苏州新区高新技术产业股份有限公司2025 年半年度报告 公司代码：600736 公司简称：苏州高新 苏州新区高新技术产业股份有限公司 2025 年半年度报告 1 / 175 苏州新区高新技术产业股份有限公司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、 公司负责人王平、主管会计工作负责人蔡金春及会计机构负责人（会计主管人员）徐蓉声 明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司2025年上半年利润不分配，公积金不转增股本。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，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 ...

梦天家居集团股份有限公司2025 年半年度报告 公司代码：603216 公司简称：梦天家居 1 / 162 梦天家居集团股份有限公司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、 公司负责人余静渊、主管会计工作负责人朱亦群及会计机构负责人（会计主管人员）朱亦 群声明：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 本报告所涉及的公司未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质承诺， 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 详见本报告"第三节管理层讨论与分析"之"五、其 ...

宁波长鸿高分子科技股份有限公司2025 年半年度报告 公司代码：605008 公司简称：长鸿高科 宁波长鸿高分子科技股份有限公司 2025 年半年度报告 1 / 178 宁波长鸿高分子科技股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请投资 者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 三、 本半年度报告未经审计。 四、 公司负责人王正波、主管会计工作负责人胡龙双及会计机构负责人（会计主管人员）马亮 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 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 ...

公司代码：603858 公司简称：步长制药 山东步长制药股份有限公司 2025 年半年度报告 山东步长制药股份有限公司2025 年半年度报告 1 / 172 山东步长制药股份有限公司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、 公司负责人赵涛、主管会计工作负责人赵晓刚及会计机构负责人（会计主管人员）程锴声 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 年半年度利润分配预案：根据公司 2025 年半年度报告（未经审计），母公司期末 未分配利润为 6,051,623,463.67 元，公司 2025 年 1-6 月实现归属于上市公司股东的净利润为 627,701,257.33 元。公司 2025 年半年度拟以实施权益分派时股权登记日公司总股本为基数，向全 体股东每 10 股派发现金红利人民币 3.90 元（含 ...

浙江正泰电器股份有限公司2025 年半年度报告 公司代码：601877 公司简称：正泰电器 浙江正泰电器股份有限公司 2025 年半年度报告 1 / 251 浙江正泰电器股份有限公司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、 公司负责人南存辉、主管会计工作负责人林贻明及会计机构负责人（会计主管人员）林贻 明声明：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 本报告中所涉及的未来经营计划、发展战略等前瞻性陈述，均不构成公司对投资者的实质承 诺，敬请投资者及相关人士对此保持足够的风险认识，并且理解计划、预测与承诺之间的差异。 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 ...

[I. Key Financial Data and Indicators for the First Half of 2025](index=1&type=section&id=I.%20Key%20Financial%20Data%20and%20Indicators%20for%20the%20First%20Half%20of%202025) This chapter presents Yangtze Optical Fibre and Cable's key H1 2025 financial data and indicators, offering an initial overview of income statement and balance sheet highlights and their year-over-year changes Key Financial Data and Indicators for H1 2025 (Consolidated Statements) | Item | Current Period (RMB 100M) | Prior Period (RMB 100M) | Change (%) | | :--- | :--- | :--- | :--- | | **Income Statement:** | | | | | Total Operating Revenue | 63.84 | 53.48 | 19.37 | | Operating Profit | 3.13 | 1.63 | 92.02 | | Total Profit | 3.86 | 3.47 | 11.24 | | Net Profit Attributable to Shareholders of the Listed Company | 2.96 | 3.78 | -21.69 | | Net Profit Attributable to Shareholders of the Listed Company (Excluding Non-Recurring Items) | 1.38 | 1.20 | 15.00 | | Basic Earnings Per Share (RMB) | 0.39 | 0.50 | -22.00 | | Weighted Average Return on Net Assets (%) | 2.53 | 3.34 | -24.25 | | **Balance Sheet (Period-End):** | Current Period-End (RMB 100M) | Beginning of Current Period (RMB 100M) | Change (%) | | Total Assets | 318.34 | 317.27 | 0.34 | | Shareholders' Equity Attributable to Shareholders of the Listed Company | 115.05 | 116.29 | -1.07 | | Share Capital | 7.58 | 7.58 | 0.00 | | Net Assets Per Share Attributable to Shareholders of the Listed Company (RMB) | 15.18 | 15.34 | -1.04 | [II. Explanation of Operating Performance and Financial Condition for the First Half of 2025](index=2&type=section&id=II.%20Explanation%20of%20Operating%20Performance%20and%20Financial%20Condition%20for%20the%20First%20Half%20of%202025) This chapter explains the company's H1 2025 operating performance and financial condition, detailing year-over-year changes in key profit metrics amid global industry pressure - In the first half of 2025, the global optical fiber and cable industry continued to face pressure[4](index=4&type=chunk) Changes in Key Performance Indicators for H1 2025 | Indicator | H1 2025 (RMB 100M) | YoY Growth/Decline (%) | | :--- | :--- | :--- | | Total Operating Revenue | 63.84 | +19.37 | | Net Profit Attributable to Shareholders of the Listed Company | 2.96 | -21.69 | | Net Profit Attributable to Shareholders of the Listed Company (Excluding Non-Recurring Items) | 1.38 | +15.00 | [III. Risk Warning](index=2&type=section&id=III.%20Risk%20Warning) This chapter warns investors that preliminary financial data is unaudited and may differ from the final semi-annual report, advising caution regarding investment risks - The company's key financial data for the first half of 2025 are preliminary and unaudited, potentially differing from the final semi-annual report, thus investors should be aware of investment risks[4](index=4&type=chunk)

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、 公司负责人王跃斌、主管会计工作负责人陈俐及会计机构负责人（会计主管人员）周笑颖 声明：保证半年度报告中财务报告的真实、准确、完整。 公司代码：605268 公司简称：王力安防 王力安防科技股份有限公司 2025 年半年度报告 王力安防科技股份有限公司2025 年半年度报告 1 / 194 王力安防科技股份有限公司2025 年半年度报告 重要提示 本报告涉及未来计划等前瞻性陈述，不构成公司对投资者的实质性承诺，敬请投资者注意投 资风险。 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 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 详见第三节管理层讨论与分析 ...

[Section I Definitions](index=4&type=section&id=Section%20I%20Definitions) This section provides definitions of key terms and abbreviations used throughout the report, ensuring clarity and consistent understanding [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This chapter defines common terms used in the report, including company name, reporting period, regulatory bodies, and key products like fuel systems, power battery pack housings, hydrogen storage systems, and thermal management systems, ensuring clear understanding of the report content - Company's short name is "YAPP Automotive", reporting period is from January 1, 2025, to June 30, 2025[10](index=10&type=chunk) - Key products include fuel systems, power battery pack housings, hydrogen storage systems, and thermal management systems[10](index=10&type=chunk) - Fuel system is defined as an independent tank assembly fixed on a vehicle for fuel storage[10](index=10&type=chunk) - Power battery pack housing is the main carrier for new energy vehicle power batteries, storing cells and providing sealing, insulation, and protection[10](index=10&type=chunk) - Hydrogen storage system is a core functional module for fuel cell vehicles, enabling hydrogen refueling, storage, delivery, and pressure/flow monitoring[10](index=10&type=chunk) - Thermal management system comprises subsystems like air conditioning, motor and electronic control cooling, engine cooling, and power battery thermal management, managing vehicle energy flow for efficient operation[10](index=10&type=chunk) [Section II Company Profile and Key Financial Indicators](index=5&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section outlines the company's basic information, contact details, stock profile, and presents key accounting data and financial indicators for the reporting period [I. Company Information](index=5&type=section&id=I.%20Company%20Information) YAPP Automotive Systems Co., Ltd. (YAPP Automotive) has Ding Houwen as its legal representative - Company's Chinese name: YAPP Automotive Systems Co., Ltd., short name: YAPP Automotive[12](index=12&type=chunk) - Company's English name: YAPP Automotive Systems Co.,Ltd., abbreviation: YAPP[12](index=12&type=chunk) - Legal Representative: Ding Houwen[12](index=12&type=chunk) [II. Contact Person and Information](index=5&type=section&id=II.%20Contact%20Person%20and%20Information) The report discloses contact information for Board Secretary Zhu Lei and Securities Affairs Representative Yang Lin, including address, phone, fax, and email, facilitating investor communication - Board Secretary: Zhu Lei, Securities Affairs Representative: Yang Lin[13](index=13&type=chunk) - Contact Address: No. 508, Yangtze South Road, Yangzhou, Jiangsu Province[13](index=13&type=chunk) - Phone: 0514-87777181, Fax: 0514-87846888, Email: stock@yapp.com[13](index=13&type=chunk) [III. Brief Introduction to Changes in Basic Information](index=5&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) The company's registered and office addresses are both at No. 508, Yangtze South Road, Yangzhou, Jiangsu Province, with no historical changes during the reporting period - Company's registered and office addresses: No. 508, Yangtze South Road, Yangzhou, Jiangsu Province[14](index=14&type=chunk) - Company Website: www.yapp.com, Email: stock@yapp.com[14](index=14&type=chunk) - No historical changes to the registered address during the reporting period[14](index=14&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=5&type=section&id=IV.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Custody%20Locations) The company designates China Securities Journal and Shanghai Securities News for information disclosure, with the semi-annual report published on the Shanghai Stock Exchange website and available at the company's office address - Information Disclosure Newspapers: China Securities Journal, Shanghai Securities News[15](index=15&type=chunk) - Website address for semi-annual report publication: www.sse.com.cn[15](index=15&type=chunk) - Company's semi-annual report custody location: No. 508, Yangtze South Road, Yangzhou, Jiangsu Province[15](index=15&type=chunk) [V. Company Stock Profile](index=5&type=section&id=V.%20Company%20Stock%20Profile) The company's A-shares are listed on the Shanghai Stock Exchange, with stock abbreviation "YAPP Automotive" and stock code 603013, with no prior stock abbreviation - Stock Type: A-shares[16](index=16&type=chunk) - Stock Exchange: Shanghai Stock Exchange[16](index=16&type=chunk) - Stock Abbreviation: YAPP Automotive, Stock Code: 603013[16](index=16&type=chunk) [VII. Company's Key Accounting Data and Financial Indicators](index=6&type=section&id=VII.%20Company's%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first half of 2025, the company's operating revenue grew by 12.79%, and net profit attributable to parent company increased by 11.82%, but net cash flow from operating activities decreased by 47.34%, mainly due to increased cash payments for goods and services; basic and diluted earnings per share both increased by 12% 2025 Semi-Annual Key Accounting Data | Key Accounting Data | Current Period (Jan-Jun) (RMB) | Prior Period (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 4,345,149,157.60 | 3,852,343,935.23 | 12.79 | | Total Profit | 372,517,769.14 | 316,177,923.17 | 17.82 | | Net Profit Attributable to Shareholders of Listed Company | 287,061,584.66 | 256,715,088.60 | 11.82 | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-Recurring Gains and Losses | 285,033,313.37 | 254,762,023.04 | 11.88 | | Net Cash Flow from Operating Activities | 362,055,276.30 | 687,561,515.45 | -47.34 | | Net Assets Attributable to Shareholders of Listed Company (End of Current Period) | 4,427,974,591.91 | 4,204,577,069.91 | 5.31 | 2025 Semi-Annual Key Financial Indicators | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic EPS (RMB/share) | 0.56 | 0.50 | 12.00 | | Diluted EPS (RMB/share) | 0.56 | 0.50 | 12.00 | | Basic EPS Excluding Non-Recurring Gains and Losses (RMB/share) | 0.56 | 0.50 | 12.00 | | Weighted Average ROE (%) | 6.56 | 6.26 | Increase 0.30 percentage points | | Weighted Average ROE Excluding Non-Recurring Gains and Losses (%) | 6.51 | 6.21 | Increase 0.30 percentage points | - Net cash flow from operating activities decreased by **RMB 326 million** year-on-year, primarily due to increased cash payments for goods and services in the current period[19](index=19&type=chunk) [IX. Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=IX.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to **RMB 2,028,271.29**, primarily comprising government grants, disposal gains/losses on non-current assets, and other non-operating income/expenses 2025 Semi-Annual Non-Recurring Gains and Losses Items | Non-Recurring Gains and Losses Item | Amount (RMB) | | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | -166,253.48 | | Government Grants Included in Current Period Profit/Loss | 3,845,471.13 | | Other Non-Operating Income and Expenses Apart from the Above | -490,515.06 | | Less: Income Tax Impact | 420,338.03 | | Minority Interest Impact (After Tax) | 740,093.27 | | Total | 2,028,271.29 | [Section III Management Discussion and Analysis](index=8&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the company's industry, main business operations, core competitiveness, and key financial performance during the reporting period [I. Explanation of the Company's Industry and Main Business During the Reporting Period](index=8&type=section&id=I.%20Explanation%20of%20the%20Company's%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) The company specializes in R&D, manufacturing, sales, and service of energy storage and thermal management system products, widely used in traditional and new energy vehicles, serving renowned domestic and international automakers, holding a leading market position in automotive fuel systems while actively expanding new energy vehicle products [(I) Company's Main Business, Products, and Their Uses](index=8&type=section&id=(I)%20Company's%20Main%20Business%2C%20Products%2C%20and%20Their%20Uses) The company primarily engages in R&D, manufacturing, sales, and service of energy storage systems (fuel systems, battery pack housings, hydrogen storage systems, etc.) and thermal management systems (extreme cold heating systems, air ducts, integrated thermal management modules, etc.), providing energy storage carriers and temperature management solutions for automotive and other energy storage sectors - Main business: R&D, manufacturing, sales, and service of energy storage system products and thermal management system products[26](index=26&type=chunk) - Energy storage system products include: fuel systems (including high-pressure fuel systems for new energy hybrid vehicles), battery pack housings, energy storage battery pack enclosures, and fuel cell vehicle hydrogen storage systems[26](index=26&type=chunk) - Thermal management system products include: extreme cold heating systems, air ducts, and integrated thermal management modules[26](index=26&type=chunk) - Key customers include Volkswagen, Audi, GM, Mercedes-Benz, Nissan, Toyota, BYD, FAW, Great Wall, Changan, SAIC, Chery, Geely, NIO, Leapmotor, Seres, Hozon, and others[26](index=26&type=chunk) [(II) Company's Business Model](index=8&type=section&id=(II)%20Company's%20Business%20Model) The company operates a global business model covering the entire R&D, procurement, manufacturing, and sales value chain, directly selling non-standardized products to global automakers with synchronous R&D, adopting a "production-based-on-sales, procurement-based-on-production" approach with long-term supplier partnerships, and maintaining forward R&D through domestic and international engineering centers for co-development with vehicle manufacturers - Business Model: Focused on energy storage and thermal management systems, with a full-value-chain R&D, procurement, manufacturing, and sales system, implementing global operations[28](index=28&type=chunk) - Sales Model: Direct sales to global renowned automakers, non-standardized products requiring global synchronous R&D, with procurement and production organized based on orders[28](index=28&type=chunk) - Procurement Model: "Production based on sales, procurement based on production," establishing long-term stable cooperative relationships with large-scale suppliers[28](index=28&type=chunk) - Production Model: "Production based on sales," multi-variety, small-batch or single-variety, large-batch production, ensuring timely delivery[28](index=28&type=chunk) - R&D Model: Market demand and national policy-oriented, leveraging collaborative layouts of domestic and international engineering centers, adhering to forward R&D, covering the entire R&D process from concept to new technology and product realization[28](index=28&type=chunk) [(III) Company's Product Market Position](index=9&type=section&id=(III)%20Company's%20Product%20Market%20Position) The company is one of the earliest domestic enterprises to focus on R&D and production of energy storage system products, ranking first in the domestic automotive fuel system market and third globally - The company is one of the earliest domestic enterprises to focus on R&D and production of energy storage system products[29](index=29&type=chunk) - In the automotive fuel system sector, the company ranks **first in the domestic market** and **third globally**[29](index=29&type=chunk) [(IV) Performance Driving Factors](index=9&type=section&id=(IV)%20Performance%20Driving%20Factors) The company's performance growth is primarily driven by stable macroeconomic growth, continuous national industrial policy support for the automotive industry (especially new energy vehicles and trade-in policies), significant internal technological innovation, successful new market and product development, and enhanced refined management - External drivers: Stable macroeconomic growth (**5.3% GDP growth** in H1 2025), continuous industrial policy promotion for the automotive industry (trade-in policies showing effect, rapid growth in new energy vehicles, sustained export volume growth)[30](index=30&type=chunk) - Internal drivers: Abundant technological innovation achievements (**25 patents granted**, including **10 invention patents**, 35MPa large-diameter bottle and tail valves passing mandatory certification, securing international client hydrogen vehicle refueling system assembly projects, and breakthrough in multi-way water valve projects for integrated thermal management modules)[30](index=30&type=chunk) - Internal drivers: Significant achievements in new market expansion and new product development (hybrid vehicle high-pressure fuel systems entering mature growth phase, lightweight power battery pack housing products gaining market recognition and mass production, fuel cell hydrogen storage systems launched, and fruitful market expansion for thermal management system products)[31](index=31&type=chunk) - Internal drivers: Refined management (full implementation of refined management, leveraging intelligent manufacturing and digitalization, continuously carrying out lean production and cost reduction/efficiency improvement)[31](index=31&type=chunk) [(V) Industry Situation of the Company During the Reporting Period](index=9&type=section&id=(V)%20Industry%20Situation%20of%20the%20Company%20During%20the%20Reporting%20Period) In the first half of 2025, global automotive sales increased by **4.9%**, with China maintaining its position as the world's largest market; China's automotive production and sales grew by **12.5%** and **11.4%** respectively, while new energy vehicle production and sales surged by **41.4%** and **40.3%**, reaching a market share of **44.3%**; the fuel system market experienced structural growth driven by hybrid vehicles, the battery pack housing market is in a growth phase, the fuel cell hydrogen storage system market is still in its early industrialization stage, and demand for automotive thermal management systems continues to grow significantly - Global automotive sales in H1 2025 are estimated at **44.47 million units**, a **4.9% year-on-year increase**, with China remaining the world's largest market[32](index=32&type=chunk) - In H1 2025, China's automotive production and sales reached **15.621 million units** and **15.653 million units** respectively, growing by **12.5%** and **11.4%** year-on-year[33](index=33&type=chunk) - In H1 2025, China's new energy vehicle production and sales reached **6.968 million units** and **6.937 million units** respectively, growing by **41.4%** and **40.3%** year-on-year, with a market share of **44.3%**[34](index=34&type=chunk) - Fuel system market: Hybrid vehicle production and sales play a major role in market capacity, with the rise of new energy hybrid vehicles, increased sales of domestic brands, and automotive exports bringing structural growth opportunities[35](index=35&type=chunk) - Battery pack housing sector: The market is in a growth phase with numerous technological routes, and no clear leading enterprises have emerged[35](index=35&type=chunk) - Fuel cell hydrogen storage system sector: Benefiting from national policies, the industry has achieved some development but is still in the early stages of industrialization with a relatively small market size[35](index=35&type=chunk) - Automotive thermal management system sector: Rapid development of the global automotive industry, especially new energy vehicles, drives continuous significant growth in market demand, with a substantial increase in the value of single-vehicle thermal management systems, indicating a rapid development phase[36](index=36&type=chunk) [(VI) Company's Response Measures](index=10&type=section&id=(VI)%20Company's%20Response%20Measures) The company promotes the application of hybrid high-pressure fuel systems, battery pack housings, and fuel cell hydrogen storage systems through technological innovation, actively developing thermal management system products, while also seeking breakthroughs through M&A, having completed the acquisition of Winshuang Technology to strengthen its core competitiveness in automotive components - The company adheres to technological innovation, accelerating the promotion and application of hybrid high-pressure fuel systems, battery pack housings, and fuel cell hydrogen storage systems, and advancing thermal management system product R&D[36](index=36&type=chunk) - Hybrid high-pressure fuel systems: Commercialized, with new energy hybrid fuel system orders significantly exceeding traditional fuel system orders during the reporting period, achieving cost reduction and efficiency improvement through optimized design and self-developed key components[37](index=37&type=chunk) - Battery pack housings: Self-developed composite material power battery pack top covers, bottom protection plates, and multi-material integrated lower trays offer lightweight and high-strength advantages, having secured new project nominations and mass supply, with thermoplastic molding top cover pre-research underway[37](index=37&type=chunk) - Fuel cell hydrogen storage systems: Continuously expanding new customers and markets, focusing on R&D and trial production of Type III and Type IV hydrogen storage cylinders, mastering various cylinder liner forming processes, with self-developed **35MPa** and **70MPa** valves certified, securing international client hydrogen vehicle refueling system assembly projects[37](index=37&type=chunk) - Automotive thermal management systems: Refined product planning, introduction of key talents, breakthrough in integrated module and key component project nominations, multiple project products launched on fully automated production lines, achieving a breakthrough from zero to one in multi-way water valve projects for core components, and forward-looking layout in environmentally friendly new refrigerant system research[38](index=38&type=chunk) - Investment and M&A: Actively seeking high-quality target enterprises aligned with strategic development and strong synergy, having completed the acquisition of approximately **54.50%** of Winshuang Technology's shares; Winshuang Technology achieves domestic substitution in the field of resolver sensors, critical core components for new energy vehicle electric drive systems, with this acquisition strengthening the company's core competitiveness[38](index=38&type=chunk)[39](index=39&type=chunk) [II. Discussion and Analysis of Operations](index=11&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) During the reporting period, the company achieved significant market expansion, securing multiple new project nominations for new energy hybrid high-pressure fuel tanks, thermal management systems, battery pack systems, and hydrogen storage systems; brand influence enhanced with numerous client awards and national honors; intelligent manufacturing and "dual carbon" initiatives steadily advanced; increased investment in overseas operations; successful M&A project closing; and continuous strengthening of safety production and compliance management systems - Market expansion: Secured over **twenty new project nominations** for new energy hybrid high-pressure fuel tanks, expected to bring approximately **9 million units** in new product sales[39](index=39&type=chunk) - Market expansion: Achieved new breakthroughs in thermal management systems, battery pack systems, and hydrogen storage systems, including nominations for integrated thermal management modules, battery pack upper housings, battery pack housing assemblies, logistics vehicle hydrogen systems, and international high-end client hydrogen vehicle refueling system assembly projects[40](index=40&type=chunk) - Corporate brand: Received multiple client awards from Volkswagen, GM, Changan, Chery, Great Wall, and successfully selected as one of the first national "Excellent Intelligent Factories"[40](index=40&type=chunk) - Intelligent manufacturing: Completed the new lean target technical architecture, steadily advancing the implementation of an intelligent manufacturing system encompassing "production automation, digital process control, intelligent inspection, and networked supply chain management," with **12 intelligent manufacturing projects** completed during the reporting period[40](index=40&type=chunk)[41](index=41&type=chunk) - "Dual Carbon" initiatives: Completed **9.8MW** distributed photovoltaic projects, expected to generate **10 million kWh** of green electricity annually, reducing approximately **5,800 tons** of CO2 emissions, implementing multiple energy-saving and emission-reduction measures, and promoting a smart energy management platform[41](index=41&type=chunk)[42](index=42&type=chunk) - International operations: Increased investment in overseas business, transferring some domestic surplus capacity to overseas subsidiaries in Brazil, Czech Republic, etc., accelerating overseas intelligent manufacturing, strengthening international talent team building, and further improving the operating performance of overseas subsidiaries[42](index=42&type=chunk) - Investment and M&A: Completed the industrial and commercial changes and project closing for the acquisition of approximately **54.50%** of Winshuang Technology's shares[42](index=42&type=chunk) - Safety production: Enhanced employee safety awareness and emergency response capabilities through specialized training, safety inspections, and emergency drills[43](index=43&type=chunk) - Compliance management: Continuously strengthened compliance management system construction, issued the "Compliance Management Implementation Guide," optimized corporate governance, and reinforced performance risk prevention and control[43](index=43&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](index=12&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) The company's core competitiveness lies in its strong brand advantage, high-quality global customer resources, comprehensive global layout, continuous technological innovation capabilities, excellent product quality management, and leading informatization and digitalization management levels - Brand advantage: The company's "YAPP/YAPP" brand enjoys high reputation in the global automotive fuel system market, having received honors such as "National Intellectual Property Advantage Enterprise" and "National Excellent Intelligent Factory"[44](index=44&type=chunk) - Customer resource advantage: Established long-term stable strategic partnerships with renowned domestic and international automakers, breaking through with new customers in the new energy sector, boasting a superior customer base, global footprint, and diverse product structure, thereby reducing operational risks[45](index=45&type=chunk) - Global layout advantage: Established **25 production bases** (9 overseas) and **7 engineering technology centers** (4 overseas) globally, located near major customers for rapid response[46](index=46&type=chunk) - Technological advantage: As a national high-tech enterprise, it adheres to independent innovation, focusing on its main business to enhance the "gold content" of product technology, solving "bottleneck" technical problems, possessing excellent system integration and core component self-R&D capabilities, and successfully developing hybrid high-pressure fuel systems, thermal management systems, lightweight power battery pack housings, and vehicle-mounted hydrogen systems[47](index=47&type=chunk) - Product quality advantage: Certified with multiple quality management systems including ISO9001, VDA6.1, IATF16949, fully implementing excellent performance management, with industry-leading product qualification rates and PPM indicators, high customer satisfaction, and numerous global client awards[48](index=48&type=chunk) - Informatization and digitalization management advantage: Deeply promoting "intelligent transformation and digital upgrade," upgrading the PMS project management system, launching the ALM system platform, establishing an intellectual property management system, enhancing operational efficiency, and reducing costs and risks[49](index=49&type=chunk) [IV. Key Operating Performance During the Reporting Period](index=13&type=section&id=IV.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) During the reporting period, the company's operating revenue and costs both increased, but financial expenses significantly decreased due to reduced interest expenses and exchange losses, and increased interest income; net cash flow from operating activities decreased due to increased cash payments for goods, while net cash flow from investing activities saw a substantial outflow due to equity acquisition payments; the asset and liability structure changed, with significant increases in notes receivable, prepayments, other receivables, construction in progress, intangible assets, and goodwill, primarily influenced by M&A activities; overseas assets accounted for **35.68%** [(I) Analysis of Main Business](index=13&type=section&id=(I)%20Analysis%20of%20Main%20Business) During the reporting period, the company's operating revenue and operating costs both increased, but financial expenses significantly decreased due to reduced interest expenses and exchange losses, and increased interest income; net cash flow from operating activities decreased year-on-year, mainly due to increased cash payments for goods and services; net cash flow from investing activities saw a substantial year-on-year outflow, primarily due to equity acquisition payments 2025 Semi-Annual Financial Statement Item Variation Analysis | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 4,345,149,157.60 | 3,852,343,935.23 | 12.79 | | Operating Cost | 3,694,939,811.80 | 3,238,421,131.31 | 14.10 | | Selling Expenses | 21,374,843.13 | 18,790,185.70 | 13.76 | | Administrative Expenses | 144,062,915.84 | 140,960,371.47 | 2.20 | | Financial Expenses | -30,007,071.09 | -7,099,267.00 | -322.68 | | R&D Expenses | 139,013,668.41 | 140,309,572.82 | -0.92 | | Net Cash Flow from Operating Activities | 362,055,276.30 | 687,561,515.45 | -47.34 | | Net Cash Flow from Investing Activities | -489,154,040.64 | -62,819,288.27 | -678.67 | | Net Cash Flow from Financing Activities | -207,260,088.07 | -240,540,233.33 | 13.84 | - Reason for financial expense change: Year-on-year decrease in interest expenses and exchange losses, and year-on-year increase in interest income[50](index=50&type=chunk) - Reason for net cash flow from operating activities change: Decreased by **RMB 326 million** year-on-year, primarily due to increased cash payments for goods and services in the current period[50](index=50&type=chunk) - Reason for net cash flow from investing activities change: Increased net outflow by **RMB 426 million** year-on-year, primarily due to equity acquisition payments in the current period[51](index=51&type=chunk) [(III) Analysis of Assets and Liabilities](index=14&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets increased by **12.23%** year-on-year; notes receivable, prepayments, other receivables, construction in progress, intangible assets, and goodwill significantly increased, mainly due to equity acquisitions and production line equipment investments; notes payable, employee compensation payable, other payables, and deferred income tax liabilities also grew substantially; overseas assets accounted for **35.68%** 2025 Semi-Annual Asset and Liability Status Changes | Item Name | Current Period End Amount (RMB) | Proportion of Total Assets at Current Period End (%) | Prior Year End Amount (RMB) | Proportion of Total Assets at Prior Year End (%) | Change from Prior Year End (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Assets | 7,544,464,169.05 | 100.00 | 6,722,341,092.61 | 100.00 | 12.23 | | Financial Assets Held for Trading | 45,913,788.62 | 0.61 | - | - | Not applicable | | Notes Receivable | 136,902,320.98 | 1.81 | 27,206,807.23 | 0.40 | 403.19 | | Prepayments | 92,877,910.27 | 1.23 | 47,951,420.99 | 0.71 | 93.69 | | Other Receivables | 23,723,593.48 | 0.31 | 4,021,314.54 | 0.06 | 489.95 | | Construction in Progress | 104,105,897.44 | 1.38 | 51,265,991.75 | 0.76 | 103.07 | | Intangible Assets | 254,342,727.06 | 3.37 | 162,262,183.11 | 2.41 | 56.75 | | Goodwill | 230,385,380.10 | 3.05 | - | - | Not applicable | | Other Non-Current Assets | 56,986,170.57 | 0.76 | 34,340,483.50 | 0.51 | 65.94 | | Notes Payable | 120,087,384.66 | 1.59 | 14,873,989.60 | 0.22 | 707.36 | | Employee Compensation Payable | 161,535,505.02 | 2.14 | 92,124,761.28 | 1.37 | 75.34 | | Other Payables | 78,662,624.24 | 1.04 | 17,267,182.09 | 0.26 | 355.56 | | Other Current Liabilities | 48,077,348.76 | 0.64 | 17,218,618.28 | 0.26 | 179.22 | | Deferred Income Tax Liabilities | 61,516,660.58 | 0.82 | 46,848,901.49 | 0.70 | 31.31 | - Overseas asset scale: **RMB 2,692,127,965.06**, accounting for **35.68%** of total assets[55](index=55&type=chunk) - Overseas subsidiary YAPP US Holding Co., Ltd. reported operating revenue of **RMB 819,540,111.22** and net profit of **RMB 20,800,384.64** in the current period[57](index=57&type=chunk) - Restricted assets: Cash and cash equivalents of **RMB 102,347,265.42** (bill deposits, letter of guarantee deposits, regulated account funds), notes receivable of **RMB 34,849,648.49** (endorsed but not yet due and not derecognized), accounts receivable of **RMB 12,770,931.98** (transferred but not derecognized)[59](index=59&type=chunk) [(IV) Analysis of Investment Status](index=15&type=section&id=(IV)%20Analysis%20of%20Investment%20Status) During the reporting period, the company's investment amounted to **RMB 577.727 million**, primarily for acquiring **54.50%** of Shanghai Winshuang Motor Technology Co., Ltd., which specializes in resolvers and special motor products, with the acquisition aiming to strengthen the company's core competitiveness in the automotive components sector - Investment amount during the reporting period: **RMB 577.727 million**[61](index=61&type=chunk) - Significant equity investment: Acquisition of **54.50%** of Shanghai Winshuang Motor Technology Co., Ltd., which primarily engages in R&D and production of resolvers and special motors[62](index=62&type=chunk) - Acquisition purpose: Deeply aligns with the company's business layout in critical automotive components, forming significant synergistic effects through complementary advantages, strengthening the company's core competitiveness and market position[39](index=39&type=chunk) [(VI) Analysis of Major Holding and Participating Companies](index=17&type=section&id=(VI)%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) During the reporting period, the company gained control of Shanghai Winshuang Motor Technology Co., Ltd. through equity acquisition, but due to the closing date being June 30, 2025, it had no significant impact on the production, operations, and performance of the current reporting period - Subsidiary acquired during the reporting period: Shanghai Winshuang Motor Technology Co., Ltd., acquired via equity acquisition[63](index=63&type=chunk) - Impact on production, operations, and performance: Equity closing date was June 30, 2025, with no significant impact on the company's production, operations, and performance from the closing date to the end of the reporting period[63](index=63&type=chunk) Major Subsidiary Financial Data (Unit: RMB 10,000) | Company Name | Total Assets (RMB 10,000) | Net Assets (RMB 10,000) | Operating Revenue (RMB 10,000) | Operating Profit (RMB 10,000) | Net Profit (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | | YAPP US Holding | 90,055.23 | 64,970.47 | 81,954.01 | 2,939.70 | 2,080.04 | | YAPP Czech | 51,862.94 | 28,827.49 | 52,201.80 | 2,410.55 | 2,379.86 | | YAPP Brazil | 30,450.25 | 25,078.54 | 10,659.23 | 1,685.31 | 1,095.62 | | Dajiang YAPP | 30,525.65 | 12,451.33 | 23,402.83 | 1,287.79 | 1,047.27 | | Wuhu Yaqi | 68,613.28 | 14,539.13 | 45,793.21 | 1,076.54 | 1,052.02 | | YAPP Kaifeng | 26,323.07 | 11,772.12 | 23,662.16 | 2,932.29 | 2,349.93 | [V. Other Disclosures](index=18&type=section&id=V.%20Other%20Disclosures) The company faces risks from macroeconomic and market environments, international trade frictions, and intensified market competition; to address these, it will closely monitor market dynamics, research new energy vehicle policies, expand diversified markets, optimize the supply chain, and continuously enhance core competitiveness, strengthen technological R&D, and improve operational management - Macroeconomic and market environment risks: Domestic and international macroeconomic conditions falling short of expectations, and weak domestic consumption potentially impacting the automotive market[64](index=64&type=chunk) - International trade friction risks: Western countries' new energy vehicle policies and trade protection measures potentially affecting China's automotive exports and intensifying trade frictions[64](index=64&type=chunk) - Intensified market competition risks: New entrants in innovative automotive sectors and domestic automotive price wars leading to heightened market competition, with cost reduction pressures passed on to suppliers[64](index=64&type=chunk) - Response measures: Closely monitor economic and market dynamics, thoroughly research domestic and international new energy vehicle policies, actively expand diversified markets, and optimize supply chain layout[64](index=64&type=chunk) - Response measures: Enhance core competitiveness, strengthen technological R&D and innovation, optimize operational management to reduce costs, and establish closer cooperative relationships with suppliers[64](index=64&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=19&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section covers the company's profit distribution plan, efforts in poverty alleviation, and contributions to rural revitalization initiatives [II. Profit Distribution or Capital Reserve Conversion Plan](index=19&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company's 25th meeting of the Fifth Board of Directors approved the 2025 semi-annual profit distribution plan, proposing a cash dividend of **RMB 0.05 per share** (tax inclusive) to all shareholders, totaling **RMB 25,585,018.20** (tax inclusive), with no capital reserve conversion - Profit distribution plan: Proposed cash dividend of **RMB 0.05 per share** (tax inclusive) to all shareholders[3](index=3&type=chunk) - Total proposed cash dividend: **RMB 25,585,018.20** (tax inclusive)[3](index=3&type=chunk) - No capital reserve conversion will be carried out[3](index=3&type=chunk) - Total cash dividends and share repurchases amounted to **RMB 27,249,715.20**, representing **10.54%** of the parent company's distributable profit for H1 2025 and **9.49%** of the consolidated net profit attributable to shareholders of the listed company for H1 2025[3](index=3&type=chunk) [V. Specifics of Consolidating Poverty Alleviation Achievements, Rural Revitalization, and Other Work](index=19&type=section&id=V.%20Specifics%20of%20Consolidating%20Poverty%20Alleviation%20Achievements%2C%20Rural%20Revitalization%2C%20and%20Other%20Work) The company actively responded to national calls by purchasing aid materials online through central enterprise consumer assistance platforms and other channels, acquiring **RMB 67,500** worth of aid materials during the reporting period, contributing to consolidating poverty alleviation achievements and rural revitalization - The company actively carried out consumer assistance work[68](index=68&type=chunk) - Purchased **RMB 67,500** worth of aid materials during the reporting period[68](index=68&type=chunk) [Section V Significant Matters](index=20&type=section&id=Section%20V%20Significant%20Matters) This section details the company's fulfillment of commitments, significant related party transactions, and major contracts during the reporting period [I. Fulfillment of Commitments](index=20&type=section&id=I.%20Fulfillment%20of%20Commitments) The company's actual controller, controlling shareholder, and the company itself have strictly fulfilled all commitments, including resolving horizontal competition, prospectus truthfulness commitments, and share increase and repurchase plans; SDIC High-Tech and SDIC High-Tech Investment plan to increase their shareholding by no less than **RMB 40 million** and no more than **RMB 80 million**, while the company plans to repurchase shares worth no less than **RMB 100 million** and no more than **RMB 200 million** - SDIC High-Tech Investment and SDIC Group committed to resolving horizontal competition, which remains long-term effective and strictly fulfilled[70](index=70&type=chunk)[71](index=71&type=chunk) - The company committed to repurchasing new shares and compensating investors for losses in case of false statements, misleading representations, or major omissions in the prospectus, which is strictly fulfilled[71](index=71&type=chunk) - SDIC High-Tech and SDIC High-Tech Investment plan to increase their shareholding by no less than **RMB 40 million** and no more than **RMB 80 million** within 6 months from April 8, 2025, having already increased by **210,000 shares**[73](index=73&type=chunk)[129](index=129&type=chunk) - The company plans to repurchase shares through centralized bidding for no less than **RMB 100 million** and no more than **RMB 200 million** within 12 months from the date the repurchase plan is approved by the shareholders' meeting, having already repurchased **100,000 shares**[74](index=74&type=chunk)[127](index=127&type=chunk) [X. Significant Related Party Transactions](index=23&type=section&id=X.%20Significant%20Related%20Party%20Transactions) The company engages in multiple daily related party transactions with affiliates concerning goods purchase/sale, service provision, and fund transfers, with disclosed full-year 2025 estimated amounts; during the reporting period, the company's maximum deposit balance at SDIC Finance Co., Ltd. reached **RMB 1.21 billion**, and at Rongshi International Treasury Management Co., Ltd. reached **USD 2.0139 million** [(I) Related Party Transactions Related to Daily Operations](index=23&type=section&id=(I)%20Related%20Party%20Transactions%20Related%20to%20Daily%20Operations) The company's total estimated daily related party transactions for full-year 2025 are **RMB 2.794 billion**, with **RMB 1.0527367 billion** actually incurred from January to June, primarily involving the purchase of raw materials, products, fuel, and power from related parties, and the sale of products, goods, and provision of services to related parties 2025 Daily Related Party Transactions: Estimated and Actual (Jan-Jun) | Related Party Transaction Type | 2025 Full-Year Estimated Amount (RMB 10,000) | 2025 Jan-Jun Actual Amount (RMB 10,000) | | :--- | :--- | :--- | | Purchase of Raw Materials, Products from Related Parties | 68,420.00 | 22,310.04 | | Purchase of Fuel and Power from Related Parties | 1,800.00 | 394.75 | | Sale of Products, Goods to Related Parties | 176,350.00 | 78,982.74 | | Provision of Services to Related Parties | 5,020.00 | 319.01 | | Acceptance of Services from Related Parties | 4,410.00 | 1,238.85 | | Others (Lease, Patent Transfer, etc.) | 500.00 | 0.00 | | Joint Investment with Related Parties | 900.00 | 0.00 | | Loans from Related Party Finance Companies | 22,000.00 | 2,028.28 | | Total | 279,400.00 | 105,273.67 | - The company expects its maximum daily deposit balance at SDIC Finance Co., Ltd. in 2025 not to exceed **RMB 3 billion**, with the highest single-day deposit balance in the current reporting period being **RMB 1.21 billion**[77](index=77&type=chunk) - The company expects its maximum daily deposit balance at Rongshi International Treasury Management Co., Ltd. in 2025 not to exceed the equivalent of **USD 1 billion**, with the highest single-day deposit balance in the current reporting period being **USD 2.0139 million**[78](index=78&type=chunk) [(III) Significant Related Party Transactions for Joint External Investment](index=26&type=section&id=(III)%20Significant%20Related%20Party%20Transactions%20for%20Joint%20External%20Investment) On October 27, 2023, the company, Yien New Power, and related party SDIC Power jointly established a joint venture with a registered capital of **RMB 30 million**, where the company invested **RMB 9 million** of its own funds for a **30%** stake, having already contributed **RMB 0.9 million** in 2023 - The company, Yien New Power, and related party SDIC Power jointly established a joint venture with a registered capital of **RMB 30 million**[80](index=80&type=chunk) - The company invested **RMB 9 million** of its own funds, holding a **30%** stake[80](index=80&type=chunk) - The company had already contributed **RMB 0.9 million** in 2023[80](index=80&type=chunk) [(V) Financial Business Between the Company and Related Finance Companies, and Between Company-Controlled Finance Companies and Related Parties](index=27&type=section&id=(V)%20Financial%20Business%20Between%20the%20Company%20and%20Related%20Finance%20Companies%2C%20and%20Between%20Company-Controlled%20Finance%20Companies%20and%20Related%20Parties) The company has deposit, loan, and credit line businesses with SDIC Finance Co., Ltd. and Rongshi International Treasury Management Co., Ltd.; at the end of the reporting period, the company's deposit balance at SDIC Finance Co., Ltd. was **RMB 2,946,823,300.77**, and at Rongshi International Treasury Management Co., Ltd. was **RMB 14,329,956.61** Company's Deposit Business with Related Finance Companies | Related Party | Maximum Daily Deposit Limit | Deposit Interest Rate Range | Beginning Balance (RMB) | Ending Balance (RMB) | Total Deposits in Current Period (RMB) | Total Withdrawals in Current Period (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | SDIC Finance Co., Ltd. | RMB 3 billion | 0.05%-1.85% | 1,143,754,903.52 | 2,946,823,300.77 | 2,535,517,414.70 | 732,449,017.45 | | Rongshi International Treasury Management Co., Ltd. | USD 1 billion | 4% | 14,178,486.58 | 14,329,956.61 | 151,556.17 | 86.14 | Company's Loan Business with Related Finance Companies | Related Party | Loan Limit (RMB) | Loan Interest Rate Range | Beginning Balance (RMB) | Ending Balance (RMB) | Total Loans in Current Period (RMB) | Total Repayments in Current Period (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | SDIC Finance Co., Ltd. | 50,000,000.00 | 2.35%-2.5% | 25,000,000.00 | 20,000,000.00 | 20,000,000.00 | 25,000,000.00 | | Rongshi International Treasury Management Co., Ltd. | 100,000,000.00 | - | - | - | - | - | - The company's total credit line for bill business and other facilities at SDIC Finance Co., Ltd. is **RMB 70 million**[83](index=83&type=chunk) [XI. Significant Contracts and Their Performance](index=29&type=section&id=XI.%20Significant%20Contracts%20and%20Their%20Performance) During the reporting period, the company entered into several significant contracts to acquire partial shares of Shanghai Winshuang Motor Technology Co., Ltd., with a total transaction price of **RMB 577.727 million**, and most payments and equity transfers have been completed - The company signed multiple contracts to purchase partial shares of Shanghai Winshuang Motor Technology Co., Ltd[87](index=87&type=chunk) - The final transaction price totaled **RMB 577.727 million**[87](index=87&type=chunk) - Pricing principle: Friendly negotiation between buyer and seller, comprehensively considering asset appraisal results, interim dividend matters, and post-investment shareholder empowerment[87](index=87&type=chunk) - First and second installments of consideration totaling **RMB 157.1379 million** have been paid to management shareholders, and **100%** of the transfer price totaling **RMB 401.3045 million** has been paid to external shareholders[88](index=88&type=chunk) [Section VI Share Changes and Shareholder Information](index=30&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section presents information on the company's share capital changes and the profile of its major shareholders [I. Changes in Share Capital](index=30&type=section&id=I.%20Changes%20in%20Share%20Capital) During the reporting period, there were no changes in the company's total share capital or share structure - During the reporting period, there were no changes in the company's total share capital or share structure[91](index=91&type=chunk) [II. Shareholder Information](index=30&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company had **19,077** common shareholders; the top two shareholders were SDIC High-Tech Investment Co., Ltd. (holding **49.29%**) and Huayu Automotive Systems Co., Ltd. (holding **29.76%**), together holding nearly **80%** of the shares - Total number of common shareholders as of the end of the reporting period: **19,077**[92](index=92&type=chunk) Top Ten Shareholders' Shareholding as of the End of the Reporting Period | Shareholder Name | Shares Held at Period End (shares) | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | SDIC High-Tech Investment Co., Ltd. | 252,660,000 | 49.29 | State-owned Legal Person | | Huayu Automotive Systems Co., Ltd. | 152,550,000 | 29.76 | State-owned Legal Person | | Hong Kong Securities Clearing Company Limited | 4,027,725 | 0.79 | Overseas Legal Person | | Bank of Communications Co., Ltd. - Guotai Jinying Growth Flexible Allocation Mixed Securities Investment Fund | 2,035,700 | 0.40 | Other | | China CITIC Bank Co., Ltd. - Fullgoal Cycle Select Three-Year Holding Mixed Securities Investment Fund | 1,750,000 | 0.34 | Other | | China Merchants Bank Co., Ltd. - Guotai Research Advantage Mixed Securities Investment Fund | 1,430,500 | 0.28 | Other | | China Merchants Bank Co., Ltd. - Southern CSI 1000 ETF | 1,419,266 | 0.28 | Other | | Sun Yan | 1,353,700 | 0.26 | Domestic Natural Person | | Industrial and Commercial Bank of China Limited - GF CSI Guoxin Central SOE Shareholder Return ETF | 848,500 | 0.17 | Other | | China Merchants Bank Co., Ltd. - ChinaAMC CSI 1000 ETF | 838,329 | 0.16 | Other | - SDIC High-Tech Investment Co., Ltd. change during the reporting period: **+210,000 shares**[94](index=94&type=chunk) - Hong Kong Securities Clearing Company Limited change during the reporting period: **+2,538,913 shares**[94](index=94&type=chunk) [Section VII Bond-Related Information](index=33&type=section&id=Section%20VII%20Bond-Related%20Information) This section confirms the absence of corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, and convertible corporate bonds during the reporting period [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=33&type=section&id=I.%20Corporate%20Bonds%20(Including%20Enterprise%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments - During the reporting period, the company had no corporate bonds or non-financial enterprise debt financing instruments[98](index=98&type=chunk) [II. Convertible Corporate Bonds](index=33&type=section&id=II.%20Convertible%20Corporate%20Bonds) During the reporting period, the company had no convertible corporate bonds - During the reporting period, the company had no convertible corporate bonds[98](index=98&type=chunk) [Section VIII Financial Report](index=34&type=section&id=Section%20VIII%20Financial%20Report) This section comprises the unaudited financial statements, including balance sheets, income statements, cash flow statements, and detailed notes on accounting policies and financial items [I. Audit Report](index=34&type=section&id=I.%20Audit%20Report) This semi-annual report is unaudited - This semi-annual report is unaudited[6](index=6&type=chunk) [II. Financial Statements](index=34&type=section&id=II.%20Financial%20Statements) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively presenting the company's financial position, operating results, and cash flow - Consolidated balance sheet shows total assets of **RMB 7,544,464,169.05**, total liabilities of **RMB 2,664,859,481.60**, and total owners' equity of **RMB 4,879,604,687.45**[102](index=102&type=chunk) - Consolidated income statement shows total operating revenue of **RMB 4,345,149,157.60**, net profit of **RMB 305,314,255.85**, and net profit attributable to parent company shareholders of **RMB 287,061,584.66**[108](index=108&type=chunk)[109](index=109&type=chunk) - Consolidated cash flow statement shows net cash flow from operating activities of **RMB 362,055,276.30**, net cash flow from investing activities of **RMB -489,154,040.64**, and net cash flow from financing activities of **RMB -207,260,088.07**[114](index=114&type=chunk)[115](index=115&type=chunk) - Parent company income statement shows net profit of **RMB 258,557,817.73**[112](index=112&type=chunk) [III. Company Basic Information](index=48&type=section&id=III.%20Company%20Basic%20Information) YAPP Automotive Systems Co., Ltd. was listed on the Shanghai Stock Exchange on May 9, 2018, with a registered capital of **RMB 512,599,264.00**; the company primarily engages in automotive parts manufacturing, focusing on R&D, manufacturing, sales, and service of energy storage and thermal management system products; during the reporting period, controlling shareholder SDIC High-Tech Investment and its controlling shareholder SDIC High-Tech implemented share increase plans, and the company also carried out share repurchases - The company was listed on the Shanghai Stock Exchange on May 9, 2018[124](index=124&type=chunk) - As of June 2025, the company's total share capital was **RMB 512,599,264.00**[130](index=130&type=chunk) - The company primarily engages in R&D, manufacturing, sales, and service of energy storage system products and thermal management system products[130](index=130&type=chunk) - Controlling shareholder SDIC High-Tech Investment Co., Ltd. holds **49.29%**, and Huayu Automotive Systems Co., Ltd. holds **29.76%**[130](index=130&type=chunk) - As of the end of June 2025, SDIC High-Tech Investment increased its shareholding by **210,000 shares**, and SDIC High-Tech purchased **90,000 shares** of the company[129](index=129&type=chunk) - As of June 2025, the company had cumulatively repurchased **100,000 shares**, with a payment of **RMB 1,664,697.00**[127](index=127&type=chunk) [IV. Basis of Financial Statement Preparation](index=49&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The Group's financial statements are prepared in accordance with the "Accounting Standards for Business Enterprises" issued by the Ministry of Finance and relevant regulations of the China Securities Regulatory Commission, and are presented on a going concern basis - Financial statements are prepared in accordance with the "Accounting Standards for Business Enterprises" and the China Securities Regulatory Commission's "No. 15 Rules for the Preparation of Information Disclosure by Companies Issuing Securities to the Public—General Provisions on Financial Reports" (Revised 2023)[131](index=131&type=chunk) - The Group evaluated its ability to continue as a going concern for 12 months from the end of the reporting period, found no significant doubts, and thus the financial statements are presented on a going concern basis[132](index=132&type=chunk) [V. Significant Accounting Policies and Estimates](index=49&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's adherence to accounting standards, including statements on 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 and translation, financial instruments, notes receivable, accounts receivable, financing for receivables, other receivables, inventories, contract assets, assets held for sale, long-term equity investments, fixed assets, construction in progress, borrowing costs, intangible assets, impairment of long-term assets, long-term deferred expenses, contract liabilities, employee compensation, provisions, share-based payments, revenue, contract costs, government grants, deferred income tax assets/liabilities, leases, and other significant accounting policies and estimates - The company prepares and discloses financial statements following the materiality principle, classifying receivables with a single amount exceeding **RMB 5 million** or **0.2%** of the latest audited consolidated net assets as material[138](index=138&type=chunk) - Financial assets are classified into three categories: measured at amortized cost, measured at fair value through other comprehensive income, and measured at fair value through profit or loss[149](index=149&type=chunk) - Receivables such as accounts receivable, notes receivable, financing for receivables, and contract assets apply simplified measurement methods, with loss provisions measured at an amount equal to the expected credit losses over the entire lifetime[153](index=153&type=chunk) - Fixed assets are depreciated using the straight-line method, with depreciation periods of **12-20 years** for buildings and structures, and **5-10 years** for machinery and equipment[201](index=201&type=chunk) - Intangible assets include land use rights, patent rights, non-patent technologies, software, etc., measured at actual cost upon acquisition, with finite-lived intangible assets amortized using the straight-line method[207](index=207&type=chunk)[208](index=208&type=chunk) - Revenue recognition principle is to recognize revenue when the customer obtains control of the related goods or services; for products like automotive fuel tanks, revenue is recognized upon customer acceptance, confirmation of usage, or network notification[224](index=224&type=chunk)[227](index=227&type=chunk) - Government grants are classified as asset-related or income-related; asset-related grants are recognized as deferred income and amortized into profit or loss over the asset's useful life[233](index=233&type=chunk) [VI. Taxation](index=70&type=section&id=VI.%20Taxation) This section discloses the main tax categories and rates for the company and its subsidiaries, including VAT, corporate income tax, and urban maintenance and construction tax; the company and some subsidiaries enjoy a **15%** corporate income tax preferential rate as high-tech enterprises, while others benefit from small and micro-enterprise income tax preferential policies and VAT super deduction policies for advanced manufacturing enterprises; overseas subsidiaries follow the tax policies of their respective countries Major Tax Categories and Rates | Tax Category | Tax Rate | | :--- | :--- | | Value-Added Tax | 6.00% to 28.00% | | Corporate Income Tax | 15.00% to 34.00% | | Urban Maintenance and Construction Tax | 5.00%, 7.00% | | Education Surcharge | 3.00% | | Local Education Surcharge | 2.00% | - The company, Wuhu YAPP Automotive, YAPP Kaifeng, Dajiang YAPP, and Winshuang Technology are recognized as high-tech enterprises, applying a **15%** corporate income tax rate[253](index=253&type=chunk) - Dajiang YAPP also enjoys preferential policies for Western Development, applying a **15%** corporate income tax rate[253](index=253&type=chunk) - Winshuang Huzhou qualifies as a small and micro-profit enterprise, enjoying corresponding income tax preferential policies[254](index=254&type=chunk) - The company and some domestic subsidiaries belong to the automotive parts manufacturing industry, and R&D expenses enjoy pre-tax super deduction policies[255](index=255&type=chunk) - The company and its subsidiaries Wuhu YAPP Automotive, YAPP Kaifeng, Dajiang YAPP, and Winshuang Technology are advanced manufacturing enterprises, enjoying VAT super deduction policies[255](index=255&type=chunk) - Overseas subsidiaries such as YAPP Russia, YAPP India, YAPP Germany, YAPP Czech, YAPP US Holding, YAPP Mexico, YAPP Brazil, and YAPP Uzbekistan follow the tax policies of their respective countries[256](index=256&type=chunk)[257](index=257&type=chunk)[258](index=258&type=chunk)[259](index=259&type=chunk)[260](index=260&type=chunk)[261](index=261&type=chunk)[262](index=262&type=chunk)[263](index=263&type=chunk)[264](index=264&type=chunk)[265](index=265&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=73&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed disclosures of the consolidated financial statement items, including ending balances, beginning balances, current period amounts, prior period amounts, and their changes and reasons for various assets, liabilities, owners' equity, revenue, costs, and expenses, such as cash and cash equivalents, financial assets held for trading, notes receivable, accounts receivable, contract assets, financing for receivables, prepayments, other receivables, inventories, other current assets, long-term equity investments, other equity instruments investments, fixed assets, construction in progress, right-of-use assets, intangible assets, goodwill, long-term deferred expenses, deferred income tax assets/liabilities, other non-current assets, restricted assets, short-term borrowings, notes payable, accounts payable, contract liabilities, employee compensation payable, taxes payable, other payables, non-current liabilities due within one year, other current liabilities, lease liabilities, provisions, deferred income, share capital, treasury shares, other comprehensive income, specific reserves, surplus reserves, retained earnings, operating revenue and costs, taxes and surcharges, selling expenses, administrative expenses, R&D expenses, financial expenses, other income, investment income, credit impairment losses, asset impairment losses, asset disposal gains, non-operating income, non-operating expenses, income tax expenses, cash flow statement items, notes to statement of changes in owners' equity, foreign currency monetary items, and leases - Cash and cash equivalents ending balance of **RMB 979,254,548.94**, with **RMB 419,248,325.16** deposited overseas[268](index=268&type=chunk) - Financial assets held for trading ending balance of **RMB 45,913,788.62**, primarily due to new additions from M&A in the current period[270](index=270&type=chunk) - Notes receivable ending balance of **RMB 136,902,320.98**, an increase of **403.19%** from the beginning of the period, mainly due to an increase in bank acceptance bills received[272](index=272&type=chunk)[54](index=54&type=chunk) - Accounts receivable ending balance of **RMB 1,690,247,426.15**, an increase of **22.43%** from the beginning of the period[281](index=281&type=chunk)[54](index=54&type=chunk) - Inventories ending balance of **RMB 1,208,261,497.95**, an increase of **2.32%** from the beginning of the period[321](index=321&type=chunk)[54](index=54&type=chunk) - Construction in progress ending balance of **RMB 104,105,897.44**, an increase of **103.07%** from the beginning of the period, mainly due to an increase in production line equipment under construction[339](index=339&type=chunk)[54](index=54&type=chunk) - Intangible assets ending balance of **RMB 254,342,727.06**, an increase of **56.75%** from the beginning of the period, mainly due to the acquisition of a new company through equity purchase[345](index=345&type=chunk)[54](index=54&type=chunk) - Goodwill ending balance of **RMB 230,385,380.10**, primarily formed from the acquisition of a new company through equity purchase[346](index=346&type=chunk)[54](index=54&type=chunk) - Notes payable ending balance of **RMB 120,087,384.66**, an increase of **707.36%** from the beginning of the period, mainly due to an increase in bank acceptance bills issued[368](index=368&type=chunk)[54](index=54&type=chunk) - Employee compensation payable ending balance of **RMB 161,535,505.02**, an increase of **75.34%** from the beginning of the period, mainly due to accrued performance bonuses[375](index=375&type=chunk)[54](index=54&type=chunk) - Other payables ending balance of **RMB 78,662,624.24**, an increase of **355.56%** from the beginning of the period, mainly due to increased final payment for equity acquisition[378](index=378&type=chunk)[54](index=54&type=chunk) - Operating revenue for the current period was **RMB 4,345,149,157.60**, and operating cost was **RMB 3,694,939,811.80**[402](index=402&type=chunk) - Financial expenses for the current period were **RMB -30,007,071.09**, compared to **RMB -7,099,267.00** in the prior period, mainly due to a year-on-year decrease in interest expenses and exchange losses, and a year-on-year increase in interest income[414](index=414&type=chunk)[50](index=50&type=chunk) - Net cash flow from operating activities for the current period was **RMB 362,055,276.30**, compared to **RMB 687,561,515.45** in the prior period, a year-on-year decrease of **47.34%**[439](index=439&type=chunk) - Net cash flow from investing activities for the current period was **RMB -489,154,040.64**, compared to **RMB -62,819,288.27** in the prior period, a year-on-year decrease of **678.67%**[439](index=439&type=chunk) - Net cash flow from financing activities for the current period was **RMB -207,260,088.07**, compared to **RMB -240,540,233.33** in the prior period, a year-on-year increase of **13.84%**[439](index=439&type=chunk) [VIII. R&D Expenses](index=127&type=section&id=VIII.%20R%26D%20Expenses) During the reporting period, the company's total R&D expenses amounted to **RMB 139,013,668.41**, a slight year-on-year decrease of **0.92%**, entirely expensed, primarily invested in personnel costs and direct inputs 2025 Semi-Annual R&D Expenses by Nature of Expense | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Direct Inputs | 43,741,199.18 | 50,164,851.50 | | Personnel Costs | 68,091,861.27 | 59,773,734.11 | | Depreciation | 14,070,171.26 | 15,869,816.98 | | New Product Design Fees | 4,928,885.04 | 5,631,885.05 | | Fees for R&D Activities Entrusted to External Institutions or Individuals | 1,246,386.18 | 2,409,039.70 | | Amortization of Intangible Assets | 893,583.49 | 503,064.48 | | Other Related Expenses | 6,041,581.99 | 5,957,181.00 | | Total | 139,013,668.41 | 140,309,572.82 | - All R&D expenses in the current period were expensed[454](index=454&type=chunk) [IX. Changes in Consolidation Scope](index=127&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) During the reporting period, the company acquired approximately **54.50%** of Shanghai Winshuang Motor Technology Co., Ltd. through a business combination not under common control, gaining control on the acquisition date, resulting in goodwill of **RMB 230,385,380.10** - Business combination not under common control occurred in the current period: Acquisition of Shanghai Winshuang Motor Technology Co., Ltd[455](index=455&type=chunk) - Equity acquisition date: June 30, 2025, with an acquired equity ratio of **54.50%**[459](index=459&type=chunk) - Consolidation cost: **RMB 577,726,968.00**[457](index=457&type=chunk) - Goodwill formed: **RMB 230,385,380.10**[457](index=457&type=chunk) - Fair value share of identifiable net assets on acquisition date: **RMB 347,341,587.90**[457](index=457&type=chunk) [X. Interests in Other Entities](index=13

江苏如通石油机械股份有限公司2025 年半年度报告 公司代码：603036 公司简称：如通股份 江苏如通石油机械股份有限公司 2025 年半年度报告 1 / 128 江苏如通石油机械股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、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、 公司负责人曾智斌、主管会计工作负责人镇国毅及会计机构负责人（会计主管人员）镇国 毅声明：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 公司有关未来发展战略和经营计划的前瞻性陈述并不构成公司对投资者的实质承诺，请投资 者注意风险。 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 ...

上海荣泰健康科技股份有限公司2025 年半年度报告 公司代码：603579 公司简称：荣泰健康 转债代码：113606 转债简称：荣泰转债 上海荣泰健康科技股份有限公司 2025 年半年度报告 1 / 224 上海荣泰健康科技股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人林琪、主管会计工作负责人廖金花及会计机构负责人（会计主管人员）贾晓丽 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，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 十、 重大风险提示 公司已在本报告中详细描述可能存在的相关风险,敬请投资者关注本半年度报告"第三节 管 理层讨论与分析 ...