上海美农生物科技股份有限公司 2025 年半年度报告全文 上海美农生物科技股份有限公司 2025 年半年度报告 2025-051 2025 年 8 月 1 上海美农生物科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法 律责任。 公司负责人洪伟、主管会计工作负责人周茜及会计机构负责人(会计主管 人员)周茜声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告涉及的未来发展战略与规划、经营计划与目标等前瞻性陈述，不 构成公司对投资者的实质承诺。投资者及相关人士均应对此保持足够的风险 认识，并应理解计划、预测与承诺之间的差异。 公司在发展过程中，存在市场竞争、原材料价格波动、养殖业阶段性波 动、境外市场环境变化等风险因素，敬请广大投资者注意投资风险，详细内 容见本报告"第三节 管理层讨论与分析"之"十、公司面临的风险和应对措 施"部分。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 ...

天津利安隆新材料股份有限公司 2025 年半年度报告全文 1 天津利安隆新材料股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法 律责任。 公司负责人范小鹏、主管会计工作负责人阎文嘉及会计机构负责人(会计 主管人员)阎文嘉声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司已在本报告中详细描述了可能存在的相关风险事项，敬请查阅本报告 第三节"管理层讨论与分析"中的"十、公司面临的风险和应对措施"部分。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 | 重要提示、目录和释义 2 | | | --- | --- | --- | | 第二节 | 公司简介和主要财务指标 7 | | | 第三节 | 管理层讨论与分析 10 | | | 第四节 | 公司治理、环境和社会 37 | | | 第五节 | 重要事项 | 43 | | 第六节 | 股份变动及股东情况 | 50 | | 第七节 | 债券 ...

深圳光韵达光电科技股份有限公司 2025 年半年度报告全文 深圳光韵达光电科技股份有限公司 2025 年半年度报告 二○二五年八月二十八日 1 深圳光韵达光电科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 公司负责人曾三林、主管会计工作负责人凌志云及会计机构负责人(会计主管人员)凌 志云声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本半年度报告若涉及未来计划等前瞻性陈述，该计划不构成公司对投资者的实质承诺， 投资者及相关人士均应对此保持足够的风险认识，并且应当理解计划、预测与承诺之间的 差异。 公司在生产经营中可能存在行业风险、毛利率下滑的风险、商誉减值等风险，有关风险 因素内容与应对措施已在本报告中第三节"管理层讨论与分析"之"十、公司面临的风险 和应对措施"中详细说明。敬请广大投资者注意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 重 ...

公司代码：603326 公司简称：我乐家居 南京我乐家居股份有限公司 2025 年半年度报告 南京我乐家居股份有限公司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NINA YANTI MIAO、主管会计工作负责人黄宁泉及会计机构负责人（会计主 管人员）黄宁泉声明：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 以实施权益分派股权登记日的总股本为基数，向全体参与利润分配的股东每10股派发现金红 利1.50元（含税）,不送红股、不实施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 本报告所涉及的前瞻性陈述因存在不确定性，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 十一、 其他 □适用 ...

[Definitions](index=4&type=section&id=Section%201%20Definitions) This section defines key terminology, company names, and technical acronyms used throughout the report - Defines **"the Company"** and **"Ruisheng Intelligence"** as Zhejiang Ruisheng Intelligent Technology Co, Ltd, and the **"Reporting Period"** as January 1 to June 30, 2025[9](index=9&type=chunk) - Explains core product concepts such as intelligent hanging production systems, intelligent hanging storage and sorting systems, and comprehensive intelligent logistics systems[9](index=9&type=chunk) - Lists and defines key technical acronyms including RFID, MES, WMS, AGV, OPC, ERP, PLC, and AIoT[9](index=9&type=chunk)[10](index=10&type=chunk) [Company Profile and Key Financial Indicators](index=7&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section outlines the company's basic information, stock profile, and key financial data for the first half of 2025 [Company Information](index=7&type=section&id=I.%20Company%20Information) Zhejiang Ruisheng Intelligent Technology Co, Ltd, led by legal representative Yuan Feng, specializes in intelligent factory solutions - The company's full name is Zhejiang Ruisheng Intelligent Technology Co, Ltd, abbreviated as Ruisheng Intelligence, with Yuan Feng as the legal representative[13](index=13&type=chunk) - The company is registered at Room 701, Building 016, No 17, 18, 19, 20, Lane 299, Guanghua Road, High-tech Zone, Ningbo City, Zhejiang Province[13](index=13&type=chunk) [Contact Persons and Methods](index=7&type=section&id=II.%20Contact%20Persons%20and%20Methods) This section provides contact details for the Board Secretary, Lv Meng, and the Securities Affairs Representative, Huang Yaqing - The Board Secretary is Lv Meng and the Securities Affairs Representative is Huang Yaqing, both located at 215 Yuanfeng North Road, Yuelin Street, Fenghua District, Ningbo City, Zhejiang Province[14](index=14&type=chunk) [Information Disclosure and Place of Document Preparation](index=7&type=section&id=III.%20Information%20Disclosure%20and%20Place%20of%20Document%20Preparation) The company discloses information through designated newspapers and the Shanghai Stock Exchange website - Information is disclosed in the "Securities Times" and "China Securities Journal", and on the Shanghai Stock Exchange website (http://wwwssecomcn)[15](index=15&type=chunk) [Company Stock/Depositary Receipt Profile](index=7&type=section&id=IV.%20Company%20Stock/Depositary%20Receipt%20Profile) The company's A-shares are listed on the Sci-Tech Innovation Board of the Shanghai Stock Exchange under the stock code 688215 - The company's A-shares are listed on the Sci-Tech Innovation Board of the Shanghai Stock Exchange with the stock name "Ruisheng Intelligence" and code 688215[16](index=16&type=chunk) [Key Accounting Data and Financial Indicators](index=8&type=section&id=VI.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In H1 2025, revenue grew slightly while net profit declined due to reduced government grants, but net profit excluding non-recurring items surged Key Accounting Data for H1 2025 | Indicator | Current Period (Jan-Jun) (RMB) | Same Period Last Year (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 185,044,034.63 | 183,191,799.19 | 1.01 | | Total Profit | 5,429,079.35 | 7,985,967.78 | -32.02 | | Net Profit Attributable to Shareholders of the Parent Company | 3,739,421.37 | 5,138,454.27 | -27.23 | | Net Profit Attributable to Shareholders of the Parent Company (Excluding Non-recurring Items) | 2,220,693.30 | 1,069,262.12 | 107.68 | | Net Cash Flow from Operating Activities | -31,816,699.01 | -14,473,168.12 | N/A | | Net Assets Attributable to Shareholders of the Parent Company (End of Period) | 453,478,703.82 | 464,059,014.67 | -2.28 | | Total Assets (End of Period) | 851,645,509.17 | 807,576,643.44 | 5.46 | Key Financial Indicators for H1 2025 | Key Financial Indicator | Current Period (Jan-Jun) | Same Period Last Year | Change from Same Period Last Year (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/Share) | 0.07 | 0.13 | -46.15 | | Diluted Earnings Per Share (RMB/Share) | 0.07 | 0.13 | -46.15 | | Basic Earnings Per Share (Excluding Non-recurring Items) (RMB/Share) | 0.04 | 0.03 | 33.33 | | Weighted Average Return on Equity (%) | 0.80 | 1.13 | Decreased by 0.33 percentage points | | Weighted Average Return on Equity (Excluding Non-recurring Items) (%) | 0.48 | 0.24 | Increased by 0.24 percentage points | | R&D Expenditure as a Percentage of Operating Revenue (%) | 5.96 | 6.39 | Decreased by 0.43 percentage points | - **Total profit decreased by 32.02%** year-on-year, primarily due to a reduction in government grants received during the reporting period[19](index=19&type=chunk) - **Net profit excluding non-recurring items increased by 107.68%** year-on-year, mainly driven by an increase in gross profit[20](index=20&type=chunk) - Net cash flow from operating activities decreased, mainly due to increased cash outflows for material procurement for project inventory[20](index=20&type=chunk) [Non-recurring Profit and Loss Items and Amounts](index=9&type=section&id=VIII.%20Non-recurring%20Profit%20and%20Loss%20Items%20and%20Amounts) Non-recurring profit and loss totaled RMB 1,518,728.07, mainly from government grants and asset disposal gains Non-recurring Profit and Loss Items and Amounts for H1 2025 | Non-recurring Profit and Loss Item | Amount (RMB) | | :--- | :--- | | Gains and losses on disposal of non-current assets | 102,566.86 | | Government grants included in current profit or loss (non-recurring) | 2,017,441.98 | | Other non-operating income and expenses | -196,498.79 | | Less: Income tax effects | 196,772.01 | | Less: Minority interest effects (after tax) | 208,009.97 | | **Total** | **1,518,728.07** | - Items such as VAT refunds for software products and subsidies for technological transformation are considered recurring due to their continuous nature[24](index=24&type=chunk) [Management's Discussion and Analysis](index=11&type=section&id=Section%203%20Management's%20Discussion%20and%20Analysis) This section details the company's operating performance, core competitiveness, R&D progress, and risk factors for the first half of 2025 [Industry and Business Overview for the Reporting Period](index=11&type=section&id=I.%20Industry%20and%20Business%20Overview%20for%20the%20Reporting%20Period) The company provides intelligent factory solutions, focusing on material handling and fire safety systems for the sewing industry and other sectors - The company's main business is providing intelligent factory solutions, focusing on the R&D, production, and sales of intelligent material transport, storage, sorting systems, and intelligent fire smoke extraction and ventilation systems[26](index=26&type=chunk) - Downstream customers are primarily in the apparel, home textiles, and home furnishing industries, with expansion into automotive parts, laundry, and express delivery sectors[26](index=26&type=chunk) - Intelligent manufacturing is a key component of the national strategic emerging industries, aiming for widespread digitalization in manufacturing enterprises by 2025[49](index=49&type=chunk) - The market for intelligent fire smoke extraction and ventilation systems is expected to experience rapid growth due to the implementation of mandatory national standards[50](index=50&type=chunk) [Principal Business Activities](index=11&type=section&id=(I)%20Principal%20Business%20Activities) The company offers intelligent factory equipment, including various intelligent logistics systems and intelligent fire safety systems - The company's intelligent factory equipment primarily includes intelligent logistics system products and intelligent fire smoke extraction and ventilation system products[27](index=27&type=chunk) - Intelligent logistics systems cover intelligent hanging production systems, various storage and sorting systems, and production management information software like MES and WMS[27](index=27&type=chunk)[34](index=34&type=chunk)[36](index=36&type=chunk) - Intelligent fire smoke extraction and ventilation systems include various types of skylight systems and corresponding software and control systems[27](index=27&type=chunk) [Main Operating Models](index=14&type=section&id=(II)%20Main%20Operating%20Models) The company employs a modular production model, direct sales strategy, and market-driven R&D approach - The production model combines in-house processing, external procurement, and commissioned processing, with final assembly and software installation at the customer's site[44](index=44&type=chunk) - The sales model is primarily direct sales, with a nationwide network and expansion into Southeast Asia, South Asia, Europe, and North America[47](index=47&type=chunk) - The R&D model is market-demand oriented, with projects initiated and executed by the R&D center after evaluation and research[48](index=48&type=chunk) [Industry Landscape](index=15&type=section&id=(III)%20Industry%20Landscape) The intelligent manufacturing sector is rapidly advancing, driven by policy support and strong demand for automation and digitalization - Intelligent manufacturing is a key focus of the "14th Five-Year Plan," aiming for widespread digitalization in manufacturing by 2025[49](index=49&type=chunk) - The sewing industry shows strong demand for intelligent upgrades, with leading companies integrating factory-wide logistics systems[50](index=50&type=chunk) - The market for intelligent fire smoke extraction and ventilation systems is poised for rapid growth, driven by new technical standards[50](index=50&type=chunk) - The industry has high technical barriers, requiring multidisciplinary talent and system integration capabilities[53](index=53&type=chunk) - The company is one of the few providers of complete intelligent factory solutions, with long-term partnerships with major brands like Nike, adidas, Anta, and HLA[54](index=54&type=chunk) [Discussion and Analysis of Operations](index=17&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) The company achieved steady growth in its core business through technological innovation and market expansion, though net profit was impacted by non-recurring items - In H1 2025, the company achieved **revenue of RMB 185.04 million**, a YoY increase of 1.01%; net profit attributable to shareholders was **RMB 3.74 million**, a YoY decrease of 32.02%; net profit excluding non-recurring items was **RMB 2.22 million**, a YoY increase of 107.68%[56](index=56&type=chunk) - The company continued to provide solutions to strategic domestic and international clients in intelligent logistics systems, expanding into new application areas like eyewear and power tools[57](index=57&type=chunk) - The company maintained strong R&D investment, holding **97 core technologies**, **625 intellectual property rights**, and 29 ongoing R&D projects[58](index=58&type=chunk)[63](index=63&type=chunk) - The company established Ningbo Ruisheng Zhiyan Artificial Intelligence Technology Co, Ltd to develop AI software and hardware integration, fostering new quality productive forces[62](index=62&type=chunk) [Core Competitiveness Analysis for the Reporting Period](index=18&type=section&id=III.%20Core%20Competitiveness%20Analysis%20for%20the%20Reporting%20Period) The company's core strengths lie in its integrated technology, deep industry experience, comprehensive product offerings, and strong client relationships - The company possesses **97 core technologies** and **625 intellectual property rights** (including 81 invention patents), with another 133 invention patents pending[63](index=63&type=chunk) - With extensive experience in the sewing industry, the company is expanding into automotive interiors, home manufacturing, and safety seats, focusing on standardizing process platforms[65](index=65&type=chunk) - As a leading domestic intelligent systems provider, the company offers key equipment for the entire production and logistics chain, from raw material intake to finished product dispatch[66](index=66&type=chunk) - The R&D team comprises **117 employees**, accounting for **20.56% of the total workforce**, with expertise across software, mechanical, electronic, and automation fields[69](index=69&type=chunk) [Core Competitiveness Analysis](index=18&type=section&id=(I)%20Core%20Competitiveness%20Analysis) The company's competitive edge is built on superior technology, extensive industry experience, a full-chain product portfolio, rapid solution delivery, and a strong customer base - The company has a complete, self-developed technology chain covering core hardware, software, and system integration, with **97 core technologies** and **625 intellectual property rights** as of the reporting period's end[63](index=63&type=chunk) - With deep expertise in the textile, apparel, and home furnishing sectors, the company has expanded into automotive interiors and accessories, leveraging rich industry experience[65](index=65&type=chunk) - The company provides key equipment for the entire production and logistics process, from raw material warehousing to finished product dispatch, and continuously innovates its intelligent fire safety systems[66](index=66&type=chunk) - The R&D team of **117 people**, representing **20.56% of the total workforce**, drives innovation across multiple professional domains[69](index=69&type=chunk) - The company maintains long-term, stable partnerships with the supply chains of renowned brands like Nike, adidas, Anta, and HLA, benefiting from excellent customer resources and brand reputation[70](index=70&type=chunk) [Core Technologies and R&D Progress](index=19&type=section&id=(III)%20Core%20Technologies%20and%20R&D%20Progress) The company's core technologies span four major areas, with 12 new technologies added and 29 R&D projects underway during the period - The company's core technologies cover four main areas: automatic control and algorithms, mechanical structures, network communication and electronic components, and information management software[71](index=71&type=chunk) - During the reporting period, **12 new core technologies** were added, including a "shortest distance selection algorithm for multi-path hanging bridges" and a "multi-functional telescopic hanger"[80](index=80&type=chunk) - The company has **29 ongoing R&D projects**, such as the "intelligent multi-dimensional dynamic rail control system" and a "SaaS-based WeChat mini-program system"[82](index=82&type=chunk)[89](index=89&type=chunk)[91](index=91&type=chunk)[93](index=93&type=chunk)[95](index=95&type=chunk)[97](index=97&type=chunk)[99](index=99&type=chunk)[101](index=101&type=chunk) Intellectual Property Applications and Grants in H1 2025 | IP Type | Applications This Period (Count) | Grants This Period (Count) | Cumulative Applications (Count) | Cumulative Grants (Count) | | :--- | :--- | :--- | :--- | :--- | | Invention Patent | 1 | 8 | 133 | 81 | | Utility Model Patent | 7 | 11 | 404 | 387 | | Design Patent | 0 | 0 | 97 | 97 | | Software Copyright | 2 | 1 | 35 | 34 | | Other | 0 | 0 | 30 | 26 | | **Total** | **10** | **20** | **699** | **625** | R&D Investment in H1 2025 | Indicator | Current Period (RMB) | Same Period Last Year (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 11,033,945.72 | 11,709,295.88 | -5.77 | | Total R&D Investment | 11,033,945.72 | 11,709,295.88 | -5.77 | | R&D Investment as a Percentage of Operating Revenue (%) | 5.96 | 6.39 | Decreased by 0.43 percentage points | R&D Personnel in H1 2025 | Indicator | Current Period | Same Period Last Year | | :--- | :--- | :--- | | Number of R&D Personnel (persons) | 117 | 110 | | R&D Personnel as a Percentage of Total Employees (%) | 20.56 | 17.66 | | Total R&D Personnel Compensation (RMB 10,000) | 905.70 | 902.07 | | Average R&D Personnel Compensation (RMB 10,000) | 7.74 | 8.20 | [Risk Factors](index=38&type=section&id=IV.%20Risk%20Factors) The company faces risks related to technology development, talent retention, business concentration, operational fluctuations, and market competition - There is a risk of failure in technology upgrades and new product development, especially concerning the impact of AI large models on intelligent manufacturing[107](index=107&type=chunk) - The company faces the risk of losing R&D personnel, which could disrupt technology development plans and capabilities[108](index=108&type=chunk) - The company's product and business areas are relatively concentrated, with a high dependence on the sewing industry, posing a risk of reliance on a single sector's demand[110](index=110&type=chunk) - The company's main business exhibits seasonal characteristics, which may lead to significant quarterly performance fluctuations or even losses[111](index=111&type=chunk) - Overseas sales are subject to risks from policy changes, geopolitical situations, and exchange rate fluctuations[112](index=112&type=chunk) - A high balance of accounts receivable poses a risk of bad debt or liquidity issues[114](index=114&type=chunk) - The comprehensive gross profit margin shows a downward trend, indicating a risk of further decline in the future[116](index=116&type=chunk) [Key Operating Activities for the Reporting Period](index=40&type=section&id=V.%20Key%20Operating%20Activities%20for%20the%20Reporting%20Period) Core business revenue grew, but profits were affected by non-recurring items, while inventory and short-term borrowings increased [Analysis of Main Business](index=40&type=section&id=(I)%20Analysis%20of%20Main%20Business) Operating revenue grew 1.01% due to market expansion, while administrative and finance costs rose and R&D expenses declined Analysis of Changes in Financial Statement Items for H1 2025 | Item | Current Period (RMB) | Same Period Last Year (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 185,044,034.63 | 183,191,799.19 | 1.01 | | Operating Costs | 136,252,401.51 | 136,426,076.94 | -0.13 | | Selling Expenses | 15,648,267.92 | 15,496,953.67 | 0.98 | | Administrative Expenses | 11,941,238.77 | 10,545,332.95 | 13.24 | | Finance Expenses | 117,595.81 | -694,336.07 | N/A | | R&D Expenses | 11,033,945.72 | 11,709,295.88 | -5.77 | | Net Cash Flow from Operating Activities | -31,816,699.01 | -14,473,168.12 | N/A | | Net Cash Flow from Investing Activities | -6,961,303.34 | -3,709,523.79 | N/A | | Net Cash Flow from Financing Activities | 23,197,883.39 | 41,134,564.15 | -43.60 | - The increase in administrative expenses was mainly due to higher service fees from intermediary agencies[122](index=122&type=chunk) - The change in finance expenses was primarily due to increased interest expenses from bank loans[122](index=122&type=chunk) - The decrease in R&D expenses was mainly due to reduced investment in materials and outsourced R&D for projects during the period[122](index=122&type=chunk) [Explanation of Significant Changes in Profit from Non-core Business](index=40&type=section&id=(II)%20Explanation%20of%20Significant%20Changes%20in%20Profit%20from%20Non-core%20Business) Non-core business activities, particularly government grants, had a significant impact on total profit Impact of Non-core Business on Total Profit | Item | Amount (RMB) | Percentage of Total Profit (%) | Reason | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Other Income | 2,017,441.98 | 37.16 | Mainly from government grants | No | | Other Income | 1,439,179.67 | 26.51 | Mainly from government grants | Yes | [Analysis of Assets and Liabilities](index=41&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) Total assets grew 5.46%, while net assets decreased 2.28%, with notable changes in inventory, short-term borrowings, and lease liabilities Changes in Assets and Liabilities as of H1 2025 | Item | End of Current Period (RMB) | % of Total Assets | End of Previous Year (RMB) | % of Total Assets | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 49,717,553.28 | 5.84 | 67,305,231.05 | 8.33 | -26.13 | | Notes Receivable | 2,589,279.05 | 0.30 | 11,694,663.58 | 1.45 | -77.86 | | Accounts Receivable Financing | 24,220.04 | - | 3,774,171.54 | 0.47 | -99.36 | | Other Receivables | 6,791,647.45 | 0.80 | 4,202,406.18 | 0.52 | 61.61 | | Inventories | 238,504,082.63 | 28.01 | 171,120,395.42 | 21.19 | 39.38 | | Construction in Progress | - | - | 202,287.57 | 0.03 | -100 | | Right-of-use Assets | 5,335,132.11 | 0.63 | 2,358,502.95 | 0.29 | 126.21 | | Long-term Prepaid Expenses | 530,862.83 | 0.06 | 395,121.43 | 0.05 | 34.35 | | Deferred Tax Assets | 12,231,674.72 | 1.44 | 10,249,225.02 | 1.27 | 19.34 | | Short-term Borrowings | 136,881,906.92 | 16.07 | 101,026,541.87 | 12.51 | 35.49 | | Advances from Customers | 298,996.22 | 0.04 | 1,155,948.61 | 0.14 | -74.13 | | Contract Liabilities | 101,580,536.97 | 11.93 | 76,492,629.81 | 9.47 | 32.8 | | Taxes Payable | 2,851,742.38 | 0.33 | 4,663,961.07 | 0.58 | -38.86 | | Other Current Liabilities | 4,603,156.43 | 0.54 | 14,078,438.31 | 1.74 | -67.3 | | Lease Liabilities | 2,916,189.00 | 0.34 | 195,631.70 | 0.02 | 1390.65 | | Deferred Tax Liabilities | 748,028.04 | 0.09 | 383,102.36 | 0.05 | 95.26 | - **Inventories increased by 39.38%** due to increased stock preparation and investment in unaccepted work-in-progress projects[126](index=126&type=chunk) - **Short-term borrowings increased by 35.49%** due to an increase in bank loans and accounts receivable factoring[127](index=127&type=chunk) - **Lease liabilities increased by 1390.65%** due to the re-signing of operating lease contracts under the new lease standard, leading to higher lease payables[127](index=127&type=chunk) Major Restricted Assets as of H1 2025 | Item | Carrying Amount (RMB) | Book Value (RMB) | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 2,014,579.67 | 2,014,579.67 | Security Deposit | Notes deposit | | Accounts Receivable | 20,142,953.89 | 19,947,239.12 | Pledge | Accounts receivable factoring | | **Total** | **22,157,533.56** | **21,961,818.79** | / | / | [Investment Status Analysis](index=44&type=section&id=(IV)%20Investment%20Status%20Analysis) The company had no significant equity or non-equity investments during the period, with financial assets at fair value remaining stable - There were no significant equity or non-equity investments during the reporting period[132](index=132&type=chunk) Financial Assets Measured at Fair Value as of H1 2025 | Asset Class | Beginning Balance (RMB) | Ending Balance (RMB) | | :--- | :--- | :--- | | Other Equity Instrument Investments | 2,500,001.00 | 2,500,001.00 | | **Total** | **2,500,001.00** | **2,500,001.00** | [Analysis of Major Subsidiaries and Investees](index=45&type=section&id=(VI)%20Analysis%20of%20Major%20Subsidiaries%20and%20Investees) The performance of the company's major subsidiaries varied, with some experiencing profit declines while others saw growth Operating Performance of Major Subsidiaries and Investees in H1 2025 (Unit: RMB 10,000) | Company Name | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Ningbo Sunrisetech Industrial Automation Co, Ltd | 500.00 | 39,334.35 | 13,489.94 | 12,797.92 | 575.93 | 520.95 | | Zhejiang Ruifeng Intelligent IoT Technology Co, Ltd | 13,446.20 | 32,482.90 | 25,446.43 | 1,210.94 | -638.50 | -637.11 | | Shenyang Ruisheng Intelligent Equipment Co, Ltd | 500.00 | 5,472.27 | -2,795.44 | 1,404.45 | -109.89 | -108.26 | | Beijing Sunrisetech Intelligent Technology Development Co, Ltd | 500.00 | 4,497.64 | 4,239.28 | 956.35 | 98.35 | 104.71 | | Ningbo O-ce Intelligent Technology Co, Ltd | 5,000.00 | 16,926.09 | 5,204.76 | 5,412.43 | 93.44 | 101.14 | | Ningbo Ruisheng Zhiyan Artificial Intelligence Technology Co, Ltd | 1,000.00 | 98.38 | 85.40 | - | -14.60 | -14.60 | - The decrease in operating profit and net profit for Ningbo Sunrisetech Industrial Automation Co, Ltd was mainly due to increased credit impairment losses on accounts receivable[136](index=136&type=chunk) - The decrease in operating revenue and net profit for Zhejiang Ruifeng Intelligent IoT Technology Co, Ltd was primarily due to reduced revenue recognition and lower gross profit[136](index=136&type=chunk) - During the reporting period, the company established Ningbo Ruisheng Zhiyan Artificial Intelligence Technology Co, Ltd and its subsidiary to engage in AI software development and hardware integration[137](index=137&type=chunk) [Corporate Governance, Environment, and Society](index=48&type=section&id=Section%204%20Corporate%20Governance,%20Environment,%20and%20Society) This section covers corporate governance matters, including management stability, profit distribution plans, and social responsibility initiatives [Changes in Directors, Senior Management, and Core Technical Staff](index=48&type=section&id=I.%20Changes%20in%20Directors,%20Senior%20Management,%20and%20Core%20Technical%20Staff) There were no changes in the company's directors, senior management, or core technical personnel during the reporting period - There were no changes in the company's directors, senior management, or core technical staff during the reporting period[139](index=139&type=chunk) [Profit Distribution or Capitalization of Capital Reserve Plan](index=48&type=section&id=II.%20Profit%20Distribution%20or%20Capitalization%20of%20Capital%20Reserve%20Plan) The company has no profit distribution or capitalization of capital reserve plan for the first half of the year - The company has no profit distribution or capitalization of capital reserve plan for this semi-annual period[139](index=139&type=chunk) [Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=48&type=section&id=III.%20Equity%20Incentive%20Plans,%20Employee%20Stock%20Ownership%20Plans,%20or%20Other%20Employee%20Incentive%20Measures) The company did not have any equity incentive plans, employee stock ownership plans, or other employee incentive measures in place - During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures[140](index=140&type=chunk) [Poverty Alleviation and Rural Revitalization Efforts](index=48&type=section&id=V.%20Poverty%20Alleviation%20and%20Rural%20Revitalization%20Efforts) The company donated RMB 200,000 to support earthquake relief efforts in Tibet as part of its social responsibility initiatives - In January 2025, the company donated RMB 200,000 to the Ningbo Fenghua District Charity Federation for an earthquake relief project in Tibet[140](index=140&type=chunk) [Significant Matters](index=49&type=section&id=Section%205%20Significant%20Matters) This section details the fulfillment of commitments, litigation status, related-party transactions, and major contracts during the reporting period [Fulfillment of Commitments](index=49&type=section&id=I.%20Fulfillment%20of%20Commitments) All commitments made by the company and its key stakeholders in relation to the initial public offering have been strictly fulfilled - The company, its controlling shareholders, actual controllers, directors, and senior management have strictly fulfilled all commitments related to the initial public offering[142](index=142&type=chunk) - Commitments cover areas such as share price stability, prospectus accuracy, compensation for diluted returns, avoidance of competition, and regulation of related-party transactions[143](index=143&type=chunk)[145](index=145&type=chunk)[148](index=148&type=chunk)[150](index=150&type=chunk)[151](index=151&type=chunk)[153](index=153&type=chunk)[155](index=155&type=chunk)[157](index=157&type=chunk)[158](index=158&type=chunk)[159](index=159&type=chunk)[161](index=161&type=chunk)[162](index=162&type=chunk)[163](index=163&type=chunk)[165](index=165&type=chunk)[166](index=166&type=chunk)[167](index=167&type=chunk) [Major Litigation and Arbitration Matters](index=56&type=section&id=VII.%20Major%20Litigation%20and%20Arbitration%20Matters) The company was not involved in any major litigation or arbitration matters during the reporting period - The company had no major litigation or arbitration matters during the reporting period[168](index=168&type=chunk) [Major Related-Party Transactions](index=56&type=section&id=X.%20Major%20Related-Party%20Transactions) The company engaged in purchase and sales transactions with related parties and received several guarantees from them Related-Party Transactions for Goods/Services in H1 2025 | Related Party | Transaction Content | Current Period Amount (RMB) | Approved Transaction Limit (RMB) | Exceeded Limit | Previous Period Amount (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Ningbo Dongpurui Industrial Automation Co, Ltd | Purchase of goods | 4,293,523.48 | 12,000,000.00 | No | 1,225,322.64 | | Ningbo O-ce Energy Saving Technology Co, Ltd | Sale of goods | 2,960,710.28 | - | - | 0.00 | Guarantees Received by the Company in H1 2025 (Partial) | Guarantor | Guarantee Amount (RMB) | Start Date | End Date | Guarantee Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Ningbo O-ce Energy Saving Technology Co, Ltd | 4,800,000.00 | May 9, 2022 | Three years from the debt maturity date under the agreement period ending May 9, 2025 | No | | Yuan Feng | 28,000,000.00 | March 1, 2023 | Three years from the maturity date of each credit facility under the agreement period ending March 1, 2028 | No | | Yuan Feng | 10,000,000.00 | June 18, 2024 | Three years from the day after the maturity of the main contract under the agreement period ending June 14, 2026 | No | | Yuan Feng | 40,000,000.00 | August 6, 2024 | Three years plus the maturity date of each loan under the credit agreement | No | [Major Contracts and Their Performance](index=57&type=section&id=XI.%20Major%20Contracts%20and%20Their%20Performance) The company's subsidiary signed sales contracts totaling $10.77 million for intelligent logistics systems, which are currently being executed - The company's wholly-owned subsidiary, Sunrisetech Automation, signed three sales contracts with SHINKI APPAREL (CAMBODIA) CO, LTD for a total of **$10,767,361** to provide intelligent logistics systems, with the contracts currently in progress[178](index=178&type=chunk) Guarantees Provided by the Company and its Subsidiaries to Subsidiaries in H1 2025 (Partial) | Guarantor | Guaranteed Party | Guarantee Amount (RMB) | Start Date | End Date | | :--- | :--- | :--- | :--- | :--- | | Zhejiang Ruisheng Intelligent Technology Co, Ltd | Ningbo Sunrisetech Industrial Automation Co, Ltd | 28,000,000.00 | 2023/5/31 | 2032/3/1 | | Zhejiang Ruisheng Intelligent Technology Co, Ltd | Ningbo O-ce Intelligent Technology Co, Ltd | 5,200,000.00 | 2023/11/15 | 2029/11/15 | | Zhejiang Ruisheng Intelligent Technology Co, Ltd | Zhejiang Ruifeng Intelligent IoT Technology Co, Ltd | 10,000,000.00 | 2023/5/22 | 2036/3/16 | | Zhejiang Ruisheng Intelligent Technology Co, Ltd | Ningbo Sunrisetech Industrial Automation Co, Ltd | 10,000,000.00 | 2025/5/6 | 2029/5/22 | - At the end of the reporting period, the total outstanding balance of guarantees provided to subsidiaries was **RMB 115,009,581.43**, representing **23.62% of the company's net assets**[176](index=176&type=chunk) [Changes in Share Capital and Shareholders](index=63&type=section&id=Section%206%20Changes%20in%20Share%20Capital%20and%20Shareholders) This section details changes in the company's share capital and provides an overview of its shareholder structure [Changes in Share Capital](index=63&type=section&id=I.%20Changes%20in%20Share%20Capital) The company's share capital structure remained unchanged during the period but increased after the period due to an equity distribution - During the reporting period, the total number of common shares and the share capital structure remained unchanged[180](index=180&type=chunk) - After the reporting period, the company completed its 2024 equity distribution, increasing the total share capital from **52,052,000 shares to 62,423,269 shares**[181](index=181&type=chunk) - After the implementation of the share conversion plan, the basic earnings per share for the reporting period, calculated based on the new total share capital, is **RMB 0.06**, and the net assets per share is **RMB 7.31**[181](index=181&type=chunk) [Shareholder Information](index=63&type=section&id=II.%20Shareholder%20Information) As of the period end, the company had 2,974 common shareholders, with Yuan Feng being the largest shareholder - As of the end of the reporting period, the total number of common shareholders was **2,974**[182](index=182&type=chunk) Top Ten Shareholders as of H1 2025 | Shareholder Name | Number of Shares Held (Shares) | Percentage (%) | Shareholder Type | | :--- | :--- | :--- | :--- | | Yuan Feng | 20,573,536 | 39.52 | Domestic Individual | | Ningbo Ruihesheng Venture Capital Partnership (Limited Partnership) | 9,033,073 | 17.35 | Domestic Non-state-owned Legal Entity | | Yuan Zuolin | 1,734,464 | 3.33 | Domestic Individual | | Huang Fucai | 724,843 | 1.39 | Domestic Individual | | Ningbo Liangli Investment Management Co, Ltd - Liangli Tianwang No 1 Private Equity Fund | 660,000 | 1.27 | Domestic Non-state-owned Legal Entity | | Zhuang Jiaqi | 650,642 | 1.25 | Domestic Individual | | Ma Lixiong | 650,642 | 1.25 | Domestic Individual | | Zhu Muqing | 580,300 | 1.11 | Domestic Individual | | Xu Hui | 500,000 | 0.96 | Domestic Individual | | Zhejiang Junhong Asset Management Co, Ltd - Junhong Qianjiang No 28 Private Equity Fund | 366,742 | 0.70 | Domestic Non-state-owned Legal Entity | - Yuan Feng is the company's controlling shareholder and actual controller, the actual controller of Ningbo Ruihesheng Venture Capital Partnership (Limited Partnership), and the father of Yuan Zuolin[186](index=186&type=chunk) [Information on Directors, Senior Management, and Core Technical Staff](index=66&type=section&id=III.%20Information%20on%20Directors,%20Senior%20Management,%20and%20Core%20Technical%20Staff) There were no changes in shareholdings or equity incentives granted to directors, senior management, and core technical staff - Information regarding changes in shareholdings of directors, senior management, and core technical staff is not applicable for the reporting period[188](index=188&type=chunk) - Information regarding equity incentives granted to directors, senior management, and core technical staff is not applicable for the reporting period[188](index=188&type=chunk) [Bond-related Matters](index=67&type=section&id=Section%207%20Bond-related%20Matters) This section confirms the absence of any corporate bonds, enterprise bonds, or other debt financing instruments during the period - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[190](index=190&type=chunk) - The company has no convertible corporate bonds[190](index=190&type=chunk) [Financial Report](index=68&type=section&id=Section%208%20Financial%20Report) This section presents the unaudited semi-annual financial statements and accompanying notes for 2025 [Audit Report](index=68&type=section&id=I.%20Audit%20Report) This semi-annual financial report has not been audited - This semi-annual report is unaudited[4](index=4&type=chunk)[192](index=192&type=chunk) [Financial Statements](index=68&type=section&id=II.%20Financial%20Statements) This section contains the consolidated and parent company financial statements for the first half of 2025 - Provides the Consolidated Balance Sheet, Parent Company Balance Sheet, Consolidated Income Statement, Parent Company Income Statement, Consolidated Cash Flow Statement, Parent Company Cash Flow Statement, Consolidated Statement of Changes in Equity, and Parent Company Statement of Changes in Equity[192](index=192&type=chunk)[196](index=196&type=chunk)[200](index=200&type=chunk)[204](index=204&type=chunk)[207](index=207&type=chunk)[210](index=210&type=chunk)[214](index=214&type=chunk)[221](index=221&type=chunk) [Consolidated Balance Sheet](index=68&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's total consolidated assets were RMB 851.65 million, with total liabilities of RMB 364.78 million Key Data from Consolidated Balance Sheet as of June 30, 2025 | Item | Amount (RMB) | | :--- | :--- | | Total Current Assets | 595,856,825.78 | | Total Non-current Assets | 255,788,683.39 | | **Total Assets** | **851,645,509.17** | | Total Current Liabilities | 348,629,111.88 | | Total Non-current Liabilities | 16,147,843.24 | | **Total Liabilities** | **364,776,955.12** | | Total Equity Attributable to Parent Company | 453,478,703.82 | | Minority Interests | 33,389,850.23 | | **Total Equity** | **486,868,554.05** | [Consolidated Income Statement](index=72&type=section&id=Consolidated%20Income%20Statement) For the six months ended June 30, 2025, the company generated total revenue of RMB 185.04 million and a net profit of RMB 4.36 million Key Data from Consolidated Income Statement for Jan-Jun 2025 | Item | Amount (RMB) | | :--- | :--- | | Total Operating Revenue | 185,044,034.63 | | Total Operating Costs | 176,564,001.57 | | Total Profit | 5,429,079.35 | | Net Profit | 4,362,750.42 | | Net Profit Attributable to Parent Company Shareholders | 3,739,421.37 | | Basic Earnings Per Share (RMB/Share) | 0.07 | | Diluted Earnings Per Share (RMB/Share) | 0.07 | [Consolidated Cash Flow Statement](index=76&type=section&id=Consolidated%20Cash%20Flow%20Statement) For the six months ended June 30, 2025, net cash outflow from operating activities was RMB 31.82 million Key Data from Consolidated Cash Flow Statement for Jan-Jun 2025 | Item | Amount (RMB) | | :--- | :--- | | Subtotal of Cash Inflows from Operating Activities | 198,475,795.58 | | Subtotal of Cash Outflows from Operating Activities | 230,292,494.59 | | **Net Cash Flow from Operating Activities** | **-31,816,699.01** | | Subtotal of Cash Inflows from Investing Activities | 1,000.00 | | Subtotal of Cash Outflows from Investing Activities | 6,961,303.34 | | **Net Cash Flow from Investing Activities** | **-6,961,303.34** | | Subtotal of Cash Inflows from Financing Activities | 95,620,000.00 | | Subtotal of Cash Outflows from Financing Activities | 72,422,116.61 | | **Net Cash Flow from Financing Activities** | **23,197,883.39** | | Closing Balance of Cash and Cash Equivalents | 47,702,973.61 | [Company Basic Information](index=89&type=section&id=III.%20Company%20Basic%20Information) Zhejiang Ruisheng Intelligent Technology Co, Ltd is a publicly listed company on the Shanghai Stock Exchange STAR Market - The company is a joint-stock limited company publicly listed on the Sci-Tech Innovation Board (STAR Market) of the Shanghai Stock Exchange[225](index=225&type=chunk) - The company is primarily engaged in the production, sales, and R&D of intelligent logistics systems and intelligent fire smoke extraction and ventilation systems[225](index=225&type=chunk) - This financial report was approved for issuance on August 27, 2025[225](index=225&type=chunk) [Basis of Preparation of Financial Statements](index=89&type=section&id=IV.%20Basis%20of%20Preparation%20of%20Financial%20Statements) The financial statements are prepared on a going concern basis, with the company's ability to continue operations assessed as sound - The company's financial statements are prepared on a going concern basis[225](index=225&type=chunk) - An assessment confirms that the company has a strong ability to continue as a going concern for the next 12 months from the end of the reporting period[226](index=226&type=chunk) [Significant Accounting Policies and Estimates](index=89&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the key accounting policies and estimates applied in preparing the financial statements, including a retrospective adjustment for warranty provisions - The company's financial statements comply with the requirements of the Enterprise Accounting Standards, presenting a true and complete view of its financial position[228](index=228&type=chunk) - The company's fiscal year runs from January 1 to December 31, with a normal operating cycle of one year[229](index=229&type=chunk)[230](index=230&type=chunk) - Financial assets are classified into three categories based on business model and contractual cash flow characteristics: amortized cost, fair value through other comprehensive income, and fair value through profit or loss[257](index=257&type=chunk) - The company retrospectively adjusted its accounting for assurance-type warranties in accordance with a new interpretation, resulting in a **reclassification of RMB 4,270,175.61 from selling expenses to cost of sales** for H1 2024[392](index=392&type=chunk) [Taxes](index=120&type=section&id=VI.%20Taxes) This section outlines the main taxes applicable to the company, including preferential tax treatments for high-tech enterprises and software products Main Taxes and Tax Rates | Tax Type | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Taxable value-added amount | 6%, 9%, 13% (VAT on software products is refunded on the portion exceeding a 3% tax burden) | | Urban Maintenance and Construction Tax | VAT and consumption tax payable | 7%, 5% | | Education Surcharge | VAT and consumption tax payable | 3% | | Local Education Surcharge | VAT and consumption tax payable | 2% | | Corporate Income Tax | Taxable income | See details below (15% or 25%) | | Property Tax | Assessed value / Rental income | 1.2%, 12% | | Urban Land Use Tax | Land area | 6 RMB/square meter | - The company and several of its subsidiaries are recognized as high-tech enterprises, qualifying for a **reduced corporate income tax rate of 15%**[395](index=395&type=chunk)[396](index=396&type=chunk) - The company and its subsidiary, Beijing Sunrisetech Intelligent Technology Development Co, Ltd, benefit from a VAT refund policy for software products[398](index=398&type=chunk) - The company is eligible for an additional 5% input VAT deduction as an advanced manufacturing enterprise[398](index=398&type=chunk) [Notes to Consolidated Financial Statement Items](index=121&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on individual items in the consolidated financial statements, such as assets, liabilities, equity, and income statement accounts - As of June 30, 2025, restricted cash and cash equivalents amounted to **RMB 2,014,579.67**, primarily for note deposits[399](index=399&type=chunk) - At the end of the reporting period, the gross carrying amount of accounts receivable was **RMB 312,181,537.94**, with a provision for bad debts of **RMB 54,664,286.99**[414](index=414&type=chunk) - At the end of the reporting period, the book value of inventories was **RMB 238,504,082.63**, mainly comprising raw materials and work-in-progress[449](index=449&type=chunk) - At the end of the reporting period, the balance of short-term borrowings was **RMB 136,881,906.92**, consisting of guaranteed loans, credit loans, letters of credit, and accounts receivable factoring[493](index=493&type=chunk) - For H1 2025, operating revenue was **RMB 185,044,034.63**, and the cost of sales was **RMB 136,252,401.51**[530](index=530&type=chunk) - For H1 2025, R&D expenses were **RMB 11,033,945.72**, a year-on-year decrease of 5.77%[537](index=537&type=chunk) [R&D Expenditures](index=175&type=section&id=VIII.%20R&D%20Expenditures) Total R&D expenditure for H1 2025 was RMB 11.03 million, all of which was expensed, marking a 5.77% decrease from the previous year R&D Expenditure by Nature for H1 2025 | Item | Current Period Amount (RMB) | Previous Period Amount (RMB) | | :--- | :--- | :--- | | Materials and Fuel | 451,184.39 | 993,106.00 | | Personnel Costs | 9,057,027.56 | 9,020,674.00 | | Other | 1,525,733.77 | 1,695,515.88 | | **Total** | **11,033,945.72** | **11,709,295.88** | | Of which: Expensed R&D | 11,033,945.72 | 11,709,295.88 | - Total R&D expenditure **decreased by 5.77%** year-on-year, mainly due to reduced investment in materials and outsourced R&D for projects[122](index=122&type=chunk)[567](index=567&type=chunk) [Changes in Consolidation Scope](index=176&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) The consolidation scope changed with the addition of a new majority-owned subsidiary, Ningbo Ruisheng Zhiyan Artificial Intelligence Technology Co, Ltd - On April 15, 2025, the company established Ningbo Ruisheng Zhiyan Artificial Intelligence Technology Co, Ltd, holding a **51% stake** with a subscribed capital of RMB 5.1 million, and included it in the consolidation scope[568](index=568&type=chunk)[569](index=569&type=chunk) [Interests in Other Entities](index=177&type=section&id=X.%20Interests%20in%20Other%20Entities) This section discloses the company's interests in its subsidiaries, including financial information for its significant non-wholly-owned subsidiary - The company has several subsidiaries, including Ningbo Sunrisetech Industrial Automation, Beijing Sunrisetech, Shenyang Ruisheng, Zhejiang Ruifeng, Ningbo O-ce, and Ningbo Ruisheng Zhiyan[570](index=570&type=chunk)[571](index=571&type=chunk) Financial Information of Significant Non-wholly-owned Subsidiary (Ningbo O-ce Intelligent Technology Co, Ltd) for H1 2025 | Item | Closing Balance (RMB) | Opening Balance (RMB) | | :--- | :--- | :--- | | Minority Interest Percentage (%) | 48% | 48% | | Profit/Loss Attributable to Minority Interests for the Period | 485,455.48 | 1,161,637.02 | | Closing Balance of Minority Interests | 24,982,833.48 | 24,497,377.99 | | Operating Revenue | 54,124,299.27 | 44,044,229.23 | | Net Profit | 1,011,365.59 | 2,420,077.13 | | Cash Flow from Operating Activities | -15,029,830.18 | -3,085,743.74 | [Government Grants](index=182&type=section&id=XI.%20Government%20Grants) The company recognized a total of RMB 3.46 million in government grants in the current period's profit and loss Government Grants Recognized in Current Profit and Loss for H1 2025 | Type | Current Period Amount (RMB) | Previous Period Amount (RMB) | | :--- | :--- | :--- | | Related to Income | 3,341,151.81 | 6,035,925.52 | | Related to Assets | 115,469.84 | 110,061.22 | | **Total** | **3,456,621.65** | **6,145,986.74** | Liability Items Involving Government Grants (Deferred Income) for H1 2025 | Financial Statement Item | Opening Balance (RMB) | Decrease this Period (RMB) | Closing Balance (RMB) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 1,516,142.15 | 115,469.84 | 1,400,672.31 | Asset-related | [Financial Instrument Risks](index=183&type=section&id=XII.%20Financial%20Instrument%20Risks) The company actively manages credit, liquidity, and market risks associated with its financial instruments - The company's main financial instruments include cash, bank deposits, notes receivable, accounts receivable, other receivables, short-term borrowings, and accounts payable[580](index=580&type=chunk) - Credit risk, primarily from bank deposits and receivables, is managed by selecting highly-rated financial institutions and conducting customer credit assessments[582](index=582&type=chunk) - Liquidity risk is managed by maintaining sufficient cash reserves and backup credit facilities[583](index=583&type=chunk) - Market risk, including interest rate risk from borrowings and currency risk from USD-denominated assets, is managed by matching foreign currency revenues and expenses and potentially using forward contracts[585](index=585&type=chunk)[586](index=586&type=chunk)[587](index=587&type=chunk) Transferred Financial Assets with Continuing Involvement in H1 2025 | Item | Asset Transfer Method | Amount of Assets with Continuing Involvement (RMB) | Amount of Liabilities with Continuing Involvement (RMB) | | :--- | :--- | :--- | :--- | | Accounts receivable, short-term borrowings, and long-term borrowings | Accounts receivable factoring | 20,142,953.89 | 20,142,953.89 | [Fair Value Disclosures](index=185&type=section&id=XIII.%20Fair%20Value%20Disclosures) The company's assets measured at fair value totaled RMB 2.52 million, primarily consisting of Level 3 fair value measurements Assets and Liabilities Measured at Fair Value as of H1 2025 | Item | Level 3 Fair Value Measurement (RMB) | Total (RMB) | | :--- | :--- | :--- | | **I. Continuous Fair Value Measurement** | | | | (VI) Assets at FVTOCI | 2,524,221.04 | 2,524,221.04 | | 1. Accounts Receivable Financing | 24,220.04 | 24,220.04 | | 2. Other Equity Instrument Investments | 2,500,001.00 | 2,500,001.00 | | **Total Assets at Continuous Fair Value** | **2,524,221.04** | **2,524,221.04** | - Other equity instrument investments are measured using their investment cost as a reasonable estimate of fair value[593](index=593&type=chunk) [Related Parties and Transactions](index=187&type=section&id=XIV.%20Related%20Parties%20and%20Transactions) This section discloses the company's related parties and details transactions involving purchases, sales, and guarantees - Related parties include the spouse of the actual controller, companies under common control, and companies controlled by related individuals[596](index=596&type=chunk) Related-Party Transactions for Goods/Services in H1 2025 | Related Party | Transaction Content | Current Period Amount (RMB) | Previous Period Amount (RMB) | | :--- | :--- | :--- | :--- | | Ningbo Dongpurui Industrial Automation Co, Ltd | Purchase of goods | 4,293,523.48 | 1,225,322.64 | | Ningbo O-ce Energy Saving Technology Co, Ltd | Sale of goods | 2,960,710.28 | 0.00 | Related-Party Guarantees Received by the Company in H1 2025 (Partial) | Guarantor | Guarantee Amount (RMB) | Start Date | End Date | | :--- | :--- | :--- | :--- | | Ningbo O-ce Energy Saving Technology Co, Ltd | 4,800,000.00 | May 9, 2022 | Three years from the debt maturity date under the agreement period ending May 9, 2025 | | Yuan Feng | 28,000,000.00 | March 1, 2023 | Three years from the maturity date of each credit facility under the agreement period ending March 1, 2028 | | Yuan Shida, Yuan Ke | 10,000,000.00 | December 12, 2022 | Two years from the debt maturity date under the agreement period ending December 12, 2032 | Outstanding Balances with Related Parties as of H1 2025 | Item | Related Party | Closing Balance (RMB) | Opening Balance (RMB) | | :--- | :--- | :--- | :--- | | Contract Assets | Ningbo O-ce Energy Saving Technology Co, Ltd | 208,707.84 | 111,892.61 | | Contract Liabilities | Ningbo O-ce Energy Saving Technology Co, Ltd | 1,728,985.68 | 4,586,359.83 | | Accounts Payable | Ningbo Dongpurui Industrial Automation Co, Ltd | 2,522,644.39 | 1,756,876.16 | [Share-based Payment](index=191&type=section&id=XV.%20Share-based%20Payment) The company had no share-based payment arrangements during the reporting period - During the reporting period, the company had no equity instruments, equity-settled share-based payments, cash-settled share-based payments, or related expenses[609](index=609&type=chunk)[610](index=610&type=chunk) [Commitments and Contingencies](index=192&type=section&id=XVI.%20Commitments%20and%20Contingencies) The company had no significant commitments or contingencies to disclose for the reporting period - The company had no significant commitments during the reporting period[610](index=610&type=chunk) - The company had no significant contingencies to disclose during the reporting period[610](index=610&type=chunk) [Subsequent Events](index=192&type=section&id=XVII.%20Subsequent%20Events) After the reporting period, the company invested in establishing a new associated company, Zhejiang Tianji Intelligent Control System Co, Ltd - After the reporting period, on July 18, 2025, the company invested in establishing Zhejiang Tianji Intelligent Control System Co, Ltd, holding a **45% stake** with a subscribed capital of RMB 4.5 million[610](index=610&type=chunk) [Other Significant Matters](index=193&type=section&id=XVIII.%20Other%20Significant%20Matters) The company's operations are managed as two reportable segments: intelligent logistics systems and intelligent fire safety systems - Management considers the company's operations to consist of two segments: the intelligent logistics systems business and the intelligent fire smoke extraction and ventilation systems business[612](index=612&type=chunk) Segment Financial Information for H1 2025 | Item | Intelligent Logistics Systems (RMB) | Intelligent Fire Safety Systems (RMB) | Inter-segment Elimination (RMB) | Total (RMB) | | :--- | :--- | :--- | :--- | :--- | | Current Assets | 445,304,352.20 | 150,563,337.71 | 10,864.13 | 595,856,825.78 | | Non-current Assets | 237,091,082.49 | 18,697,600.90 | - | 255,788,683.39 | | Current Liabilities | 235,898,221.35 | 112,741,754.66 | 10,864.13 | 348,629,111.88 | | Non-current Liabilities | 11,676,229.04 | 4,471,614.20 | - | 16,147,843.24 | | Operating Revenue | 131,542,261.06 | 54,124,299.27 | 622,525.70 | 185,044,034.63 | | Operating Profit | 4,743,363.39 | 934,392.62 | 52,177.87 | 5,625,578.14 | | Net Profit | 3,395,736.02 | 1,011,365.59 | 44,351.19 | 4,362,750.42 | [Notes to Parent Company Financial Statement Items](index=194&type=section&id=XIX.%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Items) This section provides detailed notes on key items in the parent company's financial statements, including receivables and long-term investments Parent Company Accounts Receivable by Aging as of H1 2025 | Aging | Closing Balance (RMB) | Opening Balance (RMB) | | :--- | :--- | :--- | | Within 1 year | 5,446,981.36 | 21,308,760.14 | | 1 to 2 years | 6,161,639.73 | 14,407,670.98 | | 2 to 3 years | 4,839,025.51 | 3,405,614.90 | | 3 to 4 years | 1,182,296.97 | 1,226,118.95 | | 4 to 5 years | 294,780.00 | 345,134.80 | | Over 5 years | 3,539,592.36 | 3,464,667.56 | | **Total** | **21,464,315.93** | **44,157,967.33** | Parent Company Long-term Equity Investments as of H1 2025 | Item | Closing Book Value (RMB) | Opening Book Value (RMB) | | :--- | :--- | :--- | | Investments in Subsidiaries | 324,500,000.00 | 323,500,000.00 | | **Total** | **324,500,000.00** | **323,500,000.00** | Parent Company Operating Revenue and Costs for H1 2025 | Item | Current Period Revenue (RMB) | Current Period Cost (RMB) | Previous Period Revenue (RMB) | Previous Period Cost (RMB) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 13,855,439.99 | 3,127,690.12 | 30,362,017.51 | 21,120,514.88 | | Other Business | 243,192.54 | 456.23 | 520,390.54 | 6,792.02 | | **Total** | **14,098,632.53** | **3,128,146.35** | **30,882,408.05** | **21,127,306.90** | [Supplementary Information](index=204&type=section&id=XX.%20Supplementary%20Information) This section provides a detailed breakdown of non-recurring profit and loss items and calculates the return on equity and earnings per share Detailed Breakdown of Non-recurring Profit and Loss for H1 2025 | Item | Amount (RMB) | | :--- | :--- | | Gains and losses on disposal of non-current assets | 102,566.86 | | Government grants included in current profit or loss (non-recurring) | 2,017,441.98 | | Other non-operating income and expenses | -196,498.79 | | Less: Income tax effects | 196,772.01 | | Less: Minority interest effects (after tax) | 208,009.97 | | **Total** | **1,518,728.07** | Return on Equity and Earnings Per Share for H1 2025 | Profit for the Period | Weighted Average ROE (%) | Basic EPS | Diluted EPS | | :--- | :--- | :--- | :--- | | Net profit attributable to common shareholders | 0.80 | 0.07 | 0.07 | | Net profit attributable to common shareholders (excluding non-recurring items) | 0.48 | 0.04 | 0.04 |

新奥天然气股份有限公司 2025 年半年度报告 公司代码：600803 公司简称：新奥股份 新奥天然气股份有限公司 2025 年半年度报告 1 / 238 新奥天然气股份有限公司 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、 公司负责人蒋承宏、主管会计工作负责人梁宏玉及会计机构负责人（会计主管人员）程志岩 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 不涉及 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请 投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司已在本 ...

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[Definitions](index=4&type=section&id=Section%201%20Definitions) [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This chapter provides definitions of common terms used in the report, including company names, major shareholders, subsidiaries, core technologies, processes, and industry terms, ensuring accuracy and consistency in report reading - Company's main subsidiaries include Guangde Dongwei, Dongguan Dongwei, Changshu Dongwei, Shenzhen Dongwei, and Thailand Dongwei[10](index=10&type=chunk) - Core technical terms like **VCP (Vertical Continuous Plating equipment)** are used for PCB copper plating, and **PCB (Printed Circuit Board)** is the support for electronic components[10](index=10&type=chunk) - **Plating uniformity** is a key indicator of plating quality, and **through-hole rate (TP)** refers to deep hole plating capability, with higher values indicating better plating[10](index=10&type=chunk) [Company Profile and Key Financial Indicators](index=5&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) [Company Basic Information](index=5&type=section&id=I.%20Company%20Basic%20Information) Kunshan Dongwei Technology Co., Ltd. (Dongwei Technology) is a company listed on the STAR Market of the Shanghai Stock Exchange, stock code 688700, with Liu Jianbo as legal representative, registered and office address at No. 505 Dongding Road, Bachang Town, Kunshan City - Legal representative is Liu Jianbo, registered address is No. 505 Dongding Road, Bachang Town, Kunshan City[13](index=13&type=chunk) Company Stock/Depositary Receipt Overview | Security Type | Listing Exchange and Board | Stock/Depositary Receipt Abbreviation | Stock/Depositary Receipt Code | | :--- | :--- | :--- | :--- | | RMB Ordinary Shares (A-shares) | Shanghai Stock Exchange STAR Market | Dongwei Technology | 688700 | | Global Depositary Receipts | SIX Swiss Exchange | Not Applicable | KUDO | [Contact Person and Information](index=5&type=section&id=II.%20Contact%20Person%20and%20Information) The company's Board Secretary (domestic representative for information disclosure) is Xu Peipei, with contact address and email consistent with the company's registration information, and phone number 0512-57710500 - Board Secretary is Xu Peipei, contact number **0512-57710500**, email **DW10798@ksdwgroup.com**[14](index=14&type=chunk) [Brief Introduction to Changes in Information Disclosure and Document Storage Locations](index=5&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Storage%20Locations) The company designates Shanghai Securities News and Securities Times as information disclosure newspapers, with the semi-annual report published on the Shanghai Stock Exchange website (http://www.sse.com.cn), and documents stored at the company's office address - Information disclosure newspapers are Shanghai Securities News, Securities Times, website **http://www.sse.com.cn**[15](index=15&type=chunk) [Company Stock/Depositary Receipt Overview](index=6&type=section&id=IV.%20Company%20Stock%2FDepositary%20Receipt%20Overview) The company's stock is RMB ordinary shares (A-shares), listed on the STAR Market of the Shanghai Stock Exchange, stock code 688700, and it also issued Global Depositary Receipts (GDRs) on the SIX Swiss Exchange, code KUDO Company Stock/Depositary Receipt Overview | Security Type | Listing Exchange and Board | Stock/Depositary Receipt Abbreviation | Stock/Depositary Receipt Code | | :--- | :--- | :--- | :--- | | RMB Ordinary Shares (A-shares) | Shanghai Stock Exchange STAR Market | Dongwei Technology | 688700 | | Global Depositary Receipts | SIX Swiss Exchange | Not Applicable | KUDO | - GDR depositary is **Citibank**, custodian is **Bank of China Limited**[17](index=17&type=chunk) [Company's Key Accounting Data and Financial Indicators](index=6&type=section&id=VI.%20Company%27s%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue increased by 13.07% year-on-year, primarily due to increased demand in the high-end printed circuit plating sector, while total profit and net profit decreased by 17.06% and 23.66% respectively Key Accounting Data for H1 2025 | Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 443,376,759.05 yuan | 392,138,314.18 yuan | 13.07 | | Total Profit | 48,992,827.82 yuan | 59,071,382.06 yuan | -17.06 | | Net Profit Attributable to Shareholders of Listed Company | 42,503,071.88 yuan | 55,679,524.81 yuan | -23.66 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-recurring Gains and Losses | 40,946,128.28 yuan | 49,126,477.93 yuan | -16.65 | | Net Cash Flow from Operating Activities | 30,389,155.18 yuan | -14,631,135.72 yuan | Not Applicable | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 1,749,262,222.82 yuan | 1,733,625,561.91 yuan | 0.90 | | Total Assets (Period-end) | 3,028,540,968.28 yuan | 2,717,987,693.16 yuan | 11.43 | Key Financial Indicators for H1 2025 | Key Financial Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.14 | 0.19 | -26.32 | | Diluted Earnings Per Share (yuan/share) | 0.14 | 0.19 | -26.32 | | Basic Earnings Per Share After Deducting Non-recurring Gains and Losses (yuan/share) | 0.14 | 0.16 | -12.50 | | Weighted Average Return on Net Assets (%) | 2.43 | 3.19 | Decrease of 0.76 percentage points | | Weighted Average Return on Net Assets After Deducting Non-recurring Gains and Losses (%) | 2.34 | 2.82 | Decrease of 0.48 percentage points | | R&D Investment as Percentage of Operating Revenue (%) | 8.54 | 10.61 | Decrease of 2.07 percentage points | - Operating revenue increased by **13.07%** year-on-year, mainly due to a significant increase in demand for high-end printed circuit board (PCB) plating equipment[23](index=23&type=chunk) - Total profit and net profit decreased, mainly because no high-margin new energy equipment products were recognized as revenue during the reporting period, coupled with rising raw material prices and increased costs and expenses[23](index=23&type=chunk) - Net cash flow from operating activities significantly increased year-on-year, primarily due to increased orders and a substantial increase in customer payments[23](index=23&type=chunk) [Non-recurring Gains and Losses and Amounts](index=7&type=section&id=VIII.%20Non-recurring%20Gains%20and%20Losses%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to 1,556,943.60 yuan, mainly including government subsidies, fair value changes in financial assets, and other non-operating income and expenses Non-recurring Gains and Losses and Amounts for H1 2025 | Non-recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | -21,434.30 | | Government grants recognized in profit or loss for the current period | 1,781,120.17 | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and from disposal of financial assets and liabilities | 735,194.36 | | Other non-operating income and expenses apart from the above | -666,135.41 | | Other gains and losses that meet the definition of non-recurring gains and losses | 8,400.00 | | Less: Income tax impact | 280,201.22 | | Total | 1,556,943.60 | [Net Profit After Deducting Share-based Payments](index=8&type=section&id=IX.%20Net%20Profit%20After%20Deducting%20Share-based%20Payments) During the reporting period, the company's net profit after deducting the impact of share-based payments was 44,828,305.50 yuan Net Profit After Deducting Impact of Share-based Payments | Key Accounting Data | Current Reporting Period (Jan-Jun) | | :--- | :--- | | Net Profit After Deducting Impact of Share-based Payments | 44,828,305.50 yuan | [Management Discussion and Analysis](index=8&type=section&id=Section%203%20Management%20Discussion%20and%20Analysis) [Overview of Industry and Main Business During the Reporting Period](index=8&type=section&id=I.%20Overview%20of%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) The company specializes in the special equipment manufacturing industry, with products covering PCB, general hardware surface treatment, and new energy sectors, providing efficient, environmentally friendly, and intelligent electroplating solutions - The company's industry is manufacturing, specifically special equipment manufacturing, with products in PCB, general hardware surface treatment, and new energy[28](index=28&type=chunk) - The PCB industry is strongly driven by artificial intelligence and high-speed network applications, with global PCB market output value projected to grow by **7.6%** to **79.1 billion USD** in 2025[30](index=30&type=chunk)[31](index=31&type=chunk) - In the new energy sector, composite current collector materials and photovoltaic copper plating equipment are key focus areas, with composite current collector materials offering low cost, high safety, and high energy density advantages, and photovoltaic copper plating equipment enabling "de-silverization" for cost reduction and efficiency improvement[33](index=33&type=chunk)[34](index=34&type=chunk) - The company is a global leading electroplating equipment manufacturer, with vertical continuous plating equipment holding over **50%** market share in China[35](index=35&type=chunk) [1. PCB Sector](index=8&type=section&id=1.%20PCB%20Sector) PCB electroplating is a critical step in printed circuit board production, where the company's product performance directly impacts PCB integration and conductivity, with global PCB market output value expected to grow by 7.6% to 79.1 billion USD in 2025 - PCB electroplating equipment is critical in PCB wet process, determining PCB product quality in integration, conductivity, and signal transmission[29](index=29&type=chunk)[30](index=30&type=chunk) - Strong demand from AI servers and high-speed network applications, coupled with a rebound in smartphone and PC shipments, supports global PCB industry growth[30](index=30&type=chunk) - Prismark forecasts global PCB market output value to grow by **7.6%** to **79.1 billion USD** in 2025, with the 18-layer and above multilayer board market growing by **41.7%**[31](index=31&type=chunk) [2. General Hardware Sector](index=9&type=section&id=2.%20General%20Hardware%20Sector) General hardware electroplating is an essential part of the industrial chain, widely applied across various industries, where the company's continuous electroplating equipment offers significant advantages in yield, cost, efficiency, and environmental protection - General hardware electroplating is an indispensable part of the industrial chain, applied in electronics, automotive, aerospace, light industry, machinery, and other sectors[32](index=32&type=chunk) - The company's continuous hardware electroplating equipment offers significant advantages in yield improvement, cost reduction, labor saving, efficiency enhancement, safety, and environmental protection[32](index=32&type=chunk) [3. New Energy Sector](index=9&type=section&id=3.%20New%20Energy%20Sector) The company's composite current collector material equipment is primarily used in power, energy storage, and consumer batteries, offering advantages of low cost, high safety, and high energy density, while its photovoltaic copper plating equipment achieves cost reduction and efficiency improvement through "de-silverization" technology - The company's composite current collector material equipment produces composite current collector materials mainly used in power batteries, energy storage batteries, and consumer batteries[33](index=33&type=chunk) - Composite current collectors adopt a "metal conductive layer - polymer composite material - metal conductive layer" structure, offering advantages of low cost, high safety, and high energy density compared to traditional materials[33](index=33&type=chunk) - The company's photovoltaic copper plating equipment reduces costs for photovoltaic enterprises through "de-silverization" technology, with copper grid lines offering stronger conductivity and improving battery conversion efficiency[34](index=34&type=chunk) [(II) Description of Main Business Operations](index=9&type=section&id=%28II%29%20Description%20of%20Main%20Business%20Operations) The company is a global leading manufacturer of high-end precision electroplating equipment, providing efficient, environmentally friendly, and intelligent electroplating solutions across PCB, general hardware, and new energy electroplating fields - The company primarily engages in R&D, design, production, and sales of high-end precision electroplating equipment and supporting equipment, providing efficient, environmentally friendly, and intelligent electroplating solutions[35](index=35&type=chunk) - The company's products mainly target PCB electroplating, general hardware electroplating, and new energy electroplating, with vertical continuous plating equipment holding over **50%** market share in China[35](index=35&type=chunk) - The company is currently the only STAR Market listed company purely focused on precision electroplating equipment and technical services in China, and has established a production base in Bangkok, Thailand[36](index=36&type=chunk) - The company has a forward-looking layout in the new energy market, being the only enterprise globally to achieve mass production of composite copper foil equipment, and actively developing composite aluminum equipment and photovoltaic copper-for-silver technology[38](index=38&type=chunk) [Discussion and Analysis of Operations](index=10&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) During the reporting period, the company continued to deepen its main business, with total operating revenue increasing by 13.07%, but net profit decreasing by 23.66%, mainly due to unconfirmed revenue from high-margin new energy equipment products and increased costs - During the reporting period, the company's total operating revenue was **443.38 million yuan**, a year-on-year increase of **13.07%**; net profit attributable to shareholders was **42.50 million yuan**, a year-on-year decrease of **23.66%**[39](index=39&type=chunk) - Net profit in the second quarter increased by **49.93%** quarter-on-quarter, and vertical continuous plating equipment order value increased by over **100%** year-on-year[39](index=39&type=chunk) - R&D expenses during the reporting period were **37.86 million yuan**, accounting for **8.54%** of operating revenue, with **35** new patents (including **26** invention patents)[39](index=39&type=chunk) - The company launched glass substrate related equipment for semiconductor packaging, successfully developed a two-stage double-sided roll-to-roll horizontal non-contact coating line for new energy equipment, and is actively developing composite aluminum foil vacuum evaporation plating equipment[41](index=41&type=chunk) - The company continues to deepen its market share in domestic vertical continuous plating equipment and has established a production base in Thailand to serve Southeast Asian customers and enhance global sales capabilities[41](index=41&type=chunk) [(I) Continued Deep Cultivation of Main Business, Steady Improvement in Operations](index=10&type=section&id=%28I%29%20Continued%20Deep%20Cultivation%20of%20Main%20Business%2C%20Steady%20Improvement%20in%20Operations) The company's total operating revenue increased by 13.07% during the reporting period, primarily driven by the PCB Southeast Asia investment wave and demand growth in AI intelligent related big data storage, with vertical continuous plating equipment order value increasing by over 100% H1 2025 Operating Performance | Indicator | Amount (yuan) | Year-on-Year Growth Rate (%) | | :--- | :--- | :--- | | Total Operating Revenue | 443,376,759.05 | 13.07 | | Net Profit Attributable to Shareholders of Listed Company | 42,503,071.88 | -23.66 | - Net profit in the second quarter increased by **49.93%** quarter-on-quarter[39](index=39&type=chunk) - Vertical continuous plating equipment order value increased by over **100%** year-on-year[39](index=39&type=chunk) [(II) Significant R&D Innovation Achievements, Driving High-Quality Development](index=10&type=section&id=%28II%29%20Significant%20R%26D%20Innovation%20Achievements%2C%20Driving%20High-Quality%20Development) The company adheres to market-oriented differentiated technological innovation, with R&D expenses of 37.86 million yuan during the reporting period, accounting for 8.54% of operating revenue, and 35 new patents added H1 2025 R&D Investment | Indicator | Amount/Quantity | | :--- | :--- | | R&D Expenses | 37.86 million yuan | | R&D Expenses as Percentage of Operating Revenue | 8.54% | | Number of R&D Personnel | 192 people | | R&D Personnel as Percentage of Total Employees | 12.42% | | Number of New Patents | 35 (26 invention patents, 9 utility model patents) | [(III) Strengthening Brand Building, Continuous Equipment Innovation](index=10&type=section&id=%28III%29%20Strengthening%20Brand%20Building%2C%20Continuous%20Equipment%20Innovation) The company enhances brand influence through domestic and international exhibitions and continuously introduces innovative equipment, including glass substrate related equipment for semiconductor packaging and new energy equipment like the two-stage double-sided roll-to-roll horizontal non-contact coating line - The company enhances brand awareness and influence by participating in domestic and international industry exhibitions and technical exchange events[41](index=41&type=chunk) - Glass substrate related equipment for semiconductor packaging, including PVD, TGV, and RDL equipment, has been delivered to customers and successfully trial-produced[41](index=41&type=chunk) - New energy equipment successfully developed a two-stage double-sided roll-to-roll horizontal non-contact coating line, improving material utilization and reducing production costs[41](index=41&type=chunk) - Composite aluminum foil vacuum evaporation plating equipment has been installed and debugged at customer sites, and the company is committed to providing integrated front-to-back services for lithium battery anode and cathode materials[41](index=41&type=chunk) [(IV) Deepening Domestic Market, Expanding Company's Overseas Market](index=11&type=section&id=%28IV%29%20Deepening%20Domestic%20Market%2C%20Expanding%20Company%27s%20Overseas%20Market) The company maintains a leading position in the domestic vertical continuous plating equipment market, with order value significantly increasing year-on-year, and is building a production base in Thailand to enhance global sales capabilities and brand influence - The company maintains a leading market share in the domestic vertical continuous plating equipment market, with order value significantly increasing year-on-year during the reporting period[41](index=41&type=chunk) - A production base is being established in Thailand, having already served dozens of customers in Thailand and other Southeast Asian countries, aiming to enhance global sales capabilities and brand influence[41](index=41&type=chunk) [Analysis of Core Competencies During the Reporting Period](index=11&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core competencies lie in focusing on electroplating technology and extending its application scenarios, adhering to independent R&D to strengthen innovation capabilities, achieving scaled production and efficiency improvement, providing quality services, and possessing a stable and professional management team - The company has been deeply involved in electroplating technology for **20 years**, achieving standardized design, streamlined production, and scaled industrialization, with over **50%** market share in vertical continuous plating equipment in China[42](index=42&type=chunk) - The company has formed a core technology system centered on vertical continuous plating technology, possessing over **400** patent technologies, and has extended its core technologies to general hardware and new energy electroplating fields[42](index=42&type=chunk) - Through modular segmentation technology and rhythmic production technology, production efficiency is significantly improved, and manufacturing costs are reduced[43](index=43&type=chunk) - The company has an experienced sales and after-sales service team, capable of timely responding to customer needs, and has established good cooperative relationships with numerous well-known enterprises at home and abroad[43](index=43&type=chunk)[44](index=44&type=chunk) - The company's management team is mature, stable, and professional, holding company equity, deeply aligned with the company's development, leading the company to explore new markets and develop new products[44](index=44&type=chunk) [1. Focusing on Electroplating Technology, Extending Application Scenarios](index=11&type=section&id=1.%20Focusing%20on%20Electroplating%20Technology%2C%20Extending%20Application%20Scenarios) The company has been deeply involved in electroplating technology for 20 years, holding over 50% market share in PCB electroplating equipment, and has successfully extended its technical expertise to general hardware and new energy electroplating fields - The company remains focused on and continuously innovates in the electroplating equipment market, developing into a global leading electroplating equipment enterprise[42](index=42&type=chunk) - Vertical continuous plating equipment holds over **50%** market share in China, widely used in high-performance computers, servers, big data centers, and other fields[42](index=42&type=chunk) - Leveraging deep technical expertise in PCB electroplating equipment, business has expanded to general hardware electroplating and new energy fields, achieving several domestic and industry firsts[42](index=42&type=chunk) [2. Adhering to Independent R&D, Strengthening Innovation Capabilities](index=11&type=section&id=2.%20Adhering%20to%20Independent%20R%26D%2C%20Strengthening%20Innovation%20Capabilities) The company adheres to independent R&D and innovation in high-end electroplating equipment, forming a core technology system centered on vertical continuous plating technology, possessing over 400 patent technologies, and successfully applying its core technologies to general hardware and new energy electroplating fields - The company has formed a core technology system centered on vertical continuous plating technology, possessing over **400** patent technologies, with leading technical levels[42](index=42&type=chunk) - Core technologies have been extended to general hardware electroplating and new energy electroplating fields, developing several domestic and international first-of-their-kind equipment[42](index=42&type=chunk) [3. Achieving Scaled Production, Improving Production Efficiency](index=11&type=section&id=3.%20Achieving%20Scaled%20Production%2C%20Improving%20Production%20Efficiency) The company effectively shortens product manufacturing cycles and significantly improves production efficiency through modular segmentation technology and rhythmic production technology, possessing industry-leading scaled production advantages and reducing manufacturing costs - The company significantly improves production efficiency and effectively reduces manufacturing costs through modular segmentation technology and rhythmic production technology[43](index=43&type=chunk) - The aforementioned technologies can be widely applied in the production of various electroplating equipment, possessing industry-leading scaled production advantages[43](index=43&type=chunk) [4. Providing Quality Services, Ensuring Customer Stability](index=11&type=section&id=4.%20Providing%20Quality%20Services%2C%20Ensuring%20Customer%20Stability) The company has an experienced sales and after-sales service team capable of timely responding to customer needs and ensuring stable customer production, establishing good cooperative relationships with numerous well-known enterprises at home and abroad - The company has an experienced sales and after-sales service team, capable of reliable and timely response to customer needs and service assurance[43](index=43&type=chunk) - Customers include numerous well-known enterprises in various fields at home and abroad, with products exported to Japan, South Korea, Europe, North America, and Southeast Asia[43](index=43&type=chunk)[44](index=44&type=chunk) [5. Stable Management Team, Growing Together](index=12&type=section&id=5.%20Stable%20Management%20Team%2C%20Growing%20Together) The company has a mature, stable, and professional management team with rich industry experience, holding company equity, and growing with the company, leveraging its deep technical background and profound industry understanding to formulate development strategies - The company has a mature, stable, and professional management team with rich industry experience, having served the company for many years and holding company equity[44](index=44&type=chunk) - The management team leads the company in exploring new market areas, implementing new product R&D, establishing stable cooperative relationships, and achieving industry leadership[44](index=44&type=chunk) [(III) Core Technologies and R&D Progress](index=12&type=section&id=%28III%29%20Core%20Technologies%20and%20R%26D%20Progress) The company possesses a core technology system for vertical continuous plating in PCB special electroplating equipment, with multiple technologies at international or domestic advanced levels, leading in key indicators such as plating uniformity and through-hole rate - The company has formed a vertical continuous plating core technology system, demonstrating advanced capabilities in PCB special electroplating equipment R&D, design, and manufacturing[44](index=44&type=chunk) - Leading in key indicators such as **plating uniformity** and **through-hole rate (TP)**[44](index=44&type=chunk) - All core technologies are self-developed, covering three major business areas, including vertical continuous plating technology, stable transmission and uniform current conduction system technology, and automated clean production technology[46](index=46&type=chunk)[47](index=47&type=chunk) R&D Achievements During the Reporting Period | Intellectual Property Type | New Applications in Current Period (units) | New Acquisitions in Current Period (units) | Cumulative Acquisitions (units) | | :--- | :--- | :--- | :--- | | Invention Patents | 13 | 26 | 83 | | Utility Model Patents | 10 | 9 | 320 | | Design Patents | 0 | 0 | 1 | | Software Copyrights | 3 | 2 | 48 | | Other | 0 | 0 | 20 | | Total | 26 | 37 | 472 | R&D Investment Overview | Indicator | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 37,861,514.08 | 41,601,881.14 | -8.99 | | Total R&D Investment | 37,861,514.08 | 41,601,881.14 | -8.99 | | Total R&D Investment as Percentage of Operating Revenue (%) | 8.54 | 10.61 | Decrease of 2.07 percentage points | - The company has **192** R&D personnel, approximately accounting for **12.42%** of the total workforce[39](index=39&type=chunk)[60](index=60&type=chunk) [1. Core Technologies, Their Advanced Nature, and Changes During the Reporting Period](index=12&type=section&id=1.%20Core%20Technologies%2C%20Their%20Advanced%20Nature%2C%20and%20Changes%20During%20the%20Reporting%20Period) The company's core technology system is centered on vertical continuous plating technology, demonstrating advanced capabilities in PCB special electroplating equipment, with key indicators such as plating uniformity and through-hole rate at industry-leading levels - The company's core technology system is centered on vertical continuous plating technology, with key indicators such as **plating uniformity** and **through-hole rate (TP)** at industry-leading levels[44](index=44&type=chunk) - All core technologies are self-developed, covering PCB, general hardware, and new energy three major business areas, including vertical continuous plating technology, stable transmission and uniform current conduction system technology, automated clean production technology[46](index=46&type=chunk)[47](index=47&type=chunk) - The company's R&D team continuously conducts significant technological innovations in new energy coating equipment, photovoltaic equipment, gantry equipment, and high-end IC substrate equipment, forming new profit growth points[45](index=45&type=chunk) [2. R&D Achievements During the Reporting Period](index=14&type=section&id=2.%20R%26D%20Achievements%20During%20the%20Reporting%20Period) As of June 30, 2025, the company cumulatively holds 404 patents (83 invention patents, 320 utility model patents, 1 design patent) and 48 computer software copyrights, with 23 new patent applications and 35 granted patents during the reporting period List of Intellectual Property Acquired During the Reporting Period | Intellectual Property Type | New Applications in Current Period (units) | New Acquisitions in Current Period (units) | Cumulative Acquisitions (units) | | :--- | :--- | :--- | :--- | | Invention Patents | 13 | 26 | 83 | | Utility Model Patents | 10 | 9 | 320 | | Design Patents | 0 | 0 | 1 | | Software Copyrights | 3 | 2 | 48 | | Other | 0 | 0 | 20 | | Total | 26 | 37 | 472 | [3. R&D Investment Overview](index=14&type=section&id=3.%20R%26D%20Investment%20Overview) During the reporting period, the company's expensed R&D investment was 37.86 million yuan, a year-on-year decrease of 8.99%, with total R&D investment accounting for 8.54% of operating revenue R&D Investment Overview | Indicator | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 37,861,514.08 | 41,601,881.14 | -8.99 | | Total R&D Investment | 37,861,514.08 | 41,601,881.14 | -8.99 | | Total R&D Investment as Percentage of Operating Revenue (%) | 8.54 | 10.61 | Decrease of 2.07 percentage points | [4. Ongoing R&D Projects](index=15&type=section&id=4.%20Ongoing%20R%26D%20Projects) The company has 33 ongoing R&D projects, with a total estimated investment of 367 million yuan, covering multiple fields such as PCB, photovoltaics, and new energy, with many technologies reaching industry-leading or domestic first-of-their-kind levels - The company has **33** ongoing R&D projects, with a total estimated investment of **367 million yuan**, and **37.86 million yuan** invested in the current period[58](index=58&type=chunk) - Multiple projects have reached industry-leading or domestic first-of-their-kind technical levels, such as horizontal continuous copper plating lines, roll-to-roll vertical continuous developing and copper plating lines, and **8000 wafers/hour** silicon wafer vertical continuous electroplating equipment[54](index=54&type=chunk)[55](index=55&type=chunk)[56](index=56&type=chunk)[57](index=57&type=chunk)[58](index=58&type=chunk) - Ongoing R&D projects cover multiple application areas with broad prospects, including PCB production, 3C/automotive touchscreens, photovoltaic cell copper-for-silver, lithium battery anode composite aluminum foil, and high-end IC packaging substrates[54](index=54&type=chunk)[55](index=55&type=chunk)[56](index=56&type=chunk)[57](index=57&type=chunk)[58](index=58&type=chunk) [5. R&D Personnel Situation](index=20&type=section&id=5.%20R%26D%20Personnel%20Situation) The company has a total of 192 R&D personnel, accounting for 12.42% of the total workforce, with total R&D personnel compensation of 24.68 million yuan and an average compensation of 128,500 yuan Basic Information of R&D Personnel | Indicator | Current Period Number | Prior Year Period Number | | :--- | :--- | :--- | | Number of Company R&D Personnel (persons) | 192 | 190 | | R&D Personnel as Percentage of Total Company Employees (%) | 12.42 | 14.74 | | Total R&D Personnel Compensation (10,000 yuan) | 2,467.85 | 2,471.19 | | Average R&D Personnel Compensation (10,000 yuan) | 12.85 | 13.01 | Educational Background of R&D Personnel | Educational Background | Number (persons) | Percentage (%) | | :--- | :--- | :--- | | Master's Degree | 1 | 0.52 | | Bachelor's Degree | 61 | 31.77 | | Associate's Degree | 77 | 40.10 | | High School and Below | 53 | 27.60 | | Total | 192 | 100.00 | Age Structure of R&D Personnel | Age Range | Number (persons) | Percentage (%) | | :--- | :--- | :--- | | Under 30 years old | 30 | 15.63 | | 30-40 years old | 75 | 39.06 | | 40-50 years old | 59 | 30.73 | | 50-60 years old | 23 | 11.98 | | 60 years old and above | 5 | 2.60 | | Total | 192 | 100.00 | [Risk Factors](index=20&type=section&id=IV.%20Risk%20Factors) The company faces risks such as core technology leakage, loss of technical talent, large inventory scale, accounts receivable bad debts, and changes in corporate income tax preferential policies, which may lead to fluctuations in downstream industry demand and affect operating performance - The company faces risks of core technology leakage, which could lead to reduced market competitiveness due to technology disclosure or imitation by competitors[61](index=61&type=chunk) - The talent-intensive nature of the industry leads to risks of technical talent loss, potentially affecting new product R&D and technical services[61](index=61&type=chunk) Key Financial Risk Indicators | Risk Indicator | Period-end Amount (10,000 yuan) | | :--- | :--- | | Inventory | 86,310.62 | | Accounts Receivable | 69,975.92 | - The company enjoys a **15%** corporate income tax preferential rate as a high-tech enterprise; if policies change or qualifications are not renewed, it will adversely affect after-tax profit[63](index=63&type=chunk) - Downstream industries are affected by macroeconomic cycles or industrial policy adjustments, which may lead to a decline in the company's performance[64](index=64&type=chunk) [1. Core Technology Leakage Risk](index=20&type=section&id=1.%20Core%20Technology%20Leakage%20Risk) The company's various products rely on core technologies and R&D achievements; if technology or confidential information is leaked, it may be imitated by competitors, adversely affecting the company's market competitiveness - The company's products rely on core technologies accumulated through long-term R&D; technology leakage could lead to a decline in market competitiveness[61](index=61&type=chunk) [2. Technical Talent Loss Risk](index=20&type=section&id=2.%20Technical%20Talent%20Loss%20Risk) The company operates in a talent-intensive industry, where technical personnel are crucial for new product R&D, cost control, and technical services, and increased industry competition may lead to the loss of technical talent - The company operates in a talent-intensive industry, where technical personnel are crucial for new product R&D, cost control, and technical services[61](index=61&type=chunk) - Increased industry competition may lead to the loss of technical talent; if the company cannot continuously strengthen talent acquisition, incentives, and protection, it will face the risk of talent loss[61](index=61&type=chunk) [3. Risk of Large Inventory](index=20&type=section&id=3.%20Risk%20of%20Large%20Inventory) As of the end of June 2025, the company's inventory was 863.11 million yuan; if the inventory scale further expands, it may negatively impact the company's production and operations Inventory Situation | Indicator | Period-end Amount (10,000 yuan) | | :--- | :--- | | Inventory | 86,310.62 | - Inventory mainly consists of raw materials, work-in-progress, consigned goods, and finished goods; future expansion of scale may bring negative impacts[63](index=63&type=chunk) [4. Bad Debt Risk of Accounts Receivable](index=21&type=section&id=4.%20Bad%20Debt%20Risk%20of%20Accounts%20Receivable) As of the end of June 2025, the company's accounts receivable was 699.76 million yuan; if customer credit conditions significantly deteriorate, the company will face certain bad debt risks for accounts receivable Accounts Receivable Situation | Indicator | Period-end Amount (10,000 yuan) | | :--- | :--- | | Accounts Receivable | 69,975.92 | - Adverse changes in customer credit conditions may lead to bad debt risk for accounts receivable[63](index=63&type=chunk) [5. Corporate Income Tax Preferential Policy Risk](index=21&type=section&id=5.%20Corporate%20Income%20Tax%20Preferential%20Policy%20Risk) The company and its subsidiary Guangde Dongwei, as high-tech enterprises, enjoy a 15% income tax preferential rate until 2024; if policies are adjusted in the future or re-certification is not successfully passed, it will adversely affect the company's after-tax profit - The company and its subsidiary Guangde Dongwei passed the high-tech enterprise re-assessment, enjoying a **15%** corporate income tax preferential rate from 2022 to 2024[63](index=63&type=chunk) - If national income tax policies undergo significant adverse changes or high-tech enterprise qualifications are not renewed, it will adversely affect the company's after-tax profit[63](index=63&type=chunk) [6. Risk of Performance Decline Due to Macroeconomic Environment Changes](index=21&type=section&id=6.%20Risk%20of%20Performance%20Decline%20Due%20to%20Macroeconomic%20Environment%20Changes) The company's core products are applied in PCB, general hardware, and new energy fields, and these downstream industries are affected by macroeconomic cycles and industrial policies, with the complex international political and economic environment potentially leading to a decline in operating performance - The company's core products are applied in PCB, general hardware, and new energy fields; downstream industries are affected by macroeconomic cycles or industrial policy adjustments[64](index=64&type=chunk) - The complex international political and economic environment and increased external uncertainties may lead to a decline in the company's performance[64](index=64&type=chunk) - The company plans to mitigate operational risks through technological innovation, expanding main business, enhancing global R&D capabilities, and establishing overseas sales networks[64](index=64&type=chunk) [Main Operating Performance During the Reporting Period](index=21&type=section&id=V.%20Main%20Operating%20Performance%20During%20the%20Reporting%20Period) During the reporting period, the company's total operating revenue increased by 13.07%, while net profit decreased by 23.66%, with total assets and net assets attributable to shareholders increasing by 11.43% and 0.90% respectively H1 2025 Key Operating Data | Indicator | Amount (yuan) | Change from Prior Year Period (%) | | :--- | :--- | :--- | | Total Operating Revenue | 443,376,759.05 | 13.07 | | Net Profit Attributable to Shareholders of Listed Company | 42,503,071.88 | -23.66 | | Total Assets (Period-end) | 3,028,540,968.28 | 11.43 | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 1,749,262,222.82 | 0.90 | - Operating revenue growth was mainly driven by a significant increase in demand for high-end printed circuit plating equipment[65](index=65&type=chunk) - Profit decline was mainly due to unconfirmed revenue from high-margin new energy equipment products, rising raw material prices, and increased salaries[23](index=23&type=chunk) - Net cash flow from operating activities significantly increased, mainly due to increased orders and customer payments[66](index=66&type=chunk) - Overseas assets amounted to **26,209,443.82 yuan**, accounting for **0.87%** of total assets[73](index=73&type=chunk) [(I) Main Business Analysis](index=21&type=section&id=%28I%29%20Main%20Business%20Analysis) During the reporting period, the company's operating revenue increased by 13.07%, primarily driven by a significant increase in demand for high-end printed circuit plating equipment, while operating costs increased by 19.07% Analysis of Changes in Financial Statement Items | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 443,376,759.05 | 392,138,314.18 | 13.07 | | Operating Cost | 299,302,006.74 | 251,361,916.05 | 19.07 | | Selling Expenses | 19,516,631.62 | 19,639,210.80 | -0.62 | | Administrative Expenses | 34,174,844.13 | 27,741,402.85 | 23.19 | | Financial Expenses | 2,888,253.69 | -2,135,971.91 | Not Applicable | | R&D Expenses | 37,861,514.08 | 41,601,881.14 | -8.99 | | Net Cash Flow from Operating Activities | 30,389,155.18 | -14,631,135.72 | Not Applicable | | Net Cash Flow from Investing Activities | -20,801,869.28 | 96,824,716.34 | -121.48 | | Net Cash Flow from Financing Activities | -30,726,903.20 | -72,526,867.29 | Not Applicable | - Operating revenue increased by **13.07%**, mainly due to a significant increase in demand for high-end printed circuit board (PCB) plating equipment[65](index=65&type=chunk) - Financial expenses significantly changed, mainly due to increased exchange losses in the current reporting period[66](index=66&type=chunk) - Net cash flow from operating activities significantly increased, mainly due to increased orders and a substantial increase in customer payments[66](index=66&type=chunk) [(III) Analysis of Assets and Liabilities](index=22&type=section&id=%28III%29%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets increased by 11.43% year-on-year, and net assets attributable to shareholders increased by 0.90% year-on-year, with significant changes in trading financial assets, notes receivable, inventory, construction in progress, and contract liabilities Changes in Assets and Liabilities | Item Name | Period-end Amount (yuan) | Period-end Percentage of Total Assets (%) | Change from Prior Year Period-end (%) | | :--- | :--- | :--- | :--- | | Trading Financial Assets | 30,018,000.00 | 0.99 | -69.04 | | Notes Receivable | 63,879,923.52 | 2.11 | 41.38 | | Accounts Receivable | 699,759,202.87 | 23.10 | 9.40 | | Accounts Receivable Financing | 13,827,842.05 | 0.46 | 57.57 | | Prepayments | 16,511,410.69 | 0.55 | 72.25 | | Inventory | 863,106,188.31 | 28.49 | 36.10 | | Construction in Progress | 36,615,446.65 | 1.21 | 194.77 | | Other Non-current Assets | 53,190,419.11 | 1.76 | 1,132.16 | | Notes Payable | 182,976,378.08 | 6.04 | 55.90 | | Contract Liabilities | 536,763,438.81 | 17.72 | 45.81 | | Other Current Liabilities | 58,551,038.91 | 1.93 | 29.84 | | Other Comprehensive Income | 1,010,787.68 | 0.03 | 151.20 | - Trading financial assets decreased by **69.04%**, mainly due to the redemption of matured bank wealth management products[70](index=70&type=chunk) - Inventory increased by **36.10%**, mainly due to increased orders and a significant increase in consigned goods[71](index=71&type=chunk) - Construction in progress increased by **194.77%**, mainly due to investment in new energy equipment expansion projects[71](index=71&type=chunk) - Contract liabilities increased by **45.81%**, mainly due to increased orders and advance receipts from contracts[72](index=72&type=chunk) [(IV) Analysis of Investment Status](index=25&type=section&id=%28IV%29%20Analysis%20of%20Investment%20Status) At the end of the reporting period, the company's financial assets measured at fair value totaled 553 million yuan, including trading financial assets, accounts receivable financing, and other debt investments, with trading financial assets decreasing due to redemption of matured bank wealth management products Changes in Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (yuan) | Fair Value Change Gains/Losses in Current Period (yuan) | Amount Purchased in Current Period (yuan) | Amount Sold/Redeemed in Current Period (yuan) | Period-end Amount (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 96,966,416.67 | 222,355.55 | 273,500,000.00 | 340,670,772.22 | 30,018,000.00 | | Accounts Receivable Financing | 8,775,864.78 | | | | 13,827,842.05 | | Other Debt Investments | 501,814,597.22 | | | | 509,123,527.14 | | Total | 607,556,878.67 | 7,531,285.47 | 273,500,000.00 | 340,670,772.22 | 552,969,369.19 | - Trading financial assets decreased by **69.04%** compared to the beginning of the year, mainly due to the redemption of matured bank wealth management products[70](index=70&type=chunk) [(VI) Analysis of Major Holding and Participating Companies](index=26&type=section&id=%28VI%29%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The company's main holding subsidiaries include Guangde Dongwei, Shenzhen Dongwei, Dongguan Dongwei, Changshu Dongwei, and Dongwei Technology (Thailand) Co., Ltd., with Guangde Dongwei being the most important profit-contributing subsidiary Major Holding and Participating Companies | Company Name | Main Operating Location | Registered Capital (RMB) | Registered Address | Business Nature | Shareholding Ratio (%) - Direct | Shareholding Ratio (%) - Indirect | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Guangde Dongwei Technology Co., Ltd. | Guangde, Anhui | 180 million yuan | Guangde, Anhui | Production Base | 100.00 | | Newly Established | | Shenzhen Kunshan Dongwei Technology Co., Ltd. | Shenzhen, Guangdong | 70 million yuan | Shenzhen, Guangdong | After-sales Center | 100.00 | | Newly Established | | Dongguan Dongwei Technology Co., Ltd. | Dongguan, Guangdong | 50 million yuan | Dongguan, Guangdong | Production Base | 100.00 | | Newly Established | | Changshu Dongwei Technology Co., Ltd. | Changshu, Jiangsu | 405 million yuan | Changshu, Jiangsu | Production Base | 100.00 | | Newly Established | | Dongwei Technology (Thailand) Co., Ltd. | Thailand | 100 million Thai Baht | Thailand | Production Base | 20.00 | 80.00 | Newly Established | - Guangde Dongwei Technology Co., Ltd. reported operating revenue of **329 million yuan** and net profit of **63.04 million yuan** during the reporting period, making it a significant profit-contributing subsidiary for the company[80](index=80&type=chunk) [Corporate Governance, Environment, and Society](index=29&type=section&id=Section%204%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) [Changes in Directors, Senior Management, and Core Technical Personnel](index=29&type=section&id=I.%20Changes%20in%20Directors%2C%20Senior%20Management%2C%20and%20Core%20Technical%20Personnel) During the reporting period, the company abolished the Supervisory Board in accordance with the new "Company Law" and completed the re-election of the Board of Directors and appointment of senior management on May 16, 2025 - The company abolished the Supervisory Board in accordance with the new "Company Law" and completed the re-election of the Board of Directors and appointment of senior management on May 16, 2025[84](index=84&type=chunk) Changes in Directors and Senior Management | Name | Position Held | Change Type | | :--- | :--- | :--- | | Lu Huaming | Independent Director | Resignation | | Nie Xiaojian | Director | Resignation | | Jiang Zejun | Director | Resignation | | Zhong Jincai | Chairman of Supervisory Board | Resignation | | Zhou Xiangrong | Deputy General Manager, Financial Controller | Resignation | | Zhang Zhen | Director | Election | | Wei Yongjun | Director | Election | | Zhao Jianbing | Director | Election | | Su Xinjian | Director | Election | | Cai Wenwu | Director | Election | | Zhang Zuqing | Financial Controller | Appointment | [Profit Distribution or Capital Reserve Conversion Plan](index=29&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company has no profit distribution plan or capital reserve conversion to share capital plan for this semi-annual period - The company's proposed profit distribution plan or capital reserve conversion to share capital plan for this semi-annual period is "No"[85](index=85&type=chunk) [Equity Incentive Plan, Employee Stock Ownership Plan, or Other Employee Incentive Measures and Their Impact](index=30&type=section&id=III.%20Equity%20Incentive%20Plan%2C%20Employee%20Stock%20Ownership%20Plan%2C%20or%20Other%20Employee%20Incentive%20Measures%20and%20Their%20Impact) The company approved the "2025 Restricted Stock Incentive Plan (Draft)" on March 22, 2025, which was passed by the shareholders' meeting on April 10, and restricted shares were granted to incentive recipients for the first time on April 24 - The company approved the "2025 Restricted Stock Incentive Plan (Draft)" and its summary on March 22, 2025[86](index=86&type=chunk) - The shareholders' meeting approved the incentive plan on April 10, 2025[86](index=86&type=chunk) - On April 24, 2025, the company granted restricted shares to incentive recipients for the first time[86](index=86&type=chunk) [Significant Matters](index=31&type=section&id=Section%205%20Significant%20Matters) [Fulfillment of Commitments](index=31&type=section&id=I.%20Fulfillment%20of%20Commitments) The company's actual controller, shareholders, directors, supervisors, and senior management have strictly fulfilled all commitments made during the initial public offering and other commitments, with all commitments strictly fulfilled on time during the reporting period - Actual controller Liu Jianbo committed not to transfer shares within **36 months** from the listing date and not to reduce directly held company shares in any way within the next **12 months** from June 15, 2024[89](index=89&type=chunk) - The company, actual controller, directors, supervisors, and senior management all committed not to transfer benefits to other entities or individuals without compensation or under unfair conditions, and not to harm company interests[91](index=91&type=chunk) - All committing parties pledged to compensate investors for losses in accordance with the law if the prospectus contains false records, misleading statements, or major omissions[91](index=91&type=chunk)[92](index=92&type=chunk) - During the reporting period, all commitments were strictly fulfilled on time[89](index=89&type=chunk)[90](index=90&type=chunk)[91](index=91&type=chunk)[92](index=92&type=chunk)[93](index=93&type=chunk)[94](index=94&type=chunk)[95](index=95&type=chunk) [Major Litigation and Arbitration Matters](index=38&type=section&id=VII.%20Major%20Litigation%20and%20Arbitration%20Matters) The company had no major litigation or arbitration matters during this reporting period - The company had no major litigation or arbitration matters during this reporting period[97](index=97&type=chunk) [Major Related Party Transactions](index=38&type=section&id=X.%20Major%20Related%20Party%20Transactions) During the reporting period, the company had no major related party transactions related to daily operations, asset acquisition or equity acquisition/disposal, joint external investments, or related party creditor-debtor relationships - During the reporting period, the company had no related party transactions related to daily operations[97](index=97&type=chunk) - During the reporting period, the company had no related party transactions involving asset acquisition or equity acquisition/disposal[97](index=97&type=chunk) - During the reporting period, the company had no major related party transactions involving joint external investments[98](index=98&type=chunk) - During the reporting period, the company had no related party creditor-debtor relationships