浙江汇隆新材料股份有限公司 2025 年半年度报告 2025-063 2025 年 08 月 浙江汇隆新材料股份有限公司 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。 公司负责人沈顺华、主管会计工作负责人沈永娣及会计机构负责人(会计 主管人员)沈永娣声明：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，投资者及相关人士应该对此保持足够的风险认识，并 且应该理解计划、预测与承诺之间的差异，敬请投资者注意投资风险。 公司在本报告"第三节 管理层讨论与分析"中"十、公司面临的风险和 应对措施"部分，详细描述了公司经营中可能面对的风险，敬请投资者关注 相关内容，并注意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 1 | 第一节 | 重要提示、目录和释义 | 1 | | --- | --- | --- ...

山东阳谷华泰化工股份有限公司 2025 年半年度报告全文 山东阳谷华泰化工股份有限公司 2025 年半年度报告 2025-109 2025 年 8 月 1 山东阳谷华泰化工股份有限公司 2025 年半年度报告全文 山东阳谷华泰化工股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人王文博、主管会计工作负责人贺玉广及会计机构负责人(会计 主管人员)魏雪莲声明：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。 本公司请投资者认真阅读本半年度报告全文，并特别注意下列风险因素。 1、橡胶助剂行业竞争的风险 公司所处橡胶助剂行业集中度较低，从业企业较多，除少数企业外，大 部分企业的市场份额都不大，市场较为分散，市场竞争较为激烈，因此，公 司产品面临一定的市场竞争风险。在过去的几年中，公司加大了市场营销和 技术研发的投入力度，未来公司将继续坚持在这些方面的投入，从而不断提 升产品市场竞争力。 ...

浙江亚太机电股份有限公司 2025 年半年度报告全文 浙江亚太机电股份有限公司 ZHEJIANG ASIA-PACIFIC MECHANICAL & ELECTRONIC CO.,LTD 2025 年半年度报告 股票简称：亚太股份 股票代码：002284 2025 年 8 月 1 浙江亚太机电股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法 律责任。 公司负责人黄伟中、主管会计工作负责人孙华东及会计机构负责人(会计 主管人员)陈云娟声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司半年度报告中涉及公司未来计划等前瞻性陈述，不构成公司对投资者 的实质性承诺，请投资者注意投资风险。 公司存在经济周期波动、国家政策调整、市场竞争激烈、产品价格下降、 毛利率下降等风险，敬请广大投资者注意投资风险。详细内容见本报告"第三 节经营情况讨论与分析"之"十、公司面临的风险和应对措施"。 公司计划不派发现金红利，不送红股 ...

森赫电梯股份有限公司 2025 年半年度报告全文 森赫电梯股份有限公司 2025 年半年度报告 2025-025 2025 年 08 月 公司计划不派发现金红利，不送红股，不以公积金转增股本。 Sicher Elevator Co., Ltd. （浙江省湖州市南浔区练市工业园区森赫大道 1 号） 1 森赫电梯股份有限公司 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。 公司负责人李东流、主管会计工作负责人凌洪章及会计机构负责人(会计 主管人员)孟柏妹声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 报告期内，公司不存在重大风险事项。公司已在本报告中详细描述可能 面对的风险，敬请查阅本报告"第三节 管理层讨论与分析-十、公司面临的风 险和应对措施"中相关陈述。 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 | ...

联检（江苏）科技股份有限公司 2025 年半年度报告全文 联检（江苏）科技股份有限公司 2025 年半年度报告 2025 年 8 月 1 联检（江苏）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。 公司负责人周剑峰、主管会计工作负责人周剑峰及会计机构负责人（会 计主管人员）刘小玲声明：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的展望等前瞻性陈述不构成公司对投资者的实质 承诺，敬请广大投资者理性投资，注意风险。 公司在本报告中详细阐述了未来可能发生的有关风险因素及对策，详见本 报告第三节"管理层讨论与分析"之"十、公司面临的风险和应对措施"，敬请 投资者予以关注。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 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 | ...

深圳欣锐科技股份有限公司 2025 年半年度报告全文 深圳欣锐科技股份有限公司 2025 年半年度报告 2025-051 2025 年 8 月 1 深圳欣锐科技股份有限公司 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。 公司负责人吴壬华、主管会计工作负责人何兴泰及会计机构负责人(会计 主管人员)杨玲声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 报告中如有涉及未来的计划、业绩预测等方面的内容，均不构成本公司对 任何投资者及相关人士的实质承诺，投资者及相关人士均应对此保持足够的 风险认识，并且应当理解计划、预测与承诺之间的差异。 公司在经营中可能存在的风险因素内容已在本报告"第三节 管理层讨论 与分析"之"十、公司面临的风险和应对措施"部分予以描述，敬请投资者 注意并仔细阅读该章节全部内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第二节 | 公司简介和主要财务指标 | ...

Section I Important Notice, Table of Contents, and Definitions [Important Notice](index=2&type=section&id=Important%20Notice) The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, and declare the financial report is true, accurate, and complete. No cash dividends, bonus shares, or capital reserve conversions are planned for this report - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no false records, misleading statements, or major omissions[3](index=3&type=chunk) - The company's responsible person, head of accounting, and head of accounting department declare that the financial report in this semi-annual report is true, accurate, and complete[3](index=3&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section lists the report's eight main chapters and their starting page numbers, including important notices, company profile, management discussion and analysis, corporate governance, significant matters, share changes, bond information, and financial reports Report Chapter Directory | Chapter | Title | Page | | :--- | :--- | :--- | | Section I | Important Notice, Table of Contents, and Definitions | 2 | | Section II | Company Profile and Key Financial Indicators | 6 | | Section III | Management Discussion and Analysis | 9 | | Section IV | Corporate Governance, Environment, and Society | 22 | | Section V | Significant Matters | 24 | | Section VI | Share Changes and Shareholder Information | 28 | | Section VII | Bond-Related Information | 32 | | Section VIII | Financial Report | 33 | [Directory of Reference Documents](index=4&type=section&id=Directory%20of%20Reference%20Documents) Reference documents include signed and sealed financial statements, originals of publicly disclosed company documents and announcements during the reporting period, and other reference documents, all available at the company's securities department - Reference documents include financial statements signed and sealed by the company's responsible person, head of accounting, and head of accounting department[8](index=8&type=chunk) - Originals of all company documents and announcements publicly disclosed during the reporting period are also available as reference documents[9](index=9&type=chunk) - All original reference documents are kept at the company's securities department[11](index=11&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section provides definitions for common terms used in the report, covering company names, subsidiaries, employee stock ownership platforms, industry-related concepts (e.g., engineering survey, design, consulting, EPC general contracting, power system, transmission grid, distribution grid, substation), and the reporting period Selected Definitions | Term | Definition | | :--- | :--- | | Company, This Company, Jingwei Shares | Hangzhou Jingwei Information Technology Co., Ltd. | | Hongsheng Power | Hangzhou Hongsheng Power Design Consulting Co., Ltd., a wholly-owned subsidiary of the company | | Hongneng Power Services | Zhejiang Hongneng Power Services Co., Ltd., a wholly-owned subsidiary of the company | | Reporting Period | January 1, 2025 to June 30, 2025 | | EPC General Contracting | Refers to an engineering general contractor undertaking design, procurement, construction, commissioning services, and being fully responsible for the quality, safety, schedule, and cost of the contracted project, as per contract agreement | Section II Company Profile and Key Financial Indicators [I. Company Profile](index=6&type=section&id=I.%20Company%20Profile) Hangzhou Jingwei Information Technology Co., Ltd. (stock abbreviation: Jingwei Shares, stock code: 301390) is listed on the Shenzhen Stock Exchange, with Ye Xiaohua as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Jingwei Shares | | Stock Code | 301390 | | Stock Exchange | Shenzhen Stock Exchange | | Company Chinese Name | Hangzhou Jingwei Information Technology Co., Ltd. | | Legal Representative | Ye Xiaohua | [II. Contact Persons and Information](index=6&type=section&id=II.%20Contact%20Persons%20and%20Information) The company's Board Secretary is Xu Jianzhen, and the Securities Affairs Representative is Wen Qing; contact address, telephone, fax, and email are all disclosed Company Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Xu Jianzhen | No. 1 Hongliang Alley, Liangzhu Street, Yuhang District, Hangzhou, Zhejiang Province | 0571-88697922 | 0571-88697922 | hzgisway@gisway.com.cn | | Securities Affairs Representative | Wen Qing | No. 1 Hongliang Alley, Liangzhu Street, Yuhang District, Hangzhou, Zhejiang Province | 0571-88697922 | 0571-88697922 | hzgisway@gisway.com.cn | [III. Other Information](index=6&type=section&id=III.%20Other%20Information) The company's registered address, office address, website, and email remained unchanged during the reporting period, and there were no changes in information disclosure or registration, as detailed in the 2024 annual report - The company's registered address, office address, website, and email remained unchanged during the reporting period[17](index=17&type=chunk) - There were no changes in information disclosure or storage locations during the reporting period, as detailed in the 2024 annual report[19](index=19&type=chunk) - There were no changes in the company's registration status during the reporting period, as detailed in the 2024 annual report[20](index=20&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue increased by 8.31%, but net profit attributable to shareholders and non-recurring net profit decreased by 8.82% and 18.11% respectively. Net cash flow from operating activities significantly decreased by 231.53%, while total assets and net assets attributable to shareholders slightly increased Key Accounting Data and Financial Indicators (Consolidated Statements) | Indicator | Current Period (yuan) | Prior Period (yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 215,811,478.46 | 199,246,751.14 | 8.31% | | Net Profit Attributable to Shareholders | 12,188,332.16 | 13,366,857.90 | -8.82% | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | 10,459,302.32 | 12,771,838.93 | -18.11% | | Net Cash Flow from Operating Activities | -51,054,239.78 | -15,399,755.32 | -231.53% | | Basic Earnings Per Share (yuan/share) | 0.2031 | 0.2228 | -8.84% | | Diluted Earnings Per Share (yuan/share) | 0.2031 | 0.2228 | -8.84% | | Weighted Average Return on Net Assets | 1.26% | 1.40% | -0.14% | | **Period-End Indicators** | **Current Period-End (yuan)** | **Prior Year-End (yuan)** | **Period-End vs. Prior Year-End Change** | | Total Assets | 1,561,478,921.60 | 1,465,208,565.48 | 6.57% | | Net Assets Attributable to Shareholders | 962,325,900.87 | 961,755,491.48 | 0.06% | [V. Differences in Accounting Data under Domestic and International Accounting Standards](index=7&type=section&id=V.%20Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20International%20Accounting%20Standards) The company reported no differences in net profit and net assets between financial reports disclosed under international or foreign accounting standards and Chinese accounting standards during the reporting period - 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[22](index=22&type=chunk) - The company reported no differences in net profit and net assets between financial reports disclosed under foreign accounting standards and Chinese accounting standards during the reporting period[23](index=23&type=chunk) [VI. Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=VI.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to **1.73 million yuan**, primarily from disposal of non-current assets, government grants, fair value changes of financial assets, and other non-operating income Non-Recurring Gains and Losses Items and Amounts | Item | Amount (yuan) | Description | | :--- | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | 30,537.54 | | | Government Grants Recognized in Current Period P&L | 523,836.66 | | | Gains/Losses from Fair Value Changes and Disposal of Financial Assets and Liabilities Held by Non-Financial Enterprises (Excluding Effective Hedging Related to Normal Business Operations) | 1,530,575.32 | | | Other Non-Operating Income and Expenses Apart from the Above | 144,601.72 | | | Less: Income Tax Impact | 500,521.40 | | | Total | 1,729,029.84 | | - The company has no other profit and loss items that meet the definition of non-recurring gains and losses, nor does it classify non-recurring gains and losses as recurring gains and losses[25](index=25&type=chunk)[26](index=26&type=chunk) Section III Management Discussion and Analysis [I. Main Business Activities During the Reporting Period](index=9&type=section&id=I.%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) The company primarily provides integrated power and new energy services and comprehensive energy services to power enterprises and industrial/commercial users, while also developing digital intelligence application platforms, benefiting from rapid growth in the power and new energy sectors [(I) Industry Development Overview](index=9&type=section&id=(I)%20Industry%20Development%20Overview) The power industry continues to grow, with significant increases in electricity consumption and installed capacity, while new energy sources like wind and solar power are rapidly expanding, surpassing thermal power in installed capacity, and comprehensive energy services are entering a fast-growth phase with policy support - In 2024, China's total electricity consumption and total installed power generation capacity reached **9.85 trillion kWh** and **3.35 billion kW** respectively, representing a year-on-year increase of **6.8%** and **14.6%** compared to 2023[28](index=28&type=chunk) - As of the end of 2024, new energy power generation installed capacity reached **1.45 billion kW**, surpassing thermal power installed capacity for the first time, with cumulative wind and solar power installed capacity reaching **1.41 billion kW**, achieving China's commitment of "over 1.2 billion kW of total wind and solar power installed capacity by 2030" six years ahead of schedule[29](index=29&type=chunk) - As of the end of June 2025, the cumulative installed capacity of new energy storage projects nationwide reached **94.91 million kW / 222 million kWh**, an increase of approximately **29%** compared to the end of 2024[32](index=32&type=chunk) [(II) Company's Main Businesses, Products, and Applications](index=10&type=section&id=(II)%20Company%27s%20Main%20Businesses%2C%20Products%2C%20and%20Applications) The company provides integrated power and new energy services, including planning, design, construction, and O&M, alongside 'PV-storage-charging' centered comprehensive energy services, and develops digital intelligence application platforms based on cloud rendering and digital twin technologies for smart city, park, and energy management - The company primarily provides integrated power services to power enterprises and industrial/commercial users, including planning, consulting, design, engineering construction, and operation and maintenance for power and new energy projects[33](index=33&type=chunk) - The company offers comprehensive energy services centered on 'PV-storage-charging', including new energy construction, energy-saving services, power trading services, energy efficiency management, and carbon services[33](index=33&type=chunk) - The company provides digital intelligence application platform development services based on its independently developed cloud rendering technology and digital twin 3D engine, empowering digital scenarios such as smart cities, future communities, smart parks, smart power, and smart energy[36](index=36&type=chunk) [(III) Main Business Model](index=11&type=section&id=(III)%20Main%20Business%20Model) The company primarily secures business through bidding and negotiated contracts, with procurement covering services, labor, and hardware/software. R&D follows a structured 'project initiation to testing' process, production is 'make-to-order plus safety stock', and comprehensive full-chain power, digital intelligence, and integrated energy services are provided - The company primarily undertakes business through bidding and negotiated contracts[39](index=39&type=chunk) - The company's R&D follows a procedure of 'project initiation application → project approval → R&D → testing and acceptance', with relevant R&D management systems in place[41](index=41&type=chunk) - The company provides full-chain, one-stop comprehensive energy services from energy production to consumption, covering power consulting and design, engineering construction, equipment supply, operation and maintenance, power trading services, and software management platform development and deployment[44](index=44&type=chunk) [(IV) Market Position](index=12&type=section&id=(IV)%20Market%20Position) The company has deep roots in the power and new energy industries, possessing full industry chain qualifications and one-stop comprehensive energy full lifecycle service capabilities, with operations spanning transmission, distribution, new energy, energy storage, and integrated energy sectors - The company possesses full industry chain qualifications for power industry consulting, surveying, design, EPC general contracting, specialized contracting, and power sales[46](index=46&type=chunk) - The company offers one-stop comprehensive energy full lifecycle service capabilities for power and new energy projects, covering preliminary planning and consulting design, mid-term project construction, and post-construction operation and maintenance[46](index=46&type=chunk) [(V) Key Performance Drivers](index=12&type=section&id=(V)%20Key%20Performance%20Drivers) The company's performance is primarily driven by stable growth in the power and new energy sectors, demand for green and low-carbon energy from the 'Dual Carbon' strategy and new power system construction, and its technological innovation and strategic partnerships in empowering power and new energy with digital intelligence - The stable growth of the power and new energy industries provides a guarantee for the company's steady performance development[47](index=47&type=chunk) - The deep implementation of the 'Dual Carbon' strategy and the construction of a new power system bring favorable development opportunities for the company's 'PV-storage-charging' centered comprehensive energy services[47](index=47&type=chunk) - The company has accumulated rich service experience in the power and new energy sectors, possesses over **twenty years** of digital professional capabilities, focuses on technological and service model innovation, and continuously enhances its core competitiveness[47](index=47&type=chunk) [II. Core Competitiveness Analysis](index=12&type=section&id=II.%20Core%20Competitiveness%20Analysis) As a private listed enterprise, the company possesses full-stack capabilities and qualifications in power and new energy, with over 20 years of digital technology accumulation, having developed a digital twin and comprehensive energy management platform, offering one-stop full lifecycle services, and maintaining comprehensive high-level qualifications, continuous R&D, and a strong market brand - The company is a private listed enterprise with full-stack capabilities and qualifications in power planning and consulting design, power engineering construction, new energy planning and consulting design, new energy EPC, comprehensive energy services, and digital intelligence application platform development[48](index=48&type=chunk) - The company has over **20 years** of digital technology accumulation, having developed a digital twin and comprehensive energy management platform with core independent intellectual property rights, which has been commercialized for many years[48](index=48&type=chunk) - The company offers one-stop comprehensive energy full lifecycle service capabilities for power and new energy projects, covering preliminary planning and consulting design, mid-term project construction, and post-construction operation and maintenance[48](index=48&type=chunk) [(I) Qualification Advantages](index=12&type=section&id=(I)%20Qualification%20Advantages) The company holds comprehensive and high-level business qualifications, including Grade A surveying and mapping, CS2 information system construction and service capability, Grade A power industry engineering design, Grade B new energy power generation engineering design, Grade B engineering survey, and Grade II power engineering general contracting, with many being the highest level in their respective fields - The company holds Grade A surveying and mapping qualifications, several sub-items of Grade B surveying and mapping qualifications, and an Information System Construction and Service Capability Level Certificate (CS2)[50](index=50&type=chunk) - The company possesses Grade A professional engineering design qualifications for the power industry (transmission and substation projects), Grade B professional engineering design qualifications for new energy power generation, Grade B professional engineering survey qualifications (engineering surveying, geotechnical engineering (surveying)), and a Grade B engineering consulting unit credit certificate[50](index=50&type=chunk) - The company also holds business qualification certificates such as Grade II power engineering general contracting, Grade II transmission and substation specialized contracting, and Grade II power facility installation (repair, testing) permits, with many being the highest level qualifications in their respective fields[50](index=50&type=chunk) [(II) Technology and Capability Synergy Advantages](index=13&type=section&id=(II)%20Technology%20and%20Capability%20Synergy%20Advantages) The company continuously invests in R&D in power and new energy, holding 27 invention patents, 31 utility model patents, and 125 software copyrights as of the reporting period. Leveraging years of service experience and self-developed digital intelligence technology, it has developed integrated power services and digital application platform development capabilities, establishing a full-chain, one-stop comprehensive energy service system - As of the end of this reporting period, the company has been granted **27 invention patents**, **31 utility model patents**, and **125 software copyrights**[51](index=51&type=chunk) - The company has developed one-stop digital intelligence application platform development capabilities based on its independently developed cloud rendering technology and digital twin 3D engine[51](index=51&type=chunk) - Combining integrated power services and digital intelligence application platform development capabilities, the company has built a full-chain, one-stop comprehensive energy service system around the user side, integrating energy investment foresight, professional energy construction, efficient energy operation and maintenance, and innovative energy operation[51](index=51&type=chunk) [(III) Brand Advantages](index=13&type=section&id=(III)%20Brand%20Advantages) The company is a National High-tech Enterprise, a Zhejiang Province 'Contract-Abiding and Credit-Worthy' enterprise, a Hangzhou Credit Management Demonstration Enterprise and Headquarters Enterprise, and is CMMI5 certified. It provided power assurance for the Hangzhou Asian Games, had its 'Battery Remote Online Capacity Verification System' selected as a Zhejiang Province 'Digital Smart Product', and has built a strong market reputation with industry partners - The company is a National High-tech Enterprise, a Zhejiang Province 'Contract-Abiding and Credit-Worthy' Publicly Recognized Enterprise, a Hangzhou Credit Management Demonstration Enterprise, a Hangzhou Headquarters Enterprise, and has passed CMMI5 certification[52](index=52&type=chunk) - The company provided power engineering construction and power assurance for multiple venues of the 19th Hangzhou Asian Games and the 4th Asian Para Games[52](index=52&type=chunk) - The company's 'Battery Remote Online Capacity Verification System' was successfully selected as a 2024 Zhejiang Province 'Digital Smart Product'[52](index=52&type=chunk) [III. Analysis of Main Business Operations](index=13&type=section&id=III.%20Analysis%20of%20Main%20Business%20Operations) During the reporting period, the company's operating revenue increased by 8.31%, but operating costs rose by 13.05%, pressuring gross profit margin. Financial expenses significantly increased due to reduced deposit interest income. Net cash flow from operating activities sharply decreased by 231.53%, mainly due to lower cash receipts from sales and services. Power equipment sales revenue grew by 84.05%, while power engineering construction revenue declined by 13.24% Year-on-Year Changes in Key Financial Data | Indicator | Current Period (yuan) | Prior Period (yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 215,811,478.46 | 199,246,751.14 | 8.31% | | | Operating Cost | 163,542,907.68 | 144,658,374.41 | 13.05% | | | Selling Expenses | 19,384,743.36 | 20,483,673.05 | -5.36% | | | Administrative Expenses | 14,689,353.54 | 11,998,179.80 | 22.43% | | | Financial Expenses | -3,064,009.50 | -6,310,048.67 | 51.44% | Primarily due to reduced deposit interest income in the current period | | R&D Investment | 13,110,194.97 | 12,057,896.18 | 8.73% | | | Net Cash Flow from Operating Activities | -51,054,239.78 | -15,399,755.32 | -231.53% | Primarily due to reduced cash received from sales of goods and provision of services | | Net Cash Flow from Investing Activities | -51,647,969.24 | -34,141,500.73 | -51.28% | Primarily due to increased construction expenditures for projects under construction in the current period | | Net Cash Flow from Financing Activities | -13,152,107.14 | -29,799,038.70 | 55.86% | Primarily due to higher dividend distribution in the prior period | | Net Increase in Cash and Cash Equivalents | -115,854,316.16 | -79,340,294.75 | -46.02% | Primarily due to decreased net cash flow from operating activities | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (yuan) | Operating Cost (yuan) | Gross Profit Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Power Consulting and Design | 70,035,516.78 | 47,874,866.36 | 31.64% | 2.32% | 9.56% | -4.52% | | Power Engineering Construction | 77,411,379.72 | 63,840,334.38 | 17.53% | -13.24% | -11.93% | -1.23% | | Power Equipment Sales | 55,712,803.77 | 43,760,592.32 | 21.45% | 84.05% | 86.77% | -1.15% | - There were no significant changes in the company's profit composition or sources of profit during the reporting period[55](index=55&type=chunk) [IV. Analysis of Non-Core Business Operations](index=14&type=section&id=IV.%20Analysis%20of%20Non-Core%20Business%20Operations) Non-core business contributed **31.69%** to the company's total profit, mainly from a reduction in credit impairment losses, as well as fair value change gains (large deposit interest income) and investment income (associates' investment income and gains from disposal of trading financial assets) Non-Core Business Gains and Losses | Item | Amount (yuan) | Proportion of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 462,873.97 | 3.15% | Primarily due to investment income from associates and gains from disposal of trading financial assets | No | | Gains/Losses from Fair Value Changes | 1,252,027.38 | 8.53% | Primarily due to interest income from large-denomination certificates of deposit | No | | Asset Impairment | 143,408.00 | 0.98% | Primarily due to a reduction in impairment losses on contract quality assurance deposits | Yes | | Non-Operating Income | 144,601.72 | 0.99% | | No | | Non-Operating Expenses | 31,420.74 | 0.21% | Primarily due to losses from damage and scrapping of non-current assets | No | | Credit Impairment Losses | 4,651,390.56 | 31.69% | Primarily due to a reduction in impairment losses on receivables | Yes | [V. Analysis of Assets and Liabilities](index=14&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, total assets increased by 6.57%. In terms of asset structure, inventory significantly increased by 7.67%, fixed assets by 9.31%, while monetary funds and construction in progress decreased. On the liability side, contract liabilities increased by 3.08%. The company held **104 million yuan** in trading financial assets, with **22.94 million yuan** of monetary funds restricted [1. Significant Changes in Asset Composition](index=14&type=section&id=1.%20Significant%20Changes%20in%20Asset%20Composition) At the end of the reporting period, the proportion of monetary funds decreased by 9.02%, inventory increased by 7.67%, fixed assets increased by 9.31%, construction in progress decreased by 5.75%, and contract liabilities increased by 3.08% Significant Changes in Asset Composition | Item | Current Period-End Amount (yuan) | Proportion of Total Assets | Prior Year-End Amount (yuan) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 336,687,899.22 | 21.56% | 448,016,142.25 | 30.58% | -9.02% | | Accounts Receivable | 389,537,296.67 | 24.95% | 407,112,323.49 | 27.79% | -2.84% | | Inventories | 312,024,552.02 | 19.98% | 180,364,044.17 | 12.31% | 7.67% | | Fixed Assets | 156,459,165.46 | 10.02% | 10,463,869.47 | 0.71% | 9.31% | | Construction in Progress | 125,727,364.74 | 8.05% | 202,162,728.26 | 13.80% | -5.75% | | Contract Liabilities | 204,930,659.23 | 13.12% | 147,168,646.09 | 10.04% | 3.08% | [2. Major Overseas Assets](index=15&type=section&id=2.%20Major%20Overseas%20Assets) The company had no major overseas assets during the reporting period - The company had no major overseas assets during the reporting period[61](index=61&type=chunk) [3. Assets and Liabilities Measured at Fair Value](index=15&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 primarily consisted of trading financial assets, with a period-end balance of **103.69 million yuan** and fair value change gains of **1.25 million yuan** for the current period Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (yuan) | Fair Value Change Gains/Losses for Current Period (yuan) | Amount Purchased in Current Period (yuan) | Amount Sold in Current Period (yuan) | Period-End Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 122,729,171.22 | 1,252,027.38 | 304,398,041.11 | 324,694,205.49 | 103,685,034.22 | | Financial Liabilities | 0.00 | | | | 0.00 | [4. Asset Restrictions as of the End of the Reporting Period](index=15&type=section&id=4.%20Asset%20Restrictions%20as%20of%20the%20End%20of%20the%20Reporting%20Period) As of the end of the reporting period, **22.94 million yuan** of the company's monetary funds were restricted from payment due to guarantee deposits and bank acceptance bill deposits Asset Restrictions | Item | Book Balance (yuan) | Book Value (yuan) | Type of Restriction | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 11,418,716.82 | 11,418,716.82 | Payment Restricted | Letter of Guarantee Deposit | | Monetary Funds | 11,522,104.57 | 11,522,104.57 | Payment Restricted | Bank Acceptance Bill Deposit | | Total | 22,940,821.39 | 22,940,821.39 | | | [VI. Investment Analysis](index=16&type=section&id=VI.%20Investment%20Analysis) During the reporting period, the company's total investment decreased by 53.26% year-on-year. Financial assets measured at fair value amounted to **104 million yuan** at period-end. The overall utilization rate of raised funds was 81.99%, primarily for enhancing comprehensive energy services and R&D center construction, with some over-raised funds permanently supplementing working capital [1. Overall Situation](index=16&type=section&id=1.%20Overall%20Situation) During the reporting period, the company's total investment was **72.22 million yuan**, a **53.26% decrease** compared to the prior period Investment Amount During Reporting Period | Current Period Investment (yuan) | Prior Period Investment (yuan) | Change Rate | | :--- | :--- | :--- | | 72,222,681.56 | 154,506,637.64 | -53.26% | [2. Significant Equity Investments Acquired During the Reporting Period](index=16&type=section&id=2.%20Significant%20Equity%20Investments%20Acquired%20During%20the%20Reporting%20Period) The company had no significant equity investments acquired during the reporting period - The company had no significant equity investments during the reporting period[67](index=67&type=chunk) [3. Significant Non-Equity Investments in Progress During the Reporting Period](index=16&type=section&id=3.%20Significant%20Non-Equity%20Investments%20in%20Progress%20During%20the%20Reporting%20Period) The company had no significant non-equity investments in progress during the reporting period - The company had no significant non-equity investments in progress during the reporting period[67](index=67&type=chunk) [4. Financial Assets Measured at Fair Value](index=16&type=section&id=4.%20Financial%20Assets%20Measured%20at%20Fair%20Value) The company's financial assets measured at fair value amounted to **103.69 million yuan** at period-end, primarily consisting of transferable large-denomination certificates of deposit, with fair value change gains of **1.25 million yuan** for the current period Financial Assets Measured at Fair Value | Asset Category | Initial Investment Cost (yuan) | Fair Value Change Gains/Losses for Current Period (yuan) | Amount Purchased in Reporting Period (yuan) | Amount Sold in Reporting Period (yuan) | Cumulative Investment Income (yuan) | Period-End Amount (yuan) | Source of Funds | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Other (Transferable Large-Denomination Certificates of Deposit) | 120,313,500.00 | 1,252,027.38 | 304,398,041.11 | 324,694,205.49 | 3,667,698.60 | 103,685,034.22 | Raised Funds and Own Funds | [5. Use of Raised Funds](index=16&type=section&id=5.%20Use%20of%20Raised%20Funds) The company's net proceeds from its initial public offering were **489.36 million yuan**. As of the end of the reporting period, **379.25 million yuan** had been cumulatively invested in projects, **22 million yuan** of over-raised funds had been permanently used to supplement working capital, and the remaining **88.12 million yuan** of raised funds were all deposited in special accounts Overall Use of Raised Funds | Total Raised Funds (ten thousand yuan) | Net Raised Funds (ten thousand yuan) | Total Raised Funds Used in Current Period (ten thousand yuan) | Total Raised Funds Cumulatively Used (ten thousand yuan) | Cumulative Use as % of Net Raised Funds | Total Unused Raised Funds (ten thousand yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | 56,550.00 | 48,936.42 | 6,867.08 | 40,124.66 | 81.99% | 8,811.76 | - As of June 30, 2025, the company had cumulatively invested **379.25 million yuan** of raised funds in projects, cumulatively used **22 million yuan** of over-raised funds to permanently supplement working capital, with a remaining balance of **88.12 million yuan** of raised funds[72](index=72&type=chunk) - On January 23 and April 23, 2025, the company successively approved proposals to increase the implementation entities for raised fund investment projects and adjust the internal investment structure of some projects[75](index=75&type=chunk) [6. Entrusted Wealth Management, Derivative Investments, and Entrusted Loans](index=19&type=section&id=6.%20Entrusted%20Wealth%20Management%2C%20Derivative%20Investments%2C%20and%20Entrusted%20Loans) The company had no entrusted wealth management, derivative investments, or entrusted loans during the reporting period - The company had no entrusted wealth management during the reporting period[77](index=77&type=chunk) - The company had no derivative investments during the reporting period[78](index=78&type=chunk) - The company had no entrusted loans during the reporting period[79](index=79&type=chunk) [VII. Significant Asset and Equity Disposals](index=19&type=section&id=VII.%20Significant%20Asset%20and%20Equity%20Disposals) The company did not dispose of any significant assets or equity during the reporting period - The company did not dispose of any significant assets during the reporting period[80](index=80&type=chunk) - The company did not dispose of any significant equity during the reporting period[81](index=81&type=chunk) [VIII. Analysis of Major Controlled and Invested Companies](index=20&type=section&id=VIII.%20Analysis%20of%20Major%20Controlled%20and%20Invested%20Companies) The company's main subsidiaries, Hangzhou Hongsheng Power Design Consulting Co., Ltd. and Zhejiang Hongneng Power Services Co., Ltd., both achieved profitability during the reporting period. Additionally, the company acquired Chun'an Ruixiang Photovoltaic Technology Co., Ltd., but this had no significant impact on its overall production, operations, or performance Major Subsidiaries and Invested Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Main Business | Registered Capital (yuan) | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Operating Profit (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hangzhou Hongsheng Power Design Consulting Co., Ltd. | Subsidiary | Power Consulting and Design | 10,010,000.00 | 310,029,068.27 | 228,326,437.50 | 83,918,654.29 | 4,916,525.87 | 4,338,655.56 | | Zhejiang Hongneng Power Services Co., Ltd. | Subsidiary | Power Engineering Construction | 50,000,000.00 | 538,967,094.42 | 103,917,530.61 | 100,966,565.07 | 10,861,197.24 | 7,955,604.67 | | Chun'an Ruixiang Photovoltaic Technology Co., Ltd. | Subsidiary | New Energy Project Development | 1,000,000.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | - During the reporting period, the company acquired Chun'an Ruixiang Photovoltaic Technology Co., Ltd. through acquisition, but this had no significant impact on its overall production, operations, or performance[83](index=83&type=chunk) [IX. Structured Entities Controlled by the Company](index=20&type=section&id=IX.%20Structured%20Entities%20Controlled%20by%20the%20Company) The company had no structured entities under its control during the reporting period - The company had no structured entities under its control during the reporting period[84](index=84&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=20&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks such as industry policy changes, business regional concentration, talent loss, and declining gross profit margins. It actively responds by continuously monitoring the macro economy, optimizing operating strategies, expanding markets, improving talent mechanisms, and optimizing business structure - The company faces the risk of industry policy changes and will continue to monitor macroeconomic trends, optimize operating strategies, deepen business layout, and innovate R&D technologies[84](index=84&type=chunk) - The company's business is primarily concentrated in Zhejiang Province, posing a risk of regional business concentration; it will deepen its presence in the local market while continuously expanding into other markets outside the province[85](index=85&type=chunk) - The company's main business has high requirements for the professional knowledge and capabilities of technical and R&D personnel, facing the risk of talent loss; it will improve talent introduction, training, and incentive mechanisms, enhance compensation and benefits, and strengthen corporate culture construction[86](index=86&type=chunk) - The company's gross profit margin is affected by market demand, competitive environment, and cost changes, posing a risk of decline; it will strive to optimize its business structure, expand new customers, and increase revenue scale to maintain gross profit margin stability[88](index=88&type=chunk) [XI. Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=21&type=section&id=XI.%20Registration%20Form%20for%20Research%2C%20Communication%2C%20Interview%2C%20and%20Other%20Activities%20During%20the%20Reporting%20Period) During the reporting period, the company hosted institutional investors for on-site research and participated in the 2024 annual performance briefing online, communicating with investors about its business and development Research Activities Hosted During the Reporting Period | Reception Date | Reception Location | Reception Method | Type of Guest | Guest | Main Topics Discussed and Materials Provided | | :--- | :--- | :--- | :--- | :--- | :--- | | February 11, 2025 | Company Meeting Room | On-site Research | Institution | Haitong Asset Management, Changjiang Securities, etc. | Company's business and development | | May 20, 2025 | Value Online Platform Online Communication | Online Communication | Other | All investors of the 2024 annual performance briefing | Company's business and development | [XII. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=21&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[90](index=90&type=chunk) - The company has not disclosed a valuation enhancement plan[90](index=90&type=chunk) [XIII. Implementation of 'Quality and Return Dual Enhancement' Action Plan](index=21&type=section&id=XIII.%20Implementation%20of%20%27Quality%20and%20Return%20Dual%20Enhancement%27%20Action%20Plan) The company has not disclosed an announcement regarding the 'Quality and Return Dual Enhancement' action plan - The company has not disclosed an announcement regarding the 'Quality and Return Dual Enhancement' action plan[90](index=90&type=chunk) Section IV Corporate Governance, Environment, and Society [I. Changes in Directors, Supervisors, and Senior Management](index=22&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) There were no changes in the company's directors, supervisors, and senior management during the reporting period, as detailed in the 2024 annual report - There were no changes in the company's directors, supervisors, and senior management during the reporting period, as detailed in the 2024 annual report[92](index=92&type=chunk) [II. Profit Distribution and Capital Reserve Conversion to Share Capital in the Current Period](index=22&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20the%20Current%20Period) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[93](index=93&type=chunk) [III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=22&type=section&id=III.%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation 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[94](index=94&type=chunk) [IV. Environmental Information Disclosure](index=22&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[95](index=95&type=chunk) [V. Social Responsibility](index=22&type=section&id=V.%20Social%20Responsibility) The company adheres to its core values of 'Responsibility, Integrity, Innovation, Efficiency, Collaboration, and Win-Win', striving to become a leading domestic comprehensive energy service operator, and actively fulfills its social responsibilities in corporate governance, shareholder rights protection, customer and supplier rights protection, employee rights protection, environmental protection, and social welfare - The company adheres to the core values of 'Responsibility, Integrity, Innovation, Efficiency, Collaboration, and Win-Win', striving to achieve its corporate vision of becoming a leading domestic comprehensive energy service operator[95](index=95&type=chunk) - The company has established a standardized corporate governance structure and rules of procedure, strictly conducts information disclosure in accordance with laws, regulations, and company policies, and protects the legitimate rights and interests of all shareholders, especially small and medium-sized shareholders[96](index=96&type=chunk) - The company has established and improved management systems for quality, environment, occupational health and safety, treats customers and suppliers with integrity, actively protects employee rights, provides a comprehensive compensation management system and incentive mechanisms, and focuses on employee training and corporate culture development[97](index=97&type=chunk) - The company's power and new energy businesses revolve around the national 'Dual Carbon' strategic goal, promoting green, low-carbon, and smart energy development and services, and fulfilling social welfare responsibilities by supporting public welfare undertakings and participating in rural power grid upgrades[98](index=98&type=chunk) Section V Significant Matters [I. Fulfilled and Overdue Unfulfilled Commitments by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=24&type=section&id=I.%20Fulfilled%20and%20Overdue%20Unfulfilled%20Commitments%20by%20the%20Company%27s%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20and%20as%20of%20the%20End%20of%20the%20Reporting%20Period) During the reporting period, there were no fulfilled or overdue unfulfilled commitments by the company's actual controller, shareholders, related parties, acquirers, or the company - During the reporting period, there were no fulfilled or overdue unfulfilled commitments by the company's actual controller, shareholders, related parties, acquirers, or the company as of the end of the reporting period[100](index=100&type=chunk) [II. Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties](index=24&type=section&id=II.%20Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties) During the reporting period, there was no non-operating occupation of funds by controlling shareholders or other related parties of the listed company - During the reporting period, there was no non-operating occupation of funds by controlling shareholders or other related parties of the listed company[101](index=101&type=chunk) [III. Irregular External Guarantees](index=24&type=section&id=III.%20Irregular%20External%20Guarantees) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[102](index=102&type=chunk) [IV. Appointment and Dismissal of Accounting Firms](index=24&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual report was not audited - The company's semi-annual report was not audited[103](index=103&type=chunk) [V. Board of Directors, Supervisory Board, and Audit Committee Explanations on 'Non-Standard Audit Report' for the Current Period](index=24&type=section&id=V.%20Board%20of%20Directors%2C%20Supervisory%20Board%2C%20and%20Audit%20Committee%20Explanations%20on%20%27Non-Standard%20Audit%20Report%27%20for%20the%20Current%20Period) The company had no 'non-standard audit report' during the reporting period, thus the board of directors, supervisory board, and audit committee require no explanation - The company had no 'non-standard audit report' during the reporting period[104](index=104&type=chunk) [VI. Board of Directors' Explanation on 'Non-Standard Audit Report' for the Prior Year](index=24&type=section&id=VI.%20Board%20of%20Directors%27%20Explanation%20on%20%27Non-Standard%20Audit%20Report%27%20for%20the%20Prior%20Year) The company had no 'non-standard audit report' for the prior year, thus the board of directors requires no explanation - The company had no 'non-standard audit report' for the prior year[104](index=104&type=chunk) [VII. Bankruptcy and Reorganization Matters](index=24&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Matters) The company had no bankruptcy and reorganization matters during the reporting period - The company had no bankruptcy and reorganization matters during the reporting period[104](index=104&type=chunk) [VIII. Litigation Matters](index=24&type=section&id=VIII.%20Litigation%20Matters) As of January 24, 2025, the cumulative amount involved in litigation and arbitration cases for the company and its subsidiaries over the past twelve months totaled **110.86 million yuan**, with some cases settled or executed, and others still pending. Additionally, litigation cases not meeting the significant litigation disclosure threshold amounted to **1.69 million yuan** at the end of the reporting period Significant Litigation and Arbitration Matters | Basic Information of Litigation (Arbitration) | Amount Involved (ten thousand yuan) | Whether Provision for Liabilities Formed | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | Litigation (Arbitration) Judgment Execution Status | | :--- | :--- | :--- | :--- | :--- | :--- | | As of January 24, 2025, the cumulative amount involved in litigation and arbitration cases for the company and its subsidiaries over the past twelve consecutive months totaled 11,086.30 | 11,086.30 | No | Some are in trial; some have no ruling yet; some have not yet been heard | Some pre-trial mediation agreements have been signed and fulfilled; some cases have been closed, and the company has applied for compulsory enforcement; some have been mediated and are being fulfilled according to the agreement | Some have reached mediation; some the company has applied for compulsory enforcement | Other Litigation Matters | Basic Information of Litigation (Arbitration) | Amount Involved (ten thousand yuan) | Whether Provision for Liabilities Formed | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | Litigation (Arbitration) Judgment Execution Status | | :--- | :--- | :--- | :--- | :--- | :--- | | As of the end of the reporting period, a summary of litigation cases not meeting the significant litigation disclosure threshold, in addition to the cumulatively disclosed litigation and arbitration matters | 168.97 | No | Some have been heard but no ruling yet; some have not yet been heard | Some are in trial; some the company has applied for compulsory enforcement | Some have been settled pre-trial and paid; some have been ruled, and the company has applied for compulsory enforcement | [IX. Penalties and Rectification](index=25&type=section&id=IX.%20Penalties%20and%20Rectification) The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[107](index=107&type=chunk) [X. Integrity Status of the Company, its Controlling Shareholders, and Actual Controllers](index=25&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholders%2C%20and%20Actual%20Controllers) There was no statement regarding the integrity status of the company's controlling shareholders or actual controllers during the reporting period - There was no statement regarding the integrity status of the company's controlling shareholders or actual controllers during the reporting period[108](index=108&type=chunk) [XI. Significant Related Party Transactions](index=25&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) During the reporting period, the company had no related party transactions related to daily operations, asset or equity acquisitions/disposals, joint external investments, related party creditor-debtor relationships, or dealings with affiliated financial companies, and no other significant related party transactions - The company had no related party transactions related to daily operations during the reporting period[108](index=108&type=chunk) - The company had no related party transactions involving asset or equity acquisitions or disposals during the reporting period[109](index=109&type=chunk) - The company had no related party creditor-debtor relationships during the reporting period[111](index=111&type=chunk) - The company had no other significant related party transactions during the reporting period[114](index=114&type=chunk) [XII. Significant Contracts and Their Performance](index=26&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) The company had no entrusted management, contracting, leasing matters, or significant guarantees during the reporting period. In its daily operations, there is one significant construction contract with Ningbo Tanyin New Energy Technology Co., Ltd. for **663.62 million yuan**, which is currently in progress - The company had no entrusted management situations during the reporting period[115](index=115&type=chunk) - The company had no significant guarantee situations during the reporting period[118](index=118&type=chunk) Significant Contracts in Daily Operations | Company Party to Contract | Counterparty to Contract | Total Contract Amount (ten thousand yuan) | Contract Performance Progress | Sales Revenue Recognized in Current Period (ten thousand yuan) | Cumulative Sales Revenue Recognized (ten thousand yuan) | Accounts Receivable Collection Status (ten thousand yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Joint Venture of Hongsheng Power (Lead) and Hongneng Power Services | Ningbo Tanyin New Energy Technology Co., Ltd. | 66,362.00 | Construction in progress | 0.00 | 713.21 | 20,639.70 | - The company had no other significant contracts during the reporting period[120](index=120&type=chunk) [XIII. Explanation of Other Significant Matters](index=27&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) The company had no other significant matters requiring explanation during the reporting period - The company had no other significant matters requiring explanation during the reporting period[121](index=121&type=chunk) [XIV. Significant Matters of Company Subsidiaries](index=27&type=section&id=XIV.%20Significant%20Matters%20of%20Company%20Subsidiaries) The company had no significant matters concerning its subsidiaries during the reporting period - The company had no significant matters concerning its subsidiaries during the reporting period[122](index=122&type=chunk) Section VI Share Changes and Shareholder Information [I. Share Change Status](index=28&type=section&id=I.%20Share%20Change%20Status) During the reporting period, the company's total shares remained unchanged at **60 million shares**, with restricted shares accounting for 51.58% and unrestricted shares for 48.42%. The company continued its share repurchase plan, having cumulatively repurchased **445,600 shares**, or **0.7427%** of total share capital, as of the end of the reporting period Share Change Status | Share Type | Number Before Change (shares) | Proportion Before Change | Net Change (+, -) (shares) | Number After Change (shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 30,949,270 | 51.58% | 0 | 30,949,270 | 51.58% | | II. Unrestricted Shares | 29,050,730 | 48.42% | 0 | 29,050,730 | 48.42% | | III. Total Shares | 60,000,000 | 100.00% | 0 | 60,000,000 | 100.00% | - As of June 30, 2025, the company had cumulatively repurchased **445,600 shares** through its dedicated share repurchase securities account via centralized bidding transactions, accounting for **0.7427%** of the company's current total share capital[126](index=126&type=chunk) - Due to the company's implementation of the 2024 annual equity distribution, the upper limit of the repurchase price was adjusted from no more than **RMB 43.06 yuan/share** to no more than **RMB 42.96 yuan/share** starting from July 18, 2025[127](index=127&type=chunk) [II. Securities Issuance and Listing](index=29&type=section&id=II.%20Securities%20Issuance%20and%20Listing) The company had no securities issuance or listing during the reporting period - The company had no securities issuance or listing during the reporting period[128](index=128&type=chunk) [III. Number of Shareholders and Shareholding Status](index=29&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Status) At the end of the reporting period, the total number of common shareholders was **7,587**. Among the top ten shareholders, Hangzhou Yisheng Investment Management Partnership (Limited Partnership), Ye Xiaohua, Hangzhou Dianli Investment Management Partnership (Limited Partnership), and Hangzhou Dingsheng Investment Management Partnership (Limited Partnership) were major shareholders. Ye Xiaohua is the company's actual controller and chairman, and has an affiliation with Yisheng Investment, Dianli Investment, and Dingsheng Investment - At the end of the reporting period, the total number of common shareholders was **7,587**[129](index=129&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at Period-End (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Hangzhou Yisheng Investment Management Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 9.91% | 5,943,160 | 5,943,160 | 0 | | Ye Xiaohua | Domestic Natural Person | 9.00% | 5,402,800 | 5,402,800 | 0 | | Hangzhou Dianli Investment Management Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 8.45% | 5,068,800 | 5,068,800 | 0 | | Hangzhou Dingsheng Investment Management Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 7.37% | 4,419,360 | 4,419,360 | 0 | | Xie Qing | Domestic Natural Person | 7.20% | 4,322,960 | 4,322,960 | 0 | | Hangzhou Juhua Technology Co., Ltd. | Domestic Non-State-Owned Legal Person | 5.87% | 3,520,000 | 0 | 3,520,000 | - Ye Xiaohua is the company's actual controller and chairman, and the executive partner of Yisheng Investment, Dianli Investment, and Dingsheng Investment[130](index=130&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=31&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period, as detailed in the 2024 annual report - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period, as detailed in the 2024 annual report[132](index=132&type=chunk) [V. Changes in Controlling Shareholder or Actual Controller](index=31&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) There were no changes in the company's controlling shareholder or actual controller during the reporting period - The company's controlling shareholder did not change during the reporting period[133](index=133&type=chunk) - The company's actual controller did not change during the reporting period[133](index=133&type=chunk) [VI. Preferred Share Information](index=31&type=section&id=VI.%20Preferred%20Share%20Information) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[134](index=134&type=chunk) Section VII Bond-Related Information [Bond-Related Information](index=32&type=section&id=Bond-Related%20Information) The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[136](index=136&type=chunk) Section VIII Financial Report [I. Audit Report](index=33&type=section&id=I.%20Audit%20Report) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[138](index=138&type=chunk) [II. Financial Statements](index=33&type=section&id=II.%20Financial%20Statements) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively presenting the company's financial position, operating results, and cash flow [1. Consolidated Balance Sheet](index=33&type=section&id=1.%20Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets were **1.56 billion yuan**, a 6.57% increase from the beginning of the period. Total current assets were **1.22 billion yuan**, and total non-current assets were **343 million yuan**. Total liabilities were **599 million yuan**, and total owners' equity was **962 million yuan** Key Data from Consolidated Balance Sheet | Item | Period-End Balance (yuan) | Beginning Balance (yuan) | | :--- | :--- | :--- | | Total Assets | 1,561,478,921.60 | 1,465,208,565.48 | | Total Current Assets | 1,218,847,239.79 | 1,197,416,155.11 | | Total Non-Current Assets | 342,631,681.81 | 267,792,410.37 | | Total Liabilities | 599,153,020.73 | 503,453,074.00 | | Total Owners' Equity | 962,325,900.87 | 961,755,491.48 | [2. Parent Company Balance Sheet](index=35&type=section&id=2.%20Parent%20Company%20Balance%20Sheet) As of June 30, 2025, the parent company's total assets were **876 million yuan**, a 3.60% decrease from the beginning of the period. Total current assets were **496 million yuan**, and total non-current assets were **380 million yuan**. Total liabilities were **188 million yuan**, and total owners' equity was **688 million yuan** Key Data from Parent Company Balance Sheet | Item | Period-End Balance (yuan) | Beginning Balance (yuan) | | :--- | :--- | :--- | | Total Assets | 875,687,117.39 | 908,363,276.50 | | Total Current Assets | 495,991,176.33 | 604,085,164.25 | | Total Non-Current Assets | 379,695,941.06 | 304,278,112.25 | | Total Liabilities | 188,182,804.62 | 209,132,099.35 | | Total Owners' Equity | 687,504,312.77 | 699,231,177.15 | [3. Consolidated Income Statement](index=37&type=section&id=3.%20Consolidated%20Income%20Statement) For the first half of 2025, the company's consolidated total operating revenue was **216 million yuan**, a year-on-year increase of 8.31%. Net profit was **12.19 million yuan**, a year-on-year decrease of 8.82%. Basic earnings per share were **0.2031 yuan** Key Data from Consolidated Income Statement | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | I. Total Operating Revenue | 215,811,478.46 | 199,246,751.14 | | II. Total Operating Costs | 208,449,966.24 | 183,631,254.90 | | III. Operating Profit | 14,564,616.35 | 15,975,674.13 | | IV. Total Profit | 14,677,797.33 | 15,925,205.71 | | V. Net Profit | 12,188,332.16 | 13,366,857.90 | | Net Profit Attributable to Parent Company Shareholders | 12,188,332.16 | 13,366,857.90 | | VIII. Earnings Per Share: Basic Earnings Per Share | 0.2031 | 0.2228 | [4. Parent Company Income Statement](index=39&type=section&id=4.%20Parent%20Company%20Income%20Statement) For the first half of 2025, the parent company's operating revenue was **31.39 million yuan**, a year-on-year increase of 26.57%. Net profit was **-0.11 million yuan**, turning from profit to loss. Basic earnings per share were **-0.0018 yuan** Key Data from Parent Company Income Statement | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | I. Operating Revenue | 31,385,506.01 | 24,796,914.59 | | II. Operating Profit | -1,216,652.10 | 247,111.53 | | III. Total Profit | -1,232,182.44 | 233,211.79 | | IV. Net Profit | -108,941.61 | 626,157.82 | | VII. Earnings Per Share: Basic Earnings Per Share | -0.0018 | 0.0104 | [5. Consolidated Cash Flow Statement](index=41&type=section&id=5.%20Consolidated%20Cash%20Flow%20Statement) For the first half of 2025, the company's consolidated net cash flow from operating activities was **-51.05 million yuan**, a year-on-year decrease of 231.53%. Net cash flow from investing activities was **-51.65 million yuan**, and net cash flow from financing activities was **-13.15 million yuan**. The net increase in cash and cash equivalents was **-116 million yuan** Key Data from Consolidated Cash Flow Statement | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -51,054,239.78 | -15,399,755.32 | | Net Cash Flow from Investing Activities | -51,647,969.24 | -34,141,500.73 | | Net Cash Flow from Financing Activities | -13,152,107.14 | -29,799,038.70 | | Net Increase in Cash and Cash Equivalents | -115,854,316.16 | -79,340,294.75 | | Period-End Cash and Cash Equivalents Balance | 313,747,077.83 | 377,210,979.42 | [6. Parent Company Cash Flow Statement](index=42&type=section&id=6.%20Parent%20Company%20Cash%20Flow%20Statement) For the first half of 2025, the parent company's net cash flow from operating activities was **-26.28 million yuan**, net cash flow from investing activities was **-41.96 million yuan**, and net cash flow from financing activities was **4.39 million yuan**. The net increase in cash and cash equivalents was **-63.85 million yuan** Key Data from Parent Company Cash Flow Statement | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -26,283,166.77 | -21,732,574.50 | | Net Cash Flow from Investing Activities | -41,956,496.57 | -32,816,843.60 | | Net Cash Flow from Financing Activities | 4,390,121.44 | 49,181,889.05 | | Net Increase in Cash and Cash Equivalents | -63,849,541.90 | -5,367,529.05 | | Period-End Cash and Cash Equivalents Balance | 304,876,353.71 | 357,355,813.34 | [7. Consolidated Statement of Changes in Owners' Equity](index=43&type=section&id=7.%20Consolidated%20Statement%20of%20Changes%20in%20Owners%27%20Equity) For the first half of 2025, consolidated total owners' equity was **962 million yuan**, a slight increase from the beginning of the period. Key changes included an in

北京东方中科集成科技股份有限公司 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。 公司负责人郑大伟、主管会计工作负责人郑鹏及会计机构负责人(会计主 管人员)李威声明：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。 北京东方中科集成科技股份有限公司 2025 年半年度报告 2025 年 8 月 1 北京东方中科集成科技股份有限公司 2025 年半年度报告全文 本报告中如有涉及未来计划、业绩预测等方面的内容，均不构成本公司 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， 并且应当理解计划、预测与承诺之间的差异。 本公司敬请投资者认真阅读本报告，公司在本报告"第三节 管理层讨论与 分析"之"十、公司面临的风险和应对措施"部分，描述了公司未来经营中可能 面临的主要风险，敬请广大投资者注意查阅并注意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 | 重要 ...

上海凯宝药业股份有限公司 2025 年半年度报告全文 上海凯宝药业股份有限公司 2025 年半年度报告 2025-038 【2025 年 8 月】 1 上海凯宝药业股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人穆竟伟、主管会计工作负责人陈友龙及会计机构负责人(会计 主管人员)李雅茹声明：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。 本公司请投资者认真阅读本报告，公司在本报告第三节"管理层讨论与 分析"之"十、公司面临的风险和应对措施"部分，详细描述了公司未来经 营中可能存在的风险及应对措施，敬请投资者关注相关内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 1 | | --- | | 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 ...

北京北斗星通导航技术股份有限公司 2025 年半年度报告全文 北京北斗星通导航技术股份有限公司 2025 年半年度报告 【2025 年 8 月】 1 北京北斗星通导航技术股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人周儒欣、主管会计工作负责人张智超及会计机构负责人(会计 主管人员)方小莉声明：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。 本报告涉及的未来规划、发展战略等前瞻性陈述，不构成对投资者的实 质承诺，投资者及相关人士均应当对此保持足够的风险认识，并且应当理解 计划、预测与承诺之间的差异。敬请广大投资者注意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | | 4 | | --- | --- | | œ | 1 2 | | 1 | | | 第一节 | 重要提示、目录和释义 | | 2 | | --- | --- | --- | --- | | ...