山西壶化集团股份有限公司 2025 年半年度报告全文 证券代码：003002 证券简称：壶化股份 公告编号：2025-062 山西壶化集团股份有限公司 2025 年半年度报告 【2025 年 08 月】 1 山西壶化集团股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 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、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人秦东、主管会计工作负责人张伟及会计机构负责人(会计主管 人员)张伟声明：保证本半年度报告中财务报告的真实、准确、完整。 | 第二节 | 公司简介和主要财务指标 | | 7 | | --- | --- | --- | --- | | 第三节 | 管理层讨论与分析 | | 10 | | 第四节 | 公司治理、环境和社会 | | 22 | | 第五节 | 重要事项 | | 25 | | 第六节 | 股份变动及股东情况 | | 29 | | 第七节 | 债券相关情况 | | 35 | | 第八节 | 财务报告 | | 36 | | 第九节 | 其他报送数据 | | 1 ...

[Section 1 Important Notes, Table of Contents, and Definitions](index=2&type=section&id=Section%201%20Important%20Notes%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides important disclaimers, the report's table of contents, and definitions of key terms used throughout the report [Important Notes](index=2&type=section&id=Important%20Notes) The board and senior management guarantee the report's accuracy, with forward-looking statements not constituting profit forecasts, and no plans for cash dividends or bonus shares - Company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the half-yearly report content[5](index=5&type=chunk) - Forward-looking statements regarding future plans do not represent the company's profit forecasts or substantive commitments to investors and involve significant uncertainties[5](index=5&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or transfer capital reserves to increase share capital[6](index=6&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section lists the main chapters of the report and their starting page numbers, covering company profile, management discussion, corporate governance, significant events, share changes, bond information, and financial reports [Definitions](index=5&type=section&id=Definitions) This section defines common terms used in the report, including company names, subsidiaries, major clients (e.g., Bosch, ZF, Magna), and technical terms (e.g., die forging, spinning) - Major clients include Bosch, ZF, Magna, BorgWarner, and Schaeffler, all ranked among the top global automotive parts suppliers in 2025[14](index=14&type=chunk) - Die forging refers to the process where a metal billet is deformed under pressure within a shaped die cavity to produce a forging[15](index=15&type=chunk) - Spinning is a specialized forming method that applies localized plastic deformation to a blank using a spinning wheel or roller[15](index=15&type=chunk) [Section 2 Company Profile and Key Financial Indicators](index=7&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company, its contact information, and key financial performance metrics for the reporting period [I. Company Profile](index=7&type=section&id=I.%20Company%20Profile) Wuhu Sanlian Forging Co., Ltd., stock code 001282, is listed on the Shenzhen Stock Exchange, with Sun Guofeng as its legal representative - Company Stock Abbreviation: Sanlian Forging, Stock Code: **001282**[17](index=17&type=chunk) - Company's listed stock exchange: Shenzhen Stock Exchange[17](index=17&type=chunk) - Company's legal representative is Sun Guofeng[17](index=17&type=chunk) [II. Contacts and Contact Information](index=7&type=section&id=II.%20Contacts%20and%20Contact%20Information) The company's Board Secretary is Yang Cheng and Securities Affairs Representative is Qian Hui, both located at No. 20 Tianjingshan Road, Wuhu High-tech Industrial Development Zone, with phone/fax 0553-5650331 - Board Secretary: Yang Cheng; Securities Affairs Representative: Qian Hui[18](index=18&type=chunk) - Contact Address: No. 20 Tianjingshan Road, Wuhu High-tech Industrial Development Zone[18](index=18&type=chunk) - Phone/Fax: **0553-5650331**[18](index=18&type=chunk) [III. Other Information](index=7&type=section&id=III.%20Other%20Information) The company's registration, office address, website, and email remained unchanged, with information disclosed on specified media, and a new robotics and aerospace components branch established - Company's registered address, office address, website, and email remained unchanged during the reporting period[19](index=19&type=chunk) - The securities exchange website for the company's half-yearly report disclosure is Shenzhen Stock Exchange: http://www.szse.cn[20](index=20&type=chunk) - During the reporting period, the company's internal organizational structure changed with the establishment of Wuhu Sanlian Forging Co., Ltd. Robotics and Aerospace Components Branch[22](index=22&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=8&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In H1 2025, revenue grew by 6.86% to 775.17 million yuan, net profit attributable to shareholders increased by 3.88% to 71.34 million yuan, while operating cash flow decreased by 10.54% 2025 Half-Year Key Accounting Data and Financial Indicators | Indicator | Current Reporting Period (Yuan) | Prior Year Period (Adjusted) (Yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 775,169,751.61 | 725,381,974.37 | 6.86% | | Net Profit Attributable to Shareholders of Listed Company | 71,335,184.41 | 68,671,552.46 | 3.88% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 69,121,222.25 | 65,250,793.01 | 5.93% | | Net Cash Flow from Operating Activities | 13,498,495.23 | 15,089,172.05 | -10.54% | | Basic Earnings Per Share (Yuan/Share) | 0.32 | 0.31 | 3.23% | | Diluted Earnings Per Share (Yuan/Share) | 0.32 | 0.31 | 3.23% | | Weighted Average Return on Net Assets | 4.58% | 4.64% | -0.06% | | Indicator | End of Current Reporting Period (Yuan) | End of Prior Year (Adjusted) (Yuan) | Change from End of Prior Year | | :--- | :--- | :--- | :--- | | Total Assets | 2,615,867,778.86 | 2,289,398,613.61 | 14.26% | | Net Assets Attributable to Shareholders of Listed Company | 1,599,243,487.76 | 1,539,961,261.49 | 3.85% | - Basic and diluted earnings per share were retrospectively adjusted due to the 2024 annual equity distribution (4 bonus shares for every 10 shares)[23](index=23&type=chunk) [V. Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=8&type=section&id=V.%20Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20Overseas%20Accounting%20Standards) The company reported no differences in net profit and net assets between financial statements prepared under international/overseas accounting standards and Chinese accounting standards during the reporting period - The company's financial reports disclosed under International Accounting Standards and Chinese Accounting Standards showed no differences in net profit and net assets during the reporting period[24](index=24&type=chunk) - The company's financial reports disclosed under overseas accounting standards and Chinese Accounting Standards showed no differences in net profit and net assets during the reporting period[26](index=26&type=chunk) [VI. Non-Recurring Gains and Losses and Amounts](index=9&type=section&id=VI.%20Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) The company's total non-recurring gains and losses for the reporting period amounted to 2.21 million yuan, primarily from non-current asset disposal, government grants, fair value changes of financial assets/liabilities, and other non-operating income/expenses 2025 Half-Year Non-Recurring Gains and Losses and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | -1,772,514.50 | | Government grants recognized in current profit or loss (excluding those with continuous impact) | 1,550,784.00 | | Gains and losses from changes in fair value of financial assets and liabilities and disposal gains and losses | 2,098,439.01 | | Other non-operating income and expenses | 563,989.72 | | Other profit and loss items meeting the definition of non-recurring gains and losses | 164,170.08 | | Less: Income tax impact | 390,906.15 | | Total | 2,213,962.16 | - The company does not classify non-recurring gains and losses as recurring gains and losses[29](index=29&type=chunk) [Section 3 Management Discussion and Analysis](index=10&type=section&id=Section%203%20Management%20Discussion%20and%20Analysis) This section analyzes the company's main business, core competitiveness, financial performance, investment activities, and risks, along with its strategies for market value management and quality improvement [I. Main Business Activities During the Reporting Period](index=10&type=section&id=I.%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) The company primarily engages in R&D, production, and sales of automotive forging parts for various systems, actively expanding into new energy vehicles, maintaining strong market position, and establishing a new robotics and aerospace components branch [(I) Company's Main Business Activities](index=10&type=section&id=(I)%20Company's%20Main%20Business%20Activities) The company specializes in R&D, production, and sales of automotive forging parts for power, transmission, steering, and suspension systems, actively developing components for new energy vehicles, and collaborating with major global automotive suppliers and OEMs - The company primarily engages in the research and development, production, and sales of automotive forging parts, which are applied in automotive power systems, transmission systems, steering systems, and suspension support systems[31](index=31&type=chunk) - The company actively develops and deploys forging parts for new energy vehicles, participating in the development of forging parts for well-known OEM new energy vehicle platforms[31](index=31&type=chunk) - Major clients include Bosch, ZF, Magna, and Schaeffler, all ranked among the top global automotive parts suppliers, and the company directly supplies to BMW, Volkswagen, Li Auto, NIO, BYD, and other OEM supply chains[31](index=31&type=chunk)[32](index=32&type=chunk) [(II) Company's Main Products and Their Uses](index=10&type=section&id=(II)%20Company's%20Main%20Products%20and%20Their%20Uses) The company's main products are automotive forging parts, categorized into seven types, crucial for vehicle performance and safety, with specific applications in new energy vehicles like hollow shafts and IGBT copper pin fin heat sinks - The company's products are mostly used in critical stress-bearing parts of automobiles, where their quality directly affects the vehicle's performance, safety, and lifespan[33](index=33&type=chunk) - The company's main products are categorized into seven types based on forging shape: wheel hub bearing parts, high-pressure common rail parts, ball joint tie rod parts, steering knuckle parts, fork parts, shaft parts, and other parts[36](index=36&type=chunk) - Hollow shafts are primarily used in the electric drive and transmission systems of new energy vehicles; IGBT copper pin fin heat sinks are applied in new energy vehicle motor controller modules; valve islands are core components of new energy vehicle air conditioning thermal management systems; and agent-side flow plates are core components of new energy vehicle battery cooling systems[42](index=42&type=chunk)[46](index=46&type=chunk)[47](index=47&type=chunk) [(III) Company's Business Model](index=13&type=section&id=(III)%20Company's%20Business%20Model) The company operates on a direct sales model, supplying automotive Tier 1 or Tier 2 suppliers, with some entrusted processing, requiring strict client certification, and production based on sales orders with safety stock, supported by independent R&D in forging and machining - Both domestic and international sales of the company's products adopt a direct sales model, selling directly to automotive Tier 1 or Tier 2 suppliers, with some entrusted processing[49](index=49&type=chunk) - The company organizes production based on sales orders while considering safety stock, forming a relatively complete processing chain in its production环节[52](index=52&type=chunk)[53](index=53&type=chunk) - The company focuses on independent R&D, with research directions primarily including forging forming process research, mold design and manufacturing, machining process development, and equipment design, manufacturing, and technical improvement[57](index=57&type=chunk) [(IV) Current State of the Automotive Industry](index=15&type=section&id=(IV)%20Current%20State%20of%20the%20Automotive%20Industry) In H1 2025, China's automotive production and sales grew by 12.5% and 11.4% respectively, with passenger vehicles and new energy vehicles showing strong growth, and exports maintaining rapid expansion H1 2025 China Automotive Market Overview | Indicator | Production / Sales (10,000 vehicles) | Year-on-Year Growth | | :--- | :--- | :--- | | Total Automotive Production and Sales | 1,562.1 / 1,565.3 | 12.5% / 11.4% | | Passenger Vehicle Production and Sales | 1,352.2 / 1,353.1 | 13.8% / 13% | | New Energy Vehicle Production and Sales | 696.8 / 693.7 | 41.4% / 40.3% | | Commercial Vehicle Production and Sales | 209.9 / 212.2 | 4.7% / 2.6% | | Automotive Exports | 308.3 | 10.4% | | New Energy Vehicle Exports | 106 | 75.2% | - New energy vehicle sales reached **44.3%** of total new vehicle sales[62](index=62&type=chunk) - Sales of independent brand passenger vehicles reached **9.27 million units**, a **25% year-on-year increase**, with a market share of **68.5%**[61](index=61&type=chunk) [(V) Main Drivers of Company Performance](index=15&type=section&id=(V)%20Main%20Drivers%20of%20Company%20Performance) National policies, trade-in programs, rapid development of new energy vehicles, and export growth are key drivers for the company's performance, with H1 2025 revenue and net profit increasing, and new energy vehicle products accounting for 28.08% of revenue - National macroeconomic policies, trade-in policies, rapid development of new energy vehicles, and export growth are the main drivers of the company's performance[65](index=65&type=chunk)[66](index=66&type=chunk) H1 2025 Company Performance Overview | Indicator | Amount (10,000 Yuan) | Year-on-Year Growth | | :--- | :--- | :--- | | Operating Revenue | 77,516.98 | 6.86% | | Net Profit Attributable to Shareholders of Listed Company | 7,133.52 | 3.88% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 6,912.12 | 5.93% | | Total Assets | 261,586.78 | 14.26% | | Owners' Equity Attributable to Shareholders of Listed Company | 159,924.35 | 3.85% | - In H1 2025, revenue from new energy vehicle products was **202.65 million yuan**, accounting for **28.08%** of main business revenue, indicating rapid growth in the new energy vehicle parts business[67](index=67&type=chunk) [(VI) Company's Market Position](index=16&type=section&id=(VI)%20Company's%20Market%20Position) The company holds a significant position in the global automotive parts supply chain, serving 14 of the top 100 global automotive parts groups, with its wheel hub bearing products holding approximately 13.27% market share in domestic passenger vehicles and high-pressure common rail products 35.52% in domestic trucks - The company has entered the supplier systems of **14** of the top 100 global automotive parts groups, with Bosch, ZF, and Magna ranking among the top five[68](index=68&type=chunk) - The company's wheel hub bearing products hold approximately **13.27%** market share in the domestic passenger vehicle market[68](index=68&type=chunk) - The company's high-pressure common rail products hold approximately **35.52%** market share in the domestic truck market[69](index=69&type=chunk) [(VII) Establishment of Branch Company During the Reporting Period](index=17&type=section&id=(VII)%20Establishment%20of%20Branch%20Company%20During%20the%20Reporting%20Period) During the reporting period, the company's internal organizational structure changed with the registration of Wuhu Sanlian Forging Co., Ltd. Robotics and Aerospace Components Branch on May 21, 2025 - Wuhu Sanlian Forging Co., Ltd. Robotics and Aerospace Components Branch completed industrial and commercial registration in Wuhu City, Anhui Province on **May 21, 2025**[72](index=72&type=chunk) [II. Analysis of Core Competencies](index=17&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company's core competencies include strong client relationships with global automotive parts groups, robust product quality management, continuous R&D investment, rapid customer response capabilities, experienced management, and strategic location advantages in the Yangtze River Delta - The company has established long-term stable cooperative relationships with global renowned automotive parts groups like Bosch, ZF, and Magna, forming a superior client resource advantage[74](index=74&type=chunk) - The company has implemented a comprehensive quality management system, strictly adhering to IATF16949 standards, ensuring product quality and high customer recognition[76](index=76&type=chunk) - The company continuously invests in R&D for forging and machining processes, holding **3 overseas invention patents** and **203 domestic patents**, with high-pressure common rail products recognized as high-tech products[77](index=77&type=chunk) - The company possesses the ability to respond quickly to customer demands, with efficient project management and R&D advantages enabling timely delivery of compliant products[78](index=78&type=chunk) - The company's management and core personnel have extensive industry experience and hold company equity, laying a solid foundation for long-term development[79](index=79&type=chunk) - Proximity to the Yangtze River Delta and central industrial clusters provides advantages in a complete upstream and downstream supply chain, talent concentration, and convenient transportation[80](index=80&type=chunk) [III. Main Business Analysis](index=19&type=section&id=III.%20Main%20Business%20Analysis) The company's main business, forging parts, saw a 6.86% increase in operating revenue and a 5.94% increase in operating costs, with sales and administrative expenses rising, financial expenses decreasing due to exchange gains, and R&D investment growing by 18% H1 2025 Major Financial Data Year-on-Year Changes | Indicator | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 775,169,751.61 | 725,381,974.37 | 6.86% | - | | Operating Cost | 614,577,316.25 | 580,129,306.50 | 5.94% | - | | Selling Expenses | 5,076,717.82 | 3,553,488.41 | 42.87% | Primarily due to increased sales personnel and business entertainment expenses for market expansion | | Administrative Expenses | 27,150,601.19 | 22,806,322.66 | 19.05% | - | | Financial Expenses | -4,798,306.01 | 1,368,161.01 | -450.71% | Primarily due to increased exchange gains | | Income Tax Expense | 3,646,796.26 | 4,124,929.83 | -11.59% | - | | R&D Investment | 49,612,223.61 | 42,044,765.23 | 18.00% | - | | Net Cash Flow from Operating Activities | 13,498,495.23 | 15,089,172.05 | -10.54% | - | | Net Cash Flow from Investing Activities | -235,894,541.83 | -178,658,473.09 | -32.04% | Primarily due to increased acquisition of long-term assets | | Net Cash Flow from Financing Activities | 241,983,976.08 | 101,244,557.30 | 139.01% | Primarily due to increased short-term borrowings | | Net Increase in Cash and Cash Equivalents | 21,627,427.31 | -61,067,847.68 | 135.42% | - | H1 2025 Operating Revenue Composition (by Product and Region) | Category | Product/Region | Amount (Yuan) | Proportion of Operating Revenue | Year-on-Year Change | Gross Margin | Gross Margin Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Product** | Wheel Hub Bearing Parts | 218,886,059.99 | 28.24% | 0.11% | 15.92% | 3.01% | | | Shaft Parts | 168,673,628.89 | 21.76% | 5.48% | 24.53% | -5.45% | | | Ball Joint Tie Rod Parts | 112,957,897.84 | 14.57% | -8.99% | 26.17% | 4.92% | | | Steering Knuckle Parts | 76,624,413.87 | 9.88% | 53.01% | - | - | | | High-Pressure Common Rail Parts | 47,903,919.42 | 6.18% | 5.50% | - | - | | | Fork Parts | 32,989,956.65 | 4.26% | 98.41% | - | - | | | Other Parts | 48,104,801.14 | 6.21% | 11.97% | - | - | | | Entrusted Processing | 15,525,877.41 | 2.00% | -10.83% | - | - | | | Other Business Income | 53,503,196.40 | 6.90% | 6.53% | - | - | | **By Region** | Domestic Sales | 531,283,374.11 | 68.54% | 5.28% | 17.17% | -1.61% | | | Export Sales | 243,886,377.50 | 31.46% | 10.49% | 28.44% | 5.57% | - The statistical scope for main business data was adjusted due to the reclassification of warranty expenses into operating costs, resulting in a **1,014,528.25 yuan** increase in H1 2024 consolidated operating costs[85](index=85&type=chunk) [IV. Non-Main Business Analysis](index=20&type=section&id=IV.%20Non-Main%20Business%20Analysis) Non-main business activities impacted total profit, with investment income from cash management, asset impairment from inventory write-downs, and other income primarily from government grants, some of which are sustainable H1 2025 Non-Main Business Analysis | Item | Amount (Yuan) | Proportion of Total Profit | Explanation of Cause | Is it Sustainable | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 1,108,486.21 | 1.48% | Primarily from cash management income of raised funds | No | | Asset Impairment | -10,900,629.94 | -14.54% | Primarily from provision for inventory write-downs | No | | Non-Operating Income | 50,640.47 | 0.07% | Primarily from gains on disposal of non-current assets | No | | Non-Operating Expenses | 659,898.81 | 0.88% | Primarily from losses on disposal of non-current assets | No | | Other Income | 9,692,179.27 | 12.93% | Primarily from government grants related to daily operating activities | Value-added tax additional deduction is sustainable in the short term, other government grants are not sustainable | | Credit Impairment Loss | 101,668.22 | 0.14% | Primarily from provision for impairment of receivables | No | | Asset Disposal Income | -1,165,890.47 | -1.55% | Primarily from gains on disposal of fixed assets | No | [V. Analysis of Assets and Liabilities](index=20&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, total assets increased by 14.26%, with significant changes in monetary funds, fixed assets, short-term borrowings, and share capital due to increased bank acceptance bill deposits, borrowings, and capital reserve transfers H1 2025 Significant Changes in Asset Composition | Item | Amount at End of Reporting Period (Yuan) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 169,540,038.52 | 6.48% | 3.37% | Primarily due to an increase in bank acceptance bill deposits | | Total Assets | 2,615,867,778.86 | - | 14.26% | - | | Fixed Assets | 912,821,482.68 | 34.90% | 2.66% | - | | Short-term Borrowings | 598,009,166.67 | 22.86% | 9.49% | Primarily due to increased borrowings | | Share Capital | 222,185,600.00 | 8.49% | 1.56% | Primarily due to an increase from capital reserve transfer to share capital | - The company had no major overseas assets during the reporting period[90](index=90&type=chunk) H1 2025 Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (Yuan) | Amount Purchased This Period (Yuan) | Amount Sold This Period (Yuan) | Ending Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Other Debt Investments | 94,236,383.56 | - | - | 95,619,917.80 | | Accounts Receivable Financing | 23,191,279.43 | 25,531,773.19 | 23,191,279.43 | 25,531,773.19 | | Total | 117,427,662.99 | 25,531,773.19 | 23,191,279.43 | 121,151,690.99 | H1 2025 Asset Rights Restricted at End of Reporting Period | Item | Book Balance (Yuan) | Book Value (Yuan) | Type of Restriction | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 97,111,216.84 | 97,111,216.84 | Frozen | Issuance of bank acceptance bills | | Notes Receivable | 47,811,132.84 | 47,511,132.84 | Endorsed or discounted and unmatured | Bills endorsed or discounted not derecognized | | Total | 144,922,349.68 | 144,622,349.68 | - | - | [VI. Analysis of Investment Status](index=22&type=section&id=VI.%20Analysis%20of%20Investment%20Status) Total investment decreased by 20.59% year-on-year, with several ongoing non-equity investment projects, some not yet fully operational or yielding expected benefits H1 2025 Total Investment | Indicator | Investment Amount During Reporting Period (Yuan) | Investment Amount in Prior Period (Yuan) | Change Rate | | :--- | :--- | :--- | :--- | | Total Investment | 259,805,750.40 | 327,164,286.26 | -20.59% | - The company did not acquire any significant equity investments during the reporting period[95](index=95&type=chunk) H1 2025 Significant Non-Equity Investments in Progress | Project Name | Is it Fixed Asset Investment | Amount Invested This Period (Yuan) | Cumulative Actual Investment Amount as of End of Reporting Period (Yuan) | Cumulative Income Achieved as of End of Reporting Period (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Automotive Lightweight Forging Precision Machining Project | Yes | 93,164,215.34 | 168,166,230.06 | -6,452,679.31 | | Annual Production of 10 Million Automotive Wheel Hub Forgings and Machining Project | Yes | 25,114,100.12 | 39,957,054.72 | 1,257,523.86 | | Industrialization Project of IGBT High-Precision Heat Dissipation Copper Plates for New Energy Vehicle Electric Drive Systems | Yes | 8,593,921.34 | 16,003,928.00 | - | | Phase II Industrialization of New Lightweight Precision Forming Automotive Parts | Yes | 19,110,095.12 | 31,431,888.37 | - | | Total | - | 145,982,331.92 | 255,559,101.15 | -5,195,155.45 | - The company had no securities investments or derivative investments during the reporting period[98](index=98&type=chunk)[99](index=99&type=chunk) H1 2025 Overall Use of Raised Funds | Year of Raising | Total Raised Funds (10,000 Yuan) | Net Raised Funds (10,000 Yuan) | Total Raised Funds Used This Period (10,000 Yuan) | Cumulative Total Raised Funds Used (10,000 Yuan) | Proportion of Raised Funds Used at End of Reporting Period | | :--- | :--- | :--- | :--- | :--- | :--- | | 2023 | 79,265.34 | 67,211.81 | 1,394.62 | 50,981.83 | 75.85% | H1 2025 Committed Projects for Raised Funds | Committed Investment Project | Total Committed Investment Amount of Raised Funds (10,000 Yuan) | Cumulative Investment Amount as of End of Period (10,000 Yuan) | Investment Progress as of End of Period | Benefits Achieved This Reporting Period (10,000 Yuan) | Cumulative Benefits Achieved as of End of Reporting Period (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Precision Forging Production Line Technical Transformation and Machining Support Project | 23,111.87 | 20,393.42 | 88.24% | 1,921.78 | 1,921.78 | | High-Performance Forging Production Line (50MN) Capacity Expansion Project | 6,091.95 | 4,306.49 | 70.69% | 752.51 | 1,532.84 | | R&D Center Construction Project | 6,264.36 | 4,281.92 | 68.35% | 0 | 0 | | Replenishment of Working Capital | 8,000 | 8,000 | 100.00% | 0 | 0 | | Total | 43,468.18 | 36,981.83 | - | 2,674.29 | 3,454.62 | - The R&D Center Construction Project had not reached its intended usable state as of **June 30, 2025**, thus generating no benefits[105](index=105&type=chunk) - The company had no changes in raised fund projects during the reporting period[106](index=106&type=chunk) [VII. Significant Asset and Equity Sales](index=26&type=section&id=VII.%20Significant%20Asset%20and%20Equity%20Sales) The company did not engage in any significant asset or equity sales during the reporting period - The company did not sell any significant assets during the reporting period[107](index=107&type=chunk) - The company did not sell any significant equity during the reporting period[108](index=108&type=chunk) [VIII. Analysis of Major Holding and Participating Companies](index=26&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The main subsidiary, Huzhou Sanlian, engaged in automotive and new energy vehicle parts production, achieved 77.73 million yuan in revenue and 7.65 million yuan in net profit H1 2025 Financial Performance of Major Holding Subsidiaries | Company Name | Company Type | Registered Capital (10,000 Yuan) | Total Assets (10,000 Yuan) | Net Assets (10,000 Yuan) | Operating Revenue (10,000 Yuan) | Operating Profit (10,000 Yuan) | Net Profit (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Huzhou Sanlian | Subsidiary | 1,500.00 | 18,258.83 | 2,929.73 | 7,772.69 | 855.05 | 764.98 | - During the reporting period, the company invested in and established a wholly-owned overseas subsidiary, SANLIAN TECHNOLOGY SINGAPORE PTE.LTD., which had no significant impact on overall production, operations, or performance[109](index=109&type=chunk) [IX. Information on Structured Entities Controlled by the Company](index=27&type=section&id=IX.%20Information%20on%20Structured%20Entities%20Controlled%20by%20the%20Company) The company did not control any structured entities during the reporting period - The company had no structured entities under its control during the reporting period[110](index=110&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=27&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks from high customer concentration, overseas business expansion, management challenges due to business scale growth, accounts receivable bad debts, and inventory write-downs, addressed by diversifying clients, globalizing operations, optimizing internal mechanisms, and strengthening credit and inventory management - Sales to the top five customers accounted for **57.52%** of current operating revenue, indicating high customer concentration, which the company mitigates by developing new customers and diversifying product lines[110](index=110&type=chunk) - The company's overseas business expansion faces challenges from legal regulations, business environment, and cultural differences; the company will respond by building a global operational management system, attracting talent, optimizing market layout, and using financial instruments to control exchange rate risks[111](index=111&type=chunk) - Business scale expansion may lead to management risks; the company will continuously optimize internal operational mechanisms and supervision systems, and recruit and train management talent[112](index=112&type=chunk) - At the end of the reporting period, the book value of accounts receivable was **452.72 million yuan**, accounting for **37.29%** of current assets; the company reduces bad debt risk by prioritizing top 100 suppliers, investigating customer credit, and tracking collections[114](index=114&type=chunk) - At the end of the reporting period, the book value of inventory was **408.81 million yuan**, accounting for **33.68%** of current assets; the company will strengthen inventory management, implement production based on sales orders, and precise production scheduling to control inventory write-down risks[115](index=115&type=chunk) [XI. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=28&type=section&id=XI.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company has established a "Market Value Management System" to maximize company value and shareholder interests by focusing on core business, improving operational efficiency and profitability, and enhancing investor communication and information disclosure transparency - The company has formulated a "Market Value Management System" aimed at enhancing company investment value and shareholder interests[116](index=116&type=chunk) - Key methods of market value management include focusing on core business, improving operational efficiency and profitability, establishing smooth communication mechanisms with investors, and continuously enhancing transparency and accuracy of information disclosure[116](index=116&type=chunk) [XII. Implementation of "Dual Improvement in Quality and Returns" Action Plan](index=29&type=section&id=XII.%20Implementation%20of%20%22Dual%20Improvement%20in%20Quality%20and%20Returns%22%20Action%20Plan) The company has disclosed its "Dual Improvement in Quality and Returns" action plan, focusing on core business, standardized operations, investor returns, and enhanced information disclosure to boost company quality and investment value - The company has formulated a "Dual Improvement in Quality and Returns" action plan, aiming to enhance the quality and investment value of the listed company[117](index=117&type=chunk) - Specific measures include focusing on the automotive parts main business, standardized operations, emphasizing investor returns (such as cash dividends and capital reserve transfers), and strengthening information disclosure[117](index=117&type=chunk) - During the reporting period, based on a total share capital of **158,704,000 shares**, the company distributed a cash dividend of **1 yuan (tax inclusive)** per 10 shares and transferred **4 bonus shares** per 10 shares from capital reserves, changing the total share capital to **222,185,600 shares**[118](index=118&type=chunk) [Section 4 Corporate Governance, Environment, and Society](index=30&type=section&id=Section%204%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section details changes in the board and supervisory board, profit distribution plans, employee incentive schemes, environmental disclosures, and the company's social responsibility initiatives [I. Changes in Directors, Supervisors, and Senior Management](index=30&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, several supervisors resigned due to supervisory board reform, and Director Sun Xiujuan resigned due to work reassignment but was elected as an employee representative director - Wang Fangqin, Ban Wencheng, and Tian Jinlong resigned on **May 16, 2025**, due to supervisory board reform[120](index=120&type=chunk) - Sun Xiujuan resigned as a director on **May 16, 2025**, due to work reassignment and was elected as an employee representative director[120](index=120&type=chunk) [II. Profit Distribution and Capital Reserve to Share Capital Transfer During the Reporting Period](index=30&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20to%20Share%20Capital%20Transfer%20During%20the%20Reporting%20Period) The company plans not to distribute cash dividends, bonus shares, or transfer capital reserves to share capital for the half-year period - The company plans no cash dividends, no bonus shares, and no capital reserve transfers to share capital for the half-year period[121](index=121&type=chunk) [III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=30&type=section&id=III.%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company has not implemented equity incentives but has an employee stock ownership plan, which saw an increase in total shares due to the 2024 annual dividend plan, with core personnel holding 3.07% of shares - The company has not implemented equity incentives[122](index=122&type=chunk) Employee Stock Ownership Plan During the Reporting Period | Total Shares Held (Shares) | Proportion of Total Share Capital of Listed Company | Scope of Employees | Number of Employees | Changes | | :--- | :--- | :--- | :--- | :--- | | 6,820,800 | 3.07% | Core personnel of the company and subsidiaries | 40 | Total shares increased by 1,948,800 shares due to the 2024 annual dividend plan (4 bonus shares for every 10 shares) | - The total expense recognized for equity-settled share-based payments this period was **481,397.90 yuan**[124](index=124&type=chunk) [IV. Environmental Information Disclosure](index=31&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[124](index=124&type=chunk) [V. Social Responsibility](index=31&type=section&id=V.%20Social%20Responsibility) The company actively fulfills its social responsibilities by focusing on technological innovation for product upgrades, promoting green manufacturing, expanding internationally, protecting stakeholder rights, ensuring environmental protection and safety, and engaging in public welfare activities - The company is committed to technological innovation, vigorously conducting research on aluminum forgings, cold and warm forgings, hollow lightweight forgings, stainless steel forgings, and expanding new energy vehicle forging product development[124](index=124&type=chunk) - The company actively promotes green manufacturing and sustainable development concepts, optimizing production processes through automation upgrades and achieving energy saving and environmental protection through rooftop photovoltaic power generation[124](index=124&type=chunk) - The company strictly adheres to laws and regulations, continuously improves its corporate governance structure and internal control systems, safeguarding the legitimate rights and interests of all shareholders[126](index=126&type=chunk) - The company prioritizes employee rights protection, strictly enforces the "Labor Contract Law," improves welfare systems, and serves employees[127](index=127&type=chunk) - The company establishes long-term stable cooperative relationships with customers and suppliers, providing high-quality products and services, and focusing on mutual growth with suppliers[128](index=128&type=chunk) - The company actively implements national environmental protection policies, strengthens environmental protection systems, with all environmental facilities operating normally and no major environmental pollution incidents occurring[129](index=129&type=chunk) - The company has established a sound corporate governance structure, with true, accurate, timely, and complete information disclosure, safeguarding investors' legitimate rights and interests, and strengthening communication with investors through various channels[130](index=130&type=chunk) - During the reporting period, subsidiary Sanlian Parts made a targeted public welfare donation of **40,000 yuan** for road construction in Tongpu Village[131](index=131&type=chunk) [Section 5 Significant Matters](index=34&type=section&id=Section%205%20Significant%20Matters) This section covers commitments, related party transactions, external guarantees, auditor appointments, litigation, penalties, and other significant events during the reporting period [I. Commitments Fulfilled and Overdue Unfulfilled by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=34&type=section&id=I.%20Commitments%20Fulfilled%20and%20Overdue%20Unfulfilled%20by%20Controlling%20Shareholder%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20and%20as%20of%20the%20End%20of%20the%20Reporting%20Period) The company reported no commitments fulfilled or overdue unfulfilled by its controlling shareholder, shareholders, related parties, acquirers, or the company during or as of the end of the reporting period - The company reported no commitments fulfilled or overdue unfulfilled by its actual controller, shareholders, related parties, acquirers, or the company during or as of the end of the reporting period[134](index=134&type=chunk) [II. Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties from the Listed Company](index=34&type=section&id=II.%20Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties%20from%20the%20Listed%20Company) The company reported no non-operating funds occupied by its controlling shareholder or other related parties from the listed company during the reporting period - The company reported no non-operating funds occupied by the controlling shareholder or other related parties from the listed company during the reporting period[135](index=135&type=chunk) [III. Illegal External Guarantees](index=34&type=section&id=III.%20Illegal%20External%20Guarantees) The company had no illegal external guarantees during the reporting period - The company had no illegal external guarantees during the reporting period[136](index=136&type=chunk) [IV. Appointment and Dismissal of Accounting Firms](index=34&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's half-year financial report was not audited - The company's half-year report was not audited[137](index=137&type=chunk) [V. Board's Explanation of "Non-Standard Audit Report" for the Current Period](index=34&type=section&id=V.%20Board's%20Explanation%20of%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Current%20Period) The company had no non-standard audit reports during the reporting period - The company had no non-standard audit reports during the reporting period[138](index=138&type=chunk) [VI. Board's Explanation of "Non-Standard Audit Report" for the Previous Year](index=34&type=section&id=VI.%20Board's%20Explanation%20of%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Previous%20Year) The company had no non-standard audit reports for the previous year during the reporting period - The company had no non-standard audit reports for the previous year during the reporting period[138](index=138&type=chunk) [VII. Bankruptcy and Reorganization Matters](index=34&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Matters) The company had no bankruptcy and reorganization matters during the reporting period - The company had no bankruptcy and reorganization matters during the reporting period[138](index=138&type=chunk) [VIII. Litigation Matters](index=34&type=section&id=VIII.%20Litigation%20Matters) The company had no major litigation or arbitration matters, but one lawsuit against Shanghai Tongyi Auto Parts Co., Ltd. for 4.785 million yuan in goods payments and overdue interest resulted in a court judgment for Shanghai Tongyi to pay 4.6685 million yuan plus overdue interest - The company had no major litigation or arbitration matters during this reporting period[139](index=139&type=chunk) - The company sued Shanghai Tongyi Auto Parts Co., Ltd. to recover goods payments of **4,785,021.60 yuan** and overdue interest[145](index=145&type=chunk) - The Shanghai Fengxian District People's Court ruled that Shanghai Tongyi must pay goods payments of **4,668,469.43 yuan** and overdue payment losses[146](index=146&type=chunk) [IX. Penalties and Rectification](index=35&type=section&id=IX.%20Penalties%20and%20Rectification) The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[141](index=141&type=chunk) [X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=35&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) The company reported no integrity issues concerning itself, its controlling shareholder, or actual controller during the reporting period - The company reported no integrity issues concerning itself, its controlling shareholder, or actual controller during the reporting period[142](index=142&type=chunk) [XI. Significant Related Party Transactions](index=35&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) The company had no significant related party transactions during the reporting period, including those related to daily operations, asset/equity acquisitions or disposals, joint external investments, related party creditor/debtor relationships, or financial company dealings - The company had no related party transactions related to daily operations during the reporting period[142](index=142&type=chunk) - The company had no related party transactions involving asset or equity acquisitions or disposals during the reporting period[143](index=143&type=chunk) - The company had no related party transactions involving joint external investments during the reporting period[144](index=144&type=chunk) - The company had no related party creditor-debtor relationships during the reporting period[145](index=145&type=chunk) - The company had no other significant related party transactions during the reporting period[148](index=148&type=chunk) [XII. Significant Contracts and Their Performance](index=36&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) The company had no trust or contracting arrangements. It leases multiple properties and equipment. Guarantees were provided to subsidiaries, primarily joint liability. The company engaged in wealth management using raised and own funds, with 125.1 million yuan outstanding at period-end - The company had no trust arrangements during the reporting period[149](index=149&type=chunk) - The company had no contracting arrangements during the reporting period[150](index=150&type=chunk) - As of **June 30, 2025**, the company and its controlling subsidiaries, as lessees, leased multiple properties for workshops, dormitories, and offices[151](index=151&type=chunk) H1 2025 Company Guarantees to Subsidiaries | Name of Guaranteed Party | Guarantee Limit (10,000 Yuan) | Total Actual Guarantees to Subsidiaries During Reporting Period (10,000 Yuan) | Total Actual Guarantee Balance to Subsidiaries at End of Reporting Period (10,000 Yuan) | | :--- | :--- | :--- | :--- | | Wuhu Wanlian New Energy Automotive Parts Co., Ltd. | 27,000 | 2,310.81 | 3,310.81 | H1 2025 Entrusted Wealth Management | Specific Type | Source of Entrusted Wealth Management Funds | Amount of Entrusted Wealth Management Occurred (10,000 Yuan) | Unmatured Balance (10,000 Yuan) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Raised Funds | 10,000 | 10,000 | | Brokerage Wealth Management Products | Raised Funds | 2,000 | 2,000 | | Bank Wealth Management Products | Own Funds | 1,510 | 510 | | Total | - | 13,510 | 12,510 | - The company had no other significant contracts during the reporting period[159](index=159&type=chunk) [XIII. Explanation of Other Significant Matters](index=40&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) The company reported no other significant matters requiring explanation during the reporting period - The company reported no other significant matters requiring explanation during the reporting period[160](index=160&type=chunk) [XIV. Significant Matters of Company Subsidiaries](index=40&type=section&id=XIV.%20Significant%20Matters%20of%20Company%20Subsidiaries) The company reported no significant matters concerning its subsidiaries during the reporting period - The company reported no significant matters concerning subsidiaries during the reporting period[161](index=161&type=chunk) [Section 6 Share Changes and Shareholder Information](index=41&type=section&id=Section%206%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in share capital due to equity distribution, securities issuance, shareholder numbers, and holdings of major shareholders and management, with no changes in controlling shareholder or actual controller [I. Share Change Situation](index=41&type=section&id=I.%20Share%20Change%20Situation) In June 2025, the company completed its 2024 annual equity distribution, transferring 63,481,600 shares from capital reserves, increasing total share capital to 222,185,600 shares, with retrospective adjustments to EPS H1 2025 Share Change Situation | Item | Quantity Before This Change (Shares) | Increase/Decrease in This Change (Capital Reserve to Shares) (Shares) | Quantity After This Change (Shares) | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 102,872,000 | 41,148,800 | 144,020,800 | | II. Unrestricted Shares | 55,832,000 | 22,332,800 | 78,164,800 | | III. Total Shares | 158,704,000 | 63,481,600 | 222,185,600 | - The company completed its 2024 annual profit distribution plan in **June 2025**, transferring **4 bonus shares** for every 10 shares from capital reserves to all shareholders, changing the total share capital to **222,185,600 shares**[164](index=164&type=chunk)[166](index=166&type=chunk) - Basic and diluted earnings per share for the comparative period were retrospectively adjusted due to the capital reserve transfer to share capital[166](index=166&type=chunk) H1 2025 Restricted Share Change Situation | Shareholder Name | Restricted Shares at Beginning of Period (Shares) | Restricted Shares Increased This Period (Shares) | Restricted Shares at End of Period (Shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Sun Guofeng | 32,018,000 | 12,807,200.00 | 44,825,200.00 | Restricted shares before initial public offering and increased restricted shares from capital reserve transfer in 2023 and 2024 equity distributions | | Zhang Yiheng | 31,850,000 | 12,740,000.00 | 44,590,000.00 | Restricted shares before initial public offering and increased restricted shares from capital reserve transfer in 2023 and 2024 equity distributions | | Sun Guomin | 31,850,000 | 12,740,000.00 | 44,590,000.00 | Restricted shares before initial public offering and increased restricted shares from capital reserve transfer in 2023 and 2024 equity distributions | | Wuhu Sanlian Holding Partnership (Limited Partnership) | 4,872,000 | 1,948,800.00 | 6,820,800.00 | Restricted shares before initial public offering and increased restricted shares from capital reserve transfer in 2023 and 2024 equity distributions | | Sun Renhao | 2,282,000 | 912,800.00 | 3,194,800.00 | Restricted shares before initial public offering and increased restricted shares from capital reserve transfer in 2023 and 2024 equity distributions | | Total | 102,872,000 | 41,148,800.00 | 144,020,800.00 | - | [II. Securities Issuance and Listing](index=43&type=section&id=II.%20Securities%20Issuance%20and%20Listing) The company had no securities issuance or listing activities during the reporting period - The company had no securities issuance during the reporting period[169](index=169&type=chunk) [III. Number of Shareholders and Shareholding Situation](index=43&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Situation) At the end of the reporting period, there were 16,151 common shareholders. The top ten shareholders include Sun Guofeng, Zhang Yiheng, and Sun Guomin, who are the actual controllers with over 60% combined stake and a concerted action agreement - The total number of common shareholders at the end of the reporting period was **16,151**[170](index=170&type=chunk) H1 2025 Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders at End of Period | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at End of Reporting Period (Shares) | Changes in Shareholding During Reporting Period (Shares) | Number of Restricted Shares Held (Shares) | Number of Unrestricted Shares Held (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Sun Guofeng | Domestic Natural Person | 20.17% | 44,825,200 | 12,807,200 | 44,825,200 | 0 | | Zhang Yiheng | Domestic Natural Person | 20.07% | 44,590,000 | 12,740,000 | 44,590,000 | 0 | | Sun Guomin | Domestic Natural Person | 20.07% | 44,590,000 | 12,740,000 | 44,590,000 | 0 | | Anhui Tonghua High-tech Center (Limited Partnership) | Domestic Non-State-Owned Legal Person | 10.08% | 22,401,720 | 6,301,720 | 0 | 22,401,720 | | Wuhu Sanlian Holding Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 3.07% | 6,820,800 | 1,948,800 | 6,820,800 | 0 | | Sun Renhao | Domestic Natural Person | 1.44% | 3,194,800 | 912,800 | 3,194,800 | 0 | | Shanghai Zhongjue Private Equity Fund Management Co., Ltd. - Zhongjue Enshi Hongda Value No. 1 Private Securities Investment Fund | Other | 0.72% | 1,610,000 | 1,610,000 | 0 | 1,610,000 | | Ying Bijun | Domestic Natural Person | 0.35% | 771,260 | 283,960 | 0 | 771,260 | | Yao Chunfu | Domestic Natural Person | 0.23% | 500,060 | 500,060 | 0 | 500,060 | | Xu Siming | Domestic Natural Person | 0.21% | 459,200 | 459,200 | 0 | 459,200 | - Sun Guofeng, Zhang Yiheng, Sun Guomin, and Sun Renhao signed a "Concerted Action Agreement" on **July 12, 2018**, and are the company's actual controllers[170](index=170&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=45&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, the shareholdings of Chairman and General Manager Sun Guofeng, Director Zhang Yiheng, and Deputy General Manager Sun Renhao increased due to capital reserve transfers to share capital H1 2025 Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Shares Held at Beginning of Period (Shares) | Number of Shares Increased This Period (Shares) | Shares Held at End of Period (Shares) | | :--- | :--- | :--- | :--- | :--- | | Sun Guofeng | Chairman, General Manager | 32,018,000 | 12,807,200 | 44,825,200 | | Zhang Yiheng | Director | 31,850,000 | 12,740,000 | 44,590,000 | | Sun Renhao | Deputy General Manager | 2,282,000 | 912,800 | 3,194,800 | | Total | - | 66,150,000 | 26,460,000 | 92,610,000 | [V. Changes in Controlling Shareholder or Actual Controller](index=45&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder did not change during the reporting period[174](index=174&type=chunk) - The company's actual controller did not change during the reporting period[174](index=174&type=chunk) [VI. Preferred Share Information](index=45&type=section&id=VI.%20Preferred%20Share%20Information) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[175](index=175&type=chunk) [Section 7 Bond Information](index=46&type=section&id=Section%207%20Bond%20Information) The company had no bond-related information during the reporting period [Bond Information](index=46&type=section&id=Bond%20Information) The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[177](index=177&type=chunk) [Section 8 Financial Report](index=47&type=section&id=Section%208%20Financial%20Report) This section presents the company's unaudited half-year financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity, along with detailed notes on accounting policies, taxes, and financial items [I. Audit Report](index=47&type=section&id=I.%20Audit%20Report) The company's half-year financial report was not audited - The company's half-year financial report was not audited[179](index=179&type=chunk) [II. Financial Statements](index=47&type=section&id=II.%20Financial%20Statements) This section provides the company's H1 2025 consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, reflecting financial position, operating results, cash flows, and equity changes - Financial statements include the consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated cash flow statement, parent company cash flow statement, consolidated statement of changes in owners' equity, and parent company statement of changes in owners' equity[180](index=180&type=chunk)[184](index=184&type=chunk)[188](index=188&type=chunk)[192](index=192&type=chunk)[195](index=195&type=chunk)[197](index=197&type=chunk)[199](index=199&type=chunk)[205](index=205&type=chunk) [III. Company Basic Information](index=62&type=section&id=III.%20Company%20Basic%20Information) Wuhu Sanlian Forging Co., Ltd., established on June 18, 2004, as Wuhu Sanlian Forging Co., Ltd., completed a capital reserve transfer to share capital in June 2025, increasing total share capital to 222,185,600 shares, focusing on R&D, production, and sales of automotive forging parts - Wuhu Sanlian Forging Co., Ltd., formerly Wuhu Sanlian Forging Co., Ltd., was established on **June 18, 2004**[211](index=211&type=chunk) - The company completed its 2024 annual profit distribution plan in **June 2025**, transferring **4 bonus shares** for every 10 shares from capital reserves to all shareholders, changing the total share capital to **222,185,600 shares**[213](index=213&type=chunk) - The company's main business activities are the research and development, production, and sales of automotive forging parts[214](index=214&type=chunk) [IV. Basis for Preparation of Financial Statements](index=62&type=section&id=IV.%20Basis%20for%20Preparation%20of%20Financial%20Statements) The financial statements are prepared on a going concern basis, in accordance with enterprise accounting standards and relevant CSRC disclosure rules, with no identified issues affecting the company's ability to continue as a going concern for the next 12 months - The company prepares its financial statements on a going concern basis, recognizing and measuring transactions and events in accordance with enterprise accounting standards, their application guidelines, and interpretations[216](index=216&type=chunk) - The company assessed its ability to continue as a going concern for 12 months from the end of the reporting period and found no matters affecting this ability[217](index=217&type=chunk) [V. Significant Accounting Policies and Accounting Estimates](index=63&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This section details the company's significant accounting policies and estimates for financial statement preparation, covering business combinations, financial instruments, inventory, fixed assets, intangible assets, revenue recognition, and government grants, with a reclassification of warranty expenses into operating costs as per Accounting Standards Interpretation No. 18 - The company adheres to the requirements of enterprise accounting standards, accurately and completely reflecting its financial position, operating results, and other information[219](index=219&type=chunk) - The company's accounting year runs from **January 1 to December 31** of the Gregorian calendar, with a normal operating cycle of one year[220](index=220&type=chunk)[221](index=221&type=chunk) - The company classifies financial assets at initial recognition based on the business model for managing financial assets and contractual cash flow characteristics, into those measured at amortized cost, fair value through profit or loss, or fair value through other comprehensive income[274](index=274&type=chunk) - The company recognizes revenue when it has satisfied a performance obligation in the contract, specifically when the customer obtains control of the related goods[398](index=398&type=chunk) - According to "Interpretation No. 18 of Enterprise Accounting Standards," starting from the **2024 fiscal year**, the company reclassified warranty expenses as operating costs, adjusting relevant items in the H1 2024 consolidated and parent company comparative financial statements[458](index=458&type=chunk) [VI. Taxation](index=96&type=section&id=VI.%20Taxation) The company's main taxes include VAT, urban maintenance and construction tax, corporate income tax, education surcharge, and local education surcharge. The company and several subsidiaries are recognized as high-tech enterprises, enjoying a 15% corporate income tax preferential rate Major Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Taxable Sales Amount | 13%, 9% | | Urban Maintenance and Construction Tax | Amount of Turnover Tax Payable | 7%, 5% | | Corporate Income Tax | Taxable Income | 25%, 17%, 15% | | Education Surcharge | Amount of Turnover Tax Payable | 3% | | Local Education Surcharge | Amount of Turnover Tax Payable | 2% | - The company and its subsidiaries Sanlian Parts, Wuhu Wanlian, Huzhou Sanlian, Xinlian Precision, and Wuhu Yilian are recognized as high-tech enterprises, enjoying a **15%** preferential corporate income tax rate[462](index=462&type=chunk)[463](index=463&type=chunk)[464](index=464&type=chunk)[465](index=465&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=98&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section details the ending balances, beginning balances, and period-on-period changes for each consolidated financial statement item, including significant increases in monetary funds and short-term borrowings, and share capital due to capital reserve transfers - Monetary funds at period-end increased by **138.50%** compared to the beginning of the period, primarily due to an increase in bank acceptance bill deposits[468](index=468&type=chunk) - Short-term borrowings at period-end increased by **95.42%** compared to the beginning of the period, primarily due to increased borrowings[579](index=579&type=chunk) - Share capital at period-end increased due to the completion of capital reserve transfer to share capital of **63,481,600 shares** in **June 2025**[613](index=613&type=chunk) - Operating revenue and operating costs both increased, with main business revenue growing by **6.86%**[623](index=623&type=chunk) - Financial expenses for the current period decreased by **450.71%** compared to the previous period, primarily due to increased exchange gains[637](index=637&type=chunk) - Net cash flow from operating activities was **13,498,495.23 yuan**, net cash flow from investing activities was **-235,894,541.83 yuan**, and net cash flow from financing activities was **241,983,976.08 yuan**[673](index=673&type=chunk) [VIII. R&D Expenses](index=131&type=section&id=VIII.%20R%26D%20Expenses) The company's total R&D expenses for the current period were 49.61 million yuan, all expensed, primarily comprising employee compensation, material costs, depreciation and amortization, mold fees, and testing fees H1 2025 R&D Expense Composition | Item | Amount Incurred This Period (Yuan) | Amount Incurred Last Period (Yuan) | | :--- | :--- | :--- | | Employee Compensation | 25,933,865.40 | 20,718,065.76 | | Material Costs | 14,346,177.58 | 14,001,198.99 | | Depreciation and Amortization | 4,713,792.03 | 4,108,871.15 | | Mold Fees | 2,002,121.00 | 1,861,015.87 | | Testing Fees | 696,752.18 | 905,532.46 | | Travel Expenses | 267,864.23 | 175,700.42 | | Technical Consulting Service Fees | 16,376.99 | 74,871.55 | | Patent Fees | 34,464.40 | 7,780.60 | | Other | 1,600,809.80 | 191,728.43 | | Total | 49,612,223.61 | 42,044,765.23 | | Of which: Expensed R&D Expenses | 49,612,223.61 | 42,044,765.23 | [IX. Changes in Consolidation Scope](index=131&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) In May 2025, the company established a wholly-owned overseas subsidiary, SANLIAN TECHNOLOGY SINGAPORE PTE.LTD., which had no actual operations as of the end of the reporting period - In **May 2025**, the company established an overseas subsidiary, SANLIAN TECHNOLOGY SINGAPORE PTE.LTD.[683](index=683&type=chunk) - As of **June 30, 2025**, the company had no actual operations[683](index=683&type=chunk) [X. Interests in Other Entities](index=131&type=section&id=X.%20Interests%20in%20Other%20Entities) The company holds 100% equity in several wholly-owned subsidiaries and a 40% stake in a joint venture, Anhui Liansheng Xinneng Technology Co., Ltd., accounted for using the equity method H1 2025 Enterprise Group Composition | Subsidiary Name | Registered Capital (Yuan) | Business Nature | Shareholding Proportion (Direct) | | :--- | :--- | :--- | :--- | | Sanlian Parts | 38,000,000.00 | Industrial Production | 100.00% | | Wuhu Wanlian | 93,000,000.00 | Industrial Production | 100.00% | | Huzhou Sanlian | 15,000,000.00 | Industrial Production | 100.00% | | Xinlian Precision | 60,000,000.00 | Industrial Production | 100.00% | | Wuhu Shunlian | 10,000,000.00 | Industrial Production | 100.00% | | Wuhu Yilian | 10,000,000.00 | Industrial Production | 100.00% |

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[Section I Important Notes, Table of Contents, and Definitions](index=2&type=section&id=Section%20I%20Important%20Notes%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides essential disclaimers, the report's structure, and definitions of key terms for clarity [Important Notes](index=2&type=section&id=Important%20Notes) The Board of Directors, Supervisory Board, and senior management guarantee the accuracy and completeness of the semi-annual report, while forward-looking statements are not substantial commitments - The Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content[4](index=4&type=chunk) - Forward-looking statements, such as future plans and development strategies, in this semi-annual report do not constitute a substantial commitment to investors, who are advised to be aware of the risks[5](index=5&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[6](index=6&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section outlines the report's structure, listing nine main chapters and their starting page numbers for quick navigation - The report comprises nine main chapters, covering important notes, company profile, management discussion and analysis, corporate governance, significant events, share changes, bond information, financial reports, and other submitted data[8](index=8&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines common terms, company names, institutional abbreviations, and technical jargon used in the report for clear understanding - BOE, the Company, the Group, and BOE all refer to BOE Technology Group Co, Ltd[14](index=14&type=chunk) - AI refers to Artificial Intelligence, and IoT refers to Internet of Things[14](index=14&type=chunk) - AMOLED refers to Active Matrix Organic Light Emitting Diode technology, and TFT-LCD refers to Thin Film Transistor Liquid Crystal Display[14](index=14&type=chunk)[15](index=15&type=chunk) [Section II Company Profile and Key Financial Indicators](index=7&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information and presents its key financial performance metrics for the reporting period [I. Company Profile](index=7&type=section&id=I.%20Company%20Profile) The company's stock is listed on the Shenzhen Stock Exchange under stock codes 000725 and 200725, with Chen Yanshun as the legal representative - The company's stock abbreviations are BOE A and BOE B, with stock codes 000725 and 200725, listed on the Shenzhen Stock Exchange[17](index=17&type=chunk) - The company's legal representative is Chen Yanshun[17](index=17&type=chunk) - The company's investor contact number has changed to "010-60965555"[22](index=22&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=8&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first half of 2025, revenue increased by 8.45%, net profit attributable to shareholders rose by 42.15%, and basic EPS grew by 50%, despite an 8.61% decrease in net cash flow from operating activities 2025 Semi-Annual Key Accounting Data and Financial Indicators | Project | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 101,278,182,135.00 | 93,386,241,632.00 | 8.45% | | Net Profit Attributable to Shareholders of Listed Company | 3,246,885,779.00 | 2,284,051,354.00 | 42.15% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Items) | 2,282,236,531.00 | 1,613,403,381.00 | 41.45% | | Net Cash Flow from Operating Activities | 22,736,307,086.00 | 24,878,969,292.00 | -8.61% | | Basic Earnings Per Share (Yuan/Share) | 0.09 | 0.06 | 50.00% | | Total Assets | 425,801,431,370.00 | 429,978,221,541.00 | -0.97% | | Net Assets Attributable to Shareholders of Listed Company | 132,991,322,618.00 | 132,937,555,308.00 | 0.04% | [VI. Non-Recurring Gains and Losses and Amounts](index=8&type=section&id=VI.%20Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) The company's non-recurring gains and losses totaled **964.65 million yuan** in the first half of 2025, primarily from disposal of non-current assets and government subsidies, positively impacting net profit 2025 Semi-Annual Non-Recurring Gains and Losses and Amounts | Project | Amount (Yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | 519,913,169.00 | | Government subsidies recognized in current profit or loss | 696,943,132.00 | | Fair value changes and disposal gains/losses from financial assets/liabilities (excluding effective hedging related to normal business) | 88,554,525.00 | | Other non-operating income and expenses apart from the above | 122,700,862.00 | | Less: Income tax impact | 289,306,037.00 | | Minority interest impact (after tax) | 174,386,223.00 | | Total | 964,649,248.00 | [Section III Management Discussion and Analysis](index=10&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the company's business operations, core competencies, financial performance, and risk factors during the reporting period [I. Main Businesses Engaged by the Company During the Reporting Period](index=10&type=section&id=I.%20Main%20Businesses%20Engaged%20by%20the%20Company%20During%20the%20Reporting%20Period) BOE is a global leader in semiconductor display and IoT, providing smart port products and services through a "1+4+N+Ecosystem" strategy, encompassing display, IoT innovation, sensing, MLED, and smart medical engineering - The company aims to be "the most respected great enterprise on Earth," providing smart port products and professional services for information interaction and human health[31](index=31&type=chunk) - BOE has built a "1+4+N+Ecosystem" development structure, where "1" refers to semiconductor display, "4" refers to IoT innovation, sensing, MLED, and smart medical engineering, and "N" represents various IoT application scenarios[32](index=32&type=chunk) - Main businesses include display devices (TFT-LCD, AMOLED), IoT innovation (smart terminals, AI/big data integration), sensing (FPXD, smart windows, MEMS), MLED (LED backlight, Mini/Micro LED display), and smart medical engineering (health medical, smart elderly care) [33](index=33&type=chunk)[34](index=34&type=chunk)[35](index=35&type=chunk)[36](index=36&type=chunk)[38](index=38&type=chunk) - "N" businesses cover smart vehicle connectivity, smart energy, industrial internet, ultra-high-definition display, and other segmented fields, offering integrated hardware-software solutions[39](index=39&type=chunk) [II. Analysis of Core Competencies](index=11&type=section&id=II.%20Analysis%20of%20Core%20Competencies) BOE enhances its core competitiveness through customer orientation, innovation leadership, and digital empowerment, achieving significant progress in display, IoT, MLED, sensing, and smart medical engineering, supported by high R&D investment and AI integration - In the first half of 2025, BOE continued to consolidate its leading position in the semiconductor display field, optimizing LCD product structure and increasing flexible OLED product shipments[40](index=40&type=chunk) - The company adheres to innovation leadership, building a comprehensive innovation ecosystem, fully establishing a "Display IoT" technology architecture, and creating three major technology brands: ADS Pro, f-OLED, and α-MLED[43](index=43&type=chunk) - Over **4,000 new patent applications** were filed in the first half, with over **90% being invention patents** and over **30% overseas patents**; flexible OLED, sensing, AI, and big data patent applications exceeded **2,000**, accounting for over **50%**[46](index=46&type=chunk) - The company continuously strengthens its lean management governance system, promotes deep integration of AI technology with production and operations, builds the BOE Display Industrial Large Model, and implements AI Defect Management System (ADM) and AI Yield Management System (AYM)[47](index=47&type=chunk)[48](index=48&type=chunk) [III. Analysis of Main Business](index=12&type=section&id=III.%20Analysis%20of%20Main%20Business) The company's operating revenue grew by 8.45% to **101.28 billion yuan** in the first half, with display devices remaining the primary revenue source at 83.27%, while financial expenses and income tax expenses significantly increased due to reduced exchange gains and temporary asset differences Year-on-Year Changes in Key Financial Data | Project | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 101,278,182,135.00 | 93,386,241,632.00 | 8.45% | None | | Net Profit Attributable to Shareholders of Listed Company | 3,246,885,779.00 | 2,284,051,354.00 | 42.15% | None | | Financial Expenses | 713,453,496.00 | 295,442,333.00 | 141.49% | Primarily due to reduced net exchange gains in the reporting period | | Income Tax Expenses | 1,191,720,067.00 | 508,068,093.00 | 134.56% | Primarily due to temporary asset differences in the reporting period | | Net Cash Flow from Operating Activities | 22,736,307,086.00 | 24,878,969,292.00 | -8.61% | None | | Net Cash Flow from Investing Activities | -21,225,275,652.00 | -15,514,054,444.00 | -36.81% | Primarily due to increased cash paid for the construction of long-term assets in the reporting period | Operating Revenue Composition (by Industry) | Project | Current Period Amount (Yuan) | Proportion of Operating Revenue | Prior Year Period Amount (Yuan) | Proportion of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Display Device Business | 84,332,237,426.00 | 83.27% | 78,013,141,508.00 | 83.54% | 8.10% | | IoT Innovation Business | 18,191,101,534.00 | 17.96% | 17,155,911,452.00 | 18.37% | 6.03% | | Sensing Business | 223,580,565.00 | 0.22% | 163,437,762.00 | 0.18% | 36.80% | | MLED Business | 4,346,566,103.00 | 4.29% | 4,033,466,005.00 | 4.32% | 7.76% | | Smart Medical Engineering Business | 917,485,725.00 | 0.91% | 903,706,724.00 | 0.97% | 1.52% | - Operating revenue in mainland China increased by **0.10%**, while operating revenue in other regions increased by **17.94%**[52](index=52&type=chunk) [V. Analysis of Assets and Liabilities](index=14&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) Total assets slightly decreased, but net assets attributable to shareholders marginally increased, with a significant rise in construction in progress due to new project investments, while investment income and fair value changes positively impacted profit, despite substantial asset impairment losses Significant Changes in Asset Composition | Project | Period-End Amount (Yuan) | Proportion of Total Assets | Prior Year-End Amount (Yuan) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total Assets | 425,801,431,370.00 | 100% | 429,978,221,541.00 | 100% | -0.97% | None | | Cash and Cash Equivalents | 66,346,438,193.00 | 15.58% | 74,252,625,215.00 | 17.27% | -1.69% | None | | Construction in Progress | 47,133,068,984.00 | 11.07% | 30,159,016,097.00 | 7.01% | 4.06% | Primarily due to increased investment in new projects during the reporting period | | Net Assets Attributable to Shareholders of Listed Company | 132,991,322,618.00 | 31.23% | 132,937,555,308.00 | 30.92% | 0.04% | None | Non-Recurring Items Affecting Total Profit | Project | Amount (Yuan) | Proportion of Total Profit | Reason for Formation | | :--- | :--- | :--- | :--- | | Investment Income | 436,619,926.00 | 10.34% | Primarily investment income from disposal of long-term equity investments during the reporting period | | Fair Value Change Gains/Losses | 70,061,558.00 | 1.66% | None | | Asset Impairment | -1,160,839,005.00 | -27.50% | Primarily inventory write-downs based on market conditions | [VI. Analysis of Investment Status](index=16&type=section&id=VI.%20Analysis%20of%20Investment%20Status) The company's investment amount increased by **107.19%** year-on-year, with a decrease in trading financial assets but gains from fair value changes in some stock investments, and all raised funds from corporate bonds and medium-term notes were fully utilized for debt repayment, equity contributions, and working capital - The investment amount for the reporting period was **494.30 million yuan**, an increase of **107.19%** compared to the same period last year[60](index=60&type=chunk) Securities Investment Status | Security Name | Beginning Book Value (Yuan) | Fair Value Change Gains/Losses for the Period (Yuan) | Period-End Book Value (Yuan) | | :--- | :--- | :--- | :--- | | CVTE | 163,511,485.00 | -10,233,312.00 | 153,278,173.00 | | Aisen Shares | 42,340,316.00 | 3,457,008.00 | 45,797,324.00 | | Kema Technology | 110,916,387.00 | 1,492,611.00 | 112,408,998.00 | | Xingfu Electronics | 0.00 | 55,947,535.00 | 105,947,524.00 | | Total | 574,326,556.00 | 50,663,842.00 | 733,669,674.00 | - In the first half of 2025, the company issued corporate bonds raising **2 billion yuan**, used to replace prior self-owned funds for corporate bond principal repayment, which has been fully utilized[66](index=66&type=chunk) - In the first half of 2025, the company cumulatively issued medium-term notes raising **4 billion yuan**, used for equity contributions, supplementing working capital, and repaying interest-bearing debt, which has been fully utilized[66](index=66&type=chunk) [VIII. Analysis of Major Holding and Participating Companies](index=21&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) Chongqing BOE Optoelectronics, Hefei Xinsheng Optoelectronics, and Fuzhou BOE Optoelectronics were key subsidiaries contributing significant net profits, while new company establishments and one deregistration had no major impact on overall operations Net Profit of Major Subsidiaries | Company Name | Net Profit (Yuan) | | :--- | :--- | | Chongqing BOE Optoelectronics Technology Co, Ltd | 1,800,708,701.00 | | Hefei Xinsheng Optoelectronics Technology Co, Ltd | 1,003,016,555.00 | | Fuzhou BOE Optoelectronics Technology Co, Ltd | 1,022,335,738.00 | - During the reporting period, the company invested in and established three new companies, including Beijing BOE Materials Technology Co, Ltd, and deregistered BOE UK Ltd; these changes had no significant impact on overall production, operations, or performance[74](index=74&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=22&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks from global economic slowdown, trade policy uncertainties, geopolitical instability, and intensified industry competition, addressed by innovation, AI integration, international expansion, supply chain resilience, and lean management - The company faces risks such as slowing global economic growth, uncertain trade and economic policies, geopolitical instability, continuous adjustments in the industrial chain structure, intensifying brand competition, and sustained price declines[75](index=75&type=chunk) - The company's countermeasures include adhering to innovation-driven development, maintaining high R&D investment, comprehensively deepening AI technology application, and enhancing technical product capabilities and operational management efficiency[75](index=75&type=chunk) - The company is steadfastly guided by "Display IoT," adhering to customer orientation, continuously improving its international layout, deepening cooperation with global strategic customers, strengthening resilience, and steadily building a safe, healthy, and sustainable supply chain assurance system[75](index=75&type=chunk) [XI. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=22&type=section&id=XI.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company's "Market Value Management System" was approved by the Board of Directors on April 18, 2025, aiming to enhance investment value and shareholder returns - The company has formulated the "Market Value Management System," which was approved at the fourth meeting of the eleventh Board of Directors on April 18, 2025[76](index=76&type=chunk) - The system aims to effectively promote the enhancement of the company's investment value and increase investor returns[76](index=76&type=chunk) [XII. Implementation of the "Dual Improvement in Quality and Returns" Action Plan](index=22&type=section&id=XII.%20Implementation%20of%20the%20%E2%80%9CDual%20Improvement%20in%20Quality%20and%20Returns%E2%80%9D%20Action%20Plan) The company actively implements the "Dual Improvement in Quality and Returns" action plan by focusing on core business, innovation, compliance, transparent information disclosure, and investor co-prosperity, including consolidating display leadership, high R&D investment, governance reforms, consistent A-grade information disclosure, and share buybacks/cash dividends - Guided by the "Display IoT" strategy, the company focuses on its main business, continuously consolidates its leading position in the semiconductor display field, and promotes high-quality growth of its "1+4+N+Ecosystem" businesses[77](index=77&type=chunk)[78](index=78&type=chunk) - The company consistently maintains respect for technology and persistence in innovation; in the first half, over **4,000 new patent applications** were filed, with over **90% being invention patents**, and over **2,000 patent applications** in flexible OLED, sensing, AI, and big data fields[79](index=79&type=chunk) - During the reporting period, the company revised nearly **30 corporate governance systems** in accordance with the latest laws and regulations, continuously strengthening the performance capabilities of directors, supervisors, and senior management[81](index=81&type=chunk) - The company has received an **A-grade rating for information disclosure** from the Shenzhen Stock Exchange for **9 consecutive assessment years** and has disclosed its social responsibility report for **15 consecutive years**[82](index=82&type=chunk) - In the first half of 2025, the company implemented the 2024 annual equity distribution, with a cash dividend of approximately **1.87 billion yuan**, accounting for **35%** of the net profit attributable to the parent company in the consolidated statement for that year; the 2025 A-share buyback plan was launched and has commenced[83](index=83&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=24&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section details changes in the company's governance structure, profit distribution plans, employee incentive programs, environmental disclosures, and social responsibility initiatives [I. Changes in Directors, Supervisors, and Senior Management](index=24&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, there were multiple changes in the company's directors, supervisors, and senior management due to term expiration and work transfers, including departures and new appointments - Sun Yun, Shi Xiaodong, Xu Jinghe, Teng Jiao, and Liu Hongfeng resigned due to the expiration of their terms[87](index=87&type=chunk) - Jin Chunyan was elected as a director, and Wei Shuanglai was elected as a supervisor[87](index=87&type=chunk) - Jiang Xingqun, Qi Zheng, and Guo Hong were appointed as senior management personnel[87](index=87&type=chunk) - Guo Huaping resigned from senior management due to work transfer[87](index=87&type=chunk) [II. Profit Distribution and Capital Reserve Conversion to Share Capital in the Current Reporting Period](index=24&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20the%20Current%20Reporting%20Period) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends for the semi-annual period[88](index=88&type=chunk) - The company plans not to distribute bonus shares or convert capital reserves into share capital[88](index=88&type=chunk) [III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=24&type=section&id=III.%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The 2020 stock option and restricted stock incentive plan continued, with the third vesting period for restricted stock and stock options achieved, while some shares and options were repurchased and canceled due to departures or unmet performance targets, and option exercise prices were adjusted - The conditions for the third vesting period of restricted shares granted under the company's 2020 stock option and restricted stock incentive plan were met, allowing **667 incentive recipients** to vest **89,096,540 shares**[90](index=90&type=chunk)[91](index=91&type=chunk) - The conditions for the third exercise period of initially granted stock options were met, allowing **1,644 incentive recipients** to exercise **160,992,209 options**[90](index=90&type=chunk) - The conditions for the third exercise period of reserved granted stock options were met, allowing **73 incentive recipients** to exercise **7,046,622 options**[91](index=91&type=chunk) - Due to personal reasons such as resignation or failure to meet individual performance assessment conditions, the company plans to repurchase and cancel **2,252,839 restricted shares** and **174,412,031 granted but unexercised stock options** from some incentive recipients[90](index=90&type=chunk)[91](index=91&type=chunk) - Following the completion of the company's 2024 annual equity distribution, the exercise price for initially granted stock options was adjusted from **5.029 yuan/share to 4.979 yuan/share**, and for reserved granted stock options from **5.529 yuan/share to 5.479 yuan/share**[91](index=91&type=chunk) [IV. Environmental Information Disclosure](index=25&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and 20 major subsidiaries are included in the list of enterprises required to disclose environmental information by law and have published their 2024 annual environmental information disclosure reports - The number of listed companies and their major subsidiaries included in the list of enterprises required to disclose environmental information by law is **20**[92](index=92&type=chunk) - The company and its subsidiaries have disclosed their 2024 annual environmental information disclosure reports in the respective enterprise environmental information disclosure systems[92](index=92&type=chunk)[93](index=93&type=chunk) [V. Social Responsibility](index=26&type=section&id=V.%20Social%20Responsibility) BOE integrates sustainable development into its core strategy with a three-tier governance system, launched the "ONE" sustainable development brand, achieved significant green development milestones including 18 national green factories, and actively engages in social welfare and rural revitalization initiatives - BOE integrates sustainable development as a core group strategy, establishing a three-tier governance system: Board of Directors Strategy Committee, Sustainable Development Committee, and Sustainable Executive Office[94](index=94&type=chunk) - In April 2025, BOE launched "ONE" (Open Next Earth), the first sustainable development brand in China's display industry[94](index=94&type=chunk) - As of June 2025, BOE owns **18 national green factories**, including **2 zero-carbon factories**, and **7 factories** have received UL 2799 Platinum certification for zero waste to landfill[95](index=95&type=chunk) - BOE's "Lighting the Path to Growth" public welfare project was launched in Litang County, with the total number of smart classrooms set to exceed **156**; the "Medical Journey with Me" medical emergency rescue volunteer service China tour also commenced for the first time[96](index=96&type=chunk) - In rural revitalization, the company sold agricultural products worth **53.44 million yuan** through its centralized procurement platform, added **2 new agricultural suppliers**, **641 specialized agricultural products**, and **7 agricultural bases**[96](index=96&type=chunk) [Section V Significant Events](index=28&type=section&id=Section%20V%20Significant%20Events) This section covers commitments, related party transactions, guarantees, litigation, and other major corporate events during the reporting period [I. Commitments Fulfilled and Overdue Unfulfilled by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=28&type=section&id=I.%20Commitments%20Fulfilled%20and%20Overdue%20Unfulfilled%20by%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20and%20as%20of%20the%20End%20of%20the%20Reporting%20Period) The company's chairman, vice chairman, supervisors, and senior management have committed not to reduce or transfer their A-shares during their tenure and for six months thereafter, with all commitments currently being fulfilled without overdue unfulfilled items - Chairman Chen Yanshun, Vice Chairman Gao Wenbao, Supervisors Xu Yangping and Yan Jun, and Senior Management Feng Liqiong, among others, committed not to reduce or transfer any BOE A-shares held by them during their tenure as directors, supervisors, or senior executives, and for six months after their terms expire[99](index=99&type=chunk) - The commitments are currently being fulfilled, with no overdue unfulfilled items[99](index=99&type=chunk) [II. Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties from the Listed Company](index=28&type=section&id=II.%20Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties%20from%20the%20Listed%20Company) During the reporting period, there were no instances of non-operating funds being occupied by controlling shareholders or other related parties from the listed company - During the reporting period, the company had no non-operating funds occupied by controlling shareholders or other related parties from the listed company[100](index=100&type=chunk) [III. Irregular External Guarantees](index=28&type=section&id=III.%20Irregular%20External%20Guarantees) During the reporting period, the company had no irregular external guarantees - During the reporting period, the company had no irregular external guarantees[102](index=102&type=chunk) [IV. Appointment and Dismissal of Accounting Firms](index=29&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[103](index=103&type=chunk) [VIII. Litigation Matters](index=29&type=section&id=VIII.%20Litigation%20Matters) The company had no significant litigation or arbitration matters during the reporting period, but other pending cases totaled **1.06 billion yuan** in involved amounts - The company had no significant litigation or arbitration matters in the current reporting period[105](index=105&type=chunk) Other Litigation Matters | Basic Information of Litigation (Arbitration) | Amount Involved (10,000 Yuan) | | :--- | :--- | | Total Pending Cases | 106,156.32 | [XI. Significant Related Party Transactions](index=30&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) The company had no related party transactions concerning daily operations, asset/equity acquisitions/disposals, or joint external investments during the reporting period, but approved the "Announcement on Estimated Daily Related Party Transactions for 2025" on April 18, 2025 - During the reporting period, the company had no related party transactions related to daily operations, asset or equity acquisitions/disposals, joint external investments, or related party creditor-debtor relationships[108](index=108&type=chunk)[109](index=109&type=chunk)[110](index=110&type=chunk)[111](index=111&type=chunk) - The company's eleventh Board of Directors' fourth meeting, held on April 18, 2025, approved the "Announcement on Estimated Daily Related Party Transactions for 2025"[114](index=114&type=chunk) [XII. Significant Contracts and Their Performance](index=31&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) The company had no entrustment, contracting, or leasing matters during the reporting period, but provided guarantees totaling **41.78 billion yuan** to subsidiaries, representing 33.23% of net assets, and engaged in wealth management products totaling **5.01 billion yuan**, with **1.89 billion yuan** outstanding - During the reporting period, the company had no entrustment, contracting, or leasing situations[116](index=116&type=chunk)[117](index=117&type=chunk)[118](index=118&type=chunk) Company Guarantees to Subsidiaries | Project | Actual Guarantee Balance to Subsidiaries at Period-End (10,000 Yuan) | | :--- | :--- | | Total | 4,177,771 | - The total actual guarantee amount accounted for **33.23%** of the company's net assets[129](index=129&type=chunk) Wealth Management Status | Specific Type | Wealth Management Amount (10,000 Yuan) | Outstanding Balance (10,000 Yuan) | | :--- | :--- | :--- | | Bank Wealth Management Products | 490,700 | 178,900 | | Bank Wealth Management Products (Raised Funds) | 10,000 | 10,000 | | Total | 500,700 | 188,900 | [XIII. Explanation of Other Significant Matters](index=38&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) The company redeemed "22BOEY1" corporate bonds, issued **2 billion yuan** in tech innovation bonds, completed board and senior management elections, initiated an A-share buyback plan with bank loan support, distributed **1.87 billion yuan** in cash dividends for 2024, and saw a senior vice president resign - The company fully redeemed the principal and interest of the "22BOEY1" corporate bonds on March 25, 2025, and delisted them[131](index=131&type=chunk) - The company issued the first tranche of 2025 publicly offered technology innovation corporate bonds to professional investors, with an issuance size of **2 billion yuan** and a coupon rate of **1.94%**[132](index=132&type=chunk) - The company completed the re-election of its Board of Directors, Supervisory Board, and senior management[132](index=132&type=chunk) - The company launched its 2025 A-share buyback plan and secured a **1.8 billion yuan** special loan for stock buybacks from China Construction Bank; as of July 31, 2025, a cumulative total of **86,715,800 A-shares** had been repurchased, with a total payment of **349,012,524 yuan**[133](index=133&type=chunk)[134](index=134&type=chunk) - The company implemented the 2024 annual equity distribution, with a cash dividend of approximately **1.87 billion yuan**, accounting for **35%** of the net profit attributable to the parent company in the consolidated statement for that year[135](index=135&type=chunk) - Mr Guo Huaping resigned from his positions as Senior Vice President and Chief Culture Officer due to work transfer[135](index=135&type=chunk) [XIV. Significant Matters of Company Subsidiaries](index=39&type=section&id=XIV.%20Significant%20Matters%20of%20Company%20Subsidiaries) BOE Energy Technology Co, Ltd, a controlled subsidiary, began public trading on the National Equities Exchange and Quotations system on April 8, 2025 - The stock of BOE Energy Technology Co, Ltd, a controlled subsidiary, began public trading on the National Equities Exchange and Quotations system on April 8, 2025[136](index=136&type=chunk) [Section VI Changes in Shares and Shareholder Information](index=40&type=section&id=Section%20VI%20Changes%20in%20Shares%20and%20Shareholder%20Information) This section details changes in the company's share capital, securities issuance, and the composition of its shareholders and their holdings [I. Changes in Share Capital](index=40&type=section&id=I.%20Changes%20in%20Share%20Capital) During the reporting period, the company's total shares decreased by **231.14 million**, primarily due to the vesting and repurchase/cancellation of restricted shares, cancellation of treasury stock, and an increase in locked-up shares for senior management, with an initial share buyback of **20.58 million A-shares** on June 30, 2025 Changes in Share Capital | Project | Quantity Before This Change (Shares) | Increase/Decrease in This Change (＋，－）Subtotal (Shares) | Quantity After This Change (Shares) | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 100,576,390 | -85,630,254 | 14,946,136 | | II. Unrestricted Shares | 37,544,439,813 | -145,505,485 | 37,398,934,328 | | III. Total Shares | 37,645,016,203 | -231,135,739 | 37,413,880,464 | - Reasons for share changes include the vesting of **89,096,540 restricted shares** from equity incentives, repurchase and cancellation of **2,252,839 restricted shares** granted but not yet unlocked to some incentive recipients, cancellation of **228,882,900 treasury shares** in the dedicated securities account, and an increase of **5,719,125 locked-up shares** for senior management[138](index=138&type=chunk) - As of June 30, 2025, the company initiated its first share buyback of **20,583,000 A-shares**, accounting for **0.056%** of the company's A-shares, with a total payment of **82,375,331 yuan**[140](index=140&type=chunk) [II. Securities Issuance and Listing](index=41&type=section&id=II.%20Securities%20Issuance%20and%20Listing) During the reporting period, the company issued the first tranche of 2025 publicly offered technology innovation corporate bonds to professional investors, totaling **2 billion yuan** at a 1.94% coupon rate, which was listed on the Shenzhen Stock Exchange on June 19, 2025 Basic Information of Corporate Bonds | Security Name | Issuance Date | Issuance Price (or Interest Rate) | Issuance Quantity (Yuan) | Listing Date | Approved Listing Quantity (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | BOE Technology Group Co, Ltd 2025 Publicly Offered Technology Innovation Corporate Bonds (First Tranche) to Professional Investors | June 13, 2025 | 1.94% | 2,000,000,000 | June 19, 2025 | 2,000,000,000 | [III. Number of Shareholders and Shareholding Status](index=42&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Status) As of the end of the reporting period, the company had **1,093,543 common shareholders**, with Beijing State-owned Capital Operation and Management Co, Ltd as the largest shareholder at 10.86%, and Hong Kong Securities Clearing Company Limited holding 5.47% - As of the end of the reporting period, the total number of common shareholders was **1,093,543** (including **1,063,026 A-share shareholders** and **30,517 B-share shareholders**)[145](index=145&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares Held at Period-End | | :--- | :--- | :--- | :--- | | Beijing State-owned Capital Operation and Management Co, Ltd | State-owned Legal Person | 10.86% | 4,063,333,333 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 5.47% | 2,046,647,103 | | Beijing BOE Investment Development Co, Ltd | State-owned Legal Person | 2.20% | 822,092,180 | | Beijing Jingguorui State-owned Enterprise Reform and Development Fund (Limited Partnership) | Other | 1.92% | 718,132,854 | | Hefei Jianxiang Investment Co, Ltd | State-owned Legal Person | 1.78% | 666,195,772 | - Hefei Jianxiang Investment Co, Ltd has agreed through a "Voting Rights Exercise Agreement" to maintain consistency with Beijing BOE Investment Development Co, Ltd in exercising voting rights for all shares it holds in the company[146](index=146&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=44&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, the shareholdings of the company's directors, supervisors, and senior management remained unchanged, but the number of restricted shares granted to them decreased due to equity incentive vesting, and new appointments' holdings are based on their appointment dates - During the reporting period, the initial and period-end shareholdings of the company's directors, supervisors, and senior management did not change[147](index=147&type=chunk) - The conditions for the third vesting period of restricted shares granted under the company's 2020 stock option and restricted stock incentive plan were met, leading to a decrease in the number of restricted shares granted to directors and senior management at period-end[148](index=148&type=chunk) - The initial shareholdings of newly appointed Director Jin Chunyan, Supervisor Wei Shuanglai, and Senior Management Jiang Xingqun, Qi Zheng, and Guo Hong are reported as of their appointment dates[147](index=147&type=chunk) [Section VII Bond-Related Information](index=46&type=section&id=Section%20VII%20Bond-Related%20Information) This section provides details on the company's corporate bonds and non-financial enterprise debt financing instruments, including issuance, terms, and market information [II. Corporate Bonds](index=46&type=section&id=II.%20Corporate%20Bonds) The company issued "BOE Technology Group Co, Ltd 2025 Publicly Offered Technology Innovation Corporate Bonds (First Tranche)" with a balance of **2 billion yuan**, a 1.94% interest rate, maturing on June 13, 2030, traded exclusively by qualified investors without delisting risk Basic Information of Corporate Bonds | Bond Name | Bond Abbreviation | Bond Code | Bond Balance (10,000 Yuan) | Interest Rate | Maturity Date | | :--- | :--- | :--- | :--- | :--- | :--- | | BOE Technology Group Co, Ltd 2025 Publicly Offered Technology Innovation Corporate Bonds (First Tranche) to Professional Investors | 25BOEK1 | 524305.SZ | 200,000 | 1.94% | June 13, 2030 | - The investor suitability arrangement for this bond is limited to qualified investors, and the applicable trading mechanisms are centralized bidding and block trading[154](index=154&type=chunk) - This bond does not have the risk of termination of listing and trading[154](index=154&type=chunk) [III. Non-Financial Enterprise Debt Financing Instruments](index=46&type=section&id=III.%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) The company issued multiple tranches of medium-term notes and technology innovation bonds, ranging from **1 billion to 2 billion yuan** each, with interest rates between 1.70% and 2.23% and maturities from 2028 to 2035, all traded on China's interbank bond market without delisting risk Basic Information of Non-Financial Enterprise Debt Financing Instruments | Bond Name | Bond Abbreviation | Bond Code | Bond Balance (10,000 Yuan) | Interest Rate | Maturity Date | | :--- | :--- | :--- | :--- | :--- | :--- | | BOE Technology Group Co, Ltd 2025 First Tranche Medium-Term Notes (Tech Innovation Notes) | BOE MTN001 (Tech Innovation Notes) | 102581768 | 200,000 | 2.23% | April 24, 2035 | | BOE Technology Group Co, Ltd 2025 Second Tranche Technology Innovation Bonds | BOE MTN002 (Tech Innovation Bonds) | 102582067 | 100,000 | 2.23% | May 14, 2035 | | BOE Technology Group Co, Ltd 2025 Third Tranche Technology Innovation Bonds | BOE MTN003 (Tech Innovation Bonds) | 102582615 | 100,000 | 1.77% | June 25, 2028 | | BOE Technology Group Co, Ltd 2025 Fourth Tranche Technology Innovation Bonds | BOE MTN004 (Tech Innovation Bonds) | 102582852 | 100,000 | 1.70% | July 11, 2030 | | BOE Technology Group Co, Ltd 2025 Fifth Tranche Technology Innovation Bonds | BOE MTN005 (Tech Innovation Bonds) | 102583095 | 100,000 | 1.70% | July 25, 2028 | | BOE Technology Group Co, Ltd 2025 Sixth Tranche Technology Innovation Bonds | BOE MTN006 (Tech Innovation Bonds) | 102583387 | 100,000 | 1.79% | August 11, 2028 | - The trading venue for these debt financing instruments is the China Interbank Bond Market, and investor suitability is limited to institutional investors in the China Interbank Bond Market[157](index=157&type=chunk) - These debt financing instruments do not have the risk of termination of listing and trading[157](index=157&type=chunk) [VI. Key Accounting Data and Financial Indicators for the Company's Last Two Years as of the End of the Reporting Period](index=48&type=section&id=VI.%20Key%20Accounting%20Data%20and%20Financial%20Indicators%20for%20the%20Company%27s%20Last%20Two%20Years%20as%20of%20the%20End%20of%20the%20Reporting%20Period) As of the end of the reporting period, the company's current ratio and quick ratio improved, while the asset-liability ratio slightly decreased; net profit after non-recurring items increased by 41.46%, and EBITDA to total debt ratio and interest coverage ratio significantly improved Key Accounting Data and Financial Indicators for the Last Two Years | Project | Current Period-End | Prior Year-End | Period-End YoY Change | | :--- | :--- | :--- | :--- | | Current Ratio | 1.34 | 1.24 | 8.06% | | Asset-Liability Ratio | 52.27% | 52.43% | -0.16% | | Quick Ratio | 1.08 | 1.04 | 3.85% | | Project | Current Period | Prior Year Period | Current Period YoY Change | | :--- | :--- | :--- | :--- | | Net Profit After Non-Recurring Gains and Losses | 2,282.24 million yuan | 1,613.40 million yuan | 41.46% | | EBITDA to Total Debt Ratio | 17.98% | 15.60% | 2.38% | | Interest Coverage Ratio | 3.41 | 2.06 | 65.53% | | Cash Interest Coverage Ratio | 12.01 | 10.81 | 11.10% | | EBITDA Interest Coverage Ratio | 14.45 | 10.69 | 35.17% | | Loan Repayment Rate | 100.00% | 100.00% | 0.00% | | Interest Payment Rate | 100.00% | 100.00% | 0.00% | [Section VIII Financial Report](index=49&type=section&id=Section%20VIII%20Financial%20Report) This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity, along with detailed notes on accounting policies and financial items [I. Audit Report](index=49&type=section&id=I.%20Audit%20Report) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[162](index=162&type=chunk) [II. Financial Statements](index=49&type=section&id=II.%20Financial%20Statements) This section provides the company's 2025 semi-annual consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, comprehensively presenting the company's financial position, operating results, and cash flow [1. Consolidated Balance Sheet](index=49&type=section&id=1.%20Consolidated%20Balance%20Sheet) As of June 30, 2025, consolidated total assets slightly decreased to **425.80 billion yuan**, total liabilities were **222.56 billion yuan**, and total owners' equity was **203.24 billion yuan**, with notable changes in cash, trading financial assets, inventory, and construction in progress Key Data from Consolidated Balance Sheet | Project | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | Total Assets | 425,801,431,370.00 | 429,978,221,541.00 | | Total Liabilities | 222,564,527,441.00 | 225,432,049,797.00 | | Total Owners' Equity | 203,236,903,929.00 | 204,546,171,744.00 | | Cash and Cash Equivalents | 66,346,438,193.00 | 74,252,625,215.00 | | Trading Financial Assets | 2,329,473,453.00 | 3,116,435,963.00 | | Inventories | 27,350,631,840.00 | 23,313,464,392.00 | | Construction in Progress | 47,133,068,984.00 | 30,159,016,097.00 | | Bonds Payable | 5,994,363,698.00 | 0.00 | [2. Parent Company Balance Sheet](index=51&type=section&id=2.%20Parent%20Company%20Balance%20Sheet) As of June 30, 2025, the parent company's total assets slightly increased to **250.86 billion yuan**, total liabilities were **151.67 billion yuan**, and total owners' equity was **99.19 billion yuan**, with significant increases in long-term equity investments and other non-current liabilities Key Data from Parent Company Balance Sheet | Project | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | Total Assets | 250,857,269,632.00 | 249,949,921,061.00 | | Total Liabilities | 151,665,944,871.00 | 147,235,913,422.00 | | Total Owners' Equity | 99,191,324,761.00 | 102,714,007,639.00 | | Long-Term Equity Investments | 212,244,911,232.00 | 203,191,541,965.00 | | Other Non-Current Liabilities | 97,590,793,681.00 | 89,520,793,681.00 | [3. Consolidated Income Statement](index=54&type=section&id=3.%20Consolidated%20Income%20Statement) In the first half of 2025, the company achieved total operating revenue of **101.28 billion yuan**, an 8.45% increase, and net profit attributable to parent company shareholders of **3.25 billion yuan**, a 42.15% increase, despite negative minority interest income Key Data from Consolidated Income Statement | Project | 2025 Semi-Annual (Yuan) | 2024 Semi-Annual (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 101,278,182,135.00 | 93,386,241,632.00 | | Operating Profit | 4,099,589,713.00 | 2,206,067,517.00 | | Total Profit | 4,220,786,006.00 | 2,278,733,754.00 | | Net Profit Attributable to Parent Company Shareholders | 3,246,885,779.00 | 2,284,051,354.00 | | Minority Interest Income/Loss | -217,819,840.00 | -513,385,693.00 | | Basic Earnings Per Share | 0.09 | 0.06 | [4. Parent Company Income Statement](index=55&type=section&id=4.%20Parent%20Company%20Income%20Statement) In the first half of 2025, the parent company reported operating revenue of **2.21 billion yuan** and net profit of **296 million yuan**, with both operating profit and total profit decreasing compared to the prior year Key Data from Parent Company Income Statement | Project | 2025 Semi-Annual (Yuan) | 2024 Semi-Annual (Yuan) | | :--- | :--- | :--- | | Operating Revenue | 2,209,305,359.00 | 1,876,763,421.00 | | Operating Profit | 315,999,813.00 | 1,219,265,724.00 | | Total Profit | 317,739,390.00 | 1,203,897,331.00 | | Net Profit | 295,707,295.00 | 1,218,453,017.00 | | Basic Earnings Per Share | 0.008 | 0.03 | [5. Consolidated Cash Flow Statement](index=56&type=section&id=5.%20Consolidated%20Cash%20Flow%20Statement) In the first half of 2025, net cash flow from operating activities decreased by 8.61% to **22.74 billion yuan**, net cash outflow from investing activities increased by 36.81% to **21.23 billion yuan**, and net cash outflow from financing activities significantly increased by 259.81% to **13.76 billion yuan**, resulting in a net decrease in cash and cash equivalents of **12.20 billion yuan** Key Data from Consolidated Cash Flow Statement | Project | 2025 Semi-Annual (Yuan) | 2024 Semi-Annual (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 22,736,307,086.00 | 24,878,969,292.00 | | Net Cash Flow from Investing Activities | -21,225,275,652.00 | -15,514,054,444.00 | | Net Cash Flow from Financing Activities | -13,762,514,815.00 | -3,824,920,788.00 | | Net Increase in Cash and Cash Equivalents | -12,195,899,245.00 | 5,863,820,613.00 | [6. Parent Company Cash Flow Statement](index=57&type=section&id=6.%20Parent%20Company%20Cash%20Flow%20Statement) In the first half of 2025, the parent company's net cash flow from operating activities decreased by 74.68% to **943 million yuan**, net cash outflow from investing activities was **3.12 billion yuan**, and net cash inflow from financing activities was **1.10 billion yuan** Key Data from Parent Company Cash Flow Statement | Project | 2025 Semi-Annual (Yuan) | 2024 Semi-Annual (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 942,949,141.00 | 3,722,975,821.00 | | Net Cash Flow from Investing Activities | -3,122,531,958.00 | -2,297,474,201.00 | | Net Cash Flow from Financing Activities | 1,099,872,325.00 | 1,600,762,732.00 | | Net Increase in Cash and Cash Equivalents | -1,085,236,745.00 | 3,029,716,005.00 | [7. Consolidated Statement of Changes in Owners' Equity](index=59&type=section&id=7.%20Consolidated%20Statement%20of%20Changes%20in%20Owners%27%20Equity) In the first half of 2025, total owners' equity attributable to the parent company slightly increased to **132.99 billion yuan**, with total comprehensive income of **3.59 billion yuan**, while owner contributions and reductions in capital, along with profit distribution, decreased equity Key Data from Consolidated Statement of Changes in Owners' Equity | Project | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | Total Owners' Equity Attributable to Parent Company | 132,991,322,618.00 | 132,937,555,308.00 | | Total Comprehensive Income for the Period | 3,585,498,636.00 | 2,224,934,489.00 | | Owner Contributions and Reductions in Capital for the Period | -1,874,494,957.00 | 2,406,978,678.00 | | Profit Distribution for the Period | -1,940,694,023.00 | -1,260,458,932.00 | [8. Parent Company Statement of Changes in Owners' Equity](index=64&type=section&id=8.%20Parent%20Company%20Statement%20of%20Changes%20in%20Owners%27%20Equity) In the first half of 2025, the parent company's total owners' equity decreased to **99.19 billion yuan**, with total comprehensive income of **293 million yuan**, and both owner contributions/reductions in capital and profit distribution leading to equity decreases Key Data from Parent Company Statement of Changes in Owners' Equity | Project | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | Total Owners' Equity | 99,191,324,761.00 | 102,714,007,639.00 | | Total Comprehensive Income for the Period | 292,519,399.00 | 1,177,378,620.00 | | Owner Contributions and Reductions in Capital for the Period | -1,874,381,872.00 | 311,569,689.00 | | Profit Distribution for the Period | -1,940,694,023.00 | -1,196,328,779.00 | [III. Company Basic Information](index=69&type=section&id=III.%20Company%20Basic%20Information) BOE Technology Group Co, Ltd, established in Beijing on April 9, 1993, is controlled by Beijing Electronics Holdings Co, Ltd, and operates five main business segments: display devices, IoT innovation, sensing, MLED, and smart medical engineering - BOE Technology Group Co, Ltd was established in Beijing on April 9, 1993, with its headquarters in Beijing[204](index=204&type=chunk) - The controlling shareholder and actual controller of the company is Beijing Electronics Holdings Co, Ltd[204](index=204&type=chunk) - The Group is divided into five main business segments: display device business, IoT innovation business, sensing business, MLED business, and smart medical engineering business[204](index=204&type=chunk) [IV. Basis of Financial Statement Preparation](index=69&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The company prepares its financial statements on a going concern basis and affirms its ability to continue as a going concern for 12 months from the end of the reporting period - The company prepares its financial statements on a going concern basis[205](index=205&type=chunk) - The company has the ability to continue as a going concern for 12 months from the end of the reporting period[206](index=206&type=chunk) [V. Significant Accounting Policies and Estimates](index=69&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's adherence to Enterprise Accounting Standards, covering accounting periods, operating cycles, functional currency, materiality, business combinations, consolidated financial statements, cash equivalents, foreign currency translation, financial instruments, impairment of receivables, inventory, assets held for sale, long-term equity investments, investment properties, fixed assets, construction in progress, borrowing costs, intangible assets, impairment of long-term assets, long-term deferred expenses, contract liabilities, employee benefits, provisions, share-based payments, perpetual bonds, revenue recognition, contract costs, government grants, deferred income tax, leases, and other significant accounting policies and estimates - These financial statements comply with the requirements of the Enterprise Accounting Standards issued by the Ministry of Finance, truly and completely reflecting the consolidated and company financial position as of June 30, 2025, and the consolidated and company operating results and cash flows for the semi-annual period of 2025[207](index=207&type=chunk) - Financial assets are classified as measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[223](index=223&type=chunk) - For notes receivable, accounts receivable, financing for receivables, and contract assets arising from daily operating activities such as sales of goods and provision of services, and lease receivables arising from lease transactions, the Group always measures their loss provisions at an amount equal to the expected credit losses over the entire lifetime[239](index=239&type=chunk) - The Group recognizes revenue when it satisfies a performance obligation in the contract, which is when the customer obtains control of the related goods or services[300](index=300&type=chunk) [VI. Taxation](index=93&type=section&id=VI.%20Taxation) The company's main taxes include VAT (6%, 9%, 13%), Urban Maintenance and Construction Tax (7%, 5%), Corporate Income Tax (15%-30%), and Education Surcharge and Local Education Surcharge (3%, 2%), with many entities enjoying a reduced 15% corporate income tax rate as high-tech enterprises or encouraged Western development industries Major Tax Categories and Rates | Tax Category | Tax Rate | | :--- | :--- | | Value-Added Tax | 6%，9%，13% | | Urban Maintenance and Construction Tax | 7%，5% | | Corporate Income Tax | 15%-30% | | Education Surcharge and Local Education Surcharge | 3%，2% | - BOE Technology Group Co, Ltd and several subsidiaries (e.g., Beijing BOE Optoelectronics Technology Co, Ltd, Chengdu BOE Optoelectronics Technology Co, Ltd) enjoy a preferential corporate income tax rate of **15%** as high-tech enterprises[327](index=327&type=chunk)[329](index=329&type=chunk) - Enterprises in encouraged industries in the western region (e.g., Ordos Yuansheng Optoelectronics Co, Ltd) are subject to a reduced corporate income tax rate of **15%**[329](index=329&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=94&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed explanations for each item in the consolidated financial statements, including cash and cash equivalents, financial assets, receivables, inventories, fixed assets, construction in progress, revenues, costs, and various expenses, offering a comprehensive view of the company's financial accounts - Cash and cash equivalents balance at period-end was **66.35 billion yuan**, of which bank deposits were **64.84 billion yuan**[331](index=331&type=chunk) - Accounts receivable balance at period-end was **36.31 billion yuan**, with **96.85%** having an aging of less than 1 year[348](index=348&type=chunk)[350](index=350&type=chunk) - Inventory balance at period-end was **27.35 billion yuan**, including **9.13 billion yuan** in raw materials and **12.08 billion yuan** in finished goods[420](index=420&type=chunk) - Fixed assets book value at period-end was **190.73 billion yuan**, and construction in progress book value at period-end was **47.13 billion yuan**[454](index=454&type=chunk)[461](index=461&type=chunk) - Operating revenue was **101.28 billion yuan**, and operating cost was **86.69 billion yuan**[556](index=556&type=chunk) [VIII. Research and Development Expenses](index=155&type=section&id=VIII.%20Research%20and%20Development%20Expenses) In the first half of 2025, total R&D expenditure was **6.09 billion yuan**, with **6.05 billion yuan** expensed and **39.38 million yuan** capitalized, primarily for Huacan Optoelectronics LED and Micro-LED related technologies R&D Expenditure Status | Project | Amount Incurred in Current Period (Yuan) | Amount Incurred in Prior Period (Yuan) | | :--- | :--- | :--- | | Total R&D Expenditure | 6,085,651,892.00 | 5,842,590,541.00 | | Expensed R&D Expenditure | 6,046,271,393.00 | 5,806,276,741.00 | | Capitalized R&D Expenditure | 39,380,499.00 | 36,313,800.00 | - R&D projects meeting capitalization criteria primarily relate to Huacan Optoelectronics LED and Micro-LED technologies[607](index=607&type=chunk) [IX. Changes in Consolidation Scope](index=156&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) During the reporting period, changes in the consolidation scope were due to the establishment of new subsidiaries and the deregistration of others, with no non-same-control or same-control business combinations - All additions to the consolidation scope this year were newly established subsidiaries[619](index=619&type=chunk) - Reductions in the consolidation scope were due to the deregistration of subsidiaries this year[619](index=619&type=chunk) - During the reporting period, the company had no business combinations under non-same control or same control[611](index=611&type=chunk)[615](index=615&type=chunk) [X. Interests in Other Entities](index=160&type=section&id=X.%20Interests%20in%20Other%20Entities) This section discloses the company's interests in subsidiaries, joint ventures, and associates, including 100% voting control over several subsidiaries, changes in ownership equity in some, and aggregate book values for immaterial joint ventures and associates - The company directly holds **100%** of subsidiaries such as Chengdu BOE Optoelectronics Technology Co, Ltd and Hefei BOE Optoelectronics Technology Co, Ltd[621](index=621&type=chunk) - Due to consistency in action agreements with Hefei Display Technology, Wuhan BOE, and other shareholders, the company's voting rights ratio for these subsidiaries is **100%**[627](index=627&type=chunk) - In 2025, the company increased its capital contribution to Chengdu BOE Display Technology Co, Ltd by **3,299,901,000.00 yuan**, with minority shareholders contributing a total of **2,565,087,400.00 yuan**[634](index=634&type=chunk) - Minority shareholders reduced their capital contribution to Wuhan BOE Optoelectronics Technology Co, Ltd by **5,114,086,500.00 yuan** in 2025[634](index=634&type=chunk) Summary Financial Information of Immaterial Joint Ventures and Associates | Project | Period-End Balance/Current Period Amount (Yuan) | | :--- | :--- | | Total Book Value of Joint Venture Investments | 381,354,715.00 | | Total Net Profit of Joint Ventures | -23,354,356.00 | | Total Book Value of Associate Investments | 12,380,312,257.00 | | Total Net Profit of Associates | -26,794,477.00 | [XI. Risks Related to Financial Instruments](index=169&type=section&id=XI.%20Risks%20Related%20to%20Financial%20Instruments) The company manages credit, liquidity, interest rate, and exchange rate risks through monitoring, credit policies, cash reserves, and foreign currency transactions; a 100-basis-point interest rate increase would reduce net profit and equity by **563.19 million yuan**, while a 5% RMB appreciation/depreciation against the USD would decrease/increase equity and net profit by **923.94 million yuan** - The Group's credit risk primarily arises from receivables, with the top five customers' accounts receivable and contract assets accounting for **37%** of the Group's total accounts receivable and contract assets[645](index=645&type=chunk) - The Group manages liquidity risk by regularly monitoring short-term and long-term liquidity needs, ensuring sufficient cash reserves and readily marketable securities[645](index=645&type=chunk) - At June 30, 2025, a hypothetical **100-basis-point increase/decrease** in floating interest rates would result in a **decrease/increase of 563.19 million yuan** in the Group's net profit and shareholders' equity, respectively[646](index=646&type=chunk) - A **5% appreciation/depreciation** of the RMB against the USD on June 30 would result in a **decrease/increase of 923,937,761 yuan** in both shareholders' equity and net profit[648](index=648&type=chunk) [XII. Disclosure of Fair Value](index=171&type=section&id=XII.%20Disclosure%20of%20Fair%20Value) The company's assets measured at fair value, including trading financial assets, other equity instrument investments, and financing for receivables, primarily use Level 3 inputs in their fair value measurement Fair Value of Assets and Liabilities Measured at Fair Value at Period-End | Project | Level 1 Fair Value Measurement (Yuan) | Level 2 Fair Value Measurement (Yuan) | Level 3 Fair Value Measurement (Yuan) | Total (Yuan) | | :--- | :--- | :--- | :--- | :--- | | （I）Trading Financial Assets | 417,432,020.00 | 100,494,795.00 | 4,605,780,732.00 | 5,123,707,547.00 | | （III）Other Equity Instrument Investments | 316,237,654.00 | 0.00 | 183,062,397.00 | 499,300,051.00 | | Financing for Receivables | 0.00 | 0.00 | 402,983,269.00 | 402,983,269.00 | | Total Assets Continuously Measured at Fair Value | 733,669,674.00 | 100,494,795.00 | 5,191,826,398.00 | 6,025,990,867.00 | - Unadjusted quoted prices for identical assets or liabilities in active markets available on the measurement date serve as the basis for Level 1 fair value measurement[654](index=654&type=chunk) - Unobservable inputs for relevant assets or liabilities are qualitative and quantitative information of valuation techniques and significant parameters used for Level 3 fair value measurement items[656](index=656&type=chunk) [XIII. Related Parties and Related Party Transactions](index=172&type=section&id=XIII.%20Related%20Parties%20and%20Related%20Party%20Transactions) Beijing Electronics Holdings Co, Ltd is the ultimate controlling party, and during the reporting period, the company engaged in daily related party transactions with its controlling shareholder and affiliates, as well as other related parties, including purchases, sales, and provision/acceptance of services - The ultimate controlling party of the company is Beijing Electronics Holdings Co, Ltd[659](index=659&type=chunk) Purchases of Goods/Acceptance of Services | Related Party | Related Transaction Content | Amount Incurred in Current Period (Yuan) | | :--- | :--- | :--- | | Beijing Electronics Holdings Co, Ltd and its Affiliates | Purchase of Goods | 201,654,443.00 | | Beijing Electronics Holdings Co, Ltd and its Affiliates | Acceptance of Services | 11,148,335.00 | | Other Related Parties | Purchase of Goods | 542,775,364.00 | | Other Related Parties | Acceptance of Services | 1,490,081.00 | Sales of Goods/Provision of Services | Related Party | Related Transaction Content | Amount Incurred in Current Period (Yuan) | | :--- | :--- | :--- | | Beijing Electronics Holdings Co, Ltd and its Affiliates | Sale of Goods | 113,819,659.00 | | Beijing Electronics Holdings Co, Ltd and its Affiliates | Provision of Services | 2,842,960.00 | | Other Related Parties | Sale of Goods | 997,532,009.00 | | Other Related Parties | Provision of Services | 865,508.00 | - The Group at the balance sheet date, has committed related party matters that are signed but not yet required to be presented on the balance sheet for equipment procurement amounted to **341,768,947.00 yuan**[683](index=683&type=chunk) [XIV. Share-Based Payments](index=177&type=section&id=XIV.%20Share-Based%20Payments) The 2020 stock option and restricted stock incentive plan continued, with **85.49 million restricted shares** unlocked for technical experts and middle/senior management, and **3.61 million** for senior management, resulting in a total equity-settled share-based payment expense of **1.38 million yuan** for the period - The company's general meeting of shareholders approved the implementation of a stock option and restricted stock incentive plan starting in 2020 on November 17, 2020[686](index=686&type=chunk) Share-Based Pay

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