广东联泰环保股份有限公司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。 广东联泰环保股份有限公司2025 年半年度报告 公司代码：603797 公司简称：联泰环保 广东联泰环保股份有限公司 2025 年半年度报告 1 / 178 三、 本半年度报告未经审计。 四、 公司负责人黄建勲、主管会计工作负责人杨基华及会计机构负责人（会计主管人 员）杨基华声明：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 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的经济和产业发展形势、未来计划、发展战略等前瞻性陈述不构成公司 对投资者的实质承诺，请投资者注意风险。 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 性 否 十、 重大风险提 ...

晶科能源股份有限公司2025 年半年度报告 公司代码：688223 公司简称：晶科能源 转债代码：118034 转债简称：晶能转债 晶科能源股份有限公司 2025 年半年度报告 1 / 215 晶科能源股份有限公司2025 年半年度报告 重要提示 二、 重大风险提示 报告期内，不存在对公司生产经营产生实质性影响的特别重大风险。公司在经营过程中可能面临 的风险，敬请查阅本半年度报告"第三节管理层讨论与分析"之"四、风险因素"部分，敬请投 资者注意投资风险。 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、 公司负责人李仙德、主管会计工作负责人曹海云及会计机构负责人（会计主管人员）李澍 宣声明：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 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。 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 八、 ...

四川天味食品集团股份有限公司2025 年半年度报告 公司代码：603317 公司简称：天味食品 四川天味食品集团股份有限公司 2025 年半年度报告 1/158 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性承诺， 敬请投资者注意投资风险。 四川天味食品集团股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、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、 公司负责人邓文、主管会计工作负责人汪悦及会计机构负责人（会计主管人员）王静声明： 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 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司已 ...

湖北江瀚新材料股份有限公司2025 年半年度报告 公司代码：603281 公司简称：江瀚新材 湖北江瀚新材料股份有限公司 2025 年半年度报告 1 / 143 湖北江瀚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、 公司负责人甘书官、主管会计工作负责人侯贤凤及会计机构负责人（会计主管人员）左洪 菊声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请投资 者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披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 详见本 ...

Section I Definitions [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This chapter provides definitions of common terms used in the report, covering company names, regulatory bodies, subsidiaries, laws and regulations, and core technical terms such as Additive Manufacturing (3D Printing), Powder Bed Fusion-Laser Beam (PBF-LB/M), Directed Energy Deposition-Laser Beam (DED-LB/M), and Wire Arc Additive Manufacturing (WAAM), ensuring clear understanding of the report content - Company, the Company, BLT, BLT Co. refer to **Xi'an BLT Additive Technology Co., Ltd.**[10](index=10&type=chunk) - Additive Manufacturing, 3D Printing refers to manufacturing methods that create three-dimensional physical models identical to corresponding digital models by successively layering materials based on three-dimensional model data[10](index=10&type=chunk) - **PBF-LB/M technology** (Laser-based power bed fusion of metals) refers to Selective Laser Melting technology, a metal 3D printing technique that forms layers by melting metal powder with a laser[10](index=10&type=chunk) - **DED-LB/M technology** (Laser-based direct energy deposition) refers to Laser Solid Forming technology, another metal 3D printing technique that forms layers by solidifying material on a substrate using a laser beam and powder nozzle[10](index=10&type=chunk) - **Wire and Arc Additive Manufacturing (WAAM)** refers to an advanced digital manufacturing technology that forms metal parts using the principle of layer-by-layer welding, with wire as raw material and an electric arc as the heat source[11](index=11&type=chunk) Section II Company Profile and Key Financial Indicators This section provides an overview of the company's fundamental information, including its registration details, contact information, and stock listing, alongside a detailed presentation and analysis of key accounting data and financial indicators, highlighting stable revenue and profit growth despite negative operating cash flow [I. Basic Company Information](index=5&type=section&id=I.%20Basic%20Company%20Information) This section outlines the company's basic registration information, including its Chinese name, abbreviation, foreign name, legal representative, registered address and historical changes, as well as office address, website, and email - Company Chinese name: **Xi'an BLT Additive Technology Co., Ltd.**, abbreviation: **BLT**[13](index=13&type=chunk) - Legal Representative: **Xue Lei**[13](index=13&type=chunk) - Company registered address: **No. 1000, Shanglinyuan 7th Road, High-tech Zone, Xi'an, Shaanxi Province**[13](index=13&type=chunk) [II. Contact Persons and Information](index=5&type=section&id=II.%20Contact%20Persons%20and%20Information) This section provides contact information for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, faxes, and email addresses, to facilitate communication with investors and relevant parties - Board Secretary (Domestic Representative for Information Disclosure): **Cui Jingshu**, contact number: **029-88485673-8055**, email: **IR@xa-blt.com**[14](index=14&type=chunk) - Securities Affairs Representative: **Dong Siyan**, contact number: **029-88485673-8055**, email: **IR@xa-blt.com**[14](index=14&type=chunk) [III. Information Disclosure and Document Custody Location Changes](index=5&type=section&id=III.%20Information%20Disclosure%20and%20Document%20Custody%20Location%20Changes) This section explains the company's information disclosure channels and document custody locations for its semi-annual report, ensuring investors can timely access public company information - Company's selected newspapers for information disclosure: **"China Securities Journal"**, **"Shanghai Securities News"**, **"Securities Daily"**, **"Securities Times"**[15](index=15&type=chunk) - Website address for semi-annual report publication: **Shanghai Stock Exchange website (www.sse.com.cn)**[15](index=15&type=chunk) - Company's semi-annual report custody location: **Board Secretary's Office**[15](index=15&type=chunk) [IV. Company Stock/Depositary Receipt Overview](index=6&type=section&id=IV.%20Company%20Stock%2FDepositary%20Receipt%20Overview) This section briefly introduces the company's stock listing status, including stock type, listing exchange and board, stock abbreviation, and code - Company stock type: **A-shares**[16](index=16&type=chunk) - Stock listing exchange and board: **Shanghai Stock Exchange STAR Market**[16](index=16&type=chunk) - Stock abbreviation: **BLT**, stock code: **688333**[16](index=16&type=chunk) [VI. Key Accounting Data and Financial Indicators](index=6&type=section&id=VI.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company achieved stable growth in both operating revenue and profit, with operating revenue increasing by **17.22%** to **667 million yuan** and net profit attributable to parent company shareholders increasing by **9.98%** to **76.31 million yuan**. Net cash flow from operating activities was negative, mainly due to increased purchases of materials and payments to employees. Total assets and net assets both grew, with earnings per share and return on net assets also improving Key Accounting Data (January-June 2025 vs. Same Period Last Year) | Indicator | Current Reporting Period (Jan-Jun) | Same Period Last Year | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 666,946,186.30 yuan | 568,970,483.03 yuan | 17.22 | | Total Profit | 72,694,351.58 yuan | 59,111,489.44 yuan | 22.98 | | Net Profit Attributable to Listed Company Shareholders | 76,314,289.46 yuan | 69,387,814.36 yuan | 9.98 | | Net Profit Attributable to Listed Company Shareholders After Deducting Non-Recurring Gains and Losses | 43,359,321.92 yuan | 35,516,081.67 yuan | 22.08 | | Net Cash Flow from Operating Activities | -302,369,522.35 yuan | -266,956,098.12 yuan | Not Applicable | | **End of Current Reporting Period vs. End of Last Year** | | | | | Net Assets Attributable to Listed Company Shareholders | 4,864,693,083.45 yuan | 4,817,932,839.05 yuan | 0.97 | | Total Assets | 8,165,353,573.54 yuan | 7,285,685,073.58 yuan | 12.07 | Key Financial Indicators (January-June 2025 vs. Same Period Last Year) | Key Financial Indicator | Current Reporting Period (Jan-Jun) | Same Period Last Year | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.28 | 0.26 | 7.69 | | Diluted Earnings Per Share (yuan/share) | 0.28 | 0.25 | 12.00 | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (yuan/share) | 0.16 | 0.13 | 23.08 | | Weighted Average Return on Net Assets (%) | 1.57 | 1.45 | Increased by 0.12 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 0.89 | 0.74 | Increased by 0.15 percentage points | | R&D Investment as Percentage of Operating Revenue (%) | 18.79 | 18.97 | Decreased by 0.18 percentage points | - Operating revenue increased by **17.22%**, primarily due to expanded production and operations, continuous market and application field development, and growth in revenue from 3D printing customized products and raw materials[18](index=18&type=chunk) - Total profit, net profit attributable to parent company shareholders, and non-recurring net profit increased by **22.98%**, **9.98%**, and **22.08%** respectively, mainly driven by the growth in operating revenue[18](index=18&type=chunk) - Net cash flow from operating activities was **-302 million yuan**, with a net outflow increase of **35.4134 million yuan**, primarily due to increased purchases of materials and payments to employees[18](index=18&type=chunk) - Total R&D investment increased by **16.14%** to **125 million yuan**, accounting for **18.79%** of operating revenue, mainly due to an increase in R&D personnel and their compensation, though the proportion slightly decreased due to revenue growth[19](index=19&type=chunk) [VIII. Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=VIII.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section details the company's non-recurring gains and losses items and their amounts during the reporting period, totaling **32.955 million yuan**, primarily including government subsidies, fair value changes in financial assets, and disposal gains/losses of non-current assets Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 157,444.48 | | Government grants recognized in current profit or loss | 25,897,425.63 | | Gains and losses from changes in fair value of financial assets and liabilities, and disposal of financial assets and liabilities, excluding effective hedge accounting related to normal business operations | 12,653,695.12 | | Other non-operating income and expenses apart from the above | 63,104.92 | | Less: Income tax impact | 5,816,702.61 | | Total | 32,954,967.54 | [IX. Companies with Equity Incentives or Employee Stock Ownership Plans May Choose to Disclose Net Profit After Deducting Share-Based Payment Impact](index=8&type=section&id=IX.%20Companies%20with%20Equity%20Incentives%20or%20Employee%20Stock%20Ownership%20Plans%20May%20Choose%20to%20Disclose%20Net%20Profit%20After%20Deducting%20Share-Based%20Payment%20Impact) This section discloses the net profit after deducting the impact of share-based payments, which was **80.06 million yuan** for the current reporting period, a decrease from the same period last year Net Profit After Deducting Share-Based Payment Impact | Key Accounting Data | Current Reporting Period (Jan-Jun) | Same Period Last Year | Current Period vs. Same Period Last Year Change (%) | | :--- | :--- | :--- | :--- | | Net Profit After Deducting Share-Based Payment Impact | 80,064,332.21 yuan | 87,511,578.64 yuan | -8.51 | Section III Management Discussion and Analysis This section offers a comprehensive discussion and analysis of the company's industry, main business operations, core competencies, and significant risk factors, emphasizing its leading position in metal additive manufacturing, stable financial performance, and strategic initiatives for growth and innovation [I. Industry and Main Business Overview During the Reporting Period](index=9&type=section&id=I.%20Industry%20and%20Main%20Business%20Overview%20During%20the%20Reporting%20Period) This chapter elaborates on the development stage, technical characteristics, and market landscape of the Additive Manufacturing (3D Printing) industry to which the company belongs, and comprehensively introduces the company's main business, products, operating model, and market position as a provider of complete metal additive manufacturing solutions, emphasizing its leading advantages in technological innovation, industrial chain layout, and market expansion [1. Industry Development Stage, Characteristics, and Key Technical Barriers](index=9&type=section&id=1.%20Industry%20Development%20Stage,%20Characteristics,%20and%20Key%20Technical%20Barriers) The additive manufacturing industry is in a period of rapid development, with diverse technologies and expanding applications into civilian mass production. The Chinese market, starting with parts manufacturing, is gradually improving its industrial chain, but high-end metal powders and core optical components still rely on imports, with future focus on overcoming "bottleneck" technologies and empowering emerging industries - Additive Manufacturing (3D printing technology) is a revolutionary manufacturing technology integrating advanced, digital, intelligent, and green manufacturing, with application models gradually shifting from direct manufacturing to design manufacturing, entering a development stage that promotes the transformation and reform of traditional manufacturing enterprises[28](index=28&type=chunk) - In 2024, **PBF-LB/M**, **DED-LB/M**, **BJ**, **EBM** and other technologies flourished, the industrial chain ecosystem continued to enrich, and downstream applications expanded to civilian mass production[28](index=28&type=chunk) - China's additive manufacturing technology developed with parts manufacturing as an entry point, forming industrial clusters in the Yangtze River Delta and central-western regions, but high-end metal powders and core optical components still rely on imports, requiring an increase in domestic substitution rates[28](index=28&type=chunk) - Metal additive manufacturing equipment is developing towards **large-scale**, **localization of key components**, **high power**, **multi-laser**, and **upstream-downstream integrated consolidation**[30](index=30&type=chunk) [2. Main Business](index=10&type=section&id=2.%20Main%20Business) The company focuses on industrial-grade metal additive manufacturing, providing a complete set of solutions from equipment R&D and production, customized product manufacturing, raw material R&D and production, to structural optimization design and technical services, building a complete metal 3D printing industrial ecosystem - The company is a **high-tech enterprise** specializing in industrial-grade metal additive manufacturing (3D printing), providing complete metal additive manufacturing solutions[32](index=32&type=chunk) - Business covers **R&D and production of metal 3D printing equipment**, **manufacturing of metal 3D printing customized products**, **R&D and production of metal 3D printing raw materials**, and **structural optimization design development and process technical services for metal 3D printing**[32](index=32&type=chunk) [3. Main Products and Their Applications](index=10&type=section&id=3.%20Main%20Products%20and%20Their%20Applications) The company's main products include self-developed series of metal 3D printing equipment such as Powder Bed Fusion-Laser Beam, Directed Energy Deposition-Laser Beam, and Wire Arc Additive Manufacturing. It offers customized products for structural lightweighting, complex internal cavity forming, integrated functional components, damage repair and remanufacturing, and rapid manufacturing of large-sized components, and has developed over 30 types of specialized powder materials and comprehensive technical services - The company independently developed and produced series of metal 3D printing equipment including **Selective Laser Melting (PBF-LB/M)**, **Laser Solid Forming (DED-LB/M)**, and **Wire Arc Additive Manufacturing (WAAM)**[33](index=33&type=chunk) - Metal 3D printing customized products are applied in **aerospace**, **industrial machinery**, **energy and power**, **medical** and other fields, with advantages including **structural lightweighting**, **complex internal cavity structure forming**, **integrated functional components**, **damage repair and remanufacturing**, and **rapid manufacturing of single customized large-sized components**[38](index=38&type=chunk)[39](index=39&type=chunk)[40](index=40&type=chunk)[41](index=41&type=chunk)[42](index=42&type=chunk)[43](index=43&type=chunk) - The company independently developed over **30 types of specialized powder materials** such as **TiAM1**, **AlAM1**, and **TC18**, solving traditional material forming problems, and obtained a medical device registration certificate for dental laser selective melting pure titanium powder[44](index=44&type=chunk)[51](index=51&type=chunk) - Provides **comprehensive and professional metal 3D printing technical services**, including process consulting, design optimization, reverse engineering, software customization, and complete solutions[45](index=45&type=chunk) [4. Main Business Model](index=13&type=section&id=4.%20Main%20Business%20Model) The company operates around the metal additive manufacturing industrial chain, generating profit by researching, developing, producing, and selling equipment, customized products, raw materials, specialized software, and providing technical services, offering complete solutions to customers - The company operates around the metal additive manufacturing industrial chain, engaging in **R&D, production, and sales of metal 3D printing equipment, customized products, raw materials, structural optimization design, and specialized software**[46](index=46&type=chunk) - It also provides **metal 3D printing process design development and related technical services** to customers, offering complete solutions based on customer needs[46](index=46&type=chunk) [5. Market Position](index=13&type=section&id=5.%20Market%20Position) The company has become one of the largest industrialized metal additive manufacturing innovation R&D and production enterprises domestically and internationally, with full industrial chain coverage, high market share in aerospace, and deepening cooperation with international giants like Airbus. It possesses strong R&D capabilities and the largest industrialization base in China, continuously achieving breakthroughs in equipment, materials, processes, and software, and successfully expanding its technology applications to commercial aerospace, molds, humanoid robots, and 3C industries, achieving mass production and cost reduction - As of June 2025, the company has established cooperative relationships with nearly **3,300 entities**, participating in and supporting the construction of multiple national key projects, making it one of the largest industrialized metal additive manufacturing innovation R&D and mass production enterprises domestically and internationally[47](index=47&type=chunk) - The company is a qualified supplier of metal additive manufacturing services for **Airbus**, and in 2024, it secured another work package for Airbus Atlantic's main model **A320 O-Ring**, marking a comprehensive deepening of cooperation with Airbus[47](index=47&type=chunk) - The company has **3,392 employees**, over **4,600 accumulated laser units** in self-use printing equipment, and approximately **150 units of related analysis and testing equipment**, making it the largest metal additive manufacturing industrialization base in China[49](index=49&type=chunk) - In March 2025, the company globally launched its metal additive manufacturing **BLT automated production line solution (BRIGHTENLINES)**, with production line units already implemented at its Xi'an headquarters production base in June 2024, providing mass production solutions for the industry[50](index=50&type=chunk) - In the commercial aerospace sector, the company is deeply involved in the R&D and mass production of **Interstellar Glory's JD-2 liquid oxygen-methane engine** and **Tianhui Aerospace's "Qiaolong-1" rocket engine**, having assisted multiple commercial aerospace clients in completing launch missions and entering mass production stages[58](index=58&type=chunk) - In the 3C industry, the company enabled **OPPO Find N5** to achieve an ultra-thin design, reducing the minimum commercial 3D printed titanium alloy product dimension record from **0.3 mm to 0.15 mm**, and assisted **EarFit** in launching the titanium alloy 3D printed in-ear headphones **TitanIEM**, achieving mass customization and cost-effectiveness[62](index=62&type=chunk)[63](index=63&type=chunk)[64](index=64&type=chunk) [II. Discussion and Analysis of Operations](index=18&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) During the reporting period, the company adhered to a customer-centric, market-oriented, and R&D-driven approach, continuously expanding its operations, achieving stable growth in both operating revenue and profit. Operating revenue increased by **17.22%** to **667 million yuan**, net profit attributable to parent company shareholders increased by **9.98%** to **76.31 million yuan**, and non-recurring net profit increased by **22.08%** to **43.36 million yuan**. R&D expenses and selling expenses increased, while administrative expenses decreased due to reduced share-based payment expenses Key Operating Performance (First Half of 2025) | Indicator | Amount (10,000 yuan) | Year-on-Year Growth (%) | | :--- | :--- | :--- | | Operating Revenue | 66,694.62 | 17.22 | | Net Profit Attributable to Listed Company Shareholders | 7,631.43 | 9.98 | | Net Profit Attributable to Listed Company Shareholders After Deducting Non-Recurring Gains and Losses | 4,335.93 | 22.08 | - The company continuously expanded its operations, developed new products and processes, and strengthened market promotion efforts, driving stable growth in operating revenue and profit[65](index=65&type=chunk) - R&D expenses and selling expenses both increased compared to the same period last year, while administrative expenses decreased due to a reduction in share-based payment expenses[65](index=65&type=chunk) [III. Analysis of Core Competencies During the Reporting Period](index=19&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core competencies are reflected in its leading R&D advantages, independent R&D capabilities for core components and software, proprietary equipment advantages, scale advantages, raw material procurement advantages, technical and management team advantages, talent advantages, and strong brand influence. These advantages collectively support the company's continuous innovation and market leadership in the metal additive manufacturing sector [(I) Analysis of Core Competencies](index=19&type=section&id=(I)%20Analysis%20of%20Core%20Competencies) The company has built comprehensive core competencies by leveraging national-level R&D platforms, independently developed core components and software, large-scale multi-beam additive manufacturing equipment, the largest industrialization scale in China, a robust procurement system, a professional technical management team, high-caliber R&D talent, and growing international brand influence, continuously leading the development of the metal additive manufacturing industry - The company possesses national-level enterprise technology centers, metal additive manufacturing national and local joint engineering research centers, and other R&D platforms, undertaking multiple national-level scientific research projects, maintaining a leading position in technological innovation[66](index=66&type=chunk) - The company independently develops core components such as **galvanometers** and **scraper sensors**, and has developed a complete 3D printing software ecosystem, achieving end-to-end data processing closure across the entire production chain, and actively exploring the application of **AI in additive manufacturing**[67](index=67&type=chunk) - The company independently developed large-sized multi-beam additive manufacturing equipment, such as **BLT-S825** and **BLT-S1025**, solving the problem of rapid manufacturing of large-sized complex thin-walled components and maintaining an industry-leading level[68](index=68&type=chunk)[69](index=69&type=chunk) - The company is the **largest metal additive manufacturing solution provider in China**, significantly enhancing production capacity and market competitiveness through the construction of Phase III and Phase IV projects and investment in specialized powder material production lines[70](index=70&type=chunk) - The company has established a **comprehensive procurement management system**, maintaining long-term stable cooperation with major suppliers, and its large procurement volume gives it a certain guiding role in raw material acquisition prices[72](index=72&type=chunk) - The company boasts a **skilled and experienced professional team**, strictly implementing standardized processes and quality supervision, with the corporate mission of "making manufacturing simpler and the world better"[73](index=73&type=chunk)[74](index=74&type=chunk) - The company has **637 R&D personnel**, accounting for **18.78%** of the total workforce, with **59.18%** holding master's degrees or above, providing a strong reserve for continuous innovation[75](index=75&type=chunk) - The company is a **leading enterprise in China's metal additive manufacturing technology full-process solutions**, with increasing brand awareness through expanding into emerging markets and global cooperation[75](index=75&type=chunk) [IV. Risk Factors](index=36&type=section&id=IV.%20Risk%20Factors) The company faces multiple risks, including declining core competitiveness, concentration of downstream customers (aerospace sector), reliance on imported key core components, inventory impairment, accounts receivable bad debts, seasonal fluctuations in revenue, challenges from the "mass production era" in additive manufacturing such as heavy assets and intelligent production lines, and macroeconomic risks caused by international economic and geopolitical factors - **Core Competitiveness Risk**: Rapid iteration of additive manufacturing technology and intensified competition mean that if the company fails to continuously maintain technological advancement and product development capabilities, it may face the risk of declining competitiveness[99](index=99&type=chunk) - **Operating Risk**: Downstream customer sectors are relatively concentrated, with aerospace customers contributing significantly (**45.00%** of main business revenue); if application growth in this sector falls short of expectations or customers are lost, it will have an adverse impact[100](index=100&type=chunk) - **Operating Risk**: Some core components of additive manufacturing equipment still rely on imports; if affected by trade bans or controls, equipment delivery may be hindered, though the impact has gradually decreased[102](index=102&type=chunk) - **Financial Risk**: Inventory book value is **1.21 billion yuan** (**14.82%** of total assets); if customer demand changes or products are unsalable, there is a risk of inventory impairment losses[103](index=103&type=chunk) - **Financial Risk**: Accounts receivable, notes receivable, and accounts receivable financing book value is **1.241 billion yuan** (**15.20%** of total assets); if customer credit deteriorates, there is a risk of bad debts[103](index=103&type=chunk) - **Financial Risk**: Revenue exhibits seasonal fluctuations, with business contracts and deliveries mostly concentrated in the second half of the year; investors should not solely rely on quarterly revenue to forecast full-year performance[103](index=103&type=chunk) - **Industry Risk**: Metal additive manufacturing is entering the "mass production era," where the instability of pre-research projects may lead to heavy asset risks; insufficient development of intelligent production lines may reduce cost advantages for mass-produced products[104](index=104&type=chunk)[105](index=105&type=chunk) - **Macroeconomic Environment Risk**: International economic environment and geopolitical factors (such as tariffs, exchange rates) may directly affect the company's export business[106](index=106&type=chunk) [V. Key Operating Performance During the Reporting Period](index=38&type=section&id=V.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) During the reporting period, the company achieved stable growth in both operating revenue and profit, with operating revenue increasing by **17.22%** to **667 million yuan**, primarily due to expanded operations and market development. Operating costs, selling expenses, and R&D expenses all increased, while administrative expenses decreased due to reduced share-based payment expenses. Net cash flow from investing activities significantly increased, and net cash flow from financing activities also grew substantially, mainly due to a reduction in structured deposit wealth management and an increase in bank borrowings. The company's asset and liability structure changed, with significant movements in major accounts such as inventory, fixed assets, and long-term borrowings [(I) Analysis of Main Business](index=38&type=section&id=(I)%20Analysis%20of%20Main%20Business) The company's main business analysis shows that during the reporting period, operating revenue increased by **17.22%** to **667 million yuan**, primarily driven by expanded production and operations and market development. Operating costs, selling expenses, and R&D expenses all increased, while administrative expenses decreased due to reduced share-based payment expenses. Net cash flow from operating activities was negative, net cash flow from investing activities significantly increased, and net cash flow from financing activities also grew substantially Financial Statement Related Items Fluctuation Analysis Table (January-June 2025 vs. Same Period Last Year) | Item | Current Period Amount (yuan) | Same Period Last Year Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 666,946,186.30 | 568,970,483.03 | 17.22 | | Operating Costs | 385,622,846.86 | 320,791,774.77 | 20.21 | | Selling Expenses | 47,502,563.80 | 38,485,898.91 | 23.43 | | Administrative Expenses | 52,991,026.95 | 64,048,625.09 | -17.26 | | Financial Expenses | 2,987,239.31 | -504,606.59 | Not Applicable | | R&D Expenses | 125,339,349.92 | 107,923,490.10 | 16.14 | | Net Cash Flow from Operating Activities | -302,369,522.35 | -266,956,098.12 | Not Applicable | | Net Cash Flow from Investing Activities | 107,294,863.46 | -1,954,894,887.18 | Not Applicable | | Net Cash Flow from Financing Activities | 332,222,808.93 | -24,745,554.26 | Not Applicable | - Operating revenue increased by **17.22%**, mainly due to the company's expanded production and operations, continuous development of new markets and application areas, and growth in operating revenue from both 3D printing customized products and raw materials[109](index=109&type=chunk) - Administrative expenses decreased by **17.26%**, primarily due to a reduction in share-based payment expenses[109](index=109&type=chunk) - Net cash flow from investing activities significantly shifted from a net outflow in the same period last year to a net inflow of **107 million yuan**, mainly due to a reduction in structured deposit wealth management during the reporting period[112](index=112&type=chunk) - Net cash flow from financing activities shifted from a net outflow in the same period last year to a net inflow of **332 million yuan**, primarily due to increased bank borrowings for daily operating activities and project construction[112](index=112&type=chunk) [(III) Analysis of Assets and Liabilities](index=40&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets increased by **12.07%** to **8.165 billion yuan**, and net assets attributable to parent company shareholders increased by **0.97%** to **4.865 billion yuan**. Trading financial assets significantly decreased, while prepayments, inventory, fixed assets, long-term equity investments, and intangible assets all showed significant growth. On the liability side, short-term borrowings, notes payable, accounts payable, and long-term borrowings all increased substantially, mainly related to expanded operations, project construction, and financing activities. Overseas assets accounted for **0.78%** of total assets Asset and Liability Status Changes (Period-End vs. End of Last Year) | Item Name | Current Period End Amount (yuan) | Current Period End as % of Total Assets | Last Year End Amount (yuan) | Last Year End as % of Total Assets | Current Period End vs. Last Year End Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 453,940,931.51 | 5.56 | 1,004,700,054.79 | 13.79 | -54.82 | Mainly due to a decrease in structured deposits | | Accounts Receivable | 1,240,754,550.63 | 15.20 | 1,102,672,246.44 | 15.13 | 12.52 | Mainly due to growth in operating revenue and settlement characteristics of downstream customers | | Prepayments | 118,638,274.35 | 1.45 | 45,001,859.33 | 0.62 | 163.63 | Mainly due to an increase in prepayments for equipment spare parts | | Inventory | 1,210,139,007.12 | 14.82 | 827,393,984.40 | 11.36 | 46.26 | Mainly due to a significant increase in raw materials and finished goods for production stocking | | Long-Term Equity Investments | 59,652,623.66 | 0.73 | 33,255,751.02 | 0.46 | 79.38 | Mainly due to the company's investment of 25 million yuan in Huali Chuangke (Shenzhen) Co., Ltd. in January 2025 | | Fixed Assets | 2,060,039,232.75 | 25.23 | 1,495,356,988.17 | 20.52 | 37.76 | Mainly due to the Metal Additive Manufacturing Large-scale Intelligent Production Base Project and the capitalization of machinery and equipment under construction | | Intangible Assets | 313,202,398.74 | 3.84 | 248,592,392.00 | 3.41 | 25.99 | Mainly due to the acquisition of land use rights by subsidiary Xi'an BLT Materials | | Short-Term Borrowings | 750,933,395.07 | 9.20 | 504,157,087.93 | 6.92 | 48.95 | Mainly due to increased bank borrowings for production and operations | | Notes Payable | 211,499,052.23 | 2.59 | 148,210,000.43 | 2.03 | 42.70 | Mainly due to expanded production and operations, increased purchases of equipment parts, production materials, and engineering payments | | Accounts Payable | 1,205,047,261.28 | 14.76 | 843,028,859.90 | 11.57 | 42.94 | Mainly due to expanded production and operations, increased purchases of equipment parts, production materials, and engineering payments | | Long-Term Borrowings | 546,730,848.57 | 6.70 | 386,315,929.42 | 5.30 | 41.52 | Mainly due to increased bank borrowings for the Metal Additive Manufacturing Industry Innovation Capability Project | - Total overseas assets amounted to **63.5197 million yuan**, accounting for **0.78%** of total assets[117](index=117&type=chunk) Major Asset Restrictions (Period-End) | Item | Book Balance (yuan) | Book Value (yuan) | Restriction Type | Restriction Status | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 4,490,022.96 | 4,490,022.96 | Deposit | Deposit | | Notes Receivable | 64,934,627.91 | 57,715,211.02 | Pledge | Discounted and endorsed, not yet due | | Intangible Assets | 91,848,465.00 | 86,775,009.56 | Mortgage | Loan mortgage | | Construction in Progress | 685,646,080.77 | 685,646,080.77 | Mortgage | Loan mortgage | | Total | 846,919,196.64 | 834,626,324.31 | / | / | [(IV) Analysis of Investment Status](index=42&type=section&id=(IV)%20Analysis%20of%20Investment%20Status) During the reporting period, the company's total equity investment was **25 million yuan**, a significant increase compared to no investment activities in the same period last year, mainly due to the investment in Huali Chuangke (Shenzhen) Co., Ltd Overall Analysis of External Equity Investments | Investment Amount in Current Period (yuan) | Investment Amount in Same Period Last Year (yuan) | Change Rate | | :--- | :--- | :--- | | 25,000,000.00 | 0.00 | / | - The investment amount for this period was **25 million yuan**, mainly due to the company's investment of **25 million yuan** in Huali Chuangke (Shenzhen) Co., Ltd[115](index=115&type=chunk) [(VI) Analysis of Major Holding and Participating Companies](index=43&type=section&id=(VI)%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) This section lists the company's major holding and participating companies, including BLT (Weinan), BLT Technology (Hong Kong), BLT (Shenzhen), etc., covering their registered capital, total assets, net assets, operating revenue, operating profit, and net profit Major Holding and Participating Companies | Company Name | Company Type | Main Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | BLT (Weinan) Additive Manufacturing Co., Ltd. | Subsidiary | R&D and sales of additive manufacturing complete sets of equipment, laser processing and new material technology development | 10,000.00 10,000 yuan | 30,428.70 10,000 yuan | 9,403.06 10,000 yuan | 7,619.38 10,000 yuan | 136.53 10,000 yuan | 110.21 10,000 yuan | | BLT Technology (Hong Kong) Co., Ltd. | Subsidiary | Procurement and sales of laser forming and repair related products and services | 1.00 10,000 HKD | 3,019.42 10,000 yuan | 1,152.64 10,000 yuan | 0.00 10,000 yuan | -44.19 10,000 yuan | -44.19 10,000 yuan | | BLT (Shenzhen) Additive Manufacturing Co., Ltd. | Subsidiary | Technology R&D and sales of additive manufacturing equipment, consumables, parts, software | 10,000.00 10,000 yuan | 22,663.43 10,000 yuan | 8,002.95 10,000 yuan | 3,294.45 10,000 yuan | -1,066.11 10,000 yuan | -973.73 10,000 yuan | | BLT (Jiangsu) Additive Manufacturing Co., Ltd. | Subsidiary | Technology R&D, production and sales of additive manufacturing equipment, consumables, parts, software | 2,000.00 10,000 yuan | 2,874.13 10,000 yuan | 1,318.82 10,000 yuan | 0.00 10,000 yuan | -94.53 10,000 yuan | -94.53 10,000 yuan | | BLT (Shanghai) Technology Co., Ltd. | Subsidiary | Technology R&D and sales of additive manufacturing equipment, new materials, software | 2,000.00 10,000 yuan | 2,948.00 10,000 yuan | -2,460.07 10,000 yuan | 72.53 10,000 yuan | -725.16 10,000 yuan | -725.16 10,000 yuan | | BLT (Europe) GmbH | Subsidiary | Procurement and sales of laser forming and repair related products and services | 50.00 10,000 EUR | 3,332.55 10,000 yuan | -1,015.87 10,000 yuan | 4,348.31 10,000 yuan | -396.17 10,000 yuan | -396.17 10,000 yuan | | BLT (Xi'an) Technology Co., Ltd. | Subsidiary | Additive manufacturing; additive manufacturing equipment manufacturing; additive manufacturing equipment sales; 3D printing services; technical services, technology development; 3D printing basic material sales, etc. | 2,000.00 10,000 yuan | 50.00 10,000 yuan | 50.00 10,000 yuan | 0.00 10,000 yuan | 0.00 10,000 yuan | 0.00 10,000 yuan | | Xi'an BLT Materials Technology Co., Ltd. | Subsidiary | R&D, production and sales of 3D printing raw materials | 3,000.00 10,000 yuan | 6,935.73 10,000 yuan | -13.69 10,000 yuan | 0.00 10,000 yuan | -13.69 10,000 yuan | -13.69 10,000 yuan | Section IV Corporate Governance, Environment, and Society This section addresses the company's corporate governance practices, including its approach to profit distribution, and outlines its commitment to environmental and social responsibilities [II. Profit Distribution or Capital Reserve Conversion Plan](index=45&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The profit distribution plan or capital reserve conversion to share capital plan approved by the Board of Directors for this reporting period is "none"; the company will not conduct semi-annual profit distribution or capital reserve conversion to share capital - The profit distribution plan or capital reserve conversion to share capital plan approved by the Board of Directors for this reporting period is **"none"**[126](index=126&type=chunk) - The number of bonus shares, dividends, and conversion shares per 10 shares are all **not applicable**[126](index=126&type=chunk) Section V Significant Matters This section details significant corporate matters, including the diligent fulfillment of various commitments made by the company and its related parties, and provides a comprehensive update on the progress and utilization of raised funds for key investment projects and working capital [I. Fulfillment of Commitments](index=46&type=section&id=I.%20Fulfillment%20of%20Commitments) The company's actual controllers, shareholders, related parties, and the company itself have timely and strictly fulfilled all commitments during or continuing into the reporting period, mainly involving share lock-up, reduction prices, and share transfer ratios during tenure related to initial public offerings, as well as compensation measures and non-interference in operations related to refinancing, with no instances of unfulfilled commitments - Former actual controller **Huang Weidong**, current actual controllers **Zhe Shengyang** and **Xue Lei** committed not to transfer or entrust others to manage company shares held before this offering for **36 months** from the listing date, and to comply with the rule that if the share price falls below the offering price within 6 months of listing, the lock-up period will automatically extend by 6 months, and the reduction price will not be lower than the offering price within two years[130](index=130&type=chunk) - The company's directors and senior management committed not to transfer more than **25%** of their held company shares annually during their tenure, not to transfer shares within six months after leaving office, and to faithfully and diligently perform their duties to safeguard the legitimate rights and interests of the company and its shareholders[131](index=131&type=chunk)[132](index=132&type=chunk)[133](index=133&type=chunk) - All parties who made commitments have **timely and strictly fulfilled** their respective commitments, with no instances of unfulfilled commitments[130](index=130&type=chunk)[131](index=131&type=chunk)[132](index=132&type=chunk)[133](index=133&type=chunk)[134](index=134&type=chunk)[135](index=135&type=chunk)[136](index=136&type=chunk) [XII. Explanation of Progress in Use of Raised Funds](index=55&type=section&id=XII.%20Explanation%20of%20Progress%20in%20Use%20of%20Raised%20Funds) The company's use of raised funds has progressed smoothly, with a cumulative investment of **1.291 billion yuan** as of the end of the reporting period, accounting for **42.94%** of the committed investment. Both the "Metal Additive Manufacturing Large-scale Intelligent Production Base Project" and "Replenishment of Working Capital" are proceeding as planned. The company also temporarily supplemented working capital with **174 million yuan** of idle raised funds and engaged in cash management to improve fund utilization efficiency [(I) Overall Use of Raised Funds](index=55&type=section&id=(I)%20Overall%20Use%20of%20Raised%20Funds) The company raised a total of **3.029 billion yuan** through a private placement of shares, with a net amount of **3.007 billion yuan**. As of the end of the reporting period, cumulative investment of raised funds totaled **1.291 billion yuan**, accounting for **42.94%** of the committed investment, with **220.09 million yuan** invested in the current year Overall Use of Raised Funds | Source of Raised Funds | Total Raised Funds (10,000 yuan) | Net Raised Funds (10,000 yuan) | Committed Investment in Prospectus or Offering Document (10,000 yuan) | Cumulative Investment of Raised Funds as of Period End (10,000 yuan) | Investment Progress as of Period End (%) | Amount Invested in Current Year (10,000 yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Private Placement of Shares | 302,854.61 | 300,739.59 | 300,739.59 | 129,139.98 | 42.94 | 22,008.95 | [(II) Details of Raised Fund Investment Projects](index=55&type=section&id=(II)%20Details%20of%20Raised%20Fund%20Investment%20Projects) Raised fund investment projects include the "Metal Additive Manufacturing Large-scale Intelligent Production Base Project" and "Replenishment of Working Capital". The intelligent production base project has a budget of **2.011 billion yuan**, with a cumulative investment of **738 million yuan**, and a project progress of **41.11%**; the replenishment of working capital project has been fully invested with **562 million yuan**, reaching **100.55%** of the planned investment Details of Raised Fund Investment Projects | Project Name | Budget (10,000 yuan) | Cumulative Investment Amount (10,000 yuan) | Project Progress (%) | Intended Goal | | :--- | :--- | :--- | :--- | :--- | | Metal Additive Manufacturing Large-scale Intelligent Production Base Project | 201,119.78 | 73,800.00 | 41.11 | Achieve powder automation, large-batch printing for unmanned automated production, and reduced human intervention in post-processing | | Replenishment of Working Capital | 55,848.18 | 56,157.92 | 100.55 | Reduce costs, enhance product competitiveness; reduce reliance on imported components, overcome "bottleneck" risks, and increase autonomy | [(IV) Other Uses of Raised Funds During the Reporting Period](index=58&type=section&id=(IV)%20Other%20Uses%20of%20Raised%20Funds%20During%20the%20Reporting%20Period) During the reporting period, the company temporarily supplemented working capital with **350 million yuan** of idle raised funds for a period of 12 months, of which **174 million yuan** had been used as of June 30, 2025. Concurrently, the company continued to manage idle raised funds through cash management, investing in highly secure and liquid investment products, and migrated its special raised funds account to a new bank - The company used **350 million yuan** of idle raised funds to temporarily supplement working capital for a period of **12 months**, of which **174 million yuan** had been used as of June 30, 2025[148](index=148&type=chunk) Idle Raised Funds Cash Management Status | Board of Directors Review Date | Approved Quota for Cash Management of Raised Funds (10,000 yuan) | End Date | | :--- | :--- | :--- | | March 27, 2024 | 100,000.00 | March 26, 2025 | | December 27, 2024 | 90,000.00 | December 26, 2025 | | March 28, 2025 | 90,000.00 | March 27, 2026 | - Due to bank institutional adjustments, the company's special raised funds account has been migrated to **Bank of Communications Co., Ltd. Xi'an Wangzuo Qujiang Branch**, with the account number and supervision agreement remaining unchanged[154](index=154&type=chunk) Section VI Share Changes and Shareholder Information This section provides an overview of the company's share capital structure, confirming no changes during the reporting period, and details the shareholder composition, including the top ten shareholders and their respective holdings [I. Share Capital Changes](index=60&type=section&id=I.%20Share%20Capital%20Changes) During the reporting period, there were no changes in the company's total ordinary shares or share capital structure - During the reporting period, there were **no changes** in the company's total ordinary shares or share capital structure[157](index=157&type=chunk) [II. Shareholder Information](index=60&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the total number of ordinary shareholders was **13,147**. The top ten shareholders' holdings show that Zhe Shengyang is the largest shareholder, with a **16.57%** stake, and Xue Lei directly and indirectly holds a total of **5.75%**. Zhe Shengyang and Xue Lei are parties acting in concert Total Number of Shareholders | Indicator | Quantity | | :--- | :--- | | Total number of ordinary shareholders at the end of the reporting period (households) | 13,147 | Top Ten Shareholders' Holdings (Excluding Shares Lent Through Securities Lending) | Shareholder Name | Shares Held at Period End (shares) | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Zhe Shengyang | 45,041,825 | 16.57 | Domestic Natural Person | | Pingxiang Jingyi Business Information Consulting Partnership (Limited Partnership) | 18,752,471 | 6.9 | Domestic Non-State-Owned Legal Person | | Xue Lei | 10,687,482 | 3.93 | Domestic Natural Person | | China Construction Bank Co., Ltd. - Invesco Great Wall Research Select Stock Fund | 6,391,170 | 2.35 | Unknown | | Liang Liusheng | 5,847,698 | 2.15 | Domestic Natural Person | | Wang Ping | 4,781,400 | 1.76 | Domestic Natural Person | | Quanzhou Borui Enterprise Management Partnership (Limited Partnership) | 4,660,698 | 1.71 | Domestic Non-State-Owned Legal Person | | China Development Bank Manufacturing Transformation and Upgrade Fund (Limited Partnership) | 4,444,444 | 1.64 | Unknown | | Guoqiyuanhe Private Equity Fund Management Co., Ltd. - Industrial Mother Machine Industry Investment Fund (Limited Partnership) | 4,444,444 | 1.64 | Unknown | | Lei Kaigui | 3,543,687 | 1.3 | Domestic Natural Person | - Mr. Zhe Shengyang and Mr. Xue Lei are **parties acting in concert**. Mr. Xue Lei indirectly holds company shares by controlling Quanzhou Borui Enterprise Management Partnership (Limited Partnership) and holding shares in Pingxiang Jingyi Business Information Consulting Partnership (Limited Partnership)[162](index=162&type=chunk) Section VII Bond-Related Information This section confirms that the company has no outstanding corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds during the reporting period [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=63&type=section&id=I.%20Corporate%20Bonds%20(Including%20Enterprise%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments - This section is **not applicable**, as the company has no corporate bonds or non-financial enterprise debt financing instruments[165](index=165&type=chunk) [II. Convertible Corporate Bonds](index=63&type=section&id=II.%20Convertible%20Corporate%20Bonds) During the reporting period, the company had no convertible corporate bonds - This section is **not applicable**, as the company has no convertible corporate bonds[165](index=165&type=chunk) Section VIII Financial Report This section presents the company's unaudited consolidated and parent company financial statements for the first half of 2025, including detailed notes on significant accounting policies, tax information, and comprehensive explanations of various balance sheet, income statement, and cash flow items, along with supplementary financial data [I. Audit Report](index=64&type=section&id=I.%20Audit%20Report) This semi-annual report has not been audited - This semi-annual report is **unaudited**[4](index=4&type=chunk) [II. Financial Statements](index=64&type=section&id=II.%20Financial%20Statements) This section provides the company's consolidated and parent company financial statements for the first half of 2025, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity, comprehensively reflecting the company's financial position at the end of the reporting period and its operating results and cash flows during the reporting period [Consolidated Balance Sheet](index=64&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets were **8.165 billion yuan**, total liabilities were **3.301 billion yuan**, and total owners' equity was **4.865 billion yuan**. Among current assets, monetary funds, accounts receivable, and inventory were the main components, while non-current assets were primarily fixed assets and construction in progress. Among current liabilities, short-term borrowings, notes payable, and accounts payable accounted for a higher proportion Consolidated Balance Sheet Key Data (As of June 30, 2025) | Item | June 30, 2025 (yuan) | December 31, 2024 (yuan) | | :--- | :--- | :--- | | Total Assets | 8,165,353,573.54 | 7,285,685,073.58 | | Total Liabilities | 3,300,660,490.10 | 2,467,752,234.53 | | Total Owners' Equity (or Shareholders' Equity) | 4,864,693,083.45 | 4,817,932,839.05 | | Monetary Funds | 1,309,161,933.63 | 1,185,787,049.35 | | Trading Financial Assets | 453,940,931.51 | 1,004,700,054.79 | | Accounts Receivable | 1,146,363,641.21 | 963,811,112.97 | | Inventory | 1,210,139,007.12 | 827,393,984.40 | | Fixed Assets | 2,060,039,232.75 | 1,495,356,988.17 | | Construction in Progress | 1,120,459,262.08 | 1,042,283,046.08 | | Short-Term Borrowings | 750,933,395.07 | 504,157,087.93 | | Accounts Payable | 1,205,047,261.28 | 843,028,859.90 | | Long-Term Borrowings | 546,730,848.57 | 386,315,929.42 | [Consolidated Income Statement](index=68&type=section&id=Consolidated%20Income%20Statement) From January to June 2025, the company achieved total operating revenue of **667 million yuan**, a year-on-year increase of **17.22%**. Total operating costs were **621 million yuan**, of which operating costs were **386 million yuan**. Total profit was **72.69 million yuan**, net profit was **76.31 million yuan**, and net profit attributable to parent company shareholders was **76.31 million yuan**. Other income, investment income, and fair value change gains contributed positively to profit Consolidated Income Statement Key Data (January-June 2025) | Item | First Half of 2025 (yuan) | First Half of 2024 (yuan) | | :--- | :--- | :--- | | I. Total Operating Revenue | 666,946,186.30 | 568,970,483.03 | | Of which: Operating Revenue | 666,946,186.30 | 568,970,483.03 | | II. Total Operating Costs | 620,667,482.65 | 536,221,311.04 | | Of which: Operating Costs | 385,622,846.86 | 320,791,774.77 | | Selling Expenses | 47,502,563.80 | 38,485,898.91 | | Administrative Expenses | 52,991,026.95 | 64,048,625.09 | | R&D Expenses | 125,339,349.92 | 107,923,490.10 | | Financial Expenses | 2,987,239.31 | -504,606.59 | | Add: Other Income | 25,897,425.63 | 18,076,617.00 | | Investment Income | 5,551,576.25 | 3,166,005.77 | | Gains from Changes in Fair Value | 10,504,091.51 | 20,208,649.01 | | III. Operating Profit | 72,631,246.66 | 59,024,512.96 | | IV. Total Profit | 72,694,351.58 | 59,111,489.44 | | V. Net Profit | 76,314,289.46 | 69,387,814.36 | | Net Profit Attributable to Parent Company Shareholders | 76,314,289.46 | 69,387,814.36 | | VIII. Earnings Per Share: Basic Earnings Per Share (yuan/share) | 0.28 | 0.26 | | Diluted Earnings Per Share (yuan/share) | 0.28 | 0.25 | [Consolidated Cash Flow Statement](index=72&type=section&id=Consolidated%20Cash%20Flow%20Statement) From January to June 2025, net cash flow from operating activities was **-302 million yuan**, with net outflow increasing compared to the same period last year. Net cash flow from investing activities was **107 million yuan**, shifting from net outflow to net inflow, mainly due to a reduction in structured deposit wealth management. Net cash flow from financing activities was **332 million yuan**, shifting from net outflow to net inflow, mainly due to an increase in bank borrowings Consolidated Cash Flow Statement Key Data (January-June 2025) | Item | First Half of 2025 (yuan) | First Half of 2024 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -302,369,522.35 | -266,956,098.12 | | Net Cash Flow from Investing Activities | 107,294,863.46 | -1,954,894,887.18 | | Net Cash Flow from Financing Activities | 332,222,808.93 | -24,745,554.26 | | Net Increase in Cash and Cash Equivalents | 137,362,565.55 | -2,246,661,267.45 | | Cash and Cash Equivalents at Period End | 1,304,671,910.67 | 903,390,485.15 | - Operating cash outflow increased, mainly due to increased cash paid for purchasing goods and receiving services, and cash paid to and on behalf of employees[184](index=184&type=chunk) - Cash inflow from investing activities primarily came from recovery of investments and structured deposits, while outflow was mainly used for the acquisition of fixed assets, intangible assets, and other long-term assets, as well as payments for structured deposits[185](index=185&type=chunk) - Cash inflow from financing activities primarily came from borrowings, while outflow was mainly used for repayment of debts, distribution of dividends, and other cash payments related to financing activities[188](index=188&type=chunk) [III. Basic Company Information](index=85&type=section&id=III.%20Basic%20Company%20Information) Xi'an BLT Additive Technology Co., Ltd. was established on July 6, 2011, with Xue Lei as its legal representative, registered in Xi'an High-tech Zone, Shaanxi Province. The company's shares are listed on the Shanghai Stock Exchange, and its main business is additive manufacturing equipment manufacturing, providing 3D printing services, technology development, etc - The company was established on **July 6, 2011**, with **Xue Lei** as its legal representative, and its shares are listed on the **Shanghai Stock Exchange**[202](index=202&type=chunk) - The company's main business is **additive manufacturing**, with primary products including additive manufacturing equipment, general equipment manufacturing, metal processing machinery manufacturing, general parts manufacturing, and providing 3D printing services and technology development services[202](index=202&type=chunk) [IV. Basis of Financial Statement Preparation](index=85&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, and management has assessed the ability to continue as a going concern for the next 12 months, finding no significant doubts - The company's financial statements are prepared on a **going concern basis**[203](index=203&type=chunk) - The Group has evaluated its ability to continue as a going concern for the next 12 months from the reporting date and has found **no significant doubts or circumstances** regarding its ability to continue as a going concern[204](index=204&type=chunk) [V. Significant Accounting Policies and Estimates](index=85&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section elaborates on the accounting standards followed by the company in preparing its financial statements and discloses specific accounting policies and estimates, including provisions for bad debts on accounts receivable, inventory impairment provisions, depreciation of fixed assets, amortization of intangible assets, and revenue recognition and measurement. The company has clear accounting treatment methods for financial instruments, long-term equity investments, construction in progress, borrowing costs, R&D expenses, employee compensation, provisions, and leases - The Group has formulated specific accounting policies and estimates based on its actual production and operating characteristics, including **provisions for bad debts on accounts receivable**, **inventory impairment provisions**, **depreciation of fixed assets**, **amortization of intangible assets**, and **revenue recognition and measurement**[205](index=205&type=chunk) - The company's financial assets are classified as measured at **amortized cost**, **fair value through other comprehensive income**, or **fair value through profit or loss**, and impairment provisions are made based on the **expected credit loss model**[217](index=217&type=chunk)[223](index=223&type=chunk) - Revenue is recognized when the performance obligations in the contract are fulfilled, i.e., when the customer obtains control of the related goods or services, with specific recognition criteria for **3D printing equipment, customized products, raw material sales, and technical service revenue**[272](index=272&type=chunk)[276](index=276&type=chunk) - R&D expenditures are divided into **research phase expenditures** and **development phase expenditures**; research phase expenditures are recognized in current profit or loss, while development phase expenditures are capitalized when specific conditions are met[260](index=260&type=chunk) [VI. Taxation](index=104&type=section&id=VI.%20Taxation) This section lists the main tax categories and applicable tax rates for the company and its subsidiaries, including VAT, corporate income tax, urban maintenance and construction tax, etc. The company and some subsidiaries enjoy a **15%** corporate income tax preferential rate due to their high-tech enterprise qualifications, and also benefit from tax incentives such as additional input VAT deduction for advanced manufacturing and R&D expense super deduction Major Tax Categories and Tax Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Based on sales of goods and taxable services calculated according to tax laws, after deducting input VAT allowed for the current period, the difference is VAT payable | 6%, 13%, 19% | | Urban Maintenance and Construction Tax | Levied on actual VAT paid | 7% | | Corporate Income Tax | Levied on taxable income | 15%, 25%, 16.5% | | Education Surcharge | Levied on actual VAT paid | 3% | | Local Education Surcharge | Levied on actual VAT paid | 2% | | Property Tax | Levied on the tax value of self-used properties | 1.2% | | Land Use Tax | Levied on the area of self-used land | 9 yuan/m², 4 yuan/m² | Taxable Entities with Different Corporate Income Tax Rates | Taxable Entity Name | Income Tax Rate (%) | | :--- | :--- | | The Company | 15 | | BLT Weinan Co. | 15 | | BLT Hong Kong Co. | 16.5 | | BLT Jiangsu Co. | 25 | | BLT Shenzhen Co. | 15 | | BLT Shanghai Co. | 25 | | BLT Europe Co. | 15 | | BLT Technology Co. | 25 | | BLT Materials Co. | 25 | - The Company, BLT Weinan Co., and BLT Shenzhen Co. are all recognized as **high-tech enterprises**, enjoying a **15% corporate income tax preferential rate**, and also benefit from tax incentives such as **additional input VAT deduction for advanced manufacturing** and **R&D expense super deduction**[294](index=294&type=chunk)[295](index=295&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=105&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for each item in the consolidated financial statements, including monetary funds, trading financial assets, notes receivable, accounts receivable, contract assets, inventory, fixed assets, construction in progress, intangible assets, deferred income tax assets/liabilities, short-term borrowings, accounts payable, contract liabilities, employee compensation payable, taxes payable, long-term borrowings, deferred income, share capital, capital reserves, treasury stock, other comprehensive income, special reserves, undistributed profits, operating revenue and costs, various expenses, other income, investment income, fair value change gains, asset disposal gains, credit impairment losses, asset impairment losses, non-operating income and expenses, income tax expenses, cash flow statement items and foreign currency monetary items, explaining the period-end balances, beginning balances, and changes and reasons for each item - Monetary funds period-end balance is **1.309 billion yuan**, of which **4.49 million yuan** is restricted as margin deposits[297](index=297&type=chunk) - Trading financial assets period-end balance is **454 million yuan**, a **54.82%** decrease from the beginning of the period, mainly due to a reduction in structured deposits[115](index=115&type=chunk)[298](index=298&type=chunk) - Accounts receivable period-end balance is **1.146 billion yuan**, with bad debt provisions of **79.4259 million yuan**, including **1.8219 million yuan** of individually impaired accounts receivable fully provided for[307](index=307&type=chunk)[309](index=309&type=chunk) - Inventory period-end balance is **1.21 billion yuan**, a **46.26%** increase from the beginning of the period, mainly due to a significant increase in raw materials and finished goods for production stocking[115](index=115&type=chunk)[347](index=347&type=chunk) - Fixed assets period-end book value is **2.06 billion yuan**, a **37.76%** increase from the beginning of the period, mainly due to the Metal Additive Manufacturing Large-scale Intelligent Production Base Project and the capitalization of machinery and equipment under construction[115](index=115&type=chunk)[363](index=363&type=chunk) - Short-term borrowings period-end balance is **751 million yuan**, a **48.95%** increase from the beginning of the period, mainly due to increased bank borrowings for production and operations[115](index=115&type=chunk)[396](index=396&type=chunk) - Accounts payable period-end balance is **1.205 billion yuan**, a **42.94%** increase from the beginning of the period, mainly due to expanded production and operations, increased purchases of equipment parts, production materials, and engineering payments[115](index=115&type=chunk)[400](index=400&type=chunk) - Operating revenue is **667 million yuan**, operating costs are **386 million yuan**, primarily from **3D printing customized products and technical services (422 million yuan)** and **3D printing equipment, accessories, and technical services (186 million yuan)**[443](index=443&type=chunk)[445](index=445&type=chunk) - R&D expenses are **125 million yuan**, a **16.14%** increase from the same period last year, mainly due to increased employee compensation and direct inputs[452](index=452&type=chunk) - Net cash flow from operating activities is **-302 million yuan**, net cash flow from investing activities is **107 million yuan**, and net cash flow from financing activities is **332 million yuan**[184](index=184&type=chunk) [VIII. R&D Expenses](index=162&type=section&id=VIII.%20R%26D%20Expenses) During the reporting period, the

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