中国铁路通信信号股份有限公司2025 年半年度报告 公司代码：688009.SH 公司简称：中国通号 03969.HK 中国铁路通信信号股份有限公司 2025 年半年度报告 中国铁路通信信号股份有限公司2025 年半年度报告 重要提示 一、本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、重大风险提示 本公司已在本报告中详细描述存在的风险因素，请查阅本报告第三节"管理层讨论与分析" 中有关风险的说明。 三、公司全体董事出席董事会会议。 四、本半年度报告未经审计。 五、公司负责人楼齐良、主管会计工作负责人李连清及会计机构负责人（会计主管人员）张世虎 声明：保证半年度报告中财务报告的真实、准确、完整。 六、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 七、是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、前瞻性陈述的风险声明 √适用 □不适用 本报告对未来国内外经济走势的判断和宏观政策的解读，具有部分的主观性和一些基于特定 前置条件而作出的预见性陈述，相关判断和解读可能受到制约 ...

公司代码：600984 公司简称：建设机械 陕西建设机械股份有限公司2025 年半年度报告 陕西建设机械股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 陕西建设机械股份有限公司 2025 年半年度报告 1 / 161 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请投 资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 三、 本半年度报告未经审计。 四、 公司负责人车万里、主管会计工作负责人赵振杰及会计机构负责人（会计主管人员）海静 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司 2025 年上半年度不进行利润分配，也不进行资本公积金转赠股本。 | | 载有公司法定代表人签字的半年度报告全文； | ...

振德医疗用品股份有限公司2025 年半年度报告 公司代码：603301 公司简称：振德医疗 振德医疗用品股份有限公司 2025 年半年度报告 1 / 162 振德医疗用品股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人鲁建国、主管会计工作负责人金海萍及会计机构负责人（会计主管人员）马淑 燕声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司2025年中期不进行利润分配或资本公积金转增股本。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，请投 资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准 ...

[Definitions](index=4&type=section&id=Item%201.%20Definitions) This section provides definitions of common terms used in the report, ensuring accurate understanding of company names, subsidiaries, investment institutions, industry companies, laws and regulations, currency units, and specialized terms like micro-nano manufacturing and lithography technology [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This chapter defines common terms used in the report, covering company names, subsidiaries, investment institutions, industry companies, laws and regulations, currency units, and specialized terms like micro-nano manufacturing and lithography technology, ensuring accurate understanding of the report content - "Company", "the Company", "Fabology Microelectronics" all refer to Hefei Fabology Microelectronics Equipment Co., Ltd[10](index=10&type=chunk) - The reporting period refers to the first half of 2025[11](index=11&type=chunk) - Lithography is the smallest and most precise processing technology in the modern electronic information industry; direct imaging (DI) lithography is a maskless direct scanning exposure technology[11](index=11&type=chunk) [Company Profile and Key Financial Indicators](index=9&type=section&id=Item%202.%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information, contact details, information disclosure, stock summary, and key financial data for the reporting period [Company Basic Information](index=9&type=section&id=I.%20Company%20Basic%20Information) Fabology Microelectronics (CFMEE), registered in Hefei High-tech Zone, Anhui Province, with Cheng Zhuo as legal representative, primarily engages in R&D, manufacturing, sales, and maintenance services of micro-nano direct imaging lithography equipment - The company's Chinese name is Hefei Fabology Microelectronics Equipment Co., Ltd., abbreviated as Fabology Microelectronics[16](index=16&type=chunk) - The company's legal representative is Cheng Zhuo, and its registered address is Building 1, No. 789 Changning Avenue, Hefei High-tech Zone, Anhui Province[16](index=16&type=chunk) [Contact Person and Contact Information](index=9&type=section&id=II.%20Contact%20Person%20and%20Contact%20Information) The report discloses contact information for the company's Board Secretary Wei Yongzhen and Securities Affairs Representative Yuan Luxi, including address, phone, fax, and email, for investor and stakeholder communication - The Board Secretary is Wei Yongzhen, and the Securities Affairs Representative is Yuan Luxi; both have the contact address of No. 789 Changning Avenue, Hefei High-tech Zone[17](index=17&type=chunk) [Information Disclosure and Location Change Summary](index=9&type=section&id=III.%20Information%20Disclosure%20and%20Location%20Change%20Summary) The company designates China Securities Journal, Shanghai Securities News, Securities Daily, and Securities Times as information disclosure newspapers, the Shanghai Stock Exchange website for the semi-annual report, and the company's securities department as the report's filing location, with no changes during the reporting period - The company's information disclosure newspapers include China Securities Journal, Shanghai Securities News, Securities Daily, and Securities Times[18](index=18&type=chunk) - The semi-annual report is published on the Shanghai Stock Exchange website (www.sse.com.cn)[18](index=18&type=chunk) [Company Stock/Depositary Receipt Summary](index=9&type=section&id=IV.%20Company%20Stock%2FDepositary%20Receipt%20Summary) The company's A-shares are listed on the STAR Market of the Shanghai Stock Exchange, with stock abbreviation "Fabology Microelectronics" and stock code "688630"; there were no depositary receipts during the reporting period - The company's A-shares are listed on the STAR Market of the Shanghai Stock Exchange, with stock abbreviation “Fabology Microelectronics” and stock code “688630”[19](index=19&type=chunk) [Company's Key Accounting Data and Financial Indicators](index=10&type=section&id=VI.%20Company%27s%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first half of 2025, the company's operating revenue increased by **45.59%** to **654.33 million Yuan**, and net profit attributable to shareholders increased by **41.05%** to **142.03 million Yuan**, driven by high-end PCB market trends and increased product penetration; however, net cash flow from operating activities decreased by **121.89%** to **-105.25 million Yuan** due to increased procurement of production materials 2025 Semi-Annual Key Accounting Data | Indicator | Jan-Jun 2025 (Yuan) | Jan-Jun 2024 (Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 654,333,326.85 | 449,434,289.81 | 45.59 | | Total Profit | 157,289,043.66 | 109,784,629.66 | 43.27 | | Net Profit Attributable to Shareholders of Listed Company | 142,033,159.26 | 100,694,227.54 | 41.05 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | 135,941,690.62 | 98,529,823.36 | 37.97 | | Net Cash Flow from Operating Activities | -105,249,222.88 | -47,434,123.78 | -121.89 | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 2,156,754,556.14 | 2,062,601,576.72 | 4.56 | | Total Assets (Period-end) | 2,956,484,972.24 | 2,788,843,157.82 | 6.01 | 2025 Semi-Annual Key Financial Indicators | Indicator | Jan-Jun 2025 | Jan-Jun 2024 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | 1.08 | 0.77 | 40.26 | | Diluted Earnings Per Share (Yuan/share) | 1.08 | 0.77 | 40.26 | | Basic Earnings Per Share (Excluding Non-Recurring Gains/Losses) (Yuan/share) | 1.03 | 0.75 | 37.33 | | Weighted Average Return on Net Assets (%) | 6.66 | 4.84 | Increased by 1.82 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Gains/Losses) (%) | 6.37 | 4.73 | Increased by 1.64 percentage points | | R&D Investment as % of Operating Revenue (%) | 9.32 | 10.89 | Decreased by 1.57 percentage points | - Net cash flow from operating activities decreased by **121.89%** year-on-year, primarily due to increased procurement of production materials[24](index=24&type=chunk) 2025 Semi-Annual Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (Yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | -236,963.38 | | Government Subsidies Included in Current Profit/Loss (excluding those continuously affecting) | 100,000.00 | | Fair Value Changes and Disposal Gains/Losses from Financial Assets and Liabilities Held by Non-Financial Enterprises | 7,367,176.14 | | Other Non-Operating Income and Expenses | -63,779.06 | | Less: Income Tax Impact | 1,074,965.06 | | Total | 6,091,468.64 | [Management Discussion and Analysis](index=13&type=section&id=Item%203.%20Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the company's industry, main business, operational performance, core competencies, and risk factors during the reporting period [Overview of Industry and Main Business during the Reporting Period](index=13&type=section&id=I.%20Overview%20of%20Industry%20and%20Main%20Business%20during%20the%20Reporting%20Period) As a leading direct imaging lithography equipment manufacturer, the company focuses on PCB and pan-semiconductor fields, driving innovation and product expansion to meet AI industry development and domestic substitution demands - The company is a leading domestic direct imaging lithography equipment manufacturer, serving customers in the PCB and pan-semiconductor fields[29](index=29&type=chunk) - Business expanded from PCB mid-to-low-end markets to high-end markets like substrate-like PCBs and IC substrates, with pan-semiconductor applications covering IC packaging, FPD panel display, IC mask making, new displays, and new energy photovoltaics[29](index=29&type=chunk) - During the reporting period, the company actively promoted cutting-edge technology R&D, accelerated new product development, launched bonding process solutions, and planned metrology and inspection technology roadmaps[29](index=29&type=chunk) [Industry Development Overview](index=13&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89Industry%20Development%20Overview) The booming AI industry drives a continuous recovery in the PCB sector, with strong demand for high-end PCBs from AI servers, high-speed networks, and data centers, highlighting the advantages of direct imaging lithography - The rapid development of the AI industry drives a continuous recovery in the global PCB industry, with global AI server shipments expected to grow by **46%** in 2024[30](index=30&type=chunk) - Demand for high-end PCBs is strong, with the market size for 18-layer and above high-layer boards expected to grow by **41.7%** in 2025, HDI boards by **12.9%**, and packaging substrates by **7.6%**[34](index=34&type=chunk) - Direct imaging lithography, with its maskless direct writing and real-time deformation compensation features, has become essential equipment for high-end PCB manufacturing, accelerating the replacement of traditional exposure machines[35](index=35&type=chunk) - The global semiconductor market is experiencing strong growth driven by AI, with market size expected to grow by **11.2%** in 2025 and **8.5%** in 2026 year-on-year[40](index=40&type=chunk)[41](index=41&type=chunk) - The advanced packaging market is projected to reach **80 billion USD** by 2030, with 2.5D/3D packaging market seeing an average growth rate of **37%**[45](index=45&type=chunk) - The IC substrate market is expected to reach **13.566 billion USD** in 2025, a **7.6%** year-on-year increase, with an average growth rate of **7.4%** over the next five years[51](index=51&type=chunk) - The power device market is projected to grow at an average rate of **8%** from 2022-2028, with increasing penetration of direct imaging lithography technology in power device manufacturing[54](index=54&type=chunk) - The new display industry continues to expand, with advanced display technologies like Micro-LED, OLED, and Mini-LED accelerating commercialization, making direct imaging lithography a key process choice[55](index=55&type=chunk)[56](index=56&type=chunk) [Business and Products](index=19&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89Business%20and%20Products) The company's main business includes micro-nano direct imaging lithography equipment and maintenance services, covering PCB direct imaging equipment (MAS, RTR, NEX, FAST, MUD/MCD series) and automated line systems (DILINE series), as well as pan-semiconductor direct imaging lithography equipment (LDW, WLP, PLP, MLF, MLC series) and automated line systems, offering solutions for lead frames, FPD, IC substrates, alignment, and bonding, with product functions covering micron to nanometer-level lithography - The company's main products include PCB direct imaging equipment and automated line systems, pan-semiconductor direct imaging lithography equipment and automated line systems, other laser direct imaging equipment, and after-sales maintenance services[57](index=57&type=chunk)[58](index=58&type=chunk) - PCB direct imaging equipment series include MAS (flexible/HDI/multi-layer board circuit exposure), RTR (FPC roll-to-roll direct imaging), NEX (high-performance solder mask DI), FAST (high-capacity LDI), and MUD/MCD (blind hole laser drilling)[59](index=59&type=chunk) - Pan-semiconductor direct imaging lithography equipment series include LDW (mask/IC chip/MEMS), WLP (integrated circuit advanced packaging), PLP (panel-level advanced packaging), MLF (power devices/MEMS/ceramic packaging), and MLC (chip/mask/MEMS/bio-chip micro-nano lithography)[60](index=60&type=chunk)[61](index=61&type=chunk) - The company also provides solutions for lead frames, FPD display panels, IC substrates, wafer aligners (WA 8), and wafer bonders (WB 8)[61](index=61&type=chunk) [Discussion and Analysis of Operations](index=23&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) In the first half of 2025, Fabology Microelectronics maintained high growth momentum amid global semiconductor and high-end manufacturing recovery, with surging order demand leading to overloaded capacity, and the second phase base is set to launch to alleviate delivery pressure - In the first half of 2025, the company maintained high growth momentum, achieving comprehensive business breakthroughs amidst the global semiconductor and high-end manufacturing industry recovery[62](index=62&type=chunk) - The company's capacity is overloaded, with March and April shipments reaching historical highs, and the second phase base is expected to be operational in Q3 to significantly enhance delivery capabilities for high-end direct imaging lithography equipment[63](index=63&type=chunk) - PCB business is driven by "high-endization" (MAS4 equipment with minimum line width of **3–4μm**, NEX series solder mask equipment recognized by leading enterprises) and "internationalization" (Thailand subsidiary as Southeast Asian hub, expanding into Vietnam and Malaysia markets)[64](index=64&type=chunk)[65](index=65&type=chunk) - The pan-semiconductor sector achieved multi-domain breakthroughs, with MAS 6P successfully accepted and mass-produced by a leading IC packaging substrate customer, WLP 2000 wafer-level direct imaging lithography equipment receiving repeat orders, mask direct imaging equipment meeting **90nm** node requirements, and the launch of high-precision wafer aligner WA 8 and wafer bonder WB 8[69](index=69&type=chunk)[70](index=70&type=chunk)[71](index=71&type=chunk)[72](index=72&type=chunk)[73](index=73&type=chunk) - R&D investment in the first half of 2025 was **60.95 million Yuan**, a **24.56%** year-on-year increase, with R&D personnel accounting for **34.48%** and a cumulative total of **220** authorized patents[74](index=74&type=chunk) - The company is advancing its digitalization strategy, improving IPD system, CRM system, and expense control management, and deploying SRM and WMS systems to build an integrated digital transformation framework[75](index=75&type=chunk)[76](index=76&type=chunk) - The company plans to initiate preparatory work for overseas H-share issuance and listing on the Hong Kong Stock Exchange, aiming to broaden international financing channels, enhance brand international recognition, and accelerate overseas business expansion[79](index=79&type=chunk) [Analysis of Core Competencies](index=26&type=section&id=III.%20Analysis%20of%20Core%20Competencies) The company's core competencies include technological innovation, extensive market and customer resources, rapid service response, diverse product application scenarios, a professional team, and a differentiated competitive strategy - The company has built a full-stack "optics, mechanics, electronics, software, computing" technology system in micro-nano direct imaging lithography, possessing eight core technological barriers, and as of the first half of 2025, has accumulated **274** intellectual property rights (**79** invention patents)[81](index=81&type=chunk)[90](index=90&type=chunk)[95](index=95&type=chunk) - In the PCB sector, the company's equipment sales revenue has grown year by year, market share has increased, achieving full coverage of the top **100** PCB enterprises, and deepening cooperation with leading customers like Pengding Holdings and Wus Printed Circuit[83](index=83&type=chunk) - In the pan-semiconductor sector, products are applied in IC, MEMS, advanced packaging, new displays, and other segments, expanding to quality customers such as Tongfu Microelectronics, Huatian Technology, and BOE Group[84](index=84&type=chunk) - The company has a professional technical service team providing **7*24** hour technical support, reaching domestic sites within **2** hours, and actively building overseas sales and operation & maintenance teams[85](index=85&type=chunk) - The company's direct imaging lithography equipment covers multiple segmented application fields including PCB manufacturing, IC/MEMS, advanced packaging, display lithography, and new energy photovoltaics, with a rich product portfolio[87](index=87&type=chunk) - The R&D technical team comprises **241** people, accounting for **34.48%** of total employees, including highly educated talents with doctorates and master's degrees, and a scientist team with over **30** years of semiconductor equipment development experience[88](index=88&type=chunk)[103](index=103&type=chunk) - Differentiated competitive strategies include benchmarking international competitors to capture high-end markets, seizing mid-to-low-end markets with cost-effective advantages, and providing automated product lines and intelligent overall solutions[89](index=89&type=chunk) [Technology and Innovation Advantages](index=26&type=section&id=1%E3%80%81Technology%20and%20Innovation%20Advantages) The company continuously invests in R&D, forming a systematic technological upgrade capability, accumulating **274** intellectual property rights by the first half of 2025, including **79** invention patents - The company continuously invests in R&D, accumulating **274** intellectual property rights by the first half of 2025, including **79** invention patents[81](index=81&type=chunk)[95](index=95&type=chunk) - The company has developed a series of key direct imaging lithography technologies, including system integration, lithography UV optics and light source, high-precision auto-focusing, high-precision multi-axis high-speed large-stroke precision drive control, high-reliability and high-stability ECC technology, and high-speed real-time high-precision graphics processing[81](index=81&type=chunk) - Through market, customer, and industry integration, the company has developed a series of new products, driving product upgrades towards finer lithography precision and expanding into FPD manufacturing, IC back-end packaging, OLED, new displays, mask making, and new energy photovoltaics[81](index=81&type=chunk)[82](index=82&type=chunk) [Market and Customer Resource Advantages](index=27&type=section&id=2%E3%80%81Market%20and%20Customer%20Resource%20Advantages) Leveraging product competitiveness and sales network, the company has accumulated extensive customer resources in PCB and pan-semiconductor fields, achieving full coverage of top 100 PCB enterprises and expanding to quality customers in pan-semiconductor applications - The company has achieved full coverage of the top **100** PCB enterprises and deepened cooperation with leading customers such as Shengyi Technology, Pengding Holdings, Dongshan Precision, Shennan Circuits, Shengyi Electronics, Dingying Electronics, Wus Printed Circuit, Red Board, and Gold Circuit Electronics[83](index=83&type=chunk) - In the pan-semiconductor sector, the company's products are applied in IC, MEMS, bio-chips, discrete power devices manufacturing, IC mask manufacturing, advanced packaging, display lithography, and third-generation semiconductors, accumulating enterprise-level customers such as Tongfu Microelectronics, Huatian Technology, and BOE Group[84](index=84&type=chunk) [Rapid Service and Response Advantages](index=27&type=section&id=3%E3%80%81Rapid%20Service%2C%20Response%20Advantages) The company boasts a professional technical service team strategically located in major electronic information industry hubs, providing prompt 7*24 hour technical support to domestic clients with a 30-minute response time and 2-hour on-site arrival, while actively expanding its overseas sales and operations teams - The company has a professional technical service team capable of providing prompt **7*24** hour technical support and services to domestic customers, with a **30-minute** response time and **2-hour** on-site arrival domestically[85](index=85&type=chunk) - The company is actively building overseas sales and operation & maintenance teams to accelerate overseas market expansion, with equipment successfully sold to Thailand, Vietnam, Japan, South Korea, and Malaysia[85](index=85&type=chunk) [Product Application Scenario Advantages](index=27&type=section&id=4%E3%80%81Product%20Application%20Scenario%20Advantages) The company's direct imaging lithography equipment covers multiple segmented application fields, including PCB manufacturing, IC/MEMS/bio-chip/discrete power device manufacturing, IC mask manufacturing, advanced packaging, display lithography, and new energy photovoltaics, offering a rich product portfolio to meet diverse customer needs and continuously expanding into pan-semiconductor segments - The company's direct imaging lithography equipment covers multiple segmented application fields including PCB manufacturing, IC/MEMS/bio-chip/discrete power device manufacturing, IC mask manufacturing, advanced packaging, display lithography, and new energy photovoltaics[87](index=87&type=chunk) - The company has a relatively rich product portfolio in direct imaging lithography, capable of covering a broader range of downstream segmented markets and meeting diverse customer needs within those segments[87](index=87&type=chunk) [Professional Team Advantages](index=28&type=section&id=5%E3%80%81Professional%20Team%20Advantages) The company prioritizes talent development, fostering a highly qualified and experienced technical team through internal training and external recruitment, with 241 R&D personnel by the first half of 2025, accounting for 34.48% of total employees - As of the first half of 2025, the company's R&D technical team consists of **241** people, accounting for **34.48%** of the total employees[88](index=88&type=chunk)[103](index=103&type=chunk) - R&D personnel have a wide range of professional coverage, including optics, precision machinery, graphics processing, machine vision, deep learning, measurement and control technology, and instrumentation[88](index=88&type=chunk) - The company's scientist team possesses over **30** years of semiconductor equipment development experience, with members from international manufacturers such as Zeiss, KLA-Tencor, and Applied Materials[88](index=88&type=chunk) [Differentiated Competitive Strategy Advantages](index=28&type=section&id=6%E3%80%81Differentiated%20Competitive%20Strategy%20Advantages) The company employs a differentiated competitive strategy, directly benchmarking international competitors in the high-end PCB market with product stability, reliability, and localized service advantages, while capturing market share in the mid-to-low-end PCB market with the cost-effectiveness and reliability of its FAST series products - In the high-end PCB market, the company directly benchmarks international competitors, capturing the high-end market with product stability, reliability, and localized service advantages[89](index=89&type=chunk) - In the mid-to-low-end PCB market, the company's FAST series products seize market share with their cost-effectiveness, reliability, and stability advantages[89](index=89&type=chunk) - The company offers automated product lines, enabling automated production for circuit, solder mask, and substrate processes, providing intelligent overall solutions for exposure processes to customers in various fields[89](index=89&type=chunk) - In the pan-semiconductor sector, the company has a dedicated pan-semiconductor business unit, fully supporting product line development, continuously innovating R&D, comprehensively expanding application areas, and striving to become a leading international enterprise in micro-nano direct imaging lithography[89](index=89&type=chunk) [Core Technologies and R&D Progress](index=28&type=section&id=%28%E4%B8%89%29Core%20Technologies%20and%20R%26D%20Progress) The company has established a full-stack "optics, mechanics, electronics, software, computing" technology system in micro-nano direct imaging lithography, forming eight core technological barriers and leading the formulation of multiple industry standards - The company has built a full-stack "optics, mechanics, electronics, software, computing" technology system, forming eight core technological barriers, and has led the formulation of multiple industry standards[90](index=90&type=chunk)[91](index=91&type=chunk) - During the reporting period, **29** new R&D achievements were added, including **4** invention patents, **15** utility model patents, **2** design patents, and **8** software copyrights[95](index=95&type=chunk) R&D Investment | Indicator | Current Period (Yuan) | Prior Period (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 60,953,153.66 | 48,934,569.54 | 24.56 | | Total R&D Investment | 60,953,153.66 | 48,934,569.54 | 24.56 | | Total R&D Investment as % of Operating Revenue (%) | 9.32 | 10.89 | Decreased by 1.57 percentage points | - Ongoing R&D projects include wafer-level packaging lithography equipment (estimated total investment **32 million Yuan**), **90nm-65nm** mask making lithography equipment (estimated total investment **50 million Yuan**), laser drilling project (estimated total investment **28.78 million Yuan**), and wafer bonding equipment project (estimated total investment **20 million Yuan**), aiming for independent technological control and domestic substitution[99](index=99&type=chunk)[100](index=100&type=chunk)[101](index=101&type=chunk) R&D Personnel | Indicator | Current Period (persons) | Prior Period (persons) | | :--- | :--- | :--- | | Number of Company R&D Personnel | 241 | 214 | | R&D Personnel as % of Total Company Employees (%) | 34.48 | 34.80 | | Total R&D Personnel Compensation (Ten Thousand Yuan) | 3,248.71 | 2,307.45 | | Average R&D Personnel Compensation (Ten Thousand Yuan) | 11.01 | 10.68 | [Risk Factors](index=32&type=section&id=IV.%20Risk%20Factors) The company faces risks related to core competitiveness (unexpected technological upgrades), intensified market competition (increased domestic and international competition, more potential entrants), industry cyclicality (influenced by downstream PCB and pan-semiconductor market demand fluctuations), and macroeconomic environment (complex international trade, global inflation, geopolitical issues) - The company faces core competitiveness risks; if it fails to accurately grasp technological trends or if technological upgrades do not meet expectations, product competitiveness will be impacted[105](index=105&type=chunk) - Market competition is intensifying, with fierce competition from domestic and international manufacturers, and growing market demand attracting more potential entrants[106](index=106&type=chunk) - Industry development is subject to cyclical risks influenced by fluctuations in demand from downstream PCB and pan-semiconductor end markets[107](index=107&type=chunk) - A complex international trade environment, global inflation, and worsening geopolitical situations may adversely affect the company's global market layout and raw material procurement[108](index=108&type=chunk) [Key Operating Performance During the Reporting Period](index=33&type=section&id=V.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) During the reporting period, the company achieved operating revenue of **654 million Yuan**, a **45.59%** year-on-year increase, and net profit attributable to shareholders of **142 million Yuan**, a **41.05%** year-on-year increase, primarily due to growth in PCB and pan-semiconductor businesses - During the reporting period, the company achieved operating revenue of **654 million Yuan**, a **45.59%** year-on-year increase; net profit attributable to shareholders of the listed company was **142 million Yuan**, a **41.05%** year-on-year increase[109](index=109&type=chunk) - The main business growth came from the PCB and pan-semiconductor sectors[109](index=109&type=chunk) [Analysis of Main Business](index=33&type=section&id=%28%E4%B8%80%29Analysis%20of%20Main%20Business) During the reporting period, the company's operating revenue and operating costs both increased by over **45%**, mainly due to market expansion and increased product investment; sales expenses increased by **78.23%** due to overseas market expansion, financial expenses decreased by **38.16%** due to reduced interest income, and R&D expenses increased by **24.56%** due to increased R&D personnel and project investment; net cash flow from operating activities decreased by **121.89%** to a negative value, primarily due to increased procurement payments Analysis of Financial Statement Items | Item | Current Period (Yuan) | Prior Period (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 654,333,326.85 | 449,434,289.81 | 45.59 | | Operating Cost | 379,061,916.08 | 261,216,355.80 | 45.11 | | Selling Expenses | 28,284,531.67 | 15,869,877.58 | 78.23 | | Administrative Expenses | 19,905,817.55 | 20,796,028.52 | -4.28 | | Financial Expenses | -5,658,058.98 | -9,149,311.57 | 38.16 | | R&D Expenses | 60,953,153.66 | 48,934,569.54 | 24.56 | | Net Cash Flow from Operating Activities | -105,249,222.88 | -47,434,123.78 | -121.89 | | Net Cash Flow from Investing Activities | 63,130,921.25 | 104,251,897.51 | -39.44 | | Net Cash Flow from Financing Activities | -45,850,605.88 | -104,966,837.76 | 56.32 | - The change in selling expenses was mainly due to the company's increased overseas market开拓, leading to higher distribution service fees[112](index=112&type=chunk) - The decrease in net cash flow from operating activities was mainly due to a year-on-year increase in procurement payments[112](index=112&type=chunk) [Analysis of Assets and Liabilities](index=34&type=section&id=%28%E4%B8%89%29Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets increased by **6.01%** to **2.96 billion Yuan**; monetary funds significantly decreased by **72.06%** due to dividend payments and purchases of transactional financial assets; receivables and inventories increased by **10.17%** and **37.47%** respectively, reflecting business expansion and strategic stockpiling; transactional financial assets surged by **291.95%** to **401 million Yuan** due to increased investment in wealth management products; construction in progress increased by **50.43%** to **132 million Yuan** due to increased investment in the second phase of the production base project Changes in Assets and Liabilities | Item Name | Period-end Amount (Yuan) | % of Total Assets (Period-end) | Prior Year-end Amount (Yuan) | % of Total Assets (Prior Year-end) | % Change from Prior Year-end | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 187,512,280.87 | 6.34 | 671,016,915.84 | 24.06 | -72.06 | Dividend payments and purchase of transactional financial assets | | Receivables | 944,024,700.28 | 31.93 | 856,875,247.65 | 30.73 | 10.17 | Increased with operating revenue | | Inventories | 794,235,529.30 | 26.86 | 577,756,671.24 | 20.72 | 37.47 | Due to strategic stockpiling and increased goods issued | | Contract Assets | 20,607,167.51 | 0.70 | 15,432,786.32 | 0.55 | 33.53 | Due to increased business scale | | Construction in Progress | 131,664,170.44 | 4.45 | 87,526,908.84 | 3.14 | 50.43 | Increased investment in production base project (Phase II) | | Short-term Borrowings | 4,979,200.00 | 0.17 | 3,185,933.00 | 0.11 | 56.29 | Due to increased discounted but unmatured bills | | Taxes Payable | 13,336,504.20 | 0.45 | 2,288,648.90 | 0.08 | 482.72 | Due to increased income tax payable balance | | Transactional Financial Assets | 400,543,507.83 | 13.55 | 102,192,371.54 | 3.66 | 291.95 | Due to increased wealth management products held | | Long-term Receivables | 27,916,469.49 | 0.94 | 7,034,231.91 | 0.25 | 296.87 | Due to reclassification of long-term receivables to non-current assets due within one year at period-end | - Overseas assets amounted to **21.09 million Yuan**, accounting for **0.71%** of total assets[115](index=115&type=chunk) [Analysis of Investment Status](index=37&type=section&id=%28%E5%9B%9B%29Analysis%20of%20Investment%20Status) At the end of the period, the company's transactional financial assets reached **401 million Yuan**, a **291.95%** increase from the beginning of the period, mainly due to increased purchases of wealth management products; other non-current financial assets were **30.97 million Yuan**; the company also invested in three private equity funds with a total intended investment of **50 million Yuan**, of which **30 million Yuan** has been invested, aiming to broaden investment channels, enhance capital utilization efficiency, cultivate new profit growth points, and promote industrial synergy Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (Yuan) | Amount Purchased in Current Period (Yuan) | Amount Sold/Redeemed in Current Period (Yuan) | Ending Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Transactional Financial Assets | 102,192,371.54 | 122,000,000.00 | 120,125,961.11 | 400,543,507.83 | | Receivables Financing | 12,893,040.80 | - | -1,786,201.16 | 11,106,839.64 | | Other Non-Current Financial Assets | 31,223,561.28 | 1,000,000.00 | - | 30,967,962.87 | | Total | 146,308,973.62 | 123,000,000.00 | 118,339,759.95 | 442,618,310.34 | - Transactional financial assets increased by **291.95%** from the beginning of the period, mainly due to increased purchases of large-denomination certificates of deposit in mid-2025[148](index=148&type=chunk) Private Equity Fund Investment Status | Private Equity Fund Name | Total Intended Investment (Yuan) | Amount Invested as of Period-end (Yuan) | Profit Impact in Current Period (Yuan) | Cumulative Profit Impact (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Suzhou Anxin Tongying Venture Capital Partnership (Limited Partnership) | 10,000,000.00 | 10,000,000.00 | -190,446.98 | 127,499.24 | | Chengdu Gaoxin Xindongneng Huajing Equity Investment Fund Partnership (Limited Partnership) | 20,000,000.00 | 10,000,000.00 | 1,012,155.72 | 975,300.00 | | Nantong Quandexue Loukexin Phase II Venture Capital Fund Management (Limited Partnership) | 20,000,000.00 | 10,000,000.00 | -77,307.15 | -134,836.37 | | Total | 50,000,000.00 | 30,000,000.00 | 744,401.59 | 967,962.87 | [Analysis of Major Holding and Participating Companies](index=40&type=section&id=%28%E5%85%AD%29Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The company's main holding subsidiaries include Fabology Microelectronics (Suzhou) Integrated Circuit Technology Co., Ltd. and XIN QI TECHNOLOGY (THAILAND) CO., LTD. (Thailand subsidiary); the Thailand subsidiary has a registered capital of **20 million Yuan**, total assets of **21.09 million Yuan** at period-end, and a net loss of **0.35 million Yuan** Major Subsidiary Information | Company Name | Company Type | Main Business | Registered Capital (Ten Thousand Yuan) | Total Assets (Ten Thousand Yuan) | Net Assets (Ten Thousand Yuan) | Operating Revenue (Ten Thousand Yuan) | Operating Profit (Ten Thousand Yuan) | Net Profit (Ten Thousand Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Fabology Microelectronics (Suzhou) Integrated Circuit Technology Co., Ltd. | Subsidiary | Technology promotion and application services | 100 | 4.86 | - | - | -12.31 | -12.31 | | XIN QI TECHNOLOGY (THAILAND) CO.,LTD. | Subsidiary | Technology promotion and application services | 2,000 | 2,108.77 | -34.76 | - | -34.76 | -34.76 | - The Thailand subsidiary's registered capital is **100,000,000 Thai Baht**, approximately **20 million Yuan**, and its financial data is settled in Thai Baht and converted to Yuan for reporting[121](index=121&type=chunk) [Corporate Governance, Environment and Society](index=41&type=section&id=Item%204.%20Corporate%20Governance%2C%20Environment%20and%20Society) This section details changes in directors, supervisors, senior management, and core technical personnel, as well as profit distribution plans and equity incentive schemes [Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel](index=41&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20and%20Core%20Technical%20Personnel) During the reporting period, there were no changes in the company's directors, supervisors, senior management, or core technical personnel - During the reporting period, there were no changes in the company's directors, supervisors, senior management, or core technical personnel[124](index=124&type=chunk) [Profit Distribution or Capital Reserve to Share Capital Plan](index=41&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20to%20Share%20Capital%20Plan) During the reporting period, the company had no profit distribution plan or capital reserve to share capital plan - During the reporting period, the company had no profit distribution or capital reserve to share capital plan[124](index=124&type=chunk) [Equity Incentive Plans and Employee Incentive Measures](index=41&type=section&id=III.%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%20or%20Other%20Employee%20Incentive%20Measures%20and%20Their%20Impact) The company's board of directors resolved to cancel **349,800** restricted shares from the first grant's third vesting period and the reserved grant's second vesting period of the 2022 Restricted Stock Incentive Plan, as the 2024 performance targets were not met, concluding the entire plan - The company canceled **349,800** restricted shares from the first grant's third vesting period and the reserved grant's second vesting period of the 2022 Restricted Stock Incentive Plan[125](index=125&type=chunk) - The cancellation was due to the company's 2024 operating revenue growth rate and net profit growth rate failing to meet the company-level performance targets[125](index=125&type=chunk) - Following this cancellation, the company's 2022 Restricted Stock Incentive Plan has concluded[125](index=125&type=chunk) [Significant Matters](index=43&type=section&id=Item%205.%20Significant%20Matters) This section covers the fulfillment of commitments, the progress of raised funds utilization, and other important corporate events [Fulfillment of Commitments](index=43&type=section&id=I.%20Fulfillment%20of%20Commitments) The company's controlling shareholder, actual controller, directors, supervisors, senior management, and other related parties have timely and strictly fulfilled various commitments made during the initial public offering and refinancing, primarily concerning share lock-up, stock price stabilization, information disclosure accuracy, resolution of horizontal competition and related party transactions, employee social security and housing fund contributions, and immediate return enhancement, aiming to protect investor interests and standardize corporate governance - Controlling shareholder and actual controller Cheng Zhuo committed not to transfer shares within **36** months from the listing date and to not reduce holdings below the offering price within **2** years after the lock-up period expires[129](index=129&type=chunk) - The company, controlling shareholder, directors, and senior management committed to initiating stock price stabilization measures under specific conditions, including company share repurchases and increased holdings by the controlling shareholder, directors, and senior management[132](index=132&type=chunk) - The company, actual controller, controlling shareholder, all directors, supervisors, and senior management committed that the prospectus contains no false records, misleading statements, or major omissions, and will bear compensation liability[137](index=137&type=chunk) - The controlling shareholder and actual controller committed to resolving horizontal competition, avoiding activities that substantially compete with the company's business, and granting the company a preemptive right to purchase[138](index=138&type=chunk)[140](index=140&type=chunk)[141](index=141&type=chunk)[142](index=142&type=chunk)[143](index=143&type=chunk) - The controlling shareholder, actual controller, and other related parties committed to standardizing related party transactions, ensuring fair transaction prices, and not harming the interests of the company and other shareholders[139](index=139&type=chunk)[140](index=140&type=chunk)[147](index=147&type=chunk)[148](index=148&type=chunk) - The company committed not to provide loans or other financial assistance to equity incentive recipients[148](index=148&type=chunk) [Progress of Raised Funds Utilization](index=65&type=section&id=XII.%20Progress%20of%20Raised%20Funds%20Utilization) The company's utilization of raised funds is progressing well, with a cumulative investment of **481 million Yuan** as of the reporting period end, representing **60.98%** of the committed investment; projects like the modern direct imaging lithography equipment production workshop, IC substrate/substrate-like direct imaging lithography equipment industrialization, and key subsystem/core component R&D are advancing as planned, yielding multiple patent achievements; the company also utilized idle raised funds for cash management, with an ending balance of **310 million Yuan** Overall Use of Raised Funds | Source of Raised Funds | Net Raised Funds (Yuan) | Total Committed Investment (Yuan) | Cumulative Raised Funds Invested as of Period-end (Yuan) | Cumulative Investment Progress (%) | Amount Invested in Current Year (Yuan) | Amount Invested in Current Year as % of Total Raised Funds (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Issuance of Shares to Specific Objects | 797,685,647.55 | 789,362,921.17 | 481,327,125.60 | 60.98% | 103,113,117.43 | 13.06% | - The modern direct imaging lithography equipment production workshop and supporting facilities project has completed shipments of multiple NEX series new-generation high-performance solder mask direct imaging lithography equipment for new displays, PCB solder masks, and lead frames, yielding **9** patents[154](index=154&type=chunk)[155](index=155&type=chunk) - The IC substrate/substrate-like direct imaging lithography equipment industrialization project is researching and developing higher-precision IC substrate and substrate-like direct imaging lithography equipment, with breakthroughs in MAS series models, yielding **5** invention patents[155](index=155&type=chunk)[156](index=156&type=chunk) - Key subsystem and core component independent R&D projects are progressing normally; the intelligent direct imaging lithography system based on deep learning algorithms is operating well in client trials, the development of ultra-large format high-resolution exposure engines is largely complete, high-precision dynamic environmental control system R&D is largely complete, and advanced laser light source R&D has improved domestic content[156](index=156&type=chunk)[157](index=157&type=chunk)[158](index=158&type=chunk) Cash Management of Idle Raised Funds | Date of Board Approval | Approved Limit for Cash Management of Raised Funds (Ten Thousand Yuan) | Start Date | End Date | Period-end Cash Management Balance (Ten Thousand Yuan) | Exceeded Authorized Limit | | :--- | :--- | :--- | :--- | :--- | :--- | | April 23, 2025 | 40,000.00 | May 14, 2025 | May 14, 2026 | 31,000.01 | No | [Changes in Shares and Shareholder Information](index=73&type=section&id=Item%206.%20Changes%20in%20Shares%20and%20Shareholder%20Information) This section details changes in share capital, shareholder structure, and the holdings of directors, supervisors, senior management, and core technical personnel [Changes in Share Capital](index=73&type=section&id=I.%20Changes%20in%20Share%20Capital) During the reporting period, there were no changes in the company's total ordinary shares or share capital structure - During the reporting period, there were no changes in the company's total ordinary shares or share capital structure[163](index=163&type=chunk) [Shareholder Information](index=73&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company had **9,994** ordinary shareholders; among the top ten shareholders, Cheng Zhuo held **27.92%** as the controlling shareholder, and Ningbo Yage Venture Capital Partnership (Limited Partnership) held **7.17%**; the top ten unrestricted shareholders' holdings were largely consistent with the top ten shareholders, and Cheng Zhuo is the executive partner of Ningbo Yage Venture Capital Partnership (Limited Partnership) and has an associated relationship with Ningbo Dingqing Venture Capital Partnership (Limited Partnership) - As of the end of the reporting period, the total number of ordinary shareholders was **9,994**[164](index=164&type=chunk) Top Ten Shareholders' Holdings as of Period-end | Shareholder Name | Period-end Holdings (shares) | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Cheng Zhuo | 36,787,490 | 27.92 | Domestic Natural Person | | Ningbo Yage Venture Capital Partnership (Limited Partnership) | 9,450,000 | 7.17 | Other | | Ningbo Dingqing Venture Capital Partnership (Limited Partnership) | 4,606,713 | 3.50 | Other | | China Everbright Bank Co., Ltd. - Xingquan Commercial Model Preferred Mixed Securities Investment Fund (LOF) | 3,211,049 | 2.44 | Other | | China Merchants Bank Co., Ltd. - Xingquan Herun Mixed Securities Investment Fund | 2,716,091 | 2.06 | Other | | Industrial Bank Co., Ltd. - Xingquan New Horizon Flexible Allocation Periodical Open-ended Mixed Initiated Securities Investment Fund | 2,460,370 | 1.87 | Other | | Shenzhen Guolong Capital Equity Investment Management Co., Ltd. - Shenzhen Qifu Guolong Small and Medium-sized Enterprise Equity Investment Fund Partnership (Limited Partnership) | 2,000,000 | 1.52 | Other | | Fang Lin | 1,100,000 | 0.83 | Domestic Natural Person | | He Shaofeng | 1,060,000 | 0.80 | Domestic Natural Person | | Hong Kong Securities Clearing Company Limited | 829,401 | 0.63 | Other | - Cheng Zhuo is the executive partner of Ningbo Yage Venture Capital Partnership (Limited Partnership); Yang Guoqing, the executive partner of Ningbo Dingqing Venture Capital Partnership (Limited Partnership), is Cheng Zhuo's sister's spouse, indicating an associated relationship[167](index=167&type=chunk)[168](index=168&type=chunk) [Information on Directors, Supervisors, Senior Management, and Core Technical Personnel](index=75&type=section&id=III.%20Information%20on%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20and%20Core%20Technical%20Personnel) During the reporting period, core technical personnel He Shaofeng's shareholding decreased by **60,000** shares due to secondary market trading; the company did not disclose any equity incentives granted to directors, supervisors, senior management, or core technical personnel Changes in Holdings of Directors, Supervisors, Senior Management, and Core Technical Personnel | Name | Position | Beginning Holdings (shares) | Period-end Holdings (shares) | Change in Holdings During Reporting Period (shares) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | | He Shaofeng | Core Technical Personnel | 1,120,000 | 1,060,000 | -60,000 | Secondary market trading | [Bond-Related Information](index=77&type=section&id=Item%207.%20Bond-Related%20Information) This section confirms that the company had no corporate bonds, debt financing instruments, or convertible corporate bonds during the reporting period [Corporate Bonds and Debt Financing Instruments](index=77&type=section&id=I.%20Corporate%20Bonds%20%28Including%20Enterprise%20Bonds%29%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) During the reporting period, the company had no corporate bonds or non-financial enterprise debt financing instruments[173](index=173&type=chunk) [Convertible Corporate Bonds](index=77&type=section&id=II.%20Convertible%20Corporate%20Bonds) During the reporting period, the company had no convertible corporate bonds[173](index=173&type=chunk) [Financial Report](index=78&type=section&id=Item%208.%20Financial%20Report) This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on accounting policies, taxes, and financial items [Audit Report](index=78&type=section&id=I.%20Audit%20Report) This semi-annual report is unaudited[4](index=4&type=chunk) [Financial Statements](index=78&type=section&id=II.%20Financial%20Statements) This chapter provides the company's consolidated and parent company balance sheets, income statements, and cash flow statements for the first half of 2025, as well as consolidated and parent company statements of changes in owners' equity, comprehensively presenting the financial position, operating results, and cash flows at the end of the reporting period [Company Basic Information](index=101&type=section&id=III.%20Company%20Basic%20Information) Hefei Fabology Microelectronics Equipment Co., Ltd., established on October 23, 2019, with a registered capital of **131,740,716.00 Yuan** and Cheng Zhuo as legal representative, primarily engages in R&D, manufacturing, sales, and maintenance services of micro-nano direct imaging lithography equipment - The company was established on October 23, 2019, with a registered capital of **131,740,716.00 Yuan**[209](index=209&type=chunk)[214](index=214&type=chunk) - The company's main business includes micro-nano direct imaging lithography equipment and maintenance services, covering PCB direct imaging equipment and automated line systems, and pan-semiconductor direct imaging lithography equipment and automated line systems[215](index=215&type=chunk) - The company first publicly issued shares in March 2021, issued shares to specific objects in July 2023, and conducted restricted stock vesting in August 2023 and November 2024[209](index=209&type=chunk)[210](index=210&type=chunk)[211](index=211&type=chunk)[212](index=212&type=chunk) [Basis of Financial Statement Preparation](index=102&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, and an assessment of its ability to continue as a going concern for 12 months from the end of the reporting period revealed no issues affecting this ability - The company's financial statements are prepared on a going concern basis[216](index=216&type=chunk) - The company assessed its ability to continue as a going concern for **12** months from the end of the reporting period and found no matters affecting this ability[217](index=217&type=chunk) [Significant Accounting Policies and Estimates](index=102&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This chapter details the company's significant accounting policies and estimates, formulated in accordance with enterprise accounting standards, covering business combinations, consolidated financial statements, financial instruments, receivables, inventories, contract assets, long-term equity investments, fixed assets, construction in progress, intangible assets, employee compensation, provisions, share-based payments, revenue recognition, contract costs, government grants, deferred income tax, and leases, ensuring the truthfulness, accuracy, and completeness of financial reporting - The company prepares financial statements in accordance with enterprise accounting standards, truthfully and completely reflecting its financial position, operating results, and other information[219](index=219&type=chunk) - Detailed explanations are provided for the classification, measurement, and impairment of financial instruments, including those measured at amortized cost and fair value, and bad debt provision methods for notes receivable, accounts receivable, and other receivables[268](index=268&type=chunk)[269](index=269&type=chunk)[270](index=270&type=chunk)[271](index=271&type=chunk)[272](index=272&type=chunk)[280](index=280&type=chunk)[311](index=311&type=chunk)[315](index=315&type=chunk)[319](index=319&type=chunk)[321](index=321&type=chunk)[322](index=322&type=chunk)[323](index=323&type=chunk)[324](index=324&type=chunk) - Revenue recognition and measurement policies are clarified, including criteria for fulfilling performance obligations over time or at a point in time, and specific recognition methods for equipment sales, maintenance services, and lease income[408](index=408&type=chunk)[409](index=409&type=chunk)[410](index=410&type=chunk)[418](index=418&type=chunk)[419](index=419&type=chunk)[420](index=420&type=chunk) - Disclosure includes recognition criteria for fixed assets, depreciation methods (buildings and structures **40** years, machinery and equipment **5** years, transportation equipment **3-5** years, electronic equipment and others **3-5** years), and standards for transferring construction in progress to fixed assets[355](index=355&type=chunk)[357](index=357&type=chunk)[359](index=359&type=chunk)[360](index=360&type=chunk)[361](index=361&type=chunk) - Intangible asset valuation, useful life estimation (land use rights **50** years, computer software **3-5** years), and amortization methods are explained, along with specific conditions for capitalizing R&D expenditures[366](index=366&type=chunk)[367](index=367&type=chunk)[368](index=368&type=chunk)[372](index=372&type=chunk) [Taxes](index=147&type=section&id=VI.%20Taxes) The company's main taxes include VAT (tax rates **6%-13%**), Urban Maintenance and Construction Tax (**7%**), Corporate Income Tax (**15%-25%**), Education Surcharge (**3%**), and Local Education Surcharge (**2%**); as a high-tech enterprise, the company enjoys a **15%** preferential corporate income tax rate and VAT super deduction policies for advanced manufacturing and integrated circuit enterprises Major Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Taxable sales revenue | 6%, 7%, 9%, 13% | | Urban Maintenance and Construction Tax | Payable turnover tax | 7% | | Corporate Income Tax | Taxable income | 25%, 20%, 15% | | Education Surcharge | Payable turnover tax | 3% | | Local Education Surcharge | Payable turnover tax | 2% | - As a high-tech enterprise, the company enjoys a **15%** preferential corporate income tax rate[464](index=464&type=chunk) - The company benefits from VAT super deduction policies for advanced manufacturing enterprises and integrated circuit enterprises, allowing an additional **5%** and **15%** respectively of current deductible input VAT to be deducted from payable VAT[464](index=464&type=chunk) [Notes to Consolidated Financial Statements](index=148&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statements) This chapter provides detailed notes on various asset, liability, owner's equity, income, cost, and expense items in the consolidated financial statements; period-end monetary funds decreased by **72.06%** due to purchases of wealth management products, while transactional financial assets significantly increased by **291.95%**; notes receivable, accounts receivable, inventories, and construction in progress all showed significant changes, reflecting the company's business expansion and investment activities; selling expenses and R&D expenses increased, while financial expenses increased due to reduced interest income; credit impairment losses and asset impairment losses increased due to higher provisions for accounts receivable and inventory write-downs Monetary Funds | Item | Period-end Balance (Yuan) | Beginning Balance (Yuan) | | :--- | :--- | :--- | | Cash on Hand | 75.61 | 73.61 | | Bank Deposits | 159,604,448.92 | 629,474,372.90 | | Other Monetary Funds | 27,907,756.34 | 41,542,469.33 | | Total | 187,512,280.87 | 671,016,915.84 | | Of which: Funds deposited overseas | 20,396,099.33 | 20,269,820.73 | - Monetary funds decreased by **72.06%**, mainly due to the reclassification of large-denomination certificates of deposit to transactional financial assets[466](index=466&type=chunk) Transactional Financial Assets | Item | Period-end Balance (Yuan) | Beginning Balance (Yuan) | | :--- | :--- | :--- | | Wealth Management Products | 400,543,507.83 | 102,192,371.54 | | Total | 400,543,507.83 | 102,192,371.54 | - Transactional financial assets increased by **291.95%** from the beginning of the period, mainly due to increased purchases of large-denomination certificates of deposit in mid-2025[468](index=468&type=chunk) Notes Receivable | Item | Period-end Balance (Yuan) | Beginning Balance (Yuan) | | :--- | :--- | :--- | | Bank Acceptance Bills | 28,374,355.55 | 31,789,550.97 | | Commercial Acceptance Bills | 31,368,187.68 | 17,973,613.07 | | Total | 59,742,543.23 | 49,763,164.04 | Aging Distribution of Accounts Receivable | Aging | Period-end Book Balance (Yuan) | Beginning Book Balance (Yuan) | | :--- | :--- | :--- | | Within 1 year (inclusive) | 812,566,142.51 | 686,381,808.32 | | 1 to 2 years | 159,735,091.61 | 200,101,081.99 | | 2 to 3 years | 44,683,292.94 | 38,753,822.23 | | 3 to 4 years | 6,094,508.22 | 2,873,499.68 | | Total | 1,023,079,035.28 | 928,110,212.22 | Inventory Classification | Item | Period-end Book Value (Yuan) | Beginning Book Value (Yuan) | | :--- | :--- | :--- | | Raw Materials | 319,501,491.44 | 172,995,036.12 | | Work in Progress | 170,980,543.20 | 210,275,901.29 | | Finished Goods | 60,152,067.47 | 94,412,252.53 | | Goods Issued | 243,601,427.19 | 100,073,481.3 | | Total | 794,235,529.30 | 577,756,671.24 | - The period-end balance of construction in progress increased significantly compared to the beginning of the period, mainly due to substantial new investment in the company's production base Phase II project[537](index=537&type=chunk) Operating Revenue and Operating Cost | Item | Current Period (Revenue) (Yuan) | Current Period (Cost) (Yuan) | Prior Period (Revenue) (Yuan) | Prior Period (Cost) (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 651,603,832.49 | 378,263,390.97 | 446,544,480.31 | 260,699,895.71 | | Other Business | 2,729,494.36 | 798,525.11 | 2,889,809.50 | 516,460.09 | | Total | 654,333,326.85 | 379,061,916.08 | 449,434,289.81 | 261,216,355.80 | - Selling expenses for the current period increased by **78.23%** compared to the prior period, mainly due to increased compensation for sales personnel[608](index=608&type=chunk) - Financial expenses for the current period increased by **38.16%** compared to the prior period, mainly due to reduced interest income[611](index=611&type=chunk) - Investment income for the current period increased significantly compared to the prior period, mainly due to a substantial increase in investment income from the disposal of transactional financial assets[613](index=613&type=chunk) - Credit impairment losses for the current period increased significantly compared to the prior period, mainly due to a substantial increase in provisions for notes receivable and accounts receivable losses[618](index=618&type=chunk) - Asset impairment losses for the current period increased significantly compared to the prior period, mainly due to a substantial increase in provisions for inventory write-downs[620](index=620&type=chunk) [R&D Expenses](index=200&type=section&id=VIII.%20R%26D%20Expenses) During the reporting period, the company's total R&D investment was **60.95 million Yuan**, all expensed, representing a **24.56%** increase from the prior year, with employee compensation and material expenditures being the main components, accounting for **53.3%** and **32.2%** respectively R&D Expenses by Nature | Item | Current Period (Yuan) | Prior Period (Yuan) | | :--- | :--- | :--- | | Employee Compensation | 32,487,131.83 | 25,107,753.63 | | Material Expenditures | 19,646,453.11 | 11,491,341.39 | | Depreciation and Amortization | 4,298,885.43 | 4,088,627.95 | | R&D Service Fees | 1,335,788.98 | 2,698,465.27 | | Other Expenses | 3,184,894.31 | 3,223,489.30 | | Total | 60,953,153.66 | 48,934,569.54 | | Of which: Expensed R&D Investment | 60,953,153.66 | 48,934,569.54 | - Total R&D investment increased by **24.56%** compared to the prior year, all of which was expensed R&D expenditure[97](index=97&type=chunk)[646](index=646&type=chunk) [Changes in Consolidation Scope](index=201&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) During the reporting period, the company had no changes in its consolidation scope due to business combinations under non-common control, business combinations under common control, reverse acquisitions, or disposal of subsidiaries - During the reporting period, the company had no changes in its consolidation scope due to business combinations under non-common control, business combinations under common control, reverse acquisitions, or disposal of subsidiaries[647](index=647&type=chunk)[648](index=648&type=chunk)[649](index=649&type=chunk) [Interests in Other Entities](index=203&type=section&id=X.%20Interests%20in%20Other%20Entities) The company owns two wholly-owned subsidiaries: Fabology Microelectronics (Suzhou) Integrated Circuit Technology Co., Ltd. and XIN QI TECHNOLOGY (THAILAND) CO., LTD. (Thailand subsidiary), with shareholding percentages of **100%** and **99%** (direct) + **1%** (indirect) respectively; the Thailand subsidiary has a registered capital of **20 million Yuan** and primarily engages in manufacturing and technology promotion services Composition of Enterprise Group | Subsidiary Name | Main Operating Location | Registered Location | Business Nature | Shareholding Ratio (%) (Direct) | Shareholding Ratio (%) (Indirect) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Fabology Microelectronics (Suzhou) Integrated Circuit Technology Co., Ltd. | Suzhou | Suzhou | Technology promotion and application services | 100.00 | — | Establishment | | XIN QI TECHNOLOGY (THAILAND) CO., LTD. | Bangkok, Thailand | Bangkok, Thailand | Manufacturing, technology promotion and application services | 99.00 | 1.00 | Establishment | - The Thailand subsidiary's registered capital is **100,000,000 Thai Baht**, approximately **20 million Yuan**[651](index=651&type=chunk) [Government Grants](index=205&type=section&id=XI.%20Government%20Grants) At the end of the reporting period, the company's government grant-related liabilities included **3.27 million Yuan** in "other payables" (income-related) and **62.78 million Yuan** in "deferred income" (asset- and income-related); total government grants recognized in profit or loss for the current period amounted to **3.26 million Yuan**, with **3.16 million Yuan** asset-related and **0.1 million Yuan** income-related Liability Items Related to Government Grants | Financial Statement Item | Beginning Balance (Yuan) | Period-end Balance (Yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | | Other Payables | 3,270,000.00 | 3,270,000.00 | Income-related | | Deferred Income | 65,936,200.00 | 62,775,800.00 | Asset- and income-related | | Total | 69,206,200.00 | 66,045,800.00 | / | Government Grants Included in Current Profit or Loss | Type | Current Period (Yuan) | Prior Period (Yuan) | | :--- | :--- | :--- | | Income-related | 100,000.00 | 1,357,115.00 | | Asset-related | 3,160,400.00 | 3,160,400.00 | | Total | 3,260,400.00 | 4,517,515.00 | [Risks Related to Financial Instruments](index=206&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company faces credit risk (primarily from accounts receivable, notes, etc., with the top five customers accounting for **24.91%** of total accounts receivable), liquidity risk (managed by monitoring cash needs and borrowing agreements to ensure ample cash reserves), and market risk (exchange rate risk and interest rate risk); these risks are managed through credit policies, regular customer credit monitoring, cash flow management, and market environment assessment - The company faces credit risk, liquidity risk, and market risk (exchange rate risk and interest rate risk)[656](index=656&type=chunk) - Credit risk primarily arises from monetary funds, notes receivable, accounts receivable, receivables financing, other receivables, contract assets, and long-term receivables[656](index=656&type=chunk) - Among the company's accounts receivable, the top five customers' accounts receivable account for **24.91%** of the total accounts receivable[659](index=659&type=chunk) - Liquidity risk is managed by regularly monitoring short-term and long-term liquidity needs, ensuring sufficient cash reserves and readily convertible marketable securities[660](index=660&type=chunk) - Exc

Section I Definitions [Definitions of Common Terms](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This chapter defines common terms, company entities, and regulatory bodies, ensuring clarity for report readers - The reporting period refers to January 1, 2025, to June 30, 2025[14](index=14&type=chunk) Main Entity Definitions | Common Term | Meaning | | :--- | :--- | | Company, The Company, Jinghua Laser | Zhejiang Jinghua Laser Technology Co., Ltd. | | Jinghua Technology | Shaoxing Jinghua Laser Material Technology Co., Ltd. | | Ruiming Technology | Zhuhai Ruiming Technology Co., Ltd. | | FRESTAMP INC, Fresnel USA | Fresnel Plate Making Technology Co., Ltd. USA | | Jinghua New Material | Zhejiang Jinghua New Material Technology Co., Ltd. | | Shanghai Design | Jinghua (Shanghai) Design Consulting Co., Ltd. | | Zhejiang Jingrui | Zhejiang Jingrui Micro-Nano New Material Co., Ltd. | | Xingsheng Investment, Controlling Shareholder | Zhejiang Xingsheng Investment Management Co., Ltd. | | CSRC, China Securities Regulatory Commission | China Securities Regulatory Commission | | Exchange, SSE | Shanghai Stock Exchange | Section II Company Profile and Key Financial Indicators [Company Information and Contact Details](index=4&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 provides the company's basic registration information, Chinese and English abbreviations, and detailed contact information for key personnel, facilitating communication - The company's Chinese name is Zhejiang Jinghua Laser Technology Co., Ltd., and its Chinese abbreviation is Jinghua Laser[16](index=16&type=chunk) - The company's Board Secretary is Sun Xiaodong, and the Securities Affairs Representative is Kong Danjing, both located at No. 89 Zhongshan Road, Yuecheng District, Shaoxing City, Zhejiang Province[18](index=18&type=chunk) [Changes in Basic Information and Information Disclosure](index=5&type=section&id=2.2%20%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5%E5%8F%98%E6%9B%B4%E4%B8%8E%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2) This section outlines changes in company addresses and specifies official information disclosure channels, ensuring transparency - The company's registered address is Shaoxing City Economic and Technological Development Zone, and its office address is No. 89 Zhongshan Road, Yuecheng District, Shaoxing City, Zhejiang Province[19](index=19&type=chunk) - The company's designated information disclosure newspaper is "Shanghai Securities News," and the website for semi-annual reports is the Shanghai Stock Exchange website (http://www.sse.com.cn)[20](index=20&type=chunk) - The company's stock type is A-shares, listed on the Shanghai Stock Exchange, with stock abbreviation Jinghua Laser and stock code 603607[21](index=21&type=chunk) [Company's Key Accounting Data and Financial Indicators](index=5&type=section&id=2.3%20%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) Operating revenue and total profit grew significantly, but net cash flow from operations decreased, while total assets and net assets also declined Key Accounting Data (Jan-Jun 2025 vs. Prior Year Period) | Key Accounting Data | Current Period (Jan-Jun) (Yuan) | Prior Year Period (Yuan) | % Change from Prior Year Period | | :--- | :--- | :--- | :--- | | Operating Revenue | 453,932,025.48 | 379,495,492.53 | 19.61 | | Total Profit | 54,712,117.69 | 41,474,043.94 | 31.92 | | Net Profit Attributable to Shareholders of Listed Company | 47,579,185.62 | 41,217,429.26 | 15.43 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Items) | 42,982,751.26 | 37,238,566.83 | 15.43 | | Net Cash Flow from Operating Activities | 14,476,771.17 | 39,126,350.96 | -63.00 | | **Period-End Data** | **Current Period End (Yuan)** | **Prior Year End (Yuan)** | **% Change from Prior Year End** | | Net Assets Attributable to Shareholders of Listed Company | 984,712,626.60 | 1,026,511,725.41 | -4.07 | | Total Assets | 1,386,855,659.80 | 1,691,656,626.37 | -18.02 | Key Financial Indicators (Jan-Jun 2025 vs. Prior Year Period) | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | % Change from Prior Year Period | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | 0.27 | 0.23 | 17.39 | | Diluted Earnings Per Share (Yuan/share) | 0.27 | 0.23 | 17.39 | | Basic EPS (Excluding Non-Recurring Items) (Yuan/share) | 0.24 | 0.21 | 14.29 | | Weighted Average Return on Net Assets (%) | 4.60 | 4.00 | Increase of 0.6 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Items) (%) | 4.15 | 3.61 | Increase of 0.54 percentage points | - Total profit increased by **31.92%** year-on-year, primarily due to increased profit from business growth during the reporting period[24](index=24&type=chunk) - Net cash flow from operating activities decreased by **63.00%** year-on-year, primarily due to increased cash payments for goods purchased due to business growth during the reporting period[24](index=24&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=2.4%20%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%92%8C%E9%87%91%E9%A2%9D) This section details non-recurring gains and losses, totaling **4.60 million yuan**, primarily from financial asset fair value changes and government subsidies Non-Recurring Gains and Losses Items and Amounts (Unit: Yuan) | Non-Recurring Gains and Losses Item | Amount | | :--- | :--- | | Disposal gains and losses of non-current assets | -505,324.37 | | Government subsidies recognized in current profit/loss | 1,691,374.60 | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises | 4,905,721.68 | | Other non-operating income and expenses apart from the above | 5,579.78 | | Less: Income tax impact | 1,419,585.12 | | Minority interest impact (after tax) | 81,332.21 | | **Total** | **4,596,434.36** | Section III Management Discussion and Analysis [Description of the Company's Industry and Main Business During the Reporting Period](index=8&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) The company operates in laser holographic products, serving tobacco, liquor, and cultural markets, positioned within the paper and packaging industries, with detailed industry trend analysis [Company's Main Business Operations](index=8&type=section&id=3.1.1%20%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5) The company primarily manufactures laser holographic embossed products, with anti-counterfeiting paper accounting for over **80%** of revenue, serving various packaging and cultural product sectors - The company's main business is based on laser holographic anti-counterfeiting and platinum relief technology, with products primarily in the form of laser holographic anti-counterfeiting film and laser holographic anti-counterfeiting paper[29](index=29&type=chunk) - During the reporting period, laser holographic anti-counterfeiting paper accounted for **over 80%** of operating revenue[29](index=29&type=chunk) - The company's products are applied in packaging materials for tobacco, liquor, daily consumer goods, electronic products, and cultural and creative products[32](index=32&type=chunk) [Company's Industry Overview](index=9&type=section&id=3.1.2%20%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5) The company operates in the paper and packaging industries, facing challenges in paper and liquor, but benefiting from stable tobacco and growing cultural and creative sectors - In H1 2025, China's paper and paper products industry achieved operating revenue of **681.21 billion yuan**, a year-on-year decrease of **2.3%**; total profit reached **17.57 billion yuan**, a year-on-year decrease of **21.4%**[34](index=34&type=chunk) - In H1 2025, the domestic white cardboard market showed an oversupply, with prices fluctuating downwards, which is favorable for the company's cost side[37](index=37&type=chunk)[38](index=38&type=chunk) - In 2024, the number of large-scale enterprises in China's packaging industry reached **19,000**, a year-on-year increase of **2.70%**; total profit reached **97.5 billion yuan**, a year-on-year decrease of **6.43%**[39](index=39&type=chunk) - In H1 2025, China's cumulative cigarette production was approximately **1,375.65 billion sticks**, a year-on-year increase of **0.8%**; the average retail price of cigarettes was **13.7 yuan/pack**, an increase of **8.9%** compared to H1 2024[42](index=42&type=chunk) - In H1 2025, China's cumulative liquor production was approximately **1.916 million kiloliters**, a year-on-year decrease of **5.8%**; the liquor market showed slight fluctuations, high inventory, and an increasing share of online channels[45](index=45&type=chunk)[46](index=46&type=chunk) - In H1 2025, national large-scale cultural enterprises achieved operating revenue of **7.13 trillion yuan**, a year-on-year increase of **7.4%**; total profit reached **629.8 billion yuan**, a year-on-year increase of **19.3%**[49](index=49&type=chunk)[50](index=50&type=chunk) [Discussion and Analysis of Operations](index=13&type=section&id=3.2%20%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) The company optimized strategies, achieving revenue and net profit growth, with cultural products becoming a core segment, despite a decrease in total and net assets - During the reporting period, the company focused on its main business to lead category upgrades, optimized product structure, and prioritized the expansion of cultural and creative products, which rapidly became one of its core business segments[53](index=53&type=chunk) - The company achieved operating revenue of **453.932 million yuan**, a year-on-year increase of **19.61%**; net profit attributable to shareholders of the listed company was **47.5792 million yuan**, a year-on-year increase of **15.43%**[53](index=53&type=chunk) - As of June 30, 2025, the company's total assets were **1.387 billion yuan**, a decrease of **18.02%** from the end of the previous year; owners' equity attributable to shareholders of the listed company was **984.7126 million yuan**, a decrease of **4.07%** from the end of the previous year[53](index=53&type=chunk) [Main Products](index=14&type=section&id=3.2.1%20%E4%B8%BB%E8%A6%81%E4%BA%A7%E5%93%81%E6%96%B9%E9%9D%A2) Laser holographic anti-counterfeiting paper revenue grew by **16.62%**, while platinum relief products showed strong growth of **41.61%** and an increasing revenue share - Operating revenue from laser holographic anti-counterfeiting paper increased by **16.62%** year-on-year[54](index=54&type=chunk) - Operating revenue from platinum relief products increased by **41.61%** year-on-year, and its proportion of total operating revenue showed an increasing trend[54](index=54&type=chunk) [Main Businesses](index=14&type=section&id=3.2.2%20%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E6%96%B9%E9%9D%A2) Tobacco label revenue grew by **20.18%**, cultural business by **61.98%** due to popular IP cards, while liquor label revenue decreased by **22.00%** - Tobacco label business operating revenue increased by **20.18%** year-on-year, mainly due to the company's continuous technological innovation and service upgrades, leading to increased order volume[55](index=55&type=chunk) - Liquor label business operating revenue decreased by **22.00%** year-on-year, mainly due to the company's focus on mid-to-high-end liquor brands, affected by consumption differentiation and insufficient momentum[56](index=56&type=chunk) - Cultural and creative business operating revenue increased by **61.98%** year-on-year, primarily because related card products became rapidly popular and saw increased sales after the release of the domestic film "Nezha: The Devil's Child"[58](index=58&type=chunk) [Enterprise Management](index=15&type=section&id=3.2.3%20%E4%BC%81%E4%B8%9A%E7%AE%A1%E7%90%86%E6%96%B9%E9%9D%A2) The company implemented cost reduction, R&D innovation, and maintained good safety production, focusing on efficiency and technological advancement - The company adopted various effective measures to continuously promote cost reduction and efficiency improvement, including innovative assessment methods and strengthened cost accounting[59](index=59&type=chunk) - The company consistently upholds the spirit of technological innovation, emphasizes R&D investment, and continuously launches new products and technologies through a combination of independent and collaborative R&D[60](index=60&type=chunk) - During the reporting period, the company's safety production situation was generally good, with no major safety accidents[61](index=61&type=chunk) [Analysis of Core Competencies During the Reporting Period](index=15&type=section&id=3.3%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company boasts a complete laser holographic anti-counterfeiting industry chain, strong customer base in key sectors, proactive design services, and proprietary core technologies - The company is one of the very few in the industry with a complete laser holographic anti-counterfeiting industry chain, covering lithography machine manufacturing, product solution design, plate-making, production, and inspection[62](index=62&type=chunk)[63](index=63&type=chunk)[64](index=64&type=chunk) - The company has **30 years** of experience in the tobacco label sector, collaborating with renowned brands like "Zhonghua" and "Liqun"; entered the liquor label sector through the acquisition of Ruiming Technology, partnering with brands such as "Xijiu" and "Langjiu"; and deeply cooperates with Kayou in cultural and creative business, providing cards for popular IPs like "Ultraman" and "Nezha"[65](index=65&type=chunk)[66](index=66&type=chunk) - The company has established Shanghai Design Center and Shenzhen Design Center to provide proactive design services, assisting clients with product development[67](index=67&type=chunk) - The company is a group member and vice-chairman unit of the China Anti-Counterfeiting Industry Association, a National High-Tech Enterprise, a National "Little Giant" enterprise specializing in niche sectors, and possesses multiple core technologies with independent intellectual property rights[68](index=68&type=chunk) [Main Operating Performance During the Reporting Period](index=18&type=section&id=3.4%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) This section analyzes financial statement changes, asset/liability status, and subsidiary performance, reflecting shifts in cash management and business settlement [Analysis of Main Business](index=18&type=section&id=3.4.1%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Operating revenue and costs increased, selling and administrative expenses rose, while financial expenses decreased, and operating cash flow significantly declined Changes in Financial Statement Items (Jan-Jun 2025 vs. Prior Year Period) | Item | Current Period Amount (Yuan) | Prior Year Period Amount (Yuan) | % Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 453,932,025.48 | 379,495,492.53 | 19.61 | | Operating Cost | 323,162,724.26 | 274,709,218.48 | 17.64 | | Selling Expenses | 16,277,404.94 | 12,986,152.89 | 25.34 | | Administrative Expenses | 23,500,184.64 | 19,269,252.89 | 21.96 | | Financial Expenses | -818,309.65 | -2,411,534.65 | N/A | | R&D Expenses | 41,486,492.39 | 39,001,489.90 | 6.37 | | Net Cash Flow from Operating Activities | 14,476,771.17 | 39,126,350.96 | -63.00 | | Net Cash Flow from Investing Activities | 259,831,028.21 | 215,126,874.21 | 20.78 | | Net Cash Flow from Financing Activities | -278,773,399.70 | -224,009,618.84 | N/A | - The change in financial expenses was mainly due to a decrease in deposit interest during the reporting period[71](index=71&type=chunk) - The change in net cash flow from operating activities was mainly due to increased cash payments for goods purchased due to business growth during the reporting period[71](index=71&type=chunk) [Analysis of Assets and Liabilities](index=18&type=section&id=3.4.2%20%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) Financial assets held for trading decreased due to redemptions, notes receivable financing increased, and short-term borrowings significantly reduced, with a small portion of overseas assets Major Changes in Assets and Liabilities (Unit: Yuan) | Item Name | Current Period End Amount | % of Total Assets at Current Period End | Prior Year End Amount | % of Total Assets at Prior Year End | % Change from Prior Year End | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Financial assets held for trading | 292,893,139.06 | 21.12 | 554,680,823.74 | 32.79 | -47.20% | Mainly due to redemption of wealth management products matured in the current period | | Notes receivable financing | 125,825,515.76 | 9.07 | 65,074,194.78 | 3.85 | 93.36% | Mainly due to increased bill settlements in the current period | | Short-term borrowings | 132,003,013.70 | 9.52 | 345,500,000.00 | 20.42 | -61.79% | Mainly due to maturity of discounted bills from the beginning of the year | - Overseas assets amounted to **3,867,277.78 yuan**, accounting for **0.28%** of total assets[76](index=76&type=chunk) Major Asset Restrictions (Period-End, Unit: Yuan) | Item | Book Balance | Book Value | Type of Restriction | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Monetary funds | 81,409,326.37 | 81,409,326.37 | Pledge | Used for issuing bank acceptance bills | | Monetary funds | 11,000.00 | 11,000.00 | Frozen | ETC deposit | [Analysis of Major Controlled and Investee Companies](index=21&type=section&id=3.4.3%20%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) Major subsidiaries, Jinghua Technology and Ruiming Technology, both reported profitability with substantial assets and net profits Financial Data of Major Subsidiaries (Unit: Yuan) | Company Name | Company Type | Main Business | Registered Capital (RMB) | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jinghua Technology | Subsidiary | R&D of new materials; manufacturing and sales of paper products, etc. | 20,000,000 | 358,618,629.17 | 137,475,035.42 | 71,391,263.11 | 22,929,284.54 | 19,799,343.77 | | Ruiming Technology | Subsidiary | R&D, production, processing, and sales of packaging materials | 11,600,000 | 312,109,516.72 | 154,252,146.69 | 116,072,707.51 | 4,463,823.82 | 4,358,560.36 | [Other Disclosure Matters](index=21&type=section&id=3.5%20%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) The company faces risks from raw material prices, declining tobacco label prices, weak consumption, and management/bidding challenges, with countermeasures in place - The company faces risks from raw material price fluctuations and declining tobacco label prices, mainly due to white cardboard price volatility and downward pressure from public tenders in the tobacco label industry[83](index=83&type=chunk) - The company faces risks of insufficient consumption momentum, with sales of mid-to-high-end tobacco and liquor affected by consumption differentiation and weakening purchasing power[85](index=85&type=chunk) - The company faces management risks due to rapid expansion of assets and business scale, which places higher demands on operational management and market development[86](index=86&type=chunk) - The company faces bidding risks; failure to win new bids or a decrease in winning volumes would adversely affect profitability[87](index=87&type=chunk) - The company's countermeasures include strengthening cooperation with suppliers, optimizing product structure, enhancing product added value, intensifying market research, expanding new channels, strengthening internal management, and establishing a bidding risk early warning mechanism[84](index=84&type=chunk)[85](index=85&type=chunk)[86](index=86&type=chunk)[88](index=88&type=chunk) Section IV Corporate Governance, Environment, and Society [Changes in Directors, Supervisors, and Senior Management](index=23&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) Senior management saw multiple departures due to retirement and term expiration, with new appointments for employee representative director and vice general manager Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Change | | :--- | :--- | :--- | | Jiang Jiangen | Vice General Manager | Resigned | | Pei Jianqiang | Vice General Manager | Resigned | | Shao Bo | Director, Vice General Manager | Resigned | | Yu Chao | Employee Director | Elected | | Ma Weijun | Vice General Manager | Appointed | - Mr. Jiang Jiangen resigned as Vice General Manager due to reaching statutory retirement age; Mr. Pei Jianqiang resigned as Vice General Manager due to personal health reasons; Mr. Shao Bo resigned due to the expiration of the third Board of Directors' term[90](index=90&type=chunk) - The company elected Mr. Yu Chao as an employee representative director for the fourth Board of Directors and appointed Mr. Ma Weijun as the company's Vice General Manager[90](index=90&type=chunk) [Profit Distribution or Capital Reserve Conversion Plan](index=23&type=section&id=4.2%20%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) The company has no profit distribution or capital reserve conversion plan for this semi-annual period - The company's proposed profit distribution or capital reserve conversion plan for this semi-annual period is not applicable[91](index=91&type=chunk)[92](index=92&type=chunk) [Environmental Information Disclosure in Accordance with Law](index=24&type=section&id=4.3%20%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E4%BE%9D%E6%B3%95%E6%8A%AB%E9%9C%B2) The company and its main subsidiary are listed for environmental information disclosure, with reports accessible via the provincial ecological environment department system - Shaoxing Jinghua Laser Material Technology Co., Ltd. has been included in the list of enterprises required to disclose environmental information in accordance with the law[93](index=93&type=chunk) - Environmental information disclosure reports can be accessed through the Zhejiang Provincial Department of Ecology and Environment - Enterprise Environmental Information Disclosure System[93](index=93&type=chunk) Section V Significant Matters [Fulfillment of Commitments](index=25&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) The actual controller, controlling shareholder, and management strictly fulfilled all commitments, including share lock-up, competition resolution, and related-party transaction standardization - Actual controller Sun Jiancheng committed that during his tenure after the lock-up period, he would not transfer more than **25%** of his directly or indirectly held shares annually; he would not transfer company shares within **6 months** after leaving office, and this commitment has been strictly fulfilled[95](index=95&type=chunk) - Controlling shareholder Xingsheng Investment and actual controller Sun Jiancheng both committed to resolving horizontal competition, not directly or indirectly engaging in businesses that constitute horizontal competition with the company, and these commitments have been strictly fulfilled[95](index=95&type=chunk)[96](index=96&type=chunk) - Controlling shareholder Xingsheng Investment and actual controller Sun Jiancheng both committed to reducing and standardizing related-party transactions, following market rules and company procedures for approval, and these commitments have been strictly fulfilled[96](index=96&type=chunk)[97](index=97&type=chunk) - Actual controller Sun Jiancheng committed that if the company or its subsidiaries need to make up social security or housing provident fund payments, or are penalized for it, he would gratuitously make up the payments and bear related expenses, and this commitment has been strictly fulfilled[97](index=97&type=chunk) [Statement on Integrity Status](index=28&type=section&id=5.2%20%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5%E8%AF%B4%E6%98%8E) The company, its controlling shareholder, and actual controller maintained good integrity, with no unfulfilled court judgments or large overdue debts - During the reporting period, the company, its controlling shareholder, and actual controller had no unfulfilled court judgments or large overdue debts[98](index=98&type=chunk) Section VI Share Changes and Shareholder Information [Changes in Share Capital](index=30&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) During the reporting period, the company's total share capital and share structure remained unchanged - During the reporting period, there were no changes in the company's total share capital or share structure[103](index=103&type=chunk) [Shareholder Information](index=30&type=section&id=6.2%20%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) The company had **29,680** common shareholders, with the controlling shareholder holding **31.63%** and the actual controller having direct and indirect control - As of the end of the reporting period, the total number of common shareholders was **29,680**[104](index=104&type=chunk) Top Ten Shareholders' Shareholding (As of the end of the reporting period) | Shareholder Name | Shares Held at Period End | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Zhejiang Xingsheng Investment Management Co., Ltd. | 56,456,585 | 31.63 | Domestic Non-State-Owned Legal Person | | Sun Jiancheng | 22,358,974 | 12.52 | Domestic Natural Person | | Feng Yiping | 4,161,511 | 2.33 | Domestic Natural Person | | Qi Qifan | 3,133,484 | 1.76 | Domestic Natural Person | | Jiang Jiangen | 2,661,064 | 1.49 | Domestic Natural Person | | Feng Yihong | 2,423,942 | 1.36 | Domestic Natural Person | | Xie Gaoxiang | 1,737,151 | 0.97 | Domestic Natural Person | | Yuan Jianfeng | 1,617,972 | 0.91 | Domestic Natural Person | | CITIC Securities - China CITIC Financial Asset Management Co., Ltd. - CITIC Securities - Pioneer Single Asset Management Plan | 1,527,272 | 0.86 | Other | | Shao Bo | 1,464,355 | 0.82 | Domestic Natural Person | - Xingsheng Investment is the controlling shareholder of the company. Sun Jiancheng holds **67.81%** of Xingsheng Investment's equity, Yuan Jianfeng holds **11.62%**, Feng Yiping holds **10.30%**, Xie Gaoxiang holds **5.70%**, and Shao Bo holds **4.57%**[107](index=107&type=chunk) Section VII Bond-Related Information [Corporate Bonds and Non-Financial Enterprise Debt Financing Instruments](index=33&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no corporate bonds or non-financial enterprise debt financing instruments during the reporting period - The company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[110](index=110&type=chunk) [Convertible Corporate Bonds](index=33&type=section&id=7.2%20%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E6%83%85%E5%86%B5) The company had no convertible corporate bonds during the reporting period - The company had no convertible corporate bonds[110](index=110&type=chunk) Section VIII Financial Report [Audit Report](index=33&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This semi-annual report is unaudited - This semi-annual report is unaudited[7](index=7&type=chunk) [Financial Statements](index=33&type=section&id=8.2%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides the company's consolidated and parent company financial statements for H1 2025, reflecting financial position, operating results, and cash flows [Consolidated Balance Sheet](index=33&type=section&id=8.2.1%20%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, consolidated total assets were **1.39 billion yuan**, with total liabilities of **401.55 million yuan** and total owners' equity of **985.31 million yuan** - As of June 30, 2025, consolidated total assets were **1,386,855,659.80 yuan**, a decrease of **18.02%** compared to the end of 2024[23](index=23&type=chunk)[112](index=112&type=chunk) - Total current liabilities were **391,953,017.10 yuan**, and total non-current liabilities were **9,596,998.77 yuan**[112](index=112&type=chunk)[113](index=113&type=chunk) - Total owners' equity attributable to the parent company was **984,712,626.60 yuan**[113](index=113&type=chunk) [Consolidated Income Statement](index=37&type=section&id=8.2.2%20%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) For H1 2025, consolidated total operating revenue was **453.93 million yuan**, with net profit attributable to parent company shareholders of **47.58 million yuan** - Consolidated total operating revenue for H1 2025 was **453,932,025.48 yuan**, a year-on-year increase of **19.61%**[23](index=23&type=chunk)[118](index=118&type=chunk) - Consolidated net profit for H1 2025 was **47,667,494.11 yuan**, with net profit attributable to parent company shareholders of **47,579,185.62 yuan**, a year-on-year increase of **15.43%**[23](index=23&type=chunk)[118](index=118&type=chunk)[120](index=120&type=chunk) - Basic earnings per share was **0.27 yuan/share**, and diluted earnings per share was **0.27 yuan/share**[24](index=24&type=chunk)[120](index=120&type=chunk) [Consolidated Cash Flow Statement](index=40&type=section&id=8.2.3%20%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) Net cash flow from operating activities was **14.48 million yuan**, a **63.00%** decrease, while investing activities generated **259.83 million yuan**, and financing activities used **278.77 million yuan** - Net cash flow from operating activities was **14,476,771.17 yuan**, a year-on-year decrease of **63.00%**[23](index=23&type=chunk)[126](index=126&type=chunk) - Net cash flow from investing activities was **259,831,028.21 yuan**, a year-on-year increase of **20.78%**[74](index=74&type=chunk)[126](index=126&type=chunk) - Net cash flow from financing activities was **-278,773,399.70 yuan**[74](index=74&type=chunk)[126](index=126&type=chunk) - Cash and cash equivalents balance at period-end was **60,143,703.59 yuan**[127](index=127&type=chunk) [Company's Basic Information](index=50&type=section&id=8.3%20%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Registered in 2016 and listed in 2017, the company has **178.52 million yuan** in total share capital, six subsidiaries, and specializes in laser holographic embossed products - The company was registered with the Shaoxing Market Supervision Administration on March 28, 2016, and listed on the Shanghai Stock Exchange on October 25, 2017[140](index=140&type=chunk) - As of June 30, 2025, the company's total share capital is **RMB 178,516,800.00**[142](index=142&type=chunk) - The company owns six subsidiaries, including Shaoxing Jinghua Laser Material Technology Co., Ltd[143](index=143&type=chunk)[144](index=144&type=chunk) - The company belongs to the paper and paper products industry, with main business activities in the manufacturing, sales, and technology development of laser holographic embossed products, primarily laser holographic anti-counterfeiting film and laser holographic anti-counterfeiting paper[144](index=144&type=chunk) [Basis of Financial Statement Preparation](index=51&type=section&id=8.4%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) Financial statements are prepared on a going concern basis, adhering to accounting standards and disclosure rules, with no significant doubts about continued operations - The company's financial statements are prepared on a going concern basis, adhering to "Enterprise Accounting Standards" and "Rules for the Preparation of Information Disclosure by Companies Issuing Public Securities No. 15 - General Provisions for Financial Reports (Revised 2023)" by the China Securities Regulatory Commission[145](index=145&type=chunk) - There are no matters or circumstances that would cause significant doubt about the going concern assumption within **12 months** from the end of the reporting period[146](index=146&type=chunk) [Significant Accounting Policies and Estimates](index=51&type=section&id=8.5%20%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the company's key accounting policies and estimates for financial instruments, revenue, fixed assets, and R&D, ensuring accurate financial reporting - The company classifies financial assets as measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss, based on the business model for managing financial assets and the contractual cash flow characteristics[169](index=169&type=chunk) - The company uses the transfer of control as the criterion for revenue recognition, recognizing revenue when the customer obtains control of the related goods[236](index=236&type=chunk) - The company depreciates fixed assets using the straight-line method, with buildings and structures depreciated over **10-20 years**, and machinery and equipment over **5-10 years**[215](index=215&type=chunk) - Expenditures for internal research and development projects are distinguished between research and development phases; research phase expenditures are expensed in the current period, while development phase expenditures are recognized as intangible assets when specific conditions are met[223](index=223&type=chunk)[224](index=224&type=chunk) [Taxation](index=83&type=section&id=8.6%20%E7%A8%8E%E9%A1%B9) The company's main taxes include VAT and corporate income tax, with preferential rates for high-tech and small/micro enterprises, and tax incentives for advanced manufacturing and employment Main Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Value added from sales of goods or provision of taxable services | 5%, 6%, 13% | | Corporate Income Tax | Taxable income | 15%, 25% | | Urban Maintenance and Construction Tax | Actual amount of turnover tax paid | 7% | | Education Surcharge | Actual amount of turnover tax paid | 3% | | Local Education Surcharge | Actual amount of turnover tax paid | 2% | - The company and its subsidiaries Shaoxing Jinghua Technology Co., Ruiming Technology Co., and Jinghua New Material Co. are recognized as high-tech enterprises, enjoying a **15%** preferential corporate income tax rate[261](index=261&type=chunk)[262](index=262&type=chunk) - Jinghua New Material Co. qualifies as a small and micro-profit enterprise, enjoying reduced urban maintenance and construction tax, stamp duty, education surcharge, and local education surcharge[262](index=262&type=chunk) - The company and Shaoxing Jinghua Technology Co. are advanced manufacturing enterprises, enjoying VAT super deduction policy[263](index=263&type=chunk) - The company and Shaoxing Jinghua Technology Co. employ key groups, enjoying VAT, urban maintenance and construction tax, education surcharge, local education surcharge, and corporate income tax incentives[264](index=264&type=chunk) [Notes to Consolidated Financial Statement Items](index=85&type=section&id=8.7%20%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section details period-end balances and changes for major financial statement items, including monetary funds, financial assets, receivables, and operating results, with explanations - Period-end monetary funds were **141,564,029.96 yuan**, of which **2,953,525.68 yuan** was deposited overseas[267](index=267&type=chunk) - Period-end financial assets held for trading were **292,893,139.06 yuan**, mainly comprising purchased wealth management products and trust plans[269](index=269&type=chunk) - Period-end book value of accounts receivable was **171,657,375.94 yuan**, with a bad debt provision rate of **5.25%**[281](index=281&type=chunk)[283](index=283&type=chunk) - Period-end book value of inventories was **131,657,441.46 yuan**, with **3,531,762.63 yuan** of inventory impairment provision written off in the current period[317](index=317&type=chunk)[320](index=320&type=chunk) - Period-end book value of fixed assets was **361,550,761.36 yuan**, with an increase in original cost of fixed assets of **14,160,058.87 yuan** in the current period[329](index=329&type=chunk) - Period-end original book value of goodwill was **110,606,927.58 yuan**, primarily from Ruiming Technology Co. and Fresnel USA[344](index=344&type=chunk) - Period-end short-term borrowings were **132,003,013.70 yuan**, a significant decrease of **61.79%** from the beginning of the period[75](index=75&type=chunk)[355](index=355&type=chunk) - Current period operating revenue was **453,932,025.48 yuan**, operating cost was **323,162,724.26 yuan**, with main business revenue accounting for **99.20%**[394](index=394&type=chunk) - Current period financial expenses were **-818,309.65 yuan**, mainly due to decreased interest income[402](index=402&type=chunk) - Current period credit impairment losses were **2,186,435.07 yuan**, mainly from bad debt losses on accounts receivable[406](index=406&type=chunk) [Research and Development Expenses](index=137&type=section&id=8.8%20%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) Total R&D expenditure for the period was **41.49 million yuan**, fully expensed, covering employee compensation, direct inputs, depreciation, and fuel costs R&D Expenses by Nature of Expense (Unit: Yuan) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Employee Compensation | 11,203,612.69 | 10,244,857.50 | | Direct Inputs | 25,359,053.92 | 22,923,645.73 | | Depreciation and Amortization | 2,778,726.57 | 2,856,920.53 | | Fuel and Power Costs | 1,502,253.29 | 2,326,951.65 | | Other | 642,845.92 | 649,114.49 | | **Total** | **41,486,492.39** | **39,001,489.90** | | Of which: Expensed R&D expenditure | 41,486,492.39 | 39,001,489.90 | [Risks Related to Financial Instruments](index=141&type=section&id=8.9%20%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) The company faces credit, market (foreign exchange, interest rate), and liquidity risks, managed through diversified investments, credit monitoring, and cash flow forecasts - The company faces credit risk, market risk (foreign exchange risk, interest rate risk), and liquidity risk[446](index=446&type=chunk) - The company's foreign exchange risk primarily arises from financial assets and liabilities denominated in USD, EUR, JPY, and GBP[448](index=448&type=chunk) - During the reporting period, the company only had borrowings with fixed interest rates, thus not affected by cash flow changes due to interest rate fluctuations[449](index=449&type=chunk) - The company manages credit risk by assessing debtor creditworthiness, setting credit limits and terms, and regularly monitoring credit records[450](index=450&type=chunk) - The company manages liquidity risk by monitoring cash balances, readily marketable securities, and rolling forecasts of cash flows for the next **12 months**[455](index=455&type=chunk) - As of June 30, 2025, the company's asset-liability ratio was **28.95%** (December 31, 2024: **39.29%**)[456](index=456&type=chunk) [Disclosure of Fair Value](index=145&type=section&id=8.10%20%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E7%9A%84%E6%8A%AB%E9%9C%B2) This section discloses period-end assets and liabilities measured at Level 2 fair value, primarily financial assets held for trading and notes receivable financing, with minimal difference for non-fair value items Period-End Fair Value Measurement Items (Unit: Yuan) | Item | Level 2 Fair Value Measurement | Total | | :--- | :--- | :--- | | Financial assets held for trading | 292,893,139.06 | 292,893,139.06 | | Notes receivable financing | 125,825,515.76 | 125,825,515.76 | | **Total assets continuously measured at fair value** | **418,718,654.82** | **418,718,654.82** | - The company's wealth management products and notes receivable financing are valued using market quotes or dealer quotes for similar instruments to determine their fair value[460](index=460&type=chunk) - The book value of financial assets and liabilities not measured at fair value is very close to their fair value[462](index=462&type=chunk) [Related Parties and Related Party Transactions](index=148&type=section&id=8.11%20%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company's ultimate controlling party is Sun Jiancheng; key management compensation increased to **4.82 million yuan**, with no other daily related-party transactions disclosed - The company's controlling shareholder is Zhejiang Xingsheng Investment Management Co., Ltd., and the ultimate controlling party is Sun Jiancheng[464](index=464&type=chunk) Key Management Personnel Compensation (Unit: Ten Thousand Yuan) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Key Management Personnel Compensation | 481.74 | 439.01 | - The number of key management personnel in the current period was **17**, and as of June 30, 2025, it was **14**, mainly due to the departure of former Director and Vice General Manager Shao Bo, and former Vice General Managers Jiang Jiangen and Pei Jianqiang[468](index=468&type=chunk) [Commitments and Contingencies](index=151&type=section&id=8.12%20%E6%89%BF%E8%AF%BA%E5%8F%8A%E6%88%96%E6%9C%89%E4%BA%8B%E9%A1%B9) The company has significant external commitments, mainly property pledge guarantees for its own borrowings totaling **236.99 million yuan**, with no other major contingencies Property Pledge Guarantees by Consolidated Entities for Their Own External Borrowings (Unit: Ten Thousand Yuan) | Guarantor | Pledged Item | Book Value of Pledged Item | Guarantee Balance | | :--- | :--- | :--- | :--- | | The Company | Bill deposit | 792.79 | 7,910.00 | | The Company | Bill deposit | 585.80 | 2,929.00 | | The Company | Bill deposit | 300.00 | 3,000.00 | | Shaoxing Jinghua Technology Co. | Time deposit | 5,449.85 | 5,000.00 | | Shaoxing Jinghua Technology Co. | Bill deposit | 10.00 | 10.00 | | Shaoxing Jinghua Technology Co. | Bill deposit | 750.00 | 3,750.00 | | Shaoxing Jinghua Technology Co. | Bill deposit | 237.50 | 950.00 | | Jinghua New Material Co. | Bill deposit | 15.00 | 150.00 | | **Subtotal** | | **8,140.94** | **23,699.00** | - The company had no significant contingencies requiring disclosure[475](index=475&type=chunk) [Supplementary Information](index=164&type=section&id=8.13%20%E8%A1%A5%E5%85%85%E8%B5%84%E6%96%99) This section provides non-recurring gains and losses details (**4.60 million yuan** total), weighted average return on net assets (**4.60%**), and basic earnings per share (**0.27 yuan/share**) Detailed Statement of Non-Recurring Gains and Losses (Unit: Yuan) | Item | Amount | | :--- | :--- | | Disposal gains and losses of non-current assets | -505,324.37 | | Government subsidies recognized in current profit/loss | 1,691,374.60 | | Fair value changes and disposal gains/losses from financial assets and liabilities | 4,905,721.68 | | Other non-operating income and expenses | 5,579.78 | | Less: Income tax impact | 1,419,585.12 | | Minority interest impact (after tax) | 81,332.21 | | **Total** | **4,596,434.36** | Net Asset Return and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share | | :--- | :--- | :--- | | Net profit attributable to common shareholders of the company | 4.60 | 0.27 | | Net profit attributable to common shareholders of the company after deducting non-recurring gains and losses | 4.15 | 0.24 |

[Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) This section emphasizes the legal responsibility of the company's board of directors, supervisors, and senior management for the truthfulness, accuracy, and completeness of the semi-annual report, which is unaudited and includes forward-looking statements - The company's board of directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the report content[4](index=4&type=chunk) - This semi-annual report is unaudited[4](index=4&type=chunk) - Forward-looking statements regarding future plans and development strategies in the report do not constitute a substantive commitment to investors[4](index=4&type=chunk) - The company has no non-operating funds occupied by controlling shareholders or other related parties, nor does it provide external guarantees in violation of decision-making procedures[5](index=5&type=chunk) [Section I Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section defines common terms used in the report, clarifying references to "Dayou Energy," "Henan Energy," and "Yimei Company" for clear understanding - "Dayou Energy" or "the Company" refers to Henan Dayou Energy Co., Ltd[10](index=10&type=chunk) - "Henan Energy" refers to Henan Energy Group Co., Ltd[10](index=10&type=chunk) - "Yimei Company" or "Yimei Group" refers to Yima Coal Industry Group Co., Ltd[10](index=10&type=chunk) [Section II Company Profile and Key Financial Indicators](index=4&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 provides the company's basic information, contact details, disclosure channels, and key accounting data and financial indicators for the reporting period, showing a significant decline in revenue and net loss [I. Company Information](index=4&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section provides the company's Chinese name, abbreviation, foreign name, abbreviation, and legal representative information - The company's Chinese name is Henan Dayou Energy Co., Ltd., abbreviated as Dayou Energy[12](index=12&type=chunk) - The company's legal representative is Ren Chunxing[12](index=12&type=chunk) [II. Contact Person and Contact Information](index=4&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section lists the names, contact addresses, telephone numbers, fax numbers, and email addresses of the company's board secretary and securities affairs representative - The Board Secretary is Zhang Jianqiang, and the Securities Affairs Representative is Li Yufei[13](index=13&type=chunk) - The company's contact address is No. 6 Qianqiu Road, Yima City, Henan Province, and the telephone number is 0398-5888908[13](index=13&type=chunk) [III. Brief Introduction to Changes in Basic Information](index=4&type=section&id=%E4%B8%89%E3%80%81%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5%E5%8F%98%E6%9B%B4%E7%AE%80%E4%BB%8B) This section introduces the company's registered address, office address, postal code, website, and email address, noting no significant changes during the reporting period - The company's registered address and office address are both No. 6 Qianqiu Road, Yima City, Henan Province[14](index=14&type=chunk) - The company's website is https://dyny.hnecgc.com.cn/[14](index=14&type=chunk) [IV. Information Disclosure and Document Custody Location Changes](index=4&type=section&id=%E5%9B%9B%E3%80%81%E4%BF%A1%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) This section specifies the newspapers selected by the company for information disclosure, the website address for publishing the semi-annual report, and the location where the report is available for inspection - The newspapers selected by the company for information disclosure are "Shanghai Securities News," "China Securities Journal," and "Securities Daily"[15](index=15&type=chunk) - The website address for publishing the semi-annual report is http://www.sse.com.cn/[15](index=15&type=chunk) [V. Company Stock Overview](index=5&type=section&id=%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%AE%80%E5%86%B5) This section provides information on the company's stock type, listing exchange, stock abbreviation, and stock code - The company's stock is A-shares, listed on the Shanghai Stock Exchange, with the stock abbreviation Dayou Energy and stock code 600403[16](index=16&type=chunk) [VII. Key Accounting Data and Financial Indicators](index=5&type=section&id=%E4%B8%83%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section presents the company's key accounting data and financial indicators for the first half of 2025, showing significant year-over-year declines in operating revenue and net profit, as well as a substantial decrease in net cash flow from operating activities 2025 Semi-Annual Key Accounting Data | Key Accounting Data | Current Period (Jan-Jun) (yuan) | Prior Period (Jan-Jun) (yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,920,222,888.57 | 2,599,934,639.94 | -26.14 | | Total Profit | -824,727,174.85 | -381,278,240.51 | N/A | | Net Profit Attributable to Shareholders of Listed Company | -851,481,501.94 | -489,878,382.64 | N/A | | Net Cash Flow from Operating Activities | 101,788,625.87 | 489,978,657.12 | -79.23 | | Net Assets Attributable to Shareholders of Listed Company (End of Current Period) | 4,845,474,598.13 | 5,666,044,137.31 | -14.48 | | Total Assets (End of Current Period) | 20,506,250,759.73 | 20,488,050,589.15 | 0.09 | 2025 Semi-Annual Key Financial Indicators | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | -0.3561 | -0.2049 | N/A | | Diluted Earnings Per Share (yuan/share) | -0.3561 | -0.2049 | N/A | | Basic Earnings Per Share Excluding Non-Recurring Gains and Losses (yuan/share) | -0.3631 | -0.2032 | N/A | | Weighted Average Return on Net Assets (%) | -16.21 | -7.56 | N/A | | Weighted Average Return on Net Assets Excluding Non-Recurring Gains and Losses (%) | -16.52 | -7.50 | N/A | [IX. Non-Recurring Gains and Losses and Amounts](index=5&type=section&id=%E4%B9%9D%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) This section details the company's non-recurring gains and losses for the first half of 2025, totaling 16.61 million yuan, primarily comprising government subsidies and gains/losses from disposal of non-current assets 2025 Semi-Annual Non-Recurring Gains and Losses and Amounts | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | 1,037,631.75 | | Government Subsidies Included in Current Profit and Loss | 26,863,703.85 | | Other Non-Operating Income and Expenses Apart from the Above | -10,481,951.02 | | Other Items Meeting the Definition of Non-Recurring Gains and Losses | 1,178,108.51 | | Less: Income Tax Impact | 1,022,681.63 | | Minority Interest Impact (After Tax) | 962,344.84 | | Total | 16,612,466.62 | [Section III Management Discussion and Analysis](index=6&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 analyzes the company's industry status, main business, operating model, core competitiveness, and operating performance during the reporting period, highlighting a significant decline in performance due to falling coal prices and various operational risks [I. Description of the Company's Industry and Main Business During the Reporting Period](index=6&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company's main business involves raw coal mining, coal wholesale, and coal washing and processing, with products including long-flame coal, coking coal, lean coal, and washed fine coal, facing a challenging market with declining prices in the first half of 2025 [ (I) Company's Main Business](index=6&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company's main business remains unchanged, focusing on raw coal mining, coal wholesale, and coal washing and processing, with diverse products serving various industries - The company's main business has not changed significantly, primarily engaging in raw coal mining, coal wholesale, and coal washing and processing[21](index=21&type=chunk) - Main products include long-flame coal, coking coal, lean coal, washed fine coal, and gas coal, widely used in chemical, power generation, industrial boilers, and smelting industries[21](index=21&type=chunk) [ (II) Company's Operating Model](index=6&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E5%85%AC%E5%8F%B8%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) The company operates with a centralized procurement model, a continuous production process, and a "five-uniform" sales management strategy, actively pursuing key account marketing - Procurement Model: Raw materials, equipment, and energy are centrally procured by a dedicated materials procurement center[21](index=21&type=chunk) - Production Model: Adopts a continuous process production model, with all production processes at the coal mining face operating continuously and uninterruptedly[22](index=22&type=chunk) - Sales Model: The coal sales center implements a "five-uniform" management model (unified signing of supply contracts, unified planning, unified pricing, unified sales, unified settlement) and pursues a key account marketing strategy[22](index=22&type=chunk) [ (III) Industry Overview](index=7&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) In the first half of 2025, domestic raw coal production increased by 5.4%, while imports decreased by 11.1%, leading to an oversupply, declining prices, and a 53% drop in industry profits due to weak demand from power generation, steel, and cement sectors - In the first half of 2025, domestic raw coal output was **2.405 billion tons**, a year-on-year increase of **5.4%**; imported coal was **222 million tons**, a year-on-year decrease of **11.1%**[22](index=22&type=chunk) - During the same period, thermal power generation decreased by **2.4%** year-on-year, crude steel output decreased by **3%** year-on-year, and cement output decreased by **4.3%** year-on-year, indicating insufficient coal demand[22](index=22&type=chunk) - The coal mining and washing industry's total profit for industrial enterprises above designated size was **149.16 billion yuan**, a year-on-year decrease of **53%**[23](index=23&type=chunk) [II. Discussion and Analysis of Operating Conditions](index=7&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) During the reporting period, the company's commercial coal production and sales increased, but operating revenue decreased by 26.14% to 1.92 billion yuan, and net profit attributable to shareholders was -851 million yuan, an increase in loss of 362 million yuan, primarily due to a significant decline in coal prices - The company's commercial coal output was **5.2104 million tons**, a year-on-year increase of **10.17%**; commercial coal sales were **5.0805 million tons**, a year-on-year increase of **9.66%**[23](index=23&type=chunk) - Operating revenue was **1.92 billion yuan**, a year-on-year decrease of **680 million yuan**, a reduction of **26.14%**[23](index=23&type=chunk) - Net profit attributable to shareholders of the listed company was **-851 million yuan**, a year-on-year decrease of **362 million yuan**, mainly due to a approximately **29%** year-on-year decrease in the average selling price of commercial coal[23](index=23&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](index=7&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competitiveness stems from its product advantages (diverse coal types, wide applications), geographical advantages (convenient transportation), technological advantages (innovation, leading production systems, and governance technologies), and management advantages (rich experience, mature team) - Product Advantage: Possesses various coal types such as long-flame coal, coking coal, and lean coal, widely used in power generation, coal chemical, industrial boilers, and other industries[24](index=24&type=chunk) - Geographical Advantage: Located in the Jin-Shaan-Yu Yellow River Golden Triangle, adjacent to major transportation arteries like Lianyungang-Khorgos Expressway, Longhai Railway, and Haoji Railway[24](index=24&type=chunk) - Technological Advantage: Owns professional technical R&D institutions, domestic leading mechanized production systems, and its fire prevention, gas control, and rock burst prevention technologies are industry-leading[25](index=25&type=chunk) - Management Advantage: Has accumulated rich experience in safe and efficient coal mining production management and possesses a mature and stable management team[25](index=25&type=chunk) [IV. Main Operating Conditions During the Reporting Period](index=8&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) This section analyzes the company's financial statement item changes, asset and liability status, and the operating performance of major subsidiaries, revealing significant declines in revenue and operating cash flow, increased financial expenses, and restricted assets [ (I) Main Business Analysis](index=8&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) The company's main business analysis shows a 26.14% year-on-year decrease in operating revenue, an 11.26% decrease in operating costs, a 27.74% increase in financial expenses, and a significant 79.23% decrease in net cash flow from operating activities Analysis of Financial Statement Item Changes | Item | Current Period (yuan) | Prior Period (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,920,222,888.57 | 2,599,934,639.94 | -26.14 | | Operating Cost | 1,975,794,740.41 | 2,226,474,336.87 | -11.26 | | Financial Expenses | 149,426,065.58 | 116,975,937.55 | 27.74 | | Net Cash Flow from Operating Activities | 101,788,625.87 | 489,978,657.12 | -79.23 | | Net Cash Flow from Financing Activities | -250,843,888.30 | 845,750,309.83 | -129.66 | [ (III) Analysis of Assets and Liabilities](index=8&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) At the end of the reporting period, the company's total assets slightly increased, but net assets attributable to shareholders decreased by 14.48%, with significant changes in accounts receivable financing, long-term borrowings, notes payable, and contract liabilities, and some assets are restricted Changes in Assets and Liabilities | Item Name | Balance at End of Current Period (yuan) | Percentage of Total Assets at Period End (%) | Balance at End of Prior Year (yuan) | Percentage of Total Assets at Prior Year End (%) | YoY Change at Period End (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Accounts Receivable Financing | 52,707,568.70 | 0.26 | 126,264,536.38 | 0.62 | -58.26 | | Inventories | 239,013,789.13 | 1.17 | 185,468,700.23 | 0.91 | 28.87 | | Right-of-Use Assets | 32,128,674.91 | 0.16 | 14,475,934.86 | 0.07 | 121.95 | | Notes Payable | 379,474,200.00 | 1.85 | 150,815,000.00 | 0.74 | 151.62 | | Contract Liabilities | 310,336,932.49 | 1.51 | 160,272,643.93 | 0.78 | 93.63 | | Long-Term Borrowings | 611,763,841.41 | 2.98 | 226,525,000.00 | 1.11 | 170.06 | | Undistributed Profits | 1,509,718,114.24 | 7.36 | 2,361,199,616.18 | 11.52 | -36.06 | Major Asset Restrictions at the End of the Reporting Period | Item | Book Value at Period End (yuan) | Reason for Restriction | | :--- | :--- | :--- | | Monetary Funds | 1,751,737,491.22 | Margin deposits and frozen bank deposits, etc. | | Intangible Assets - Mining Rights | 613,453,918.00 | Loan collateral | | Fixed Assets | 1,697,969,693.78 | Sale-leaseback mortgage | | Total | 4,063,161,103.00 | / | [ (VI) Analysis of Major Holding and Participating Companies](index=10&type=section&id=%EF%BC%88%E5%85%AD%EF%BC%89%E4%B8%BB%E8%90%A5%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 wholly-owned subsidiary Yu Neng Investment achieved a net profit of 19.58 million yuan, while Yiluo Coal Industry, Mengjin Coal Mine, and Yian Mining (50.5% stake) all incurred net losses, with Mengjin Coal Mine losing 174.58 million yuan - Yu Neng Investment (wholly-owned subsidiary) had total assets of **6.737 billion yuan**, net assets of **4.775 billion yuan**, operating revenue of **503 million yuan**, and net profit of **19.5794 million yuan**[32](index=32&type=chunk) - Yiluo Coal Industry (wholly-owned subsidiary) had total assets of **1.096 billion yuan**, net assets of **-357 million yuan**, operating revenue of **88.9127 million yuan**, and net loss of **-73.2957 million yuan**[32](index=32&type=chunk) - Mengjin Coal Mine (wholly-owned subsidiary) had total assets of **2.023 billion yuan**, net assets of **-1.246 billion yuan**, operating revenue of **141 million yuan**, and net loss of **-174.5787 million yuan**[33](index=33&type=chunk) - Yian Mining (50.5% stake) had total assets of **746 million yuan**, net assets of **-211 million yuan**, operating revenue of **187 million yuan**, and net profit attributable to the parent company of **-21.6925 million yuan**[33](index=33&type=chunk) [V. Other Disclosure Matters](index=11&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) The company faces multiple risks including production safety, industrial policy, energy substitution, and market fluctuations, with increasing mining depth exacerbating safety hazards, policy changes and new energy alternatives impacting operations, and market supply-demand shifts potentially leading to significant price volatility [ (I) Potential Risks](index=11&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E5%8F%AF%E8%83%BD%E9%9D%A2%E5%AF%B9%E7%9A%84%E9%A3%8E%E9%99%A9) The company faces production safety risks (complex geological conditions, increased natural disasters), industrial policy risks (changes in industry regulatory policies), energy substitution risks (declining coal share under "dual carbon" goals), and market fluctuation risks (macroeconomic impact on coal prices) - Production Safety Risk: Increased mining depth leads to intensified natural disasters such as gas outbursts, rock bursts, and increased difficulty in water prevention and control[34](index=34&type=chunk) - Industrial Policy Risk: The coal industry is regulated by multiple departments, and policy changes may affect the company's production and operations[34](index=34&type=chunk) - Energy Substitution Risk: Under the "dual carbon" goals, the development of new and renewable energy will have a substitution impact on coal consumption[34](index=34&type=chunk) - Market Fluctuation Risk: Small changes in the supply-demand relationship of coal products may lead to significant price fluctuations, affecting the company's profitability[34](index=34&type=chunk) [Section IV Corporate Governance, Environment and Society](index=12&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 discloses changes in the company's directors, supervisors, and senior management, confirms no profit distribution or capital reserve capitalization plan for the current semi-annual period, and lists subsidiaries included in the environmental information disclosure enterprise list with their respective query indexes [I. Changes in Directors, Supervisors, and Senior Management of the Company](index=12&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 Chief Engineer Wang Nianhong and Supervisor Dong Zhiqiang resigned - Chief Engineer Wang Nianhong resigned[37](index=37&type=chunk) - Supervisor Dong Zhiqiang resigned[37](index=37&type=chunk) [II. Profit Distribution or Capital Reserve Capitalization Plan](index=12&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) The company's proposed profit distribution or capital reserve capitalization plan for the current semi-annual period is "No," meaning no distribution or capitalization will occur - The proposed semi-annual profit distribution plan and capital reserve capitalization plan are "No"[37](index=37&type=chunk) [IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the Environmental Information Disclosure Enterprise List](index=12&type=section&id=%E5%9B%9B%E3%80%81%E7%BA%B3%E5%85%A5%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E4%BE%9D%E6%B3%95%E6%8A%AB%E9%9C%B2%E4%BC%81%E4%B8%9A%E5%90%8D%E5%8D%95%E7%9A%84%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E4%B8%BB%E8%A6%81%E5%AD%90%E5%85%AC%E5%8F%B8%E7%9A%84%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%83%85%E5%86%B5) The company and its four major subsidiaries (Xin'an Coal Mine, Mengjin Coal Mine, Qianqiu Coal Mine, Changcun Coal Mine) are included in the list of enterprises required to disclose environmental information, with corresponding environmental information disclosure report query indexes provided - Henan Dayou Energy Co., Ltd. Xin'an Coal Mine, Yima Coal Industry Group Mengjin Coal Mine Co., Ltd., Henan Dayou Energy Co., Ltd. Qianqiu Coal Mine, and Henan Dayou Energy Co., Ltd. Changcun Coal Mine are included in the list of enterprises required to disclose environmental information[37](index=37&type=chunk) - Environmental information disclosure reports can be queried via specific website addresses[37](index=37&type=chunk) [Section V Important Matters](index=13&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 details the fulfillment of the company's commitments, noting that controlling shareholder Henan Energy has not fully fulfilled its commitment to resolve horizontal competition, and discloses multiple significant lawsuits and arbitrations, as well as daily related-party transactions and major guarantees, including a total of 420 million yuan in guarantees for subsidiaries [I. Fulfillment of Commitments](index=13&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) Controlling shareholder Henan Energy has not fully fulfilled its commitment to resolve horizontal competition due to the complexity and number of its coal mines, and the company will continue to urge Henan Energy to inject quality coal assets into the listed company - Henan Energy's commitment to resolve horizontal competition has not been fully fulfilled, with the original commitment period being 3 years[40](index=40&type=chunk) - Specific reasons for non-fulfillment include the large number and wide distribution of coal mines, complex situations, high quality requirements for target assets in asset restructuring, longer time required for standardization and rectification, and other historical issues[40](index=40&type=chunk) - The company will urge Henan Energy to promote the standardization and rectification of quality coal assets and strive to inject them into the listed company as soon as possible[40](index=40&type=chunk) [VII. Significant Litigation and Arbitration Matters](index=14&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%AF%89%E8%AE%BC%E3%80%81%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A1%B9) During the reporting period, the company was involved in multiple significant lawsuits, including pursuing delayed interest on equity transfer from Henan Renhe Jinyu Mining Co., Ltd., and Xiaohan Power pursuing electricity fees and liquidated damages from Sanmenxia Yixiang Aluminum Industry Co., Ltd. and Henan Renhe Jinyu Mining Co., Ltd., with some cases still under trial or execution Significant Litigation and Arbitration Matters During the Reporting Period | Plaintiff (Applicant) | Defendant (Respondent) | Type of Litigation/Arbitration | Basic Situation of Litigation/Arbitration | Amount Involved (ten thousand yuan) | Progress of Litigation/Arbitration | | :--- | :--- | :--- | :--- | :--- | :--- | | Dayou Energy | Henan Renhe Jinyu Mining Co., Ltd. | Litigation | Transfer of Sunshine Mining equity and claims, defendant delayed payment, sued for delayed interest | 2,502 | Second instance upheld original judgment, defendant is fulfilling | | Xiaohan Power | Sanmenxia Yixiang Aluminum Industry Co., Ltd., Henan Renhe Jinyu Mining Co., Ltd. | Litigation | Sued for payment of electricity fees and liquidated damages | 8,682.98 | Second instance upheld the first judgment's first item, Henan Renhe Jinyu Mining Co., Ltd. bears joint liability | | Fuzhou Shuiwu Zhilian Supply Chain Co., Ltd. | Yuxi Coal Storage and Distribution Center, Dayou Energy | Litigation | Sued for refund of advance payment, payment of liquidated damages | 2,811.27 | Plaintiff withdrew the lawsuit | | Longyan City State-owned Assets Investment and Management Co., Ltd. | Yuxi Coal Storage and Distribution Center, Dayou Energy | Litigation | Sued for refund of advance payment, payment of late fees | 5,948.52 | First instance under trial | | Zhongping Neng Hua Group Tiangong Machinery Manufacturing Co., Ltd. | Dayou Energy | Litigation | Sued for payment of goods, interest | 2,537.67 | First instance under trial | [X. Significant Related-Party Transactions](index=15&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company's estimated daily related-party transactions for 2024 were 3.02 billion yuan, with actual transactions totaling 1.90331 billion yuan; additionally, the company has deposit business with related party Henan Energy Group Finance Co., Ltd., with an ending deposit balance of 1.689 billion yuan [ (I) Related-Party Transactions Related to Daily Operations](index=15&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%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) The company's estimated daily related-party transactions for 2024 were 3.02 billion yuan, with actual transactions totaling 1.90331 billion yuan - The company's estimated daily related-party transactions for 2024 were **3.02 billion yuan**, with actual transactions totaling **1.90331 billion yuan**[44](index=44&type=chunk) [ (V) Financial Business Between the Company and Related Financial Companies, and Between the Company's Holding Financial Companies and Related Parties](index=16&type=section&id=%EF%BC%88%E4%BA%94%EF%BC%89%E5%85%AC%E5%8F%B8%E4%B8%8E%E5%AD%98%E5%9C%A8%E5%85%B3%E8%81%94%E5%85%B3%E7%B3%BB%E7%9A%84%E8%B4%A2%E5%8A%A1%E5%85%AC%E5%8F%B8%E3%80%81%E5%85%AC%E5%8F%B8%E6%8E%A7%E8%82%A1%E8%B4%A2%E5%8A%A1%E5%85%AC%E5%8F%B8%E4%B8%8E%E5%85%B3%E8%81%94%E6%96%B9%E4%B9%8B%E9%97%B4%E7%9A%84%E9%87%91%E8%9E%8D%E4%B8%9A%E5%8A%A1) The company has deposit business with Henan Energy Group Finance Co., Ltd., with an ending balance of 1.689 billion yuan and a maximum daily deposit limit of 3.5 billion yuan Related-Party Deposit Business | Related Party | Related Relationship | Maximum Daily Deposit Limit (billion yuan) | Deposit Interest Rate Range | Beginning Balance (billion yuan) | Total Deposits in Current Period (billion yuan) | Total Withdrawals in Current Period (billion yuan) | Ending Balance (billion yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Henan Energy Group Finance Co., Ltd. | Under common control with the company by Henan Energy | 3.5 | 0.455%-1.35% | 1.547 | 15.914 | 15.772 | 1.689 | [XI. Significant Contracts and Their Fulfillment](index=16&type=section&id=%E5%8D%81%E4%B8%80%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) During the reporting period, the company's guarantees for subsidiaries totaled 340 million yuan in new guarantees and 420 million yuan in outstanding guarantees at period-end, representing 7.42% of the company's net assets, with 92 million yuan provided for guaranteed entities with a debt-to-asset ratio exceeding 70% [ (II) Significant Guarantees Executed and Unfulfilled During the Reporting Period](index=17&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E7%9A%84%E5%8F%8A%E5%B0%9A%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E9%87%8D%E5%A4%A7%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) The company's guarantees for subsidiaries during the reporting period totaled 340 million yuan in new guarantees, with an outstanding balance of 420 million yuan at period-end, representing 7.42% of the company's net assets, including 92 million yuan for guaranteed entities with a debt-to-asset ratio exceeding 70% Company's Total Guarantee Situation (Including Guarantees for Subsidiaries) | Indicator | Amount (billion yuan) | | :--- | :--- | | Total new guarantees for subsidiaries in current period | 0.34 | | Total outstanding guarantees for subsidiaries at period end (B) | 0.42 | | Total guarantees (A+B) | 0.42 | | Percentage of total guarantees to company's net assets (%) | 7.42 | | Debt guarantees provided directly or indirectly for guaranteed entities with debt-to-asset ratio exceeding 70% (D) | 0.092 | | Total of the above three guarantee amounts (C+D+E) | 0.092 | [Section VI Changes in Shares and Shareholder Information](index=18&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 discloses that the company's share capital structure remained unchanged during the reporting period and details the total number of shareholders, top ten shareholders, and top ten unrestricted shareholders at the end of the reporting period, with controlling shareholder Yima Coal Industry Group Co., Ltd. and its concerted party holding over 84% of shares [I. Changes in Share Capital](index=18&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's total share capital and share capital structure remained unchanged - During the reporting period, the company's total share capital and share capital structure remained unchanged[51](index=51&type=chunk) [II. Shareholder Information](index=18&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had 38,240 common shareholders, with the top two shareholders, Yima Coal Industry Group Co., Ltd. and Yima Coal Industry Group Qinghai Yihai Energy Co., Ltd., holding a combined 84.5% of shares, some of which are pledged - As of the end of the reporting period, the total number of common shareholders was **38,240**[52](index=52&type=chunk) Top Ten Shareholders at the End of the Reporting Period | Shareholder Name | Shares Held at Period End (shares) | Percentage (%) | Restricted Shares Held (shares) | Share Status | Quantity (shares) | Shareholder Type | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Yima Coal Industry Group Co., Ltd. | 1,477,659,766 | 61.81 | 0 | Pledged | 738,519,900 | State-owned Legal Person | | Yima Coal Industry Group Qinghai Yihai Energy Co., Ltd. | 542,500,845 | 22.69 | 0 | Pledged | 160,000,000 | State-owned Legal Person | | Xu Kaitong | 14,386,400 | 0.60 | 0 | Unrestricted | 0 | Domestic Natural Person | | China Broadcasting Network Information Network Co., Ltd. | 12,627,784 | 0.53 | 0 | Unrestricted | 0 | State-owned Legal Person | | Xu Xiaorong | 8,646,400 | 0.36 | 0 | Unrestricted | 0 | Domestic Natural Person | - The company's controlling shareholder, Yima Coal Industry Group Co., Ltd., is the parent company of shareholder Yima Coal Industry Group Qinghai Yihai Energy Co., Ltd., and they are concerted parties[54](index=54&type=chunk) [Section VII Bond-Related Information](index=21&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section states that the company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments, nor does it have convertible corporate bonds - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[58](index=58&type=chunk) - The company has no convertible corporate bonds[58](index=58&type=chunk) [Section VIII Financial Report](index=22&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section includes the company's unaudited consolidated and parent company financial statements, along with detailed notes, showing operating pressure, a net loss, but stable total assets, and comprehensive disclosures on accounting policies, taxes, assets, liabilities, and related-party transactions [I. Audit Report](index=22&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This semi-annual report is unaudited - This semi-annual report is unaudited[60](index=60&type=chunk) [II. Financial Statements](index=22&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, with consolidated statements showing a slight increase in total assets but decreases in net assets attributable to the parent company and net profit, alongside increased cash outflows [ (I) Consolidated Balance Sheet](index=22&type=section&id=%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the company's consolidated total assets were 20.506 billion yuan, a slight increase of 0.09% from the end of the previous year; net assets attributable to shareholders of the listed company were 4.845 billion yuan, a decrease of 14.48% from the end of the previous year Major Data from Consolidated Balance Sheet | Item | June 30, 2025 (yuan) | December 31, 2024 (yuan) | | :--- | :--- | :--- | | Total Assets | 20,506,250,759.73 | 20,488,050,589.15 | | Total Liabilities | 14,970,843,228.07 | 14,118,546,226.01 | | Total Owners' Equity Attributable to Parent Company | 4,845,474,598.13 | 5,666,044,137.31 | [ (II) Parent Company Balance Sheet](index=24&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the parent company's total assets were 20.228 billion yuan, slightly lower than 20.259 billion yuan at the end of the previous year; total owners' equity was 7.854 billion yuan, a decrease of 7.59% from the end of the previous year Major Data from Parent Company Balance Sheet | Item | June 30, 2025 (yuan) | December 31, 2024 (yuan) | | :--- | :--- | :--- | | Total Assets | 20,227,761,504.09 | 20,258,623,884.00 | | Total Liabilities | 12,373,498,738.93 | 11,759,686,197.67 | | Total Owners' Equity | 7,854,262,765.16 | 8,498,937,686.33 | [ (III) Consolidated Income Statement](index=26&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) In the first half of 2025, the company's consolidated total operating revenue was 1.920 billion yuan, a year-on-year decrease of 26.14%; total profit was -825 million yuan, and net profit attributable to parent company shareholders was -851 million yuan, indicating an expanded loss Major Data from Consolidated Income Statement | Item | 2025 Semi-Annual (yuan) | 2024 Semi-Annual (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 1,920,222,888.57 | 2,599,934,639.94 | | Total Operating Cost | 2,722,483,270.87 | 2,954,832,391.27 | | Total Profit | -824,727,174.85 | -381,278,240.51 | | Net Profit | -872,203,636.16 | -490,234,324.77 | | Net Profit Attributable to Parent Company Shareholders | -851,481,501.94 | -489,878,382.64 | | Basic Earnings Per Share (yuan/share) | -0.3561 | -0.2049 | [ (IV) Parent Company Income Statement](index=28&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E5%88%A9%E6%B6%A6%E8%A1%A8) In the first half of 2025, the parent company's operating revenue was 1.064 billion yuan, a year-on-year decrease of 27.19%; net profit was -653 million yuan, indicating an expanded loss Major Data from Parent Company Income Statement | Item | 2025 Semi-Annual (yuan) | 2024 Semi-Annual (yuan) | | :--- | :--- | :--- | | Operating Revenue | 1,063,882,838.09 | 1,458,365,407.18 | | Operating Cost | 1,226,963,005.12 | 1,451,241,866.94 | | Total Profit | -673,360,276.58 | -578,847,506.08 | | Net Profit | -652,853,412.84 | -564,769,267.73 | [ (V) Consolidated Cash Flow Statement](index=30&type=section&id=%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) In the first half of 2025, the company's net cash flow from operating activities was 102 million yuan, a significant year-on-year decrease of 79.23%; net cash flow from investing activities was -113 million yuan; net cash flow from financing activities was -251 million yuan, turning negative year-on-year Major Data from Consolidated Cash Flow Statement | Item | 2025 Semi-Annual (yuan) | 2024 Semi-Annual (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 101,788,625.87 | 489,978,657.12 | | Net Cash Flow from Investing Activities | -112,798,274.85 | -137,349,314.27 | | Net Cash Flow from Financing Activities | -250,843,888.30 | 845,750,309.83 | | Net Increase in Cash and Cash Equivalents | -261,853,537.28 | 1,198,379,652.68 | | Cash and Cash Equivalents at End of Period | 2,731,000,032.44 | 3,754,106,221.63 | [ (VI) Parent Company Cash Flow Statement](index=31&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) In the first half of 2025, the parent company's net cash flow from operating activities was -182 million yuan, an expanded loss year-on-year; net cash flow from investing activities was -90 million yuan; net cash flow from financing activities was -128 million yuan, turning negative year-on-year Major Data from Parent Company Cash Flow Statement | Item | 2025 Semi-Annual (yuan) | 2024 Semi-Annual (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -181,704,412.84 | -138,894,829.54 | | Net Cash Flow from Investing Activities | -89,846,854.51 | 5,930,861.37 | | Net Cash Flow from Financing Activities | -128,023,512.36 | 969,129,390.00 | | Net Increase in Cash and Cash Equivalents | -399,574,779.71 | 836,165,421.83 | | Cash and Cash Equivalents at End of Period | 1,249,700,092.63 | 2,185,419,182.60 | [ (VII) Consolidated Statement of Changes in Owners' Equity](index=33&type=section&id=%E5%90%88%E5%B9%B6%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) In the first half of 2025, the company's consolidated total owners' equity was 5.535 billion yuan, a decrease of 834 million yuan from the beginning of the period, primarily due to a total comprehensive income attributable to parent company owners of -852 million yuan - Total owners' equity at period end was **5,535,407,531.66 yuan**, a decrease of **834,096,831.48 yuan** from the beginning of the period[80](index=80&type=chunk) - Total comprehensive income attributable to parent company owners was **-851,565,435.05 yuan**[80](index=80&type=chunk) [ (VIII) Parent Company Statement of Changes in Owners' Equity](index=36&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) In the first half of 2025, the parent company's total owners' equity was 7.854 billion yuan, a decrease of 645 million yuan from the beginning of the period, primarily due to a total comprehensive income of -653 million yuan - Total owners' equity at period end was **7,854,262,765.16 yuan**, a decrease of **644,674,921.17 yuan** from the beginning of the period[85](index=85&type=chunk) - Total comprehensive income was **-652,937,345.95 yuan**[86](index=86&type=chunk) [III. Company Basic Information](index=40&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) This section outlines the company's historical evolution, from Nanjing Xinwang Shixun Technology Co., Ltd. to Henan Dayou Energy Co., Ltd. through a major asset restructuring, including subsequent equity acquisitions and capital reserve capitalization, with its main business being raw coal mining and processing [1. Historical Evolution](index=40&type=section&id=1%E3%80%81%E5%8E%86%E5%8F%B2%E6%B2%BF%E9%9D%A9) The company, formerly Nanjing Xinwang Shixun Technology Co., Ltd., underwent a major asset restructuring in 2010 to acquire Yimei Group's coal business assets, changing its name to Henan Dayou Energy Co., Ltd. in 2011, and subsequently increased its share capital to 2,390,812,402 shares through non-public offerings and capital reserve capitalization - The company was formerly Nanjing Xinwang Shixun Technology Co., Ltd., established on January 15, 1998[89](index=89&type=chunk) - In 2010, a major asset restructuring was implemented, issuing new shares to Yimei Group to acquire coal business assets[89](index=89&type=chunk) - On January 27, 2011, it was renamed "Henan Dayou Energy Co., Ltd.," and its stock abbreviation was changed to "Dayou Energy"[90](index=90&type=chunk) - In 2013, capital reserves were used to capitalize 10 shares for every 10 shares held by all shareholders, bringing the total share capital to **2,390,812,402 shares**[91](index=91&type=chunk) [2. Main Operating Activities](index=41&type=section&id=2%E3%80%81%E4%B8%BB%E8%90%A5%E6%B4%BB%E5%8A%A8) The company's main operating activities include raw coal mining, coal wholesale and processing, coal transportation via its own railway lines, domestic and foreign trade, technical and consulting services, water supply, heating, and equipment and property leasing - Main operating activities include raw coal mining, coal wholesale, coal washing and processing, coal transportation via its own railway lines, domestic trade, foreign trade, etc[92](index=92&type=chunk) [IV. Basis for Preparation of Financial Statements](index=41&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The company's financial statements are prepared on a going concern basis, in accordance with enterprise accounting standards, and there are no significant doubts about its ability to continue as a going concern within 12 months from the end of the reporting period [1. Basis of Preparation](index=41&type=section&id=1%E3%80%81%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The company's financial statements are prepared on a going concern basis, recognizing and measuring transactions and events in accordance with enterprise accounting standards - The company's financial statements are prepared on a going concern basis, recognizing and measuring transactions and events in accordance with enterprise accounting standards[93](index=93&type=chunk) [2. Going Concern](index=41&type=section&id=2%E3%80%81%E6%8C%81%E7%BB%AD%E7%BB%8F%E8%90%A5) There are no matters or circumstances that raise significant doubts about the company's ability to continue as a going concern within 12 months from the end of the reporting period - There are no matters or circumstances that raise significant doubts about the company's ability to continue as a going concern within 12 months from the end of the reporting period[94](index=94&type=chunk) [V. Significant Accounting Policies and Accounting Estimates](index=41&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the company's adherence to enterprise accounting standards, accounting period, operating cycle, functional currency, materiality criteria, and policies for business combinations, consolidated financial statements, financial instruments, receivables, inventories, long-term equity investments, fixed assets, construction in progress, borrowing costs, right-of-use assets, intangible assets, R&D expenses, long-term asset impairment, contract liabilities, employee benefits, provisions, lease liabilities, revenue recognition, contract costs, government grants, deferred tax assets/liabilities, and leases, including adjustments to the extraction standards for coal mine maintenance and safety production fees - The company's financial statements comply with enterprise accounting standards and accurately and completely reflect its financial position[95](index=95&type=chunk) - Financial instruments are classified as financial assets and liabilities measured at amortized cost, fair value through other comprehensive income, or fair value through profit or loss[115](index=115&type=chunk)[116](index=116&type=chunk) - Fixed asset depreciation uses the straight-line method, with depreciation periods of 15-30 years for buildings and structures, and mine shafts, and 3-15 years for machinery and equipment[146](index=146&type=chunk) - Revenue is recognized when the customer obtains control of the related goods or services[167](index=167&type=chunk) - Coal safety production fees (safety fees) are adjusted according to new management measures: **70 yuan/ton** for coal (rock) and gas outburst mines and Henan Province Class I gas management mines, **50 yuan/ton** for rock burst mines, and **38 yuan/ton** for low gas management mines[186](index=186&type=chunk) [VI. Taxes](index=67&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) This section lists the company's main tax categories and rates, including VAT, urban maintenance and construction tax, corporate income tax, property tax, education surcharge, local education surcharge, and resource tax, noting that subsidiary Luoyang Yian Mining Co., Ltd. enjoys a 15% corporate income tax rate as a high-tech enterprise Main Tax Categories and Rates | Tax Type | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Output tax on sales of goods and taxable services less input tax | 13%, 9%, 6%, 5%, 3%, 1% | | Urban Maintenance and Construction Tax | Amount of turnover tax payable | 5% or 7% | | Corporate Income Tax | Taxable income | 15% or 25% | | Property Tax | 1.2% of original value of property less 30% deduction; 12% of rental income for rental-based assessment | 1.2% or 12% | | Education Surcharge | Amount of turnover tax payable | 3% | | Local Education Surcharge | Amount of turnover tax payable | 2% | | Resource Tax | Sales amount of taxable coal products | 2% or 6% | - Subsidiary Luoyang Yian Mining Co., Ltd. is recognized as a high-tech enterprise and is subject to a **15%** corporate income tax rate[191](index=191&type=chunk) [VII. Notes to Consolidated Financial Statements](index=67&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes for each item in the consolidated financial statements, including monetary funds, accounts receivable, inventories, long-term equity investments, fixed assets, intangible assets, deferred taxes, restricted assets, short-term and long-term borrowings, accounts payable, contract liabilities, employee benefits, taxes payable, other payables, provisions, and revenue/cost, highlighting 1.752 billion yuan in restricted monetary funds, 968 million yuan in accounts receivable impairment, 18.79 million yuan in inventory impairment, 5.306 billion yuan in short-term borrowings, 612 million yuan in long-term borrowings, and 1.059 billion yuan in provisions primarily for abandonment costs Monetary Funds Restriction Status | Item | Balance at Period End (yuan) | Reason for Restriction | | :--- | :--- | :--- | | Bank Acceptance Bill Deposits | 838,103,803.37 | Restricted use | | Letter of Credit Deposits | 830,877,158.86 | Restricted use | | Frozen Bank Deposits | 70,834,834.67 | Restricted use | | Land Reclamation Deposits for Production and Construction Projects | 11,921,694.32 | Restricted use | | Total | 1,751,737,491.22 | / | - Accounts receivable at period end had a book balance of **1.701 billion yuan**, with an impairment provision of **968 million yuan**, an impairment rate of **56.89%**[198](index=198&type=chunk) - Inventories at period end had a book value of **239 million yuan**, with an inventory impairment provision of **18.79 million yuan**, mainly for inventory write-downs[231](index=231&type=chunk)[233](index=233&type=chunk) - Fixed assets at period end had a book value of **8.176 billion yuan**, including **1.633 billion yuan** for buildings and structures, **2.526 billion yuan** for mine shafts, and **3.604 billion yuan** for machinery and equipment[247](index=247&type=chunk) - Intangible assets at period end had a book value of **4.426 billion yuan**, primarily **4.028 billion yuan** for mining rights[265](index=265&type=chunk) - Short-term borrowings at period end totaled **5.306 billion yuan**, mainly pledged and guaranteed borrowings[280](index=280&type=chunk) - Accounts payable at period end totaled **3.475 billion yuan**, mainly for materials, equipment, and engineering costs[288](index=288&type=chunk) - Provisions at period end totaled **1.059 billion yuan**, primarily for abandonment costs[317](index=317&type=chunk) - Operating revenue was **1.920 billion yuan**, operating cost was **1.976 billion yuan**, with operating revenue decreasing by **26.14%** year-on-year[337](index=337&type=chunk) - Financial expenses were **149 million yuan**, a year-on-year increase of **27.74%**, mainly due to increased interest expenses[345](index=345&type=chunk) - Credit impairment losses were **-24.6051 million yuan**, and asset impairment losses were **-16.8091 million yuan**[347](index=347&type=chunk)[349](index=349&type=chunk) [VIII. Research and Development Expenses](index=114&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) This section details the company's R&D expenses for the reporting period, totaling 77.5819 million yuan, all expensed, primarily for materials, fuel and power, employee compensation, and outsourced R&D services R&D Expenses by Nature of Expense | Item | Amount in Current Period (yuan) | Amount in Prior Period (yuan) | | :--- | :--- | :--- | | Materials, Fuel and Power | 33,556,221.72 | 54,006,502.49 | | Employee Compensation | 23,344,032.38 | 25,100,449.70 | | Depreciation | 9,150,228.45 | 7,679,231.01 | | Outsourced Research and Development Fees | 11,333,296.79 | 9,878,302.35 | | Other Expenses | 198,113.21 | 1,729,460.63 | | Total | 77,581,892.55 | 98,393,946.18 | | Of which: Expensed R&D Expenditure | 77,581,892.55 | 98,393,946.18 | | Capitalized R&D Expenditure | 0.00 | 0.00 | [IX. Changes in Consolidation Scope](index=115&type=section&id=%E4%B9%9D%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) During the reporting period, the company experienced no changes in its consolidation scope due to non-same control business combinations, same control business combinations, reverse acquisitions, or disposal of subsidiaries leading to loss of control, nor any other reasons - During the reporting period, the company had no non-same control business combinations, same control business combinations, reverse acquisitions, or disposal of subsidiaries leading to loss of control[377](index=377&type=chunk)[378](index=378&type=chunk) [X. Equity in Other Entities](index=116&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) This section discloses the company's equity interests in subsidiaries, joint ventures, and associates, including 13 subsidiaries, with Aksu Tahe Mining, Kuche Yushuling Coal Mine, Kuche Kexing Coal Industry, Luoyang Yian Mining, and Yimei Group Ligou Mining identified as significant non-wholly-owned subsidiaries, and three significant joint or associate ventures including Xinjiang Tunnan Coal Industry Co., Ltd [1. Equity in Subsidiaries](index=116&type=section&id=1%E3%80%81%E5%9C%A8%E5%AD%90%E5%85%AC%E5%8F%B8%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) The company owns 13 subsidiaries engaged in production, sales, services, and mining, acquired through non-same control business combinations, establishment, and same control business combinations - The company owns 13 subsidiaries, including Luoyang Yian Mining Co., Ltd., Yimei Group Ligou Mining Co., Ltd., Yimei Group Yiyang Yiluo Coal Industry Co., Ltd., Yima Coal Industry Group Mengjin Coal Mine Co., Ltd., and Yimei Group Gongyi Tieshengou Coal Industry Co., Ltd.[378](index=378&type=chunk)[379](index=379&type=chunk) [2. Significant Non-Wholly-Owned Subsidiaries](index=117&type=section&id=2%E3%80%81%E9%87%8D%E8%A6%81%E7%9A%84%E9%9D%9E%E5%85%A8%E8%B5%84%E5%AD%90%E5%85%AC%E5%8F%B8) The company's significant non-wholly-owned subsidiaries include Aksu Tahe Mining Co., Ltd., Kuche Yushuling Coal Mine Co., Ltd., Kuche Kexing Coal Industry Co., Ltd., Luoyang Yian Mining Co., Ltd., and Yimei Group Ligou Mining Co., Ltd., with minority shareholder stakes of 20% or 49.5%/49% Minority Shareholder Stakes in Significant Non-Wholly-Owned Subsidiaries | Subsidiary Name | Minority Shareholder Stake (%) | | :--- | :--- | | Aksu Tahe Mining Co., Ltd. | 20.00 | | Kuche Yushuling Coal Mine Co., Ltd. | 20.00 | | Kuche Kexing Coal Industry Co., Ltd. | 20.00 | | Luoyang Yian Mining Co., Ltd. | 49.50 | | Yimei Group Ligou Mining Co., Ltd. | 49.00 | [3. Main Financial Information of Significant Non-Wholly-Owned Subsidiaries](index=117&type=section&id=3%E3%80%81%E9%87%8D%E8%A6%81%E9%9D%9E%E5%85%A8%E8%B5%84%E5%AD%90%E5%85%AC%E5%8F%B8%E7%9A%84%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E4%BF%A1%E6%81%AF) Aksu Tahe Mining, Kuche Yushuling Coal Mine, and Kuche Kexing Coal Industry have relatively high minority shareholder equity balances, while Luoyang Yian Mining and Yimei Group Ligou Mining show negative minority shareholder profit and equity Main Financial Information of Significant Non-Wholly-Owned Subsidiaries (Current Period) | Subsidiary Name | Profit/Loss Attributable to Minority Shareholders in Current Period (yuan) | Minority Shareholder Equity Balance at Period End (yuan) | | :--- | :--- | :--- | | Aksu Tahe Mining Co., Ltd. | -1,727,634.00 | 109,196,712.81 | | Kuche Yushuling Coal Mine Co., Ltd. | 2,271,943.67 | 419,133,410.32 | | Kuche Kexing Coal Industry Co., Ltd. | 9,549,700.61 | 306,707,112.98 | | Luoyang Yian Mining Co., Ltd. | -21,262,945.07 | -104,235,510.48 | | Yimei Group Ligou Mining Co., Ltd. | -2,358,357.50 | -40,868,792.09 | [3. Equity in Joint Ventures or Associates](index=119&type=section&id=3%E3%80%81%E5%9C%A8%E5%90%88%E8%90%A5%E4%BC%81%E4%B8%9A%E6%88%96%E8%81%94%E8%90%A5%E4%BC%81%E4%B8%9A%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) The company's significant joint venture is Xinjiang Tunnan Coal Industry Co., Ltd. (50% stake), and significant associates include Henan Zhongyi Tendering Co., Ltd. (49.72% stake) and Henan Dayou Energy Coal Storage and Trading Co., Ltd. (40% stake) Significant Joint Ventures or Associates | Joint Venture or Associate Name | Main Operating Location | Registered Location | Business Nature | Shareholding Percentage (%) | | :--- | :--- | :--- | :--- | :--- | | Xinjiang Tunnan Coal Industry Co., Ltd. | Xinjiang | Hoboksar County, Tacheng Prefecture, Xinjiang | Coal Mining and Washing | 50.00 | | Henan Zhongyi Tendering Co., Ltd. | Henan | Henan Free Trade Zone | Business Services | 49.72 | | Henan Dayou Energy Coal Storage and Trading Co., Ltd. | Henan | Yima City, Sanmenxia City, Henan Province | Wholesale Trade | 40.00 | [XI. Government Grants](index=120&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) This section discloses the company's government grant-related liability items and government grants recognized in current profit or loss, with deferred income from government grants totaling 192 million yuan at period-end, and 26.8325 million yuan recognized in current profit or loss, comprising 3.836 million yuan related to assets and 22.9965 million yuan related to income [2. Liability Items Involving Government Grants](index=120&type=section&id=2%E3%80%81%E6%B6%89%E5%8F%8A%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9%E7%9A%84%E8%B4%9F%E5%80%BA%E9%A1%B9%E7%9B%AE) Deferred income from government grants totaled 192 million yuan at period-end, with 465,000 yuan in new grants, 529,059.24 yuan recognized as non-operating income, and 3.3069 million yuan transferred to other income during the current period Liability Items Involving Government Grants | Financial Statement Item | Beginning Balance (yuan) | New Grants in Current Period (yuan) | Amount Recognized as Non-Operating Income in Current Period (yuan) | Amount Transferred to Other Income in Current Period (yuan) | Ending Balance (yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 19

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=第一节%20重要提示、目录和释义) This section provides essential disclaimers, outlines the report's structure, and defines key terminology for clarity [Important Notice](index=2&type=section&id=重要提示) The company's board, supervisory board, and senior management guarantee the report's truthfulness and completeness, while highlighting forward-looking statements and key risks - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the report content[3](index=3&type=chunk) - Forward-looking statements regarding future plans in this report do not constitute substantial commitments from the company to investors[3](index=3&type=chunk) - The company's existing risk factors are primarily concentrated in macroeconomic conditions, policy risks, and raw material price risks[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=目录) This section outlines the report's overall structure, comprising eight main chapters covering company profile, management discussion, governance, and financial reports - The report contains eight main chapters, covering key information on the company's operations, financials, and governance[6](index=6&type=chunk) [Definitions](index=5&type=section&id=释义) This section defines common terms used throughout the report, including company names, regulatory bodies, and reporting periods, to ensure clear understanding - Key terms used in the report, such as "the Company", "Reporting Period", and major subsidiary names, are clearly defined[10](index=10&type=chunk) [Company Profile and Key Financial Indicators](index=7&type=section&id=第二节%20公司简介和主要财务指标) This section provides an overview of the company's basic information and highlights its key financial performance and indicators for the reporting period [Company Profile](index=7&type=section&id=一、公司简介) The company, known as "Shuanglin Shares" with stock code 300100, is listed on the Shenzhen Stock Exchange, and its legal representative is Wu Jianbin Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Shuanglin Shares | | Stock Code | 300100 | | Listed Stock Exchange | Shenzhen Stock Exchange | | Legal Representative | Wu Jianbin | [Contact Persons and Information](index=7&type=section&id=二、联系人和联系方式) This section provides detailed contact information for the company's board secretary and securities affairs representatives, including names, addresses, and communication channels Company Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Zhu Liming | No. 236, Keyuan North Road, Ninghai County, Ningbo City | 0574-83518938 | 0574-82552277 | lmzhu@shuanglin.com | | Securities Affairs Representative | Wu Ruijue, Xia Qingqing | No. 202, Beiying Road, Qingpu District, Shanghai | 0574-83518938 | 0574-82552277 | rjwu@shuanglin.com；qqxia@shuanglin.com | [Other Information](index=7&type=section&id=三、其他情况) While contact details and registration remained unchanged, the company's name was officially updated to "Shuanglin Co.,Ltd." on August 4, 2025 - The company's registered address, office address, website, and email remained unchanged during the reporting period[15](index=15&type=chunk) - Information disclosure and filing locations remained unchanged during the reporting period[16](index=16&type=chunk) - The company's registration status remained unchanged during the reporting period[17](index=17&type=chunk) - On August 4, 2025, the company's name changed from "Ningbo Shuanglin Auto Parts Co., Ltd." to "Shuanglin Co.,Ltd.", with the stock abbreviation and code remaining unchanged[18](index=18&type=chunk) [Key Accounting Data and Financial Indicators](index=8&type=section&id=四、主要会计数据和财务指标) Operating revenue increased by **20.07%**, net profit attributable to shareholders by **15.73%**, and non-recurring net profit by **55.65%** year-on-year, with growth in total assets and net assets Key Accounting Data and Financial Indicators (Year-on-Year Change) | Indicator | Current Reporting Period (Yuan) | Prior Year Period Adjusted (Yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,524,796,940.92 | 2,102,848,035.58 | 20.07% | | Net Profit Attributable to Shareholders of Listed Company | 287,228,635.82 | 248,181,410.76 | 15.73% | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-Recurring Gains and Losses | 246,492,286.41 | 158,361,920.90 | 55.65% | | Net Cash Flow from Operating Activities | 401,241,932.79 | 403,570,488.33 | -0.58% | | Basic Earnings Per Share (Yuan/share) | 0.51 | 0.44 | 15.91% | | Diluted Earnings Per Share (Yuan/share) | 0.50 | 0.44 | 13.64% | | Weighted Average Return on Net Assets | 10.40% | 10.71% | -0.31% | | **Period-End Indicators** | **Current Period-End (Yuan)** | **Prior Year-End Adjusted (Yuan)** | **Period-End Change from Prior Year-End** | | Total Assets | 6,391,854,635.82 | 6,270,656,390.53 | 1.93% | | Net Assets Attributable to Shareholders of Listed Company | 2,913,952,524.31 | 2,642,659,381.34 | 10.27% | [Differences in Accounting Data under Domestic and International Accounting Standards](index=8&type=section&id=五、境内外会计准则下会计数据差异) The company reported no differences in net profit and net assets between financial reports prepared under international or foreign accounting standards and Chinese accounting standards - The company's financial reports for the reporting period show no differences in net profit and net assets when disclosed under International Accounting Standards compared to Chinese Accounting Standards[20](index=20&type=chunk) - The company's financial reports for the reporting period show no differences in net profit and net assets when disclosed under foreign accounting standards compared to Chinese Accounting Standards[21](index=21&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=9&type=section&id=六、非经常性损益项目及金额) Total non-recurring gains and losses for this reporting period amounted to **40.74 million Yuan**, primarily from disposal gains/losses on non-current assets and government subsidies Non-Recurring Gains and Losses Items and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets (including the write-off portion of asset impairment provisions) | 34,744,695.90 | | Government grants recognized in current profit or loss (excluding those closely related to the company's normal operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss) | 8,606,819.21 | | 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, except for effective hedging activities related to normal business operations | 159,083.33 | | Other non-operating income and expenses apart from the above items | -1,588,245.58 | | Less: Income tax impact | 1,186,003.45 | | Total | 40,736,349.41 | [Management Discussion and Analysis](index=10&type=section&id=第三节%20管理层讨论与分析) This section provides an in-depth analysis of the company's principal businesses, core competencies, financial performance, and risk management strategies during the reporting period [Principal Businesses Engaged in During the Reporting Period](index=10&type=section&id=一、报告期内公司从事的主要业务) The company is a specialized intelligent manufacturing enterprise focused on R&D, manufacturing, and sales of automotive and robot components, with a global production and customer service network - The company's main business involves the R&D, manufacturing, and sales of automotive and robot components[25](index=25&type=chunk) - Key products include intelligent control systems, new energy power systems, bearing units, grinding equipment, and precision components[25](index=25&type=chunk) - The company operates **37 wholly-owned and controlling subsidiaries** and **7 branches** globally, with production bases across China and overseas regions[25](index=25&type=chunk) [Main Products and Applications](index=10&type=section&id=一、主要产品及用途) The company's product matrix spans multiple critical segments of the automotive industry, from traditional components to new energy core systems and emerging robotics, demonstrating diversified product offerings and technological expertise - The company's product matrix covers multiple key links in the automotive industry chain, including traditional components, new energy core systems, and the robotics sector[26](index=26&type=chunk) [Intelligent Control Systems](index=10&type=section&id=（一）智能控制系统) The company continues to innovate in intelligent control systems, achieving significant progress in automotive components and successfully developing reverse planetary roller screw products for humanoid robots - Automotive seat horizontal drive modules (HDM) have made the company one of the largest domestic enterprises, supplying leading North American new energy brands, BYD, and NIO[27](index=27&type=chunk) - Electric headrest lift motor assembly systems successfully passed mass production certification by a leading new energy vehicle manufacturer in mid-2024 and have secured **two new projects**[28](index=28&type=chunk) - EHB automotive ball screws have been designated by Chenzhi Technology, with mass production expected by the end of 2025; EMB braking ball screw products are under development for **three companies**[30](index=30&type=chunk) - Automatic steering wheel folding actuators are being jointly developed with Autoliv, with mass production anticipated by the end of 2025[31](index=31&type=chunk) - In-car drone clamping actuators passed mass production certification by a leading domestic new energy vehicle manufacturer in mid-2024 and are now in stable supply[32](index=32&type=chunk) - The company successfully developed humanoid robot upper and lower limb linear motion joint module reverse planetary roller screw products, established a trial production line, and delivered the first batch of samples to **two leading domestic new energy vehicle manufacturers**[33](index=33&type=chunk) [New Energy Power Systems](index=11&type=section&id=（二）新能源动力系统) The company focuses on R&D, production, and sales of new energy electric vehicle electric drive systems, including motors and integrated electric axles, with plans for low-altitude aircraft electric drive products by late 2025 - New energy electric drive products cover pure electric platforms (155, 180, 210) and hybrid platforms (180, 210 oil-cooled, 270), achieving large-scale mass production for multiple clients[34](index=34&type=chunk) - In the low-altitude economy sector, the company plans a series of **30KW to 250KW** aircraft electric drive products, with the **230KW** oil-cooled product solution completing a prototype and expected for delivery in the second half of 2025[35](index=35&type=chunk)[36](index=36&type=chunk) [Bearing Units](index=12&type=section&id=（三）轴承单元) Wholly-owned subsidiary Hubei Shuanglin Bearing is a leading hub bearing manufacturer in China, with extensive technical expertise and national honors, supplying major OEMs and expanding into the new energy vehicle market - Wholly-owned subsidiary Hubei Shuanglin Bearing is a leading enterprise in China's hub bearing industry, with an annual production capacity of **18 million sets** of hub bearings and units[37](index=37&type=chunk) - Hub bearing products have been developed for OEMs such as Dongfeng Nissan, SAIC-GM-Wuling, and Geely, and are supplied to new energy vehicle models from BYD and NIO[38](index=38&type=chunk) - In 2024, the company secured multiple new projects, including Avatr, Zeekr, AITO, Dongfeng Nissan, SAIC Audi, and Xpeng, with AITO M8 and Dongfeng Nissan N7 projects entering mass production in 2025[38](index=38&type=chunk) [Grinding Equipment](index=12&type=section&id=（四）磨床设备) The acquisition of Wuxi Kezhixin Machinery Technology Co., Ltd. in January 2025 extended the planetary roller screw industry chain upstream, leveraging its internationally leading CNC thread grinding technology to reduce equipment costs and lead times - In January 2025, the company acquired **100% equity** of Wuxi Kezhixin Machinery Technology Co., Ltd., extending the upstream segment of the planetary roller screw industry chain[39](index=39&type=chunk) - Kezhixin's CNC thread grinding machine technology has reached international leading levels, with internal thread grinding machines achieving **C3 and C2 precision**, and external thread grinding machines achieving **P3 and P2 precision**[39](index=39&type=chunk) - The acquisition resolved equipment "bottleneck" issues, significantly reducing equipment procurement costs and cycles[39](index=39&type=chunk) [Automotive Precision Components](index=12&type=section&id=（五）汽车精密零部件) The company excels in automotive interior/exterior trim, precision injection molded components, and injection molds, operating multiple production bases and an independent mold R&D center with an annual capacity of over 1,000 mold sets - The company primarily produces automotive interior and exterior trim parts such as bumpers, door panels, pillars, and high-gloss decorative panels, as well as precision injection molded components like airbag covers, ignition coils, and sensors[40](index=40&type=chunk) - An independent mold R&D center has been established, with an annual mold processing capacity of over **1,000 sets** and **200 sets** of inspection tools[41](index=41&type=chunk) - Key OEM customers include SAIC-GM-Wuling, Chongqing Changan, Xpeng, and SAIC Volkswagen[40](index=40&type=chunk) [Company's Main Business Model](index=13&type=section&id=二、公司主要经营模式) The company operates a comprehensive procurement, production, sales, and R&D system, primarily using a make-to-order model and direct sales to OEMs, with continuous investment in R&D and technological innovation - Procurement model: Establishes a qualified supplier list through an information platform and business negotiations, adjusting supply based on demand forecasts and production plans[42](index=42&type=chunk) - Production model: Primarily adopts a make-to-order approach, with product serialization, specialization, and scaled production, implementing lean manufacturing[42](index=42&type=chunk)[43](index=43&type=chunk) - Sales model: Primarily direct sales to vehicle manufacturers and Tier 1 suppliers, managed through dedicated project teams[43](index=43&type=chunk)[44](index=44&type=chunk) - Research and development model: Operates **five R&D centers**, focusing on product R&D and technological innovation, increasing R&D investment, and concentrating on new energy vehicle motors and electronic control systems[44](index=44&type=chunk) [Analysis of Core Competencies](index=13&type=section&id=二、核心竞争力分析) The company has established significant market advantages in automotive components and intelligent equipment through strong R&D, product synergy, quality management, cost control, global network, and adaptive organizational structure - The company operates **5 R&D centers**, an academician workstation, and a postdoctoral research station, continuously investing in cutting-edge technologies such as planetary roller screws for humanoid robots and aircraft electric drive products[46](index=46&type=chunk)[47](index=47&type=chunk) - Product categories are extensive, including intelligent control systems, new energy power systems, and bearing units, with humanoid robot planetary roller screws sharing technological origins with core HDM products[47](index=47&type=chunk)[48](index=48&type=chunk) - The acquisition of Wuxi Kezhixin has integrated upstream segments of the industry chain, strengthening high-precision screw manufacturing capabilities[48](index=48&type=chunk) - A comprehensive quality management system has been established, achieving multiple international certifications and receiving the Ningbo Municipal Government Quality Innovation Award[48](index=48&type=chunk) - Cost leadership is achieved by enhancing product design precision, automation levels, platform-based production, and lean manufacturing[49](index=49&type=chunk) - Global production, R&D, or after-sales service bases are strategically located, with the Thailand factory commencing mass production in January 2025 and construction of an electric drive Thailand factory initiated[50](index=50&type=chunk) - The company maintains a stable customer base of mainstream vehicle manufacturers and globally renowned Tier 1 component suppliers, including SAIC-GM-Wuling, Volkswagen, Changan, BYD, NIO, and Xpeng[50](index=50&type=chunk) - Organizational adjustments in the first half of 2025, including new innovation incubation, strategic technology, strategic expansion centers, and intelligent equipment and overseas business units, support the transformation into an intelligent equipment solutions provider[51](index=51&type=chunk) [Analysis of Principal Business](index=15&type=section&id=三、主营业务分析) Operating revenue increased by **20.07%** year-on-year due to sales growth, with new energy electric drive business revenue up **93.78%** and other business revenue up **97.92%**, leading to an overall gross profit margin increase of **1.44%** Key Financial Data Year-on-Year Changes | Indicator | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 2,524,796,940.92 | 2,102,848,035.58 | 20.07% | Primarily due to increased sales | | Operating Cost | 2,001,216,027.29 | 1,697,011,276.33 | 17.93% | | | Selling Expenses | 18,079,440.53 | 17,753,856.97 | 1.83% | | | Administrative Expenses | 150,920,754.22 | 128,692,959.96 | 17.27% | | | Financial Expenses | 6,541,939.81 | 14,034,606.26 | -53.39% | Primarily due to reduced borrowing interest | | Income Tax Expenses | 19,842,345.40 | 12,594,967.76 | 57.54% | Primarily due to increased net profit | | Net Cash Flow from Operating Activities | 401,241,932.79 | 403,570,488.33 | -0.58% | | | Net Cash Flow from Investing Activities | -332,238,016.19 | -2,445,327.89 | 13,486.64% | Primarily due to the acquisition of Kezhixin this period and receipt of performance compensation last period | | Net Cash Flow from Financing Activities | -52,826,687.72 | -275,129,317.51 | -80.80% | Primarily due to receipt of equity incentive funds this period and repayment of borrowings last period | | Net Increase in Cash and Cash Equivalents | 18,375,476.09 | 127,255,614.94 | -85.56% | Primarily due to the combined impact of operating, investing, and financing activities | Product or Service Information with Over 10% Contribution | Product or Service | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Profit Margin | Operating Revenue Year-on-Year Change | Operating Cost Year-on-Year Change | Gross Profit Margin Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Interior/Exterior Trim and Electromechanical Components | 1,344,074,245.81 | 1,049,679,027.92 | 21.90% | 11.04% | 9.06% | 1.41% | | Hub Bearing Components | 615,640,036.19 | 486,071,394.37 | 21.05% | 2.25% | 2.42% | -0.13% | | New Energy Electric Drive | 440,467,617.99 | 362,714,645.52 | 17.65% | 93.78% | 82.63% | 5.03% | | Other | 124,615,040.93 | 102,750,959.48 | 17.55% | 97.92% | 67.47% | 15.00% | | **By Industry** | | | | | | | | Industrial | 2,524,796,940.92 | 2,001,216,027.29 | 20.74% | 20.07% | 17.93% | 1.44% | | **By Region** | | | | | | | | Domestic | 2,317,827,774.54 | 1,852,538,444.99 | 20.07% | 22.73% | 20.33% | 1.59% | | International | 206,969,166.38 | 148,677,582.30 | 28.16% | -3.41% | -5.59% | 1.66% | [Analysis of Non-Principal Business](index=16&type=section&id=四、非主营业务分析) Non-principal business contributed **36.06 million Yuan** to total profit, primarily from asset disposal gains, representing **11.74%** of total profit, though this contribution is not sustainable Impact of Non-Principal Business on Total Profit | Item | Amount (Yuan) | Percentage of Total Profit | Explanation of Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | -4,052,729.63 | -1.32% | Due to bill discounting this period | No | | Asset Impairment | -4,521,926.55 | -1.47% | Due to inventory impairment provision this period | No | | Non-Operating Income | 2,007,056.42 | 0.65% | Primarily due to supplier compensation received | No | | Non-Operating Expenses | 763,139.78 | 0.25% | Primarily due to losses from disposal of scrap assets | No | | Gains from Asset Disposal | 36,056,140.76 | 11.74% | Due to disposal of buildings this period | No | [Analysis of Assets and Liabilities](index=16&type=section&id=五、资产及负债状况分析) At period-end, total assets increased by **1.93%** and net assets attributable to shareholders by **10.27%** year-on-year, with monetary funds and short-term borrowings rising, while accounts receivable and long-term borrowings decreased Significant Changes in Asset Composition | Item | Current Period-End Amount (Yuan) | Percentage of Total Assets | Prior Year-End Adjusted Amount (Yuan) | Percentage of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 704,910,891.57 | 11.03% | 621,927,613.80 | 9.92% | 1.11% | | Accounts Receivable | 1,239,220,162.17 | 19.39% | 1,427,098,025.53 | 22.76% | -3.37% | | Inventories | 1,010,127,981.26 | 15.80% | 1,017,130,072.60 | 16.22% | -0.42% | | Construction in Progress | 132,084,276.90 | 2.07% | 91,917,349.55 | 1.47% | 0.60% | | Short-Term Borrowings | 860,586,666.66 | 13.46% | 693,435,137.86 | 11.06% | 2.40% | | Long-Term Borrowings | 0.00 | 0.00% | 100,088,611.11 | 1.60% | -1.60% | - The company had no major overseas assets during the reporting period[61](index=61&type=chunk) - Period-end trading financial assets amounted to **13,471.00 Yuan**, primarily due to the book balance of wealth management products from the newly consolidated Wuxi Kezhixin Machinery Technology Co., Ltd[62](index=62&type=chunk) Asset Rights Restricted as of Reporting Period-End | Item | Period-End Carrying Value (Yuan) | Restriction Type | Reason for Restriction | | :--- | :--- | :--- | :--- | | Monetary Funds | 126,410,854.40 | Guarantee, Margin, Other | Bill margin, letter of credit margin, letter of guarantee margin, other margins | | Notes Receivable | 17,643,973.23 | Guarantee | Acceptance bill split pledge | | Financing Receivables | 456,002,828.55 | Guarantee | Acceptance bill split pledge | | Fixed Assets | 156,305,487.52 | Guarantee | Mortgage guarantee | | Intangible Assets | 125,401,140.21 | Guarantee | Mortgage guarantee | | Monetary Funds | 5,352.92 | Other | Frozen bank deposits | | Total | 881,769,636.83 | | | [Analysis of Investment Status](index=18&type=section&id=六、投资状况分析) The company's investment increased by **100%** year-on-year, mainly due to the **135 million Yuan** acquisition of Wuxi Kezhixin Machinery Technology Co., Ltd. to extend the planetary roller screw industry chain Overall Investment Status | Indicator | Amount (Yuan) | | :--- | :--- | | Investment Amount for the Reporting Period | 135,000,000.00 | | Investment Amount for the Prior Year Period | 0.00 | | Change Percentage | 100.00% | Significant Equity Investments During the Reporting Period | Investee Company Name | Main Business | Investment Method | Investment Amount (Yuan) | Shareholding Percentage | Source of Funds | Investment Progress | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Wuxi Kezhixin Machinery Technology Co., Ltd. | Grinding Equipment | Acquisition | 135,000,000.00 | 100.00% | Own Funds | The company completed the acquisition and industrial and commercial change in January 2025 | | Estimated Return | 26,000,000.00 | Current Period Investment Profit/Loss | 896,486.06 | - The company had no significant non-equity investments in progress during the reporting period[67](index=67&type=chunk) - The company had no use of raised funds during the reporting period[69](index=69&type=chunk) Entrusted Wealth Management | Specific Type | Source of Entrusted Wealth Management Funds | Amount of Entrusted Wealth Management (10,000 Yuan) | Unmatured Balance (10,000 Yuan) | Overdue Unrecovered Amount (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 1.35 | 0 | 0 | | Total | | 1.35 | 0 | 0 | - The company had no derivative investments or entrusted loans during the reporting period[71](index=71&type=chunk)[72](index=72&type=chunk) [Significant Asset and Equity Sales](index=19&type=section&id=七、重大资产和股权出售) The company did not engage in any significant asset or equity sales during the reporting period - The company did not sell significant assets during the reporting period[73](index=73&type=chunk) - The company did not sell significant equity during the reporting period[74](index=74&type=chunk) [Analysis of Major Holding and Participating Companies](index=19&type=section&id=八、主要控股参股公司分析) Major subsidiaries Hubei Shuanglin Bearing Co., Ltd. and Shandong Shuanglin New Energy Technology Co., Ltd. significantly contributed to net profit, with the recent acquisition of Wuxi Kezhixin Machinery Technology Co., Ltd. extending the roller screw industry chain Major Subsidiaries and Participating Companies with Over 10% Impact on Company 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) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hubei Shuanglin Bearing Co., Ltd. | Subsidiary | Automotive Components | 70,000,000.00 | 1,754,946,935.23 | 749,669,595.88 | 628,416,602.64 | 82,253,167.03 | 72,433,341.68 | | Shandong Shuanglin New Energy Technology Co., Ltd. | Subsidiary | Automotive Components | 30,000,000.00 | 476,419,474.30 | 39,718,956.96 | 339,192,411.40 | 34,740,751.13 | 31,334,301.40 | - During the reporting period, the company acquired Wuxi Kezhixin Machinery Technology Co., Ltd., extending the upstream segment of the roller screw industry chain and reducing procurement costs[76](index=76&type=chunk) [Information on Structured Entities Controlled by the Company](index=20&type=section&id=九、公司控制的结构化主体情况) The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[77](index=77&type=chunk) [Risks Faced by the Company and Countermeasures](index=20&type=section&id=十、公司面临的风险和应对措施) The company faces risks from macroeconomic conditions, raw material price volatility, and automotive component price competition, which it addresses through enhanced procurement, strategic partnerships, and financial instruments - Macroeconomic conditions and policy risks: The automotive industry is significantly affected by macroeconomic cycles, new energy vehicle subsidy policies are uncertain, and international trade frictions are escalating[77](index=77&type=chunk) - Raw material price risks: Fluctuations in prices of plastics, steel, and other raw materials impact manufacturing costs and working capital pressure. The company will strengthen procurement management, establish strategic partnerships, and employ financial instruments to mitigate risks[78](index=78&type=chunk) - Automotive component product price risks: Intensified competition in the automotive industry leads to pricing pressure on components, posing a continuous challenge to profit margins[79](index=79&type=chunk) [Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=20&type=section&id=十一、报告期内接待调研、沟通、采访等活动登记表) On April 18, 2025, the company conducted an online exchange via the SZSE Interactive Easy platform, discussing roller screw product advantages, Kezhixin's core competitiveness, and its overseas layout - On April 18, 2025, the company conducted an online exchange via the SZSE Interactive Easy platform, discussing the advantages of roller screw products, Kezhixin's core competitiveness, and the company's overseas layout[80](index=80&type=chunk)[81](index=81&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=21&type=section&id=十二、市值管理制度和估值提升计划的制定落实情况) The company approved its "Market Value Management System" on August 15, 2025, to enhance investment value and shareholder returns, but has not yet disclosed a valuation enhancement plan - The company has formulated and approved the "Market Value Management System" on August 15, 2025[82](index=82&type=chunk) - The company has not yet disclosed a valuation enhancement plan[82](index=82&type=chunk) [Implementation of the "Dual Improvement in Quality and Returns" Action Plan](index=21&type=section&id=十三、"质量回报双提升"行动方案贯彻落实情况) The company disclosed its "Dual Improvement in Quality and Returns" action plan on January 13, 2025, focusing on core business, humanoid robot opportunities, investor returns, governance, and information disclosure - The company published the "Announcement on the 'Dual Improvement in Quality and Returns' Action Plan" on January 13, 2025[83](index=83&type=chunk) - The action plan primarily addresses focusing on the main business, seizing opportunities in humanoid robotics, prioritizing investor returns, improving corporate governance, and enhancing the quality of information disclosure[83](index=83&type=chunk) [Corporate Governance, Environment, and Society](index=21&type=section&id=第四节%20公司治理、环境和社会) This section covers changes in the company's governance structure, profit distribution plans, employee incentive programs, environmental disclosures, and social responsibility initiatives [Changes in Directors, Supervisors, and Senior Management](index=21&type=section&id=一、公司董事、监事、高级管理人员变动情况) During the reporting period, there was a change in the company's senior management, with Wei Yong appointed as Deputy General Manager Changes in Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Wei Yong | Deputy General Manager | Appointment | April 17, 2025 | Job transfer | [Profit Distribution and Capital Reserve Conversion to Share Capital During This Reporting Period](index=21&type=section&id=二、本报告期利润分配及资本公积金转增股本情况) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital 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[87](index=87&type=chunk) [Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=22&type=section&id=三、公司股权激励计划、员工持股计划或其他员工激励措施的实施情况) The 2022 Restricted Stock Incentive Plan is complete, the first vesting period of the 2024 plan's initial grant is done, and the 2025 Employee Stock Ownership Plan has completed stock purchases with adjusted holdings - The 2022 Restricted Stock Incentive Plan has been fully implemented, including multiple adjustments, cancellations, and vesting events[99](index=99&type=chunk) - The first vesting period of the initial grant under the 2024 Restricted Stock Incentive Plan has been completed, with **8.4952 million shares** actually vested[107](index=107&type=chunk) - The 2025 Employee Stock Ownership Plan acquired **1.4262 million company shares** through centralized bidding and was adjusted to **1.99668 million shares** due to the 2024 annual profit distribution plan[109](index=109&type=chunk) [2022 Restricted Stock Incentive Plan](index=22&type=section&id=（一）2022%20年限制性股票激励计划) The 2022 Restricted Stock Incentive Plan completed the second vesting period of the reserved grant and the third vesting period of the initial grant, with some unvested shares cancelled, and the plan is now fully implemented - The second reserved grant of **955,000 shares** under the 2022 equity incentive plan has been vested, with the listing and circulation date for the shares being April 28, 2025[95](index=95&type=chunk) - The third initial grant of **6.0872 million shares** (adjusted) under the 2022 equity incentive plan has been vested, with the listing and circulation date for the shares being June 19, 2025[98](index=98&type=chunk) - A total of **4.65 million restricted shares** were cancelled due to the departure of incentive recipients and failure to meet performance targets[93](index=93&type=chunk) - The 2022 Restricted Stock Incentive Plan has been fully implemented[99](index=99&type=chunk) [2024 Restricted Stock Incentive Plan](index=24&type=section&id=（二）2024%20年限制性股票激励计划) The 2024 Restricted Stock Incentive Plan completed the first vesting period of its initial grant, cancelled some unvested shares, and adjusted grant quantities and prices during the reporting period - The first initial grant of shares under the 2024 equity incentive plan has been vested, with **8.4952 million shares** (adjusted) actually vested at an adjusted grant price of **3.58 Yuan/share**[107](index=107&type=chunk) - **80,000 restricted shares** were cancelled due to the departure of incentive recipients[103](index=103&type=chunk) - Due to the 2024 profit distribution plan, the adjusted number of unvested restricted shares under the 2024 Restricted Stock Incentive Plan is **23.03 million shares**, with the grant price adjusted to **3.58 Yuan/share**[105](index=105&type=chunk) [Implementation of Employee Stock Ownership Plan](index=25&type=section&id=2、员工持股计划的实施情况) The 2025 Employee Stock Ownership Plan acquired **1.4262 million company shares** through centralized bidding and subsequently adjusted its holdings to **1.99668 million shares** due to the 2024 annual profit distribution plan - As of February 12, 2025, the 2025 Employee Stock Ownership Plan completed stock purchases by acquiring **1.4262 million company shares** through centralized bidding[109](index=109&type=chunk) - Due to the 2024 annual profit distribution plan, the number of shares held by the 2025 Employee Stock Ownership Plan was adjusted to **1.99668 million shares**[109](index=109&type=chunk) [Environmental Information Disclosure](index=27&type=section&id=四、环境信息披露情况) The company and its major subsidiaries are not included in the list of enterprises legally required to disclose environmental information - The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[111](index=111&type=chunk) [Social Responsibility](index=27&type=section&id=五、社会责任情况) The company actively fulfills its social responsibilities by adhering to legal information disclosure, prioritizing investor returns, protecting employee rights, and operating lawfully to achieve both economic and social benefits - The company strictly adheres to laws and regulations for information disclosure, communicating with investors through various channels to enhance transparency and integrity[111](index=111&type=chunk) - The company values reasonable investor returns, strictly implementing dividend distribution plans in accordance with its articles of association and profit distribution policies[111](index=111&type=chunk) - The company complies with the Labor Contract Law, respects and protects employee rights, and focuses on employee health, safety, and satisfaction[111](index=111&type=chunk) [Significant Matters](index=28&type=section&id=第五节%20重要事项) This section details the company's significant events, including commitment fulfillment, litigation, related-party transactions, and other material developments during the reporting period [Commitments Fulfilled and Overdue Unfulfilled Commitments by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=28&type=section&id=一、公司实际控制人、股东、关联方、收购人以及公司等承诺相关方在报告期内履行完毕及截至报告期末超期未履行完毕的承诺事项) Commitments by the actual controller, shareholders, and related parties regarding non-compete, related-party transactions, and fund occupation were strictly adhered to, while Ninghai Jinshi's performance compensation obligation is under court enforcement - Wu Shaowei, Xiangyang Xinhuojv Technology Co., Ltd., and Xiangyang Xinggerun Network Technology Co., Ltd. strictly adhered to their commitments to avoid horizontal competition and regulate related-party transactions[113](index=113&type=chunk) - Shuanglin Group, Wu Jianbin, Wu Weijing, and Wu Xiaojing strictly adhered to their commitments to avoid horizontal competition and regulate related-party transactions[114](index=114&type=chunk)[117](index=117&type=chunk) - Ninghai Jinshi Equity Investment Fund Partnership (Limited Partnership) failed to fulfill its 2020 performance commitment, leading the company to apply for court enforcement; **1,380,547 performance compensation shares** have been cancelled, and the final fulfillment of cash compensation is subject to court enforcement results[114](index=114&type=chunk)[119](index=119&type=chunk) - Commitments made by the company's controlling shareholder, actual controller, directors, and senior management regarding measures to mitigate dilution of immediate returns were terminated due to project termination[118](index=118&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties](index=34&type=section&id=二、控股股东及其他关联方对上市公司的非经营性占用资金情况) During the reporting period, there was no non-operating fund occupation by the controlling shareholder or other related parties of the listed company - During the reporting period, there was no non-operating fund occupation by the controlling shareholder or other related parties of the listed company[120](index=120&type=chunk) [Irregular External Guarantees](index=34&type=section&id=三、违规对外担保情况) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[121](index=121&type=chunk) [Appointment and Dismissal of Accounting Firms](index=34&type=section&id=四、聘任、解聘会计师事务所情况) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[122](index=122&type=chunk) [Explanations by the Board of Directors, Supervisory Board, and Audit Committee on the "Non-Standard Audit Report" for This Reporting Period](index=34&type=section&id=五、董事会、监事会、审计委员会对会计师事务所本报告期"非标准审计报告"的说明) The company had no non-standard audit reports during the reporting period - The company had no non-standard audit reports during the reporting period[123](index=123&type=chunk) [Explanations by the Board of Directors on the "Non-Standard Audit Report" for the Previous Year](index=34&type=section&id=六、董事会对上年度"非标准审计报告"相关情况的说明) The company had no explanations regarding a non-standard audit report for the previous year during the reporting period - The company had no explanations regarding a non-standard audit report for the previous year during the reporting period[123](index=123&type=chunk) [Bankruptcy and Reorganization Matters](index=34&type=section&id=七、破产重整相关事项) The company had no bankruptcy and reorganization matters during the reporting period - The company had no bankruptcy and reorganization matters during the reporting period[123](index=123&type=chunk) [Litigation Matters](index=34&type=section&id=八、诉讼事项) The company is involved in multiple lawsuits, including a significant performance compensation case with Ninghai Jinshi (under enforcement) and various disputes with customers over payments, with some cases won and others ongoing - The company filed a lawsuit against Ninghai Jinshi regarding Shuanglin Investment's 2020 performance compensation, which has been finally adjudicated; the company has applied for mandatory enforcement, some shares have been cancelled, and the final fulfillment of cash compensation is subject to court enforcement results[124](index=124&type=chunk)[125](index=125&type=chunk)[126](index=126&type=chunk) - The company is involved in multiple disputes with customers such as Huoshenshan, Beijing Borgward, Dayun Auto, Hubei Daye Hanlong, Soueast Motor, Evergrande New Energy, and Enovate Motors over goods payments and mold fees; some cases have been won and are in enforcement, while others have been settled or are still under trial[126](index=126&type=chunk)[127](index=127&type=chunk)[128](index=128&type=chunk)[129](index=129&type=chunk)[130](index=130&type=chunk)[131](index=131&type=chunk) [Penalties and Rectification](index=41&type=section&id=九、处罚及整改情况) The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[132](index=132&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=41&type=section&id=十、公司及其控股股东、实际控制人的诚信状况) During the reporting period, there were no integrity issues concerning the company, its controlling shareholder, or actual controller - During the reporting period, there were no integrity issues concerning the company, its controlling shareholder, or actual controller[133](index=133&type=chunk) [Significant Related Party Transactions](index=41&type=section&id=十一、重大关联交易) The company engaged in routine related-party transactions with its controlling shareholder and entities under common control, including procurement, sales, and leasing, with market-based pricing, but no major asset/equity transactions or related-party debt occurred Related Party Transactions Related to Ordinary Operations | Transacting Party | Relationship | Transaction Type | Transaction Content | Transaction Amount (10,000 Yuan) | Approved Limit (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Ningbo Shuanglin Group Co., Ltd. | Controlling Shareholder | Procurement | Goods, Equipment | 249.66 | 500 | | Shanghai Quanmu Information Technology Co., Ltd. | Under Same Actual Control | Procurement | Gifts and other goods | 24.32 | 150 | | Ningbo Tianmingshan Hot Spring Hotel Co., Ltd., Ninghai Forest Hot Spring Resort Co., Ltd. | Under Same Actual Control | Procurement | Gifts and other goods | 39.95 | 200 | | Ningbo Tianmingshan Hot Spring Hotel Co., Ltd., Ninghai Forest Hot Spring Resort Co., Ltd. | Under Same Actual Control | Payment | Conference fees, reception fees, etc. | 115.46 | 200 | | Ninghai Shuanglin Vocational School | Under Same Actual Control | Acceptance | Services (training) | 0.28 | 10 | | Ningbo Shuanglin Electronics Co., Ltd. | Under Same Actual Control | Sales | Goods, Equipment | 2,040.1 | 6,500 | | Suzhou Shuanglin Plastic Electronics Co., Ltd. | Under Same Actual Control | Sales | Goods | 57.16 | 300 | | Suzhou Shuanglin Plastic Electronics Co., Ltd. | Under Same Actual Control | Lease | Factory | 132.15 | 400 | | Ningbo Shuanglin Electronics Co., Ltd. | Under Same Actual Control | Lease | Factory | 148.68 | 400 | | Total | | | | 2,807.76 | 8,660 | - The company had no related-party transactions involving asset or equity acquisition or disposal during the reporting period[136](index=136&type=chunk) - The company had no related-party transactions involving joint external investments during the reporting period[137](index=137&type=chunk) - The company had no related-party creditor-debtor relationships during the reporting period[138](index=138&type=chunk) - The company and its controlled finance companies had no deposits, loans, credit lines, or other financial transactions with related parties[139](index=139&type=chunk)[140](index=140&type=chunk) - The company had no other significant related-party transactions during the reporting period[141](index=141&type=chunk) [Significant Contracts and Their Performance](index=44&type=section&id=十二、重大合同及其履行情况) The company has various lease contracts as both lessee and lessor, and significant guarantees, primarily for subsidiaries, with total actual guarantees representing **24.63%** of the company's net assets - The company had no entrustment or contracting situations during the reporting period[142](index=142&type=chunk)[143](index=143&type=chunk) - As a lessee, the company leases factories and office premises in Tianjin, Shenyang, Ningbo, Wuxi, Zhaoqing, and other locations[144](index=144&type=chunk)[145](index=145&type=chunk)[146](index=146&type=chunk) - As a lessor, Hubei Shuanglin Bearing leases factory buildings to Xiangyang Huili Machinery Manufacturing Co., Ltd., Hubei Quanyue Forging Co., Ltd., etc., and Autolin INC leases properties to Stephanie Su, D.D.S, PLLC, etc[147](index=147&type=chunk)[148](index=148&type=chunk)[149](index=149&type=chunk)[150](index=150&type=chunk) - The company had no lease projects that generated profit or loss exceeding **10%** of the company's total profit for the reporting period[151](index=151&type=chunk) Company Guarantees for Subsidiaries | Guaranteed Party Name | Guarantee Limit (10,000 Yuan) | Actual Guarantee Amount (10,000 Yuan) | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Hubei Shuanglin Bearing | 20,000 | 20,000 | 1 year | No | | Hubei Shuanglin Bearing | 10,000 | 10,000 | 1 year | No | | Hubei Shuanglin Bearing | 14,400 | 14,400 | 2 years | No | | Hubei Shuanglin Bearing | 9,600 | 9,600 | 3 years | No | | Shuanglin Mold | 5,500 | 5,500 | 3 years | No | | Guarantees for subsidiaries or branch members within bill pool/asset pool/supply chain | 20,000 | 12,270.66 | 9 months/10 months | No | | Total approved guarantee limit for subsidiaries within the reporting period (B1) | 92,150 | Total actual guarantee amount for subsidiaries within the reporting period (B2) | 71,770.66 | | Total approved guarantee limit for subsidiaries at the end of the reporting period (B3) | 92,150 | Total actual guarantee balance for subsidiaries at the end of the reporting period (B4) | 71,770.66 | - The total actual guarantee amount (i.e., A4+B4+C4) accounts for **24.63%** of the company's net assets[154](index=154&type=chunk) - The company had no significant ordinary course contracts or other significant contracts during the reporting period[155](index=155&type=chunk)[156](index=156&type=chunk) [Explanation of Other Significant Matters](index=47&type=section&id=十三、其他重大事项的说明) The company terminated its 2025 A-share private placement, is planning an H-share listing, changed its name to "Shuanglin Co., Ltd.", and retrospectively adjusted prior year EPS due to capital reserve conversion - The company terminated its 2025 private placement of A-shares on July 11, 2025, primarily considering capital market conditions, the company's actual situation, and development plans[157](index=157&type=chunk) - The company plans to issue H-shares and list on the main board of the Hong Kong Stock Exchange to enhance capital strength, accelerate internationalization strategy, and expand overseas business[158](index=158&type=chunk) - On August 4, 2025, the company's name changed from "Ningbo Shuanglin Auto Parts Co., Ltd." to "Shuanglin Co.,Ltd."[160](index=160&type=chunk) - The company retrospectively adjusted its basic and diluted earnings per share for the first half of 2023 from **0.62 Yuan/share** to **0.44 Yuan/share**, primarily due to the capital reserve conversion to share capital in the 2024 equity distribution plan[161](index=161&type=chunk)[162](index=162&type=chunk) [Significant Matters of Company Subsidiaries](index=48&type=section&id=十四、公司子公司重大事项) The company's wholly-owned subsidiary, Hubei Xinhuojv Technology Co., Ltd., has been renamed Hubei Shuanglin Bearing Co., Ltd - In July 2025, the company's wholly-owned subsidiary, Hubei Xinhuojv Technology Co., Ltd., was renamed Hubei Shuanglin Bearing Co., Ltd[163](index=163&type=chunk) [Share Changes and Shareholder Information](index=49&type=section&id=第六节%20股份变动及股东情况) This section details changes in the company's share capital, securities issuance, shareholder structure, and shareholdings of directors and senior management [Share Change Status](index=49&type=section&id=一、股份变动情况) During the reporting period, the company's total share capital increased from **400.77 million shares** to **567.07 million shares**, primarily due to equity incentive vesting and capital reserve conversion Share Change Status | Item | Number of Shares Before Change | Percentage Before Change | Increase/Decrease (+) New Shares Issued (shares) | Increase/Decrease (+) Capital Reserve Conversion (shares) | Increase/Decrease (+) Other (shares) | Total Increase/Decrease (shares) | Number of Shares After Change | Percentage After Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 13,706,362 | 3.42% | 0 | 5,614,545 | 876,000 | 6,490,545 | 20,196,907 | 3.56% | | Of which: Shares held by domestic natural persons | 13,706,362 | 3.42% | 0 | 5,614,545 | 876,000 | 6,490,545 | 20,196,907 | 3.56% | | II. Unrestricted Shares | 387,062,884 | 96.58% | 0 | 153,642,752 | 6,166,200 | 159,808,952 | 546,871,836 | 96.44% | | Of which: RMB ordinary shares | 387,062,884 | 96.58% | 0 | 153,642,752 | 6,166,200 | 159,808,952 | 546,871,836 | 96.44% | | III. Total Shares | 400,769,246 | 100.00% | 0 | 159,257,297 | 7,042,200 | 166,299,497 | 567,068,743 | 100.00% | - Reasons for share changes include the vesting of the second reserved grant under the 2022 equity incentive plan (**955,000 shares**), the capital reserve conversion to share capital in the 2024 profit distribution plan (**159,257,297 shares**), and the vesting of the third initial grant under the 2022 equity incentive plan (**6.0872 million shares**)[167](index=167&type=chunk)[168](index=168&type=chunk)[169](index=169&type=chunk) - Share changes resulted in basic earnings per share being adjusted from **0.72 Yuan/share** to **0.51 Yuan/share**, and net assets per common share attributable to the company being adjusted from **7.22 Yuan/share** to **5.14 Yuan/share**[173](index=173&type=chunk) Changes in Restricted Shares | Shareholder Name | Initial Restricted Shares (shares) | Increase in Restricted Shares This Period (shares) | Period-End Restricted Shares (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Wu Jianbin | 13,500,000 | 5,767,500 | 19,267,500 | Lock-up for Directors, Supervisors, Senior Management | | Wu Weijing | 0 | 126,000 | 126,000 | Lock-up for Directors, Supervisors, Senior Management | | Chen Youfu | 75,975 | 159,015 | 234,990 | Lock-up for Directors, Supervisors, Senior Management | | Zhu Liming | 0 | 128,625 | 128,625 | Lock-up for Directors, Supervisors, Senior Management | | Ge Hai'an | 0 | 128,625 | 128,625 | Lock-up for Directors, Supervisors, Senior Management | | Qian Xueming | 130,388 | 180,780 | 311,168 | Lock-up for Directors, Supervisors, Senior Management | | Total | 13,706,363 | 6,490,545 | 20,196,908 | | [Securities Issuance and Listing](index=51&type=section&id=二、证券发行与上市情况) During the reporting period, the company issued and listed **955,000** and **6.0872 million** A-shares, respectively, due to the second vesting period of the reserved grant and the third vesting period of the initial grant under the 2022 equity incentive plan Securities Issuance and Listing | Name of Stock and Derivative Securities | Issuance Date | Issuance Price (Yuan) | Issuance Quantity (shares) | Listing Date | Quantity Approved for Listing and Trading (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | 2022 Equity Incentive Restricted Shares Vesting (Second Reserved Grant) | April 28, 2025 | 4.18 | 955,000 | April 28, 2025 | 955,000 | | 2022 Equity Incentive Restricted Shares Vesting (Third Initial Grant) | June 19, 2025 | 2.84 | 6,087,200 | June 19, 2025 | 6,087,200 | [Number of Shareholders and Shareholding Status](index=52&type=section&id=三、公司股东数量及持股情况) At period-end, the company had **91,261** common shareholders, with controlling shareholder Ningbo Shuanglin Group Co., Ltd. holding **44.81%** of shares, of which **63 million shares** were pledged - At the end of the reporting period, the total number of common shareholders was **91,261**[179](index=179&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Period-End Shareholding (shares) | Change in Shareholding During Reporting Period (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | Share Status | Quantity (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Ningbo Shuanglin Group Co., Ltd. | Domestic Non-State-Owned Legal Person | 44.81% | 254,126,967 | 72,607,705 | 0.00 | 254,126,967 | Pledged | 63,000,000 | | Wu Jianbin | Domestic Natural Person | 4.53% | 25,690,000 | 7,690,000 | 19,267,500 | 6,422,500 | Not Applicable | 0 | | China Construction Bank Co., Ltd. - Yongying Advanced Manufacturing Smart Selection Mixed Initiated Securities Investment Fund | Other | 2.24% | 12,720,123 | 12,720,123 | 0 | 12,720,123 | Not Applicable | 0 | | Industrial and Commercial Bank of China Co., Ltd. - Guotai Valuation Advantage Mixed Securities Investment Fund (LOF) | Other | 0.71% | 4,053,661 | 1,735,560 | 0 | 4,053,661 | Not Applicable | 0 | | China Merchants Bank Co., Ltd. - Southern CSI 1000 Exchange Traded Index Securities Investment Fund | Other | 0.55% | 3,107,060 | 3,107,060 | 0 | 3,107,060 | Not Applicable | 0 | | Sun Min | Domestic Natural Person | 0.55% | 3,103,480 | 389,080 | 773,057 | 3,103,480 | Not Applicable | 0 | | Xinjiang Jiangna Mining Co., Ltd. | State-Owned Legal Person | 0.44% | 2,520,000 | 2,003,000 | 0 | 2,520,000 | Not Applicable | 0 | | China Merchants Bank Co., Ltd. - Penghua Carbon Neutral Theme Mixed Securities Investment Fund | Other | 0.40% | 2,295,420 | 2,295,420 | 0 | 2,295,420 | Not Applicable | 0 | | Ningbo Shuanglin Auto Parts Co., Ltd. - 2025 Employee Stock Ownership Plan | Other | 0.35% | 1,996,680 | 1,996,680 | 0 | 1,996,680 | Not Applicable | 0 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 0.33% | 1,861,829 | 418,290 | 0 | 1,861,829 | Not Applicable | 0 | - Among the top 10 shareholders, there is a share repurchase account holding **3,581,003 company shares**, accounting for **0.89%** of the company's total share capital as of June 30, 2025[181](index=181&type=chunk) - The company has no voting rights difference arrangements, and the top 10 common shareholders and top 10 unrestricted common shareholders did not engage in agreed repurchase transactions during the reporting period[182](index=182&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=55&type=section&id=四、董事、监事和高级管理人员持股变动) During the reporting period, the shareholdings of some directors and senior management increased due to equity incentive plans, with a total of **26.93 million shares** held at period-end Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Employment Status | Initial Shareholding (shares) | Increase in Shareholding This Period (shares) | Period-End Shareholding (shares) | Number of Restricted Shares Granted at Period-End (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Wu Jianbin | Chairman, General Manager | Current | 18,000,000 | 0 | 25,690,000 | 490,000 | | Wu Weijing | Director | Current | 0 | 0 | 168,000 | 168,000 | | Chen Youfu | Director, Deputy General Manager | Current | 101,300 | 0 | 313,320 | 171,500 | | Zhu Liming | Director, CFO, Board Secretary | Current | 0 | 0 | 171,500 | 171,500 | | Ge Hai'an | Director, Deputy General Manager | Current | 0 | 0 | 171,500 | 171,500 | | Qian Xueming | Deputy General Manager | Current | 173,850 | 0 | 414,890 | 171,500 | | Total | | | 18,275,150 | 0 | 26,929,210 | 1,344,000 | [Changes in Controlling Shareholder or Actual Controller](index=55&type=section&id=五、控股股东或实际控制人变更情况) Neither the company's controlling shareholder nor its actual controller changed during the reporting period - The company's controlling shareholder did not change during the reporting period[184](index=184&type=chunk) - The company's actual controller did not change during the reporting period[184](index=184&type=chunk) [Preferred Share Information](index=56&type=section&id=六、优先股相关情况) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[185](index=185&type=chunk) [Bond-Related Information](index=57&type=section&id=第七节%20债券相关情况) This section confirms that the company had no bond-related activities or outstanding bonds during the reporting period [Bond-Related Information](index=57&type=section&id=债券相关情况) The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[187](index=187&type=chunk) [Financial Report](index=58&type=section&id=第八节%20财务报告) This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and notes, providing a comprehensive overview of its financial position and performance [Audit Report](index=58&type=section&id=一、审计报告) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[189](index=189&type=chunk) [Financial Statements](index=58&type=section&id=二、财务报表) 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 - Consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity are provided[191](index=191&type=chunk)[196](index=196&type=chunk)[200](index=200&type=chunk)[204](index=204&type=chunk)[206](index=206&type=chunk)[208](index=208&type=chunk)[211](index=211&type=chunk)[219](index=219&type=chunk) [Company Basic Information](index=76&type=section&id=三、公司基本情况) Established by Ningbo Shuanglin Investment and Wu Jianbin, the company listed on SZSE in August 2010, with **567.07 million shares** outstanding as of June 30, 2025, and the Wu Jianbin family as ultimate controllers - The company was listed on the Shenzhen Stock Exchange in August 2010, with the Wu Jianbin family members as the ultimate actual controllers[226](index=226&type=chunk) - As of June 30, 2025, the company's total issued share capital was **567,068,743 shares**, with a registered capital of **567,068,743 Yuan**[226](index=226&type=chunk) - The company's main business is the R&D, manufacturing, and sales of automotive and robot components, with operating revenue during the reporting period primarily from automotive component products[227](index=227&type=chunk) - A total of **37 subsidiaries** were included in the scope of consolidated financial statements this period, an increase of **4 subsidiaries** from the previous period[228](index=228&type=chunk) - These financial statements were approved for issuance by the company's board of directors on August 27, 2025[229](index=229&type=chunk) [Basis of Financial Statement Preparation](index=76&type=section&id=四、财务报表的编制基础) The company's financial statements are prepared in accordance with Enterprise Accounting Standards and CSRC regulations, based on a going concern assumption, with no significant doubts about its ability to continue as a going concern - Financial statements are prepared in accordance with the Enterprise Accounting Standards issued by the Ministry of Finance and relevant regulations of the China Securities Regulatory Commission[230](index=230&type=chunk) - These financial statements are prepared on a going concern basis, with no significant doubts identified regarding the ability to continue as a going concern[231](index=231&type=chunk) [Significant Accounting Policies and Estimates](index=77&type=section&id=五、重要会计政策及会计估计) This section comprehensively details the company's significant accounting policies and estimates, including those for financial instruments, receivables, inventory, fixed assets, intangible assets, and revenue recognition, ensuring transparent and comparable financial reporting - The financial statements prepared by the company comply with Enterprise Accounting Standards, accurately and completely reflecting the company's financial position, operating results, cash flows, and other relevant information for the reporting period[233](index=233&type=chunk) - The current reporting period is from January 1, 2025, to June 30, 2025[234](index=234&type=chunk) - The company defines an operating cycle as **12 months** and uses it as the classification standard for current and non-current assets and liabilities[235](index=235&type=chunk) - The functional currency is RMB[236](index=236&type=chunk) - Key accounting policies and estimates for financial instruments, accounts receivable, inventories, fixed assets, intangible assets, and revenue recognition are disclosed in detail[259](index=259&type=chunk)[282](index=282&type=chunk)[288](index=288&type=chunk)[309](index=309&type=chunk)[319](index=319&type=chunk)[343](index=343&type=chunk) [Taxation](index=102&type=section&id=六、税项) The company's main taxes include VAT, urban maintenance and construction tax, and corporate income tax, with varying rates based on tax laws and company nature, and several subsidiaries enjoying a **15%** preferential corporate income tax rate Main Tax Categories and Rates | Tax Category | Tax Rate | | :--- | :--- | | Value-Added Tax | 13%, 9%, 6%, 7%, 5% | | Urban Maintenance and Construction Tax | 7%, 5% | | Corporate Income Tax | 15%, 25%, 30% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | | Property Tax | 1.2%, 12% | Taxable Entities with Different Corporate Income Tax Rates | Taxable Entity Name | Income Tax Rate | | :--- | :--- | | Ningbo Shuanglin Mold Co., Ltd. | 15% | | Tianjin Shuanglin Auto Parts Co., Ltd. | 15% | | Suzhou Shuanglin Auto Parts Co., Ltd. | 15% | | Hubei Shuanglin Bearing Co., Ltd. | 15% | | Chongqing Wanglin Auto Parts Co., Ltd. | 15% | | Liuzhou Shuanglin Auto Parts Technology Co., Ltd. | 15% | | Liuzhou Shuanglin Auto Parts Manufacturing Co., Ltd. | 15% | | Liuzhou Wanglin New Energy Technology Co., Ltd. | 15% | | Wuhu Shuanglin Auto Parts Co., Ltd. | 15% | | Shandong Shuanglin New Energy Technology Co., Ltd. | 15% | | Shuanglin Shares (Hong Kong) Co., Ltd. | 16.5% | | Thailand Xinhuojv Co., Ltd. | 20% | | DSI Holdings Pty Limited | 30% | | Xinhuojv Technology Co., Ltd. | 17% | | Xinhuojv Trading Co., L

Section I Definitions [Definitions of Common Terms](index=4&type=section&id=Section%20I%20Definitions) This chapter defines key terms used in the report, including company names, reporting periods, currency units, and professional technical terms, ensuring accurate understanding of the report content - Primeton Information, the Company, this Company, and the Parent Company all refer to Primeton Information Technology Co., Ltd[11](index=11&type=chunk) - The reporting period refers to January to June 2025[11](index=11&type=chunk) - Software basic platform is a general term for products evolved from middleware, providing standard, flexible, and reusable technical components and services for application software[11](index=11&type=chunk) - Low-code platforms support rapid application development and delivery through visual modeling, declarative logic orchestration, and automated code generation[11](index=11&type=chunk) - Data middle office forms a continuously evolving data asset system by integrating multi-source heterogeneous data, building a unified data technology system, and standardizing governance mechanisms[11](index=11&type=chunk) - AI refers to Artificial Intelligence, a new technical science that studies and develops theories, methods, technologies, and application systems for simulating, extending, and expanding human intelligence[11](index=11&type=chunk) Section II Company Profile and Key Financial Indicators [I. Basic Company Information](index=6&type=section&id=I.%20Basic%20Company%20Information) This section introduces Primeton Information Technology Co., Ltd.'s basic information, including its name, legal representative, addresses, website, and email, noting registered address changes - The company's Chinese name is Primeton Information Technology Co., Ltd., abbreviated as Primeton Information[14](index=14&type=chunk) - The legal representative is Liu Yadong[14](index=14&type=chunk) - The company's registered address was changed to No. 26, Lane 36, Xuelin Road, China (Shanghai) Pilot Free Trade Zone on June 2, 2023[14](index=14&type=chunk) - The company's website is www.primeton.com, and its email is info@primeton.com[14](index=14&type=chunk) [II. Contact Persons and Information](index=6&type=section&id=II.%20Contact%20Persons%20and%20Information) This section provides contact information for the company's Board Secretary and Securities Affairs Representative, facilitating communication for investors and relevant parties - The Board Secretary (Domestic Representative for Information Disclosure) is Zhang Qinfang[15](index=15&type=chunk) - The Securities Affairs Representative is Zhan Jin[15](index=15&type=chunk) - The contact phone number is 021-58331900, and the email is info@primeton.com[15](index=15&type=chunk) [III. Information Disclosure and Location for Document Inspection Changes](index=6&type=section&id=III.%20Information%20Disclosure%20and%20Location%20for%20Document%20Inspection%20Changes) This section describes the company's information disclosure channels and locations for document inspection for its semi-annual report, ensuring investors can access public company information promptly - The company's designated information disclosure newspaper is "Shanghai Securities News" (www.cnstock.com)[16](index=16&type=chunk) - The website address for publishing the semi-annual report is www.sse.com.cn[16](index=16&type=chunk) - The company's semi-annual report is available for inspection at the company's Securities Department[16](index=16&type=chunk) [IV. Company Stock/Depositary Receipt Summary](index=6&type=section&id=IV.%20Company%20Stock%2FDepositary%20Receipt%20Summary) This section briefly introduces the company's stock information, including stock type, listing exchange and board, stock abbreviation, and stock code - The company's stock type is A-shares, listed on the STAR Market of the Shanghai Stock Exchange[17](index=17&type=chunk) - The stock abbreviation is Primeton Information, and the stock code is 688118[17](index=17&type=chunk) [VI. Key Accounting Data and Financial Indicators](index=7&type=section&id=VI.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue decreased by **24.84%** year-on-year, but total profit, net profit attributable to shareholders, and net profit after deducting non-recurring gains and losses all showed reduced losses, with a significant increase in net cash flow from operating activities Key Accounting Data (Jan-Jun 2025 vs. Prior Year Period) | Key Accounting Data | Current Reporting Period (Jan-Jun) (Yuan) | Prior Year Period (Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 99,181,180.35 | 131,961,486.44 | -24.84 | | Total Profit | -34,752,671.58 | -66,866,966.22 | Not applicable | | Net Profit Attributable to Shareholders of Listed Company | -29,632,112.28 | -60,534,481.23 | Not applicable | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-recurring Gains and Losses | -38,978,960.26 | -63,642,106.73 | Not applicable | | Net Cash Flow from Operating Activities | -39,044,673.20 | -91,492,903.97 | Not applicable | Key Financial Indicators (Jan-Jun 2025 vs. Prior Year Period) | Key Financial Indicators | Current Reporting Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/Share) | -0.323 | -0.659 | Not applicable | | Diluted Earnings Per Share (Yuan/Share) | -0.323 | -0.659 | Not applicable | | Basic Earnings Per Share After Deducting Non-recurring Gains and Losses (Yuan/Share) | -0.425 | -0.693 | Not applicable | | Weighted Average Return on Net Assets (%) | -3.52 | -7.31 | Increased 3.79 percentage points | | Weighted Average Return on Net Assets After Deducting Non-recurring Gains and Losses (%) | -4.63 | -7.68 | Increased 3.05 percentage points | | R&D Investment as % of Operating Revenue (%) | 33.07 | 34.39 | Decreased 1.32 percentage points | - During the reporting period, the company's total profit, net profit attributable to shareholders, and net profit after deducting non-recurring gains and losses all showed reduced losses, primarily due to focusing on high-quality core businesses, reducing low-margin technical service businesses, improving overall gross profit margin, and lowering period expenses[20](index=20&type=chunk) - Net cash flow from operating activities increased by **52.4482 million yuan** compared to the same period last year, mainly due to reduced personnel compensation expenses and improved cash recovery efficiency[21](index=21&type=chunk) [VIII. Non-recurring Gains and Losses Items and Amounts](index=7&type=section&id=VIII.%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section details the non-recurring gains and losses items and their amounts for the reporting period, totaling **9.3468 million yuan**, primarily including government grants and fair value changes in financial assets Non-recurring Gains and Losses Items and Amounts | Non-recurring Gains and Losses Item | Amount (Yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | -4,194.95 | | Government grants recognized in current profit or loss | 7,939,352.90 | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises | 2,638,043.38 | | Other non-operating income and expenses apart from the above | -211,111.90 | | Less: Income tax impact | 1,015,241.45 | | Total | 9,346,847.98 | [IX. Companies with Equity Incentive or Employee Stock Ownership Plans May Choose to Disclose Net Profit After Deducting Share-based Payment Impact](index=8&type=section&id=IX.%20Companies%20with%20Equity%20Incentive%20or%20Employee%20Stock%20Ownership%20Plans%20May%20Choose%20to%20Disclose%20Net%20Profit%20After%20Deducting%20Share-based%20Payment%20Impact) This section discloses the net profit after deducting the impact of share-based payments, showing a narrower loss in the current reporting period compared to the same period last year Net Profit After Deducting Share-based Payment Impact | Key Accounting Data | Current Reporting Period (Jan-Jun) (Yuan) | Prior Year Period (Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Net Profit After Deducting Share-based Payment Impact | -26,951,453.75 | -57,002,345.75 | Not applicable | Section III Management Discussion and Analysis [I. Industry and Main Business Overview During the Reporting Period](index=10&type=section&id=I.%20Industry%20and%20Main%20Business%20Overview%20During%20the%20Reporting%20Period) As a leading domestic provider of software basic platform products and solutions, the company deeply cultivates industries such as finance, telecommunications, and government affairs, offering intelligent data middle office, low-code platforms, and middleware products [(I) Industry Overview](index=10&type=section&id=(I)%20Industry%20Overview) The company belongs to the software and information technology services industry, benefiting from the accelerated digital transformation of enterprises and the "AI+" initiative during China's "14th Five-Year Plan" period - The company's industry is software and information technology services, with industry code I65[29](index=29&type=chunk) - During the "14th Five-Year Plan" period, China's enterprise digital transformation accelerated, with the digital economy becoming a key growth driver, supported by continuous national policy[30](index=30&type=chunk) - The 2025 Government Work Report proposed continued advancement of the "AI+" initiative, supporting the widespread application of large models[30](index=30&type=chunk) - The Chinese software market is projected to grow at a compound annual growth rate of **7.8%** over the next three years[30](index=30&type=chunk) - The company was awarded titles such as "Low-Code Market Leader" and "2024 China Enterprise IT Award Best Low-Code Provider"[31](index=31&type=chunk) - The company ranked 9th in the intelligent agent platform domain in the "China Commercial AI Intelligent Agent Selection Ranking," being the only representative enterprise listed for software basic platforms integrating AI intelligent agent development[31](index=31&type=chunk)[32](index=32&type=chunk) [(II) Main Business, Products, or Services](index=11&type=section&id=(II)%20Main%20Business%2C%20Products%2C%20or%20Services) The company's main business is providing software basic platform products and solutions, including intelligent data middle office, low-code platforms, and middleware series products, adopting a "software product + technical service" model to support customer digital transformation and domestic innovation needs - The company is a leading domestic provider of software basic platform products and solutions, serving industries such as finance, telecommunications, government affairs, energy, and advanced manufacturing[33](index=33&type=chunk) - The main business system is "software product + technical service," including software basic platform business (data middle office, low-code platform, middleware) and application development business based on software basic platforms[33](index=33&type=chunk) - The company integrates low-code technology into its data middle office and middleware product systems, creating a component-based technology platform and core technology portfolio[34](index=34&type=chunk) Overview of Main Products/Solutions | Product/Solution Category | Main Functions | | :--- | :--- | | Intelligent Data Middle Office | Provides platforms for data asset management, metadata management, master data management, data quality management, data development, data integration, enhancing data quality and value | | Low-Code Platform | Provides low-code development platform, business process platform, microservice application platform, and DevOps platform, enabling rapid application building, deployment, and management | | Middleware | Provides enterprise service bus, API gateway, large file transfer platform, application server, and message middleware, enabling heterogeneous system integration, API management, efficient file transfer, and message assurance | [(III) Main Business Model](index=13&type=section&id=(III)%20Main%20Business%20Model) The company's business model encompasses technical brand promotion, pre-sales, and business marketing, with product delivery primarily consisting of standard products and technical services, and R&D adopting the iPALM model - Marketing model is divided into three stages: technical brand promotion, pre-sales, and business, enhancing brand awareness through conferences, advertising, and self-media[39](index=39&type=chunk) - Delivery and pricing models are divided into product delivery (priced by usage quantity) and technical service delivery (priced by person-month or project)[40](index=40&type=chunk) - The R&D model adopts the iPALM model (Integrated Product Agile Lifecycle Management), covering the entire lifecycle from market analysis, technology pre-research, product planning, R&D to maintenance[41](index=41&type=chunk)[42](index=42&type=chunk) - The procurement model primarily involves technical service procurement, with established supplier management systems, and also covers procurement of daily operational materials[43](index=43&type=chunk) [II. Discussion and Analysis of Operations](index=14&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) During the reporting period, the company achieved comprehensive product integration and upgrade with mainstream large models, accelerating AI intelligent agent development, and focusing on high-quality core businesses, resulting in improved operational quality [(I) Overview of Operations](index=14&type=section&id=(I)%20Overview%20of%20Operations) During the reporting period, the company achieved native integration and upgrade of its entire product line with mainstream large models, empowering intelligent applications in customer scenarios and accelerating the R&D of next-generation AI intelligent agent development and configuration platforms - The company has achieved native integration and upgrade of its entire product line with mainstream large models, empowering intelligent applications in customer scenarios and accelerating the R&D of next-generation AI intelligent agent development and configuration platforms[43](index=43&type=chunk) Key Operating Data for the Reporting Period | Indicator | Amount (Million Yuan) | YoY/QoQ Change | | :--- | :--- | :--- | | Operating Revenue | 99.1812 | - | | Net Profit Attributable to Parent Company Owners | -29.6321 | Reduced loss by **30.9024 million yuan** | | Net Cash Flow from Operating Activities | -39.0447 | Increased by **52.4482 million yuan** | | Overall Gross Profit Margin | - | Increased by **6.63 percentage points** | | Net Profit for Q2 Single Quarter | -2.0913 | Single-quarter loss narrowed by **92.41%** QoQ | [(II) Discussion and Analysis of Operating Performance](index=14&type=section&id=(II)%20Discussion%20and%20Analysis%20of%20Operating%20Performance) The company achieved **83.9875 million yuan** in software basic platform business revenue by focusing on high-quality business and reducing low-margin technical services, successfully expanding into new sectors and accelerating ecological channel network layout [1. Business Expansion](index=14&type=section&id=1.Business%20Expansion) The company continued to focus on high-quality businesses, reducing low-margin technical services, with software basic platform business revenue reaching **83.9875 million yuan**, and successfully expanded into advantageous industries and new areas - Software basic platform business revenue was **83.9875 million yuan**, and application development business revenue based on the platform was **15.1937 million yuan**[46](index=46&type=chunk) - Successfully signed multiple industry clients including China Citic Bank International (China), China Mobile Guangdong Company, State Power Investment Corporation, and National Information Center[46](index=46&type=chunk) - Added manufacturing and consumer sector clients such as China State Shipbuilding Corporation, a heavy machinery group, a southwestern aircraft industry group, and Master Kong Beverages[46](index=46&type=chunk) - As of the end of the reporting period, the total number of signed channel partners exceeded **300**[46](index=46&type=chunk) [2. R&D Status](index=15&type=section&id=2.R%26D%20Status) The company's product lines underwent comprehensive AI full-stack upgrades, launching "Yikai, Yishu, Jilian" three intelligent digital bases, completing integration with mainstream large models, and strengthening domestic innovation ecological cooperation - Launched "Yikai, Yishu, Jilian" three intelligent digital bases, making enterprise-level software development, operations, and maintenance intelligent[47](index=47&type=chunk) - A new AI intelligent agent development platform is under development, featuring AI model access management, intelligent knowledge base construction, and intelligent agent workflow orchestration capabilities[47](index=47&type=chunk) - The company's full-stack product line base has completed scene adaptation and deployment verification with mainstream large models such as DeepSeek, Qwen, and Baidu Wenxin[47](index=47&type=chunk) - As one of the core participants in the Cangjie project, contributed CGit, Cangjie version ZooKeeper client, and Elasticsearch Cangjie version client[48](index=48&type=chunk) - Cumulatively completed over **2,400** domestic innovation compatibility adaptation certifications, including domestic operating systems, databases, servers, and CPUs[49](index=49&type=chunk) [3. Brand Building](index=16&type=section&id=3.Brand%20Building) During the reporting period, the company's brand position and exposure continued to increase, receiving multiple industry honors and case recognitions - Entered HaiBi Research Institute's "China Commercial AI Intelligent Agent Selection Ranking" and was selected into CCID Consulting's "Low-Code Market Leader" quadrant[50](index=50&type=chunk) - Awarded "Outstanding Contribution Unit for Digital Government Construction Empowerment Program 2024" and "Member Unit of EDCC Enterprise Digital Development Co-construction and Sharing Platform Enterprise Intelligent Assembly Development Promotion Center"[50](index=50&type=chunk) - Awarded "2024 China Intelligent Manufacturing Outstanding Supplier" by e-works Digital Enterprise Network[50](index=50&type=chunk) - Multiple projects, including intelligent low-code empowering Shanghai Corporate Comprehensive Database "One Enterprise, One File," were selected as typical application cases[50](index=50&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](index=16&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) The company's core competitiveness lies in its deep R&D accumulation and continuous innovation capabilities, forming a rich product portfolio and establishing a unique iPALM R&D system, with a broad base of high-quality customers and scalable technical delivery capabilities [(I) Core Competitiveness Analysis](index=16&type=section&id=(I)%20Core%20Competitiveness%20Analysis) The company's core competitiveness is primarily reflected in R&D accumulation and continuous innovation capabilities, a broad base of high-quality customers, and scalable technical delivery capabilities - The company specializes in the software basic platform domain, with a product portfolio covering multiple technical areas including middleware, low-code platforms, and data middle office, demonstrating significant advantages[51](index=51&type=chunk) - Established a unique iPALM R&D system and has passed CMMI Level 5 certification for software development process maturity five consecutive times since 2012[52](index=52&type=chunk) - Gained recognition from over **a thousand** large and medium-sized users in key industries such as finance, telecommunications, government affairs, energy, and advanced manufacturing, establishing a strong brand image[53](index=53&type=chunk) - Possesses a scaled product R&D and technical service team, capable of providing professional platform product customization and implementation services, and supporting domestic innovation application system migration or transformation[54](index=54&type=chunk) [(III) Core Technologies and R&D Progress](index=17&type=section&id=(III)%20Core%20Technologies%20and%20R%26D%20Progress) Adhering to independent innovation, the company continuously invests in R&D, achieving intelligent upgrades and expansion of its product matrix, thereby consolidating its core technological advantages, with total R&D investment of **32.8013 million yuan** [1. Core Technologies, Their Advanced Nature, and Changes During the Reporting Period](index=17&type=section&id=1.%20Core%20Technologies%2C%20Their%20Advanced%20Nature%2C%20and%20Changes%20During%20the%20Reporting%20Period) The company specializes in the software basic platform domain, closely following new technology trends, and has successfully built a one-stop technology platform covering low-code development, data governance, application support, and integration - The company specializes in the software basic platform domain, creating a one-stop technology platform covering low-code development, data governance, application support, and integration[55](index=55&type=chunk) - Became a unit member of the National Information Technology Standardization Technical Committee's Artificial Intelligence Subcommittee and a member unit of the Cloud Computing and Distributed Platform Subcommittee[55](index=55&type=chunk) - Approved to join the first batch of members of the "15th Five-Year Plan" Enterprise Digitalization Research Task Force, led by the China Academy of Information and Communications Technology (CAICT) EDCC[56](index=56&type=chunk) - As of the end of the reporting period, holds over **40** core technologies, with **46** authorized invention patents and **330** computer software copyrights accumulated[57](index=57&type=chunk) - Possesses national-level enterprise technology center, national key software enterprise, postdoctoral research workstation, and "specialized, refined, unique, and new" "little giant" enterprise honors and qualifications[57](index=57&type=chunk) [2. R&D Achievements During the Reporting Period](index=19&type=section&id=2.%20R%26D%20Achievements%20During%20the%20Reporting%20Period) During the reporting period, the company's three major product lines fully integrated large model capabilities, achieving intelligent application development, intelligent data management and governance, and intelligent connection and integration, significantly enhancing the competitiveness of the product matrix - The three major product lines fully integrated large model capabilities, solidifying the AI digital intelligence foundation and promoting integrated development of applications and AI intelligent agents[61](index=61&type=chunk) - The iPaaS intelligent integration platform added capabilities such as API orchestration and API full lifecycle management, while the data development platform added project configuration, data operations and maintenance, and domestic intelligent engine adaptation[61](index=61&type=chunk) - The low-code development platform added features such as resource group binding and process data permissions, while the DevOps platform added capabilities such as cluster management and one-click release for production deployment[61](index=61&type=chunk)[62](index=62&type=chunk) - Cumulatively completed over **2,400** domestic ecosystem adaptations and mutual certifications, including chip products like Huawei Kunpeng, Phytium, and Hygon, and operating system products like UnionTech and Kylin[62](index=62&type=chunk) Intellectual Property List During the Reporting Period | Intellectual Property Type | New Applications This Period (Units) | New Grants This Period (Units) | Cumulative Applications (Units) | Cumulative Grants (Units) | | :--- | :--- | :--- | :--- | :--- | | Invention Patents | 2 | 0 | 113 | 46 | | Software Copyrights | 9 | 9 | 330 | 330 | | Registered Trademarks | 0 | 2 | 28 | 28 | | Total | 11 | 11 | 471 | 404 | [3. R&D Investment Table](index=20&type=section&id=3.%20R%26D%20Investment%20Table) During the reporting period, the company's expensed R&D investment was **32.8013 million yuan**, a year-on-year decrease of **27.73%**, with total R&D investment as a percentage of operating revenue decreasing by **1.32 percentage points** R&D Investment Status | Indicator | Current Period Amount (Yuan) | Prior Year Period Amount (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 32,801,304.95 | 45,385,024.74 | -27.73 | | Total R&D Investment | 32,801,304.95 | 45,385,024.74 | -27.73 | | Total R&D Investment as % of Operating Revenue (%) | 33.07 | 34.39 | Decreased 1.32 percentage points | [4. R&D Project Status](index=21&type=section&id=4.%20R%26D%20Project%20Status) The company's ongoing R&D projects primarily include intelligent low-code application platforms, intelligent data middle office, and basic middleware-related products and technologies, with a total estimated investment of **530 million yuan** Major R&D Project Status | No. | Project Name | Estimated Total Investment (Million Yuan) | Investment This Period (Million Yuan) | Cumulative Investment (Million Yuan) | Progress or Phased Achievements | | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | Intelligent Low-Code Application Platform Related Products and Technologies | 200.00 | 11.3077 | 121.1239 | R&D in progress, products continuously updated and iterated | | 2 | Intelligent Data Middle Office Related Products and Technologies | 180.00 | 16.1921 | 114.1720 | R&D in progress, products continuously updated and iterated | | 3 | Basic Middleware Related Products and Technologies | 150.00 | 5.3015 | 83.8016 | R&D in progress, products continuously updated and iterated | | Total | / | 530.00 | 32.8013 | 319.0975 | / | [5. R&D Personnel Status](index=23&type=section&id=5.%20R%26D%20Personnel%20Status) As of the end of the reporting period, the company had **174** R&D personnel, accounting for **18.71%** of the total workforce, with total compensation of **26.7315 million yuan** Basic Information of R&D Personnel | Indicator | Current Period Number | Prior Year Period Number | | :--- | :--- | :--- | | Number of Company R&D Personnel (Persons) | 174 | 253 | | R&D Personnel as % of Total Company Personnel (%) | 18.71 | 21.30 | | Total R&D Personnel Compensation (Yuan) | 26,731,469.63 | 38,543,470.35 | | Average R&D Personnel Compensation (Yuan) | 149,477.00 | 143,998.02 | Educational Background of R&D Personnel | Educational Background | Number (Persons) | Proportion (%) | | :--- | :--- | :--- | | Bachelor's Degree and Above | 149 | 85.63 | | Below Bachelor's Degree | 25 | 14.37 | | Total | 174 | 100.00 | Age Structure of R&D Personnel | Age Range | Number (Persons) | Proportion (%) | | :--- | :--- | :--- | | Under 30 (excluding 30) | 41 | 23.56 | | 30-40 (including 30, excluding 40) | 91 | 52.30 | | 40-50 (including 40, excluding 50) | 38 | 21.84 | | 50-60 (including 50, excluding 60) | 4 | 2.30 | | Total | 174 | 100.00 | - Last year, the company adjusted its R&D talent structure, strengthening R&D talent deployment in intelligent directions and core product platforms, and reducing the scale of R&D personnel in some mature industry sectors, but the core R&D team and key technical personnel did not undergo significant changes[70](index=70&type=chunk) [IV. Risk Factors](index=23&type=section&id=IV.%20Risk%20Factors) The company faces risks of performance decline or loss due to macroeconomic uncertainties, seasonal fluctuations in operating performance, core competitiveness risks in a technology-intensive industry, accounts receivable collection risks, and intensifying market competition - The company faces risks of performance decline or loss, primarily due to macroeconomic uncertainties, which may cause downstream customers to delay business initiatives[71](index=71&type=chunk) - Operating performance is subject to seasonal fluctuations, with a lower proportion of revenue in the first half and a higher proportion in the second half, especially the fourth quarter[72](index=72&type=chunk)[73](index=73&type=chunk) - The company's software basic platform domain is a technology-intensive industry, facing core competitiveness risks such as product technology iteration and R&D investment not meeting expectations[74](index=74&type=chunk) - Accounts receivable collection poses risks; although major customers have good credit, unfavorable changes in the downstream market could lead to delayed or non-payment[75](index=75&type=chunk) - Market competition risks are intensifying, with a continuous increase in existing competitors and new entrants in the industry[76](index=76&type=chunk) [V. Key Operating Performance During the Reporting Period](index=24&type=section&id=V.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) This section analyzes the company's main business, asset and liability, and investment status during the reporting period, noting changes in revenue, costs, cash flow, inventory, and financial assets [(I) Main Business Analysis](index=24&type=section&id=(I)%20Main%20Business%20Analysis) During the reporting period, the company's operating revenue decreased by **24.84%** year-on-year, and operating costs decreased by **33.59%**, primarily due to focusing on high-quality core businesses and reducing low-margin technical service businesses Analysis of Changes in Financial Statement Items (Jan-Jun 2025 vs. Prior Year Period) | Item | Current Period Amount (Yuan) | Prior Year Period Amount (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 99,181,180.35 | 131,961,486.44 | -24.84 | | Operating Cost | 49,893,213.99 | 75,126,737.77 | -33.59 | | Selling Expenses | 50,227,601.31 | 58,475,349.42 | -14.10 | | Administrative Expenses | 20,436,433.56 | 25,857,759.97 | -20.97 | | Financial Expenses | -2,382,196.73 | -1,905,313.81 | Not applicable | | R&D Expenses | 32,801,304.95 | 45,385,024.74 | -27.73 | | Net Cash Flow from Operating Activities | -39,044,673.20 | -91,492,903.97 | Not applicable | | Net Cash Flow from Investment Activities | -20,657,571.37 | 20,364,696.18 | -201.44 | | Net Cash Flow from Financing Activities | -15,326,924.22 | -1,810,681.95 | Not applicable | - Operating costs decreased by **33.59%** year-on-year, primarily due to the company focusing on high-quality core businesses, reducing low-margin technical service businesses, and an increase of **6.63 percentage points** in overall gross profit margin[79](index=79&type=chunk) - Net cash flow from operating activities increased by **52.4482 million yuan** compared to the same period last year, mainly due to reduced personnel compensation expenses and improved cash recovery efficiency[79](index=79&type=chunk) - Net cash flow from investment activities decreased by **41.0223 million yuan** compared to the same period last year, primarily due to increased cash outflow from purchasing principal-protected bank wealth management products with idle funds in the current period[79](index=79&type=chunk) - Net cash flow from financing activities decreased by **13.5162 million yuan** compared to the same period last year, primarily due to the distribution of cash dividends in the current period[79](index=79&type=chunk)[80](index=80&type=chunk) [(III) Analysis of Assets and Liabilities](index=25&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) As of the end of the reporting period, the company's inventory increased by **104.58%** compared to the end of the previous year, while employee compensation payable and taxes payable decreased by **30.15%** and **70.87%** respectively Changes in Assets and Liabilities (Period-end vs. Prior Year-end) | Item Name | Current Period-end Amount (Yuan) | % of Total Assets at Current Period-end | Prior Year-end Amount (Yuan) | % of Total Assets at Prior Year-end | Change from Prior Year-end (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Inventory | 42,621,301.84 | 4.66 | 20,833,951.72 | 2.13 | 104.58 | | Employee Compensation Payable | 27,142,148.79 | 2.97 | 38,860,518.30 | 3.97 | -30.15 | | Taxes Payable | 3,640,924.48 | 0.40 | 12,499,163.99 | 1.28 | -70.87 | - Inventory balance at period-end increased by **104.58%** compared to the end of the previous year, primarily due to an increase in projects not yet meeting acceptance conditions at the current period-end[82](index=82&type=chunk) - Employee compensation payable balance at period-end decreased by **30.15%** compared to the end of the previous year, primarily due to the payment of prior year bonuses in the current period[82](index=82&type=chunk) - Taxes payable balance at period-end decreased by **70.87%** compared to the end of the previous year, primarily due to a reduction in value-added tax payable in the current period[82](index=82&type=chunk) [(IV) Investment Status Analysis](index=26&type=section&id=(IV)%20Investment%20Status%20Analysis) The company's financial assets measured at fair value totaled **248.7617 million yuan** at period-end, an increase from the beginning of the period, primarily comprising trading financial assets and equity investments in unlisted companies Financial Assets Measured at Fair Value (Period-end vs. Period-beginning) | Asset Category | Period-beginning Amount (Yuan) | Purchases This Period (Yuan) | Sales/Redemptions This Period (Yuan) | Period-end Amount (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Other | 229,616,052.18 | 362,000,000.00 | 344,012,023.62 | 248,761,658.70 | | Of which: Trading financial assets/Wealth management products measured at fair value with changes recognized in current profit or loss | 191,544,106.18 | 362,000,000.00 | 344,012,023.62 | 210,689,712.70 | | Other non-current financial assets/Equity instrument investments measured at fair value with changes recognized in current profit or loss | 37,071,946.00 | - | - | 37,071,946.00 | | Other equity instrument investments/Non-trading equity instrument investments measured at fair value with changes recognized in other comprehensive income | 1,000,000.00 | - | - | 1,000,000.00 | | Total | 229,616,052.18 | 362,000,000.00 | 344,012,023.62 | 248,761,658.70 | Section IV Corporate Governance, Environment, and Society [I. Changes in Directors, Senior Management, and Core Technical Personnel](index=28&type=section&id=I.%20Changes%20in%20Directors%2C%20Senior%20Management%2C%20and%20Core%20Technical%20Personnel) During the reporting period, there were changes in the company's directors, senior management, and core technical personnel, primarily due to a revised articles of association no longer establishing a supervisory board - Chen Ling was elected as an employee representative director of the company's Fifth Board of Directors[88](index=88&type=chunk) - Chen Ling, Huang Qingjing, and Zhu Qianrong resigned as supervisors because the company revised its Articles of Association, no longer establishing a supervisory board, with its functions now exercised by the Board's Audit Committee[88](index=88&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=28&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company did not formulate a profit distribution plan or capital reserve conversion to share capital plan for this semi-annual period - The proposed profit distribution plan or capital reserve conversion to share capital plan for this semi-annual period is "No"[89](index=89&type=chunk) [III. Status and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=28&type=section&id=III.%20Status%20and%20Impact%20of%20Company%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company adjusted its 2022, 2023, and 2024 restricted stock incentive plans, canceling some unvested shares due to various reasons and adjusting the grant price for the 2024 plan - A total of **1.946 million** restricted shares granted but unvested under the 2022 restricted stock incentive plan were canceled, due to reasons including the departure of incentive recipients and failure to meet company-level performance targets[90](index=90&type=chunk)[91](index=91&type=chunk) - A total of **2.954 million** restricted shares granted but unvested under the 2023 restricted stock incentive plan were canceled, due to reasons including the departure of incentive recipients, voluntary relinquishment, and failure to meet company-level performance targets[91](index=91&type=chunk) - A total of **3,000** restricted shares granted but unvested under the 2024 restricted stock incentive plan were canceled, due to reasons including the departure of incentive recipients[91](index=91&type=chunk) - The grant price of the 2024 restricted stock incentive plan was adjusted from **14.00 yuan/share** to **13.90 yuan/share**, and then again to **13.75 yuan/share**, due to the completion of the company's 2023 and 2024 annual equity distributions[91](index=91&type=chunk) - All **71** incentive recipients of the company's 2024 restricted stock incentive plan have met the vesting conditions for the first vesting period, with **1.4991 million** shares eligible for vesting this time[91](index=91&type=chunk) Section V Significant Matters [I. Fulfillment of Commitments](index=30&type=section&id=I.%20Fulfillment%20of%20Commitments) This section details the fulfillment of commitments made by the company's actual controller, shareholders, related parties, and the company itself regarding initial public offering and equity incentives, all of which were strictly fulfilled during the reporting period Fulfillment of Commitments | Commitment Background | Commitment Type | Promisor | Summary of Commitment Content | Commitment Period | Whether Timely and Strictly Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | | Related to IPO | Share Lock-up | Liu Yadong | Not to transfer shares within 36 months after listing; if share price is below issue price, lock-up period extends by 6 months; not to transfer within 6 months after resignation, etc | Within 36 months from the date of company listing and during tenure as director, supervisor, or senior management until 6 months after resignation | Yes | | Related to IPO | Share Lock-up | Yang Yubao, Lu Yajuan | Not to transfer shares within 12 months after listing; if share price is below issue price, lock-up period extends by 6 months; not to transfer within 6 months after resignation, etc | Within 12 months from the date of company listing and during tenure as director, supervisor, or senior management until 6 months after resignation | Yes | | Related to IPO | Share Lock-up | Chen Ling | Not to transfer shares within 12 months after listing; not to transfer within 6 months after resignation, etc | Within 12 months from the date of company listing and during tenure as director, supervisor, or senior management until 6 months after resignation | Yes | | Related to IPO | Share Lock-up | Liu Jian | Not to transfer shares within 36 months after listing; if share price is below issue price, lock-up period extends by 6 months; Liu Yadong's tenure allows annual transfer of no more than 25% of shares | Within 36 months from the date of company listing, during Liu Yadong's tenure, and within 6 months after his resignation | Yes | | Related to IPO | Dividend | Primeton Information | Formulate a shareholder dividend return plan, with annual cash profit distribution no less than 10% of distributable profit for the year | Long-term | Yes | | Related to IPO | Resolution of Horizontal Competition | Liu Yadong | Not to directly or indirectly develop, operate, or participate in activities that compete with the company's business | Effective from the date of the commitment letter, during my tenure as the company's controlling shareholder and actual controller | Yes | | Related to IPO | Resolution of Related-Party Transactions | Liu Yadong | Ensure related-party transactions are conducted according to fair, equitable, arm's length, and market-based principles | Effective from the date of the commitment letter, during my tenure as a shareholder holding 5% or more of the company's shares | Yes | | Related to IPO | Other | Liu Yadong, Company Directors, Supervisors, Senior Management | Commit not to overstep authority in interfering with company operations, not to infringe on company interests, and link compensation system with return-filling measures, etc | Long-term | Yes | | Related to IPO | Other | Primeton Information | Commit to the truthfulness, accuracy, and completeness of the prospectus; if there are false statements, etc., shares will be repurchased and investors compensated for losses | Long-term | Yes | | Related to IPO | Other | Liu Yadong | Commit to the truthfulness, accuracy, and completeness of the prospectus; if there are false statements, etc., will urge the company to repurchase shares and compensate investors for losses | Long-term | Yes | | Related to IPO | Other | Primeton Information, Liu Yadong | Commit that there are no fraudulent issuance circumstances; if fraudulent issuance occurs, all new shares will be repurchased | Long-term | Yes | | Related to IPO | Other | Primeton Information, Controlling Shareholder, Actual Controller, Directors, Supervisors, Senior Management | Commit to the truthfulness, accuracy, and completeness of the prospectus and other disclosure documents; if there are false statements, etc., investors will be compensated for losses | Long-term | Yes | | Related to IPO | Other | Primeton Information | Commitment regarding unfulfilled commitment restraint measures; if commitments are not fulfilled, responsibilities will be borne and losses compensated | Long-term | Yes | | Related to IPO | Other | Liu Yadong, Ningbo Jundu Derui Venture Capital Partnership (Limited Partnership), Wang Lan | Commitment regarding unfulfilled commitment restraint measures; if commitments are not fulfilled, responsibilities will be borne and losses compensated | Long-term | Yes | | Related to IPO | Other | Directors, Supervisors, Senior Management | Commitment regarding unfulfilled commitment restraint measures; if commitments are not fulfilled, responsibilities will be borne and losses compensated | Long-term | Yes | | Related to Equity Incentive | Other | Primeton Information | Commit not to provide loans and financial assistance to 2022 restricted stock incentive recipients | From the announcement date of the 2022 restricted stock incentive plan draft until the completion/termination of this equity incentive | Yes | | Related to Equity Incentive | Other | All 2022 Restricted Stock Incentive Recipients of the Company | Commit that if information disclosure documents contain false statements, etc., leading to non-compliance with equity grant conditions, all benefits will be returned | From the announcement date of the 2022 restricted stock incentive plan draft until the completion/termination of this equity incentive | Yes | | Related to Equity Incentive | Other | Primeton Information | Commit not to provide loans and financial assistance to 2023 restricted stock incentive recipients | From the announcement date of the 2023 restricted stock incentive plan draft until the completion/termination of this equity incentive | Yes | | Related to Equity Incentive | Other | All 2023 Restricted Stock Incentive Recipients of the Company | Commit that if information disclosure documents contain false statements, etc., leading to non-compliance with equity grant conditions, all benefits will be returned | From the announcement date of the 2023 restricted stock incentive plan draft until the completion/termination of this equity incentive | Yes | | Related to Equity Incentive | Other | Primeton Information | Commit not to provide loans and financial assistance to 2024 restricted stock incentive recipients | From the announcement date of the 2024 restricted stock incentive plan draft until the completion/termination of this equity incentive | Yes | | Related to Equity Incentive | Other | All 2024 Restricted Stock Incentive Recipients of the Company | Commit that if information disclosure documents contain false statements, etc., leading to non-compliance with equity grant conditions, all benefits will be returned | From the announcement date of the 2024 restricted stock incentive plan draft until the completion/termination of this equity incentive | Yes | [VII. Significant Litigation and Arbitration Matters](index=40&type=section&id=VII.%20Significant%20Litigation%20and%20Arbitration%20Matters) During the reporting period, the company had no significant litigation or arbitration matters - The company had no significant litigation or arbitration matters in this reporting period[7](index=7&type=chunk) Section VI Share Changes and Shareholder Information [I. Share Capital Changes](index=43&type=section&id=I.%20Share%20Capital%20Changes) During the reporting period, the company's share capital changed, with total share capital decreasing from **93,970,039 shares** to **91,817,613 shares**, primarily due to the cancellation of **2,152,426 shares** from the second share repurchase [1. Table of Share Capital Changes](index=43&type=section&id=1.%20Table%20of%20Share%20Capital%20Changes) The company's total share capital decreased by **2,152,426 shares** from **93,970,039 shares** at the beginning of the period to **91,817,613 shares** at the end of the period, with a corresponding reduction in the number of unrestricted tradable shares Table of Share Capital Changes | | Number Before Change | Proportion Before Change (%) | Net Increase/Decrease in This Change (+,-) | Number After Change | Proportion After Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | II. Unrestricted Tradable Shares | 93,970,039 | 100 | -2,152,426 | 91,817,613 | 100 | | 1. RMB Ordinary Shares | 93,970,039 | 100 | -2,152,426 | 91,817,613 | 100 | | III. Total Shares | 93,970,039 | 100 | -2,152,426 | 91,817,613 | 100 | [2. Explanation of Share Capital Changes](index=43&type=section&id=2.%20Explanation%20of%20Share%20Capital%20Changes) On February 28, 2025, the company completed the cancellation of **2,152,426 shares** from its second share repurchase, resulting in a change in total share capital from **93,970,039 shares** to **91,817,613 shares** - On February 28, 2025, the company completed the cancellation of **2,152,426 shares** from its second share repurchase[111](index=111&type=chunk) - After cancellation, the company's total share capital changed from **93,970,039 shares** to **91,817,613 shares**[111](index=111&type=chunk) [II. Shareholder Information](index=44&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the total number of ordinary shareholders was **7,076**, with Liu Yadong holding the highest proportion among the top ten shareholders at **22.81%** [(I) Total Number of Shareholders](index=44&type=section&id=(I)%20Total%20Number%20of%20Shareholders) As of the end of the reporting period, the total number of ordinary shareholders was **7,076** - As of the end of the reporting period, the total number of ordinary shareholders (households) was **7,076**[113](index=113&type=chunk) [(II) Top Ten Shareholders and Top Ten Unrestricted Shareholders as of the End of the Reporting Period](index=44&type=section&id=(II)%20Top%20Ten%20Shareholders%20and%20Top%20Ten%20Unrestricted%20Shareholders%20as%20of%20the%20End%20of%20the%20Reporting%20Period) As of the end of the reporting period, Liu Yadong was the largest shareholder with **20,942,809 shares** (**22.81%**), and China Bank Co., Ltd. - Taixin Small and Medium Cap Select Stock Investment Fund held **4,580,000 shares** (**4.99%**) - Among the top ten shareholders, Yi Zhou held a total of **826,365 shares** through ordinary securities accounts and margin trading accounts[114](index=114&type=chunk) - Xie Xiaoru held **751,484 shares** through a margin trading account[114](index=114&type=chunk) Top Ten Shareholders' Shareholding (Excluding Shares Lent via Securities Refinancing) | Shareholder Name | Change During Reporting Period | Shares Held at Period-end | Proportion (%) | Shareholder Type | | :--- | :--- | :--- | :--- | :--- | | Liu Yadong | 0 | 20,942,809 | 22.81 | Domestic Natural Person | | China Bank Co., Ltd. - Taixin Small and Medium Cap Select Stock Investment Fund | Unknown | 4,580,000 | 4.99 | Other | | Yang Yubao | -641,900 | 2,017,270 | 2.20 | Domestic Natural Person | | Li Jian | -53,905 | 1,253,595 | 1.37 | Domestic Natural Person | | Shenzhen Daolin Private Securities Investment Fund Management Co., Ltd. - Daolin Huashan Lun Dao Private Securities Investment Fund | +254,545 | 924,547 | 1.01 | Other | | Yi Zhou | +5,374 | 826,365 | 0.90 | Domestic Natural Person | | Liang Meng | Unknown | 763,966 | 0.83 | Domestic Natural Person | | Xie Xiaoru | Unknown | 751,484 | 0.82 | Domestic Natural Person | | Wang Keqiang | -50,000 | 731,332 | 0.80 | Domestic Natural Person | | Wu Jianlin | -74,753 | 670,000 | 0.73 | Domestic Natural Person | [III. Directors, Senior Management, and Core Technical Personnel](index=46&type=section&id=III.%20Directors%2C%20Senior%20Management%2C%20and%20Core%20Technical%20Personnel) During the reporting period, the shareholdings of the company's directors, senior management, and core technical personnel changed, with Yang Yubao and Wang Keqiang reducing some of their shares through secondary market sales Shareholding Changes of Directors, Senior Management, and Core Technical Personnel | Name | Position | Shares Held at Period-beginning (Shares) | Shares Held at Period-end (Shares) | Change in Shares During Reporting Period (Shares) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Yang Yubao | Director, Deputy General Manager, CFO | 2,659,170 | 2,017,270 | -641,900 | Secondary market reduction | | Wang Keqiang | Director, Deputy General Manager, Core Technical Personnel | 781,332 | 731,332 | -50,000 | Secondary market reduction | Section VII Bond-Related Information [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=48&type=section&id=I.%20Corporate%20Bonds%20(Including%20Enterprise%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments [II. Convertible Corporate Bonds](index=48&type=section&id=II.%20Convertible%20Corporate%20Bonds) During the reporting period, the company had no convertible corporate bonds Section VIII Financial Report [I. Audit Report](index=49&type=section&id=I.%20Audit%20Report) This semi-annual report is unaudited - This semi-annual report is unaudited[4](index=4&type=chunk) [II. Financial Statements](index=49&type=section&id=II.%20Financial%20Statements) This section provides the company's 2025 semi-annual consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, comprehensively presenting the company's financial position, operating results, and cash flow [Consolidated Balance Sheet](index=49&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets were **915.0823 million yuan**, a decrease of **6.61%** from the end of the previous year, with total liabilities at **98.4123 million yuan** and total owners' equity at **816.6699 million yuan** Key Consolidated Balance Sheet Data (June 30, 2025 vs. December 31, 2024) | Item | June 30, 2025 (Yuan) | December 31, 2024 (Yuan) | | :--- | :--- | :--- | | Cash and Bank Balances | 272,816,942.51 | 345,960,775.71 | | Trading Financial Assets | 210,689,712.70 | 191,544,106.18 | | Accounts Receivable | 160,700,648.08 | 201,485,399.38 | | Inventory | 42,621,301.84 | 20,833,951.72 | | Total Assets | 915,082,251.61 | 979,857,480.90 | | Employee Compensation Payable | 27,142,148.79 | 38,860,518.30 | | Taxes Payable | 3,640,924.48 | 12,499,163.99 | | Total Liabilities | 98,412,347.47 | 122,936,538.45 | | Total Owners' Equity Attributable to Parent Company | 816,669,904.14 | 856,920,942.45 | [Parent Company Balance Sheet](index=51&type=section&id=Parent%20Company%20Balance%20Sheet) As of June 30, 2025, the parent company's total assets were **986.1809 million yuan**, with total liabilities at **153.2894 million yuan** and total owners' equity at **832.8916 million yuan** Key Parent Company Balance Sheet Data (June 30, 2025 vs. December 31, 2024) | Item | June 30, 2025 (Yuan) | December 31, 2024 (Yuan) | | :--- | :--- | :--- | | Cash and Bank Balances | 266,860,878.64 | 337,425,629.71 | | Trading Financial Assets | 210,689,712.70 | 190,543,873.30 | | Accounts Receivable | 153,969,526.14 | 196,599,134.65 | | Inventory | 42,621,301.84 | 22,692,358.79 | | Total Assets | 986,180,922.63 | 1,094,811,566.19 | | Accounts Payable | 53,818,872.37 | 116,875,981.99 | | Employee Compensation Payable | 14,280,095.90 | 19,643,344.68 | | Total Liabilities | 153,289,355.11 | 221,722,603.34 | | Total Owners' Equity | 832,891,567.52 | 873,088,962.85 | [Consolidated Income Statement](index=53&type=section&id=Consolidated%20Income%20Statement) For January-June 2025, the company's consolidated total operating revenue was **99.1812 million yuan**, a year-on-year decrease of **24.84%**, with net profit at **-29.6321 million yuan**, significantly narrowing the loss compared to the same period last year Key Consolidated Income Statement Data (Jan-Jun 2025 vs. Jan-Jun 2024) | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 99,181,180.35 | 131,961,486.44 | | Total Operating Costs | 152,274,892.21 | 204,292,316.41 | | Operating Profit | -34,541,559.68 | -66,824,221.42 | | Total Profit | -34,752,671.58 | -66,866,966.22 | | Net Profit | -29,632,112.28 | -60,534,481.23 | | Net Profit Attributable to Parent Company Shareholders | -29,632,112.28 | -60,534,481.23 | | Basic Earnings Per Share (Yuan/Share) | -0.323 | -0.659 | | Diluted Earnings Per Share (Yuan/Share) | -0.323 | -0.659 | [Parent Company Income Statement](index=55&type=section&id=Parent%20Company%20Income%20Statement) For January-June 2025, the parent company's operating revenue was **93.7620 million yuan**, a year-on-year decrease, with net profit at **-29.5785 million yuan**, narrowing the loss compared to the same period last year Key Parent Company Income Statement Data (Jan-Jun 2025 vs. Jan-Jun 2024) | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Operating Revenue | 93,761,984.04 | 129,243,739.25 | | Operating Profit | -34,834,588.46 | -46,200,247.09 | | Total Profit | -35,005,700.36 | -46,220,487.73 | | Net Profit | -29,578,469.30 | -39,881,209.20 | [Consolidated Cash Flow Statement](index=56&type=section&id=Consolidated%20Cash%20Flow%20Statement) For January-June 2025, the company's net cash flow from operating activities was **-39.0447 million yuan**, a significant improvement from the same period last year, while net cash flow from investment activities was **-20.6576 million yuan** and from financing activities was **-15.3269 million yuan** Key Consolidated Cash Flow Statement Data (Jan-Jun 2025 vs. Jan-Jun 2024) | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -39,044,673.20 | -91,492,903.97 | | Net Cash Flow from Investment Activities | -20,657,571.37 | 20,364,696.18 | | Net Cash Flow from Financing Activities | -15,326,924.22 | -1,810,681.95 | | Net Increase in Cash and Cash Equivalents | -75,029,168.79 | -72,938,889.74 | | Cash and Cash Equivalents at Period-end | 113,909,605.31 | 157,214,309.29 | [Parent Company Cash Flow Statement](index=57&type=section&id=Parent%20Company%20Cash%20Flow%20Statement) For January-June 2025, the parent company's net cash flow from operating activities was **-25.4983 million yuan**, a significant improvement from the same period last year, while net cash flow from investment activities was **-31.6633 million yuan** and from financing activities was **-15.2885 million yuan** Key Parent Company Cash Flow Statement Data (Jan-Jun 2025 vs. Jan-Jun 2024) | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -25,498,302.96 | -80,788,601.64 | | Net Cash Flow from Investment Activities | -31,663,271.36 | 10,309,520.53 | | Net Cash Flow from Financing Activities | -15,288,512.34 | -1,767,660.81 | | Net Increase in Cash and Cash Equivalents | -72,450,086.66 | -72,246,741.92 | | Cash and Cash Equivalents at Period-end | 108,003,541.44 | 154,734,431.05 | [Consolidated Statement of Changes in Owners' Equity](index=59&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Owners'%20Equity) For January-June 2025, the company's consolidated total owners' equity decreased by **40.2510 million yuan**, primarily influenced by net loss, profit distribution, and share cancellation, with paid-in capital, capital reserve, and undistributed profit all decreasing Consolidated Statement of Changes in Owners' Equity (H1 2025) | Item | Paid-in Capital (or Share Capital) | Capital Reserve | Less: Treasury Stock | Surplus Reserve | Undistributed Profit | Total Owners' Equity Attributable to Parent Company | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | II. Balance at Beginning of Year | 93,970,039.00 | 659,268,267.99 | 50,268,088.96 | 33,055,355.31 | 120,895,369.11 | 856,920,942.45 | | III. Changes During Current Period | -2,152,426.00 | -44,961,947.04 | -50,268,088.96 | 0 | -43,404,754.23 | -40,251,038.31 | | (I) Total Comprehensive Income | 0 | 0 | 0 | 0 | -29,632,112.28 | -29,632,112.28 | | (II) Owner Contributions and Reductions in Capital | 0 | 3,153,715.92 | 0 | 0 | 0 | 3,153,715.92 | | (III) Profit Distribution | 0 | 0 | 0 | 0 | -13,772,641.95 | -13,772,641.95 | | (IV) Internal Transfer of Owners' Equity | -2,152,426.00 | -48,115,662.96 | -50,268,088.96 | 0 | 0 | 0 | | IV. Balance at End of Current Period | 91,817,613.00 | 614,306,320.95 | 0 | 33,055,355.31 | 77,490,614.88 | 816,669,904.14 | [Parent Company Statement of Changes in Owners' Equity](index=61&type=section&id=Parent%20Company%20Statement%20of%20Changes%20in%20Owners'%20Equity) For January-June 2025, the parent company's total owners' equity decreased by **40.1974 million yuan**, primarily influenced by net loss, profit distribution, and share cancellation, with paid-in capital, capital reserve, and undistributed profit all decreasing Parent Company Statement of Changes in Owners' Equity (H1 2025) | Item | Paid-in Capital (or Share Capital) | Capital Reserve | Less: Treasury Stock | Surplus Reserve | Undistributed Profit | Total Owners' Equity | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | II. Balance at Beginning of Year | 93,970,039.00 | 659,268,267.99 | 50,268,088.96 | 33,055,355.31 | 137,063,389.51 | 873,088,962.85 | | III. Changes During Current Period | -2,152,426.00 | -44,961,947.04 | -50,268,088.96 | 0 | -43,351,111.25 | -40,197,395.33 | | (I) Total Comprehensive Income | 0 | 0 | 0 | 0 | -29,578,469.30 | -29,578,469.30 | | (II) Owner Contributions and Reductions in Capital | 0 | 3,153,715.92 | 0 | 0 | 0 | 3,153,715.92 | | (III) Profit Distribution | 0 | 0 | 0 | 0 | -13,772,641.95 | -13,772,641.95 | | (IV) Internal Transfer of Owners' Equity | -2,152,426.00 | -48,115,662.96 | -50,268,088.96 | 0 | 0 | 0 | | IV. Balance at End of Current Period | 91,817,613.00 | 614,306,320.95 | 0 | 33,055,355.31 | 93,712,278.26 | 832,891,567.52 | [III. Basic Company Information](index=65&type=section&id=III.%20Basic%20Company%20Information) Primeton Information Technology Co., Ltd. was listed on the Shanghai Stock Exchange in December 2019, operating in the software and information technology services industry, and is a leading domestic provider of software basic platform products and solutions - Primeton Information Technology Co., Ltd. was listed on the Shanghai Stock Exchange in December 2019, operating in the software and information technology services industry[151](index=151&type=chunk) - As of June 30, 2025, the company's total share capital was **91.817613 million yuan**[151](index=151&type=chunk) - The company is a leading domestic provider of software basic platform products and solutions, offering intelligent low-code platforms, data middle office, and middleware series products and solutions[151](index=151&type=chunk) [IV. Basis of Financial Statement Preparation](index=65&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, and it has been assessed that the company's ability to continue as a going concern is good, with no significant doubts - The company's financial statements are prepared on a going concern basis[152](index=152&type=chunk) - After assessment, the company's ability to continue as a going concern is good within 12 months from the end of this reporting period, with no factors raising significant doubt about its going concern ability[153](index=153&type=chunk) [V. Significant Accounting Policies and Estimates](index=65&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section elaborates on the significant accounting policies and estimates followed in preparing the company's financial statements, covering various aspects from business combinations to leases - The company's financial statements comply with enterprise accounting standards, accurately and completely reflecting its financial position and operating results[155](index=155&type=chunk) - Financial assets are classified into three categories based on the business model for managing them and their contractual cash flow characteristics: measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in current profit or loss[184](index=184&type=chunk) - Revenue recognition is based on whether performance obligations are satisfied over time or at a point in time, recognized according to the progress of performance or when the customer obtains control of the goods, respectively[254](index=254&type=chunk) - R&D expenditures are divided into research phase expenditures and development phase expenditures; research phase expenditures are recognized in current profit or loss, while development phase expenditures are recognized as intangible assets when conditions are met[238](index=238&type=chunk) - Government grants are classified as asset-related or income-related, either offsetting the carrying amount of the asset or recognized as deferred income, or directly recognized in current profit or loss[262](index=262&type=chunk)[263](index=263&type=chunk) - As a lessee, right-of-use assets and lease liabilities are recognized for leases, with simplified treatment for short-term leases and leases of low-value assets[272](index=272&type=chunk)[276](index=276&type=chunk) [VI. Taxation](index=90&type=section&id=VI.%20Taxation) The company's main taxes include value-added tax, urban maintenance and construction tax, enterprise income tax, education surcharge, and local education surcharge, with the company and its subsidiaries enjoying multiple tax incentives Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Taxable value-added amount; service income; rental income | 13%, 6%, 5%, 9% | | Urban Maintenance and Construction Tax | Value-added tax payable | 7%, 5% | | Enterprise Income Tax | Taxable income | 10%, 15%, 20%, 25% | | Education Surcharge | Value-added tax payable | 3% | | Local Education Surcharge | Value-added tax payable | 2% | - Primeton Information Technology Co., Ltd. enjoys a **15%** high-tech enterprise income tax preferential rate, and for 2024, actually enjoyed a **10%** preferential rate for national key software enterprises[290](index=290&type=chunk) - Subsidiary Beijing Primeton Smart Data Technology Co., Ltd. enjoys a **15%** high-tech enterprise income tax preferential rate[290](index=290&type=chunk) - Some subsidiaries are eligible for small and micro enterprise income tax preferential policies, where the portion of annual taxable incom

江苏必得科技股份有限公司2025 年半年度报告 公司代码：605298 公司简称：必得科技 江苏必得科技股份有限公司 2025 年半年度报告 1 / 167 江苏必得科技股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人王坚群、主管会计工作负责人张雪坚及会计机构负责人（会计主管人员）张雪 坚声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 不适用 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的未来计划、发展战略等前瞻性陈述不构成公司对投资者的实质承诺，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。敬请投资 者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存 ...

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