上海新华传媒股份有限公司2025 年半年度报告 公司代码：600825 公司简称：新华传媒 上海新华传媒股份有限公司 2025 年半年度报告 1 / 162 上海新华传媒股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人胡明华、主管会计工作负责人刘航及会计机构负责人（会计主管人员）蒋玲英 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司2025年半年度不进行利润分配，也不进行资本公积金转增股本。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请投资 者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披 ...

公司代码：605180 公司简称：华生科技 浙江华生科技股份有限公司 2025 年半年度报告 浙江华生科技股份有限公司2025 年半年度报告 1 / 159 浙江华生科技股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人蒋生华、主管会计工作负责人范跃锋及会计机构负责人（会计主管人员）邬新 巨声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告涉及的未来计划、发展战略等前瞻性描述，因存在不确定性因素，不构成公司对投资 者的实质性承诺，请投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 ...

[Definitions](index=4&type=section&id=Section%201%20Definitions) [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This section provides definitions for key terms used in the report, covering company names, shareholders, actual controllers, the reporting period, and specialized terms related to membrane technology and water treatment processes - The Company refers to Suntar Membrane Technology Co, Ltd, its predecessors, and all subsidiaries[11](index=11&type=chunk) - The reporting period is from January 1, 2025, to June 30, 2025[11](index=11&type=chunk) - The actual controllers are the couple LAN WEIGUANG and CHEN NI[11](index=11&type=chunk) - Membrane technology includes separation processes such as microfiltration, ultrafiltration, nanofiltration, and reverse osmosis, as well as water treatment processes like MBR membrane bioreactors[12](index=12&type=chunk) - Business models include BOT (Build-Operate-Transfer), TOT (Transfer-Operate-Transfer), and EPC (Engineering, Procurement, and Construction)[13](index=13&type=chunk) [Company Profile and Key Financial Indicators](index=7&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) [Company Basic Information](index=7&type=section&id=I.%20Company%20Basic%20Information) This section outlines the company's basic information, including its names, legal representative, addresses, and website, noting the relocation of its registered address from Xiamen, Fujian to Yan'an, Shaanxi in September 2018 - The company's Chinese name is 三达膜环境技术股份有限公司, with the short name 三达膜[15](index=15&type=chunk) - The legal representative is CHEN NI[15](index=15&type=chunk) - The company's registered address was relocated from Xiamen, Fujian to Yan'an, Shaanxi in September 2018[15](index=15&type=chunk) [Contact Persons and Methods](index=7&type=section&id=II.%20Contact%20Persons%20and%20Methods) This section provides the contact details for the company's Board Secretary (domestic information disclosure representative) and Securities Affairs Representative - The Board Secretary is Zhang Jingxiao, and the Securities Affairs Representative is Huang Jianting[16](index=16&type=chunk) - The company's official email address is ir@suntar.com[16](index=16&type=chunk) [Information Disclosure and Report Availability](index=7&type=section&id=III.%20Information%20Disclosure%20and%20Report%20Availability) This section specifies the designated newspaper and website for information disclosure and the location where the semi-annual report is available - The company's designated information disclosure newspaper is the Shanghai Securities News, and the website is www.sse.com.cn[17](index=17&type=chunk) - The report is available at the Board of Directors' office[17](index=17&type=chunk) [Company Stock/Depositary Receipt Profile](index=7&type=section&id=IV.%20Company%20Stock/Depositary%20Receipt%20Profile) This section briefly introduces the company's stock information, which is listed as A-shares on the STAR Market of the Shanghai Stock Exchange - The company's stock is listed as A-shares on the STAR Market of the Shanghai Stock Exchange[18](index=18&type=chunk) - The stock short name is 三达膜 (Suntar Membrane), and the stock code is 688101[18](index=18&type=chunk) [Key Accounting Data and Financial Indicators](index=8&type=section&id=VI.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company achieved steady growth in revenue and net profit, with significant increases in earnings per share and net cash flow from operating activities Key Accounting Data (Jan-Jun 2025 vs Prior Year Period) | Key Accounting Data | Current Period (Jan-Jun) (Yuan) | Prior Year Period (Yuan) | Change vs Prior Year Period (%) | | :----------------------------------------------------------- | :------------------------------- | :----------------------- | :------------------------------ | | Operating Revenue | 717,072,359.63 | 673,106,487.63 | 6.53 | | Total Profit | 228,946,724.34 | 187,359,266.04 | 22.20 | | Net Profit Attributable to Shareholders | 195,236,430.79 | 160,839,087.27 | 21.39 | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 180,049,615.16 | 143,736,843.21 | 25.26 | | Net Cash Flow from Operating Activities | 92,784,190.62 | 87,725,200.18 | 5.77 | | **Current Period-End vs Prior Year-End** | | | | | Net Assets Attributable to Shareholders | 4,243,269,112.48 | 4,047,350,773.26 | 4.84 | | Total Assets | 6,148,608,153.76 | 6,121,583,989.79 | 0.44 | Key Financial Indicators (Jan-Jun 2025 vs Prior Year Period) | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | Change vs Prior Year Period | | :----------------------------------------------------------- | :------------------------- | :---------------- | :-------------------------- | | Basic Earnings Per Share (Yuan/Share) | 0.59 | 0.48 | 22.92% | | Diluted Earnings Per Share (Yuan/Share) | 0.59 | 0.48 | 22.92% | | Basic EPS (Excluding Non-recurring Items) (Yuan/Share) | 0.54 | 0.43 | 25.58% | | Weighted Average Return on Equity (%) | 4.71 | 4.14 | Increase of 0.57 ppt | | Weighted Average ROE (Excluding Non-recurring Items) (%) | 4.34 | 3.70 | Increase of 0.64 ppt | | R&D Investment as a Percentage of Operating Revenue (%) | 4.20 | 4.44 | Decrease of 0.24 ppt | - The increase in net cash flow from operating activities was primarily due to an increase in cash received from the sale of goods and provision of services compared to the same period last year[21](index=21&type=chunk) [Non-recurring Profit and Loss Items and Amounts](index=8&type=section&id=VIII.%20Non-recurring%20Profit%20and%20Loss%20Items%20and%20Amounts) This section details the non-recurring profit and loss items and their amounts for the reporting period, totaling 15,186,815.63 Yuan Non-recurring Profit and Loss Items and Amounts | Non-recurring Profit and Loss Item | Amount (Yuan) | | :----------------------------------------------------------- | :------------ | | Gain/Loss on Disposal of Non-current Assets | 4,316,623.76 | | Government Grants Recognized in Current Profit or Loss | 2,653,488.69 | | Fair Value Changes and Disposal Gains/Losses on Financial Assets and Liabilities Held by Non-financial Enterprises | 10,007,989.47 | | Reversal of Impairment Provision for Individually Tested Accounts Receivable | 1,800,000.00 | | Other Non-operating Income and Expenses | -298,079.42 | | Less: Income Tax Impact | 3,292,877.75 | | Minority Interest Impact (After Tax) | 329.12 | | Total | 15,186,815.63 | [Management Discussion and Analysis](index=10&type=section&id=Section%203%20Management%20Discussion%20and%20Analysis) [Industry and Main Business Overview During the Reporting Period](index=10&type=section&id=I.%20Industry%20and%20Main%20Business%20Overview%20During%20the%20Reporting%20Period) The company has established a complete membrane industry chain and focuses on membrane technology applications and water investment operations, achieving strong performance in the new energy and bio-fermentation sectors [Main Business, Products, or Services](index=10&type=section&id=(I)%20Main%20Business,%20Products,%20or%20Services) The company's main business includes membrane technology applications and water investment operations, with core intellectual property in various membrane materials and equipment - The company's main businesses include membrane technology applications (industrial material separation, membrane-based water treatment, environmental engineering, spare parts, and residential water purifiers) and water investment operations (municipal wastewater treatment)[26](index=26&type=chunk) - The company holds core proprietary intellectual property and a leading industry position in membrane materials and equipment such as nanofiltration cores, ceramic membranes, hollow fiber membranes, MBR, spiral-wound membranes, and black gold membranes (graphene membranes)[27](index=27&type=chunk)[28](index=28&type=chunk)[29](index=29&type=chunk) - The company's residential water purification equipment utilizes the fifth-generation Nanofiltration 5.0 technology, featuring core advantages such as no electricity consumption, zero wastewater, and mineral retention[31](index=31&type=chunk) [Main Business Models](index=12&type=section&id=(II)%20Main%20Business%20Models) The company develops membrane application processes with a goal-oriented approach, operating through customized solutions, strategic procurement, in-house production, and a robust R&D system - **Profit Model**: Revenue is generated by providing integrated solutions and spare parts sales in membrane technology applications, and through service fees from EPC, BOT, BT, and TOT models in water investment operations[34](index=34&type=chunk) - **Procurement Model**: Annual strategic cooperation agreements are signed with well-known manufacturers for regular materials, while new materials and specialized equipment undergo supplier approval and bidding processes[35](index=35&type=chunk) - **Production Model**: The company primarily produces membrane materials and components in-house, with non-core processes outsourced and system integration performed on-site[36](index=36&type=chunk) - **R&D Model**: The "RDPA" R&D system, based on a "goal-oriented, reverse thinking" principle, leverages a postdoctoral research station and engineering technology center to foster industry-university-research collaboration[38](index=38&type=chunk)[39](index=39&type=chunk) [Industry Landscape](index=13&type=section&id=(III)%20Industry%20Landscape) The membrane technology application industry is a high-tech sector with strong market demand and high technical barriers, influenced by economic cycles and environmental policies, where the company holds a leading position - The membrane technology application industry is a high-tech sector with **strong market demand and high technical barriers**, expected to maintain high gross profit margins[42](index=42&type=chunk)[43](index=43&type=chunk) - Industry development is influenced by national economic performance, industrial fixed asset investment, and environmental policies, exhibiting regional and seasonal characteristics[42](index=42&type=chunk) - The company is a pioneer in China's membrane technology development and application field, holding a **leading domestic position** in industrial material separation and membrane-based water treatment[44](index=44&type=chunk)[45](index=45&type=chunk) - Future industry trends include advancing application levels, an increasingly complete industry chain, high-efficiency low-carbon water treatment membrane technology, and continuous optimization of separation membrane materials and product structures[48](index=48&type=chunk)[49](index=49&type=chunk)[51](index=51&type=chunk)[52](index=52&type=chunk) China Water Treatment Membrane Market Size and Competitive Landscape (2024) | Metric | Data | | :--- | :--- | | Market Size | 7.35 billion RMB | | Year-on-Year Growth | 1% | | Estimated 2025 Market Size | Approx. 7.5 billion RMB | | Domestic Enterprise Market Share | 78% | | Foreign Enterprise Market Share | 10% | | Joint Venture Market Share | 12% | | Municipal Wastewater Market Size | 1.55 billion RMB (21% share), YoY growth 6.5% | | Industrial-Chemical Market Size | 1.34 billion RMB (18% share), growth rate 7.8% | | Industrial-Power Market Size | 1.06 billion RMB (14% share), growth rate 8.2% | [Discussion and Analysis of Operating Performance](index=16&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operating%20Performance) The company established a vision to become a leading global membrane technology company, achieving strong performance in new energy and bio-fermentation sectors and seeing steady growth in revenue and net profit - The company's strategic vision is to "become a leading global membrane technology company," having already formed a complete membrane industry chain[52](index=52&type=chunk) - **Strong performance was achieved in market expansion** for the new energy and bio-fermentation industries, further consolidating its market position in lithium extraction from salt lakes with orders from key clients[53](index=53&type=chunk) - The core product, ceramic membranes, is in high demand, and the company plans to further expand its production capacity[53](index=53&type=chunk) - The company is leading a joint R&D effort for PEM hydrogen production equipment with Xiamen University's Jiageng Laboratory, which was selected for a future technology project by the Xiamen Science and Technology Bureau[53](index=53&type=chunk) - The Taonan investment project in Jilin Province has commenced operations, leading to a steady increase in water services operating income[53](index=53&type=chunk) Key Operating Results During the Reporting Period | Metric | Amount/Ratio | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 717.07 million Yuan | Increase 6.53% | | Net Profit Attributable to Shareholders | - | Increase 21.39% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 180.05 million Yuan | Increase 25.26% | | Net Cash Flow from Operating Activities | 180.05 million Yuan | Increase 36.31 million Yuan | [Analysis of Core Competitiveness During the Reporting Period](index=16&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) The company's core competitiveness lies in its technological advantages across the full membrane industry chain, strong R&D capabilities, and extensive project experience, establishing its authoritative position - The company's core competitiveness includes technological advantages in membrane materials, components, and equipment, such as ceramic membranes with superior strength, nanofiltration cores that solve selective separation challenges, and high-performance hollow fiber membranes[56](index=56&type=chunk)[57](index=57&type=chunk) - **Significant R&D and continuous innovation advantages** are supported by a postdoctoral research station and the Fujian Provincial Membrane Separation Engineering Technology Center, forming a core technology portfolio[58](index=58&type=chunk)[62](index=62&type=chunk) - The company has accumulated extensive project implementation experience in various industrial sub-sectors, including pharmaceuticals, biochemicals, food and beverage, and petrochemicals, providing a strong advantage in membrane application technology[59](index=59&type=chunk) - The company's business covers the entire membrane industry chain from materials to applications and provides high-quality comprehensive services in residential, commercial, and municipal water treatment[59](index=59&type=chunk)[60](index=60&type=chunk) - During the reporting period, the company and its subsidiaries applied for **14 patents** (4 invention, 10 utility model) and were granted **7 patents** (2 invention, 5 utility model)[65](index=65&type=chunk) R&D Investment (Jan-Jun 2025 vs Prior Year Period) | Metric | Current Period (Yuan) | Prior Year Period (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 30,140,208.25 | 29,877,401.58 | 0.88 | | Total R&D Investment | 30,140,208.25 | 29,877,401.58 | 0.88 | | R&D Investment as a Percentage of Operating Revenue (%) | 4.20 | 4.44 | Decrease of 0.24 ppt | R&D Personnel (Jan-Jun 2025 vs Prior Year Period) | Metric | Current Period | Prior Year Period | | :--- | :--- | :--- | | Number of R&D Personnel | 196 | 203 | | R&D Personnel as a Percentage of Total Employees (%) | 16.60 | 17.45 | | Total R&D Personnel Compensation (Yuan) | 20,175,186.98 | 19,607,254.44 | | Average R&D Personnel Compensation (Yuan) | 102,934.63 | 96,587.46 | [Risk Factors](index=25&type=section&id=IV.%20Risk%20Factors) The company faces multiple risks including technology iteration, R&D failure, accounts receivable collection, customer concentration, market competition, macroeconomic changes, and international trade friction - **Core Competitiveness Risks**: Risks of technology upgrades and R&D failure could lead to products not meeting market demand or R&D investments not achieving expected returns[79](index=79&type=chunk) - **Operational Risks**: Slow collection of accounts receivable, particularly in the water investment business affected by local government finances; significant changes in major customers could lead to performance volatility; and challenges in new market development[80](index=80&type=chunk)[81](index=81&type=chunk) - **Industry Risks**: Intensified competition in the domestic membrane technology market with the entry of international firms; increased capital inflow and competition in the water investment sector; and potential government defaults adversely affecting water projects[82](index=82&type=chunk) - **Macro-environmental Risks**: Changes in macroeconomic conditions and environmental policies may reduce customer orders; international trade friction could impact raw material imports and product exports; and exchange rate fluctuations may affect operating results[83](index=83&type=chunk)[84](index=84&type=chunk) - **Other Significant Risks**: The company's relocation to Yan'an may pose challenges in recruiting R&D talent; investment income from associate company Shandong Tianli Pharmaceutical is subject to market price volatility[86](index=86&type=chunk) [Main Operating Activities During the Reporting Period](index=27&type=section&id=V.%20Main%20Operating%20Activities%20During%20the%20Reporting%20Period) The company's revenue from membrane technology applications and water investment operations grew steadily, driving significant increases in net profit and earnings per share Key Operating Results During the Reporting Period | Metric | Amount/Ratio | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 717.07 million Yuan | Increase 6.53% | | Net Profit Attributable to Shareholders | - | Increase 21.39% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 180.05 million Yuan | Increase 25.26% | | Basic Earnings Per Share | - | Increase 22.92% | | Basic EPS (Excluding Non-recurring Items) | - | Increase 25.58% | | Net Cash Flow from Operating Activities | 180.05 million Yuan | Increase 36.31 million Yuan | - The increase in net cash flow from operating activities was primarily due to an increase in cash received from the sale of goods and provision of services compared to the same period last year[87](index=87&type=chunk) [Analysis of Main Business](index=27&type=section&id=(IV)%20Analysis%20of%20Main%20Business) During the period, both main business revenue and costs increased, while financial expenses decreased due to higher interest income and lower interest expenses Analysis of Changes in Financial Statement Items (Jan-Jun 2025 vs Prior Year Period) | Item | Current Period (Yuan) | Prior Year Period (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 717,072,359.63 | 673,106,487.63 | 6.53 | | Operating Costs | 424,815,085.11 | 419,131,720.95 | 1.36 | | Selling Expenses | 18,697,931.99 | 17,277,726.63 | 8.22 | | Administrative Expenses | 26,638,489.80 | 25,674,686.82 | 3.75 | | Financial Expenses | 10,378,738.24 | 11,992,933.44 | -13.46 | | R&D Expenses | 30,140,208.25 | 29,877,401.58 | 0.88 | | Net Cash Flow from Operating Activities | 92,784,190.62 | 87,725,200.18 | 5.77 | | Net Cash Flow from Investing Activities | -213,936,469.68 | -88,990,958.86 | N/A | | Net Cash Flow from Financing Activities | -12,234,379.14 | -18,236,348.84 | N/A | - The growth in operating revenue was mainly due to the steady increase in income from membrane technology applications and water investment operations[88](index=88&type=chunk) - The decrease in financial expenses was primarily due to an increase in interest income and a simultaneous decrease in interest expenses[89](index=89&type=chunk) - The decrease in net cash flow from investing activities was mainly due to an increase in cash paid for bank wealth management products compared to the previous year[89](index=89&type=chunk) [Analysis of Assets and Liabilities](index=29&type=section&id=(VI)%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, total assets and net assets attributable to shareholders both increased, with notable changes in trading financial assets, prepayments, and various payables Changes in Assets and Liabilities (Period-End vs Beginning of Period) | Item | Current Period-End (Yuan) | % of Total Assets | Prior Year-End (Yuan) | % of Total Assets | Change vs Prior Year-End (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 477,723,923.55 | 7.77 | 571,331,157.05 | 9.33 | -16.38 | | Trading Financial Assets | 1,137,767,153.99 | 18.50 | 949,749,527.52 | 15.51 | 19.80 | | Notes Receivable | 65,954,829.83 | 1.07 | 97,643,414.77 | 1.60 | -32.45 | | Receivables Financing | 13,440,419.23 | 0.22 | 101,651,104.74 | 1.66 | -86.78 | | Prepayments | 53,836,700.98 | 0.88 | 31,443,646.71 | 0.51 | 71.22 | | Other Receivables | 32,748,363.92 | 0.53 | 13,793,472.69 | 0.23 | 137.42 | | Employee Benefits Payable | 11,468,855.36 | 0.19 | 28,186,409.10 | 0.46 | -59.31 | | Notes Payable | 30,148,898.75 | 0.49 | 40,819,667.79 | 0.67 | -26.14 | | Accounts Payable | 427,356,441.05 | 6.95 | 517,514,674.40 | 8.45 | -17.42 | | Contract Liabilities | 755,389,280.34 | 12.29 | 778,856,311.78 | 12.72 | -3.01 | - The decrease in notes receivable and receivables financing was mainly due to a reduction in bank acceptance bills receivable at the end of the period[92](index=92&type=chunk) - The increase in prepayments was primarily due to an increase in orders on hand at the period-end, leading to higher advance payments to suppliers[92](index=92&type=chunk) - The increase in other receivables was mainly due to the newly added receivable for the asset disposal of the Dongliao County Wastewater Treatment Plant[92](index=92&type=chunk) - The decrease in employee benefits payable was mainly because the year-end bonuses from the previous year had been distributed[93](index=93&type=chunk) - Overseas assets amounted to **122,224,394.77 Yuan**, accounting for **1.99%** of total assets[94](index=94&type=chunk) Major Restricted Assets at Period-End | Item | Book Value (Yuan) | Reason for Restriction | | :--- | :--- | :--- | | Cash and Cash Equivalents | 61,819,295.54 | Loan deposits, letter of guarantee deposits, pledge deposits, frozen bank accounts, etc. | | Accounts Receivable | 5,259,960.00 | Wastewater treatment fee collection rights used as collateral for long-term loans | | Fixed Assets | 25,846,899.22 | Collateral for long-term loans | | Notes Receivable | 29,593,918.62 | Endorsed but not derecognized notes receivable | | Total | 122,520,073.38 | / | [Investment Status Analysis](index=31&type=section&id=(VII)%20Investment%20Status%20Analysis) The period-end balance of financial assets measured at fair value increased, primarily composed of trading financial assets and receivables financing Changes in Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (Yuan) | Current Period Fair Value Change (Yuan) | Current Period Purchases (Yuan) | Current Period Sales/Redemptions (Yuan) | Ending Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 949,749,527.52 | 4,581,365.11 | 1,029,642,966.67 | 846,581,472.21 | 1,137,767,153.99 | | Receivables Financing | 101,651,104.74 | - | - | - | 13,440,419.23 | | Other Non-current Financial Assets | 499,349.90 | - | - | - | 499,349.90 | | Total | 1,051,899,982.16 | 4,581,365.11 | 1,029,642,966.67 | 846,581,472.21 | 1,151,706,923.12 | [Analysis of Major Subsidiaries and Investees](index=33&type=section&id=(IX)%20Analysis%20of%20Major%20Subsidiaries%20and%20Investees) This section analyzes the financial status of the main subsidiary, Suntar Membrane Technology (Xiamen), and key associate, Shandong Tianli Pharmaceutical, noting the deregistration of a non-material subsidiary Financial Information of Major Subsidiaries and Investees | Company Name | Type | Main Business | Registered Capital (Yuan) | Total Assets (Yuan) | Net Assets (Yuan) | Operating Revenue (Yuan) | Operating Profit (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Suntar Membrane Technology (Xiamen) Co., Ltd. | Subsidiary | Design, manufacturing, installation of membrane materials, equipment, and related technical consulting services | 81,050,000.00 | 1,307,697,100.75 | 519,043,883.00 | 378,727,521.88 | 120,601,242.25 | 103,944,864.84 | | Shandong Tianli Pharmaceutical Co., Ltd. | Associate | Production and sales of sorbitol, mannitol, glucose, and vitamin C | 203,172,500.00 | 2,699,148,229.44 | 1,861,513,529.65 | 1,632,561,840.21 | 142,826,512.22 | 100,396,671.41 | - During the reporting period, the company deregistered Suntar Environmental Technology (Shandong) Co., Ltd., which had no significant impact on the company's overall production, operation, and performance[102](index=102&type=chunk) [Corporate Governance, Environment, and Society](index=34&type=section&id=Section%204%20Corporate%20Governance,%20Environment,%20and%20Society) [Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel](index=34&type=section&id=I.%20Changes%20in%20Directors,%20Supervisors,%20Senior%20Management,%20and%20Core%20Technical%20Personnel) No changes occurred among the company's directors, supervisors, senior management, or core technical personnel during the reporting period - During the reporting period, there were **no changes** in the company's directors, supervisors, senior management, and core technical personnel[105](index=105&type=chunk) - The criteria for identifying core technical personnel include extensive work experience or high academic qualifications matching the company's business, holding important R&D positions, and leading the development of multiple core technologies and patent applications[105](index=105&type=chunk) [Profit Distribution or Capitalization of Capital Reserve Plan](index=34&type=section&id=II.%20Profit%20Distribution%20or%20Capitalization%20of%20Capital%20Reserve%20Plan) The company does not plan to distribute profits or capitalize its capital reserve for the semi-annual period - The company's semi-annual profit distribution or capitalization of capital reserve plan is "None"[106](index=106&type=chunk) [Environmental Information of Listed Companies and Subsidiaries Subject to Mandatory Disclosure](index=34&type=section&id=IV.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Subsidiaries%20Subject%20to%20Mandatory%20Disclosure) A total of 25 of the company's subsidiaries, primarily water companies, are included in the list of enterprises subject to mandatory environmental information disclosure - A total of **25** of the company's subsidiaries are included in the list of enterprises subject to mandatory environmental information disclosure[108](index=108&type=chunk) - These subsidiaries are mainly located in provinces such as Shandong, Jilin, Liaoning, Hubei, Jiangxi, Anhui, Fujian, and Henan, with their business nature primarily being water operations[108](index=108&type=chunk)[109](index=109&type=chunk) [Significant Matters](index=37&type=section&id=Section%205%20Significant%20Matters) [Fulfillment of Commitments](index=37&type=section&id=I.%20Fulfillment%20of%20Commitments) The company's controlling shareholders, actual controllers, directors, and other key personnel have strictly fulfilled all commitments made during the initial public offering - The controlling shareholder, actual controllers, directors, senior management, and core technical personnel have all strictly fulfilled their share lock-up commitments[111](index=111&type=chunk)[112](index=112&type=chunk)[113](index=113&type=chunk) - The controlling shareholder and shareholders with over 5% ownership have committed to a long-term positive outlook on the company's development and will strictly adhere to share reduction regulations, with the reduction price not being lower than the issue price[113](index=113&type=chunk)[114](index=114&type=chunk)[115](index=115&type=chunk) - The company, its controlling shareholder, directors, and senior management have committed to fulfilling repurchase or share increase obligations when the stock price stabilization plan is triggered[115](index=115&type=chunk)[116](index=116&type=chunk)[117](index=117&type=chunk) - The company and its controlling shareholder and actual controllers have committed to distributing profits in strict accordance with the articles of association and dividend return plan[117](index=117&type=chunk) - The company's controlling shareholder, actual controllers, shareholders with over 5% ownership, and directors, supervisors, and senior management have committed to avoiding horizontal competition and reducing related-party transactions[117](index=117&type=chunk)[118](index=118&type=chunk)[119](index=119&type=chunk) [Major Litigation and Arbitration Matters](index=47&type=section&id=VII.%20Major%20Litigation%20and%20Arbitration%20Matters) The company is involved in several major litigation and arbitration cases, including a significant contract dispute with Sunresin New Materials where the company has appealed an unfavorable first-instance judgment - In the contract dispute with Sunresin New Materials, Sunresin demanded payment of **58,611,513.85 Yuan** from the company; the company filed a counterclaim, but the first-instance judgment ordered the company to pay **47,440,000 Yuan** plus damages and fees and dismissed the counterclaim, a decision which the company has appealed[122](index=122&type=chunk)[123](index=123&type=chunk) - A court ruled against the compulsory execution of a **320,000 Yuan** administrative fine against the company's subsidiary, Baicheng Suntar Water Co, Ltd[124](index=124&type=chunk) - Several construction contract disputes are ongoing, with some settled and withdrawn, involving amounts ranging from hundreds of thousands to several million Yuan[126](index=126&type=chunk)[127](index=127&type=chunk) [Major Related-Party Transactions](index=51&type=section&id=X.%20Major%20Related-Party%20Transactions) The company's routine related-party transactions for 2025 were pre-approved, and the actual amounts incurred during the reporting period remained within the estimated limits - The company's estimated routine related-party transaction amounts for the 2025 fiscal year were approved in November 2024[130](index=130&type=chunk) Routine Related-Party Transaction Amounts for 2025 | Transaction Category | Related Party | Estimated Amount for 2025 (10k Yuan) | Amount Incurred in Reporting Period (10k Yuan) | | :--- | :--- | :--- | :--- | | Sales of products/goods to related parties | Shandong Tianli Pharmaceutical Co., Ltd. | 2,000.00 | 911.09 | | Purchases of products/goods from related parties | Xiamen Dalan Technology Co., Ltd. | 30.00 | 5.22 | | Leasing of factory/office space from related parties | Suntar Membrane Sci-tech Park Development (Xiamen) Co., Ltd. | 867.72 | 433.86 | | Total | / | 4,247.72 | 1,351.15 | - During the reporting period, the routine related-party transactions with related parties did not exceed the approved limits[131](index=131&type=chunk) [Major Contracts and Their Performance](index=52&type=section&id=XI.%20Major%20Contracts%20and%20Their%20Performance) The company provided guarantees for an external party and its subsidiary, with the total outstanding guarantee balance representing 0.44% of the company's net assets Company's External Guarantees (Excluding Guarantees for Subsidiaries) | Guarantor | Guaranteed Party | Guarantee Amount (10k Yuan) | Start Date | End Date | Guarantee Type | Is Guarantee Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Suntar Membrane Technology Co., Ltd. | Xiamen Jimei District Financing Guarantee Co., Ltd. | 1,600.00 | 2025.03.31 | 2026.03.31 | Joint and Several Liability | No | Company and Its Subsidiaries' Guarantees for Subsidiaries | Guarantor | Guaranteed Party | Guarantee Amount (10k Yuan) | Start Date | End Date | Guarantee Type | Is Guarantee Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Suntar Membrane Technology Co., Ltd. | Suntar Membrane Technology (Xiamen) Co., Ltd. | 4,000.00 | 2025.02.24 | 2026.11.26 | Joint and Several Liability | No | | Suntar Membrane Technology Co., Ltd. | Suntar Membrane Technology (Xiamen) Co., Ltd. | 5,000.00 | 2025.03.12 | 2026.03.04 | Joint and Several Liability | No | | Suntar Membrane Technology Co., Ltd. | Suntar Membrane Technology (Xiamen) Co., Ltd. | 5,000.00 | 2025.01.02 | 2026.11.26 | Joint and Several Liability | No | | Suntar Membrane Technology Co., Ltd. | Suntar Membrane Technology (Xiamen) Co., Ltd. | 400.00 | 2025.03.31 | 2026.11.26 | Joint and Several Liability | No | | Suntar Membrane Technology Co., Ltd. | Suntar Membrane Technology (Xiamen) Co., Ltd. | 6,000.00 | 2025.03.31 | 2026.11.26 | Joint and Several Liability | No | Company's Total Guarantee Amount | Metric | Amount (10k Yuan) | | :--- | :--- | | Total Guarantees for Subsidiaries Incurred in Reporting Period | 20,400.00 | | Outstanding Guarantee Balance for Subsidiaries at Period-End (B) | 1,825.38 | | Total Guarantee Amount (A+B) | 1,825.38 | | Total Guarantee Amount as a Percentage of Company's Net Assets (%) | 0.44 | [Progress on the Use of Raised Funds](index=55&type=section&id=XII.%20Progress%20on%20the%20Use%20of%20Raised%20Funds) The company has utilized 50.64% of the net proceeds from its IPO, with several investment projects completed and surplus funds reallocated to supplement working capital Overall Use of Raised Funds | Source of Funds | Total Raised (10k Yuan) | Net Proceeds (10k Yuan) | Committed Investment Amount (10k Yuan) | Excess Funds (10k Yuan) | Cumulative Investment to Date (10k Yuan) | Cumulative Investment Progress (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering | 152,416.22 | 145,024.66 | 141,000.00 | 4,024.66 | 73,435.50 | 50.64 | - Multiple fundraising projects have been completed, including several wastewater treatment plant upgrades and membrane production line projects, with some surplus funds permanently supplementing working capital or held in dedicated accounts[148](index=148&type=chunk)[149](index=149&type=chunk)[150](index=150&type=chunk)[151](index=151&type=chunk)[152](index=152&type=chunk)[153](index=153&type=chunk) - The company used no more than **90.00 million Yuan** of idle raised funds to temporarily supplement working capital, with **61.54 million Yuan** utilized as of June 30, 2025[159](index=159&type=chunk) - The company used no more than **600 million Yuan** of temporarily idle raised funds for cash management, with a balance of **521.80 million Yuan** as of June 30, 2025[161](index=161&type=chunk)[162](index=162&type=chunk) - The cumulative investment progress for using excess funds to permanently supplement working capital exceeded 100%, mainly because interest income and wealth management gains from the excess funds were also used for this purpose[153](index=153&type=chunk)[156](index=156&type=chunk) - The use of excess funds for share buybacks was completed in September 2022, and the cancellation of the repurchased shares was completed in November 2024[156](index=156&type=chunk)[157](index=157&type=chunk)[158](index=158&type=chunk) [Changes in Share Capital and Shareholders](index=66&type=section&id=Section%206%20Changes%20in%20Share%20Capital%20and%20Shareholders) [Changes in Share Capital](index=66&type=section&id=I.%20Changes%20in%20Share%20Capital) The company's total number of common shares and share capital structure remained unchanged during the reporting period - During the reporting period, the company's total number of common shares and share capital structure **remained unchanged**[165](index=165&type=chunk) [Shareholder Information](index=66&type=section&id=II.%20Shareholder%20Information) As of the period-end, the company had 11,685 common shareholders, with the top two shareholders holding a combined 69.41% stake Total Number of Shareholders | Metric | Number (Households) | | :--- | :--- | | Total number of common shareholders at the end of the reporting period | 11,685 | Top Ten Shareholders' Holdings | Shareholder Name | Shares Held at Period-End | Percentage (%) | | :--- | :--- | :--- | | Suntar Membrane Technology (Singapore) Pte. Ltd. | 144,770,450 | 43.60 | | Clean Water (China) Co., Ltd. | 85,682,350 | 25.81 | | Suntar Membrane Sci-tech Park Development (Xiamen) Co., Ltd. | 2,639,076 | 0.79 | | Lan Xinlian | 1,771,200 | 0.53 | | Lan Xinxiu | 1,756,440 | 0.53 | | Fang Fulin | 1,025,450 | 0.31 | | Yan Jingun | 1,019,000 | 0.31 | | Zhou Yichao | 878,871 | 0.26 | | Quan Xuezhe | 639,000 | 0.19 | | Ding Yonggen | 600,000 | 0.18 | - The company's actual controllers, LAN WEIGUANG and CHEN NI, directly own 100.00% of Suntar Membrane Technology (Singapore) Pte. Ltd. and are parties acting in concert with several other shareholders[170](index=170&type=chunk) [Information on Directors, Supervisors, Senior Management, and Core Technical Personnel](index=69&type=section&id=III.%20Information%20on%20Directors,%20Supervisors,%20Senior%20Management,%20and%20Core%20Technical%20Personnel) During the reporting period, Director and General Manager Fang Fulin reduced his shareholding by 100,000 shares due to personal funding needs Changes in Shareholdings of Directors, Supervisors, Senior Management, and Core Technical Personnel | Name | Position | Shares at Beginning of Period | Shares at End of Period | Change in Shares During Period | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Fang Fulin | Director, General Manager | 1,125,450 | 1,025,450 | -100,000 | Personal funding needs | [Bond-related Matters](index=70&type=section&id=Section%207%20Bond-related%20Matters) [Corporate Bonds and Non-financial Enterprise Debt Financing Instruments](index=70&type=section&id=I.%20Corporate%20Bonds%20(including%20Enterprise%20Bonds)%20and%20Non-financial%20Enterprise%20Debt%20Financing%20Instruments) The company had no corporate bonds or non-financial enterprise debt financing instruments during the reporting period [Convertible Corporate Bonds](index=70&type=section&id=II.%20Convertible%20Corporate%20Bonds) The company had no convertible corporate bonds during the reporting period [Financial Report](index=70&type=section&id=Section%208%20Financial%20Report) [Financial Statements](index=70&type=section&id=II.%20Financial%20Statements) This section presents the company's consolidated and parent company financial statements for the first half of 2025, providing a comprehensive view of its financial position, operating results, and cash flows [Consolidated Balance Sheet](index=70&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets were 6.15 billion Yuan, with total liabilities of 1.84 billion Yuan and equity attributable to parent company owners of 4.24 billion Yuan Key Data from Consolidated Balance Sheet (June 30, 2025) | Item | Amount (Yuan) | | :--- | :--- | | Total Assets | 6,148,608,153.76 | | Total Liabilities | 1,840,374,307.64 | | Total Equity Attributable to Parent Company | 4,243,269,112.48 | | Cash and Cash Equivalents | 477,723,923.55 | | Trading Financial Assets | 1,137,767,153.99 | | Accounts Receivable | 1,035,924,581.50 | | Inventories | 832,214,261.57 | | Intangible Assets | 1,533,854,358.73 | | Contract Liabilities | 755,389,280.34 | | Accounts Payable | 427,356,441.05 | [Parent Company Balance Sheet](index=72&type=section&id=Parent%20Company%20Balance%20Sheet) As of June 30, 2025, the parent company's total assets were 3.68 billion Yuan, with total liabilities of 696.37 million Yuan and total equity of 2.98 billion Yuan Key Data from Parent Company Balance Sheet (June 30, 2025) | Item | Amount (Yuan) | | :--- | :--- | | Total Assets | 3,679,624,022.55 | | Total Liabilities | 696,368,219.73 | | Total Equity | 2,983,255,802.82 | | Cash and Cash Equivalents | 241,765,749.91 | | Trading Financial Assets | 871,742,387.33 | | Other Receivables | 1,443,109,993.24 | | Inventories | 381,789,013.62 | | Long-term Equity Investments | 583,715,498.93 | | Contract Liabilities | 339,471,856.55 | | Accounts Payable | 132,875,640.24 | [Consolidated Income Statement](index=74&type=section&id=Consolidated%20Income%20Statement) In the first half of 2025, the company achieved total operating revenue of 717.07 million Yuan, a year-on-year increase of 6.53%, with net profit attributable to parent company shareholders growing by 21.39% Key Data from Consolidated Income Statement (Jan-Jun 2025) | Item | Amount (Yuan) | | :--- | :--- | | Total Operating Revenue | 717,072,359.63 | | Total Operating Costs | 515,424,896.68 | | Total Profit | 228,946,724.34 | | Net Profit | 198,622,730.51 | | Net Profit Attributable to Parent Company Shareholders | 195,236,430.79 | | Investment Income | 35,547,722.24 | | Fair Value Change Gains | 4,581,365.11 | | Basic Earnings Per Share (Yuan/Share) | 0.59 | | Diluted Earnings Per Share (Yuan/Share) | 0.59 | [Parent Company Income Statement](index=76&type=section&id=Parent%20Company%20Income%20Statement) In the first half of 2025, the parent company generated operating revenue of 104.03 million Yuan and a net profit of 45.87 million Yuan, significantly supported by investment income Key Data from Parent Company Income Statement (Jan-Jun 2025) | Item | Amount (Yuan) | | :--- | :--- | | Operating Revenue | 104,032,839.10 | | Operating Costs | 68,664,509.92 | | Total Profit | 48,495,287.59 | | Net Profit | 45,871,303.28 | | Investment Income | 28,468,722.78 | | Fair Value Change Gains | 4,498,043.95 | [Consolidated Cash Flow Statement](index=78&type=section&id=Consolidated%20Cash%20Flow%20Statement) In the first half of 2025, net cash flow from operating activities was 92.78 million Yuan, an increase of 5.77% year-on-year, while investing activities resulted in a net outflow due to increased purchases of wealth management products Key Data from Consolidated Cash Flow Statement (Jan-Jun 2025) | Item | Amount (Yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | 92,784,190.62 | | Net Cash Flow from Investing Activities | -213,936,469.68 | | Net Cash Flow from Financing Activities | -12,234,379.14 | | Net Increase in Cash and Cash Equivalents | -133,594,720.31 | | Cash and Cash Equivalents at End of Period | 415,904,628.01 | - Total cash inflows from operating activities were **571,279,619.56 Yuan**, primarily from cash received from sales of goods and services[191](index=191&type=chunk) - Total cash outflows from investing activities were **1,068,238,017.88 Yuan**, mainly used for purchasing wealth management products[192](index=192&type=chunk) [Parent Company Cash Flow Statement](index=79&type=section&id=Parent%20Company%20Cash%20Flow%20Statement) In the first half of 2025, the parent company's operating activities resulted in a net cash outflow of 125.60 million Yuan, while investing activities generated a net cash inflow of 8.38 million Yuan Key Data from Parent Company Cash Flow Statement (Jan-Jun 2025) | Item | Amount (Yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | -125,597,168.29 | | Net Cash Flow from Investing Activities | 8,383,474.16 | | Net Cash Flow from Financing Activities | -158,400.00 | | Net Increase in Cash and Cash Equivalents | -117,372,122.81 | | Cash and Cash Equivalents at End of Period | 183,153,736.06 | [Consolidated Statement of Changes in Equity](index=81&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Equity) As of June 30, 2025, the company's consolidated total equity was 4.31 billion Yuan, with the increase primarily driven by net profit contributions Consolidated Statement of Changes in Equity (Jan-Jun 2025) | Item | Beginning Balance (Yuan) | Change During Period (Yuan) | Ending Balance (Yuan) | | :--- | :--- | :--- | :--- | | Total Equity Attributable to Parent Company | 4,047,350,773.26 | 195,918,339.22 | 4,243,269,112.48 | | Minority Interest | 60,616,074.57 | 4,348,659.07 | 64,964,733.64 | | Total Equity | 4,107,966,847.83 | 200,266,998.29 | 4,308,233,846.12 | [Parent Company Statement of Changes in Equity](index=89&type=section&id=Parent%20Company%20Statement%20of%20Changes%20in%20Equity) As of June 30, 2025, the parent company's total equity was 2.98 billion Yuan, with the increase during the period primarily attributable to net profit Parent Company Statement of Changes in Equity (Jan-Jun 2025) | Item | Beginning Balance (Yuan) | Change During Period (Yuan) | Ending Balance (Yuan) | | :--- | :--- | :--- | :--- | | Total Equity | 2,937,384,499.54 | 45,871,303.28 | 2,983,255,802.82 | [Company Basic Information](index=93&type=section&id=III.%20Company%20Basic%20Information) The company, originally established as an environmental engineering firm, was restructured into a joint-stock company in 2012 and now focuses on membrane technology applications and water investment operations - The company was formerly "Suntar (Xiamen) Environmental Engineering Co., Ltd." and was restructured into a joint-stock limited company on July 13, 2012[212](index=212&type=chunk)[219](index=219&type=chunk) - After several capital increases and share transfers, the company completed a share buyback and cancellation in December 2024, reducing its total share capital from 333,880,000 shares to **332,012,066 shares**[213](index=213&type=chunk)[214](index=214&type=chunk)[215](index=215&type=chunk)[216](index=216&type=chunk)[217](index=217&type=chunk)[218](index=218&type=chunk)[219](index=219&type=chunk)[220](index=220&type=chunk)[221](index=221&type=chunk)[222](index=222&type=chunk)[223](index=223&type=chunk) - The company's main business includes membrane technology applications (industrial material separation, membrane-based water treatment, environmental engineering, spare parts, and residential water purifiers) and water investment operations[224](index=224&type=chunk) [Significant Accounting Policies and Estimates](index=95&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the key accounting policies and estimates applied in preparing the financial statements, covering areas such as financial instruments, inventory, revenue recognition, and fixed assets - The company's financial statements are prepared on a going concern basis in accordance with China's Accounting Standards for Business Enterprises, with the Renminbi as the functional currency[225](index=225&type=chunk)[226](index=226&type=chunk)[228](index=228&type=chunk)[232](index=232&type=chunk) - Financial assets are classified into three categories based on business models and contractual cash flow characteristics: amortized cost, fair value through profit or loss, and fair value through other comprehensive income[252](index=252&type=chunk)[253](index=253&type=chunk)[254](index=254&type=chunk)[351](index=351&type=chunk) - Inventories are accounted for using the perpetual inventory system, with raw materials valued at weighted average cost, membrane equipment and finished goods at specific identification cost, and residential water purifiers at weighted average cost[274](index=274&type=chunk) - Revenue is recognized when the customer obtains control of the related goods, distinguishing between performance obligations satisfied over time or at a point in time[321](index=321&type=chunk)[322](index=322&type=chunk)[323](index=323&type=chunk) - Fixed assets are depreciated using the straight-line method over their useful lives, and intangible assets are amortized using the straight-line method over their determined useful lives[293](index=293&type=chunk)[299](index=299&type=chunk)[301](index=301&type=chunk)[302](index=302&type=chunk) - The company recognizes loss provisions for financial instruments based on expected credit losses, measured in stages according to changes in credit risk[258](index=258&type=chunk)[259](index=259&type=chunk)[260](index=260&type=chunk)[261](index=261&type=chunk)[262](index=262&type=chunk)[263](index=263&type=chunk)[264](index=264&type=chunk)[351](index=351&type=chunk) [Taxes](index=125&type=section&id=VI.%20Taxes) This section lists the company's main taxes and tax rates, highlighting various preferential tax policies enjoyed by the company and its subsidiaries, such as high-tech enterprise status and environmental protection project incentives Main Taxes and Tax Rates | Tax Type | Tax Base | Tax Rate (%) | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Taxable Revenue | 13, 9, 6, 3, 0 | | Urban Maintenance and Construction Tax | VAT and Consumption Tax Payable | 7, 5 | | Corporate Income Tax | Taxable Income | 0-25 | | Education Surcharge | VAT and Consumption Tax Payable | 3 | | Local Education Surcharge | VAT and Consumption Tax Payable | 2 | | Local Water Conservancy Construction Fund | VAT and Consumption Tax Payable | 1 | - The company and its subsidiary Suntar Membrane Technology are recognized as **high-tech enterprises**, qualifying for a preferential corporate income tax rate of **15%** for the 2025 fiscal year[354](index=354&type=chunk) - Subsidiary water companies enjoy a "three-year exemption, three-year half-rate" income tax incentive for their wastewater treatment income from environmental protection and energy-saving projects[354](index=354&type=chunk) - Qualified small and micro enterprises enjoy preferential income tax policies, with annual taxable income up to 1 million Yuan being reduced by 25% before applying the 20% tax rate[355](index=355&type=chunk) - Some subsidiary water companies benefit from a resource comprehensive utilization policy, where 90% of their wastewater treatment income is included in total revenue for income tax purposes[356](index=356&type=chunk) - Subsidiary water companies' wastewater treatment income is eligible for a VAT refund or exemption policy starting from March 1, 2022[356](index=356&type=chunk) - The company benefits from a 5% additional VAT deduction policy for advanced manufacturing enterprises in 2025[357](index=357&type=chunk) - Small and micro enterprises and individual industrial and commercial households are eligible for a 50% reduction in various local taxes and surcharges[358](index=358&type=chunk) [Notes to Consolidated Financial Statement Items](index=127&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on major items in the consolidated financial statements, including balances, changes, and related explanations for assets, liabilities, equity, income, expenses, and cash flows - The ending balance of cash and cash equivalents was **477,723,923.55 Yuan**, of which 58,645,189.35 Yuan was frozen due to litigation and 3,174,106.19 Yuan was restricted as various deposits[359](index=359&type=chunk) - The ending balance of trading financial assets was **1,137,767,153.99 Yuan**, primarily consisting of bank wealth management products and large-denomination certificates of deposit[360](index=360&type=chunk) - The ending balance of accounts receivable was **1,035,924,581.50 Yuan**, with a bad debt provision of 266,598,697.47 Yuan; the provision increased by 26,276,571.06 Yuan during the period[372](index=372&type=chunk)[374](index=374&type=chunk)[380](index=380&type=chunk) - The ending book value of inventories was **832,214,261.57 Yuan**, mainly comprising work-in-progress, goods in transit, and raw materials[413](index=413&type=chunk) - The ending book value of intangible assets was **1,533,854,358.73 Yuan**, primarily consisting of concession rights for operational projects[433](index=433&type=chunk) - The ending balance of contract liabilities was **755,389,280.34 Yuan**, mainly representing advance payments from customers[459](index=459&type=chunk) - The ending balance of long-term borrowings was **45,011,852.61 Yuan**, primarily consisting of pledged and mortgaged loans[470](index=470&type=chunk) - The ending balance of provisions was **286,200,931.27 Yuan**, mainly for the discounted present value of expected renewal and renovation costs under concession agreements[478](index=478&type=chunk) - Operating revenue for the period was **717,072,359.63 Yuan**, and operating costs were **424,815,085.11 Yuan**[491](index=491&type=chunk) - Investment income for the period was **35,547,722.24 Yuan**, mainly from long-term equity investments accounted for using the equity method and gains from the disposal of trading financial assets[507](index=507&type=chunk) - Credit impairment loss for the period was **-25,913,416.88 Yuan**, primarily from bad debt losses on accounts receivable[509](index=509&type=chunk) [R&D Expenditures](index=191&type=section&id=VIII.%20R&D%20Expenditures) The company's total R&D expenditure for the period was 30.14 million Yuan, all of which was expensed, with personnel costs being the largest component R&D Expenditures by Nature | Item | Current Period (Yuan) | Prior Period (Yuan) | | :--- | :--- | :--- | | Personnel Costs | 20,175,186.98 | 19,607,254.44 | | Travel Expenses | 3,101,101.80 | 2,384,979.73 | | Material Costs | 3,125,060.95 | 5,215,619.85 | | Depreciation | 1,707,160.43 | 1,518,651.62 | | Office Expenses | 114,712.94 | 88,786.16 | | Rental Fees | 16,560.00 | 92,327.99 | | Others | 1,900,425.15 | 969,781.79 | | Total | 30,140,208.25 | 29,877,401.58 | | Of which: Expensed R&D | 30,140,208.25 | 29,877,401.58 | [Changes in Consolidation Scope](index=191&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) During the period, the company established a new subsidiary, Yushan County Xinda Environmental Co, Ltd, which has been included in the consolidation scope - A new subsidiary, Yushan County Xinda Environmental Co, Ltd, was established during the period with a **55.00%** shareholding and a registered capital of **4 million RMB**, and has been included in the consolidation scope[537](index=537&type=chunk) [Interests in Other Entities](index=193&type=section&id=X.%20Interests%20in%20Other%20Entities) This section details the company's interests in its subsidiaries, joint ventures, and associate companies, with Shandong Tianli Pharmaceutical being a key associate - The company has several wholly-owned or controlled subsidiaries primarily engaged in membrane technology and wastewater treatment businesses[540](index=540&type=chunk)[541](index=541&type=chunk)[542](index=542&type=chunk) - The key associate company is **Shandong Tianli Pharmaceutical Co, Ltd**, in which the company holds a **30.00%** stake, accounted for using the equity method[544](index=544&type=chunk) Key Financial Information of Major Associate Shandong Tianli Pharmaceutical Co., Ltd. (June 30, 2025) | Item | Amount (Yuan) | | :--- | :--- | | Total Assets | 2,699,148,229.44 | | Total Liabilities | 837,634,699.79 | | Equity Attributable to Parent Company Shareholders | 1,861,513,529.65 | | Book Value of Investment in Associate | 493,662,301.74 | | Operating Revenue | 1,632,561,840.21 | | Net Profit | 100,396,671.41 | | Total Comprehensive Income | 100,396,671.41 | Summarized Financial Information of Non-material Associates (June 30, 2025) | Item | Amount (Yuan) | | :--- | :--- | | Total Book Value of Investments | 6,904,435.47 | | Net Profit | -459,709.53 | | Total Comprehensive Income | -459,709.53 | [Government Grants](index=199&type=section&id=XI.%20Government%20Grants) During the period, the company received new government grants of 2.7 million Yuan and recognized a total of 9.06 million Yuan in government grants in the current period's profit or loss Changes in Liability Items Related to Government Grants | Financial Statement Item | Beginning Balance (Yuan) | New Grants (Yuan) | Transferred to Other Income (Yuan) | Ending Balance (Yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 91,868,732.57 | 2,700,000.00 | 4,579,810.34 | 89,988,922.23 | / | Government Grants Recognized in Current Profit or Loss | Type | Current Period (Yuan) | Prior Period (Yuan) | | :--- | :--- | :--- | | Income-related | 4,481,068.17 | 7,608,050.22 | | Asset-related | 4,579,810.34 | 1,935,248.64 | | Total | 9,060,878.51 | 9,543,298.86 | [Risks Related to Financial Instruments](index=200&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company faces credit, liquidity, and market risks, which are managed through credit assessments, liquidity monitoring, and sensitivity analysis for foreign exchange and interest rate fluctuations - The company is exposed to **credit risk, liquidity risk, and market risk** (foreign exchange risk and interest rate risk)[550](index=550&type=chunk) - Credit risk arises mainly from cash and cash equivalents, notes receivable, accounts receivable, and other receivables, and is managed by assessing customer creditworthiness and monitoring credit records[550](index=550&type=chunk)[551](index=551&type=chunk) - Liquidity risk is managed by coordinating cash management across subsidiaries and regularly monitoring short-term and long-term funding needs[554](index=554&type=chunk) Maturity Analysis of Financial Liabilities (June 30, 2025) | Item | Within 1 Year (10k Yuan) | 1 to 5 Years (10k Yuan) | Over 5 Years (10k Yuan) | Total (10k Yuan) | | :--- | :--- | :--- | :--- | :--- | | Notes Payable | 3,014.89 | - | - | 3,014.89 | | Accounts Payable | 42,735.64 | - | - | 42,735.64 | | Other Payables | 4,432.82 | - | - | 4,432.82 | | Non-current Liabilities Due within One Year | 3,006.24 | - | - | 3,006.24 | | Long-term Borrowings | - | 4,038.19 | 463.00 | 4,501.19 | | Lease Liabilities | - | 953.49 | - | 953.49 | | Total | 53,189.59 | 4,991.68 | 463.00 | 58,644.27 | - Foreign exchange risk arises mainly from USD-denominated assets and liabilities; a **10%** appreciation or depreciation of the RMB against the USD would impact net profit by approximately **5.28 million Yuan**[558](index=558&type=chunk)[559](index=559&type=chunk) - Interest rate risk arises mainly from long-term bank borrowings with floating rates; a **50 basis point** increase or decrease in interest rates would decrease or increase net profit by **0.17 million Yuan**[559](index=559&type=chunk) Financial Asset Transfers | Transfer Method | Nature of Transferred Asset | Amount Transferred (Yuan) | Derecognition Status | | :--- | :--- | :--- | :--- | | Endorsement | Undue acceptance bills in Notes Receivable | 29,608,669.33 | Not derecognized | | Endorsement | Undue bank acceptance bills in Receivables Financing | 60,870,637.90 | Derecognized | | Total | / | 90,479,307.23 | / | [Fair Value Disclosures](index=203&type=section&id=XIII.%20Fair%20Value%20Disclosures) This section discloses the fair value of assets and liabilities measured at fair value, with the total for assets amounting to 1.15 billion Yuan at the period-end Fair Value of Assets and Liabilities at Period-End | Item | Level 1 Fair Value (Yuan) | Level 2 Fair Value (Yuan) | Level 3 Fair Value (Yuan) | Total (Yuan) | | :--- | :--- | :--- | :--- | :--- | | I. Continuous Fair Value Measurement | | | | | | (A) Trading Financial Assets | | 1,137,767,153.99 | | 1,137,767,153.99 | | (4) Wealth Management Products | | 356,998,972.71 | | 356,998,972.71 | | (5) Large-Denomination Certificates of Deposit | 780,768,181.28 | | | 780,768,181.28 | | (F) Receivables Financing | | 13,440,419.23 | | 13,440,419.23 | | (G) Other Non-current Financial Assets | | 499,349.90 | | 499,349.90 | | Total Assets at Continuous Fair Value | 1,137,767,153.99 | 13,939,769.13 | | 1,151,706,923.12 | [Related Parties and Related-Party Transactions](index=205&type=section&id=XIV.%20Related%20Parties%20and%20Related-Party%20Transactions) This section discloses the company's parent, subsidiaries, and other related parties, detailing routine transactions such as sales, purchases, leases, and guarantees that occurred during the period - The parent company is Suntar Membrane Technology (Singapore) Pte. Ltd., with a **43.60%** shareholding, and the ultimate controllers are LAN WEIGUANG and CHEN NI[570](index=570&type=chunk) - The company engaged in routine related-party transactions, including selling products to Shandong Tianli Pharmaceutical, purchasing products from Xiamen Dalan Technology, and leasing property from Suntar Membrane Sci-tech Park Development (Xiamen)[573](index=573&type=chunk)[574](index=574&type=chunk)[576](index=576&type=chunk) - The company provided multiple guarantees for its subsidiary, Suntar Membrane Technology (Xiamen), and also received guarantees from it[577](index=577&type=chunk)[578](index=578&type=chunk)[579](index=579&type=chunk) Key Management Personnel Compensation | Item | Current Period (10k Yuan) | Prior Period (10k Yuan) | | :--- | :--- | :--- | | Key Management Personnel Compensation | 215.99 | 208.57 | Unsettled Balances with Related Parties | Item | Related Party | Ending Book Balance (Yuan) | Bad Debt Provision (Yuan) | | :--- | :--- | :--- | :--- | | Accounts Receivable | Shandong Tianli Pharmaceutical Co., Ltd. | 13,488,648.20 | 2,240,682.46 | | Accounts Receivable | Xiamen Municipal Water New Water Development Co., Ltd. | 118,852.18 | 118,852.18 | | Other Receivables | Shandong Tianli Pharmaceutical Co., Ltd. | 215,000.00 | 10,750.00 | | Contract Liabilities | Guangxi Xinda Changshou Technology Co., Ltd. | 398,230.09 | - | | Non-current Liabilities Due within One Year | Suntar Membrane Sci-tech Park Development (Xiamen) Co., Ltd. | 6,530,637.59 | - | | Lease Liabilities | Suntar Membrane Sci-tech Park Development (Xiamen) Co., Ltd. | 3,390,129.49 | - | [Commitments and Contingencies](index=210&type=section&id=XVI.%20Commitments%20and%20Contingencies) As of the period-end, the company had outstanding letters of guarantee amounting to 17.54 million RMB and 14,000 USD - As of June 30, 2025, the company had outstanding letters of guarantee amounting to **17,539,312.00 RMB** and **14,000.00 USD**[586](index=586&type=chunk) [Post-Balance Sheet Events](index=210&type=section&id=XVII.%20Post-Balance%20Sheet%20Events) Subsequent to the reporting period, the company's contract dispute with Sunresin New Materials has proceeded to a second-instance hearing, with the outcome remaining uncertain - The company's contract dispute with Sunresin New Materials has been appealed after an unfavorable first-instance judgment; the second-instance hearing was held on August 6, 2025, but as of August 28, 2025, the verdict has not been rendered, and the outcome is uncertain[587](index=587&type=chunk)[588](index=588&type=chunk) - In the arbitration case between subsidiary Baicheng Suntar Water and Anji Construction, the parties have not yet reached a final settlement agreement, making the arbitration award and its execution uncertain[589](index=589&type=chunk) [Other Significant Matters](index=211&type=section&id=XVIII.%20Other%20Significant%20Matters) This section provides segment information, dividing the business into water investment operations and membrane technology applications, and notes that over 90% of revenue and assets are located in mainland China - The company's business operations are divided into two segments: **Water Investment Operations** and **Membrane Technology Applications**[591](index=591&type=chunk) Financial Information by Reportable Segment (Jan-Jun 2025) | Item | Water Investment Operations (Yuan) | Membrane Technology Applications (Yuan) | Inter-segment Elimination (Yuan) | Total (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 317,845,118.37 | 466,897,455.60 | 67,670,214.34 | 717,072,359.63 | | Operating Costs | 203,876,189.77 | 296,164,722.55 | 75,225,827.21 | 424,815,085.11 | | Operating Profit/(Loss) | 61,026,034.01 | 166,867,875.42 | -1,543,411.33 | 229,437,320.76 | | Total Assets | 2,825,614,485.79 | 5,141,297,689.25 | 1,818,304,021.28 | 6,148,608,153.76 | | Total Liabilities | 1,757,005,106.26 | 1,458,556,842.31 | 1,375,187,640.93 | 1,840,374,307.64 | - Over **90%** of the company's revenue is generated from customers in mainland China, and over **90%** of its assets are located in mainland China[592](index=592&type=chunk) - The subsidiary Zhangzhou Suntar has been taken over by relevant government departments, and negotiations regarding the termination of the concession agreement are ongoing[594](index=594&type=chunk) [Notes to Parent Company Financial Statement Items](index=214&type=section&id=XIX.%20Notes%20to%20Parent%20Comp

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[Section I Definitions](index=4&type=section&id=Section%20I%20Definitions) This section defines common terms, including regulatory bodies, company names, and the reporting period, ensuring clarity for report content [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This chapter defines common terms used in the report, including regulatory bodies, exchanges, company and major subsidiary names, and reporting periods, ensuring clear understanding of the report content - Reporting period defined as **January 1, 2025, to June 30, 2025**[13](index=13&type=chunk) - Mr. Hu Renchang is the **controlling shareholder and actual controller** of the company[13](index=13&type=chunk) - Lists several domestic and overseas **wholly-owned or controlled subsidiaries**, including J-STAR (USA), JIECANG (Germany), and J-STAR (Malaysia)[13](index=13&type=chunk) [Section II Company Profile and Key Financial Indicators](index=5&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides the company's basic information and key financial data for H1 2025, highlighting significant performance growth [I. Company Information](index=5&type=section&id=I.%20Company%20Information) This section provides the company's basic registration details, including its Chinese and foreign names, and legal representative - The company's Chinese name is **Zhejiang Jiecang Linear Drive Technology Co., Ltd.**, abbreviated as Jiecang Drive[15](index=15&type=chunk) - The company's legal representative is **Hu Renchang**[15](index=15&type=chunk) [II. Contact Persons and Information](index=5&type=section&id=II.%20Contact%20Persons%20and%20Information) This section lists contact details for the Board Secretary and Securities Affairs Representative, facilitating investor communication - The Board Secretary is **Lao Yi**, and the Securities Affairs Representative is **Wang Jueying**[16](index=16&type=chunk) - The contact address for both is **Provincial High-tech Industrial Park, Xinchang County, Shaoxing City, Zhejiang Province**[16](index=16&type=chunk) [III. Overview of Basic Information Changes](index=5&type=section&id=III.%20Overview%20of%20Basic%20Information%20Changes) This section outlines the company's registered address, office address, website, and email, confirming no changes during the reporting period - The company's registered and office addresses are both located in the **Provincial High-tech Industrial Park, Xinchang County, Shaoxing City, Zhejiang Province**[17](index=17&type=chunk) - The company's website is **www.jiecang.com**, and its email is **jczq@jiecang.com**[17](index=17&type=chunk) [IV. Overview of Information Disclosure and Document Storage Location Changes](index=5&type=section&id=IV.%20Overview%20of%20Information%20Disclosure%20and%20Document%20Storage%20Location%20Changes) This section specifies the company's designated information disclosure channels and the location for semi-annual report storage - The company's selected newspapers for information disclosure are **"Shanghai Securities News" and "Securities Times"**[18](index=18&type=chunk) - The website for publishing the semi-annual report is the **Shanghai Stock Exchange website, http://www.sse.com.cn**[18](index=18&type=chunk) [V. Company Stock Overview](index=5&type=section&id=V.%20Company%20Stock%20Overview) This section provides the company's stock listing details, including stock type, exchange, abbreviation, and code - The company's stock is **A-shares**, listed on the **Shanghai Stock Exchange**, with stock abbreviation **Jiecang Drive** and stock code **603583**[19](index=19&type=chunk) [VII. Key Accounting Data and Financial Indicators](index=6&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section summarizes the company's H1 2025 key accounting data and financial indicators, demonstrating significant performance growth [(I) Key Accounting Data](index=6&type=section&id=(I)%20Key%20Accounting%20Data) The company's H1 2025 operating revenue and net profit grew substantially, with a significant increase in net cash flow from operating activities 2025 H1 Key Accounting Data | Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2.007 billion yuan | 1.576 billion yuan | 27.31 | | Total Profit | 321.27 million yuan | 212.92 million yuan | 50.89 | | Net Profit Attributable to Listed Company Shareholders | 271.05 million yuan | 189.16 million yuan | 43.29 | | Net Profit Attributable to Listed Company Shareholders Excluding Non-recurring Items | 254.80 million yuan | 153.62 million yuan | 65.87 | | Net Cash Flow from Operating Activities | 355.17 million yuan | 235.66 million yuan | 50.71 | | Net Assets Attributable to Listed Company Shareholders (Period-End) | 4.557 billion yuan | 4.322 billion yuan | 5.42 | | Total Assets (Period-End) | 6.687 billion yuan | 6.494 billion yuan | 2.97 | [(II) Key Financial Indicators](index=6&type=section&id=(II)%20Key%20Financial%20Indicators) The company's H1 2025 earnings per share and return on net assets significantly improved, indicating enhanced profitability 2025 H1 Key Financial Indicators | Key Financial Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.71 | 0.49 | 44.90 | | Diluted Earnings Per Share (yuan/share) | 0.71 | 0.49 | 44.90 | | Basic Earnings Per Share After Deducting Non-recurring Items (yuan/share) | 0.67 | 0.40 | 67.50 | | Weighted Average Return on Net Assets (%) | 6.36 | 4.53 | Increased by 1.83 percentage points | | Weighted Average Return on Net Assets After Deducting Non-recurring Items (%) | 5.97 | 3.68 | Increased by 2.29 percentage points | [IX. Non-recurring Gains and Losses Items and Amounts](index=6&type=section&id=IX.%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section lists the company's H1 2025 non-recurring gains and losses items and their amounts, totaling **16.25 million yuan** 2025 H1 Non-recurring Gains and Losses Items | Non-recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Disposal gains/losses of non-current assets | -1,138,978.46 | | Government grants recognized in current profit/loss | 12,868,603.07 | | Fair value changes and disposal gains/losses of financial assets/liabilities (excluding hedging) | 6,510,020.76 | | Other non-operating income and expenses | 1,232,156.42 | | Less: Income tax impact | 2,994,161.36 | | Minority interest impact (after tax) | 231,239.99 | | Total | 16,246,400.44 | [Section III Management Discussion and Analysis](index=8&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section provides management's discussion and analysis of the company's operations, industry, core competencies, and financial performance during the reporting period [I. Industry and Main Business Overview during the Reporting Period](index=8&type=section&id=I.%20Industry%20and%20Main%20Business%20Overview%20during%20the%20Reporting%20Period) This section details the linear drive industry, the company's main business scope, and its operating model, highlighting industry growth potential and market presence [(I) Industry Overview](index=8&type=section&id=(I)%20Industry%20Overview) The company operates in the electrical machinery and equipment manufacturing sector, specializing in linear drive systems, a high-growth emerging industry with broad applications - Company belongs to **C38 Electrical Machinery and Equipment Manufacturing industry**, primarily engaged in R&D, production, and sales of linear drive systems and equipment, medical device components, and functional furniture[28](index=28&type=chunk) - Linear drive products are widely used in **smart office (smart desks), medical care (electric medical beds), smart home (reclining sofas), industrial technology (solar trackers), automotive intelligence (electric trailer hitch systems), and humanoid robots (linear joint actuators)**[28](index=28&type=chunk) - Linear drive industry is **rapidly developing globally**, a high-growth emerging segment with significant untapped market demand[29](index=29&type=chunk) [(II) Main Business Overview](index=8&type=section&id=(II)%20Main%20Business%20Overview) The company's core business involves the R&D, production, and sales of linear drive systems, categorized by application into medical care, smart office, smart home, industrial automation, and automotive intelligence - Company primarily engages in the **R&D, production, and sales of linear drive systems**[29](index=29&type=chunk) - Main products are categorized by application into **medical care drive systems, smart office drive systems, smart home control systems, industrial automation control systems, and automotive intelligence control systems**[29](index=29&type=chunk) [(III) Operating Model](index=8&type=section&id=(III)%20Operating%20Model) The company adopts a "production-to-order" model for its diverse, small-to-medium batch, customized products, primarily using direct sales, with ODM for overseas markets and significant domestic potential - Production model is customer-demand-oriented, primarily **"production-to-order,"** characterized by multi-variety, small-to-medium batch, and customized products[30](index=30&type=chunk) - Sales model is mainly **direct sales**, with overseas markets primarily adopting an **ODM model** in cooperation with foreign manufacturers, and significant potential in the domestic market[30](index=30&type=chunk)[31](index=31&type=chunk) [II. Discussion and Analysis of Operations](index=9&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) In H1 2025, management steadfastly executed its strategy, focusing on annual operational goals, and achieved steady performance growth through internal management, capacity expansion, market development, and R&D - Company achieved **operating revenue of 2.007 billion yuan**, a **27.31% increase** year-on-year[32](index=32&type=chunk) - **Net profit attributable to listed company shareholders was 271 million yuan**, a **43.29% increase** year-on-year[32](index=32&type=chunk) - **Net profit attributable to listed company shareholders after deducting non-recurring items was 255 million yuan**, a **65.87% increase** year-on-year[32](index=32&type=chunk) [(I) Focusing on Core Business, Continuously Improving Operational Quality and Efficiency](index=10&type=section&id=(I)%20Focusing%20on%20Core%20Business,%20Continuously%20Improving%20Operational%20Quality%20and%20Efficiency) By optimizing resource allocation and intensifying market development, the company effectively increased market share, achieving steady growth in core business revenue and profitability - Company remains focused on its core business development, consolidating and expanding its competitive advantages through scientific coordination and optimized internal resource allocation[33](index=33&type=chunk) - Increased market development efforts, deepening existing markets, and actively exploring potential in emerging markets to enhance customer satisfaction and loyalty[33](index=33&type=chunk) [(II) Strengthening R&D Innovation System, Technology Breakthroughs Driving Diversified Growth](index=10&type=section&id=(II)%20Strengthening%20R%26D%20Innovation%20System,%20Technology%20Breakthroughs%20Driving%20Diversified%20Growth) Guided by market demand, the company continuously upgrades products, with the Robotics Actuator Business Center achieving significant breakthroughs in core drive component R&D and application, building a full-stack self-developed and self-manufactured system - Robotics Actuator Business Center achieved significant breakthroughs in independent R&D and application of core drive components, with some products already in **small-scale batch production**[34](index=34&type=chunk) - **Hollow cup motor assembly completed mass production**; rotary modules passed reliability verification, entering multi-scenario testing; reverse planetary roller screws continued to advance process and material innovation[34](index=34&type=chunk) - Company established a **full-stack self-developed and self-manufactured system** for robot actuators, effectively shortening the industrialization cycle of R&D achievements[34](index=34&type=chunk) [(III) Accelerating Global Expansion, Building a Resilient Supply Chain System](index=10&type=section&id=(III)%20Accelerating%20Global%20Expansion,%20Building%20a%20Resilient%20Supply%20Chain%20System) The company's globalization strategy made significant progress, with the first phase of the European logistics and production base largely completed and the Malaysian production base expansion actively advancing, optimizing global capacity and supply chain resilience - The first phase of the company's **European logistics and production base project is largely completed**, which will enhance technical R&D, production delivery, and supply chain management capabilities in Europe[36](index=36&type=chunk) - Actively advancing the **expansion project of the Malaysian production base** to further optimize capacity allocation in the Asia-Pacific region[36](index=36&type=chunk) [(IV) Sustained Stable Dividends, Achieving Shareholder Value Sharing](index=10&type=section&id=(IV)%20Sustained%20Stable%20Dividends,%20Achieving%20Shareholder%20Value%20Sharing) The company highly values investor returns, implemented the 2024 cash dividend plan, and committed to continuing a stable, sustainable investor return mechanism in the future - The company completed its 2024 cash dividend plan: distributing a cash dividend of **3.00 yuan (including tax) per 10 shares** to all shareholders[37](index=37&type=chunk) - A total cash dividend of **115.037 million yuan** was distributed, accounting for **40.80%** of the net profit attributable to listed company shareholders in 2024[37](index=37&type=chunk) - Over the past three fiscal years (2022-2024), the company's cumulative cash dividends totaled **280.4228 million yuan**, representing **103.14%** of the average annual net profit during that period[37](index=37&type=chunk) [(V) Deepening Standardized Operating Mechanisms, Comprehensively Enhancing Governance Level](index=10&type=section&id=(V)%20Deepening%20Standardized%20Operating%20Mechanisms,%20Comprehensively%20Enhancing%20Governance%20Level) The company strictly adheres to laws and regulations, improved its corporate governance structure and internal control system, revised its Articles of Association, and completed the board re-election, enhancing governance effectiveness - The company completed the revision of its **Articles of Association** and some supporting governance systems in **May 2025**[39](index=39&type=chunk) - The governance structure was streamlined from the original **"three meetings and one layer" to a "two meetings and one layer" structure**, and the re-election of the new board was completed simultaneously[39](index=39&type=chunk) [III. Analysis of Core Competencies during the Reporting Period](index=11&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20during%20the%20Reporting%20Period) The company possesses significant advantages in technology R&D, industry standard setting, sales expansion, production scale and quality, operating philosophy, talent, and management, building robust core competencies [1. Technology R&D Advantage](index=11&type=section&id=1.%20Technology%20R%26D%20Advantage) The company is a national high-tech enterprise with a strong R&D system and numerous patents, continuously achieving breakthroughs in core technologies and undertaking multiple provincial R&D projects - The company is a **national high-tech enterprise, a national intellectual property advantage enterprise, and a Zhejiang provincial science and technology "little giant" enterprise**, with a provincial key enterprise research institute and provincial enterprise technology center[40](index=40&type=chunk)[41](index=41&type=chunk) - As of the end of the reporting period, the company had obtained **982 patents**, including **135 domestic invention patents** and **118 international invention patents**[41](index=41&type=chunk) - Undertook the Zhejiang Province 2024 **"Pioneer and Leader + X" R&D project** - research on key technologies for high-thrust-density electric linear actuators, and carried out multiple R&D projects[41](index=41&type=chunk) [2. Industry Standard Setting Advantage](index=11&type=section&id=2.%20Industry%20Standard%20Setting%20Advantage) As a key player in China's linear drive industry, the company has led the drafting of multiple national and local industry standards, with its product quality and performance widely recognized - The company led the drafting of industry standards for **DC electric push rods (QB/T4288-2012)** and **electric height-adjustable desks (QB/T5271-2018)**[42](index=42&type=chunk)[43](index=43&type=chunk) - In 2021, the company chaired the drafting of the Zhejiang Manufacturing Group Standard **T/ZZB2234-2021 "Electric Height-Adjustable Desks"**[43](index=43&type=chunk) [3. Sales Expansion Advantage](index=12&type=section&id=3.%20Sales%20Expansion%20Advantage) The company strategically deploys in domestic and international markets, achieving a leading position in overseas markets through international exhibitions, collaborations with local manufacturers, and global subsidiary establishments - The company actively participates in various **international exhibitions** to directly engage with customers and gather overseas market information[43](index=43&type=chunk) - Collaborates with **well-known local manufacturers** to jointly develop overseas markets, expanding sales channels and customer resources[43](index=43&type=chunk) - To better serve global customers, the company has subsidiaries in the **United States, Germany, Singapore, India, Japan, Malaysia, Austria, Hungary, and Brazil**[43](index=43&type=chunk) [4. Production Scale and Product Quality Advantage](index=12&type=section&id=4.%20Production%20Scale%20and%20Product%20Quality%20Advantage) With multiple production bases and intelligent equipment, the company possesses rapid batch delivery capabilities, product performance close to international brands, and numerous international product certifications - The company has production bases in **Ningbo, Xinchang, Malaysia, the United States, and Europe**, introducing intelligent SMT high-speed production lines, automatic PCB visual inspection, and other intelligent equipment[44](index=44&type=chunk) - Many of the company's products have obtained various international product certifications, including **CB, CE, GS, CCC, CQC, UL, ETL, PSE, KC, SAA, UKCA, FCC, and IC**[44](index=44&type=chunk) - The company has obtained management system certifications such as **ISO9001, ISO14001, ISO45001, and ISO50001**[44](index=44&type=chunk) [5. Operating Philosophy Advantage](index=12&type=section&id=5.%20Operating%20Philosophy%20Advantage) Adhering to a philosophy of rapidly meeting customer needs, the company responds quickly to customization requests and provides comprehensive customized solutions, earning trust from domestic and international clients - The company's primary operating philosophy is to **rapidly meet customer needs**, responding quickly to customer customization requests with flexible delivery cycles[45](index=45&type=chunk) - Through years of technological accumulation, the company has developed capabilities in **sensing technology, synchronous control technology, and network technology** to compete with international enterprises, offering comprehensive customized solutions[45](index=45&type=chunk) [6. Talent Advantage](index=12&type=section&id=6.%20Talent%20Advantage) The company boasts an experienced founder, skilled R&D professionals, and multilingual sales talent, providing strong support for technological innovation and international sales - The company's founder is a **technical expert in mechanical and electrical fields**, who participated in the national "863" CIMS project research group[45](index=45&type=chunk) - The R&D team covers specialties such as **mechanical design, electronic engineering, automation control, embedded software, and industrial design mold design**[45](index=45&type=chunk) - The company focuses on cultivating sales talent, forming a reasonable mix of **multilingual business personnel**, giving it an advantage in international sales operations[46](index=46&type=chunk) [7. Management Advantage](index=13&type=section&id=7.%20Management%20Advantage) The company possesses a comprehensive management team for the linear drive industry and a modern scientific management system, enabling it to effectively grasp industry trends, seize market opportunities, and achieve excellent operating performance - The company has a comprehensive **linear drive industry management team**, with strong professional judgment and keen market insight regarding industry development trends[47](index=47&type=chunk) - The company has gradually established a **modern scientific management system** covering new product development, raw material procurement, production operations, quality control, cost management, financial management, marketing, and brand building[47](index=47&type=chunk) [IV. Major Operating Conditions during the Reporting Period](index=13&type=section&id=IV.%20Major%20Operating%20Conditions%20during%20the%20Reporting%20Period) This section analyzes the company's financial statement item changes, asset and liability status, investment activities, and the operating performance of major subsidiaries during the reporting period [(I) Main Business Analysis](index=13&type=section&id=(I)%20Main%20Business%20Analysis) Main business analysis shows that both operating revenue and costs moved in the same direction due to market demand and sales volume growth, financial expenses significantly decreased due to increased exchange gains, and R&D investment continued to rise [1. Analysis Table of Financial Statement Item Changes](index=13&type=section&id=1.%20Analysis%20Table%20of%20Financial%20Statement%20Item%20Changes) This period's operating revenue increased by **27.31%**, operating costs by **27.42%**, financial expenses significantly decreased due to increased exchange gains, and net cash flow from operating activities grew by **50.71%** Analysis of Financial Statement Item Changes | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change Ratio (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,006,798,645.71 | 1,576,346,423.95 | 27.31 | | Operating Cost | 1,401,691,367.39 | 1,100,055,789.33 | 27.42 | | Sales Expenses | 102,126,449.48 | 85,925,386.92 | 18.85 | | Administrative Expenses | 137,242,753.55 | 112,103,527.22 | 22.43 | | Financial Expenses | -53,699,853.10 | -1,354,333.44 | Not applicable | | R&D Expenses | 117,855,614.75 | 108,344,866.85 | 8.78 | | Net Cash Flow from Operating Activities | 355,171,690.88 | 235,663,943.71 | 50.71 | | Net Cash Flow from Investing Activities | -279,865,556.81 | 595,909,516.80 | Not applicable | | Net Cash Flow from Financing Activities | -103,583,608.89 | -479,491,013.01 | Not applicable | - Financial expenses change primarily due to **increased exchange gains**[47](index=47&type=chunk) - Investing activities cash flow change primarily due to **increased investment expenditures** in the current period[47](index=47&type=chunk) [(III) Analysis of Assets and Liabilities](index=14&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) The company's asset and liability structure underwent several changes, with decreases in financial assets held for trading and export tax refunds receivable, while accounts receivable financing, prepayments, other current assets, construction in progress, notes payable, and long-term borrowings all significantly increased [1. Asset and Liability Status](index=14&type=section&id=1.%20Asset%20and%20Liability%20Status) Period-end financial assets held for trading decreased by **65.90%**, accounts receivable financing increased by **525.97%**, prepayments by **171.59%**, construction in progress by **47.18%**, and long-term borrowings by **68.21%** Changes in Asset and Liability Status | Item Name | Current Period End Amount (yuan) | Current Period End Ratio to Total Assets (%) | Prior Year End Amount (yuan) | Prior Year End Ratio to Total Assets (%) | Current Period End Change vs. Prior Year End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Financial Assets Held for Trading | 61,049,595.63 | 0.91 | 179,025,395.09 | 2.76 | -65.90 | Primarily due to decrease in financial assets held for trading | | Accounts Receivable Financing | 10,335,702.00 | 0.15 | 1,651,152.56 | 0.03 | 525.97 | Primarily due to increase in bank acceptance bills | | Prepayments | 35,369,512.05 | 0.53 | 13,023,188.19 | 0.20 | 171.59 | Primarily due to increase in prepayments for inventory in current period | | Other Receivables | 38,714,571.65 | 0.58 | 75,396,918.17 | 1.16 | -48.65 | Primarily due to decrease in export tax refunds receivable | | Other Current Assets | 114,124,845.10 | 1.71 | 50,243,044.62 | 0.77 | 127.15 | Primarily due to increase in wealth management products within one year | | Construction in Progress | 331,880,770.30 | 4.96 | 225,499,167.30 | 3.47 | 47.18 | Primarily due to continuous investment in fundraising projects | | Notes Payable | 377,803,840.60 | 5.65 | 273,050,324.63 | 4.20 | 38.36 | Primarily due to increase in bank acceptance bills | | Other Payables | 28,177,081.38 | 0.42 | 43,127,488.19 | 0.66 | -34.67 | Primarily due to repurchase of unfulfilled equity incentives | | Non-current Liabilities Due Within One Year | 95,021,856.26 | 1.42 | 182,419,261.65 | 2.81 | -47.91 | Primarily due to decrease in long-term borrowings due within one year | | Long-term Borrowings | 174,618,086.30 | 2.61 | 103,807,461.30 | 1.60 | 68.21 | Primarily due to increase in long-term borrowings | | Other Comprehensive Income | 28,944,737.71 | 0.43 | -46,668,100.77 | -0.72 | Not applicable | Primarily due to foreign currency translation differences from exchange rate changes | [2. Overseas Asset Situation](index=14&type=section&id=2.%20Overseas%20Asset%20Situation) The company's overseas assets totaled **4.481 billion yuan**, accounting for **67.02%** of total assets, with major overseas subsidiaries contributing significant operating revenue and net profit - Total overseas assets amounted to **4.481 billion yuan**, accounting for **67.02%** of total assets[50](index=50&type=chunk) Operating Performance of Major Overseas Subsidiaries | Overseas Asset Name | Operating Revenue (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | | J-STAR (USA) | 521,960,559.25 | 9,402,151.14 | | JIECANG (Germany) | 246,853,962.89 | 7,883,794.99 | | J-STAR (Malaysia) | 430,709,843.92 | 28,387,606.34 | | J-STAR (Singapore) | 434,483,582.07 | 7,644,305.03 | | LEG | 203,244,842.23 | -46,780,942.91 | [3. Major Asset Restrictions as of the End of the Reporting Period](index=15&type=section&id=3.%20Major%20Asset%20Restrictions%20as%20of%20the%20End%20of%20the%20Reporting%20Period) The company's major asset restrictions are detailed in the financial report notes, involving assets with restricted ownership or use rights - Major asset restrictions are detailed in "Section VIII Financial Report," "VII. Notes to Consolidated Financial Statements," "31. Assets with Restricted Ownership or Use Rights" of this report[54](index=54&type=chunk) [(IV) Investment Analysis](index=15&type=section&id=(IV)%20Investment%20Analysis) During the reporting period, the company made a new equity investment in Zhejiang Lingqiao Intelligent Technology Co., Ltd. and continued to advance its fundraising investment projects [1. Overall Analysis of External Equity Investments](index=15&type=section&id=1.%20Overall%20Analysis%20of%20External%20Equity%20Investments) The company made a new equity investment of **10 million yuan** in Zhejiang Lingqiao Intelligent Technology Co., Ltd. this period, holding a **1.67%** stake - In this reporting period, the company made a new investment of **10 million yuan** in Zhejiang Lingqiao Intelligent Technology Co., Ltd., holding a **1.67%** stake[55](index=55&type=chunk) [2. Significant Non-Equity Investments](index=15&type=section&id=2.%20Significant%20Non-Equity%20Investments) The company's significant non-equity investments during the reporting period were primarily fundraising investment projects, which have been separately disclosed - Significant non-equity investments during the reporting period were fundraising investment projects, for which the company has separately prepared and disclosed the **"2025 Semi-Annual Report on the Storage and Use of Raised Funds"**[56](index=56&type=chunk) [(VI) Analysis of Major Holding and Participating Companies](index=17&type=section&id=(VI)%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) This section lists the financial data of the company's major holding and participating companies, including total assets, net assets, operating revenue, and net profit, reflecting their operating status Financial Performance of Major Holding and Participating Companies | Company Name | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | | Haisikai | 1,164,944,101.10 | 614,553,085.32 | 516,626,991.25 | 34,781,778.24 | | Jiecang Import & Export | 788,965,004.87 | 123,243,859.56 | 595,401,660.01 | 47,902,902.24 | | J-STAR (Malaysia) | 851,166,653.94 | 242,372,538.20 | 430,709,843.92 | 28,387,606.34 | | LEG | 694,517,146.13 | 285,343,039.00 | 203,244,842.23 | -46,780,942.91 | [V. Other Disclosures](index=18&type=section&id=V.%20Other%20Disclosures) This section discloses potential risks faced by the company, including industry market risks, operational risks, management risks, and financial risks, and details the progress of the company's "Quality Improvement, Efficiency Enhancement, and Return Focus" action plan [(I) Potential Risks](index=18&type=section&id=(I)%20Potential%20Risks) The company faces risks from macroeconomic fluctuations, intensified market competition, uncertainty in US tariff policies, gross margin volatility, raw material price fluctuations, exchange rate fluctuations, performance volatility, expanding management scale, loss of technical talent, shortage of high-quality technical workers, technical risks, accounts receivable bad debts, and changes in export tax rebate policies - Industry and market risks include **macroeconomic changes and cyclical fluctuations in downstream industries, intense market competition, and uncertainty regarding changes in US tariff policies**[61](index=61&type=chunk)[62](index=62&type=chunk) - Operational risks include **gross margin volatility, fluctuations in major raw material prices, RMB exchange rate fluctuations, and performance volatility**[63](index=63&type=chunk)[64](index=64&type=chunk) - Management risks include **management risks due to expanding business scale, risk of technical talent loss, risk of shortage of high-quality technical workers, and technical risks**[65](index=65&type=chunk)[66](index=66&type=chunk)[67](index=67&type=chunk) - Financial risks include the **risk of accounts receivable bad debts and changes in export tax rebate policies**[67](index=67&type=chunk) [(II) Other Disclosure Items](index=20&type=section&id=(II)%20Other%20Disclosure%20Items) The company actively promotes its "Quality Improvement, Efficiency Enhancement, and Return Focus" action plan, focusing on core business, strengthening R&D innovation, maintaining stable cash dividends, and emphasizing investor communication to comprehensively enhance corporate governance - The company focuses on core business development, achieving **steady growth in operating revenue and net profit** through optimized resource allocation and market expansion[68](index=68&type=chunk) - Continuously advancing overseas project construction, with the **first phase of the European logistics and production base largely completed**, and the Malaysian production base expansion project optimizing Asia-Pacific capacity allocation[69](index=69&type=chunk) - Strengthening the R&D innovation system, with the **Robotics Actuator Business Center achieving significant breakthroughs** in independent R&D and application of core drive components[70](index=70&type=chunk) - Implemented the 2024 cash dividend plan, distributing a cash dividend of **3.00 yuan (including tax) per 10 shares** to all shareholders, with cumulative cash dividends totaling **280.4228 million yuan**[70](index=70&type=chunk) - Strengthened investor communication through various channels, revised the Articles of Association, and streamlined the governance structure to a **"two meetings and one layer"** to enhance corporate governance effectiveness[71](index=71&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=22&type=section&id=Section%20IV%20Corporate%20Governance,%20Environment,%20and%20Society) This section covers changes in the company's governance structure, director and senior management appointments, profit distribution, equity incentive plans, and environmental information disclosure [I. Changes in Directors and Senior Management](index=22&type=section&id=I.%20Changes%20in%20Directors%20and%20Senior%20Management) In May 2025, the company completed the election of its Sixth Board of Directors and the appointment of senior management, abolishing the Supervisory Board, whose functions are now exercised by the Board's Audit Committee - The company held its 2024 Annual General Meeting and the first Employee Representative Meeting in **May 2025**, completing the election of the company's Sixth Board of Directors[75](index=75&type=chunk) - The company's Sixth Board of Directors consists of **9 directors**, including **6 non-independent directors** and **3 independent directors**[75](index=75&type=chunk) - The company abolished the **Supervisory Board**, and its functions are now exercised by the **Board's Audit Committee**[75](index=75&type=chunk) - **Mr. Lu Xiaojian was appointed General Manager; Mr. Wu Dizeng as Deputy General Manager; Mr. Fang Hongqiang as Chief Financial Officer; and Ms. Lao Yi as Board Secretary**[75](index=75&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=22&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company's semi-annual profit distribution plan or capital reserve conversion plan is not applicable for this reporting period - The semi-annual profit distribution plan and capital reserve conversion plan are **not applicable**[76](index=76&type=chunk) [III. Status and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=23&type=section&id=III.%20Status%20and%20Impact%20of%20Company%20Equity%20Incentive%20Plans,%20Employee%20Stock%20Ownership%20Plans,%20or%20Other%20Employee%20Incentive%20Measures) The company completed the repurchase and cancellation of certain restricted shares from its 2022 restricted stock incentive plan, involving resigned incentive recipients and portions where company-level performance targets were not met - The company approved the **"Proposal on Adjusting the Repurchase Price and Repurchasing and Canceling Part of Restricted Shares"**[77](index=77&type=chunk) - A total of **1,209,600 restricted shares** were repurchased and canceled, belonging to **2 resigned incentive recipients** and those corresponding to the 2024 company-level performance targets not met, which had been granted but not yet unblocked[77](index=77&type=chunk) - These shares were canceled on **July 11, 2025**, accounting for approximately **0.32%** of the company's current total share capital[77](index=77&type=chunk) [IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=23&type=section&id=IV.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information%20by%20Law) One of the company's subsidiaries, Ningbo Haisikai Drive Technology Co., Ltd., is on the list of enterprises required to disclose environmental information by law and has done so as required - The number of enterprises included in the list of enterprises required to disclose environmental information by law is **1**[78](index=78&type=chunk) - This enterprise is **Ningbo Haisikai Drive Technology Co., Ltd.**, and its environmental information disclosure report can be found on the designated website[78](index=78&type=chunk) [Section V Significant Matters](index=24&type=section&id=Section%20V%20Significant%20Matters) This section covers the fulfillment of commitments, related-party fund occupation, irregular guarantees, audit status, significant litigation, integrity status, major related-party transactions, significant contracts, and the use of raised funds [I. Fulfillment of Commitments](index=24&type=section&id=I.%20Fulfillment%20of%20Commitments) All commitments made by the company's actual controller, shareholders, related parties, and the company itself, either during or continuing into the reporting period, including share lock-ups, resolution of related-party transactions, avoidance of horizontal competition, measures to offset diluted immediate returns, and equity incentive commitments, were strictly fulfilled - All commitments regarding **share lock-ups** by directors, senior management, and supervisors were strictly fulfilled[80](index=80&type=chunk)[81](index=81&type=chunk) - Commitments regarding **share reduction prices, reduction ratios, and information disclosure** by controlling shareholder and actual controller Hu Renchang, and shareholders holding 5% or more of shares, Lu Xiaojian and Xinchang County Zhongsheng Investment Co., Ltd., were strictly fulfilled[80](index=80&type=chunk)[81](index=81&type=chunk) - The company, controlling shareholder, directors, and senior management's commitments and measures to **offset diluted immediate returns** remained effective and were strictly fulfilled[81](index=81&type=chunk)[82](index=82&type=chunk)[83](index=83&type=chunk)[84](index=84&type=chunk)[85](index=85&type=chunk) - Controlling shareholder and actual controller Hu Renchang's commitment to **resolve horizontal competition** remained effective and was strictly fulfilled[85](index=85&type=chunk) [II. Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties during the Reporting Period](index=28&type=section&id=II.%20Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties%20during%20the%20Reporting%20Period) During the reporting period, the company had no non-operating funds occupied by controlling shareholders or other related parties - There was **no non-operating fund occupation** by controlling shareholders or other related parties during the reporting period[86](index=86&type=chunk) [III. Irregular Guarantees](index=28&type=section&id=III.%20Irregular%20Guarantees) During the reporting period, the company did not provide external guarantees in violation of prescribed decision-making procedures - There were **no external guarantees provided in violation of prescribed decision-making procedures** during the reporting period[86](index=86&type=chunk) [IV. Semi-Annual Report Audit Status](index=29&type=section&id=IV.%20Semi-Annual%20Report%20Audit%20Status) This semi-annual report has not been audited - This semi-annual report has **not been audited**[6](index=6&type=chunk) [VII. Significant Litigation and Arbitration Matters](index=29&type=section&id=VII.%20Significant%20Litigation%20and%20Arbitration%20Matters) During the reporting period, the company had no significant litigation or arbitration matters - The company had **no significant litigation or arbitration matters** during this reporting period[87](index=87&type=chunk) [IX. Explanation of the Integrity Status of the Company, its Controlling Shareholder, and Actual Controller during the Reporting Period](index=29&type=section&id=IX.%20Explanation%20of%20the%20Integrity%20Status%20of%20the%20Company,%20its%20Controlling%20Shareholder,%20and%20Actual%20Controller%20during%20the%20Reporting%20Period) During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no unfulfilled effective court judgments or large overdue debts - During the reporting period, the company, its controlling shareholder, and actual controller maintained **good integrity**[87](index=87&type=chunk) - There were **no unfulfilled effective court judgments or large overdue debts**[87](index=87&type=chunk) [X. Significant Related-Party Transactions](index=29&type=section&id=X.%20Significant%20Related-Party%20Transactions) This section discloses the company's related-party transactions in ordinary operations, primarily involving goods procurement, all within the estimated amounts [(I) Related-Party Transactions Related to Ordinary Operations](index=29&type=section&id=(I)%20Related-Party%20Transactions%20Related%20to%20Ordinary%20Operations) As of June 30, 2025, the company and its subsidiaries' related-party transactions for purchasing goods from Zhejiang Wendao Intelligent Equipment Co., Ltd. and Ningbo Youdao Metal Products Co., Ltd. did not exceed the annual estimated scope - The company estimated that the total amount of ordinary related-party transactions with Zhejiang Wendao Intelligent Equipment Co., Ltd. (including its subsidiaries), Ningbo Youdao Metal Products Co., Ltd., and Zhejiang Jiecang Holding Co., Ltd. for 2025 would not exceed **287.89 million yuan**[88](index=88&type=chunk) - As of June 30, 2025, actual related-party transactions for purchasing goods from Zhejiang Wendao Intelligent Equipment Co., Ltd. amounted to **45.2489 million yuan**, with other actual related-party transactions totaling **0.1651 million yuan**[88](index=88&type=chunk) - Actual related-party transactions for purchasing goods from Ningbo Youdao Metal Products Co., Ltd. amounted to **66.9722 million yuan**, with other actual related-party transactions totaling **0.0309 million yuan**, all within the estimated scope[88](index=88&type=chunk) [XI. Significant Contracts and Their Fulfillment](index=30&type=section&id=XI.%20Significant%20Contracts%20and%20Their%20Fulfillment) This section discloses significant guarantees executed and outstanding during the reporting period, primarily for subsidiaries, with the total guarantee amount representing **12.58%** of the company's net assets [(II) Significant Guarantees Executed and Outstanding during the Reporting Period](index=31&type=section&id=(II)%20Significant%20Guarantees%20Executed%20and%20Outstanding%20during%20the%20Reporting%20Period) During the reporting period, the company's total guarantees for subsidiaries amounted to **278 million yuan**, with an outstanding balance of **573 million yuan** at period-end, representing **12.58%** of the company's net assets, all for consolidated subsidiaries Company's Total Guarantee Situation (Including Guarantees for Subsidiaries) | Indicator | Amount (million yuan) | | :--- | :--- | | Total guarantees for subsidiaries incurred during the reporting period | 278 | | Total outstanding guarantees for subsidiaries at period-end (B) | 573 | | Total guarantees (A+B) | 573 | | Ratio of total guarantees to company's net assets (%) | 12.58 | | Debt guarantees provided directly or indirectly for guaranteed parties with asset-liability ratio exceeding 70% (D) | 573 | - All aforementioned guarantees were for **subsidiaries within the scope of consolidated financial statements**, with no other external guarantees[93](index=93&type=chunk) [XII. Explanation of Progress in Use of Raised Funds](index=32&type=section&id=XII.%20Explanation%20of%20Progress%20in%20Use%20of%20Raised%20Funds) This section details the overall use of the company's raised funds and the progress of fundraising investment projects, including the replacement of early-stage investments and the temporary use of idle raised funds for working capital [(I) Overall Use of Raised Funds](index=32&type=section&id=(I)Overall%20Use%20of%20Raised%20Funds) The company's total raised funds were **1,485.00 million yuan**, with a net amount of **1,461.3242 million yuan**; as of the end of the reporting period, cumulative investment totaled **1,367.5588 million yuan**, with an investment progress of **93.58%** Overall Use of Raised Funds | Indicator | Amount (million yuan) | | :--- | :--- | | Total Raised Funds | 1,485.00 | | Net Raised Funds | 1,461.3242 | | Cumulative Investment of Raised Funds as of Period-End | 1,367.5588 | | Cumulative Investment Progress of Raised Funds as of Period-End (%) | 93.58 | [(II) Details of Fundraising Investment Projects](index=32&type=section&id=(II)Details%20of%20Fundraising%20Investment%20Projects) The company's fundraising investment projects include smart office drive system production expansion, European logistics and production base construction, and digital system upgrades with intelligent production line transformation; some projects have been canceled or terminated, while others are progressing as planned Details of Fundraising Investment Projects Use | Project Name | Planned Investment Total (million yuan) | Cumulative Investment of Raised Funds as of Period-End (million yuan) | Cumulative Investment Progress as of Period-End (%) | Has Project Feasibility Changed Significantly | | :--- | :--- | :--- | :--- | :--- | | Smart Office Drive System Production Construction Upgrade and Expansion Project | 27,232.42 | 33,636.31 | 123.52 | No | | European Logistics and Production Base Construction Project | 42,000.00 | 27,094.07 | 64.51 | No | | Digital System Upgrade and Production Line Intelligent Transformation Project | 20,000.00 | 18,000.54 | 90.00 | No | | Jiecang Global Operations Management Construction Project | 8,281.43 | 8,281.43 | 100.00 | Yes, this project was canceled | | Replenishment of Working Capital | 34,700.00 | 34,700.00 | 100.00 | No | | Permanent Replenishment of Working Capital after Termination of Jiecang Global Operations Center Construction Project | 13,918.57 | 15,043.53 | 108.08 | Not applicable | [(IV) Other Circumstances Regarding the Use of Raised Funds during the Reporting Period](index=34&type=section&id=(IV)Other%20Circumstances%20Regarding%20the%20Use%20of%20Raised%20Funds%20during%20the%20Reporting%20Period) The company used its own foreign exchange to pay for fundraising investment projects and subsequently replaced it with an equivalent amount of raised funds, and temporarily used part of idle raised funds to supplement working capital, which has been repaid on schedule - The company used its own foreign exchange to pay for engineering costs, equipment procurement, and other expenses for the fundraising investment project **"European Logistics and Production Base Construction Project,"** and then transferred an equivalent amount from the special raised funds account to the company's own funds account[99](index=99&type=chunk) - As of the end of this reporting period, the company had used **3,011,199.09 Euros** of raised funds to replace its own foreign exchange previously invested in fundraising projects[99](index=99&type=chunk) - On **April 15, 2025**, the company repaid **150 million yuan** of idle raised funds, temporarily used to supplement working capital, to the special raised funds account[100](index=100&type=chunk) - The company plans to use no more than **100 million yuan** of idle raised funds temporarily to supplement working capital, with a usage period not exceeding **12 months** from the date of board approval[100](index=100&type=chunk) [Section VI Share Changes and Shareholder Information](index=35&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital, shareholder structure, and the shareholdings of directors and senior management [I. Share Capital Changes](index=35&type=section&id=I.%20Share%20Capital%20Changes) During the reporting period, there were no changes in the company's total share capital or share structure - During the reporting period, there were **no changes in the company's total share capital or share structure**[103](index=103&type=chunk) [II. Shareholder Information](index=35&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company had **41,897** common shareholders. This section lists the top ten shareholders' holdings, with controlling shareholder Hu Renchang holding **27.47%** - As of the end of the reporting period, the total number of common shareholders was **41,897**[104](index=104&type=chunk) Top Ten Shareholders' Holdings | Shareholder Name | Shares Held at Period-End (shares) | Percentage (%) | | :--- | :--- | :--- | | Hu Renchang | 105,347,070 | 27.47 | | Lu Xiaojian | 66,112,799 | 17.24 | | Xinchang County Zhongsheng Investment Co., Ltd. | 24,529,000 | 6.40 | | China Merchants Bank Co., Ltd. - Penghua Carbon Neutral Theme Mixed Securities Investment Fund | 9,152,551 | 2.39 | | Hong Kong Securities Clearing Company Limited | 8,319,653 | 2.17 | | Wu Dizeng | 8,021,200 | 2.09 | | Shen Anbin | 7,673,400 | 2.00 | | National Social Security Fund Council 602 Portfolio | 3,758,500 | 0.98 | | Zhejiang Jiecang Holding Co., Ltd. | 3,671,864 | 0.96 | | Pan Baixin | 3,308,480 | 0.86 | - Xinchang County Zhongsheng Investment Co., Ltd. and Zhejiang Jiecang Holding Co., Ltd. are **enterprises controlled by the company's controlling shareholder and actual controller**[107](index=107&type=chunk) [III. Directors and Senior Management Information](index=37&type=section&id=III.%20Directors%20and%20Senior%20Management%20Information) During the reporting period, Board Secretary Lao Yi's shareholding decreased due to secondary market transactions Changes in Shareholdings of Directors and Senior Management | Name | Position | Shares Held at Beginning of Period (shares) | Shares Held at End of Period (shares) | Change in Shares During Reporting Period (shares) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Lao Yi | Board Secretary | 42,630 | 40,000 | -2,630 | Secondary market trading | [Section VII Bond-Related Information](index=38&type=section&id=Section%20VII%20Bond-Related%20Information) This section confirms the absence of corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, and convertible corporate bonds during the reporting period [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=38&type=section&id=I.%20Corporate%20Bonds%20(Including%20Enterprise%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments - **Not applicable**[113](index=113&type=chunk) [II. Convertible Corporate Bonds](index=38&type=section&id=II.%20Convertible%20Corporate%20Bonds) During the reporting period, the company had no convertible corporate bonds - **Not applicable**[113](index=113&type=chunk) [Section VIII Financial Report](index=39&type=section&id=Section%20VIII%20Financial%20Report) This section presents the company's audited financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on accounting policies, taxation, and financial items [I. Audit Report](index=39&type=section&id=I.%20Audit%20Report) This semi-annual report has not been audited - This semi-annual report has **not been audited**[6](index=6&type=chunk) [II. Financial Statements](index=39&type=section&id=II.%20Financial%20Statements) This section provides the company's H1 2025 consolidated and parent company financial statements, comprehensively presenting its financial position and operating results [Consolidated Balance Sheet](index=39&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets were **6.687 billion yuan**, total liabilities were **2.128 billion yuan**, and total owners' equity was **4.558 billion yuan** Key Data from Consolidated Balance Sheet (June 30, 2025) | Item | June 30, 2025 (yuan) | December 31, 2024 (yuan) | | :--- | :--- | :--- | | Total Assets | 6,686,727,988.71 | 6,494,172,233.49 | | Total Liabilities | 2,128,292,110.39 | 2,170,261,575.11 | | Total Owners' Equity | 4,558,435,878.32 | 4,323,910,658.38 | [Parent Company Balance Sheet](index=41&type=section&id=Parent%20Company%20Balance%20Sheet) As of June 30, 2025, the parent company's total assets were **6.110 billion yuan**, total liabilities were **1.625 billion yuan**, and total owners' equity was **4.485 billion yuan** Key Data from Parent Company Balance Sheet (June 30, 2025) | Item | June 30, 2025 (yuan) | December 31, 2024 (yuan) | | :--- | :--- | :--- | | Total Assets | 6,110,298,807.09 | 6,049,087,544.19 | | Total Liabilities | 1,625,206,020.67 | 1,691,863,528.15 | | Total Owners' Equity | 4,485,092,786.42 | 4,357,224,016.04 | [Consolidated Income Statement](index=43&type=section&id=Consolidated%20Income%20Statement) In H1 2025, the company's consolidated total operating revenue was **2.007 billion yuan**, a **27.31%** increase year-on-year; net profit attributable to parent company shareholders was **271 million yuan**, a **43.29%** increase year-on-year Key Data from Consolidated Income Statement (Jan-Jun 2025) | Item | 2025 Half-Year (yuan) | 2024 Half-Year (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 2,006,798,645.71 | 1,576,346,423.95 | | Total Operating Costs | 1,719,461,959.75 | 1,416,892,931.84 | | Total Profit | 321,270,741.03 | 212,920,045.05 | | Net Profit | 271,163,775.87 | 186,997,694.00 | | Net Profit Attributable to Parent Company Shareholders | 271,051,292.61 | 189,157,580.72 | | Basic Earnings Per Share (yuan/share) | 0.71 | 0.49 | | Diluted Earnings Per Share (yuan/share) | 0.71 | 0.49 | [Parent Company Income Statement](index=45&type=section&id=Parent%20Company%20Income%20Statement) In H1 2025, the parent company's operating revenue was **1.455 billion yuan**, a **27.43%** increase year-on-year; net profit was **243 million yuan**, a **33.63%** increase year-on-year Key Data from Parent Company Income Statement (Jan-Jun 2025) | Item | 2025 Half-Year (yuan) | 2024 Half-Year (yuan) | | :--- | :--- | :--- | | Operating Revenue | 1,455,438,784.07 | 1,142,145,013.05 | | Operating Profit | 275,437,484.72 | 206,422,205.96 | | Total Profit | 275,695,267.76 | 206,394,195.17 | | Net Profit | 242,902,301.23 | 181,773,384.02 | | Basic Earnings Per Share (yuan/share) | 0.64 | 0.48 | [Consolidated Cash Flow Statement](index=47&type=section&id=Consolidated%20Cash%20Flow%20Statement) In H1 2025, the company's net cash flow from operating activities was **355 million yuan**, a **50.71%** increase year-on-year; cash outflow from investing activities increased, while cash outflow from financing activities decreased Key Data from Consolidated Cash Flow Statement (Jan-Jun 2025) | Item | 2025 Half-Year (yuan) | 2024 Half-Year (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 355,171,690.88 | 235,663,943.71 | | Net Cash Flow from Investing Activities | -279,865,556.81 | 595,909,516.80 | | Net Cash Flow from Financing Activities | -103,583,608.89 | -479,491,013.01 | | Net Increase in Cash and Cash Equivalents | -19,385,509.20 | 349,054,368.61 | [Parent Company Cash Flow Statement](index=48&type=section&id=Parent%20Company%20Cash%20Flow%20Statement) In H1 2025, the parent company's net cash flow from operating activities was **436 million yuan**; cash outflow from investing activities increased, while cash outflow from financing activities decreased Key Data from Parent Company Cash Flow Statement (Jan-Jun 2025) | Item | 2025 Half-Year (yuan) | 2024 Half-Year (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 435,931,408.30 | 442,661,533.63 | | Net Cash Flow from Investing Activities | -233,534,955.56 | 361,742,512.49 | | Net Cash Flow from Financing Activities | -259,002,784.54 | -667,639,517.57 | | Net Increase in Cash and Cash Equivalents | -54,293,040.93 | 140,909,947.81 | [Consolidated Statement of Changes in Owners' Equity](index=50&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Owners'%20Equity) As of June 30, 2025, the company's consolidated total owners' equity was **4.558 billion yuan**, an increase of **235 million yuan** this period, primarily due to an increase in total comprehensive income Consolidated Statement of Changes in Owners' Equity (Jan-Jun 2025) | Item | Beginning Balance (yuan) | Change in Current Period Amount (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | | Total Owners' Equity | 4,323,910,658.38 | 234,525,219.94 | 4,558,435,878.32 | | Total Owners' Equity Attributable to Parent Company | 4,322,255,796.74 | 234,414,029.02 | 4,556,669,825.76 | | Of which: Other Comprehensive Income | -46,668,100.77 | 78,396,267.26 | 31,728,166.49 | | Retained Earnings | 1,543,966,772.51 | 156,017,761.76 | 1,699,984,534.27 | [Parent Company Statement of Changes in Owners' Equity](index=54&type=section&id=Parent%20Company%20Statement%20of%20Changes%20in%20Owners'%20Equity) As of June 30, 2025, the parent company's total owners' equity was **4.485 billion yuan**, an increase of **128 million yuan** this period, primarily due to an increase in total comprehensive income Parent Company Statement of Changes in Owners' Equity (Jan-Jun 2025) | Item | Beginning Balance (yuan) | Change in Current Period Amount (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | | Total Owners' Equity | 4,357,224,016.04 | 127,868,770.38 | 4,485,092,786.42 | | Of which: Retained Earnings | 1,529,643,821.78 | 127,868,770.38 | 1,657,512,592.16 | [III. Company Basic Information](index=58&type=section&id=III.%20Company%20Basic%20Information) This section introduces the company's history, registered capital, registration location, headquarters address, main business activities, and actual controller - The company was established through the overall change of Zhejiang Jiecang Linear Drive Technology Co., Ltd. and listed on the Shanghai Stock Exchange in **September 2018**[150](index=150&type=chunk) - As of June 30, 2025, the company's total issued share capital was **383,456,555 shares**, with a registered capital of **383,456,555 yuan**[150](index=150&type=chunk) - Its main business activities include R&D, production, and sales of **linear drive systems and equipment, medical device components, and functional furniture**, with **Mr. Hu Renchang** as the actual controller[150](index=150&type=chunk) [IV. Basis of Financial Statement Preparation](index=58&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) This section states that the company's financial statements are prepared on a going concern basis and comply with enterprise accounting standards and relevant disclosure regulations - The company's financial statements are prepared on a **going concern basis** and comply with the requirements of **enterprise accounting standards**[151](index=151&type=chunk)[152](index=152&type=chunk)[154](index=154&type=chunk) - The company has the ability to continue as a going concern for at least **12 months** from the end of this reporting period, with no significant matters affecting its going concern ability[152](index=152&type=chunk) [V. Significant Accounting Policies and Estimates](index=58&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the significant accounting policies and estimates adopted by the company in preparing its financial statements, covering key areas such as financial instruments, fixed assets, and revenue recognition - The company's accounting year runs from **January 1 to December 31**, with an operating cycle of **12 months**, and the recording currency is **RMB**[155](index=155&type=chunk)[156](index=156&type=chunk)[157](index=157&type=chunk) - Detailed disclosure of the classification, recognition criteria, and measurement methods for **financial instruments**, including those measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[169](index=169&type=chunk)[170](index=170&type=chunk)[171](index=171&type=chunk)[172](index=172&type=chunk)[173](index=173&type=chunk) - Fixed assets are depreciated using the **straight-line method**, with depreciation periods of **10-20 years for buildings** and **2-10 years for machinery and equipment**[211](index=211&type=chunk) - Revenue is recognized when the customer obtains **control of the related goods or services**, with the method of revenue recognition determined by whether performance obligations are satisfied over time or at a point in time[239](index=239&type=chunk)[240](index=240&type=chunk)[241](index=241&type=chunk)[242](index=242&type=chunk)[243](index=243&type=chunk) [VI. Taxation](index=83&type=section&id=VI.%20Taxation) This section lists the company's main tax categories and rates, and explains the high-tech enterprise income tax incentives and VAT immediate refund policy for software products enjoyed by the company and its subsidiaries Main Tax Categories and Rates | Tax Category | Tax Rate | | :--- | :--- | | VAT | 9%, 10%, 13%, 19%, 20% | | Urban Maintenance and Construction Tax | 5% | | Corporate Income Tax | 15%, 16.5%, 17%, 21%, 23.2%, 24%, 25%, 26%, 31.23% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | - The company and its subsidiaries Ningbo Haisikai Drive Technology Co., Ltd., Zhejiang Juyou Intelligent Technology Co., Ltd., and Zhejiang Zhiyou Automotive Technology Co., Ltd. are all recognized as **high-tech enterprises** and pay corporate income tax at a rate of **15%** for 2025[263](index=263&type=chunk)[264](index=264&type=chunk)[265](index=265&type=chunk) - When selling self-developed and produced software products, the company enjoys an immediate VAT refund for the portion exceeding a **3% actual tax burden**[265](index=265&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=85&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for each item in the consolidated financial statements, explaining their composition, changes, and accounting treatment - Monetary funds balance at period-end was **1.932 billion yuan**, of which **407 million yuan** was deposited overseas[266](index=266&type=chunk) - Accounts receivable book value at period-end was **630 million yuan**, with a bad debt provision ratio of **5.10%**[276](index=276&type=chunk) - Inventory book value at period-end was **924 million yuan**, including **545 million yuan in raw materials** and **315 million yuan in finished goods**[312](index=312&type=chunk) - Fixed assets book value at period-end was **1.691 billion yuan**, and construction in progress balance at period-end was **332 million yuan**, primarily due to continuous investment in fundraising projects[328](index=328&type=chunk)[331](index=331&type=chunk) - Goodwill original book value at period-end was **242 million yuan**, primarily from the acquisition of Logic Endeavor Group GmbH equity[341](index=341&type=chunk) - Operating revenue for the current period was **2.007 billion yuan**, and operating cost was **1.402 billion yuan**, primarily from linear drive product sales[397](index=397&type=chunk)[399](index=399&type=chunk) [VIII. R&D Expenses](index=145&type=section&id=VIII.%20R%26D%20Expenses) This section lists the company's R&D expenses for the reporting period, totaling **118 million yuan**, all of which were expensed R&D Expenses by Nature of Expense | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Direct Input | 12,575,993.01 | 17,752,366.74 | | Employee Compensation | 77,964,730.05 | 73,7

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