Section I Definitions [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This chapter provides definitions for common terms used in the report, including abbreviations for the China Securities Regulatory Commission, Shanghai Stock Exchange, the Company, Xuguang Electronics and its main subsidiaries, along with the reporting period and currency units - The reporting period refers to the first half of 2025[16](index=16&type=chunk) - The company's abbreviation is "Xuguang Electronics", with the full name "Chengdu Xuguang Electronics Co., Ltd."[13](index=13&type=chunk)[16](index=16&type=chunk) - Listed major subsidiaries or related parties include Chuhang Technology, Farec, Yige Machinery, Mingao Technology, Zhenghang Technology, Xi'an Ruikong, Beijing Derui, Shenzhen Ruikong, Mianyang Ruikong, Chengdu Xuci, Ningxia Beici, Intelligent Equipment, Power Equipment, and Beijing Hengyu[16](index=16&type=chunk) Section II Company Profile and Key Financial Indicators [I. Company Information](index=4&type=section&id=I.%20Company%20Information) This section outlines the company's basic registration information, including its Chinese name, abbreviation, foreign name and its abbreviation, and legal representative - The company's Chinese name is Chengdu Xuguang Electronics Co., Ltd., abbreviated as Xuguang Electronics[13](index=13&type=chunk) - The company's legal representative is Liu Weidong[13](index=13&type=chunk) [II. Contact Persons and Information](index=4&type=section&id=II.%20Contact%20Persons%20and%20Information) This section provides contact information for the company's Board Secretary and Securities Affairs Representative, including names, addresses, telephone numbers, fax numbers, and email addresses - The Board Secretary is Xiong Shangrong, and the Securities Affairs Representative is Jin Xiaoli[14](index=14&type=chunk) - The company's contact address is No. 318 Xingong Avenue, Xindu District, Chengdu[14](index=14&type=chunk) [III. Brief Introduction to Changes in Basic Information](index=4&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) This section describes historical changes in the company's registered address and confirms its current office address, website, and email address - The company's registered address changed in February 2012 and October 2022, currently located at No. 318 Xingong Avenue, Xindu District, Chengdu, Sichuan Province[15](index=15&type=chunk)[17](index=17&type=chunk) - The company's website is http://www.xuguang.com.cn, and its email address is xgzq@xuguang.com[17](index=17&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Availability Locations](index=5&type=section&id=IV.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Availability%20Locations) This section specifies the company's designated newspapers for information disclosure, the website address for the semi-annual report, and the locations where the semi-annual report is available - The company's designated newspapers for information disclosure are "Shanghai Securities News" and "Securities Daily"[18](index=18&type=chunk) - The website address for publishing the semi-annual report is www.sse.com.cn[18](index=18&type=chunk) - The company's semi-annual report is available at the Shanghai Stock Exchange and the company's Securities Investment Department[18](index=18&type=chunk) [V. Company Stock Summary](index=5&type=section&id=V.%20Company%20Stock%20Summary) This section provides basic information about the company's stock, including stock type, listing exchange, stock abbreviation, and code - The company's stock is A-shares, listed on the Shanghai Stock Exchange, with stock abbreviation "Xuguang Electronics" and stock code "600353"[19](index=19&type=chunk) [VII. Key Accounting Data and Financial Indicators](index=5&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section discloses the company's key accounting data and financial indicators for the first half of 2025, showing steady revenue growth and significant improvements in profit and cash flow (I) Key Accounting Data This subsection presents the company's primary accounting data for the reporting period (II) Key Financial Indicators This subsection details the company's key financial performance indicators 2025 Semi-Annual Key Accounting Data | Key Accounting Data | Current Period (Jan-Jun) | Prior Year Period | Current Period vs. Prior Year Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 784,306,688.80 Yuan | 780,663,757.14 Yuan | 0.47 | | Total Profit | 64,013,477.91 Yuan | 60,491,905.34 Yuan | 5.82 | | Net Profit Attributable to Shareholders of Listed Company | 63,840,338.05 Yuan | 56,238,878.28 Yuan | 13.52 | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-Recurring Gains and Losses | 60,261,141.72 Yuan | 49,416,698.45 Yuan | 21.94 | | Net Cash Flow from Operating Activities | 61,336,679.56 Yuan | 5,658,494.85 Yuan | 983.98 | | Net Assets Attributable to Shareholders of Listed Company (End of Current Period) | 1,831,756,085.48 Yuan | 1,816,820,377.21 Yuan | 0.82 | | Total Assets (End of Current Period) | 3,382,333,725.79 Yuan | 3,237,252,427.43 Yuan | 4.48 | 2025 Semi-Annual Key Financial Indicators | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | Current Period vs. Prior Year Period Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/Share) | 0.0769 | 0.0677 | 13.59 | | Diluted Earnings Per Share (Yuan/Share) | 0.0769 | 0.0677 | 13.59 | | Basic Earnings Per Share Excluding Non-Recurring Gains and Losses (Yuan/Share) | 0.0726 | 0.0595 | 22.02 | | Weighted Average Return on Net Assets (%) | 3.47 | 3.17 | Increased by 0.30 percentage points | | Weighted Average Return on Net Assets Excluding Non-Recurring Gains and Losses (%) | 3.28 | 2.79 | Increased by 0.49 percentage points | - Net cash flow from operating activities significantly increased by **983.98%**, primarily due to increased sales collections[22](index=22&type=chunk)[61](index=61&type=chunk) [IX. Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=IX.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section lists the company's non-recurring gains and losses items and their amounts for the first half of 2025, totaling 3,579,196.33 yuan 2025 Semi-Annual Non-Recurring Gains and Losses Items | Non-Recurring Gains and Losses Items | Amount (Yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 10,238.69 | | Government grants recognized in current profit or loss | 3,525,903.78 | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 22,950.00 | | Gains and losses from debt restructuring | 1,366,000.00 | | Other non-operating income and expenses apart from the above | -143,997.25 | | Less: Income tax impact | 591,225.29 | | Impact on minority interests (after tax) | 610,673.60 | | Total | 3,579,196.33 | Section III Management Discussion and Analysis [I. Explanation of the Company's Industry and Main Business Operations During the Reporting Period](index=6&type=section&id=I.%20Explanation%20of%20the%20Company%27s%20Industry%20and%20Main%20Business%20Operations%20During%20the%20Reporting%20Period) This section elaborates on the market conditions, policy directions, and development trends of the three major industries the company operates in—power equipment, military, and electronic materials—and introduces the company's main businesses and products in these areas (I) During the Reporting Period, the Company's Power Equipment, Military, and Electronic Materials Industries are as follows This subsection describes the market conditions and trends within the power equipment, military, and electronic materials industries (II) The Company's Main Business Overview is as follows This subsection provides an overview of the company's core business activities and product offerings (III) Main Operating Models This subsection details the company's primary operating models, including procurement, production, and sales strategies - The power equipment industry benefits from energy structure optimization and "dual carbon" goals, with continuous growth in market size and power grid investment, supported by policies for distribution network upgrades[25](index=25&type=chunk)[26](index=26&type=chunk)[27](index=27&type=chunk) - The military industry's demand is strongly supported by stable defense budget growth and the "14th Five-Year Plan", accelerating the modernization and intelligent development of weaponry and equipment[27](index=27&type=chunk)[28](index=28&type=chunk) - The electronic materials industry, particularly electronic ceramics and aluminum nitride, sees continuous market demand expansion, benefiting from the development of the pan-semiconductor and new energy sectors, and the process of domestic substitution[29](index=29&type=chunk)[30](index=30&type=chunk) - The power equipment business focuses on vacuum devices, with products including vacuum interrupters, high-power laser RF electron tubes, and new power and new energy complete sets of equipment, making it one of the largest and most comprehensive ceramic vacuum interrupter manufacturing bases in China[30](index=30&type=chunk)[31](index=31&type=chunk)[32](index=32&type=chunk)[33](index=33&type=chunk) - The military business covers "missile, aircraft, and ship" fields, with products including missile fuzing device components, ship frequency converters, aerospace precision parts, and intelligent embedded computer systems, actively integrating the DeepSeek large model with edge computing[33](index=33&type=chunk)[34](index=34&type=chunk) - The electronic materials business, centered on electronic ceramics, expands into aluminum nitride powder, substrates, and structural components, achieving an annualized production capacity of **500 tons** for aluminum nitride powder, and successfully developing ultra-high thermal conductivity substrates (above **230W/m·K**) and high flexural strength substrates (above **550MPa**)[34](index=34&type=chunk)[35](index=35&type=chunk) - The procurement model is centralized, determining suppliers and prices through bidding and competitive negotiation, while strengthening supplier management and safety stock control[35](index=35&type=chunk) - The production model combines market forecasting with order-based production, moderately increasing inventory for conventional products and producing non-conventional products based on order demand to improve efficiency and meet customer needs[36](index=36&type=chunk) - The sales model acquires orders in the domestic market through sales teams and strategic cooperation, and develops customers in international markets through agents, industry exhibitions, and online promotion[36](index=36&type=chunk) [II. Discussion and Analysis of Operations](index=9&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) During the reporting period, the company, guided by its "technology leadership, proactive layout, and sustainable development" strategy, consolidated its traditional advantageous businesses while actively expanding into emerging technology sectors, achieving steady revenue growth, year-on-year profit increase, and significant cash flow improvement (I) Multi-Dimensional Growth Expansion: Three Emerging Sectors Jointly Outline a Growth Blueprint, Breaking Industry Boundaries This subsection highlights the company's strategic expansion into three new growth areas to achieve multi-dimensional growth (II) Deep Cultivation of Core Areas: Military Products and Electronic Materials as Foundation, Striving Forward Steadily This subsection focuses on the company's sustained efforts and progress in its core military products and electronic materials businesses (III) Internal Operations Optimization: Enhancing Quality and Efficiency, Solidifying Development Foundation This subsection describes the company's initiatives to optimize internal operations, improve quality, and increase efficiency (IV) Social Responsibility and Party Building: Dual Empowerment, Promoting High-Quality Development This subsection outlines the company's commitment to social responsibility and Party building, driving high-quality development through dual empowerment - The company achieved steady revenue growth, year-on-year profit increase, and significant cash flow improvement[38](index=38&type=chunk) 2025 Semi-Annual Core Financial Indicators | Indicator | Amount (Ten Thousand Yuan) | Year-on-Year Change | | :--- | :--- | :--- | | Operating Revenue | 78,430.67 | Increased by 364.29 Ten Thousand Yuan | | Net Profit Attributable to Shareholders of Listed Company | 6,384.03 | Increased by 13.52% year-on-year | | Net Cash Flow from Operating Activities | 6,133.67 | Increased by 5,567.82 Ten Thousand Yuan compared to the prior year period | - Strategic focus on three emerging sectors: high-voltage vacuum switch upgrades, controllable nuclear fusion, and intelligent rapid inspection, promoting industrialization platform construction and technological breakthroughs[39](index=39&type=chunk) - Military products business achieved dual breakthroughs in localization and intelligence, with aerospace precision structural parts output value increasing by **150%** year-on-year, and intelligent embedded computers widely applied in livelihood and new infrastructure fields[45](index=45&type=chunk) - Electronic materials (aluminum nitride) business deepened its layout, with Ningxia Beici's new plant put into operation, successfully developing ultra-high thermal conductivity substrates and high flexural strength substrates, reaching international advanced levels[47](index=47&type=chunk) - Internal operations achieved quality and efficiency improvements through digital transformation, intelligent manufacturing upgrades, and supply chain and cost control, initially establishing a demonstrative intelligent production system[49](index=49&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](index=11&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) Leveraging sixty years of development, the company has established a tripartite industrial layout in power equipment, military, and electronic materials, forming significant advantages in brand, production technology and equipment, asset quality, and technology - The power equipment business holds a leading position in China in vacuum interrupter and high-power electron tube technology, being one of the few domestic enterprises with full-chain R&D, design, and production capabilities for power switch equipment[51](index=51&type=chunk)[55](index=55&type=chunk)[56](index=56&type=chunk)[57](index=57&type=chunk) - The military business has a complete software and hardware product system in the "missile, aircraft, and ship" fields, with space charge control electron tubes, gas switch devices, precision parts manufacturing, and localized embedded computer technology reaching domestic leading levels, supported by rich customer resources[52](index=52&type=chunk)[58](index=58&type=chunk)[59](index=59&type=chunk) - The electronic materials business successfully broke through aluminum nitride technology blockade, achieving continuous production of high-quality aluminum nitride powder, with ultra-high thermal conductivity and high flexural strength substrates reaching international advanced levels, becoming a major domestic supplier of aluminum nitride substrates[53](index=53&type=chunk)[60](index=60&type=chunk) - The company holds multiple qualifications, including ISO9001 and GJB9001C-2017 military system certifications, and its "Xuguang Brand Vacuum Interrupter" enjoys a good reputation[53](index=53&type=chunk) - Production technology and equipment advantages are reflected in a complete production chain for electro-vacuum device manufacturing, advanced process technology, production equipment, and testing equipment, as well as the initial realization of intelligent manufacturing[54](index=54&type=chunk) - The company boasts excellent asset quality, ample monetary funds, and a low asset-liability ratio, providing a solid financial guarantee for business development[55](index=55&type=chunk) [IV. Main Operating Conditions During the Reporting Period](index=14&type=section&id=IV.%20Main%20Operating%20Conditions%20During%20the%20Reporting%20Period) This section analyzes the company's main operating conditions during the reporting period, including changes in financial statement items, asset and liability status, and investment activities, revealing specific changes in revenue, profit, cash flow, asset structure, and investment projects (I) Analysis of Main Business This subsection provides an analysis of the company's primary business operations (III) Analysis of Assets and Liabilities This subsection analyzes the company's asset and liability structure and changes (IV) Analysis of Investment Status This subsection details the company's investment activities and their impact (VI) Analysis of Major Holding and Participating Companies This subsection provides an analysis of the financial performance and status of the company's major holding and participating subsidiaries 2025 Semi-Annual Financial Statement Related Item Changes | Item | Current Period Amount (Yuan) | Prior Year Period Amount (Yuan) | Change Ratio (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 784,306,688.80 | 780,663,757.14 | 0.47 | | Operating Cost | 603,176,131.11 | 602,360,562.01 | 0.14 | | Selling Expenses | 14,921,189.40 | 13,400,043.08 | 11.35 | | Administrative Expenses | 38,291,216.43 | 39,323,306.29 | -2.62 | | Financial Expenses | 5,674,813.51 | 5,412,903.51 | 4.84 | | R&D Expenses | 33,131,484.42 | 34,323,178.04 | -3.47 | | Net Cash Flow from Operating Activities | 61,336,679.56 | 5,658,494.85 | 983.98 | | Net Cash Flow from Investing Activities | -207,101,871.05 | 49,694,161.42 | -516.75 | | Net Cash Flow from Financing Activities | 94,661,343.48 | -9,162,061.37 | Not applicable | - Net cash flow from operating activities significantly increased by **983.98%**, primarily due to increased sales collections[61](index=61&type=chunk) - Net cash flow from investing activities significantly decreased by **516.75%**, mainly due to increased expenditures for purchasing plant and equipment in the current period[61](index=61&type=chunk) 2025 Semi-Annual Major Changes in Assets and Liabilities | Item Name | Amount at End of Current Period (Yuan) | Change Ratio from End of Prior Year (%) | Explanation of Change | | :--- | :--- | :--- | :--- | | Notes Receivable | 135,767,324.99 | -56.44 | Notes at the beginning of the period settled in the current period | | Accounts Receivable | 1,148,076,851.48 | 23.55 | | | Receivables Financing | 20,746,692.15 | -83.23 | Increased use of bank acceptance bills for settlement | | Prepayments | 28,986,149.68 | 83.09 | Increased prepayments for equipment | | Construction in Progress | 261,221,215.98 | 48.57 | Newly purchased plant undergoing renovation | | Development Expenditures | 25,653,577.32 | 30.65 | Continued increased investment in R&D for new technologies and products | | Deferred Income Tax Assets | 47,233,693.15 | 31.14 | Increased credit impairment losses | | Short-Term Borrowings | 212,097,990.13 | 33.43 | New bank borrowings | | Employee Benefits Payable | 30,404,242.27 | -49.95 | Year-end bonuses accrued last year paid in the current period | | Long-Term Borrowings | 261,286,351.95 | 60.97 | Increased bank borrowings for asset purchases | | Deferred Income Tax Liabilities | 35,444,291.06 | 58.54 | One-time pre-tax deduction of VAT for newly purchased equipment | - The company invested **355 million Yuan** in the first phase of the high-voltage vacuum interrupter industrialization project, which is currently progressing in an orderly manner[65](index=65&type=chunk) Major Holding Subsidiary Financial Data | Company Name | Company Type | Main Business | Registered Capital (Ten Thousand Yuan) | Total Assets (Ten Thousand Yuan) | Net Assets (Ten Thousand Yuan) | Operating Revenue (Ten Thousand Yuan) | Operating Profit (Ten Thousand Yuan) | Net Profit (Ten Thousand Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Chengdu Yige Machinery Co., Ltd. | Subsidiary | Production and sales of mechanical parts | 2,147.69 | 53,515.26 | 28,604.99 | 10,478.41 | 2,764.38 | 2,358.65 | | Chengdu Xuci New Material Co., Ltd. | Subsidiary | Production and sales of new ceramic materials and special ceramic products | 3,450.00 | 62,842.52 | -297.24 | 4,046.68 | -1,405.40 | -891.27 | | Xi'an Ruikong Chuanghe Electronic Technology Co., Ltd. | Subsidiary | Sales of computer software and hardware and auxiliary equipment, electronic products, electronic equipment | 1,692.578 | 27,649.27 | 9,566.21 | 6,769.50 | -848.02 | -547.83 | [V. Other Disclosures](index=18&type=section&id=V.%20Other%20Disclosures) This section elaborates on seven major risks the company may face in its operations, including macroeconomic environment, market competition, exchange rate fluctuations, safety and environmental protection, raw material price volatility, technological innovation, and customer creditworthiness, along with corresponding countermeasures (I) Potential Risks This subsection outlines the various risks the company may encounter in its business operations - The company faces macroeconomic environment and market competition risks, which will be mitigated by optimizing product structure, improving management efficiency, and accelerating digital and intelligent transformation to reduce costs[70](index=70&type=chunk) - Exchange rate fluctuation risks may impact export business and foreign currency assets; the company will strengthen exchange rate policy research, reasonably formulate trade terms, and selectively reduce foreign currency assets[70](index=70&type=chunk) - Safety and environmental protection risk countermeasures include lean management, clean production, optimizing process flows, energy saving and emission reduction, and improving "three wastes" treatment capacity[70](index=70&type=chunk) - Risks from major raw material price fluctuations are mitigated by real-time tracking of price trends, locking in silver and copper prices, improving material utilization, and strategic price adjustments[71](index=71&type=chunk) - Product technological innovation risks are addressed by conducting technology reserves and frontier research, increasing R&D investment, establishing new product incubation mechanisms, and customized R&D[71](index=71&type=chunk) - Risks of product sales price decline due to market competition are addressed by enhancing digital, automated, and intelligent manufacturing capabilities, optimizing product structure, increasing sales of high-value-added products, and launching new energy and environmentally friendly products[72](index=72&type=chunk) - Customer credit risk is mitigated by implementing dynamic customer tracking and risk control to reduce accounts receivable risk[72](index=72&type=chunk) Section IV Corporate Governance, Environment, and Society [I. Changes in Directors, Supervisors, and Senior Management](index=19&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, there were no changes in the company's directors, supervisors, or senior management [II. Profit Distribution or Capital Reserve Conversion Plan](index=19&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company has not formulated a profit distribution or capital reserve to share capital conversion plan for this semi-annual period - The company will not distribute profits or convert capital reserves in this semi-annual period[75](index=75&type=chunk) [III. Status and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=19&type=section&id=III.%20Status%20and%20Impact%20of%20Company%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) This section discloses the latest progress of the company's equity incentive and employee stock ownership plans, including the repurchase and cancellation of some restricted shares and stock options due to unmet performance targets, and the extension of the employee stock ownership plan's duration (I) Equity Incentive Matters Already Disclosed in Interim Announcements with No Subsequent Progress or Changes This subsection refers to equity incentive matters previously disclosed in interim announcements that have not seen further progress or changes - Due to the failure to meet the performance targets for the second vesting period and exercise period of the 2023 Stock Option and Restricted Stock Incentive Plan (Phase I), the company plans to repurchase and cancel **1.16508 million restricted shares** granted but not yet vested to **66 incentive recipients**, and cancel **4.66032 million stock options**[76](index=76&type=chunk)[77](index=77&type=chunk) - The company agreed to extend the second and first phases of the employee stock ownership plans by **12 months** respectively[76](index=76&type=chunk) Section V Significant Matters [I. Fulfillment of Commitments](index=20&type=section&id=I.%20Fulfillment%20of%20Commitments) This section describes the fulfillment of commitments by the company's actual controller, shareholders, related parties, acquirers, and the company itself, either during or continuing into the reporting period [VII. Major Litigation and Arbitration Matters](index=21&type=section&id=VII.%20Major%20Litigation%20and%20Arbitration%20Matters) During the reporting period, the company had no major litigation or arbitration matters - The company had no major litigation or arbitration matters during this reporting period[80](index=80&type=chunk) [IX. Explanation of the Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the Reporting Period](index=21&type=section&id=IX.%20Explanation%20of%20the%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller%20During%20the%20Reporting%20Period) During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no outstanding overdue debts or similar situations - During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no unfulfilled court judgments or significant overdue debts[80](index=80&type=chunk) [XII. Explanation of Progress in the Use of Raised Funds](index=23&type=section&id=XII.%20Explanation%20of%20Progress%20in%20the%20Use%20of%20Raised%20Funds) This section details the overall use of the company's raised funds and the specific progress of investment projects, including total investment, cumulative investment amount, and investment progress, along with explanations for delays in some projects (I) Overall Use of Raised Funds This subsection provides an overview of how the company's raised funds have been utilized (II) Details of Raised Fund Investment Projects This subsection lists the specific projects funded by raised capital and their individual progress Overall Use of Raised Funds | Indicator | Amount (Ten Thousand Yuan) | | :--- | :--- | | Total Raised Funds | 55,000 | | Net Raised Funds | 53,450.41 | | Total Investment Pledged in Prospectus or Offering Document | 53,450.41 | | Cumulative Investment Amount of Raised Funds as of End of Reporting Period | 47,399.05 | | Cumulative Investment Progress of Raised Funds as of End of Reporting Period (%) | 88.68 | | Total Raised Funds Invested in Current Year | 5,868.06 | | Percentage of Current Year's Total Raised Funds Invested to Total Changed-Purpose Raised Funds (%) | 10.98 | - The completion dates for the "Electronic Packaging Ceramic Material Expansion Project" and "Electronic Ceramic Material Industrialization Project (Phase I)" have both been extended to December 2025, primarily due to market environment, technological iteration, and increased product quality and performance requirements[87](index=87&type=chunk)[88](index=88&type=chunk) Section VI Share Changes and Shareholder Information [I. Changes in Share Capital](index=27&type=section&id=I.%20Changes%20in%20Share%20Capital) This section discloses changes in the company's share capital, primarily due to the repurchase and cancellation of some restricted shares as a result of unmet performance targets in the equity incentive plan, leading to a reduction in total share capital (I) Table of Share Capital Changes This subsection presents a table detailing the changes in the company's share capital (II) Changes in Restricted Shares This subsection provides information on the changes in the company's restricted shares Table of Share Capital Changes | Item | Quantity Before This Change (Shares) | Proportion Before This Change (%) | Increase/Decrease in This Change (Shares) | Quantity After This Change (Shares) | Proportion After This Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 2,330,160 | 0.28 | -1,165,080 | 1,165,080 | 0.14 | | II. Unrestricted Circulating Shares | 828,811,159 | 99.72 | 0 | 828,811,159 | 99.86 | | III. Total Shares | 831,141,319 | 100.00 | -1,165,080 | 829,976,239 | 100.00 | - The company's total share capital decreased by **1,165,080 shares** because the performance targets for the second vesting period of the 2023 Stock Option and Restricted Stock Incentive Plan (Phase I) were not met, leading to the repurchase and cancellation of restricted shares from **66 incentive recipients**[94](index=94&type=chunk) Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period (Shares) | Restricted Shares Released in Reporting Period (Shares) | Restricted Shares Increased in Reporting Period (Shares) | Restricted Shares at End of Reporting Period (Shares) | Reason for Restriction | Date of Release | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 66 Incentive Recipients of 2023 Stock Option and Restricted Stock Equity Incentive Plan | 2,330,160 | 0 | 0 | 1,165,080 | Restricted shares locked under 2023 Stock Option and Restricted Stock Equity Incentive Plan | June 8, 2026 | [II. Shareholder Information](index=28&type=section&id=II.%20Shareholder%20Information) This section provides the total number of shareholders, the top ten shareholders, and the top ten unrestricted circulating share shareholders as of the end of the reporting period, along with explanations of the relationships between major shareholders (I) Total Number of Shareholders This subsection states the total count of shareholders (II) Table of Shareholding by Top Ten Shareholders and Top Ten Circulating Shareholders (or Unrestricted Shareholders) as of the End of the Reporting Period This subsection presents a table showing the shareholding details of the top ten shareholders and top ten circulating shareholders (III) Strategic Investors or General Legal Entities Becoming Top Ten Shareholders Due to New Share Placement This subsection describes instances where strategic investors or general legal entities entered the top ten shareholders list through new share placements - As of the end of the reporting period, the total number of common shareholders was **74,781**[97](index=97&type=chunk) Shareholding of Top Ten Shareholders as of the End of the Reporting Period | Shareholder Name (Full Name) | Shares Held at Period-End (Shares) | Proportion (%) | Restricted Shares Held (Shares) | Share Status | Quantity (Shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Xinde Group Co., Ltd. | 232,761,142 | 28.04 | 0 | Pledged | 120,739,765 | Domestic Non-State-Owned Legal Person | | Chengdu Xintianyi Investment Co., Ltd. | 114,911,020 | 13.85 | 0 | None | 0 | State-Owned Legal Person | | Wang Wankui | 9,771,395 | 1.18 | 0 | Unknown | 0 | Domestic Natural Person | | China International Capital Corporation Limited | 7,701,945 | 0.93 | 0 | None | 0 | State-Owned Legal Person | | Chengdu Xuguang Electronics Co., Ltd. - Phase I Employee Stock Ownership Plan | 6,718,880 | 0.81 | 0 | None | 0 | Domestic Non-State-Owned Legal Person | | Chen Wenjun | 6,079,428 | 0.73 | 0 | Unknown | 0 | Domestic Natural Person | | Bank of China Co., Ltd. - Huaxia High-End Manufacturing Flexible Allocation Mixed Securities Investment Fund | 5,806,000 | 0.70 | 0 | None | 0 | Unknown | | Huatai Securities Co., Ltd. | 5,086,965 | 0.61 | 0 | None | 0 | State-Owned Legal Person | | Shenzhen Qiantu Private Securities Investment Fund Management Co., Ltd. - Qiantu Tang Xuanjia Private Securities Investment Fund | 4,253,700 | 0.51 | 0 | None | 0 | Unknown | | Xiao Ying | 4,030,800 | 0.49 | 0 | Unknown | 0 | Domestic Natural Person | - The company's largest and second-largest shareholders have no associated relationship or acting-in-concert relationship, and the fifth-largest shareholder is the company's employee stock ownership plan[101](index=101&type=chunk) [III. Information on Directors, Supervisors, and Senior Management](index=31&type=section&id=III.%20Information%20on%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) This section discloses changes in the shareholdings of the company's directors, supervisors, and senior management, primarily due to the repurchase and cancellation of restricted shares as a result of unmet performance targets in the equity incentive plan (I) Shareholding Changes of Current and Resigned Directors, Supervisors, and Senior Management During the Reporting Period This subsection details the changes in shareholdings for current and resigned directors, supervisors, and senior management during the reporting period Shareholding Changes of Directors, Supervisors, and Senior Management | Name | Position | Shares Held at Beginning of Period (Shares) | Shares Held at End of Period (Shares) | Change in Shares During Reporting Period (Shares) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Liu Weidong | Chairman | 84,000 | 42,000 | -42,000 | The performance target for the second vesting period of the equity incentive plan was not met, so the company repurchased and cancelled restricted shares granted but not yet vested to incentive recipients | | Zhang Chun | Director, General Manager | 84,000 | 42,000 | -42,000 | Same as above | | Yu Hongtao | Director, Deputy General Manager | 58,800 | 29,400 | -29,400 | Same as above | | Gu Jiasheng | Director | 42,000 | 21,000 | -21,000 | Same as above | | Xiong Shangrong | Board Secretary, CFO | 58,800 | 29,400 | -29,400 | Same as above | | Chen Junping | Chief Engineer | 58,800 | 29,400 | -29,400 | Same as above | Section VII Bond-Related Information [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=33&type=section&id=I.%20Corporate%20Bonds%20(Including%20Enterprise%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments [II. Convertible Corporate Bonds](index=33&type=section&id=II.%20Convertible%20Corporate%20Bonds) During the reporting period, the company had no convertible corporate bonds Section VIII Financial Report [I. Audit Report](index=34&type=section&id=I.%20Audit%20Report) This semi-annual report has not been audited - This semi-annual report has not been audited[5](index=5&type=chunk) [II. Financial Statements](index=34&type=section&id=II.%20Financial%20Statements) This section includes the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively presenting the company's financial position and operating results Consolidated Balance Sheet This subsection presents the company's consolidated balance sheet Parent Company Balance Sheet This subsection presents the parent company's balance sheet Consolidated Income Statement This subsection presents the company's consolidated income statement Parent Company Income Statement This subsection presents the parent company's income statement Consolidated Cash Flow Statement This subsection presents the company's consolidated cash flow statement Parent Company Cash Flow Statement This subsection presents the parent company's cash flow statement Consolidated Statement of Changes in Owners' Equity This subsection presents the company's consolidated statement of changes in owners' equity Parent Company Statement of Changes in Owners' Equity This subsection presents the parent company's statement of changes in owners' equity [III. Company Basic Information](index=53&type=section&id=III.%20Company%20Basic%20Information) This section introduces the company's historical development, registered capital, share capital structure, registered address, legal representative, business nature, main products, business scope, and subsidiaries within the scope of consolidated financial statements 1. Company Overview This subsection provides a general overview of the company - The company was established on February 28, 1994, with its headquarters located at No. 318 Xingong Avenue, Xindu District, Chengdu, Sichuan Province[140](index=140&type=chunk)[141](index=141&type=chunk) - As of June 30, 2025, the company's total share capital was **829,976,239.00 shares**[141](index=141&type=chunk) - The company operates in the power equipment, military, and electronic materials industries, with main products including metal-ceramic electro-vacuum devices, new power and new energy complete sets of equipment, aerospace precision structural parts, intelligent embedded computers, and nitride electronic materials for semiconductor packaging and thermal management[141](index=141&type=chunk) - Subsidiaries within the scope of consolidated financial statements include Farec, Yige Machinery, Mingao Technology, Zhenghang Technology, Xi'an Ruikong, Beijing Derui, Shenzhen Ruikong, Mianyang Ruikong, Chengdu Xuci, Ningxia Beici, Intelligent Equipment, and Power Equipment[142](index=142&type=chunk)[143](index=143&type=chunk) [IV. Basis of Financial Statement Preparation](index=54&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) This section explains the basis for the preparation of the company's financial statements, which is the going concern assumption, in compliance with enterprise accounting standards and relevant regulations 1. Basis of Preparation This subsection details the fundamental principles and standards used for financial statement preparation 2. Going Concern This subsection addresses the company's assessment of its ability to continue as a going concern - The company's financial statements are prepared on a going concern basis, in compliance with the Enterprise Accounting Standards issued by the Ministry of Finance and relevant disclosure regulations of the China Securities Regulatory Commission[145](index=145&type=chunk) - The company believes it has the ability to continue as a going concern for **12 months** from the end of the reporting period, with no significant matters affecting its going concern ability[146](index=146&type=chunk) [V. Significant Accounting Policies and Estimates](index=54&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section elaborates on the significant accounting policies and estimates followed by the company in preparing its financial statements, covering key areas from accounting period and functional currency to financial instruments, revenue recognition, and asset impairment, ensuring the truthfulness and completeness of financial information 1. Statement of Compliance with Enterprise Accounting Standards This subsection declares the company's adherence to enterprise accounting standards 2. Accounting Period This subsection defines the accounting period used by the company 3. Operating Cycle This subsection describes the company's operating cycle 4. Functional Currency This subsection specifies the functional currency used for accounting 5. Methods and Basis for Determining and Selecting Materiality Standards This subsection explains how materiality thresholds are determined and applied 6. Accounting Methods for Business Combinations Under Common Control and Not Under Common Control This subsection outlines the accounting treatment for different types of business combinations 7. Criteria for Determining Control and Methods for Preparing Consolidated Financial Statements This subsection details the criteria for control and the methodology for consolidating financial statements 9. Criteria for Determining Cash and Cash Equivalents This subsection defines the criteria used to classify cash and cash equivalents 10. Foreign Currency Transactions and Translation of Foreign Currency Financial Statements This subsection describes the accounting for foreign currency transactions and the translation of foreign currency financial statements 11. Financial Instruments This subsection outlines the accounting policies for financial instruments 12. Notes Receivable This subsection details the accounting policy for notes receivable 13. Accounts Receivable This subsection details the accounting policy for accounts receivable 14. Financing for Receivables This subsection details the accounting policy for financing for receivables 15. Other Receivables This subsection details the accounting policy for other receivables 16. Inventories This subsection details the accounting policy for inventories 18. Non-Current Assets Held for Sale or Disposal Groups This subsection details the accounting policy for non-current assets held for sale or disposal groups 19. Long-Term Equity Investments This subsection details the accounting policy for long-term equity investments 20. Investment Properties This subsection details the accounting policy for investment properties 21. Fixed Assets This subsection details the accounting policy for fixed assets 22. Right-of-Use Assets This subsection details the accounting policy for right-of-use assets 23. Construction in Progress This subsection details the accounting policy for construction in progress 24. Borrowing Costs This subsection details the accounting policy for borrowing costs 27. Intangible Assets This subsection details the accounting policy for intangible assets 28. Goodwill This subsection details the accounting policy for goodwill 29. Impairment of Long-Term Assets This subsection details the accounting policy for impairment of long-term assets 30. Long-Term Deferred Expenses This subsection details the accounting policy for long-term deferred expenses 31. Contract Liabilities This subsection details the accounting policy for contract liabilities 32. Employee Benefits This subsection details the accounting policy for employee benefits 33. Lease Liabilities This subsection details the accounting policy for lease liabilities 34. Provisions This subsection details the accounting policy for provisions 35. Share-Based Payment This subsection details the accounting policy for share-based payment 37. Revenue This subsection details the accounting policy for revenue recognition 38. Contract Costs This subsection details the accounting policy for contract costs 39. Government Grants This subsection details the accounting policy for government grants 40. Deferred Income Tax Assets/Deferred Income Tax Liabilities This subsection details the accounting policy for deferred income tax assets and liabilities 41. Leases This subsection details the accounting policy for leases 42. Related Parties This subsection defines related parties for accounting purposes 43. Segment Reporting This subsection details the accounting policy for segment reporting - The company determines specific accounting policies and estimates based on its production and operation characteristics, primarily in areas such as expected credit loss measurement for receivables, inventory valuation, goodwill impairment provisions, income tax and deferred income tax assets, and share-based payments[147](index=147&type=chunk) - The company classifies financial assets into three categories: measured at amortized cost, measured at fair value through other comprehensive income, and measured at fair value through profit or loss, and recognizes loss provisions based on an expected credit loss model[163](index=163&type=chunk)[166](index=166&type=chunk) - Revenue recognition principles are based on identifying distinct performance obligations and determining whether they are satisfied over time or at a point in time, with revenue recognized when the customer obtains control of the goods or services[230](index=230&type=chunk) - Fixed asset depreciation uses the straight-line method, with depreciation periods of **10-45 years** for buildings, **8-20 years** for general equipment, **9 years** for specialized equipment, and **10 years** for transportation equipment[201](index=201&type=chunk)[202](index=202&type=chunk) - R&D expenditures are divided into research and development phases; research phase expenditures are expensed in the current period, while development phase expenditures are capitalized when specific conditions are met[214](index=214&type=chunk) [VI. Taxation](index=75&type=section&id=VI.%20Taxation) This section lists the company's main tax categories and rates, and explains the tax preferential policies enjoyed by each taxable entity 1. Main Tax Categories and Rates This subsection details the company's primary tax types and their corresponding rates 2. Tax Incentives This subsection describes the tax preferential policies applicable to the company Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Taxable Value-Added Amount | 13%, 9%, 6% | | Urban Maintenance and Construction Tax | Amount of Turnover Tax Payable | 7% | | Enterprise Income Tax | Taxable Income | 15%, 20% | | Education Surcharge | Amount of Turnover Tax Payable | 3% | | Local Education Surcharge | Amount of Turnover Tax Payable | 2% | | Environmental Protection Tax | Pollution Equivalent Units | 3.90 Yuan | - The company, Farec, Yige Machinery, Mingao Technology, Chengdu Xuci, and Ningxia Beici enjoy Western Development tax preferential policies, with an enterprise income tax rate of **15%**[252](index=252&type=chunk) - Xi'an Ruikong is a high-tech enterprise, with an enterprise income tax rate of **15%**[252](index=252&type=chunk) - Shenzhen Ruikong, Beijing Derui, Mianyang Ruikong, Zhenghang Technology, Intelligent Equipment, and Power Equipment are small and micro enterprises, with an enterprise income tax rate of **20%**[252](index=252&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=76&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for each major item in the consolidated financial statements, including cash, notes receivable, accounts receivable, inventories, fixed assets, construction in progress, intangible assets, short-term borrowings, long-term borrowings, operating revenue and costs, various expenses, and cash flows, explaining end-of-period balances, reasons for changes, and related accounting treatments 1. Cash and Cash Equivalents This subsection provides notes on the company's cash and cash equivalents 4. Notes Receivable This subsection provides notes on the company's notes receivable 5. Accounts Receivable This subsection provides notes on the company's accounts receivable 7. Financing for Receivables This subsection provides notes on the company's financing for receivables 8. Prepayments This subsection provides notes on the company's prepayments 9. Other Receivables This subsection provides notes on the company's other receivables 10. Inventories This subsection provides notes on the company's inventories 17. Long-Term Equity Investments This subsection provides notes on the company's long-term equity investments 19. Other Non-Current Financial Assets This subsection provides notes on the company's other non-current financial assets 20. Investment Properties This subsection provides notes on the company's investment properties 21. Fixed Assets This subsection provides notes on the company's fixed assets 22. Construction in Progress This subsection provides notes on the company's construction in progress 26. Intangible Assets This subsection provides notes on the company's intangible assets 27. Goodwill This subsection provides notes on the company's goodwill 28. Long-Term Deferred Expenses This subsection provides notes on the company's long-term deferred expenses 29. Deferred Income Tax Assets/Deferred Income Tax Liabilities This subsection provides notes on the company's deferred income tax assets and liabilities 30. Other Non-Current Assets This subsection provides notes on the company's other non-current assets 31. Assets with Restricted Ownership or Use Rights This subsection provides notes on assets with restricted ownership or use rights 32. Short-Term Borrowings This subsection provides notes on the company's short-term borrowings 35. Notes Payable This subsection provides notes on the company's notes payable 36. Accounts Payable This subsection provides notes on the company's accounts payable 37. Advances from Customers This subsection provides notes on the company's advances from customers 38. Contract Liabilities This subsection provides notes on the company's contract liabilities 39. Employee Benefits Payable This subsection provides notes on the company's employee benefits payable 40. Taxes Payable This subsection provides notes on the company's taxes payable 41. Other Payables This subsection provides notes on the company's other payables 43. Non-Current Liabilities Due Within One Year This subsection provides notes on non-current liabilities due within one year 44. Other Current Liabilities This subsection provides notes on the company's other current liabilities 45. Long-Term Borrowings This subsection provides notes on the company's long-term borrowings 47. Lease Liabilities This subsection provides notes on the company's lease liabilities 48. Long-Term Payables This subsection provides notes on the company's long-term payables 51. Deferred Income This subsection provides notes on the company's deferred income 53. Share Capital This subsection provides notes on the company's share capital 55. Capital Reserves This subsection provides notes on the company's capital reserves 56. Treasury Stock This subsection provides notes on the company's treasury stock 59. Surplus Reserves This subsection provides notes on the company's surplus reserves 60. Retained Earnings This subsection provides notes on the company's retained earnings 61. Operating Revenue and Operating Costs This subsection provides notes on the company's operating revenue and operating costs 62. Taxes and Surcharges This subsection provides notes on the company's taxes and surcharges 63. Selling Expenses This subsection provides notes on the company's selling expenses 64. Administrative Expenses This subsection provides notes on the company's administrative expenses 65. Research and Development Expenses This subsection provides notes on the company's research and development expenses 66. Financial Expenses This subsection provides notes on the company's financial expenses 67. Other Income This subsection provides notes on the company's other income 68. Investment Income This subsection provides notes on the company's investment income 71. Credit Impairment Losses This subsection provides notes on the company's credit impairment losses 72. Asset Impairment Losses This subsection provides notes on the company's asset impairment losses 73. Gains on Disposal of Assets This subsection provides notes on the company's gains on disposal of assets 74. Non-Operating Income This subsection provides notes on the company's non-operating income 75. Non-Operating Expenses This subsection provides notes on the company's non-operating expenses 76. Income Tax Expense This subsection provides notes on the company's income tax expense 78. Cash Flow Statement Items This subsection provides notes on specific items within the cash flow statement 79. Supplementary Information to Cash Flow Statement This subsection provides supplementary details for the cash flow statement 81. Foreign Currency Monetary Items This subsection provides notes on foreign currency monetary items 82. Leases This subsection provides notes on the company's leases - Cash and cash equivalents at period-end decreased by **17.30%** compared to the beginning of the period, primarily due to increased cash payments for fixed asset investments[255](index=255&type=chunk) - Notes receivable at period-end decreased by **56.44%** compared to the beginning of the period, mainly because notes from the beginning of the period matured and were settled in the current period[63](index=63&type=chunk)[257](index=257&type=chunk) - Accounts receivable at period-end increased by **23.55%** compared to the beginning of the period, with an increase in bad debt provision[62](index=62&type=chunk)[266](index=266&type=chunk)[273](index=273&type=chunk) - Inventories at period-end increased by **9.51%** compared to the beginning of the period, primarily including raw materials, work-in-progress, and finished goods, with impairment provisions recognized[62](index=62&type=chunk)[295](index=295&type=chunk) - The book value of fixed assets at period-end increased by **16.41%** compared to the beginning of the period, and construction in progress at period-end increased by **48.57%**, mainly due to new plant renovations and increased investment in ongoing projects[63](index=63&type=chunk)[98](index=98&type=chunk)[99](index=99&type=chunk) - Short-term borrowings at period-end increased by **33.43%** compared to the beginning of the period, and long-term borrowings increased by **60.97%**, primarily due to new bank borrowings and increased borrowings for asset purchases[63](index=63&type=chunk)[109](index=109&type=chunk)[114](index=114&type=chunk) - Operating revenue for the current period was **784,306,688.80 Yuan**, a slight increase of **0.47%** from the prior period; operating cost was **603,176,131.11 Yuan**, a slight increase of **0.14%** from the prior period[61](index=61&type=chunk)[392](index=392&type=chunk) - Net cash flow from operating activities was **61,336,679.56 Yuan**, a significant increase of **983.98%** from the prior period[61](index=61&type=chunk)[125](index=125&type=chunk) [VIII. Research and Development Expenses](index=132&type=section&id=VIII.%20Research%20and%20Development%20Expenses) This section discloses the company's R&D expenditures during the reporting period, including expensed and capitalized R&D expenditures by nature of expense, and development expenditures for R&D projects meeting capitalization criteria 1. By Nature of Expense This subsection presents R&D expenditures categorized by their nature 2. Development Expenditures for R&D Projects Meeting Capitalization Criteria This subsection details development expenditures for R&D projects that meet the criteria for capitalization R&D Expenditures by Nature of Expense | Item | Amount for Current Period (Yuan) | Amount for Prior Period (Yuan) | | :--- | :--- | :--- | | Materials and Processing Fees | 19,407,770.26 | 12,743,961.06 | | Employee Benefits | 16,139,156.47 | 18,716,188.22 | | Office Expenses | 33,959.46 | 39,563.27 | | Travel Expenses | 503,693.88 | 666,584.01 | | Depreciation and Amortization | 3,340,921.40 | 1,827,395.76 | | Technical Service Fees | 6,929,929.59 | 4,165,156.06 | | Other | 1,729,755.40 | 2,851,447.11 | | Total | 48,085,186.46 | 41,010,295.49 | | Of which: Expensed R&D Expenditures | 33,131,484.42 | 34,323,178.04 | | Capitalized R&D Expenditures | 14,953,702.04 | 6,687,117.45 | - Capitalized R&D expenditures for the current period amounted to **14,953,702.04 Yuan**, a significant increase from the prior period, primarily for projects such as data processing equipment sub-cards and the design and key process preparation of long-pulse high-power tetrodes[334](index=334&type=chunk)[336](index=336&type=chunk)[337](index=337&type=chunk) [IX. Changes in Consolidation Scope](index=133&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) During the reporting period, the company had no transactions or events involving business combinations not under common control, business combinations under common control, reverse acquisitions, or disposal of subsidiaries leading to loss of control, nor any other changes in the scope of consolidation 1. Business Combinations Not Under Common Control This subsection addresses business combinations not under common control 5. Changes in Consolidation Scope Due to Other Reasons This subsection addresses other reasons for changes in the scope of consolidation [X. Interests in Other Entities](index=133&type=section&id=X.%20Interests%20in%20Other%20Entities) This section details the company's interests in subsidiaries, joint ventures, and associates, including the composition of the enterprise group, financial information of significant non-wholly owned subsidiaries, and key financial information of significant associates 1. Interests in Subsidiaries This subsection details the company's equity interests in its subsidiaries 3. Interests in Joint Ventures or Associates This subsection details the company's equity interests in its joint ventures or associates - The company's consolidated financial statements include subsidiaries such as Chengdu Yige Machinery, Chengdu Mingao Precision Technology, Meishan Zhenghang Technology, Chengdu Farec Electrical Technology, Xi'an Ruikong Chuanghe Electronic Technology, Beijing Derui Tianhang Intelligent Equipment Technology, Shenzhen Ruikong Chuanghe Electronic Technology, Mianyang Ruikong Chuanghe Electronic Technology, Chengdu Xuci New Material, Ningxia Beici New Material, Chengdu Xuguang Intelligent Equipment Technology, and Chengdu Xuguang Power Equipment Co., Ltd.[440](index=440&type=chunk) - The company holds **35.70%** equity in Xi'an Ruikong and **40%** equity in Intelligent Equipment, being the largest shareholder in both, and exercises substantial control according to their articles of association[441](index=441&type=chunk) Key Financial Information of Significant Non-Wholly Owned Subsidiaries (Period-End Balance) | Subsidiary Name | Current Assets (Yuan) | Non-Current Assets (Yuan) | Total Assets (Yuan) | Current Liabilities (Yuan) | Non-Current Liabilities (Yuan) | Total Liabilities (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Chengdu Yige Machinery Co., Ltd. | 439,122,696.60 | 100,544,911.04 | 539,667,607.64 | 236,300,508.39 | 13,322,459.89 | 249,622,968.28 | | Xi'an Ruikong Chuanghe Electronic Technology Co., Ltd. | 239,299,363.71 | 37,193,293.32 | 276,492,657.03 | 158,220,247.73 | 22,610,263.89 | 180,830,511.62 | | Chengdu Xuci New Material Co., Ltd. | 198,592,699.52 | 429,832,496.56 | 628,425,196.08 | 290,304,317.73 | 341,093,234.26 | 631,397,551.99 | Significant Non-Wholly Owned Subsidiaries Current Period Amounts | Subsidiary Name | Operating Revenue (Yuan) | Net Profit (Yuan) | Total Comprehensive Income (Yuan) | Cash Flow from Operating Activities (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Chengdu Yige Machinery Co., Ltd. | 104,784,077.46 | 23,338,392.80 | 23,338,392.80 | 32,088,327.39 | | Xi'an Ruikong Chuanghe Electronic Technology Co., Ltd. | 67,695,026.92 | 7,312,721.84 | -7,312,721.84 | -9,494,843.22 | | Chengdu Xuci New Material Co., Ltd. | 40,466,750.50 | -8,912,696.81 | -8,912,696.81 | -8,452,948.69 | - The company's long-term equity investment in associate Chengdu Chuhang Technology Co., Ltd. has a book value of **87,905,817.91 Yuan**, with an investment loss of **-3,661,160.78 Yuan** recognized in the current period[304](index=304&type=chunk)[447](index=447&type=chunk) [XI. Government Grants](index=139&type=section&id=XI.%20Government%20Grants) This section discloses the government grants recognized in profit or loss during the reporting period, totaling 6,090,845.76 yuan 3. Government Grants Recognized in Profit or Loss This subsection details government grants that were recognized as income during the current period Government Grants Recognized in Profit or Loss | Type | Amount for Current Period (Yuan) | Amount for Prior Period (Yuan) | | :--- | :--- | :--- | | Related to Income | 5,965,734.28 | 8,932,791.72 | | Related to Assets | 125,111.48 | 192,825.87 | | Total | 6,090,845.76 | 9,125,617.59 | [XII. Risks Related to Financial Instruments](index=139&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) This section describes the financial instrument-related risks faced by the company, primarily including credit risk, liquidity risk, and market risk (interest rate risk and foreign exchange risk), and explains the strategies and measures taken by the company to manage these risks 1. Risks of Financial Instruments This subsection outlines the various risks associated with the company's financial instruments - The company's risk management objective is to balance risk and return, minimizing the negative impact of risks on operating performance, primarily facing credit risk, liquidity risk, and market risk[450](index=450&type=chunk) - Credit risk mainly arises from bank deposits and receivables, controlled by depositing funds in highly-rated financial institutions and continuously assessing customer creditworthiness[451](index=451&type=chunk)[452](index=452&type=chunk) - Liquidity risk is managed by comprehensively utilizing various financing methods such as bill settlement and bank borrowings, and regularly analyzing debt structure and maturity to ensure sufficient funds[452](index=452&type=chunk) - Market risks include interest rate risk and foreign exchange risk; interest rate risk is controlled through good bank-enterprise relationships and reasonable borrowing designs, while foreign exchange risk is mitigated through forward foreign exchange transactions[453](index=453&type=chunk) [XIII. Disclosure of Fair Value](index=141&type=section&id=XIII.%20Disclosure%20of%20Fair%20Value) This section discloses the company's assets and liabilities measured at fair value at the end of the period, including financial assets held for trading, investments in other equity instruments, and financing for receivables, and explains the basis for determining fair value measurements at each level 1. Fair Value of Assets and Liabilities Measured at Fair Value at Period-End This subsection presents the fair value of assets and liabilities measured at fair value at the end of the reporting period 2. Basis for Determining Market Price of Recurring and Non-Recurring Level 1 Fair Value Measurement Items This subsection explains the basis for determining market prices for Level 1 fair value measurements 3. Qualitative and Quantitative Information on Valuation Techniques and Key Parameters Used for Recurring and Non-Recurring Level 2 Fair Value Measurement Items This subsection provides details on valuation techniques and parameters for Level 2 fair value measurements 4. Qualitative and Quantitative Information on Valuation Techniques and Key Parameters Used for Recurring and Non-Recurring Level 3 Fair Value Measurement Items This subsection provides details on valuation techniques and parameters for Level 3 fair value measurements Period-End Fair Value Measurement Items | Item | Level 3 Fair Value Measurement (Yuan) | Total (Yuan) | | :--- | :--- | :--- | | Financial assets designated at fair value through profit or loss (equity instrument investments) | 1,142,770.14 | 1,142,770.14 | | Receivables financing | 20,746,692.

广东肇庆星湖生物科技股份有限公司2025 年半年度报告 公司代码：600866 公司简称：星湖科技 广东肇庆星湖生物科技股份有限公司 2025 年半年度报告 1 / 184 广东肇庆星湖生物科技股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人刘立斌、主管会计工作负责人陈军来及会计机构负责人（会计主管人员）刘艳 娟声明：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 本报告中所涉及的未来计划、业务规划等前瞻性描述不构成公司对投资者的实质承诺，敬请 投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 ...

上海南芯半导体科技股份有限公司2025 年半年度报告 公司代码：688484 公司简称：南芯科技 上海南芯半导体科技股份有限公司 2025 年半年度报告 1 / 231 上海南芯半导体科技股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 公司已在本报告中详细描述公司在经营过程中可能面临的各种风险及应对措施，敬请查阅本报告 "第三节 管理层讨论与分析"之"四、风险因素"中的相关内容。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 六、 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 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的公司未来发展战略、发展规划、经营计划等前瞻性陈述，不构成公司对投资 者的实质承诺，请投资者注意投资风险。 九、 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 十、 是否存在违反规定决策程序对外 ...

昆吾九鼎投资控股股份有限公司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。 昆吾九鼎投资控股股份有限公司2025 年半年度报告 公司代码：600053 公司简称：九鼎投资 昆吾九鼎投资控股股份有限公司 2025 年半年度报告 1 / 150 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的对公司未来发展战略以及经营计划的前瞻性陈述，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 四、 公司负责人王欣、主管会计工作负责人易凌杰及会计机构负责人（会计主管人员）易凌杰 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 ...

广西天山电子股份有限公司 2025 年半年度报告全文 广西天山电子股份有限公司 2025 年半年度报告 2025 年 8 月 1 广西天山电子股份有限公司 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。 公司负责人王嗣纬、主管会计工作负责人陈元涛及会计机构负责人(会计 主管人员)劳志娟声明：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发展规划等前瞻性陈述不构成公司对投资者的实质承 诺，敬请广大投资者理性投资，注意风险。 公司在本年度报告中详细阐述了未来可能存在的风险因素及对策，具体内 容详见本报告"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"，敬请投资者予以关注。 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 | | | 广西天山电子股份有限公司 2025 年半年度报告全文 备查文件目录 一、载有公司法定代表人、主管会计工作负责人、公司会计机构负责人( ...

华兰生物疫苗股份有限公司 2025 年半年度报告全文 华兰生物疫苗股份有限公司 2025 年半年度报告 二〇二五年八月 1 华兰生物疫苗股份有限公司 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、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。 公司负责人安康、主管会计工作负责人路珂及会计机构负责人(会计主管 人员)苏文冬声明：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。 公司已在本报告中详细描述可能存在的相关风险，敬请查阅本报告第三 节管理层讨论与分析中"公司面临的风险和应对措施"章节的相关内容。 公司经本次董事会审议通过的利润分配预案为：以 595,000,033 股为基数， 向全体股东每 10 股派发现金红利 6 元（含税），送红股 0 股（含税），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 6 | | 第三节 | 管理层讨论 ...

上海新朋实业股份有限公司 2025 年半年度报告全文 上海新朋实业股份有限公司 2025 年半年度报告 2025 年 8 月 28 日 1 上海新朋实业股份有限公司 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。 公司负责人宋琳、主管会计工作负责人周阳及会计机构负责人(会计主管 人员)周阳声明：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。 公司可能存在的风险，详见"第三节 管理层讨论与分析/十、公司面临的 风险和应对措施"，敬请广大投资者注意投资风险。 公司经本次董事会审议通过的利润分配预案为：以 771770000 为基数， 向全体股东每 10 股派发现金红利 0.26 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 7 | | | 第三节 | 管理层 ...

深圳市京泉华科技股份有限公司 2025 年半年度报告全文 深圳市京泉华科技股份有限公司 2025 年半年度报告 2025 年 8 月 1 深圳市京泉华科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 | 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 | 管理层讨论与分析 | 9 | | 第四节 | 公司治理、环境和社会 | 27 | | 第五节 | 重要事项 | 35 | | 第六节 | 股份变动及股东情况 | 40 | | 第七节 | 债券相关情况 | 44 | | 第八节 | 财务报告 | 45 | | 第九节 | 其他报送数据 | 179 | 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。 公司负责人张立品、主管会计工作负责人刘仲昆及会计机构负责人(会计 主管人员)黄嘉斌声明：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。 本半年度报告 ...

赛隆药业集团股份有限公司 2025 年半年度报告全文 赛隆药业集团股份有限公司 2025 年半年度报告 2025 年 8 月 27 日 1 赛隆药业集团股份有限公司 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。 公司负责人陈科、主管会计工作负责人高京及会计机构负责人(会计主管 人员)曲棠能声明：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。 公司可能面临行业政策变化风险、产品降价风险、新药研发风险、环保风 险、市场开拓、质量风险、资质到期无法延续的风险、供应链与采购风险、 产品质量与交付风险、股票上市交易终止风险等，详细内容已在本报告第三 节"管理层讨论与分析"第十节"公司面临的风险和应对措施"部分予以描 述，敬请广大投资者注意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | | | | 第一节 | 重要提示、目录和释义 | 2 | | --- | --- | --- | | 第二节 ...

安徽荃银高科种业股份有限公司 2025 年半年度报告全文 安徽荃银高科种业股份有限公司 2025 年半年度报告 所有董事均已出席了审议本次半年报的董事会会议。 本报告如有涉及未来计划等前瞻性陈述，均不构成对投资者的实质承诺， 投资者及相关人士均应对此保持足够的风险认识，并且应该理解计划、预测 与承诺之间的差异。 公司需遵守《深圳证券交易所上市公司自律监管指引第 3 号——行业信 息披露》中的"种业、种植业务"的披露要求 公司可能面临市场竞争加剧风险、新品种研发与推广风险、制种风险、 产业政策变化风险、订单农业业务拓展风险和集团公司管理风险等，具体内 容已在本报告"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"部分予以描述，敬请广大投资者注意投资风险。 2025 年 8 月 1 安徽荃银高科种业股份有限公司 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。 公司负责人应敏杰、主管会计工作负责人张庆一及会计机构负责人(会计 主管人员)赵 ...