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Section I Definitions [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This chapter provides definitions for key terms, company entities, and specialized electronic chemical materials industry terminology to ensure clear understanding of the report - Company, Grandit, and Issuer all refer to Grandit Technology Co., Ltd[10](index=10&type=chunk) - Major shareholders include Juhua Co., Ltd., National Integrated Circuit Industry Investment Fund, Hengxin Enterprise, Yuanzhifuhai, and Yingchuan Fund[10](index=10&type=chunk) - The reporting period refers to January 1, 2025, to June 30, 2025[10](index=10&type=chunk) - Electronic chemical materials are specialized, high-purity chemicals and materials used in the electronics industry for integrated circuits, display panels, and photovoltaics[10](index=10&type=chunk) - Electronic wet chemicals (ultra-pure electronic chemicals) require particle sizes below **0.5µm** and impurity levels below **ppm**, used in processes like cleaning and etching[10](index=10&type=chunk) - Electronic gases are categorized into electronic specialty gases and electronic bulk gases, applied in semiconductor and electronic product manufacturing[11](index=11&type=chunk) - Precursor materials are substances carrying target elements, existing as gaseous, volatile liquid, or solid forms, possessing chemical thermal stability and reactivity[11](index=11&type=chunk) Section II Company Profile and Key Financial Indicators [I. Company Overview](index=6&type=section&id=I.%20Company%20Overview) Grandit Technology Co., Ltd. specializes in the R&D, production, and sales of electronic wet chemicals, electronic specialty gases, and precursor materials, primarily for integrated circuits, display panels, and photovoltaics - The company's Chinese name is Grandit Technology Co., Ltd., abbreviated as Grandit[14](index=14&type=chunk) - The company's legal representative is Tong Jihong[14](index=14&type=chunk) - The company's registered address is Room 857, Building 3, Southeast Times City, Quzhou City, Zhejiang Province[14](index=14&type=chunk) [II. Contact Persons and Information](index=6&type=section&id=II.%20Contact%20Persons%20and%20Information) This chapter provides contact details for the company's Board Secretary (domestic information disclosure representative) Chen Lifeng and Securities Affairs Representative Ji Lingjie, facilitating communication for investors and stakeholders - The Board Secretary (domestic information disclosure representative) is Chen Lifeng, and the Securities Affairs Representative is Ji Lingjie[15](index=15&type=chunk) - Contact phone numbers are both **0570-3091960**, and the email address is Grandit_IR@grandit.com.cn[15](index=15&type=chunk) [III. Information Disclosure and Document Availability Changes](index=7&type=section&id=III.%20Information%20Disclosure%20and%20Document%20Availability%20Changes) The company designates "China Securities Journal," "Shanghai Securities News," "Securities Times," and "Securities Daily" for information disclosure, with the semi-annual report published on the Shanghai Stock Exchange website and available at the company's securities department, with no changes during the reporting period - The company's designated information disclosure newspapers include "China Securities Journal," "Shanghai Securities News," "Securities Times," and "Securities Daily"[16](index=16&type=chunk) - The website address for publishing the semi-annual report is www.sse.com.cn[16](index=16&type=chunk) - The company's semi-annual report is available at the company's securities department[16](index=16&type=chunk) [IV. Company Shares/Depositary Receipts Overview](index=7&type=section&id=IV.%20Company%20Shares%2FDepositary%20Receipts%20Overview) The company's shares are RMB ordinary shares (A-shares) listed on the STAR Market of the Shanghai Stock Exchange, with the stock abbreviation "Grandit" and stock code "688549," and no changes to the former stock abbreviation during the reporting period; the company has no depositary receipts - The company's stock type is RMB ordinary shares (A-shares), listed on the STAR Market of the Shanghai Stock Exchange[17](index=17&type=chunk) - The stock abbreviation is Grandit, and the stock code is **688549**[17](index=17&type=chunk) - The company has no depositary receipts[18](index=18&type=chunk) [VI. Key Accounting Data and Financial Indicators](index=7&type=section&id=VI.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue increased by **20.40%** to **566.57 million yuan**, but total profit, net profit attributable to shareholders, and net profit after deducting non-recurring items significantly decreased by **80.11%**, **64.57%**, and **92.24%** respectively, mainly due to lower product selling prices and higher raw material costs; net cash flow from operating activities increased by **86.75%**, primarily due to an increase in operating payables reducing cash outflows 2025 Semi-Annual Key Accounting Data | Indicator | Current Reporting Period (Jan-Jun) (yuan) | Prior Year Period (yuan) | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 566,566,646.39 | 470,569,562.96 | 20.40 | | Total Profit | 5,478,923.39 | 27,547,167.54 | -80.11 | | Net Profit Attributable to Shareholders of the Listed Company | 8,137,661.54 | 22,966,908.51 | -64.57 | | Net Profit Attributable to Shareholders of the Listed Company After Deducting Non-Recurring Gains and Losses | 969,199.85 | 12,484,176.92 | -92.24 | | Net Cash Flow from Operating Activities | 77,122,969.84 | 41,297,880.78 | 86.75 | | Net Assets Attributable to Shareholders of the Listed Company (End of Reporting Period) | 3,032,014,725.44 | 3,029,540,316.48 | 0.08 | | Total Assets (End of Reporting Period) | 4,050,051,261.34 | 4,013,928,886.89 | 0.90 | 2025 Semi-Annual Key Financial Indicators | Key Financial Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.0055 | 0.0155 | -64.52 | | Diluted Earnings Per Share (yuan/share) | 0.0055 | 0.0155 | -64.52 | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (yuan/share) | 0.0007 | 0.0085 | -91.77 | | Weighted Average Return on Net Assets (%) | 0.27 | 0.75 | Decrease of 0.48 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 0.03 | 0.41 | Decrease of 0.38 percentage points | | Proportion of R&D Investment to Operating Revenue (%) | 7.17 | 6.22 | Increase of 0.95 percentage points | - Total profit, net profit attributable to shareholders, and net profit after deducting non-recurring gains and losses decreased by **80.11%**, **64.57%**, and **92.24%** respectively, primarily due to intensified market competition leading to lower selling prices for some products, and increased production costs due to rising raw material prices[21](index=21&type=chunk) - Net cash flow from operating activities increased by **86.75%**, mainly due to an increase in operating payables, which reduced cash outflows for purchasing goods and services[21](index=21&type=chunk) [VIII. Non-Recurring Gains and Losses Items and Amounts](index=8&type=section&id=VIII.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This chapter details the non-recurring gains and losses items and their amounts for the reporting period, totaling **7.17 million yuan**, primarily including government grants recognized in current profit or loss, fair value change gains and losses, and non-current asset disposal gains and losses 2025 Semi-Annual Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | -783,647.97 | | Government grants recognized in current profit or loss | 6,333,676.00 | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains and losses from disposal of financial assets and liabilities | 3,270,320.62 | | Other non-operating income and expenses apart from the above | -503,524.00 | | Less: Income tax impact | 266,386.23 | | Impact on minority interests (after tax) | 881,976.73 | | Total | 7,168,461.69 | Section III Management Discussion and Analysis [I. Industry and Main Business Overview During the Reporting Period](index=9&type=section&id=I.%20Industry%20and%20Main%20Business%20Overview%20During%20the%20Reporting%20Period) The company primarily engages in the R&D, production, and sales of electronic wet chemicals, electronic specialty gases, and precursor materials, widely applied in integrated circuits, display panels, and photovoltaics; it operates in a technology-intensive sector, crucial for the semiconductor industry's upstream support, with a business model centered on "production based on sales, order-driven, reasonable inventory," and an R&D approach focused on independent innovation, supported by robust procurement and sales systems - The company's main business involves the R&D, production, and sales of electronic wet chemicals, electronic specialty gases, and precursor materials, applied in integrated circuit, display panel, and photovoltaic manufacturing[27](index=27&type=chunk) - The company operates in the cross-section of the electronic information and chemical industries, a typical technology-intensive sector, holding significant importance for the independent and secure development of the electronic information industry[28](index=28&type=chunk) Company's Main Products and Uses | Category | Product Name | Main Product Uses | | :--- | :--- | :--- | | Electronic Wet Chemicals | Electronic grade hydrofluoric acid, sulfuric acid, nitric acid, hydrochloric acid, ammonium fluoride, ammonia water | Etching, cleaning, glass thinning, raw material for buffered oxide etchant, alkaline cleaning | | Electronic Wet Chemicals | Buffered oxide etchant, silicon etchant | Slow etching, silicon etching | | Electronic Specialty Gases | High-purity chlorine, hydrogen chloride, hydrogen fluoride, fluorocarbon gases | Aluminum metal etching, polysilicon etching, optical fiber dehydration, cleaning, silicon dioxide etching, furnace tube cleaning | | Electronic Specialty Gases | High-purity tungsten hexafluoride | Deposition of tungsten conductive layers in integrated circuits | | Precursor Materials | HCDS, BDEAS, TDMAT | Thin film deposition | - The company's main profit model is generating revenue and profit by selling electronic wet chemicals and electronic specialty gases to downstream customers in integrated circuits, display panels, and photovoltaics[31](index=31&type=chunk) - The R&D model is primarily independent research, supplemented by collaborative research, guided by integrated circuit market applications, and focused on new product development and process optimization through the "Zhejiang Engineering Research Center for Advanced Electronic Chemical Materials"[32](index=32&type=chunk) - The sales model primarily adopts direct sales to customers, with a small portion through distributors, serving key production enterprises in integrated circuits, display panels, and photovoltaics[36](index=36&type=chunk) [II. Discussion and Analysis of Operations](index=12&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) In the first half of 2025, facing a weak global economic recovery, raw material price volatility, and geopolitical challenges in the semiconductor materials industry, Grandit achieved revenue growth, increased R&D investment, and enhanced market expansion and operational management through a strategic focus on "pursuing leadership, integrating culture, strategy, and execution to elevate management; benchmarking excellence, focusing on efficiency, safety, and quality to strengthen operational capabilities; and continuous innovation, concentrating on technology, products, and models to improve development quality" - Global economic recovery is weak, and the semiconductor materials sector faces raw material price volatility and geopolitical impacts[36](index=36&type=chunk) - The company's operational philosophy focuses on pursuing leadership, benchmarking excellence, and continuous innovation to enhance management, strengthen operational capabilities, and improve development quality[36](index=36&type=chunk) [(I) Revenue Growth, Production and Sales Expansion](index=12&type=section&id=(I)%20Revenue%20Growth%2C%20Production%20and%20Sales%20Expansion) During the reporting period, the company's total operating revenue reached **566.57 million yuan**, a **20.40%** year-on-year increase, with net profit attributable to shareholders turning profitable quarter-on-quarter in the second quarter; specifically, electronic wet chemicals revenue grew by **25.57%**, and electronic specialty gases and precursor materials revenue increased by **10.49%**, while sales volumes for electronic wet chemicals and electronic specialty gases and precursor materials rose by **39.69%** and **12.45%** respectively 2025 Semi-Annual Revenue and Sales Overview | Indicator | Amount/Quantity | Year-on-Year Growth (%) | | :--- | :--- | :--- | | Total Operating Revenue | 56,656.66 (10,000 yuan) | 20.40 | | Operating Revenue from Electronic Wet Chemicals Segment | 43,415.12 (10,000 yuan) | 25.57 | | Operating Revenue from Electronic Specialty Gases and Precursor Materials Segment | 12,042.15 (10,000 yuan) | 10.49 | | Cumulative Sales Volume of Electronic Wet Chemicals Segment | 75,641.42 tons | 39.69 | | Cumulative Sales Volume of Electronic Specialty Gases and Precursor Materials Segment | 1,372.65 tons | 12.45 | - Net profit attributable to shareholders of the listed company turned profitable quarter-on-quarter in the second quarter of 2025[37](index=37&type=chunk) - The company received the 2024 Strategic Raw Material Supplier Award from Corning Optical Communications (China)[37](index=37&type=chunk) [(II) Technology Leadership, Continuous Innovation for Development](index=12&type=section&id=(II)%20Technology%20Leadership%2C%20Continuous%20Innovation%20for%20Development) During the reporting period, the company continued to increase R&D investment, with R&D expenses growing by **38.70%** to **40.60 million yuan**, raising the proportion of R&D expenses to operating revenue to **7.17%**; it obtained **2 new invention patents**, bringing the cumulative total to **59 authorized invention patents**, focused new product R&D on core semiconductor applications, successfully developed multiple new etchant formulations entering industrialization, and improved the quality and efficiency of existing capacity through technical upgrades and optimized production costs 2025 Semi-Annual R&D Investment | Indicator | Amount/Ratio | | :--- | :--- | | Cumulative R&D Expenses | 4,059.64 (10,000 yuan) | | R&D Expenses as % of Operating Revenue | 7.17% | | R&D Expenses Year-on-Year Growth | 38.70% | - During the reporting period, **2 new invention patents** were authorized, increasing the cumulative number of authorized invention patents to **59**[38](index=38&type=chunk) - Multiple new etchant formulations were successfully developed and have entered the industrialization plant construction phase[38](index=38&type=chunk) - Product purity stability was enhanced, and unit product energy consumption was reduced, optimizing production costs through precise control of process parameters and intelligent equipment upgrades[39](index=39&type=chunk) [(III) Market Cultivation, Benchmarking Excellence for Operations](index=13&type=section&id=(III)%20Market%20Cultivation%2C%20Benchmarking%20Excellence%20for%20Operations) The company enhances customer satisfaction by establishing professional market teams to provide personalized product solutions and one-stop material supply services, consistently maintaining product quality above industry average, and improving production and delivery capabilities through technical upgrades; concurrently, it refines its safety production management system based on a "dual prevention mechanism" and continuously promotes supply chain localization to ensure stable raw material supply and cost reduction - Professional market teams were established to provide personalized product solutions and one-stop material supply services, enhancing customer purchasing convenience and satisfaction[40](index=40&type=chunk) - Key indicators such as product stability consistently exceed industry average, and product quality complaint rates are reduced through a stringent quality management system[40](index=40&type=chunk) - A "dual prevention mechanism" serves as the core to refine the risk hierarchical control system and conduct accident emergency drills, ensuring safe production[40](index=40&type=chunk) - The company continuously promotes the "localization" process in packaging materials and raw materials, establishing long-term strategic partnerships with upstream suppliers to enhance cost reduction and supply assurance capabilities[41](index=41&type=chunk) [(IV) Management Advancement, Pursuing Leadership for Foundation](index=13&type=section&id=(IV)%20Management%20Advancement%2C%20Pursuing%20Leadership%20for%20Foundation) The company aims for "industry leadership" by upgrading its management model, building a strategic management system tailored to its needs, and optimizing business expansion and functional planning; it continuously advances digitalization to improve production systems and data information integration efficiency, providing digital empowerment for production, operations, and decision-making, and will continue to focus on the needs of domestic semiconductor manufacturing enterprises to become a trusted partner in the semiconductor industry ecosystem - The company aims for "industry leadership" by advancing its management model and building a professional strategic management system[42](index=42&type=chunk) - Continuous digitalization efforts optimize production systems and enhance data information integration efficiency, providing digital empowerment for production, operations, and decision-making[42](index=42&type=chunk) - In the future, the company will focus on its business positioning as a "semiconductor manufacturing support industry specialist," striving to become a trusted partner in the semiconductor industry ecosystem[42](index=42&type=chunk) [III. Analysis of Core Competencies During the Reporting Period](index=13&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core competencies are rooted in technological innovation, a diverse product portfolio, stringent quality management, stable customer relationships, and an experienced team; during the reporting period, it consistently increased R&D investment, accumulated numerous core technologies and patents, successfully developed new products, maintained a stable and broadly specialized R&D team, and had its subsidiaries Zhejiang Kaisen Fluorochemical Co., Ltd. and Zhejiang Borui Electronic Technology Co., Ltd. recognized as national-level "Little Giant" enterprises specializing in niche sectors - Technological innovation is a key factor in maintaining the company's competitive advantage, with continuous R&D investment, abundant technological achievements, and a high-caliber R&D team[43](index=43&type=chunk)[44](index=44&type=chunk)[45](index=45&type=chunk) - The company's business covers three major segments: electronic wet chemicals, electronic specialty gases, and precursor materials, offering a rich product variety and comprehensive professional solutions to customers[45](index=45&type=chunk) - Product performance stability and excellent quality are ensured through an SGS-certified quality management system and high-precision analytical and testing equipment[46](index=46&type=chunk) - Long-term, stable partnerships with major customers have been established, resulting in high customer stickiness and forming a customer barrier[47](index=47&type=chunk) - Core management members possess extensive industry experience, and an equity incentive scheme has fostered a cohesive and highly effective team[47](index=47&type=chunk) [1. Core Technologies, Their Advancement, and Changes During the Reporting Period](index=15&type=section&id=1.%20Core%20Technologies%2C%20Their%20Advancement%2C%20and%20Changes%20During%20the%20Reporting%20Period) The company has accumulated core technologies in product preparation, inspection, and packaging material treatment across its three major business segments: electronic wet chemicals, electronic specialty gases, and precursor materials; during the reporting period, the company actively implemented its "demand-driven research, ecological synergy" R&D philosophy, continuously conducting new product R&D, process improvement, and application development to deepen its technological foundation - The company's core technologies include product preparation technology, product inspection technology, and packaging material treatment technology[48](index=48&type=chunk) - The company actively implements its "demand-driven research, ecological synergy" R&D philosophy, continuously conducting new product R&D, process improvement, and application development[48](index=48&type=chunk) National-Level "Little Giant" Enterprise Certification Status | Certified Entity | Certification Title | Certification Year | Product Name | | :--- | :--- | :--- | :--- | | Zhejiang Kaisen Fluorochemical Co., Ltd. | National-level "Little Giant" Enterprise | 2022 | Electronic wet chemicals and other products | | Zhejiang Borui Electronic Technology Co., Ltd. | National-level "Little Giant" Enterprise | 2024 | Electronic specialty gases and other products | [2. R&D Achievements During the Reporting Period](index=15&type=section&id=2.%20R%26D%20Achievements%20During%20the%20Reporting%20Period) During the reporting period, the company continued R&D efforts around "new products, new technologies, and new applications" leveraging the Zhejiang Provincial Engineering Technology Research Center; in new products, it completed industrialization plant construction for BDEAS and other products, developed technologies for multiple precursor products, and industrialized four etchant products; in process improvement and application development, progress was made in purification technologies for high-purity hydrogen chloride, electronic-grade hydrochloric acid, and high-purity hydrogen fluoride, and advanced packaging technology for electronic wet chemicals was developed; **2 new invention patents** were authorized this period, bringing the cumulative total to **70 patents** - Completed industrialization plant construction for BDEAS and other products, and is developing technologies for multiple metal and silicon-based precursor products[50](index=50&type=chunk) - Four etchant products have been industrialized, passed client-side phase testing, and commenced mass supply[50](index=50&type=chunk) - Significant progress has been made in the purification technology for high-purity hydrogen chloride raw materials, electronic-grade hydrochloric acid raw materials, and high-purity hydrogen fluoride products[50](index=50&type=chunk) Patent Authorization Status During the Reporting Period | Category | New Authorizations This Period (count) | Cumulative Authorizations (count) | | :--- | :--- | :--- | | Invention Patents | 2 | 59 | | Utility Model Patents | 0 | 11 | | Total | 2 | 70 | [3. R&D Investment Table](index=16&type=section&id=3.%20R%26D%20Investment%20Table) During the reporting period, the company's total R&D investment was **40.60 million yuan**, a **38.70%** increase from the prior year period, with R&D investment as a percentage of operating revenue rising to **7.17%**, an increase of **0.95 percentage points** R&D Investment Status | Indicator | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 40,596,423.10 | 29,269,265.33 | 38.70 | | Total R&D Investment | 40,596,423.10 | 29,269,265.33 | 38.70 | | Total R&D Investment as % of Operating Revenue | 7.17 | 6.22 | Increase of 0.95 percentage points | [4. R&D Project Status](index=17&type=section&id=4.%20R%26D%20Project%20Status) The company currently has **30 R&D projects** with an estimated total investment of **277.57 million yuan**, and **40.60 million yuan** invested this period; these projects cover high-purity organic gas application development, precursor material development, new C4F6 production routes, deep dehydration of high-purity gases, key electronic wet chemical technology development, and compounded functional electronic chemical development, with most projects achieving phased results, some industrialized or in client testing, aiming to replace imports and meet domestic advanced process demands - There are **30 R&D projects** in total, with an estimated total investment of **277.57 million yuan**, and **40.60 million yuan** invested this period[59](index=59&type=chunk) - Multiple projects have completed laboratory development or industrialization plant construction, such as the completion of BDEAS product industrialization plant construction, and the development of multiple metal and silicon-based precursor product technologies[54](index=54&type=chunk)[55](index=55&type=chunk)[56](index=56&type=chunk)[57](index=57&type=chunk)[58](index=58&type=chunk) - Some projects have achieved client batch supply or passed phased tests, such as high-purity organic gases achieving batch supply at several domestic core IC clients, and multiple electronic chemicals passing client-side phased tests[54](index=54&type=chunk)[57](index=57&type=chunk) - R&D projects aim to replace imports, meet the demands of high-end domestic clients, and be applied in advanced integrated circuit processes[54](index=54&type=chunk)[55](index=55&type=chunk)[56](index=56&type=chunk)[57](index=57&type=chunk)[58](index=58&type=chunk) [5. R&D Personnel Status](index=23&type=section&id=5.%20R%26D%20Personnel%20Status) As of the end of the reporting period, the company had **116 R&D personnel**, accounting for **16.29%** of its total workforce, with total R&D personnel compensation of **13.82 million yuan** and an average compensation of **120,900 yuan**; the R&D team's educational structure is primarily bachelor's degree holders (**68.97%**), with master's and doctoral candidates accounting for **18.10%**, and the age structure is dominated by young talent aged **30-40** (**38.79%**) and under **30** (**30.17%**) R&D Personnel Basic Information | Indicator | Current Period Number | Prior Year Period Number | | :--- | :--- | :--- | | Number of Company R&D Personnel (persons) | 116 | 110 | | Proportion of R&D Personnel to Total Company Employees (%) | 16.29 | 17.16 | | Total R&D Personnel Compensation (10,000 yuan) | 1,382.14 | 1,189.01 | | Average R&D Personnel Compensation (10,000 yuan) | 12.09 | 11.54 | R&D Personnel Educational Background | Educational Background | Number (persons) | Proportion (%) | | :--- | :--- | :--- | | Doctoral Candidate | 7 | 6.03 | | Master's Candidate | 14 | 12.07 | | Bachelor's Degree | 80 | 68.97 | | Associate Degree | 13 | 11.21 | | High School and Below | 2 | 1.72 | | Total | 116 | 100.00 | R&D Personnel Age Structure | Age Range | Number (persons) | Proportion (%) | | :--- | :--- | :--- | | Under 30 | 35 | 30.17 | | 30-40 years old | 45 | 38.79 | | 40-50 years old | 29 | 25.00 | | 50-60 years old | 5 | 4.31 | | 60 years old and above | 2 | 1.72 | | Total | 116 | 100.00 | [IV. Risk Factors](index=23&type=section&id=IV.%20Risk%20Factors) The company faces multiple risks, including core competency risks such as lagging technological R&D and talent loss; operational risks like slower-than-expected client certification, safety production accidents, product quality issues, and increased environmental protection costs; financial risks including low gross profit margins, uncertain returns on fixed asset investments, goodwill impairment, and inventory obsolescence and markdown; as well as industry and macroeconomic risks from intensified competition and geopolitical uncertainties - Core competency risks include the inability of technological R&D to keep pace with industry iteration, leading to client loss, and the risk of losing technical talent[62](index=62&type=chunk) - Operational risks include slower-than-expected client certification for new products, safety production accidents involving hazardous chemicals, product quality instability leading to client losses, and increased environmental governance costs and environmental accident risks[63](index=63&type=chunk)[64](index=64&type=chunk)[65](index=65&type=chunk) - Financial risks include low gross profit margins in the main business, fixed asset investments leading to depreciation not offset by revenue growth, goodwill impairment risk (from acquiring subsidiaries), and inventory obsolescence and markdown risk[66](index=66&type=chunk)[67](index=67&type=chunk) - Industry risks stem from the semiconductor sector's vulnerability to external macro environments and intensified domestic competition, while macroeconomic risks arise from geopolitical tensions, trade protectionism, and global economic uncertainty[68](index=68&type=chunk)[69](index=69&type=chunk) [V. Key Operating Performance During the Reporting Period](index=25&type=section&id=V.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) During the reporting period, the company's operating revenue increased by **20.40%**, primarily due to market expansion; however, total profit, net profit, and net profit after deducting non-recurring items all significantly declined, mainly affected by lower product prices and rising raw material costs; net cash flow from operating activities grew substantially by **86.75%**, mainly due to an increase in operating payables; the asset-liability structure remained stable, but there were significant changes in accounts receivable financing, other current assets, employee compensation payable, and other accounts; the company made equity investments during the reporting period and disclosed financial information for its major holding and associate companies [(I) Analysis of Main Business](index=25&type=section&id=(I)%20Analysis%20of%20Main%20Business) During the reporting period, the company's operating revenue increased by **20.40%**, with operating costs rising by **24.47%**; selling expenses decreased by **5.96%**, and R&D expenses increased by **38.70%**; financial expenses changed due to reduced interest income; net cash flow from operating activities significantly increased by **86.75%**, mainly due to an increase in operating payables, which reduced cash outflows for procurement Financial Statement Related Item Fluctuation Analysis | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 566,566,646.39 | 470,569,562.96 | 20.40 | | Operating Cost | 501,554,413.23 | 402,955,463.85 | 24.47 | | Selling Expenses | 9,772,747.57 | 10,392,086.59 | -5.96 | | Administrative Expenses | 23,630,953.93 | 23,217,562.90 | 1.78 | | Financial Expenses | -11,780,408.06 | -19,595,914.57 | Not applicable | | R&D Expenses | 40,596,423.10 | 29,269,265.33 | 38.70 | | Net Cash Flow from Operating Activities | 77,122,969.84 | 41,297,880.78 | 86.75 | | Net Cash Flow from Investing Activities | -352,091,057.08 | -130,141,392.76 | Not applicable | | Net Cash Flow from Financing Activities | -6,700,643.09 | 35,835,809.61 | Not applicable | - Operating revenue growth is primarily attributed to the company's intensified market expansion efforts[71](index=71&type=chunk) - The change in financial expenses is mainly due to a decrease in interest income from cash management of some idle raised funds during the current period[71](index=71&type=chunk) - The increase in net cash flow from operating activities is primarily due to an increase in operating payables, which reduced cash outflows for purchasing goods and services[71](index=71&type=chunk)[72](index=72&type=chunk) [(III) Analysis of Assets and Liabilities](index=26&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) As of the end of the reporting period, the company's total assets were **4.05 billion yuan**, an increase of **0.90%** from the end of the previous year; accounts receivable financing decreased by **81.23%**, mainly due to a reduction in bills held issued by state-owned and joint-stock banks; prepayments increased by **39.89%**, contract liabilities increased by **145.37%**, employee compensation payable decreased by **46.10%** (due to year-end bonus payments), and taxes payable increased by **135.89%** (due to increased VAT payable) Asset and Liability Status Changes | Item Name | Current Period End Amount (yuan) | Current Period End % of Total Assets | Prior Year End Amount (yuan) | Prior Year End % of Total Assets | Change from Prior Year End (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 1,583,747,940.75 | 39.10 | 1,586,029,322.60 | 39.51 | -0.14 | | Accounts Receivable Financing | 7,779,734.10 | 0.19 | 41,451,563.03 | 1.03 | -81.23 | | Prepayments | 31,977,838.12 | 0.79 | 22,859,436.76 | 0.57 | 39.89 | | Other Current Assets | 9,752,457.93 | 0.24 | 43,051,492.60 | 1.07 | -77.35 | | Long-Term Equity Investments | 90,492,384.03 | 2.23 | 62,810,947.20 | 1.56 | 44.07 | | Right-of-Use Assets | 73,238.45 | 0.00 | 393,011.32 | 0.01 | -81.36 | | Other Non-Current Assets | 26,795,887.40 | 0.66 | 555,000.00 | 0.01 | Not applicable | | Notes Payable | 274,643,512.39 | 6.78 | 204,951,653.76 | 5.11 | 34.00 | | Contract Liabilities | 6,495,885.92 | 0.16 | 2,647,420.58 | 0.07 | 145.37 | | Employee Compensation Payable | 10,102,618.72 | 0.25 | 18,743,715.05 | 0.47 | -46.10 | | Taxes Payable | 11,674,188.58 | 0.29 | 4,948,932.69 | 0.12 | 135.89 | - Accounts receivable financing decreased by **81.23%**, mainly due to a reduction in the volume of bills held that were issued by state-owned and joint-stock banks during the reporting period[74](index=74&type=chunk) - Other current assets decreased by **77.35%**, primarily due to a reduction in deductible VAT during the reporting period[74](index=74&type=chunk) - Long-term equity investments increased by **44.07%**, mainly due to new external investments where significant influence was applied during the reporting period[74](index=74&type=chunk) - Employee compensation payable decreased by **46.10%**, primarily due to the payment of year-end bonuses during the reporting period[75](index=75&type=chunk) - Taxes payable increased by **135.89%**, mainly due to an increase in VAT payable during the reporting period[75](index=75&type=chunk) [(IV) Analysis of Investment Status](index=29&type=section&id=(IV)%20Analysis%20of%20Investment%20Status) During the reporting period, the company's total external equity investment was **26 million yuan**, a **51.13%** decrease from the prior year period; the main investment project was an additional investment in Jingheng Xidao (Shanghai) Technology Co., Ltd., increasing its shareholding to **49.81%**, with an investment gain of **1.58 million yuan** for the period; the company also held financial assets measured at fair value, with an end-of-period balance of **15.83 million yuan**, primarily including trading financial assets and accounts receivable financing Overall Analysis of External Equity Investments | Indicator | Investment Amount in Reporting Period (yuan) | Investment Amount in Prior Year Period (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Total External Equity Investment | 26,000,000.00 | 53,200,000.00 | -51.13 | - An additional investment of **26 million yuan** was made in Jingheng Xidao (Shanghai) Technology Co., Ltd., increasing the shareholding to **49.81%**, with an investment gain of **1.58 million yuan** for the current period[80](index=80&type=chunk) End-of-Period Balance of Financial Assets Measured at Fair Value | Asset Category | End-of-Period Amount (yuan) | | :--- | :--- | | Trading Financial Assets | 4,052,181.15 | | Accounts Receivable Financing | 7,779,734.10 | | Other Equity Instrument Investments | 4,000,000.00 | | Total | 15,831,915.25 | [(VI) Analysis of Major Holding and Associate Companies](index=30&type=section&id=(VI)%20Analysis%20of%20Major%20Holding%20and%20Associate%20Companies) The company's major holding subsidiaries include Zhejiang Kaisen Fluorochemical Co., Ltd., Zhejiang Borui Electronic Technology Co., Ltd., Grandit (Hubei) Technology Co., Ltd., Grandit (Quzhou) Technology Co., Ltd., and Zhejiang Borui Zhongxiao Technology Co., Ltd., primarily engaged in electronic wet chemicals, electronic specialty gases, and precursor materials; associate companies include Zhejiang Zhongxiao Borui Trading Co., Ltd. and Jingheng Xidao (Shanghai) Technology Co., Ltd.; among them, Zhejiang Kaisen Fluorochemical Co., Ltd. and Grandit (Hubei) Technology Co., Ltd. showed good operating revenue and net profit performance, while Zhejiang Borui Zhongxiao Technology Co., Ltd. reported a negative net profit for the current period Financial Information of Major Holding and Associate Companies (Unit: 10,000 yuan) | Company Name | Main Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhejiang Kaisen Fluorochemical Co., Ltd. | Electronic wet chemicals business | 30,000.00 | 128,301.78 | 60,886.12 | 41,126.39 | 1,170.39 | 1,128.99 | | Zhejiang Borui Electronic Technology Co., Ltd. | Electronic specialty gases and precursor materials business | 72,600.00 | 73,811.20 | 59,840.65 | 10,541.82 | 227.19 | 227.27 | | Grandit (Hubei) Technology Co., Ltd. | Electronic wet chemicals business | 20,000.00 | 74,680.68 | 65,979.1 | 5,653.58 | 238.95 | 210.68 | | Grandit (Quzhou) Technology Co., Ltd. | Formulated functional chemicals and precursor materials business | 10,000.00 | 42,723.49 | 37,110.91 | 0.00 | 233.05 | 174.30 | | Zhejiang Borui Zhongxiao Technology Co., Ltd. | Electronic specialty gases business | 2,600 (USD million) | 22,247.98 | 16,585.58 | 2,198.71 | -467.73 | -467.54 | | Zhejiang Zhongxiao Borui Trading Co., Ltd. | Electronic specialty gases trading business | 300 (USD million) | 2,755.39 | 2,266.01 | 2,521.02 | 19.83 | 19.83 | | Jingheng Xidao (Shanghai) Technology Co., Ltd. | Glass products (high-purity quartz materials) related business | 15,900.00 | 23,800.23 | 21,801.05 | 11,152.65 | 318.05 | 318.05 | Section IV Corporate Governance, Environment, and Society [II. Profit Distribution or Capital Reserve Conversion Plan](index=32&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company's board of directors has resolved that there will be no profit distribution or capital reserve conversion plan for the current reporting period, meaning no such actions will be taken for this semi-annual period - The profit distribution plan or capital reserve conversion plan for the current reporting period is "none"[5](index=5&type=chunk) [IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information](index=32&type=section&id=IV.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information) One of the company's subsidiaries, Zhejiang Kaisen Fluorochemical Co., Ltd., is included in the list of enterprises required to disclose environmental information, and its environmental information disclosure report can be accessed through the Zhejiang Provincial Department of Ecology and Environment website - Zhejiang Kaisen Fluorochemical Co., Ltd. is included in the list of enterprises required to disclose environmental information[87](index=87&type=chunk) - Its environmental information disclosure report can be accessed at https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-search[87](index=87&type=chunk) Section V Significant Matters [I. Fulfillment of Commitments](index=33&type=section&id=I.%20Fulfillment%20of%20Commitments) The company's actual controller, shareholders, related parties, and the company itself have all timely and strictly fulfilled their commitments during or continuing into the reporting period, primarily involving share lock-ups, share price stabilization, avoidance of horizontal competition, standardization of related party transactions, and truthfulness of information disclosure, all aimed at protecting investor interests and the company's long-term development - Major shareholders including Juhua Co., Ltd., Industry Investment Fund, and Hengxin Enterprise committed not to transfer pre-IPO shares for **36 months** from the company's listing date[89](index=89&type=chunk)[91](index=91&type=chunk)[95](index=95&type=chunk) - Directors, senior management, and core technical personnel committed not to transfer pre-IPO shares for **36 months** from the company's listing date and to comply with share reduction regulations during their tenure[89](index=89&type=chunk)[99](index=99&type=chunk)[101](index=101&type=chunk) - The company and relevant parties committed to initiating share price stabilization measures, including company share repurchases and share increases by directors and senior management, if the closing price falls below net assets per share for **20 consecutive trading days**[103](index=103&type=chunk)[104](index=104&type=chunk)[106](index=106&type=chunk) - Juhua Co., Ltd., Industry Investment Fund, and Juhua Group committed to avoiding horizontal competition with the company, refraining from directly or indirectly engaging in businesses identical or similar to the company's main operations[140](index=140&type=chunk)[143](index=143&type=chunk)[145](index=145&type=chunk) - Juhua Co., Ltd., Industry Investment Fund, and Juhua Group committed to standardizing and minimizing related party transactions with the company, ensuring they are conducted based on fair pricing principles[147](index=147&type=chunk)[148](index=148&type=chunk) - The company committed that the prospectus content is true, accurate, and complete, without false records, misleading statements, or major omissions, and pledged to repurchase all new shares in case of fraudulent issuance[113](index=113&type=chunk)[129](index=129&type=chunk) [X. Significant Related Party Transactions](index=50&type=section&id=X.%20Significant%20Related%20Party%20Transactions) During the reporting period, the company engaged in related party transactions related to its daily operations, primarily selling goods worth **2.25 million yuan** to Shanghai Xinsheng Jingke Semiconductor Technology Co., Ltd.; these transactions were negotiated at market fair prices and settled via bank transfer; company director Shu Kai serves as a director at this related party Related Party Transactions Related to Daily Operations | Related Party | Related Party Relationship | Related Party Transaction Type | Related Party Transaction Content | Related Party Transaction Amount (yuan) | Proportion of Similar Transactions (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Xinsheng Jingke Semiconductor Technology Co., Ltd. | Other related party | Sales of goods | Sale of goods | 2,251,994.70 | 0.40 | - Company director Shu Kai serves as a director at Shanghai Xinsheng Jingke Semiconductor Technology Co., Ltd[151](index=151&type=chunk) [XI. Significant Contracts and Their Performance](index=52&type=section&id=XI.%20Significant%20Contracts%20and%20Their%20Performance) During the reporting period, the company had leasing arrangements and significant guarantees; as a lessee, the company leased premises from Zhejiang Juhua Co., Ltd., with rent increasing by **3%** every two years; the total guarantee balance provided by the company and its subsidiaries for subsidiaries was **544.30 million yuan**, accounting for **17.49%** of the company's net assets, primarily joint liability guarantees for Zhejiang Kaisen Fluorochemical Co., Ltd., all currently not overdue Leasing Status | Lessor Name | Leased Asset Description | Lease Start Date | Lease End Date | Related Party Relationship | | :--- | :--- | :--- | :--- | :--- | | Zhejiang Juhua Co., Ltd. | 1,515.70 square meters in Building 7, No. 899 Zuchongzhi Road, Zhangjiang Hi-Tech Park, Pudong New Area, Shanghai | 2025.03.01 | 2029.02.28 | Associate shareholder | - The lease contract stipulates a **3%** rent increase every two years based on the previous period[155](index=155&type=chunk) Company and Its Subsidiaries' Guarantees for Subsidiaries | Guarantor | Guaranteed Party | Guarantee Amount (10,000 yuan) | Guarantee Start Date | Guarantee End Date | Guarantee Type | Has Guarantee Been Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Grandit Technology Co., Ltd. | Zhejiang Kaisen Fluorochemical Co., Ltd. | 23,430.00 | 2021.07.14 | 2031.01.02 | Joint liability guarantee | No | | Grandit Technology Co., Ltd. | Zhejiang Kaisen Fluorochemical Co., Ltd. | 31,000.00 | 2024.01.05 | 2030.03.04 | Joint liability guarantee | No | | Total Guarantee Balance for Subsidiaries at End of Reporting Period (B) | | 54,430.00 | | | | | | Proportion of Total Guarantee to Company's Net Assets (%) | | 17.49 | | | | | [XII. Progress Report on Use of Raised Funds](index=54&type=section&id=XII.%20Progress%20Report%20on%20Use%20of%20Raised%20Funds) The company's net proceeds from its initial public offering amounted to **1,806.75 million yuan**, with a committed investment of **1,500 million yuan** and over-raised funds of **306.75 million yuan**; as of the end of the reporting period, cumulative raised funds invested totaled **990.22 million yuan**, representing an investment progress of **54.81%**; some funded projects are completed or under construction, and **180 million yuan** of over-raised funds have been permanently used to supplement working capital; the company also used bank acceptance bills to pay for funded projects, with equivalent replacement from raised funds, and managed idle raised funds through cash management [(I) Overall Use of Raised Funds](index=54&type=section&id=(I)%20Overall%20Use%20of%20Raised%20Funds) The company's net proceeds from its initial public offering amounted to **1,806.75 million yuan**, with a committed investment of **1,500 million yuan** and over-raised funds of **306.75 million yuan**; as of the end of the reporting period, cumulative raised funds invested totaled **990.22 million yuan**, representing an investment progress of **54.81%**, with **126.74 million yuan** invested this year Overall Use of Raised Funds | Source of Raised Funds | Net Raised Funds (1) (10,000 yuan) | Committed Investment Amount in Prospectus (2) (10,000 yuan) | Total Over-Raised Funds (3)=(1)-(2) (10,000 yuan) | Cumulative Over-Raised Funds Invested at End of Reporting Period (10,000 yuan) | Cumulative Raised Funds Invested at End of Reporting Period (5) (10,000 yuan) | Amount Invested This Year (10,000 yuan) | Investment Progress (%) (7)=(5)/(1) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering | 180,675.03 | 150,000.00 | 30,675.03 | 18,000.00 | 99,021.90 | 12,674.23 | 54.81 | [(II) Details of Projects Funded by Raised Capital](index=55&type=section&id=(II)%20Details%20of%20Projects%20Funded%20by%20Raised%20Capital) The company's projects funded by raised capital include the Qianjiang 50,000 tons/year Ultra-Pure Electronic Chemicals Project, the 100,700 tons/year Electronic Wet Chemicals Capacity Expansion and Renovation Project, and the Wet Etching and Cleaning Solution Project for Integrated Circuits; the Qianjiang Project Phase I is completed, and Phase II is expected to be completed by December 2026; projects for supplementing working capital and permanently supplementing working capital are **100%** invested; **180 million yuan** of over-raised funds have been permanently used to supplement working capital, with **126.75 million yuan** remaining unused Detailed Use of Raised Funds (Unit: 10,000 yuan) | Project Name | Planned Total Investment of Raised Funds (1) | Amount Invested This Year | Cumulative Raised Funds Invested at End of Reporting Period (2) | Investment Progress (%) (3)=(2)/(1) | Date Project Reaches Intended Usable State | | :--- | :--- | :--- | :--- | :--- | :--- | | Qianjiang 50,000 tons/year Ultra-Pure Electronic Chemicals Project Phase I | 50,800.00 | 1,718.04 | 38,197.36 | 75.19 | Completed, Phase II expected to be completed by December 2026 | | 100,700 tons/year Electronic Wet Chemicals Capacity Expansion and Renovation Project | 25,200.00 | 4,276.76 | 4,649.61 | 18.45 | December 2026 | | Wet Etching and Cleaning Solution Project for Integrated Circuits | 35,000.00 | 6,627.09 | 8,122.59 | 23.21 | December 2026 | | Electronic Grade Sulfuric Acid Supporting 102,000 tons/year High-Purity Sulfur Trioxide Project | 9,000.00 | 52.34 | 52.34 | 0.58 | June 2026 | | Supplementing Working Capital | 30,000.00 | 0.00 | 30,000.00 | 100 | Not applicable | | Permanently Supplementing Working Capital with Over-Raised Funds | 18,000.00 | 0.00 | 18,000.00 | 100 | Not applicable | | Remaining Over-Raised Funds | 12,675.03 | 0.00 | 0.00 | 0 | Not applicable | [(IV) Other Uses of Raised Funds During the Reporting Period](index=57&type=section&id=(IV)%20Other%20Uses%20of%20Raised%20Funds%20During%20the%20Reporting%20Period) During the reporting period, the company continued to use bank acceptance bills to pay for projects funded by raised capital, with equivalent replacement from raised funds, and managed temporarily idle raised funds (including over-raised funds) and its own funds through cash management; the board of directors has approved the use of temporarily idle raised funds (including over-raised funds) up to a maximum of **1,000 million yuan** for cash management - The company and its subsidiaries used bank acceptance bills to pay for projects funded by raised capital and made equivalent replacements from raised funds[166](index=166&type=chunk)[167](index=167&type=chunk) - The board of directors approved the company and its subsidiaries implementing projects funded by raised capital to use temporarily idle raised funds (including over-raised funds) up to a maximum of **1,000 million yuan** for cash management[169](index=169&type=chunk) Idle Raised Funds Cash Management Status | Board of Directors Approval Date | Approved Amount for Cash Management of Raised Funds (10,000 yuan) | Cash Management Balance at End of Reporting Period (10,000 yuan) | Did the Maximum Balance During the Period Exceed the Authorized Amount | | :--- | :--- | :--- | :--- | | September 26, 2024 | 100,000.00 | 59,402.00 | No | Section VI Share Changes and Shareholder Information [I. Share Capital Changes](index=58&type=section&id=I.%20Share%20Capital%20Changes) During the reporting period, there were no changes in the company's total ordinary share capital or share capital structure, and information on changes in restricted shares is not applicable - During the reporting period, there were no changes in the company's total ordinary share capital or share capital structure[172](index=172&type=chunk) - Information on changes in restricted shares is not applicable[173](index=173&type=chunk) [II. Shareholder Information](index=58&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company had **33,560 ordinary shareholders**; among the top ten shareholders, Zhejiang Juhua Co., Ltd. and National Integrated Circuit Industry Investment Fund Co., Ltd. were co-first largest shareholders, each holding **390 million shares**, representing **26.40%**; Quzhou Hengxin Enterprise Management Partnership (Limited Partnership) held **107.96 million shares**, representing **7.31%**; some shareholders' shares are subject to lock-up conditions, such as Haitong Innovation Securities Investment Co., Ltd. with a **24-month** lock-up period Total Number of Shareholders | Indicator | Number | | :--- | :--- | | Total number of ordinary shareholders at the end of the reporting period (households) | 33,560 | Top Ten Shareholders' Shareholding Status | Shareholder Name | Shareholder Nature | Proportion (%) | Number of Shares Held at Period End | Number of Restricted Shares Held | | :--- | :--- | :--- | :--- | :--- | | Zhejiang Juhua Co., Ltd. | State-owned legal person | 26.40 | 390,000,000 | 390,000,000 | | National Integrated Circuit Industry Investment Fund Co., Ltd. | State-owned legal person | 26.40 | 390,000,000 | 390,000,000 | | Quzhou Hengxin Enterprise Management Partnership (Limited Partnership) | Other | 7.31 | 107,957,000 | 107,957,000 | | Quzhou Kecheng Yingchuan Industrial Fund Management Co., Ltd. | State-owned legal person | 5.42 | 80,000,000 | 0 | | Shenzhen Yuanzhifuhai Investment Management Co., Ltd. - Shenzhen Yuanzhifuhai No. 11 Investment Enterprise (Limited Partnership) | Other | 3.50 | 51,724,874 | 0 | | CITIC Securities Co., Ltd. - Harvest SSE STAR Market Chip ETF | Other | 0.95 | 13,977,841 | 0 | | Haitong Innovation Securities Investment Co., Ltd. | State-owned legal person | 0.78 | 11,583,011 | 11,583,011 | | Guotai Junan Securities Co., Ltd. - Guolian An CSI All-Index Semiconductor Products and Equipment ETF | Other | 0.42 | 6,259,400 | 0 | | China Merchants Bank Co., Ltd. - Southern CSI 1000 ETF | Other | 0.37 | 5,442,622 | 0 | | Zhang Zhengwen | Domestic natural person | 0.31 | 4,600,000 | 0 | - National Integrated Circuit Industry Investment Fund Co., Ltd. holds equity in Shanghai Silicon Industry Group Co., Ltd[176](index=176&type=chunk) Top Ten Shareholders with Restricted Shares and Their Restrictions | No. | Name of Shareholder with Restricted Shares | Number of Restricted Shares Held | Date Available for Trading | Restriction Conditions | | :--- | :--- | :--- | :--- | :--- | | 1 | Zhejiang Juhua Co., Ltd. | 390,000,000 | 2026.9.8 | 36 months from listing date | | 2 | National Integrated Circuit Industry Investment Fund Co., Ltd. | 390,000,000 | 2026.9.8 | 36 months from listing date | | 3 | Quzhou Hengxin Enterprise Management Partnership (Limited Partnership) | 107,957,000 | 2026.9.8 | 36 months from listing date | | 4 | Haitong Innovation Securities Investment Co., Ltd. | 11,583,011 | 2025.9.8 | 24 months from listing date | Section VII Bond-Related Information [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=63&type=section&id=I.%20Corporate%20Bonds%20(Including%20Enterprise%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments [II. Convertible Corporate Bonds](index=63&type=section&id=II.%20Convertible%20Corporate%20Bonds) During the reporting period, the company had no convertible corporate bonds Section VIII Financial Report [I. Audit Report](index=64&type=section&id=I.%20Audit%20Report) This semi-annual report is unaudited - This semi-annual report is unaudited[6](index=6&type=chunk) [II. Financial Statements](index=64&type=section&id=II.%20Financial%20Statements) This chapter presents the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively illustrating the company's financial position, operating results, and cash flow during the reporting period [Consolidated Balance Sheet](index=64&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets were **4.05 billion yuan**, total liabilities were **938.01 million yuan**, and total owners' equity was **3.11 billion yuan**; total current assets were **2.19 billion yuan**, total non-current assets were **1.86 billion yuan**; total current liabilities were **786.62 million yuan**, and total non-current liabilities were **151.39 million yuan** Consolidated Balance Sheet Key Data (June 30, 2025) | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Total Assets | 4,050,051,261.34 | 4,013,928,886.89 | | Total Liabilities | 938,012,408.94 | 902,073,503.49 | | Total Owners' Equity | 3,112,038,852.40 | 3,111,855,383.40 | | Total Current Assets | 2,192,174,480.97 | 2,217,808,026.12 | | Total Non-Current Assets | 1,857,876,780.37 | 1,796,120,860.77 | | Total Current Liabilities | 786,620,307.50 | 734,484,490.37 | | Total Non-Current Liabilities | 151,392,101.44 | 167,589,013.12 | [Consolidated Income Statement](index=68&type=section&id=Consolidated%20Income%20Statement) In the first half of 2025, the company achieved total operating revenue of **566.57 million yuan**, a **20.40%** year-on-year increase; total operating costs were **565.87 million yuan**, a **26.23%** year-on-year increase; total profit was **5.48 million yuan**, a **80.11%** year-on-year decrease; net profit attributable to parent company shareholders was **8.14 million yuan**, a **64.57%** year-on-year decrease Consolidated Income Statement Key Data (Jan-Jun 2025) | Item | 2025 Semi-Annual (yuan) | 2024 Semi-Annual (yuan) | | :--- | :--- | :--- | | I. Total Operating Revenue | 566,566,646.39 | 470,569,562.96 | | II. Total Operating Costs | 565,869,905.45 | 448,296,275.11 | | III. Operating Profit | 6,766,095.36 | 27,182,568.92 | | IV. Total Profit | 5,478,923.39 | 27,547,167.54 | | V. Net Profit | 5,846,721.58 | 24,352,524.90 | | Net Profit Attributable to Parent Company Shareholders | 8,137,661.54 | 22,966,908.51 | | Minority Interest Income/Loss | -2,290,939.96 | 1,385,616.39 | | VIII. Earnings Per Share: Basic Earnings Per Share (yuan/share) | 0.0055 | 0.0155 | | VIII. Earnings Per Share: Diluted Earnings Per Share (yuan/share) | 0.0055 | 0.0155 | [Consolidated Cash Flow Statement](index=72&type=section&id=Consolidated%20Cash%20Flow%20Statement) In the first half of 2025, the company's net cash flow from operating activities was **77.12 million yuan**, a **86.75%** year-on-year increase; net cash flow from investing activities was **-352.09 million yuan**, indicating increased cash outflow; net cash flow from financing activities was **-6.70 million yuan**, also indicating increased cash outflow; the period-end balance of cash and cash equivalents was **536.30 million yuan** Consolidated Cash Flow Statement Key Data (Jan-Jun 2025) | Item | 2025 Semi-Annual (yuan) | 2024 Semi-Annual (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 77,122,969.84 | 41,297,880.78 | | Net Cash Flow from Investing Activities | -352,091,057.08 | -130,141,392.76 | | Net Cash Flow from Financing Activities | -6,700,643.09 | 35,835,809.61 | | Net Increase in Cash and Cash Equivalents | -281,394,769.70 | -52,544,592.39 | | Cash and Cash Equivalents at End of Period | 536,296,816.58 | 361,435,029.50 | [III. Company Basic Information](index=86&type=section&id=III.%20Company%20Basic%20Information) Grandit Technology Co., Ltd., formerly Grandit Co., Ltd., was established on December 25, 2017, restructured into a joint-stock company on June 25, 2021, and listed on the STAR Market of the Shanghai Stock Exchange on September 8, 2023; the company has a registered capital of **1,477.28 million yuan** and primarily engages in the R&D, production, and sales of electronic wet chemicals, electronic specialty gases, and precursor materials - The company, formerly Grandit Co., Ltd., was established on December 25, 2017[221](index=221&type=chunk) - It was restructured into a joint-stock company on June 25, 2021, and listed on the Shanghai Stock Exchange on September 8, 2023[221](index=221&type=chunk) - The company's registered capital is **1,477.28 million yuan**, with a total of **1,477.28 million shares**[221](index=221&type=chunk) - Its main business is the R&D, production, and sales of electronic wet chemicals, electronic specialty gases, and precursor materials[222](index=222&type=chunk) [IV. Basis of Financial Statement Preparation](index=86&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, with no events or circumstances that would raise significant doubt about its ability to continue as a going concern for the 12 months from the end of the reporting period - The company's financial statements are prepared on a going concern basis[223](index=223&type=chunk) - There are no events or circumstances that would raise significant doubt about its ability to continue as a going concern for the 12 months from the end of the reporting period[224](index=224&type=chunk) [V. Significant Accounting Policies and Estimates](index=86&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This chapter details the company's significant accounting policies and estimates, including enterprise accounting standards, accounting period, operating cycle, functional currency, materiality criteria, business combinations, consolidated financial statements, cash and cash equivalents, foreign currency transactions, financial instruments, notes receivable, accounts receivable, accounts receivable financing, other receivables, inventories, assets held for sale, long-term equity investments, fixed assets, construction in progress, borrowing costs, intangible assets, long-term deferred expenses, contract liabilities, employee compensation, provisions, share-based payments, revenue, government grants, deferred income tax assets/liabilities, and leases, all of which are followed in preparing the financial statements - The company's financial statements comply with enterprise accounting standards, accurately and completely reflecting its financial position[226](index=226&type=chunk) - The company's accounting year runs from January 1 to December 31, with a short operating cycle, using **12 months** as the liquidity classification standard[227](index=227&type=chunk)[228](index=228&type=chunk) - Financial assets are classified into three categories: measured at amortized cost, measured at fair value through other comprehensive income, and measured at fair value through profit or loss[236](index=236&type=chunk) - Accounts receivable impairment provisions are accrued based on aging, with an expected credit loss rate of **5.00%** for receivables within **1 year**[250](index=250&type=chunk) - Inventories are measured at the lower of cost and net realizable value, with impairment provisions accrued for the difference when cost exceeds net realizable value[256](index=256&type=chunk) - Fixed assets are depreciated using the straight-line method, with depreciation periods of **10-40 years** for buildings, **3-10 years** for general and specialized equipment, and **5-8 years** for transportation vehicles[270](index=270&type=chunk) - Intangible assets, including land use rights, software, and proprietary technology, are amortized using the straight-line method[274](index=274&type=chunk) - Revenue recognition principles involve identifying distinct performance obligations, determining whether they are satisfied over time or at a point in time, and recognizing revenue based on the progress of satisfaction or when the customer obtains control[291](index=291&type=chunk)[292](index=292&type=chunk) - Government grants are classified as asset-related or income-related, either reducing the carrying amount of the asset or recognized as deferred income, or directly recognized in current profit or loss[295](index=295&type=chunk)[296](index=296&type=chunk) [VI. Taxation](index=108&type=section&id=VI.%20Taxation) The company's main taxes include VAT (**13%**, **9%**, **6%**), property tax (**1.2%**, **12%**), urban maintenance and construction tax (**7%**), education surcharge (**3%**), local education surcharge (**2%**), and corporate income tax; Zhejiang Kaisen Fluorochemical Co., Ltd. and Zhejiang Borui Electronic Technology Co., Ltd., as high-tech enterprises, enjoy a **15%** corporate income tax preferential rate, and Zhejiang Borui Electronic Technology Co., Ltd. also benefits from a **15%** VAT super deduction policy for integrated circuit enterprises Main Tax Types and Rates | Tax Type | Tax Rate | | :--- | :--- | | Value-Added Tax (VAT) | 13%, 9%, 6% | | Property Tax | 1.2%, 12% | | Urban Maintenance and Construction Tax | 7% | | Education Surcharge | 3% |

南都物业服务集团股份有限公司 2025 年半年度报告 三、 本半年度报告未经审计。 四、 公司负责人韩芳、主管会计工作负责人向昱力及会计机构负责人（会计主管人员）华美娜 声明：保证半年度报告中财务报告的真实、准确、完整。 公司代码：603506 公司简称：南都物业 南都物业服务集团股份有限公司 2025 年半年度报告 1 / 182 南都物业服务集团股份有限公司 2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 本报告期内不进行利润分配或公积金转增股本。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中涉及的经营计划、发展战略等前瞻性陈述因存在不确定性，不构成公司对投资者的 实质承诺，敬请投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证 ...

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[Section 1 Important Notes, Contents and Definitions](index=2&type=section&id=Section%201%20Important%20Notes%2C%20Contents%20and%20Definitions) [Important Notes](index=2&type=section&id=Important%20Notes) The company's board and management affirm the semi-annual report's authenticity and completeness, highlighting risks and detailing no planned dividend distribution - The company's Board of Directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report and assume legal responsibility[4](index=4&type=chunk) - The company's legal representative Zhang Tianchuang, Chief Financial Officer Zhang Tianchuang, and head of the accounting department Wan Peng declare the financial report to be true, accurate, and complete[4](index=4&type=chunk) - The company **does not plan to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital**[5](index=5&type=chunk) [Contents](index=3&type=section&id=Contents) This section outlines the report's structure, covering nine main chapters from company profile to financial statements - The report comprises nine main chapters, providing comprehensive information on the company's operations, finances, governance, and significant matters[7](index=7&type=chunk) [Directory of Documents for Inspection](index=4&type=section&id=Directory%20of%20Documents%20for%20Inspection) This section specifies the semi-annual report's reference documents, including signed financial statements and original public disclosures - Documents for inspection include signed and sealed financial statements, original publicly disclosed documents, and the original report signed by the legal representative[9](index=9&type=chunk)[10](index=10&type=chunk) - All documents for inspection are kept at the company's securities department[10](index=10&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines key terms used in the report, such as the company name, reporting period, and monetary units Key Definitions for the Reporting Period | Term | Refers to | Definition | | :--- | :--- | :--- | | The Company/Beimo Gaoke | Refers to | Beijing Beimo Gaoke Friction Materials Co, Ltd | | Reporting Period | Refers to | January 1, 2025 - June 30, 2025 | | Jinghanyu | Refers to | Beijing Jinghanyu Electronic Engineering Technology Co, Ltd | | Yuan, 10,000 Yuan | Refers to | RMB Yuan, RMB 10,000 Yuan | [Section 2 Company Profile and Key Financial Indicators](index=6&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) [I. Company Profile](index=6&type=section&id=I.%20Company%20Profile) This section provides basic information about Beijing Beimo Gaoke Friction Materials Co, Ltd, including its stock details and legal representative Company Basic Information | Stock Abbreviation | Beimo Gaoke | | :--- | :--- | | Stock Code | 002985 | | Stock Listing Exchange | Shenzhen Stock Exchange | | Company's Chinese Name | 北京北摩高科摩擦材料股份有限公司 | | Company's Chinese Abbreviation (if any) | 北摩高科 | | Company's English Name (if any) | Beijing Beimo Gaoke Friction Materials Co, Ltd | | Company's Legal Representative | Zhang Tianchuang | [II. Contact Person and Contact Information](index=6&type=section&id=II.%20Contact%20Person%20and%20Contact%20Information) This section lists the contact details for the company's Board Secretary and Securities Affairs Representative Company Contact Information | | Board Secretary | Securities Affairs Representative | | :--- | :--- | :--- | | Name | Wang Xi | Zhang Yingchun | | Contact Address | Shahe Industrial Zone, Changping District, Beijing | Shahe Industrial Zone, Changping District, Beijing | | Telephone | 010-80725911 | 010-80725911 | | Fax | 010-80725921 | 010-80725921 | | Email | bmdongban@bjgk.com | bmdongban@bjgk.com | [III. Other Information](index=6&type=section&id=III.%20Other%20Information) The company's contact information, disclosure media, and other relevant details remained unchanged during the reporting period - The company's registered address, office address, website, email, and other contact information remained unchanged during the reporting period[16](index=16&type=chunk) - The information disclosure media and document inspection location remained unchanged during the reporting period, with details available in the 2024 annual report[17](index=17&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=6&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) The company demonstrated strong financial performance with significant growth in revenue, net profit, and operating cash flow Key Accounting Data and Financial Indicators (Current Period vs Prior Year Period) | Indicator | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | Change from Prior Year Period | | :--- | :--- | :--- | :--- | | Operating Revenue | 459,890,445.57 | 344,746,452.61 | 33.40% | | Net Profit Attributable to Shareholders | 80,976,100.90 | 66,646,723.40 | 21.50% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 79,816,820.04 | 61,547,031.22 | 29.68% | | Net Cash Flow from Operating Activities | 131,128,639.57 | -90,732,108.54 | 244.52% | | Basic Earnings Per Share (Yuan/Share) | 0.24 | 0.20 | 20.00% | | Diluted Earnings Per Share (Yuan/Share) | 0.24 | 0.20 | 20.00% | | Weighted Average Return on Equity | 3.19% | 2.07% | 1.12% | | **Indicator** | **End of Current Reporting Period (Yuan)** | **End of Prior Year (Yuan)** | **Change from End of Prior Year** | | Total Assets | 3,867,517,135.95 | 4,041,340,662.72 | -4.30% | | Net Assets Attributable to Shareholders | 2,569,886,803.97 | 2,496,442,683.84 | 2.94% | [V. 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 Chinese and international accounting standards during the reporting period - The company had **no differences** in net profit or net assets under domestic versus foreign accounting standards during the reporting period[20](index=20&type=chunk)[21](index=21&type=chunk) [VI. 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 1,159,280.86 Yuan, primarily from government subsidies and fair value changes of financial assets Non-recurring Profit and Loss Items and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Government Subsidies Recognized in Current Profit or Loss (Excluding those with continuous impact) | 1,193,300.00 | | Fair Value Changes and Disposal Gains/Losses on Financial Assets and Liabilities Held by Non-financial Enterprises (Excluding effective hedging related to normal operations) | 93,055.56 | | Other Non-operating Income and Expenses | 270,505.68 | | Less: Income Tax Impact | 233,522.11 | | Minority Interest Impact (After Tax) | 164,058.27 | | Total | 1,159,280.86 | - The company has no other items that meet the definition of non-recurring profit or loss, nor has it reclassified any non-recurring items as recurring[24](index=24&type=chunk) [Section 3 Management Discussion and Analysis](index=9&type=section&id=Section%203%20Management%20Discussion%20and%20Analysis) [I. Main Business Operations during the Reporting Period](index=9&type=section&id=I.%20Main%20Business%20Operations%20during%20the%20Reporting%20Period) The company develops and sells braking products for high-end equipment, transitioning from a component supplier to a system provider - The company's main business is the R&D, production, and sales of braking products for dual-use aerospace vehicles, landing gear systems, and other high-end equipment[26](index=26&type=chunk) - The company has successfully transitioned from a component and material supplier to a **system supplier and overall solution provider**[26](index=26&type=chunk) - The company's long-term strategy is "leading in military products, expanding in civil products, military-civil fusion, and serving the nation through industry," focusing on brake discs, aircraft braking systems, landing gear, and testing services[26](index=26&type=chunk) [1. Main Business Operations](index=9&type=section&id=1.%20Main%20Business%20Operations) The company's business includes brake discs, control systems, landing gear, and testing, with significant growth potential in military and civil aviation markets - The brake disc business benefits from increased military training frequency and a vast civil aviation maintenance market, with the domestic civil aviation brake disc market exceeding **4 billion Yuan annually**[27](index=27&type=chunk)[28](index=28&type=chunk) - The landing gear business achieved its first revenue in 2021, marking the company's shift from a component supplier to a system supplier, and is expected to become a significant performance contributor[30](index=30&type=chunk)[32](index=32&type=chunk) - The testing business achieved net profit growth in the first half of the year, with significant progress in regional diversification, **5 new invention patents**, and national defense laboratory accreditation[33](index=33&type=chunk) [2. Business Model](index=11&type=section&id=2.%20Business%20Model) The company primarily sells military and civil aviation products to military, OEM, and civil aviation customers under a strict procurement and pricing system - The company's business is centered on the sale of military and civil aviation products to military, OEM, and civil aviation customers[34](index=34&type=chunk) - Military procurement follows a strict supporting management system, where suppliers cannot be changed without approval[34](index=34&type=chunk) - Military product pricing is determined by military review through a strict approval process, and orders demonstrate strong continuity[36](index=36&type=chunk) [3. Profit Model](index=12&type=section&id=3.%20Profit%20Model) The company generates profit through product sales to OEMs and the aftermarket, as well as by providing professional technical services - The company's main profit model involves the R&D, production, and sale of braking products and the provision of professional services[37](index=37&type=chunk) - The product sales model includes direct supply to OEMs and selling spare parts to military, military factories, or civil aviation customers[38](index=38&type=chunk) - The professional technical services model leverages the company's expertise to provide product maintenance and testing services to customers[39](index=39&type=chunk) [4. Procurement Model](index=12&type=section&id=4.%20Procurement%20Model) The company employs a procurement model based on sales orders and production plans, with strict supplier qualification for military products - The company adopts a **production-on-demand model**, with procurement quantities determined by orders and production plans[40](index=40&type=chunk) - Suppliers for military products must be approved by resident military representatives and listed in the qualified supplier directory[42](index=42&type=chunk) - The company strictly controls all purchased materials and conducts comprehensive assessments of key suppliers through multi-departmental on-site inspections[43](index=43&type=chunk) [5. Production Model](index=13&type=section&id=5.%20Production%20Model) The company's production operates under a strict licensing system with quality supervision, utilizing both in-house manufacturing and outsourcing - Military production operates under a strict licensing system, with products manufactured according to military standards and subject to quality supervision by resident military representatives throughout the process[44](index=44&type=chunk) - The in-house production model is based on annual plans derived from sales contracts and market forecasts, with flexibility for temporary orders[46](index=46&type=chunk) - Outsourcing is mainly used for non-core production steps, with qualified suppliers selected to improve efficiency and meet customer needs[47](index=47&type=chunk) [6. R&D Model](index=14&type=section&id=6.%20R&D%20Model) The company has a dedicated R&D department that follows a structured process from project initiation to design finalization - The company has a dedicated R&D department, and the R&D process includes stages such as project demonstration, solution validation, engineering development, and design finalization[48](index=48&type=chunk) [II. Core Competitiveness Analysis](index=14&type=section&id=II.%20Core%20Competitiveness%20Analysis) The company's core strengths lie in its business model, first-mover advantage in the military sector, and strong R&D capabilities - As a supplier of consumables, the company benefits from increased military exercise frequency and the vast civil aviation maintenance and replacement market[49](index=49&type=chunk) - The company holds military business licenses from military and industry authorities and civil aviation qualifications from the CAAC, giving it a **first-mover advantage**[51](index=51&type=chunk) - The company has completed the delivery of landing gear systems, marking a leap from a component supplier to a system supplier and enhancing its overall industry chain competitiveness[53](index=53&type=chunk)[54](index=54&type=chunk) - The company boasts an experienced core team led by the Chairman and General Manager, a strong R&D team led by the Chief Engineer, and collaborates with multiple universities on industry-academia-research projects[55](index=55&type=chunk)[56](index=56&type=chunk) - With deep technical expertise and proprietary intellectual property, the company holds a leading position in the braking field, supported by professional R&D and testing centers[57](index=57&type=chunk)[59](index=59&type=chunk) [III. Main Business Analysis](index=17&type=section&id=III.%20Main%20Business%20Analysis) The company achieved significant growth in revenue and net profit, driven by its landing gear, brake disc, and wheel businesses Year-on-Year Changes in Key Financial Data | Indicator | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 459,890,445.57 | 344,746,452.61 | 33.40% | Increase in orders and deliveries this period | | Net Profit Attributable to Shareholders | 80,976,100.90 | 66,646,723.40 | 21.50% | | | Net Cash Flow from Operating Activities | 131,128,639.57 | -90,732,108.54 | 244.52% | Increased collections, reduced procurement payments, cost reduction, and lower salary expenses | | Net Cash Flow from Investing Activities | -16,502,911.79 | -663,771,895.73 | 97.51% | Due to the acquisition of minority interests in subsidiary Jinghanyu in the prior period | | Net Cash Flow from Financing Activities | -208,933,183.48 | 270,732,804.39 | -177.17% | Due to loans for the acquisition of minority interests in subsidiary Jinghanyu in the prior period | | Credit Impairment Loss | -34,660,626.03 | -17,559,004.33 | -97.40% | Increase in bad debt provisions for accounts receivable | Operating Revenue Composition (by Industry and Product) | Category | Current Period Amount (Yuan) | % of Operating Revenue | Prior Year Period Amount (Yuan) | % of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | | | | | | | Aerospace Equipment Manufacturing | 315,088,355.58 | 68.51% | 199,028,322.61 | 57.73% | 58.31% | | Testing Services | 144,802,089.99 | 31.49% | 145,718,130.00 | 42.27% | -0.63% | | **By Product** | | | | | | | Aerospace Equipment Manufacturing | 315,088,355.58 | 68.51% | 199,028,322.61 | 57.73% | 58.31% | | Testing Services | 144,802,089.99 | 31.49% | 145,718,130.00 | 42.27% | -0.63% | - The company adheres to its strategy of "leading in military products, expanding in civil products, military-civil fusion, and serving the nation through industry," actively participating in COMAC's localization efforts and expanding into the civil aviation aftermarket and international cooperation[61](index=61&type=chunk) - In civil aviation, the company initiated STC certification and ground rig tests for several large aircraft brake disc models; subsidiaries Saini Aviation and Tianjin Quanshun are expected to complete **NADCAP certification**, paving the way into the global top-tier supply chain[64](index=64&type=chunk) [IV. Non-Main Business Analysis](index=20&type=section&id=IV.%20Non-Main%20Business%20Analysis) Credit impairment losses significantly impacted total profit, primarily due to increased bad debt provisions for receivables Impact of Non-Main Business on Total Profit | Item | Amount (Yuan) | % of Total Profit | Reason | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 93,055.56 | 0.09% | Mainly from wealth management products | No | | Non-operating Income | 357,883.25 | 0.36% | Mainly compensation received from suppliers | No | | Non-operating Expenses | 87,377.57 | 0.09% | Mainly losses from disposal of non-current assets | No | | Credit Impairment Loss | -34,660,626.03 | -35.13% | Mainly bad debt losses on accounts and notes receivable | No | [V. Analysis of Assets and Liabilities](index=20&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) Total assets slightly decreased while net assets grew, with a notable reduction in short-term and long-term borrowings Significant Changes in Asset Composition (Period-end vs Year-end) | Item | Current Period-end Amount (Yuan) | % of Total Assets | Prior Year-end Amount (Yuan) | % of Total Assets | Change in % | Reason for Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 310,685,133.31 | 8.03% | 404,992,589.01 | 10.02% | -1.99% | | | Accounts Receivable | 1,534,070,099.91 | 39.67% | 1,546,239,844.83 | 38.26% | 1.41% | | | Inventories | 931,879,574.95 | 24.10% | 889,627,940.50 | 22.01% | 2.09% | | | Short-term Borrowings | 10,193,855.40 | 0.26% | 33,651,280.92 | 0.83% | -0.57% | | | Long-term Borrowings | 88,000,000.00 | 2.28% | 292,500,000.00 | 7.24% | -4.96% | Repayment of part of the loan for acquiring minority interests in subsidiary Jinghanyu | | Notes Receivable | 71,295,827.55 | 1.84% | 157,899,046.47 | 3.91% | -2.07% | | | Other Current Liabilities | 3,346,211.02 | 0.09% | 156,562,837.16 | 3.87% | -3.78% | A large number of endorsed commercial papers were outstanding at the end of the prior period | - The company had no major overseas assets, minimal changes in assets and liabilities measured at fair value, and no restricted assets at the end of the reporting period[76](index=76&type=chunk)[78](index=78&type=chunk) [VI. Investment Analysis](index=22&type=section&id=VI.%20Investment%20Analysis) Investment amount decreased significantly year-on-year due to a prior-period acquisition, with no major new investments made Change in Investment Amount during the Reporting Period | Investment Amount in Reporting Period (Yuan) | Investment Amount in Prior Year Period (Yuan) | Change | | :--- | :--- | :--- | | 16,595,967.35 | 744,687,912.46 | -97.77% | - The company had **no securities investments or derivatives investments** during the reporting period[79](index=79&type=chunk)[80](index=80&type=chunk) Overall Use of Raised Funds | Total Raised Funds (10,000 Yuan) | Net Raised Funds (10,000 Yuan) | Cumulative Used Funds (10,000 Yuan) | Remaining Funds at Period-end (10,000 Yuan) | Cumulative Usage Rate | | :--- | :--- | :--- | :--- | :--- | | 84,577.62 | 77,408.13 | 73,416.33 | 4,145.94 | 94.84% | - The "High-speed Train Basic Friction Materials and Brake Pad Industrialization Project" was terminated due to market changes, and the remaining funds were used to permanently supplement working capital[85](index=85&type=chunk) [VII. Sale of Major Assets and Equity](index=25&type=section&id=VII.%20Sale%20of%20Major%20Assets%20and%20Equity) The company did not engage in the sale of major assets or equity during the reporting period - The company **did not sell any major assets or equity** during the reporting period[88](index=88&type=chunk)[89](index=89&type=chunk) [VIII. Analysis of Major Subsidiaries and Investees](index=26&type=section&id=VIII.%20Analysis%20of%20Major%20Subsidiaries%20and%20Investees) Subsidiary Beijing Jinghanyu Electronic Engineering Technology Co, Ltd, significantly contributed to the company's net profit Financial Information of Major Subsidiary (Beijing Jinghanyu Electronic Engineering Technology Co, Ltd) | Company Name | Company Type | Main Business | Registered Capital (Yuan) | Total Assets (Yuan) | Net Assets (Yuan) | Operating Revenue (Yuan) | Operating Profit (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing Jinghanyu Electronic Engineering Technology Co, Ltd | Subsidiary | IC technology development, transfer, consulting, services; technical testing; product design; sales of computer hardware, software, and auxiliary equipment; software development | 360,000,000.00 | 868,396,853.86 | 476,895,338.45 | 148,880,826.66 | 48,365,728.55 | 43,816,674.31 | [IX. Structured Entities Controlled by the Company](index=26&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[91](index=91&type=chunk) [X. Risks and Countermeasures](index=26&type=section&id=X.%20Risks%20and%20Countermeasures) The company faces risks from military order instability, pricing fluctuations, and high customer concentration, which it mitigates through market development and risk management - The company faces risks of **unstable military sales orders and pricing fluctuations**, as long military review cycles and price adjustment mechanisms may cause revenue and performance volatility[91](index=91&type=chunk) - The company has a **high concentration of customers**, primarily enterprises controlled by the aviation industry, and adverse changes in their operations or demand could significantly impact performance[92](index=92&type=chunk) - The company's **accounts receivable balance is relatively high**, posing a risk of bad debt, although most are within a two-year aging period and customers have good credit[92](index=92&type=chunk)[93](index=93&type=chunk) - The company faces risks of its technology not remaining advanced and the potential loss of military product licenses[93](index=93&type=chunk)[94](index=94&type=chunk) - Countermeasures include strengthening market development, expanding into the civil aviation sector, enhancing customer credit management, continuous R&D investment, and actively managing license renewals[91](index=91&type=chunk)[92](index=92&type=chunk)[93](index=93&type=chunk)[94](index=94&type=chunk) [XI. Development and Implementation of Market Value Management System and Valuation Enhancement Plan](index=28&type=section&id=XI.%20Development%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** or disclosed a valuation enhancement plan[96](index=96&type=chunk) [XII. Implementation of the "Dual Improvement in Quality and Returns" Action Plan](index=28&type=section&id=XII.%20%22Dual%20Improvement%20in%20Quality%20and%20Returns%22%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[96](index=96&type=chunk) [Section 4 Corporate Governance, Environment and Society](index=28&type=section&id=Section%204%20Corporate%20Governance%2C%20Environment%20and%20Society) [I. Changes in Directors, Supervisors, and Senior Management](index=28&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) The company underwent significant changes in its board, supervisory committee, and senior management due to a periodic election - The company's directors, supervisors, and senior management underwent **significant changes** due to a periodic election[97](index=97&type=chunk) - Several former executives, including Wang Shumin, Wang Fei, Xia Qingsong, Wang Lianbo, Zhao Xiang, Li Rongli, and Liu Yang, have left their positions[97](index=97&type=chunk) - **Zhang Tianchuang was elected Chairman and appointed General Manager**, with Zheng Dan, Xiao Kai, Zhao Xiang, Deng Wensheng, Ji Xuewu, Jiang Xiaodong, Wan Peng, Ren Xuelong, Yang Changkun, and Wang Xi appointed or re-appointed to key roles[97](index=97&type=chunk) [II. Profit Distribution and Capitalization of Capital Reserve in the Reporting Period](index=28&type=section&id=II.%20Profit%20Distribution%20and%20Capitalization%20of%20Capital%20Reserve%20in%20the%20Reporting%20Period) The company does not plan to distribute dividends or convert capital reserves into share capital for the first half of the year - The company plans **not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital** for the semi-annual period[98](index=98&type=chunk) [III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=29&type=section&id=III.%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) 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** during the reporting period[99](index=99&type=chunk) [IV. Environmental Information Disclosure](index=29&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and its main subsidiaries are not listed as enterprises required to disclose environmental information by law - The company and its main subsidiaries are **not included in the list of enterprises required to disclose environmental information** by law[100](index=100&type=chunk) [V. Social Responsibility](index=29&type=section&id=V.%20Social%20Responsibility) The company actively fulfills its social responsibilities by integrating them into daily operations, focusing on safety, environmental protection, and sustainable development - The company actively fulfills its social responsibilities, emphasizing safety, environmental protection, resource conservation, and harmonious sustainable development[100](index=100&type=chunk) - The company protects shareholder rights through online voting and communication channels, and maintains active engagement with investors[101](index=101&type=chunk) - Adhering to a "people-oriented" philosophy, the company protects employee rights, provides household registration quotas, organizes activities, offers health check-ups, and collaborates with universities for talent development[101](index=101&type=chunk) - The company follows a "safety first, prevention foremost, comprehensive governance" policy, maintains a standardized supplier admission mechanism, and conducts regular customer satisfaction surveys to enhance supplier and customer satisfaction[102](index=102&type=chunk) [Section 5 Significant Matters](index=30&type=section&id=Section%205%20Significant%20Matters) [I. Commitments Fulfilled or Overdue by Controlling Shareholders, Related Parties, and the Company](index=30&type=section&id=I.%20Commitments%20Fulfilled%20or%20Overdue%20by%20Controlling%20Shareholders%2C%20Related%20Parties%2C%20and%20the%20Company) There were no commitments fulfilled or overdue by the company's controlling shareholders, related parties, or the company itself during the reporting period - There were **no commitments fulfilled or overdue** by the company's actual controller, shareholders, related parties, acquirers, or the company itself during the reporting period[104](index=104&type=chunk) [II. Non-operating Fund Occupation by Controlling Shareholders and Other Related Parties](index=30&type=section&id=II.%20Non-operating%20Fund%20Occupation%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties) There was no non-operating occupation of the company's funds by controlling shareholders or other related parties during the reporting period - There was **no non-operating occupation of funds** by the controlling shareholder or other related parties during the reporting period[105](index=105&type=chunk) [III. Irregular External Guarantees](index=30&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[106](index=106&type=chunk) [IV. Appointment and Dismissal of Accounting Firm](index=30&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 **unaudited**[107](index=107&type=chunk) [V. Explanation by the Board of Directors and Supervisory Committee on "Non-standard Audit Report" for the Current Period](index=30&type=section&id=V.%20Explanation%20by%20the%20Board%20of%20Directors%20and%20Supervisory%20Committee%20on%20%22Non-standard%20Audit%20Report%22%20for%20the%20Current%20Period) There was no "non-standard audit report" issued for the current reporting period - There was **no non-standard audit report** for the current reporting period[108](index=108&type=chunk) [VI. Explanation by the Board of Directors on "Non-standard Audit Report" of the Previous Year](index=30&type=section&id=VI.%20Explanation%20by%20the%20Board%20of%20Directors%20on%20%22Non-standard%20Audit%20Report%22%20of%20the%20Previous%20Year) There was no "non-standard audit report" for the previous year requiring explanation - There was **no explanation regarding a non-standard audit report** from the previous year[108](index=108&type=chunk) [VII. Bankruptcy and Reorganization Matters](index=30&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Matters) The company was not involved in any bankruptcy or reorganization matters during the reporting period - The company was **not involved in any bankruptcy or reorganization matters** during the reporting period[108](index=108&type=chunk) [VIII. Litigation Matters](index=30&type=section&id=VIII.%20Litigation%20Matters) The company had no major litigation or arbitration matters during the reporting period - The company had **no major litigation or arbitration matters** during the reporting period[109](index=109&type=chunk) [IX. Penalties and Rectifications](index=31&type=section&id=IX.%20Penalties%20and%20Rectifications) The company was not subject to any penalties or rectifications during the reporting period - The company was **not subject to any penalties or rectifications** during the reporting period[110](index=110&type=chunk) [X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=31&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 actual controller during the reporting period - There were **no integrity issues** during the reporting period[111](index=111&type=chunk) [XI. Major Related-Party Transactions](index=31&type=section&id=XI.%20Major%20Related-Party%20Transactions) The company did not engage in any major related-party transactions during the reporting period - The company had **no related-party transactions** related to daily operations during the reporting period[111](index=111&type=chunk) - The company had **no related-party transactions** involving the acquisition or sale of assets or equity[112](index=112&type=chunk) - There were **no related-party credit or debt transactions** during the reporting period[114](index=114&type=chunk) - The company had **no other major related-party transactions** during the reporting period[117](index=117&type=chunk) [XII. Major Contracts and Their Performance](index=32&type=section&id=XII.%20Major%20Contracts%20and%20Their%20Performance) The company had no major contracts such as custody, contracting, leasing, guarantees, or wealth management during the reporting period - The company had **no custody, contracting, or leasing matters** during the reporting period[118](index=118&type=chunk)[119](index=119&type=chunk)[120](index=120&type=chunk) - The company had **no major guarantee situations** during the reporting period[121](index=121&type=chunk) - The company had **no entrusted wealth management or other major contracts** during the reporting period[122](index=122&type=chunk)[123](index=123&type=chunk) [XIII. Explanation of Other Significant Matters](index=32&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) There were no other significant matters that required explanation during the reporting period - There were **no other significant matters** to be explained during the reporting period[124](index=124&type=chunk) [XIV. Significant Matters of Subsidiaries](index=32&type=section&id=XIV.%20Significant%20Matters%20of%20Subsidiaries) There were no significant matters concerning the company's subsidiaries during the reporting period - There were **no significant matters concerning subsidiaries** during the reporting period[125](index=125&type=chunk) [Section 6 Changes in Share Capital and Shareholders](index=33&type=section&id=Section%206%20Changes%20in%20Share%20Capital%20and%20Shareholders) [I. Changes in Share Capital](index=33&type=section&id=I.%20Changes%20in%20Share%20Capital) The number of restricted shares increased while unrestricted shares decreased, with the total share capital remaining unchanged Changes in Share Capital (Shares) | | Shares Before Change | Proportion Before Change | Change (+, -) | Shares After Change | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 133,770,426.00 | 40.31% | 22,412,381.00 | 156,182,807.00 | 47.06% | | II. Unrestricted Shares | 198,083,174.00 | 59.69% | -22,412,381.00 | 175,670,793.00 | 52.94% | | III. Total Shares | 331,853,600.00 | 100.00% | 0.00 | 331,853,600.00 | 100.00% | Changes in Restricted Shares (Shares) | Shareholder Name | Restricted Shares at Start of Period | Shares Released from Restriction | Shares Added to Restriction | Restricted Shares at End of Period | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Wang Shumin | 90,387,473.00 | 0.00 | 30,129,158.00 | 120,516,631.00 | Executive Lock-up | | Chen Jianfeng | 33,066,586.00 | 8,266,647.00 | 0.00 | 24,799,939.00 | Executive Lock-up | | Total | 131,645,694.00 | 9,201,222.00 | 31,613,603.00 | 154,058,075.00 | -- | [II. Securities Issuance and Listing](index=34&type=section&id=II.%20Securities%20Issuance%20and%20Listing) The company did not issue or list any securities during the reporting period - The company **did not issue or list any securities** during the reporting period[131](index=131&type=chunk) [III. Number of Shareholders and Shareholding Status](index=34&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Status) Wang Shumin is the largest shareholder with a 36.32% stake, all of which is restricted Shareholding of Shareholders with over 5% or Top 10 Shareholders | Shareholder Name | Shareholder Type | Shareholding Ratio | Shares Held at Period-end (Shares) | Number of Restricted Shares (Shares) | Number of Unrestricted Shares (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Wang Shumin | Domestic Individual | 36.32% | 120,516,631.00 | 120,516,631.00 | 0 | | Chen Jianfeng | Domestic Individual | 9.96% | 33,066,586.00 | 24,799,939.00 | 8,266,647 | | Zhuhai Mingyong Management Consulting Co, Ltd | Domestic Non-state-owned Legal Entity | 2.32% | 7,700,000.00 | 0.00 | 7,700,000.00 | | Hong Kong Securities Clearing Company Ltd | Foreign Legal Entity | 2.29% | 7,603,040.00 | 0.00 | 7,603,040.00 | | Liu Yang | Domestic Individual | 1.31% | 4,346,186.00 | 4,346,186.00 | 0 | Shareholding of Top 10 Unrestricted Shareholders | Shareholder Name | Unrestricted Shares Held at Period-end (Shares) | Share Type | | :--- | :--- | :--- | | Chen Jianfeng | 8,266,647.00 | RMB Ordinary Share | | Zhuhai Mingyong Management Consulting Co, Ltd | 7,700,000.00 | RMB Ordinary Share | | Hong Kong Securities Clearing Company Ltd | 7,603,040.00 | RMB Ordinary Share | | Bank of China - Aegon-Industrial Fund Co, Ltd - Aegon-Industrial Hefeng Three-Year Holding Period Mixed Fund | 3,051,905.00 | RMB Ordinary Share | | Gao Kun | 2,659,442.00 | RMB Ordinary Share | [IV. 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, and senior management during the reporting period - There were **no changes** in the shareholdings of the company's directors, supervisors, and senior management during the reporting period[135](index=135&type=chunk) [V. Changes in Controlling Shareholder or Actual Controller](index=37&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's **controlling shareholder did not change** during the reporting period[136](index=136&type=chunk) - The company's **actual controller did not change** during the reporting period[136](index=136&type=chunk) [VI. Preferred Shares](index=38&type=section&id=VI.%20Preferred%20Shares) The company had no preferred shares during the reporting period - The company had **no preferred shares** during the reporting period[137](index=137&type=chunk) [Section 7 Bond-related Matters](index=39&type=section&id=Section%207%20Bond-related%20Matters) [Bond-related Matters](index=39&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[139](index=139&type=chunk) [Section 8 Financial Report](index=40&type=section&id=Section%208%20Financial%20Report) [I. Audit Report](index=40&type=section&id=I.%20Audit%20Report) The company's semi-annual financial report was not audited - The company's semi-annual financial report was **unaudited**[141](index=141&type=chunk) [II. Financial Statements](index=40&type=section&id=II.%20Financial%20Statements) This section presents the consolidated and parent company financial statements for the first half of 2025 Key Data from Consolidated Balance Sheet (Period-end Balance) | Item | Period-end Balance (Yuan) | | :--- | :--- | | Total Assets | 3,867,517,135.95 | | Total Liabilities | 1,224,856,726.37 | | Total Equity Attributable to Parent Company | 2,569,886,803.97 | | Minority Interest | 72,773,605.61 | | Total Equity | 2,642,660,409.58 | Key Data from Consolidated Income Statement (Current Period Amount) | Item | Current Period Amount (Yuan) | | :--- | :--- | | Total Operating Revenue | 459,890,445.57 | | Total Operating Costs | 334,955,894.15 | | Operating Profit | 98,389,222.65 | | Total Profit | 98,659,728.33 | | Net Profit | 85,795,930.81 | | Net Profit Attributable to Parent Company Shareholders | 80,976,100.90 | | Basic Earnings Per Share (Yuan/Share) | 0.24 | Key Data from Consolidated Cash Flow Statement (Current Period Amount) | Item | Current Period Amount (Yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | 131,128,639.57 | | Net Cash Flow from Investing Activities | -16,502,911.79 | | Net Cash Flow from Financing Activities | -208,933,183.48 | | Net Increase in Cash and Cash Equivalents | -94,307,455.70 | [III. Company Basic Information](index=58&type=section&id=III.%20Company%20Basic%20Information) Beijing Beimo Gaoke Friction Materials Co, Ltd was established in 2016, listed in 2020, and primarily engages in braking products and testing services - The company was established on September 1, 2016, and listed on the main board of the Shenzhen Stock Exchange in April 2020[174](index=174&type=chunk) - The company's main business includes the R&D, production, and sale of braking products for military aircraft and ground equipment, as well as electronic component testing services[175](index=175&type=chunk) - As of June 30, 2025, the company's total issued share capital is **331.8536 million shares**, with a registered capital of 331.8536 million Yuan[174](index=174&type=chunk) - The company's actual controller is **Wang Shumin**[176](index=176&type=chunk) [IV. Basis of Preparation of Financial Statements](index=58&type=section&id=IV.%20Basis%20of%20Preparation%20of%20Financial%20Statements) The financial statements are prepared in accordance with PRC Accounting Standards for Business Enterprises and on a going concern basis - The financial statements are prepared in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance and relevant regulations of the CSRC[178](index=178&type=chunk) - These financial statements are prepared on a **going concern basis**[179](index=179&type=chunk) [V. Significant Accounting Policies and Estimates](index=58&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the key accounting policies and estimates used in preparing the financial statements, covering areas like revenue recognition and asset valuation - The company has formulated specific accounting policies and estimates for items such as bad debt provisions for accounts receivable, depreciation of fixed assets, amortization of intangible assets, and revenue recognition, based on its operational characteristics[180](index=180&type=chunk) - Revenue is recognized when the company has fulfilled its performance obligations in the contract, i,e, when the customer obtains control of the related goods or services[331](index=331&type=chunk) - Revenue from product sales is recognized upon acceptance by the resident military representative and delivery, or upon delivery and receipt of customer acceptance documents; revenue from testing services is recognized upon delivery of the test report to the customer[339](index=339&type=chunk)[340](index=340&type=chunk) - The company applies impairment accounting based on **expected credit losses** for financial assets measured at amortized cost, financial assets at fair value through other comprehensive income (debt instruments), and financial guarantee contracts[237](index=237&type=chunk) [VI. Taxes](index=85&type=section&id=VI.%20Taxes) The company and several subsidiaries benefit from a reduced 15% corporate income tax rate as high-tech enterprises Major Taxes and Tax Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Output tax is calculated based on sales revenue and taxable service income as per tax law, with the difference after deducting allowable input tax being the VAT payable | 13%, 9%, 6% | | Urban Maintenance and Construction Tax | Levied on the actual amount of VAT and consumption tax paid | 7%, 5% | | Corporate Income Tax | Levied on taxable income | 25%, 20%, 15% | | Education Surcharge / Local Education Surcharge | Levied on the actual amount of VAT and consumption tax paid | 3%, 2% | - The company and its subsidiaries Shanghai Kaiben, Shaanxi Lantai, Beijing Jinghanyu, Xi'an Jinghanyu, and Beimo Gaoke Zhengding are all recognized as **high-tech enterprises**, subject to a reduced corporate income tax rate of 15%[379](index=379&type=chunk)[380](index=380&type=chunk)[381](index=381&type=chunk)[382](index=382&type=chunk)[383](index=383&type=chunk)[384](index=384&type=chunk) - Subsidiary Hanzhong Lihang Hydraulic Equipment Co, Ltd is eligible for the preferential tax policy for small and micro enterprises, with its taxable income reduced by 25% and taxed at a rate of 20%[384](index=384&type=chunk) - Subsidiary Shanghai Kaiben Aviation Technology Co, Ltd enjoys a VAT refund policy for eligible aircraft maintenance services[385](index=385&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=87&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed disclosures on key items in the consolidated financial statements, such as accounts receivable and long-term debt Accounts Receivable and Bad Debt Provision (Period-end Balance) | Item | Book Balance (Yuan) | Bad Debt Provision (Yuan) | Book Value (Yuan) | | :--- | :--- | :--- | :--- | | Accounts Receivable | 2,045,649,289.98 | 511,579,190.07 | 1,534,070,099.91 | Long-term Borrowings (Period-end Balance) | Item | Period-end Balance (Yuan) | Beginning Balance (Yuan) | | :--- | :--- | :--- | | Pledged Borrowings | 88,000,000.00 | 292,500,000.00 | | Total | 88,000,000.00 | 292,500,000.00 | - The decrease in long-term borrowings is mainly due to the repayment of part of the loan for acquiring minority interests in the subsidiary Jinghanyu Operating Revenue and Cost (Current Period Amount) | Item | Revenue (Yuan) | Cost (Yuan) | | :--- | :--- | :--- | | Main Business | 459,890,445.57 | 235,932,650.44 | | Total | 459,890,445.57 | 235,932,650.44 | [VIII. R&D Expenditures](index=138&type=section&id=VIII.%20R&D%20Expenditures) Total R&D expenditure was 43.21 million Yuan, an increase of 5.94% year-on-year, with all expenses being expensed R&D Expenditure Details | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Employee Compensation | 20,444,541.27 | 24,758,305.74 | | Depreciation and Amortization | 4,184,150.04 | 2,336,449.51 | | R&D Materials | 11,722,359.05 | 7,842,665.66 | | Testing and Inspection Fees | 4,480,643.92 | 2,951,296.63 | | Electricity Fees | 844,018.46 | 1,220,636.78 | | Travel Expenses | 298,302.72 | 761,759.44 | | Others | 1,237,917.03 | 919,119.32 | | Total | 43,211,932.49 | 40,790,233.08 | | Of which: Expensed R&D | 43,211,932.49 | 40,790,233.08 | | Capitalized R&D | 0.00 | 0.00 | - All R&D expenditures in the current period were **expensed**, with no capitalized R&D projects[636](index=636&type=chunk) [IX. Changes in the Scope of Consolidation](index=139&type=section&id=IX.%20Changes%20in%20the%20Scope%20of%20Consolidation) There were no changes in the scope of consolidation due to business combinations or disposals during the reporting period - The company had **no business combinations under common control** during the reporting period[640](index=640&type=chunk) - The company had **no business combinations not under common control** during the reporting period[642](index=642&type=chunk) - The company had **no reverse acquisitions or disposals of subsidiaries** leading to a loss of control[646](index=646&type=chunk) [X. Interests in Other Entities](index=142&type=section&id=X.%20Interests%20in%20Other%20Entities) This section discloses the company's interests in its subsidiaries, with Beijing Jinghanyu being a significant non-wholly-owned subsidiary Composition of the Corporate Group (Selected Subsidiaries) | Subsidiary Name | Registered Capital (Yuan) | Business Nature | Shareholding Ratio (Direct) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | | Beijing Jinghanyu Electronic Engineering Technology Co, Ltd | 360,000,000.00 | Testing Services | 87.75% | Business combination not under common control | | Shanghai Kaiben Aviation Technology Co, Ltd | 5,000,000.00 | Manufacturing | 100.00% | Business combination not under common control | | Shaanxi Lantai Aviation Equipment Co, Ltd | 60,000,000.00 | Manufacturing | 66.67% | Business combination not under common control | Significant Non-wholly-owned Subsidiary (Beijing Jinghanyu Electronic Engineering Technology Co, Ltd) | Subsidiary Name | Minority Interest Ratio | Profit/Loss Attributable to Minority Shareholders (Yuan) | Minority Interest Balance at Period-end (Yuan) | | :--- | :--- | :--- | :--- | | Beijing Jinghanyu Electronic Engineering Technology Co, Ltd | 12.25% | 5,367,542.60 | 57,506,271.52 | - The company had **no significant joint ventures or associates**, nor any significant joint operations or structured entities not included in the consolidated financial statements during the reporting period[656](index=656&type=chunk)[658](index=658&type=chunk)[659](index=659&type=chunk)[661](index=661&type=chunk) [XI. Government Grants](index=148&type=section&id=XI.%20Government%20Grants) The company recognized deferred income from government grants of 45.93 million Yuan at period-end, with 8.02 million Yuan recognized in current profit or loss Liabilities Related to Government Grants (Deferred Income) | Account | Beginning Balance (Yuan) | New Grants (Yuan) | Transferred to Other Income (Yuan) | Ending Balance (Yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 46,475,000.00 | 0 | 550,000.00 | 45,925,000.00 | Asset-related | Government Grants Recognized in Current Profit or Loss | Account | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Other Income | 8,022,241.70 | 3,083,570.95 | [XII. Risks Related to Financial Instruments](index=148&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company manages credit, liquidity, and market risks through diversified investments, credit assessments, and cash flow monitoring - The company faces **credit risk, liquidity risk, and market risk** (including exchange rate risk, interest rate risk, and other price risks)[665](index=665&type=chunk) - The company controls credit risk through diversified investments, assessing customer creditworthiness, and regularly monitoring customer credit records[667](index=667&type=chunk) - The company manages liquidity risk by monitoring cash balances, using rolling cash flow forecasts, and ensuring access to backup funds[668](index=668&type=chunk) Financial Liabilities by Maturity of Undiscounted Contractual Cash Flows (Period-end Balance) | Item | Within 1 Year (Yuan) | Over 1 Year (Yuan) | Total Undiscounted Contractual Amount (Yuan) | Book Value (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Short-term Borrowings | 10,193,855.40 | | 10,193,855.40 | 10,193,855.40 | | Notes Payable | 79,577,440.00 | | 79,577,440.00 | 79,577,440.00 | | Accounts Payable | 622,341,334.39 | | 622,341,334.39 | 622,341,334.39 | | Other Payables | 317,270,508.01 | | 317,270,508.01 | 317,270,508.01 | | Non-current Liabilities Due within One Year | 21,743,603.75 | | 21,743,603.75 | 21,743,603.75 | | Other Current Liabilities | 3,346,211.02 | | 3,346,211.02 | 3,346,211.02 | | Long-term Borrowings | | 88,000,000.00 | 88,000,000.00 | 88,000,000.00 | | Lease Liabilities | | 29,733,245.72 | 29,733,245.72 | 29,733,245.72 | | Total | 1,054,472,952.57 | 117,733,245.72 | 1,172,206,198.29 | 1,162,012,342.89 | [XIII. Fair Value Disclosure](index=151&type=section&id=XIII.%20Fair%20Value%20Disclosure) Assets continuously measured at fair value totaled 4.05 million Yuan, consisting entirely of receivables financing measured at Level 3 Period-end Fair Value of Assets and Liabilities Measured at Fair Value | Item | Level 3 Fair Value Measurement (Yuan) | Total (Yuan) | | :--- | :--- | :--- | | Receivables Financing | 4,053,637.29 | 4,053,637.29 | | Total Assets Continuously Measured at Fair Value | 4,053,637.29 | 4,053,637.29 | - The difference between the fair value and book value of financial assets and liabilities not measured at fair value is **not significant**[679](index=679&type=chunk) [XIV. Related Parties and Related-Party Transactions](index=152&type=section&id=XIV.%20Related%20Parties%20and%20Related-Party%20Transactions) The company's actual controller is Ms Wang Shumin, and no significant related-party transactions occurred during the reporting period - The company's actual controller is **Ms Wang Shumin**, who holds 36.32% of the company's equity[679](index=679&type=chunk) - The company had **no related-party transactions** for the purchase or sale of goods or the provision and receipt of services during the reporting period[682](index=682&type=chunk)[683](index=683&type=chunk) - The company had **no significant related-party transactions** such as entrusted management, leasing, guarantees, fund lending, asset transfers, or debt restructuring during the reporting period[684](index=684&type=chunk)[685](index=685&type=chunk)[686](index=686&type=chunk)[687](index=687&type=chunk)[688](index=688&type=chunk)[689](index=689&type=chunk)[690](index=690&type=chunk)[691](index=691&type=chunk)[692](index=692&type=chunk) [XV. Share-based Payment](index=155&type=section&id=XV.%20Share-based%20Payment) The company had no share-based payment arrangements during the reporting period - The company had **no share-based payment situations** during the reporting period[699](index=699&type=chunk) [XVI. Commitments and Contingencies](index=156&type=section&id=XVI.%20Commitments%20and%20Contingencies) The company had no significant commitments or contingencies to disclose as of the balance sheet date - The company had **no significant commitments** as of the balance sheet date[700](index=700&type=chunk) - The company had **no significant contingencies** to disclose[701](index=701&type=chunk)[702](index=702&type=chunk) [XVII. Subsequent Events](index=156&type=section&id=XVII.%20Subsequent%20Events) There were no significant subsequent events, such as non-adjusting events or profit distributions, after the reporting period - The company had **no significant non-adjusting events** after the reporting period[704](index=704&type=chunk) - The company had **no subsequent events** such as profit distributions or sales returns[705](index=705&type=chunk) [XVIII. Other Significant Matters](index=157&type=section&id=XVIII.%20Other%20Significant%20Matters) The company had no other significant matters such as prior period error corrections, debt restructuring, or discontinued operations - The company had **no other significant matters** such as prior period error corrections, debt restructuring, asset swaps, annuity plans, or discontinued operations[706](index=706&type=chunk)[708](index=708&type=chunk)[709](index=709&type=chunk) - The company has **no reportable segments** or is unable to disclose the total assets and liabilities of each reportable segment[712](index=712&type=chunk) [XIX. Notes to Key Items in the Parent Company's Financial Statements](index=158&type=section&id=XIX.%20Notes%20to%20Key%20Items%20in%20the%20Parent%20Company's%20Financial%20Statements) This section details key items from the parent company's financial statements, including receivables, long-term investments, and revenue Parent Company Accounts Receivable and Bad Debt Provision (Period-end Balance) | Item | Book Balance (Yuan) | Bad Debt Provision (Yuan) | Book Value (Yuan) | | :--- | :--- | :--- | :--- | | Accounts Receivable | 1,555,188,885.28 | 422,175,456.48 | 1,133,013,428.80 | Parent Company Long-term Equity Investments (Period-end Balance) | Item | Book Balance (Yuan) | Book Value (Yuan) | | :--- | :--- | :--- | | Investments in Subsidiaries | 1,082,450,000.00 | 1,082,450,000.00 | | Total | 1,082,450,000.00 | 1,082,450,000.00 | Parent Company Operating Revenue and Cost (Current Period Amount) | Item | Revenue (Yuan) | Cost (Yuan) | | :--- | :--- | :--- | | Main Business | 312,945,095.20 | 190,179,901.01 | | Total | 312,945,095.20 | 190,179,901.01 | [XX. Supplementary Information](index=167&type=section&id=XX.%20Supplementary%20Information) This section provides details on non-recurring items and key financial ratios, such as return on equity and earnings per share Details of Current Non-recurring Profit and Loss | Item | Amount (Yuan) | | :--- | :--- | | Government Subsidies Recognized in Current Profit or Loss (Excluding those with continuous impact) | 1,193,300.00 | | Fair Value Changes and Disposal Gains/Losses on Financial Assets and Liabilities Held by Non-financial Enterprises (Excluding effective hedging related to normal operations) | 93,055.56 | | Other Non-operating Income and Expenses | 270,505.68 | | Less: Income Tax Impact | 233,522.11 | | Minority Interest Impact (After Tax) | 164,058.27 | | Total | 1,159,280.86 | Return on Equity and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Equity | Basic Earnings Per Share (Yuan/Share) | Diluted Earnings Per Share (Yuan/Share) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Ordinary Shareholders | 3.19% | 0.24 | 0.24 | | Net Profit Attributable to Ordinary Shareholders (Excluding Non-recurring Items) | 3.15% | 0.24 | 0.24 | - The company has **no differences** in accounting data under domestic and foreign accounting standards[766](index=766&type=chunk) [Section 9 Other Submitted Data](index=169&type=section&id=Section%209%20Other%20Submitted%20Data) [I. Other Major Social Safety Issues](index=169&type=section&id=I.%20Other%20Major%20Social%20Safety%20Issues) The company and its subsidiaries have no other major social safety issues and received no administrative penalties - The company and its subsidiaries have **no other major social safety issues**[768](index=768&type=chunk) - **No administrative penalties** were received during the reporting period[768](index=768&type=chunk) [II. Record of Investor Relations Activities](index=169&type=section&id=II.%20Record%20of%20Investor%20Relations%20Activities) The company hosted two institutional investor events during the reporting period, including a conference call and an on-site visit - On April 25, 2025, the company hosted several institutional investors via a **conference call**, with details available in the relevant announcement[768](index=768&type=chunk) - On June 13, 2025, the company conducted an **on-site visit** for several institutional investors, with details available in the relevant announcement[768](index=768&type=chunk) [III. Fund Transactions between the Company and its Controlling Shareholder and Other Related Parties](index=170&type=section&id=III.%20Fund%20Transactions%20between%20the%20Company%20and%20its%20Controlling%20Shareholder%20and%20Other%20Related%20Parties) There were no fund transactions between the company and its controlling shareholder or other related parties during the reporting period - There were **no fund transactions** between the company and its controlling shareholder or other related parties during the reporting period[770](index=770&type=chunk)