深圳市铭利达精密技术股份有限公司 2025 年半年度报告全文 深圳市铭利达精密技术股份有限公司 2025 年半年度报告 2025-081 2025 年 8 月 1 深圳市铭利达精密技术股份有限公司 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。 公司负责人陶诚、主管会计工作负责人韩芳及会计机构负责人(会计主管 人员)刘晓霞声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司存在客户集中度较高、原材料价格波动、汇率波动、海外市场等风 险，敬请投资者注意阅读"第三节 管理层讨论与分析"之"十、公司面临的 风险和应对措施"中对公司风险提示的相关内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | | | | . | | --- | --- | --- | --- | | | | 4 | | | . | 1 | | | | | | | A | | 第一节 | 重要提示、目录和释义 | ...

唐山冀东水泥股份有限公司 2025 年半年度报告全文 唐山冀东水泥股份有限公司 2025 年半年度报告 （2025-069） 2025 年 8 月 1 唐山冀东水泥股份有限公司 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、董事及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。 公司负责人刘宇、主管会计工作负责人杨北方及会计机构负责人(会计主管人员)安亮 声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 报告期内，不存在对公司生产经营产生实质性影响的特别重大风险。公司已在本报告 中详细阐述公司在生产经营过程中可能面临的风险，敬请查阅本报告"第三节：经营层讨 论与分析"之"十、公司面临的风险及应对措施"部分，请投资者注意阅读。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 目录 | | --- | | 第一节 重要提示、目录和释义 2 | | --- | | 第二节 公司简介和主要财务指标 8 | | 第三节 管理层讨论与分析 11 | | 第四节 ...

巨人网络集团股份有限公司 2025 年半年度报告全文 巨人网络集团股份有限公司 2025 年半年度报告 2025-定 003 2025 年 8 月 1 巨人网络集团股份有限公司 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（总经理）张栋、主管会计工作负责人任广露及会计机构负责 人(会计主管人员)邱晨声明：保证本半年度报告中财务报告的真实、准确、完 整。 所有董事均已出席了审议本次半年报的董事会会议。 公司经本次董事会审议通过的利润分配预案为：以未来实施分配方案时股 权登记日的总股本扣减公司回购专用证券账户中股份总数为基数，向全体股东 每 10 股派发现金红利 1.50 元（含税），送红股 0 股（含税），不以公积金转增 股本。 2 | 第一节 重要提示、目录和释义 2 | | --- | | 第二节 公司简介和主要财务指标 5 | | 第三节 管理层讨论与分析 9 | | 第四节 公司治理、环境和社会 20 | | 第五节 重要事项 ...

内蒙古电投能源股份有限公司 2025 年半年度报告全文 内蒙古电投能源股份有限公司 2025 年半年度报告 1 内蒙古电投能源股份有限公司 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。 公司负责人王伟光、主管会计工作负责人周欣及会计机构负责人(会计主 管人员)史红薇声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告内容涉及的未来计划等前瞻性陈述，因存在不确定性，不构成公司 对投资者的实际承诺，请投资者注意投资风险。 1.2025 上半年，全国煤炭市场呈现供大于求态势。在市场的拉动下，全 国煤炭产量实现了连续多年快速增长，产量由 2016 年的 34.1 亿吨快速增加 到 2024 年的 47.8 亿吨，净增 13.7 亿吨，增长 40.18%；9 年间，煤炭产量年 均增长 4.31%；全国原煤日均产量由 950 万吨攀升到日均 1,300 万吨左右。同 期全国煤炭消费量年均增速为 1.7 ...

上海瑞晨环保科技股份有限公司 2025 年半年度报告全文 上海瑞晨环保科技股份有限公司 2025 年半年度报告 2025-035 2025 年 8 月 2 1 上海瑞晨环保科技股份有限公司 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。 公司负责人陈万东、主管会计工作负责人朱福涛及会计机构负责人(会计 主管人员)朱福涛声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中涉及的未来计划、发展战略等前瞻性描述，不构成公司对投资者 的实质承诺，敬请投资者注意投资风险。 公司在本报告"第三节管理层讨论与分析"之"十、公司面临的风险和应 对措施"部分详细描述了公司经营中可能存在的风险和应对措施，敬请广大 投资者关注相关内容，并注意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 | | | | 第一节 | 重要提示、目录和释义 2 | | | --- | --- | --- | | ...

山子高科技股份有限公司 2025 年半年度报告全文 山子高科技股份有限公司 2025 年半年度报告 2025-058 2025 年 8 月 28 日 1 山子高科技股份有限公司 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。 公司负责人叶骥、主管会计工作负责人陆燕及会计机构负责人(会计主管 人员)陈思颖声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | | | | 第二节 | 公司简介和主要财务指标 8 | | | --- | --- | --- | | 第三节 | 管理层讨论与分析 | 11 | | 第四节 | 公司治理、环境和社会 20 | | | 第五节 | 重要事项 | 23 | | 第六节 | 股份变动及股东情况 | 74 | | 第七节 | 债券相关情况 80 | | | 第八节 | 财务报告 | 81 | | 第九节 | ...

山煤国际能源集团股份有限公司2025 年半年度报告 公司代码：600546 公司简称：山煤国际 山煤国际能源集团股份有限公司 2025 年半年度报告 1 / 178 山煤国际能源集团股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人孟君、主管会计工作负责人陈一杰及会计机构负责人（会计主管人员）焦建国 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 本报告期不进行利润分配，不实施资本公积金转增股本。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的行业趋势、发展战略、经营计划、经营目标等前瞻性陈述,会受到合并报表 范围变化、风险、不明朗因素及假设等因素的影响，实际结果可能与该等陈述有重大差异。该等 陈述不构成公司对投资者的实质承诺，投资者及相关人士均应当对此保持足够的风险认识，并且 应当理解 ...

吉林高速公路股份有限公司2025 年半年度报告 公司代码：601518 公司简称：吉林高速 吉林高速公路股份有限公司 2025 年半年度报告 1 / 132 吉林高速公路股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人蒋涛、主管会计工作负责人隋庆及会计机构负责人（会计主管人员）孙坤声明： 保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质承诺，请投资者 注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司已 ...

公司负责人李海周、主管会计工作负责人左梅及会计机构负责人(会计主 管人员)左梅声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中涉及公司未来计划等前瞻性的陈述，能否实现取决于市场状况 变化等多种因素，存在不确定性，并不代表公司对未来年度的盈利预测，也 不构成公司对投资者的实质承诺，投资者及相关人士应对此保持足够的风险 认识，并且应当理解计划、预测与承诺之间的差异。本公司请投资者认真阅 读本报告，谨慎投资。 深圳市兆威机电股份有限公司 2025 年半年度报告全文 深圳市兆威机电股份有限公司 2025 年半年度报告 【2025 年 8 月】 1 深圳市兆威机电股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、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。 | 第一节 | 重要提示、目录和释义 | | 2 | | --- | --- | --- | --- | | 第二节 | 公司简介和主要财务指标 | | 6 | | 第三节 | 管理层讨论 ...

Part I Important Notice, Table of Contents, and Definitions [Important Notice](index=2&type=section&id=Important%20Notice) The board, supervisory board, and senior management guarantee the report's accuracy, with a proposed interim cash dividend of 1.5 yuan per 10 shares to all shareholders - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, free from false statements, misleading representations, or major omissions, and assume individual and joint legal liabilities[4](index=4&type=chunk) - Company head Chen Zhijie, chief accountant Tang Li, and head of accounting department Wei Zifan declare that the financial report in this semi-annual report is true, accurate, and complete[4](index=4&type=chunk) - The profit distribution plan approved by the board of directors is to distribute a cash dividend of **1.5 CNY (including tax) per 10 shares** to all shareholders, based on the current total share capital of **144,711,000 shares**, with no bonus shares or capital reserve conversions[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section outlines the 2025 semi-annual report's detailed structure, presenting nine main chapters and their starting page numbers - The report's table of contents clearly lists nine main chapters, covering important notices, company profile, management discussion and analysis, corporate governance, significant matters, share changes, bond information, financial reports, and other submitted data[7](index=7&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines key terms and abbreviations used in the report, ensuring consistent understanding of company names, technical systems, and product categories - The report defines 'the Company' and 'Zhenbang Intelligent' as Shenzhen Zhenbang Intelligent Technology Co, Ltd[10](index=10&type=chunk) - 'MES' refers to Manufacturing Execution System, 'SRM' to Supplier Relationship Management system, 'WMS' to Warehouse Management System, 'PLM' to Product Lifecycle Management, and 'AI' to Artificial Intelligence[10](index=10&type=chunk) - 'Energy storage products/systems' refer to systems that store and release recyclable electrical energy using electrochemical batteries as storage carriers, including batteries, BMS, and PCS[10](index=10&type=chunk) Part II Company Profile and Key Financial Indicators [Company Profile](index=6&type=section&id=Company%20Profile) Shenzhen Zhenbang Intelligent Technology Co, Ltd (stock code: 003028) is listed on the Shenzhen Stock Exchange, with no changes to its contact information during the period - The company's stock abbreviation is 'Zhenbang Intelligent', stock code '003028', listed on the Shenzhen Stock Exchange[12](index=12&type=chunk) - The company's legal representative is Chen Zhijie[12](index=12&type=chunk) - During the reporting period, the company's registered address, office address, website, and email address remained unchanged[14](index=14&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) In H1 2025, revenue slightly decreased by 1.64%, net profit attributable to shareholders fell by 41.41%, while operating cash flow significantly grew by 841.80% Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Reporting Period (CNY) | Prior Year Period (CNY) | Year-on-Year Change | End of Current Reporting Period (CNY) | End of Previous Year (CNY) | Change from Previous Year-End | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 647,879,460.36 | 658,699,883.60 | -1.64% | - | - | - | | Net Profit Attributable to Shareholders of Listed Company | 52,977,463.81 | 90,416,332.40 | -41.41% | - | - | - | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 53,098,821.98 | 84,926,463.04 | -37.48% | - | - | - | | Net Cash Flow from Operating Activities | 44,919,916.64 | -6,055,564.96 | 841.80% | - | - | - | | Basic Earnings Per Share (CNY/share) | 0.45 | 0.81 | -44.44% | - | - | - | | Diluted Earnings Per Share (CNY/share) | 0.45 | 0.81 | -44.44% | - | - | - | | Weighted Average Return on Net Assets | 2.99% | 5.52% | -2.53% | - | - | - | | Total Assets | - | - | - | 2,601,192,457.76 | 2,503,674,217.56 | 3.90% | | Net Assets Attributable to Shareholders of Listed Company | - | - | - | 1,757,459,014.79 | 1,752,189,686.34 | 0.30% | [Non-Recurring Gains and Losses and Amounts](index=8&type=section&id=Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) Total non-recurring gains and losses for the period were **-121,358.17 CNY**, mainly from asset disposal, government grants, and fair value changes Non-Recurring Gains and Losses for H1 2025 | Item | Amount (CNY) | | :--- | :--- | | Gains and losses from disposal of non-current assets | -4,239.54 | | Government grants recognized in current profit or loss (excluding those closely related to the company's normal business operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss) | 53,855.16 | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains and losses from disposal of financial assets and liabilities, excluding effective hedging activities related to the company's normal business operations | 95,470.84 | | Other non-operating income and expenses apart from the above items | -265,119.96 | | Less: Income tax impact | 1,324.67 | | Total | -121,358.17 | - The company had no other profit or loss items meeting the definition of non-recurring gains and losses, nor did it classify non-recurring items as recurring during the reporting period[22](index=22&type=chunk) Part III Management Discussion and Analysis [Main Businesses Engaged by the Company During the Reporting Period](index=9&type=section&id=Main%20Businesses%20Engaged%20by%20the%20Company%20During%20the%20Reporting%20Period) The company specializes in intelligent controllers and new energy, offering integrated solutions across smart home appliances, automotive electronics, robotics, and power tools, holding a leading position in home appliance variable frequency control - The company primarily engages in intelligent controller and new energy businesses, providing integrated hardware, software, and system solutions[24](index=24&type=chunk) - Products are widely applied in smart home appliances, automotive electronics, robotics, power tools, and new energy sectors[24](index=24&type=chunk) - The company holds a leading position in the home appliance variable frequency control sub-market and continuously leads industry innovation in power tools, smart living appliances, and cleaning robots[29](index=29&type=chunk) [Main Businesses](index=9&type=section&id=Main%20Businesses) Core businesses span intelligent appliance, automotive electronic, robotics, and power tool controllers, alongside new energy solutions like micro-inverters and home energy storage systems - Intelligent appliance controllers are a core business, covering large appliances like refrigerators and air conditioners, and innovative lifestyle appliances such as coffee makers and hair dryers, emphasizing intelligence, energy efficiency, miniaturization, and modularity[24](index=24&type=chunk) - New energy business is the company's second growth curve, with diversified product offerings including micro-inverters, home energy storage systems, portable energy storage, and energy storage power cabinets as complete products, along with core components like BMS and MPPT[26](index=26&type=chunk) Main Product Categories and Applications | Product Category | Product Application | | :--- | :--- | | Intelligent Appliance Controllers | Variable frequency refrigerators, variable frequency freezers, variable frequency air conditioners, coffee machines, air fryers, food processors, e-cigarettes, and other innovative home appliances | | Automotive Electronic Controllers | Car refrigerators, car air conditioners, car inverters, car seat heating and ventilation controllers and drivers | | Robotics and Innovative Smart Products | Cleaning robots, lawn mowing robots, underwater robots, and other controller products, as well as optical module readers, temperature probes, and IoT development tools as complete products | | Power Tools | Brushless hammer drills, miniature automotive tools, pruning shears, snow blowers, lawn mowers, generators, chainsaws, multi-functional tools, etc | | New Energy | Micro-inverters, home energy storage, portable energy storage, energy storage power cabinets, battery packs, and other complete products, as well as BMS, MPPT, DC main control boards, lithium battery pack components | | Others | Intelligent cloud testing platform, machine vision inspection equipment, intelligent inspection equipment, industrial serial servers, and other new products | [Company's Industry Position](index=10&type=section&id=Company%27s%20Industry%20Position) The company is a leading intelligent controller enterprise, dominating the home appliance variable frequency control market and driving innovation in power tools and robotics, backed by strong R&D and smart manufacturing - The company is one of the earliest domestic enterprises engaged in independent R&D and manufacturing of home appliance controllers for refrigerators and air conditioners, and a pioneer in the automotive electronics sector[29](index=29&type=chunk) - The company has developed integrated solution capabilities centered on intelligent controllers, covering smart hardware, software, and system control, holding a leading position in the home appliance variable frequency control sub-market[29](index=29&type=chunk) - The company has been awarded titles such as 'National High-tech Enterprise' and 'Guangdong Province Specialized, Refined, Unique, and New SME', and has passed 'Smart Manufacturing Capability Maturity Level 3' certification[30](index=30&type=chunk) [Analysis of Core Competencies](index=10&type=section&id=Analysis%20of%20Core%20Competencies) Core competencies include diverse products, technological innovation, smart manufacturing, global presence, diversified clients, and strong shareholder returns, driven by a 'smart control + new energy' strategy - The company has established a 'smart control + new energy' dual-wheel driven industrial structure, forming a full-产业链 competitive advantage from core components to system integration[31](index=31&type=chunk) - The company has mastered a series of core technologies in motor control, digital power, IoT platforms, BMS, inverters, and energy storage systems, and has built eight major technology platforms[33](index=33&type=chunk) - The company actively implements a 'globalization strategy', with Shenzhen headquarters as the R&D innovation center and Vietnam production base as the manufacturing hub, building a global production network system[36](index=36&type=chunk) [Rich Product Portfolio, Wide Application Areas](index=10&type=section&id=Rich%20Product%20Portfolio%2C%20Wide%20Application%20Areas) Leveraging a 'smart control + new energy' strategy, the company offers full-产业链 solutions from components to systems, targeting high-growth sectors like robotics and new energy automotive electronics - The company has established a 'smart control + new energy' dual-wheel driven industrial structure, forming a full-产业链 competitive advantage from core components to system integration[31](index=31&type=chunk) - In intelligent control, the company provides high-reliability, high-performance intelligent control solutions for numerous global renowned home appliance brands, and actively targets high-growth areas such as robotics, high-end power tools, and new energy automotive electronics[31](index=31&type=chunk) - In the new energy sector, the company has established a complete product system covering key components to complete systems, capable of providing customers with one-stop solutions from hardware design to software collaboration[32](index=32&type=chunk) [Technological Innovation, Continuous Increase in R&D Investment](index=10&type=section&id=Technological%20Innovation%2C%20Continuous%20Increase%20in%20R%26D%20Investment) Adhering to a 'technology-driven market' strategy, the company invests heavily in R&D, mastering core technologies across eight platforms in motor control, digital power, and energy storage, earning innovation awards - The company has mastered a series of core technologies in motor control, digital power, IoT platforms, BMS, inverters, and energy storage systems, and has built eight major technology platforms[33](index=33&type=chunk) - Three independently developed technologies, including 'High-Performance Energy Storage System Micro-Grid Inverter' and 'Refrigerator Control Platform Technology Based on HarmonyOS IoT', won the 23rd Shenzhen Enterprise Innovation Record[34](index=34&type=chunk) - The company was honored as an 'Independent Innovation Benchmark Enterprise' and received Midea Group's 'Technology Innovation Bronze Award' for its 'Refrigerator Compressor Zero-Power Starter Product'[34](index=34&type=chunk) [Smart Manufacturing Upgrade and Digital Empowerment: Building an Efficient Production System](index=11&type=section&id=Smart%20Manufacturing%20Upgrade%20and%20Digital%20Empowerment%3A%20Building%20an%20Efficient%20Production%20System) Emphasizing 'reliable design, reliable manufacturing', the company utilizes advanced automation and dual production bases for flexible, rapid delivery, integrating digital systems for intelligent 'cloud testing' and achieving 'Smart Manufacturing Capability Maturity Level 3' certification - The company introduces internationally advanced automated production lines, automatic testing technologies and equipment, combined with a global layout of Shenzhen and Vietnam dual production bases, to achieve flexible production and rapid delivery[35](index=35&type=chunk) - Through a digital collaboration platform, the company integrates MES, WMS, and SAP systems, leveraging IoT, database, and virtual instrument technologies to establish an intelligent 'cloud testing' system for real-time monitoring and automated management of test data[35](index=35&type=chunk) - The company strictly implements international standards such as ISO9001, ISO14001, ISO45001, and IATF16949, building a full lifecycle quality control system and achieving 'Smart Manufacturing Capability Maturity Level 3' certification[35](index=35&type=chunk) [Accelerating Overseas Expansion, Enhancing International Market Competitiveness](index=11&type=section&id=Accelerating%20Overseas%20Expansion%2C%20Enhancing%20International%20Market%20Competitiveness) Implementing a 'globalization strategy' with dual R&D and manufacturing bases, the company shortens delivery, mitigates risks, and enhances supply chain resilience, planning to expand localized services and high-value sectors - The company establishes its Shenzhen headquarters as the R&D innovation center and the Vietnam production base as the manufacturing hub, building a global production network system[36](index=36&type=chunk) - Through dual-base collaboration, the company significantly shortens delivery cycles for European and American markets, rapidly responds to customer needs, diversifies geopolitical risks, and enhances supply chain resilience[36](index=36&type=chunk) - In the future, the company will deepen its overseas localization service capabilities and continue to expand into high-value-added areas such as new energy and intelligent appliance controllers, further strengthening its global competitiveness[36](index=36&type=chunk) [Diversified Customer Structure + Benchmark Customers](index=11&type=section&id=Diversified%20Customer%20Structure%20%2B%20Benchmark%20Customers) The company maintains a diversified, high-quality customer base, serving global leaders to diversify risk, set industry benchmarks, and accelerate market penetration, earning multiple 'Excellent Supplier' awards - The company has built a diversified, high-quality customer system, providing core products and technical services to globally renowned enterprises, forming a sustainable development model of 'large customers stabilizing the base, new customers expanding growth'[37](index=37&type=chunk) - Collaboration with leading customers helps set industry benchmarks, rapidly penetrate other markets in the industry, and provides a foundation for the company's breakthroughs in emerging fields[37](index=37&type=chunk) - The company has received multiple awards from partners, including 'Excellent Supplier Award', 'Innovation Supplier Award', 'Quality Partner Award', and 'Excellent Quality Award'[37](index=37&type=chunk) [Emphasis on Shareholder Investment Returns](index=11&type=section&id=Emphasis%20on%20Shareholder%20Investment%20Returns) The company maintains a stable shareholder return mechanism with consistent dividends, including a 2024 distribution of 3 bonus shares and 4.5 CNY cash per 10 shares, and a proposed 1.5 CNY cash dividend for mid-2025 - The company has established a stable and sustainable shareholder return mechanism, fully demonstrating its robust operational strength and ample cash flow through continuous and predictable dividend arrangements[38](index=38&type=chunk) - In 2024, the company implemented a dividend of **3 bonus shares and a cash dividend of 4.5 CNY per 10 shares**; for mid-2025, it plans to further distribute a cash dividend of **1.5 CNY per 10 shares**[38](index=38&type=chunk) - This mechanism balances the needs for sustainable enterprise development, effectively safeguards shareholder interests, enhances shareholder investment returns, and strengthens investor recognition[38](index=38&type=chunk) [Main Business Analysis](index=11&type=section&id=Main%20Business%20Analysis) H1 2025 saw a 1.64% revenue decline and 41.41% net profit drop, with gross margin down 6.75% due to geopolitical and pricing pressures, though Q2 revenue grew 20.32% driven by new energy and power tools - During the reporting period, the company achieved operating revenue of **647.88 million CNY**, a slight year-on-year decrease of **1.64%**; net profit was **52.98 million CNY**, a year-on-year decrease of **41.41%**[40](index=40&type=chunk) - Comprehensive gross profit margin decreased by **6.75%**, mainly due to intensified industry competition, changes in product structure and customer demand leading to pressure on product sales prices[40](index=40&type=chunk) H1 2025 Revenue and Growth by Business Segment | Business Segment | Operating Revenue (Million CNY) | Year-on-Year Growth | | :--- | :--- | :--- | | New Energy Business | 71.34 | 287.57% | | Power Tool Business | 167.42 | 68.50% | | Intelligent Appliance Controller Business | 295.36 | -20.78% | | Automotive Electronic Controller Business | 20.93 | -42.01% | | Robotics and Innovative Smart Products Business | 78.86 | -34.21% | - Vietnam company achieved sales revenue of **222 million CNY** in the first half, a year-on-year increase of **66.43%**, laying a solid foundation for future overseas market expansion[40](index=40&type=chunk) H1 2025 Key Financial Data Year-on-Year Changes | Indicator | Current Reporting Period (CNY) | Prior Year Period (CNY) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 647,879,460.36 | 658,699,883.60 | -1.64% | - | | Operating Cost | 530,291,341.64 | 494,712,597.43 | 7.19% | - | | Selling Expenses | 13,665,100.61 | 12,231,137.63 | 11.72% | - | | Administrative Expenses | 17,404,598.16 | 15,889,384.53 | 9.54% | - | | Financial Expenses | -11,052,665.66 | -13,809,791.53 | 19.97% | - | | Income Tax Expense | 672,588.60 | 8,204,997.26 | -91.80% | Mainly due to changes in taxable income | | R&D Investment | 44,694,570.40 | 46,281,669.71 | -3.43% | - | | Net Cash Flow from Operating Activities | 44,919,916.64 | -6,055,564.96 | 841.80% | Mainly due to increased sales collections | | Net Cash Flow from Investing Activities | -123,495,194.02 | 24,691,360.51 | -600.16% | Mainly due to purchase of bank wealth management products | | Net Cash Flow from Financing Activities | 90,172,923.00 | 6,347,601.62 | 1,320.58% | Mainly due to increased short-term borrowings and cash dividends in the current period | | Net Increase in Cash and Cash Equivalents | 11,076,895.02 | 28,292,289.04 | -60.85% | Mainly due to the combined impact of operating, investing, and financing activities | H1 2025 Operating Revenue Composition (by Region) | Region | Amount (CNY) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Domestic Sales | 291,785,010.91 | 45.04% | -22.83% | | International Sales | 356,094,449.45 | 54.96% | 26.91% | [Non-Core Business Analysis](index=14&type=section&id=Non-Core%20Business%20Analysis) The company had no non-core businesses during the reporting period, therefore no analysis was performed [Analysis of Assets and Liabilities](index=14&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) Total assets grew 3.90% and net assets attributable to shareholders grew 0.30%, with significant increases in construction in progress and short-term borrowings, while some funds were judicially frozen - At the end of the reporting period, the company's total assets were **2,601.19 million CNY**, an increase of **3.90%** from the end of the previous year[17](index=17&type=chunk) - At the end of the reporting period, net assets attributable to shareholders of the listed company were **1,757.46 million CNY**, an increase of **0.30%** from the end of the previous year[17](index=17&type=chunk) - Zhenbang Intelligent Technology (Vietnam) Co, Ltd had total assets of **337 million CNY** and net profit of **23.54 million CNY**, accounting for **19.17%** of the company's net assets[51](index=51&type=chunk) - Other monetary funds include **8,735,188.90 CNY** judicially frozen due to litigation[54](index=54&type=chunk) [Significant Changes in Asset Composition](index=14&type=section&id=Significant%20Changes%20in%20Asset%20Composition) The asset and liability structure saw changes, with accounts receivable down 2.14%, inventories up 1.42%, construction in progress up 1.05%, and short-term borrowings up 5.05% H1 2025 Significant Changes in Asset Composition | Item | Amount at End of Current Reporting Period (CNY) | Proportion of Total Assets | Amount at End of Previous Year (CNY) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 1,112,406,463.72 | 42.77% | 1,092,594,379.80 | 43.64% | -0.87% | No significant change | | Accounts Receivable | 332,647,875.44 | 12.79% | 373,914,966.72 | 14.93% | -2.14% | Mainly due to collection of customer payments | | Inventories | 263,998,670.26 | 10.15% | 218,598,821.11 | 8.73% | 1.42% | Mainly due to strategic stocking in response to market demand changes | | Construction in Progress | 475,071,534.20 | 18.26% | 430,900,727.71 | 17.21% | 1.05% | Mainly due to increased investment in Zhenwei Science Park project | | Right-of-Use Assets | 45,268,341.78 | 1.74% | 32,457,600.81 | 1.30% | 0.44% | Mainly due to increased factory leases in Vietnam | | Short-term Borrowings | 154,782,055.26 | 5.95% | 22,496,126.16 | 0.90% | 5.05% | Mainly due to increased short-term bank credit borrowings | | Contract Liabilities | 24,708,500.47 | 0.95% | 16,211,493.02 | 0.65% | 0.30% | Mainly due to increased advance receipts for goods | | Financial Assets Held for Trading | 73,010,695.53 | 2.81% | 46,385,509.54 | 1.85% | 0.96% | Mainly due to purchase of wealth management products | | Share Capital | 144,708,620.00 | 5.56% | 111,779,154.00 | 4.46% | 1.10% | Mainly due to bonus share distribution in the reporting period | [Major Overseas Assets](index=15&type=section&id=Major%20Overseas%20Assets) Zhenbang Intelligent Technology (Vietnam) Co, Ltd, a wholly-owned grandchild company, is a major overseas asset with **337 million CNY** in total assets and good profitability Major Overseas Assets | Specific Content of Asset | Reason for Formation | Asset Scale (CNY) | Location | Operating Model | Control Measures to Ensure Asset Safety | Profitability (CNY) | Proportion of Overseas Assets to Company's Net Assets | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Wholly-owned grandchild company - Zhenbang Intelligent Technology (Vietnam) Co, Ltd and its assets | Investment establishment | 336,906,572.12 | Ho Chi Minh City, Vietnam | R&D, production, sales | Financial supervision, internal and external audit | 23,541,637.19 | 19.17% | - Zhenbang Vietnam Co, Ltd has no significant impairment risks[51](index=51&type=chunk) [Assets and Liabilities Measured at Fair Value](index=16&type=section&id=Assets%20and%20Liabilities%20Measured%20at%20Fair%20Value) At period-end, financial assets measured at fair value totaled **107 million CNY**, comprising trading financial assets (**73.01 million CNY**), other equity investments (**4.71 million CNY**), and notes receivable financing (**28.97 million CNY**) Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (CNY) | Fair Value Change Gains/Losses for the Period (CNY) | Amount Purchased During the Period (CNY) | Amount Sold During the Period (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | | Financial assets held for trading (excluding derivative financial assets) | 46,385,509.54 | 10,695.53 | 123,000,000.00 | 96,385,509.54 | 73,010,695.53 | | Other equity instrument investments | 4,705,406.58 | - | - | - | 4,705,406.58 | | Notes receivable financing | 35,403,190.06 | - | - | - | 28,973,156.31 | | Total of the above | 86,494,106.18 | 10,695.53 | 123,000,000.00 | 96,385,509.54 | 106,689,258.42 | | Financial liabilities | 0.00 | - | - | - | 0.00 | - The measurement attributes of the company's major assets did not undergo significant changes during the reporting period[53](index=53&type=chunk) [Asset Restrictions at the End of the Reporting Period](index=16&type=section&id=Asset%20Restrictions%20at%20the%20End%20of%20the%20Reporting%20Period) At period-end, **8,735,188.90 CNY** of monetary funds were restricted due to judicial freezing from litigation - Other monetary funds: **8,735,188.90 CNY** judicially frozen due to litigation[54](index=54&type=chunk) [Investment Analysis](index=16&type=section&id=Investment%20Analysis) Investment activities focused on non-equity and raised funds; Zhenwei Science Park project reached 95% completion but was delayed to June 2026, while some raised fund projects underperformed - Zhenwei Science Park project had a cumulative actual investment of **474.43 million CNY**, with project progress at **95.00%**[58](index=58&type=chunk) - The 'High-end Intelligent Controller R&D and Production Base Project (Phase I)' expected operational date was postponed to **June 30, 2026**[67](index=67&type=chunk)[70](index=70&type=chunk) - The 'Inverter and High-Efficiency Intelligent Energy Storage System Project' did not meet expected returns, mainly due to intensified industry competition, extended overseas market expansion cycles, fluctuations in key raw material prices, and policy standard upgrades[67](index=67&type=chunk)[70](index=70&type=chunk) Overall Use of Raised Funds | Total Raised Funds (Million CNY) | Net Raised Funds (Million CNY) | Cumulative Amount of Raised Funds Used (Million CNY) | Proportion of Cumulative Raised Funds Used to Total Raised Funds | Total Unused Raised Funds (Million CNY) | | :--- | :--- | :--- | :--- | :--- | | 59,595 | 56,018.62 | 58,512.32 | 104.45% | 513.16 | [Overall Situation](index=16&type=section&id=Overall%20Situation) This section outlines the company's investment activities, including non-equity investments and raised fund utilization, providing a foundation for detailed analysis [Significant Equity Investments Acquired During the Reporting Period](index=17&type=section&id=Significant%20Equity%20Investments%20Acquired%20During%20the%20Reporting%20Period) The company did not acquire any significant equity investments during the reporting period - The company had no securities investments during the reporting period[59](index=59&type=chunk) [Significant Non-Equity Investments in Progress During the Reporting Period](index=17&type=section&id=Significant%20Non-Equity%20Investments%20in%20Progress%20During%20the%20Reporting%20Period) The Zhenwei Science Park project, a significant non-equity investment, saw **44.20 million CNY** invested this period, with cumulative actual investment reaching **474 million CNY** and **95.00%** completion Significant Non-Equity Investments in Progress During the Reporting Period | Project Name | Investment Method | Is it a Fixed Asset Investment | Industry Involved in Investment Project | Amount Invested in Current Reporting Period (CNY) | Cumulative Actual Investment Amount as of End of Reporting Period (CNY) | Source of Funds | Project Progress | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhenwei Science Park Project | Self-built | Yes | Intelligent Controller | 44,204,014.22 | 474,433,083.42 | Raised Funds and Own Funds | 95.00% | [Financial Asset Investments](index=17&type=section&id=Financial%20Asset%20Investments) The company had no securities investments or derivative investments for hedging or speculative purposes during the reporting period - The company had no securities investments during the reporting period[59](index=59&type=chunk) - The company had no derivative investments for hedging purposes during the reporting period[60](index=60&type=chunk) - The company had no derivative investments for speculative purposes during the reporting period[62](index=62&type=chunk) [Use of Raised Funds](index=18&type=section&id=Use%20of%20Raised%20Funds) IPO net proceeds were **560 million CNY**, with **585 million CNY** cumulatively invested (104.45% utilization); **5.13 million CNY** remain unused, while some projects, including the 'High-end Intelligent Controller R&D and Production Base Project (Phase I)', were delayed or underperformed Overall Use of Raised Funds | Total Raised Funds (Million CNY) | Net Raised Funds (Million CNY) | Total Raised Funds Used in Current Period (Million CNY) | Cumulative Amount of Raised Funds Used (Million CNY) | Proportion of Cumulative Raised Funds Used to Total Raised Funds | Total Unused Raised Funds (Million CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | | 59,595 | 56,018.62 | 0 | 58,512.32 | 104.45% | 513.16 | - The 'High-end Intelligent Controller R&D and Production Base Project (Phase I)' was delayed because its implementation site, 'Zhenwei Science Park' in Shenzhen's Guangming District, is in the final stages of construction, awaiting completion acceptance and equipment installation/debugging; the board postponed the expected operational date to **June 30, 2026**, to ensure project effectiveness and resource allocation[67](index=67&type=chunk) - The 'Inverter and High-Efficiency Intelligent Energy Storage System Project' underperformed due to intensified industry competition, extended overseas market expansion cycles, fluctuations in key raw material prices, and policy standard upgrades[67](index=67&type=chunk) [Changes in Raised Fund Projects](index=20&type=section&id=Changes%20in%20Raised%20Fund%20Projects) The company reclassified and adjusted several raised fund projects, including the 'Intelligent Control Component Capacity Expansion' to 'High-end Intelligent Controller R&D Base (Phase I)' and 'Zero-Power Start Protector' to 'Inverter and Energy Storage System', approved by the board and shareholders Changes in Raised Fund Projects | Name of Changed Project | Corresponding Original Committed Project | Total Raised Funds Planned for Changed Project (Million CNY) | Actual Investment Amount in Current Reporting Period (Million CNY) | Cumulative Actual Investment Amount as of Period-End (Million CNY) | Date Project Reaches Expected Operational Status | Whether Expected Benefits Achieved | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | High-end Intelligent Controller R&D and Production Base Project (Phase I) | Intelligent Control Component Capacity Expansion and Product Upgrade Project | 41,298.97 | 411.39 | 43,415.82 | 2026年06月30日 | Not Applicable | | Inverter and High-Efficiency Intelligent Energy Storage System Project | Zero-Power Start Protector Construction Project | 2,000 | 0 | 2,006.27 | 2023年12月31日 | No | | R&D Center Construction Project | R&D Center Construction Project | 5,017.82 | 0 | 5,044.4 | 2024年04月30日 | Not Applicable | - Reason for change: A prudent decision made to improve the efficiency of raised fund utilization, considering the company's actual situation, internal strategy, and future development trends, with the original raised fund investment project content changed while the total committed investment remains unchanged[70](index=70&type=chunk) - Decision procedure: The 'Proposal on Changing the Implementation Content and Location of Certain Raised Fund Investment Projects' was approved by the company's 18th (Interim) Meeting of the Second Board of Directors, 17th (Interim) Meeting of the Second Supervisory Board, and the First Interim Shareholders' Meeting in 2022, changing the implementation content and location of some raised investment projects[70](index=70&type=chunk) [Significant Asset and Equity Sales](index=21&type=section&id=Significant%20Asset%20and%20Equity%20Sales) The company did not sell any significant assets or equity during the reporting period - The company did not sell significant assets during the reporting period[71](index=71&type=chunk) - The company did not sell significant equity during the reporting period[72](index=72&type=chunk) [Analysis of Major Holding and Participating Companies](index=22&type=section&id=Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The main holding subsidiary is GENBYTE TECHNOLOGY (VIETNAM) COMPANY LIMITED, with two new wholly-owned subsidiaries, Shenzhen Zhenwei Yunlian Technology Co, Ltd and HOMEWOOD CONTROL PTE.LTD, established during the period Financial Performance of Major Subsidiaries | Company Name | Company Type | Main Business | Registered Capital | Total Assets (CNY) | Net Assets (CNY) | Operating Revenue (CNY) | Operating Profit (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | GENBYTE TECHNOLOGY(VIETNAM)COMPANY LIMITED | Subsidiary | R&D, production, sales, import and export of electronic control products | 1 Million USD | 336,906,572.12 | 47,829,094.77 | 222,125,704.82 | 23,656,330.52 | 23,541,637.19 | - During the reporting period, the company established new wholly-owned subsidiaries Shenzhen Zhenwei Yunlian Technology Co, Ltd and HOMEWOOD CONTROL PTE.LTD, which had no significant impact on the current period's performance[74](index=74&type=chunk) [Structured Entities Controlled by the Company](index=22&type=section&id=Structured%20Entities%20Controlled%20by%20the%20Company) The company had no controlled structured entities during the reporting period - The company had no controlled structured entities during the reporting period[75](index=75&type=chunk) [Risks Faced by the Company and Countermeasures](index=22&type=section&id=Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces macroeconomic, geopolitical, technological, cost, and exchange rate risks, planning to mitigate them through strategic partnerships, R&D, market expansion, global production optimization, cost control, and foreign exchange management - The company faces macroeconomic and geopolitical risks, such as global macroeconomic fluctuations, escalating tariff policies, and geopolitical risks that could lead to slower market demand and increased supply chain costs[75](index=75&type=chunk) - The company faces risks of technological iteration and product updates; failure to accurately grasp industry technology trends or strategic errors in key product development could lead to outdated product performance and decreased market competitiveness[76](index=76&type=chunk) - The company faces risks of rising costs and declining gross profit margins, including increasing raw material and labor costs, intense market competition, and rising expenses due to business expansion[77](index=77&type=chunk)[78](index=78&type=chunk) - The company faces exchange rate risk, as export sales and import purchases are settled in non-RMB currencies, and exchange rate fluctuations may impact operating performance[79](index=79&type=chunk) - Countermeasures include deepening cooperation with key customers and suppliers, developing new products, exploring emerging markets, optimizing global production layout, negotiating cost-sharing with customers, increasing R&D investment, implementing comprehensive cost control, focusing on high-margin niche markets, introducing lean production concepts, and strengthening foreign exchange risk management[75](index=75&type=chunk)[76](index=76&type=chunk)[78](index=78&type=chunk)[79](index=79&type=chunk) [Implementation of Market Value Management System and Valuation Enhancement Plan](index=23&type=section&id=Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company did not formulate a market value management system or disclose a valuation enhancement plan during the reporting period - The company did not formulate a market value management system during the reporting period[80](index=80&type=chunk) - The company did not disclose a valuation enhancement plan during the reporting period[80](index=80&type=chunk) [Implementation of 'Quality and Return Dual Improvement' Action Plan](index=23&type=section&id=Implementation%20of%20%27Quality%20and%20Return%20Dual%20Improvement%27%20Action%20Plan) The company did not disclose an announcement regarding the 'Quality and Return Dual Improvement' action plan during the reporting period - The company did not disclose an announcement regarding the 'Quality and Return Dual Improvement' action plan during the reporting period[80](index=80&type=chunk) Part IV Corporate Governance, Environment and Society [Changes in Directors, Supervisors, and Senior Management](index=23&type=section&id=Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) There were no changes in the company's directors, supervisors, and senior management during the reporting period - There were no changes in the company's directors, supervisors, and senior management during the reporting period[81](index=81&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital in Current Reporting Period](index=23&type=section&id=Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20Current%20Reporting%20Period) The board approved a 2025 semi-annual profit distribution plan of **1.5 CNY cash dividend per 10 shares** (totaling **21.71 million CNY**) based on **144,711,000 shares**, pending shareholder approval 2025 Semi-Annual Profit Distribution Plan | Indicator | Amount | | :--- | :--- | | Number of Bonus Shares per 10 Shares (shares) | 0 | | Dividend per 10 Shares (CNY) (including tax) | 1.5 | | Share Capital Base for Distribution Plan (shares) | 144,711,000 | | Cash Dividend Amount (CNY) (including tax) | 21,706,650.00 | | Total Cash Dividend (including other methods) (CNY) | 21,706,650.00 | | Distributable Profit (CNY) | 710,822,551.98 | | Proportion of Total Cash Dividend (including other methods) to Total Profit Distribution | 100% | - The estimated cash dividend distribution is **21.71 million CNY**, with the actual amount subject to final distribution. If the company's total share capital changes due to stock option exercise, share repurchases, or cancellation of restricted shares before the distribution plan is implemented, the company will make corresponding adjustments based on the principle of an unchanged distribution ratio[83](index=83&type=chunk) - This profit distribution plan is subject to approval by the company's shareholders' meeting[83](index=83&type=chunk) [Implementation of Company's Equity Incentive Plan, Employee Stock Ownership Plan, or Other Employee Incentive Measures](index=24&type=section&id=Implementation%20of%20Company%27s%20Equity%20Incentive%20Plan%2C%20Employee%20Stock%20Ownership%20Plan%2C%20or%20Other%20Employee%20Incentive%20Measures) The company implemented an equity incentive plan, repurchasing and canceling **514,000 restricted shares** from ineligible employees and adjusting unexercised stock options to **62,160** - The company repurchased and canceled **4,500 restricted shares** held by 2 incentive recipients under the '2021 Restricted Stock and Stock Option Incentive Plan' who no longer qualified due to resignation[84](index=84&type=chunk) - The company repurchased and canceled **509,500 restricted shares** held by 11 incentive recipients who no longer qualified due to resignation and 170 incentive recipients whose restricted shares had not yet been lifted under the '2024 Restricted Stock Incentive Plan'[84](index=84&type=chunk) - The company has completed the repurchase and cancellation of **514,000 restricted shares**[85](index=85&type=chunk) - The company adjusted the number of unexercised stock options from **47,816** to **62,160**[85](index=85&type=chunk) [Environmental Information Disclosure](index=24&type=section&id=Environmental%20Information%20Disclosure) The company and its major subsidiaries are listed as enterprises required to disclose environmental information, indicating regulatory oversight and compliance with disclosure obligations - The listed company and its major subsidiaries are included in the list of enterprises required to disclose environmental information by law[86](index=86&type=chunk) [Social Responsibility](index=25&type=section&id=Social%20Responsibility) Adhering to 'Green Technology, Smart Living', the company actively fulfills social responsibility by enhancing governance, protecting shareholder and employee rights, promoting green innovation, supporting rural revitalization, and achieving a Wind ESG A-rating - The company strictly adheres to laws and regulations such as the 'Company Law', 'Securities Law', and 'Guidelines for Corporate Governance of Listed Companies', continuously improving its governance structure and internal control mechanisms, ensuring the standardized operation of shareholder meetings, and implementing separate vote counting for small and medium investors[89](index=89&type=chunk) - On May 29, 2025, the company implemented the 2024 annual profit distribution plan, distributing a cash dividend of **4.5 CNY per 10 shares (including tax)** and **3 bonus shares (including tax)** to all shareholders; additionally, the company plans to launch an interim dividend plan, distributing a cash dividend of **1.5 CNY per 10 shares (including tax)**[89](index=89&type=chunk) - The company regards employees as a core driving force for development, strictly adheres to labor laws and regulations, fully safeguards employees' legitimate rights and interests, focuses on occupational health and safety, and motivates employees through diversified incentive mechanisms such as equity incentives and performance bonuses[91](index=91&type=chunk) - The company integrates green technology into its development strategy, strictly enforces national environmental protection regulations, promotes green and low-carbon production, focuses on energy-saving technology applications in smart home appliances and smart homes, and strategically positions itself in the inverter and energy storage industries[92](index=92&type=chunk) - The company actively responds to the 'dual carbon' goals, building a 'smart controller + new energy' dual-wheel driven model, integrating ESG concepts into its governance structure, establishing a three-tier ESG management framework, and achieving a Wind ESG A-rating certification[94](index=94&type=chunk) Part V Significant Matters [Commitments Fulfilled or Overdue by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=26&type=section&id=Commitments%20Fulfilled%20or%20Overdue%20by%20Controlling%20Shareholder%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20and%20as%20of%20the%20End%20of%20the%20Reporting%20Period) No commitments by the controlling shareholder, shareholders, related parties, acquirers, or the company were fulfilled or overdue during the reporting period - During the reporting period, there were no commitments fulfilled or overdue by the company's controlling shareholder, shareholders, related parties, acquirers, or the company itself[96](index=96&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties of the Listed Company](index=26&type=section&id=Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties%20of%20the%20Listed%20Company) There was no non-operating fund occupation by the controlling shareholder or other related parties of the listed company during the reporting period - There was no non-operating fund occupation by the controlling shareholder or other related parties of the listed company during the reporting period[97](index=97&type=chunk) [Illegal External Guarantees](index=26&type=section&id=Illegal%20External%20Guarantees) The company had no illegal external guarantees during the reporting period - The company had no illegal external guarantees during the reporting period[98](index=98&type=chunk) [Appointment and Dismissal of Accounting Firms](index=26&type=section&id=Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[99](index=99&type=chunk) [Explanation by the Board of Directors and Supervisory Board on the Accounting Firm's 'Non-Standard Audit Report' for the Current Period](index=26&type=section&id=Explanation%20by%20the%20Board%20of%20Directors%20and%20Supervisory%20Board%20on%20the%20Accounting%20Firm%27s%20%27Non-Standard%20Audit%20Report%27%20for%20the%20Current%20Period) The board and supervisory board provided no explanation for a 'non-standard audit report' as the semi-annual report was unaudited [Explanation by the Board of Directors on the 'Non-Standard Audit Report' for the Previous Year](index=26&type=section&id=Explanation%20by%20the%20Board%20of%20Directors%20on%20the%20%27Non-Standard%20Audit%20Report%27%20for%20the%20Previous%20Year) The board of directors provided no explanation regarding the 'non-standard audit report' for the previous year [Bankruptcy and Reorganization Matters](index=26&type=section&id=Bankruptcy%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[100](index=100&type=chunk) [Litigation Matters](index=26&type=section&id=Litigation%20Matters) The company had no significant litigation or arbitration matters during the reporting period - The company had no significant litigation or arbitration matters in the current reporting period[101](index=101&type=chunk) [Penalties and Rectification](index=27&type=section&id=Penalties%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[102](index=102&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=27&type=section&id=Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) Specific integrity information for the company, its controlling shareholder, and actual controller was not disclosed [Significant Related Party Transactions](index=27&type=section&id=Significant%20Related%20Party%20Transactions) The company had no related party transactions concerning daily operations, asset/equity acquisition/disposal, joint external investments, or related party debt, nor financial dealings with affiliated finance companies - The company had no related party transactions related to daily operations during the reporting period[103](index=103&type=chunk) - The company had no related party transactions involving asset or equity acquisition/disposal during the reporting period[104](index=104&type=chunk) - The company had no related party creditor-debtor relationships during the reporting period[106](index=106&type=chunk) - There were no deposits, loans, credit, or other financial businesses between the company and affiliated finance companies or related parties[107](index=107&type=chunk) [Significant Contracts and Their Performance](index=28&type=section&id=Significant%20Contracts%20and%20Their%20Performance) The company had no trusteeship, contracting, or significant guarantees; total lease fees were **13.13 million CNY**, entrusted wealth management was **73 million CNY**, and the **302 million CNY** Zhenwei Science Park construction contract was ongoing - The company had no trusteeship situations during the reporting period[110](index=110&type=chunk) - The company had no contracting situations during the reporting period[111](index=111&type=chunk) - In H1 2025, the company's total lease fees were **9.14 million CNY (including tax)** from lease contracts and supplementary agreements with Shenzhen Huahong Xintong Technology Co, Ltd, Shenzhen Hongfa Investment Group Co, Ltd, Shenzhen Guangming District Housing and Construction Bureau, etc, and **3.98 million CNY (including tax)** from lease contracts and supplementary agreements with CÔNG TY TNHH ĐẦU TƯ NHÀ XƯỞNG LẬP THÀNH[112](index=112&type=chunk) Entrusted Wealth Management | Specific Type | Source of Entrusted Wealth Management Funds | Amount of Entrusted Wealth Management Transactions (Million CNY) | Outstanding Balance (Million CNY) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 7,300 | 7,300 | - The company's general construction contract for Zhenwei Science Park with Shanghai Baoye Group Co, Ltd, with a contract amount of **301.99 million CNY**, was still in progress at the end of the reporting period[116](index=116&type=chunk) [Explanation of Other Significant Matters](index=29&type=section&id=Explanation%20of%20Other%20Significant%20Matters) The company completed its 2024 equity distribution (**50.09 million CNY** cash, **33.39 million** bonus shares), delayed a key R&D project to June 2026, changed its registered address/business scope, and proposed a **1.50 CNY cash dividend per 10 shares** for H1 2025 - On May 29, 2025, the company completed its 2024 annual equity distribution, distributing a total cash dividend of **50.09 million CNY