通裕重工股份有限公司 2025 年半年度报告全文 通裕重工股份有限公司 2025 年半年度报告 2025-076 2025 年 8 月 27 日 1 通裕重工股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人刘伟、主管会计工作负责人杨静及会计机构负责人(会计主管 人员)王龙飞声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告涉及未来计划等前瞻性陈述，该陈述不构成对投资者的业绩承诺， 请广大投资者及相关人士注意投资风险，并对此保持足够的风险认识，理解 计划、预测与承诺之间的差异。 公司在本报告第三节"管理层讨论与分析"中"十、公司面临的风险和应 对措施"中详细描述了公司经营中可能存在的风险及应对措施，敬请投资者 关注相关内容，注意投资风险。 公司经本次董事会审议通过的利润分配预案为：以未来实施利润分配方 案时确定的股权登记日的总股本剔除公司回购专用证券账户中的股份为基 ...

爱尔眼科医院集团股份有限公司 2025 年半年度报告全文 爱尔眼科医院集团股份有限公司 2025 年半年度报告 【2025 年 8 月】 1 爱尔眼科医院集团股份有限公司 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。 公司负责人陈邦、主管会计工作负责人刘多元及会计机构负责人(会计主 管人员)赵琳声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司半年度报告涉及的未来计划等前瞻性陈述，不构成公司对投资者的实 质承诺，请投资者注意风险。 公司面临的风险和应对措施详见本报告"第三节 管理层讨论与分析"之 "十、 公司面临的风险和应对措施"的内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | . | | --- | | 4 | | 第一节 | 重要提示、目录和释义 2 | | --- | --- | | 第二节 | 公司简介和主要财务指标 16 | | 第三节 | 管理层讨论与分 ...

Section I Important Notice, Table of Contents, and Definitions [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's board and senior management assure the report's accuracy, cautioning investors on forward-looking statements and confirming no half-year dividend or capital increase plans - The company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content[3](index=3&type=chunk) - Forward-looking statements regarding the company's future plans do not constitute substantial commitments to investors, who should maintain risk awareness[4](index=4&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) The report's table of contents clearly outlines eight main chapters, including company overview, financial performance, governance, and key events, with a list of reference documents - The report's table of contents comprises eight main chapters, clearly structured[7](index=7&type=chunk) - Reference documents include signed and sealed financial statements, original drafts of publicly disclosed documents, and the original semi-annual report[9](index=9&type=chunk)[10](index=10&type=chunk)[11](index=11&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines and explains key entities such as the company, its controlling shareholder, actual controller, major subsidiaries, and critical industry terms to ensure accurate understanding of the report's content - Key entities such as the company, controlling shareholder (Zhicheng Investment), and actual controller (Taixing High-tech Zone Management Committee) are defined[13](index=13&type=chunk) - Industry-specific terms such as backlight module, LCD module, commercial display, aerogel, PVDF, hydrogenated petroleum resin, lithium battery PACK, CCS module, and PCB are explained[13](index=13&type=chunk) Section II Company Profile and Key Financial Indicators [Company Profile](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) Suzhou Jinfu Technology Co., Ltd. (stock abbreviation: Jinfu Technology, stock code: 300128) is listed on the Shenzhen Stock Exchange, with Gu Qing as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Jinfu Technology | | Stock Code | 300128 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | Suzhou Jinfu Technology Co., Ltd. | | Legal Representative | Gu Qing | [Contact Persons and Information](index=6&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) The company's Board Secretary is Yin Jun and Securities Affairs Representative is Xia Jinling, both located at No. 39 Jiangpu Road, Suzhou Industrial Park, with consistent contact numbers and email jinfu@jin-fu.cn Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Yin Jun | No. 39 Jiangpu Road, Suzhou Industrial Park | 0512-62820000 | 0512-62820200 | jinfu@jin-fu.cn | | Securities Affairs Representative | Xia Jinling | No. 39 Jiangpu Road, Suzhou Industrial Park | 0512-62820000 | 0512-62820200 | jinfu@jin-fu.cn | [Other Information](index=6&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the company's registered address, office address, website, email, information disclosure, or registration status, with details available in the 2024 annual report - The company's contact information, information disclosure and placement locations, and registration status remained unchanged during the reporting period[17](index=17&type=chunk)[18](index=18&type=chunk)[19](index=19&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This period saw a 20.83% increase in operating revenue, a slight 0.36% narrowing of net loss attributable to shareholders, but a 59.11% decrease in net cash flow from operating activities, while total assets slightly declined and net assets attributable to shareholders decreased by 9.02% Key Accounting Data and Financial Indicators (Current Period vs. Prior Year) | Indicator | Current Period (RMB) | Prior Year (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 972,972,017.15 | 805,272,794.17 | 20.83% | | Net Profit Attributable to Shareholders of Listed Company | -114,876,272.76 | -115,296,780.41 | 0.36% | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-Recurring Gains and Losses | -112,300,536.66 | -119,237,047.77 | 5.82% | | Net Cash Flow from Operating Activities | -293,043,538.12 | -184,180,641.32 | -59.11% | | Basic Earnings Per Share (RMB/share) | -0.0902 | -0.0892 | -1.12% | | Diluted Earnings Per Share (RMB/share) | -0.0902 | -0.0892 | -1.12% | | Weighted Average Return on Net Assets | -15.76% | -10.66% | -5.10% | | **Period-End Indicators** | **Current Period End (RMB)** | **Prior Year End (RMB)** | **Change (%)** | | Total Assets | 3,217,987,445.86 | 3,219,162,137.93 | -0.04% | | Net Assets Attributable to Shareholders of Listed Company | 715,011,974.00 | 785,885,586.07 | -9.02% | [Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=7&type=section&id=%E4%BA%94%E3%80%81%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%B1%E5%BC%82) During the reporting period, the company reported no differences in net profit and net assets between international or overseas accounting standards and Chinese accounting standards - The company reported no differences in accounting data under domestic and overseas accounting standards during the reporting period[21](index=21&type=chunk)[22](index=22&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) This reporting period's total non-recurring gains and losses amounted to **-2.58 million RMB**, primarily comprising non-current asset disposal gains/losses, government grants, fair value changes, reversal of impairment provisions for receivables, and other non-operating income/expenses Non-Recurring Gains and Losses Items and Amounts | Item | Amount (RMB) | | :--- | :--- | | Gains or losses on disposal of non-current assets | -509,294.48 | | Government grants recognized in current profit or loss | 1,279,136.06 | | Gains or losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and disposal gains or losses | 745,090.43 | | Reversal of impairment provisions for receivables subject to individual impairment testing | 397,908.25 | | Other non-operating income and expenses apart from the above items | -3,505,586.76 | | Less: Income tax impact | 232,851.12 | | Minority interests impact (after tax) | 750,138.48 | | **Total** | **-2,575,736.10** | - The company does not classify non-recurring gains and losses as recurring gains and losses[26](index=26&type=chunk) Section III Management Discussion and Analysis [Main Businesses Engaged by the Company During the Reporting Period](index=10&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company's core businesses in consumer electronics and new energy saw a 20.83% revenue growth and reduced net loss, despite a lower gross profit margin, driven by product diversification and increased R&D investment [Company's Leading Products](index=10&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E5%85%AC%E5%8F%B8%E4%B8%BB%E5%AF%BC%E4%BA%A7%E5%93%81) The company's leading products cover consumer electronics, including display modules and components, and new energy, such as lithium battery parts and automotive components, alongside chemical materials like petroleum resin - Consumer electronics product line is extensive, including display modules, components, and testing equipment[28](index=28&type=chunk) - The new energy sector focuses on lithium battery components and automotive parts, such as aerogel insulation, CCS modules, and graphene seat heating[28](index=28&type=chunk) - Chemical materials primarily consist of hydrogenated petroleum resin, used in hygiene materials and hot melt adhesives[28](index=28&type=chunk) [Industry Overview of the Company's Businesses](index=11&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E5%85%AC%E5%8F%B8%E4%B8%9A%E5%8A%A1%E6%89%80%E5%A4%84%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5) The company operates in consumer electronics, seeing growth in commercial display, tablet, and PC monitor markets, alongside a high-growth new energy sector driven by lithium batteries and automotive parts, despite challenges in smartphone shipments and cost pressures - The commercial display industry is entering a golden development period, with 5G, AI, and other technologies driving product upgrades and broad market demand[29](index=29&type=chunk) - Global tablet shipments increased by **8.5%** in Q1 2025 and **9%** in Q2 2025, with strong demand in the Chinese market[30](index=30&type=chunk) - China's PC monitor market saw a **14.0%** year-on-year increase in total shipments in Q1 2025, with gaming monitor shipments surging by **56%** year-on-year[31](index=31&type=chunk) - In H1 2025, China's smartphone market accumulated **140 million** units shipped, a **0.6%** year-on-year decrease, ending six consecutive quarters of year-on-year growth[33](index=33&type=chunk)[34](index=34&type=chunk) - Global lithium battery shipments grew by **28.5%** in 2024, with China accounting for **78.6%** of shipments; in H1 2025, China's lithium battery shipments increased by **68%** year-on-year[37](index=37&type=chunk)[40](index=40&type=chunk) - Robust production and sales of new energy vehicles are driving the growth of the power battery market, with new energy vehicle penetration expected to exceed **50%** by 2030[38](index=38&type=chunk) - The energy storage lithium battery market continues to expand, with global shipments growing over **55%** and China's shipments growing over **60%** in 2024[39](index=39&type=chunk) - The automotive parts market, especially ambient lighting and seat heating products, is expected to continue growing in the coming years, benefiting from consumption upgrades and policy support[41](index=41&type=chunk)[42](index=42&type=chunk)[43](index=43&type=chunk) [Company's Main Business Performance](index=13&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5) In the reporting period, the company achieved **973 million RMB** in operating revenue, a **20.83%** increase, and narrowed its net loss by **9.77%**, with significant growth in consumer electronics, particularly LCD modules and smart testing equipment, and a **23.07%** increase in new energy business revenue despite margin pressures Company's Key Financial Performance in H1 2025 | Indicator | Amount (10,000 RMB) | Year-on-Year Growth (%) | | :--- | :--- | :--- | | Operating Revenue | 97,297.20 | 20.83% | | Net Profit | -12,778.24 | Reduced Loss 9.77% | | Net Profit Attributable to Shareholders of Listed Company | -11,487.63 | Reduced Loss 0.36% | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-Recurring Gains and Losses | -11,230.05 | Reduced Loss 5.82% | - The company's overall gross profit margin decreased by **3.09 percentage points** year-on-year, while period expenses decreased by **22.47%** overall[44](index=44&type=chunk) - Sales revenue in the consumer electronics segment reached **624 million RMB**, a **71.26%** year-on-year increase[45](index=45&type=chunk) - Revenue from LCD display modules and complete machines business increased by **75.5%** year-on-year, partly due to the low base from the PC monitor assembly and module production line commencing operations in April 2024[46](index=46&type=chunk) - Revenue from intelligent testing and automation equipment business increased by **153.87%** year-on-year, with net profit growing by **1,085.98%**, primarily due to the delivery of orders for several key projects[46](index=46&type=chunk) - New energy sector business revenue increased by **23.07%** year-on-year, but gross profit margins were squeezed due to intensified competition in downstream industries and customer price reductions[47](index=47&type=chunk)[48](index=48&type=chunk) - Lithium battery component business revenue reached **245 million RMB**, an **8.62%** year-on-year increase, with gross profit margin decreasing by **2.42 percentage points** year-on-year[49](index=49&type=chunk) - Revenue from energy storage battery CCS busbar integrated structural components business reached **51.26 million RMB**, a **122.56%** year-on-year increase[49](index=49&type=chunk) - Automotive-grade graphene seat heating product revenue increased by **61.45%** year-on-year, with 5 new designated projects added and collaborations established with Changan Automobile and FAW Hongqi[50](index=50&type=chunk) - Revenue from automotive ambient lighting assembly business reached **41.34 million RMB**, a **470.05%** year-on-year increase, securing multiple designated projects from Geely Automobile, BAIC, and FAW Hongqi[50](index=50&type=chunk) [Company's R&D Status](index=14&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%E5%85%AC%E5%8F%B8%E7%9A%84%E7%A0%94%E5%8F%91%E6%83%85%E5%86%B5) As of June 30, 2025, the company and its subsidiaries possess **430 patents** and **41 software copyrights**, with R&D focused on enhancing product performance, expanding applications, and achieving domestic substitution across consumer electronics and new energy sectors - As of June 30, 2025, the company and its subsidiaries hold **430 patents** (**125 invention patents**, **269 utility model patents**) and **41 software copyrights**[51](index=51&type=chunk) - Key R&D projects include mobile phone screen/flexible circuit board testing fixtures, VR virtual image distance testing systems, and AI server connector AOI testing equipment, aiming to meet customer intelligent inspection demands[51](index=51&type=chunk)[52](index=52&type=chunk) - In the new energy sector, R&D projects include high-performance graphene heat dissipation films, fluorine-free positive electrode binders for lithium batteries, graphene cockpit thermal management solutions, and integrated automotive seat heating/ventilation/massage solutions, to enhance product performance and expand applications[52](index=52&type=chunk) - The company has also developed products such as desktop conference interactive terminals and Xinchuang cloud terminals, aiming to redefine enterprise collaboration efficiency and enter the domestic substitution market[52](index=52&type=chunk) [Analysis of Core Competencies](index=16&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company possesses strong core competencies in consumer electronics and new energy, including integrated R&D and manufacturing, key technologies, market expansion capabilities, extensive network, quality customer resources, and an experienced management team - The company has built an R&D and production value chain covering testing fixtures, backlight modules, consumer electronic components, lithium battery parts, and automotive components, demonstrating comprehensive service capabilities[55](index=55&type=chunk) - The company masters leading processing methods in consumer electronics such as reflective shading tape die-cutting and ultrasonic bending, as well as key new energy technologies like aerogel encapsulation patent technology and CCS product pre-wired harness solutions[57](index=57&type=chunk)[58](index=58&type=chunk) - The company entered the new energy sector through self-establishment and acquisitions, forming a "consumer electronics + new energy" dual-driven strategy, and obtained quality system certifications such as IATF16949[59](index=59&type=chunk) - The company has R&D and production bases in the Yangtze River Delta, Pearl River Delta, Bohai Rim, and overseas (Vietnam), establishing partnerships with numerous industry leaders such as China Star Optoelectronics, Hikvision, CATL, and Geely Automobile[60](index=60&type=chunk) - The core management team possesses extensive industry experience and forward-looking strategic vision, further strengthening management capabilities through re-election and external recruitment[61](index=61&type=chunk) [Analysis of Main Business](index=17&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Operating revenue grew by **20.83%** due to increased orders, but higher costs reduced gross margin, while sales and administrative expenses decreased, impairment losses rose, investment income fell, and non-operating expenses surged from administrative penalties Year-on-Year Changes in Key Financial Data | Item | Current Period (RMB) | Prior Year (RMB) | Year-on-Year Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 972,972,017.15 | 805,272,794.17 | 20.83% | Increased customer order demand | | Operating Cost | 904,047,816.24 | 723,376,160.74 | 24.98% | Corresponding increase due to higher operating revenue | | Selling Expenses | 18,216,873.14 | 37,452,482.58 | -51.36% | Prior period included selling expenses of Shenjie Environmental | | Administrative Expenses | 101,216,004.52 | 124,860,094.43 | -18.94% | | | Credit Impairment Losses | -598,356.08 | 5,493,038.87 | -110.89% | Prior period recovered some long-aged receivables | | Asset Impairment Losses | -6,706,814.09 | -5,180,594.98 | -29.46% | Increased provision for inventory depreciation | | Investment Income | -2,873,509.85 | 587,543.53 | -589.07% | Increased losses from associates and higher bill discounting interest | | Non-Operating Expenses | 4,575,336.03 | 219,481.65 | 1984.61% | Received administrative penalty decision | | Net Cash Flow from Operating Activities | -293,043,538.12 | -184,180,641.32 | -59.11% | Increased cash payments for goods purchased and services received | | Net Cash Flow from Investing Activities | 317,594,691.45 | -201,336,597.97 | 257.74% | Recovered equity transfer payments and performance compensation | - The company disposed of its equity in subsidiary Shenjie Environmental at the end of 2024, resulting in the power equipment maintenance and installation engineering business no longer contributing gross profit[65](index=65&type=chunk) Changes in Operating Revenue, Cost, and Gross Profit Margin by Industry/Product/Region | Category | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Profit Margin (%) | Year-on-Year Change in Operating Revenue (%) | Year-on-Year Change in Operating Cost (%) | Year-on-Year Change in Gross Profit Margin (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | | | | | | | | Consumer Electronics | 624,187,503.96 | 567,492,249.53 | 9.08% | 71.26% | 72.42% | -0.61% | | New Energy | 294,725,104.12 | 286,390,167.44 | 2.83% | 23.07% | 27.44% | -3.33% | | Chemical Materials | 26,798,780.55 | 34,785,484.25 | -29.80% | -34.14% | -23.05% | -18.71% | | **By Product** | | | | | | | | LCD Display Modules and Complete Machines | 308,137,268.29 | 303,065,010.71 | 1.65% | 75.50% | 83.77% | -4.43% | | Testing Fixtures and Automation Equipment | 121,338,908.37 | 73,568,681.33 | 39.37% | 158.15% | 147.00% | 2.74% | | Lithium Battery Components | 244,804,777.43 | 234,436,545.59 | 4.24% | 8.62% | 11.44% | -2.42% | | Automotive Parts | 49,920,326.69 | 51,953,621.85 | -4.07% | 253.81% | 261.65% | -2.25% | | Petroleum Resin Products | 26,798,780.55 | 34,785,484.25 | -29.80% | -34.14% | -23.05% | -18.71% | | **By Region** | | | | | | | | Export Sales | 128,498,516.65 | 91,484,642.23 | 28.80% | 382.72% | 415.63% | -4.55% | | Domestic Sales | 822,411,884.12 | 803,938,097.17 | 2.25% | 19.66% | 28.36% | -6.62% | - The gross profit margin for LCD display modules and complete machines decreased by **4.43 percentage points**, primarily due to the lower gross profit margin in the PC monitor industry[67](index=67&type=chunk) - The gross profit margin for testing fixtures and automation equipment increased by **2.74 percentage points**, mainly benefiting from overseas market expansion and an increased proportion of high-margin export sales[68](index=68&type=chunk) - The gross profit margin for lithium battery components decreased by **2.42 percentage points**, primarily due to customer price reductions and delays in high-margin product orders[68](index=68&type=chunk)[69](index=69&type=chunk) - The gross profit margin for petroleum resin products decreased by **18.71 percentage points**, mainly because the subsidiary's shutdown for technical upgrades resulted in a smaller production and sales scale, unable to cover fixed costs[69](index=69&type=chunk) [Analysis of Non-Core Businesses](index=20&type=section&id=%E5%9B%9B%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Non-core businesses negatively affected total profit, driven by negative investment income from associate losses, fair value changes from wealth management, increased impairment losses, and substantial non-operating expenses from administrative penalties Impact of Non-Core Businesses on Total Profit | Item | Amount (RMB) | Proportion of Total Profit (%) | Explanation of Formation Reason | Is it Sustainable | | :--- | :--- | :--- | :--- | :--- | | Investment Income | -2,873,509.85 | 2.18% | Losses from associates | Yes | | Gains or losses from changes in fair value | 618,131.51 | -0.47% | Wealth management product income | No | | Credit Impairment Losses | -598,356.08 | 0.45% | | | | Asset Impairment Losses | -6,706,814.09 | 5.09% | | | | Non-Operating Income | 1,054,004.98 | -0.80% | | No | | Non-Operating Expenses | 4,575,336.03 | -3.47% | | | | Gains on Disposal of Assets | -493,550.19 | 0.37% | Losses on disposal of long-term assets | No | | Other Income | 1,605,331.85 | -1.22% | Government grants received in current period | No | - Fines and late payment fees within non-operating expenses totaled **4.22 million RMB**, accounting for **-3.20%** of total profit, primarily due to administrative penalties[71](index=71&type=chunk) [Analysis of Assets and Liabilities](index=20&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Total assets slightly decreased and net assets attributable to shareholders fell by **9.02%** at period-end, with notable shifts in monetary funds, receivables, inventory, and borrowings, while Hong Kong Heou Electronics remained a profitable overseas asset Significant Changes in Asset Composition | Item | Current Period End (RMB) | Proportion of Total Assets (%) | Prior Year End (RMB) | Proportion of Total Assets (%) | Change in Proportion (%) | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 297,107,756.53 | 9.23% | 138,596,595.89 | 4.31% | 4.92% | Recovered equity transfer payments and performance compensation | | Accounts Receivable | 734,119,937.82 | 22.81% | 603,841,712.06 | 18.76% | 4.05% | | | Inventories | 432,284,885.77 | 13.43% | 379,393,280.99 | 11.79% | 1.64% | | | Construction in Progress | 15,132,633.48 | 0.47% | 29,391,493.98 | 0.91% | -0.44% | Some construction in progress transferred to fixed assets | | Right-of-Use Assets | 85,182,593.54 | 2.65% | 68,496,216.59 | 2.13% | 0.52% | Increase in right-of-use assets recognized according to lease contracts | | Short-Term Borrowings | 835,010,094.74 | 25.95% | 599,424,738.54 | 18.62% | 7.33% | Increased short-term borrowings due to production and operation needs | | Long-Term Borrowings | 110,748,570.42 | 3.44% | 177,460,000.00 | 5.51% | -2.07% | Repaid M&A loan | | Other Receivables | 119,181,120.59 | 3.70% | 330,566,019.24 | 10.27% | -6.57% | Received equity transfer payment from the sale of Shenjie Environmental | Key Overseas Asset Information | Specific Asset Details | Asset Scale (RMB) | Location | Profitability (RMB) | Proportion of Overseas Assets to Company's Net Assets (%) | | :--- | :--- | :--- | :--- | :--- | | Hong Kong Heou Electronics Co., Ltd. | 313,401,133.31 | Hong Kong | 223,837.32 | 43.83% | - The fair value of financial assets measured at fair value at period-end was **90.73 million RMB**, primarily comprising trading financial assets and other equity instrument investments[78](index=78&type=chunk) [Analysis of Investment Status](index=23&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Investment increased by **76.40%**, with fair-valued financial assets at **90.73 million RMB**, while raised funds utilization was **55.65%**, the graphene project was extended, and idle funds were temporarily used for working capital Investment Amount During the Reporting Period | Indicator | Investment Amount in Current Period (RMB) | Investment Amount in Prior Year (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Investment Amount | 193,864,124.88 | 109,897,524.54 | 76.40% | Financial Assets Measured at Fair Value | Asset Category | Period-End Amount (RMB) | Source of Funds | | :--- | :--- | :--- | | Trading Financial Assets | 61,862,895.48 | Own Funds | | Other Non-Current Financial Assets | 9,868,713.38 | Own Funds | | Other Equity Instrument Investments | 19,000,000.00 | Own Funds | | **Total** | **90,731,608.86** | | Overall Utilization of Raised Funds | Total Raised Funds (10,000 RMB) | Net Raised Funds (10,000 RMB) | Total Raised Funds Used in Current Period (10,000 RMB) | Total Raised Funds Used Cumulatively (10,000 RMB) | Cumulative Utilization Ratio (%) | Total Unused Raised Funds (10,000 RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | 73,800 | 72,475.82 | 3,701.47 | 40,332.43 | 55.65% | 33,968.84 | - The "High-Performance Graphene Heat Dissipation Film Production Base Construction Project" completion date has been extended to May 2027[88](index=88&type=chunk) - The company used **230 million RMB** of idle raised funds to temporarily supplement working capital for a period not exceeding 12 months[89](index=89&type=chunk) - During the reporting period, the company's entrusted wealth management amounted to **135 million RMB**, with an outstanding balance of **50 million RMB**, all from raised funds[92](index=92&type=chunk) [Significant Asset and Equity Sales](index=27&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) During the reporting period, the company did not engage in any significant asset or equity sales - The company had no significant asset sales during the reporting period[97](index=97&type=chunk) - The company had no significant equity sales during the reporting period[97](index=97&type=chunk) [Analysis of Major Holding and Associate Companies](index=27&type=section&id=%E5%85%AB%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) Weihai Jinfu, Maizhi Technology, and Aoying Chuangzhi saw sales and profit growth, while Xiamen Lifu, Aoying Optoelectronics, and Tianma Chemical faced declining profits or increased losses due to market pressures or technical upgrades, with other subsidiaries showing improved performance Financial Performance of Major Subsidiaries (Unit: RMB) | Company Name | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | | Weihai Jinfu | 71,435,012.78 | 59,867,649.62 | 26,932,893.38 | 4,385,547.76 | 4,204,291.75 | | Xiamen Lifu | 330,413,289.75 | 78,063,854.23 | 184,120,647.51 | 2,979,267.74 | 2,096,646.44 | | Maizhi Technology | 307,993,515.42 | 189,185,640.68 | 123,395,143.51 | 28,198,097.74 | 23,825,878.77 | | Jiangsu Meijin | 174,794,128.50 | -7,089,269.59 | 51,263,640.70 | -6,198,710.66 | -6,198,711.01 | | Tianma Chemical | 244,465,121.58 | -64,955,000.03 | 27,635,464.95 | -18,747,311.24 | -18,751,286.12 | | Aoying Chuangzhi | 184,820,481.24 | 23,715,223.86 | 173,878,045.63 | 3,765,500.83 | 3,988,574.62 | | Suzhou Jinlianxing | 171,111,213.30 | -57,354,929.15 | 41,169,717.92 | -10,564,911.22 | -10,540,882.71 | | Jiangsu Jiashi | 397,844,696.05 | 12,394,891.37 | 131,223,229.98 | -19,894,485.91 | -14,964,580.62 | - During the reporting period, the company acquired Langfang Pulixing Hardware Co., Ltd. as a subsidiary through purchase[98](index=98&type=chunk) [Information on Structured Entities Controlled by the Company](index=28&type=section&id=%E4%B9%9D%E3%80%81%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) During the reporting period, the company did not control any structured entities - The company had no controlled structured entities during the reporting period[99](index=99&type=chunk) [Risks Faced by the Company and Countermeasures](index=28&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%B2%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company addresses risks from raised fund project implementation, investment impairment, subsidiary management, market competition, and accounts receivable recovery through prudent fund use, enhanced oversight, industrial upgrading, and improved management systems - Risks in the implementation of raised fund projects: Project outcomes may fall short of expectations due to industrial policy adjustments, technological innovations, etc[99](index=99&type=chunk) - Investment impairment risk: Acquired companies may not achieve expected synergies, posing impairment risks[100](index=100&type=chunk) - Subsidiary management risk: Rapid business expansion, wide geographical distribution of subsidiaries, and differences in management levels and corporate cultures pose remote management challenges[101](index=101&type=chunk)[102](index=102&type=chunk) - Risk of declining gross profit margin due to market competition: The industries in which the company operates are highly competitive, leading to pressure on product selling prices[103](index=103&type=chunk) - Accounts receivable recovery risk: Long payment terms tie up capital, and unfavorable operations of individual customers may lead to bad debts[104](index=104&type=chunk) [Registration Form for Research, Communication, and Interview Activities During the Reporting Period](index=29&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A5%E5%BE%85%E8%B0%83%E7%A0%94%E3%80%81%E6%B2%9F%E9%80%9A%E3%80%81%E9%87%87%E8%AE%BF%E7%AD%89%E6%B4%BB%E5%8A%A8%E7%99%BB%E8%AE%B0%E8%A1%A8) During the reporting period, the company hosted two investor engagement events, including an online performance briefing and an on-site visit to its subsidiary Kunshan Maizhi Fixture Technology Co., Ltd., to discuss operations and business strategies - On May 16, 2025, the company held its 2024 annual performance online briefing, communicating with investors online about the company's basic situation and subsidiary operations[105](index=105&type=chunk) - On May 23, 2025, the company hosted institutional and individual investors for an on-site visit to its subsidiary Kunshan Maizhi Fixture Technology Co., Ltd., introducing its business layout[105](index=105&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=29&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%88%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) During the reporting period, the company did not formulate a market value management system or disclose a valuation enhancement plan - The company has not formulated a market value management system[106](index=106&type=chunk) - The company has not disclosed a valuation enhancement plan[106](index=106&type=chunk) [Implementation of the 'Dual Enhancement of Quality and Returns' Action Plan](index=30&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E2%80%9C%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%E2%80%9D%E8%A1%8C%E5%8A%A8%E6%96%B9%E6%A1%88%E8%B4%AF%E5%BD%BB%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) During the reporting period, the company did not disclose an announcement regarding the 'Dual Enhancement of Quality and Returns' action plan - The company has not disclosed an announcement regarding the "Dual Enhancement of Quality and Returns" action plan[107](index=107&type=chunk) Section IV Corporate Governance, Environment, and Society [Changes in Directors, Supervisors, and Senior Management](index=31&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, Tao Aitang resigned as a director, Yin Tong was elected as a director, and Zhang Rui resigned as Board Secretary, with Yin Jun appointed to the position Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Tao Aitang | Director | Resignation | June 3, 2025 | Personal reasons | | Yin Tong | Director | Elected | June 24, 2025 | | | Zhang Rui | Board Secretary | Appointment/Removal | March 12, 2025 | Personal reasons | | Yin Jun | Board Secretary | Appointment/Removal | March 12, 2025 | | [Profit Distribution and Capital Reserve to Share Capital Conversion in Current Period](index=31&type=section&id=%E4%BA%8C%E3%80%81%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for this half-year period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[110](index=110&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=31&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place or implemented - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[111](index=111&type=chunk) [Environmental Information Disclosure](index=32&type=section&id=%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The company and its key subsidiary, Taixing Tianma Chemical Co., Ltd., are listed as legally required environmental information disclosure enterprises and have published relevant reports on the Jiangsu Provincial Department of Ecology and Environment system - The listed company and its major subsidiary, Taixing Tianma Chemical Co., Ltd., are included in the list of enterprises required to disclose environmental information by law[112](index=112&type=chunk) - Environmental information disclosure reports can be accessed on the Jiangsu Provincial Department of Ecology and Environment's Enterprise Environmental Information Disclosure System[112](index=112&type=chunk) [Social Responsibility](index=32&type=section&id=%E4%BA%94%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company is committed to stable operations, optimizing governance, protecting investor rights, ensuring employee welfare, maintaining integrity with partners, and actively fulfilling social responsibilities through tax compliance, job creation, and sustainable development - The company adheres to stable operations, optimizes its governance structure and internal control system, and safeguards investor rights through diverse communication mechanisms[113](index=113&type=chunk) - The company highly values employee rights protection, provides a healthy and safe working environment, legally signs labor contracts, pays "five social insurances and one housing fund," and establishes competitive compensation, benefits, and growth mechanisms[113](index=113&type=chunk) - The company upholds integrity in its collaborations with suppliers, customers, and consumers, committed to building long-term stable relationships and continuously strengthening technological innovation[113](index=113&type=chunk) - The company actively responds to national policies, pays taxes according to law, expands investment, promotes employment, and integrates environmental protection, public relations, and social welfare into its corporate strategy[113](index=113&type=chunk) Section V Significant Matters [Commitments Fulfilled and Overdue Unfulfilled by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=33&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E5%8F%8A%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%AB%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) During the reporting period, the company had no commitments fulfilled or overdue unfulfilled by its actual controller, shareholders, related parties, acquirers, or the company itself - The company had no overdue unfulfilled commitments during the reporting period[115](index=115&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties](index=33&type=section&id=%E4%BA%8C%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E5%AF%B9%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E7%9A%84%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A

2025 年半年度报告 深圳市奥拓电子股份有限公司 2025 年半年度报告全文 1 深圳市奥拓电子股份有限公司 【披露时间】 深圳市奥拓电子股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人吴涵渠、主管会计工作负责人杨扬及会计机构负责人(会计主 管人员)钟华超声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本半年度报告涉及的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。 对公司未来发展战略和经营目标产生不利影响的重大风险因素及应对措 施详见本报告"第三节管理层讨论与分析/十、公司可能面对的风险和应对措 施"，敬请广大投资者予以关注。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 | 重要提示、目录和释义 | | 2 | | -- ...

博济医药科技股份有限公司 2025 年半年度报告全文 博济医药科技股份有限公司 2025 年半年度报告 2025 年 8 月 1 博济医药科技股份有限公司 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。 公司负责人王廷春、主管会计工作负责人欧秀清及会计机构负责人(会计 主管人员)陈展鹏声明：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、政策变化风险。我国新药研发行业相关政策波动性较大，未来若 NMPA 的新药审批要求更加严格、新药审批的节奏变化或相关政策发生较大 改变，将影响医药企业的新药研发投入及药品注册申报进度，进而影响本公 司的业务开展和营业收入。鉴于此，公司将根据相关政策法规的变化，利用 公司全流程"一站式"服务的独特优势，合理调整公司的业务结构和发展方 向，加强内部培训和人才储备，除积极承接现阶段增速较快一致性评价业务 外，将充分利用公司行业经验和人才优势，大力发展创新药临床承接业务 ...

[Important Notices, Contents and Definitions](index=2&type=section&id=Section%201%20Important%20Notices%2C%20Contents%20and%20Definitions) [Important Notices](index=2&type=section&id=Important%20Notices) The company's management guarantees the truthfulness, accuracy, and completeness of the semi-annual report and assumes legal responsibility - The Board of Directors, Supervisory Committee, and senior management guarantee the authenticity, accuracy, and completeness of the semi-annual report, with no false records, misleading statements, or major omissions, and bear individual and joint legal liability[3](index=3&type=chunk) - The company's responsible person Shen Zhigang, chief accounting officer Wang Ning, and head of the accounting department Wang Ning declare that the financial report in this semi-annual report is true, accurate, and complete[3](index=3&type=chunk) - The company **does not plan to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital**[4](index=4&type=chunk) [List of Documents for Inspection](index=4&type=section&id=List%20of%20Documents%20for%20Inspection) This section lists the reference documents for the company's semi-annual report, including signed financial statements and original public disclosures - The list of documents for inspection includes financial statements signed and sealed by the company's responsible person, chief accounting officer, and head of the accounting department[8](index=8&type=chunk) - Originals of all company documents and announcements publicly disclosed on the website designated by the China Securities Regulatory Commission during the reporting period are available for inspection[8](index=8&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section provides definitions for common terms used in the report to ensure clear understanding of the content Key Definitions | Term | Refers to | Definition | | :--- | :--- | :--- | | The Company, This Company, Jintongling | Refers to | Jintongling Technology Group Co, Ltd | | Nantong Industrial Holding | Refers to | Nantong Industrial Holding Group Co, Ltd | | Fluid Machinery | Refers to | Machinery that uses fluid as a working medium to convert energy | [Company Profile and Key Financial Indicators](index=6&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) [Company Profile](index=6&type=section&id=I.%20Company%20Profile) Jintongling Technology Group Co, Ltd (Stock Abbreviation: Jintongling, Stock Code: 300091) is listed on the Shenzhen Stock Exchange Company Basic Information | Stock Abbreviation | Jintongling | | :--- | :--- | | Stock Code | 300091 | | Stock Exchange | Shenzhen Stock Exchange | | Chinese Name of the Company | 金通灵科技集团股份有限公司 | | Legal Representative | Shen Zhigang | [Contact Persons and Methods](index=6&type=section&id=II.%20Contact%20Persons%20and%20Methods) The company's Board Secretary is Chen Shujun and the Securities Affairs Representative is Zhu Baolong, with contact details disclosed Contact Methods | Position | Board Secretary | Securities Affairs Representative | | :--- | :--- | :--- | | Name | Chen Shujun | Zhu Baolong | | Address | No 135 Zhongxiu Middle Road, Nantong City | No 135 Zhongxiu Middle Road, Nantong City | | Phone | 0513-85198488 | 0513-85198488 | | Email | dsh@jtltech.cn | dsh@jtltech.cn | [Other Information](index=6&type=section&id=III.%20Other%20Information) During the reporting period, the company's registered address, office address, website, and information disclosure locations remained unchanged - The company's registered address, office address and its postal code, website, and email address did not change during the reporting period; for details, please refer to the 2024 annual report[15](index=15&type=chunk) - The information disclosure and document storage locations did not change during the reporting period; for details, please refer to the 2024 annual report[16](index=16&type=chunk) - The company's registration details did not change during the reporting period; for details, please refer to the 2024 annual report[17](index=17&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) The company's operating revenue dropped by 48.70% YoY, net loss attributable to shareholders widened by 167.72%, and net cash flow from operating activities deteriorated by 3504.11% Key Accounting Data and Financial Indicators (YoY) | Indicator | Current Period | Prior Year Period | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 369,978,920.13 | 721,229,810.52 | -48.70% | | Net Profit Attributable to Shareholders (Yuan) | -202,398,215.57 | -75,601,658.51 | -167.72% | | Net Cash Flow from Operating Activities (Yuan) | -163,236,153.03 | -4,529,165.25 | -3,504.11% | | Basic Earnings Per Share (Yuan/share) | -0.1359 | -0.0508 | -167.52% | | Weighted Average Return on Equity | -34.84% | -3.86% | -30.98% | Key Accounting Data and Financial Indicators (Period-End) | Indicator | End of Current Period | End of Prior Year | Period-End Change | | :--- | :--- | :--- | :--- | | Total Assets (Yuan) | 4,117,440,873.26 | 4,338,533,339.28 | -5.10% | | Net Assets Attributable to Shareholders (Yuan) | 480,429,397.93 | 681,604,995.95 | -29.51% | [Differences in Accounting Data under Domestic and Foreign Accounting Standards](index=7&type=section&id=V.%20Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20Foreign%20Accounting%20Standards) There were no discrepancies in net profit or net assets between financial reports prepared under international, foreign, and Chinese accounting standards - The company had no discrepancies in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards during the reporting period[19](index=19&type=chunk) - The company had no discrepancies in net profit and net assets between financial reports disclosed under foreign accounting standards and Chinese Accounting Standards during the reporting period[20](index=20&type=chunk) [Non-recurring Profit and Loss Items and Amounts](index=7&type=section&id=VI.%20Non-recurring%20Profit%20and%20Loss%20Items%20and%20Amounts) Non-recurring profit and loss totaled -42.35 million Yuan, mainly impacted by non-operating income and expenses from pending litigation Non-recurring Profit and Loss Items and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Gains and losses on disposal of non-current assets (including write-offs of asset impairment provisions) | -213,204.87 | | Government grants included in current profit or loss (excluding those closely related to normal business operations, compliant with national policies, and having a continuous impact on profit or loss) | 1,110,712.97 | | Reversal of impairment provisions for individually tested receivables | 806,936.53 | | Other non-operating income and expenses besides the above items | -44,938,544.01 | | Other profit and loss items that meet the definition of non-recurring profit and loss | 389,738.64 | | Less: Income tax effects | 46,714.97 | | Minority interest effects (after tax) | -544,338.06 | | Total | -42,346,737.65 | - The company has no other profit or loss items that meet the definition of non-recurring profit or loss, nor does it classify any non-recurring items as recurring[23](index=23&type=chunk) [Management Discussion and Analysis](index=9&type=section&id=Section%203%20Management%20Discussion%20and%20Analysis) [Principal Business Activities During the Reporting Period](index=9&type=section&id=I.%20Principal%20Business%20Activities%20During%20the%20Reporting%20Period) The company operates in the general equipment manufacturing industry, focusing on high-efficiency, energy-saving equipment as a strategic emerging industry - The company is classified under "C34 General Equipment Manufacturing" and its sub-sector is "high-efficiency and energy-saving general equipment manufacturing," a key strategic emerging industry[25](index=25&type=chunk) - Through technological innovation and business model optimization, the company has transformed into a manufacturing service enterprise providing solutions for new energy and energy-saving retrofits[25](index=25&type=chunk) - National policies encourage the manufacturing sector to upgrade towards high-end, intelligent, and green development, accelerating the phase-out of inefficient capacity[26](index=26&type=chunk)[29](index=29&type=chunk)[30](index=30&type=chunk) [Industry Development](index=9&type=section&id=(I)%20Industry%20Development) The company's industry is general equipment manufacturing, specifically high-efficiency energy-saving equipment, a key national strategic emerging industry - The company's industry is classified as "C34 General Equipment Manufacturing" under the National Bureau of Statistics' "Industrial Classification for National Economic Activities"[25](index=25&type=chunk) - The company's sub-industry is "high-efficiency and energy-saving general equipment manufacturing," which is one of the key strategic emerging industries supported by the state[25](index=25&type=chunk) [Industry Status and Development Trends](index=9&type=section&id=(II)%20Industry%20Status%20and%20Development%20Trends) Driven by national strategies, the manufacturing industry is transitioning to high-end, intelligent, and green models, with policy support for equipment upgrades - National policies support equipment upgrades in key areas like electronics and agriculture, emphasizing high-end, intelligent, and green equipment[26](index=26&type=chunk) - The Ministry of Industry and Information Technology encourages domestic substitution for equipment like waste heat boilers and large compressors to reduce import dependency[27](index=27&type=chunk) - The company is focusing on its core business and transitioning from equipment manufacturing to a "product + service" model, including system integration and project operation[30](index=30&type=chunk) [Core Competitiveness Analysis](index=10&type=section&id=II.%20Core%20Competitiveness%20Analysis) The company's core competitiveness lies in its manufacturing service transformation, R&D innovation, and proven project performance advantages - The company has **transformed from a traditional equipment provider to a manufacturing service provider** offering high-end equipment and system solutions, establishing a "equipment + system integration + service" business model[32](index=32&type=chunk) - As a provincial-level "specialized, refined, unique, and new" enterprise, the company focuses on high-end fluid machinery R&D, holding **249 valid patents (including 42 invention patents)** and operating provincial R&D centers[33](index=33&type=chunk) - The company has accumulated extensive operational experience through benchmark projects like high-pressure air stations and waste heat power generation, expanding into new business areas[34](index=34&type=chunk) [Manufacturing Service Advantages](index=10&type=section&id=(I)%20Manufacturing%20Service%20Advantages) The company has successfully transitioned from a traditional equipment provider to a manufacturing service provider of high-end equipment and diverse system solutions - The company has upgraded from a traditional equipment provider to a manufacturing service provider of high-end equipment and diversified system solutions[32](index=32&type=chunk) - The company actively promotes system integration and operational services in energy conservation and environmental protection, gradually building a "equipment + system integration + service" business system[32](index=32&type=chunk) [R&D and Innovation Advantages](index=10&type=section&id=(II)%20R&D%20and%20Innovation%20Advantages) As a provincial "specialized, refined, unique, and new" enterprise, the company focuses on R&D and innovation in high-end fluid machinery products - The company is a provincial-level "specialized, refined, unique, and new" small and medium-sized enterprise, focusing on the R&D, manufacturing, and system integration of high-end fluid machinery products[33](index=33&type=chunk) - As of the end of the reporting period, the company and its subsidiaries held **249 valid authorized patents**, including 42 invention patents, 204 utility model patents, and 3 design patents, along with 5 software copyrights[33](index=33&type=chunk) [Project Performance Advantages](index=10&type=section&id=(III)%20Project%20Performance%20Advantages) The company has validated key technologies and accumulated extensive operational experience through benchmark projects, enhancing its capabilities in the energy-saving sector - The company has completed several representative projects, such as high-pressure air stations and waste heat cogeneration, accumulating rich engineering data and operational experience[34](index=34&type=chunk) - Through resource integration and product synergy, the company has strengthened its capabilities in manufacturing and EPC for energy-saving and environmental protection boilers, expanding into waste heat utilization and waste-to-energy businesses[34](index=34&type=chunk) [Analysis of Main Business Operations](index=11&type=section&id=III.%20Analysis%20of%20Main%20Business%20Operations) Main business revenue decreased by 48.70% YoY due to lower-than-expected sales, with significant declines in the petrochemical and system integration sectors Year-on-Year Changes in Key Financial Data | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 369,978,920.13 | 721,229,810.52 | -48.70% | Mainly due to lower-than-expected sales | | Net Profit Attributable to Shareholders | -202,398,215.57 | -75,601,658.51 | -167.72% | - | | Net Cash Flow from Operating Activities | -163,236,153.03 | -4,529,165.25 | -3,504.11% | Mainly due to a decrease in the recovery of restricted cash related to operating activities | | Net Cash Flow from Investing Activities | -3,002,709.58 | -18,601,697.80 | -83.86% | Mainly due to a decrease in cash paid for the construction of fixed assets | | Net Cash Flow from Financing Activities | 123,781,211.41 | -26,366,966.54 | 569.46% | Mainly due to a decrease in cash paid for debt repayment | [Products or Services Accounting for Over 10% of Revenue](index=11&type=section&id=Products%20or%20Services%20Accounting%20for%20Over%2010%25%20of%20Revenue) The power and metallurgy sectors remain major revenue sources despite declines, while blowers are the top product category by revenue Operating Revenue and Gross Margin by Industry | Industry | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Margin | YoY Change in Revenue | YoY Change in Cost | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Power | 138,273,006.42 | 121,839,271.36 | 11.88% | -21.63% | -18.24% | -3.65% | | Environmental Protection | 37,226,885.09 | 36,947,569.13 | 0.75% | -25.74% | -16.30% | -11.20% | | Building Materials | 35,444,629.07 | 33,023,659.79 | 6.83% | 23.56% | 38.47% | -10.03% | | Petrochemical | 47,866,465.33 | 47,395,810.25 | 0.98% | -76.55% | -73.40% | -11.74% | | Metallurgy (incl. Gases) | 81,422,918.41 | 68,960,158.74 | 15.31% | -58.01% | -55.07% | -5.54% | | Trading | 19,039,387.51 | 16,691,268.82 | 12.33% | -46.18% | -51.66% | 9.95% | | Other Revenue | 10,705,628.30 | 7,341,483.12 | 31.42% | -40.14% | -51.61% | 16.26% | Operating Revenue and Gross Margin by Product | Product | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Margin | YoY Change in Revenue | YoY Change in Cost | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Blowers | 143,612,498.98 | 124,816,178.43 | 13.09% | -32.65% | -29.51% | -3.87% | | Compressors | 44,394,438.48 | 37,579,844.93 | 15.35% | -43.10% | -34.58% | -11.02% | | Steam Turbines | 13,730,446.91 | 17,619,836.93 | -28.33% | 18.63% | 120.96% | -59.43% | | Boiler Sales | 48,558,407.10 | 45,007,953.02 | 7.31% | -14.44% | -8.11% | -6.39% | | System Integration Construction | 60,461,519.46 | 58,411,919.16 | 3.39% | -76.85% | -74.42% | -9.16% | | System Integration Operation | 23,409,109.36 | 21,359,859.34 | 8.75% | -17.69% | -19.64% | 2.21% | | Other Business Revenue | 35,812,499.84 | 27,403,629.42 | 23.48% | -37.62% | -47.25% | 13.97% | Operating Revenue and Gross Margin by Region | Region | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Margin | YoY Change in Revenue | YoY Change in Cost | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Domestic | 357,748,145.04 | 322,625,066.13 | 9.82% | -45.48% | -42.39% | -4.83% | | International | 12,230,775.09 | 9,574,155.10 | 21.72% | -81.22% | -81.26% | 0.20% | [Analysis of Non-Main Business Operations](index=13&type=section&id=IV.%20Analysis%20of%20Non-Main%20Business%20Operations) Non-main business operations negatively impacted profit, with non-operating expenses from pending litigation accounting for -23.73% of total profit Impact of Non-Main Business on Total Profit | Item | Amount (Yuan) | % of Total Profit | Reason | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 313,060.42 | -0.16% | Mainly from investment income of associate enterprises | - | | Asset Impairment | -8,026,135.86 | 4.14% | Mainly from impairment provisions for inventory and contract assets | Yes | | Non-operating Income | 1,050,184.93 | -0.54% | - | - | | Non-operating Expenses | 45,988,728.94 | -23.73% | Mainly due to an increase in pending litigation | - | | Other Income | 1,500,451.61 | -0.77% | Mainly from government grants related to daily business activities | Grants related to income are not sustainable; amortization of grants related to assets is sustainable | [Analysis of Assets and Liabilities](index=13&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) Total assets and net assets attributable to shareholders decreased, while 1.925 billion Yuan of assets were restricted at period-end Significant Changes in Asset Composition | Item | Amount at Period-End (Yuan) | % of Total Assets | Amount at Prior Year-End (Yuan) | % of Total Assets | Change in Weight | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Assets | 4,117,440,873.26 | - | 4,338,533,339.28 | - | -5.10% | | Net Assets Attributable to Shareholders | 480,429,397.93 | - | 681,604,995.95 | - | -29.51% | | Contract Assets | 831,486,737.17 | 20.19% | 770,537,889.10 | 17.76% | 2.43% | | Contract Liabilities | 215,276,386.84 | 5.23% | 105,402,832.21 | 2.43% | 2.80% | | Long-term Borrowings | 249,492,016.67 | 6.06% | 380,635,350.01 | 8.77% | -2.71% | Status of Restricted Assets | Item | Book Value at Period-End (Yuan) | Reason for Restriction | | :--- | :--- | :--- | | Cash and Cash Equivalents | 81,980,431.34 | Bank acceptance bill and letter of guarantee deposits, frozen | | Notes Receivable | 125,206,350.26 | Bank acceptance bill deposits, non-derecognized endorsed transfers | | Accounts Receivable | 441,246,123.89 | Pledged for loans | | Contract Assets | 674,419,766.62 | Pledged for loans | | Fixed Assets | 494,874,523.27 | Mortgaged for loans | | Intangible Assets | 107,362,206.72 | Mortgaged for loans | | Total | 1,925,089,402.10 | - | [Significant Changes in Asset Composition](index=13&type=section&id=1.%20Significant%20Changes%20in%20Asset%20Composition) Total assets and net assets attributable to shareholders decreased, while the proportion of contract assets and contract liabilities increased Overview of Asset Composition Changes | Item | % of Total Assets at Period-End | % of Total Assets at Prior Year-End | Change in Weight | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 2.58% | 2.63% | -0.05% | | Accounts Receivable | 17.79% | 18.15% | -0.36% | | Contract Assets | 20.19% | 17.76% | 2.43% | | Inventory | 7.65% | 7.10% | 0.55% | | Long-term Equity Investments | 0.48% | 0.44% | 0.04% | | Fixed Assets | 20.60% | 20.58% | 0.02% | | Construction in Progress | 10.63% | 9.90% | 0.73% | | Short-term Borrowings | 13.22% | 13.05% | 0.17% | | Contract Liabilities | 5.23% | 2.43% | 2.80% | | Long-term Borrowings | 6.06% | 8.77% | -2.71% | [Status of Restricted Assets as of the End of the Reporting Period](index=14&type=section&id=4.%20Status%20of%20Restricted%20Assets%20as%20of%20the%20End%20of%20the%20Reporting%20Period) As of the period-end, a total of 1.925 billion Yuan in assets were restricted, primarily for bank acceptance bills, guarantees, and loan pledges Details of Restricted Assets | Item | Book Value at Period-End (Yuan) | Reason for Restriction | | :--- | :--- | :--- | | Cash and Cash Equivalents | 81,980,431.34 | Bank acceptance bill and letter of guarantee deposits, frozen | | Notes Receivable | 125,206,350.26 | Bank acceptance bill deposits, non-derecognized endorsed transfers | | Accounts Receivable | 441,246,123.89 | Pledged for loans | | Contract Assets | 674,419,766.62 | Pledged for loans | | Fixed Assets | 494,874,523.27 | Mortgaged for loans | | Intangible Assets | 107,362,206.72 | Mortgaged for loans | | Total | 1,925,089,402.10 | - | [Investment Analysis](index=14&type=section&id=VI.%20Investment%20Analysis) The company's investment amount was 0 Yuan, a 100% decrease YoY, with no major equity investments or use of raised funds Investment Amount for the Reporting Period | Investment Amount (Yuan) | Investment Amount in Prior Year Period (Yuan) | Change | | :--- | :--- | :--- | | 0.00 | 276,623.60 | -100.00% | - The company had no use of raised funds during the reporting period[47](index=47&type=chunk) - The company had no entrusted wealth management, derivative investments, or entrusted loans during the reporting period[48](index=48&type=chunk)[49](index=49&type=chunk)[50](index=50&type=chunk) [Major Asset and Equity Sales](index=15&type=section&id=VII.%20Major%20Asset%20and%20Equity%20Sales) No major asset or equity sales occurred during the reporting period - The company did not sell any major assets during the reporting period[51](index=51&type=chunk) - The company did not sell any major equity during the reporting period[52](index=52&type=chunk) [Analysis of Major Holding and Associated Companies](index=15&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Associated%20Companies) There was no information on significant holding or associated companies that required disclosure during the reporting period - There was no information on significant holding or associated companies that required disclosure during the reporting period[52](index=52&type=chunk) [Structured Entities Controlled by the Company](index=15&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[53](index=53&type=chunk) [Risks and Countermeasures](index=15&type=section&id=X.%20Risks%20and%20Countermeasures) The company faces risks from slow receivables turnover, high R&D costs, goodwill impairment, litigation, tight cash flow, and potential delisting - **Slow accounts receivable turnover** negatively impacts cash flow and operational stability; the company will tighten credit approval, strengthen management, and intensify collection efforts[53](index=53&type=chunk) - **High-risk, long-cycle R&D** may lead to sunk costs if projects fail; the company will continue to increase R&D investment and build high-level teams[53](index=53&type=chunk)[54](index=54&type=chunk) - **Potential goodwill impairment** from the acquisition of Shanghai Yunneng exists if its performance falters; the company will promote business expansion and strengthen internal controls[54](index=54&type=chunk) - The company faces **multiple civil and criminal lawsuits**, including a securities class action and a fraudulent stock issuance case, with uncertain financial impact; it will actively defend its interests[55](index=55&type=chunk)[56](index=56&type=chunk)[57](index=57&type=chunk) - **Tight operating cash flow** due to delayed receivables has led to judicial freezes on some bank accounts and **overdue debt principal of 197.29 million Yuan**; the company is negotiating with creditors and has been approved for pre-reorganization loans[57](index=57&type=chunk)[58](index=58&type=chunk) - The company faces a **risk of delisting** if the court accepts the reorganization application, which would trigger a delisting risk warning, or if the reorganization fails, leading to bankruptcy and termination of listing[58](index=58&type=chunk)[59](index=59&type=chunk) [Record of Investor Relations Activities](index=17&type=section&id=XI.%20Record%20of%20Investor%20Relations%20Activities) The company held its 2024 annual results presentation online on April 30, 2025, via the Panorama "Investor Relations Interactive Platform" Investor Relations Activities | Time | Location | Method | Counterparty Type | Main Content and Materials Provided | | :--- | :--- | :--- | :--- | :--- | | April 30, 2025 | Online via Panorama "Investor Relations Interactive Platform" | Online Communication | Other (All investors participating in the 2024 annual results presentation) | See Jintongling Investor Relations Activity Record Form (No 2025-001) | [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=17&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 or disclosed a valuation enhancement plan - The company has not formulated a market value management system[61](index=61&type=chunk) - The company has not disclosed a valuation enhancement plan[62](index=62&type=chunk) [Implementation of the 'Dual Improvement in Quality and Returns' Action Plan](index=18&type=section&id=XIII.%20Implementation%20of%20the%20'Dual%20Improvement%20in%20Quality%20and%20Returns'%20Action%20Plan) 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[62](index=62&type=chunk) [Corporate Governance, Environment and Society](index=19&type=section&id=Section%204%20Corporate%20Governance%2C%20Environment%20and%20Society) [Changes in Directors, Supervisors, and Senior Management](index=19&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) There were no changes in the company's directors, supervisors, or senior management during the reporting period - There were no changes in the company's directors, supervisors, or senior management during the reporting period; for details, please refer to the 2024 annual report[64](index=64&type=chunk) [Profit Distribution and Capitalization of Capital Reserves for the Reporting Period](index=19&type=section&id=II.%20Profit%20Distribution%20and%20Capitalization%20of%20Capital%20Reserves%20for%20the%20Reporting%20Period) The company does not plan to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for the semi-annual period[65](index=65&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentives](index=19&type=section&id=III.%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentives) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[66](index=66&type=chunk) [Environmental Information Disclosure](index=19&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and its main subsidiaries are included in the list of enterprises required to disclose environmental information by law Enterprises on the Environmental Information Disclosure List | No | Company Name | Index for Environmental Information Disclosure Report | | :--- | :--- | :--- | | 1 | Jintongling Technology Group Co, Ltd | Jiangsu Provincial Department of Ecology and Environment website (http://sthjt.jiangsu.gov.cn/) - "Environmental Profile" Information Disclosure Platform | | 2 | Jiangsu Jintongling Blower Co, Ltd | Jiangsu Provincial Department of Ecology and Environment website (http://sthjt.jiangsu.gov.cn/) - "Environmental Profile" Information Disclosure Platform | [Social Responsibility](index=19&type=section&id=V.%20Social%20Responsibility) The company is committed to protecting stakeholder interests through good governance, employee welfare, supplier partnerships, and environmental protection - The company protects investor rights through **standardized corporate governance**, quality information disclosure, diverse communication channels, and online voting[68](index=68&type=chunk) - The company adheres to a **people-oriented philosophy**, protecting employee rights through competitive compensation, safe working conditions, career development, and union activities[68](index=68&type=chunk)[69](index=69&type=chunk) - The company fosters **win-win partnerships** with suppliers and customers, focusing on product quality, supply capacity, and after-sales service[70](index=70&type=chunk) - The company prioritizes **safety and environmental protection**, investing in pollution control, promoting clean production, and implementing sustainable development practices[70](index=70&type=chunk) [Important Matters](index=21&type=section&id=Section%205%20Important%20Matters) [Commitments Fulfilled During the Reporting Period and Overdue Commitments at Period-End](index=21&type=section&id=I.%20Commitments%20Fulfilled%20During%20the%20Reporting%20Period%20and%20Overdue%20Commitments%20at%20Period-End) Shareholders Ji Wei and Ji Weidong's commitments regarding concerted action and avoidance of competition were duly fulfilled during the reporting period Status of Commitments | Reason for Commitment | Promisor | Type | Content | Date | Term | Fulfillment Status | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | IPO or Refinancing | Ji Wei, Ji Weidong | Concerted Action | Parties will act in concert when exercising voting rights at shareholder and board meetings; any transfer of promoter shares requires written consent from the other party | June 25, 2010 | Long-term | Normally Fulfilled | | IPO or Refinancing | Ji Wei, Ji Weidong | Non-competition, Related Transactions, Fund Occupation | Shareholders holding 5% or more of the company's shares issued a "Letter of Commitment on Avoiding Competition," promising not to engage in any business that competes or may compete with Jintongling | June 25, 2010 | Long-term | Normally Fulfilled | - Were commitments fulfilled on time: Yes[71](index=71&type=chunk) [Non-operational Fund Occupation by Controlling Shareholders and Other Related Parties](index=21&type=section&id=II.%20Non-operational%20Fund%20Occupation%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties) There was no non-operational fund occupation by the controlling shareholder or other related parties during the reporting period - There was no non-operational fund occupation by the controlling shareholder or other related parties during the reporting period[72](index=72&type=chunk) [Irregular External Guarantees](index=21&type=section&id=III.%20Irregular%20External%20Guarantees) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[73](index=73&type=chunk) [Appointment and Dismissal of Accounting Firm](index=22&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firm) The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[74](index=74&type=chunk) [Explanation on the 'Non-standard Audit Report' by the Board of Directors, Supervisory Committee, and Audit Committee](index=22&type=section&id=V.%20Explanation%20on%20the%20'Non-standard%20Audit%20Report'%20by%20the%20Board%20of%20Directors%2C%20Supervisory%20Committee%2C%20and%20Audit%20Committee) No non-standard audit report was issued for the reporting period [Board's Explanation on the Previous Year's 'Non-standard Audit Report'](index=22&type=section&id=VI.%20Board's%20Explanation%20on%20the%20Previous%20Year's%20'Non-standard%20Audit%20Report') The auditor issued an unqualified opinion with an emphasis of matter paragraph for the 2024 financial statements regarding litigation uncertainties - Zhongxinghua Certified Public Accountants (Special General Partnership) issued an **unqualified audit report with an emphasis of matter paragraph** for the company's 2024 financial statements[75](index=75&type=chunk) - The emphasis of matter paragraph highlights the **uncertainty of the final compensation amount** in the securities misrepresentation liability dispute case involving the China Securities Investor Services Center, which has not yet gone to trial[75](index=75&type=chunk) - The Board of Directors considers the audit opinion to be objective and is actively taking measures to mitigate risks, including advancing the pre-reorganization plan to improve operational and financial conditions[78](index=78&type=chunk) [Bankruptcy and Reorganization Matters](index=23&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Matters) The company has initiated a pre-reorganization process after a creditor's application and faces a potential delisting risk warning - On March 28, 2025, the company received a notice from a creditor, Shanghai Chuangya Logistics Co, Ltd, applying for its reorganization and pre-reorganization[79](index=79&type=chunk) - On April 3, 2025, the Nantong Intermediate People's Court of Jiangsu Province decided to initiate the pre-reorganization of the company and appointed a liquidation team as the temporary administrator[79](index=79&type=chunk) - As of April 30, 2025, a total of **36 potential investors** had submitted formal registration materials and paid the required deposit[81](index=81&type=chunk) - On June 10, 2025, the court permitted the company to borrow up to **200 million Yuan** during the pre-reorganization period for necessary operating expenses[82](index=82&type=chunk) - If the court accepts the reorganization application, the company's stock will be subject to a **delisting risk warning**; failure of the reorganization could lead to bankruptcy and termination of listing[83](index=83&type=chunk) [Litigation Matters](index=24&type=section&id=VIII.%20Litigation%20Matters) The company is involved in multiple major lawsuits with uncertain financial impact, including a securities class action and a criminal case Major Litigation and Arbitration Matters | Case Details | Amount Involved (ten thousand Yuan) | Provision Formed | Progress | Outcome and Impact | | :--- | :--- | :--- | :--- | :--- | | Cumulative Litigation/Arbitration | 24,743.34 | Yes | —— | Some cases are pending trial or unresolved; the impact on profit is currently unpredictable | | Cumulative Litigation/Arbitration | 22,239.65 | Yes | —— | Some cases are pending trial or unresolved; the impact on profit is currently unpredictable | | Cumulative Litigation/Arbitration | 7,062.21 | Yes | —— | Some cases are pending trial or unresolved; the impact on profit is currently unpredictable | | Securities Misrepresentation Liability Dispute | 0 | —— | Special representative litigation procedure applied | Not yet in trial; the impact on profit is currently unpredictable | | Fraudulent Stock Issuance Case | 0 | —— | Indictment received from prosecutor's office | Not yet in trial; the impact on profit is currently unpredictable | [Penalties and Rectifications](index=25&type=section&id=IX.%20Penalties%20and%20Rectifications) The company had no penalties or rectifications during the reporting period - The company had no penalties or rectifications during the reporting period[85](index=85&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=25&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) There were no integrity issues concerning the company, its controlling shareholder, or its actual controller during the reporting period - There were no integrity issues concerning the company, its controlling shareholder, or its actual controller during the reporting period[86](index=86&type=chunk) [Major Related-Party Transactions](index=25&type=section&id=XI.%20Major%20Related-Party%20Transactions) The company engaged in ordinary course related-party transactions totaling 16.59 million Yuan and had outstanding borrowings of 413.34 million Yuan from its controlling shareholder Related-Party Transactions in the Ordinary Course of Business | Related Party | Transaction Type | Transaction Content | Amount (ten thousand Yuan) | % of Similar Business | | :--- | :--- | :--- | :--- | :--- | | Nantong Jiangneng Public Utility Service Co, Ltd | Services Received | EPC Service | 1,343.39 | 45.65% | | Nantong Jiangneng Public Utility Service Co, Ltd | Services Received | EPC Service | 315.42 | 10.72% | | Total | - | - | 1,658.81 | - | Related-Party Debts and Credits (Payables to Related Parties) | Related Party | Relationship | Reason | Opening Balance (ten thousand Yuan) | Increase (ten thousand Yuan) | Repayment (ten thousand Yuan) | Interest Rate | Interest (ten thousand Yuan) | Closing Balance (ten thousand Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Nantong Industrial Holding Group Co, Ltd | Controlling Shareholder | Loans provided to supplement working capital | 30,239.88 | 15,343.01 | 5,065.44 | 3.10% | 816.91 | 41,334.36 | - The company had no related-party transactions involving the acquisition or sale of assets or equity, nor any joint external investments with related parties during the reporting period[88](index=88&type=chunk)[89](index=89&type=chunk) [Major Contracts and Their Performance](index=27&type=section&id=XII.%20Major%20Contracts%20and%20Their%20Performance) The company has multiple leasing agreements and total actual guarantees of 323.81 million Yuan, representing 67.40% of net assets - The company is involved in multiple property and financing lease contracts with various subsidiaries and related parties[96](index=96&type=chunk)[97](index=97&type=chunk)[98](index=98&type=chunk)[99](index=99&type=chunk)[100](index=100&type=chunk)[101](index=101&type=chunk)[102](index=102&type=chunk)[103](index=103&type=chunk)[104](index=104&type=chunk) External Guarantees by the Company and its Subsidiaries | Guaranteed Party | Guarantee Limit (ten thousand Yuan) | Actual Guarantee Amount (ten thousand Yuan) | Guarantee Type | Term | Fulfilled | Related-Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Nantong Zhonghe Financing Guarantee Group Co, Ltd | 10,000 | 9,428 | Joint and Several Liability | 1 Year | No | Yes | Guarantees Provided by the Company to its Subsidiaries | Guaranteed Party | Guarantee Limit (ten thousand Yuan) | Actual Guarantee Amount (ten thousand Yuan) | Guarantee Type | Term | Fulfilled | Related-Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Gaoyou Linyuan Technology Development Co, Ltd | 3,700 | 450 | Joint and Several Liability | 1.9 Years | No | Yes | | Taizhou Fengling Special Power Station Equipment Co, Ltd | 7,500 | 2,300 | Joint and Several Liability | 1 Year | No | Yes | | Shanghai Industrial Boiler (Wuxi) Co, Ltd | 19,000 | 500 | Joint and Several Liability | 1 Year | Yes | Yes | | Jiangsu Jintongling Blower Co, Ltd | 20,000 | 6,260 | Joint and Several Liability | 5 Years | No | Yes | Overview of Total Guarantees | Indicator | Amount (ten thousand Yuan) | | :--- | :--- | | Total Approved Guarantee Limit at Period-End | 185,500 | | Total Actual Guarantee Balance at Period-End | 32,380.7 | | Ratio of Actual Total Guarantees to Company's Net Assets | 67.40% | | Guarantees for Shareholders, Actual Controllers, and their Affiliates | 9,427 | | Guarantees for Parties with Asset-Liability Ratio over 70% | 16,060 | | Amount of Total Guarantees Exceeding 50% of Net Assets | 8,359.23 | | Total of the Above Three Guarantee Amounts | 33,846.23 | [Explanation of Other Major Matters](index=32&type=section&id=XIII.%20Explanation%20of%20Other%20Major%20Matters) There were no other major matters requiring explanation during the reporting period - There were no other major matters requiring explanation during the reporting period[113](index=113&type=chunk) [Major Matters of Subsidiaries](index=32&type=section&id=XIV.%20Major%20Matters%20of%20Subsidiaries) There were no major matters concerning subsidiaries during the reporting period - There were no major matters concerning subsidiaries during the reporting period[114](index=114&type=chunk) [Changes in Share Capital and Shareholders](index=33&type=section&id=Section%206%20Changes%20in%20Share%20Capital%20and%20Shareholders) [Changes in Share Capital](index=33&type=section&id=I.%20Changes%20in%20Share%20Capital) The number of restricted shares decreased by 50.72 million while unrestricted shares increased by the same amount, with total share capital unchanged Changes in Share Capital | Item | Pre-Change Quantity (shares) | Pre-Change Ratio | Change (+, -) (shares) | Post-Change Quantity (shares) | Post-Change Ratio | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 63,849,083 | 4.29% | -50,718,145 | 13,130,938 | 0.88% | | II. Unrestricted Shares | 1,425,315,131 | 95.71% | 50,718,145 | 1,476,033,276 | 99.12% | | III. Total Shares | 1,489,164,214 | 100.00% | 0 | 1,489,164,214 | 100.00% | - The change in shares was mainly due to the recalculation of transferable shares for directors, supervisors, and senior management, and the expiration of lock-up periods for some former executives[117](index=117&type=chunk)[118](index=118&type=chunk) [Changes in Share Capital](index=33&type=section&id=1.%20Changes%20in%20Share%20Capital) Restricted shares decreased by 50.72 million, while unrestricted shares increased by the same amount, leaving total share capital unchanged Overview of Share Changes | Item | Pre-Change Quantity (shares) | Pre-Change Ratio | Change (+, -) (shares) | Post-Change Quantity (shares) | Post-Change Ratio | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 63,849,083 | 4.29% | -50,718,145 | 13,130,938 | 0.88% | | III. Total Shares | 1,489,164,214 | 100.00% | 0 | 1,489,164,214 | 100.00% | [Changes in Restricted Shares](index=34&type=section&id=2.%20Changes%20in%20Restricted%20Shares) The number of restricted shares decreased by 50.72 million, primarily due to the release of lock-up shares for several executives Details of Restricted Share Changes | Shareholder Name | Opening Restricted Shares | Released This Period | Closing Restricted Shares | Reason for Restriction | Proposed Release Date | | :--- | :--- | :--- | :--- | :--- | :--- | | Ji Wei | 45,671,104 | 45,671,104 | 0 | Executive Lock-up | March 3, 2025 | | Ji Weidong | 16,383,104 | 4,095,776 | 12,287,328 | Executive Lock-up | 25% of total holdings released annually | | Liu Jun | 135,900 | 135,900 | 0 | Executive Lock-up | March 3, 2025 | | Total | 63,849,083 | 50,718,145 | 13,130,938 | - | - | [Securities Issuance and Listing](index=34&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[120](index=120&type=chunk) [Number of Shareholders and Shareholdings](index=35&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholdings) At the end of the reporting period, the company had 45,506 shareholders, with Nantong Industrial Holding Group being the largest shareholder at 27.88% Total Shareholders at Period-End | Total number of common shareholders at the end of the reporting period | 45,506 | Shareholdings of Shareholders with over 5% or Top 10 Shareholders | Shareholder Name | Nature | Shareholding Ratio | Shares Held at Period-End | Restricted Shares | Unrestricted Shares | Share Status | Quantity (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Nantong Industrial Holding Group Co, Ltd | State-owned legal person | 27.88% | 415,148,776 | 0 | 415,148,776 | Pledged | 164,589,838 | | Ji Wei | Domestic individual | 4.09% | 60,894,805 | 0 | 60,894,805 | Pledged | 34,194,105 | | - | - | - | - | - | - | Frozen | 60,894,805 | | Ji Weidong | Domestic individual | 1.10% | 16,383,104 | 12,287,328 | 4,095,776 | Pledged | 16,340,000 | | - | - | - | - | - | - | Frozen | 16,383,104 | - Ji Wei and Ji Weidong are brothers and act in concert; the company is unaware of any other related-party relationships or concerted actions among other shareholders[122](index=122&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=36&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) There were no changes in the shareholdings of the company's directors, supervisors, or senior management during the reporting period - There were no changes in the shareholdings of the company's directors, supervisors, or senior management during the reporting period; for details, please refer to the 2024 annual report[124](index=124&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=36&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) There were no changes in the company's controlling shareholder or actual controller during the reporting period - The company's controlling shareholder did not change during the reporting period[125](index=125&type=chunk) - The company's actual controller did not change during the reporting period[125](index=125&type=chunk) [Information on Preferred Shares](index=37&type=section&id=VI.%20Information%20on%20Preferred%20Shares) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[126](index=126&type=chunk) [Bond-related Matters](index=38&type=section&id=Section%207%20Bond-related%20Matters) [Bond-related Matters](index=38&type=section&id=Bond-related%20Matters) The company had no bond-related matters during the reporting period - The company had no bond-related matters during the reporting period[128](index=128&type=chunk) [Financial Report](index=39&type=section&id=Section%208%20Financial%20Report) [Audit Report](index=39&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[130](index=130&type=chunk) [Financial Statements](index=39&type=section&id=II.%20Financial%20Statements) This section provides the company's consolidated and parent company financial statements for the first half of 2025 Consolidated Income Statement Key Data (H1 2025) | Item | Amount (Yuan) | | :--- | :--- | | Total Operating Revenue | 369,978,920.13 | | Total Operating Costs | 506,731,016.28 | | Operating Profit | -148,871,737.12 | | Total Profit | -193,810,281.13 | | Net Profit | -215,192,227.30 | | Net Profit Attributable to Parent Company Shareholders | -202,398,215.57 | | Net Cash Flow from Operating Activities | -163,236,153.03 | Consolidated Balance Sheet Key Data (June 30, 2025) | Item | Closing Balance (Yuan) | | :--- | :--- | | Total Assets | 4,117,440,873.26 | | Total Liabilities | 3,789,761,030.56 | | Total Equity Attributable to Parent Company Shareholders | 480,429,397.93 | | Total Equity | 327,679,842.70 | [Consolidated Balance Sheet](index=39&type=section&id=1.%20Consolidated%20Balance%20Sheet) As of June 30, 2025, total consolidated assets were 4.117 billion Yuan, a decrease of 5.10% from the beginning of the period Key Data from Consolidated Balance Sheet | Item | Closing Balance (Yuan) | Opening Balance (Yuan) | | :--- | :--- | :--- | | Total Assets | 4,117,440,873.26 | 4,338,533,339.28 | | Total Current Assets | 2,328,264,828.76 | 2,463,754,054.67 | | Total Non-Current Assets | 1,789,176,044.50 | 1,874,779,284.61 | | Total Liabilities | 3,789,761,030.56 | 3,796,883,886.83 | | Total Current Liabilities | 2,979,643,615.26 | 2,835,674,997.10 | | Total Non-Current Liabilities | 810,117,415.30 | 961,208,889.73 | | Total Equity Attributable to Parent Company Shareholders | 480,429,397.93 | 681,604,995.95 | [Consolidated Income Statement](index=43&type=section&id=3.%20Consolidated%20Income%20Statement) For the first half of 2025, consolidated operating revenue was 370 million Yuan, a YoY decrease of 48.70%, with a net loss of 215 million Yuan Key Data from Consolidated Income Statement | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 369,978,920.13 | 721,229,810.52 | | Total Operating Costs | 506,731,016.28 | 809,487,931.18 | | Operating Profit | -148,871,737.12 | -90,243,157.89 | | Total Profit | -193,810,281.13 | -90,105,705.99 | | Net Profit | -215,192,227.30 | -83,325,718.42 | | Net Profit Attributable to Parent Company Shareholders | -202,398,215.57 | -75,601,658.51 | | Basic Earnings Per Share (Yuan/share) | -0.1359 | -0.0508 | [Consolidated Cash Flow Statement](index=46&type=section&id=5.%20Consolidated%20Cash%20Flow%20Statement) Net cash flow from operating activities was -163 million Yuan in H1 2025, a significant deterioration from the prior year period Key Data from Consolidated Cash Flow Statement | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -163,236,153.03 | -4,529,165.25 | | Net Cash Flow from Investing Activities | -3,002,709.58 | -18,601,697.80 | | Net Cash Flow from Financing Activities | 123,781,211.41 | -26,366,966.54 | | Net Increase in Cash and Cash Equivalents | -42,466,947.56 | -49,596,906.91 | | Cash and Cash Equivalents at Period-End | 24,155,643.53 | 51,768,319.02 | [Company Basic Information](index=58&type=section&id=III.%20Company%20Basic%20Information) Jintongling Technology Group Co, Ltd was listed on the Shenzhen Stock Exchange in 2010 and is primarily engaged in the manufacturing of large industrial fluid machinery - Jintongling Technology Group Co, Ltd was listed on the Shenzhen Stock Exchange on June 25, 2010, with a registered capital of 1,489,164,214.00 Yuan[167](index=167&type=chunk) - The company's controlling shareholder is Nantong Industrial Holding Group Co, Ltd, and the ultimate actual controller is the State-owned Assets Supervision and Administration Commission of Nantong Municipal People's Government[167](index=167&type=chunk) - The company's main products include large industrial centrifugal blowers, ventilators, axial flow blowers, energy-saving centrifugal air compressors, steam turbines, and gas turbines[169](index=169&type=chunk) [Basis of Preparation for Financial Statements](index=59&type=section&id=IV.%20Basis%20of%20Preparation%20for%20Financial%20Statements) The financial statements are prepared in accordance with China's Accounting Standards for Business Enterprises on a going concern basis - The company prepares its financial statements in accordance with the "Accounting Standards for Business Enterprises" issued by the Ministry of Finance and the relevant regulations of the China Securities Regulatory Commission[171](index=171&type=chunk) - The company's accounting is based on the accrual basis, and the financial statements are measured on a historical cost basis, except for certain financial instruments[171](index=171&type=chunk) - The company's financial statements are presented on a going concern basis, with the ability to continue as a going concern for at least 12 months from the end of the reporting period[172](index=172&type=chunk) [Significant Accounting Policies and Estimates](index=59&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the significant accounting policies and estimates used in preparing the financial statements, covering areas like business combinations, financial instruments, and revenue recognition - The financial statements prepared by the company comply with the requirements of the Accounting Standards for Business Enterprises, truly and completely reflecting the company's financial position, operating results, and cash flows for the period[174](index=174&type=chunk) - The company classifies financial assets into three categories based on business model and contractual cash flow characteristics: measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss[200](index=200&type=chunk)[201](index=201&type=chunk) - The company's general principle for revenue recognition is to recognize revenue when the performance obligations in the contract are satisfied, i.e, when the customer obtains control of the relevant goods or services[292](index=292&type=chunk) [Taxes](index=89&type=section&id=VI.%20Taxes) The company is subject to major taxes including VAT, corporate income tax, and urban maintenance and construction tax, with some subsidiaries enjoying preferential tax rates Main Taxes and Tax Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Taxable income is used to calculate output tax, with VAT paid on the difference after deducting allowable input tax | 13%, 9%, 6% | | Urban Maintenance and Construction Tax | Based on payable turnover taxes | 7%, 5% | | Corporate Income Tax | Based on taxable income | 25%, 15% | | Education Surcharge | Based on payable turnover taxes | 3% | | Local Education Surcharge | Based on payable turnover taxes | 2% | | Property Tax | Based on 70% of the original value of the property (or rental income) | 1.2%, 12% | Taxpayers with Different Corporate Income Tax Rates | Taxpayer Name | Income Tax Rate | | :--- | :--- | | Jintongling Technology Group Co, Ltd | 25% | | Shanghai Industrial Boiler (Wuxi) Co, Ltd | 15% | | Jiangsu Yunneng Energy Technology Co, Ltd | 15% | - The Taiyuan Beibai Cement contract energy management project of Shanghai Yunneng is exempt from VAT[319](index=319&type=chunk) - Shanghai Industrial Boiler (Wuxi) Co, Ltd and Jiangsu Yunneng Energy Technology Co, Ltd, as high-tech enterprises, enjoy a reduced corporate income tax rate of **15%** for three years starting from 2023/2024[319](index=319&type=chunk)[320](index=320&type=chunk) [Notes to Consolidated Financial Statement Items](index=90&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed disclosures on the balances and changes of items in the consolidated financial statements, including assets, liabilities, and income statement components Composition of Cash and Cash Equivalents | Item | Closing Balance (Yuan) | Opening Balance (Yuan) | | :--- | :--- | :--- | | Cash on Hand | 145,240.34 | 187,495.92 | | Bank Deposits | 24,010,403.19 | 66,435,095.17 | | Other Cash Equivalents | 81,980,431.34 | 47,312,492.84 | | Total | 106,136,074.87 | 113,935,083.93 | Accounts Receivable and Bad Debt Provision | Item | Closing Book Balance (Yuan) | Closing Bad Debt Provision (Yuan) | Closing Book Value (Yuan) | | :--- | :--- | :--- | :--- | | Individually Assessed Accounts Receivable | 384,912,852.08 | 144,614,099.01 | 240,298,753.07 | | Collectively Assessed Accounts Receivable | 739,786,789.57 | 247,390,073.48 | 492,396,716.09 | | Total | 1,124,699,641.65 | 392,004,172.49 | 732,695,469.16 | Inventory Classification and Write-down Provision | Item | Closing Book Balance (Yuan) | Closing Inventory Write-down Provision (Yuan) | Closing Book Value (Yuan) | | :--- | :--- | :--- | :--- | | Raw Materials | 169,343,572.60 | 37,055,072.34 | 132,288,500.26 | | Work in Progress | 154,110,776.80 | 75,796,839.78 | 78,313,937.02 | | Finished Goods | 125,951,318.77 | 38,388,784.11 | 87,562,534.66 | | Total | 466,392,210.65 | 151,401,624.65 | 314,990,586.00 | Composition of Provisions | Item | Closing Balance (Yuan) | Opening Balance (Yuan) | Reason | | :--- | :--- | :--- | :--- | | Pending Litigation | 433,873,727.62 | 392,022,89.33 | Special representative litigation and other pending lawsuits | | Product Quality Guarantees | 4,546,465.84 | 4,546,465.84 | Application of ASBE Interpretation No 18 | | Onerous Contracts | 783,674.44 | 973,309.34 | Onerous contracts | | Estimated Compensation | 1,836,020.32 | 1,836,020.32 | Breach of contract compensation | | Total | 441,039,888.22 | 399,378,784.83 | - | [R&D Expenditures](index=142&type=section&id=VIII.%20R&D%20Expenditures) Total R&D expenditure in H1 2025 was 26.34 million Yuan, a decrease of 37.65% YoY, all of which was expensed Details of R&D Expenditures | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Direct Inputs | 3,740,414.68 | 10,092,439.90 | | Personnel Costs | 15,630,238.63 | 23,646,771.31 | | Depreciation and Amortization | 6,277,769.22 | 7,341,521.04 | | Others | 694,326.48 | 1,167,573.57 | | Total | 26,342,749.01 | 42,248,305.82 | | Of which: Expensed R&D | 26,342,749.01 | 42,248,305.82 | [Changes in Consolidation Scope](index=143&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) The consolidation scope changed due to the deregistration of the wholly-owned subsidiary Jintongling (Nong'an) Agricultural Environmental Protection Industrial Park Co, Ltd - The wholly-owned subsidiary Jintongling (Nong'an) Agricultural Environmental Protection Industrial Park Co, Ltd was deregistered during the reporting period[597](index=597&type=chunk) [Interests in Other Entities](index=146&type=section&id=X.%20Interests%20in%20Other%20Entities) The company holds interests in multiple subsidiaries with ownership ranging from 51% to 100% and several associate companies accounted for using the equity method Composition of the Corporate Group (Partial) | Subsidiary Name | Registered Capital (Yuan) | Business Nature | Shareholding Ratio (Direct) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | | Nantong Jintongling Environmental Protection Equipment Co, Ltd | 6,000,000.00 | Machinery Manufacturing | 51.00% | Investment Establishment | | Guangxi Jintongling Blower Co, Ltd | 15,000,000.00 | Machinery Manufacturing | 100.00% | Investment Establishment | | Shanghai Yunneng Energy Technology Co, Ltd | 178,111,800.00 | Waste Heat Power Equipment Sales | 100.00% | Business Combination not under Common Control | | Shanghai Industrial Boiler (Wuxi) Co, Ltd | 250,000,000.00 | Equipment Manufacturing | 100.00% (Indirect) | Business Combination not under Common Control | Significant Non-wholly Owned Subsidiaries | Subsidiary Name | Minority Interest Ratio | Profit/Loss Attributable to Minority Interests (Yuan) | Minority Interest Balance at Period-End (Yuan) | | :--- | :--- | :--- | :--- | | Xinshili Company | 28.00% | 381,368.55 | 5,004,100.87 | | Taizhou Fengling | 30.00% | -3,765,347.74 | -30,394,674.47 | Significant Associate Companies | Associate Company Name | Business Nature | Shareholding Ratio (Direct) | Accounting Method | | :--- | :--- | :--- | :--- | | Hebei Shengtao Environmental Technology Co, Ltd | Waste Heat and Energy Power Generation and Sales | 30.00% | Equity Method | | Nantong Tiandian Smart Energy Co, Ltd | Energy | 23.00% | Equity Method | [Government Grants](index=151&type=section&id=XI.%20Government%20Grants) The closing balance of government grants recorded as deferred income was 27.90 million Yuan, with 1.50 million Yuan recognized in current profit and loss Liability Items Involving Government Grants | Account | Opening Balance (Yuan) | New Grants (Yuan) | Recognized in Non-operating Income (Yuan) | Transferred to Other Income (Yuan) | Closing Balance (Yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 29,045,910.40 | - | - | 1,148,886.28 | 27,897,024.12 | Asset/Income Related | Government Grants Recognized in Current Profit and Loss | Account | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Deferred Income | 1,148,886.28 | 1,149,842.32 | | Other Income | 351,565.33 | 470,897.36 | | Total | 1,500,451.61 | 1,620,739.68 | [Risks Related to Financial Instruments](index=152&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) This section addresses the various risks arising from the company's financial instruments, without providing specific details on risk types - The company did not engage in hedging activities for risk management during the reporting period[618](index=618&type=chunk) - The company did not apply hedge accounting for any qualifying hedging activities during the reporting period[618](index=618&type=chunk) [Fair Value Disclosures](index=153&type=section&id=XIII.%20Fair%20Value%20Disclosures) The total fair value of assets measured on a continuous basis was 27.72 million Yuan, primarily comprising receivables financing and other non-current financial assets Fair Value of Assets and Liabilities at Period-End | Item | Level 1 Fair Value (Yuan) | Level 2 Fair Value (Yuan) | Level 3 Fair Value (Yuan) | Total (Yuan) | | :--- | :--- | :--- | :--- | :--- | | I. Continuous Fair Value Measurement | -- | -- | -- | -- | | Receivables Financing | - | - | 9,413,155.71 | 9,413,155.71 | | Other Non-current Financial Assets | - | 13,582,400.00 | 4,727,919.05 | 18,310,319.05 | | Total Assets at Continuous Fair Value | - | 13,582,400.00 | 14,141,074.76 | 27,723,474.76 | [Related Parties and Transactions](index=154&type=section&id=XIV.%20Related%20Parties%20and%20Transactions) The company's parent is Nantong Industrial Holding Group, and it engages in various transactions with related parties, including borrowings of 414 million Yuan Parent Company Information | Parent Company Name | Registered Location | Business Nature | Registered Capital (Yuan) | Shareholding Ratio | Voting Rights Ratio | | :--- | :--- | :--- | :--- | :--- | :--- | | Nantong Industrial Holding Group Co, Ltd | Nantong | Investment Holding | 5,000,000,000.00 | 27.88% | 27.88% | - The ultimate controlling party of the enterprise is the State-owned Assets Supervision and Administration Commission of the Nantong Municipal People's Government[621](index=621&type=chunk) Related-Party Transactions (Sale of Goods/Provision of Services) | Related Party | Transaction Content | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | :--- | | Nantong Jiangneng Public Utility Service Co, Ltd | Construction Contract | 16,588,132.51 | 138,446,929.63 | | Hezhi Smelting Equipment (Shanghai) Co, Ltd | Sales and Labor Dispatch | - | 1,204,318.25 | Related-Party Receivables and Payables (Payable Items) | Item Name | Related Party | Closing Book Balance (Yuan) | Opening Book Balance (Yuan) | | :--- | :--- | :--- | :--- | | Other Payables | Nantong Industrial Holding Group Co, Ltd | 414,057,330.05 | 306,253,620.06 | [Share-based Payments](index=159&type=section&id=XV.%20Share-based%20Payments) The company had no share-based payment arrangements during the reporting period - The company had no overall situation of share-based payments during the reporting period[647](index=647&type=chunk) [Commitments and Contingencies](index=159&type=section&id=XVI.%20Commitments%20and%20Contingencies) The company had no significant commitments or material contingencies to disclose as of the balance sheet date - The company has no significant contingencies to disclose[647](index=647&type=chunk) [Subsequent Events](index=160&type=section&id=XVII.%20Subsequent%20Events) After the reporting period, the company's subsidiary, Jiangsu Jintongling Energy Storage Technology Co, Ltd, entered bankruptcy liquidation proceedings - On August 11, 2025, the company's subsidiary, Jiangsu Jintong

中国石油天然气股份有限公司 2025 年半年度报告 （A 股股票代码：601857） 2025 年 8 月 26 日 | | - | | --- | --- | | T | 7 | | 重要提示 1 | | --- | | 公司基本情况简介 2 | | 会计数据和财务指标摘要 4 | | 股份变动及股东情况 6 | | 董事会报告 9 | | 重要事项 28 | | 董事、监事、高级管理人员情况 42 | | 债券相关情况 44 | | 按中国企业会计准则编制 47 | | --- | | 按国际财务报告会计准则编制 136 | | 备查文件 162 | | --- | | 董事、监事、高级管理人员书面确认 163 | 重要提示 中国石油天然气股份有限公司（"本公司"或"公司"）董事会、监事会及 董事、监事、高级管理人员保证本半年度报告内容的真实、准确、完整，不存在 虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。本公司不存 在大股东非经营性资金占用情况。本半年度报告已经本公司第九届董事会审计委 员会第十一次会议以及本公司第九届董事会第十四次会议审议通过。除执行董事 任立新先生、非执行董事谢军先生 ...

江苏传艺科技股份有限公司 2025 年半年度报告全文 江苏传艺科技股份有限公司 2025 年半年度报告 【2025 年 08 月】 1 江苏传艺科技股份有限公司 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。 公司负责人邹伟民、主管会计工作负责人杨锦刚及会计机构负责人(会计 主管人员)杨锦刚声明：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"，详细描述了公司经营中可能存在的风险及应对措施，敬请投资 者关注相关内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 | 重要提示、目录和释义 | | 2 | | --- | --- | --- | --- | | 第二节 | 公司简介和主要财务指标 | | 6 | | 第三节 | 管理层讨论与分析 | | 9 | | 第四节 | 公司治理、环境和社会 | ...

武汉天源集团股份有限公司 2025 年半年度报告全文 武汉天源集团股份有限公司 2025 年半年度报告 2025-080 2025 年 8 月 27 日 1 武汉天源集团股份有限公司 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。 公司负责人黄昭玮、主管会计工作负责人邓玲玲及会计机构负责人（会 计主管人员）李方丽声明：保证本半年度报告中财务报告的真实、准确、完 整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中涉及的未来计划等前瞻性陈述，不构成公司对投资者的实质承 诺，投资者及相关人士均应对此保持足够的风险认识，并且应当理解计划、 预测与承诺之间的差异。 公司在经营管理中可能面临的风险与对策举措已在本报告中第三节"管 理层讨论与分析"之"十、公司面临的风险和应对措施"部分予以描述。敬 请广大投资者关注，并注意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | | | | 第一节 | 重要提示、目录和释义 | | ...

广州视源电子科技股份有限公司 2025 年半年度报告全文 广州视源电子科技股份有限公司 2025 年半年度报告 2025 年 8 月 27 日 1 2 广州视源电子科技股份有限公司 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。 公司负责人王洋、主管会计工作负责人胡利华及会计机构负责人(会计主 管人员)肖妙玲声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本公司请投资者认真阅读本报告全文，并特别注意本报告第三节"管理层 讨论与分析"之"十、公司面临的风险和应对措施"。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 本报告涉及的未来发展等前瞻性陈述，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。 广州视源电子科技股份有限公司 2025 年半年度报告全文 备查文件目录 一、载有公司负责人、主管会计工作负责人、会计机构负责人（会计主管人员）签名并盖章的财务报表。 二、报告期内公开 ...