深圳民爆光电股份有限公司 2025 年半年度报告 2025 年 8 月 深圳民爆光电股份有限公司 2025 年半年度报告全文 证券代码：301362 证券简称：民爆光电 公告编号：2025-042 除下列董事外，其他董事亲自出席了审议本次半年报的董事会会议 | 未亲自出席董事 | 未亲自出席董事 | 未亲自出席会议 | 被委托人姓名 | | --- | --- | --- | --- | | 姓名 | 职务 | 原因 | | | 李永涛 | 独立董事 | 个人原因 | 无 | 公司需遵守《深圳证券交易所上市公司自律监管指引第 4 号——创业板 行业信息披露》中的"LED 产业链相关业务"的披露要求： 公司在生产经营过程中可能面临的风险因素的具体内容，请参见第三节 "管理层讨论与分析"之"十、公司面临的风险和应对措施"部分予以描述。敬 请广大投资者注意阅读。 1 深圳民爆光电股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法 律责任。 公司负责人谢祖华、主管会计 ...

创意信息技术股份有限公司 2025 年半年度报告全文 创意信息技术股份有限公司 2025 年半年度报告 2025 年 8 月 28 日 1 创意信息技术股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、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。 公司负责人陆文斌、主管会计工作负责人刘杰及会计机构负责人(会计主 管人员)刘杰声明：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。 1、业务经营风险 （1）业绩季节性波动风险 公司及全资子公司格蒂电力、邦讯信息和北京创意主要客户为电信运营 商、大型企事业单位、政府部门、国家电网及其下属公司，客户通常实行预 算管理制度和集中采购制度，一般在上半年审批当年的年度预算和固定资产 投资计划，在年中或下半年安排采购招标，验收则集中在下半年尤其是第四 季度。基于客户市场需求因素的影响，公司及格蒂电力、邦讯信息和北京创 意存在明显的季节性销售特征，即每年上半年销售收入实现较少，全年的销 售业绩集中体现在下半年尤其是第 ...

First Section Important Notes, Table of Contents, and Definitions This section provides essential disclaimers, a comprehensive report directory, and definitions of key terms for clarity [Important Notes](index=2&type=section&id=Important%20Notes) The Board, Supervisory Board, and senior management guarantee the report's accuracy, with financial reports certified by key executives - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, assuming individual and joint legal responsibility[3](index=3&type=chunk) - Company head Wu Shijie, chief accountant Ye Yong, and head of accounting department Yang Yongxin declare the financial report in this semi-annual report is true, accurate, and complete[3](index=3&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This report's clear directory outlines eight main chapters, from important notes to financial statements, offering comprehensive navigation - The report comprises eight main chapters, from important notes to financial reports, presenting a complete structure[6](index=6&type=chunk) [Reference Documents Catalog](index=4&type=section&id=Reference%20Documents%20Catalog) The catalog lists essential documents for review, including certified financial statements, original public disclosures, and other regulatory filings - Reference documents include signed and stamped financial statements, original public disclosure documents, the semi-annual report signed by the legal representative, and other materials required by the Shenzhen Stock Exchange[8](index=8&type=chunk)[9](index=9&type=chunk)[10](index=10&type=chunk)[11](index=11&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines common terms, including company names, major shareholders, subsidiaries, and regulatory bodies, ensuring accurate report comprehension - The definitions section clarifies key terms such as company, controlling shareholder, subsidiaries, and regulatory bodies[12](index=12&type=chunk) - The reporting period refers to January 1, 2025, to June 30, 2025, and the prior year period refers to January 1, 2024, to June 30, 2024[12](index=12&type=chunk) Second Section Company Profile and Key Financial Indicators This section provides an overview of the company's basic information, contact details, and a summary of its key financial performance and asset-liability status [Company Profile](index=6&type=section&id=I.%20Company%20Profile) Shenzhen Aoni Electronic Co., Ltd., stock code 301189, is listed on the Shenzhen Stock Exchange, with Wu Shijie as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Aoni Electronic | | Stock Code | 301189 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | Shenzhen Aoni Electronic Co., Ltd. | | Legal Representative | Wu Shijie | [Contacts and Contact Information](index=6&type=section&id=II.%20Contacts%20and%20Contact%20Information) The company's Board Secretary is Jiang Songjun and Securities Affairs Representative is Kang Xiang, both located in Shenzhen, with shared contact numbers and distinct email addresses Contact Information | Position | Name | Contact Address | Phone/Fax | Email | | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Jiang Songjun | 8th Floor, Building 5, Honghui Industrial Park, Liuxian 2nd Road, Xin'an Street, Bao'an District, Shenzhen | 0755-21632223 | aonidm@anc.cn | | Securities Affairs Representative | Kang Xiang | 8th Floor, Building 5, Honghui Industrial Park, Liuxian 2nd Road, Xin'an Street, Bao'an District, Shenzhen | 0755-21632223 | ir@anc.cn | [Other Information](index=6&type=section&id=III.%20Other%20Information) The company's contact details, information disclosure, and registration status remained unchanged during the reporting period, as detailed in the 2024 annual report - The company's registered address, office address, website, and email remained unchanged during the reporting period[16](index=16&type=chunk) - Information disclosure and reference locations remained unchanged during the reporting period[17](index=17&type=chunk) - The company's registration status remained unchanged during the reporting period[18](index=18&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) H1 2025 revenue grew **21.00%**, but net profit and operating cash flow significantly declined, leading to negative EPS and slightly reduced total assets Key Accounting Data and Financial Indicators (YoY) | Indicator | Current Reporting Period (RMB) | Prior Year Period (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 287,511,361.76 | 237,612,184.13 | 21.00% | | Net Profit Attributable to Shareholders of Listed Company | -64,129,358.70 | -20,044,109.03 | -219.94% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Items) | -65,808,470.23 | -25,418,620.67 | -158.90% | | Net Cash Flow from Operating Activities | -95,949,541.76 | -12,393,074.85 | -674.22% | | Basic Earnings Per Share (RMB/share) | -0.55 | -0.17 | -223.53% | | Diluted Earnings Per Share (RMB/share) | -0.55 | -0.17 | -223.53% | | Weighted Average Return on Net Assets | -2.99% | -0.89% | -2.10% | Period-End Asset and Liability Indicators (YoY) | Indicator | End of Current Reporting Period (RMB) | End of Prior Year (RMB) | Change from Prior Year-End | | :--- | :--- | :--- | :--- | | Total Assets | 2,495,481,734.17 | 2,561,905,659.22 | -2.59% | | Net Assets Attributable to Shareholders of Listed Company | 2,120,683,901.14 | 2,175,526,631.95 | -2.52% | [Differences in Accounting Data under Domestic and International Accounting Standards](index=7&type=section&id=V.%20Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20International%20Accounting%20Standards) The company reported no differences in net profit and net assets between international/overseas accounting standards and Chinese accounting standards during the reporting period - The company reported no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards during the reporting period[20](index=20&type=chunk) - The company reported no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards during the reporting period[21](index=21&type=chunk) [Non-Recurring Gains and Losses and Amounts](index=7&type=section&id=VI.%20Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) Total non-recurring gains and losses amounted to **RMB 1.68 million**, primarily from government subsidies and fair value changes, with no reclassification of non-recurring items as recurring Non-Recurring Gains and Losses and Amounts | Item | Amount (RMB) | | :--- | :--- | | Gains and Losses from Disposal of Non-Current Assets | -19,045.64 | | Government Subsidies Included in Current Profit and Loss | 631,689.92 | | Gains and Losses from Fair Value Changes and Disposal of Financial Assets and Liabilities | 1,620,062.07 | | Other Non-Operating Income and Expenses | -369,297.31 | | Other Income and Expense Items Meeting the Definition of Non-Recurring Gains and Losses | 109,270.12 | | Less: Income Tax Impact | 292,120.70 | | Minority Interest Impact (After Tax) | 1,446.93 | | Total | 1,679,111.53 | - Other income and expense items meeting the definition of non-recurring gains and losses refer to personal income tax handling fee refunds received by the company[23](index=23&type=chunk) - The company has not classified any non-recurring gains and losses as recurring gains and losses[24](index=24&type=chunk) Third Section Management Discussion and Analysis This section analyzes the company's business operations, financial performance, core competencies, investment activities, and risk management strategies during the reporting period [Main Business Activities During the Reporting Period](index=9&type=section&id=I.%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) The company focuses on consumer IoT audio-video smart terminals and high-performance computing, with revenue up **21.00%**, but net profit significantly declined due to market competition and rising costs - The company's core business covers R&D and manufacturing of consumer IoT audio-video smart terminals and full-chain high-performance computing systems, focusing on smart home, smart travel, and smart office applications[28](index=28&type=chunk) - The company builds a 'edge AI + edge computing' dual-driven model, aiming to become an 'AI cloud-edge-device integrated embodied intelligence solution provider'[28](index=28&type=chunk) Key Financial Performance During the Reporting Period | Indicator | Amount (RMB) | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 287,511,400 | 21.00% | | Net Profit Attributable to Shareholders of Listed Company | -64,129,400 | -219.94% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Items) | -65,808,500 | -158.90% | [(I) Industry Development Overview](index=9&type=section&id=(I)%20Industry%20Development%20Overview) 2025 is a pivotal year for AI, driving smart terminal evolution towards multi-scenario, multi-device collaboration, with significant growth projected for AI PCs, tablets, phones, and smart home markets - 2025 is considered a critical turning point for AI development, dubbed the 'Year of AI Terminals,' with AI extensively empowering terminals and driving changes in product forms[27](index=27&type=chunk) - IDC forecasts that in 2025, total shipments of AI PCs, AI tablets, and AI phones in China will grow by **20%** year-on-year, while head-mounted devices, including smart glasses and AR/VR, will increase by **99%**[27](index=27&type=chunk) - Strategy Analytics predicts the global smart home market size will reach **$149.43 billion** in 2025, with a compound annual growth rate exceeding **22.9%**[27](index=27&type=chunk) [(II) Main Businesses](index=9&type=section&id=(II)%20Main%20Businesses) The company's main businesses are audio-video smart terminals and high-performance computing devices, with the former seeing **RMB 229.74 million** in sales but a **5.37 percentage point** gross margin drop Audio-Video Smart Terminal Business Performance | Indicator | Amount (RMB) | YoY Change | Gross Margin | Gross Margin YoY Change | | :--- | :--- | :--- | :--- | :--- | | Sales Revenue | 229,738,400 | 12.10% | 14.27% | -5.37% | - The company's audio-video smart terminal products include smart cameras (indoor, outdoor, low-power battery cameras, smart doorbells, baby monitors, pet feeders), smart vehicle cameras (dashcams, commercial vehicle video surveillance systems), and wireless audio products (head-mounted Bluetooth noise-canceling headphones, TWS earphones, OWS earphones, translation earphones, omnidirectional microphones, audio-video conference all-in-one machines)[30](index=30&type=chunk)[32](index=32&type=chunk)[33](index=33&type=chunk) High-Performance Computing Device Business Performance | Indicator | Amount (RMB) | Gross Margin | | :--- | :--- | :--- | | Sales Revenue | 29,413,200 | 5.18% | - The company's high-performance computing device products include PC products (AI PC, Mini PC, workstations) and planned computing server products, providing ODM/OEM services to domestic and international brand manufacturers, internet companies, operators, and government/enterprise clients[36](index=36&type=chunk) [(III) Main Business Models](index=11&type=section&id=(III)%20Main%20Business%20Models) The company operates primarily on an ODM customization model, supplemented by proprietary brand operations, integrating R&D, "produce-to-order" procurement, self-production, and a clear divisional management structure - The company's business model is 'ODM customization as primary, proprietary brand operation as supplementary,' reducing single-model risks and improving gross margins[38](index=38&type=chunk) - The R&D model combines the roles of solution provider and manufacturer, enhancing efficiency and quality through integrated joint development[39](index=39&type=chunk) - The procurement model primarily follows 'produce-to-order,' with reasonable inventory reserves for raw materials with long import cycles[40](index=40&type=chunk) - The production model is mainly self-produced, with multiple product quality control systems established[41](index=41&type=chunk) - The sales model for ODM is direct sales, while proprietary brands combine direct sales and distribution[42](index=42&type=chunk) - The management model adopts a divisional system, with each division having relatively independent operational and management authority[44](index=44&type=chunk) [(IV) Key Performance Drivers During the Reporting Period](index=12&type=section&id=(IV)%20Key%20Performance%20Drivers%20During%20the%20Reporting%20Period) Performance drivers include expanding ODM and strengthening proprietary brands, optimizing capacity through smart manufacturing, fostering R&D innovation, enhancing sales channels, and improving brand image - The company is committed to expanding its ODM business, strengthening its proprietary brands, utilizing smart manufacturing to optimize capacity, innovating R&D technologies, enhancing sales channels, and improving brand image[45](index=45&type=chunk) - The company possesses extensive experience in electronic manufacturing and strong capabilities in product R&D innovation and expansion[45](index=45&type=chunk) - The company adheres to a 'key account strategy,' maintaining long-term and strong relationships with major clients, and actively developing international renowned brands, regional leading supermarkets, and cross-border e-commerce clients[45](index=45&type=chunk) [Core Competitiveness Analysis](index=12&type=section&id=II.%20Core%20Competitiveness%20Analysis) The company's core strengths lie in its innovative R&D for technology integration, rapid response through an "integrator + manufacturer" model, and comprehensive quality and cost control via信息化 systems and automated production - The company possesses innovative R&D capabilities for technology integration and application fusion, providing solutions to brand clients by integrating chips, smart algorithms, and cloud services through authorized acquisition or joint development models[46](index=46&type=chunk) - Leveraging an 'integrator + manufacturer' integrated model, the company unifies technology integration and hardware manufacturing functions, effectively controlling development risks, improving efficiency, and shortening product development and launch cycles[47](index=47&type=chunk) - The company possesses comprehensive quality and cost control capabilities, deploying information systems covering the entire production process, achieving ISO9001, IATF16949, and other international system certifications, and building modern factories for digital and automated production[48](index=48&type=chunk) [Main Business Analysis](index=12&type=section&id=III.%20Main%20Business%20Analysis) Operating revenue increased by **21.00%**, but operating costs rose **31.51%** due to customer structure changes and new park investments, while management and R&D expenses significantly increased, leading to a **5.37 percentage point** drop in audio-video smart terminal gross margin Key Financial Data Year-on-Year Changes | Indicator | Current Reporting Period (RMB) | Prior Year Period (RMB) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 287,511,361.76 | 237,612,184.13 | 21.00% | | | Operating Cost | 243,525,797.32 | 185,183,576.61 | 31.51% | Changes in customer structure and increased costs after Zhongshan Aoni Technology Park investment | | Administrative Expenses | 57,050,606.50 | 33,033,359.84 | 72.71% | Increase in depreciation and amortization, employee compensation, and share-based payment expenses | | Financial Expenses | -6,963,758.87 | -9,737,253.00 | 28.48% | Decrease in interest income from maturing large-denomination certificates of deposit | | R&D Investment | 43,807,567.03 | 35,747,425.91 | 22.55% | Increased R&D investment, employee compensation, and share-based payment expenses | | Net Cash Flow from Operating Activities | -95,949,541.76 | -12,393,074.85 | -674.22% | Increased payments to suppliers for goods and increased personnel salaries | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Margin | Operating Revenue YoY Change | Operating Cost YoY Change | Gross Margin YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Audio-Video Smart Terminals | 229,738,398.39 | 196,954,488.50 | 14.27% | 12.10% | 19.59% | -5.37% | | High-Performance Computing Devices | 29,413,150.41 | 27,890,961.68 | 5.18% | - | - | - | | Total | 287,511,361.76 | 243,525,797.32 | 15.30% | 21.00% | 31.51% | -6.77% | [Non-Core Business Analysis](index=13&type=section&id=IV.%20Non-Core%20Business%20Analysis) Non-core businesses impacted total profit, with positive contributions from investment income and fair value changes, offset by asset and credit impairment losses, none of which are sustainable Non-Core Business Gains and Losses | Item | Amount (RMB) | Percentage of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 226,028.49 | -0.26% | Due to the sale of structured deposits purchased by the company | No | | Gains and Losses from Fair Value Changes | 1,460,633.33 | -1.70% | Due to fair value changes of forward foreign exchange and structured deposits purchased by the company | No | | Asset Impairment | -5,853,152.73 | 6.83% | Due to inventory write-downs in the current period | No | | Credit Impairment Losses | -1,019,953.36 | 1.19% | Due to provision for bad debts on accounts receivable and other receivables | No | | Other Income | 1,058,254.31 | -1.24% | Due to government subsidies received | No | [Analysis of Assets and Liabilities](index=14&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) Total assets and net assets slightly decreased; cash and other current assets declined, while inventory, prepayments, and trading financial assets increased, and other payables rose due to new equity incentives Significant Changes in Asset Composition | Item | Amount at End of Current Reporting Period (RMB) | Percentage of Total Assets | Amount at Prior Year-End (RMB) | Percentage of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 92,134,523.37 | 3.69% | 171,259,667.52 | 6.68% | -2.99% | Increase in payments to suppliers | | Inventories | 230,481,505.22 | 9.24% | 169,217,086.90 | 6.61% | 2.63% | Increase in customer orders and raw material stocking | | Trading Financial Assets | 272,088,288.88 | 10.90% | 132,240,055.57 | 5.16% | 5.74% | Purchase of wealth management products after maturity of large-denomination certificates of deposit | | Prepayments | 32,035,770.32 | 1.28% | 9,876,159.80 | 0.39% | 0.89% | Increase in customer orders and prepayments to suppliers | | Other Current Assets | 314,661,546.94 | 12.61% | 587,490,750.97 | 22.93% | -10.32% | Partial large-denomination certificates of deposit matured | | Other Payables | 19,161,764.99 | 0.77% | 1,265,901.55 | 0.05% | 0.72% | New employee equity incentives with repurchase obligations | Period-End Fair Value Financial Assets | Item | Period-End Amount (RMB) | | :--- | :--- | | Trading Financial Assets | 272,088,288.88 | | Other Equity Instrument Investments | 30,000,000.00 | | Total | 302,088,288.88 | - As of June 30, 2025, restricted cash amounted to **RMB 6,746,062.51**, primarily funds held on third-party platforms[61](index=61&type=chunk) [Investment Status Analysis](index=15&type=section&id=VI.%20Investment%20Status%20Analysis) Total investment decreased by **15.34%**; fair value financial assets totaled **RMB 302.09 million**. Some IPO projects underperformed, and three new subsidiaries were established, with no other major investments Investment Amount During the Reporting Period | Indicator | Investment Amount in Current Period (RMB) | Investment Amount in Prior Year Period (RMB) | Change Rate | | :--- | :--- | :--- | :--- | | Total Investment Amount | 423,200,212.51 | 499,875,952.93 | -15.34% | Period-End Fair Value Financial Assets | Asset Category | Period-End Amount (RMB) | | :--- | :--- | | Other (Wealth Management Products, Equity Instrument Investments) | 302,088,288.88 | - As of June 30, 2025, the company had cumulatively invested **RMB 1,468.37 million** in fundraising projects[68](index=68&type=chunk) - The 'PCBA Production Workshop Intelligent Transformation Project,' 'Smart Video Product Production Line Project,' and 'Smart Audio Product Production Line Project' have been completed and put into use, but due to the overall downturn in the consumer electronics industry and intensified competition, sales revenue growth fell short of expectations, and project benefits did not meet targets[71](index=71&type=chunk) - The company had no entrusted wealth management, derivative investments, or entrusted loans during the reporting period[74](index=74&type=chunk)[75](index=75&type=chunk)[76](index=76&type=chunk) [5. Use of Raised Funds](index=16&type=section&id=5.%20Use%20of%20Raised%20Funds) The company's IPO raised **RMB 1.80 billion**, with **RMB 1.47 billion** cumulatively invested. Some projects underperformed due to market conditions, and excess funds were used for working capital and new projects Overall Use of Raised Funds | Indicator | Amount (RMB) | | :--- | :--- | | Total Raised Funds | 1,985,400,000 | | Net Raised Funds | 1,800,516,600 | | Total Raised Funds Cumulatively Used | 1,468,369,600 | | Total Unused Raised Funds | 407,598,500 | - The 'PCBA Production Workshop Intelligent Transformation Project,' 'Smart Video Product Production Line Project,' and 'Smart Audio Product Production Line Project' have been completed and put into use, but due to the overall downturn in the consumer electronics industry and intensified competition, sales revenue growth fell short of expectations, leading to underutilized capacity and unfulfilled project benefits[71](index=71&type=chunk) - Excess raised funds of **RMB 991.77 million** were used, with **RMB 203.66 million** permanently supplementing working capital, and the remainder allocated to the 'Aoni Technology Park Smart Audio-Video Terminal Production Base Project' (**RMB 311.87 million**) and the 'R&D and Operations Center Project' (**RMB 351.38 million**)[71](index=71&type=chunk) - The implementation locations for the company's fundraising projects 'Smart Audio-Video Product R&D Center Construction Project' and 'Brand Building and Marketing Channel Upgrade Project' have changed[71](index=71&type=chunk) - In 2022, the company used raised funds to replace **RMB 97.74 million** of self-raised funds previously invested in fundraising projects[71](index=71&type=chunk) [Significant Asset and Equity Sales](index=20&type=section&id=VII.%20Significant%20Asset%20and%20Equity%20Sales) The company did not engage in any significant asset or equity sales during the reporting period - The company did not sell any significant assets during the reporting period[77](index=77&type=chunk) - The company did not sell any significant equity during the reporting period[78](index=78&type=chunk) [Analysis of Major Holding and Participating Companies](index=20&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The company has no significant holding or participating company information to disclose for the reporting period - The company had no significant holding or participating company information that required disclosure during the reporting period[78](index=78&type=chunk) [Structured Entities Controlled by the Company](index=20&type=section&id=IX.%20Structured%20Entities%20Controlled%20by%20the%20Company) The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[79](index=79&type=chunk) [Risks Faced by the Company and Countermeasures](index=21&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks from international trade, economic fluctuations, market competition, exchange rate volatility, and operational management, addressed by supply chain optimization, R&D, financial hedging, and internal controls - Risk: Intensified international trade friction may impact product exports or raw material imports[80](index=80&type=chunk) - Countermeasures: Optimize customer contract price adjustment mechanisms, stockpile key raw materials, adjust supply chain layout, establish manufacturing bases in Vietnam, and continuously increase market expansion and cost control efforts[80](index=80&type=chunk) - Risk: Fluctuations in the macroeconomic environment and downstream market demand may adversely affect the company's performance[80](index=80&type=chunk) - Countermeasures: Enhance focus on macroeconomic environment, industry trends, and market changes, accelerate R&D innovation, improve product performance and competitiveness, and explore new application scenarios[81](index=81&type=chunk) - Risk: Rapid industry changes and intensified market competition may lead to a decline in product competitiveness[81](index=81&type=chunk) - Countermeasures: Continuously track cutting-edge industry technology trends, increase R&D investment in artificial intelligence and audio-visual perception, and deeply explore downstream application scenario demands[81](index=81&type=chunk) - Risk: Exchange rate fluctuations may affect product price competitiveness and exchange gains/losses[81](index=81&type=chunk) - Countermeasures: Strengthen R&D to enhance product bargaining power, monitor foreign exchange market trends, and reasonably utilize financial instruments for foreign exchange hedging[82](index=82&type=chunk) - Risk: Operational management risks arising from company expansion pose challenges to management capabilities, operational efficiency, and profitability[82](index=82&type=chunk) - Countermeasures: Improve internal systems and processes, support independent divisional operations, strengthen talent pipeline development, refine performance appraisal and incentive mechanisms, and continuously enhance corporate governance structure and internal control systems[82](index=82&type=chunk) [Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=22&type=section&id=XI.%20Registration%20Form%20for%20Research%2C%20Communication%2C%20Interview%2C%20and%20Other%20Activities%20During%20the%20Reporting%20Period) On May 9, 2025, the company hosted an online investor briefing via Value Online, discussing its 2024 annual operating performance Investor Relations Activities | Reception Date | Reception Location | Reception Method | Type of Recipient | Main Topics Discussed | | :--- | :--- | :--- | :--- | :--- | | 2025年05月09日 | Online interaction platform Value Online | Online platform communication | Other (Investors) | Company's 2024 operating performance, etc. | [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=22&type=section&id=XII.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company has not formulated a market value management system nor disclosed any valuation enhancement plan - The company has not formulated a market value management system[84](index=84&type=chunk) - The company has not disclosed a valuation enhancement plan[84](index=84&type=chunk) [Implementation of "Dual Improvement in Quality and Returns" Action Plan](index=22&type=section&id=XIII.%20Implementation%20of%20%22Dual%20Improvement%20in%20Quality%20and%20Returns%22%20Action%20Plan) The company has not disclosed any announcement regarding the "Dual Improvement in Quality and Returns" action plan - The company has not disclosed an announcement regarding the 'Dual Improvement in Quality and Returns' action plan[84](index=84&type=chunk) Fourth Section Corporate Governance, Environment, and Society This section details changes in the company's directors, supervisors, and senior management, profit distribution plans, equity incentive implementation, environmental disclosures, and social responsibility initiatives [Changes in Directors, Supervisors, and Senior Management](index=23&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, Zeng Lianfeng resigned as a supervisor due to personal reasons, and Chen Zhixiang was elected as the new supervisor Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Zeng Lianfeng | Supervisor | Resignation | 2025年02月21日 | Personal reasons | | Chen Zhixiang | Supervisor | Elected | 2025年02月21日 | | [Profit Distribution and Capital Reserve Conversion to Share Capital in the Current Reporting Period](index=23&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20the%20Current%20Reporting%20Period) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[87](index=87&type=chunk) [Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=23&type=section&id=III.%20Implementation%20of%20Company%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) In January 2025, the company launched a restricted stock incentive plan, granting **1.5 million** Class I and **1.5 million** Class II restricted shares to 31 and 30 grantees, respectively, with Class I shares listed on April 8, 2025 - On January 23, 2025, the company approved the '2025 Restricted Stock Incentive Plan (Draft)' and its summary[88](index=88&type=chunk) - On March 7, 2025, the company granted **1.50 million** Class I restricted shares to 31 eligible grantees and **1.50 million** Class II restricted shares to 30 eligible grantees[90](index=90&type=chunk) - The registration for the Class I restricted shares under this incentive plan has been completed, with a listing date of April 8, 2025[90](index=90&type=chunk) [Environmental Information Disclosure](index=25&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[92](index=92&type=chunk) [Social Responsibility](index=25&type=section&id=V.%20Social%20Responsibility) The company actively fulfills its social responsibilities by upholding its mission, maintaining sound corporate governance, protecting employee and stakeholder rights, implementing environmental measures, and engaging in community welfare - The company actively fulfills its social responsibilities with the corporate mission of 'achieving clients, achieving employees, achieving shareholders'[92](index=92&type=chunk) - The company has established a clear, well-defined, and mutually balanced corporate governance structure, emphasizing investor relations management and information disclosure[93](index=93&type=chunk) - Adhering to a 'people-oriented' management philosophy, the company standardizes employment practices, provides social insurance and housing provident funds for employees, and offers training and incentives[94](index=94&type=chunk) - The company has established systems such as 'Procurement Control Procedures' and 'Supplier Performance Appraisal Methods,' committed to building a fair, just, and open cooperation platform, honoring commitments, and adhering to the principle of customer first[95](index=95&type=chunk)[96](index=96&type=chunk) - The company has established environmental protection measures such as the 'Environmental Hazardous Substance Restriction Standard,' achieving national environmental standards and ISO14001:2015 international environmental management system certification, with no significant environmental pollution incidents during the reporting period[97](index=97&type=chunk) - The company actively conducts tax work, bravely undertakes social responsibilities, cares for employees in need, creates employment, and actively participates in community activities[98](index=98&type=chunk) Fifth Section Significant Matters This section covers the fulfillment of commitments by related parties, absence of non-operating fund occupation, no illegal external guarantees, and details on litigation, penalties, and related party transactions [Commitments Fulfilled and Overdue Unfulfilled Commitments by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=27&type=section&id=I.%20Commitments%20Fulfilled%20and%20Overdue%20Unfulfilled%20Commitments%20by%20Controlling%20Shareholder%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20and%20as%20of%20the%20End%20of%20the%20Reporting%20Period) All share lock-up commitments made by the company's controlling shareholder, major shareholders, and senior management during IPO or refinancing were fulfilled on time, with no overdue unfulfilled commitments by the reporting period end - Commitment parties including Shenzhen Aoxintong Innovation Investment Co., Ltd., Wu Bin, Wu Chenghui, Wu Shijie, Shenzhen Qianhai Huixin Investment Partnership (Limited Partnership), Shenzhen Qianhai Zhongtaifuxing Investment Partnership (Limited Partnership), Wu Wenhua, Lai Jinrong, Wu Wenjian, Wu Yuwang, Liao Mucheng, Lin Yuansheng, Cai Jinchu, Huang Wenling, Wang Yanyan, and Ye Yong, all fulfilled their share lock-up commitments made during the initial public offering or refinancing on time during the reporting period[100](index=100&type=chunk)[101](index=101&type=chunk)[102](index=102&type=chunk) - Commitments primarily include not transferring shares within **36 months** from the listing date, ensuring a reduction price no lower than the offering price within **2 years** after the lock-up period expires, and an automatic **6-month** extension of the lock-up period under specific conditions[100](index=100&type=chunk)[101](index=101&type=chunk)[102](index=102&type=chunk) - As of the end of the reporting period, there were no overdue unfulfilled commitments[102](index=102&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties of the Listed Company](index=29&type=section&id=II.%20Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties%20of%20the%20Listed%20Company) The company reported no non-operating fund occupation by its controlling shareholder or other related parties during the reporting period - The company reported no non-operating fund occupation by its controlling shareholder or other related parties during the reporting period[103](index=103&type=chunk) [Illegal External Guarantees](index=29&type=section&id=III.%20Illegal%20External%20Guarantees) The company had no illegal external guarantees during the reporting period - The company had no illegal external guarantees during the reporting period[104](index=104&type=chunk) [Appointment and Dismissal of Accounting Firms](index=29&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[105](index=105&type=chunk) [Explanation by the Board of Directors, Supervisory Board, and Audit Committee on the Accounting Firm's "Non-Standard Audit Report" for the Current Reporting Period](index=30&type=section&id=V.%20Explanation%20by%20the%20Board%20of%20Directors%2C%20Supervisory%20Board%2C%20and%20Audit%20Committee%20on%20the%20Accounting%20Firm%27s%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Current%20Reporting%20Period) The company did not have a non-standard audit report during the current reporting period - The company did not have a non-standard audit report during the reporting period[106](index=106&type=chunk) [Explanation by the Board of Directors on Matters Related to the "Non-Standard Audit Report" for the Prior Year](index=30&type=section&id=VI.%20Explanation%20by%20the%20Board%20of%20Directors%20on%20Matters%20Related%20to%20the%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Prior%20Year) The company did not have a non-standard audit report for the prior year during the reporting period - The company did not have a non-standard audit report for the prior year during the reporting period[106](index=106&type=chunk) [Bankruptcy and Reorganization Matters](index=30&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Matters) The company did not experience any bankruptcy or reorganization matters during the reporting period - The company did not experience any bankruptcy or reorganization matters during the reporting period[106](index=106&type=chunk) [Litigation Matters](index=30&type=section&id=VIII.%20Litigation%20Matters) The company had no significant litigation or arbitration matters during the reporting period; other minor lawsuits totaling **RMB 132,800** were settled without major impact - The company had no significant litigation or arbitration matters during the current reporting period[107](index=107&type=chunk) Other Litigation Matters | Basic Information on Litigation (Arbitration) | Amount Involved (RMB) | Whether a Provision is Formed | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | | :--- | :--- | :--- | :--- | :--- | | Summary of other lawsuits involving the company or its subsidiaries during the reporting period that did not meet the disclosure threshold for significant litigation | 132,800 | No | Already settled through mediation | No significant impact | [Penalties and Rectification](index=30&type=section&id=IX.%20Penalties%20and%20Rectification) The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[107](index=107&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=30&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) The company, its controlling shareholder, and actual controller maintained good integrity status during the reporting period, with no issues reported - The company reported no integrity issues concerning itself, its controlling shareholder, or actual controller during the reporting period[108](index=108&type=chunk) [Significant Related Party Transactions](index=30&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) The company reported no significant related party transactions during the period, including those related to daily operations, asset/equity sales, joint investments, or intercompany debt - The company had no related party transactions related to daily operations during the reporting period[108](index=108&type=chunk) - The company had no related party transactions involving asset or equity acquisitions/sales during the reporting period[109](index=109&type=chunk) - The company had no related party transactions involving joint external investments during the reporting period[110](index=110&type=chunk) - The company had no related party creditor-debtor relationships during the reporting period[111](index=111&type=chunk) - There were no deposits, loans, credit lines, or other financial transactions between the company and related financial companies, or financial companies controlled by the company and related parties[112](index=112&type=chunk)[113](index=113&type=chunk) - The company had no other significant related party transactions during the reporting period[114](index=114&type=chunk) [Significant Contracts and Their Performance](index=31&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) The company had no significant entrustment, contracting, or guarantee contracts. As a lessee, it incurred **RMB 785,744.35** in lease liability interest and **RMB 7.75 million** in total cash outflow for property leases - The company had no entrustment situations during the reporting period[115](index=115&type=chunk) - The company had no contracting situations during the reporting period[116](index=116&type=chunk) Leasing Situation (as Lessee) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Interest Expense on Lease Liabilities | 785,744.35 | 1,214,718.17 | | Short-Term Lease Expenses Simplified and Included in Relevant Asset Costs or Current Profit and Loss | 157,200.51 | 1,158,054.40 | | Total Cash Outflow Related to Leases | 7,752,081.81 | 9,291,358.68 | - The company had no significant guarantee situations during the reporting period[121](index=121&type=chunk) - The company had no significant contracts in ordinary operations during the reporting period[122](index=122&type=chunk) - The company had no other significant contracts during the reporting period[122](index=122&type=chunk) [Explanation of Other Significant Matters](index=32&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) The company had no other significant matters requiring explanation during the reporting period - The company had no other significant matters requiring explanation during the reporting period[123](index=123&type=chunk) [Significant Matters of Company Subsidiaries](index=32&type=section&id=XIV.%20Significant%20Matters%20of%20Company%20Subsidiaries) The company's subsidiaries had no significant matters during the reporting period - The company's subsidiaries had no significant matters during the reporting period[124](index=124&type=chunk) Sixth Section Share Changes and Shareholder Information This section details changes in the company's share capital, securities issuance, shareholder structure, and holdings of directors, supervisors, and senior management [Share Change Status](index=33&type=section&id=I.%20Share%20Change%20Status) Total share capital increased by **1.5 million** shares due to an equity incentive plan, reaching **116,396,465** shares, while **73.72 million** pre-IPO restricted shares became tradable, proportionally diluting per-share financial metrics Share Change Status | Share Type | Quantity Before This Change (shares) | Increase/Decrease in This Change (shares) | Quantity After This Change (shares) | | :--- | :--- | :--- | :--- | | Restricted Shares | 74,008,592 | -69,370,000 | 4,638,592 | | Unrestricted Shares | 40,887,873 | 70,870,000 | 111,757,873 | | Total Shares | 114,896,465 | 1,500,000 | 116,396,465 | - The company granted **1,500,000** Class I restricted shares to 31 grantees, with new shares listed on April 8, 2025, increasing total share capital to **116,396,465** shares[127](index=127&type=chunk) - The lock-up period for **73,720,000** pre-IPO restricted shares expired, making them tradable, with **2,850,000** shares held by Wu Shijie, Wu Bin, and Wu Chenghui remaining locked as senior management restricted shares[128](index=128&type=chunk) - This share change proportionally diluted financial indicators such as basic and diluted earnings per share, and net assets per share attributable to ordinary shareholders for the most recent year and period[131](index=131&type=chunk) [2. Changes in Restricted Shares](index=34&type=section&id=2.%20Changes%20in%20Restricted%20Shares) Restricted shares changed from **4,088,592** to **4,638,592**, with **2,850,000** shares released and **5,300,000** added, primarily due to senior management lock-up expirations and new equity incentive grants Changes in Restricted Shares | Shareholder Name | Initial Restricted Shares | Shares Released from Restriction in Current Period | Shares Added to Restriction in Current Period | Period-End Restricted Shares | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Wu Shijie | 2,040,600 | 1,453,500 | 1,938,000 | 1,556,100 | Senior Management Locked Shares | | Wu Bin | 1,249,942 | 855,000 | 1,140,000 | 964,942 | Senior Management Locked Shares | | Wu Chenghui | 798,050 | 541,500 | 722,000 | 617,550 | Senior Management Locked Shares | | Grantees of 2025 Restricted Stock Incentive Plan | 0 | 0 | 1,500,000 | 1,500,000 | Equity Incentive Restricted Shares | | Total | 4,088,592 | 2,850,000 | 5,300,000 | 4,638,592 | | [Securities Issuance and Listing](index=35&type=section&id=II.%20Securities%20Issuance%20and%20Listing) The company issued **1.5 million** RMB A-shares at **RMB 11.80/share** to incentive grantees under its 2025 Restricted Stock Incentive Plan, which were listed on April 8, 2025, increasing total share capital Securities Issuance and Listing | Name of Stock and Derivative Securities | Issuance Date | Issuance Price (or Interest Rate) | Issuance Quantity | Listing Date | Quantity Approved for Listing and Trading | | :--- | :--- | :--- | :--- | :--- | :--- | | Private Placement of Company RMB A-shares to Grantees | 2025年04月08日 | 11.80 | 1,500,000 | 2025年04月08日 | 1,500,000 | - The company's total share capital increased from **114,896,465** shares to **116,396,465** shares[133](index=133&type=chunk) [Shareholder Numbers and Shareholding Status](index=35&type=section&id=III.%20Shareholder%20Numbers%20and%20Shareholding%20Status) As of the reporting period end, the company had **17,252** ordinary shareholders. Shenzhen Aoxintong Innovation Investment Co., Ltd. was the largest shareholder at **42.44%**, with Wu Shijie, Wu Bin, and Wu Chenghui as actual controllers and acting in concert - As of the end of the reporting period, the total number of ordinary shareholders was **17,252**[135](index=135&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Shares Held at Period-End (shares) | Restricted Shares Held (shares) | Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Shenzhen Aoxintong Innovation Investment Co., Ltd. | Domestic Non-State-Owned Legal Person | 42.44% | 49,400,000 | 0 | 49,400,000 | | Shenzhen Qianhai Huixin Investment Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 13.06% | 15,200,000 | 0 | 15,200,000 | | Shenzhen Qianhai Zhongtaifuxing Investment Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 4.57% | 5,320,000 | 0 | 5,320,000 | | Wu Shijie | Domestic Natural Person | 1.78% | 2,074,800 | 1,556,100 | 518,700 | | Wu Bin | Domestic Natural Person | 1.11% | 1,286,590 | 964,942 | 321,648 | | Wu Chenghui | Domestic Natural Person | 0.71% | 823,400 | 617,550 | 205,850 | - Wu Shijie, Wu Bin, and Wu Chenghui are parties acting in concert, and also the actual controllers of Shenzhen Aoxintong Innovation Investment Co., Ltd., Shenzhen Qianhai Huixin Investment Partnership (Limited Partnership), and Shenzhen Qianhai Zhongtaifuxing Investment Partnership (Limited Partnership)[136](index=136&type=chunk)[137](index=137&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=37&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, CFO Ye Yong was granted **50,000** restricted shares, bringing his period-end holding to **50,000** shares, with no other changes in D&O shareholdings Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Employment Status | Initial Shares Held (shares) | Shares Increased in Current Period (shares) | Shares Decreased in Current Period (shares) | Period-End Shares Held (shares) | Restricted Shares Granted at Period-End (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Ye Yong | CFO | Current | 0 | 0 | 0 | 50,000 | 50,000 | | Total | -- | -- | 0 | 0 | 0 | 50,000 | 50,000 | [Changes in Controlling Shareholder or Actual Controller](index=37&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder remained unchanged during the reporting period[139](index=139&type=chunk) - The company's actual controller remained unchanged during the reporting period[140](index=140&type=chunk) [Preferred Share Information](index=38&type=section&id=VI.%20Preferred%20Share%20Information) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[141](index=141&type=chunk) Seventh Section Bond-Related Information This section confirms the absence of any bond-related information for the company during the reporting period [Bond-Related Information](index=39&type=section&id=Bond-Related%20Information) The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[143](index=143&type=chunk) Eighth Section Financial Report This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owner's equity, along with detailed notes on accounting policies and financial items [Audit Report](index=40&type=section&id=I.%20Audit%20Report) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[145](index=145&type=chunk) [Financial Statements](index=40&type=section&id=II.%20Financial%20Statements) This section provides the company's H1 2025 consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owner's equity, detailing assets, liabilities, equity, and profit/loss Key Data from Consolidated Balance Sheet | Item | Period-End Balance (RMB) | Initial Balance (RMB) | | :--- | :--- | :--- | | Total Assets | 2,495,481,734.17 | 2,561,905,659.22 | | Total Liabilities | 377,418,025.25 | 386,987,787.51 | | Total Owner's Equity | 2,118,063,708.92 | 2,174,917,871.71 | Key Data from Consolidated Income Statement | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 287,511,361.76 | 237,612,184.13 | | Operating Profit | -85,290,976.16 | -31,490,437.44 | | Net Profit | -66,200,489.27 | -20,460,596.28 | | Net Profit Attributable to Parent Company Shareholders | -64,129,358.70 | -20,044,109.03 | | Basic Earnings Per Share | -0.55 | -0.17 | Key Data from Consolidated Cash Flow Statement | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -95,949,541.76 | -12,393,074.85 | | Net Cash Flow from Investing Activities | 4,853,073.45 | -50,424,453.03 | | Net Cash Flow from Financing Activities | 10,053,035.37 | -7,504,241.45 | | Net Increase in Cash and Cash Equivalents | -79,892,219.89 | -68,808,960.04 | [Company Basic Information](index=59&type=section&id=III.%20Company%20Basic%20Information) Shenzhen Aoni Electronic Co., Ltd., established in 2005 and listed on SZSE in 2021, operates in computer and electronics manufacturing, with **116.40 million** shares, controlled by Wu Shijie, Wu Bin, and Wu Chenghui - Shenzhen Aoni Electronic Co., Ltd. was established on August 9, 2005, listed on the ChiNext board of the Shenzhen Stock Exchange on December 28, 2021, and belongs to the computer, communication, and other electronic equipment manufacturing industry[180](index=180&type=chunk) - As of June 30, 2025, the company's total issued share capital was **116.40 million** shares, and its registered capital was **RMB 116.40 million**[180](index=180&type=chunk) - The company's parent company is Shenzhen Aoxintong Innovation Investment Co., Ltd., and its actual controllers are Wu Shijie, Wu Bin, and Wu Chenghui[180](index=180&type=chunk) [Basis of Financial Statement Preparation](index=59&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) These financial statements are prepared in accordance with China's Enterprise Accounting Standards and CSRC regulations, based on a going concern assumption - These financial statements are prepared in accordance with the 'Enterprise Accounting Standards' promulgated by the Ministry of Finance and the 'Information Disclosure Rules for Companies Issuing Securities to the Public No. 15 - General Provisions for Financial Reports' by the China Securities Regulatory Commission[181](index=181&type=chunk) - These financial statements are prepared on a going concern basis[182](index=182&type=chunk) [Significant Accounting Policies and Estimates](index=59&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's adherence to Enterprise Accounting Standards, covering accounting periods, currency, mergers, financial instruments, receivables, inventory, fixed assets, R&D, revenue, and new policy implementations - These financial statements comply with the requirements of the Enterprise Accounting Standards promulgated by the Ministry of Finance, truly and completely reflecting the company's financial position, operating results, and cash flows[184](index=184&type=chunk) - The company uses RMB as its bookkeeping currency, while some overseas subsidiaries use USD or VND[187](index=187&type=chunk) - The company implemented new accounting policies including 'Interpretation No. 17 of Enterprise Accounting Standards,' 'Interim Provisions on Accounting Treatment for Enterprise Data Resources,' and 'Interpretation No. 18 of Enterprise Accounting Standards,' making retrospective adjustments to some statement items; specifically, 'Interpretation No. 18 of Enterprise Accounting Standards' resulted in an increase of **RMB 81,550.86** in operating costs and a decrease of **RMB 81,550.86** in selling expenses[268](index=268&type=chunk)[269](index=269&type=chunk)[270](index=270&type=chunk)[271](index=271&type=chunk)[273](index=273&type=chunk)[274](index=274&type=chunk)[276](index=276&type=chunk) [Taxation](index=79&type=section&id=VI.%20Taxation) The company's main taxes include VAT, urban maintenance and construction tax, and corporate income tax, with high-tech and small-profit subsidiaries enjoying preferential rates, and export products benefiting from "exempt, offset, refund" policies Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sales of Goods and Taxable Services Revenue | 13%、6%、5%、0% | | Urban Maintenance and Construction Tax | Actual VAT Paid | 7%、5% | | Corporate Income Tax | Taxable Income | See table below | | Education Surcharge | Actual VAT Paid | 3% | | Local Education Surcharge | Actual VAT Paid | 2% | - Shenzhen Aoni Electronic Co., Ltd. and Aoni Vision Technology (Zhongshan) Co., Ltd. are high-tech enterprises strongly supported by the state, enjoying a reduced corporate income tax rate of **15%**[279](index=279&type=chunk) - Subsidiaries eligible for small and micro-profit enterprise tax rates enjoy a corporate income tax rate of **22%** on taxable income up to **RMB 1 million** (calculated at **25%** of the actual amount), and **20%** on taxable income between **RMB 1 million** and **RMB 3 million** (calculated at **25%** of the actual amount)[280](index=280&type=chunk) - The company's export products are subject to VAT 'exempt, offset, refund' and 'exempt, refund' tax policies[281](index=281&type=chunk) - From January 1, 2023, to December 31, 2027, advanced manufacturing enterprises are allowed to deduct an additional **5%** of their current deductible input VAT from their payable VAT[281](index=281&type=chunk) [Notes to Consolidated Financial Statement Items](index=81&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section details period-end and initial balances for consolidated financial statement items, including **RMB 92.13 million** in cash, **RMB 272.09 million** in trading financial assets, **RMB 78.65 million** in accounts receivable, and **RMB 230.48 million** in inventory Period-End Balances of Key Asset Items | Item | Period-End Balance (RMB) | | :--- | :--- | | Cash and Cash Equivalents | 92,134,523.37 | | Trading Financial Assets | 272,088,288.88 | | Accounts Receivable | 78,647,372.56 | | Inventories | 230,481,505.22 | | Fixed Assets | 685,634,215.21 | | Construction in Progress | 62,635,978.44 | Period-End Balances of Key Liability Items | Item | Period-End Balance (RMB) | | :--- | :--- | | Notes Payable | 17,943,463.98 | | Accounts Payable | 190,785,563.27 | | Other Payables | 19,161,764.99 | | Contract Liabilities | 66,721,729.48 | | Lease Liabilities | 39,160,238.70 | Current Period Amounts of Key Income Statement Items | Item | Current Period Amount (RMB) | | :--- | :--- | | Operating Revenue | 287,511,361.76 | | Operating Cost | 243,525,797.32 | | Administrative Expenses | 57,050,606.50 | | Selling Expenses | 29,199,064.19 | | R&D Expenses | 43,807,567.03 | | Net Profit | -66,200,489.27 | [R&D Expenses](index=116&type=section&id=VIII.%20R%26D%20Expenses) Total R&D expenses for the period were **RMB 43.81 million**, fully expensed, primarily comprising employee compensation, share-based payments, depreciation, and material costs, reflecting increased investment in technological innovation Composition of R&D Expenses | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Employee Compensation | 29,208,429.50 | 25,958,350.99 | | Share-Based Payment Expenses | 3,648,228.45 | 0 | | Depreciation and Amortization Expenses | 2,639,133.97 | 2,108,119.45 | | Plate-Making Fees | 2,051,527.94 | 1,859,899.47 | | Design Fees | 1,953,440.12 | 806,465.60 | | Material Costs | 1,396,567.61 | 1,254,454.46 | | Total | 43,807,567.03 | 35,747,425.91 | | Of which: Expensed R&D Expenses | 43,807,567.03 | 35,747,425.91 | - All R&D expenses for the current period were expensed, with no R&D projects meeting capitalization criteria[472](index=472&type=chunk)[473](index=473&type=chunk) [Changes in Consolidation Scope](index=116&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) The company's consolidation scope changed due to the establishment of three new subsidiaries: Shenzhen Aoni Zhichuang Holding Co., Ltd., Shenzhen Aoni Xiangshu Technology Co., Ltd., and Shenzhen Aoni Huhang Technology Co., Ltd. - Shenzhen Aoni Zhichuang Holding Co., Ltd. was registered on April 16, 2025; Shenzhen Aoni Xiangshu Technology Co., Ltd. was registered on May 9, 2025; Shenzhen Aoni Huhang Technology Co., Ltd. was registered on April 29, 2025[474](index=474&type=chunk) - The company had no business combinations not under common control, business combinations under common control, or reverse acquisitions[473](index=473&type=chunk)[474](index=474&type=chunk) [Interests in Other Entities](index=117&type=section&id=X.%20Interests%20in%20Other%20Entities) This section details the company's interests in subsidiaries and associates, including newly established subsidiaries and an investment of **RMB 12.05 million** in associate Shenzhen Ruixun Cloud Technology Co., Ltd. - The company owns several wholly-owned or controlled subsidiaries, including Shenzhen Asidun Cloud Technology Co., Ltd., Shenzhen Kemei Precision Technology Co., Ltd., Huihai Zhisu (Zhongshan) Technology Co., Ltd., Zhongshan Aoni Investment Holding Co., Ltd., Shenzhen Huahairunda Technology Co., Ltd., and Shenzhen Aoni Qidian Technology Co., Ltd.[477](index=477&type=chunk)[478](index=478&type=chunk)[479](index=479&type=chunk) - During the reporting period, Shenzhen Aoni Zhichuang Holding Co., Ltd., Shenzhen Aoni Xiangshu Technology Co., Ltd., and Shenzhen Aoni Huhang Technology Co., Ltd. were newly established[477](index=477&type=chunk)[479](index=479&type=chunk) Summary Financial Information of Associates | Item | Period-End Balance (RMB) | | :--- | :--- | | Total Carrying Amount of Investments | 12,054,086.73 | [Government Grants](index=122&type=section&id=XI.%20Government%20Grants) The company recognized **RMB 3.20 million** in deferred income from asset-related government grants at period-end, with **RMB 812,600** recognized as other income in the current period Liability Items Involving Government Grants | Account Title | Initial Balance (RMB) | New Grants Added in Current Period (RMB) | Amount Included in Non-Operating Income in Current Period (RMB) | Amount Transferred to Other Income in Current Period (RMB) | Period-End Balance (RMB) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 3,341,162.47 | | | 136,408.08 | 3,204,754.39 | Asset-related | Government Grants Included in Current Profit and Loss | Account Title | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Other Income | 812,576.11 | 1,630,912.00 | [Risks Related to Financial Instruments](index=122&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company manages credit, liquidity, and market risks (interest and exchange rate) through credit assessments, cash flow monitoring, debt structure optimization, and potential hedging, but does not engage in hedging activities - The company faces credit risk, liquidity risk, and market risk (including exchange rate risk, interest rate risk, and other price risks)[487](index=487&type=chunk) - Credit risk management measures include credit assessment for new clients, setting credit limits, quarterly monitoring of client credit ratings, and monthly review of accounts receivable aging[488](index=488&type=chunk) - Liquidity risk management measures include ensuring sufficient cash to repay maturing debts, by monitoring cash balances, marketable securities, and 12-month future cash flow forecasts[489](index=489&type=chunk) - Interest rate risk management measures include establishing good bank-enterprise relationships, reasonably designing credit lines, types, and terms, shortening individual loan terms, and agreeing on early repayment clauses[489](index=489&type=chunk) - Exchange rate risk management measures include matching foreign currency income with foreign currency expenditures, and potentially entering into forward foreign exchange contracts or currency swap agreements[490](index=490&type=chunk) - The company does not engage in hedging activities[491](index=491&type=chunk) [Fair Value Disclosure](index=124&type=section&id=XIII.%20Fair%20Value%20Disclosure) Period-end fair value assets totaled **RMB 302.09 million**, primarily trading financial assets and other equity investments, all measured using Level 3 fair value inputs, with accounts receivable financing also fair valued at **RMB 507,900** Period-End Fair Value of Assets and Liabilities Measured at Fair Value | Item | Level 3 Fair Value Measurement (RMB) | Total (RMB) | | :--- | :--- | :--- | | Trading Financial Assets | 272,088,288.88 | 272,088,288.88 | | Other Equity Instrument Investments | 30,000,000.00 | 30,000,000.00 | | Total Assets Measured at Fair Value on a Recurring Basis | 302,088,288.88 | 302,088,288.88 | | Financing for Accounts Receivable | 507,882.00 | 507,882.00 | | Total Assets Measured at Fair Value on a Non-Recurring Basis | 507,882.00 | 507,882.00 | - Inputs used for fair value measurement are categorized into three levels, with the company primarily using Level 3 inputs[494](index=494&type

[Section I Important Notes, Table of Contents, and Definitions](index=2&type=section&id=Section%20I%20Important%20Notes%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides essential disclaimers, the report's structural overview, and definitions of key terms to ensure clarity and understanding [Important Notes](index=2&type=section&id=Important%20Notes) The company's board, senior management, and accounting personnel declare the report's truthfulness, accuracy, and completeness, with no plans for cash dividends or capital increases - Company board and senior management guarantee the report's truthfulness, accuracy, and completeness[3](index=3&type=chunk) - Company, accounting head, and accounting personnel declare financial report truthfulness, accuracy, and completeness[3](index=3&type=chunk) - The company plans no cash dividends, bonus shares, or capital increase from capital reserves[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section outlines the report's eight main chapters, covering company profile, financial indicators, management discussion, corporate governance, significant events, share changes, bond information, and financial statements - The report is divided into eight main chapters, covering company operations and financial status[7](index=7&type=chunk) [List of Documents for Inspection](index=4&type=section&id=List%20of%20Documents%20for%20Inspection) This section specifies that the original semi-annual report, financial statements, public disclosure documents, and other related materials are available for investor inspection at the company's Board Secretary Office - Documents for inspection include the original semi-annual report signed by the legal representative, financial statements, public disclosure documents, and other materials[9](index=9&type=chunk) - All documents for inspection are kept at the company's Board Secretary Office[10](index=10&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines common terms used in the report, including company name, currency units, reporting period, relevant laws, industry terms (e.g., control valves, on-off valves, regulating valves), and related party names, ensuring clear understanding - Defines the company's abbreviation “Zhejiang Linuo” and its full name[12](index=12&type=chunk) - Specifies the reporting period as January 1, 2025, to June 30, 2025[12](index=12&type=chunk) - Explains core industry terms such as “control valve,” “on-off valve,” and “regulating valve”[12](index=12&type=chunk) - Lists the actual controllers Chen Xiaoyu, Wang Xiuguo, Dai Meichun, and Yu Jianping as four parties acting in concert[13](index=13&type=chunk) [Section II Company Profile and Key Financial Indicators](index=7&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information, contact details, and a summary of its key financial performance and position for the reporting period [Company Profile](index=7&type=section&id=I.%20Company%20Profile) Zhejiang Linuo Fluid Control Technology Co Ltd, stock abbreviation “Zhejiang Linuo” and stock code 300838, is listed on the Shenzhen Stock Exchange, with Chen Xiaoyu as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Zhejiang Linuo | | Stock Code | 300838 | | Listed Stock Exchange | Shenzhen Stock Exchange | | Chinese Name | 浙江力诺流体控制科技股份有限公司 | | Legal Representative | Chen Xiaoyu | [Contact Persons and Information](index=7&type=section&id=II.%20Contact%20Persons%20and%20Information) The company's Board Secretary is Feng Huibin and Securities Affairs Representative is Zhang Songjing, both located at 2899 Wanghai Road, Shangwang Street, Ruian City, Wenzhou, Zhejiang Province, with provided contact details Contact Persons and Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Feng Huibin | 2899 Wanghai Road, Shangwang Street, Ruian City, Wenzhou, Zhejiang Province | 0577-65728108 | 0577-65218999 | fhb@linuovalve.com | | Securities Affairs Representative | Zhang Songjing | 2899 Wanghai Road, Shangwang Street, Ruian City, Wenzhou, Zhejiang Province | 0577-65728108 | 0577-65218999 | zd@linuovalve.com | [Other Information](index=7&type=section&id=III.%20Other%20Information) While the company's contact information, disclosure, and document storage locations remained unchanged during the reporting period, its registered capital was updated in July 2025 from **137.17 million yuan** to **137.98 million yuan** - The company's registered address, office address, website, and email remained unchanged during the reporting period[17](index=17&type=chunk) - Information disclosure and document storage locations remained unchanged during the reporting period[18](index=18&type=chunk) - The company's registered capital completed industrial and commercial change registration in July 2025, increasing from **137.1695 million yuan** to **137.9780 million yuan**[20](index=20&type=chunk) [Key Accounting Data and Financial Indicators](index=8&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) The company's semi-annual revenue and net profit attributable to shareholders both significantly decreased year-on-year in 2025, total assets grew substantially, but net assets attributable to shareholders slightly declined, with some data retrospectively adjusted due to accounting policy changes Key Accounting Data and Financial Indicators (Year-on-Year Change) | Indicator | Current Reporting Period (yuan) | Prior Year Period (Adjusted) (yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 406,415,807.46 | 455,463,163.55 | -10.77% | | Net Profit Attributable to Shareholders | 7,189,695.16 | 22,549,641.86 | -68.12% | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | 6,819,945.39 | 19,694,449.88 | -65.37% | | Net Cash Flow from Operating Activities | -50,209,437.74 | -55,457,284.71 | 9.46% | | Basic Earnings Per Share (yuan/share) | 0.0521 | 0.1644 | -68.31% | | Diluted Earnings Per Share (yuan/share) | 0.0521 | 0.1644 | -68.31% | | Weighted Average Return on Net Assets | 0.72% | 2.23% | -1.51% | | **End of Current Reporting Period** | | | | | Total Assets | 1,930,266,572.17 | 1,540,573,054.25 | 25.30% | | Net Assets Attributable to Shareholders | 981,753,181.79 | 995,227,980.63 | -1.35% | - Accounting policy change: Early adoption of “Interpretation No 18 of Accounting Standards for Business Enterprises” reclassified guarantee-type quality assurance from “selling expenses” to “operating costs,” with retrospective adjustment to 2024 January-June consolidated and parent company statements[22](index=22&type=chunk) [Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=9&type=section&id=V.%20Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20Overseas%20Accounting%20Standards) The company reported no differences in net profit and net assets between financial statements prepared under international or overseas accounting standards and Chinese accounting standards during the reporting period - The company reported no differences in net profit and net assets under domestic and overseas accounting standards during the reporting period[23](index=23&type=chunk)[24](index=24&type=chunk) [Non-Recurring Gains and Losses and Amounts](index=9&type=section&id=VI.%20Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) The company's total non-recurring gains and losses for the reporting period amounted to **369,749.77 yuan**, primarily comprising government subsidies, non-current asset disposal gains/losses, and other non-operating income/expenses, after deducting income tax and minority interest impacts Non-Recurring Gains and Losses and Amounts | Item | Amount (yuan) | | :--- | :--- | | Disposal gains/losses on non-current assets | -12,647.54 | | Government subsidies included in current profit/loss | 471,059.32 | | Other non-operating income and expenses apart from the above | -4,395.89 | | Less: Income tax impact | 68,102.38 | | Minority interest impact (after tax) | 16,163.74 | | Total | 369,749.77 | - The company has not classified any non-recurring gains and losses as recurring items[27](index=27&type=chunk) [Section III Management Discussion and Analysis](index=11&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the company's business operations, financial performance, core competencies, investment activities, and risk factors during the reporting period [Main Business Activities During the Reporting Period](index=11&type=section&id=I.%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) The company specializes in R&D, manufacturing, sales, and after-sales service of industrial control valves, offering integrated process control system solutions; despite a decline in revenue and net profit due to industry adjustments and competition, the petroleum and petrochemical sector saw growth, driven by the company's focus on innovation, quality, digitalization, marketing, and industrial ecosystem development [Industry Development](index=11&type=section&id=%28I%29%20Industry%20Development) The control valve industry, a strategic emerging sector within the instrumentation industry, is evolving towards intelligence, high-end, green, and localization, driven by Industry 4.0 and “dual carbon” goals, leading to increased concentration and accelerated domestic substitution - The company belongs to the instrumentation industry's “Industrial Automatic Control System Device Manufacturing” sub-sector, specifically the control valve industry[29](index=29&type=chunk) - The control valve industry is a national strategic emerging industry, technology-intensive, driven by “14th Five-Year Plan” and “dual carbon” goals, developing towards intelligence, high-end, green, and localization[29](index=29&type=chunk)[30](index=30&type=chunk) - Industry structure continues to optimize, technical standards are improving, leading enterprises enhance concentration through scale and M&A, and downstream customer demand shifts from single products to integrated solutions[31](index=31&type=chunk)[32](index=32&type=chunk) - Domestic control valve brands have significantly improved reliability, safety, and adjustment accuracy, achieving localization of high-end products and breaking foreign brand monopolies[34](index=34&type=chunk) [Main Business and Market Position](index=12&type=section&id=%28II%29%20Main%20Business%20and%20Market%20Position) The company specializes in R&D, manufacturing, sales, and after-sales service of industrial control valves, providing customized and systematic fluid control solutions, maintaining high brand recognition and technological innovation in the industry, aiming to be a leading brand in China's fluid control sector - The company's main business involves R&D, manufacturing, sales, and after-sales service of industrial control valves, also providing overall solutions[35](index=35&type=chunk) - The company maintains core competitiveness in technological innovation and product quality within the industrial control valve sector, enjoying high brand recognition[36](index=36&type=chunk)[37](index=37&type=chunk) [Main Products and Their Characteristics](index=13&type=section&id=%28III%29%20Main%20Products%20and%20Their%20Characteristics) The company's product portfolio includes control valves, process valves, positioners, and accessories, widely used in industries such as petroleum, petrochemical, and chemical; control valves are critical components for industrial automation, comprising control, drive, and valve body parts for precise flow control, with positioners acting as the “brain” for automation and intelligence - The company's product categories include control valves, process valves, positioners, and accessories[38](index=38&type=chunk) - Control valves are critical basic components in process industrial automation control, consisting of a control part (accessories), a drive part (actuator), and a valve body part[38](index=38&type=chunk) - Positioners are key accessories for regulating valves, crucial for achieving automation and intelligence in control valves[39](index=39&type=chunk) - The company's main products include ball valves, regulating valves, butterfly valves, gate and globe valves, special purpose valves, and positioners, applicable across various industries such as petroleum, petrochemical, and chemical[39](index=39&type=chunk) [Business Model](index=13&type=section&id=%28IV%29%20Business%20Model) The company employs an R&D model combining independent research with industry-academia collaboration, driven by customer needs; procurement is primarily direct from stable suppliers; production follows a “make-to-order” flexible manufacturing approach; sales are mainly direct, supported by a national network and comprehensive technical services; profitability is achieved through selling customized products and providing services - R&D Model: Independent R&D combined with industry-academia collaboration, customer-demand oriented[41](index=41&type=chunk) - Procurement Model: Primarily direct procurement, with ample raw material supply and prices determined by market or inquiry[42](index=42&type=chunk) - Production Model: Adopts a “make-to-order” customized flexible manufacturing system to shorten delivery cycles[43](index=43&type=chunk) - Sales Model: Primarily direct sales, establishing a national sales network, providing pre-sales technical communication, after-sales training, and follow-up services[44](index=44&type=chunk) - Profit Model: Achieves reasonable profits by selling customized products and providing services[45](index=45&type=chunk) [Key Performance Drivers](index=14&type=section&id=%28V%29%20Key%20Performance%20Drivers) During the reporting period, the company's performance was impacted by adjustments in downstream industry investments and intensified market competition, leading to a **10.77% year-on-year decrease in operating revenue** and a **68.12% decrease in net profit attributable to the parent company**; the company actively responded by strengthening product R&D, improving quality, deepening digital management, enhancing marketing organization, and implementing an industrial ecosystem layout, achieving a **16.74% growth in the petroleum and petrochemical sector** 2025 Semi-Annual Performance Overview | Indicator | Amount (million yuan) | Year-on-Year Change | | :--- | :--- | :--- | | Operating Revenue | 406.42 | -10.77% | | Net Profit Attributable to Shareholders | 7.19 | -68.12% | - The company's performance decline was mainly due to adjustments in downstream industry fixed asset investment pace, cyclical fluctuations, and intensified market competition[46](index=46&type=chunk) - The company achieved a **16.74% year-on-year growth** in the petroleum and petrochemical industry[46](index=46&type=chunk) - The company responded to market challenges by strengthening innovative R&D, improving product quality, deepening digital governance, enhancing marketing organization, and implementing an industrial ecosystem layout strategy[47](index=47&type=chunk)[49](index=49&type=chunk)[51](index=51&type=chunk)[52](index=52&type=chunk) [Core Competitiveness Analysis](index=16&type=section&id=II.%20Core%20Competitiveness%20Analysis) The company's core competitiveness stems from its brand advantage (national “Little Giant” enterprise), technological R&D capabilities (customized development, industry-academia collaboration, 224 patents), product manufacturing strength (full industry chain, rich product lines, quality management system), customer service excellence (comprehensive systematic services, maintenance services), and regional advantages (Wenzhou's valve industry cluster and policy support) [Brand Advantage](index=16&type=section&id=%28I%29%20Brand%20Advantage) The company is recognized as a national “Specialized, Refined, Unique, and New” “Little Giant” enterprise and a National High-tech Enterprise, having accumulated extensive experience and customer resources in industrial control valves, enjoying a high reputation and brand awareness in the industry - The company is recognized as a national “Specialized, Refined, Unique, and New” “Little Giant” enterprise, a National High-tech Enterprise, and a National Intellectual Property Advantage Enterprise[53](index=53&type=chunk) - The company has accumulated extensive R&D, production, and application experience, along with customer resources in the industrial control valve sector, enjoying a high reputation and brand awareness[54](index=54&type=chunk) [Technological R&D Advantage](index=17&type=section&id=%28II%29%20Technological%20R%26D%20Advantage) The company deeply cultivates the control valve field, possessing customized product development capabilities, relying on provincial enterprise research institutes and other platforms, adhering to independent R&D combined with industry-academia collaboration; through establishing or acquiring subsidiaries, it enhances technology in regulating valves and positioners, forming a synergistic technical system, holding **224 authorized patents** as of the end of the reporting period - The company possesses customized product development capabilities, relying on provincial enterprise research institutes and other platforms, adhering to independent R&D combined with industry-academia collaboration[55](index=55&type=chunk) - Through establishing or acquiring subsidiaries, the company enhances technology in regulating valves, positioners, process valves, and anti-corrosion pipelines, building a synergistic technical system[55](index=55&type=chunk) - As of the end of the reporting period, the company and its subsidiaries have obtained a total of **224 authorized patents**[55](index=55&type=chunk) [Product and Manufacturing Advantage](index=17&type=section&id=%28III%29%20Product%20and%20Manufacturing%20Advantage) The company offers a rich variety of products, including ball valves, regulating valves, and butterfly valves, providing customized fluid control solutions for industries such as petroleum, petrochemical, and chemical; it possesses a casting workshop and a complete production chain, holds special equipment production licenses and valve inspection/maintenance qualifications, and ensures product quality and efficiency through digitalization and lean manufacturing - The company offers a rich variety of products, including ball valves, regulating valves, and butterfly valves, providing customized fluid control solutions for multiple industries[56](index=56&type=chunk) - The company possesses a casting workshop and a complete production chain, holds special equipment production licenses and valve inspection/maintenance qualifications, achieving full industry chain closed-loop capability[56](index=56&type=chunk) - Product quality and production efficiency are ensured through quality management system certifications, API, CE certifications, and digital, lean manufacturing[56](index=56&type=chunk) [Customer Service Advantage](index=17&type=section&id=%28IV%29%20Customer%20Service%20Advantage) The company continuously deepens its customer-centric “customer service system” construction, providing comprehensive systematic services including pre-sales technical support, in-sales rapid delivery, and after-sales maintenance training; its subsidiary, Nuote Valve Maintenance, offers convenient inspection and maintenance services, including “repair instead of replacement” and imported equipment repair, reducing customer costs - The company provides comprehensive systematic services including pre-sales technical support, in-sales customer communication and rapid delivery, and after-sales maintenance training[58](index=58&type=chunk) - Subsidiary Nuote Valve Maintenance offers convenient inspection and maintenance services, including “repair instead of replacement” and imported equipment repair, reducing customer costs[58](index=58&type=chunk) [Regional Advantage](index=18&type=section&id=%28V%29%20Regional%20Advantage) The company's production base is located in Wenzhou, Zhejiang, known as the “Hometown of Chinese Valves,” leveraging Wenzhou's policy support and industrial cluster advantages to accelerate technological innovation and industrial upgrading, aiming to build a hundred-billion-yuan intelligent instrumentation industrial cluster and become a significant growth pole for high-end manufacturing in the Yangtze River Delta - The company's production base is located in Wenzhou, Zhejiang, the “Hometown of Chinese Valves,” leveraging regional advantages and policy support[59](index=59&type=chunk) - Wenzhou City has introduced special policies to support technological innovation and industrial upgrading, promote equipment renewal, and accelerate the construction of a hundred-billion-yuan intelligent instrumentation industrial cluster[59](index=59&type=chunk) [Main Business Analysis](index=18&type=section&id=III.%20Main%20Business%20Analysis) During the reporting period, the company's operating revenue decreased by **10.77%** year-on-year, operating costs decreased by **7.13%**, selling expenses significantly dropped by **30.05%**, and financial expenses surged by **2679.01%** due to increased interest; by product, on-off valve revenue decreased by **24.50%**, while regulating valve revenue increased by **21.20%**; by industry, petroleum and petrochemical revenue grew by **16.74%**, but chemical and pulp & paper industries saw declines Key Financial Data Year-on-Year Change | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 406,415,807.46 | 455,463,163.55 | -10.77% | | | Operating Cost | 337,079,903.15 | 362,958,616.23 | -7.13% | | | Selling Expenses | 18,897,673.45 | 27,017,710.91 | -30.05% | Primarily due to reduced travel and entertainment expenses for sales personnel in this period | | Financial Expenses | 1,765,702.17 | 63,537.12 | 2,679.01% | Primarily due to increased interest expenses in this period | | Income Tax Expense | -912,514.99 | 1,502,281.23 | -160.74% | Primarily due to reduced profit in this period | | Net Cash Flow from Investing Activities | -172,071,514.68 | -18,289,056.31 | -941.01% | Primarily due to increased investment in Xuhua Machine in this period | | Net Cash Flow from Financing Activities | 206,821,218.24 | 39,243,193.60 | 427.02% | Primarily due to increased bank borrowings in this period | Products or Services Accounting for Over 10% of Revenue | Category | Item | Operating Revenue (yuan) | Year-on-Year Change in Operating Revenue | | :--- | :--- | :--- | :--- | | By Product | On-off Valves | 204,426,152.75 | -24.50% | | | Regulating Valves | 151,043,022.26 | 21.20% | | By Industry | Chemical Industry | 238,598,700.29 | -15.09% | | | Pulp and Paper Industry | 70,401,333.22 | -1.90% | | | Petroleum and Petrochemical Industry | 40,295,479.78 | 16.74% | [Non-Core Business Analysis](index=20&type=section&id=IV.%20Non-Core%20Business%20Analysis) The company's non-core business negatively impacted total profit, with investment income at **-0.97 million yuan** primarily due to losses from investments in associates and joint ventures, which is not sustainable; asset impairment losses amounted to **-0.43 million yuan**, mainly from inventory impairment Non-Core Business Profit and Loss | Item | Amount (yuan) | Percentage of Total Profit | Explanation of Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | -965,994.08 | -20.16% | Mainly due to investment losses in associates and joint ventures | No | | Asset Impairment | -426,481.94 | -8.90% | Mainly asset impairment losses on inventory | No | | Non-Operating Income | 106,003.10 | 2.21% | | No | | Non-Operating Expenses | 110,364.96 | 2.30% | | No | [Analysis of Assets and Liabilities](index=20&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets increased by **25.30%** year-on-year, primarily driven by significant increases in inventory, long-term borrowings, and contract liabilities; while cash and cash equivalents and accounts receivable decreased as a percentage of total assets, long-term borrowings and contract liabilities saw a notable rise; certain assets are restricted, mainly cash, accounts receivable financing, fixed assets, and intangible assets used as pledges or collateral Significant Changes in Asset Composition | Item | Amount at End of Current Period (yuan) | Percentage of Total Assets | Amount at End of Prior Year (yuan) | Percentage of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 73,361,061.61 | 3.80% | 92,278,817.21 | 5.99% | -2.19% | | Accounts Receivable | 757,924,779.09 | 39.27% | 699,063,585.82 | 45.38% | -6.11% | | Inventory | 365,902,143.76 | 18.96% | 215,340,819.79 | 13.98% | 4.98% | | Total Assets | 1,930,266,572.17 | 100.00% | 1,540,573,054.25 | 100.00% | 25.30% | | Short-term Borrowings | 145,183,933.45 | 7.52% | 77,366,245.36 | 5.02% | 2.50% | | Contract Liabilities | 90,766,129.18 | 4.70% | 28,626,519.32 | 1.86% | 2.84% | | Long-term Borrowings | 161,812,340.76 | 8.38% | 8,008,985.69 | 0.52% | 7.86% | Restricted Assets at Period End | Item | Book Value at Period End (yuan) | Reason for Restriction | | :--- | :--- | :--- | | Cash and Cash Equivalents | 18,424,621.52 | Bill pool margin, letter of guarantee margin, bill asset pool margin, ETC business margin | | Accounts Receivable Financing | 1,849,210.55 | Pledged bank acceptance bills, pledged bill asset pool | | Fixed Assets | 182,415,545.43 | Pledged for bank acceptance bills, bank loans, letters of guarantee | | Intangible Assets | 32,727,980.77 | Pledged for bank acceptance bills, bank loans, letters of guarantee | | Accounts Receivable Factoring | 3,085,216.72 | Accounts receivable factoring | | Total | 238,502,574.99 | | [Investment Status Analysis](index=22&type=section&id=VI.%20Investment%20Status%20Analysis) During the reporting period, the company's investment amount significantly increased by **616.52% to 260 million yuan**, primarily due to the acquisition of 100% equity in Xuhua Machine to strengthen its position in the regulating valve sector; financial assets measured at fair value totaled **50.93 million yuan** at period-end, a notable increase from the beginning of the period Investment Amount During Reporting Period | Indicator | Investment Amount During Reporting Period (yuan) | Investment Amount in Prior Year Period (yuan) | Change Percentage | | :--- | :--- | :--- | :--- | | Investment Amount | 260,000,000.00 | 36,286,300.00 | 616.52% | - During the reporting period, the company acquired **100% equity in Xuhua Machine** for **260 million yuan**, which has been completed[78](index=78&type=chunk) - The acquisition of Xuhua Machine aims to strategically focus on the regulating valve sector, addressing the company's technological shortcomings and enhancing overall competitiveness[51](index=51&type=chunk) Financial Assets Measured at Fair Value | Item | Period-End Amount (yuan) | Period-Beginning Amount (yuan) | | :--- | :--- | :--- | | Trading Financial Assets | 11,027,476.71 | 0.00 | | Other Equity Instrument Investments | 10,188,800.00 | 10,188,800.00 | | Accounts Receivable Financing | 29,718,175.16 | 26,985,187.32 | | Total | 50,934,451.87 | 37,173,987.32 | [Significant Asset and Equity Sales](index=23&type=section&id=VII.%20Significant%20Asset%20and%20Equity%20Sales) The company did not engage in any significant asset or equity sales during the reporting period - The company did not sell any significant assets or equity during the reporting period[87](index=87&type=chunk)[88](index=88&type=chunk) [Analysis of Major Holding and Participating Companies](index=24&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) During the reporting period, the company's major subsidiaries, Crete Machinery and Ruige Intelligent Equipment, both incurred losses, with net profits of **-2.25 million yuan** and **-1.21 million yuan**, respectively; Xuhua Machine, acquired through equity, was consolidated into the company's scope on June 30, 2025, but had no significant impact on overall production, operations, or performance for the current period Operating Performance of Major Subsidiaries | Company Name | Company Type | Main Business | Net Profit (yuan) | | :--- | :--- | :--- | :--- | | Crete Machinery | Subsidiary | Manufacturing | -2,245,246.13 | | Ruige Intelligent Equipment | Subsidiary | Manufacturing | -1,214,492.78 | - Xuhua Machine was consolidated into the company's scope on June 30, 2025, with no significant impact on overall production, operations, or performance for the current period[89](index=89&type=chunk) [Information on Structured Entities Controlled by the Company](index=24&type=section&id=IX.%20Information%20on%20Structured%20Entities%20Controlled%20by%20the%20Company) The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[90](index=90&type=chunk) [Risks Faced by the Company and Countermeasures](index=24&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces macroeconomic and policy risks, market risks, accounts receivable loss risks, operational management risks, and external investment risks; it actively responds through optimizing operational strategies, strengthening R&D, improving supply chain, enhancing risk management, elevating management levels, and reinforcing closed-loop management of external investments - Macroeconomic and policy risks: Weak growth in fixed asset investment in downstream industries may affect the company's business development[90](index=90&type=chunk)[91](index=91&type=chunk) - Market risks: Fluctuations in raw material and component costs may impact profitability[92](index=92&type=chunk) - Accounts receivable loss risks: Despite good customer credit, there is still a risk that accounts receivable may not be collected in a timely manner[93](index=93&type=chunk) - Operational management risks: The company's business expansion and scale growth may face challenges in management models, talent reserves, technological innovation, and market development[94](index=94&type=chunk) - External investment risks: Investments and M&A may involve risks of misjudgment or poor management, leading to failure to achieve expected goals or investment losses[96](index=96&type=chunk) [Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=26&type=section&id=XI.%20Registration%20Form%20for%20Research%2C%20Communication%2C%20Interview%2C%20and%20Other%20Activities%20During%20the%20Reporting%20Period) On May 12, 2025, the company hosted other investors through an online platform for communication, with details and provided materials available in the investor relations activity record table disclosed on Juchao Information Network - The company hosted investors through an online platform for communication on **May 12, 2025**[97](index=97&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=26&type=section&id=XII.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company has not formulated a market value management system nor disclosed a valuation enhancement plan - The company has not formulated a market value management system[98](index=98&type=chunk) - The company has not disclosed a valuation enhancement plan[99](index=99&type=chunk) [Implementation of "Dual Improvement in Quality and Returns" Action Plan](index=26&type=section&id=XIII.%20%22Dual%20Improvement%20in%20Quality%20and%20Returns%22%20Action%20Plan%20Implementation) The company has not disclosed an announcement regarding the “Dual Improvement in Quality and Returns” action plan - The company has not disclosed an announcement regarding the “Dual Improvement in Quality and Returns” action plan[100](index=100&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=27&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section details changes in the company's governance structure, profit distribution plans, employee incentive schemes, environmental disclosures, and social responsibility initiatives [Changes in Directors, Supervisors, and Senior Management](index=27&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) While there were no changes in the company's directors, supervisors, and senior management during the reporting period, in July 2025, Chen Lei, Fang Dongjian, and Lin Qionghui ceased to be supervisors, Song Qiu resigned as employee representative director and audit committee member, and Qian Yihui was elected to these roles - No changes occurred in the company's directors, supervisors, and senior management during the reporting period[102](index=102&type=chunk) - In July 2025, Chen Lei, Fang Dongjian, and Lin Qionghui ceased to serve as company supervisors[102](index=102&type=chunk) - Song Qiu resigned from the Fifth Board of Directors as employee representative director and audit committee member, and Qian Yihui was elected as the Fifth Board of Directors' employee representative director and audit committee member[102](index=102&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital in This Reporting Period](index=27&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20This%20Reporting%20Period) The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for the semi-annual period - The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for the semi-annual period[103](index=103&type=chunk) [Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=27&type=section&id=III.%20Implementation%20of%20Company%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company continues to advance its 2022 Restricted Stock Incentive Plan, with no new grants or vesting during the reporting period, but previously completed vesting for the first and second tranches of the initial grant and the first tranche of the reserved grant, increasing total share capital; some restricted shares were forfeited due to unfulfilled conditions or personal reasons - The company approved the “2022 Restricted Stock Incentive Plan (Draft)” on **September 16, 2022**[104](index=104&type=chunk) - On **November 9, 2023**, 21 initially granted incentive recipients completed the vesting of **829,500 Class II restricted shares**, increasing total share capital to **137,169,500 shares**[109](index=109&type=chunk) - On **November 21, 2024**, 22 granted recipients completed the vesting of **808,500 Class II restricted shares**, increasing total share capital to **137,978,000 shares**[111](index=111&type=chunk) - On **April 17, 2025**, vesting conditions for the third tranche of the initial grant and the second tranche of the reserved grant were not met, leading to the forfeiture of some restricted shares[112](index=112&type=chunk) [Environmental Information Disclosure](index=31&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[114](index=114&type=chunk) [Social Responsibility](index=31&type=section&id=V.%20Social%20Responsibility) While pursuing development, the company actively fulfills its social responsibilities, including lawful taxation, protecting shareholder rights, caring for employee health and development, safeguarding supplier and customer interests, prioritizing environmental protection and sustainable development, and actively participating in public welfare activities - The company strictly adheres to tax laws and regulations, actively fulfilling its tax obligations[115](index=115&type=chunk) - The company improves its corporate governance structure, strictly discloses information, and protects the legitimate rights and interests of shareholders[116](index=116&type=chunk) - The company adheres to a “people-oriented” approach, standardizing employment management, improving welfare, compensation, and training systems to promote common development for employees and the enterprise[117](index=117&type=chunk) - The company upholds integrity in business operations, establishes a fair supply chain evaluation system, strictly controls product quality, and protects customer rights and interests[118](index=118&type=chunk) - The company firmly embraces a green development concept, prioritizes environmental protection, and ensures that production and operations comply with environmental requirements[119](index=119&type=chunk) - The company actively participates in public welfare activities, organizing blood donations and applying for subsidies and donations for employees in need[120](index=120&type=chunk) [Section V Significant Events](index=33&type=section&id=Section%20V%20Significant%20Events) This section covers the fulfillment of commitments by actual controllers, shareholders, and related parties, absence of non-operating fund occupation, major litigation, and related party transactions, ensuring transparency on key corporate events [Commitments Fulfilled by Actual Controllers, Shareholders, Related Parties, Acquirers, and the Company During the Reporting Period and Overdue Unfulfilled Commitments as of the End of the Reporting Period](index=33&type=section&id=I.%20Commitments%20Fulfilled%20by%20Actual%20Controllers%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20the%20Reporting%20Period%20and%20Overdue%20Unfulfilled%20Commitments%20as%20of%20the%20End%20of%20the%20Reporting%20Period) During the reporting period, share reduction commitments by pre-IPO shareholders holding over 5% were fulfilled; the concerted action agreement signed by Chen Xiaoyu and five others expired on March 8, 2025, and was fulfilled; to maintain control stability, Chen Xiaoyu and three other parties acting in concert re-signed a new agreement valid until March 8, 2028 - Share reduction commitments by pre-IPO shareholders holding over **5%** were fulfilled on time[122](index=122&type=chunk) - The concerted action agreement signed by Chen Xiaoyu, Dai Meichun, Ren Xiang, Wang Xiuguo, Wu Ping, and Yu Jianping expired on **March 8, 2025**, and was fulfilled[122](index=122&type=chunk) - To maintain control stability, Chen Xiaoyu, Dai Meichun, Wang Xiuguo, and Yu Jianping re-signed a new “Concerted Action Agreement,” valid until **March 8, 2028**[122](index=122&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties](index=33&type=section&id=II.%20Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties) The company reported no non-operating fund occupation by controlling shareholders or other related parties during the reporting period - The company reported no non-operating fund occupation by controlling shareholders or other related parties during the reporting period[123](index=123&type=chunk) [Illegal External Guarantees](index=33&type=section&id=III.%20Illegal%20External%20Guarantees) The company had no illegal external guarantees during the reporting period - The company had no illegal external guarantees during the reporting period[124](index=124&type=chunk) [Appointment and Dismissal of Accounting Firms](index=34&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was unaudited - The company's semi-annual report was unaudited[125](index=125&type=chunk) [Explanation by the Board of Directors, Board of Supervisors, and Audit Committee on the Accounting Firm's "Non-Standard Audit Report" for This Reporting Period](index=34&type=section&id=V.%20Explanation%20by%20the%20Board%20of%20Directors%2C%20Board%20of%20Supervisors%2C%20and%20Audit%20Committee%20on%20the%20Accounting%20Firm%27s%20%22Non-Standard%20Audit%20Report%22%20for%20This%20Reporting%20Period) The company did not have a non-standard audit report during the reporting period - The company did not have a non-standard audit report during the reporting period[126](index=126&type=chunk) [Explanation by the Board of Directors on the "Non-Standard Audit Report" for the Previous Year](index=34&type=section&id=VI.%20Explanation%20by%20the%20Board%20of%20Directors%20on%20the%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Previous%20Year) The company did not have a non-standard audit report for the previous year during the reporting period - The company did not have a non-standard audit report for the previous year during the reporting period[126](index=126&type=chunk) [Bankruptcy and Reorganization Matters](index=34&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Matters) The company did not experience any bankruptcy or reorganization matters during the reporting period - The company did not experience any bankruptcy or reorganization matters during the reporting period[126](index=126&type=chunk) [Litigation Matters](index=34&type=section&id=VIII.%20Litigation%20Matters) The company had no significant litigation or arbitration matters during the reporting period; other lawsuits involved the company and its subsidiaries as plaintiffs for a total of **35.78 million yuan**, some resolved by judgment or settlement, others pending; as defendants, cases totaled **0.09 million yuan**, all concluded with no significant impact on the company - The company had no significant litigation or arbitration matters during the reporting period[127](index=127&type=chunk) Overview of Other Litigation Matters | Basic Information of Litigation (Arbitration) | Amount Involved (million yuan) | Provision for Estimated Liabilities Formed | Progress of Litigation (Arbitration) | Outcome and Impact of Litigation (Arbitration) | | :--- | :--- | :--- | :--- | :--- | | Company and subsidiaries as plaintiffs | 35.78 | No | Cases totaling 13.13 million yuan have been judged or settled; cases totaling 22.64 million yuan are pending trial | No significant impact on the company | | Company and subsidiaries as defendants | 0.09 | No | All cases concluded | No significant impact on the company | [Penalties and Rectification](index=35&type=section&id=IX.%20Penalties%20and%20Rectification) The company did not incur any penalties or rectification requirements during the reporting period - The company did not incur any penalties or rectification requirements during the reporting period[129](index=129&type=chunk) [Integrity Status of the Company, its Controlling Shareholders, and Actual Controllers](index=35&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholders%2C%20and%20Actual%20Controllers) The company reported no issues regarding the integrity status of itself, its controlling shareholders, or actual controllers during the reporting period - The company reported no issues regarding the integrity status of itself, its controlling shareholders, or actual controllers during the reporting period[130](index=130&type=chunk) [Significant Related Party Transactions](index=35&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) The company reported no related party transactions related to daily operations, asset or equity acquisitions/disposals, joint external investments, related party creditor/debtor balances, or dealings with affiliated financial companies, nor any other significant related party transactions during the reporting period - The company reported no related party transactions related to daily operations during the reporting period[131](index=131&type=chunk) - The company reported no related party transactions involving asset or equity acquisitions/disposals during the reporting period[131](index=131&type=chunk) - The company reported no related party creditor/debtor balances during the reporting period[133](index=133&type=chunk) - The company reported no other significant related party transactions during the reporting period[136](index=136&type=chunk) [Significant Contracts and Their Performance](index=36&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) The company reported no entrustment, contracting, or leasing matters, nor any significant guarantees, major contracts in daily operations, or other significant contracts during the reporting period - The company reported no entrustment, contracting, or leasing situations during the reporting period[137](index=137&type=chunk)[138](index=138&type=chunk)[139](index=139&type=chunk) - The company reported no significant guarantee situations during the reporting period[140](index=140&type=chunk) - The company reported no major contracts in daily operations or other significant contracts during the reporting period[141](index=141&type=chunk)[142](index=142&type=chunk) [Explanation of Other Significant Matters](index=37&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) The company reported no other significant matters requiring explanation during the reporting period - The company reported no other significant matters requiring explanation during the reporting period[143](index=143&type=chunk) [Significant Matters of Company Subsidiaries](index=37&type=section&id=XIV.%20Significant%20Matters%20of%20Company%20Subsidiaries) The company reported no significant matters concerning its subsidiaries during the reporting period - The company reported no significant matters concerning its subsidiaries during the reporting period[144](index=144&type=chunk) [Section VI Share Changes and Shareholder Information](index=38&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section details the company's share capital structure, changes in shareholdings, securities issuance, and information on major shareholders and actual controllers [Share Change Information](index=38&type=section&id=I.%20Share%20Change%20Information) During the reporting period, the company's total share capital remained unchanged at **137,978,000 shares**, with the proportion of restricted and unrestricted shares stable, and no changes in the reasons for or proposed dates of lifting restrictions on executive lock-up shares Share Change Information | Share Class | Quantity Before Change | Proportion Before Change | Increase/Decrease (+, -) in This Change | Quantity After Change | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 36,223,125 | 26.25% | 0 | 36,223,125 | 26.25% | | II. Unrestricted Shares | 101,754,875 | 73.75% | 0 | 101,754,875 | 73.75% | | III. Total Shares | 137,978,000 | 100.00% | 0 | 137,978,000 | 100.00% | Restricted Share Change Information | Shareholder Name | Restricted Shares at Period Beginning | Restricted Shares Released in This Period | Restricted Shares Increased in This Period | Restricted Shares at Period End | Reason for Restriction | Proposed Date for Lifting Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Chen Xiaoyu | 21,806,250 | 0 | 0 | 21,806,250 | Executive Lock-up Shares | 25% of total holdings released annually | | Wang Xiuguo | 8,169,000 | 0 | 0 | 8,169,000 | Executive Lock-up Shares | 25% of total holdings released annually | | Yu Jianping | 6,003,750 | 0 | 0 | 6,003,750 | Executive Lock-up Shares | 25% of total holdings released annually | | Total | 36,223,125 | 0 | 0 | 36,223,125 | -- | -- | [Securities Issuance and Listing](index=40&type=section&id=II.%20Securities%20Issuance%20and%20Listing) The company had no securities issuance or listing activities during the reporting period - The company had no securities issuance or listing activities during the reporting period[150](index=150&type=chunk) [Company Shareholder Numbers and Shareholding Information](index=40&type=section&id=III.%20Company%20Shareholder%20Numbers%20and%20Shareholding%20Information) At the end of the reporting period, the total number of common shareholders was **10,498**; among the top ten shareholders, Chen Xiaoyu, Ren Xiang, Wang Xiuguo, Dai Meichun, Yu Jianping, and Wu Ping were major natural person shareholders, with Chen Xiaoyu, Wang Xiuguo, Dai Meichun, and Yu Jianping acting in concert to control the company; Ren Xiang's shareholding decreased by **540,000 shares** in this period Total Number of Common Shareholders at Period End | Indicator | Quantity | | :--- | :--- | | Total Number of Common Shareholders at Period End | 10,498 | Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Shareholding Quantity at Period End | Change in Shareholding During Reporting Period | | :--- | :--- | :--- | :--- | :--- | | Chen Xiaoyu | Domestic Natural Person | 21.07% | 29,075,000 | 0 | | Ren Xiang | Domestic Natural Person | 8.48% | 11,697,000 | -540,000 | | Wang Xiuguo | Domestic Natural Person | 7.89% | 10,892,000 | 0 | | Dai Meichun | Domestic Natural Person | 7.80% | 10,768,000 | 0 | | Yu Jianping | Domestic Natural Person | 5.80% | 8,005,000 | 0 | | Wu Ping | Domestic Natural Person | 5.77% | 7,964,500 | 0 | - Shareholders Chen Xiaoyu, Wang Xiuguo, Dai Meichun, and Yu Jianping are parties acting in concert, jointly controlling the company[151](index=151&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=42&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period - The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period[154](index=154&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=42&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) The company's controlling shareholder and actual controller changed on **March 9, 2025**; the original actual controllers were Chen Xiaoyu, Ren Xiang, Wang Xiuguo, Dai Meichun, Wu Ping, and Yu Jianping, which changed to Chen Xiaoyu, Wang Xiuguo, Dai Meichun, and Yu Jianping, primarily due to the expiration of the original concerted action agreement and the re-signing of a new agreement by some shareholders Controlling Shareholder Change Information | Indicator | Content | | :--- | :--- | | New Controlling Shareholders | Chen Xiaoyu, Wang Xiuguo, Dai Meichun, Yu Jianping | | Change Date | March 9, 2025 | | Disclosure Index | Juchao Information Network “Announcement on the Expiration and Termination of Original Concerted Action Relationship and Re-signing of Concerted Action Agreement by Some Shareholders, Leading to Change in Control” (Announcement No: 2025-005) | Actual Controller Change Information | Indicator | Content | | :--- | :--- | | Original Actual Controllers | Chen Xiaoyu, Ren Xiang, Wang Xiuguo, Dai Meichun, Wu Ping, Yu Jianping | | New Actual Controllers | Chen Xiaoyu, Wang Xiuguo, Dai Meichun, Yu Jianping | | Change Date | March 9, 2025 | | Disclosure Index | Juchao Information Network “Announcement on the Expiration and Termination of Original Concerted Action Relationship and Re-signing of Concerted Action Agreement by Some Shareholders, Leading to Change in Control” (Announcement No: 2025-005) | [Preferred Share Information](index=43&type=section&id=VI.%20Preferred%20Share%20Information) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[157](index=157&type=chunk) [Section VII Bond-Related Information](index=44&type=section&id=Section%20VII%20Bond-Related%20Information) The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[159](index=159&type=chunk) [Section VIII Financial Report](index=45&type=section&id=Section%20VIII%20Financial%20Report) This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on accounting policies, taxes, and specific financial items [Audit Report](index=45&type=section&id=I.%20Audit%20Report) The company's semi-annual financial report was unaudited - The company's semi-annual financial report was unaudited[161](index=161&type=chunk) [Financial Statements](index=45&type=section&id=II.%20Financial%20Statements) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the 2025 semi-annual period, comprehensively presenting the financial position, operating results, and cash flows at the end of the reporting period [Consolidated Balance Sheet](index=45&type=section&id=1%E3%80%81Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets were **1.93 billion yuan**, a **25.30% increase** from the beginning of the period; total current assets were **1.295 billion yuan**, total non-current assets were **636 million yuan**; total liabilities were **936 million yuan**, and total owners' equity was **994 million yuan** Consolidated Balance Sheet Key Data (Period-End) | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Total Assets | 1,930,266,572.17 | 1,540,573,054.25 | | Total Current Assets | 1,294,675,757.84 | 1,072,344,650.05 | | Total Non-Current Assets | 635,590,814.33 | 468,228,404.20 | | Total Liabilities | 935,963,861.83 | 553,262,502.59 | | Total Owners' Equity | 994,302,710.34 | 987,310,551.66 | [Parent Company Balance Sheet](index=49&type=section&id=2%E3%80%81Parent%20Company%20Balance%20Sheet) As of June 30, 2025, the parent company's total assets were **1.71 billion yuan**, a **13.20% increase** from the beginning of the period; total current assets were **998 million yuan**, total non-current assets were **710 million yuan**; total liabilities were **720 million yuan**, and total owners' equity was **988 million yuan** Parent Company Balance Sheet Key Data (Period-End) | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Total Assets | 1,708,426,532.36 | 1,509,305,651.96 | | Total Current Assets | 998,052,533.47 | 1,051,430,492.73 | | Total Non-Current Assets | 710,373,998.89 | 457,875,159.23 | | Total Liabilities | 720,212,857.99 | 508,620,339.37 | | Total Owners' Equity | 988,213,674.37 | 1,000,685,312.59 | [Consolidated Income Statement](index=52&type=section&id=3%E3%80%81Consolidated%20Income%20Statement) For the 2025 semi-annual period, the company's consolidated total operating revenue was **406.42 million yuan**, a **10.77% year-on-year decrease**; net profit was **5.70 million yuan**, a **75.56% year-on-year decrease**; net profit attributable to parent company shareholders was **7.19 million yuan**, a **68.12% year-on-year decrease**; basic earnings per share was **0.0521 yuan** Consolidated Income Statement Key Data (2025 Semi-Annual) | Item | 2025 Semi-Annual (yuan) | 2024 Semi-Annual (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 406,415,807.46 | 455,463,163.55 | | Total Operating Costs | 394,574,430.02 | 430,445,320.22 | | Operating Profit | 4,795,801.22 | 25,251,351.22 | | Total Profit | 4,791,439.36 | 24,848,297.54 | | Net Profit | 5,703,954.35 | 23,346,016.31 | | Net Profit Attributable to Parent Company Shareholders | 7,189,695.16 | 22,549,641.86 | | Basic Earnings Per Share | 0.0521 | 0.1644 | [Parent Company Income Statement](index=54&type=section&id=4%E3%80%81Parent%20Company%20Income%20Statement) For the 2025 semi-annual period, the parent company's operating revenue was **386.63 million yuan**, a **12.30% year-on-year decrease**; net profit was **8.23 million yuan**, a **63.89% year-on-year decrease**; basic earnings per share was **0.0598 yuan** Parent Company Income Statement Key Data (2025 Semi-Annual) | Item | 2025 Semi-Annual (yuan) | 2024 Semi-Annual (yuan) | | :--- | :--- | :--- | | Operating Revenue | 386,630,930.89 | 440,741,388.07 | | Operating Profit | 7,357,588.78 | 24,675,258.77 | | Total Profit | 7,312,341.84 | 24,272,205.06 | | Net Profit | 8,225,061.78 | 22,766,733.39 | | Basic Earnings Per Share | 0.0598 | 0.17 | [Consolidated Cash Flow Statement](index=56&type=section&id=5%E3%80%81Consolidated%20Cash%20Flow%20Statement) For the 2025 semi-annual period, the company's net cash flow from operating activities was **-50.21 million yuan**, an improvement from the prior year; net cash flow from investing activities was **-172.07 million yuan**, mainly due to increased investment in Xuhua Machine; net cash flow from financing activities was **206.82 million yuan**, primarily due to increased bank borrowings Consolidated Cash Flow Statement Key Data (2025 Semi-Annual) | Item | 2025 Semi-Annual (yuan) | 2024 Semi-Annual (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -50,209,437.74 | -55,457,284.71 | | Net Cash Flow from Investing Activities | -172,071,514.68 | -18,289,056.31 | | Net Cash Flow from Financing Activities | 206,821,218.24 | 39,243,193.60 | | Net Increase in Cash and Cash Equivalents | -15,559,828.00 | -34,628,658.56 | - Cash outflow from investing activities significantly increased by **941.01%**, primarily due to increased investment in Xuhua Machine in this period[62](index=62&type=chunk) - Cash inflow from financing activities significantly increased by **427.02%**, primarily due to increased bank borrowings in this period[62](index=62&type=chunk) [Parent Company Cash Flow Statement](index=58&type=section&id=6%E3%80%81Parent%20Company%20Cash%20Flow%20Statement) For the 2025 semi-annual period, the parent company's net cash flow from operating activities was **-40.43 million yuan**, net cash flow from investing activities was **-197.08 million yuan**, and net cash flow from financing activities was **207.44 million yuan** Parent Company Cash Flow Statement Key Data (2025 Semi-Annual) | Item | 2025 Semi-Annual (yuan) | 2024 Semi-Annual (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -40,433,007.89 | -33,175,727.28 | | Net Cash Flow from Investing Activities | -197,081,799.40 | -54,499,614.53 | | Net Cash Flow from Financing Activities | 207,438,528.40 | 47,993,193.60 | | Net Increase in Cash and Cash Equivalents | -30,176,372.71 | -39,807,664.18 | [Consolidated Statement of Changes in Owners' Equity](index=59&type=section&id=7%E3%80%81Consolidated%20Statement%20of%20Changes%20in%20Owners%27%20Equity) For the 2025 semi-annual period, the company's consolidated total owners' equity was **994 million yuan**, an increase of **6.99 million yuan** from the beginning of the period; owners' equity attributable to the parent company totaled **982 million yuan**, a decrease of **13.47 million yuan** from the beginning of the period, mainly due to reduced net profit and profit distribution Consolidated Statement of Changes in Owners' Equity (2025 Semi-Annual) | Item | Period-Beginning Balance (yuan) | Amount of Change in Current Period (yuan) | Period-End Balance (yuan) | | :--- | :--- | :--- | | Total Owners' Equity Attributable to Parent Company | 995,227,980.63 | -13,474,798.84 | 981,753,181.79 | | Minority Interests | -7,917,428.97 | 20,466,957.52 | 12,549,528.55 | | Total Owners' Equity | 987,310,551.66 | 6,992,158.68 | 994,302,710.34 | [Parent Company Statement of Changes in Owners' Equity](index=63&type=section&id=8%E3%80%81Parent%20Company%20Statement%20of%20Changes%20in%20Owners%27%20Equity) For the 2025 semi-annual period, the parent company's total owners' equity was **988 million yuan**, a decrease of **12.47 million yuan** from the beginning of the period, mainly due to net profit and profit distribution impacts Parent Company Statement of Changes in Owners' Equity (2025 Semi-Annual) | Item | Period-Beginning Balance (yuan) | Amount of Change in Current Period (yuan) | Period-End Balance (yuan) | | :--- | :--- | :--- | | Total Owners' Equity | 1,000,685,312.59 | -12,471,638.22 | 988,213,674.37 | [Company Basic Information](index=66&type=section&id=III.%20Company%20Basic%20Information) Zhejiang Linuo Fluid Control Technology Co Ltd, established in 2003 and restructured in 2012, was listed on the Shenzhen Stock Exchange in June 2020; with a registered capital of **138 million yuan**, it primarily engages in manufacturing and sales of industrial automatic control systems and R&D, manufacturing, sales, and after-sales service of valves - The company's predecessor, Ruian Linuo Control Equipment Co Ltd, was established on **January 9, 2003**, and restructured into the current company in 2012[192](index=192&type=chunk) - The company's shares were listed and traded on the Shenzhen Stock Exchange on **June 8, 2020**[192](index=192&type=chunk) - The company's registered capital is **137,978,000.00 yuan**, with a total share capital of **137,978,000 shares**[192](index=192&type=chunk) - The company's main business activities include manufacturing and sales of industrial automatic control system devices, as well as R&D, manufacturing, sales, and after-sales service of valves[193](index=193&type=chunk) [Basis of Financial Statement Preparation](index=67&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, in accordance with enterprise accounting standards and relevant disclosure regulations of the China Securities Regulatory Commission, with no significant doubts about the going concern assumption - The company prepares its financial statements on a going concern basis, in accordance with enterprise accounting standards and relevant disclosure regulations of the China Securities Regulatory Commission[195](index=195&type=chunk) - There are no matters or circumstances that cause significant doubt about the going concern assumption for the 12 months from the end of the reporting period[196](index=196&type=chunk) [Significant Accounting Policies and Estimates](index=67&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's declaration of compliance with enterprise accounting standards, accounting period, operating cycle, functional currency, materiality criteria, business combinations, consolidated financial statement preparation, joint arrangements, cash and cash equivalents, foreign currency transactions, financial instruments, various receivables, inventories, long-term equity investments, investment properties, fixed assets, construction in progress, borrowing costs, intangible assets, impairment of long-term assets, long-term deferred expenses, contract liabilities, employee benefits, provisions, share-based payments, revenue, contract costs, government grants, deferred income tax, and leases, as well as significant accounting policy changes for the current period - The financial statements prepared by the company comply with enterprise accounting standards, accurately and completely reflecting its financial position, operating results, and cash flows[198](index=198&type=chunk) - The company's accounting year runs from **January 1 to December 31** of the Gregorian calendar, with a 12-month operating cycle[199](

安徽华茂纺织股份有限公司 2025 年半年度报告全文 安徽华茂纺织股份有限公司 2025 年半年度报告 2025-018 【2025 年 8 月】 1 安徽华茂纺织股份有限公司 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。 公司负责人倪俊龙、主管会计工作负责人左志鹏及会计机构负责人(会计 主管人员)王章宏声明：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可能存在的相关风险，敬请查阅第三节管理层 讨论与分析中公司未来发展的展望中可能面对的主要风险及对策部分的内容。 《中国证券报》《证券时报》和巨潮资讯网（www.cninfo.com.cn）为本公司 选定的信息披露媒体，本公司所有信息均以在上述选定媒体刊登的信息为准， 敬请投资者注意投资风险。 公司需遵守《深圳证券交易所上市公司自律监管指引第 3 号——行业信 息披露》中的"纺织服装相关业务"的披露要求 具体参见"第三节 ...

北京浩丰创源科技股份有限公司 2025 年半年度报告全文 证券代码：300419 证券简称：ST 浩丰 公告编号：2025-031 北京浩丰创源科技股份有限公司 2025 年半年度报告 2025 年 8 月 1 北京浩丰创源科技股份有限公司 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。 公司负责人王剑、主管会计工作负责人路广兆及会计机构负责人(会计主 管人员)路广兆声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中所涉及未来计划等前瞻性陈述，不构成公司对投资者的实质承诺， 投资者及相关人士均应当对此保持足够的风险认识，并且应当理解计划、预 测与承诺之间的差异。敬请投资者注意投资风险。 公司在本报告"第三节管理层讨论与分析"之"十、公司面临的风险和应对 措施"，描述了公司未来经营中可能面临的风险以及应对的措施，敬请广大投 资者注意查阅。 公司计划不派发现金红利，不送红股，不以公积金转增股 ...

云南景谷林业股份有限公司2025 年半年度报告 公司代码：600265 公司简称：ST 景谷 云南景谷林业股份有限公司 2025 年半年度报告 1 / 173 云南景谷林业股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 是 详见本报告第五节之一、承诺事项履行情况"注 29"及二、"报告期内控股股东及其他关联 方非经营性占用资金情况"的相关内容。 八、 是否存在违反规定决策程序对外提供担保的情况 否 四、 公司负责人吴昱、主管会计工作负责人项良宝及会计机构负责人（会计主管人员）邵琳声 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 报告期内公司不进行利润分配。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告涉及的未来计划、发展战略等前瞻性描述，不构成公司对投资者的实质承诺，请投资 者注意投资风险。 七、 是否存在被 ...

长春一东离合器股份有限公司2025 年半年度报告 公司代码：600148 公司简称：长春一东 长春一东离合器股份有限公司 2025 年半年度报告 1 / 135 长春一东离合器股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 未出席董事情况 | 未出席董事职务 | 未出席董事姓名 | 未出席董事的原因说明 | 被委托人姓名 | | --- | --- | --- | --- | | 董事 | 戴小科 | 其他工作安排 | 秦晓方 | 三、 本半年度报告未经审计。 四、 公司负责人孟庆洪、主管会计工作负责人高英及会计机构负责人（会计主管人员）王嘉琦 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的发展战略、经营计划等前瞻性陈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 ...

山东百龙创园生物科技股份有限公司2025 年半年度报告 公司代码：605016 公司简称：百龙创园 山东百龙创园生物科技股份有限公司 2025 年半年度报告 1 / 160 山东百龙创园生物科技股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、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、 公司负责人禚洪建、主管会计工作负责人李莉及会计机构负责人（会计主管人员）尚明静 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司 2025 年半年度利润分配方案如下：拟以未来实施本次利润分配方案时股权登记日的总股 本为基数，向全体股东每 10 股派发现金红利人民币 0.5 元（含税）。截至 2025 年 6 月 30 日，公 司总股本为 420,012,320 股，以此为基数测算，合计拟派发现金红利人民币 21,000,616.00 元（含 税），占公司当年归属于上市公司股东的净利润 ...

河南中孚实业股份有限公司2025 年半年度报告 公司代码：600595 公司简称：中孚实业 河南中孚实业股份有限公司 2025 年半年度报告 1 / 168 河南中孚实业股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人马文超、主管会计工作负责人张健及会计机构负责人（会计主管人员）乔斌声 明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 不适用 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的未来计划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 ...