[Important Notes, Table of Contents, and Definitions](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) This section provides essential disclaimers, the report's structure, and definitions of key terms for clarity [Important Notes](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The Board of Directors, Supervisory Board, and senior management guarantee the accuracy and completeness of the semi-annual report - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content[3](index=3&type=chunk) - Company head Zhang Peifeng, chief accountant Hu Zhiming, and head of accounting department Wang Jiabin declare the financial report is true, accurate, and complete[3](index=3&type=chunk) [Risk Factors](index=2&type=section&id=%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The company faces risks from policy and market fluctuations, increasing accounts receivable, gross margin volatility, and underperforming fundraising projects - Policy and market risks: Engineering consulting services are highly susceptible to national macroeconomic conditions and industrial policy adjustments, potentially leading to market demand fluctuations and adverse operating performance[4](index=4&type=chunk) - Accounts receivable risk: At the end of the reporting period, the book value of accounts receivable reached **1.675 billion yuan**, accounting for **31.13% of total assets**, showing an increasing trend, which could lead to bad debts if clients face financial strain[5](index=5&type=chunk) - Gross margin fluctuation risk: The gross margin of engineering consulting services is influenced by project scale, complexity, fee standards, and cost control, and may continue to fluctuate in the future[7](index=7&type=chunk) - Fundraising project implementation risk: Fundraising projects may not proceed as planned or achieve expected returns due to changes in macroeconomic conditions, market environment, or failure to meet market expansion targets[8](index=8&type=chunk) [Profit Distribution Plan](index=3&type=section&id=%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E9%A2%84%E6%A1%88) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[9](index=9&type=chunk) [Table of Contents](index=4&type=section&id=%E7%9B%AE%E5%BD%95) This section outlines the report's structure, including company profile, management discussion, corporate governance, significant events, and financial statements [Definitions](index=6&type=section&id=%E9%87%8A%E4%B9%89) This section provides definitions for common terms used throughout the report, ensuring clear understanding of the content [Company Profile and Key Financial Indicators](index=7&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section introduces the company and presents its key financial performance and position metrics for the reporting period [Company Profile](index=7&type=section&id=%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) Gansu Engineering Consulting Group Co Ltd, stock code 000779, is listed on the Shenzhen Stock Exchange, with Zhang Peifeng as its legal representative - Stock Abbreviation: Gansu Consulting, Stock Code: **000779**, Listed Stock Exchange: Shenzhen Stock Exchange[16](index=16&type=chunk) - The company's legal representative is Zhang Peifeng[16](index=16&type=chunk) - The company's contact information and information disclosure location remained unchanged during the reporting period[18](index=18&type=chunk)[19](index=19&type=chunk) [Key Accounting Data and Financial Indicators](index=8&type=section&id=%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) The company achieved year-on-year growth in operating revenue and net profit attributable to shareholders, despite a decrease in net cash flow from operating activities Key Accounting Data and Financial Indicators (Current Reporting Period vs Prior Year Period) | Indicator | Current Reporting Period (CNY) | Prior Year Period (CNY) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 924,190,853.66 | 900,392,673.42 | 2.64% | | Net Profit Attributable to Shareholders of Listed Company | 133,134,508.37 | 126,445,099.33 | 5.29% | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-recurring Gains and Losses | 129,530,344.86 | 123,280,884.27 | 5.07% | | Net Cash Flow from Operating Activities | -244,534,110.06 | -207,537,235.39 | -17.83% | | Basic Earnings Per Share (CNY/share) | 0.2864 | 0.272 | 5.29% | | Diluted Earnings Per Share (CNY/share) | 0.2864 | 0.2714 | 5.53% | | Weighted Average Return on Net Assets | 3.42% | 3.42% | 0.00% | | Total Assets (Period-end) | 5,383,255,436.39 | 5,501,235,733.50 | -2.14% | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 3,927,672,966.71 | 3,831,635,363.58 | 2.51% | [Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=8&type=section&id=%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) The company reports no differences in net profit and net assets between international or overseas accounting standards and Chinese accounting standards - The company reports no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards for the reporting period[22](index=22&type=chunk) - The company reports no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards for the reporting period[23](index=23&type=chunk) [Non-recurring Gains and Losses and Amounts](index=8&type=section&id=%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) Non-recurring gains and losses totaled **3.60 million yuan**, primarily from government subsidies and other non-operating income and expenses Non-recurring Gains and Losses and Amounts | Item | Amount (CNY) | Description | | :--- | :--- | :--- | | Gains and losses from disposal of non-current assets | -20,268.87 | | | Government subsidies recognized in current profit or loss | 3,042,546.47 | Government subsidies | | Other non-operating income and expenses apart from the above | 1,217,914.76 | | | Less: Income tax impact | 636,028.85 | | | Total | 3,604,163.51 | -- | [Management Discussion and Analysis](index=10&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section provides an in-depth analysis of the company's operations, financial performance, core competencies, and risk management strategies [Principal Businesses Engaged in by the Company During the Reporting Period](index=10&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company primarily engages in engineering consulting across various sectors, driven by new infrastructure, regional strategies, and internal market expansion - The company's main business is engineering consulting services, falling under "M Scientific Research and Technical Services" specifically "M74 Professional Technical Services"[29](index=29&type=chunk) - Key business types include planning consulting, survey and design, engineering management, EPC, and testing, covering the entire lifecycle of engineering projects[30](index=30&type=chunk)[31](index=31&type=chunk) - External drivers include new urban infrastructure construction, urban renewal, rural revitalization, carbon peak and neutrality goals, digital technology integration, and major strategic opportunities like the national Western Development strategy[34](index=34&type=chunk) - Internal drivers include optimizing provincial market layout, fostering new businesses (municipal, new energy, ecological environmental protection), expanding markets outside the province, and advancing three institutional reforms and technological innovation[35](index=35&type=chunk) [Analysis of Core Competencies](index=11&type=section&id=%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core strengths lie in its comprehensive qualifications, skilled talent, robust technical capabilities, and integrated full-process engineering consulting services - Qualification advantages: Possesses Grade A qualifications for land planning, urban and rural planning, 6 professional Grade A accreditations, comprehensive Grade A engineering survey qualification, Grade A design qualifications for construction and water conservancy industries, and comprehensive engineering supervision qualification from the Ministry of Housing and Urban-Rural Development, covering multi-industry full-process services[36](index=36&type=chunk) - Talent advantages: Formed a professional talent team with complete disciplines, reasonable structure, strong technical skills, and rich project experience, with core members recognized by clients for their market development and service capabilities[37](index=37&type=chunk)[38](index=38&type=chunk) - Technical advantages: Possesses comprehensive full-industry chain service capabilities, achieving national or domestic advanced levels in seismic design for high-intensity areas, seismic design for large-span and large-space structures, building energy-saving technology, hydraulic and hydropower engineering survey and design, and foundation treatment in collapsible loess areas[39](index=39&type=chunk) - Full-process engineering consulting service capability advantages: Diverse business qualifications, extensive technical and talent reserves enhance the company's competitive edge in developing full-process engineering consulting services[40](index=40&type=chunk) [Main Business Analysis](index=12&type=section&id=%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Operating revenue increased by **2.64%** year-on-year, driven by technical services and engineering construction, while management expenses decreased and provincial business remained dominant Major Financial Data Year-on-Year Changes | Indicator | Current Reporting Period (CNY) | Prior Year Period (CNY) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 924,190,853.66 | 900,392,673.42 | 2.64% | Technical services, engineering construction, and EPC operating revenue increased year-on-year | | Operating Cost | 531,600,459.94 | 539,414,124.97 | -1.45% | Survey and design operating costs decreased with corresponding revenue | | Administrative Expenses | 131,129,541.78 | 149,780,945.90 | -12.45% | Management personnel salaries decreased year-on-year | | Financial Expenses | -11,423,903.02 | -16,277,051.01 | 29.82% | Cash management products not yet matured, leading to lower interest income year-on-year | | R&D Investment | 36,720,253.41 | 34,138,194.40 | 7.56% | Subsidiaries increased R&D investment | | Net Cash Flow from Operating Activities | -244,534,110.06 | -207,537,235.39 | -17.83% | Cash received for technical services decreased year-on-year | | Net Cash Flow from Investing Activities | -169,088,128.58 | -316,753,764.80 | 46.62% | Reduced expenditure on cash management products and acquisition of fixed assets | | Net Cash Flow from Financing Activities | -43,759,231.36 | -31,440,217.95 | -39.18% | Cash outflow for profit distribution to shareholders | | Credit Impairment Losses | -79,578,867.17 | -57,180,314.72 | -39.17% | Increase in accounts receivable and aging led to higher provision for bad debts year-on-year | | Asset Impairment Losses | -8,281,163.40 | -1,155,878.56 | -616.44% | Increase in contract assets and aging led to higher provision for impairment year-on-year | Operating Revenue Composition (by Industry) | Industry | Amount for Current Reporting Period (CNY) | Proportion of Operating Revenue | Amount for Prior Year Period (CNY) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Services | 787,386,075.24 | 85.20% | 810,768,248.88 | 90.04% | -2.88% | | Engineering Construction | 52,314,023.98 | 5.66% | 43,906,502.51 | 4.88% | 19.15% | | Other | 84,490,754.44 | 9.14% | 45,717,922.03 | 5.08% | 84.81% | Operating Revenue Composition (by Product) | Product | Amount for Current Reporting Period (CNY) | Proportion of Operating Revenue | Amount for Prior Year Period (CNY) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Pre-consulting, Planning | 63,659,016.89 | 6.89% | 83,975,502.19 | 9.33% | -24.19% | | Survey and Design | 459,709,733.43 | 49.74% | 469,448,619.23 | 52.14% | -2.07% | | Engineering Supervision | 149,862,324.67 | 16.22% | 151,704,657.45 | 16.85% | -1.21% | | Technical Services | 114,155,000.25 | 12.35% | 103,802,076.04 | 11.53% | 9.97% | | Leasing | 4,986,280.77 | 0.54% | 5,160,568.98 | 0.57% | -3.38% | | Other | 131,818,497.65 | 14.26% | 86,301,249.53 | 9.58% | 52.74% | Operating Revenue Composition (by Region) | Region | Amount for Current Reporting Period (CNY) | Proportion of Operating Revenue | Amount for Prior Year Period (CNY) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Engineering Consulting within Province | 857,140,541.76 | 92.74% | 848,698,345.49 | 94.26% | 0.99% | | Engineering Consulting outside Province | 67,050,311.90 | 7.26% | 51,496,899.62 | 5.72% | 30.20% | | Engineering Consulting Abroad | 0.00 | 0.00% | 197,428.31 | 0.02% | -100.00% | [Non-Core Business Analysis](index=14&type=section&id=%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Non-core businesses, particularly credit impairment losses, significantly impacted total profit, alongside investment income and non-operating income Impact of Non-Core Businesses on Total Profit | Item | Amount (CNY) | Proportion of Total Profit | Reason for Formation | Is it Sustainable | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 4,739,721.96 | 2.94% | Recognition of investment income from associates | Yes | | Asset Impairment | -8,281,163.40 | -5.14% | Primarily impairment losses on contract assets | Yes | | Non-operating Income | 3,921,694.76 | 2.43% | Primarily income from breach of contract compensation and project bonuses | No | | Non-operating Expenses | 2,713,288.93 | 1.68% | Primarily increased expenses for compensation and liquidated damages | No | | Credit Impairment Losses | -79,578,867.17 | -49.36% | Primarily impairment losses on receivables | Yes | [Analysis of Assets and Liabilities](index=14&type=section&id=%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Total assets slightly decreased, while net assets attributable to shareholders increased, with notable changes in cash, accounts receivable, and contract assets Significant Changes in Asset Composition | Item | Amount at End of Current Reporting Period (CNY) | Proportion of Total Assets | Amount at End of Prior Year (CNY) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 1,578,767,791.76 | 29.33% | 1,886,748,309.21 | 34.30% | -4.97% | Operating cash inflow was less than outflow during the off-season; decrease due to fixed asset investments and profit distribution to shareholders | | Accounts Receivable | 1,675,283,293.13 | 31.12% | 1,566,168,118.05 | 28.47% | 2.65% | Slow payment pace by clients, extending collection period | | Contract Assets | 174,198,643.26 | 3.24% | 76,978,347.13 | 1.40% | 1.84% | Increase in receivables not yet meeting collection conditions | | Inventories | 32,056,122.02 | 0.60% | 30,506,608.87 | 0.55% | 0.05% | Increase in unsettled contract performance costs | | Investment Properties | 141,406,799.93 | 2.63% | 144,505,777.14 | 2.63% | 0.00% | Decrease in book value due to amortization of investment properties | | Long-term Equity Investments | 271,359,478.45 | 5.04% | 266,619,756.49 | 4.85% | 0.19% | Increase in long-term equity investments due to recognition of investment income from associates | | Fixed Assets | 977,165,617.26 | 18.15% | 999,765,311.47 | 18.17% | -0.02% | Decrease in book value due to depreciation of fixed assets | | Contract Liabilities | 42,304,566.49 | 0.79% | 87,796,566.01 | 1.60% | -0.81% | Decrease in prepayments received for services and recognition of project revenue | | Long-term Borrowings | 32,429,723.07 | 0.60% | 36,411,723.07 | 0.66% | -0.06% | Repayment of bank borrowings | | Lease Liabilities | 19,185,749.35 | 0.36% | 21,672,410.66 | 0.39% | -0.03% | Decrease due to scheduled lease payments | - The company reports no major overseas assets during the reporting period[53](index=53&type=chunk) - The company reports no assets and liabilities measured at fair value during the reporting period[53](index=53&type=chunk) Asset Rights Restricted as of the End of the Reporting Period | Item | Book Value at Period-end (CNY) | Reason for Restriction | | :--- | :--- | :--- | | Cash and Cash Equivalents | 182,692,831.88 | Guarantees, regulatory funds, frozen funds due to litigation, cash management products, etc | | Fixed Assets | 12,948,959.91 | Mortgage loans | | Total | 195,641,791.79 | | [Analysis of Investment Status](index=16&type=section&id=%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Total investment significantly decreased year-on-year due to the slowdown and temporary suspension of certain fundraising investment projects Overall Investment Amount During the Reporting Period | Indicator | Amount (CNY) | | :--- | :--- | | Investment Amount for Current Reporting Period | 10,371,537.44 | | Investment Amount for Prior Year Period | 103,274,246.38 | | Change Percentage | -89.96% | - The company reports no securities or derivative investments during the reporting period[56](index=56&type=chunk)[57](index=57&type=chunk) Overall Use of Raised Funds | Total Raised Funds (1) (Ten Thousand CNY) | Total Raised Funds Invested During Reporting Period (Ten Thousand CNY) | Cumulative Used Raised Funds (2) (Ten Thousand CNY) | Cumulative Raised Funds with Changed Purpose (3) (Ten Thousand CNY) | Proportion of Cumulative Raised Funds with Changed Purpose (3)/(1) | Total Unused Raised Funds (Ten Thousand CNY) | Amount of Raised Funds Idle for More Than Two Years (Ten Thousand CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 76,000 | 322.1 | 14,414.46 | 0 | 0.00% | 62,242.7 | 0 | - As of June 30, 2025, the company has actually invested a total of **144.1446 million yuan** in related projects, with **622.427 million yuan** of unused raised funds, of which **456 million yuan** is for cash management and the remaining **166 million yuan** is held in special accounts for raised funds[59](index=59&type=chunk) - The "Full-Process Engineering Consulting Service Capability Enhancement Project" and "Integrated Management, R&D, and Informatization Capability Enhancement Project" have been temporarily suspended due to market environment and future industry outlook assessments indicating that investment returns may not meet expected levels[61](index=61&type=chunk) [Significant Asset and Equity Sales](index=19&type=section&id=%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) The company did not engage in any significant asset or equity sales during the reporting period - The company did not sell any significant assets during the reporting period[64](index=64&type=chunk) - The company did not sell any significant equity during the reporting period[65](index=65&type=chunk) [Analysis of Major Holding and Participating Companies](index=20&type=section&id=%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) Key subsidiaries like Western (Gansu) Planning Consulting and Gansu Water Conservancy and Hydropower Survey and Design contributed significantly to revenue and net profit, with two new subsidiaries established Major Subsidiaries and Participating Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Main Business | Registered Capital (CNY) | Total Assets (CNY) | Net Assets (CNY) | Operating Revenue (CNY) | Operating Profit (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Western (Gansu) Planning Consulting Co Ltd | Subsidiary | Planning consulting, consulting evaluation, engineering design, testing and certification, project management, management consulting, etc | 1,000,000,000.00 | 4,302,013,712.34 | 2,518,198,176.37 | 926,213,426.91 | 170,193,779.81 | 143,824,405.80 | | Gansu Water Conservancy and Hydropower Survey and Design Research Institute Co Ltd | Second-level Subsidiary | Water conservancy and hydropower engineering planning and design; wind power, new energy power generation engineering design; engineering consulting and its argumentation research; engineering survey, supervision, mapping, quality inspection; soil and water conservation plan preparation, etc | 241,622,100.00 | 1,217,537,816.01 | 584,637,897.49 | 272,616,691.32 | 52,158,977.85 | 46,807,652.59 | | Gansu Civil Engineering Science Research Institute Co Ltd | Second-level Subsidiary | Architectural science and technology research and consulting; architectural engineering testing, municipal engineering testing, geotechnical engineering testing, foundation and main structure testing, steel structure engineering testing, architectural engineering installation testing, etc | 63,910,000.00 | 352,228,739.75 | 202,777,759.63 | 79,630,435.60 | 7,076,335.39 | 5,317,339.57 | | Gansu Urban and Rural Planning and Design Institute Co Ltd | Second-level Subsidiary | Urban and rural planning, land planning, architectural industry (architectural engineering) design, engineering survey (geotechnical engineering (survey)), engineering survey professional category (engineering surveying, geotechnical engineering, labor category (engineering drilling)) engineering supervision, etc | 78,900,000.00 | 585,225,571.59 | 375,542,288.25 | 152,526,372.89 | 29,595,274.59 | 25,045,512.97 | | Gansu Architectural Design Institute Co Ltd | Second-level Subsidiary | Undertaking survey and design of industrial and civil construction projects at home and abroad; civil air defense engineering design; urban and rural planning, municipal industry design; engineering cost, engineering consulting, etc | 80,000,000.00 | 1,241,817,389.93 | 645,962,927.70 | 266,134,890.06 | 48,428,111.51 | 40,993,336.12 | Acquisition and Disposal of Subsidiaries During the Reporting Period | Company Name | Method of Acquisition or Disposal of Subsidiaries During Reporting Period | Impact on Overall Production, Operations, and Performance | | :--- | :--- | :--- | | Gansu Hemei Construction Consulting Co Ltd | Newly established | Total profit for the reporting period was -625,000 CNY, with minor impact on overall production and operations | | Gansu Zhuchuang Engineering Co Ltd | Newly established | Total profit for the reporting period was 27,700 CNY, with minor impact on overall production and operations | [Information on Structured Entities Controlled by the Company](index=21&type=section&id=%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) The company did not control any structured entities during the reporting period - The company reports no controlled structured entities during the reporting period[69](index=69&type=chunk) [Risks Faced by the Company and Countermeasures](index=21&type=section&id=%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company addresses policy, market, accounts receivable, gross margin, and fundraising project risks through strategic planning, optimized collection, and cost control - Policy and market risks: Managed by strengthening policy and market analysis, focusing on national strategic priorities, cultivating niche markets, implementing diversification strategies, and enhancing market operational capabilities[69](index=69&type=chunk) - Accounts receivable risk: Addressed by optimizing collection measures, strengthening client credit investigations, managing and recovering accounts, reinforcing internal assessments, and improving collection efficiency[70](index=70&type=chunk) - Gross margin fluctuation risk: Mitigated by promoting refined management, focusing on cost reduction and efficiency improvement, implementing effective cost control, innovating management methods, and rationally planning human resources[70](index=70&type=chunk) - Fundraising project implementation risk: Managed by closely following market trends, monitoring macroeconomic and industry policy changes, and timely adjusting the construction progress and pace of fundraising projects[71](index=71&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=22&type=section&id=%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%88%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has not formulated a market value management system nor disclosed a valuation enhancement plan - The company has not formulated a market value management system[72](index=72&type=chunk) - The company has not disclosed a valuation enhancement plan[72](index=72&type=chunk) [Implementation of “Quality and Return Dual Enhancement” Action Plan](index=22&type=section&id=%E2%80%9C%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%E2%80%9D%E8%A1%8C%E5%8A%A8%E6%96%B9%E6%A1%88%E8%B4%AF%E5%BD%BB%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has not disclosed an announcement regarding the "Quality and Return Dual Enhancement" action plan - The company has not disclosed an announcement regarding the "Quality and Return Dual Enhancement" action plan[72](index=72&type=chunk) [Corporate Governance, Environment, and Society](index=23&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This section details changes in corporate governance, profit distribution, environmental disclosures, and social responsibility initiatives [Changes in Directors, Supervisors, and Senior Management](index=23&type=section&id=%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company experienced multiple changes in its Board of Directors, Supervisory Board, and senior management during the reporting period Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Zhang Peifeng | General Manager | Resignation | January 08, 2025 | Job transfer | | Zhang Peifeng | Chairman | Election | January 08, 2025 | Job transfer | | Chen Yifu | General Manager | Appointment | January 08, 2025 | Job transfer | | Meng Kangrong | Deputy General Manager | Appointment | January 08, 2025 | Job transfer | | Gou Hailong | Deputy General Manager | Resignation | June 03, 2025 | Retirement | | Zhao Dengfeng | Chief Financial Officer | Resignation | June 25, 2025 | Job transfer | | Hu Zhiming | Chief Financial Officer | Appointment | June 25, 2025 | Job transfer | [Profit Distribution and Capital Reserve Conversion to Share Capital for the Current Reporting Period](index=23&type=section&id=%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[75](index=75&type=chunk) [Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=23&type=section&id=%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place during the reporting period - The company reports no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[76](index=76&type=chunk) [Environmental Information Disclosure](index=23&type=section&id=%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[77](index=77&type=chunk) [Social Responsibility](index=23&type=section&id=%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company actively fulfilled its social responsibilities by contributing to provincial economic development, participating in key projects, and advancing rural revitalization initiatives - The company actively participated in the formulation of plans such as "Opinions on Adhering to the 'Four Waters and Four Determinations' Principle to Comprehensively Promote Ecological Protection and High-Quality Development," providing decision-making support for the province's water conservancy reform and development[77](index=77&type=chunk) - Successfully completed tasks such as the Zhongchuan Airport Phase III project and the supervision of the Malian River Grand Bridge on the Xihe Highway project, and orderly advanced key projects like the quality improvement and renovation design of the Shaanxi-Gansu-Ningxia Yanhuanding Yellow River Pumping Gansu Special Project[77](index=77&type=chunk) - Formulated and implemented the "Key Points for Rural Revitalization Assistance Work in 2025," systematically advancing 31 assistance projects in nine areas, with 14 already successfully implemented, and actively carried out consumption assistance and paired care actions[77](index=77&type=chunk)[78](index=78&type=chunk) [Significant Matters](index=25&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section covers important events, commitments, legal proceedings, and related party transactions that impact the company's operations and financial position [Commitments](index=25&type=section&id=%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E5%8F%8A%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) The controlling shareholder, Gansu State-owned Assets Investment Group Co Ltd, made commitments regarding competition, related party transactions, and property title defects, with some property title commitments extended - Gansu State-owned Assets Investment Group Co Ltd committed to avoiding horizontal competition and non-operating appropriation of listed company funds, and to minimizing related party transactions[80](index=80&type=chunk)[81](index=81&type=chunk)[82](index=82&type=chunk)[83](index=83&type=chunk) - Regarding defects in the target land and properties, Gansu State-owned Assets Investment Group Co Ltd committed to actively processing ownership certificates, has obtained 4 real estate certificates, and the deadline for the remaining 3 property certificates has been extended to December 27, 2025[83](index=83&type=chunk)[84](index=84&type=chunk)[85](index=85&type=chunk)[86](index=86&type=chunk) [Non-Operating Appropriation of Funds](index=31&type=section&id=%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E5%AF%B9%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E7%9A%84%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) The company reports no non-operating appropriation of funds by controlling shareholders or other related parties during the reporting period - The company reports no non-operating appropriation of funds by controlling shareholders or other related parties of the listed company during the reporting period[87](index=87&type=chunk) [Illegal External Guarantees](index=31&type=section&id=%E8%BF%9D%E8%A7%84%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) The company reports no illegal external guarantees during the reporting period - The company reports no illegal external guarantees during the reporting period[88](index=88&type=chunk) [Accounting Firm Information](index=31&type=section&id=%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[89](index=89&type=chunk) [Explanation of “Non-Standard Audit Report”](index=31&type=section&id=%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%E7%9A%84%E8%AF%B4%E6%98%8E) The company reports no non-standard audit reports for the current reporting period - The company reports no non-standard audit reports for the reporting period[90](index=90&type=chunk) [Explanation of “Non-Standard Audit Report” for the Prior Year](index=31&type=section&id=%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%B8%8A%E5%B9%B4%E5%BA%A6%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) The company reports no non-standard audit reports for the prior year - The company reports no non-standard audit reports for the prior year during the reporting period[90](index=90&type=chunk) [Bankruptcy and Reorganization Matters](index=31&type=section&id=%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) The company did not experience any bankruptcy or reorganization matters during the reporting period - The company did not experience any bankruptcy or reorganization matters during the reporting period[90](index=90&type=chunk) [Litigation Matters](index=31&type=section&id=%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company is involved in multiple significant litigation and arbitration cases, with varying statuses from ongoing execution to awaiting judgment Overview of Significant Litigation and Arbitration Matters | Litigation (Arbitration) Basic Information | Amount Involved (Ten Thousand CNY) | Whether a Provision for Liabilities has been Formed | Progress of Litigation (Arbitration) | Outcome and Impact of Litigation (Arbitration) | Status of Judgment Enforcement | | :--- | :--- | :--- | :--- | :--- | :--- | | Gansu Civil Engineering Science Research Institute Co Ltd vs Gansu JianTou Civil Engineering Construction Group Co Ltd Construction Engineering Subcontract Dispute | 309.08 | No | Judgment became effective on August 20, 2024 | Defendant must pay engineering fees of 3,090,780.52 CNY and interest | In execution | | Gansu Civil Engineering Science Research Institute Co Ltd vs Longxi County Housing and Urban-Rural Development Bureau Technical Service Contract Dispute | 256.69 | No | Hearing on April 22, 2025 | Not yet judged | Not executed | | Gansu Hydrogeological Engineering Geological Survey Institute Co Ltd vs Lanzhou Chuangmei Municipal Design Institute Co Ltd, Gansu Jingjiakou Logistics Co Ltd vs Gansu Water Conservancy and Hydropower Survey and Design Research Institute Co Ltd Construction Engineering Survey Contract Dispute | 750 | No | Judgment on December 9, 2024 | Defendant must pay design fees of 7.125 million CNY and overdue interest | Application for compulsory enforcement filed | | Gansu Architectural Design Institute Co Ltd vs Gansu Jingjiakou Logistics Co Ltd Design Contract Dispute | 350 | No | First-instance judgment on August 25, 2023 | Defendant must pay design fees of 3.325 million CNY, interest loss of 148,900 CNY | Application for compulsory enforcement filed | | Gansu Architectural Design Institute Co Ltd vs Gansu Material Group Lanzhou Logistics Distribution Co Ltd Contract Dispute | 244.36 | No | In May 2025, both parties reached a settlement | Architectural Institute has withdrawn the lawsuit, payment of arrears in installments | Lawsuit withdrawn | | Gansu Architectural Design Institute Co Ltd vs Gansu Material Group Lanzhou Logistics Distribution Co Ltd Contract Dispute | 158.54 | No | In May 2025, both parties reached a settlement | Architectural Institute has withdrawn the lawsuit, payment of arrears in installments | Lawsuit withdrawn | | Gansu Longzhong Pharmaceutical Co Ltd et al vs Gansu Engineering Construction Supervision Co Ltd Construction Engineering Construction Contract Dispute | 173.13 | No | First-instance judgment on December 20, 2024 | Engineering Supervision must compensate 12.3038 million CNY for engineering repair fees, 1.5476 million CNY for appraisal fees | In litigation, not executed | | Gansu Jianyan Geotechnical Engineering Co Ltd vs Gansu JianTou Civil Engineering Construction Group Co Ltd Construction Engineering Construction Contract Dispute | 1,189.53 | No | Civil judgment issued on October 15, 2024 | Revoked Lanzhou Intermediate People's Court judgment, upheld Lanzhou Chengguan District Court judgment | In execution | | Gansu Jianyan Geotechnical Engineering Co Ltd vs Gansu Yongkun Industrial Co Ltd Construction Engineering Construction Contract Dispute | 134.73 | No | Arbitration award received on June 15, 2023 | Respondent must pay engineering fees of 1.3473 million CNY | In execution | | Gansu Jianyan Geotechnical Engineering Co Ltd vs Lanzhou Yatai Real Estate Development Group Co Ltd, Gansu Haifeng Construction Co Ltd Construction Engineering Construction Contract Dispute | 265 | No | Judgment received on January 10, 2025 | Defendants must jointly pay engineering fees of 2.65 million CNY and overdue interest | Case closed with execution | | Gansu Jianyan Geotechnical Engineering Co Ltd vs Gansu Dacheng Cultural Tourism Development Co Ltd Construction Contract Dispute | 1,857.22 | No | Civil judgment issued on July 30, 2024 | Defendant must pay plaintiff discounted engineering compensation of 18.5444 million CNY and bear overdue interest | In execution | | Gansu Jianyan Geotechnical Engineering Co Ltd vs Gansu Dacheng Cultural Tourism Development Co Ltd Construction Contract Dispute | 737.23 | No | Civil ruling issued on December 31, 2024 | Rejection of retrial application, agreement reached by four parties, case concluded | Case closed with execution | | Gansu Jianyan Geotechnical Engineering Co Ltd vs Gansu Lianzhi Real Estate Development Co Ltd Construction Contract Dispute | 743.63 | No | Arbitration award issued on December 25, 2024 | Respondent must pay engineering fees of 7.3363 million CNY and interest of 414,800 CNY | Application for compulsory enforcement filed | | Gansu Haiwang Construction and Installation (Group) Co Ltd Commercial Concrete Branch vs Gansu Jianyan Geotechnical Engineering Co Ltd Sales Contract Dispute | 549.54 | No | Mediation agreement issued on August 7, 2024 | Agreement reached by four parties, case concluded | Case closed with execution | | Logistics Support Bureau of Gansu Provincial Military Command of the Chinese People's Liberation Army vs Gansu Urban and Rural Planning and Design Institute Co Ltd Survey and Design Contract Dispute | 620.12 | Yes | Judgment received on June 24, 2025 | Original judgment upheld, defendant must compensate 458,400 CNY for losses, 36,900 CNY for appraisal fees | In execution | | Lanzhou JianTou Real Estate Development Co Ltd vs China Railway 20th Bureau Group Sixth Engineering Co Ltd Construction Engineering Contract Dispute | 4,525.64 | No | Civil judgment received on November 15, 2024 | Planning Institute has appealed, awaiting second instance | Awaiting second instance | | Lanzhou New Area Vocational Education Park Construction Investment Development Co Ltd vs Gansu Third Construction Group Co Ltd Construction Engineering Construction Contract Dispute | 4,106.27 | No | Hearing on October 15, 2024 | Not yet judged | Not executed | | Lanzhou Qianchuan Real Estate Co Ltd vs Gansu Wanyuan Geotechnical Engineering Co Ltd Construction Engineering Construction Contract Dispute | 2,131.85 | No | Second-instance hearing on February 24, 2025 | First-instance judgment ordered defendant to pay engineering fees of 12.6524 million CNY, appraisal fees of 15,000 CNY; second-instance judgment ordered payment of appraisal fees of 195,000 CNY, other parts of first-instance judgment upheld | Not executed | | Shaanxi Zhongguang Industrial Co Ltd vs Gansu Wanyuan Geotechnical Engineering Co Ltd Construction Engineering Construction Contract Dispute | 547.92 | No | First-instance judgment on April 28, 2024 | Defendant must pay performance bond of 4.16 million CNY and overdue interest | Not executed | | Shaanxi Puhua Industrial Co Ltd vs Gansu Wanyuan Geotechnical Engineering Co Ltd Construction Engineering Construction Contract Dispute | 243.02 | No | First-instance judgment on November 4, 2024 | Defendant must pay engineering fees of 2.0936 million CNY and overdue interest | Not executed | [Penalties and Rectification](index=36&type=section&id=%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) The company reports no penalties or rectification situations during the reporting period - The company reports no penalties or rectification situations during the reporting period[97](index=97&type=chunk) [Integrity Status](index=36&type=section&id=%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E7%9A%84%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5) The company, its controlling shareholder, and actual controller maintain a good integrity status, with no unfulfilled judgments or large overdue debts - The company, its controlling shareholder, and actual controller maintain a good integrity status, with no unfulfilled effective court judgments, large overdue and unpaid debts, and are not listed as dishonest judgment debtors[98](index=98&type=chunk) [Significant Related Party Transactions](index=36&type=section&id=%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company reports no significant related party transactions concerning daily operations, asset/equity sales, joint investments, or non-operating debt during the reporting period - The company reports no related party transactions related to daily operations during the reporting period[99](index=99&type=chunk) - The company reports no related party transactions involving asset or equity acquisitions or sales during the reporting period[100](index=100&type=chunk) - The company reports no related party transactions involving joint external investments during the reporting period[101](index=101&type=chunk) - The company reports no non-operating related party creditor-debtor relationships during the reporting period[102](index=102&type=chunk) - There are no deposits, loans, credit lines, or other financial transactions between the company and related financial companies or related parties[103](index=103&type=chunk) - There are no deposits, loans, credit lines, or other financial transactions between the company's controlled financial companies and related parties[104](index=104&type=chunk) - The company reports no other significant related party transactions during the reporting period[105](index=105&type=chunk) [Significant Contracts and Their Performance](index=37&type=section&id=%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company signed a management agreement with its controlling shareholder and provided joint liability guarantees for several subsidiaries, with no other major contracts - The company signed a "Custody Agreement" with its controlling shareholder, Gansu State-owned Assets Investment Group Co Ltd, entrusting Longwan Company to the company for operation and management, with the management fee being **30%** of Longwan Company's annual dividends[106](index=106&type=chunk) - The company reports no custody projects that generated profits or losses exceeding **10%** of the company's total profit for the reporting period[106](index=106&type=chunk) - The company reports no contracting situations during the reporting period[107](index=107&type=chunk) - The company reports no leasing situations during the reporting period[108](index=108&type=chunk)[109](index=109&type=chunk) Company's Guarantees for Subsidiaries | Guaranteed Party Name | Guarantee Limit (Ten Thousand CNY) | Actual Guarantee Amount (Ten Thousand CNY) | Guarantee Type | Guarantee Period | Whether Fulfilled | Whether a Related Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Gansu Water Conservancy and Hydropower Survey and Design Research Institute Co Ltd | 8,000 | 3,839.17 | Joint and several liability guarantee | 10 years | No | No | | Gansu Water Conservancy and Hydropower Survey and Design Research Institute Co Ltd | 5,000 | 164.44 | Joint and several liability guarantee | 1 year | No | No | | Gansu Water Conservancy and Hydropower Survey and Design Research Institute Co Ltd | 5,000 | 184.96 | Joint and several liability guarantee | 3 years | No | No | | Gansu Transportation Engineering Construction Supervision Co Ltd | 4,000 | 901.21 | Joint and several liability guarantee | 2 years | No | No | | Gansu Architectural Design Institute Co Ltd | 2,200 | 219.1 | Joint and several liability guarantee | 1 year | No | No | | Gansu Engineering Construction Supervision Co Ltd | 200 | 10.04 | Joint and several liability guarantee | 1 year | No | No | | Gansu Jianyan Geotechnical Engineering Co Ltd | 1,000 | 134.05 | Joint and several liability guarantee | 1 year | No | No | | Gansu Civil Engineering Science Research Institute Co Ltd | 1,000 | 4.69 | Joint and several liability guarantee | 2 years | No | No | - The company reports no entrusted wealth management during the reporting period[113](index=113&type=chunk) - The company reports no other significant contracts during the reporting period[114](index=114&type=chunk) [Explanation of Other Significant Matters](index=40&type=section&id=%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) The company disclosed several important announcements, including changes in senior management, chairman election, and the temporary suspension of some fundraising projects - On January 9, 2025, the company disclosed announcements regarding the resignation of the General Manager, election of the Chairman, appointment of the General Manager and Deputy General Manager, and election of non-independent directors to the Board[115](index=115&type=chunk) - On April 24, 2025, the company disclosed an announcement regarding the re-evaluation and temporary suspension of some fundraising investment projects[115](index=115&type=chunk) - On June 4 and June 26, 2025, the company disclosed announcements regarding the resignation of the Deputy General Manager and Chief Legal Counsel, and the resignation and appointment of the Chief Financial Officer[115](index=115&type=chunk) [Significant Matters of Company Subsidiaries](index=40&type=section&id=%E5%85%AC%E5%8F%B8%E5%AD%90%E5%85%AC%E5%8F%B8%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) The company reports no significant matters concerning its subsidiaries during the reporting period - The company reports no significant matters concerning its subsidiaries during the reporting period[116](index=116&type=chunk) [Share Changes and Shareholder Information](index=41&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section details changes in share capital, restricted shares, and the company's shareholder structure, including major shareholders [Share Change Status](index=41&type=section&id=%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) Restricted shares increased due to lock-up of supervisor and senior management holdings, while unrestricted shares decreased, keeping total shares unchanged Share Change Status | Item | Quantity Before This Change (Shares) | Proportion Before This Change | Increase/Decrease in This Change (+, -) - Other (Shares) | Increase/Decrease in This Change (+, -) - Subtotal (Shares) | Quantity After This Change (Shares) | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 40,552 | 0.01% | 14,158 | 14,158 | 54,710 | 0.01% | | Of which: Shares held by domestic natural persons | 40,552 | 0.01% | 14,158 | 14,158 | 54,710 | 0.01% | | II. Unrestricted Shares | 464,788,900 | 99.99% | -14,158 | -14,158 | 464,774,742 | 99.99% | | Of which: RMB Ordinary Shares | 464,788,900 | 99.99% | -14,158 | -14,158 | 464,774,742 | 99.99% | | III. Total Shares | 464,829,452 | 100.00% | 0 | 0 | 464,829,452 | 100.00% | - The change in shares was due to the change in the number of restricted shares held by supervisors and senior management[120](index=120&type=chunk) [Restricted Share Change Status](index=42&type=section&id=%E9%99%90%E5%94%AE%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) Restricted shares held by supervisors and senior management increased by **14,158 shares**, totaling **54,710 shares** at period-end due to lock-up Restricted Share Change Status | Shareholder Name | Restricted Shares at Beginning of Period (Shares) | Restricted Shares Released During Current Period (Shares) | Restricted Shares Increased During Current Period (Shares) | Restricted Shares at End of Period (Shares) | Reason for Restriction | Release Date of Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shares held by Supervisors and Senior Management | 40,552 | 0 | 14,158 | 54,710 | Restricted shares held by supervisors and senior management changed | June 22, 2027 | | Total | 40,552 | 0 | 14,158 | 54,710 | -- | -- | [Securities Issuance and Listing Status](index=42&type=section&id=%E8%AF%81%E5%88%B8%E5%8F%91%E8%A1%8C%E4%B8%8E%E4%B8%8A%E5%B8%82%E6%83%85%E5%86%B5) The company reports no securities issuance or listing activities during the reporting period - The company reports no securities issuance or listing activities during the reporting period[122](index=122&type=chunk) [Number of Shareholders and Shareholding Status](index=42&type=section&id=%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) As of the reporting period end, the company had **32,779** ordinary shareholders, with Gansu State-owned Assets Investment Group Co Ltd as the largest shareholder - The total number of ordinary shareholders at the end of the reporting period was **32,779** households[123](index=123&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at End of Reporting Period (Shares) | Changes in Shareholding During Reporting Period (Shares) | Number of Restricted Shares Held (Shares) | Number of Unrestricted Shares Held (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Gansu State-owned Assets Investment Group Co Ltd | State-owned Legal Person | 44.17% | 205,306,775.00 | 0 | 0 | 205,306,775.00 | | Jiaxing Julii No 2 Equity Investment Partnership (Limited Partnership) | Domestic Non-state-owned Legal Person | 3.27% | 15,202,768.00 | 0 | 0 | 15,202,768.00 | | Gansu Water Affairs Investment Group Co Ltd | State-owned Legal Person | 2.77% | 12,883,094.00 | 0 | 0 | 12,883,094.00 | | Gansu Xinglong Capital Management Co Ltd | State-owned Legal Person | 1.23% | 5,698,488.00 | 0 | 0 | 5,698,488.00 | | Ningbo Jiatooyuan Equity Investment Partnership (Limited Partnership) | Domestic Non-state-owned Legal Person | 0.75% | 3,496,503.00 | 0 | 0 | 3,496,503.00 | | Ou Linmin | Domestic Natural Person | 0.65% | 3,005,500.00 | -2,974,500 | 0 | 3,005,500.00 | | National Social Security Fund 113 Portfolio | Other | 0.53% | 2,447,552.00 | 0 | 0 | 2,447,552.00 | | Wu Xiaochun | Domestic Natural Person | 0.50% | 2,331,003.00 | 0 | 0 | 2,331,003.00 | | Qi Peng | Domestic Natural Person | 0.43% | 1,981,000.00 | -25,000 | 0 | 1,981,000.00 | | Che Shuliang | Domestic Natural Person | 0.41% | 1,902,300.00 | -154,900 | 0 | 1,902,300.00 | - Gansu State-owned Assets Investment Group Co Ltd is the controlling shareholder of Gansu Xinglong Capital Management Co Ltd, thus forming a concerted party[124](index=124&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=44&type=section&id=%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8) The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period - The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period[126](index=126&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=44&type=section&id=%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5) The company's controlling shareholder or actual controller did not change during the reporting period - The company's controlling shareholder did not change during the reporting period[127](index=127&type=chunk) - The company's actual controller did not change during the reporting period[127](index=127&type=chunk) [Bond-Related Information](index=46&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section confirms that the company has no bond-related information to disclose for the reporting period [Bond-Related Information](index=46&type=section&id=%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company reports no bond-related information during the reporting period - The company reports no bond-related information during the reporting period[130](index=130&type=chunk) [Financial Report](index=47&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the company's unaudited financial statements, including balance sheets, income statements, and cash flow statements, along with detailed notes [Audit Report](index=47&type=section&id=%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[132](index=132&type=chunk) [Financial Statements](index=47&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owner's equity [Consolidated Balance Sheet](index=47&type=section&id=%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the company's consolidated total assets were **5.38 billion yuan**, with total liabilities of **1.45 billion yuan** and total owner's equity of **3.94 billion yuan** Key Data from Consolidated Balance Sheet (June 30, 2025) | Item | Balance at Period-end (CNY) | Balance at Period-beginning (CNY) | | :--- | :--- | :--- | | Total Assets | 5,383,255,436.39 | 5,501,235,733.50 | | Total Current Assets | 3,577,169,757.73 | 3,680,944,717.06 | | Total Non-current Assets | 1,806,085,678.66 | 1,820,291,016.44 | | Total Liabilities | 1,448,088,028.34 | 1,662,140,920.78 | | Total Owner's Equity | 3,935,167,408.05 | 3,839,094,812.72 | [Consolidated Income Statement](index=51&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) For the first half of 2025, the company achieved total operating revenue of **924 million yuan**, net profit of **133 million yuan**, and basic earnings per share of **0.2864 yuan** Key Data from Consolidated Income Statement (First Half of 2025) | Item | Amount for Current Period (CNY) | Amount for Prior Period (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 924,190,853.66 | 900,392,673.42 | | Total Operating Costs | 692,979,553.62 | 710,547,217.72 | | Operating Profit | 160,012,414.70 | 148,292,629.70 | | Total Profit | 161,220,820.53 | 151,414,534.36 | | Net Profit | 133,246,450.57 | 126,791,849.34 | | Net Profit Attributable to Parent Company Shareholders | 133,134,508.37 | 126,445,099.33 | | Basic Earnings Per Share | 0.2864 | 0.272 | | Diluted Earnings Per Share | 0.2864 | 0.2714 | [Consolidated Cash Flow Statement](index=55&type=section&id=%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For the first half of 2025, net cash flow from operating activities was **-245 million yuan**, from investing activities **-169 million yuan**, and from financing activities **-44 million yuan** Key Data from Consolidated Cash Flow Statement (First Half of 2025) | Item | Amount for Current Period (CNY) | Amount for Prior Period (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -244,534,110.06 | -207,537,235.39 | | Net Cash Flow from Investing Activities | -169,088,128.58 | -316,753,764.80 | | Net Cash Flow from Financing Activities | -43,759,231.36 | -31,440,217.95 | | Net Increase in Cash and Cash Equivalents | -457,382,624.41 | -555,730,757.65 | | Cash and Cash Equivalents at End of Period | 1,396,074,959.88 | 1,307,888,385.58 | [Company Basic Information](index=65&type=section&id=%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Gansu Engineering Consulting Group Co Ltd is a state-controlled listed company regulated by the Gansu Provincial SASAC, primarily engaged in engineering consulting - The company is a state-controlled listed company supervised by the Gansu Provincial SASAC and is the largest engineering technology industrial group in Gansu Province[166](index=166&type=chunk) - The company's current controlling shareholder is Gansu State-owned Assets Investment Group Co Ltd[166](index=166&type=chunk) - The company's business scope includes consulting services such as planning consulting, consulting evaluation, engineering design, testing and certification, project management, and management consulting[166](index=166&type=chunk) [Basis of Financial Statement Preparation](index=65&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The financial statements are prepared on a going concern basis, adhering to enterprise accounting standards and China Securities Regulatory Commission disclosure requirements - The company prepares its financial statements on a going concern basis, recognizing and measuring transactions and events in accordance with Enterprise Accounting Standards, their application guidelines, and interpretations[167](index=167&type=chunk) - The company has the ability to continue as a going concern for at least 12 months from the end of the reporting period, with no significant matters affecting its going concern ability[168](index=168&type=chunk) [Significant Accounting Policies and Accounting Estimates](index=65&type=section&id=%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the company's accounting policies and estimates for business combinations, financial instruments, revenue recognition, asset impairment, and government grants - The financial statements prepared by the company comply with the requirements of "Enterprise Accounting Standards," truly and completely reflecting the financial position, operating results, and cash flows[169](index=169&type=chunk) - The company uses a 12-month period as its normal operating cycle and uses RMB as its functional currency[171](index=171&type=chunk)[172](index=172&type=chunk) - Financial assets are classified into three categories based on the business model for managing them and their contractual cash flow characteristics: measured at amortized cost, measured at fair value through other comprehensive income, and measured at fair value through profit or loss[201](index=201&type=chunk) - Revenue recognition principles are based on identifying distinct performance obligations and determining whether they are satisfied over time or at a point in time, recognizing revenue according to the progress of satisfaction or when the customer obtains control[263](index=263&type=chunk)[264](index=264&type=chunk) - Government grants are recognized when the attached conditions are met and the grants are receivable; asset-related grants reduce the book value of assets or are recognized as deferred income, while income-related grants are recognized in current profit or loss or offset related costs[272](index=272&type=chunk) [Taxation](index=88&type=section&id=%E7%A8%8E%E9%A1%B9) The company's main taxes include VAT, urban maintenance and construction tax, and corporate income tax, with some subsidiaries benefiting from preferential tax policies Major Taxes and Tax Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Taxable income | 3%, 5%, 6%, 9%, 13% | | Urban Maintenance and Construction Tax | Taxable and exempt/offset VAT amount | 7%, 5% | | Corporate Income Tax | Taxable income | 5%, 15%, 25% | | Education Surcharge | Taxable and exempt/offset VAT amount | 3% | | Local Education Surcharge | Taxable and exempt/offset VAT amount | 2% | - Some subsidiaries comply with the "Catalogue of Encouraged Industries in Western Regions (2020 Edition)" and are subject to corporate income tax at a reduced rate of **15%**[287](index=287&type=chunk) - Some subsidiaries qualify for small and micro enterprise income tax preferential policies, where the portion of annual taxable income not exceeding **1 million yuan** is included in taxable income at **25%** and taxed at a rate of **20%**[287](index=287&type=chunk) - Several subsidiaries have obtained high-tech enterprise certificates and pay corporate income tax at a preferential rate of **15%** according to relevant regulations[288](index=288&type=chunk)[289](index=289&type=chunk)[290](index=290&type=chunk) [Notes to Consolidated Financial Statement Items](index=90&type=section&id=%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes on key consolidated financial statement items, including cash, receivables, investments, fixed assets, and revenue, with period-end balances and changes Composition of Cash and Cash Equivalents | Item | Balance at Period-end (CNY) | Balance at Period-beginning (CNY) | | :--- | :--- | :--- | | Cash on hand | 11,200.99 | 14,572.42 | | Bank deposits | 1,396,063,758.89 | 1,853,443,011.87 | | Other cash and cash equivalents | 182,692,831.88 | 33,290,724.92 | | Total | 1,578,767,791.76 | 1,886,748,309.21 | - The book value of accounts receivable at period-end was **1.675 billion yuan**, an increase from the beginning of the period, primarily due to slow payment by clients[309](index=309&type=chunk) - The book value of contract assets at period-end was **174 million yuan**, a significant increase from the beginning of the period, primarily due to an increase in receivables not yet meeting collection conditions[318](index=318&type=chunk) - The book value of long-term equity investments at period-end was **271 million yuan**, an increase from the beginning of the period,

[Section I Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) [Definitions of Common Terms](index=4&type=section&id=%E5%B8%B8%E7%94%A8%E8%AF%8D%E8%AF%AD%E9%87%8A%E4%B9%89) This section defines common terms and professional jargon used in the report, including company names, controlling shareholders, related subsidiaries, and core display technologies like TFT-LCD, AMOLED, and Mini LED, providing a foundation for understanding the report content - Defines the company and its main related parties, such as Kunshan Longteng Optoelectronics Co., Ltd., Guochuang Group, and Longteng Holdings[12](index=12&type=chunk) - Explains various display technology terms, including TFT-LCD, AMOLED, a-Si, metal oxide, LTPS, MLED, Mini LED, and Micro LED[12](index=12&type=chunk) - Covers key processes and product technologies such as Cell, In-cell, On-cell, IPS, HVA, PET, GOA, CNC, IC, TED, BM, HUD, and AI/AIPC[12](index=12&type=chunk)[13](index=13&type=chunk) [Section II Company Profile and Key Financial Indicators](index=6&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) [I. Company's Basic Information](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) This section outlines the company's registered name, abbreviation, legal representative, registered and office addresses, website, and email, confirming no changes during the reporting period - Company's Chinese name: Kunshan Longteng Optoelectronics Co., Ltd., abbreviation: Longteng Optoelectronics[15](index=15&type=chunk) - Legal Representative: Tao Yuan[15](index=15&type=chunk) - Registered and Office Address: No. 1 Longteng Road, Kunshan Development Zone, Jiangsu Province[15](index=15&type=chunk) [II. Contact Persons and Information](index=6&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides the names, contact addresses, phone numbers, faxes, and email addresses of the company's Board Secretary and Securities Affairs Representative for investor communication - Board Secretary: Cai Zhicheng; Securities Affairs Representative: Zhu Li[16](index=16&type=chunk) - Contact Address: No. 1 Longteng Road, Kunshan Development Zone, Jiangsu Province[16](index=16&type=chunk) [III. Information Disclosure and Document Custody Location Changes](index=6&type=section&id=%E4%B8%89%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) This section lists the company's designated information disclosure newspapers, the website address for the semi-annual report, and the report's custody location, confirming no changes during the reporting period - Information Disclosure Newspapers: "China Securities Journal" and "Shanghai Securities News"[17](index=17&type=chunk) - Website for Publication: http://www.sse.com.cn[17](index=17&type=chunk) [IV. Company Stock/Depositary Receipt Overview](index=6&type=section&id=%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%2F%E5%AD%98%E6%89%98%E5%87%AD%E8%AF%81%E7%AE%80%E5%86%B5) This section introduces the company's A-share stock type, listing exchange and board, stock abbreviation, and code, confirming no depositary receipts - Stock Type: A-shares[18](index=18&type=chunk) - Listing Exchange and Board: Shanghai Stock Exchange STAR Market[18](index=18&type=chunk)[19](index=19&type=chunk) - Stock Abbreviation: Longteng Optoelectronics; Stock Code: **688055**[18](index=18&type=chunk) [VI. Company's Key Accounting Data and Financial Indicators](index=7&type=section&id=%E5%85%AD%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section details the key accounting data and financial indicators for the first half of 2025, including operating revenue, total profit, net profit, net cash flow from operating activities, net assets, and total assets, comparing them with the prior year period and highlighting significant growth in operating cash flow Key Accounting Data (Jan-Jun 2025 vs. Prior Year Period) | Metric | Current Period (Jan-Jun) (yuan) | Prior Year Period (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,289,473,040.29 | 1,788,686,688.22 | -27.91 | | Total Profit | -152,018,418.31 | -156,224,847.32 | N/A | | Net Profit Attributable to Shareholders of Listed Company | -121,150,606.37 | -122,059,566.11 | N/A | | Net Cash Flow from Operating Activities | 181,144,378.37 | 104,271,881.99 | 73.72 | Key Financial Indicators (Jan-Jun 2025 vs. Prior Year Period) | Metric | Current Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Basic EPS (yuan/share) | -0.036 | -0.037 | N/A | | R&D Investment as % of Operating Revenue (%) | 7.67 | 6.42 | Increased by 1.25 percentage points | - Net cash flow from operating activities increased by **73.72%**, primarily due to a decrease in cash paid for goods and services[21](index=21&type=chunk) [VIII. Non-Recurring Gains and Losses Items and Amounts](index=8&type=section&id=%E5%85%AB%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) This section lists the non-recurring gains and losses items and their amounts for the reporting period, totaling **2,079,457.13 yuan**, primarily including government subsidies and gains/losses from disposal of non-current assets Non-Recurring Gains and Losses Items and Amounts | Item | Amount (yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | -1,929,854.05 | | Government Subsidies Included in Current Profit/Loss | 3,374,003.76 | | Gains/Losses from Fair Value Changes and Disposal of Financial Assets | 230,839.27 | | Other Non-Operating Income and Expenses | 772,462.18 | | Less: Income Tax Impact | 367,994.03 | | **Total** | **2,079,457.13** | [Section III Management Discussion and Analysis](index=10&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) [I. Industry and Main Business Overview During the Reporting Period](index=10&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) This section describes the development status and trends of the new display panel industry, noting that TFT-LCD remains mainstream while AMOLED and MLED technologies coexist, with the company focusing on small and medium-sized TFT-LCD panels and actively developing new display products based on production and sales orders - New display panels serve as a core human-machine interaction medium, driving upgrades in consumer electronics, smart IoT applications, and digital economy transformation[26](index=26&type=chunk) - Display technologies are diversifying, with TFT-LCD remaining mature, stable, cost-effective, and holding the largest market share, while oxide technology and Mini LED continue to innovate and upgrade[26](index=26&type=chunk) - The company was established in 2005, becoming one of the first high-tech enterprises in China specializing in TFT-LCD R&D and manufacturing, focusing on the research, production, and sales of liquid crystal display panels for small and medium-sized applications[28](index=28&type=chunk) - The company's market position continues to grow, becoming a leader in the dynamic privacy display industry, while actively expanding into new display products such as full-color e-paper and 3D stereoscopic displays[28](index=28&type=chunk) [(I) Industry Development Overview](index=10&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E5%85%AC%E5%8F%B8%E6%89%80%E5%A4%84%E8%A1%8C%E4%B8%9A%E5%8F%91%E5%B1%95%E6%83%85%E5%86%B5) The new display panel industry, as a core human-machine interaction medium, is undergoing diversified technological development, with TFT-LCD remaining mainstream while oxide and Mini LED technologies continuously innovate, influenced by "dual carbon" goals, ESG principles, 5G/6G, and AI, leading to emerging application scenarios, despite high technological, capital, and talent barriers and cyclical fluctuations - New display panels are the core medium for human-machine interaction, driving upgrades in consumer electronics, smart IoT applications, and digital economy transformation[26](index=26&type=chunk) - Display technologies are diversifying, with TFT-LCD being mature, stable, cost-effective, and holding the largest market share, while oxide technology and Mini LED continue to innovate and upgrade[26](index=26&type=chunk) - The industry is influenced by the integration of "dual carbon" goals, ESG principles, 5G/6G, AI, IoT, and big data, giving rise to new application scenarios[27](index=27&type=chunk) [(II) Company's Main Business, Products, and Operating Model](index=10&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E3%80%81%E4%B8%BB%E8%A6%81%E4%BA%A7%E5%93%81%E5%8F%8A%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) Established in 2005, the company is a high-tech enterprise specializing in TFT-LCD R&D and manufacturing, primarily engaged in the research, production, and sales of liquid crystal display panels, focusing on small and medium-sized applications, and is a leader in dynamic privacy display technology, actively expanding into full-color e-paper and 3D stereoscopic displays, operating on a build-to-order and make-to-stock model to provide customized display solutions - The company was established in 2005, becoming one of the first high-tech enterprises in China specializing in TFT-LCD R&D and manufacturing[28](index=28&type=chunk) - Main business: R&D, production, and sales of liquid crystal display panels, deeply rooted in small and medium-sized applications, with products primarily used in laptops, automotive displays, industrial control, mobile phones, and smart interconnected display terminals[28](index=28&type=chunk) - Market position: A leader in the dynamic privacy display industry, actively expanding into new products such as full-color e-paper and 3D stereoscopic displays[28](index=28&type=chunk) [II. Discussion and Analysis of Operations](index=11&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) During the reporting period, facing a complex international trade environment and fierce market competition, the company capitalized on opportunities in AI, ESG, and the low-altitude economy, strategically developing new display products, accelerating overseas production base construction, and implementing cost reduction and efficiency improvement measures, resulting in a narrower loss year-on-year and a stable financial structure, driven by strategic layout, technological innovation, and management innovation, while deepening ESG initiatives to enhance overall competitiveness - The company actively seizes new development opportunities in AI, ESG, and the low-altitude economy, intensifying its efforts to develop new display forms such as full-color e-paper and 3D stereoscopic displays[29](index=29&type=chunk) - Accelerating the progress of its overseas production base, with the project now in trial production, enhancing global supply chain flexibility and operational resilience[29](index=29&type=chunk) - Continuously making high R&D investments for innovative upgrades and forward-looking layouts in technologies such as dynamic privacy protection, oxide, touch integration, low blue light eye protection displays, TED low power consumption, ESG displays, Mini LED, smart displays, HUD head-up displays, full-color e-paper, and 3D stereoscopic displays[31](index=31&type=chunk) - During the reporting period, the company's R&D investment was **98.95 million yuan**, accounting for **7.67%** of operating revenue, with a cumulative total of **3,313** authorized patents as of June 30, 2025[31](index=31&type=chunk) - Adhering to sustainable development principles, the company has established a top-down ESG management system and is committed to becoming a leading example in the industry's sustainable development sector[32](index=32&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](index=12&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) This section details the company's core competencies in technological innovation, customer resources, supply chain, quality management, production operations, and talent, highlighting core technologies and R&D progress, including advanced technologies and patent achievements during the reporting period - The company possesses multiple industry-leading core technologies, such as dynamic privacy protection, touch integration, oxide, and Mini LED, and maintains high R&D investment[34](index=34&type=chunk)[44](index=44&type=chunk) - Accumulated extensive customer resources with renowned domestic and international brands, and collaborates deeply with upstream and downstream partners to build a resilient supply chain[35](index=35&type=chunk)[37](index=37&type=chunk) - Implements comprehensive quality management, drives digital transformation for refined and efficient production operations, and boasts an experienced management team with a robust talent development system[38](index=38&type=chunk)[39](index=39&type=chunk)[40](index=40&type=chunk) - Achieved significant ESG construction results, contributing to sustainable development through clean energy, low-carbon products, and carbon reduction measures[41](index=41&type=chunk)[42](index=42&type=chunk) [(I) Core Competitiveness Analysis](index=12&type=section&id=%28%E4%B8%80%29%20%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competitiveness is demonstrated across seven areas: innovation-driven technological advantages (high R&D investment, multiple industry-leading technologies, 3,313 authorized patents), extensive customer resources (partnerships with HP, Lenovo, BYD, Mitsubishi, etc.), deep upstream and downstream collaboration (resilient supply chain, diversified suppliers), comprehensive quality management (high standards, high reliability products), refined and efficient production operations (100% automation, smart factory), excellent talent and organizational team (20 years of industry experience in management, equity incentives), and significant ESG achievements (low-carbon products, carbon reduction, improved ratings) - As of June 30, 2025, there are **1,205** R&D technical personnel, accounting for **40.71%** of the company's total employees; the company possesses multiple differentiated technologies such as dynamic privacy protection, touch integration, oxide, Mini LED, healthy eye protection displays, TED low power consumption, full-color e-paper, HUD head-up displays, ESG displays, and 3D stereoscopic displays, with many core technologies remaining industry-leading[34](index=34&type=chunk) - In consumer display applications, the company has established long-term strategic partnerships with renowned brands like HP and Lenovo; in automotive display products, it maintains stable collaborations with well-known domestic and international Tier 1 automotive manufacturers such as Panasonic, JVCK, Pioneer, Desay, Huayang, and Beidou, with end customers including major car manufacturers like BYD, Geely, Changan, SAIC, Toyota, Honda, and Chery[35](index=35&type=chunk) - The company focuses on full-factor, full-process, and full-ecosystem digital transformation, continuously increasing investment in automation equipment and information management construction, achieving **100%** automation rate in core process manufacturing[39](index=39&type=chunk) - The company boasts a professional management team with **20 years** of industry experience, dedicated to building a talent development system encompassing "attraction, cultivation, utilization, and retention," and implementing equity incentives[40](index=40&type=chunk) - The company consistently practices and acts on ESG principles, reducing carbon emissions through the use of clean energy, development of low-carbon products like full-color e-paper and TED, and utilization of recyclable materials, achieving ISO 50001 energy management certification and ISO 14064 carbon verification certification[41](index=41&type=chunk) [(III) Core Technologies and R&D Progress](index=14&type=section&id=%28%E4%B8%89%29%20%E6%A0%B8%E5%BF%83%E6%8A%80%E6%9C%AF%E4%B8%8E%E7%A0%94%E5%8F%91%E8%BF%9B%E5%B1%95) Leveraging deep technological expertise, the company masters 17 core technologies, including the world's first dynamic privacy display technology and industry-leading full-color e-paper and TED technologies; during the reporting period, the company actively implemented "AI+ESG+Display" concepts, with full-color e-paper products achieving mass production and winning an innovation gold award, and 3D stereoscopic display and other AI technologies successfully mass-produced; the company maintained high R&D investment, with **98.95 million yuan** invested this period, accounting for **7.67%** of revenue, securing **41** new authorized patents for a cumulative total of **3,313**, and has **484** R&D personnel working on projects such as thin and light cover plates, reflective displays, and HUD - The company masters multiple core technologies, such as dynamic privacy display technology (globally pioneering, one-click switching between wide and narrow viewing angles), full-color e-paper technology (bistable ultra-low power consumption, full-color, high reflectivity), and TED technology (IC integration, low power consumption, thin and light)[43](index=43&type=chunk) - Actively implementing the "AI+ESG+Display" development philosophy, full-color e-paper products have achieved mass production and delivery to customers, with the 11.6-inch new color e-paper display winning the DIC EXPO (2025) Display Device Innovation Gold Award[44](index=44&type=chunk) R&D Investment (Current Period vs. Prior Year Period) | Metric | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 98,949,920.78 | 114,795,258.15 | -13.80 | | Total R&D Investment | 98,949,920.78 | 114,795,258.15 | -13.80 | | Total R&D Investment as % of Operating Revenue (%) | 7.67 | 6.42 | Increased by 1.25 percentage points | - The company has **7** R&D projects underway, including thin and light cover plate technology, reflective technology, BM Free technology, HUD technology, ESG technology, new color e-paper technology, and automotive thermal screen technology, with several projects completed or in trial mass production[51](index=51&type=chunk)[52](index=52&type=chunk) - The company has **484** R&D personnel, accounting for **16.35%** of the total workforce; total R&D personnel compensation was **54.54 million yuan**, with an average compensation of **112,700 yuan**[53](index=53&type=chunk) [IV. Risk Factors](index=19&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E5%9B%A0%E7%B4%A0) This section details 12 major risks faced by the company, including performance losses, technological iteration, core technology leakage and talent loss, customer loss, supply chain, intellectual property, accounts receivable recovery, inventory impairment, industry, macroeconomic environment, exchange rate, and environmental protection risks, along with corresponding mitigation measures - During the reporting period, the company's operating revenue decreased by **27.91%**, and net profit remained negative, though losses narrowed year-on-year, facing challenges such as slow global economic recovery, uncertain trade policies, low product prices, and fierce market competition[54](index=54&type=chunk) - a-Si TFT-LCD technology may face updates and iterations, while new display technologies such as metal oxide, AMOLED, MLED, and e-paper are developing rapidly, prompting the company to continuously increase R&D investment to consolidate its advantages[56](index=56&type=chunk) - The company relies on imports for some raw materials and equipment, and international trade frictions could have a negative impact; accounts receivable totaled **290.03 million yuan** and inventory **593.08 million yuan** at period-end, posing recovery and impairment risks[59](index=59&type=chunk)[60](index=60&type=chunk)[62](index=62&type=chunk)[63](index=63&type=chunk) - Macroeconomic factors such as global geopolitical conflicts and international trade disputes bring uncertainty; the company's overseas revenue accounts for a certain proportion, and overseas sales are primarily settled in USD, exposing it to exchange rate fluctuation risks[65](index=65&type=chunk)[66](index=66&type=chunk)[67](index=67&type=chunk) - Increased national environmental regulation and higher environmental standards, along with the EU carbon tariff policy, may adversely affect exports[68](index=68&type=chunk) [V. Key Operating Performance During the Reporting Period](index=22&type=section&id=%E4%BA%94%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) This section summarizes the company's operating strategies and financial performance in a complex market environment during the reporting period, including decreased operating revenue but narrowed losses, significantly increased operating cash flow, and a detailed analysis of key financial statement items, asset-liability status, and investment conditions - The company actively responded to challenges by strategically developing new displays, advancing overseas bases, and implementing cost reduction and efficiency improvement measures, resulting in a narrowed loss year-on-year in the first half[69](index=69&type=chunk) - Operating revenue decreased by **27.91%** year-on-year, net profit attributable to parent company narrowed its loss by **0.74%**, and the asset-liability ratio remained stable at **37.55%**[69](index=69&type=chunk) - Net cash flow from operating activities significantly increased by **73.72%**, net cash flow from investing activities grew by **72.04%**, and net cash flow from financing activities surged by **413.44%**[71](index=71&type=chunk)[72](index=72&type=chunk) [(I) Main Business Analysis](index=22&type=section&id=%28%E4%B8%80%29%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) This period, the company's operating revenue decreased by **27.91%** year-on-year, and operating costs decreased by **27.94%**; financial expenses significantly increased by **745.10%** due to reduced interest income, while R&D expenses decreased by **13.80%**; net cash flow from operating activities increased by **73.72%**, primarily driven by reduced cash payments for goods and services, and net cash flows from investing and financing activities also saw substantial increases of **72.04%** and **413.44%**, respectively Analysis of Changes in Financial Statement Items (Current Period vs. Prior Year Period) | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,289,473,040.29 | 1,788,686,688.22 | -27.91 | | Operating Cost | 1,201,795,791.05 | 1,667,729,632.19 | -27.94 | | Financial Expenses | 22,037,471.75 | -3,416,122.29 | 745.10 | | R&D Expenses | 98,949,920.78 | 114,795,258.15 | -13.80 | | Net Cash Flow from Operating Activities | 181,144,378.37 | 104,271,881.99 | 73.72 | | Net Cash Flow from Investing Activities | -232,562,200.72 | -831,906,406.54 | 72.04 | | Net Cash Flow from Financing Activities | 128,120,145.94 | -40,875,772.52 | 413.44 | - The change in financial expenses was primarily due to a decrease in interest income during the reporting period[72](index=72&type=chunk) - The change in net cash flow from operating activities was primarily due to a decrease in cash paid for goods and services during the reporting period[72](index=72&type=chunk) [(III) Analysis of Assets and Liabilities](index=23&type=section&id=%28%E4%B8%89%29%20%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) At the end of the reporting period, the company's monetary funds increased by **54.02%** year-on-year due to changes in daily operating capital, while notes receivable decreased by **100%** due to fewer bank acceptance bills held; other receivables grew by **67.05%** due to increased security deposits, and derivative financial liabilities rose by **55.31%** due to fair value changes in forward foreign exchange contracts; notes payable significantly increased by **234.21%** due to more bank acceptance bills issued, with deferred income tax assets and long-term borrowings also increasing, and overseas assets accounting for **0.59%** of total assets Changes in Assets and Liabilities (Current Period End vs. Prior Year End) | Item Name | Current Period End (yuan) | Prior Year End (yuan) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 218,381,757.12 | 141,783,946.97 | 54.02 | Due to changes in daily operating capital | | Notes Receivable | 0 | 15,320,184.07 | -100.00 | Due to a decrease in bank acceptance bills held | | Accounts Receivable | 290,025,382.50 | 408,834,154.65 | -29.06 | | | Other Receivables | 5,366,849.12 | 3,212,689.03 | 67.05 | Due to an increase in security deposits | | Other Current Assets | 1,889,161,427.61 | 1,690,196,382.39 | 11.77 | | | Short-Term Borrowings | 898,581,310.97 | 790,935,838.88 | 13.61 | | | Derivative Financial Liabilities | 1,158,439.45 | 745,873.26 | 55.31 | Due to fair value changes in forward foreign exchange contracts | | Notes Payable | 262,579,002.06 | 78,567,254.38 | 234.21 | Due to an increase in bank acceptance bills issued | | Deferred Income Tax Assets | 168,299,963.72 | 136,906,162.53 | 22.93 | | | Long-Term Borrowings | 208,641,698.67 | 176,481,628.96 | 18.22 | | - Overseas assets totaled **39.19 million yuan**, accounting for **0.59%** of total assets[77](index=77&type=chunk) [(IV) Investment Analysis](index=26&type=section&id=%28%E5%9B%9B%29%20%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) During the reporting period, the company's external equity investment decreased by **64.00%** year-on-year; regarding financial assets measured at fair value, the company primarily engaged in derivative investments for hedging purposes, specifically forward foreign exchange contracts; the fair value change loss for derivative financial liabilities was **-604,366.19 yuan** this period, but hedging activities collectively impacted total profit by **1.35 million yuan**, effectively mitigating exchange rate fluctuations; the company adheres to legal, prudent, safe, and effective principles for derivative transactions and has established strict management systems to control risks Overall Analysis of External Equity Investments | Metric | Investment Amount This Period (yuan) | Investment Amount Prior Year Period (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Investment Amount | 5,000,000.00 | 13,887,516.66 | -64.00% | - The company engages in derivative investments for hedging purposes, primarily forward foreign exchange contracts[81](index=81&type=chunk)[83](index=83&type=chunk) - During the reporting period, the fair value change loss for derivative financial liabilities was **-604,366.19 yuan**[81](index=81&type=chunk) - Hedging activities collectively impacted total profit by **1.35 million yuan**, effectively reducing the impact of exchange rate fluctuations[83](index=83&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=29&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) [I. Changes in Directors, Senior Management, and Core Technical Personnel](index=29&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%92%8C%E6%A0%B8%E5%BF%83%E6%8A%80%E6%9C%AF%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's board of directors completed its re-election, with independent directors Xue Wenjin and Geng Aihua stepping down due to term expiration, and Shi Xiaoqin and Xing Kai elected as new independent directors; Shen Zhihao resigned as director, and Gu Liping was elected as a new director; Zhu Chunmei was elected as an employee representative director, while the company's core technical personnel identification standards remain clear with no changes during the reporting period - On June 27, 2025, the company convened its 2024 Annual General Meeting to amend the "Articles of Association," abolish the Board of Supervisors, and elect the third Board of Directors[86](index=86&type=chunk) - Independent directors Mr. Xue Wenjin and Ms. Geng Aihua resigned due to term expiration, and Ms. Shi Xiaoqin and Mr. Xing Kai were elected as independent directors of the third Board of Directors[86](index=86&type=chunk) - Mr. Shen Zhihao resigned due to term expiration, and Ms. Gu Liping was elected as a director of the third Board of Directors; Ms. Zhu Chunmei was elected as an employee representative director of the third Board of Directors[86](index=86&type=chunk) - The company's core technical personnel are primarily identified based on factors such as having over **15 years** of experience in the liquid crystal display industry or a doctoral degree, leading technical roles in provincial-level or higher key projects, and being inventors of core patents[87](index=87&type=chunk) - There were no changes in the company's core technical personnel during the reporting period[88](index=88&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=29&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) The company has no profit distribution plan or capital reserve conversion plan for the semi-annual period - The company's proposed semi-annual profit distribution plan or capital reserve conversion plan is "none"[89](index=89&type=chunk)[90](index=90&type=chunk) [III. Status and Impact of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=30&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%85%B6%E5%BD%B1%E5%93%8D) The company canceled a portion of the granted but unvested restricted shares from its 2021 restricted stock incentive plan - The company canceled a portion of the granted but unvested restricted shares from its 2021 restricted stock incentive plan[91](index=91&type=chunk) [IV. Environmental Information of Listed Companies and Their Main Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=30&type=section&id=%E5%9B%9B%E3%80%81%E7%BA%B3%E5%85%A5%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E4%BE%9D%E6%B3%95%E6%8A%AB%E9%9C%B2%E4%BC%81%E4%B8%9A%E5%90%8D%E5%8D%95%E7%9A%84%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E4%B8%BB%E8%A6%81%E5%AD%90%E5%85%AC%E5%8F%B8%E7%9A%84%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%83%85%E5%86%B5) The company has been included in the list of enterprises required to disclose environmental information by law and provides a query index for the Enterprise Environmental Information Disclosure System (Jiangsu) - The company has been included in the list of enterprises required to disclose environmental information by law, with **1** enterprise listed[92](index=92&type=chunk) - The query index for the environmental information disclosure report is a specific URL on the Enterprise Environmental Information Disclosure System (Jiangsu)[92](index=92&type=chunk) [Section V Significant Matters](index=31&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) [I. Fulfillment of Commitments](index=31&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) During the reporting period, all committing parties, including the company's actual controller, controlling shareholder, shareholders holding 5% or more, directors, supervisors, and senior management, strictly fulfilled their commitments, covering share lock-up, reduction intentions, share repurchases, fraudulent issuance share buybacks, measures to mitigate dilution of immediate returns, profit distribution policies, legal liability for compensation, constraints for unfulfilled commitments, avoidance of horizontal competition and related-party transactions, and prevention of fund occupation, with equity incentive-related commitments also being fulfilled - Controlling shareholder Guochuang Group committed to a **36-month** share lock-up, with a reduction price not lower than the issuance price within **2 years** after expiration, and compliance with reduction regulations[95](index=95&type=chunk) - The company, controlling shareholder, and actual controller Kunshan State-owned Assets Supervision and Administration Commission committed to share repurchases and buybacks of shares issued through fraudulent means[96](index=96&type=chunk) - The company, actual controller, controlling shareholder, directors, and senior management committed to measures to mitigate dilution of immediate returns, including actively implementing fundraising projects, strengthening capital management, enhancing core competitiveness, and optimizing profit distribution policies[97](index=97&type=chunk) - Controlling shareholder Guochuang Group, shareholders holding **5%** or more Longteng Holdings, directors, supervisors, and senior management committed to resolving horizontal competition and regulating related-party transactions[100](index=100&type=chunk) - All commitments were strictly fulfilled during the reporting period, with no specific reasons for unfulfilled commitments[95](index=95&type=chunk)[96](index=96&type=chunk)[97](index=97&type=chunk)[98](index=98&type=chunk)[99](index=99&type=chunk)[100](index=100&type=chunk)[101](index=101&type=chunk) [II. Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties During the Reporting Period](index=37&type=section&id=%E4%BA%8C%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) During the reporting period, there was no non-operating occupation of company funds by controlling shareholders or other related parties - There was no non-operating occupation of funds by controlling shareholders or other related parties during the reporting period[7](index=7&type=chunk)[102](index=102&type=chunk) [III. Irregular Guarantees](index=37&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) During the reporting period, the company did not provide any external guarantees in violation of prescribed decision-making procedures - There were no instances of providing external guarantees in violation of prescribed decision-making procedures during the reporting period[8](index=8&type=chunk)[102](index=102&type=chunk) [VII. Major Litigation and Arbitration Matters](index=38&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%AF%89%E8%AE%BC%E3%80%81%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A1%B9) During the reporting period, the company had no major litigation or arbitration matters - The company had no major litigation or arbitration matters during this reporting period[103](index=103&type=chunk) [X. Major Related-Party Transactions](index=38&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) During the reporting period, the company had no major related-party transactions related to daily operations, no related-party transactions involving asset or equity acquisition/disposal, no major related-party transactions for joint external investments, no related-party creditor-debtor relationships, and no financial business with finance companies - There were no related-party transactions related to daily operations during the reporting period[104](index=104&type=chunk) - There were no related-party transactions involving asset or equity acquisition/disposal during the reporting period[104](index=104&type=chunk) - There were no major related-party transactions for joint external investments during the reporting period[105](index=105&type=chunk) - There were no related-party creditor-debtor relationships during the reporting period[105](index=105&type=chunk) - There was no financial business between the company and related finance companies, or between the company's controlled finance companies and related parties during the reporting period[105](index=105&type=chunk) [XI. Major Contracts and Their Fulfillment](index=40&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) This section discloses the company's major guarantees, both fulfilled and unfulfilled, during the reporting period, primarily joint liability guarantees provided by the company to its wholly-owned subsidiary Kunshan Longteng Electronics Co., Ltd., with the total guaranteed amount representing **0.32%** of the company's net assets Guarantees Provided by the Company and Its Subsidiaries to Subsidiaries | Guarantor | Guaranteed Party | Guaranteed Amount (yuan) | Guarantee Start Date | Guarantee End Date | Guarantee Type | Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Kunshan Longteng Optoelectronics Co., Ltd. | Kunshan Longteng Electronics Co., Ltd. | 180,000,000.00 | 2022/7/28 | 2032/7/27 | Joint Liability Guarantee | No | | Kunshan Longteng Optoelectronics Co., Ltd. | Kunshan Longteng Electronics Co., Ltd. | 100,000,000.00 | 2024/12/29 | 2027/12/28 | Joint Liability Guarantee | No | - Total guarantee balance for subsidiaries at the end of the reporting period was **13.52 million yuan**[107](index=107&type=chunk) - The company's total guarantee amount (including guarantees to subsidiaries) was **13.52 million yuan**, accounting for **0.32%** of the company's net assets[107](index=107&type=chunk) [Section VI Share Changes and Shareholder Information](index=42&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) [I. Share Capital Changes](index=42&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the company's total ordinary shares or share capital structure, nor any changes in restricted shares - During the reporting period, there were no changes in the company's total ordinary shares or share capital structure[110](index=110&type=chunk) - There were no changes in restricted shares during the reporting period[111](index=111&type=chunk) [II. Shareholder Information](index=42&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had **20,796** ordinary shareholders; among the top ten shareholders, Kunshan Guochuang Investment Group Co., Ltd. and InfoVision Optoelectronics Holdings Limited were the top two, holding **45.90%** and **43.72%** respectively; some shareholders held shares through both ordinary securities accounts and credit trading accounts, and strategic investor Dongwu Securities - Pudong Development Bank - Dongwu Securities Longteng Optoelectronics STAR Market Strategic Placement Collective Asset Management Plan became a top ten shareholder due to new share placement - Total number of ordinary shareholders at the end of the reporting period: **20,796**[111](index=111&type=chunk) Top Ten Shareholders' Shareholding (Shares Held at Period End) | Shareholder Name | Shares Held at Period End | Percentage (%) | Shareholder Type | | :--- | :--- | :--- | :--- | | Kunshan Guochuang Investment Group Co., Ltd. | 1,530,000,000 | 45.90 | State-owned Legal Person | | InfoVision Optoelectronics Holdings Limited | 1,457,220,000 | 43.72 | Overseas Legal Person | | Hong Kong Securities Clearing Company Limited | 3,408,219 | 0.10 | Overseas Legal Person | | Lin Mingjian | 3,362,559 | 0.10 | Domestic Natural Person | | Dongwu Securities - Pudong Development Bank - Dongwu Securities Longteng Optoelectronics STAR Market Strategic Placement Collective Asset Management Plan | 3,300,000 | 0.10 | Other | - Mr. Lin Mingjian held **2,260,955** shares through an ordinary securities account and **1,101,604** shares through a securities company client credit trading guarantee securities account, totaling **3,362,559** shares of the company's stock[113](index=113&type=chunk) - Strategic investor Dongwu Securities - Pudong Development Bank - Dongwu Securities Longteng Optoelectronics STAR Market Strategic Placement Collective Asset Management Plan became a top ten shareholder due to new share placement[118](index=112&type=chunk) [III. Information on Directors, Senior Management, and Core Technical Personnel](index=46&type=section&id=%E4%B8%89%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%92%8C%E6%A0%B8%E5%BF%83%E6%8A%80%E6%9C%AF%E4%BA%BA%E5%91%98%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the shareholdings of current and resigned directors, senior management, and core technical personnel; additionally, the company approved the cancellation of a portion of the granted but unvested restricted shares from its 2021 restricted stock incentive plan - During the reporting period, there were no changes in the shareholdings of current and resigned directors, senior management, and core technical personnel[119](index=119&type=chunk) - On April 25, 2025, the company's second Board of Directors' twelfth meeting and second Board of Supervisors' eleventh meeting reviewed and approved the "Proposal on Canceling a Portion of Granted but Unvested Restricted Shares from the 2021 Restricted Stock Incentive Plan"[120](index=120&type=chunk) [IV. Changes in Controlling Shareholder or Actual Controller](index=47&type=section&id=%E5%9B%9B%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the company's controlling shareholder or actual controller - There were no changes in the company's controlling shareholder or actual controller during the reporting period[121](index=121&type=chunk) [Section VII Bond-Related Information](index=48&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=48&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%EF%BC%88%E5%90%AB%E4%BC%81%E4%B8%9A%E5%80%BA%E5%88%B8%EF%BC%89%E5%92%8C%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[123](index=123&type=chunk) [II. Convertible Corporate Bonds](index=48&type=section&id=%E4%BA%8C%E3%80%81%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E5%86%B5) The company has no convertible corporate bonds - The company has no convertible corporate bonds[123](index=123&type=chunk) [Section VIII Financial Report](index=49&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) [I. Audit Report](index=49&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This semi-annual report is unaudited - This semi-annual report is unaudited[5](index=5&type=chunk) [II. Financial Statements](index=49&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section includes the consolidated and parent company balance sheets as of June 30, 2025, consolidated and parent company income statements, consolidated and parent company cash flow statements, and consolidated and parent company statements of changes in owners' equity for January-June 2025, comprehensively presenting the company's financial position, operating results, and cash flows Consolidated Balance Sheet (June 30, 2025) | Item | Amount (yuan) | | :--- | :--- | | Total Current Assets | 3,013,516,265.24 | | Total Non-Current Assets | 3,659,067,527.17 | | **Total Assets** | **6,672,583,792.41** | | Total Current Liabilities | 2,242,193,338.17 | | Total Non-Current Liabilities | 263,516,580.19 | | **Total Liabilities** | **2,505,709,918.36** | | Total Owners' Equity Attributable to Parent Company | 4,166,873,874.05 | | **Total Liabilities and Owners' Equity** | **6,672,583,792.41** | Consolidated Income Statement (Jan-Jun 2025) | Item | Amount (yuan) | | :--- | :--- | | Total Operating Revenue | 1,289,473,040.29 | | Total Operating Costs | 1,410,842,866.91 | | Total Profit | -152,018,418.31 | | Net Profit | -121,150,606.37 | | Net Profit Attributable to Parent Company Owners | -121,150,606.37 | | Basic EPS (yuan/share) | -0.036 | Consolidated Cash Flow Statement (Jan-Jun 2025) | Item | Amount (yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | 181,144,378.37 | | Net Cash Flow from Investing Activities | -232,562,200.72 | | Net Cash Flow from Financing Activities | 128,120,145.94 | | Net Increase in Cash and Cash Equivalents | 76,597,810.15 | | Cash and Cash Equivalents at Period End | 218,381,757.12 | [Consolidated Balance Sheet](index=49&type=section&id=%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the company's total consolidated assets were **6,672,583,792.41 yuan**, comprising **3,013,516,265.24 yuan** in current assets and **3,659,067,527.17 yuan** in non-current assets; total liabilities amounted to **2,505,709,918.36 yuan**, with total owners' equity attributable to the parent company being **4,166,873,874.05 yuan** Key Data from Consolidated Balance Sheet (June 30, 2025) | Item | Amount (yuan) | | :--- | :--- | | Total Assets | 6,672,583,792.41 | | Total Liabilities | 2,505,709,918.36 | | Total Owners' Equity Attributable to Parent Company | 4,166,873,874.05 | [Parent Company Balance Sheet](index=52&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the parent company's total assets were **6,641,366,448.64 yuan**, including **2,600,526,800.70 yuan** in current assets and **4,040,839,647.94 yuan** in non-current assets; total liabilities amounted to **2,411,490,582.93 yuan**, with total owners' equity being **4,229,875,865.71 yuan** Key Data from Parent Company Balance Sheet (June 30, 2025) | Item | Amount (yuan) | | :--- | :--- | | Total Assets | 6,641,366,448.64 | | Total Liabilities | 2,411,490,582.93 | | Total Owners' Equity | 4,229,875,865.71 | [Consolidated Income Statement](index=55&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) For January-June 2025, the company's total consolidated operating revenue was **1,289,473,040.29 yuan**, total operating costs were **1,410,842,866.91 yuan**, total profit was **-152,018,418.31 yuan**, and net profit was **-121,150,606.37 yuan**; net profit attributable to parent company owners was **-121,150,606.37 yuan**, with basic earnings per share of **-0.036 yuan/share** Key Data from Consolidated Income Statement (Jan-Jun 2025) | Item | Amount (yuan) | | :--- | :--- | | Total Operating Revenue | 1,289,473,040.29 | | Total Profit | -152,018,418.31 | | Net Profit | -121,150,606.37 | | Basic EPS (yuan/share) | -0.036 | [Parent Company Income Statement](index=57&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E5%88%A9%E6%B6%A6%E8%A1%A8) For January-June 2025, the parent company's operating revenue was **1,208,122,118.64 yuan**, total profit was **-145,794,129.39 yuan**, and net profit was **-116,251,789.18 yuan** Key Data from Parent Company Income Statement (Jan-Jun 2025) | Item | Amount (yuan) | | :--- | :--- | | Operating Revenue | 1,208,122,118.64 | | Total Profit | -145,794,129.39 | | Net Profit | -116,251,789.18 | [Consolidated Cash Flow Statement](index=59&type=section&id=%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For January-June 2025, the company's net cash flow from operating activities was **181,144,378.37 yuan**, net cash flow from investing activities was **-232,562,200.72 yuan**, and net cash flow from financing activities was **128,120,145.94 yuan**; cash and cash equivalents at period-end totaled **218,381,757.12 yuan** Key Data from Consolidated Cash Flow Statement (Jan-Jun 2025) | Item | Amount (yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | 181,144,378.37 | | Net Cash Flow from Investing Activities | -232,562,200.72 | | Net Cash Flow from Financing Activities | 128,120,145.94 | | Cash and Cash Equivalents at Period End | 218,381,757.12 | [Parent Company Cash Flow Statement](index=61&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For January-June 2025, the parent company's net cash flow from operating activities was **42,830,120.88 yuan**, net cash flow from investing activities was **-55,217,610.38 yuan**, and net cash flow from financing activities was **30,662,660.80 yuan**; cash and cash equivalents at period-end totaled **147,525,030.53 yuan** Key Data from Parent Company Cash Flow Statement (Jan-Jun 2025) | Item | Amount (yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | 42,830,120.88 | | Net Cash Flow from Investing Activities | -55,217,610.38 | | Net Cash Flow from Financing Activities | 30,662,660.80 | | Cash and Cash Equivalents at Period End | 147,525,030.53 | [Consolidated Statement of Changes in Owners' Equity](index=63&type=section&id=%E5%90%88%E5%B9%B6%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) For January-June 2025, the company's total consolidated owners' equity decreased by **121,085,874.01 yuan**, primarily due to a total comprehensive income of **-121,385,496.89 yuan** and an increase of **299,622.88 yuan** from owners' contributions and capital reductions Consolidated Owners' Equity Changes (Jan-Jun 2025) | Item | Change Amount (yuan) | | :--- | :--- | | Change in Amount for Current Period | -121,085,874.01 | | Total Comprehensive Income | -121,385,496.89 | | Owners' Contributions and Capital Reductions | 299,622.88 | [Parent Company Statement of Changes in Owners' Equity](index=67&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) For January-June 2025, the parent company's total owners' equity decreased by **115,952,166.30 yuan**, primarily due to a total comprehensive income of **-116,251,789.18 yuan** and an increase of **299,622.88 yuan** from owners' contributions and capital reductions Parent Company Owners' Equity Changes (Jan-Jun 2025) | Item | Change Amount (yuan) | | :--- | :--- | | Change in Amount for Current Period | -115,952,166.30 | | Total Comprehensive Income | -116,251,789.18 | | Owners' Contributions and Capital Reductions | 299,622.88 | [III. Company's Basic Information](index=71&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) This section introduces the company's establishment, stock listing, registered capital, unified social credit code, domicile, legal representative, business scope, and changes in the scope of consolidated financial statements - The company was wholly restructured from Kunshan Longteng Optoelectronics Co., Ltd. in August 2019 and listed on the Shanghai Stock Exchange on August 17, 2020, with stock code **688055**[158](index=158&type=chunk) - As of June 30, 2025, the registered capital and paid-in capital (share capital) amounted to **3.33 billion yuan**[159](index=159&type=chunk) - The main business is the R&D, production, and sales of Thin Film Transistor Liquid Crystal Display (TFT-LCD) panels, with no changes during the reporting period[162](index=162&type=chunk) - Subsidiaries included in the scope of consolidation for this period are Kunshan Longteng Electronics Co., Ltd., Longteng Optoelectronics International (Hong Kong) Co., Ltd., and Longteng Optoelectronics Technology (Vietnam) Co., Ltd[163](index=163&type=chunk)[164](index=164&type=chunk) [IV. Basis of Financial Statement Preparation](index=72&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The company's financial statements are prepared on a going concern basis, complying with enterprise accounting standards, with the accounting year running from January 1 to December 31, and the recording currency being RMB - The company's financial statements are prepared on a going concern basis, complying with the requirements of enterprise accounting standards[165](index=165&type=chunk)[168](index=168&type=chunk) - The company's accounting year runs from January 1 to December 31 of the Gregorian calendar[169](index=169&type=chunk) - The company and its domestic subsidiaries use RMB as their bookkeeping currency[171](index=171&type=chunk) [V. Significant Accounting Policies and Estimates](index=72&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section elaborates on the significant accounting policies and estimates followed by the company in preparing its financial statements, covering business combinations, consolidated financial statement preparation, cash and cash equivalents, foreign currency transactions and statement translation, financial instruments, notes receivable, accounts receivable, other receivables, inventories, contract assets, long-term equity investments, investment properties, fixed assets, construction in progress, borrowing costs, intangible assets, impairment of long-term assets, long-term deferred expenses, contract liabilities, employee compensation, share-based payments, revenue, contract costs, government grants, deferred income tax assets/liabilities, and leases - The financial statements prepared by the company comply with enterprise accounting standards, accurately and completely reflecting the company's financial position, operating results, changes in shareholders' equity, and cash flows[168](index=168&type=chunk) - The company classifies financial assets into three categories: measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in current profit or loss[190](index=190&type=chunk)[191](index=191&type=chunk) - For receivables arising from transactions governed by "Enterprise Accounting Standard No. 14 – Revenue" (regardless of whether they contain a significant financing component), the company adopts a simplified approach, always measuring loss provisions based on expected credit losses over the entire lifetime[201](index=201&type=chunk)[205](index=205&type=chunk)[211](index=211&type=chunk)[215](index=215&type=chunk) - The company recognizes revenue when it fulfills its performance obligations in a contract, i.e., when the customer obtains control of the related goods or services, at the transaction price allocated to that performance obligation; the company's main business is the sale of Thin Film Transistor Liquid Crystal Display (TFT-LCD) panels[279](index=279&type=chunk)[280](index=280&type=chunk) - Share-based payments are classified into equity-settled share-based payments and cash-settled share-based payments; equity-settled share-based payments are measured at the fair value of the equity instruments granted to employees[273](index=273&type=chunk)[274](index=274&type=chunk) [VI. Taxation](index=100&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) This section discloses the company's main tax categories and rates, including VAT, urban maintenance and construction tax, education surcharge, local education surcharge, and corporate income tax, and details the tax incentives enjoyed by the company, such as VAT super deduction for advanced manufacturing enterprises, high-tech enterprise income tax preferential treatment, and offshore exemption for Hong Kong profits tax Main Tax Categories and Rates | Tax Category | Tax Rate | | :--- | :--- | | Value-Added Tax (VAT) | 13%, 10%, 9%, 6%, 5%, 3%, 0% | | Urban Maintenance and Construction Tax | 7%, 5% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | | Corporate Income Tax | 25%, 20%, 16.5%, 15% | - The company (parent company) is classified as an advanced manufacturing enterprise and is eligible for a **5%** VAT super deduction policy during the reporting period[100](index=100&type=chunk) - Subsidiary Kunshan Longteng Electronics Co., Ltd., located in Kunshan Comprehensive Free Trade Zone, is eligible for VAT exemption on export sales revenue[101](index=101&type=chunk) - The company (parent company) is recognized as a high-tech enterprise and enjoys a preferential corporate income tax rate of **15%** during the reporting period[101](index=101&type=chunk) - Subsidiary Longteng Hong Kong is registered in Hong Kong, and its recognized income during the reporting period qualifies for offshore exemption, thus not subject to profits tax[101](index=101&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=101&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes and analysis for each asset, liability, owners' equity, revenue, cost, and expense item in the consolidated financial statements, including period-end balances, beginning balances, current period changes, reasons for changes, and provisions for bad debts and inventory impairment - Monetary funds at period-end totaled **218.38 million yuan**, an increase of **54.02%** from the beginning of the period, with **39.19 million yuan** deposited overseas[125](index=125&type=chunk)[320](index=320&type=chunk) - Accounts receivable book balance at period-end was **294.45 million yuan**, with a bad debt provision of **4.42 million yuan**, primarily for receivables within **1 year**[325](index=325&type=chunk)[326](index=326&type=chunk)[328](index=328&type=chunk) - Inventory book value at period-end was **593.08 million yuan**, with an inventory impairment provision of **153.06 million yuan**, and **70.47 million yuan** accrued this period[350](index=350&type=chunk)[352](index=352&type=chunk) - Construction in progress book value at period-end was **522.12 million yuan**, with major projects including new technology introduction (oxide), IPS capacity expansion, and LCM capacity enhancement[373](index=373&type=chunk) - Operating revenue and operating costs for the current period were **1.29 billion yuan** and **1.20 billion yuan** respectively, with a high proportion of main business revenue[434](index=434&type=chunk) - Financial expenses for the current period were **22.04 million yuan**, a significant increase from **-3.42 million yuan** in the prior period, primarily due to reduced interest income[439](index=439&type=chunk) - Investment income for the current period was **31.37 million yuan**, a significant increase from **2.61 million yuan** in the prior period, mainly from interest income on wealth management products[444](index=444&type=chunk)[445](index=445&type=chunk) [VIII. R&D Expenses](index=158&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) This section discloses the composition of the company's R&D expenses by nature for the reporting period, including employee compensation, experimental materials, depreciation and amortization, and confirms that all R&D expenses are expensed R&D Expenses by Nature (Current Period vs. Prior Period) | Item | Current Period (yuan) | Prior Period (yuan) | | :--- | :--- | :--- | | Employee Compensation | 54,542,369.25 | 59,678,854.41 | | Experimental Materials | 17,254,706.96 | 22,418,282.79 | | Depreciation and Amortization | 13,304,904.17 | 13,026,279.56 | | Auxiliary Fees | 6,627,007.38 | 10,418,265.47 | | Indirect Materials | 3,306,914.79 | 4,447,603.19 | | Office Expenses | 608,937.67 | 749,078.73 | | Other | 3,305,080.56 | 4,056,894.00 | | **Total** | **98,949,920.78** | **114,795,258.15** | - All R&D expenses are expensed, with no capitalized R&D expenditures[471](index=471&type=chunk) [IX. Changes in Consolidation Scope](index=158&type=section&id=%E4%B9%9D%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) During the reporting period, there were no changes in the scope of consolidation due to non-same-entity business combinations, same-entity business combinations, reverse acquisitions, disposal of subsidiaries, or other reasons - During the reporting period, there were no changes in the scope of consolidation due to non-same-entity business combinations, same-entity business combinations, reverse acquisitions, disposal of subsidiaries, or other reasons[472](index=472&type=chunk)[473](index=473&type=chunk) [X. Equity in Other Entities](index=159&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) This section discloses the composition of the enterprise group, including three wholly-owned subsidiaries: Kunshan Longteng Electronics Co., Ltd., Longteng Optoelectronics International (Hong Kong) Co., Ltd., and Longteng Optoelectronics Technology (Vietnam) Co., Ltd - Subsidiaries included in the scope of consolidation for this period are Kunshan Longteng Electronics Co., Ltd., Longteng Optoelectronics International (Hong Kong) Co., Ltd., and Longteng Optoelectronics Technology (Vietnam) Co., Ltd[163](index=163&type=chunk)[164](index=164&type=chunk) - All three subsidiaries are wholly-owned, with a **100%** shareholding ratio[473](index=473&type=chunk) [XI. Government Grants](index=161&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) This section discloses the liability items related to government grants at the end of the reporting period and the amount of government grants recognized in current profit or loss, totaling **3,242,103.78 yuan**, of which **3,019,103.76 yuan** is income-related and **223,000.02 yuan** is asset-related Liability Items Involving Government Grants (Period-End Balance) | Financial Statement Item | Beginning Balance (yuan) | New Subsidies This Period (yuan) | Amount Recognized as Non-Operating Income This Period (yuan) | Amount Transferred to Other Income (yuan) | Ending Balance (yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 3,121,999.88 | 0 | 0 | 223,000.02 | 2,898,999.86 | Asset Related | | Deferred Income | 800,000.00 | 0 | 0 | 800,000.00 | 0 | Income Related | | **Total** | **3,921,999.88** | **0** | **0** | **1,023,000.02** | **2,898,999.86** | / | Government Grants Recognized in Current Profit or Loss (Current Period vs. Prior Period) | Type | Current Period (yuan) | Prior Period (yuan) | | :--- | :--- | :--- | | Income Related | 3,019,103.76 | 14,563,012.51 | | Asset Related | 223,000.02 | 223,000.02 | | **Total** | **3,242,103.78** | **14,786,012.53** | [XII. Risks Related to Financial Instruments](index=161&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) This section outlines the financial instrument risks faced by the company, primarily credit risk, liquidity risk, and market risk (interest rate risk, exchange rate risk), and describes the company's risk management measures, including credit assessment, fund monitoring, and forward foreign exchange contracts, with the goal of balancing risk and return to minimize negative impacts - The company's risk management objective is to strike a balance between risk and return, minimizing the negative impact of risks on the company's operating performance to maximize shareholder interest

铜陵精达特种电磁线股份有限公司 2025 年半年度报告 公司代码：600577 公司简称：精达股份 铜陵精达特种电磁线股份有限公司 2025 年半年度报告 1 / 170 铜陵精达特种电磁线股份有限公司 2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人李晓、主管会计工作负责人张军强及会计机构负责人（会计主管人员）张军强声 明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 以2025年半年度权益分派股权登记日登记的总股本为基数，每10股派发现金红利0.30元(含税)。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的承诺，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 ...

胜通能源股份有限公司 2025 年半年度报告全文 1 胜通能源股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法 律责任。 公司负责人张伟、主管会计工作负责人宋海贞及会计机构负责人(会计主 管人员)孙秀玲声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中如有涉及未来计划、业绩预测等前瞻性描述，均不构成本公司对 任何投资者及其相关人士的实质承诺。投资者及相关人士均应对此保持足够 的风险认识，并应当理解计划、预测与承诺之间的差异，请投资者注意投资 风险。 胜通能源股份有限公司 2025 年半年度报告 2025-036 2025 年 8 月 公司在本报告第三节"管理层讨论与分析"的"十、公司面临的风险和应 对措施"部分描述了可能面对的相关风险，敬请投资者注意查阅。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | | | | 第一节 | 重要提示、目录和释义 | | 2 | | --- | - ...

[Important Notices, Table of Contents, and Definitions](index=2&type=section&id=Section%201%20Important%20Notices%2C%20Table%20of%20Contents%2C%20and%20Definitions) [Important Notices](index=2&type=section&id=Important%20Notices) The company's management guarantees the authenticity, accuracy, and completeness of the semi-annual report and assumes legal responsibility - The Board of Directors, Board of Supervisors, and senior management guarantee the authenticity, accuracy, and completeness of the semi-annual report and assume legal responsibility[3](index=3&type=chunk) - The company's responsible person Wu Jinsong, chief financial officer Li Haifeng, and head of the accounting department Guo Ying declare the financial report is true, accurate, and complete[3](index=3&type=chunk) - The company **does not plan to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital**[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section lists the eight main chapters of the report, covering key areas such as company profile, management discussion, and financial statements - The report comprises eight main chapters covering company operations, financials, governance, and significant matters[7](index=7&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section provides definitions for frequently used terms in the report, including company names and technical terms related to its business - The reporting period is defined as **January 1, 2025, to June 30, 2025**[11](index=11&type=chunk) - The definitions cover company names, affiliated companies, and technical terms in the smart grid and new energy business sectors[11](index=11&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) [Company Profile](index=6&type=section&id=I.%20Company%20Profile) Jilin Jinguan Electric Co, Ltd (stock code: 300510) is listed on the Shenzhen Stock Exchange, with Wu Jinsong as the legal representative - The company's stock short name is Jinguan Electric, stock code **300510**, listed on the Shenzhen Stock Exchange[13](index=13&type=chunk) - The company's legal representative is **Wu Jinsong**[13](index=13&type=chunk) [Contact Persons and Methods](index=6&type=section&id=II.%20Contact%20Persons%20and%20Methods) The Board Secretary is Wu Shuai and the Securities Affairs Representative is Tang Hao - The Board Secretary is **Wu Shuai**, and the Securities Affairs Representative is **Tang Hao**[14](index=14&type=chunk) - The contact phone and fax are both **010-68712663**, and the email is **jilinjinguan@163.com**[14](index=14&type=chunk) [Other Information](index=6&type=section&id=III.%20Other%20Information) The company's registered address, office address, website, and other contact information remained unchanged during the reporting period - The company's contact information, information disclosure locations, and registration details remained unchanged during the reporting period[15](index=15&type=chunk)[16](index=16&type=chunk)[18](index=18&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) The company's net profit attributable to shareholders decreased significantly by 148.21% year-over-year, while operating cash flow increased by 7.66% Key Accounting Data and Financial Indicators (Current Period vs. Prior Year Period) | Indicator | Current Period (CNY) | Prior Year Period (Adjusted, CNY) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 486,574,462.33 | 514,280,862.07 | -5.39% | Minor change | | Net Profit Attributable to Shareholders | -42,612,656.79 | -17,167,738.69 | -148.21% | - | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | -58,729,395.87 | -29,139,196.15 | -101.55% | - | | Net Cash Flow from Operating Activities | 92,781,553.34 | 86,182,005.55 | 7.66% | Minor change | | Basic Earnings Per Share (CNY/Share) | -0.0517 | -0.0207 | -149.76% | - | | Diluted Earnings Per Share (CNY/Share) | -0.0517 | -0.0207 | -149.76% | - | | Weighted Average Return on Equity | -1.88% | -0.65% | -1.23% | - | | Total Assets (End of Period) | 3,147,693,605.58 | 3,346,183,392.31 | -5.93% | - | | Net Assets Attributable to Shareholders (End of Period) | 2,244,571,120.12 | 2,287,183,776.91 | -1.86% | - | - **Reason for accounting policy change**: The Ministry of Finance issued "Interpretation No 18 of the Accounting Standards for Business Enterprises" to regulate the accounting treatment of warranty provisions and "Application Cases of Revenue Standards—Revenue Recognition for Charging (Power Supply) Services" to clarify that charging services should use the net method for revenue recognition; the company has implemented these changes from January 1, 2024, and retrospectively adjusted comparable period information[19](index=19&type=chunk)[20](index=20&type=chunk)[21](index=21&type=chunk) [Differences in Accounting Data under Domestic and Foreign Accounting Standards](index=8&type=section&id=V.%20Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20Foreign%20Accounting%20Standards) There were no discrepancies in net profit or net assets between financial reports prepared under Chinese and international accounting standards - The company had **no discrepancies** in net profit and net assets under domestic and foreign accounting standards during the reporting period[22](index=22&type=chunk)[23](index=23&type=chunk) [Non-recurring Profit and Loss Items and Amounts](index=8&type=section&id=VI.%20Non-recurring%20Profit%20and%20Loss%20Items%20and%20Amounts) Non-recurring profit and loss for the period totaled CNY 16.12 million, primarily from government subsidies and asset disposal gains Non-recurring Profit and Loss Items and Amounts | Item | Amount (CNY) | Description | | :--- | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | 28,427.01 | Loss on disposal and write-off of fixed assets | | Government Subsidies Included in Current Profit/Loss | 15,090,171.61 | Income-related subsidies and asset-related subsidies amortized over the asset's useful life | | Reversal of Impairment Provisions for Individually Tested Receivables | 3,473,654.37 | - | | Other Non-operating Income and Expenses | -887,494.10 | - | | Other Items Meeting the Definition of Non-recurring Profit/Loss | 46,196.81 | - | | Less: Income Tax Impact | 1,631,298.57 | - | | Minority Interest Impact (After Tax) | 2,918.05 | - | | Total | 16,116,739.08 | - | - The company did not reclassify any non-recurring profit and loss items as recurring items[26](index=26&type=chunk) [Management Discussion and Analysis](index=10&type=section&id=Section%203%20Management%20Discussion%20and%20Analysis) [Principal Business Activities During the Reporting Period](index=10&type=section&id=I.%20Principal%20Business%20Activities%20During%20the%20Reporting%20Period) The company focuses on smart grid equipment, new energy charging/swapping, and energy storage systems under its "Smart Power + Digital New Energy + Integrated Services" strategy - The company's business revolves around the **"Smart Power + Digital New Energy + Integrated Services"** strategy, covering smart grid equipment, new energy charging/swapping, and energy storage systems[28](index=28&type=chunk) [(I) Industry Development](index=10&type=section&id=(I)%20Industry%20Development) In H1 2025, dual-carbon policies and technological innovation drove power system upgrades, with significant growth in grid investment and new energy infrastructure - In H1 2025, total power investment by key surveyed enterprises reached **CNY 654.6 billion**, a YoY increase of **9.6%**[29](index=29&type=chunk) - Grid construction investment reached **CNY 291.1 billion**, up **14.6%** YoY, with equipment investment growing by **39.6%**[29](index=29&type=chunk) - As of the end of the reporting period, China's new energy vehicle ownership was **36.89 million**, with **16.10 million** charging infrastructure units, a **55.6%** YoY increase, resulting in a vehicle-to-charger ratio of approximately **2.29:1**[31](index=31&type=chunk) - As of the end of the reporting period, domestic new energy storage installed capacity reached **94.91GW/222GWh**, an increase of approximately **29%** from the end of 2024[33](index=33&type=chunk) [(II) Company's Main Products](index=11&type=section&id=(II)%20Company's%20Main%20Products) The company's product portfolio includes smart grid equipment, new energy charging and swapping solutions, and energy storage systems for various applications - Smart grid equipment includes a full range of distribution switchgear such as **7.2~40.5kV medium-voltage withdrawable switchgear**, gas-insulated high-voltage switchgear, C-GIS smart ring main units, and smart meters[34](index=34&type=chunk)[38](index=38&type=chunk) - New energy charging and swapping products include a wide range of solutions such as **AC charging piles, DC charging piles, split-type DC charging stacks, V2G bidirectional chargers, and megawatt-level liquid-cooled high-power chargers**[41](index=41&type=chunk) - Energy storage business products include **energy storage modules, battery packs (air-cooled and liquid-cooled), battery clusters, energy storage systems, Power Conversion Systems (PCS), Battery Management Systems (BMS), and Energy Management Systems (EMS)**[51](index=51&type=chunk) [(III) Business Model](index=20&type=section&id=(III)%20Business%20Model) The company operates under a "Group HQ + Industrial Subsidiaries" model, utilizing direct sales, customer-oriented R&D, and a build-to-order production strategy - The operational model is **"Group HQ + Industrial Subsidiaries,"** with the headquarters handling strategic planning and subsidiaries managing operations[54](index=54&type=chunk) - The sales model is primarily **direct sales**, securing orders through bidding and negotiations with clients like grid companies and industrial enterprises[55](index=55&type=chunk) - The R&D model is **market-focused and customer-driven**, centered on the "Smart Power + Digital New Energy + Integrated Services" strategy using project-based management[56](index=56&type=chunk)[57](index=57&type=chunk) - The production model is mainly **build-to-order** and customized, supplemented by standardized pre-production to control costs and ensure timely delivery[59](index=59&type=chunk) [(IV) Key Performance Drivers](index=21&type=section&id=(IV)%20Key%20Performance%20Drivers) Performance is driven by external factors like energy transition and increased grid investment, and internal factors including operational efficiency and product innovation - The total bidding amount for State Grid's first three batches of transmission and transformation equipment in 2025 was approximately **CNY 54.06 billion**, a YoY increase of about **24.8%**[61](index=61&type=chunk) - The total bidding amount for State Grid's first batch of metering equipment in 2025 was **CNY 7.5 billion**, a YoY decrease of about **37.8%**, with the number of winning bidders increasing to 120[62](index=62&type=chunk) - The company launched new products including an **AI low-voltage cabinet, "Ant Station" charging stack, prefabricated integrated charging station, heavy-duty truck chargers, and a comprehensive ship charging solution**[65](index=65&type=chunk)[66](index=66&type=chunk) - During the reporting period, the company built **9 new charging stations** with a total of **110 charging piles**, adding **4,600kW** of charging power[67](index=67&type=chunk) - As of the end of the reporting period, the company held over **400 intellectual property rights**, including **220 patents** and **143 software copyrights**[66](index=66&type=chunk) [Core Competitiveness Analysis](index=23&type=section&id=II.%20Core%20Competitiveness%20Analysis) The company's core strengths lie in its deep industry experience, comprehensive product solutions, continuous R&D innovation, and strong customer relationships - The company has accumulated deep expertise in product technology, engineering services, and integrated solution delivery across **smart grid equipment, new energy charging, and energy storage**[68](index=68&type=chunk) - The company is recognized as a national-level **"Specialized, Refined, Unique, and Innovative" Little Giant**, and possesses two provincial-level enterprise technology centers and a CNAS-accredited laboratory[70](index=70&type=chunk) - The company's customer base spans multiple industries, including **State Grid, new energy vehicles, transportation, data communications, and petrochemicals**[71](index=71&type=chunk) - The company operates **four major R&D and manufacturing bases** in Changchun, Nanjing, Hangzhou, and Changzhou, enabling efficient smart manufacturing and market synergy[73](index=73&type=chunk) [Main Business Analysis](index=25&type=section&id=III.%20Main%20Business%20Analysis) Operating revenue decreased by 5.39% YoY, while financial expenses dropped by 42.79% due to lower interest expenses Key Financial Data YoY Changes | Indicator | Current Period (CNY) | Prior Year Period (CNY) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 486,574,462.33 | 514,280,862.07 | -5.39% | Minor change | | Operating Costs | 410,280,666.07 | 406,385,142.89 | 0.96% | Minor change | | Financial Expenses | 3,565,884.82 | 6,232,731.80 | -42.79% | Primarily due to decreased interest expenses compared to the prior year period | | Income Tax Expense | 1,119,356.13 | -3,488,936.58 | 132.08% | Primarily due to an increase in current income tax expense | | Net Cash Flow from Investing Activities | 1,564,699.07 | -16,181,228.41 | 109.67% | Primarily due to decreased expenditures on long-term assets | | Net Cash Flow from Financing Activities | -92,594,843.64 | -38,621,726.40 | -139.75% | Primarily due to a decrease in bank loans used during the period | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (CNY) | Operating Costs (CNY) | Gross Margin | YoY Change in Operating Revenue | | :--- | :--- | :--- | :--- | :--- | | High and Low Voltage Switchgear Sets | 84,603,965.43 | 69,129,000.01 | 18.29% | -35.29% | | Ring Main Units | 106,260,004.32 | 79,302,250.49 | 25.37% | -22.70% | | Box-type Substations | 71,705,758.38 | 63,749,357.79 | 11.10% | -29.05% | | Smart Meters and Power Information Collection Systems | 137,440,006.93 | 116,125,197.08 | 15.51% | 124.53% | - There were no significant changes in the company's profit composition or sources of profit during the reporting period[77](index=77&type=chunk) [Non-Main Business Analysis](index=26&type=section&id=IV.%20Non-Main%20Business%20Analysis) The company had no non-main business activities to analyze during the reporting period [Analysis of Assets and Liabilities](index=26&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) Total assets decreased by 5.93% from the beginning of the year, primarily due to a reduction in accounts receivable from increased sales collections Significant Changes in Asset Composition (End of Period vs. Beginning of Year) | Item | End of Period Amount (CNY) | % of Total Assets | Beginning of Year Amount (CNY) | % of Total Assets | Change in Proportion | Reason for Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total Assets | 3,147,693,605.58 | - | 3,346,183,392.31 | - | -5.93% | - | | Accounts Receivable | 553,089,899.46 | 17.57% | 709,709,478.30 | 21.21% | -3.64% | Primarily due to increased sales collections during the reporting period | | Prepayments | 98,478,464.43 | 3.13% | 52,932,001.44 | 1.58% | 1.55% | Primarily due to an increase in prepayments for goods | | Short-term Borrowings | 262,953,836.84 | 8.35% | 351,018,113.90 | 10.49% | -2.14% | Primarily due to the repayment of short-term loans to financial institutions | | Notes Receivable | 14,909,943.89 | 0.47% | 60,963,361.73 | 1.82% | -1.35% | Primarily due to the collection of matured notes | | Long-term Equity Investments | 249,944,592.16 | 7.94% | 249,640,006.61 | 7.46% | 0.48% | Primarily due to the recognition of investment income based on shareholding percentage | Assets and Liabilities Measured at Fair Value | Item | End of Period Amount (CNY) | | :--- | :--- | | Other Equity Instrument Investments | 56,693,178.26 | | Receivables Financing | 16,251,154.59 | | Total | 72,944,332.85 | - As of the end of the reporting period, the company had assets with restricted ownership or use rights, as detailed in Note VII, 22 of the financial report[85](index=85&type=chunk) [Investment Status Analysis](index=27&type=section&id=VI.%20Investment%20Status%20Analysis) The company had no significant equity investments, non-equity investments, or use of raised funds during the reporting period - The company had **no use of raised funds** during the reporting period[86](index=86&type=chunk) - The company had **no entrusted wealth management, derivative investments, or entrusted loans** during the reporting period[87](index=87&type=chunk)[88](index=88&type=chunk)[89](index=89&type=chunk) [Sale of Major Assets and Equity](index=28&type=section&id=VII.%20Sale%20of%20Major%20Assets%20and%20Equity) The company did not sell any major assets or equity during the reporting period - The company **did not sell major assets or equity** during the reporting period[91](index=91&type=chunk)[92](index=92&type=chunk) [Analysis of Major Holding and Participating Companies](index=29&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The company's main subsidiaries include Zhejiang Kaisheng Electric and Nanjing Nengrui Automation, with a new subsidiary established during the period Major Subsidiaries and Participating Companies with >10% Impact on Net Profit | Company Name | Type | Main Business | Registered Capital (CNY) | Total Assets (CNY) | Net Assets (CNY) | Operating Revenue (CNY) | Operating Profit (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhejiang Kaisheng Electric Co, Ltd | Subsidiary | Production, sales, R&D of smart high/low voltage switchgear, ring main units | 100,880,000 | 152,280,048.53 | 72,308,491.68 | 39,058,009.50 | -5,320,081.09 | -5,425,636.26 | | Nanjing Nengrui Automation Co, Ltd | Subsidiary | Production, sales, R&D of smart meters, collection systems, charging piles; new energy station operation | 293,974,000 | 680,979,082.69 | 497,694,198.13 | 149,675,079.38 | 8,578,614.38 | 7,360,701.58 | | Nanjing Nengrui Power Technology Co, Ltd | Subsidiary | Installation, repair, testing of power facilities; R&D, production, sales of distribution automation equipment, charging piles | 143,974,000 | 597,601,017.76 | 241,299,475.46 | 38,760,507.67 | -18,863,051.73 | -19,374,303.84 | | Luoyang Jinguan Electric Sales Co, Ltd | Subsidiary | Smart meters, collection systems, charging pile operation and sales | 5,000,000 | 194,564,626.11 | -37,072,753.26 | 0.00 | -5,982,649.30 | -5,982,648.88 | | Jiangsu Guanhua New Energy Technology Co, Ltd | Subsidiary | Production, sales, R&D of energy storage products; power generation, transmission, distribution | 50,000,000 | 32,964,784.34 | 16,152,521.41 | 3,214,912.06 | -4,438,669.60 | -4,609,280.01 | - During the reporting period, the company established **Guangzhou Guanrui Shuzhi New Energy Technology Co, Ltd**, which had no significant impact on the current year's operating results[94](index=94&type=chunk) [Structured Entities Controlled by the Company](index=30&type=section&id=IX.%20Structured%20Entities%20Controlled%20by%20the%20Company) The company did not control any structured entities during the reporting period - The company had **no controlled structured entities** during the reporting period[95](index=95&type=chunk) [Risks and Countermeasures](index=30&type=section&id=X.%20Risks%20and%20Countermeasures) The company faces policy risks from economic and industry-specific regulations and market risks from intense competition and technological changes - **Policy Risk**: The company's business is susceptible to changes in national economic policies, macroeconomic conditions, grid bidding volumes, and new energy subsidy policies[95](index=95&type=chunk) - **Countermeasures**: The company has established a strategic investment department and an industrial research institute to adjust its development strategy and is actively developing its energy storage and new energy businesses[95](index=95&type=chunk) - **Market Competition Risk**: The company's core competitiveness is directly affected by technological trends in the high-tech industry, requiring continuous adaptation to grid technology requirements and forward-looking planning[96](index=96&type=chunk) - **Countermeasures**: The company continues to enhance its technological capabilities, strengthen innovation, expand production capacity, improve operational efficiency, and broaden market channels[96](index=96&type=chunk) [Record of Investor Relations Activities](index=31&type=section&id=XI.%20Record%20of%20Investor%20Relations%20Activities) The company participated in an online investor relations event on May 27, 2025, to engage with investors - On **May 27, 2025**, the company participated in the Jilin-based listed companies' online collective investor reception day, engaging in online interactive communication with investors[97](index=97&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=31&type=section&id=XII.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company has not formulated a market value management system or disclosed a valuation enhancement plan - The company has **not formulated a market value management system** and has **not disclosed a valuation enhancement plan**[98](index=98&type=chunk)[100](index=100&type=chunk) [Implementation of the "Dual Improvement in Quality and Returns" Action Plan](index=31&type=section&id=XIII.%20Implementation%20of%20the%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[100](index=100&type=chunk) [Corporate Governance, Environment, and Society](index=31&type=section&id=Section%204%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) [Changes in Directors, Supervisors, and Senior Management](index=31&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) The company underwent changes in its board and senior management, including the election of a new chairman and the appointment of a new CFO Changes in Directors, Supervisors, and Senior Management | Name | Position | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Wu Jinsong | Chairman | Elected | 2025-01-08 | Change of term | | Zhang Rongji | Director & General Manager | Elected | 2025-01-08 | Change of term | | Sima Longqi | Director | Elected | 2025-01-08 | Change of term | | Wu Shuai | Director & Board Secretary | Elected | 2025-01-08 | Change of term | | Li Haifeng | Deputy GM & CFO | Appointed | 2025-01-08 | Change of term | | Xie Lingjiang | Former Chairman & GM | Term expired | 2025-01-08 | Change of term | | Li Yunhao | Former Director | Term expired | 2025-01-08 | Change of term | | Li Jian | Former Deputy GM | Term expired | 2025-01-08 | Change of term | [Profit Distribution and Capitalization of Capital Reserves](index=32&type=section&id=II.%20Profit%20Distribution%20and%20Capitalization%20of%20Capital%20Reserves) The company does not plan to distribute cash dividends, issue bonus shares, or capitalize capital reserves for the semi-annual period - The company plans **not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital** for the semi-annual period[103](index=103&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=32&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** and their implementation during the reporting period[104](index=104&type=chunk) [Environmental Information Disclosure](index=33&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and its major subsidiaries are not listed as enterprises required to disclose environmental information by law - The company and its major subsidiaries are **not included** in the list of enterprises required to disclose environmental information by law[105](index=105&type=chunk) [Social Responsibility](index=33&type=section&id=V.%20Social%20Responsibility) The company actively fulfills its social responsibilities by protecting stakeholder interests, supporting employees, and engaging in environmental protection and philanthropy - The company ensures investors' right to information through various communication channels like the **Easy-IR platform, official website, and investor hotlines**[106](index=106&type=chunk) - The company strictly adheres to the **"Labor Law" and "Labor Contract Law,"** standardizes employment practices, and provides social insurance for all employees[107](index=107&type=chunk) - The company's main product series have received **China Green Environmental Product Certification**, and the company and its subsidiaries have been awarded the **"Green Factory"** title[110](index=110&type=chunk) - During the reporting period, the company donated **CNY 1 million** to the Rongjiang County Charity Federation to support disaster relief and reconstruction[111](index=111&type=chunk) [Significant Matters](index=35&type=section&id=Section%205%20Significant%20Matters) [Commitments Fulfilled or Overdue by Relevant Parties](index=35&type=section&id=I.%20Commitments%20Fulfilled%20or%20Overdue%20by%20Relevant%20Parties) The company has an overdue performance commitment and compensation arrangement from a past asset restructuring, which is currently under legal proceedings - The performance commitment and compensation arrangement from a past asset restructuring remains **overdue**, involving compensating parties such as Gongqingcheng Baifuyuan Hongtu Investment Management Partnership[113](index=113&type=chunk) - The company filed a **civil lawsuit** with the Changchun Intermediate People's Court on August 31, 2021, demanding the fulfillment of the performance compensation obligation[115](index=115&type=chunk) - The company reached a settlement with Baifuyuan and Li Xiaoming and **repurchased and cancelled a total of 3,933,161 restricted shares** they held on July 16, 2024[116](index=116&type=chunk) - An appeal was filed by Zhang Hanhong against the first-instance judgment; the company has submitted a **retrial application to the Supreme People's Court**, and the case is currently under review[116](index=116&type=chunk) [Non-operational Fund Occupation by Controlling Shareholders and Other Related Parties](index=38&type=section&id=II.%20Non-operational%20Fund%20Occupation%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties) There was no non-operational occupation of the company's funds by controlling shareholders or other related parties during the reporting period - The company had **no non-operational fund occupation** by controlling shareholders and other related parties during the reporting period[117](index=117&type=chunk) [Irregular External Guarantees](index=38&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[118](index=118&type=chunk) [Appointment and Dismissal of Accounting Firm](index=38&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firm) The company's semi-annual financial report has not been audited - The company's semi-annual financial report is **unaudited**[119](index=119&type=chunk) [Explanation on "Non-standard Audit Report" by the Board, Supervisory Committee, and Audit Committee](index=38&type=section&id=V.%20Explanation%20on%20%22Non-standard%20Audit%20Report%22%20by%20the%20Board%2C%20Supervisory%20Committee%2C%20and%20Audit%20Committee) This section is not applicable as there was no "non-standard audit report" for the current period - The company has **no explanation regarding a "non-standard audit report"** for the reporting period[120](index=120&type=chunk) [Board's Explanation on the Previous Year's "Non-standard Audit Report"](index=38&type=section&id=VI.%20Board's%20Explanation%20on%20the%20Previous%20Year's%20%22Non-standard%20Audit%20Report%22) This section is not applicable as there was no "non-standard audit report" in the previous year - The company has **no explanation regarding the previous year's "non-standard audit report"**[120](index=120&type=chunk) [Bankruptcy and Reorganization Matters](index=39&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Matters) The company did not undergo any bankruptcy or reorganization during the reporting period - The company had **no bankruptcy or reorganization matters** during the reporting period[121](index=121&type=chunk) [Litigation Matters](index=39&type=section&id=VIII.%20Litigation%20Matters) The company is involved in a major lawsuit regarding a performance commitment compensation dispute with an amount of CNY 278.1 million, which is currently under retrial review Major Litigation and Arbitration Matters | Basic Situation | Amount Involved (CNY 10k) | Provision Formed | Progress | Trial Results and Impact | Judgment Execution | Disclosure Date | Disclosure Index | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Dispute with Zhang Hanhong, Baifuyuan, and Li Xiaoming over Liaoyuan Hongtu performance commitment compensation | 27,809.9 | No | Under retrial review | After winning the first instance and losing the second, a retrial was applied for at the Supreme Court; currently under review | Under retrial review | 2024-09-25 | CNINFO (http://www.cninfo.com.cn/) | Other Litigation Matters | Basic Situation | Amount Involved (CNY 10k) | Provision Formed | Progress | Trial Results and Impact | Judgment Execution | Disclosure Date | Disclosure Index | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Other | 6,146.11 | No | -- | -- | -- | - | -- | [Penalties and Rectifications](index=39&type=section&id=IX.%20Penalties%20and%20Rectifications) The company was not subject to any penalties or rectifications during the reporting period - The company had **no penalties or rectifications** during the reporting period[123](index=123&type=chunk) [Integrity of the Company, its Controlling Shareholders, and Actual Controller](index=39&type=section&id=X.%20Integrity%20of%20the%20Company%2C%20its%20Controlling%20Shareholders%2C%20and%20Actual%20Controller) There were no issues concerning the integrity of the company, its controlling shareholders, or its actual controller during the reporting period - There were **no integrity issues** concerning the company, its controlling shareholders, or its actual controller during the reporting period[124](index=124&type=chunk) [Major Related-Party Transactions](index=39&type=section&id=XI.%20Major%20Related-Party%20Transactions) The company had no major related-party transactions related to daily operations, asset acquisitions, or debt and credit dealings during the period - The company had **no related-party transactions** related to daily operations during the reporting period[124](index=124&type=chunk) - The company had **no related-party transactions** involving the acquisition or sale of assets or equity[125](index=125&type=chunk) - The company had **no related-party credit or debt dealings** during the reporting period[127](index=127&type=chunk) [Major Contracts and Their Performance](index=41&type=section&id=XII.%20Major%20Contracts%20and%20Their%20Performance) The company has significant guarantees for its subsidiaries, with an outstanding balance of CNY 192.11 million, representing 8.56% of net assets - The company had **no custody, contracting, or leasing matters** during the reporting period[131](index=131&type=chunk)[132](index=132&type=chunk)[133](index=133&type=chunk) Guarantees for Subsidiaries | Guaranteed Party | Disclosure Date | Guarantee Limit (CNY 10k) | Actual Date | Actual Amount (CNY 10k) | Type | Collateral | Counter-guarantee | Period | Fulfilled | Related-party | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Nanjing Nengrui Automation Co, Ltd | 2025-04-22 | 3,000 | - | - | Joint liability | None | None | - | No | No | | Nanjing Nengrui Automation Co, Ltd | 2025-04-22 | 3,000 | - | - | Joint liability | None | None | - | No | No | | Nanjing Nengrui Automation Co, Ltd | 2025-04-22 | 4,000 | 2025-04-23 | 1,074.85 | Joint liability | None | None | 2025-04-23 to 2025-11-12 | No | No | | Nanjing Nengrui Power Technology Co, Ltd | 2025-04-22 | 6,000 | - | - | Joint liability | None | None | - | No | No | | Nanjing Nengrui Power Technology Co, Ltd | 2024-12-27 | 3,100 | 2024-11-29 | 400 | Joint liability | None | None | 2024-11-29 to 2025-12-26 | No | No | | Nanjing Nengrui Power Technology Co, Ltd | 2024-12-14 | 3,000 | 2024-11-29 | 680 | Joint liability | None | None | 2024-11-29 to 2025-08-13 | No | No | | Nanjing Nengrui Automation Co, Ltd | 2024-12-23 | 3,900 | 2024-11-29 | 1,968.46 | Joint liability | None | None | 2024-11-29 to 2025-10-28 | No | No | | Nanjing Nengrui Automation Co, Ltd | 2024-12-14 | 4,000 | 2024-11-29 | 1,326.98 | Joint liability | None | None | 2024-11-29 to 2025-05-19 | No | No | | Nanjing Nengrui Automation Co, Ltd | 2024-12-24 | 5,000 | 2024-11-29 | 2,826.31 | Joint liability | None | None | 2024-11-29 to 2026-01-03 | No | No | | Nanjing Nengrui Power Technology Co, Ltd | 2024-09-09 | 1,000 | 2024-08-30 | 1,000 | Joint liability | None | None | 2024-08-30 to 2025-09-03 | No | No | | Nanjing Nengrui Power Technology Co, Ltd | 2024-09-26 | 1,000 | 2024-08-30 | 1,000 | Joint liability | None | None | 2024-08-30 to 2025-09-26 | No | No | | Nanjing Nengrui Automation Co, Ltd | 2024-11-20 | 2,000 | 2024-08-30 | 1,000 | Joint liability | None | None | 2024-08-30 to 2025-11-10 | No | No | | Nanjing Nengrui Automation Co, Ltd | 2024-09-10 | 2,000 | 2024-09-10 | 1,000 | Joint liability | None | None | 2024-09-10 to 2025-08-09 | No | No | | Nanjing Nengrui Automation Co, Ltd | 2024-05-31 | 3,000 | 2024-05-31 | 2,489.36 | Joint liability | None | None | 2024-05-31 to 2025-08-27 | No | No | | Nanjing Nengrui Power Technology Co, Ltd | 2024-01-24 | 10,000 | 2024-01-24 | 4,232.6 | Joint liability | None | None | 2024-01-24 to 2025-07-29 | No | No | | Nanjing Nengrui Power Technology Co, Ltd | 2023-09-21 | 4,000 | 2023-09-21 | 3,948.59 | Joint liability | None | None | 2023-09-21 to 2025-08-26 | No | No | | Nanjing Nengrui Automation Co, Ltd | 2023-09-07 | 6,000 | 2023-08-25 | 3,000 | Joint liability | None | None | 2023-08-08 to 2025-03-20 | No | No | | Nanjing Nengrui Power Technology Co, Ltd | 2023-03-18 | 3,000 | 2023-01-12 | 3,000 | Joint liability | None | None | 2023-01-12 to 2025-07-16 | No | No | | Nanjing Nengrui Power Technology Co, Ltd | 2023-01-18 | 3,000 | 2022-12-16 | 3,000 | Joint liability | None | None | 2022-12-16 to 2023-01-18 | No | No | | **Total approved guarantee limit for subsidiaries during the period** | **-** | **16,000** | **-** | **-** | **-** | **-** | **-** | **-** | **-** | **-** | | **Total actual guarantees for subsidiaries during the period** | **-** | **-** | **-** | **5,690.98** | **-** | **-** | **-** | **-** | **-** | **-** | | **Total approved guarantee limit for subsidiaries at period-end** | **-** | **64,000** | **-** | **-** | **-** | **-** | **-** | **-** | **-** | **-** | | **Total outstanding guarantee balance for subsidiaries at period-end** | **-** | **-** | **-** | **19,210.98** | **-** | **-** | **-** | **-** | **-** | **-** | | **Ratio of total actual guarantees to company's net assets** | **-** | **-** | **-** | **-** | **-** | **-** | **-** | **-** | **8.56%** | **-** | **-** | [Explanation of Other Significant Matters](index=45&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) There were no other significant matters requiring explanation during the reporting period - The company has **no other significant matters** to report for the period[141](index=141&type=chunk) [Significant Matters of Company Subsidiaries](index=45&type=section&id=XIV.%20Significant%20Matters%20of%20Company%20Subsidiaries) There were no significant matters related to the company's subsidiaries during the reporting period - The company has **no significant subsidiary matters** to report for the period[142](index=142&type=chunk) [Changes in Share Capital and Shareholders](index=46&type=section&id=Section%206%20Changes%20in%20Share%20Capital%20and%20Shareholders) [Changes in Share Capital](index=46&type=section&id=I.%20Changes%20in%20Share%20Capital) The company's total share capital remained unchanged at 824,690,700 shares during the reporting period Changes in Share Capital | | Before Change (Shares) | Before Change (%) | Change (+, -) (Shares) | After Change (Shares) | After Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 0 | 0.00% | 0 | 0 | 0.00% | | II. Unrestricted Shares | 824,690,700 | 100.00% | 0 | 824,690,700 | 100.00% | | III. Total Shares | 824,690,700 | 100.00% | 0 | 824,690,700 | 100.00% | - The company's **total share capital did not change** during the reporting period[145](index=145&type=chunk) [Securities Issuance and Listing](index=47&type=section&id=II.%20Securities%20Issuance%20and%20Listing) The company did not issue or list any new securities during the reporting period - The company had **no securities issuance or listing activities** during the reporting period[147](index=147&type=chunk) [Number of Shareholders and Shareholdings](index=47&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholdings) As of the period-end, the company had 38,229 common shareholders, with Luoyang Gudu Asset Management Co, Ltd being the largest shareholder at 26.41% - At the end of the reporting period, the total number of common shareholders was **38,229**[147](index=147&type=chunk) Shareholdings of Shareholders with over 5% or Top 10 Shareholders | Shareholder Name | Nature | Shareholding Ratio | Shares Held at Period-end | Change During Period (Shares) | Restricted Shares | Unrestricted Shares | Pledged, Marked, or Frozen Status | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Luoyang Gudu Asset Management Co, Ltd | State-owned legal entity | 26.41% | 217,795,715 | - | 0 | 217,795,715 | Pledged: 217,165,715; Frozen: 7,440,000 | | Xu Haijiang | Domestic individual | 3.07% | 25,358,759 | - | 0 | 25,358,759 | N/A | | Guo Changxing | Domestic individual | 2.94% | 24,218,217 | -730,000 | 0 | 24,218,217 | N/A | | BARCLAYS BANK PLC | Foreign legal entity | 0.84% | 6,918,754 | 6,461,926 | 0 | 6,918,754 | N/A | | UBS AG | Foreign legal entity | 0.71% | 5,846,897 | 4,911,871 | 0 | 5,846,897 | N/A | | Wang Jingbo | Domestic individual | 0.52% | 4,298,800 | - | 0 | 4,298,800 | N/A | | Fu Junhui | Domestic individual | 0.38% | 3,130,000 | - | 0 | 3,130,000 | N/A | | Wang Bo | Domestic individual | 0.32% | 2,677,000 | - | 0 | 2,677,000 | N/A | | Yu Zhichao | Domestic individual | 0.32% | 2,608,300 | - | 0 | 2,608,300 | N/A | | HONG KONG SECURITIES CLEARING COMPANY LTD | Foreign legal entity | 0.31% | 2,567,171 | -1,310,720 | 0 | 2,567,171 | N/A | - **Xu Haijiang and Guo Changxing are relatives**; the company is unaware of any other related parties or concerted actions among the other shareholders[148](index=148&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=49&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 - The shareholdings of the company's directors, supervisors, and senior management **did not change** during the reporting period[150](index=150&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=49&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[151](index=151&type=chunk) - The company's **actual controller did not change** during the reporting period[152](index=152&type=chunk) [Bond-related Matters](index=50&type=section&id=Section%207%20Bond-related%20Matters) The company had no bond-related matters during the reporting period - The company had **no bond-related matters** during the reporting period[155](index=155&type=chunk) [Financial Report](index=52&type=section&id=Section%208%20Financial%20Report) [Audit Report](index=52&type=section&id=I.%20Audit%20Report) The company's semi-annual financial report has not been audited - The company's semi-annual financial report is **unaudited**[157](index=157&type=chunk) [Financial Statements](index=52&type=section&id=II.%20Financial%20Statements) This section presents the consolidated and parent company financial statements for the semi-annual period ended June 30, 2025 - The financial statements include the **consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owner's equity**[158](index=158&type=chunk) [Company Basic Information](index=69&type=section&id=III.%20Company%20Basic%20Information) Jilin Jinguan Electric Co, Ltd, established in 2006, operates in the power equipment industry and is listed on the Shenzhen Stock Exchange - The company's registered capital is **CNY 824.69 million**, with a total of 824.69 million shares, and it was listed on the Shenzhen Stock Exchange on **May 6, 2016**[195](index=195&type=chunk) - The company operates in the **power equipment industry**, with main businesses in smart grid equipment, new energy charging/swapping, and energy storage[197](index=197&type=chunk) - These financial statements were approved for issuance by the Board of Directors on **August 26, 2025**[198](index=198&type=chunk) - As of June 30, 2025, the company's consolidated financial statements include **24 subsidiaries**[199](index=199&type=chunk) [Basis of Preparation of Financial Statements](index=69&type=section&id=IV.%20Basis%20of%20Preparation%20of%20Financial%20Statements) The financial statements are prepared on a going concern basis, using the accrual basis of accounting and historical cost measurement - The company's accounting is based on the **accrual basis**, and financial statements are generally measured at **historical cost**, with exceptions for certain financial instruments[200](index=200&type=chunk) - The financial statements are prepared on a **going concern basis** in accordance with the "Accounting Standards for Business Enterprises" issued by the Ministry of Finance and relevant CSRC disclosure regulations[201](index=201&type=chunk) [Significant Accounting Policies and Estimates](index=70&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 financial instruments - The company's financial statements comply with the requirements of the **Enterprise Accounting Standards**, providing a true and complete view of its financial position, operating results, and cash flows[203](index=203&type=chunk) - The company uses the **calendar year** as its fiscal year and a **12-month period** as its operating cycle[204](index=204&type=chunk)[205](index=205&type=chunk) - Financial assets are classified into three categories based on business model and contractual cash flow characteristics: **amortized cost, fair value through other comprehensive income, and fair value through profit or loss**[230](index=230&type=chunk) - The company provides for impairment of financial assets such as accounts receivable and notes receivable based on an **expected credit loss model**[246](index=246&type=chunk)[247](index=247&type=chunk) - Revenue is recognized when the customer obtains control of the related goods, with performance progress determined using either the **input or output method** based on the nature of the performance obligation[317](index=317&type=chunk)[318](index=318&type=chunk) [Taxes](index=104&type=section&id=VI.%20Taxes) The company is subject to various taxes including VAT and corporate income tax, and benefits from preferential tax policies for high-tech enterprises Main Taxes and Rates | Tax Type | Tax Basis | Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Output tax calculated on taxable income at the applicable rate, less deductible input tax for the current period | 6%, 9%, 13% | | Urban Maintenance and Construction Tax | Based on actual turnover taxes paid | 7% | | Corporate Income Tax | Based on taxable income | 15%, 25% | | Education Surcharge | Based on actual turnover taxes paid | 3% | | Local Education Surcharge | Based on actual turnover taxes paid | 2% | - Jinguan Electric, Zhejiang Kaisheng, Nanjing Nengrui, and other subsidiaries benefit from the **high-tech enterprise preferential income tax rate of 15%**[360](index=360&type=chunk)[361](index=361&type=chunk) - Several subsidiaries, including Jinguan Electric and Nanjing Nengrui, are eligible for the **super deduction of R&D expenses** for tax purposes in 2025[362](index=362&type=chunk) - Jinguan Electric, Zhejiang Kaisheng, and Nanjing Nengrui are eligible for the **additional VAT deduction policy for advanced manufacturing enterprises** in 2025[365](index=365&type=chunk) [Notes to Consolidated Financial Statements](index=106&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statements) This section provides detailed notes on key items in the consolidated financial statements, including assets, liabilities, revenues, and cash flows Cash and Cash Equivalents | Item | Period-end Balance (CNY) | Beginning Balance (CNY) | | :--- | :--- | :--- | | Bank Deposits | 213,772,802.01 | 213,605,663.71 | | Other Cash Equivalents | 43,124,206.15 | 39,699,139.66 | | Total | 256,897,008.16 | 253,304,803.37 | **Restricted Funds:** | Item | Restricted Amount at Period-end (CNY) | | :--- | :--- | | Bank Acceptance Bill Margin | 25,888,212.49 | | Letter of Guarantee Margin | 8,877,885.04 | | Cash Pool Margin | 4,639,047.80 | | **Total Restricted Funds** | **39,405,145.33** | Accounts Receivable and Contract Assets | Item | Period-end Book Value (CNY) | Beginning Book Value (CNY) | | :--- | :--- | :--- | | Accounts Receivable | 553,089,899.46 | 709,709,478.30 | | Contract Assets | 109,174,124.57 | 87,850,636.42 | | **Total** | **662,264,024.03** | **797,560,114.72** | **Bad Debt Provision for Accounts Receivable:** | Category | Period-end Provision (CNY) | Beginning Provision (CNY) | | :--- | :--- | :--- | | Individually Assessed Provision | 32,599,618.28 | 35,688,986.60 | | Collectively Assessed Provision | 49,170,937.62 | 56,613,155.18 | | **Total** | **81,770,555.90** | **92,302,141.78** | Operating Revenue and Costs | Item | Current Period Revenue (CNY) | Current Period Costs (CNY) | Prior Period Revenue (CNY) | Prior Period Costs (CNY) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 471,372,515.60 | 397,621,003.67 | 494,422,279.89 | 390,131,619.06 | | Other Business | 15,201,946.73 | 12,659,662.40 | 19,858,582.18 | 16,253,523.83 | | **Total** | **486,574,462.33** | **410,280,666.07** | **514,280,862.07** | **406,385,142.89** | Supplementary Cash Flow Statement Information | Supplementary Information | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 92,781,553.34 | 86,182,005.55 | | Net Cash Flow from Investing Activities | 1,564,699.07 | -16,181,228.41 | | Net Cash Flow from Financing Activities | -92,594,843.64 | -38,621,726.40 | | Net Increase in Cash and Cash Equivalents | 1,751,408.77 | 31,379,050.74 | | Period-end Balance of Cash and Cash Equivalents | 217,491,862.83 | 393,011,688.84 | [Research and Development Expenses](index=144&type=section&id=VIII.%20Research%20and%20Development%20Expenses) Total R&D expenditure for the period was CNY 30.36 million, all of which was expensed, with a focus on employee compensation and materials R&D Expenditure Details | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Employee Compensation | 18,494,075.89 | 17,631,730.18 | | Materials | 6,616,541.95 | 8,113,147.17 | | Testing and Inspection Fees | 2,140,524.72 | 3,041,239.73 | | Depreciation and Amortization | 2,106,567.04 | 2,604,515.85 | | Travel Expenses | 473,768.60 | 653,617.17 | | Technical Development Service Fees | 224,750.14 | 2,442,356.32 | | Office Expenses | 1,128.10 | 501,012.65 | | Other | 305,498.81 | 580,171.15 | | **Total** | **30,362,855.25** | **35,567,790.22** | | Of which: Expensed R&D | 30,362,855.25 | 32,343,113.96 | | Capitalized R&D | 0.00 | 3,224,676.26 | - The "Bidirectional Power Inverter System for New Energy Scenarios" project had a period-end balance of **CNY 5,897,853.46** and is expected to be completed by **June 30, 2026**[618](index=618&type=chunk) [Changes in Consolidation Scope](index=145&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) The consolidation scope was expanded during the period to include the newly established subsidiary, Guangzhou Guanrui Shuzhi New Energy Technology Co, Ltd - In 2025, the consolidation scope was expanded to include the newly established subsidiary **Guangzhou Guanrui Shuzhi New Energy Technology Co, Ltd**[622](index=622&type=chunk) - There were **no transactions or events leading to a loss of control** over subsidiaries during the period[622](index=622&type=chunk) [Interests in Other Entities](index=146&type=section&id=X.%20Interests%20in%20Other%20Entities) The company holds interests in 24 subsidiaries, primarily acquired through business combinations or direct investment, and several associates accounted for using the equity method - The company has **24 subsidiaries**, primarily acquired through business combinations under non-common control or established through investment[199](index=199&type=chunk)[625](index=625&type=chunk) - The company uses the equity method to account for its investment in associates such as **Luoyang Gucheng Power Technology Co, Ltd**, in which it holds a **49.00%** stake[637](index=637&type=chunk) Key Financial Information of Major Associates (Luoyang Gucheng Power Technology Co, Ltd) | Item | Period-end Balance / Current Period Amount (CNY) | Beginning Balance / Prior Period Amount (CNY) | | :--- | :--- | :--- | | Total Assets | 348,000,153.65 | 348,015,153.65 | | Total Liabilities | 102,000.00 | 87,000.00 | | Equity Attributable to Parent Company Shareholders | 347,898,153.65 | 347,928,153.65 | | Share of Net Assets based on Ownership Percentage | 220,450,095.29 | 220,464,795.29 | | Net Profit | -30,000.00 | - | [Government Subsidies](index=150&type=section&id=XI.%20Government%20Subsidies) The company recognized government subsidies receivable of CNY 7.78 million and had a deferred income balance of CNY 38.23 million related to subsidies at period-end - At the end of the reporting period, government subsidies recognized based on receivable amounts totaled **CNY 7,777,318.47**, primarily for electricity subsidies and charging station operation/construction subsidies[644](index=644&type=chunk)[645](index=645&type=chunk) Liability Items Involving Government Subsidies | Account | Beginning Balance (CNY) | New Subsidies (CNY) | Included in Non-operating Income (CNY) | Transferred to Other Income (CNY) | Period-end Balance (CNY) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 44,443,766.65 | 270,000.00 | 2,327,850.26 | 4,153,739.70 | 38,232,176.69 | Asset-related | Government Subsidies Included in Current Profit and Loss | Account | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Other Income | 12,769,808.40 | 12,876,729.85 | | Non-operating Income | 2,327,850.26 | 0.00 | [Risks Related to Financial Instruments](index=150&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company manages market, credit, and liquidity risks associated with its financial instruments, with no significant exposure to foreign exchange or liquidity risks - The company's main financial instruments include **cash, notes receivable, accounts receivable, equity investments, borrowings, and accounts payable**[651](index=651&type=chunk) - The company's exposure to **foreign exchange risk is not significant**[655](index=655&type=chunk) - **17.55%** of the company's accounts receivable (including contract assets) are from the top five customers, with **no significant concentration of credit risk**[665](index=665&type=chunk) - The company has **sufficient funds and no liquidity risk**[667](index=667&type=chunk) [Fair Value Disclosure](index=153&type=section&id=XIII.%20Fair%20Value%20Disclosure) Assets measured at fair value totaled CNY 72.94 million, consisting of other equity investments and receivables financing, both classified as Level 3 fair value measurements Fair Value of Assets and Liabilities at Period-end | Item | Level 3 Fair Value Measurement (CNY) | Total (CNY) | | :--- | :--- | :--- | | Other Equity Instrument Investments | 56,693,178.26 | 56,693,178.26 | | Receivables Financing | 16,251,154.59 | 16,251,154.59 | | **Total Assets at Fair Value** | **72,944,332.85** | **72,944,332.85** | - Receivables financing consists of bank acceptance bills with short remaining maturities, for which the **book value approximates fair value**[672](index=672&type=chunk) - The company used the **asset-based approach** to assess the fair value of remaining equity after disposing of a subsidiary[672](index=672&type=chunk) - The book value of financial assets and liabilities not measured at fair value **approximates their fair value**[677](index=677&type=chunk) [Related Parties and Transactions](index=155&type=section&id=XIV.%20Related%20Parties%20and%20Transactions) The company's parent is Luoyang Gudu Asset Management, and it engaged in minor transactions with associates and received guarantees from its parent company - The company's parent is **Luoyang Gudu Asset Management Co, Ltd**, and the ultimate controlling party is the **People's Government of Laocheng District, Luoyang City**[678](index=678&type=chunk)[679](index=679&type=chunk) Related-Party Transactions for Goods and Services | Related Party | Transaction Content | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | :--- | | Luoyang Gudu Asset Management Co, Ltd | Guarantee fees | 0.00 | 845,213.09 | | Luoyang Gudu Development Group Co, Ltd | Guarantee fees | 0.00 | 127,358.48 | | Henan Gudu Cultural Tourism Industry Development Co, Ltd | Station fees | 221,238.94 | 221,238.94 | | Luoyang Gudu Qingchuang Operation Management Co, Ltd | HVAC, utilities, etc | 128,041.92 | 99,122.91 | | Henan Gudu Cultural Tourism Industry Development Co, Ltd | Water fees | 1,826.79 | 0.00 | | Nanjing Lishui New Energy Development Co, Ltd | Providing services/selling goods | 5,947.79 | 456,922.04 | Related-Party Leases (Company as Lessee) | Lessor Name | Leased Asset Type | Current Period Rent Expense (CNY) | Prior Period Rent Expense (CNY) | | :--- | :--- | :--- | :--- | | Luoyang Gudu Qingchuang Operation Management Co, Ltd | Buildings | 516,356.40 | 516,356.40 | Related-Party Guarantees (Company as Guaranteed Party) | Guarantor | Guarantee Amount (CNY) | Start Date | End Date | Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Luoyang Gudu Asset Management Co, Ltd | 60,000,000.00 | 2023-01-04 | 2026-01-03 | No | | Luoyang Gudu Asset Management Co, Ltd | 30,000,000.00 | 2023-03-10 | 2028-03-10 | No | | Luoyang Gudu Asset Management Co, Ltd | 50,000,000.00 | 2023-03-10 | 2031-03-10 | No | [Commitments and Contingencies](index=158&type=section&id=XV.%20Commitments%20and%20Contingencies) As of June 30, 2025, the company had no significant commitments or material contingencies to disclose - As of June 30, 2025, the company had **no significant commitments** to disclose[702](index=702&type=chunk) - The company has **no material contingencies** to disclose[703](index=703&type=chunk) [Other Significant Matters](index=158&type=section&id=XVI.%20Other%20Significant%20Matters) The company has an outstanding receivable of CNY 44.67 million from an equity transfer and has prepaid CNY 200 million for an asset acquisition - The company transferred an 85% equity stake in Liaoyuan Hongtu and Huzhou Jinguan for a total consideration of **CNY 699.53 million**, with **CNY 44.67 million** remaining outstanding as of June 30, 2025[704](index=704&type=chunk) - Subsidiary Zhongyu Jinguan Operation Management (Luoyang) Co, Ltd is acquiring the Gudu AI Technology Industrial Community project for a provisional price of **CNY 253.55 million** and has already paid **CNY 200 million**[705](index=705&type=chunk)[706](index=706&type=chunk) - The acquisition agreement stipulates that the seller must complete construction and pass inspection by **September 30, 2027**, or face penalties for breach of contract[706](index=706&type=chunk) [Notes to Parent Company Financial Statements](index=159&type=section&id=XVII.%20Notes%20to%20Parent%20Company%20Financial%20Statements) This section provides detailed notes on key items in the parent company's financial statements, including receivables, investments, and revenue Parent Company Accounts Receivable and Bad Debt Provision | Item | Period-end Book Value (CNY) | Beginning Book Value (CNY) | | :--- | :--- | :--- | | Accounts Receivable | 292,919,436.81 | 372,057,657.74 | | Total Bad Debt Provision | 21,649,110.41 | 26,442,861.29 | Parent Company Other Receivables and Bad Debt Provision | Item | Period-end Book Value (CNY) | Beginning Book Value (CNY) | | :--- | :--- | :--- | | Other Receivables | 405,124,596.74 | 377,634,437.85 | | Total Bad Debt Provision | 60,895,295.43 | 60,155,793.50 | Parent Company Long-term Equity Investments | Item | Period-end Book Value (CNY) | Beginning Book Value (CNY) | | :--- | :--- | :--- | | Investments in Subsidiaries | 440,745,602.48 | 440,147,437.42 | | **Total** | **440,745,602.48** | **440,147,437.42** | Parent Company Operating Revenue and Costs | Item | Current Period Revenue (CNY) | Current Period Costs (CNY) | Prior Period Revenue (CNY) | Prior Period Costs (CNY) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 241,687,913.96 | 190,717,600.53 | 301,325,818.06 | 224,387,775.35 | | Other Business | 10,272,271.71 | 9,059,821.48 | 15,453,144.07 | 12,845,159.85 | | **Total** | **251,960,185.67** | **199,777,422.01** | **316,778,962.13** | **237,232,935.20** | [Supplementary Information](index=166&type=section&id=XVIII.%20Supplementary%20Information) This section provides supplementary details on non-recurring profit and loss, return on equity, and earnings per share Details of Current Non-recurring Profit and Loss | Item | Amount (CNY) | Description | | :--- | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | 28,427.01 | Loss on disposal and write-off of fixed assets | | Government Subsidies Included in Current Profit/Loss | 15,090,171.61 | Income-related subsidies and asset-related subsidies amortized over the asset's useful life | | Reversal of Impairment Provisions for Individually Tested Receivables | 3,473,654.37 | - | | Other Non-operating Income and Expenses | -887,494.10 | - | | Other Items Meeting the Definition of Non-recurring Profit/Loss | 46,196.81 | - | | Less: Income Tax Impact | 1,631,298.57 | - | | Minority Interest Impact (After Tax) | 2,918.05 | - | | **Total** | **16,116,739.08** | **--** | Return on Equity and Earnings Per Share | Profit for the Period | Weighted Average Return on Equity | Earnings Per Share Basic EPS (CNY/Share) | Diluted EPS (CNY/Share) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Common Shareholders | -1.88% | -0.0517 | -0.0517 | | Net Profit Attributable to Common Shareholders (Excluding Non-recurring Items) | -2.59% | -0.0712 | -0.0712 |

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