公司代码：605122 公司简称：四方新材 重庆四方新材股份有限公司 2025 年半年度报告 重庆四方新材股份有限公司2025 年半年度报告 1/156 重庆四方新材股份有限公司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、 公司负责人李德志、主管会计工作负责人龚倩莹及会计机构负责人（会计主管人员）龚倩 莹声明：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 公司的未来计划、战略的实现，以及对未来的分析或测算，系需要依托客观条件不发生重大 变化，该等计划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 ...

北京天宜上佳高新材料股份有限公司2025 年半年度报告 公司代码：688033 公司简称：天宜新材 北京天宜上佳高新材料股份有限公司 2025 年半年度报告 北京天宜上佳高新材料股份有限公司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阐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"。 三、 公司全体董事出席董事会会议。 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 1 / 196 八、 前瞻性陈述的风险声明 √适用 □不适用 公司定期报告中涉及公司未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质性 承诺，敬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提供担保的情况 否 十一、 是否存在半数以上董事无法保证公司所 ...

山东新潮能源股份有限公司2025 年半年度报告 公司代码：600777 公司简称：*ST 新潮 山东新潮能源股份有限公司 2025 年半年度报告 1 / 169 山东新潮能源股份有限公司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、 公司负责人张钧昱、主管会计工作负责人余前波及会计机构负责人（会计主管人员）林娜 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 本报告中所涉及的公司未来计划和发展战略等陈述，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 2020 年 11 月，广州农村商业银行股份有限公司因信托违约起诉包括公司在内的多家公司及 自然人，要 ...

Section I Definitions [Definitions of Common Terms](index=4&type=section&id=%E5%B8%B8%E7%94%A8%E8%AF%8D%E8%AF%AD%E9%87%8A%E4%B9%89) This section defines common terms used in the company's report, including the company itself, its subsidiaries, major shareholders, and specialized terms related to the photovoltaic and energy storage industries, to aid investor understanding - The report defines the company, its subsidiaries, major shareholders, and terms related to the photovoltaic and energy storage industries, such as microinverters, energy storage inverters, and MLPE[10](index=10&type=chunk)[11](index=11&type=chunk) Section II Company Profile and Key Financial Indicators [I. Company's Basic Information](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) This section provides basic information about YUNENG Technology, including its Chinese and English names, legal representative, registered and office addresses, website, and email address - The company's full Chinese name is YUNENG Technology Co., Ltd., its English abbreviation is APsystems, and its legal representative is Ling Zhimin[13](index=13&type=chunk) [II. Contact Persons and Information](index=6&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides contact details for the company's Board Secretary (domestic representative for information disclosure) Zhu Jialei and Securities Affairs Representative Xu Jing, including address, phone, fax, and email - Board Secretary Zhu Jialei and Securities Affairs Representative Xu Jing are responsible for information disclosure, with a contact number of **0573-83986968**[14](index=14&type=chunk) [III. Information Disclosure and Document Custody Location Changes](index=6&type=section&id=%E4%B8%89%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) The company's designated newspapers for information disclosure are 'Shanghai Securities News' and 'Securities Times', the website for semi-annual reports is the Shanghai Stock Exchange website, and the report custody location is the company's Board of Directors Office - The company's information disclosure newspapers are 'Shanghai Securities News' and 'Securities Times', and its website is **http://www.sse.com.cn/**[15](index=15&type=chunk) [IV. Overview of Company Shares/Depositary Receipts](index=6&type=section&id=%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%2F%E5%AD%98%E6%89%98%E5%87%AD%E8%AF%81%E7%AE%80%E5%86%B5) This section discloses that the company's shares are A-shares, listed on the STAR Market of the Shanghai Stock Exchange, with stock abbreviation 'YUNENG Technology' and stock code '688348' - The company's shares are A-shares, listed on the STAR Market of the Shanghai Stock Exchange, with stock code **688348**[16](index=16&type=chunk) [VI. Company's Key Accounting Data and Financial Indicators](index=7&type=section&id=%E5%85%AD%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) During the reporting period, the company's operating revenue and total profit decreased year-on-year, primarily due to a decline in overseas photovoltaic market installations; net cash flow from operating activities significantly reduced, while net assets attributable to listed company shareholders and total assets both increased Key Accounting Data for H1 2025 | Key Accounting Data | Current Period (Jan-Jun) (million CNY) | Prior Year Period (million CNY) | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 651.35 | 898.97 | -27.54 | | Total Profit | 85.72 | 110.67 | -22.55 | | Net Profit Attributable to Listed Company Shareholders | 79.14 | 87.81 | -9.88 | | Net Profit Attributable to Listed Company Shareholders After Non-Recurring Gains/Losses | 56.66 | 88.60 | -36.05 | | Net Cash Flow from Operating Activities | 45.93 | 240.39 | -80.89 | | Net Assets Attributable to Listed Company Shareholders | 3,688.23 | 3,604.39 | 2.33 | | Total Assets | 4,810.27 | 4,618.15 | 4.16 | Key Financial Indicators for H1 2025 | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.51 | 0.56 | -8.93 | | Diluted Earnings Per Share (CNY/share) | 0.51 | 0.56 | -8.93 | | Basic Earnings Per Share After Non-Recurring Gains/Losses (CNY/share) | 0.36 | 0.57 | -36.84 | | Weighted Average Return on Net Assets (%) | 2.17 | 2.40 | decrease of 0.23 percentage points | | Weighted Average Return on Net Assets After Non-Recurring Gains/Losses (%) | 1.55 | 2.42 | decrease of 0.87 percentage points | | R&D Investment as % of Operating Revenue (%) | 9.01 | 6.30 | increase of 2.71 percentage points | - Operating revenue decreased by **27.54%** year-on-year, primarily due to a decline in new installations in some traditional overseas photovoltaic markets[19](index=19&type=chunk) - Net cash flow from operating activities decreased by **80.89%** year-on-year, mainly due to increased payments to suppliers[20](index=20&type=chunk) [VIII. Non-Recurring Gains and Losses Items and Amounts](index=8&type=section&id=%E5%85%AB%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) This section details non-recurring gains and losses items and their amounts for the reporting period, totaling **22.48 million yuan**, with government grants being the primary contributor Non-Recurring Gains and Losses Items for H1 2025 | Non-Recurring Gains and Losses Item | Amount (million CNY) | | :--- | :--- | | Gains or losses from disposal of non-current assets | -0.0029 | | Government grants recognized in current profit or loss | 18.28 | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises | 2.63 | | Fund occupation fees received from non-financial enterprises recognized in current profit or loss | 0.94 | | Gains or losses from entrusted investments or asset management | 5.89 | | Other non-operating income and expenses apart from the above | -0.88 | | Less: Income tax impact | 4.31 | | Minority interest impact (after tax) | 0.06 | | **Total** | **22.48** | Section III Management Discussion and Analysis [I. Industry and Main Business Overview During the Reporting Period](index=9&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) This section elaborates on global development trends in the photovoltaic and energy storage industries, along with the company's core businesses, product lines, and AI smart energy applications in these sectors [(I) Industry Overview](index=9&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5) The global renewable energy, particularly photovoltaic, and energy storage markets continue rapid growth, with increasing new PV installations and surging demand in emerging markets, while European residential PV installations declined due to policy impacts, and the energy storage market, driven by multiple factors, saw an explosion in commercial and industrial storage demand - In 2024, global new renewable energy installations reached **585 GW**, with an annual growth rate of **15.1%**; global photovoltaic installed capacity increased by nearly **452 GW**, with an annual growth of **32.2%**[25](index=25&type=chunk) - From January to June 2025, domestic new photovoltaic installations reached **212.21 GW**, a year-on-year increase of **107%**; new installations in some traditional overseas photovoltaic markets (such as the US, Brazil, and Europe) declined, with European residential PV expected to decrease by **12.5%**[26](index=26&type=chunk) - In 2024, global new energy storage installations reached **79.2 GW/188.5 GWh**, a year-on-year increase of approximately **82.1%**; commercial and industrial energy storage new installed capacity was approximately **4.1 GW/11 GWh**, growing by **41%** and **43%** respectively[26](index=26&type=chunk) - Commercial and industrial energy storage demand in the European market rapidly surged, with **2.2 GWh** added in 2024, a **15.8%** year-on-year increase, and an estimated **3.6 GWh** to be added in 2025, growing by over **60%**[27](index=27&type=chunk) - Emerging markets in Asia, Africa, and Latin America are experiencing rapid growth in demand for off-grid inverter products and commercial and industrial energy storage systems, driven by the increasing economic viability of PV-plus-storage solutions replacing diesel generators[28](index=28&type=chunk) [(II) Company's Main Business Operations](index=11&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5) The company specializes in photovoltaic power generation and energy storage, offering distributed PV+storage solutions centered on microinverters, with products covering microinverters, off-grid inverters, residential and commercial energy storage, smart control shutdown devices, AI smart energy, and distributed PV power station businesses - The company's core product is microinverters, possessing multiple core technologies, and is one of the earliest domestic manufacturers to achieve mass production and shipment in the industry[29](index=29&type=chunk) - Newly developed off-grid hybrid inverter AHS series products operate independently of the public grid, equipped with low-voltage batteries, meeting both off-grid and backup power generation needs[33](index=33&type=chunk) - The company offers a rich energy storage product matrix, including balcony micro-PV-storage products (EZHI), residential energy storage products (ELS, ELT series), and commercial and industrial energy storage products (Ocean200L, Ocean400L, Ocean5000L series)[35](index=35&type=chunk)[36](index=36&type=chunk)[38](index=38&type=chunk) - Smart control shutdown devices utilize independently developed ASIC chips, complying with NEC2017 & 2020 safety requirements[43](index=43&type=chunk)[44](index=44&type=chunk) - AI smart energy business applies deep learning algorithms to provide intelligent home energy management (BESS AI), a power spot market auxiliary decision-making platform, and an online power station design tool (AP Designer)[47](index=47&type=chunk)[48](index=48&type=chunk)[49](index=49&type=chunk) [II. Discussion and Analysis of Operations](index=20&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) In the first half of 2025, the company's operating revenue and net profit decreased year-on-year, primarily due to declining overseas photovoltaic market installations; the company continued to increase R&D investment, enrich its product matrix, empower PV-storage products with AI technology, and actively expand into emerging overseas markets - In the first half of 2025, operating revenue was **651 million yuan**, a year-on-year decrease of **27.54%**; net profit attributable to listed company shareholders was **79.14 million yuan**, a year-on-year decrease of **9.88%**[51](index=51&type=chunk) - From January to June 2025, R&D expenses were **58.66 million yuan**, a year-on-year increase of **3.61%**, accounting for **9.01%** of operating revenue[51](index=51&type=chunk) - The company newly applied for **17** intellectual property items and was granted **24**; as of the end of the reporting period, it held a total of **212** intellectual property items (**95** invention patents)[51](index=51&type=chunk) - The newly developed off-grid hybrid inverter AHS series products fill a product gap in off-grid scenarios[52](index=52&type=chunk) - The newly developed 'APbot' customer service robot integrates multi-language models, possesses deep semantic understanding capabilities, and provides **24-hour** responses to customer inquiries[52](index=52&type=chunk) - Commercial and industrial energy storage products achieved sales breakthroughs in European countries such as Germany and Slovakia, and are actively expanding into emerging markets in Asia, Africa, and Latin America, including Pakistan and the Philippines[53](index=53&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](index=21&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competitiveness lies in R&D innovation, integrated PV-storage product layout, global product certification, global business presence with localized services, and strong brand influence; during the reporting period, the company developed 'high-efficiency bidirectional PCS control' as a core technology in the off-grid inverter sector [(I) Core Competitiveness Analysis](index=21&type=section&id=(%E4%B8%80)%20%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) Leveraging its qualifications as a national high-tech enterprise and a 'specialized, refined, unique, and new' 'little giant' enterprise, the company holds significant advantages in R&D innovation, integrated PV-storage product layout, global product certification, global business presence with localized services, and brand influence - The company is a national high-tech enterprise, one of the fifth batch of enterprises complying with the 'Photovoltaic Manufacturing Industry Standard Conditions' by the Ministry of Industry and Information Technology, and a national 'specialized, refined, unique, and new' 'little giant' enterprise[55](index=55&type=chunk) - As of June 30, 2025, the company held **212** authorized intellectual property items, including **95** invention patents; it had **262** R&D personnel, accounting for **49.90%** of the total workforce[55](index=55&type=chunk) - The company has established three major integrated PV-storage product layouts centered on microinverters, including balcony micro-PV-storage, residential PV-storage, and commercial and industrial PV-storage[55](index=55&type=chunk) - Products have been sold in mainland China and over **150** countries and regions including the Americas, Europe, and Australia, obtaining over **150** valid domestic and international certification certificates[56](index=56&type=chunk) - By establishing subsidiaries in the United States, the Netherlands, France, Australia, Mexico, Brazil, Singapore, and other locations, the company has perfected its global marketing network and achieved localized operations[56](index=56&type=chunk) - The company has received honors such as 'France's Top Photovoltaic Inverter Brand' and 'Zhejiang Manufacturing Fine Product', and was listed among the PVBL Global Top 100 Photovoltaic Brands[58](index=58&type=chunk) [(III) Core Technologies and R&D Progress](index=22&type=section&id=(%E4%B8%89)%20%E6%A0%B8%E5%BF%83%E6%8A%80%E6%9C%AF%E4%B8%8E%E7%A0%94%E5%8F%91%E8%BF%9B%E5%B1%95) The company has cultivated module-level power electronics technology for **15** years, achieving breakthroughs in multi-module microinverter design, three-phase balanced output grid-tied microinverter control, high-current microinverter control, and low-voltage hybrid inverter control technologies; during the reporting period, it added 'high-efficiency bidirectional PCS control' as a core technology, continuously increased R&D investment, and obtained **4** new authorized invention patents - Core technologies include multi-module microinverter design, three-phase balanced output grid-tied microinverter control, and high-current microinverter control technology[59](index=59&type=chunk) - In PV-storage integration, the company has developed low-voltage hybrid inverter control technology, enhancing system efficiency and reliability through third-generation wide-bandgap semiconductors and advanced control algorithms[60](index=60&type=chunk)[61](index=61&type=chunk) - During the reporting period, the company added 'high-efficiency bidirectional PCS control' as a core technology, utilizing an isolated bidirectional inverter topology to significantly improve overall system conversion efficiency and expand the battery voltage adaptation range[61](index=61&type=chunk) - As of the end of the reporting period, the company held **212** authorized intellectual property items, including **95** invention patents; this period saw **4** new authorized invention patents, **11** utility model patents, **5** design patents, and **4** software copyrights[62](index=62&type=chunk) R&D Investment Overview | Indicator | Current Period (million CNY) | Prior Year Period (million CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 58.66 | 56.62 | 3.61 | | Total R&D Investment | 58.66 | 56.62 | 3.61 | | Total R&D Investment as % of Operating Revenue (%) | 9.01 | 6.30 | increase of 2.71 percentage points | - Ongoing R&D projects include **18** items such as microinverter rooftop PV system design software, YUNENG digital service upgrade, single-phase four-module high-frequency GaN smart microinverter, PV-storage-charging integrated management system, and AI smart energy research projects[66](index=66&type=chunk)[67](index=67&type=chunk)[68](index=68&type=chunk) R&D Personnel Overview | Indicator | Current Period (people) | Prior Year Period (people) | | :--- | :--- | :--- | | Number of R&D Personnel | 262 | 257 | | R&D Personnel as % of Total Company Staff (%) | 49.90 | 53.99 | | Total R&D Personnel Compensation (million CNY) | 39.65 | 38.36 | | Average R&D Personnel Compensation (10,000 CNY) | 15.02 | 16.39 | [IV. Risk Factors](index=30&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E5%9B%A0%E7%B4%A0) The company faces multiple risks including technology upgrades and intellectual property disputes, loss of core technical personnel and technology leakage, intensified industry competition, trade barriers in overseas operations, inventory management, and exchange rate fluctuations - The company faces risks related to technology upgrades and intellectual property disputes; failure to innovate timely or encountering lawsuits could impact market expansion[72](index=72&type=chunk) - There is a risk of losing core technical personnel and leakage of core technologies, which could affect technology upgrades and product innovation[72](index=72&type=chunk)[73](index=73&type=chunk) - Intensified competition in the photovoltaic industry may lead to declining product prices and gross profit margins[73](index=73&type=chunk) - Overseas operations face risks arising from trade barriers and changes in the political and economic environment[73](index=73&type=chunk)[74](index=74&type=chunk) - High inventory balances pose a risk of inventory impairment[74](index=74&type=chunk) - Overseas business settlements are primarily in USD and EUR, exposing the company to exchange rate fluctuation risks[74](index=74&type=chunk) [V. Key Operating Performance During the Reporting Period](index=32&type=section&id=%E4%BA%94%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) During the reporting period, the company's operating revenue and net profit decreased, while total assets and net assets increased; financial expenses significantly changed due to a substantial increase in exchange gains, and net cash flow from investing activities grew significantly; the asset and liability structure underwent multiple changes, with overseas assets accounting for a high proportion of total assets [(I) Main Business Analysis](index=32&type=section&id=(%E4%B8%80)%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) During the reporting period, the company's operating revenue and net profit decreased, primarily due to a decline in new installations in some traditional overseas photovoltaic markets; financial expenses significantly reduced due to a substantial increase in exchange gains, net cash flow from operating activities sharply declined, and net cash flow from investing activities grew significantly - Operating revenue was **651 million yuan**, a year-on-year decrease of **27.54%**; net profit attributable to listed company shareholders was **79.14 million yuan**, a year-on-year decrease of **9.88%**[75](index=75&type=chunk) Analysis of Changes in Financial Statement Items | Item | Current Period (million CNY) | Prior Year Period (million CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 651.35 | 898.97 | -27.54 | | Operating Cost | 473.55 | 579.09 | -18.23 | | Selling Expenses | 62.62 | 66.94 | -6.45 | | Administrative Expenses | 38.81 | 42.18 | -7.97 | | Financial Expenses | -91.65 | 7.80 | -1,274.87 | | R&D Expenses | 58.66 | 56.62 | 3.61 | | Net Cash Flow from Operating Activities | 45.93 | 240.39 | -80.89 | | Net Cash Flow from Investing Activities | 489.76 | 225.39 | 117.30 | | Net Cash Flow from Financing Activities | -119.39 | -111.71 | N/A | - The change in financial expenses was mainly due to a substantial increase in exchange gains during the current period[76](index=76&type=chunk) - The change in net cash flow from operating activities was mainly due to increased payments to suppliers[76](index=76&type=chunk) - The change in net cash flow from investing activities was mainly due to increased recovery of matured wealth management products[76](index=76&type=chunk) [(III) Analysis of Assets and Liabilities](index=33&type=section&id=(%E4%B8%89)%20%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) At the end of the reporting period, both the company's total assets and net assets attributable to listed company shareholders increased; monetary funds, prepayments, fixed assets, right-of-use assets, and long-term deferred expenses significantly increased, while financial assets held for trading, short-term borrowings, notes payable, and accounts receivable financing significantly decreased; overseas assets accounted for **34.46%** of total assets Changes in Assets and Liabilities | Item Name | Period-End Balance (million CNY) | % of Total Assets at Period-End | Prior Year-End Balance (million CNY) | % of Total Assets at Prior Year-End | Change from Prior Year-End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 1,382.77 | 28.75 | 941.14 | 20.38 | 46.92 | Mainly due to recovery of matured wealth management products | | Financial Assets Held for Trading | 532.08 | 11.06 | 1,123.98 | 24.34 | -52.66 | Mainly due to maturity of wealth management products | | Notes Receivable | 8.60 | 0.18 | 0.94 | 0.02 | 810.87 | Mainly due to receipt of bank acceptance bills | | Accounts Receivable Financing | 0.01 | - | 4.73 | 0.10 | -99.70 | Mainly due to maturity and acceptance of bank acceptance bills | | Prepayments | 76.79 | 1.60 | 35.24 | 0.76 | 117.93 | Mainly due to increased prepayments for materials | | Fixed Assets | 216.77 | 4.51 | 88.32 | 1.91 | 145.45 | Mainly due to increased capitalization of completed PV power stations | | Right-of-Use Assets | 17.51 | 0.36 | 6.10 | 0.13 | 187.00 | Mainly due to new office premises | | Long-Term Deferred Expenses | 4.08 | 0.08 | 0.85 | 0.02 | 378.99 | Mainly due to renovation expenses for operating lease assets | | Short-Term Borrowings | 189.97 | 3.95 | 388.50 | 8.41 | -51.10 | Mainly due to repayment of matured borrowings | | Derivative Financial Liabilities | 8.63 | 0.18 | 1.33 | 0.03 | 549.57 | Mainly due to increased foreign exchange derivatives in current period | | Notes Payable | 19.52 | 0.41 | 78.99 | 1.71 | -75.29 | Mainly due to payment of matured bills | | Accounts Payable | 398.12 | 8.28 | 273.68 | 5.93 | 45.47 | Mainly due to increased outstanding payments for goods | | Contract Liabilities | 246.44 | 5.12 | 46.54 | 1.01 | 429.55 | Mainly due to advance receipts for goods | | Other Current Liabilities | 9.29 | 0.19 | 1.32 | 0.03 | 602.19 | Mainly due to increased unconfirmed notes receivable | | Long-Term Borrowings | 26.02 | 0.54 | 0.94 | 0.02 | 2,661.94 | Mainly due to increased operating capital needs for PV projects | | Lease Liabilities | 13.00 | 0.27 | 4.22 | 0.09 | 208.36 | Mainly due to new office premises | - Overseas assets amounted to **1.66 billion yuan**, accounting for **34.46%** of total assets[80](index=80&type=chunk) [(IV) Investment Analysis](index=35&type=section&id=(%E5%9B%9B)%20%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) At the end of the reporting period, the company's financial assets measured at fair value totaled **829.30 million yuan**, with purchases of **669.99 million yuan** and sales/redemptions of **1.27 billion yuan** during the current period Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (million CNY) | Fair Value Change Gains/Losses in Current Period (million CNY) | Purchases in Current Period (million CNY) | Sales/Redemptions in Current Period (million CNY) | Period-End Balance (million CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | | Other | 1,439.97 | -0.57 | 669.99 | 1,273.25 | 829.30 | | Total | 1,439.97 | -0.57 | 669.99 | 1,273.25 | 829.30 | [(VI) Analysis of Major Holding and Participating Companies](index=36&type=section&id=(%E5%85%AD)%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5) During the reporting period, the company's major subsidiaries YUNENG Trading, Jingning YUNENG, Singapore YUNENG, Jiangsu Lingchu, and Tianjin Aolian achieved profitability, while Europe YUNENG and US YUNENG incurred losses Financial Performance of Major Subsidiaries (Unit: million CNY) | Company Name | Main Business | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | YUNENG Trading | Export trade business | 405.43 | 85.05 | 134.82 | 15.45 | 11.19 | | Jingning YUNENG | Production and sales of energy storage technology, PV equipment | 186.93 | 70.65 | 74.13 | 8.02 | 6.82 | | Europe YUNENG | Company's sales business in Europe | 920.84 | 114.53 | 260.21 | -25.38 | -24.82 | | US YUNENG | Company's sales business in North America | 308.86 | 77.38 | 134.22 | -13.91 | -13.88 | | Singapore YUNENG | Production and sales of microinverters | 145.57 | 41.52 | 73.83 | 20.95 | 17.39 | | Jiangsu Lingchu | R&D business for emerging energy technologies | 487.59 | 132.93 | 246.63 | 18.39 | 18.30 | | Tianjin Aolian | Energy storage project operation business | 391.55 | -2.70 | 95.21 | 2.11 | 1.33 | Section IV Corporate Governance, Environment and Society [I. Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel](index=38&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%92%8C%E6%A0%B8%E5%BF%83%E6%8A%80%E6%9C%AF%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, Qiu Zhihua resigned as Board Secretary, Zhang Jiawu resigned as Financial Controller, and Zhu Jialei was appointed as Board Secretary and Financial Controller; the company's criteria for identifying core technical personnel are their industry background, scientific research achievements, and significant contributions to core technology innovation and business development - Qiu Zhihua resigned as Board Secretary, and Zhang Jiawu resigned as Financial Controller[88](index=88&type=chunk) - Zhu Jialei was appointed as the company's Board Secretary and Financial Controller[88](index=88&type=chunk) - The criteria for identifying core technical personnel are their industry background, scientific research achievements, and significant contributions to the company's core technology innovation and business development[89](index=89&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=38&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) During the reporting period, the company's board of directors resolved that there was no profit distribution plan or capital reserve to share capital conversion plan - This semi-annual report contains no profit distribution plan or capital reserve to share capital conversion plan[90](index=90&type=chunk) [III. Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures and Their Impact](index=38&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%85%B6%E5%BD%B1%E5%93%8D) During the reporting period, the company had no equity incentive matters previously disclosed in interim announcements with no subsequent progress or changes, nor any incentive situations not disclosed in interim announcements or with subsequent developments - During the reporting period, the company had no progress or changes in equity incentive plans, employee stock ownership plans, or other employee incentive measures[91](index=91&type=chunk)[92](index=92&type=chunk) [IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=39&type=section&id=%E5%9B%9B%E3%80%81%E7%BA%B3%E5%85%A5%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E4%BE%9D%E6%B3%95%E6%8A%AB%E9%9C%B2%E4%BC%81%E4%B8%9A%E5%90%8D%E5%8D%95%E7%9A%84%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E4%B8%BB%E8%A6%81%E5%AD%90%E5%85%AC%E5%8F%B8%E7%9A%84%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%83%85%E5%86%B5) During the reporting period, the company was not included in the list of enterprises required to disclose environmental information by law - The company was not included in the list of enterprises required to disclose environmental information by law[92](index=92&type=chunk) [V. Specific Progress in Consolidating Poverty Alleviation Achievements and Rural Revitalization](index=39&type=section&id=%E4%BA%94%E3%80%81%E5%B7%A9%E5%9B%BA%E6%8B%93%E5%B1%95%E8%84%B1%E8%B4%AB%E6%94%BB%E5%9D%9A%E6%88%90%E6%9E%9C%E3%80%81%E4%B9%A1%E6%9D%91%E6%8C%AF%E5%85%B4%E7%AD%89%E5%B7%A5%E4%BD%9C%E5%85%B7%E4%BD%93%E6%83%85%E5%86%B5) During the reporting period, the company had no specific progress in consolidating poverty alleviation achievements or rural revitalization to disclose - The company has no specific progress in poverty alleviation achievements or rural revitalization to disclose[92](index=92&type=chunk) Section V Significant Matters [I. Fulfillment of Commitments](index=40&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) During the reporting period, the company's actual controllers, shareholders, directors, senior management, and core technical personnel strictly fulfilled all commitments related to the initial public offering and equity incentives, including share lock-up, share price stabilization, fraudulent issuance repurchase, immediate return compensation, profit distribution, avoidance of horizontal competition, and regulation of related-party transactions - Controlling shareholders and actual controllers Ling Zhimin and Luo Yuhao committed not to transfer or entrust others to manage company shares issued before the initial public offering for **36 months** from the date of the company's stock listing[95](index=95&type=chunk) - The company's directors and senior management committed not to transfer more than **25%** of their total company shares annually during their tenure[96](index=96&type=chunk) - The company, its controlling shareholders, actual controllers, directors, and senior management all committed to strictly fulfilling all commitments during the reporting period[94](index=94&type=chunk) [II. Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties During the Reporting Period](index=45&type=section&id=%E4%BA%8C%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) During the reporting period, there was no non-operating occupation of funds by controlling shareholders or other related parties - During the reporting period, the company had no non-operating occupation of funds by controlling shareholders or other related parties[110](index=110&type=chunk) [III. Irregular Guarantees](index=45&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) During the reporting period, the company did not provide external guarantees in violation of prescribed decision-making procedures - During the reporting period, the company did not provide external guarantees in violation of prescribed decision-making procedures[110](index=110&type=chunk) [VII. Major Litigation and Arbitration Matters](index=46&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%AF%89%E8%AE%BC%E3%80%81%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A1%B9) During the reporting period, the company had no major litigation or arbitration matters - During the reporting period, the company had no major litigation or arbitration matters[111](index=111&type=chunk) [X. Significant Related-Party Transactions](index=46&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) During the reporting period, the company engaged in related-party transactions related to ordinary operations, primarily involving procurement of materials and processing fees from related parties, sales of materials, and collection of utility and management fees, all within approved transaction limits - On February 27, 2025, the company approved the proposal for estimated ordinary related-party transactions for 2025, with an estimated amount of **60.75 million yuan**[111](index=111&type=chunk) Related-Party Purchases of Goods/Acceptance of Services | Related Party | Related Transaction Content | Amount in Current Period (CNY) | Approved Transaction Limit (CNY) | | :--- | :--- | :--- | :--- | | Tiantong Jingdian New Technology Co., Ltd. | Material procurement and processing fees | 11,547,827.04 | 60,000,000.00 | | Shanghai Jingxin Technology Co., Ltd. | Material procurement | 0 | 0 | Related-Party Sales of Goods/Provision of Services | Related Party | Related Transaction Content | Amount in Current Period (CNY) | | :--- | :--- | :--- | | Tiantong Jingdian New Technology Co., Ltd. | Utilities and management fees | 279,426.80 | | Tiantong Jingdian New Technology Co., Ltd. | Material sales | 12,350.44 | [XI. Significant Contracts and Their Performance](index=47&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%20%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) During the reporting period, the company and its subsidiaries provided multiple guarantees for subsidiaries, totaling **151.19 million yuan**, accounting for **4.10%** of the company's net assets, all of which were debt guarantees provided to guaranteed parties with asset-liability ratios exceeding **70%** Guarantees Provided by the Company and Its Subsidiaries to Subsidiaries (Unit: 10,000 CNY) | Guarantor | Guaranteed Party | Guarantee Amount | Guarantee Start Date | Guarantee End Date | Guarantee Type | Guarantee Overdue | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | YUNENG Technology | YUNENG Trading | 5,000.00 | 2024-3-31 | 2027-3-30 | General Guarantee | No | | YUNENG Technology | Jingning YUNENG | 5,000.00 | 2023-12-21 | 2026-12-21 | General Guarantee | No | | YUNENG Technology | Jiangsu Lingchu | 5,000.00 | 2023-7-14 | 2026-7-14 | General Guarantee | No | | YUNENG Technology | Jiangsu Lingchu | 8,000.00 | 2024-4-20 | 2029-4-19 | General Guarantee | No | | YUNENG Technology | Jiangsu Lingchu | 5,000.00 | 2024-3-28 | 2027-3-28 | General Guarantee | No | | YUNENG Technology | Jiangsu Lingchu | 5,000.00 | 2024-12-27 | 2025-12-25 | General Guarantee | No | | YUNENG Technology | Jiangsu Lingchu | 4,000.00 | 2024-8-21 | 2025-6-27 | General Guarantee | No | | Jiangsu Lingchu | Lingchu New Energy | 1,000.00 | 2025-6-26 | 2025-12-25 | General Guarantee | No | Total Guarantee Amount of the Company (Unit: 10,000 CNY) | Indicator | Amount | | :--- | :--- | | Total Guarantee Balance for Subsidiaries at Period-End (B) | 15,119.25 | | Total Guarantee Amount (A+B) | 15,119.25 | | Total Guarantee Amount as % of Company's Net Assets (%) | 4.10 | | Debt Guarantee Amount Provided Directly or Indirectly to Guaranteed Parties with Asset-Liability Ratio Exceeding 70% (D) | 15,119.25 | | Total of the Above Three Guarantee Amounts (C+D+E) | 15,119.25 | [XII. Explanation of Progress in Use of Raised Funds](index=49&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%20%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E8%BF%9B%E5%B1%95%E8%AF%B4%E6%98%8E) As of the end of the reporting period, the company's initial public offering raised funds with a cumulative investment of **1.98 billion yuan**, reaching an investment progress of **65.11%**; some fundraising projects (R&D Center Construction Project, Global Marketing Network Construction Project) were postponed to June 2027 due to market conditions and business adjustments; the over-raised funds investment project 'YUNENG 150MWh Distributed Energy Storage Power Station Construction Project' was changed to 'Distributed PV and Energy Storage Power Station Construction Project', and its construction period was adjusted Overall Use of Raised Funds (Unit: 10,000 CNY) | Source of Raised Funds | Total Raised Funds (1) | Committed Investment Amount in Prospectus (2) | Total Over-Raised Funds (3)=(1)-(2) | Cumulative Investment of Raised Funds at Period-End (4) | Cumulative Investment of Over-Raised Funds at Period-End (5) | Cumulative Investment Progress (%) (6)=(4)/(1) | Cumulative Over-Raised Funds Investment Progress (%) (7)＝(5)/(3) | Amount Invested This Year (8) | % of Total Raised Funds Invested This Year (9)=(8)/(1) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering | 326,000.00 | 55,551.75 | 248,147.74 | 197,741.24 | 162,837.68 | 65.11 | 65.62 | 8,692.02 | 2.86 | - The completion date for the 'R&D Center Construction Project' and 'Global Marketing Network Construction Project' has been extended to **June 2027**[123](index=123&type=chunk) - The 'YUNENG 150MWh Distributed Energy Storage Power Station Construction Project' was changed to 'Distributed PV and Energy Storage Power Station Construction Project', with the construction period adjusted to **48 months**[124](index=124&type=chunk)[128](index=128&type=chunk) Detailed Use of Over-Raised Funds (Unit: 10,000 CNY) | Purpose | Nature | Total Over-Raised Funds to be Invested (1) | Cumulative Over-Raised Funds Invested at Period-End (2) | Investment Progress (%) (3)＝(2)/(1) | | :--- | :--- | :--- | :--- | :--- | | Permanently Supplement Working Capital | Supplement Liquidity/Repay Debt | 140,000.00 | 140,000.00 | 100 | | Share Repurchase | Repurchase | N/A | 16,182.11 | N/A | | Energy Storage Product Industrialization Project | New Project | 23,592.56 | 1,619.00 | 6.86 | | Distributed PV and Energy Storage Power Station Construction Project | New Project | 20,000.00 | 328.97 | 1.64 | | YUNENG 30MW Distributed PV Power Station Construction and Operation Project | New Project | 10,000.00 | 4,707.60 | 47.08 | - During the reporting period, the company managed idle raised funds with an approved limit of **1.2 billion yuan**, and the cash management balance at period-end was **398.07 million yuan**[130](index=130&type=chunk) - As of June 30, 2025, a cumulative total of **12.83 million yuan** of raised funds had been replaced for investment projects[131](index=131&type=chunk) Section VI Share Changes and Shareholder Information [I. Changes in Share Capital](index=57&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) On June 9, 2025, **75,690,352** shares of the company's initially offered restricted shares became tradable, resulting in zero restricted shares and **100%** unrestricted tradable shares Table of Share Capital Changes | Share Class | Quantity Before Change | % Before Change | Increase/Decrease in This Change (+,-) | Quantity After Change | % After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 75,690,352 | 48.43 | -75,690,352 | 0 | 0.00 | | II. Unrestricted Tradable Shares | 80,587,083 | 51.57 | 75,690,352 | 156,277,435 | 100 | | III. Total Shares | 156,277,435 | 100.00 | 0 | 156,277,435 | 100 | - On June 9, 2025, a total of **75,690,352** shares from the initial public offering's restricted stock became tradable[135](index=135&type=chunk) [II. Shareholder Information](index=58&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had **11,555** common shareholders; among the top ten shareholders, LING ZHIMIN, TIANTONG Hi-Tech Group Co., Ltd., and LUO YUHAO were the top three, with their major restricted shares already released from lock-up; there is a concerted action relationship among shareholders - As of the end of the reporting period, the total number of common shareholders was **11,555**[136](index=136&type=chunk) Top Ten Shareholders' Holdings as of the End of the Reporting Period | Shareholder Name | Period-End Holding Quantity | % | Shareholder Nature | | :--- | :--- | :--- | :--- | | LING ZHIMIN | 22,721,373 | 14.54 | Overseas Natural Person | | Tiantong Hi-Tech Group Co., Ltd. | 21,500,689 | 13.76 | Domestic Non-State-Owned Legal Person | | LUO YUHAO | 19,380,344 | 12.4 | Overseas Natural Person | | Gao Limin | 12,581,873 | 8.05 | Domestic Natural Person | | Pan Jianqing | 12,087,946 | 7.73 | Domestic Natural Person | | Jiaxing Huineng Investment Management Partnership (Limited Partnership) | 5,558,035 | 3.56 | Other | | Hangzhou Silan Holdings Co., Ltd. | 2,427,320 | 1.55 | Domestic Non-State-Owned Legal Person | | Jiaxing Huiying Investment Management Partnership (Limited Partnership) | 2,371,646 | 1.52 | Other | | Haining City Industrial Investment Group Co., Ltd. | 2,092,506 | 1.34 | Domestic State-Owned Legal Person | | Hangzhou Huarui Jiayin Equity Investment Partnership (Limited Partnership) | 1,721,381 | 1.10 | Other | - Ling Zhimin and Luo Yuhao are parties acting in concert and are the actual controllers of the company[139](index=139&type=chunk) [III. Information on Directors, Supervisors, Senior Management, and Core Technical Personnel](index=61&type=section&id=%E4%B8%89%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%92%8C%E6%A0%B8%E5%BF%83%E6%8A%80%E6%9C%AF%E4%BA%BA%E5%91%98%E6%83%85%E5%86%B5) During the reporting period, no changes in shareholdings of the company's directors, supervisors, senior management, and core technical personnel were disclosed, nor were any equity incentives granted - During the reporting period, there were no changes in shareholdings of directors, supervisors, senior management, and core technical personnel, nor any equity incentive grants[140](index=140&type=chunk) Section VII Bond-Related Information [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=63&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%EF%BC%88%E5%90%AB%E4%BC%81%E4%B8%9A%E5%80%BA%E5%88%B8%EF%BC%89%E5%92%8C%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments - During the reporting period, the company had no corporate bonds or non-financial enterprise debt financing instruments[144](index=144&type=chunk) [II. Convertible Corporate Bonds](index=63&type=section&id=%E4%BA%8C%E3%80%81%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E6%83%85%E5%86%B5) During the reporting period, the company had no convertible corporate bonds - During the reporting period, the company had no convertible corporate bonds[144](index=144&type=chunk) Section VIII Financial Report [I. Audit Report](index=64&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This semi-annual report is unaudited - This semi-annual report is unaudited[4](index=4&type=chunk) [II. Financial Statements](index=64&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, reflecting the financial position and operating results at the end of the reporting period - During the reporting period, the company's consolidated operating revenue was **651 million yuan**, a year-on-year decrease of **27.54%**; consolidated net profit was **69.17 million yuan**, a year-on-year decrease of **18.69%**[155](index=155&type=chunk) - At the end of the reporting period, the company's consolidated total assets were **4.81 billion yuan**, an increase of **4.16%** from the beginning of the period; owners' equity attributable to the parent company was **3.69 billion yuan**, an increase of **2.33%** from the beginning of the period[147](index=147&type=chunk)[149](index=149&type=chunk) - Net cash flow from operating activities was **45.93 million yuan**, a year-on-year decrease of **80.89%**[163](index=163&type=chunk) [III. Company's Basic Information](index=89&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) YUNENG Technology Co., Ltd., formerly Zhejiang YUNENG Photovoltaic Technology Integration Co., Ltd., was registered on September 16, 2020, headquartered in Jiaxing City, Zhejiang Province, primarily engaged in the R&D, production, and sales of module-level power electronics equipment for distributed photovoltaic power generation systems, as well as commercial and industrial energy storage systems and related services - The company was established on **September 16, 2020**, with its headquarters in Jiaxing City, Zhejiang Province[183](index=183&type=chunk) - Its main business involves the R&D, production, and sales of module-level power electronics equipment for distributed photovoltaic power generation systems, as well as commercial and industrial energy storage systems and related services[184](index=184&type=chunk) - The company owns numerous domestic and overseas subsidiaries, such as APsystems Australia, APsystems USA, APsystems Europe, Jiangsu Lingchu, and others[185](index=185&type=chunk)[186](index=186&type=chunk) [IV. Basis of Financial Statement Preparation](index=91&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The company's financial statements are prepared on a going concern basis, with no matters or circumstances raising significant doubts about its ability to continue as a going concern within **12 months** from the end of the reporting period - The financial statements are prepared on a going concern basis, and there are no significant doubts about the company's ability to continue as a going concern[187](index=187&type=chunk)[188](index=188&type=chunk) [V. Significant Accounting Policies and Estimates](index=91&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the company's specific accounting policies and estimates regarding financial instrument impairment, inventories, fixed asset depreciation, intangible assets, and revenue recognition, ensuring that the financial statements accurately and completely reflect the company's financial position - The company adheres to enterprise accounting standards, with the accounting year running from **January 1 to December 31**, and a **12-month** operating cycle as the liquidity classification standard[190](index=190&type=chunk)[191](index=191&type=chunk)[192](index=192&type=chunk) - Detailed provisions are made for the classification, recognition, measurement, and derecognition conditions of financial assets and liabilities, as well as financial instrument impairment and fair value determination methods[202](index=202&type=chunk)[203](index=203&type=chunk)[204](index=204&type=chunk) - The section clarifies inventory classification, issuance pricing methods (raw materials: first-in, first-out; finished goods: weighted average at month-end), inventory system, and impairment provision standards[221](index=221&type=chunk)[223](index=223&type=chunk) - Fixed assets are depreciated using the straight-line method, with photovoltaic power stations having a depreciation period of **20 years** and a residual value rate of **5%**[239](index=239&type=chunk) - Revenue recognition principles are based on the fulfillment of performance obligations over a period or at a point in time, with detailed explanations of revenue recognition methods for microinverter and energy storage product sales and project services[260](index=260&type=chunk)[261](index=261&type=chunk)[262](index=262&type=chunk) [VI. Taxation](index=109&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) This section lists the company's main tax categories and rates, and discloses that subsidiaries such as YUNENG Technology, Jiangsu Lingchu, and Jingning YUNENG enjoy high-tech enterprise income tax incentives, small and micro-enterprise income tax incentives, and a 'three-year exemption, three-year half-reduction' income tax policy for public infrastructure projects Major Tax Categories and Rates | Tax Category | Tax Rate | | :--- | :--- | | Value-Added Tax | 5%, 6%, 9%, 10%, 13%, 16%, 21% | | Urban Maintenance and Construction Tax | 5%, 7% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | | Corporate Income Tax | 5%, 15%, 25%, 10%, 30%, 21%, 15%, 19%, 25.8%, 17% | | Land Use Tax | 8 CNY/square meter, 12 CNY/square meter | - YUNENG Technology and Jiangsu Lingchu are recognized as high-tech enterprises, subject to corporate income tax at a **15%** rate[278](index=278&type=chunk) - Jingning YUNENG is subject to corporate income tax at a **15%** rate, enjoying local preferential policies[278](index=278&type=chunk) - Subsidiaries such as Weihui PV are small and micro-profit enterprises, enjoying a corporate income tax incentive where taxable income is reduced by **25%** and taxed at a **20%** rate[279](index=279&type=chunk) - Jiaxing Yuchuang enjoys a 'three-year exemption, three-year half-reduction' corporate income tax incentive for distributed photovoltaic power stations[279](index=279&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=110&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes on various asset, liability, owners' equity, revenue, and expense items in the consolidated financial statements, including period-end balances, period-beginning balances, current period changes, and reasons for changes, particularly significant movements in monetary funds, financial assets held for trading, notes receivable, accounts receivable, prepayments, fixed assets, construction in progress, right-of-use assets, long-term deferred expenses, short-term borrowings, derivative financial liabilities, notes payable, accounts payable, contract liabilities, long-term borrowings, lease liabilities, and provisions - Monetary funds balance at period-end was **1.38 billion yuan**, an increase of **46.92%** from the beginning of the period, mainly due to the recovery of matured wealth management products[79](index=79&type=chunk)[282](index=282&type=chunk) - Financial assets held for trading balance at period-end was **532 million yuan**, a decrease of **52.66%** from the beginning of the period, mainly due to the maturity of wealth management products[79](index=79&type=chunk)[283](index=283&type=chunk) - Accounts receivable balance at period-end was **418 million yuan**, an increase of **23.83%** from the beginning of the period, including a single provision for bad debts of **17.69 million yuan**[147](index=147&type=chunk)[297](index=297&type=chunk) - Inventory book value at period-end was **1.29 billion yuan**, an increase of **10.41%** from the beginning of the period, with inventory impairment provisions and contract performance cost impairment provisions totaling **129 million yuan**[125](index=125&type=chunk) - Fixed assets book value at period-end was **217 million yuan**, an increase of **145.45%** from the beginning of the period, mainly due to the completion and capitalization of photovoltaic power stations[79](index=79&type=chunk)[347](index=347&type=chunk) - Short-term borrowings balance at period-end was **190 million yuan**, a decrease of **51.10%** from the beginning of the period, mainly due to repayment of matured borrowings[79](index=79&type=chunk)[377](index=377&type=chunk) - Contract liabilities balance at period-end was **246 million yuan**, an increase of **429.55%** from the beginning of the period, mainly due to advance receipts for goods[79](index=79&type=chunk)[382](index=382&type=chunk) - Provisions balance at period-end was **37.44 million yuan**, a decrease of **7.24%** from the beginning of the period, primarily for product quality assurance[152](index=152&type=chunk)[402](index=402&type=chunk) - Operating revenue was **651 million yuan**, a year-on-year decrease of **27.54%**; operating cost was **474 million yuan**, a year-on-year decrease of **18.23%**[155](index=155&type=chunk)[418](index=418&type=chunk) - Financial expenses were **-91.65 million yuan**, a year-on-year decrease of **1,274.87%**, mainly due to a substantial increase in net exchange gains[77](index=77&type=chunk)[424](index=424&type=chunk) [VIII. R&D Expenses](index=168&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) During the reporting period, the company's expensed R&D investment was **58.66 million yuan**, a year-on-year increase of **3.61%**, primarily comprising employee compensation, direct materials, inspection and testing fees, and depreciation and amortization R&D Expenses by Nature of Expense | Item | Amount in Current Period (CNY) | Amount in Prior Period (CNY) | | :--- | :--- | :--- | | Employee Compensation | 39,651,736.53 | 31,852,354.93 | | Direct Materials | 5,402,976.97 | 4,689,014.13 | | Entrusted R&D Expenses | 625,000.00 | 2,860,188.65 | | Inspection and Testing Fees | 2,736,289.82 | 3,034,115.70 | | Depreciation and Amortization | 7,888,385.38 | 5,913,654.54 | | Share-Based Payment | 0 | 6,504,146.74 | | Other | 2,357,852.15 | 1,765,261.46 | | **Total** | **58,662,240.85** | **56,618,736.15** | | Of which: Expensed R&D Investment | 58,662,240.85 | 56,618,736.15 | [IX. Changes in Consolidation Scope](index=169&type=section&id=%E4%B9%9D%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) During the reporting period, the company's consolidation scope changed, with the new investment and establishment of wholly-owned subsidiary Shanghai YUNENG, the deregistration of Jiangsu Dechu and Suzhou Yutian, and the transfer of Zhejiang Yuling - A new wholly-owned subsidiary, Shanghai YUNENG, was established with a registered capital of **10 million yuan**[462](index=462&type=chunk) - Subsidiaries Jiangsu Dechu and Suzhou Yutian were deregistered, and subsidiary Zhejiang Yuling was transferred[463](index=463&type=chunk) [X. Interests in Other Entities](index=170&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) This section details the composition of the company's enterprise group, including numerous wholly-owned and controlled subsidiaries, and discloses key financial information for the significant non-wholly-owned subsidiary Jiangsu Lingchu, which has a minority shareholder stake of **45.00%** and a loss attributable to minority shareholders of **-9.9997 million yuan** for the current period - The company owns numerous subsidiaries, including APsystems Australia, APsystems USA, APsystems Europe, Jiaxing Yuzhong, Jiangsu Lingchu, and others[465](index=465&type=chunk)[466](index=466&type=chunk)[467](index=467&type=chunk) Key Financial Information of Significant Non-Wholly-Owned Subsidiary Jiangsu Lingchu (Unit: 10,000 CNY) | Subsidiary Name | Minority Shareholder Holding Ratio (%) | Net Profit/Loss Attributable to Minority Shareholders in Current Period | Minority Shareholder Equity Balance at Period-End | | :--- | :--- | :--- | :--- | | Jiangsu Lingchu | 45.00 | -999.97 | 3,515.54 | - The total book value of investments in associates was **31.03 million yuan**, with net profit attributable to the company based on its shareholding being **0.75 million yuan** for the current period[341](index=341&type=chunk)[342](index=342&type=chunk)[472](index=472&type=chunk) [XI. Government Grants](index=175&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%20%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) During the reporting period, the company received **12,500 yuan** in asset-related government grants, recognized as deferred income, and **18.48 million yuan** in income-related government grants, recognized in current profit or loss Liability Items Involving Government Grants (Unit: CNY) | Financial Statement Item | Beginning Balance | New Grants in Current Period | Amount Recognized in Non-Operating Income in Current Period | Amount Transferred to Other Income in Current Period | Period-End Balance | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 262,500.00 | 0 | 0 | 12,500.00 | 250,000.00 | Asset-related | | Total | 262,500.00 | 0 | 0 | 12,500.00 | 250,000.00 | / | Government Grants Recognized in Current Profit or Loss (Unit: CNY) | Type | Amount in Current Period | Amount in Prior Period | | :--- | :--- | :--- | | Income-related | 18,476,771.52 | 353,000.00 | | Total | 18,476,771.52 | 353,000.00 | [XII. Risks Related to Financial Instruments](index=176&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%20%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) The company faces credit risk, liquidity risk, and market risk (including interest rate risk and foreign exchange risk); it manages these risks through credit assessments, bank credit lines, optimizing financing structure, and foreign currency trading to balance risk and return - The company faces credit risk, liquidity risk, and market risk (interest rate risk and foreign exchange risk)[477](index=477&type=chunk)[480](index=480&type=chunk)[483](index=483&type=chunk) - Credit risk primarily arises from monetary funds and receivables, with **57.06%** of accounts receivable and contract assets originating from the top five customers[479](index=479&type=chunk)[480](index=480&type=chunk) - Liquidity risk is managed through bill settlements, bank borrowings, and a combination of long-term and short-term financing[480](index=480&type=chunk) - Foreign exchange risk is mainly related to foreign currency monetary assets and liabilities, managed by buying and selling foreign currencies to maintain net risk exposure at an acceptable level[483](index=483&type=chunk) [XIII. Disclosure of Fair Value](index=179&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%20%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E7%9A%84%E6%8A%AB%E9%9C%B2) This section discloses the fair value of assets and liabilities measured at fair value at period-end, primarily including financial assets held for trading (wealth management products, equity instrument investments, accounts receivable financing) and other equity instrument investments, as well as financial liabilities held for trading (derivative financial liabilities); the company uses valuation techniques such as market approach and discounted future cash flows to determine fair value Fair Value of Assets and Liabilities Measured at Fair Value at Period-End (Unit: CNY) | Item | Level 1 Fair Value Measurement | Level 2 Fair Value Measurement | Level 3 Fair Value Measurement | Total | | :--- | :--- | :--- | :--- | :--- | | **I. Recurring Fair Value Measurement** | | | | | | (I) Financial Assets Held for Trading | 0 | 532,077,486.33 | 277,488,109.61 | 809,565,595.94 | | (2) Equity Instrument Investments | 0 | 0 | 277,474,078.89 | 277,474,078.89 | | (4) Wealth Management Products | 0 | 532,077,486.33 | 0 | 532,077,486.33 | | (5) Accounts Receivable Financing | 0 | 0 | 14,030.72 | 14,030.72 | | (III) Other Equity Instrument Investments | 0 | 0 | 19,749,114.00 | 19,749,114.00 | | **Total Assets Measured at Fair Value on a Recurring Basis** | **0** | **532,077,486.33** | **297,237,223.61** | **829,314,709.94** | | (VI) Financial Liabilities Held for Trading | 8,632,937.43 | 0 | 0 | 8,632,937.43 | | Derivative Financial Liabilities | 8,632,937.43 | 0 | 0 | 8,632,937.43 | | **Total Liabilities Measured at Fair Value on a Recurring Basis** | **8,632,937.43** | **0** | **0** | **8,632,937.43** | - For unlisted equity instrument investments, the company estimates fair value by comprehensively considering methods such as the market approach and discounted future cash flows[494](index=494&type=chunk) [XIV. Related Parties and Related-Party Transactions](index=181&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%20%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) This section discloses the company's related parties, including shareholders holding over **5%** equity, associates and their subsidiaries, and related enterprises of independent directors; during the reporting period, the company engaged in related-party transactions involving the purchase and sale of goods, and the provision and acceptance of services, with period-end balances of receivables from and payables to related parties also disclosed - Related parties include Tiantong Hi-Tech Group Co., Ltd. (shareholder with over **5%** equity), Changxia Smart Energy (Jiangsu) Co., Ltd. (associate), and others[497](index=497&type=chunk)[498](index=498&type=chunk) Related-Party Purchases of Goods/Acceptance of Services (Unit: CNY) | Related Party | Related Transaction Content | Amount in Current Period | | :--- | :--- | :--- | | Tiantong Jingdian New Technology Co., Ltd. | Material procurement and processing fees | 11,547,827.04 | Related-Party Sales of Goods/Provision of Services (Unit: CNY) | Related Party | Related Transaction Content | Amount in Current Period | | :--- | :--- | :--- | | Tiantong Jingdian New Technology Co., Ltd. | Utilities and management fees | 279,426.80 | | Tiantong Jingdian New Technology Co., Ltd. | Material sales | 12,350.44 | Receivables from Related Parties (Unit: CNY) | Item Name | Related Party | Period-End Book Balance | Bad Debt Provision | | :--- | :--- | :--- | :--- | | Accounts Receivable | Tiantong Jingdian New Technology Co., Ltd. | 329,784.29 | 16,489.21 | | Accounts Receivable | Shanghai Jingxin Technology Co., Ltd. | 72,082.00 | 7,208.20 | | Accounts Receivable | Jiangsu Chengchuang New Energy Technology Co., Ltd. | 1,231,926.42 | 61,596.32 | Payables to Related Parties (Unit: CNY) | Item Name | Related Party | Period-End Book Balance | | :--- | :--- | :--- | | Accounts Payable | Tiantong Jingdian New Technology Co., Ltd. | 7,015,909.89 | | Accounts Payable | Shanghai Jingxin Technology Co., Ltd. | 12,201.78 | | Contract Liabilities | Tiantong Youneng Technology Co., Ltd. | 848,252.16 | - Key management personnel compensation for the current period amounted to **3.23 million yuan**[502](index=502&type=chunk) [XV. Share-Based Payment](index=185&type=section&id=%E5%8D%81%E4%BA%94%E3%80%81%20%E8%82%A1%E4%BB%BD%E6%94%AF%E4%BB%98) The company uses the Black-Scholes model to calculate the fair value of Class II restricted shares and determines the number of exercisable equity instruments based on company and individual performance assessments; during the current period, corresponding restricted shares were forfeited due to the failure to meet performance targets for the third vesting period of the 2022 Restricted Stock Incentive Plan - The company selected the Black-Scholes model to calculate the fair value of Class II restricted shares[507](index=507&type=chunk) - The **2022** Restricted Stock Incentive P

中远海运发展股份有限公司2025 年半年度报告 公司代码：601866 公司简称：中远海发 中远海运发展股份有限公司 2025 年半年度报告 1 / 193 中远海运发展股份有限公司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、 公司负责人张铭文、主管会计工作负责人胡海兵及会计机构负责人（会计主管人员）徐飞 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司2025年中期以实施权益分派股权登记日登记的总股本扣除届时回购专用账户上股份后的 股份余额（如有）为基数，向全体股东每10股派发现金股利人民币0.22元（含税）。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性陈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 ...

厦门建发股份有限公司 2025 年半年度报告 公司代码：600153 公司简称：建发股份 厦门建发股份有限公司 2025 年半年度报告 1 / 410 厦门建发股份有限公司 2025 年半年度报告 重要提示 一、 本公司董事会及董事、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、 公司负责人林茂、主管会计工作负责人魏卓及会计机构负责人（会计主管人员）卢瀚舟声明： 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 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 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的发展战略、经营计划等前瞻性陈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 厦门建发股份有限公司 2 ...

公司代码：688098 公司简称：申联生物 申联生物医药(上海)股份有限公司 2025年半年度报告 申联生物医药(上海)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 请参见本报告"第三节管理层讨论与分析"之"四、风险因素"的相关内容，该章节对公司 可能面对的重大风险因素进行了分析和提示，请投资者务必仔细阅读。 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。 五、 公司负责人聂东升、主管会计工作负责人李珣及会计机构负责人（会计主管人员）吴 杰声明：保证半年度报告中财务报告的真实、准确、完整。 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 本报告中涉及的公司未来经营计划、发展战略、预计/测等前瞻性陈述，不构成本公司对投资 者的实质承诺，敬请投资者注意投资风险。 九、 是否存在被控股股东及其 ...

Important Notices, Table of Contents, and Definitions [Important Notices](index=2&type=section&id=Important%20Notices) The company's stock is under a delisting risk warning due to its 2024 performance, and no dividends will be distributed for this period - The company's stock has been subject to a delisting risk warning since April 29, 2025, due to **negative total profit, net profit, and net profit excluding non-recurring items for the fiscal year 2024**, with operating revenue after deductions falling below 300 million Yuan[4](index=4&type=chunk) - The Board of Directors will actively urge management to take effective measures to improve the company's operating and financial conditions to remove the delisting risk warning[4](index=4&type=chunk) - The company does not plan to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This report includes key sections such as important notices, company profile, management discussion, and other submitted data [Directory of Documents for Inspection](index=4&type=section&id=Directory%20of%20Documents%20for%20Inspection) Documents available for inspection include signed financial statements, the full semi-annual report, and all public announcements from the reporting period - The documents for inspection include financial statements signed by the company's responsible person, the head of accounting, and the head of the accounting department[9](index=9&type=chunk) - The documents also include the full text and summary of the 2025 semi-annual report signed by the legal representative[10](index=10&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines key terms, company names, and the reporting period used throughout the report - "The Company," "Starlight Shares," or "Starlight Shares Co" refers to Guangdong Starlight Development Co, Ltd, formerly known as "Guangdong Cnlight Co, Ltd"[12](index=12&type=chunk) - The "Reporting Period" refers to the period from January 1, 2025, to June 30, 2025[12](index=12&type=chunk) Company Profile and Key Financial Indicators [Company Profile](index=6&type=section&id=I.%20Company%20Profile) The company, *ST Starlight, is listed on the Shenzhen Stock Exchange under stock code 002076, with Li Zhenjiang as the legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Ticker | *ST Starlight | | Stock Code | 002076 | | Stock Exchange | Shenzhen Stock Exchange | | Chinese Name | 广东星光发展股份有限公司 | | Legal Representative | Li Zhenjiang | [Contact Persons and Methods](index=6&type=section&id=II.%20Contact%20Persons%20and%20Methods) This section provides contact information for the company's Board Secretary and Securities Affairs Representative Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Zhang Taohua | Zone A, Shishan Industrial Technology Park, Nanhai District, Foshan City, Guangdong Province | 0757-86695590 | 0757-86695642 | zth@cnlight.com | | Securities Affairs Representative | Pan Xiaomei | Zone A, Shishan Industrial Technology Park, Nanhai District, Foshan City, Guangdong Province | 0757-86695590 | 0757-86695642 | zjb@cnlight.com | [Other Information](index=6&type=section&id=III.%20Other%20Information) No changes occurred in the company's contact details, information disclosure locations, or other related information during the reporting period - The company's contact methods, including registered address, office address, website, and email, remained unchanged during the reporting period[16](index=16&type=chunk) - The locations for information disclosure and document inspection remained unchanged during the reporting period[17](index=17&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) Revenue increased by 32.62% year-on-year, but net profit attributable to shareholders declined by 367.06%, shifting from profit to loss Key Accounting Data and Financial Indicators (Current Period vs Prior Year Period) | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 92,963,385.10 | 70,097,919.63 | 32.62% | | Net Profit Attributable to Shareholders | -2,660,947.93 | 996,370.47 | -367.06% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | -8,445,844.80 | -5,248,343.31 | -60.92% | | Net Cash Flow from Operating Activities | -3,436,188.11 | -1,609,618.36 | -113.48% | | Basic Earnings Per Share (Yuan/share) | -0.0024 | 0.0009 | -366.67% | | Diluted Earnings Per Share (Yuan/share) | -0.0024 | 0.0009 | -366.67% | | Weighted Average Return on Equity | -0.92% | 0.31% | -1.23% | | **Period-End Indicators** | **End of Current Period (Yuan)** | **End of Prior Year (Yuan)** | **Change from Prior Year-End** | | Total Assets | 609,138,505.10 | 611,990,887.92 | -0.47% | | Net Assets Attributable to Shareholders | 289,588,635.24 | 289,900,272.39 | -0.11% | [Differences in Accounting Data under Domestic and Foreign Accounting Standards](index=7&type=section&id=V.%20Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20Foreign%20Accounting%20Standards) No discrepancies exist in net profit or net assets between financial reports prepared under Chinese accounting standards and international or foreign standards - The company has no discrepancies in net profit and net assets between financial reports disclosed under international accounting standards and Chinese accounting standards[20](index=20&type=chunk) - The company has no discrepancies in net profit and net assets between financial reports disclosed under foreign accounting standards and Chinese accounting standards[21](index=21&type=chunk) [Non-recurring Profit and Loss Items and Amounts](index=7&type=section&id=VI.%20Non-recurring%20Profit%20and%20Loss%20Items%20and%20Amounts) Non-recurring gains totaled 5.78 million Yuan, primarily from asset disposals, debt restructuring, and government grants Non-recurring Profit and Loss Items and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | 700,402.25 | | Government Grants Recognized in Current Profit or Loss | 221,751.73 | | Fair Value Gains/Losses and Gains/Losses from Disposal of Financial Assets and Liabilities | 104,548.87 | | Gains/Losses from Entrusted Investments or Asset Management | 9,900.69 | | Gains/Losses from Debt Restructuring | 4,914,592.41 | | Gains/Losses from Contingent Events Unrelated to Normal Business Operations | -1,545,347.27 | | Other Non-operating Income and Expenses | 1,192,987.65 | | Other Items Meeting the Definition of Non-recurring Profit or Loss | 25,141.30 | | Less: Income Tax Impact | 68,181.72 | | Minority Interest Impact (After Tax) | -229,100.96 | | Total | 5,784,896.87 | Management Discussion and Analysis [Principal Business Activities during the Reporting Period](index=9&type=section&id=I.%20Principal%20Business%20Activities%20during%20the%20Reporting%20Period) The company's business covers lighting, new energy, information security, and property management, operating on an order-driven production model - The new "Guiding Catalogue for Industrial Structure Adjustment (2024 Edition)" encourages the semiconductor lighting industry, and the State Council's "2024-2025 Energy Conservation and Carbon Reduction Action Plan" targets **50% penetration of high-efficiency lighting products by 2025**, accelerating the demand for LED replacement[27](index=27&type=chunk)[28](index=28&type=chunk) - The "2025 China Home Appliance Health Trends White Paper" shows that **83% of consumers are willing to pay a premium for health-related technologies**, with search volume for healthy appliances being 4.9 times the average on JD.com[29](index=29&type=chunk) - In the first half of 2025, China's new energy vehicle production and sales reached **6.97 million and 6.94 million units**, growing by 41.4% and 40.3% year-on-year, respectively, accounting for **44.3% of total new car sales**[31](index=31&type=chunk)[34](index=34&type=chunk) - The penetration rate of LED headlights in vehicles has **exceeded 60%**, reaching as high as 90% in new energy vehicles, with the Chinese automotive lighting market expected to reach approximately 22.66 million units by 2027[32](index=32&type=chunk) - In the first half of 2025, China's newly installed renewable energy capacity reached **268 million kW, a 99.3% year-on-year increase**, with solar power accounting for 212 million kW[35](index=35&type=chunk) - As of the end of June 2025, China's total installed renewable energy capacity reached **2.16 billion kW, a 30.6% year-on-year increase**, accounting for approximately 59.2% of the country's total installed capacity[36](index=36&type=chunk) - The company's main business segments include lighting and environmental appliances, new energy, information security and system integration, and property rental management[38](index=38&type=chunk) - With **over 20 years of technical expertise**, the company is a key domestic A-share listed manufacturer of UV sterilization lamps, offering a range of environmental purification products for various settings[40](index=40&type=chunk) - The lithium battery equipment business provides mid-to-late stage production line equipment, with subsidiary Zhuoyue Automation being an early domestic player in this field[43](index=43&type=chunk) - The company's business models are order-driven, employing a mix of distribution and direct sales, with production based on customer demand[47](index=47&type=chunk)[48](index=48&type=chunk)[49](index=49&type=chunk)[51](index=51&type=chunk) LED Packaging Market Size | Indicator | 2024 Market Size | YoY Growth | | :--- | :--- | | Global LED Packaging Market | 12.7 billion USD | 1% | UV LED Market Size | Indicator | 2024 Market Size | YoY Growth | | :--- | :--- | | UV LED Market | 2.8 billion Yuan | 23% | Lithium Battery Shipments and Equipment Market Size | Indicator | H1 2025 Shipments | YoY Growth | 2023 Global Market Size | 2023 China Market Size | 2024 Global Forecast | 2024 China Forecast | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Lithium Battery Shipments | 776 GWh | 68% | - | - | - | - | | Lithium Battery Equipment Market | - | - | 186.9 billion Yuan | 90 billion Yuan | 233.6 billion Yuan | 75 billion Yuan | Software and Information Technology Services Industry Data | Indicator | 2024 Software Revenue | YoY Growth | 2024 Total Profit | YoY Growth | 2024 Information Security Revenue | Growth | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Software and IT Services | 13.73 trillion Yuan | 10.0% | 1.70 trillion Yuan | 8.7% | 229 billion Yuan | 5.1% | [Core Competitiveness Analysis](index=14&type=section&id=II.%20Core%20Competitiveness%20Analysis) Core strengths include strong R&D capabilities with over 500 patents, a diverse product portfolio, a well-known brand, and a stable, experienced team - The company has a strong R&D team and system, has received national awards, participated in drafting national standards, and holds **over 500 domestic and foreign patents** as of the reporting period[58](index=58&type=chunk) - Subsidiary Zhuoyue Automation is recognized as a national high-tech enterprise, holding **78 patents and 55 software copyrights**[59](index=59&type=chunk) - The company offers a diverse product portfolio, including LED lighting, automotive lighting, UV sterilization, and environmental appliances, and has expanded into the new energy sector with lithium battery equipment and distributed photovoltaic power stations[60](index=60&type=chunk) - Established in 1992, the company has **over 30 years of experience** in the optoelectronics industry, and its "Cnlight" brand has high recognition, having been awarded "China Famous Trademark"[61](index=61&type=chunk) - The core management team is stable, with key personnel serving for over 10 years, and the company has implemented a **2023 stock option incentive plan** to motivate the team[62](index=62&type=chunk) - The company and its subsidiaries hold numerous key qualifications, including **Level 1 contractor for urban and road lighting engineering** and **Level 2 general contractor for power engineering construction**[63](index=63&type=chunk)[64](index=64&type=chunk) [Analysis of Main Business Operations](index=15&type=section&id=III.%20Analysis%20of%20Main%20Business%20Operations) Revenue grew 32.62% due to increased order fulfillment, while costs and expenses also rose, particularly financial expenses which grew 103.86% Key Financial Data YoY Changes | Item | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 92,963,385.10 | 70,097,919.63 | 32.62% | Increased sales order acceptance by subsidiaries | | Operating Costs | 59,067,133.91 | 41,543,247.21 | 42.18% | Increased in line with operating revenue | | Selling Expenses | 9,146,285.87 | 8,942,651.49 | 2.28% | - | | Administrative Expenses | 26,141,783.59 | 20,094,137.57 | 30.10% | Increased stock option expenses and professional fees | | Financial Expenses | 1,397,883.25 | 685,709.41 | 103.86% | Increased bank loan interest and lease financing costs from consolidating Yuansheng Information | | Income Tax Expense | -22,184.03 | 109,783.86 | -120.21% | Decrease in deferred tax expense from deductible temporary differences | | R&D Investment | 4,042,072.72 | 4,396,232.62 | -8.06% | - | | Net Cash Flow from Operating Activities | -3,436,188.11 | -1,609,618.36 | -113.48% | Increased cash payments for other operating activities | | Net Cash Flow from Investing Activities | -18,072,668.54 | 26,342,456.77 | -168.61% | Decreased cash received from investment recovery | | Net Cash Flow from Financing Activities | -5,009,386.54 | -1,748,874.30 | -186.43% | Increased cash payments for debt repayment | | Net Increase in Cash and Cash Equivalents | -26,445,775.57 | 23,060,690.57 | -214.68% | - | Operating Revenue Composition (by Product) | Product | Current Period Amount (Yuan) | % of Revenue | Prior Year Period Amount (Yuan) | % of Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | UV Sterilization Lamps | 10,894,785.58 | 11.72% | 13,137,699.99 | 18.74% | -17.07% | | Automotive Lighting Series | 14,755,219.65 | 15.87% | 16,276,429.29 | 23.22% | -9.35% | | LED Lighting Series | 15,697,657.08 | 16.89% | 11,058,492.52 | 15.78% | 41.95% | | Fluorescent Lamps | 10,054,686.71 | 10.82% | 9,028,152.55 | 12.88% | 11.37% | | Lithium Battery Production Equipment Series | 23,897,850.81 | 25.71% | 10,797,621.21 | 15.40% | 121.33% | | PV Power Station Construction & Operation | 7,460,073.15 | 8.02% | 1,761,952.71 | 2.51% | 323.40% | | Information Security & System Integration Series | 5,407,771.14 | 5.82% | 0.00 | 0.00% | 100.00% | | Other Business Revenue | 4,795,340.98 | 5.16% | 8,037,571.36 | 11.47% | -40.34% | Gross Margin Changes for Products Exceeding 10% of Revenue | Product | Current Period Gross Margin | Gross Margin Change from Prior Year Period | | :--- | :--- | :--- | | UV Sterilization Lamps | 29.74% | 2.91% | | Automotive Lighting Series | 37.24% | -9.18% | | LED Lighting Series | 24.46% | -0.12% | | Fluorescent Lamps | 33.53% | -1.93% | | Lithium Battery Production Equipment Series | 28.21% | -7.62% | Revenue Changes for Regions Exceeding 10% of Revenue | Region | Current Period Revenue Share | Prior Year Period Revenue Share | YoY Change | | :--- | :--- | :--- | :--- | | South China | 37.47% | 45.92% | 8.22% | | East China | 38.19% | 30.73% | 64.84% | | Overseas | 15.63% | 15.51% | 33.57% | [Analysis of Non-Main Business Operations](index=17&type=section&id=IV.%20Analysis%20of%20Non-Main%20Business%20Operations) Non-main business activities significantly impacted profit, with investment income from debt restructuring being a major contributor Impact of Non-Main Business on Total Profit | Item | Amount (Yuan) | % of Total Profit | Reason | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 4,924,315.10 | -119.22% | Gain from subsidiary's debt restructuring | No | | Fair Value Change Gains/Losses | 104,548.87 | -2.53% | Fair value change in bank wealth management products | No | | Asset Impairment | -1,261,904.38 | 30.55% | Provision for inventory write-down | No | | Non-operating Income | 1,487,000.16 | -36.00% | Received performance compensation | No | | Non-operating Expenses | 1,872,832.27 | -45.34% | Additional provision for litigation default interest by a subsidiary | No | [Analysis of Assets and Liabilities](index=17&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) Total assets and net assets slightly decreased, while the proportion of inventory and contract liabilities increased Significant Changes in Asset Composition | Item | End of Current Period (Yuan) | % of Total Assets | End of Prior Year (Yuan) | % of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 76,693,425.58 | 12.59% | 102,342,142.76 | 16.72% | -4.13% | | Accounts Receivable | 44,586,818.45 | 7.32% | 54,262,074.94 | 8.87% | -1.55% | | Inventory | 163,993,481.31 | 26.92% | 137,462,135.66 | 22.46% | 4.46% | | Right-of-use Assets | 10,568,592.25 | 1.74% | 25,664,827.44 | 4.19% | -2.45% | | Contract Liabilities | 105,888,983.86 | 17.38% | 89,970,629.90 | 14.70% | 2.68% | | Long-term Borrowings | 10,215,000.00 | 1.68% | 13,137,560.34 | 2.15% | -0.47% | | Lease Liabilities | 8,263,109.05 | 1.36% | 21,745,398.14 | 3.55% | -2.19% | Assets and Liabilities Measured at Fair Value | Item | Opening Balance (Yuan) | Current Period Fair Value Change (Yuan) | Current Period Purchases (Yuan) | Closing Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 0.00 | 100,713.25 | 11,000,000.00 | 11,104,548.87 | | Investment Property | 168,807,999.47 | 0.00 | 0.00 | 168,807,999.47 | | Total | 168,807,999.47 | 100,713.25 | 11,000,000.00 | 179,912,548.34 | Restricted Assets as of the Reporting Period End | Item | Closing Book Balance (Yuan) | Closing Book Value (Yuan) | Reason for Restriction | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 28,863,755.04 | 28,863,755.04 | Restricted administrator account, frozen and restricted funds | | Intangible Assets | 4,940,327.50 | 2,585,438.05 | Seized in creditor lawsuit, restriction not yet lifted | | Total | 33,804,082.54 | 31,449,193.09 | - | [Investment Analysis](index=18&type=section&id=VI.%20Investment%20Analysis) The company had no significant equity investments, non-equity investments, or use of raised funds during the reporting period - The company had no securities investments during the reporting period[77](index=77&type=chunk) - The company had no derivatives investments during the reporting period[78](index=78&type=chunk) - The company did not use any raised funds during the reporting period[79](index=79&type=chunk) [Major Asset and Equity Sales](index=19&type=section&id=VII.%20Major%20Asset%20and%20Equity%20Sales) No major assets or equity interests were sold during the reporting period - The company did not sell any major assets during the reporting period[80](index=80&type=chunk) - The company did not sell any major equity interests during the reporting period[81](index=81&type=chunk) [Analysis of Major Subsidiaries and Investees](index=19&type=section&id=VIII.%20Analysis%20of%20Major%20Subsidiaries%20and%20Investees) This section details the financial performance of major subsidiaries, including Shenzhen Zhuoyue Automation and Shenzhen Yike Optoelectronics Major Subsidiaries and Investees | Company Name | Type | Main Business | Registered Capital (Yuan) | Total Assets (Yuan) | Net Assets (Yuan) | Operating Revenue (Yuan) | Operating Profit (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shenzhen Zhuoyue Automation Technology Co, Ltd | Subsidiary | R&D, manufacturing, and sales of NEV power lithium battery production equipment | 35,000,000 | 174,225,005.92 | 80,051,803.27 | 24,149,807.01 | 1,371,190.77 | 1,260,638.79 | | Shenzhen Yike Optoelectronics Technology Co, Ltd | Subsidiary | R&D, manufacturing, and sales of automotive lamps and electronic accessories | 10,000,000 | 23,068,960.71 | 16,919,015.16 | 13,797,096.37 | 881,869.72 | 898,806.58 | | Foshan Cnlight Optoelectronics Technology Co, Ltd | Subsidiary | R&D, manufacturing, and sales of air sterilization products, LED lighting, and fluorescent lamps | 10,000,000 | 42,021,563.74 | 6,104,610.30 | 30,370,207.49 | -195,716.36 | -218,365.65 | | Foshan Cnlight Lighting Co, Ltd | Subsidiary | R&D, manufacturing, and sales of air sterilization products, LED lighting, and fluorescent lamps | 10,000,000 | 60,717,305.41 | 4,851,639.31 | 847,168.11 | 3,697,485.51 | 2,638,027.28 | | Guangdong Starlight Smart City Technology Co, Ltd | Subsidiary | R&D, manufacturing, and sales of LED lighting and electronic accessories | 10,000,000.00 | 14,941,854.09 | 7,659,531.34 | 3,600,339.64 | -1,236,436.72 | -1,217,335.52 | | Guangdong Shutong Intelligent Technology Co, Ltd | Subsidiary | Sales of network information security products and services | 5,000,000.00 | 2,586,950.13 | 830,036.69 | 96,727.33 | -879,491.85 | -879,491.79 | - During the reporting period, the company disposed of Shanghai Jinhui Cnlight E-commerce Co, Ltd through an ordinary transfer, with no impact on overall operations or performance[84](index=84&type=chunk) [Structured Entities Controlled by the Company](index=20&type=section&id=IX.%20Structured%20Entities%20Controlled%20by%20the%20Company) The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[84](index=84&type=chunk) [Risks and Countermeasures](index=20&type=section&id=X.%20Risks%20and%20Countermeasures) The company faces risks from a repurchase obligation, a fire incident at a leased property, and a delisting risk warning - The company faces a **potential repurchase obligation** related to a business cooperation with Pu'er Pushun, which could increase financial pressure; the company is actively responding to the lawsuit[84](index=84&type=chunk) - A **fire occurred on April 13, 2025**, at a factory building leased out by the company; the liability and financial loss are still under investigation and cannot be estimated at this time[85](index=85&type=chunk)[86](index=86&type=chunk) - The company's stock is under a **delisting risk warning** due to its 2024 performance; the Board is actively taking measures to improve business and financial conditions to have the warning lifted[87](index=87&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=21&type=section&id=XI.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company has not formulated a market value management system or disclosed a valuation enhancement plan - The company has not formulated a market value management system[88](index=88&type=chunk) - The company has not disclosed a valuation enhancement plan[88](index=88&type=chunk) [Implementation of the "Dual Improvement in Quality and Returns" Action Plan](index=21&type=section&id=XII.%20Implementation%20of%20the%20%22Dual%20Improvement%20in%20Quality%20and%20Returns%22%20Action%20Plan) The company has not disclosed an announcement regarding a "Dual Improvement in Quality and Returns" action plan - The company has not disclosed an announcement regarding a "Dual Improvement in Quality and Returns" action plan[88](index=88&type=chunk) Corporate Governance, Environment, and Society [Changes in Directors, Supervisors, and Senior Management](index=21&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) There were no changes in the company's directors, supervisors, or senior management during the reporting period - There were no changes in the company's directors, supervisors, or senior management during the reporting period[89](index=89&type=chunk) [Profit Distribution and Capitalization of Capital Reserves for the Current Reporting Period](index=21&type=section&id=II.%20Profit%20Distribution%20and%20Capitalization%20of%20Capital%20Reserves%20for%20the%20Current%20Reporting%20Period) The company does not plan to distribute cash dividends, issue bonus shares, or capitalize capital reserves for the semi-annual period - The company plans not to distribute cash dividends, issue bonus shares, or capitalize capital reserves for the semi-annual period[90](index=90&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=21&type=section&id=III.%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The 2023 stock option plan is ongoing, but some options were canceled due to unmet performance targets - On March 20, 2023, the company initially granted **78 million stock options** to 77 incentive recipients at an exercise price of 2.88 Yuan per share[93](index=93&type=chunk) - On March 12, 2024, the company granted a reserved portion of **12 million stock options** to 28 incentive recipients at an exercise price of 2.88 Yuan per share[94](index=94&type=chunk) - Due to unmet company-level performance targets for 2023, **15.6 million stock options** from the first exercise period of the initial grant were canceled on May 13, 2024[95](index=95&type=chunk) - On April 25, 2025, the company canceled a total of **39.4 million stock options**, including 16.03 million from 11 departed employees and 23.37 million from unmet performance targets, leaving **35 million options outstanding**[96](index=96&type=chunk) [Environmental Information Disclosure](index=22&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and its main subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The company and its main subsidiaries are not included in the list of enterprises required to disclose environmental information by law[97](index=97&type=chunk) [Social Responsibility](index=23&type=section&id=V.%20Social%20Responsibility) The company is committed to social responsibility, focusing on corporate governance, employee rights, environmental protection, and community engagement - The company has established a sound corporate governance structure consisting of the shareholders' meeting, board of directors, supervisory committee, and senior management[98](index=98&type=chunk) - The company strictly adheres to the "Labor Contract Law," respects employee rights, provides training, and ensures workplace safety[98](index=98&type=chunk) - The company prioritizes environmental protection, has implemented the **ISO14001 environmental management system**, and handles wastewater and exhaust gas in compliance with regulations[99](index=99&type=chunk) - The company actively participates in charitable activities, including establishing a Hope Primary School and donating disinfection supplies for disaster relief[100](index=100&type=chunk) Significant Matters [Commitments by the Company, its Controlling Shareholder, Related Parties, and Acquirers Fulfilled or Overdue during the Reporting Period](index=24&type=section&id=I.%20Commitments%20by%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20Related%20Parties%2C%20and%20Acquirers%20Fulfilled%20or%20Overdue%20during%20the%20Reporting%20Period) Commitments related to equity incentives and share purchases were fulfilled, including the completed repurchase of the Yuansheng Information equity - The company's commitment not to provide financial assistance to equity incentive participants is being duly fulfilled[102](index=102&type=chunk) - The commitment by Mr Dai Junwei to acquire the company's entire stake in Yuansheng Information if its performance targets were not met **has been fulfilled**, with the equity transfer completed on July 16, 2025[102](index=102&type=chunk) - Guangdong Futai Holdings Co, Ltd, controlled by Mr Dai Junwei, completed its share purchase plan, acquiring **5.5 million shares for approximately 10.22 million Yuan**, meeting the lower limit of the plan[103](index=103&type=chunk) [Non-operating Fund Occupation by the Controlling Shareholder and Other Related Parties](index=25&type=section&id=II.%20Non-operating%20Fund%20Occupation%20by%20the%20Controlling%20Shareholder%20and%20Other%20Related%20Parties) There were no instances of non-operating fund occupation by the controlling shareholder or other related parties during the reporting period - There were no instances of non-operating fund occupation by the controlling shareholder or other related parties during the reporting period[104](index=104&type=chunk) [Irregular External Guarantees](index=25&type=section&id=III.%20Irregular%20External%20Guarantees) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[105](index=105&type=chunk) [Appointment and Dismissal of Accounting Firm](index=25&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firm) The company's semi-annual financial report has not been audited - The company's semi-annual financial report has not been audited[106](index=106&type=chunk) [Explanation by the Board of Directors and Supervisory Committee on the "Non-standard Audit Report" for the Current Period](index=25&type=section&id=V.%20Explanation%20by%20the%20Board%20of%20Directors%20and%20Supervisory%20Committee%20on%20the%20%22Non-standard%20Audit%20Report%22%20for%20the%20Current%20Period) There was no non-standard audit report for the current reporting period - There was no non-standard audit report for the current reporting period[107](index=107&type=chunk) [Explanation by the Board of Directors on the "Non-standard Audit Report" of the Previous Year](index=25&type=section&id=VI.%20Explanation%20by%20the%20Board%20of%20Directors%20on%20the%20%22Non-standard%20Audit%20Report%22%20of%20the%20Previous%20Year) There was no non-standard audit report for the previous year - There was no non-standard audit report for the previous year[107](index=107&type=chunk) [Bankruptcy and Reorganization Matters](index=25&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Matters) No bankruptcy or reorganization matters occurred during the reporting period - No bankruptcy or reorganization matters occurred during the reporting period[107](index=107&type=chunk) [Litigation Matters](index=26&type=section&id=VIII.%20Litigation%20Matters) The company is involved in several major lawsuits, primarily related to debt recovery from and guarantees provided for Fushun Optoelectronics Major Litigation and Arbitration Matters | Case Description | Amount Involved (10k Yuan) | Provision Formed | Progress | Outcome and Impact | Enforcement Status | | :--- | :--- | :--- | :--- | :--- | :--- | | Lawsuit against Fushun Optoelectronics for loan and interest repayment | 23,435.76 | No | Second instance ruling | Appeal automatically withdrawn by Fushun Optoelectronics | 2,790.14 Yuan recovered; case suspended due to no executable assets; company has applied to share in proceeds from Fushun's land auction | | Lawsuit against Yinfu Energy Saving for loan repayment, with Fushun Optoelectronics as guarantor | 1,863.38 | No | Second instance judgment | Appeal rejected, original judgment upheld | Case suspended due to no executable assets; company has applied to share in proceeds from Fushun's land auction | | Lawsuit against Fushun Optoelectronics for unpaid shareholder dividends | 9,990 | No | Second instance ruling | Appeal automatically withdrawn by Fushun Optoelectronics | Case suspended due to no executable assets; company has applied to share in proceeds from Fushun's land auction | | Lawsuit by China Construction Bank regarding a guarantee for Fushun Optoelectronics' loan | 5,267.65 | Yes | Second instance judgment | Appeal rejected, original judgment upheld | Bank has filed a claim; company has requested a temporary suspension of repayment; awaiting collateral auction proceeds | | Subrogation claim by Shanghai Nongnongguo against Foshan Cnlight | 1,000 | Yes | First instance judgment | Foshan Cnlight to pay 6.67 million Yuan plus interest | Debt restructuring agreement signed for 3.58 million Yuan; 3.08 million Yuan has been paid | | Subrogation claim by Hubei Zhongmeng against Foshan Cnlight | 1,200 | Yes | First instance judgment | Foshan Cnlight to pay 8.01 million Yuan plus interest | Enforcement in progress | | Subrogation claim by Shanghai Hengjiu against Foshan Cnlight | 3,285 | Yes | First instance judgment | Foshan Cnlight to pay 21.92 million Yuan plus interest | Judgment has taken effect | Other Litigation Matters | Case Description | Amount Involved (10k Yuan) | Provision Formed | Progress | Outcome and Impact | Enforcement Status | | :--- | :--- | :--- | :--- | :--- | :--- | | Other litigation where the company is the plaintiff | 4,926.6 | No | Judgment effective | Judgment effective | Partially in enforcement | | Other litigation where the company is the defendant | 1,007.1 | Yes | Judgment effective | Judgment effective | Partially in enforcement | | Other litigation where the company is the defendant | 1,638.71 | Yes | In trial | Case is in trial stage | In trial | [Penalties and Rectification](index=28&type=section&id=IX.%20Penalties%20and%20Rectification) The company and its management received a warning letter for inaccurate performance forecasts and delayed risk disclosure, and a rectification report has been submitted - The company, its actual controller, and key directors received a **warning letter from the Guangdong CSRC** for significant discrepancies in the 2024 performance forecast and failure to promptly disclose delisting risk warnings[110](index=110&type=chunk)[111](index=111&type=chunk) - The company submitted a **rectification report** regarding the performance forecast warning letter to the Guangdong CSRC in May 2025[111](index=111&type=chunk) [Integrity of the Company, its Controlling Shareholder, and Actual Controller](index=29&type=section&id=X.%20Integrity%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) The company, its controlling shareholder, and actual controller maintain good credit standing and are not listed as dishonest judgment debtors - As of the end of the reporting period, the company is **not listed as a dishonest judgment debtor**[112](index=112&type=chunk) - The company's controlling shareholder and actual controller have a good credit record and have no outstanding court judgments or significant overdue debts[112](index=112&type=chunk) [Major Related-Party Transactions](index=29&type=section&id=XI.%20Major%20Related-Party%20Transactions) The company engaged in related-party transactions including sales, asset transfers, and joint investments, notably the sale of its stake in Guangzhou Yuansheng Information Related-Party Transactions for Goods and Services | Related Party | Transaction Content | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | :--- | | Zhongshan Yuangu Intelligent Technology Co, Ltd | Material procurement | 684,006.07 | 158,797.01 | | Guangzhou Chuangke Photovoltaic Power Co, Ltd | PV power station construction | 2,300,000.00 | 0.00 | Related-Party Transactions for Asset or Equity Acquisitions and Sales | Related Party | Transaction Type | Transaction Content | Book Value of Asset (10k Yuan) | Appraised Value of Asset (10k Yuan) | Transfer Price (10k Yuan) | Transaction Gain/Loss (10k Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Guangdong Futai Holdings Co, Ltd | Equity sale | Transfer of 51% equity in subsidiary Guangzhou Yuansheng Information Technology Co, Ltd | 1,675.92 | 726.74 | 1,000 | 0 | - The company's subsidiary, Starlight Cloud Computing, plans to jointly participate with a related party in the bankruptcy reorganization of Guangdong Ruijiang Cloud Computing Co, Ltd, with a proposed investment of approximately **13.8 million Yuan for a 26.87% stake**[121](index=121&type=chunk) [Major Contracts and Their Performance](index=32&type=section&id=XII.%20Major%20Contracts%20and%20Their%20Performance) The company has an outstanding external guarantee of 20.075 million Yuan and 11 million Yuan in outstanding entrusted wealth management - The company had no custody, contracting, or leasing arrangements during the reporting period[123](index=123&type=chunk)[124](index=124&type=chunk)[125](index=125&type=chunk) - The company has no other major contracts during the reporting period[128](index=128&type=chunk) External Guarantees by the Company and its Subsidiaries | Guaranteed Party | Guarantee Limit (10k Yuan) | Actual Guarantee Amount (10k Yuan) | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Fushun Optoelectronics | 4,000 | 2,007.5 | 3 years | No | Entrusted Wealth Management | Type | Source of Funds | Amount (10k Yuan) | Outstanding Balance (10k Yuan) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own funds | 2,850 | 1,100 | [Other Significant Matters](index=33&type=section&id=XIII.%20Other%20Significant%20Matters) An entity controlled by the company's actual controller completed a share purchase plan, acquiring shares worth approximately 10.22 million Yuan - Guangdong Futai Holdings Co, Ltd, controlled by the company's actual controller and Chairman Mr Dai Junwei, completed its share purchase plan, acquiring **5.5 million shares (0.50% of total share capital) for approximately 10.22 million Yuan**[129](index=129&type=chunk) [Significant Matters of Subsidiaries](index=33&type=section&id=XIV.%20Significant%20Matters%20of%20Subsidiaries) Subsidiary matters include a planned reorganization investment, a major contract win, and the resolution of performance commitments and legal disputes - Subsidiary Starlight Cloud Computing plans to participate in the reorganization of Guangdong Ruijiang Cloud, but no formal agreement has been signed yet[131](index=131&type=chunk) - Subsidiary Shenzhen Zhuoyue Automation Technology Co, Ltd won a **22.28 million Yuan equipment procurement contract** from Ruipu Lanjun Energy Co, Ltd, which is currently being executed[132](index=132&type=chunk) - The planned acquisition of the "Zaojiatong" platform through a joint venture was terminated due to a failure to reach an agreement[133](index=133&type=chunk) - The actual controller, Mr Dai Junwei, made performance commitments for subsidiaries Starlight Quantum and Yuansheng Information; the **51% stake in Yuansheng Information has since been sold for 10 million Yuan**[134](index=134&type=chunk)[135](index=135&type=chunk) - The 2024 performance commitment for Guangzhou Yuansheng Information was met, and the company received **1.36 million Yuan in performance compensation**[136](index=136&type=chunk)[137](index=137&type=chunk) - Subsidiary Foshan Cnlight Lighting is involved in several subrogation disputes, with some resolved through debt restructuring, and the parent company is not expected to bear joint liability[138](index=138&type=chunk)[139](index=139&type=chunk)[140](index=140&type=chunk) Share Capital Changes and Shareholder Information [Share Capital Changes](index=36&type=section&id=I.%20Share%20Capital%20Changes) The total share capital remained unchanged, while restricted shares decreased and unrestricted shares increased due to the lifting of sales restrictions for former executives Share Capital Changes | Share Type | Pre-Change Quantity (shares) | Pre-Change Ratio | Change (+/- shares) | Post-Change Quantity (shares) | Post-Change Ratio | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 80,184,437 | 7.23% | -13,334,178 | 66,850,259 | 6.03% | | II. Unrestricted Shares | 1,028,940,054 | 92.77% | 13,334,178 | 1,042,274,232 | 93.97% | | III. Total Shares | 1,109,124,491 | 100.00% | 0 | 1,109,124,491 | 100.00% | - The change in share status was primarily due to the lifting of sales restrictions on shares held by former directors Xian Shuzhong and Chai Hua, and former executive Tang Hao, following their departure[144](index=144&type=chunk)[145](index=145&type=chunk) Changes in Restricted Shares | Shareholder Name | Opening Restricted Shares (shares) | Restricted Shares Released (shares) | Closing Restricted Shares (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Dai Junwei | 60,000,000 | 0 | 60,000,000 | Executive lock-up and personal commitment | | Zhang Taohua | 1,714,703 | 0 | 1,714,703 | Executive lock-up | | Li Zhenjiang | 48,000 | 0 | 48,000 | Executive lock-up | | Xian Shuzhong | 15,531,678 | 11,531,678 | 4,000,000 | 100% lock-up for 6 months post-departure; part pending buyback | | Chai Hua | 1,103,200 | 1,103,200 | 0 | 100% lock-up for 6 months post-departure | | Tang Hao | 699,300 | 699,300 | 0 | 100% lock-up for 6 months post-departure | | Total | 80,184,437 | 13,334,178 | 66,850,259 | - | [Securities Issuance and Listing](index=38&type=section&id=II.%20Securities%20Issuance%20and%20Listing) There were no securities issued or listed during the reporting period - There were no securities issued or listed during the reporting period[148](index=148&type=chunk) [Number of Shareholders and Shareholdings](index=38&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholdings) As of the period end, the company had 58,844 common shareholders, with some top shareholders' shares being pledged or frozen - The total number of common shareholders at the end of the reporting period was **58,844**[149](index=149&type=chunk) - The controlling shareholder is Jiadexuan, and the actual controller is Dai Junwei, who also controls Shangfan Capital and Futai Holdings, which are parties acting in concert[151](index=151&type=chunk) Shareholdings of Top 10 Shareholders or Those Holding Over 5% | Shareholder Name | Nature | Shareholding Ratio | Shares Held at Period End (shares) | Restricted Shares (shares) | Unrestricted Shares (shares) | Pledged, Marked, or Frozen Shares (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiadexuan (Guangzhou) Capital Management Co, Ltd | Domestic Non-SOE | 7.24% | 80,263,648 | 0 | 80,263,648 | N/A: 0 | | Dai Junwei | Domestic Individual | 7.21% | 80,000,000 | 60,000,000 | 20,000,000 | N/A: 0 | | Chai Guosheng | Domestic Individual | 3.93% | 43,641,103 | 0 | 43,641,103 | Pledged: 33,348,162; Frozen: 43,641,103 | | Guangdong Shangfan Capital Investment Co, Ltd | Domestic Non-SOE | 1.89% | 21,000,000 | 0 | 21,000,000 | N/A: 0 | | Guangdong Yuejia Innovation Investment Partnership (LP) | Domestic Non-SOE | 1.36% | 15,029,700 | 0 | 15,029,700 | N/A: 0 | | Li Qing | Domestic Individual | 1.08% | 11,994,600 | 0 | 11,994,600 | N/A: 0 | | Xian Shuzhong | Domestic Individual | 0.88% | 9,765,839 | 4,000,000 | 5,765,839 | Frozen: 4,000,000 | | Guangdong Futai Holdings Co, Ltd | Domestic Non-SOE | 0.50% | 5,500,000 | 0 | 5,500,000 | N/A: 0 | | Wu Dehong | Domestic Individual | 0.39% | 4,300,000 | 0 | 4,300,000 | N/A: 0 | | Gan Yongshu | Domestic Individual | 0.37% | 4,124,332 | 0 | 4,124,332 | N/A: 0 | [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=40&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) There were no changes in the shareholdings of directors, supervisors, or senior management during the reporting period - There were no changes in the shareholdings of directors, supervisors, or senior management during the reporting period[152](index=152&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=40&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) There were no changes in the company's controlling shareholder or actual controller during the reporting period - The company's controlling shareholder did not change during the reporting period[153](index=153&type=chunk) - The company's actual controller did not change during the reporting period[153](index=153&type=chunk) [Preferred Stock Information](index=41&type=section&id=VI.%20Preferred%20Stock%20Information) The company had no preferred stock during the reporting period - The company had no preferred stock during the reporting period[154](index=154&type=chunk) Bond-Related Information [Bond-Related Information](index=42&type=section&id=Bond-Related%20Information) The company had no bond-related matters during the reporting period - The company had no bond-related matters during the reporting period[156](index=156&type=chunk) Financial Report [Audit Report](index=43&type=section&id=I.%20Audit%20Report) The company's semi-annual financial report has not been audited - The company's semi-annual financial report has not been audited[158](index=158&type=chunk) [Financial Statements](index=43&type=section&id=II.%20Financial%20Statements) This section presents the consolidated and parent company financial statements for the semi-annual period ending June 30, 2025 - The consolidated balance sheet shows **total assets of 609.14 million Yuan**, total current liabilities of 302.45 million Yuan, and total equity attributable to parent company owners of 289.59 million Yuan[162](index=162&type=chunk) - The consolidated income statement shows **total operating revenue of 92.96 million Yuan** and a net loss attributable to parent company shareholders of 2.66 million Yuan[169](index=169&type=chunk)[170](index=170&type=chunk) - The consolidated cash flow statement shows **net cash outflow from operating activities of 3.44 million Yuan**, from investing activities of 18.07 million Yuan, and from financing activities of 5.01 million Yuan[174](index=174&type=chunk) [Company Basic Information](index=60&type=section&id=III.%20Company%20Basic%20Information) Guangdong Starlight Development Co, Ltd, established in 1992 and listed in 2006, operates in the electrical machinery and equipment manufacturing industry - Guangdong Starlight Development Co, Ltd was established on December 21, 1992, and was listed on the Shenzhen Stock Exchange on October 25, 2006[192](index=192&type=chunk)[193](index=193&type=chunk) - As of June 30, 2025, the company's total issued share capital is **1,109,124,491 shares**, with a registered capital of 1,109,124,491.00 Yuan, and the actual controller is Mr Dai Junwei[193](index=193&type=chunk) - The company operates in the electrical machinery and equipment manufacturing industry, with a business scope covering lighting, new energy, and information security[193](index=193&type=chunk) - The current consolidation scope includes **50 subsidiaries**, an increase of 4 and a decrease of 2 compared to the previous period[193](index=193&type=chunk) [Basis of Preparation for Financial Statements](index=61&type=section&id=IV.%20Basis%20of%20Preparation%20for%20Financial%20Statements) The financial statements are prepared in accordance with China's Accounting Standards for Business Enterprises and on a going concern basis - The financial statements are prepared in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance and relevant CSRC regulations[195](index=195&type=chunk) - The company has assessed its ability to continue as a going concern for the next 12 months and has found no material uncertainties[196](index=196&type=chunk) [Significant Accounting Policies and Estimates](index=62&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the significant accounting policies and estimates applied in preparing the financial statements, covering areas such as revenue recognition and asset valuation - The company has formulated specific accounting policies and estimates for transactions and events like revenue recognition, based on its operational characteristics and relevant accounting standards[197](index=197&type=chunk) - The financial statements comply with the requirements of the Accounting Standards for Business Enterprises, presenting a true and fair view of the company's financial position, operating results, and cash flows[198](index=198&type=chunk) - The company uses a **12-month operating cycle** as the basis for classifying current and non-current assets and liabilities[200](index=200&type=chunk) - Financial assets are classified into three categories: measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss[220](index=220&type=chunk) - Inventory is accounted for using the **perpetual inventory system**, initially measured at standard cost and adjusted to actual cost at month-end[249](index=249&type=chunk) - Investment properties are subsequently measured using the **fair value model** without depreciation or amortization[266](index=266&type=chunk) - Fixed assets are initially measured at cost and depreciated using the **straight-line method** over their estimated useful lives[270](index=270&type=chunk)[272](index=272&type=chunk)[275](index=275&type=chunk)[276](index=276&type=chunk) - Revenue is recognized when the customer obtains control of the goods or services, in an amount that reflects the consideration to which the company expects to be entitled[302](index=302&type=chunk) [Taxes](index=90&type=section&id=VI.%20Taxes) The company is subject to various taxes, with some subsidiaries benefiting from preferential tax policies for software products and high-tech enterprises Major Taxes and Tax Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sales of goods, taxable services income, etc | 13%, 9%, 6% | | Urban Maintenance and Construction Tax | Actual paid turnover tax | 7% | | Corporate Income Tax | Taxable income | 15%, 20%, 25%, 8.25% | | Education Surcharge | Actual paid turnover tax | 3% | | Local Education Surcharge | Actual paid turnover tax | 2% | | Land Use Tax | Actual occupied land area | 3 Yuan/sq.m. | | Property Tax | 70% of the original value of the property | 1.2% | | Property Tax | Rental income | 12% | - Subsidiary Shenzhen Zhuoyue benefits from a **VAT refund policy for software products**[325](index=325&type=chunk) - Subsidiaries Shenzhen Zhuoyue, Shenzhen Yike, and Yuansheng Information are qualified as high-tech enterprises and are subject to a **preferential corporate income tax rate of 15%**[325](index=325&type=chunk)[326](index=326&type=chunk) - Several subsidiaries qualify as small and micro-enterprises and are subject to a **reduced corporate income tax rate of 20%** on 25% of their taxable income until December 31, 2027[326](index=326&type=chunk)[327](index=327&type=chunk) [Notes to Consolidated Financial Statement Items](index=92&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on key items in the consolidated financial statements, including assets, liabilities, equity, and income statement components - At period-end, cash and cash equivalents totaled **76.69 million Yuan**, of which **28.86 million Yuan was restricted**[329](index=329&type=chunk)[331](index=331&type=chunk) - At period-end, the carrying value of accounts receivable was **44.59 million Yuan**, with a provision for bad debts of 124.71 million Yuan[345](index=345&type=chunk) - At period-end, the carrying value of inventory was **163.99 million Yuan**, with a total provision for write-down and impairment of 25.46 million Yuan[402](index=402&type=chunk) - At period-end, the carrying value of long-term equity investments was **62,059.19 Yuan**, primarily in associate companies[408](index=408&type=chunk) - At period-end, investment properties measured at fair value had a carrying amount of **168.81 million Yuan**[411](index=411&type=chunk) - At period-end, the carrying value of fixed assets was **34.08 million Yuan**, with accumulated depreciation of 90.00 million Yuan and an impairment provision of 4.75 million Yuan[418](index=418&type=chunk) - At period-end, total provisions amounted to **42.26 million Yuan**, mainly for pending litigation, repurchase obligations, and guarantees related to Fushun[488](index=488&type=chunk)[489](index=489&type=chunk) - At period-end, share capital was **1,109,124,491.00 Yuan**, and capital surplus was 478.88 million Yuan, with an increase in other capital surplus mainly from share-based payments and subsidiary equity transfers[492](index=492&type=chunk)[493](index=493&type=chunk) - At period-end, retained earnings stood at **-1,417.42 million Yuan**[499](index=499&type=chunk) [R&D Expenditures](index=133&type=section&id=VIII.%20R&D%20Expenditures) Total R&D expenditure for the period was 4.04 million Yuan, all of which was expensed R&D Expenditure Composition | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Employee Compensation | 3,343,957.16 | 3,653,993.01 | | Depreciation of Fixed Assets | 61,794.83 | 126,285.25 | | Amortization of Intangible Assets | 246,685.04 | 246,946.03 | | Direct Materials | 321,977.61 | 206,423.72 | | Others | 67,658.08 | 162,584.61 | | Total | 4,042,072.72 | 4,396,232.62 | | Of which: Expensed R&D | 4,042,072.72 | 4,396,232.62 | | Capitalized R&D | 0.00 | 0.00 | [Changes in the Scope of Consolidation](index=133&type=section&id=IX.%20Changes%20in%20the%20Scope%20of%20Consolidation) The scope of consolidation changed with the addition of four new subsidiaries and the disposal or deregistration of three others - **Four new subsidiaries were added** during the period, including Guizhou Lansheng System Technology Co, Ltd, acquired through purchase[134](index=134&type=chunk) - Three new subsidiaries were established: Starlight Shares (Hong Kong) Co, Limited, Guangdong Starlight Big Data Co, Ltd, and Starlight Pulian (Guangdong) Big Data Co, Ltd[135](index=135&type=chunk) - Two subsidiaries, Guangdong Wanxu Technology Co, Ltd and Guangdong Xingcan Shenghui Media Co, Ltd, were deregistered[135](index=135&type=chunk) - The company disposed of its **51.00% equity stake** in Shanghai Jinhui Cnlight E-commerce Co, Ltd for a consideration of 1.00 Yuan[134](index=134&type=chunk) [Interests in Other Entities](index=135&type=section&id=X.%20Interests%20in%20Other%20Entities) The company has interests in 50 subsidiaries, as well as several joint ventures and associate companies, some of which have incurred significant losses - The company's consolidation scope includes **50 subsidiaries**, such as Guangdong Starlight Development Holding Co, Ltd and Shenzhen Zhuoyue Automation Technology Co, Ltd[193](index=193&type=chunk)[550](index=550&type=chunk)[551](index=551&type=chunk)[552](index=552&type=chunk)[553](index=553&type=chunk) Key Financial Information of Significant Non-wholly Owned Subsidiaries (Current Period) | Subsidiary Name | Minority Interest Ratio | Net Profit/Loss Attributable to Minority Interests (Yuan) | Dividends Declared to Minority Interests (Yuan) | Closing Balance of Minority Interests (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Shenzhen Yike | 0.92% | 8,287.00 | 0.00 | 205,892.87 | Significant Joint Ventures or Associates | Name | Principal Place of Business | Place of Incorporation | Business Nature | Shareholding Ratio (Direct) | Accounting Method | | :--- | :--- | :--- | :--- | :--- | :--- | | Suining Mengshi Glass Technology Co, Ltd | Suining City | Suining City | Lighting products | 50.00% | Equity method | | Foshan Cnlight Lighting Technology Co, Ltd | Foshan City | Foshan City | Lighting products | 25.00% | Equity method | | Foshan Cnlight Automotive Electronics Sales Co, Ltd | Foshan City | Foshan City | Lighting products | 35.00% | Equity method | | Pu'er Pushun Intelligent Technology Co, Ltd | Pu'er City | Pu'er City | Charging pile operation | 35.00% | Equity method | Unrecognized Losses of Joint Ventures or Associates | Name | Accumulated Unrecognized Losses from Prior Periods (Yuan) | Unrecognized Losses for the Current Period (Yuan) | Accumulated Unrecognized Losses at Period End (Yuan) | | :--- | :--- | :--- | :--- | | Foshan Cnlight Lighting Technology Co, Ltd | 11,694,180.36 | 3,856.74 | 11,698,037.10 | | Pu'er Pushun Intelligent Technology Co, Ltd | 13,632,183.22 | 1,108,181.81 | 14,740,365.03 | | Total | 25,326,363.58 | 1,112,038.55 | 26,438,402.13 | [Government Grants](index=139&type=section&id=XI.%20Government%20Grants) The company recognized government grants totaling 0.94 million Yuan in the current period, primarily from software tax refunds and employment subsidies Government Grants Recognized in Current Profit or Loss | Account | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Other Income - Software Tax Refund | 726,327.74 | 806,179.27 | | Other Income - Additional Tax Deduction | 141,471.18 | 68,333.84 | | Other Income - Employment Subsidy for Underprivileged Population | 38,186.84 | 9,590.69 | | Other Income - Tax Relief for Key Disadvantaged Groups | 24,700.00 | 42,900.00 | | Other Income - Insurance Subsidy for Small and Micro Enterprises | 10,878.84 | 0.00 | | Other Income - Exhibition Subsidy | 0.00 | 21,170.00 | | Other Income - Others | 0.00 | 15,541.40 | | Total | 941,564.60 | 963,715.20 | [Risks Related to Financial Instruments](index=140&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company manages credit, liquidity, and market risks through established policies, with a 10% change in the RMB exchange rate potentially impacting pre-tax profit by 2.43 million Yuan - The company's main financial instruments expose it to **credit risk, liquidity risk, and market risk (foreign exchange risk)**[561](index=561&type=chunk) - Credit risk is managed by assessing counterparty creditworthiness and monitoring customer credit records[562](index=562&type=chunk)[563](index=563&type=chunk) - Liquidity risk is managed by continuously monitoring cash flow needs to ensure sufficient cash reserves[565](index=565&type=chunk) - The company faces foreign exchange risk from assets and liabilities denominated in foreign currencies; a **10% appreciation or depreciation of the RMB** would impact pre-tax profit by approximately 2.43 million Yuan[566](index=566&type=chunk) Book Balance and Expected Credit Loss of Relevant Assets (as of June 30, 2025) | Aging | Book Balance (Yuan) | Provision for Impairment (Yuan) | | :--- | :--- | :--- | | Notes Receivable | 7,866,353.74 | 59,140.71 | | Accounts Receivable | 169,293,106.77 | 124,706,288.32 | | Other Receivables | 341,158,324.74 | 329,042,904.60 | | Total | 518,317,785.25 | 453,808,333.63 | Financial Liabilities and Off-Balance Sheet Guarantees by Remaining Contractual Maturity (as of June 30, 2025) | Item | Within 1 Year (Yuan) | 1-2 Years (Yuan) | Over 2 Years (Yuan) | Total (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Accounts Payable | 86,166,355.77 | - | - | 86,166,355.77 | | Other Current Liabilities | 66,250,852.72 | - | - | 66,250,852.72 | | Lease Liabilities | - | 1,902,104.55 | 6,361,004.50 | 8,263,109.05 | | Non-current Liabilities Due within One Year | 10,978,690.64 | - | - | 10,978,690.64 | | Other Payables | 25,742,983.19 | - | - | 25,742,983.19 | | Long-term Borrowings | - | 4,335,000.00 | 5,880,000.00 | 10,215,000.00 | | Total Financial Liabilities | 189,138,882.32 | 6,237,104.55 | 12,241,004.50 | 207,616,991.37 | [Fair Value Disclosure](index=142&type=section&id=XIII.%20Fair%20Value%20Disclosure) Assets measured at fair value, including receivables financing and investment properties, totaled 170.74 million Yuan at period-end Fair Value of Assets and Liabilities at Period End | Item | Level 2 Fair Value Measurement (Yuan) | Total (Yuan) | | :--- | :--- | :--- | | Receivables Financing | 1,933,350.92 | 1,933,350.92 | | Investment Property | 168,807,999.47 | 168,807,999.47 | | Total Assets at Fair Value | 170,741,350.39 | 170,741,350.39 | - The fair value of trading financial assets with active market prices is determined by the closing price on the balance sheet date[569](index=569&type=chunk) - The fair value of real estate with active market prices is determined by adjusting market prices of comparable properties for differences in transaction date, location, and specific attributes[570](index=570&type=chunk) - The book value of financial assets and liabilities not measured at fair value approximates their fair value[571](index=571&type=chunk) [Related Parties and Related-Party Transactions](index=143&type=section&id=XIV.%20Related%20Parties%20and%20Related-Party%20Transactions) The company's ultimate controller is Mr Dai Junwei, and it engages in routine transactions with related parties, including subsidiaries and key management - The company's controlling shareholder is Jiadexuan (Guangzhou) Capital Management Co, Ltd and its concerted parties, with the ultimate controller being Mr Dai Junwei[572](index=572&type=chunk) - Details of the company's subsidiaries, joint ventures, and associates are provided in other notes[573](index=573&type=chunk) Other Related Parties | Name | Relationship | | :--- | :--- | | Yongchun Fengyuan Investment Co, Ltd | Company controlled by the actual controller | | Guangzhou Chuangke Photovoltaic Power Co, Ltd | Company controlled by the actual controller | | Dai Junwei | Chairman | | Zhang Taohua | Director, Board Secretary | | Li Zhenjiang | Director, General Manager, CFO | | Chen Wenji | Deputy General Manager | | Liu Youcai | Deputy General Manager | | Dai Wen | Chairman of the Supervisory Committee | | Xiao Fang | Supervisor | | Li Wenhui | Employee Representative Supervisor | | Wang Jun | Minority shareholder of a subsidiary | | Zhongshan Yuangu Intelligent Technology Co, Ltd | Minority shareholder of a subsidiary | Related-Party Transactions for Goods and Services | Related Party | Transaction Content | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | :--- | | Zhongshan Yuangu Intelligent Technology Co, Ltd | Material procurement | 684,006.07 | 158,797.01 | | Guangzhou Chuangke Photovoltaic Power Co, Ltd | PV power station construction | 2,300,000.00 | 0.00 | Key Management Personnel Compensation | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Key Management Personnel Compensation | 1,278,814.50 | 2,289,699.47 | Related-Party Receivables | Item | Related Party | Closing Book Balance (Yuan) | Closing Bad Debt Provision (Yuan) | Opening Book Balance (Yuan) | Opening Bad Debt Provision (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Accounts Receivable | Foshan Cnlight Lighting Technology Co, Ltd | 44,699,965.23 | 44,699,965.23 | 44,699,965.23 | 44,699,965.23 | | Accounts Receivable | Foshan Cnlight Automotive Electronics Sales Co, Ltd | 325,291.88 | 325,291.88 | 325,291.88 | 243,968.91 | | Accounts Receivable | Guangzhou Chuangke Photovoltaic Power Co, Ltd | 500,000.00 | 50,000.00 | 0.00 | 0.00 | | Prepayments | Zhongshan Yuangu Intelligent Technology Co, Ltd | 781,974.35 | 0.00 | 732,951.70 | 0.00 | Related-Party Payables | Item | Related Party | Closing Book Balance (Yuan) | Opening Book Balance (Yuan) | | :--- | :--- | :--- | :--- | | Other Payables | Suining Mengshi Glass Technology Co, Ltd | 3,833,480.37 | 3,833,480.37 | | Other Payables | Foshan Cnlight Lighting Technology Co, Ltd | 159,772.81 | 179,772.81 | | Other Current Liabilities | Wang Jun | 4,500,000.00 | 4,500,000.00 | | Contract Liabilities | Guangzhou Chuangke Photovoltaic Power Co, Ltd | 0.00 | 1,150,442.48 | [Share-based Payments](index=146&type=section&id=XV.%20Share-based%20Payments) The company recognized 2.09 million Yuan in expenses related to its 2023 stock option incentive plan during the period Share-based Payment Overview | Grantee Category | Granted this Period | Grant Amount (Yuan) | Exercised this Period | Exercise Amount (Yuan) | Vested this Period | Vesting Amount (Yuan) | Lapsed this Period | Lapse Amount (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Stock Option Grantees | 0 | 0.00 | 0 | 0.00 | 0 | 0.00 | 50,000 | 23,065.00 | | Total | 0 | 0.00 | 0 | 0.00 | 0 | 0.00 | 50,000 | 23,065.00 | - 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广西东方智造科技股份有限公司 2025 年半年度报告全文 广西东方智造科技股份有限公司 2025 年半年度报告 2025 年 8 月 1 广西东方智造科技股份有限公司 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。 公司负责人王宋琪、主管会计工作负责人陈伟及会计机构负责人(会计主 管人员)陈伟声明：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。 本半年度报告涉及未来计划等前瞻性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，并且应当理解计划、预测 与承诺之间的差异。 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未来发展中可能存在的风险及应对措施，敬请投 资者关注相关内容。 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 | 第一节 | 重要提示、目录和释义 | ---------------------- ...

恺英网络股份有限公司 2025 年半年度报告全文 恺英网络股份有限公司 2025 年半年度报告 2 2025 年 8 月 30 日 1 恺英网络股份有限公司 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。 公司负责人沈军、主管会计工作负责人张启闰及会计机构负责人(会计主 管人员)张启闰声明：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。 本半年度报告涉及公司未来计划等前瞻性陈述，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 计划、预测与承诺之间的差异。 公司已在本报告中详细阐述公司可能存在的风险，请查阅本报告中第三节 "管理层讨论与分析"的第十部分"公司面临的风险和应对措施"部分描述。 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。 恺英网络股份有限公司 2025 年半年度报告全文 备查文件目录 （一）载有公司负责人、主管会计工作 ...