中鼎股份(000887) - 2025 Q2 - 季度财报

Part I Important Notice, Table of Contents, and Definitions Important Notice The company's board, supervisory board, and senior management guarantee the report's truthfulness, accuracy, and completeness, assuming legal responsibility - The company's board of directors, supervisory board, and all directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, free from false records, misleading statements, or major omissions, and assume individual and joint legal responsibility[4] - Company head Xia Yingsong, chief financial officer Yi Shanbing, and head of accounting department (accounting supervisor) Zhu Jian declare that the financial report in this semi-annual report is true, accurate, and complete[4] - The profit distribution plan approved by this board meeting is: based on 1,316,489,747 shares, a cash dividend of 0.5 yuan (tax inclusive) per 10 shares will be distributed to all shareholders[5] Table of Contents This section lists the nine main chapters of the semi-annual report and their starting page numbers, providing an overview of the report's structure - The report comprises nine main chapters, covering company profile, management discussion and analysis, corporate governance, significant matters, share changes, bond information, financial report, and other data[7] Directory of Documents for Reference This section discloses a list of documents available for inspection, including signed financial statements, original audit reports, and publicly disclosed company filings - Documents for reference include financial statements bearing the signatures and seals of the company head, chief financial officer, and head of accounting department (accounting supervisor)[9] - Documents for reference include original audit reports bearing the seal of the accounting firm and the signatures and seals of certified public accountants[10] - Documents for reference include originals of all company documents and announcements publicly disclosed on the website designated by the China Securities Regulatory Commission during the reporting period[11] Definitions This section provides definitions for common terms used in the report, including company names, major subsidiaries, and related parties, ensuring clear understanding - "Zhongding Sealing Parts," "the Company," and "this Company" all refer to Anhui Zhongding Sealing Parts Co., Ltd[13] - Listed abbreviations for multiple subsidiaries and related parties, including Zhongding Group, Zhongding Jinggong, Zhongding Europe, AMK, TFH, and KACO Germany[13][14] Part II Company Profile and Key Financial Indicators Company Profile This section outlines the company's basic information, including stock ticker, code, listing exchange, legal representative, and contact details for key personnel - Stock Abbreviation: Zhongding Sealing Parts, Stock Code: 000887, Listing Exchange: Shenzhen Stock Exchange[16] - The company's legal representative is Xia Yingsong[16] - Contact address, telephone, fax, and email for Board Secretary Jiang Weijian and Securities Affairs Representative Wang Songyuan[17] Other Information This section confirms that the company's contact details, information disclosure channels, and document storage locations remained unchanged during the reporting period - The company's registered address, office address and postal code, website, and email address remained unchanged during the reporting period, details can be found in the 2024 annual report[18] - The securities exchange website and media name and URL for the company's semi-annual report disclosure, and the location for the company's semi-annual report remained unchanged during the reporting period, details can be found in the 2024 annual report[19] Key Accounting Data and Financial Indicators This section presents a comparison of the company's key accounting data and financial indicators for the current and prior year periods, highlighting revenue and net profit growth - The company does not need to retrospectively adjust or restate prior year accounting data[21] Comparison of Key Accounting Data and Financial Indicators | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 9,846,412,091.60 | 9,669,195,454.94 | 1.83% | | Net Profit Attributable to Shareholders of the Listed Company | 817,272,916.44 | 716,233,214.33 | 14.11% | | Net Profit Attributable to Shareholders of the Listed Company After Deducting Non-recurring Gains and Losses | 780,315,247.06 | 642,098,364.57 | 21.53% | | Net Cash Flow from Operating Activities | 617,074,188.62 | 713,903,956.28 | -13.56% | | Basic Earnings Per Share (yuan/share) | 0.62 | 0.54 | 14.81% | | Diluted Earnings Per Share (yuan/share) | 0.62 | 0.54 | 14.81% | | Weighted Average Return on Net Assets | 6.17% | 5.80% | 0.37% | | End of Current Reporting Period (yuan) | End of Prior Year (yuan) | Change from Prior Year-end to Current Reporting Period-end | | | Total Assets | 25,705,226,375.11 | 24,124,759,391.49 | 6.55% | | Net Assets Attributable to Shareholders of the Listed Company | 13,704,731,546.20 | 12,972,912,198.68 | 5.64% | Differences in Accounting Data Under Domestic and International Accounting Standards This section confirms that there are no differences in net profit and net assets between financial reports prepared under international or overseas accounting standards and Chinese accounting standards - The company had no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards during the reporting period[22] - The company had no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards during the reporting period[23] Non-recurring Gains and Losses Items and Amounts This section details the non-recurring gains and losses for the reporting period, totaling 36.96 million yuan, and confirms no other items meet this definition Non-recurring Gains and Losses Items and Amounts | Item | Amount (yuan) | | :--- | :--- | | Gains and Losses from Disposal of Non-current Assets (including reversal of asset impairment provisions) | 2,190,274.50 | | Government Subsidies Recognized in Current Profit/Loss (excluding government subsidies closely related to the company's normal business operations, conforming to national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss) | 19,142,805.68 | | Gains and Losses from Changes in Fair Value of Financial Assets and Liabilities Held by Non-financial Enterprises, and from Disposal of Financial Assets and Liabilities, Excluding Effective Hedging Activities Related to the Company's Normal Business Operations | 19,866,236.68 | | Gains and Losses from Entrusted Loans to External Parties | 32,917,032.85 | | Other Non-operating Income and Expenses Apart from the Above Items | -29,776,142.44 | | Less: Income Tax Impact | 7,132,340.25 | | Impact on Minority Shareholders' Equity (after tax) | 250,197.64 | | Total | 36,957,669.38 | - The company has no other specific situations where profit or loss items meet the definition of non-recurring gains and losses[26] - The company has no situations where non-recurring gains and losses items listed in "Interpretive Announcement No. 1 on Information Disclosure by Companies Issuing Securities to the Public - Non-recurring Gains and Losses" are defined as recurring gains and losses[26] Part III Management Discussion and Analysis Principal Businesses Engaged in by the Company During the Reporting Period The company continues to optimize overseas operations, focusing on intelligent chassis systems in the automotive sector and expanding into new areas like humanoid robots and thermal management - The company continues to advance cost control and refined management at its overseas factories, further promoting the construction of overseas raw material production and mold manufacturing businesses; through a series of measures such as reducing manufacturing costs for overseas enterprises and optimizing expenses, the speed and certainty of overseas business recovery are increasing; through continuous management improvements, domestic and international businesses maintain a sustained positive growth trend, and the company's overall profit is gradually improving[28] - In the automotive sector, the company will continue to focus on the strategic goal of intelligent chassis systems, driving its business towards intelligence, ensuring stable growth in traditional businesses, and rapid development in incremental businesses[28] - The company will actively promote its layout in new fields such as humanoid robots, low-altitude economy, AI, and data center thermal management, with the humanoid robot sector being a core strategic objective[28] - The company continues to rank among the "Top 100 Global Automotive Parts Suppliers" (ranked 87th)[28] Intelligent Chassis System Business - Air Suspension Systems Air suspension systems are becoming a mainstream configuration for new energy vehicles, with the company's German AMK subsidiary being a top-tier supplier securing significant orders - Air suspension systems feature springs with automatically adjustable stiffness (softness/hardness) as needed, capable of lowering or raising chassis ground clearance based on road conditions to enhance high-speed body stability or complex terrain passability[29] - Air suspension systems have gradually become a mainstream configuration for new energy vehicle platforms and will eventually become an indispensable part of automobiles, especially intelligent vehicles[31][32] - The company's German subsidiary AMK, a high-end supplier of air suspension systems, is a top-three industry leader, supplying to world-class OEMs such as Jaguar Land Rover, Volvo, Audi, Mercedes-Benz, and BMW[32] - AMK China has secured orders from several domestic new energy vehicle startups and leading traditional independent brands[32] - As of now, the company's domestic air suspension business has secured orders with a total output value of approximately 15.8 billion yuan, including approximately 1.7 billion yuan for assembly products[32] Intelligent Chassis System Business - Lightweight Chassis Systems Automotive lightweighting is a key trend, especially for new energy vehicles, and the company's Sichuan Wangjin subsidiary is a leader in lightweight chassis system components - Automotive lightweighting has become a global trend in automotive development, equally crucial for the range of new energy electric vehicles[35] - Lightweighting the chassis yields benefits in fuel consumption and handling far exceeding those from lightweighting other components to the same extent, with the effect of reducing unsprung mass by the same margin being 5 to 15 times that of reducing sprung mass[35][36] - The company's subsidiary, Sichuan Wangjin Company, specializes in ball joint assembly products, which are core safety and performance components of chassis systems, possessing globally leading technology[36] - The company has secured orders from multiple traditional and new energy vehicle OEMs, including Mercedes-Benz, Changan, GAC, and BYD[36] - In the first half of 2025, the company's lightweight business accumulated orders totaling approximately 5.5 billion yuan[36] Thermal Management Systems The company's German TFH subsidiary is a global leader in thermal management pipeline products, expanding into new energy vehicle, energy storage, and supercomputing thermal management - The company's German subsidiary TFH is an excellent supplier of engine and new energy vehicle battery thermal management pipeline assembly products, possessing proprietary patented creatube technology and core technologies for TPV and nylon hoses, ranking among the top two globally in its niche market[39] - The per-vehicle value of new energy vehicle thermal management pipeline products has increased from approximately 300 yuan in traditional vehicles to nearly 1,000 yuan in new energy vehicles, and around 1,500 yuan in range-extended new energy vehicles[39] - The company supplies to new energy vehicle platforms such as BMW, Volvo, Audi, Volkswagen, Geely, Xpeng, and Li Auto[40] - The company's subsidiaries Zhongding Fluid and Zhongding Intelligent Thermal Systems lead the development of thermal management system assembly businesses, actively expanding into energy storage thermal management and supercomputing center thermal management, having launched a series of liquid cooling units and immersion liquid cooling units, with CDU as the main product in supercomputing center thermal management[40] - In the first half of 2025, the company's thermal management system business accumulated orders totaling approximately 7.1 billion yuan[40] Sealing Systems The company's German KACO and US ACUSHNET subsidiaries are top-tier sealing system technology providers, actively developing high-performance seals for new energy vehicle motors and battery modules - The company's subsidiaries, KACO Germany and ACUSHNET USA, possess top-three international sealing system technologies[41] - Companies under the sealing system represented by KACO are actively advancing their new energy layout, having successfully developed and supplied high-performance new energy motor seals[41] - The company has currently developed and mass-produced new energy battery module sealing systems and electric axle assemblies, supplying to new energy vehicle platforms such as Volvo, Nio, SAIC, and GAC[41] - The automotive sealing industry is a high-tech barrier industry with extremely stringent reliability requirements, and dynamic sealing is the most technically challenging aspect within the sealing industry, especially high-speed oil seals for new energy vehicle motors, representing the global sealing industry's cutting-edge technology[41] Humanoid Robot Business The company is strategically investing in humanoid robot components like joint assemblies and sensors through subsidiaries, securing partnerships for market expansion and manufacturing - Through subsidiaries such as Anhui Reisibo Company and Xinghui Sensing, the company has completed its industrial layout in products like joint assemblies, harmonic reducers, planetary reducers, and force sensors, ultimately achieving the manufacturing of robot joint assembly products[42] - The company and its subsidiaries have signed strategic cooperation agreements with Shenzhen Zhongqing Robot Technology Co., Ltd. and Efort Intelligent Equipment Co., Ltd. to enhance the company's core advantages in humanoid robot component assembly products and advance market layout[42] - The company has also signed a project cooperation intent agreement with Shenzhen Zhuji Power Technology Co., Ltd. to form an upstream and downstream industry chain layout and promote the development of robot body intelligent manufacturing and OEM businesses[42] Analysis of Core Competencies The company's core strengths lie in its globally leading technology, extensive international management experience, and a culture of continuous innovation and digital transformation - The company possesses core technologies in niche industries, such as air suspension systems, ball joint assemblies, exclusive thermal management system production technology, and harmonic reducer products[44] - The company collaborates with domestic universities and research institutions like Tsinghua University, University of Science and Technology of China, Tongji University, and Anhui University on industry-university-research projects, holding 1,304 items of independent intellectual property, including 259 overseas patents and 206 Chinese invention patents[45] - The company established overseas logistics centers in 2003 and began its overseas M&A journey in 2008, accumulating rich international management experience; it is now in its third phase of overseas control, building a global organizational structure based on five major business units to advance a global synergy strategy[45] - The company initiated its "Digital Zhongding" plan as early as 2003, fully implementing the Lima ERP system, and launched the SAP informatization project in 2016, with all main enterprises now online, enhancing overall operational efficiency[46] - Through years of practical exploration, the company has established a scientific cost management methodology, successively launching and promoting Six Sigma and Amoeba Management, achieving rapid improvements in management levels and maintaining an absolute leading position in the domestic industry[46] Analysis of Principal Business In the first half of 2025, the company achieved 9.85 billion yuan in operating revenue and 817.27 million yuan in net profit, driven by strong growth in new energy vehicle-related businesses - From January to June 2025, China's automobile production and sales reached 15.62 million units and 15.65 million units respectively, with year-on-year growth of 12.5% and 11.4%; new energy vehicle production and sales cumulatively reached 6.97 million units and 6.94 million units respectively, with year-on-year growth of 41.4% and 40.3%[47] - In the first half of 2025, the company achieved operating revenue of 9.85 billion yuan, a year-on-year increase of 1.83%; net profit attributable to shareholders of the listed company was 817.27 million yuan, a year-on-year increase of 14.11%[48] - The company continues to rank among the "Top 100 Global Automotive Parts Suppliers" (ranked 87th) and the "Top 50 Global Non-Tire Rubber Products Industry" (ranked 8th globally, 1st domestically)[48] - The company actively promotes its strategy of localizing overseas acquisition businesses in China, with performance growth exceeding expectations[49] - In the first half of 2025, new energy sector business sales reached 3.76 billion yuan, accounting for 39.56% of the automotive business operating revenue for the first half of 2025[53] Performance of Overseas Acquisition Projects Localized in China The company's strategy of localizing overseas acquisition businesses in China has yielded strong results, with subsidiaries like Wuxi Jiake and Anhui Weigu exceeding performance expectations Performance of Overseas Acquisition Projects Localized in China (Unit: ten thousand yuan) | Company | Jan-Jun 2025 Operating Revenue | Jan-Jun 2025 Net Profit | 2024 Operating Revenue | 2024 Net Profit | 2023 Operating Revenue | 2023 Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Wuxi Jiake Anhui Jiake | 46060 | 6824 | 85589 | 14278 | 78526 | 12333 | | Anhui Weigu | 15386 | 2967 | 31137 | 5119 | 26182 | 3730 | | Anhui Tesitong | 47126 | 3275 | 85807 | 5166 | 94882 | 6184 | OEM Direct and Indirect Supporting Customer Structure The company's product sales are increasingly focused on mid-to-high-end vehicle models, with the top ten OEM clients accounting for 50.30% of the semi-annual operating revenue - The company's top ten OEM clients include BYD, Volkswagen, BMW, General Motors, Ford, Daimler, Li Auto, Chery, Geely, and Changan[52] - The total direct and indirect sales to these top ten clients amounted to 4.95 billion yuan, accounting for 50.30% of the 2025 semi-annual operating revenue, indicating a high concentration of high-end customers[52] New Energy Vehicle Projects The company is a leader in new energy vehicle components, with its new energy business generating 3.76 billion yuan in sales, representing 39.56% of automotive revenue - The company actively develops in the new energy vehicle sector, with intelligent chassis systems at its core, and holds an international leading position in multiple new energy segments such as thermal management systems, lightweight chassis systems, and air suspension systems[53] - In the first half of 2025, new energy sector business sales reached 3.76 billion yuan, accounting for 39.56% of the automotive business operating revenue for the first half of 2025[53] - Domestic new energy sector business sales in the first half of 2025 amounted to 2.89 billion yuan, accounting for 52.94% of domestic operating revenue for the first half of 2025[53] Year-on-Year Changes in Key Financial Data Operating revenue increased by 1.83% and net profit by 14.11%, while financial expenses significantly decreased by 77.18% due to reduced interest and increased exchange gains Year-on-Year Changes in Key Financial Data (Unit: yuan) | Indicator | Current Reporting Period | Prior Year Period | Year-on-year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 9,846,412,091.60 | 9,669,195,454.94 | 1.83% | | | Net Profit Attributable to Shareholders of the Listed Company | 817,272,916.44 | 716,233,214.33 | 14.11% | | | Financial Expenses | 28,334,188.74 | 124,167,114.35 | -77.18% | Decrease primarily due to reduced interest expenses and increased exchange gains in the current period | | Net Cash Flow from Operating Activities | 617,074,188.62 | 713,903,956.28 | -13.56% | | | Net Cash Flow from Investing Activities | -976,440,402.19 | -578,625,889.36 | 87.82% | Increase primarily due to increased payments for wealth management products and capitalized items in the current period | | Net Cash Flow from Financing Activities | 139,314,749.00 | 74,174,571.08 | 87.82% | Increase primarily due to reduced cash payments for dividends, profits, or interest repayments in the current period | | Net Increase in Cash and Cash Equivalents | -127,953,348.21 | 216,809,190.05 | -159.02% | Decrease primarily due to reduced net cash flow from investing activities in the current period | | Financial Assets Held for Trading | 897,574,124.09 | 526,218,464.04 | 70.57% | Increase primarily due to increased bank wealth management products in the current period | | Long-term Equity Investments | 144,395,908.93 | 85,348,489.38 | 69.18% | Increase primarily due to increased long-term equity investment projects in the current period | | Short-term Borrowings | 3,057,581,883.11 | 2,294,149,549.93 | 33.28% | Increase primarily due to increased short-term funding needs in the current period | | Asset Impairment Losses | -36,102,657.29 | -3,965,756.75 | 810.36% | Increase primarily due to impairment provisions made for some long-term equity investments in the current period | - There were no significant changes in the company's profit composition or sources of profit during the reporting period[57] Composition of Operating Revenue Total operating revenue reached 9.85 billion yuan, with the automotive sector contributing 96.57% and domestic revenue growing by 9.72% Composition of Operating Revenue (Unit: yuan) | Category | Current Reporting Period Amount | Proportion of Operating Revenue | Prior Year Period Amount | Proportion of Operating Revenue | Year-on-year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Operating Revenue | 9,846,412,091.60 | 100% | 9,669,195,454.94 | 100% | 1.83% | | By Industry | | | | | | | Automotive Industry | 9,508,629,446.58 | 96.57% | 9,180,525,963.54 | 94.95% | 3.57% | | Non-Automotive Industry | 337,782,645.02 | 3.43% | 488,669,491.40 | 5.05% | -30.88% | | By Product | | | | | | | Intelligent Chassis - Air Suspension Systems | 568,309,618.67 | 5.77% | 572,081,786.50 | 5.92% | -0.66% | | Intelligent Chassis - Lightweight | 1,545,737,969.25 | 15.70% | 1,430,216,774.09 | 14.79% | 8.08% | | Intelligent Chassis - Rubber Business | 2,042,490,388.91 | 20.74% | 1,928,991,526.94 | 19.95% | 5.88% | | Cooling Systems | 2,606,396,542.35 | 26.47% | 2,536,104,680.24 | 26.23% | 2.77% | | Sealing Systems | 1,942,118,937.51 | 19.72% | 1,936,881,740.27 | 20.03% | 0.27% | | Other | 1,141,358,634.91 | 11.59% | 1,264,918,946.90 | 13.08% | -9.77% | | By Region | | | | | | | Domestic | 5,452,604,530.90 | 55.38% | 4,969,662,691.90 | 51.40% | 9.72% | | Overseas | 4,393,807,560.70 | 44.62% | 4,699,532,763.04 | 48.60% | -6.51% | Industry, Product, or Region Accounting for Over 10% of Company's Operating Revenue or Operating Profit (Unit: yuan) | Category | Operating Revenue | Operating Cost | Gross Profit Margin | Year-on-year Change in Operating Revenue | Year-on-year Change in Operating Cost | Year-on-year Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | By Industry | | | | | | | | Automotive Industry | 9,508,629,446.58 | 7,304,426,974.80 | 23.18% | 1.83% | 0.06% | 1.35% | | By Product | | | | | | | | Intelligent Chassis - Air Suspension Systems | 568,309,618.67 | 481,954,352.18 | 15.20% | -0.66% | 5.94% | -5.28% | | Intelligent Chassis - Lightweight | 1,545,737,969.25 | 1,263,357,398.88 | 18.27% | 8.08% | 0.79% | 5.91% | | Intelligent Chassis - Rubber Business | 2,042,490,388.91 | 1,677,002,783.70 | 17.89% | 5.88% | 9.29% | -2.56% | | Cooling Systems | 2,606,396,542.35 | 2,153,576,202.07 | 17.37% | 2.77% | 0.28% | 2.06% | | Sealing Systems | 1,942,118,937.51 | 1,374,151,408.58 | 29.24% | 0.27% | -2.33% | 1.89% | | Other | 1,141,358,634.91 | 574,531,376.46 | 49.66% | -9.77% | -20.47% | 6.77% | | By Region | | | | | | | | Domestic | 5,452,604,530.90 | 3,869,537,998.32 | 29.03% | 9.72% | 6.76% | 1.96% | | Overseas | 4,393,807,560.70 | 3,655,035,523.55 | 16.81% | -6.51% | -6.17% | -0.30% | Analysis of Non-Principal Businesses The company had no non-principal business analysis to disclose during the reporting period - The company had no non-principal business analysis during the reporting period[61] Analysis of Assets and Liabilities Total assets increased by 6.55% and net assets by 5.64%, with a notable increase in short-term borrowings to meet funding needs Significant Changes in Asset Composition (Unit: yuan) | Item | Amount at End of Current Reporting Period | Proportion of Total Assets | Amount at Prior Year-end | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 2,627,963,944.07 | 10.22% | 2,772,344,517.25 | 11.49% | -1.27% | | Accounts Receivable | 4,425,551,408.60 | 17.22% | 4,208,993,504.62 | 17.45% | -0.23% | | Long-term Equity Investments | 144,395,908.93 | 0.56% | 85,348,489.38 | 0.35% | 0.21% | | Short-term Borrowings | 3,057,581,883.11 | 11.89% | 2,294,149,549.93 | 9.51% | 2.38% | Major Overseas Assets (Unit: ten thousand yuan) | Asset Name | Asset Scale | Location | Profitability (ten thousand yuan) | Proportion of Overseas Assets to Company's Net Assets | Significant Impairment Risk | | :--- | :--- | :--- | :--- | :--- | :--- | | ACUSHNET (PRECIX) | 38801.93 | Massachusetts, USA | 3085.58 | 2.56% | No | | TFH | 271296.17 | Nantes, France | 1507.99 | 3.85% | No | | WEGU | 103725.68 | Kassel, Germany | 2403.49 | 5.47% | No | | KACO | 238693.42 | Kirchardt, Germany | 7231.41 | 10.73% | No | - As of the end of the reporting period, the total restricted asset rights of the company amounted to 1.31 billion yuan, with a book value of 808.49 million yuan, primarily restricted by pledges, mortgages, and deposits[65] Analysis of Investment Status Total investments increased by 11.34% to 2.62 billion yuan, with no significant equity, non-equity, securities, or derivative investments, and overall use of raised funds at 88.40% - Investment amount for the reporting period was 2.62 billion yuan, compared to 2.36 billion yuan in the prior year period, representing a change of 11.34%[68] - The company had no significant equity investments, non-equity investments, securities investments, or derivative investments during the reporting period[69][70] - As of June 30, 2025, the company's convertible bond raised funds balance was 259.38 million yuan, of which 59.38 million yuan was held in a special account, and 200 million yuan was used to purchase wealth management products with idle raised funds[72] - Overall utilization of raised funds: total raised funds 1.2 billion yuan, cumulative utilization 1.05 billion yuan, utilization rate 88.40%[72] - The construction progress of the "Zhongding Industrial Park Zhongding Huitong Project" and "Automotive Chassis Parts Production Project" slowed down compared to expectations, but the project feasibility has not significantly changed[76][81] - The "Automotive Chassis Forged Aluminum Parts Production Project" did not achieve expected benefits, mainly due to external industry and economic factors, raw material price fluctuations, and other influences, with customer business still in a gradual growth phase[76][81] Disposal of Major Assets and Equity The company did not dispose of any major assets or equity during the reporting period - The company did not dispose of major assets during the reporting period[82] - The company did not dispose of major equity during the reporting period[83] Analysis of Major Holding and Participating Companies Key subsidiaries like Zhongding Shock Absorber and Cooper Sealing reported strong revenues and net profits, while new and deregistered subsidiaries had no material impact Major Subsidiaries and Associates with Over 10% Impact on Company's Net Profit (Unit: yuan) | Company Name | Company Type | Principal Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhongding Shock Absorber | Subsidiary | R&D, production, and sales of shock-absorbing rubber products | 1,754,000,000.00 | 5,248,871,027.79 | 3,365,560,061.43 | 2,207,957,440.18 | 181,715,028.37 | 161,689,287.22 | | Cooper Sealing | Subsidiary | R&D, production, and sales of sealing products | 50,000,000.00 | 597,502,213.75 | 513,785,997.00 | 332,740,035.02 | 104,039,257.70 | 88,985,297.65 | - During the reporting period, several new subsidiaries were established, including Jiangsu Huidi Automotive Technology Co., Ltd., Anhui Dingzhi Future Software Technology Co., Ltd., Ningguo Reisibo Robot Technology Co., Ltd., Hunan Aiqidi Precision Technology Co., Ltd., Shanghai Dingheqiao Precision Manufacturing Co., Ltd., and ZHONGDING MEXICO, S.DE R.L. De C.V.[85][725][726] - During the reporting period, two subsidiaries, ALLIED-BALTIC RUBBER, INC and Schmitter Verwaltungs GmbH, were deregistered[85] - The addition and deregistration of subsidiaries had no significant impact on the company's overall production, operations, and performance[85] Structured Entities Controlled by the Company The company did not control any structured entities during the reporting period - The company had no controlled structured entities during the reporting period[86] Risks Faced by the Company and Countermeasures The company had no risks or countermeasures requiring disclosure during the reporting period - The company had no risks faced and countermeasures requiring disclosure during the reporting period[86] Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company adopted a Market Value Management System to regulate related activities and protect investor interests, but no valuation enhancement plan was disclosed - On April 28, 2025, the company convened the ninth meeting of the ninth board of directors and approved the "Proposal on Formulating the Market Value Management System" to strengthen the company's market value management, further regulate its market value management behavior, and protect the legitimate rights and interests of the company, investors, and other stakeholders[86] - The company did not disclose a valuation enhancement plan[86] "Quality and Return Dual Enhancement" Action Plan Implementation The company has disclosed an action plan focusing on core business, technological innovation, governance, information disclosure, and shareholder returns to enhance value - The company has disclosed its "Quality and Return Dual Enhancement" action plan announcement[87] - Key measures of the action plan include: 1. Focusing on the main business to achieve high-quality sustainable development; 2. Driving innovation through technology to continuously enhance the company's core competitiveness; 3. Strengthening corporate governance and actively fulfilling social responsibilities; 4. Improving the quality of information disclosure, strengthening investor relations management, and efficiently communicating company value; 5. Achieving rapid growth in operating performance, prioritizing shareholder returns, and sharing development achievements[87][88] Part IV Corporate Governance, Environment, and Society Changes in Directors, Supervisors, and Senior Management There were no changes in the company's directors, supervisors, or senior management during the reporting period - There were no changes in the company's directors, supervisors, and senior management during the reporting period, details can be found in the 2024 annual report[89] Profit Distribution and Capital Reserve Conversion to Share Capital in the Current Reporting Period The company's semi-annual profit distribution plan proposes a cash dividend of 0.5 yuan per 10 shares, totaling 65.82 million yuan, with no stock dividends or capital reserve conversions Profit Distribution Plan | Indicator | Amount | | :--- | :--- | | Number of Bonus Shares per 10 Shares (shares) | 0 | | Dividend per 10 Shares (yuan) (tax inclusive) | 0.5 | | Share Capital Base for Distribution Plan (shares) | 1316489747 | | Cash Dividend Amount (yuan) (tax inclusive) | 65,824,487.35 | | Proportion of Total Cash Dividend (including other methods) to Total Profit Distribution | 1.78% | - The 2025 semi-annual profit distribution plan, approved by the eleventh meeting of the company's ninth board of directors, is: based on 1,316,489,747 shares eligible for distribution, a cash dividend of 0.5 yuan (tax inclusive) per 10 shares will be distributed to all shareholders, totaling 65.82 million yuan in dividends, with no bonus shares or capital reserve conversions, and the remaining undistributed profits carried forward to the next year[92] Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place or implemented during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[93] Environmental Information Disclosure The company and its major subsidiaries are listed as legally required environmental information disclosure entities, with reports available online - Whether the listed company and its major subsidiaries are included in the list of enterprises required to disclose environmental information by law: Yes, number of enterprises included in the list of enterprises required to disclose environmental information by law (companies): 1[94] - The query index for Anhui Zhongding Sealing Parts Co., Ltd.'s environmental information disclosure report is: **https://223.243.179.140//portal**[94](index=94&type=chunk) Social Responsibility The company actively fulfills its social responsibilities by enhancing internal governance, ensuring safe production, maintaining product quality, protecting the environment, and safeguarding employee rights - The company adheres to the Zhongding development philosophy of "Common Cause, Sustainable Development," focusing on its development strategy and fulfilling social responsibilities while achieving its operational goals[95] - The company continuously improves its internal systems and standardizes operations by strengthening internal control management, perfecting company policies, legally convening shareholder meetings, enhancing investor relations management, and ensuring strict information disclosure and transparency[95][96] - The company has formulated the "Safety Production Supervision and Management System," established a Safety Production Supervision and Management Committee, set up functional bodies for safety production supervision, clarified responsibilities, authorities, and management requirements, and developed corresponding operating procedures, safety training, emergency response plans, on-site inspection, assessment, and accountability systems to ensure safe production[97] - The company has established a quality management system in accordance with IATF16949:2016 quality standards, adopting "Character determines product, quality is paramount" as its quality philosophy[97] - The company has established an environmental management system in accordance with GB/T24001-2016ISO14001:2015 environmental management system requirements, comprehensively advocating for harmonious coexistence between humans and nature, actively pursuing sustainable development, and leading the concept that "environmental protection is also an operational resource"[98] - The company implements a labor contract system, strictly adheres to national employment, labor protection, social security, and medical insurance systems, and pays medical insurance, pension insurance, unemployment insurance, work injury insurance, and maternity insurance for its employees[98] - The company focuses on employees' personal growth and physical and mental health, establishing employee rights protection organizations such as labor unions and women's federations, organizing "Happiness Culture Circle" activities, accepting employee complaints, and conducting public welfare activities like the "Spring Bud Education Program"[99] Part V Significant Matters Fulfillment of Commitments by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During and After the Reporting Period The controlling shareholder's commitment to avoid horizontal competition, made during the 2006 asset restructuring, is ongoing and being fulfilled on time - Controlling shareholder Anhui Zhongding Holding (Group) Co., Ltd. committed to avoiding horizontal competition during the asset restructuring in May 2006, guaranteeing not to produce, develop, or operate products, businesses, or new technologies that compete or may compete with the listed company in the future[101] - This commitment is long-term effective, was being fulfilled as of the end of the reporting period, and is being fulfilled on time[101][102] Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties There was no non-operating fund occupation by the controlling shareholder or other related parties of the listed company during the reporting period - The company had no non-operating fund occupation by the controlling shareholder or other related parties of the listed company during the reporting period[103] Irregular External Guarantees The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[104] Appointment and Dismissal of Accounting Firms The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[105] Board of Directors' and Supervisory Board's Explanation of "Non-Standard Audit Report" for the Current Period The company had no non-standard audit report for the current reporting period - The company had no non-standard audit report during the reporting period[106] Board of Directors' Explanation of "Non-Standard Audit Report" for the Prior Year The company had no non-standard audit report for the prior year - The company had no non-standard audit report during the reporting period[106] Bankruptcy and Reorganization Matters The company had no bankruptcy or reorganization matters during the reporting period - The company had no bankruptcy or reorganization matters during the reporting period[106] Litigation Matters The company had no significant litigation or arbitration matters during the current reporting period - The company had no significant litigation or arbitration matters during the current reporting period[107] - Other litigation matters: N/A[107] Penalties and Rectification The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[107] Integrity Status of the Company, its Controlling Shareholder, and Actual Controller The company, its controlling shareholder, and actual controller maintained good integrity, with no unfulfilled court judgments or overdue large debts - In the first half of 2025, the company and its controlling shareholder, Zhongding Group, had no unfulfilled effective court judgments or overdue large debts[108] Significant Related Party Transactions The company had no significant related party transactions, including those related to daily operations, asset/equity transfers, joint investments, or debt, during the reporting period - The company had no related party transactions related to daily operations during the reporting period[109] - The company had no related party transactions involving asset or equity acquisition/disposal during the reporting period[110] - The company had no related party transactions involving joint external investments during the reporting period[111] - The company had no related party creditor-debtor relationships during the reporting period[112] - There were no deposits, loans, credit lines, or other financial services between the company and related parties with affiliated financial companies[113] - There were no deposits, loans, credit lines, or other financial services between the company's controlled financial company and related parties[114] - The company had no other significant related party transactions during the reporting period[115] Significant Contracts and Their Performance The company had no significant entrustment, contracting, or leasing agreements, but provided substantial guarantees to subsidiaries, totaling 2.06 billion yuan, or 15.13% of net assets - The company had no entrustment situations during the reporting period[116] - The company had no contracting situations during the reporting period[117] - The company had no leasing situations during the reporting period[118] - The company had no other significant contracts during the reporting period[123] Company Guarantees for Subsidiaries (Unit: ten thousand yuan) | Guaranteed Party Name | Guaranteed Limit | Actual Guaranteed Amount | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Zhongding (Hong Kong) Co., Ltd. | 200,000 | 200,000 | 3 years | No | | Zhongding (Hong Kong) Co., Ltd. | 50,000 | 12,198.4 | 2.33 years | No | | Wuxi Jiake Sealing Technology Co., Ltd. | 17,000 | 2,020 | 1 year | No | | Chengdu Wangjin Automotive Parts Co., Ltd. | 5,000 | 1,000 | 1 year | No | | SchmitterGroup GmbH | 15,000 | 10,347.84 | 1 year | No | | Total Approved Guarantee Limit for Subsidiaries in Reporting Period (B1) | 239,000 | Total Actual Guarantees for Subsidiaries in Reporting Period (B2) | 13,367.84 | | | Total Approved Guarantee Limit for Subsidiaries at End of Reporting Period (B3) | 489,000 | Total Actual Guarantee Balance for Subsidiaries at End of Reporting Period (B4) | 206,402.04 | | - The total actual guarantee amount (i.e., A4+B4+C4) accounts for 15.13% of the company's net assets[121] - The company had no entrusted wealth management during the reporting period[122] Explanation of Other Significant Matters The company had no other significant matters requiring explanation during the reporting period - The company had no other significant matters requiring explanation during the reporting period[124] Significant Matters of Company Subsidiaries The company's subsidiaries had no significant matters during the reporting period - The company had no significant matters concerning subsidiaries during the reporting period[125] Part VI Share Changes and Shareholder Information Share Change Status The company's total share capital remained unchanged during the reporting period, with no alterations in restricted or unrestricted share quantities or proportions Share Change Status (Unit: shares) | Item | Number Before This Change | Proportion Before This Change | Subtotal Increase/Decrease in This Change | Number After This Change | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 2,119,139 | 0.16% | 0 | 2,119,139 | 0.16% | | Of which: Shares held by domestic natural persons | 2,119,139 | 0.16% | 0 | 2,119,139 | 0.16% | | II. Unrestricted Shares | 1,314,370,608 | 99.84% | 0 | 1,314,370,608 | 99.84% | | Of which: RMB ordinary shares | 1,314,370,608 | 99.84% | 0 | 1,314,370,608 | 99.84% | | III. Total Shares | 1,316,489,747 | 100.00% | 0 | 1,316,489,747 | 100.00% | - The reasons for share changes, approval status, transfer status, progress of share repurchase implementation, and progress of reducing repurchased shares through centralized bidding are all N/A[129] - Share changes had no impact on financial indicators such as basic and diluted earnings per share, and net assets per share attributable to ordinary shareholders of the company for the most recent year and period[129] Securities Issuance and Listing The company had no securities issuance or listing activities during the reporting period - The company had no securities issuance or listing activities during the reporting period[129] Number of Shareholders and Shareholding Status As of the end of the reporting period, the company had 101,365 ordinary shareholders, with the controlling shareholder holding 40.46% of shares, of which 142.5 million shares are pledged - Total number of ordinary shareholders at the end of the reporting period: 101,365[130] Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders (Unit: shares) | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held at End of Reporting Period | Number of Unrestricted Shares Held | Share Status | Quantity | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Anhui Zhongding Holding (Group) Co., Ltd. | Domestic Non-State-owned Legal Person | 40.46% | 532,701,321 | 532,701,321 | Pledged | 142,500,000 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 1.88% | 24,788,554 | 24,788,554 | N/A | 0 | | Chen Huolin | Domestic Natural Person | 0.99% | 12,979,733 | 12,979,733 | N/A | 0 | | Agricultural Bank of China Co., Ltd. - CSI 500 ETF Securities Investment Fund | Other | 0.89% | 11,715,129 | 11,715,129 | N/A | 0 | | Jiang Shibo | Domestic Natural Person | 0.61% | 8,000,000 | 8,000,000 | N/A | 0 | | Miao Su | Domestic Natural Person | 0.57% | 7,557,441 | 7,557,441 | N/A | 0 | | China Life Insurance Co., Ltd. - Traditional - Ordinary Insurance Product - 005L - CT001 Shanghai | Other | 0.46% | 5,999,515 | 5,999,515 | N/A | 0 | | Zhao Xiyi | Domestic Natural Person | 0.43% | 5,720,666 | 5,720,666 | N/A | 0 | | Lyu Qiang | Domestic Natural Person | 0.39% | 5,137,300 | 5,137,300 | N/A | 0 | | Xu Yayun | Domestic Natural Person | 0.32% | 4,273,000 | 4,273,000 | N/A | 0 | - The company is unaware of any related party relationships among shareholders or whether they are acting in concert as defined in the "Administrative Measures for Information Disclosure on Shareholding Changes by Shareholders of Listed Companies"[131][132] - Among the top 10 ordinary shareholders, Chen Huolin, Jiang Shibo, Miao Su, Lyu Qiang, and Xu Yayun hold company shares through margin trading and securities lending accounts[132] Changes in Shareholdings of Directors, Supervisors, and Senior Management There were no changes in the shareholdings of the company's directors, supervisors, or senior management during the reporting period - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period, details can be found in the 2024 annual report[133] Changes in Controlling Shareholder or Actual Controller There were no changes in the company's controlling shareholder or actual controller during the reporting period - The company's controlling shareholder did not change during the reporting period[134] - The company's actual controller did not change during the reporting period[134] Preferred Share Information The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[135] Part VII Bond-Related Information Bond-Related Information The company had no bond-related information to disclose during the reporting period - The company had no bond-related information during the reporting period[137] Part VIII Financial Report Audit Report The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[139] Financial Statements This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity Consolidated Balance Sheet (June 30, 2025) (Unit: yuan) | Item | Period-end Balance | Period-start Balance | | :--- | :--- | :--- | | Total Assets | 25,705,226,375.11 | 24,124,759,391.49 | | Total Liabilities | 11,968,376,557.46 | 11,092,762,805.05 | | Total Owners' Equity | 13,736,849,817.65 | 13,031,996,586.44 | Consolidated Income Statement (First Half of 2025) (Unit: yuan) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Total Operating Revenue | 9,846,412,091.60 | 9,669,195,454.94 | | Operating Profit | 1,029,095,746.44 | 863,774,000.91 | | Total Profit | 998,332,367.83 | 875,259,905.63 | | Net Profit | 813,710,646.41 | 719,344,846.62 | | Net Profit Attributable to Parent Company Shareholders | 817,272,916.44 | 716,233,214.33 | | Basic Earnings Per Share (yuan/share) | 0.62 | 0.54 | Consolidated Cash Flow Statement (First Half of 2025) (Unit: yuan) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 617,074,188.62 | 713,903,956.28 | | Net Cash Flow from Investing Activities | -976,440,402.19 | -578,625,889.36 | | Net Cash Flow from Financing Activities | 139,314,749.00 | 74,174,571.08 | | Net Increase in Cash and Cash Equivalents | -127,953,348.21 | 216,809,190.05 | Company Basic Information Anhui Zhongding Sealing Parts Co., Ltd., established in 1998, focuses on hydraulic pneumatic seals and automotive non-tire rubber products, with a registered capital of 1.32 billion yuan - Anhui Zhongding Sealing Parts Co., Ltd. was established on October 23, 1998, with its domicile in Zhongding Industrial Park, Ningguo Economic and Technological Development Zone, Ningguo City, Xuancheng City, Anhui Province[174] - On November 16, 2006, the company's major asset swap was completed, and its principal business changed from agricultural vehicle manufacturing and sales to the production and sales of hydraulic and pneumatic seals and automotive non-tire rubber products (excluding brakes and shock absorbers)[175] - On January 12, 2007, the company's name was changed to Anhui Zhongding Sealing Parts Co., Ltd[175] - As of June 30, 2025, the company's changed registered capital was 1.32 billion yuan[182] - The company's principal business activities are: R&D, production, and sales of hydraulic and pneumatic seals, and automotive non-tire rubber products (excluding brakes and shock absorbers). Its main businesses include intelligent chassis system business - air suspension systems; intelligent chassis system business - lightweight chassis systems; fluid pipeline systems; and sealing systems[182] Basis of Financial Statement Preparation The financial statements are prepared on a going concern basis in accordance with enterprise accounting standards and relevant disclosure requirements, with no identified going concern issues - The company prepares its financial statements on a going concern basis, recognizing and measuring transactions and events in accordance with enterprise accounting standards, their application guidelines, and interpretations[183] - Additionally, the company discloses relevant financial information in accordance with the China Securities Regulatory Commission's "Reporting Rules for Information Disclosure by Companies Issuing Securities to the Public No. 15 - General Provisions for Financial Reports (Revised 2023)"[183] - The company assessed its ability to continue as a going concern for 12 months from the end of the reporting period, finding no matters affecting its going concern ability, thus the preparation of financial statements on a going concern basis is reasonable[184] Significant Accounting Policies and Estimates This section details the company's accounting policies and estimates across various areas, including financial instruments, inventories, fixed assets, intangible assets, and revenue recognition - The company's accounting year runs from January 1 to December 31 of the Gregorian calendar. The company's functional currency is RMB[187][189] - Assets and liabilities acquired by the company in a business combination are measured at their book value in the ultimate controlling party's consolidated financial statements on the acquisition date (under common control) or at their fair value (under non-common control)[191][194] - The scope of consolidation for consolidated financial statements is determined based on control[197] - At initial recognition, the company classifies financial assets based on the business model for managing financial assets and the contractual cash flow characteristics of the financial assets into: financial assets measured at amortized cost, financial assets measured at fair value through profit or loss, and financial assets measured at fair value through other comprehensive income[240] - For financial assets measured at amortized cost, debt investments measured at fair value through other comprehensive income, contract assets, loan commitments, and financial guarantee contracts, the company recognizes loss provisions based on expected credit losses[253] - Raw materials, self-produced semi-finished goods, and inventory are accounted for at planned cost in daily operations, with cost variances transferred monthly upon issuance to adjust planned cost to actual cost; inventory is issued using the weighted average method. At the balance sheet date, inventory is measured at the lower of cost and net realizable value, and inventory impairment provisions are made if the cost exceeds the net realizable value[287][289] - Fixed assets are depreciated using the straight-line method, with depreciation periods of 20 years for buildings, 10 years for machinery, 5 years for transportation equipment, and 5 years for other equipment[320] - For intangible assets with finite useful lives, the company determines their useful lives upon acquisition and amortizes them systematically and reasonably using the straight-line method over their useful lives. Land use rights have an estimated useful life of 50 years, software 5 years