广东绿通新能源电动车科技股份有限公司 2025 年半年度报告全文 广东绿通新能源电动车科技股份有限公司 2025 年半年度报告 2025 年 8 月 1 广东绿通新能源电动车科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法 律责任。 公司负责人张志江、主管会计工作负责人彭丽君及会计机构负责人(会计 主管人员)彭丽君声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司在本半年度报告中详细阐述了未来可能发生的有关风险因素及对策， 详见"第三节 管理层讨论与分析"之"十、公司面临的风险和应对措施"，敬请 广大投资者予以关注。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | | | | 第一节 | 重要提示、目录和释义 2 | | --- | --- | | 第二节 | 公司简介和主要财务指标 6 | | 第三节 | 管理层讨论与分析 9 | | 第四节 | 公司治理、环境和社会 25 | | ...

中红普林医疗用品股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 中红普林医疗用品股份有限公司 2025 年半年度报告 2025-072 2025 年 8 月 1 中红普林医疗用品股份有限公司 2025 年半年度报告全文 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。 公司负责人桑树军、主管会计工作负责人王文龙及会计机构负责人(会计 主管人员)张玉柱声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中涉及公司未来计划等前瞻性陈述，能否实现取决于国际政治环境、 国家政策变动、市场供需关系、创新产品研发进度等多种因素，存在一定的 不确定性。该等陈述不构成公司对投资者的实质性承诺，投资者及相关人士 均应对此保持足够的风险认识，并应当理解计划、预测与承诺之间的差异。 公司详细阐述了未来可能的风险因素，详见本报告第三节"管理层讨论与分 析"中"十、公司面临的风险和应对措施"部分，敬请广大投资者注意风险。 公司计划不派发现金红利，不送红 ...

[Important Notes, Table of Contents, and Definitions](index=3&type=section&id=Important%20Notes,%20Table%20of%20Contents,%20and%20Definitions) This section outlines the report's overall structure, provides definitions for key terms, and includes important disclaimers regarding the report's accuracy and future plans [Important Notes](index=3&type=section&id=Important%20Notes) The board, supervisory board, and senior management guarantee the report's accuracy, completeness, and truthfulness, with no plans for cash dividends or bonus shares this half-year - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content[7](index=7&type=chunk) - The company's responsible person, chief financial officer, and head of accounting department declare the financial report is true, accurate, and complete[7](index=7&type=chunk) - The company plans no cash dividends, bonus shares, or capital increase from capital reserves for this half-year period[8](index=8&type=chunk) [Table of Contents](index=4&type=section&id=Table%20of%20Contents) This section outlines the report's overall structure, including eight main chapters such as important notes, company profile, management discussion and analysis, corporate governance, significant events, share changes and shareholder information, bond-related matters, and financial reports [Reference Documents](index=5&type=section&id=Reference%20Documents) Reference documents include financial statements signed and sealed by the company's responsible person, chief financial officer, and head of accounting, original copies of all publicly disclosed company documents during the reporting period, and other relevant materials - Reference documents include signed and sealed financial statements, original copies of publicly disclosed documents, and other relevant materials[12](index=12&type=chunk) [Definitions](index=6&type=section&id=Definitions) This section provides definitions for common terms used in the report, covering company names, related parties, financial periods, and professional explanations of core technologies and processes like RPIR, T-Bic, and MCBR, ensuring clear understanding of the report content - The reporting period refers to January 1, 2025, to June 30, 2025[13](index=13&type=chunk) - RPIR technology is a coupled sedimentation rectangular airlift loop bioreactor, integrating biochemical reaction and sedimentation separation into a single reactor[13](index=13&type=chunk)[16](index=16&type=chunk) - T-Bic technology is a three-dimensional immobilized biological curtain technology, suitable for rapid biochemical treatment of low-pollution water bodies[13](index=13&type=chunk) - MCBR modular circulating bioreactor doubles water treatment capacity compared to RPIR, with lower construction costs and simpler operation and maintenance[13](index=13&type=chunk) [Company Profile and Key Financial Indicators](index=8&type=section&id=Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information, contact details, and key financial performance indicators for the reporting period [I. Company Profile](index=8&type=section&id=I.%20Company%20Profile) Qingyan Environmental Technology Co., Ltd., stock ticker *ST Qingyan, stock code 301288, is listed on the Shenzhen Stock Exchange, with Liu Shujie as its legal representative Basic Company Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | *ST Qingyan | | Stock Code | 301288 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Liu Shujie | [II. Contact Persons and Information](index=8&type=section&id=II.%20Contact%20Persons%20and%20Information) The company's Board Secretary is Zheng Xin, and the Securities Affairs Representative is Shi Guangyin, with contact address at C527, 5th Floor, Tsinghua University Research Institute, No. 019, Gaoxin South 7th Road, Gaoxin Community, Yuehai Street, Nanshan District, Shenzhen, and phone number 0755-86563163 Contact Persons and Information | Position | Name | Contact Address | Phone | Email | | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Zheng Xin | C527, 5th Floor, Tsinghua University Research Institute, No. 019, Gaoxin South 7th Road, Gaoxin Community, Yuehai Street, Nanshan District, Shenzhen | 0755-86563163 | qyhjzqb@tsinghuan.com.cn | | Securities Affairs Representative | Shi Guangyin | C527, 5th Floor, Tsinghua University Research Institute, No. 019, Gaoxin South 7th Road, Gaoxin Community, Yuehai Street, Nanshan District, Shenzhen | 0755-86563163 | qyhjzqb@tsinghuan.com.cn | [III. Other Information](index=8&type=section&id=III.%20Other%20Information) During the reporting period, there were no changes in the company's registered address, office address, website, email, information disclosure and filing locations, or registration status; specific details can be found in the 2024 annual report - The company's contact information, information disclosure and filing locations, and registration status remained unchanged during the reporting period[20](index=20&type=chunk)[21](index=21&type=chunk)[22](index=22&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=9&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This reporting period, the company's operating revenue decreased by **30.94%** year-on-year to **25.44 million yuan**, while net loss attributable to shareholders narrowed by **46.57%** to **-2.88 million yuan**; total assets increased by **10.04%** year-on-year, and net assets attributable to shareholders decreased by **1.21%** Key Accounting Data and Financial Indicators (Current Period vs. Prior Year) | Indicator | Current Period (RMB) | Prior Year (RMB) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 25,444,761.80 | 36,845,568.45 | -30.94% | | Net Profit Attributable to Shareholders of Listed Company | -2,882,777.25 | -5,395,863.79 | 46.57% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains and Losses) | -5,225,737.92 | -8,405,551.74 | 37.83% | | Net Cash Flow from Operating Activities | -16,367,087.61 | -13,986,968.06 | -17.02% | | Basic Earnings Per Share (RMB/share) | -0.0267 | -0.0506 | 47.23% | | Diluted Earnings Per Share (RMB/share) | -0.0267 | -0.0506 | 47.23% | | Weighted Average Return on Net Assets | -0.36% | -0.65% | 0.29% | | **Period-End Indicators** | **Current Period-End (RMB)** | **Prior Year-End (RMB)** | **Period-End vs. Prior Year-End Change** | | Total Assets | 1,024,443,583.80 | 931,014,429.12 | 10.04% | | Net Assets Attributable to Shareholders of Listed Company | 797,373,892.09 | 807,106,004.39 | -1.21% | [V. Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=9&type=section&id=V.%20Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20Overseas%20Accounting%20Standards) During the reporting period, the company had no differences in net profit and net assets in financial reports disclosed under International Accounting Standards or overseas accounting standards compared to Chinese Accounting Standards - The company reported no differences in accounting data under domestic and overseas accounting standards during the period[24](index=24&type=chunk)[25](index=25&type=chunk) [VI. Non-Recurring Gains and Losses Items and Amounts](index=9&type=section&id=VI.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) Total non-recurring gains and losses for this reporting period amounted to **2.34 million yuan**, primarily from disposal gains/losses of non-current assets, government grants, fair value changes of financial assets, and business combination gains Non-Recurring Gains and Losses Items and Amounts | Item | Amount (RMB) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 146,017.14 | | Government grants recognized in current profit or loss (excluding those related to business operations) | 260,597.45 | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and disposal gains and losses | 1,607,034.91 | | Gains from investment costs of acquiring subsidiaries, associates, and joint ventures being less than the fair value of identifiable net assets at acquisition | 566,546.36 | | Other non-operating income and expenses apart from the above | 199,800.36 | | Less: Income tax impact | 284,232.87 | | Minority interest impact (after tax) | 152,802.68 | | **Total** | **2,342,960.67** | [Management Discussion and Analysis](index=11&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the company's main business activities, core competencies, financial performance, investment status, and risk management strategies during the reporting period [I. Main Business Activities During the Reporting Period](index=11&type=section&id=I.%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) Amidst the 'dual carbon' strategy and ecological civilization initiatives, the environmental protection industry is undergoing restructuring; the company expands its business through technological innovation, deep scenario cultivation, and a 'new partner strategy,' extending from municipal wastewater treatment to industrial wastewater, hazardous and solid waste disposal, and resource utilization, while actively entering emerging sectors [(I) Industry Overview](index=11&type=section&id=(I)%20Industry%20Overview) In 2025, driven by the 'dual carbon' strategy and ecological civilization, China's environmental industry saw deepening policies in water and solid waste, creating new markets for wastewater treatment upgrades, industrial park wastewater zero discharge, and solid/hazardous waste resource utilization; however, the industry faces challenges like macroeconomic adjustments, declining local fiscal capacity, and extended payment cycles, making technological innovation and practical application core competencies - In 2025, driven by the 'dual carbon' strategy and ecological civilization, the environmental industry's water treatment policies are advancing towards refinement, resource utilization, and ecological approaches[30](index=30&type=chunk) - The water treatment sector added **12 million cubic meters/day** of wastewater treatment capacity and upgraded **45,000 kilometers** of sewage collection pipelines[30](index=30&type=chunk) - The environmental industry faces challenges including macroeconomic adjustments, declining local fiscal payment capacity, and extended payment cycles for environmental projects, now reaching **18 months**[31](index=31&type=chunk) [(II) Company's Industry Position](index=12&type=section&id=(II)%20Company's%20Industry%20Position) The company positions itself as a leader in the equipment-based transformation of innovative technologies, building business models around core technology promotion; its innovative water treatment technologies and equipment are widely applied in municipal, river/lake, rural, and industrial wastewater sectors, demonstrating strong growth potential and broad market space within the industry - The company is positioned as a leader in the equipment-based transformation of innovative technologies, with its water treatment technologies and equipment widely applied in municipal, river/lake, rural, and industrial wastewater sectors[36](index=36&type=chunk) - The company has received numerous professional qualifications and honors, attracting widespread attention from media outlets such as CCTV and Shenzhen Satellite TV[37](index=37&type=chunk) [(III) Company's Main Business](index=13&type=section&id=(III)%20Company's%20Main%20Business) The company is a national-level 'specialized, refined, unique, and innovative' 'little giant' enterprise; during the reporting period, it consolidated its rapid biochemical wastewater treatment business and expanded into solid and hazardous waste treatment and resource utilization, with main businesses including water treatment process package sales, operation services, and engineering services, as well as hazardous and solid waste disposal and resource utilization through the acquisition of Tonghai Nickel Industry - The company is a national-level 'specialized, refined, unique, and innovative' 'little giant' enterprise focused on environmental technology R&D and application[38](index=38&type=chunk) - During the reporting period, while consolidating its existing rapid biochemical wastewater treatment business, the company expanded into solid and hazardous waste treatment and resource utilization[38](index=38&type=chunk) - Through the acquisition of a **51%** stake in Tonghai Nickel Industry, the company entered the business of harmless disposal of hazardous waste and metal resource regeneration, recovery, and sales[33](index=33&type=chunk)[52](index=52&type=chunk) [1. Water Treatment Process Package Sales Business](index=13&type=section&id=1.%20Water%20Treatment%20Process%20Package%20Sales%20Business) The company provides rapid biochemical wastewater treatment technologies and equipment, offering integrated solutions and operation and maintenance services for sub-markets such as new construction, upgrade, and expansion of municipal wastewater treatment plants, decentralized rural wastewater treatment, and industrial wastewater treatment - The company's core RPIR rapid biochemical wastewater treatment technology enables low-cost and rapid construction and renovation of municipal wastewater treatment plants[40](index=40&type=chunk) - The company's T-Bic biological purification technology is suitable for decentralized rural wastewater treatment, capable of photovoltaic power supply and remote monitoring[44](index=44&type=chunk) - The company possesses multiple core technologies in high-concentration industrial wastewater treatment, already applied in hazardous waste stations, leachate, and slaughterhouse wastewater projects[45](index=45&type=chunk) [2. Water Treatment Operation Services](index=16&type=section&id=2.%20Water%20Treatment%20Operation%20Services) The company selectively undertakes water treatment operation services, including technical services such as process optimization, diagnosis, equipment operation management, and water quality monitoring, with future plans to extend into industrial wastewater treatment fields like oil and gas field wastewater through its 'new partner strategy' - The company undertakes water treatment operation services, including technical services such as process optimization, diagnosis, operational analysis, equipment operation management, emergency management, and water quality monitoring and analysis[49](index=49&type=chunk)[50](index=50&type=chunk) - Future expansion will extend into industrial wastewater treatment fields such as oil and gas field wastewater through the new partner strategy[50](index=50&type=chunk) [3. Water Treatment Engineering Services](index=17&type=section&id=3.%20Water%20Treatment%20Engineering%20Services) The company provides integrated water treatment engineering services, encompassing design, procurement, and construction, with process packages as its core, though the number of projects is relatively small - The company provides integrated water treatment engineering services, encompassing design, procurement, and construction, with process packages as its core[51](index=51&type=chunk) [4. Hazardous and Solid Waste Disposal and Resource Utilization Business](index=17&type=section&id=4.%20Hazardous%20and%20Solid%20Waste%20Disposal%20and%20Resource%20Utilization%20Business) The company's controlled subsidiary, Tonghai Nickel Industry, primarily engages in harmless disposal of hazardous waste and metal resource regeneration, recovery, and sales, being one of Fujian Province's largest resource utilization enterprises for hazardous waste, with an approved disposal capacity of **113,300 tons/year** - Controlled subsidiary Tonghai Nickel Industry primarily engages in harmless disposal of hazardous waste and metal resource regeneration, recovery, and sales business[52](index=52&type=chunk) - Tonghai Nickel Industry has obtained a hazardous waste operating license, with an approved disposal capacity of **113,300 tons/year**, making it one of Fujian Province's largest resource utilization enterprises for hazardous waste[52](index=52&type=chunk) [(IV) Company's Technologies and Products](index=17&type=section&id=(IV)%20Company's%20Technologies%20and%20Products) The company possesses a series of rapid biochemical wastewater treatment technologies and products, including RPIR, T-Bic, and anoxic RPIR, along with hazardous and solid waste disposal resource utilization products and high-salinity wastewater treatment and resource utilization technologies; these technologies and products are widely applied in municipal, rural, industrial wastewater treatment, and resource recovery, with continuous upgrades and innovations [1. RPIR Rapid Biochemical Wastewater Treatment Technology Series Products](index=17&type=section&id=1.%20RPIR%20Rapid%20Biochemical%20Wastewater%20Treatment%20Technology%20Series%20Products) RPIR technology is the company's independently developed, internationally leading wastewater treatment technology, coupling aeration, airlift circulation, biochemical reaction, and sedimentation separation to form modular, standardized, intensive high-efficiency bioreactors, eliminating the need for secondary sedimentation tanks, and has been applied across **28 provinces/cities/autonomous regions** nationwide; the second-generation MCBR module doubles water treatment capacity with lower construction costs - RPIR technology is the company's independently developed, internationally leading wastewater treatment technology, organically coupling four functions: aeration, airlift circulation, biochemical reaction, and sedimentation separation[53](index=53&type=chunk) - RPIR technology series products are applied across **28 provinces/cities/autonomous regions** nationwide, and the A²/RPIR wastewater treatment process has been identified as internationally advanced[53](index=53&type=chunk)[57](index=57&type=chunk) - The second-generation RPIR module, the Rapid Separation Module (MCBR module), can treat **400-600 m³/d** of water, significantly increasing hydraulic surface load and reducing construction costs and difficulty[59](index=59&type=chunk) [2. T-Bic Rapid Biochemical Wastewater Treatment Technology Series Products](index=19&type=section&id=2.%20T-Bic%20Rapid%20Biochemical%20Wastewater%20Treatment%20Technology%20Series%20Products) T-Bic (three-dimensional immobilized biological curtain) rapid biochemical wastewater treatment technology integrates multiple techniques, including bio-enhanced functional microbial agents, polymer-modified immobilized microorganisms, and rapid biochemical reactors, achieving efficient and high-density immobilization of functional microbial agents; it is suitable for rapid biochemical treatment of water bodies with varying degrees of pollution and has been industrialized in regions such as Guangdong, Jiangsu, Henan, Tibet, and Yunnan - T-Bic technology integrates multiple techniques, including bio-enhanced functional microbial agents, polymer-modified immobilized microorganisms, and rapid biochemical reactors, achieving efficient and high-density immobilization of functional microbial agents[60](index=60&type=chunk) - T-Bic technology is suitable for rapid biochemical treatment of water bodies with varying degrees of pollution and has been industrialized in regions such as Guangdong, Jiangsu, Henan, Tibet, and Yunnan[60](index=60&type=chunk) T-Bic Series Products | Product Name | Application Scenario | Treatment Capacity | Effluent Standard | | :--- | :--- | :--- | :--- | | RPSR Integrated Machine | Low-pollution river water treatment | Single unit 1,000-2,500 m³/d | Better than Surface Water Class III standard | | T-Bic Biological Purification Pond | Low-carbon, high-efficiency treatment of highly dispersed wastewater in rural areas, communities, parks, scenic spots, etc | 1-300 m³/d | Rural domestic sewage: local rural sewage discharge standards; Decentralized urban sewage: Class A | | T-Bic Bio-Floating Island | In-situ treatment and water quality improvement for low-pollution water bodies such as ponds, lakes, reservoirs, and rivers | Single island service area 20-40 m² | Up to quasi-Surface Water Class III standard | | T-Bic Composite Biofilm Wetland | Wastewater treatment plant effluent upgrade and watershed water environment improvement | 500 m³/d | Above Surface Water Class III | [3. Anoxic RPIR High Ammonia Nitrogen Wastewater Treatment Technology Series Products](index=20&type=section&id=3.%20Anoxic%20RPIR%20High%20Ammonia%20Nitrogen%20Wastewater%20Treatment%20Technology%20Series%20Products) Anoxic RPIR technology combines RPIR with anaerobic ammonia oxidation technology, forming an integrated short-cut nitrification-anaerobic ammonia oxidation-sedimentation separation reactor; it features modularity, carbon source and aeration savings, and high denitrification efficiency (**4-8 times** traditional methods), applied in fields such as kitchen waste fermentation leachate, landfill leachate, and high ammonia nitrogen wastewater treatment - Anoxic RPIR technology combines RPIR with anaerobic ammonia oxidation technology, forming an integrated short-cut nitrification-anaerobic ammonia oxidation-sedimentation separation reactor[62](index=62&type=chunk) - This technology offers advantages such as modularity, standardization, no carbon source required for denitrification, reduced aeration, and denitrification efficiency **4-8 times** that of traditional nitrification-denitrification[63](index=63&type=chunk) - It has been applied in the treatment of kitchen waste fermentation leachate, landfill leachate, and high ammonia nitrogen wastewater in the food, pharmaceutical, and PCB industries[63](index=63&type=chunk) [4. Resource Utilization Technologies and Products](index=20&type=section&id=4.%20Resource%20Utilization%20Technologies%20and%20Products) Through Tonghai Nickel Industry, the company produces and sells recycled metal alloys, utilizing hazardous and solid waste containing metals like nickel and chromium with a 'sintering + submerged arc furnace smelting' pyrometallurgical process; subsidiary Zhengding Environmental possesses high-salinity wastewater treatment and resource utilization technology, which, through system optimization, enhances treatment efficiency, reduces costs, and recovers high-value-added products - Tonghai Nickel Industry produces and sells recycled metal alloys, using a 'sintering + submerged arc furnace smelting' pyrometallurgical process to treat hazardous and solid waste containing metals such as nickel and chromium[64](index=64&type=chunk) - Zhengding Environmental's high-salinity wastewater treatment and resource utilization technology, through system optimization, significantly improves treatment efficiency, reduces land occupation, saves investment and operating costs, and enhances the recovery benefits of high-value-added products[65](index=65&type=chunk) [(V) Company's Business Model](index=21&type=section&id=(V)%20Company's%20Business%20Model) The company's business model encompasses water treatment and hazardous/solid waste disposal and resource utilization; water treatment profits primarily from patented technology process package sales, operation services, and engineering services, while hazardous/solid waste business profits from disposal service fees and sales of recycled alloy products; procurement is based on order demand and supplier management, production follows 'order-driven production and delivery' and raw material supply plans, and sales are mainly direct, emphasizing brand marketing and 'technology-driven customer acquisition' [1. Profit Model](index=21&type=section&id=1.%20Profit%20Model) The water treatment business primarily generates revenue through the sale of patented technology process packages, operation services, and engineering services; the hazardous and solid waste disposal and resource utilization business profits from charging hazardous waste disposal service fees and selling recycled alloy products - The water treatment business profit model involves selling patented technology wastewater treatment process packages and other market-standard wastewater treatment process packages, including design, production, procurement, installation, or commissioning, and selectively undertaking some water treatment operation and engineering services[66](index=66&type=chunk) - The hazardous and solid waste disposal and resource utilization business profit model involves charging hazardous waste treatment and disposal service fees and selling recycled alloy products[67](index=67&type=chunk) [2. Procurement Model](index=21&type=section&id=2.%20Procurement%20Model) Tonghai Nickel Industry collects raw materials (hazardous waste) through paid, free, or charged methods based on their recyclable value; the company organizes procurement based on order demand, inventory, production plans, and other factors, and has established a comprehensive supplier management system for screening and regular evaluation - Tonghai Nickel Industry collects hazardous waste as raw materials through paid, free, or charged methods, depending on the different recyclable value of the hazardous waste[68](index=68&type=chunk) - The company organizes procurement based on factors such as order demand, inventory levels, and production or operational plans, and has established a comprehensive supplier management system for screening and evaluation[69](index=69&type=chunk) [3. Production Model](index=22&type=section&id=3.%20Production%20Model) The water treatment business operates on an 'order-driven production and delivery, with small stock of common components' model, with Guangdong Qingyan Environmental Technology Co., Ltd. responsible for organizing production and delivery, and some processes outsourced; the hazardous and solid waste business, managed by Tonghai Nickel Industry, formulates production plans based on raw material supply stability, operational plans, and production equipment operating requirements, conducting harmless treatment and producing alloy metals - The water treatment business operates on a production model of 'producing and shipping according to order demand, with a small stock of common components'[70](index=70&type=chunk) - The hazardous and solid waste disposal and resource utilization business, managed by Tonghai Nickel Industry, formulates production plans based on raw material supply stability, operational plans, and production equipment operating requirements, conducting harmless treatment and producing alloy metals[71](index=71&type=chunk) [4. Sales Model](index=22&type=section&id=4.%20Sales%20Model) The water treatment business adopts a direct sales model, securing orders through negotiation, public bidding, and other methods, while emphasizing brand marketing and 'technology-driven customer acquisition'; the hazardous and solid waste disposal and resource utilization business sells recycled alloy products to downstream industrial enterprises - The water treatment business adopts a direct sales model, securing orders through negotiation, public bidding, competitive negotiation, and other methods, while emphasizing brand marketing and 'technology-driven customer acquisition'[72](index=72&type=chunk) - The hazardous and solid waste disposal and resource utilization business sells recycled alloy products to downstream industrial enterprises[73](index=73&type=chunk) [(VI) Key Performance Drivers](index=22&type=section&id=(VI)%20Key%20Performance%20Drivers) The company's performance is primarily driven by industry policies and technological innovation capabilities; in 2025, environmental policies are boosting the wastewater treatment and solid/hazardous waste resource utilization markets, creating new growth opportunities, while leveraging industry-academia-research collaboration and a 'new partner' strategy, the company continuously iterates core technologies, introduces advanced techniques, and fosters new productive forces - In 2025, policies are driving wastewater treatment towards refinement, resource utilization, and ecological approaches, while the solid and hazardous waste industries, driven by both 'dual carbon' and 'Beautiful China' initiatives, are generating new market opportunities[74](index=74&type=chunk)[75](index=75&type=chunk) - Leveraging deep industry-academia-research collaboration with universities like Tsinghua University and Harbin Institute of Technology, the company continuously iterates core technologies, introduces advanced techniques through its 'new partner' strategy, and fosters new productive forces[76](index=76&type=chunk) [II. Analysis of Core Competencies](index=23&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company builds core competencies with a dual-engine approach of 'endogenous innovation + external ecological cooperation,' relying on a deeply integrated industry-academia-research talent and technology transfer system; it implements a 'new partner strategy' and the 'Chuang Dao Hui' ecological alliance to rapidly enter emerging sectors like sludge resource utilization, industrial wastewater treatment, and solid/hazardous waste resource utilization, forming a sustainable development moat where 'technology activates scenarios, and scenarios feedback innovation' [(I) Core Technology Iteration and Multi-Dimensional Application Scenario Expansion](index=23&type=section&id=(I)%20Core%20Technology%20Iteration%20and%20Multi-Dimensional%20Application%20Scenario%20Expansion) The company adheres to 'innovative technology equipmentization,' continuously iterating its core RPIR and T-Bic technologies, launching MCBR technology to double treatment throughput, and optimizing T-Bic carrier materials; in scenario expansion, the company extends technology application from municipal wastewater to industrial parks, dyeing, petrochemical, and chemical sectors, building demonstration projects and solidifying replicable solutions, achieving comprehensive multi-scenario coverage - The company's core 'RPIR' technology optimizes structural design, launching a new generation MCBR technology that doubles treatment throughput and significantly reduces investment costs[78](index=78&type=chunk) - T-Bic technology continuously optimizes carrier materials and module structures, breaking through biofilm denitrification technical bottlenecks and significantly improving treatment performance[78](index=78&type=chunk) - The company has expanded its technology application scenarios to industrial wastewater treatment fields such as industrial parks, dyeing, petrochemical, and chemical industries, establishing multiple demonstration projects[79](index=79&type=chunk) [(II) Proactive Layout of Forward-Looking Technologies and Rapid Entry into Emerging Sectors](index=23&type=section&id=(II)%20Proactive%20Layout%20of%20Forward-Looking%20Technologies%20and%20Rapid%20Entry%20into%20Emerging%20Sectors) Driven by cutting-edge technologies, the company focuses on core wastewater treatment areas, building a technology matrix including vertical flow RPIR, anoxic RPIR, aerobic granular sludge technology, and AOA+MCBR systems, enhancing pollutant treatment efficiency and energy utilization; through strategic collaborative innovation and the acquisition of Tonghai Nickel Industry, the company rapidly entered emerging sectors like sludge treatment, hazardous waste disposal, and resource recycling, establishing a three-tier development system of 'technology reserve-scenario validation-industrial amplification' - The company focuses on core wastewater treatment areas, building a technology matrix represented by vertical flow RPIR, anoxic RPIR, aerobic granular sludge technology, and AOA+MCBR systems[81](index=81&type=chunk) - Through strategic collaborative innovation, the company partnered with Huaihua Industrial Investment Group and Hunan Rentian Environmental Protection to jointly develop a municipal sludge treatment demonstration project[81](index=81&type=chunk) - The company acquired a **51%** stake in Tonghai Nickel Industry, extending its business into resource recycling and creating synergistic effects with existing wastewater treatment operations[81](index=81&type=chunk) [(III) 'New Partner' Ecological Cooperation and Cross-Sector Resource Integration](index=24&type=section&id=(III)%20'New%20Partner'%20Ecological%20Cooperation%20and%20Cross-Sector%20Resource%20Integration) The company innovatively launched a 'new partner strategy,' utilizing a three-in-one collaborative mechanism of 'capital empowerment, scenario openness, and ecological co-construction' to integrate technological industrialization capabilities, brand resources, and investment/financing platforms; this empowers innovation and entrepreneurship teams, rapidly entering multiple fields such as sludge resource utilization, industrial park wastewater treatment, and hazardous/solid waste resource utilization, achieving business expansion and fostering a multi-skilled talent pipeline - The company innovatively launched a 'new partner strategy,' achieving shared risks and co-created value through a three-in-one collaborative mechanism of 'capital empowerment, scenario openness, and ecological co-construction'[82](index=82&type=chunk) - This strategy has been deployed and is rapidly penetrating multiple fields, including sludge treatment and disposal, industrial park wastewater treatment, and hazardous and solid waste resource utilization[34](index=34&type=chunk) [(IV) Deep Integration of Industry-Academia-Research Talent Reserve Mechanism and Innovation-Driven Organizational Efficiency](index=24&type=section&id=(IV)%20Deep%20Integration%20of%20Industry-Academia-Research%20Talent%20Reserve%20Mechanism%20and%20Innovation-Driven%20Organizational%20Efficiency) As a high-tech enterprise incubated by Tsinghua University Research Institute, the company has established a deeply integrated industry-academia-research innovation talent cultivation system, leveraging academician workstations and postdoctoral platforms to develop a multi-skilled talent pipeline; through a 'dual-channel career development system,' value-creation-oriented compensation incentives, and corporate culture initiatives like 'Twelve Commandments of Work Style' and 'Work Methodology,' the company continuously enhances organizational efficiency - The company has established a deeply integrated industry-academia-research innovation talent cultivation system, leveraging academician workstations, postdoctoral research platforms, and Tsinghua University's joint graduate training base to develop a multi-skilled talent pipeline[83](index=83&type=chunk) - The company innovatively established a 'dual-channel career development system,' featuring parallel promotion mechanisms for professional and management tracks, combined with a mentorship inheritance model[84](index=84&type=chunk) - Adhering to the philosophy of 'selecting and nurturing talent through culture,' the company enhances organizational efficiency through 'Twelve Commandments of Work Style' and 'Work Methodology'[84](index=84&type=chunk) [III. Analysis of Main Business](index=25&type=section&id=III.%20Analysis%20of%20Main%20Business) During the reporting period, the company's operating revenue decreased by **30.94%** year-on-year to **25.44 million yuan**, primarily due to strategic transformation, a shift in marketing focus to industrial clients and new business cultivation, reduced acceptance of municipal wastewater treatment projects, and new businesses not yet achieving scaled sales; net loss attributable to the parent company narrowed by **46.57%** to **-2.88 million yuan**, mainly benefiting from reduced share-based payment expenses and credit impairment losses; water treatment process package sales revenue significantly dropped by **84.74%**, while hazardous and solid waste disposal and resource utilization product revenue saw a **100%** increase - Operating revenue during the reporting period was **25.44 million yuan**, a year-on-year decrease of **30.94%**, primarily due to strategic transformation, reduced acceptance amounts for municipal wastewater treatment process package sales projects, and new businesses not yet achieving scaled sales[85](index=85&type=chunk)[87](index=87&type=chunk) - Net profit attributable to shareholders of the listed company was **-2.88 million yuan**, with losses narrowing by **46.57%**, mainly due to a year-on-year decrease in share-based payment expenses and credit impairment loss provisions[85](index=85&type=chunk) Key Financial Data Year-on-Year Changes | Indicator | Current Period (RMB) | Prior Year (RMB) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 25,444,761.80 | 36,845,568.45 | -30.94% | Water treatment process package sales project acceptance amount decreased, new business has not yet formed scaled sales | | Administrative Expenses | 9,060,585.85 | 14,621,044.40 | -38.03% | Decrease in share-based payments | | Net Cash Flow from Investing Activities | 63,073,864.49 | 90,536,990.09 | -30.33% | Increased payments for long-term assets and investments | | Net Cash Flow from Financing Activities | -2,683,404.30 | -38,312,530.85 | 93.00% | Combined impact of share repurchase payments and cash dividends in the prior year | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Margin | Year-on-Year Change in Operating Revenue | | :--- | :--- | :--- | :--- | :--- | | Water Treatment Process Package Sales | 3,934,190.95 | 3,074,046.96 | 21.86% | -84.74% | | Water Treatment Engineering Services | 5,005,095.54 | 4,365,491.69 | 12.78% | 38.20% | | Water Treatment Operation Services | 8,321,900.80 | 2,984,008.08 | 64.14% | 13.04% | | Hazardous and Solid Waste Disposal and Resource Utilization Products | 6,342,727.21 | 4,784,897.19 | 24.56% | 100.00% | [IV. Analysis of Non-Core Business](index=26&type=section&id=IV.%20Analysis%20of%20Non-Core%20Business) During this reporting period, non-core businesses impacted total profit, with investment income of **2.35 million yuan**, fair value change losses of **-0.74 million yuan**, asset impairment of **-0.55 million yuan**, and non-operating income of **0.79 million yuan** (primarily from business combination gains under non-common control); these non-core revenues and expenses are not sustainable Non-Core Business Analysis | Item | Amount (RMB) | Proportion of Total Profit | Explanation of Formation Reason | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 2,346,063.52 | -68.60% | Investment income from idle funds | No | | Fair Value Change Gains and Losses | -739,028.61 | 21.61% | Fair value changes of short-term wealth management products and structured deposits | No | | Asset Impairment | -552,250.87 | 16.15% | Provision for impairment losses on contract assets | No | | Non-Operating Income | 785,547.66 | -22.97% | Recognition of business combination gains under non-common control | No | | Non-Operating Expenses | 19,200.94 | -0.56% | Fines paid | No | [V. Analysis of Assets and Liabilities](index=26&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets increased by **10.04%** year-on-year; fixed assets surged by **21.08%**, mainly due to the reclassification of the Huizhou high-end environmental equipment R&D and manufacturing base to fixed assets and increases from business combinations; trading financial assets decreased by **11.00%**, primarily due to the redemption of initial wealth management products; regarding liabilities, contract liabilities increased by **0.86%**, and other payables increased by **1.95%** [1. Significant Changes in Asset Composition](index=26&type=section&id=1.%20Significant%20Changes%20in%20Asset%20Composition) At the end of the reporting period, the company's total assets were **1.024 billion yuan**, an increase of **10.04%** from the prior year-end; fixed assets significantly increased by **21.08%**, mainly due to the reclassification of the Huizhou base to fixed assets and business combinations; construction in progress decreased by **12.03%**, primarily due to the Huizhou base reclassification; trading financial assets decreased by **11.00%**, mainly due to the redemption of wealth management products; inventory, intangible assets, other payables, and contract liabilities all showed significant growth Significant Changes in Asset Composition | Item | Current Period-End Amount (RMB) | Proportion of Total Assets | Prior Year-End Amount (RMB) | Proportion of Total Assets | Proportion Change | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total Assets | 1,024,443,583.80 | 100.00% | 931,014,429.12 | 100.00% | 10.04% | | | Cash and Bank Balances | 310,478,563.58 | 30.31% | 320,870,729.18 | 34.46% | -4.15% | | | Inventories | 67,360,558.58 | 6.58% | 23,359,451.54 | 2.51% | 4.07% | | | Fixed Assets | 290,361,935.05 | 28.34% | 67,616,586.45 | 7.26% | 21.08% | Huizhou high-end environmental equipment R&D and manufacturing base reclassified to fixed assets and increase in fixed assets due to business combinations | | Construction in Progress | 1,977,401.49 | 0.19% | 113,810,431.60 | 12.22% | -12.03% | Huizhou high-end environmental equipment R&D and manufacturing base reclassified to fixed assets | | Trading Financial Assets | 79,111,880.71 | 7.72% | 174,244,519.64 | 18.72% | -11.00% | Redemption of initial wealth management products | | Intangible Assets | 58,839,291.06 | 5.74% | 15,548,651.92 | 1.67% | 4.07% | | | Other Payables | 22,128,921.37 | 2.16% | 1,921,944.95 | 0.21% | 1.95% | | | Contract Liabilities | 19,070,263.26 | 1.86% | 9,283,782.64 | 1.00% | 0.86% | | [2. Major Overseas Assets](index=27&type=section&id=2.%20Major%20Overseas%20Assets) During the reporting period, the company had no major overseas assets - The company reported no major overseas assets during the period[96](index=96&type=chunk) [3. Assets and Liabilities Measured at Fair Value](index=27&type=section&id=3.%20Assets%20and%20Liabilities%20Measured%20at%20Fair%20Value) At the end of the reporting period, the company's financial assets measured at fair value were primarily trading financial assets, with a period-end balance of **79.11 million yuan**, and fair value change losses of **-0.74 million yuan** for the current period; the company's main asset measurement attributes did not undergo significant changes during the reporting period Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (RMB) | Fair Value Change Gains/Losses for Current Period (RMB) | Amount Purchased in Current Period (RMB) | Amount Sold in Current Period (RMB) | Period-End Balance (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 174,244,519.64 | -739,028.61 | 252,630,000.00 | 347,023,610.32 | 79,111,880.71 | | Subtotal of Financial Assets | 174,244,519.64 | -739,028.61 | 252,630,000.00 | 347,023,610.32 | 79,111,880.71 | | Financial Liabilities | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | - The company's main asset measurement attributes did not undergo significant changes during the reporting period[97](index=97&type=chunk) [4. Asset Rights Restricted as of the End of the Reporting Period](index=27&type=section&id=4.%20Asset%20Rights%20Restricted%20as%20of%20the%20End%20of%20the%20Reporting%20Period) As of the end of the reporting period, the company's restricted assets primarily consisted of cash and bank balances, with a book balance of **0.58 million yuan**, restricted for reasons including land reclamation fees, performance bonds, frozen funds, and others Asset Rights Restricted Status | Item | Period-End Book Balance (RMB) | Restriction Details | | :--- | :--- | :--- | | Cash and Bank Balances | 576,031.15 | Land reclamation (restoration) fees, performance bonds, frozen funds, and others | | Total | 576,031.15 | | [VI. Analysis of Investment Status](index=28&type=section&id=VI.%20Analysis%20of%20Investment%20Status) During the reporting period, the company acquired a **51%** equity stake in Fujian Tonghai Nickel Industry Technology Co., Ltd. for **40.57 million yuan**, entering the hazardous and solid waste disposal and resource utilization business; the overall utilization rate of raised funds was **61.10%**; the 'Guangdong Qingyan High-End Environmental Equipment R&D and Manufacturing Base Project' was extended to June 30, 2025, and has been completed, with remaining funds of **70.19 million yuan** permanently transferred to supplement working capital; the company temporarily used idle raised funds for cash management exceeding the approved limit, which has since been ratified and redeemed [1. Overall Situation](index=28&type=section&id=1.%20Overall%20Situation) During the reporting period, there were no significant inapplicable situations regarding the company's investment status - The company reported no significant inapplicable overall investment situations during the period[100](index=100&type=chunk) [2. Significant Equity Investments Acquired During the Reporting Period](index=28&type=section&id=2.%20Significant%20Equity%20Investments%20Acquired%20During%20the%20Reporting%20Period) During the reporting period, the company acquired a **51%** equity stake in Fujian Tonghai Nickel Industry Technology Co., Ltd. through acquisition, with an investment amount of **40.57 million yuan**; the company's main businesses are hazardous waste management and non-ferrous metal sales, with control already obtained, and an investment gain/loss of **0.30 million yuan** for the current period Significant Equity Investments Acquired During the Reporting Period | Investee Company Name | Main Business | Investment Method | Investment Amount (RMB) | Shareholding Ratio | Progress as of Balance Sheet Date | Investment Gain/Loss for Current Period (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Fujian Tonghai Nickel Industry Technology Co., Ltd. | Hazardous waste management, sales of high-performance non-ferrous metals and alloy materials; processing of metal scrap and fragments | Acquisition | 40,566,782.00 | 51.00% | Completed | 296,828.03 | [3. Significant Non-Equity Investments in Progress During the Reporting Period](index=28&type=section&id=3.%20Significant%20Non-Equity%20Investments%20in%20Progress%20During%20the%20Reporting%20Period) During the reporting period, the company had no significant non-equity investments in progress - The company reported no significant non-equity investments in progress during the period[102](index=102&type=chunk) [4. Financial Assets Measured at Fair Value](index=28&type=section&id=4.%20Financial%20Assets%20Measured%20at%20Fair%20Value) At the end of the reporting period, the company's financial assets measured at fair value amounted to **79.11 million yuan**, primarily other assets, with fair value change losses of **-0.74 million yuan** for the current period and cumulative investment income of **2.35 million yuan** Financial Assets Measured at Fair Value | Asset Category | Initial Investment Cost (RMB) | Fair Value Change Gains/Losses for Current Period (RMB) | Amount Purchased in Current Period (RMB) | Amount Sold in Current Period (RMB) | Cumulative Investment Income (RMB) | Period-End Amount (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Other | 172,380,249.32 | -739,028.61 | 252,630,000.00 | 347,023,610.32 | 2,346,063.52 | 79,111,880.71 | | Total | 172,380,249.32 | -739,028.61 | 252,630,000.00 | 347,023,610.32 | 2,346,063.52 | 79,111,880.71 | [5. Use of Raised Funds](index=28&type=section&id=5.%20Use%20of%20Raised%20Funds) As of June 30, 2025, the company's total raised funds amounted to **515.62 million yuan**, with a net amount of **443.49 million yuan**; a cumulative total of **270.96 million yuan** has been used, representing a utilization rate of **61.10%**; the 'Guangdong Qingyan High-End Environmental Equipment R&D and Manufacturing Base Project' was extended to June 30, 2025, and has been completed, with remaining funds of **70.19 million yuan** permanently transferred to supplement working capital; the company temporarily used idle raised funds for cash management exceeding the approved limit by **9.50 million yuan**, which was redeemed and ratified on January 13, 2025 Overall Use of Raised Funds | Fundraising Year | Fundraising Method | Total Raised Funds (RMB million) | Net Raised Funds (RMB million) | Cumulative Used Raised Funds (RMB million) | Raised Funds Utilization Rate at Period-End | | :--- | :--- | :--- | :--- | :--- | :--- | | 2022 | Initial Public Offering | 51,562.09 | 44,349.39 | 27,095.68 | 61.10% | - As of June 30, 2025, the remaining balance of raised funds was **184.57 million yuan**, including **33.07 million yuan** in dedicated raised funds accounts, **32.00 million yuan** in structured deposits, and **119.50 million yuan** in large-denomination certificates of deposit[106](index=106&type=chunk) - The 'Guangdong Qingyan High-End Environmental Equipment R&D and Manufacturing Base Project' was extended to June 30, 2025, and has been completed, with remaining raised funds of **70.19 million yuan** permanently transferred to supplement working capital[108](index=108&type=chunk)[110](index=110&type=chunk) - Between June 18, 2024, and January 12, 2025, the company's total balance of temporarily idle raised funds used for cash management exceeded the previous approved limit by **9.50 million yuan**, which was redeemed and ratified on January 13, 2025[110](index=110&type=chunk) [6. Wealth Management, Derivative Investments, and Entrusted Loans](index=31&type=section&id=6.%20Wealth%20Management,%20Derivative%20Investments,%20and%20Entrusted%20Loans) During the reporting period, the company's wealth management transactions amounted to **199.76 million yuan**, with an outstanding balance of **72.00 million yuan**, primarily consisting of bank and brokerage wealth management products; the company had no derivative investments or entrusted loans during the reporting period Overview of Wealth Management During the Reporting Period | Specific Type | Source of Funds for Wealth Management | Amount of Wealth Management Transactions (RMB million) | Outstanding Balance (RMB million) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 11,375.8 | 3,000 | | Bank Wealth Management Products | Raised Funds | 7,600 | 3,200 | | Brokerage Wealth Management Products | Own Funds | 1,000 | 1,000 | | Total | | 19,975.8 | 7,200 | - The company reported no derivative investments or entrusted loans during the period[113](index=113&type=chunk)[114](index=114&type=chunk) [VII. Significant Asset and Equity Sales](index=31&type=section&id=VII.%20Significant%20Asset%20and%20Equity%20Sales) During the reporting period, the company did not sell any significant assets or equity - The company reported no significant asset or equity sales during the period[115](index=115&type=chunk)[116](index=116&type=chunk) [VIII. Analysis of Major Controlled and Invested Companies](index=32&type=section&id=VIII.%20Analysis%20of%20Major%20Controlled%20and%20Invested%20Companies) The company's major subsidiaries include Guangdong Qingyan Environmental Technology, Fujian Tonghai Nickel Industry Technology, and Zigong Zhengding Environmental Protection Technology; during the reporting period, the company acquired Zigong Zhengding Environmental Protection Technology Co., Ltd. and Fujian Tonghai Nickel Industry Technology Co., Ltd. through business combinations under non-common control, expanding into oil and gas field wastewater treatment and hazardous/solid waste disposal businesses; additionally, Qingyan Tianrun Environmental Technology (Binzhou) Co., Ltd. was newly established to enter the North China environmental protection market Major Subsidiaries and Investee Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Main Business | Registered Capital (RMB million) | Total Assets (RMB million) | Net Assets (RMB million) | Operating Revenue (RMB million) | Net Profit (RMB million) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Guangdong Qingyan Environmental Technology Co., Ltd. | Subsidiary | Construction, operation, and technology development of environmental projects | 60.00 | 221.89 | 58.23 | 2.77 | -3.32 | | Fujian Tonghai Nickel Industry Technology Co., Ltd. | Subsidiary | Recycling and processing of renewable resources, production and operation of hazardous waste | 136.21 | 147.99 | 72.66 | 7.03 | 5.82 | | Zigong Zhengding Environmental Protection Technology Co., Ltd. | Subsidiary | Water environment pollution prevention and control services; wastewater treatment and reuse; resource recycling technology R&D | 10.00 | 22.38 | 10.62 | 0.00 | 2.65 | - The company acquired Zigong Zhengding Environmental Protection Technology Co., Ltd. and Fujian Tonghai Nickel Industry Technology Co., Ltd. through business combinations under non-common control, expanding into oil and gas field wastewater treatment and hazardous and solid waste disposal businesses[118](index=118&type=chunk) - Newly established Qingyan Tianrun Environmental Technology (Binzhou) Co., Ltd. to enter the North China environmental protection market and create regional synergistic effects[118](index=118&type=chunk) [IX. Structured Entities Controlled by the Company](index=32&type=section&id=IX.%20Structured%20Entities%20Controlled%20by%20the%20Company) During the reporting period, the company had no controlled structured entities - The company reported no controlled structured entities during the period[119](index=119&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=32&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks such as unfavorable macroeconomic changes, intensified market competition, talent loss or shortage, technological updates, and unfavorable new business development; the company actively responds by optimizing operational management, strengthening technological innovation, improving talent incentive mechanisms, closely monitoring industrial policies, and prudently planning new business ventures - The company faces risks including unfavorable macroeconomic changes, intensified market competition, talent loss or shortage, technological updates, and unfavorable new business development[119](index=119&type=chunk)[121](index=121&type=chunk)[122](index=122&type=chunk)[123](index=123&type=chunk)[124](index=124&type=chunk) - Countermeasures include increasing market promotion, optimizing operational management, continuously prioritizing technological innovation, attracting high-end talent, improving incentive methods, closely monitoring new industrial policies, and making scientific and prudent decisions for new business layouts[120](index=120&type=chunk)[121](index=121&type=chunk)[122](index=122&type=chunk)[123](index=123&type=chunk)[125](index=125&type=chunk) [XI. Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=34&type=section&id=XI.%20Registration%20Form%20for%20Research,%20Communication,%20Interview,%20and%20Other%20Activities%20During%20the%20Reporting%20Period) During the reporting period, on May 21, 2025, the company hosted investors participating in the 2024 annual performance briefing via an online exchange platform, primarily discussing content related to the 2024 annual performance briefing - On May 21, 2025, the company hosted investors through an online exchange, discussing content related to the 2024 annual performance briefing[126](index=126&type=chunk) [XII. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=34&type=section&id=XII.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company has not formulated a market value management system nor disclosed a valuation enhancement plan - The company has not formulated a market value management system nor disclosed a valuation enhancement plan[127](index=127&type=chunk) [XIII. Implementation of 'Quality and Return Dual Improvement' Action Plan](index=34&type=section&id=XIII.%20Implementation%20of%20'Quality%20and%20Return%20Dual%20Improvement'%20Action%20Plan) The company has not disclosed an announcement regarding the 'Quality and Return Dual Improvement' action plan - The company has not disclosed an announcement regarding the 'Quality and Return Dual Improvement' action plan[127](index=127&type=chunk) [Corporate Governance, Environment, and Society](index=35&type=section&id=Corporate%20Governance,%20Environment,%20and%20Society) This section details changes in the company's governance structure, profit distribution plans, environmental information disclosure, and social responsibility initiatives, including shareholder, employee, customer, and supplier rights protection, as well as contributions to environmental protection and rural revitalization [I. Changes in Directors, Supervisors, and Senior Management](index=35&type=section&id=I.%20Changes%20in%20Directors,%20Supervisors,%20and%20Senior%20Management) During the reporting period, there were no changes in the company's directors, supervisors, and senior management; specific details can be found in the 2024 annual report - The company's directors, supervisors, and senior management did not change their shareholdings during the reporting period[129](index=129&type=chunk) [II. Profit Distribution and Capital Reserve to Share Capital Conversion for the Current Reporting Period](index=35&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20to%20Share%20Capital%20Conversion%20for%20the%20Current%20Reporting%20Period) The company plans no cash dividends, bonus shares, or capital increase from capital reserves for this half-year period - The company plans no cash dividends, bonus shares, or capital increase from capital reserves for the half-year period[130](index=130&type=chunk) [III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=35&type=section&id=III.%20Implementation%20of%20Equity%20Incentive%20Plans,%20Employee%20Stock%20Ownership%20Plans,%20or%20Other%20Employee%20Incentive%20Measures) During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures, nor any implementation thereof - The company reported no equity incentive plans, employee stock ownership plans, or other employee incentive measures or their implementation during the period[131](index=131&type=chunk) [IV. Environmental Information Disclosure](index=35&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and its major subsidiary, Fujian Tonghai Nickel Industry Technology Co., Ltd., are included in the list of enterprises required to disclose environmental information by law, and their reports can be accessed through the enterprise environmental information disclosure system - The company and its major subsidiary, Fujian Tonghai Nickel Industry Technology Co., Ltd., are included in the list of enterprises required to disclose environmental information by law[132](index=132&type=chunk) - Fujian Tonghai Nickel Industry Technology Co., Ltd.'s environmental information disclosure report can be found on the Enterprise Environmental Information Disclosure System (Fujian)[132](index=132&type=chunk) [V. Social Responsibility](index=35&type=section&id=V.%20Social%20Responsibility) During the reporting period, the company actively fulfilled its corporate social responsibilities, including protecting shareholder, employee, customer, and supplier rights, prioritizing environmental protection and sustainable development, and contributing to rural revitalization through the application of T-Bic technology products in rural wastewater treatment [(I) Shareholder Rights Protection](index=35&type=section&id=(I)%20Shareholder%20Rights%20Protection) The company strictly adheres to laws and regulations, improves corporate governance mechanisms, enhances governance levels, strives to achieve better performance, creates good investment returns for shareholders, and formulates and strictly implements cash dividend return plans - The company strictly adheres to laws and regulations, continuously improves corporate governance mechanisms, and establishes sound internal management and control systems[134](index=134&type=chunk) - The company strives to achieve better performance, enhance intrinsic value, create good investment returns for shareholders, and formulates and implements shareholder dividend return plans[134](index=134&type=chunk) [(II) Employee Rights Protection](index=35&type=section&id=(II)%20Employee%20Rights%20Protection) The company strictly complies with labor laws and regulations, legally protecting employee rights; it prioritizes talent development and acquisition, fosters a positive work environment, continuously improves training mechanisms, and encourages employee learning and training for comprehensive development - The company strictly complies with the requirements of the Labor Law, Labor Contract Law, and Trade Union Law, legally protecting employees' legitimate rights and interests[136](index=136&type=chunk) - The company prioritizes talent development, continuously improves and optimizes training mechanisms, and encourages employee learning and training for comprehensive development[136](index=136&type=chunk) [(III) Customer and Supplier Rights Protection](index=36&type=section&id=(III)%20Customer%20and%20Supplier%20Rights%20Protection) Adhering to principles of honesty, trustworthiness, and mutual benefit, the company actively builds partnerships with customers and suppliers, respects and protects their legitimate rights, and strives for common development; the company has received 'Contract-Abiding and Creditworthy' public certificates and five-star after-sales service certification - The company adheres to principles of honesty, trustworthiness, and mutual benefit, actively building partnerships with customers and suppliers, respecting and protecting their legitimate rights and interests[137](index=137&type=chunk) - The company has received Guangdong Province's 'Contract-Abiding and Creditworthy' public certificate, a five-star after-sales service certification, and project commendation letters[137](index=137&type=chunk) [(IV) Environmental Protection and Sustainable Development](index=36&type=section&id=(IV)%20Environmental%20Protection%20and%20Sustainable%20Development) As a member of the water environment governance industry, the company prioritizes environmental management and protection, strictly fulfills environmental responsibilities according to law, implements green management, improves the ecological environmental protection management system, increases investment in energy conservation and emission reduction, and establishes a sound long-term mechanism for green development - The company prioritizes environmental management and protection, strictly fulfilling environmental responsibilities according to law and actively implementing green management[138](index=138&type=chunk) - The company continuously improves its ecological environmental protection management system, increases investment in energy conservation and emission reduction, and establishes a sound long-term mechanism for green development[138](index=138&type=chunk) [(V) Consolidating and Expanding Poverty Alleviation Achievements, Rural Revitalization](index=36&type=section&id=(V)%20Consolidating%20and%20Expanding%20Poverty%20Alleviation%20Achievements,%20Rural%20Revitalization) Through its independently developed T-Bic technology and series products, the company addresses market demands for decentralized rural wastewater and black-odorous water body treatment, providing customized process solutions to improve rural living wastewater conditions; it will continue to promote industrial application to contribute to rural revitalization - The company's independently developed T-Bic technology and series products provide customized process solutions for rural decentralized wastewater and black-odorou

[Important Notes, Table of Contents, and Definitions](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) This section provides crucial disclaimers, outlines the report's structure, and defines key terms for clarity [Important Notes](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The board, supervisory board, and senior management guarantee the report's accuracy, while highlighting key risks and the half-year profit distribution plan - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content[3](index=3&type=chunk) - The report highlights risks such as technological innovation, loss of core technical personnel, inability to fulfill the reorganization investment agreement, related party transactions, horizontal competition, and failure to meet performance commitments[3](index=3&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[3](index=3&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) This section lists the report's overall structure, including eight main chapters from important notes to financial reports [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines common terms used in the report, including company names, control parties, subsidiaries, and the reporting period - The reporting period refers to January 1, 2025, to June 30, 2025[8](index=8&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section introduces the company, its contact information, and presents a summary of its key financial performance and asset status [Company Profile](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) The company, listed on the Shenzhen Stock Exchange with stock code 300256, has Ying Guangjie as its legal representative - Company stock abbreviation: Xingxing Technology, stock code: **300256**[10](index=10&type=chunk) - The company's legal representative is Ying Guangjie[10](index=10&type=chunk) [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) The company's board secretary is Jia Jianping, securities affairs representative is Zhao Yili, with unchanged contact details and email irm@first-panel.com - Board Secretary: Jia Jianping, Securities Affairs Representative: Zhao Yili[11](index=11&type=chunk) - Email: irm@first-panel.com[11](index=11&type=chunk) [Other Information](index=6&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) The company's contact information, disclosure, and registration details remained unchanged during the reporting period, as per the 2024 annual report - The company's registered address, office address, website, and email remained unchanged during the reporting period[12](index=12&type=chunk) - Information disclosure and storage locations remained unchanged during the reporting period[13](index=13&type=chunk) - The company's registration status remained unchanged during the reporting period[14](index=14&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=%E5%9B%9B%E3%80%81%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) The company's operating revenue increased by 39.12%, net loss attributable to shareholders significantly narrowed by 87.01%, and operating cash flow surged by 1,730.11% Key Accounting Data and Financial Indicators (Year-on-Year Change) | Indicator | Current Reporting Period (Yuan) | Prior Year Adjusted (Yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 706,370,311.40 | 507,725,735.29 | 39.12% | | Net Profit Attributable to Listed Company Shareholders | -9,361,922.16 | -72,052,499.15 | 87.01% | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-Recurring Items) | -52,862,673.04 | -84,651,583.54 | 37.55% | | Net Cash Flow from Operating Activities | 95,752,432.15 | 5,232,051.15 | 1,730.11% | | Basic Earnings Per Share (Yuan/share) | -0.0041 | -0.0318 | 87.11% | | Diluted Earnings Per Share (Yuan/share) | -0.0041 | -0.0318 | 87.11% | | Weighted Average Return on Net Assets | -1.11% | -4.79% | 3.68% | | Total Assets (Yuan) | 1,606,743,208.93 | 1,571,582,309.61 | 2.24% | | Net Assets Attributable to Listed Company Shareholders (Yuan) | 919,473,250.34 | 727,024,147.72 | 26.47% | [Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=7&type=section&id=%E4%BA%94%E3%80%81%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) The company reported no differences in net profit and net assets between international/overseas accounting standards and Chinese accounting standards - The company reported no differences in net profit and net assets between financial reports disclosed under international accounting standards and Chinese accounting standards during the reporting period[16](index=16&type=chunk) - The company reported no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese accounting standards during the reporting period[17](index=17&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=8&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) The company's non-recurring gains and losses totaled 43.50 million Yuan, primarily from asset disposals, government grants, and debt restructuring Non-Recurring Gains and Losses Items and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | 11,148,621.03 | | Government grants recognized in current profit or loss | 7,632,669.21 | | Gains or losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains or losses from disposal of financial assets and liabilities | 1,733,361.55 | | Gains or losses from debt restructuring | 12,886,888.41 | | Other non-operating income and expenses apart from the above | 10,620,686.34 | | Less: Income tax impact | 521,475.66 | | Total | 43,500,750.88 | - The company does not classify non-recurring gains and losses as recurring gains and losses[20](index=20&type=chunk) [Management Discussion and Analysis](index=9&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section details the company's main businesses, core competencies, operational performance, investment activities, and risk factors [Main Businesses Engaged by the Company 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%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company's main businesses are consumer electronics and electric two-wheelers, driven by technological innovation and favorable policies - The company's main businesses are divided into two major segments: consumer electronics and electric two-wheelers[22](index=22&type=chunk) - The consumer electronics industry benefits from "5G" and "Internet of Everything" policies and technological trends, with continuous expansion of downstream application scenarios[23](index=23&type=chunk) - The electric two-wheeler industry, influenced by new standard replacements, natural replacements, trade-in policies, and intelligent technology development, is expected to see steady demand growth, with sales projected to reach **52 million units in 2025**[25](index=25&type=chunk) [Basic Situation, Development Stage, and Cyclical Characteristics of the Company's Industry](index=9&type=section&id=1%E3%80%81%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E7%9A%84%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5%E3%80%81%E5%8F%91%E5%B1%95%E9%98%B6%E6%AE%B5%E3%80%81%E5%91%A8%E6%9C%9F%E6%80%A7%E7%89%B9%E7%82%B9) The consumer electronics industry (display device and precision structural component manufacturing) is technology-driven, benefiting from smart terminals and automotive electronics development, while the electric two-wheeler industry (moped manufacturing) is driven by new national standards and trade-in policies, projected to grow at a 7% CAGR - The core components of the consumer electronics industry are display devices and precision structural components, which are fundamental to the development of smart terminal products such as smartphones, tablets, and in-car displays[23](index=23&type=chunk) - The electric two-wheeler industry, influenced by the new national standard "Safety Technical Specification for Electric Bicycles (GB 17761—2024)" and trade-in subsidy policies, is expected to see a new round of sales growth in 2025, with an estimated annual sales volume of **52 million units**[25](index=25&type=chunk) - Qianzhan Industry Research Institute predicts that China's electric two-wheeler industry will grow at a **compound annual growth rate of 7% from 2023 to 2028**, reaching **84 million units in sales by 2028**[25](index=25&type=chunk)[26](index=26&type=chunk) [Company's Industry Position](index=10&type=section&id=2%E3%80%81%E5%85%AC%E5%8F%B8%E6%89%80%E5%A4%84%E7%9A%84%E8%A1%8C%E4%B8%9A%E5%9C%B0%E4%BD%8D) The company holds multiple window protection screen and touch display technologies in consumer electronics, with precision structural component business certified and collaborating with NEV manufacturers, while its electric two-wheeler product line covers all categories, enhancing business transformation through acquisition - In the window protection screen field, the company possesses 2D, 2.5D, 3D window glass technology, as well as leading anti-reflection (AR), anti-fingerprint (AF), and NCVM coating technologies[27](index=27&type=chunk) - In the touch display field, the company masters Bonding, lamination, and assembly technologies for various products, including e-ink screens, LCD reflective screens, OLED rigid screens, and MINI LED display modules[28](index=28&type=chunk) - The electric two-wheeler business is transitioning from large-scale to high-quality through the introduction of Lima's advanced full-产业链 production model and integration of customer channel resources[31](index=31&type=chunk) [Company's Main Businesses, Products, and Their Uses](index=11&type=section&id=3%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E3%80%81%E4%BA%A7%E5%93%81%E5%8F%8A%E5%85%B6%E7%94%A8%E9%80%94) The company focuses on two core businesses: consumer electronics (window protection screens, touch display modules, precision structural components) and electric two-wheelers (vehicle manufacturing), with products widely used across various smart devices and industrial applications - The main business of consumer electronics covers the research, development, manufacturing, and sales of window protection screens, touch display modules, and precision structural components[32](index=32&type=chunk) - The electric two-wheeler business focuses on complete vehicle manufacturing, primarily delivering products to end consumers through dealers[32](index=32&type=chunk) [Main Operating Models](index=11&type=section&id=4%E3%80%81%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) The consumer electronics business operates on a direct sales model with integrated R&D, production, and sales, focusing on customization and rapid market response, while the electric two-wheeler business uses a sales service company and dealer network, with both segments emphasizing stringent procurement and optimized production processes - The consumer electronics business adopts a direct sales model, adhering to integrated R&D, production, and sales, deeply meeting customers' personalized customization needs[33](index=33&type=chunk) - The electric two-wheeler business primarily sells products to end consumers through sales service companies that radiate to surrounding market areas and through a dealer network[36](index=36&type=chunk) - By continuously optimizing production processes and enhancing automation, the company can effectively improve production efficiency and product quality, significantly reducing production costs[39](index=39&type=chunk) [Analysis of Core Competencies](index=12&type=section&id=%E4%BA%8C%E3%80%81%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 strengths lie in advanced technology, industrial cluster synergy, stable customer base, talent, and smart manufacturing upgrades, enhancing market competitiveness through innovation, integration, and talent development - The company has developed industry-leading process technologies in the consumer electronics field, such as AG/AR/AF composite technology and 3D hot bending for smart automotive applications[40](index=40&type=chunk) - The company's main business has expanded from mobile phone window protection screens to touch display modules, precision structural components, automotive crystal parts, and electric two-wheelers, forming an industrial cluster from components to finished products[42](index=42&type=chunk) - The company adheres to a "people-oriented" approach, establishing a comprehensive talent acquisition, training, utilization, and incentive mechanism, cultivating an innovative technical R&D team[45](index=45&type=chunk) [Advanced Process Technology Advantages](index=12&type=section&id=1%E3%80%81%E5%85%88%E8%BF%9B%E5%B7%A5%E8%89%BA%E6%8A%80%E6%9C%AF%E4%BC%98%E5%8A%BF) The company possesses various advanced process technologies in consumer electronics, including AG/AR/AF composite technology and 3D hot bending, and core technologies in electric two-wheelers such as MAXW power systems and intelligent e-housekeepers - Consumer electronics field: AG/AR/AF composite technology for smart automotive applications, multi-material and multi-thickness complex structure CNC cold carving technology, laser carving and oil filling technology, etc[40](index=40&type=chunk) - Electric two-wheeler field: MAXW concentrated power system, AMT dual-mode power system, intelligent e-housekeeper, five-in-one anti-theft lock, GBS super braking system, etc[40](index=40&type=chunk) [Industrial Cluster Synergy Advantages](index=13&type=section&id=2%E3%80%81%E4%BA%A7%E4%B8%9A%E9%9B%86%E7%BE%A4%E5%8D%8F%E5%90%8C%E4%BC%98%E5%8A%BF) The company's business has expanded from mobile phone window protection screens to touch display modules, precision structural components, automotive crystal parts, and electric two-wheelers, forming an industrial cluster that enhances core competitiveness through upstream and downstream integration - The company's main business has expanded from mobile phone window protection screens to touch display modules, precision structural components, automotive crystal parts, and electric two-wheelers, achieving an industrial cluster from components to finished products[42](index=42&type=chunk) - Through a "precise R&D + efficient delivery" dual-driven model, the company ensures both high cost-effectiveness and rapid market response for new products, effectively supporting market share expansion[43](index=43&type=chunk) [High-Quality and Stable Customer Resources Advantage](index=13&type=section&id=3%E3%80%81%E4%BC%98%E8%B4%A8%E7%A8%B3%E5%AE%9A%E7%9A%84%E5%AE%A2%E6%88%B7%E8%B5%84%E6%BA%90%E4%BC%98%E5%8A%BF) The company maintains a customer-centric closed-loop process by closely tracking market trends, precisely matching demands, strictly selecting materials, and implementing a reasonable pricing system, while also advancing two strategic actions to deepen customer cooperation - The company establishes strict material selection standards to ensure product quality and builds a reasonable pricing system to find a value balance, thereby forming a customer-demand-oriented closed-loop process[44](index=44&type=chunk) - The company is actively promoting two strategic actions: horizontally improving its component product matrix and vertically deepening technological R&D innovation, to enhance product cost-effectiveness and maintain customer cooperation[44](index=44&type=chunk) [High-End Talent Aggregation Advantage](index=13&type=section&id=4%E3%80%81%E9%9B%86%E8%81%9A%E9%AB%98%E7%AB%AF%E4%BA%BA%E6%89%8D%E4%BC%98%E5%8A%BF) The company adheres to a "people-oriented" talent management mechanism, attracting high-end talent, improving qualification systems, and training mechanisms to cultivate an innovative R&D team, thereby enhancing core competitiveness through compensation incentives - The company adheres to a "people-oriented" approach, establishing a comprehensive management mechanism for attracting, cultivating, utilizing, and incentivizing professional talent, strengthening talent acquisition and attraction efforts[45](index=45&type=chunk) - The company has cultivated a technical R&D team with a reasonable age structure, excellent comprehensive quality, and strong innovation capabilities[45](index=45&type=chunk) [Factory Efficiency Improvement and Intelligent Upgrade Management Advantages](index=13&type=section&id=5%E3%80%81%E5%B7%A5%E5%8E%82%E6%95%88%E8%83%BD%E6%8F%90%E5%8D%87%E4%B8%8E%E6%99%BA%E8%83%BD%E5%8D%87%E7%BA%A7%E7%9A%84%E7%AE%A1%E7%90%86%E4%BC%98%E5%8A%BF) The company actively implements lean production and explores smart manufacturing, transitioning from informatization to digitalization, big data management, and intelligent upgrades to provide rapid response and cost-effective products and services to customers - The factory actively promotes a lean production model, extending from workshop management to office processes and supply chain collaboration, continuously providing customers with fast delivery and quality-assured products and services[46](index=46&type=chunk) - The company actively explores the path of smart production, gradually upgrading from basic informatization to digitalization, big data management, and intelligence, committed to serving customers with faster response speeds and cost-effective products[46](index=46&type=chunk) [Analysis of Main Business](index=14&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Operating revenue increased by 39.12% due to electric vehicle business growth, while net operating cash flow significantly improved by 1,730.11% Major Financial Data Year-on-Year Changes | Indicator | Current Reporting Period (Yuan) | Prior Year (Yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 706,370,311.40 | 507,725,735.29 | 39.12% | Primarily due to increased scale of electric vehicle business | | Operating Cost | 634,988,597.26 | 453,337,488.59 | 40.07% | Primarily due to increased scale of electric vehicle business | | Administrative Expenses | 52,611,008.86 | 77,809,373.83 | -32.38% | Primarily due to decreased depreciation and amortization | | Financial Expenses | 343,622.39 | -10,183,618.65 | 103.37% | Primarily due to decreased interest income | | R&D Investment | 29,600,043.17 | 28,523,397.72 | 3.77% | Primarily due to increased R&D investment by the company | | Net Cash Flow from Operating Activities | 95,752,432.15 | 5,232,051.15 | 1,730.11% | Primarily due to increased profitability of electric vehicle business and improved operating conditions of consumer electronics business in this period | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue | Operating Cost | Gross Margin | Operating Revenue Year-on-Year Change | Operating Cost Year-on-Year Change | Gross Margin Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Touch Display Products | 90,853,705.20 | 88,869,817.27 | 2.18% | -13.41% | -5.79% | -7.91% | | Window Protection Screen Products | 89,428,527.08 | 71,913,221.64 | 19.59% | 5.42% | 12.34% | -4.96% | | Structural Components | 91,348,161.75 | 96,963,538.42 | -6.15% | 2.69% | -5.42% | 9.11% | | Electric Bicycles | 205,666,132.02 | 167,877,508.70 | 18.37% | 75.31% | 76.05% | -0.34% | | Electric Motorcycles | 130,876,354.64 | 108,488,180.81 | 17.11% | 153.19% | 146.38% | 2.29% | | Electric Vehicle Accessories | 91,114,450.57 | 94,075,163.62 | -3.25% | 130.51% | 133.50% | -1.32% | [Analysis of Non-Core Business](index=14&type=section&id=%E5%9B%9B%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Non-core business income primarily stemmed from investment gains, fair value changes, and government grants, but these are largely non-sustainable Non-Core Business Gains and Losses | Item | Amount (Yuan) | Proportion of Total Profit | Explanation of Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 26,279,442.95 | -953.25% | Primarily due to increased debt restructuring gains, disposal of company investment gains, and wealth management product gains | No | | Gains or Losses from Changes in Fair Value | 493,966.65 | -17.92% | Primarily due to fair value changes of wealth management products | No | | Asset Impairment | -2,458,655.62 | 89.18% | Primarily due to inventory impairment provision | No | | Non-Operating Income | 10,837,617.94 | -393.12% | Primarily due to non-payable accounts and compensation income | No | | Credit Impairment Losses | -3,210,984.52 | 116.47% | Primarily due to provision for bad debts | No | | Other Income | 7,723,587.59 | -280.16% | Primarily due to government grants | No | [Analysis of Assets and Liabilities](index=15&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Total assets slightly increased, while net assets attributable to shareholders grew by 26.47%, with significant shifts in asset and liability composition Significant Changes in Asset Composition | Item | Amount at End of Current Period (Yuan) | Proportion of Total Assets | Amount at End of Prior Year (Yuan) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 284,636,640.93 | 17.72% | 303,952,154.42 | 19.34% | -1.62% | | Long-Term Equity Investments | 18,519,329.47 | 1.15% | 0.00 | 0.00% | 1.15% | | Fixed Assets | 280,538,106.49 | 17.46% | 352,579,352.90 | 22.43% | -4.97% | | Financial Assets Held for Trading | 155,491,577.76 | 9.68% | 103,339,642.64 | 6.58% | 3.10% | | Other Non-Current Assets | 106,034,787.29 | 6.60% | 3,741,567.31 | 0.24% | 6.36% | | Other Payables | 259,595,625.46 | 16.16% | 414,679,098.75 | 26.39% | -10.23% | Assets and Liabilities Measured at Fair Value | Item | Amount at Period End (Yuan) | | :--- | :--- | | Financial Assets Held for Trading | 155,491,577.76 | | Other Equity Instrument Investments | 1,063,500.97 | | Accounts Receivable Financing | 4,936,073.48 | | Total Above | 161,491,152.21 | Restricted Asset Status | Item | June 30, 2025 (Yuan) | Reason for Restriction | | :--- | :--- | :--- | | Cash and Bank Balances | 31,299,477.71 | Used for applying for bank acceptance bills and judicial freezing, etc | [Analysis of Investment Status](index=16&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Total investment increased by 100%, including a significant non-equity investment in industrial property and 250 million Yuan in wealth management products Investment Amount During the Reporting Period | Indicator | Investment Amount in Reporting Period (Yuan) | Investment Amount in Prior Year (Yuan) | Change Rate | | :--- | :--- | :--- | :--- | | Total Investment | 30,380,000.00 | 0.00 | 100.00% | - The company acquired industrial factory buildings D2 in Zhoujiang Information Industrial Park, Shangpeng 81, Zhoujiang Village, Penggao Town, Pingxiang Economic and Technological Development Zone, with **99,681,480.00 Yuan** invested in this reporting period[64](index=64&type=chunk) [Overall Situation](index=16&type=section&id=1%E3%80%81%E6%80%BB%E4%BD%93%E6%83%85%E5%86%B5) Total investment increased by 100% to 30.38 million Yuan compared to the same period last year [Significant Non-Equity Investments Underway During the Reporting Period](index=16&type=section&id=3%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%AD%A3%E5%9C%A8%E8%BF%9B%E8%A1%8C%E7%9A%84%E9%87%8D%E5%A4%A7%E9%9D%9E%E8%82%A1%E6%9D%83%E6%8A%95%E8%B5%84%E6%83%85%E5%86%B5) The company's significant non-equity investment underway during the reporting period is the acquisition of industrial factory building D2 in Zhoujiang Information Industrial Park, with 99.68 million Yuan invested - The company acquired industrial factory building D2 in Zhoujiang Information Industrial Park, Shangpeng 81, Zhoujiang Village, Penggao Town, Pingxiang Economic and Technological Development Zone, with **99,681,480.00 Yuan** invested in this reporting period, funded by its own capital[64](index=64&type=chunk) [Financial Assets Measured at Fair Value](index=17&type=section&id=4%E3%80%81%E4%BB%A5%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E8%AE%A1%E9%87%8F%E7%9A%84%E9%87%91%E8%9E%8D%E8%B5%84%E4%BA%A7) The company's financial assets measured at fair value totaled 155.49 million Yuan at period-end, primarily other assets, with a fair value change gain of 0.49 million Yuan and cumulative investment income of 0.51 million Yuan Financial Assets Measured at Fair Value | Asset Category | Amount at Period End (Yuan) | Fair Value Change Gain/Loss in Current Period (Yuan) | Cumulative Investment Income (Yuan) | | :--- | :--- | :--- | :--- | | Other | 155,491,577.76 | 493,966.65 | 512,728.23 | | Total | 155,491,577.76 | 493,966.65 | 512,728.23 | [Wealth Management, Derivative Investments, and Entrusted Loans](index=17&type=section&id=6%E3%80%81%E5%A7%94%E6%89%98%E7%90%86%E8%B4%A2%E3%80%81%E8%A1%8D%E7%94%9F%E5%93%81%E6%8A%95%E8%B5%84%E5%92%8C%E5%A7%94%E6%89%98%E8%B4%B7%E6%AC%BE%E6%83%85%E5%86%B5) During the reporting period, the company engaged in 250 million Yuan of wealth management, with 220 million Yuan outstanding, all in bank wealth management products, and no overdue unrecovered amounts, nor any derivative investments or entrusted loans Overview of Wealth Management | Specific Type | Source of Wealth Management Funds | Amount of Wealth Management Transactions (10,000 Yuan) | Unexpired Balance (10,000 Yuan) | Overdue Unrecovered Amount (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 25,000 | 22,000 | 0 | - The company had no derivative investments during the reporting period[70](index=70&type=chunk) - The company had no entrusted loans during the reporting period[71](index=71&type=chunk) [Significant Asset and Equity Sales](index=18&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) The company sold a 100 million Yuan receivable to reduce risk and divested two subsidiary equities to enhance asset quality and streamline operations - The company transferred its 120 million Yuan principal claim and corresponding capital occupation fees and overdue payment penalties against Shenzhen Yier San Si Investment Development Co., Ltd. and Shenzhen Penglian Xingwang Industrial Co., Ltd. to Jiangxi Huiyikang Trading Co., Ltd. for **100 million Yuan**[72](index=72&type=chunk) - The company sold 100% equity of Xingxing Precision Technology (Zhuhai) Co., Ltd. for **44.78 million Yuan**, which helps improve asset quality and reduce operating costs[75](index=75&type=chunk) - The company sold 100% equity of Jiangxi Yihong Electronic Technology Co., Ltd. for **0.0001 Yuan**, which helps reduce negative impact on the company's financial situation and accelerate the expansion of its main business[75](index=75&type=chunk) [Significant Asset Sales](index=18&type=section&id=1%E3%80%81%E5%87%BA%E5%94%AE%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E6%83%85%E5%86%B5) The company transferred its 120 million Yuan principal claim and corresponding capital occupation fees and overdue payment penalties against Shenzhen Yier San Si Investment Development Co., Ltd. and Shenzhen Penglian Xingwang Industrial Co., Ltd. to the related party Jiangxi Huiyikang Trading Co., Ltd. for 100 million Yuan, aiming to reduce recovery risk and improve capital utilization efficiency - The company transferred its 120 million Yuan principal claim and corresponding capital occupation fees and overdue payment penalties against Shenzhen Yier San Si Investment Development Co., Ltd. and Shenzhen Penglian Xingwang Industrial Co., Ltd. to Jiangxi Huiyikang Trading Co., Ltd. for **100 million Yuan**[72](index=72&type=chunk) - This debt transfer helps reduce the company's recovery risk for this claim, promptly recovers working capital, and improves capital utilization efficiency[72](index=72&type=chunk) [Significant Equity Sales](index=19&type=section&id=2%E3%80%81%E5%87%BA%E5%94%AE%E9%87%8D%E5%A4%A7%E8%82%A1%E6%9D%83%E6%83%85%E5%86%B5) The company sold 100% equity of its sub-subsidiary Xingxing Precision Technology (Zhuhai) Co., Ltd. for 44.78 million Yuan and 100% equity of its wholly-owned subsidiary Jiangxi Yihong Electronic Technology Co., Ltd. for 0.0001 Yuan, aiming to improve asset quality, reduce operating costs, and accelerate main business expansion - The company sold 100% equity of Xingxing Precision Technology (Zhuhai) Co., Ltd. for **44.78 million Yuan**, contributing **4.1647 million Yuan** to net profit in this period[75](index=75&type=chunk) - The company sold 100% equity of Jiangxi Yihong Electronic Technology Co., Ltd. for **0.0001 Yuan**, contributing **-16,800 Yuan** to net profit in this period[75](index=75&type=chunk) - The equity sale helps improve the company's asset quality, reduce operating costs, and accelerate the expansion of its main business, aligning with the company's actual operations and strategic development needs[75](index=75&type=chunk) [Analysis of Major Holding and Participating Companies](index=20&type=section&id=%E5%85%AB%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) The company's major holding subsidiaries include Xingxing Touch Technology (Shenzhen), Xingxing Precision Technology (Shenzhen), Xingma Precision Components (Guangdong), Taizhou Xingxing Optoelectronics, Jiangxi Lima Vehicle Industry, and Guangxi Lima Electric Vehicle, with Jiangxi Lima and Guangxi Lima showing significant profit growth due to business expansion Major Subsidiary Financial Indicators (Unit: 10,000 Yuan) | Company Name | Company Type | Main Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Xingxing Touch Technology (Shenzhen) Co., Ltd. | Subsidiary | Technical development, production, and sales of touch screens, etc | 133,750.00 | 123,684.11 | -16,871.58 | 2,105.51 | -624.50 | 197.61 | | Xingxing Precision Technology (Shenzhen) Co., Ltd. | Subsidiary | Design, R&D, production, and sales of precision structural components, etc | 110,000.00 | 34,445.64 | -40,280.48 | 469.06 | 1,070.60 | 1,237.89 | | Xingma Precision Components (Guangdong) Co., Ltd. | Subsidiary | Design, R&D, production, and sales of precision structural components, etc | 2,000.00 | 54,612.13 | -22,848.98 | 18,412.76 | -2,332.10 | -2,351.65 | | Taizhou Xingxing Optoelectronics Technology Co., Ltd. | Subsidiary | Display device manufacturing, optical glass sales | 4,500.00 | 26,176.43 | 8,304.73 | 9,062.80 | -206.30 | -322.07 | | Jiangxi Lima Vehicle Industry Co., Ltd. | Subsidiary | R&D, production, and sales of electric vehicles | 5,000.00 | 24,302.34 | 5,732.88 | 28,848.93 | 1,415.17 | 1,027.60 | | Guangxi Lima Electric Vehicle Technology Co., Ltd. | Subsidiary | R&D, production, and sales of electric vehicles | 600.00 | 18,819.37 | 5,536.51 | 14,522.50 | 1,104.32 | 757.75 | - The change in operating performance of Jiangxi Lima Vehicle Industry Co., Ltd. and Guangxi Lima Electric Vehicle Technology Co., Ltd. in this period is mainly due to increased net profit resulting from customer expansion and business scale growth[78](index=78&type=chunk) - Acquisition and disposal of subsidiaries during the reporting period: disposal of equity in Jiangxi Yihong Electronic Technology Co., Ltd. and Xingxing Precision Technology (Zhuhai) Co., Ltd[77](index=77&type=chunk) [Information on Structured Entities Controlled by the Company](index=21&type=section&id=%E4%B9%9D%E3%80%81%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) The company reported no structured entities under its control during the reporting period - The company had no structured entities under its control during the reporting period[79](index=79&type=chunk) [Risks Faced by the Company and Countermeasures](index=21&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces risks from technological innovation, talent loss, restructuring agreement non-performance, related party transactions, and competition, with mitigation strategies in place - The company faces risks in technological innovation and product development; if it cannot timely grasp key technological developments in the industry, its competitive ability may decline[79](index=79&type=chunk) - The company faces the risk of losing core technical personnel, with countermeasures including improving talent梯队 construction, establishing assessment and incentive mechanisms, and improving the working environment[81](index=81&type=chunk) - The "Reorganization Investment Agreement" faces risks of non-performance, including the inability of Jiangxi Lima and Guangxi Lima to meet performance commitments, the inability to inject electric vehicle assets or inject them as scheduled, and the inability of Lima Vehicle Group and/or Lima Technology to provide the promised **1 billion Yuan** in financing[82](index=82&type=chunk)[84](index=84&type=chunk)[86](index=86&type=chunk)[87](index=87&type=chunk) - The company faces risks from related party transactions and horizontal competition, which are being addressed through commitments from the actual controller to reduce and standardize related party transactions and steadily promote business integration[89](index=89&type=chunk)[90](index=90&type=chunk) [Risks of Technological Innovation and Product Development](index=21&type=section&id=1%E3%80%81%E6%8A%80%E6%9C%AF%E5%88%9B%E6%96%B0%E5%92%8C%E4%BA%A7%E5%93%81%E5%BC%80%E5%8F%91%E7%9A%84%E9%A3%8E%E9%99%A9) The rapidly evolving technology in consumer electronics and electric two-wheelers poses a risk of declining competitiveness if the company fails to innovate or master key technologies, which is addressed by improving its innovation system, increasing external exchanges, and upgrading products - The trend of technological and industrial integration in the window protection screen, touch module, and precision structural component industries demands increasingly higher technological innovation capabilities[79](index=79&type=chunk) - The electric two-wheeler industry is experiencing rapid integration of battery technology and intelligent control systems, and enterprises may face declining product competitiveness due to technological lag[79](index=79&type=chunk) - Countermeasures: Improve the technological innovation system, establish an information collection mechanism, increase the frequency of external exchanges, and upgrade company products[80](index=80&type=chunk) [Risks of Losing Core Technical Personnel](index=21&type=section&id=2%E3%80%81%E6%A0%B8%E5%BF%83%E6%8A%80%E6%9C%AF%E4%BA%BA%E5%91%98%E6%B5%81%E5%A4%B1%E7%9A%84%E9%A3%8E%E9%99%A9) Intense talent competition in the industry could lead to loss of core technical personnel, resulting in technology leakage and delayed R&D, impacting the company's competitiveness, which is addressed by improving talent梯队, incentive mechanisms, working environment, job rotation, and smart manufacturing - The loss of core technical personnel may lead to the loss of company product technology, delay research and development processes, and consequently affect the company's competitiveness[81](index=81&type=chunk) - Countermeasures: Improve talent梯队 construction, establish effective assessment and incentive mechanisms, improve the working environment, implement a job rotation system, and vigorously promote intelligent manufacturing in the production process[81](index=81&type=chunk) [Risks of Non-Performance of the "Reorganization Investment Agreement"](index=21&type=section&id=3%E3%80%81%E3%80%8A%E9%87%8D%E6%95%B4%E6%8A%95%E8%B5%84%E5%8D%8F%E8%AE%AE%E3%80%8B%E6%97%A0%E6%B3%95%E5%B1%A5%E8%A1%8C%E7%9A%84%E9%A3%8E%E9%99%A9) The reorganization investment agreement faces multiple risks, including the potential failure of Jiangxi Lima and Guangxi Lima to meet performance commitments, the inability to inject electric vehicle assets as promised, and the potential failure to secure the promised 1 billion Yuan in financing - The Jiangxi Lima New Energy Electric Two-Wheeler Intelligent Manufacturing Industrial Park project faces the risk of not meeting expectations, and Lima Vehicle Group and/or Lima Technology's promised cumulative net profit of no less than **120 million Yuan** may not be achieved[82](index=82&type=chunk)[83](index=83&type=chunk) - Guangxi Lima faces the risk of not achieving its performance commitments, with net profits of no less than **21 million Yuan in 2024**, **22 million Yuan in 2025**, and **23 million Yuan in 2026**[84](index=84&type=chunk) - The phased injection of electric vehicle assets promised by Lima Vehicle Group into the listed company faces the risk of not being injected or not being injected as scheduled[86](index=86&type=chunk) - Lima Vehicle Group and/or Lima Technology's commitment to support the listed company in obtaining financing totaling no less than **1 billion Yuan** in various forms faces the risk of not being realized[87](index=87&type=chunk) [Related Party Transaction Risks](index=22&type=section&id=4%E3%80%81%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93%E9%A3%8E%E9%99%A9) Before the electric vehicle asset injection is completed, the company may engage in significant related party transactions for procurement, sales, and services, which, if internal controls are inadequate, could adversely affect operating performance; the actual controller has committed to reducing and standardizing these transactions - Before the completion of the electric vehicle asset injection promised by the company's actual controller, the company may engage in related party transactions such as procurement, sales, and services[89](index=89&type=chunk) - Countermeasures: The actual controller has committed to minimizing and standardizing related party transactions, and for unavoidable transactions, they will adhere to market-based, fair, and just principles, at fair and reasonable market prices[89](index=89&type=chunk) [Horizontal Competition Risks](index=23&type=section&id=5%E3%80%81%E5%90%8C%E4%B8%9A%E7%AB%9E%E4%BA%89%E9%A3%8E%E9%99%A9) Before the electric vehicle asset injection is completed, the company faces horizontal competition from other entities controlled by the actual controller; the controlling shareholder and actual controller have committed to resolving this through asset restructuring and entrusted management - Before the completion of the electric vehicle asset injection promised by the company's actual controller, the company will face horizontal competition from other enterprises controlled by the actual controller for a certain period[90](index=90&type=chunk) - Countermeasures: The controlling shareholder and actual controller have committed to comprehensively utilizing asset restructuring, entrusted management by the listed company, and other methods to steadily promote relevant business integration to resolve horizontal competition issues[90](index=90&type=chunk) [Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=23&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A5%E5%BE%85%E8%B0%83%E7%A0%94%E3%80%81%E6%B2%9F%E9%80%9A%E3%80%81%E9%87%87%E8%AE%BF%E7%AD%89%E6%B4%BB%E5%8A%A8%E7%99%BB%E8%AE%B0%E8%A1%A8) The company participated in an online investor reception day and annual performance briefing on May 21, 2025, engaging with investors - The company participated in the 2024 Annual Investor Online Collective Reception Day and the company's annual performance briefing for listed companies in Jiangxi Province through All-View Network on May 21, 2025[91](index=91&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=23&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%88%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company did not formulate a market value management system or disclose a valuation enhancement plan during the reporting period - The company did not formulate a market value management system[92](index=92&type=chunk) - The company did not disclose a valuation enhancement plan[92](index=92&type=chunk) [Implementation of the "Dual Improvement in Quality and Returns" Action Plan](index=23&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%22%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%22%E8%A1%8C%E5%8A%A8%E6%96%B9%E6%A1%88%E8%B4%AF%E5%BD%BB%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company did not disclose an announcement regarding the "Dual Improvement in Quality and Returns" action plan during the reporting period - The company did not disclose an announcement regarding the "Dual Improvement in Quality and Returns" action plan[92](index=92&type=chunk) [Corporate Governance, Environment, and Society](index=24&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This section covers changes in company leadership, profit distribution, employee incentives, environmental disclosures, and social responsibility initiatives [Changes in Directors, Supervisors, and Senior Management](index=24&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%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's board secretary, vice general manager, and non-independent director positions saw changes, with Chang Juntin and Deng Guoyin departing due to work reassignments, Jia Jianping and Chen Wenwu appointed, and Shi Yongsheng dismissed as vice general manager for personal reasons - Chang Juntin was dismissed as Board Secretary due to work reassignment, and Jia Jianping was appointed as Board Secretary[94](index=94&type=chunk) - Deng Guoyin was dismissed as Vice General Manager and resigned as Non-Independent Director due to work reassignment, while Chen Wenwu was appointed as Vice General Manager and elected as Non-Independent Director[94](index=94&type=chunk) - Shi Yongsheng was dismissed as Vice General Manager due to personal reasons[94](index=94&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital in This Reporting Period](index=24&type=section&id=%E4%BA%8C%E3%80%81%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company plans no cash dividends, bonus shares, or capital reserve conversions for the half-year period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[95](index=95&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=24&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%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[96](index=96&type=chunk) [Environmental Information Disclosure](index=24&type=section&id=%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The company and two major subsidiaries (Taizhou Xingxing Optoelectronics Technology Co., Ltd. and Jiangxi Lima Vehicle Industry Co., Ltd.) are listed as legally required environmental information disclosure enterprises, with relevant indices provided - The company and its major subsidiaries, Taizhou Xingxing Optoelectronics Technology Co., Ltd. and Jiangxi Lima Vehicle Industry Co., Ltd., are included in the list of enterprises required to disclose environmental information by law[97](index=97&type=chunk) [Social Responsibility](index=24&type=section&id=%E4%BA%94%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company actively fulfills social responsibilities by protecting shareholder, employee, and partner rights, promoting environmental sustainability, and contributing to local economy - The company ensures shareholder and investor rights through timely, accurate, truthful, and complete information disclosure, and various communication channels to strengthen interaction with investors[99](index=99&type=chunk) - The company strictly adheres to labor laws and regulations, legally signs labor contracts with employees, establishes a comprehensive compensation and benefits system, and emphasizes talent development and employee care[100](index=100&type=chunk) - The company integrates environmental protection, safe production, and energy conservation and emission reduction as key components of its sustainable development strategy, enhancing environmental protection through inspections, safety management, and technological innovation[101](index=101&type=chunk) [Significant Matters](index=26&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section addresses commitments, related party transactions, guarantees, litigation, penalties, and other material events affecting the company [Commitments Fulfilled and Overdue Unfulfilled by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=26&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E5%8F%8A%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) The company reported no fulfilled or overdue unfulfilled commitments by controlling shareholders, related parties, or the company during the reporting period - The company reported no commitments by its actual controller, shareholders, related parties, acquirers, or the company that were fulfilled during the reporting period or overdue and unfulfilled as of the end of the reporting period[105](index=105&type=chunk) [Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties from the Listed Company](index=26&type=section&id=%E4%BA%8C%E3%80%81%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%E5%AF%B9%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E7%9A%84%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) The company reported no non-operating funds occupied by controlling shareholders or other related parties from the listed company during the reporting period - The company reported no non-operating funds occupied by controlling shareholders or other related parties from the listed company during the reporting period[106](index=106&type=chunk) [Irregular External Guarantees](index=26&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) The company reported no irregular external guarantees during the reporting period - The company reported no irregular external guarantees during the reporting period[107](index=107&type=chunk) [Appointment and Dismissal of Accounting Firms](index=26&type=section&id=%E5%9B%9B%E3%80%81%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) The company's half-year financial report was not audited - The company's semi-annual report was not audited[108](index=108&type=chunk) [Explanation by the Board of Directors, Supervisory Board, and Audit Committee on the "Non-Standard Audit Report" for This Reporting Period](index=26&type=section&id=%E4%BA%94%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E3%80%81%E5%AE%A1%E8%AE%A1%E5%A7%94%E5%91%98%E4%BC%9A%E5%AF%B9%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9A%84%E8%AF%B4%E6%98%8E) The company reported no non-standard audit report for the current period - The company reported no non-standard audit report for the current period[109](index=109&type=chunk) [Explanation by the Board of Directors on the "Non-Standard Audit Report" for the Previous Year](index=26&type=section&id=%E5%85%AD%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%B8%8A%E5%B9%B4%E5%BA%A6%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) The company provided no explanation regarding a non-standard audit report for the previous year - The company reported no explanation regarding a non-standard audit report for the previous year[109](index=109&type=chunk) [Bankruptcy Reorganization Matters](index=26&type=section&id=%E4%B8%83%E3%80%81%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) The company reported no bankruptcy reorganization matters during the reporting period - The company reported no bankruptcy reorganization matters during the reporting period[109](index=109&type=chunk) [Litigation Matters](index=26&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company was involved in significant contract disputes totaling 620.16 million Yuan, with some claims transferred, and other minor litigation cases as plaintiff and defendant - The company filed a lawsuit against Yier San Si, Penglian Xingwang, and others for contract disputes, demanding the return of investment principal and capital occupation fees, with a case value of **620.1647 million Yuan**[112](index=112&type=chunk) - This major lawsuit was concluded in August 2025, with the first-instance judgment dissolving relevant agreements and requiring defendants to return **488.6 million Yuan** in investment principal and pay capital occupation fees; the second instance allowed the appellant to withdraw the appeal, making the first-instance judgment effective[112](index=112&type=chunk) - In March 2025, the company transferred its **120 million Yuan** principal claim and corresponding capital occupation fees and overdue payment penalties against Yier San Si and Penglian Xingwang to Huiyikang Trading for **100 million Yuan**[112](index=112&type=chunk) - Among other lawsuits not meeting the disclosure threshold for major litigation, the company was the plaintiff in **7 cases** with a total value of **58.5966 million Yuan**, and the defendant in **10 cases** with a total value of **31.7662 million Yuan**[113](index=113&type=chunk) [Penalties and Rectification](index=28&type=section&id=%E4%B9%9D%E3%80%81%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) The company and relevant personnel received warning letters and regulatory letters for inaccurate revenue and cost disclosures in the 2023 half-year and Q3 reports from the Jiangxi Regulatory Bureau of the China Securities Regulatory Commission and the Shenzhen Stock Exchange - The company, Ying Guangjie (Chairman, General Manager), and Li Junjiang (then CFO) received a warning letter from the Jiangxi Regulatory Bureau of the China Securities Regulatory Commission for inaccurate disclosure of total operating revenue and total operating costs in the 2023 semi-annual report and third-quarter report[114](index=114&type=chunk) - The company and relevant personnel also received a regulatory letter from the ChiNext Company Management Department of the Shenzhen Stock Exchange[114](index=114&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=28&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E7%9A%84%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5) During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no unfulfilled court judgments or overdue large debts - During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no unfulfilled court judgments or overdue large debts[115](index=115&type=chunk) [Significant Related Party Transactions](index=29&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) Significant related party transactions included daily purchases and sales, debt transfers, property acquisitions, and equity sales, along with performance compensation payments Related Party Transactions Related to Daily Operations | Related Party | Related Party Transaction Type | Related Party Transaction Content | Amount in Current Period (10,000 Yuan) | Approved Transaction Limit (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | | Taizhou Finder Trading Co., Ltd. | Procurement from related party | Raw materials and finished products related to electric two-wheelers | 9,817.21 | 20,000 | | Taizhou Finder Trading Co., Ltd. | Sales to related party | Raw materials and finished products related to electric two-wheelers | 6,544.54 | 18,000 | - The company transferred its claim against Shenzhen Yier San Si Investment Development Co., Ltd. and Shenzhen Penglian Xingwang Industrial Co., Ltd. for **100 million Yuan** to Jiangxi Huiyikang Trading Co., Ltd[117](index=117&type=chunk) - The company acquired factory buildings from Pingxiang Huixiang Construction Development Co., Ltd. for **110.7572 million Yuan** and transferred 100% equity of its wholly-owned subsidiary Jiangxi Yihong Electronic Technology Co., Ltd. to Taizhou Hongliang Enterprise Management Consulting Co., Ltd. for **1 Yuan**[118](index=118&type=chunk) - The company received **5,922,162.56 Yuan** in performance compensation from related parties including Ying Guangjie[123](index=123&type=chunk) [Related Party Transactions Related to Daily Operations](index=29&type=section&id=1%E3%80%81%E4%B8%8E%E6%97%A5%E5%B8%B8%E7%BB%8F%E8%90%A5%E7%9B%B8%E5%85%B3%E7%9A%84%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) During the reporting period, the company engaged in daily purchase and sale transactions with related party Taizhou Finder Trading Co., Ltd., with procurement amounting to 98.17 million Yuan and sales to 65.45 million Yuan, both within approved limits Purchase and Sale of Goods/Acceptance of Services | Related Party | Related Transaction Content | Amount in Current Period (Yuan) | Approved Transaction Limit (Yuan) | | :--- | :--- | :--- | :--- | | Taizhou Finder Trading Co., Ltd. | Procurement of goods and materials | 98,172,119.88 | 200,000,000.00 | | Taizhou Finder Trading Co., Ltd. | Sales of goods and materials | 65,445,403.86 | 180,000,000.00 | [Related Party Transactions for Asset or Equity Acquisition and Disposal](index=29&type=section&id=2%E3%80%81%E8%B5%84%E4%BA%A7%E6%88%96%E8%82%A1%E6%9D%83%E6%94%B6%E8%B4%AD%E3%80%81%E5%87%BA%E5%94%AE%E5%8F%91%E7%94%9F%E7%9A%84%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company transferred its claim against Shenzhen Yier San Si Investment Development Co., Ltd. and Shenzhen Penglian Xingwang Industrial Co., Ltd. for 100 million Yuan to Jiangxi Huiyikang Trading Co., Ltd., acquired land and factory buildings from Pingxiang Huixiang Construction Development Co., Ltd. for 110.76 million Yuan, and sold 100% equity of its wholly-owned subsidiary Jiangxi Yihong Electronic Technology Co., Ltd. for 0.0001 Yuan - The company transferred its claim against Shenzhen Yier San Si Investment Development Co., Ltd. and Shenzhen Penglian Xingwang Industrial Co., Ltd. for **100 million Yuan** to Jiangxi Huiyikang Trading Co., Ltd[117](index=117&type=chunk) - The company acquired factory buildings D2 in Zhoujiang Information Industrial Park, Shangpeng 81, Zhoujiang Village, Pingxiang Economic and Technological Development Zone, from Pingxiang Huixiang Construction Development Co., Ltd. for **110.7572 million Yuan**[118](index=118&type=chunk) - The company sold 100% equity of its wholly-owned subsidiary Jiangxi Yihong Electronic Technology Co., Ltd. to Taizhou Hongliang Enterprise Management Consulting Co., Ltd. for **0.0001 Yuan**[118](index=118&type=chunk) [Other Significant Related Party Transactions](index=31&type=section&id=7%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company received 5,922,162.56 Yuan in performance compensation from related parties including Ying Guangjie and Luo Hualie, which was directly deducted from the third installment of the equity transfer payment Other Significant Related Party Transactions | Related Party Name | Transaction Type | Actual Transaction Amount (Yuan) | | :--- | :--- | :--- | | Ying Guangjie, Luo Hualie, Ying Xiaofang, Luo Hualin, Luo Yi, Luo Xueqin, Ying Shuxin, Zhang Xinyi | Performance Compensation | 5,922,162.56 | - As the amount to be compensated by the relevant obligors for 2024 was less than the third installment of the equity transfer payment stipulated in the "Equity Transfer Agreement," the company will directly deduct the compensation amount when paying the third installment[123](index=123&type=chunk) [Significant Contracts and Their Performance](index=31&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%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) Significant contracts included a 45 million Yuan factory lease and 350 million Yuan in guarantees for subsidiaries, with no other major operating contracts Lease Information | No. | Lessee | Lessor | Location | Leased Area (M²) | Lease Term | Lease Amount (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | Jiangxi Lima Vehicle Industry Co., Ltd. | Pingxiang Huixiang Construction Development Co., Ltd. | D1, D2 Standard Factory Buildings, Zhoujiang Electronic Information Industrial Park, Pingxiang Economic Development Zone | 100,000 | 2024.12.6-2028.12.5 | 4,500 | - The company approved a total guarantee limit of **350 million Yuan** for its subsidiaries during the reporting period, and the total approved guarantee limit for subsidiaries at the end of the reporting period was **350 million Yuan**[128](index=128&type=chunk) - The company had no significant contracts for daily operations or other significant contracts during the reporting period[129](index=129&type=chunk)[130](index=130&type=chunk) [Custody, Contracting, and Leasing Matters](index=31&type=section&id=1%E3%80%81%E6%89%98%E7%AE%A1%E3%80%81%E6%89%BF%E5%8C%85%E3%80%81%E7%A7%9F%E8%B5%81%E4%BA%8B%E9%A1%B9%E6%83%85%E5%86%B5) The company reported no custody or contracting situations during the reporting period; in terms of leasing, Jiangxi Lima Vehicle Industry Co., Ltd. leased 100,000 square meters of factory space from Pingxiang Huixiang Construction Development Co., Ltd. for 45 million Yuan, with a lease term from December 6, 2024, to December 5, 2028 - The company reported no custody situations during the reporting period[124](index=124&type=chunk) - The company reported no contracting situations during the reporting period[125](index=125&type=chunk) Lease Information | Lessee | Lessor | Leased Area (M²) | Lease Term | Lease Amount (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | | Jiangxi Lima Vehicle Industry Co., Ltd. | Pingxiang Huixiang Construction Development Co., Ltd. | 100,000 | 2024.12.6-2028.12.5 | 4,500 | [Significant Guarantees](index=32&type=section&id=2%E3%80%81%E9%87%8D%E5%A4%A7%E6%8B%85%E4%BF%9D) During the reporting period, the company approved a total guarantee limit of 350 million Yuan for its subsidiaries, including Taizhou Xingxing Optoelectronics, Jiangxi Lima Vehicle Industry, Guangxi Lima Electric Vehicle, and Pingxiang Xingchi Optoelectronics, with the same total approved limit at period-end Company Guarantees for Subsidiaries (Unit: 10,000 Yuan) | Guaranteed Entity Name | Announcement Date of Guarantee Limit | Guarantee Limit | | :--- | :--- | :--- | | Taizhou Xingxing Optoelectronics Technology Co., Ltd. | April 25, 2025 | 5,000 | | Jiangxi Lima Vehicle Industry Co., Ltd. | April 25, 2025 | 10,000 | | Guangxi Lima Electric Vehicle Technology Co., Ltd. | April 25, 2025 | 5,000 | | Pingxiang Xingchi Optoelectronics Technology Co., Ltd. | April 25, 2025 | 15,000 | | Total (B1) | Approved guarantee limit for subsidiaries during the reporting period | 35,000 | | Total approved guarantee limit for subsidiaries at period-end (B3) | | 35,000 | [Explanation of Other Significant Matters](index=33&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) The company reported no other significant matters requiring explanation during the reporting period - The company reported no other significant matters requiring explanation during the reporting period[130](index=130&type=chunk) [Significant Matters of Company Subsidiaries](index=33&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E5%AD%90%E5%85%AC%E5%8F%B8%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) The company disposed of 100% equity in its wholly-owned subsidiary Jiangxi Yihong Electronic Technology Co., Ltd. and its sub-subsidiary Zhuhai Precision - The company disposed of 100% equity in its wholly-owned subsidiary Jiangxi Yihong Electronic Technology Co., Ltd. and related party transactions[131](index=131&type=chunk) - The company disposed of 100% equity in its sub-subsidiary Zhuhai Precision[131](index=131&type=chunk) [Share Changes and Shareholder Information](index=34&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section details changes in share capital, securities issuance, shareholder structure, and changes in controlling shareholders [Share Capital Changes](index=34&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company's total share capital remained unchanged at 2,268,393,386 shares, with consistent proportions of restricted and unrestricted shares Share Capital Changes | Category | Quantity Before This Change | Proportion Before This Change | Increase/Decrease in This Change (＋,－) Subtotal | Quantity After This Change | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 625,000,000 | 27.55% | 0 | 625,000,000 | 27.55% | | II. Unrestricted Shares | 1,643,393,386 | 72.45% | 0 | 1,643,393,386 | 72.45% | | III. Total Shares | 2,268,393,386 | 100.00% | 0 | 2,268,393,386 | 100.00% | - The company's total share capital remained unchanged during the reporting period[133](index=133&type=chunk) [Securities Issuance and Listing](index=35&type=

福建三木集团股份有限公司 2025 年半年度报告全文 福建三木集团股份有限公司 2025 年半年度报告 【2025 年 8 月】 1 福建三木集团股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人林昱、主管会计工作负责人林廷香及会计机构负责人(会计主 管人员)谢荣善声明：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。 半年度报告涉及的未来计划等前瞻性陈述，不构成本公司对投资者的实 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，并理解计划、 预测与承诺之间的差异，注意投资风险。 公司已在本报告第三节"管理层讨论与分析"中详细描述公司未来发展 可能面临的风险及应对措施，敬请广大投资者予以关注。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 重要提示、目录和释义 | 2 | | --- | --- | | 第二节 公司简介和主要财务指标 | 6 | ...

河北汇金集团股份有限公司 2025 年半年度报告全文 2025 年半年度报告 河北汇金集团股份有限公司 2025 年 8 月 28 日 2025-061 河北汇金集团股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、完 整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责 任。 公司负责人毛世权、主管会计工作负责人田联东及会计机构负责人（会计 主管人员）杜玉蕊声明：保证本半年度报告中财务报告的真实、准确、完整。 | 1 | | | --- | --- | | 4 | | | | . | | 第一节 | 重要提示、目录和释义 1 | | --- | --- | | 第二节 | 公司简介和主要财务指标 5 | | 第三节 | 管理层讨论与分析 8 | | 第四节 | 公司治理、环境和社会 30 | | 第五节 | 重要事项 32 | | 第六节 | 股份变动及股东情况 40 | | 第七节 | 债券相关情况 44 | | 第八节 | 财务报告 45 | 河北汇金集团股份有限公司 2025 年半年度报告全文 所有董事 ...

瑞纳智能设备股份有限公司 2025 年半年度报告全文 瑞纳智能设备股份有限公司 2025 年半年度报告 2025 年 8 月 瑞纳智能设备股份有限公司 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。 公司负责人于大永、主管会计工作负责人陈朝晖及会计机构负责人(会计 主管人员)樊玲霞声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中涉及的未来计划、发展战略等前瞻性陈述，不构成公司对投资者 的实质承诺，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、预测与承诺之间差异。 公司在本半年度报告中详细阐述了未来可能发生的有关风险因素及对策， 详见"第三节 管理层讨论与分析"之"十、公司面临的风险和应对措施"， 敬请广大投资者予以关注。 公司经本次董事会审议通过的利润分配预案为：以 135,917,400 股为基 数，向全体股东每 10 股派发现金红利 0.74 元（含税），送红股 ...

宁波恒帅股份有限公司 2025 年半年度报告全文 宁波恒帅股份有限公司 2025 年半年度报告 2025 年 8 月 1 宁波恒帅股份有限公司 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。 公司负责人许宁宁、主管会计工作负责人张丽君及会计机构负责人(会计 主管人员)张明敏声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中涉及的未来发展计划等前瞻性陈述属于计划性事项，存在不确 定性，并不代表公司对未来的盈利预测，不构成公司对投资者的实质性承诺。 投资者及相关人士均应对此保持足够的风险认识，并且应当理解计划、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"中详细描述了公司经营中可能存在的风险和应对措施，敬请广大投资 者关注相关内容。 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 | 1 | | --- | | 第一节 | ...

广东金马游乐股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 股票代码: 300756 广东金马游乐股份有限公司 2025年半年度报告 公告编号: 2025-042 2025年8月 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。 公司负责人邓志毅、主管会计工作负责人郑彩云及会计机构负责人(会计 主管人员)罗剑辉声明：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属于计划性事项，均不构成公 司对投资者的实质承诺。 公司已在本报告"第三节 管理层讨论与分析"中的"十、公司面临的风 险和应对措施"部分对可能面临的风险和应对措施进行描述，敬请广大投资 者予以关注并注意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 1 广东金马游乐股份有限公司 2025 年半年度报告全文 2 广东金马游乐股份有限公司 2025 年半年度报告全文 备查文件目录 （一）载有公司负责人、主管会计工作负责人、会 ...

杭州海联讯科技股份有限公司 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。 公司负责人高春凤、主管会计工作负责人马红杰及会计机构负责人(会计 主管人员)袁宗国声明：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。 杭州海联讯科技股份有限公司 2025 年半年度报告 2025 年 8 月 1 杭州海联讯科技股份有限公司 2025 年半年度报告全文 | | | | 第二节 | 公司简介和主要财务指标 | 6 | | --- | --- | --- | | 第三节 | 管理层讨论与分析 | 9 | | 第四节 | 公司治理、环境和社会 | 24 | | 第五节 重要事项 | | 26 | | 第六节 | 股份变动及股东情况 32 | | | 第七节 | 债券相关情况 | 37 | | 第八节 财务报告 | | 38 | 杭州海联讯科技股份有限公司 2025 年半年度报告全文 备查文件目录 1、载有公司负责人 ...