period's inventory impairment loss and contract cost impairment loss amounted to -8.12 million yuan Inventory Classification and Impairment Provisions (Period-End Balance) | Item | Carrying Balance (yuan) | Inventory Impairment Provision / Contract Cost Impairment Provision (yuan) | Carrying Amount (yuan) | | :--- | :--- | :--- | :--- | | Raw Materials | 40,221,175.55 | 3,742,395.07 | 36,478,780.48 | | Work in Progress | 33,652,078.58 | 3,610,421.18 | 30,041,657.40 | | Finished Goods | 68,865,390.44 | 14,363,579.12 | 54,501,811.32 | | Goods in Transit | 67,357,923.86 | 5,230,412.03 | 62,127,511.83 | | Consigned Processing Materials | 136,069.60 | 0.00 | 136,069.60 | | Packaging Materials | 1,032,835.84 | 0.00 | 1,032,835.84 | | Low-Value Consumables | 2,128,210.92 | 0.00 | 2,128,210.92 | | Total | 213,393,684.79 | 26,946,807.40 | 186,446,877.39 | Changes in Inventory Impairment Provisions and Contract Cost Impairment Provisions | Item | Beginning-of-Period Balance (yuan) | Current Period Increase (yuan) | Current Period Decrease (yuan) | Period-End Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | | Raw Materials | 3,122,739.01 | 665,427.11 | 45,771.05 | 3,742,395.07 | | Work in Progress | 5,671,834.95 | 728,803.11 | 2,790,216.88 | 3,610,421.18 | | Finished Goods | 13,856,256.04 | 3,866,525.83 | 3,359,202.75 | 14,363,579.12 | | Goods in Transit | 5,073,492.99 | 2,859,488.48 | 2,702,569.44 | 5,230,412.03 | | Total | 27,724,322.99 | 8,120,244.53 | 8,897,760.12 | 26,946,807.40 | - The reason for the reversal or write-off of inventory impairment provisions in the current period was primarily due to the consumption or sale of inventories for which impairment provisions had been made[245] 21. Fixed Assets At period-end, the company's fixed assets carrying amount was 706.27 million yuan, a slight decrease from the beginning of the period; fixed assets increased by 25.95 million yuan in the current period, mainly from transfers from construction in progress and purchases; accumulated depreciation increased by 36.55 million yuan in the current period Fixed Assets Carrying Amount (Period-End) | Item | Period-End Carrying Amount (yuan) | | :--- | :--- | | Buildings and Structures | 471,478,919.51 | | Machinery and Equipment | 226,344,050.94 | | Transportation Equipment | 3,189,359.85 | | Other Equipment | 5,255,870.72 | | Total | 706,268,201.02 | - Fixed assets increased by 25.95 million yuan in the current period, including 4.64 million yuan from purchases and 21.31 million yuan transferred from construction in progress[253] - Accumulated depreciation increased by 36.55 million yuan in the current period[253] - The company has a factory building at Honglu Avenue No. 1 for which property certificates have not yet been processed, with a carrying amount of 144.82 million yuan, currently undergoing processing[256] 22. Construction in Progress At period-end, the company's construction in progress carrying amount was 43.22 million yuan, primarily comprising machinery and equipment, engine in-cylinder braking device R&D and production project, annual production of 27.3 million precision stampings project, and smart factory renovation and information system upgrade project Construction in Progress (Period-End) | Item | Carrying Amount (yuan) | | :--- | :--- | | Machinery and Equipment | 18,013,740.70 | | Engine In-Cylinder Braking Device R&D and Production Project | 9,697,571.94 | | Annual Production of 27.3 Million Precision Stampings Project | 9,437,279.56 | | Smart Factory Renovation and Information System Upgrade Project | 5,203,919.26 | | Factory Renovation and Upgrade | 868,062.91 | | Total | 43,220,574.37 | Changes in Significant Construction in Progress Projects | Project Name | Budget Amount (yuan) | Beginning-of-Period Balance (yuan) | Current Period Increase (yuan) | Amount Transferred to Fixed Assets in Current Period (yuan) | Period-End Balance (yuan) | Cumulative Project Investment as Percentage of Budget (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Engine In-Cylinder Braking Device R&D and Production Project | 125,047,000.00 | 10,008,315.30 | 22,000.00 | 332,743.36 | 9,697,571.94 | 96.98 | | Annual Production of 27.3 Million Precision Stampings Project | 117,978,500.00 | 9,437,279.56 | 0.00 | 0.00 | 9,437,279.56 | 93.93 | | Total | 243,025,500.00 | 19,445,594.86 | 22,000.00 | 332,743.36 | 19,134,851.50 | / | 31. Assets with Restricted Ownership or Use Rights At period-end, the company's total assets with restricted ownership or use rights amounted to 369.23 million yuan, primarily including pledged fixed assets and intangible assets, as well as ETC deposits Assets with Restricted Ownership or Use Rights (Period-End) | Item | Carrying Balance (yuan) | Carrying Amount (yuan) | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 24,000.00 | 24,000.00 | Frozen | ETC deposit | | Fixed Assets | 477,478,651.05 | 318,887,620.42 | Pledged | Pledged | | Intangible Assets | 67,131,127.98 | 50,318,403.04 | Pledged | Pledged | | Total | 544,633,779.03 | 369,230,023.46 | / | / | 32. Short-term Borrowings At period-end, the company's total short-term borrowings amounted to 74.02 million yuan, a significant increase of 84.92% from the beginning of the period, primarily comprising pledged borrowings, pledged and guaranteed borrowings, and credit borrowings Short-term Borrowings Classification | Item | Period-End Balance (yuan) | Beginning-of-Period Balance (yuan) | | :--- | :--- | :--- | | Pledged Borrowings | 12,008,569.44 | 20,011,506.90 | | Pledged and Guaranteed Borrowings | 32,019,888.89 | 20,016,500.00 | | Credit Borrowings | 29,989,563.75 | 0.00 | | Total | 74,018,022.08 | 40,028,006.90 | 39. Employee Compensation Payable At period-end, the company's total employee compensation payable was 22.68 million yuan, a decrease from the beginning of the period, primarily consisting of short-term compensation and post-employment benefits—defined contribution plans Employee Compensation Payable | Item | Beginning-of-Period Balance (yuan) | Current Period Increase (yuan) | Current Period Decrease (yuan) | Period-End Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | | I. Short-term Compensation | 31,605,841.05 | 93,703,390.46 | 103,537,129.46 | 21,772,102.05 | | II. Post-employment Benefits - Defined Contribution Plans | 800,491.16 | 5,578,694.72 | 5,472,035.01 | 907,150.87 | | III. Termination Benefits | 0.00 | 91,683.34 | 91,683.34 | 0.00 | | Total | 32,406,332.21 | 99,373,768.52 | 109,100,847.81 | 22,679,252.92 | Short-term Compensation | Item | Beginning-of-Period Balance (yuan) | Current Period Increase (yuan) | Current Period Decrease (yuan) | Period-End Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | | I. Wages, Bonuses, Allowances, and Subsidies | 28,940,180.64 | 82,909,499.95 | 91,603,711.41 | 20,245,969.18 | | II. Employee Welfare Expenses | 0.00 | 4,871,815.57 | 4,871,815.57 | 0.00 | | III. Social Insurance Premiums | 572,341.27 | 3,012,785.58 | 3,095,486.63 | 489,640.22 | | IV. Housing Provident Fund | 0.00 | 1,794,850.00 | 1,794,850.00 | 0.00 | | V. Union Funds and Employee Education Expenses | 2,093,319.14 | 1,114,439.36 | 2,171,265.85 | 1,036,492.65 | | Total | 31,605,841.05 | 93,703,390.46 | 103,537,129.46 | 21,772,102.05 | 41. Other Payables At period-end, the company's total other payables amounted to 43.49 million yuan, a significant increase from the beginning of the period, primarily comprising 40.90 million yuan in dividends payable (fully distributed on July 31, 2025) and 2.59 million yuan in other payables Other Payables Items | Item | Period-End Balance (yuan) | Beginning-of-Period Balance (yuan) | | :--- | :--- | :--- | | Dividends Payable | 40,898,928.00 | 0.00 | | Other Payables | 2,590,005.57 | 2,538,148.53 | | Total | 43,488,933.57 | 2,538,148.53 | - Dividends payable of 40.90 million yuan were fully distributed on July 31, 2025[295] 61. Operating Revenue and Operating Costs From January to June 2025, the company's consolidated operating revenue was 341.37 million yuan, and operating costs were 223.21 million yuan; main business revenue accounted for the vast majority, with precision forgings, assemblies, and stampings being the primary product types, and domestic sales significantly exceeding international sales Operating Revenue and Operating Costs | Item | Current Period Amount (yuan) | Previous Period Amount (yuan) | | :--- | :--- | :--- | | Revenue | 341,365,278.13 | 308,894,085.95 | | Costs | 223,208,166.27 | 199,316,749.52 | Operating Revenue, Operating Costs Breakdown (Current Period) | Contract Classification | Operating Revenue (yuan) | Operating Costs (yuan) | | :--- | :--- | :--- | | Main Business Revenue | 339,798,999.87 | 222,860,735.56 | | Precision Forgings | 101,444,552.65 | 60,115,305.17 | | Assemblies | 127,405,505.54 | 88,844,232.36 | | Stampings | 84,770,834.54 | 53,781,192.46 | | Other Parts | 26,178,107.14 | 20,120,005.57 | | Other Business Revenue | 1,466,392.54 | 267,786.64 | | International Sales | 13,757,027.68 | 10,529,894.59 | | Domestic Sales | 327,508,364.73 | 212,598,627.61 | | Revenue Recognized at a Point in Time | 341,265,392.41 | 223,128,522.20 | 63. Selling Expenses Current period selling expenses amounted to 8.53 million yuan, a significant increase of 204.93% from the previous period, primarily driven by increases in employee compensation, sales service fees, and business entertainment expenses Selling Expenses Details | Item | Current Period Amount (yuan) | Previous Period Amount (yuan) | | :--- | :--- | :--- | | Employee Compensation | 3,873,563.51 | 1,718,886.30 | | Sales Service Fees | 1,572,843.72 | 72,194.44 | | Business Entertainment Expenses | 1,615,499.91 | 122,475.25 | | Travel Expenses | 740,960.18 | 38,687.37 | | Office Expenses | 321,446.79 | 37,713.82 | | Advertising and Publicity Expenses | 184,807.23 | 0.00 | | Other | 217,454.67 | 806,327.39 | | Total | 8,526,576.01 | 2,796,284.57 | 66. Financial Expenses Current period financial expenses were -3.67 million yuan, a significant decrease from 1.56 million yuan in the previous period, primarily due to a net exchange gain of 3.90 million yuan in the current period Financial Expenses Details | Item | Current Period Amount (yuan) | Previous Period Amount (yuan) | | :--- | :--- | :--- | | Interest Expense | 402,651.15 | 1,448,558.37 | | Less: Interest Income | 283,181.88 | 423,308.87 | | Net Exchange Loss | -3,900,149.13 | 417,206.22 | | Handling Fees | 76,803.38 | 89,329.07 | | Unrecognized Financing Expenses on Lease Liabilities | 36,101.39 | 25,277.69 | | Total | -3,667,775.09 | 1,557,062.48 | 79. Supplementary Information to Cash Flow Statement Current period net profit was 28.11 million yuan, with net cash flow from operating activities at -18.59 million yuan; net increase in cash and cash equivalents was -36.29 million yuan, and the period-end balance of cash and cash equivalents was 121.94 million yuan Cash Flow Statement Supplementary Information Key Data | Supplementary Information | Current Period Amount (yuan) | Previous Period Amount (yuan) | | :--- | :--- | :--- | | Net Profit | 28,112,448.66 | 25,410,925.34 | | Add: Asset Impairment Provisions | 9,024,522.76 | 10,518,923.12 | | Depreciation of Fixed Assets, Depletion of Oil and Gas Assets, Depreciation of Productive Biological Assets | 36,552,765.50 | 34,756,652.22 | | Amortization of Right-of-Use Assets | 506,487.08 | 337,506.77 | | Amortization of Intangible Assets | 1,698,179.27 | 1,536,158.03 | | Net Cash Flow from Operating Activities | -18,594,531.16 | 39,800,596.25 | | Net Increase in Cash and Cash Equivalents | -36,294,352.85 | -34,263,632.95 | | Cash and Cash Equivalents at Period-End | 121,935,878.47 | 176,937,567.30 | - Cash and cash equivalents not classified as such amounted to 24,000 yuan, which is an ETC deposit[337] IX. Changes in Consolidation Scope During the reporting period, the company added a new subsidiary, Shanghai Limin Ji'an Automotive Suspension Co., Ltd., established on July 29, 2024, with a registered capital of 5 million yuan and a 70% shareholding by the company New Subsidiary Information | Company Name | Method of Equity Acquisition | Time of Equity Acquisition | Capital Contribution (million yuan) | Contribution Percentage (%) | | :--- | :--- | :--- | :--- | :--- | | Shanghai Limin Ji'an Automotive Suspension Co., Ltd. | Establishment | 2024-7-29 | 1.98 | 66.00 | X. Interests in Other Entities The company holds 9 subsidiaries, including Liming Nozzle Company, Zhoushan Liming Automotive Company, and Liming America, with shareholding percentages ranging from 66% to 100%; additionally, it holds two associates, Ningbo Ruineng Machinery Technology Co., Ltd. and Zhejiang Liming Fangzhou Technology Co., Ltd., recognizing investment income of 4.59 million yuan in the current period (1). Composition of the Enterprise Group The company comprises 9 subsidiaries, including Liming Nozzle Company, Zhoushan Liming Automotive Company, and Liming America, all engaged in manufacturing or commercial activities, with shareholding percentages varying from 66% to 100%; Liming Electronic Control Company, Chongqing Liming Company, Liming Shenghe Company, Liming Sensor Company, and Limin Ji'an Suspension Company are non-wholly owned subsidiaries Composition of Enterprise Group | Subsidiary Name | Main Operating Location | Registered Capital (yuan) | Registered Location | Business Nature | Shareholding Percentage (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Liming Nozzle Company | Zhoushan | 3,000,000.00 | Zhoushan | Manufacturing | 100 | | Zhoushan Liming Automotive Company | Zhoushan | 35,000,000.00 | Zhoushan | Manufacturing | 100 | | Liming America | Ann Arbor, Michigan, USA | 681.52 | Ann Arbor, Michigan, USA | Commercial | 100 | | Liming Solenoid Valve Company | Zhoushan | 10,000,000.00 | Zhoushan | Manufacturing | 100 | | Liming Electronic Control Company | Zhoushan | 1,000,000.00 | Zhoushan | Manufacturing | 70 | | Chongqing Liming Company | Chongqing | 6,000,000.00 | Chongqing | Manufacturing | 51 | | Liming Shenghe Company | Zhoushan | 1,000,000.00 | Zhoushan | Manufacturing | 80 | | Liming Sensor Company | Zhoushan | 3,000,000.00 | Zhoushan | Manufacturing | 66 | | Limin Ji'an Suspension Company | Shanghai | 5,000,000.00 | Shanghai | Manufacturing | 70 | (3). Key Financial Information of Significant Associates The company holds two associates, Ningbo Ruineng Machinery Technology Co., Ltd. and Zhejiang Liming Fangzhou Technology Co., Ltd., with a total investment carrying amount of 89.38 million yuan at period-end; net profit and total comprehensive income recognized through equity method in the current period both amounted to 4.59 million yuan Summary Financial Information of Insignificant Joint Ventures and Associates | Item | Period-End Balance / Current Period Amount (yuan) | | :--- | :--- | | Total Carrying Amount of Investments in Associates | 89,378,406.01 | | Net Profit of Associates | 4,593,374.16 | | Total Comprehensive Income of Associates | 4,593,374.16 | XI. Government Grants Duri