2025 INTERIM REPORT 半年度报告 为人类美好生活 提供低碳矿物原料 Providing the Materials that Improve Standards of Living in a Low Carbon Future 紫金矿业集团股份有限公司 Zijin Mining Group Company Limited 601899.SH 2899.HK 重要提示 Important Notice 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。 公司全体董事出席董事会会议。 本半年度报告未经审计。 公司负责人邹来昌、主管会计工作负责人吴红辉及会计机构负责人（会计主管人员）向钊声明：保证半年度报告 中财务报告的真实、准确、完整。 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 董事会决议公司2025年半年度利润分配预案为：每10股派发现金红利2.2元（含税）。 前瞻性陈述的风险声明 本报告内容涉及的未来计划等前瞻性陈述不构成公司对投资者的实质承诺，请投资者注意投资风险。 ...

申科滑动轴承股份有限公司 2025 年半年度报告全文 申科滑动轴承股份有限公司 2025 年半年度报告 2025 年 8 月 27 日 1 申科滑动轴承股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人何建南、主管会计工作负责人谢昶及会计机构负责人(会计主 管人员)何碧君声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中涉及未来发展规划等前瞻性陈述不构成公司对投资者的实质承 诺，投资者及相关人士均应对此保持足够的风险认识，并且应当理解计划、 预测与承诺之间的差异，请投资者注意投资风险。 | 第二节 | 公司简介和主要财务指标 6 | | --- | --- | | 第三节 | 管理层讨论与分析 9 | | 第四节 | 公司治理、环境和社会 18 | | 第五节 | 重要事项 20 | | 第六节 | 股份变动及股东情况 27 | | 第七节 | 债券相关情况 31 ...

Part I Important Notes, Table of Contents, and Definitions [Important Notes](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The board, supervisory board, and senior management guarantee the report's truthfulness, accuracy, and completeness; the company plans no cash dividends, bonus shares, or capital reserve conversions for the period - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content[5](index=5&type=chunk) - Company head Yang Haikun, chief accountant Wang Ye, and head of accounting department Ye Jingnian declare the financial report is true, accurate, and complete[5](index=5&type=chunk) - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital[8](index=8&type=chunk) [Catalogue of Reference Documents](index=4&type=section&id=%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6%E7%9B%AE%E5%BD%95) This section lists the company's semi-annual report reference documents, including signed financial statements and publicly disclosed company files, available at the company's securities legal department - Reference documents include financial statements signed by the legal representative, chief financial officer, and head of the accounting department[13](index=13&type=chunk) - Originals of all company documents and announcements publicly disclosed on CSRC-designated newspapers and websites during the reporting period[13](index=13&type=chunk) - The reference documents are available at the company's Securities Legal Department[13](index=13&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines common terms used in the report, such as regulatory bodies, company names, and the reporting period from January 1 to June 30, 2025 Key Definitions | Term | Definition | | :--- | :--- | | CSRC | China Securities Regulatory Commission | | SZSE, Exchange | Shenzhen Stock Exchange | | Dengyun Shares, Huaiji Auto Parts, The Company | Huaiji Dengyun Auto Parts Co., Ltd. | | Controlling Shareholder, Yikeruihai | Beijing Yikeruihai Mining Co., Ltd. | | Actual Controller | Yang Tao | | Reporting Period | January 1, 2025 to June 30, 2025 | Part II Company Profile and Key Financial Indicators [I. Company Profile](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) Huaiji Dengyun Auto Parts Co., Ltd. (stock code 002715) is listed on the Shenzhen Stock Exchange, with Yang Haikun as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Dengyun Shares | | Stock Code | 002715 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | Huaiji Dengyun Auto Parts Co., Ltd. | | Legal Representative | Yang Haikun | [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) The company provides contact details for Board Secretary Hu Lei and Securities Affairs Representative Li Ting, including address, phone, fax, and email Company Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Hu Lei | Dengyunting, Huaiji Town, Huaiji County | 0758-5525368 | 0758-5865855 | hulei@huaijivalve.com | | Securities Affairs Representative | Li Ting | Dengyunting, Huaiji Town, Huaiji County | 0758-5525368 | 0758-5865855 | liting@huaijivalve.com | [III. Other Information](index=6&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) The company's registered address, office address, website, email, and information disclosure locations remained unchanged during the reporting period - The company's registered address, office address, website, and email remained unchanged during the reporting period[19](index=19&type=chunk) - Information disclosure and storage locations remained unchanged during the reporting period[20](index=20&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=7&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In H1 2025, revenue grew 4.15% to RMB 262 million, but net profit attributable to shareholders decreased 58.94% to RMB 3.56 million, with operating cash flow up 10.73% 2025 Semi-Annual Key Accounting Data and Financial Indicators | Indicator | Current Period (RMB) | Prior Period (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 261,971,031.00 | 251,526,699.51 | 4.15% | | Net Profit Attributable to Listed Company Shareholders | 3,555,866.15 | 8,660,984.66 | -58.94% | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-Recurring Gains/Losses) | 2,078,844.76 | 9,108,258.21 | -77.18% | | Net Cash Flow from Operating Activities | 28,712,612.28 | 25,931,126.12 | 10.73% | | Basic Earnings Per Share (RMB/share) | 0.0258 | 0.0628 | -58.92% | | Weighted Average Return on Net Assets | 0.74% | 2.07% | -1.33% | | **End of Current Period** | **End of Prior Year** | **Change from Prior Year-End** | | Total Assets | 1,059,283,712.87 | 1,026,878,737.12 | 3.16% | | Net Assets Attributable to Listed Company Shareholders | 478,390,037.79 | 477,809,179.77 | 0.12% | [V. Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=7&type=section&id=%E4%BA%94%E3%80%81%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) The company reported no differences in net profit and net assets between international/overseas accounting standards and Chinese accounting standards during the period - The company reported no differences in net profit and net assets between financial reports disclosed under international accounting standards and Chinese accounting standards during the reporting period[23](index=23&type=chunk) - The company reported no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese accounting standards during the reporting period[24](index=24&type=chunk) [VI. Non-Recurring Gains and Losses and Amounts](index=7&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) The company's H1 2025 non-recurring gains and losses totaled RMB 1.48 million, primarily from government subsidies, after tax and other non-operating items 2025 Semi-Annual Non-Recurring Gains and Losses and Amounts | Item | Amount (RMB) | | :--- | :--- | | Government grants recognized in current profit or loss | 2,039,928.50 | | Other non-operating income and expenses apart from the above | -194,906.26 | | Less: Income tax impact | 368,000.85 | | Total | 1,477,021.39 | - The company has no other profit or loss items that meet the definition of non-recurring gains and losses, nor does it classify non-recurring gains and losses as recurring gains and losses[27](index=27&type=chunk) Part III Management Discussion and Analysis [I. Main Business Activities During the Reporting Period](index=9&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company's main businesses include R&D, production, and sales of automotive engine intake/exhaust valves, development of solenoid valve bodies, and gold mining operations - The company's main business is the R&D, production, and sales of automotive engine intake and exhaust valve series products, widely used in automobiles, motorcycles, and agricultural machinery[29](index=29&type=chunk) - The company provides product matching services to renowned domestic and international vehicle and engine manufacturers such as Cummins, Caterpillar, and Weichai, and exports to countries including the United States and Italy[29](index=29&type=chunk) - In 2023, the company developed new solenoid valve body products, achieving phased results in the new energy vehicle solenoid valve field and gradually building a competitive advantage[30](index=30&type=chunk) - In March 2021, the company acquired Beijing Huanglong, entering the gold mining and beneficiation sector, with its wholly-owned subsidiary Hanyin Huanglong obtaining a 300,000 tons/year mining permit in June 2024[30](index=30&type=chunk) [II. Analysis of Core Competencies](index=9&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core strengths lie in strong R&D, stable talent, quality customer base, balanced market structure, and significant industry position, including advanced technology and mining rights - The company has established a technology innovation system integrating enterprises, market, and academia, possessing **25 authorized effective patents** and participating in the formulation of **5 national and industry standards**[31](index=31&type=chunk)[35](index=35&type=chunk) - The company possesses industry-leading process technology in multiple key valve production steps and has introduced and upgraded a large number of advanced automated processing equipment[33](index=33&type=chunk)[34](index=34&type=chunk) - The company's core management team is experienced and stable, with most mid-level managers and technical personnel having served for over **10 years**, providing a foundation for manufacturing quality[36](index=36&type=chunk)[37](index=37&type=chunk) - Since 2003, the company has fully implemented lean production management and applied an RFID-based Manufacturing Management Execution System (MMES) to enhance production transparency and controllability[38](index=38&type=chunk) - The company's valve products have received strict certifications from renowned domestic and international OEMs such as Caterpillar and Cummins, establishing long-term strategic cooperative relationships[40](index=40&type=chunk) - The company has achieved balanced development in domestic and international markets, with international market revenue accounting for **47.06%** and domestic market for **52.94%** in H1 2025[41](index=41&type=chunk) - The company and its wholly-owned subsidiary Dengyue Valve are recognized as "National High-Tech Enterprises," "Leading Enterprises in China's Internal Combustion Engine Parts Industry," and "National Specialized, Refined, and New 'Little Giant' Enterprises"[43](index=43&type=chunk) - The company's wholly-owned subsidiary Hanyin Huanglong has obtained mining and exploration rights for the Hanyin Huanglong Gold Mine and secured a **300,000 tons/year** mining permit in June 2024[44](index=44&type=chunk) [(I) Strong R&D Capabilities and Technological Advantages in the Industry](index=9&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E5%85%AC%E5%8F%B8%E5%9C%A8%E8%A1%8C%E4%B8%9A%E4%B8%AD%E6%8B%A5%E6%9C%89%E8%BE%83%E5%BC%BA%E7%9A%84%E7%A7%91%E7%A0%94%E5%AE%9E%E5%8A%9B%E5%8F%8A%E6%8A%80%E6%9C%AF%E4%BC%98%E5%8A%BF) The company has established a technology innovation system, a provincial engineering research center, 25 authorized patents, and participates in national/industry standard setting, with leading valve manufacturing processes - The company has established the Guangdong Engine Valve Engineering Technology Research and Development Center, holding **25 authorized effective patents** to date, including **16 invention patents** and **1 international patent**[31](index=31&type=chunk) - The company has pioneered the development of a series of valve manufacturing new technologies and processes with independent intellectual property rights in China, such as superhard alloy surfacing and induction heating stress relief technology[33](index=33&type=chunk) - Through introduction and modification, the company possesses internationally advanced automated manufacturing equipment, including fully automatic valve machining production lines and robotic automatic valve blank production lines[34](index=34&type=chunk) - The company and its wholly-owned subsidiaries participated in the formulation of **5 national and industry standards**, including GB/T 12773—2021 "Steel and Alloy Rods for Internal Combustion Engine Valves"[35](index=35&type=chunk) [(II) Stable Talent Pool and Management Advantages](index=10&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E5%85%AC%E5%8F%B8%E6%8B%A5%E6%9C%89%E7%A8%B3%E5%AE%9A%E7%9A%84%E4%BA%BA%E6%89%8D%E9%98%9F%E4%BC%8D%E5%8F%8A%E7%AE%A1%E7%90%86%E4%BC%98%E5%8A%BF) The company boasts an experienced core management team and stable mid-level technical staff, many with over 10 years of service, implementing lean production and RFID-based management - The company's core management team is highly experienced in the automotive engine valve industry and are all company shareholders, ensuring team stability[36](index=36&type=chunk) - Most of the company's mid-level managers and professional technical personnel have served for over **10 years**, effectively ensuring the stability of production management, product quality, and new product development capabilities[37](index=37&type=chunk) - Since 2003, the company has fully implemented lean production management and applied an RFID-based Manufacturing Management Execution System (MMES), achieving integration and transparency of the production process[38](index=38&type=chunk) - The gold mining and beneficiation business management team consists of experts in mining and capital markets, having established a management model and incentive assessment mechanism tailored to the company's actual situation[39](index=39&type=chunk) [(III) High-Quality Customers and Balanced Market Structure](index=11&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E5%85%AC%E5%8F%B8%E6%8B%A5%E6%9C%89%E4%BC%98%E8%B4%A8%E7%9A%84%E5%AE%A2%E6%88%B7%E5%8F%8A%E5%9D%87%E8%A1%A1%E7%9A%84%E5%B8%82%E5%9C%BA%E7%BB%93%E6%9E%84) The company's valve products are IATF16949 certified, maintaining long-term strategic partnerships with major OEMs and achieving balanced development across domestic/international and OEM/aftermarket segments - The company's valve products have obtained strict certifications from renowned domestic and international OEMs such as Caterpillar, Cummins, Yuchai, Xichai, and Weichai, establishing long-term strategic cooperative relationships[40](index=40&type=chunk) Valve Product Domestic and International Market Revenue Proportion | Item | H1 2025 | | :--- | :--- | | International Market | 47.06% | | Domestic Market | 52.94% | Valve Product OEM and Aftermarket Revenue Proportion | Item | H1 2025 | | :--- | :--- | | OEM Market | 66.46% | | Aftermarket | 33.54% | Revenue Proportion of Various Valve Products | Item | H1 2025 | | :--- | :--- | | Diesel Engine Market | 88.85% | | Gasoline Engine Market | 2.95% | | Natural Gas Market | 6.99% | | Solenoid Valve Market | 1.21% | [(IV) Industry Position and Brand Advantages](index=11&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%E5%85%AC%E5%8F%B8%E7%9A%84%E8%A1%8C%E4%B8%9A%E5%9C%B0%E4%BD%8D%E5%8F%8A%E5%93%81%E7%89%8C%E4%BC%98%E5%8A%BF) The company and its subsidiary are recognized as "National High-Tech Enterprises" and "Specialized, Refined, and New 'Little Giant' Enterprises," with its "Dengyun Brand" receiving multiple industry honors - The company and its wholly-owned subsidiary Dengyue Valve are recognized as "National High-Tech Enterprises," "Leading Enterprises in China's Internal Combustion Engine Parts Industry," and "National Specialized, Refined, and New 'Little Giant' Enterprises"[43](index=43&type=chunk) - The company's "Dengyun Brand" products have consistently received honorary titles such as "Core Supplier," "Annual Excellent Supplier," and "Best Cooperation Award" from OEMs for many years[43](index=43&type=chunk) [(V) Mining Rights](index=12&type=section&id=%EF%BC%88%E4%BA%94%EF%BC%89%E7%9F%BF%E4%B8%9A%E6%9D%83) The company's wholly-owned subsidiary Hanyin Huanglong has obtained mining and exploration rights for the Hanyin Huanglong Gold Mine, securing a 300,000 tons/year mining permit in June 2024 - The company's wholly-owned subsidiary Hanyin Huanglong has obtained the mining right for Hanyin County Huanglong Gold Mine, the detailed exploration right for the deep gold mine in Huanglong Gold Mine Jingou mining section, and the detailed exploration right for the gold mine in the peripheral mining area of Huanglong Gold Mine[44](index=44&type=chunk) - Hanyin Huanglong obtained a **300,000 tons/year** mining permit in June 2024, which will provide continuous performance support for the company in the future[44](index=44&type=chunk) [III. Analysis of Main Business](index=12&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) H1 2025 revenue increased 4.15%, but cost growth outpaced revenue, leading to profit margin pressure; R&D investment rose 43.85%, and financing cash flow surged due to increased borrowing Major Financial Data YoY Changes | Indicator | Current Period (RMB) | Prior Period (RMB) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 261,971,031.00 | 251,526,699.51 | 4.15% | | | Operating Cost | 196,248,528.23 | 173,668,356.74 | 13.00% | | | Income Tax Expense | 1,199,372.51 | 5,996,635.88 | -80.00% | Decrease in current period profit | | R&D Investment | 7,155,032.63 | 4,973,785.14 | 43.85% | Increase in R&D investment | | Net Cash Flow from Financing Activities | 21,081,658.76 | -14,134,639.72 | 249.15% | Increase in current period borrowings, relatively fewer repayments | Operating Revenue Composition (by Industry) | Industry | Current Period Amount (RMB) | Proportion of Operating Revenue | | :--- | :--- | :--- | | Auto Parts | 239,939,698.31 | 91.59% | | Gold Concentrate | 19,985,373.96 | 7.63% | Operating Revenue Composition (by Product) | Product | Current Period Amount (RMB) | Proportion of Operating Revenue | | :--- | :--- | :--- | | OEM Diesel Engine Valves | 135,296,577.91 | 51.65% | | Aftermarket Valves | 80,475,707.02 | 30.72% | | Gold Concentrate | 19,985,373.96 | 7.63% | | Solenoid Valves | 2,894,465.71 | 1.10% | Operating Revenue Composition (by Region) | Region | Current Period Amount (RMB) | Proportion of Operating Revenue | | :--- | :--- | :--- | | International Market | 112,915,061.95 | 43.10% | | Domestic Market | 149,055,969.05 | 56.90% | [IV. Analysis of Non-Main Business](index=13&type=section&id=%E5%9B%9B%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%88%86%E6%9E%90) The company had no non-main business analysis during the reporting period [V. Analysis of Assets and Liabilities](index=13&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Total assets increased 3.16% at period-end, with cash growing due to sales and bill settlements, while long-term borrowings significantly increased due to reclassification from refinancing Significant Changes in Asset Composition | Item | Amount at Period-End (RMB) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 63,785,919.47 | 6.02% | 2.19% | Increase in sales revenue and concentrated settlement of maturing notes receivable led to an increase in cash and bank balances | | Right-of-Use Assets | 472,802.34 | 0.04% | -0.05% | Lease assets are nearing expiration this year, and no new lease business was conducted, leading to a decrease in right-of-use assets compared to the previous year | | Long-Term Borrowings | 80,433,486.24 | 7.59% | 6.24% | Refinancing this year led to the reclassification of loans previously categorized as long-term borrowings due within one year to long-term borrowings | Major Overseas Asset Information | Specific Asset Content | Asset Scale (RMB 10,000) | Location | Profitability (RMB 10,000) | Proportion of Overseas Assets to Company's Net Assets | | :--- | :--- | :--- | :--- | :--- | | Huaiji Engine Valve US Company | 11,233 | Illinois, USA | 218.33 | 23.48% | Asset Rights Restriction Status as of Reporting Period End | Item | Book Balance (RMB) | Reason for Restriction | | :--- | :--- | :--- | | Cash and Bank Balances | 11,395,660.20 | Geological environment restoration fund deposit, customs declaration and settlement deposit | | Fixed Assets | 287,650,939.41 | Bank loan collateral | | Intangible Assets | 42,442,295.00 | Bank loan collateral | [VI. Analysis of Investment Status](index=14&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) The company had no significant equity investments, non-equity investments, securities investments, derivative investments, or use of raised funds during the reporting period - The company had no securities investments during the reporting period[53](index=53&type=chunk) - The company had no derivative investments during the reporting period[54](index=54&type=chunk) - The company had no use of raised funds during the reporting period[55](index=55&type=chunk) [VII. Significant Asset and Equity Sales](index=15&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) The company did not sell any significant assets or equity during the reporting period - The company did not sell significant assets during the reporting period[56](index=56&type=chunk) - The company did not sell significant equity during the reporting period[57](index=57&type=chunk) [VIII. Analysis of Major Holding and Participating Companies](index=15&type=section&id=%E5%85%AB%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) Key subsidiaries include Huaiji Dengyue Valve, Huaiji Engine Valve US, and Shaanxi Hanyin Huanglong Gold Mine, with Dengyue Valve reporting the highest net profit Major Subsidiary Financial Data | Company Name | Company Type | Main Business | Registered Capital (RMB) | Total Assets (RMB) | Net Assets (RMB) | Operating Revenue (RMB) | Operating Profit (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Huaiji Dengyue Valve Co., Ltd. | Subsidiary | Valve production and manufacturing | 10,000,000.00 | 741,536,819.46 | 408,630,968.21 | 199,710,579.65 | 9,637,149.94 | 9,531,719.75 | | Huaiji Engine Valve US Company | Subsidiary | Valve sales | 1,366,340.00 | 112,329,987.19 | 22,517,210.08 | 91,302,772.13 | 2,899,866.84 | 2,183,330.49 | | Shaanxi Hanyin Huanglong Gold Mine Co., Ltd. | Subsidiary | Gold mining | 16,000,000.00 | 166,317,793.79 | 73,645,309.89 | 20,011,074.17 | -2,454,258.33 | -2,428,818.50 | - The company had no acquisitions or disposals of subsidiaries during the reporting period[58](index=58&type=chunk) [IX. Structured Entities Controlled by the Company](index=15&type=section&id=%E4%B9%9D%E3%80%81%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) The company had no structured entities under its control during the reporting period - The company had no structured entities under its control during the reporting period[59](index=59&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=15&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company addresses risks such as industry cycles, raw material price volatility, exchange rate fluctuations, inventory impairment, and gold mining uncertainties through R&D, hedging, and enhanced management - The company faces industry cyclical fluctuation risks and mitigates them by increasing R&D investment in diesel engine valve products and expanding market capacity[59](index=59&type=chunk)[60](index=60&type=chunk) - Raw material price fluctuation risks are hedged by the company through signing price lock agreements with suppliers and developing multiple suppliers[60](index=60&type=chunk) - To manage foreign exchange rate fluctuation risks, the company agrees with international customers on product prices linked to exchange rates and raw material benchmark prices[60](index=60&type=chunk) - Inventory impairment risk is reduced by the company through strengthening control and supervision at all stages of inventory management[61](index=61&type=chunk) - Regarding tax preferential policy changes, subsidiary Dengyue Valve enjoys a **15%** corporate income tax preference, and the company will enhance operational performance through technological innovation and optimized management[62](index=62&type=chunk) - The gold mining and beneficiation business faces risks of mineral resource development uncertainty and production safety, which the company addresses through geological exploration and strengthened safety management[62](index=62&type=chunk)[63](index=63&type=chunk)[64](index=64&type=chunk) [XI. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=17&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%88%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) 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[65](index=65&type=chunk) - The company has not disclosed a valuation enhancement plan[65](index=65&type=chunk) [XII. Implementation of "Quality and Return Dual Improvement" Action Plan](index=17&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%22%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%22%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 Improvement" action plan - The company has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan[65](index=65&type=chunk) Part IV Corporate Governance, Environment, and Society [I. Changes in Directors, Supervisors, and Senior Management](index=17&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) There were no changes in the company's directors, supervisors, or senior management during the reporting period - The company's directors, supervisors, and senior management had no changes during the reporting period[66](index=66&type=chunk) [II. Profit Distribution and Capital Reserve Conversion to Share Capital in This Reporting Period](index=17&type=section&id=%E4%BA%8C%E3%80%81%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for the semi-annual period - The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for the semi-annual period[67](index=67&type=chunk) [III. Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=17&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures implemented during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures implemented during the reporting period[68](index=68&type=chunk) [IV. Environmental Information Disclosure](index=17&type=section&id=%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) Huaiji Dengyue Valve Co., Ltd., a key subsidiary, is listed for environmental information disclosure, with its report available on the Guangdong Provincial Department of Ecology and Environment website - Huaiji Dengyue Valve Co., Ltd. is included in the list of enterprises required to disclose environmental information by law[69](index=69&type=chunk) - Huaiji Dengyue Valve Co., Ltd.'s environmental information disclosure report can be found on the website of the Guangdong Provincial Department of Ecology and Environment[69](index=69&type=chunk) [V. Social Responsibility](index=18&type=section&id=%E4%BA%94%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company protects stakeholder rights, prioritizes employee welfare and safety, fosters fair supplier relations, provides quality customer service, adheres to environmental regulations, and actively engages in social welfare - The company strictly adheres to laws and regulations, improves its institutional framework, perfects its corporate governance structure, safeguards the interests of investors and the company, and conducts separate vote counting for small and medium investors[70](index=70&type=chunk) - The company adheres to a "people-oriented" philosophy, provides social insurance, benefits, training, and promotion channels for employees, and has established a Safety and Environmental Protection Department to formulate safety production systems[70](index=70&type=chunk)[71](index=71&type=chunk) - Upholding principles of cooperation and responsibility, the company actively engages in technical exchanges with suppliers, treating them fairly and justly; it provides high-quality products and 24-hour on-site service to customers[71](index=71&type=chunk) - The company strictly complies with environmental regulations, emphasizes wastewater, exhaust gas, and noise treatment to ensure compliance with discharge standards, and is certified under ISO/TS16949 and ISO14001 systems[72](index=72&type=chunk) - In June 2025, when Huaiji County suffered from floods, the company actively fulfilled its social responsibility by donating over **RMB 100,000** and organizing a disaster relief team to participate in post-disaster rescue efforts[73](index=73&type=chunk) Part V Significant Matters [I. Fulfilled and Overdue Unfulfilled Commitments by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=20&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E5%8F%8A%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%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) No commitments by the company's actual controller, shareholders, related parties, acquirers, or the company were fulfilled or overdue unfulfilled during the reporting period - The company reported no commitments by its actual controller, shareholders, related parties, acquirers, or the company that were fulfilled during the reporting period or overdue unfulfilled as of the end of the reporting period[75](index=75&type=chunk) [II. Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties from the Listed Company](index=20&type=section&id=%E4%BA%8C%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E5%AF%B9%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E7%9A%84%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) There were no non-operating funds occupied by controlling shareholders or other related parties from the listed company during the reporting period - The company reported no non-operating funds occupied by controlling shareholders and other related parties from the listed company during the reporting period[76](index=76&type=chunk) [III. Irregular External Guarantees](index=20&type=section&id=%E4%B8%89%E3%80%81%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 had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[77](index=77&type=chunk) [IV. Appointment and Dismissal of Accounting Firms](index=20&type=section&id=%E5%9B%9B%E3%80%81%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[78](index=78&type=chunk) [V. Explanations by the Board of Directors and Supervisory Board on "Non-Standard Audit Reports" for This Reporting Period](index=20&type=section&id=%E4%BA%94%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E5%AF%B9%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9A%84%E8%AF%B4%E6%98%8E) The company's board of directors and supervisory board had no explanations regarding "non-standard audit reports" for this reporting period [VI. Explanations by the Board of Directors on "Non-Standard Audit Reports" for the Previous Year](index=20&type=section&id=%E5%85%AD%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%B8%8A%E5%B9%B4%E5%BA%A6%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) The company's board of directors had no explanations regarding "non-standard audit reports" for the previous year [VII. Bankruptcy and Reorganization Matters](index=20&type=section&id=%E4%B8%83%E3%80%81%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 had no bankruptcy or reorganization matters during the reporting period - The company had no bankruptcy or reorganization matters during the reporting period[79](index=79&type=chunk) [VIII. Litigation Matters](index=20&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company had no significant litigation or arbitration matters during the reporting period - The company had no significant litigation or arbitration matters during the reporting period[80](index=80&type=chunk) [IX. Penalties and Rectification Status](index=21&type=section&id=%E4%B9%9D%E3%80%81%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[81](index=81&type=chunk) [X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=21&type=section&id=%E5%8D%81%E3%80%81%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 had no integrity issues requiring disclosure during the reporting period - The company reported no integrity issues requiring explanation during the reporting period[82](index=82&type=chunk) [XI. Significant Related Party Transactions](index=21&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company had no significant related party transactions concerning daily operations, asset/equity acquisition/disposal, or joint external investments, but did have non-operating related party debt/credit transactions - The company reported no related party transactions related to daily operations, asset or equity acquisition/disposal, or joint external investments during the reporting period[82](index=82&type=chunk)[83](index=83&type=chunk)[84](index=84&type=chunk) Debts Payable to Related Parties | Related Party | Related Relationship | Reason for Formation | Beginning Balance (RMB 10,000) | Amount Newly Added in Current Period (RMB 10,000) | Amount Repaid in Current Period (RMB 10,000) | Ending Balance (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Yike Zhenrun Investment Group Co., Ltd. | Same ultimate controlling party | Asset acquisition | 9,253.37 | 0 | 0 | 9,253.37 | | Yike Zhenrun Investment Group Co., Ltd. | Same ultimate controlling party | Inter-group transactions | 2,800 | 150 | 0 | 2,950 | | Zhang Tao | Shareholder holding over 5% | Loan | 1,500 | 0 | 0 | 1,500 | | Ou Hongxian | Shareholder holding over 5% | Loan | 2,900 | 0 | 1,900 | 1,000 | - The company's wholly-owned subsidiary Dengyue Valve received gratuitous guarantees for bank financing from shareholders Zhang Tao and Ou Hongxian[89](index=89&type=chunk) - Dengyue Valve applied for a loan facility of up to **RMB 50 million** from related party Zhang Tao, with interest calculated at the LPR rate[89](index=89&type=chunk) - The company applied for a loan facility of up to **RMB 100 million** from related party Yike Zhenrun Investment Group Co., Ltd., with interest calculated at the LPR rate[90](index=90&type=chunk) [XII. Significant Contracts and Their Performance](index=23&type=section&id=%E5%8D%81%E4%BA%8C%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) The company had no significant entrustment, contracting, leasing, guarantees, or wealth management activities, but entered into several large procurement and sales contracts for valve steel and intake/exhaust valves - The company had no entrustment, contracting, or leasing situations during the reporting period[92](index=92&type=chunk)[93](index=93&type=chunk)[94](index=94&type=chunk) - The company had no significant guarantees during the reporting period[95](index=95&type=chunk) - The company had no wealth management activities during the reporting period[96](index=96&type=chunk) Other Significant Contracts | Company Entering Contract | Name of Counterparty | Contract Subject | Contract Signing Date | Transaction Price (RMB 10,000) | Execution Status as of Reporting Period End | | :--- | :--- | :--- | :--- | :--- | :--- | | Huaiji Dengyue Valve Co., Ltd. | Hengyang Jinzeli Special Alloy Co., Ltd. | Valve steel | January 1, 2025 | 5,500 | Uncompleted | | Huaiji Dengyue Valve Co., Ltd. | Jiangsu Shenyuan Group Co., Ltd. | Valve steel | January 1, 2025 | 3,000 | Uncompleted | | Huaiji Dengyue Valve Co., Ltd. | Caterpillar Inc. | Intake and exhaust valves | January 1, 2025 | 3,958.94 | Uncompleted | [XIII. Explanation of Other Significant Matters](index=24&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%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 had no other significant matters requiring explanation during the reporting period - The company had no other significant matters requiring explanation during the reporting period[99](index=99&type=chunk) [XIV. Significant Matters of Company Subsidiaries](index=24&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%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's subsidiaries had no significant matters during the reporting period - The company's subsidiaries had no significant matters during the reporting period[100](index=100&type=chunk) Part VI Share Changes and Shareholder Information [I. Share Change Status](index=25&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company's total share capital remained unchanged at 138 million shares, all unrestricted, with no new issuances, bonus shares, or capital reserve conversions Share Change Status | Item | Quantity Before Change (shares) | Proportion Before Change | Increase/Decrease in This Change (shares) | Quantity After Change (shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 0 | 0.00% | 0 | 0 | 0.00% | | II. Unrestricted Shares | 138,000,000 | 100.00% | 0 | 138,000,000 | 100.00% | | III. Total Shares | 138,000,000 | 100.00% | 0 | 138,000,000 | 100.00% | - The company's total share capital remained unchanged during the reporting period[103](index=103&type=chunk) [II. Securities Issuance and Listing](index=26&type=section&id=%E4%BA%8C%E3%80%81%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 had no securities issuance or listing activities during the reporting period - The company had no securities issuance or listing activities during the reporting period[104](index=104&type=chunk) [III. Number of Shareholders and Shareholding Status](index=26&type=section&id=%E4%B8%89%E3%80%81%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 8,843 common shareholders, with Beijing Yikeruihai Mining Co., Ltd. as the largest shareholder (23.63%), whose shares are pledged and frozen - The total number of common shareholders at the end of the reporting period was **8,843**[105](index=105&type=chunk) Top 10 Shareholders' Shareholding Status | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at Period-End (shares) | Number of Unrestricted Shares Held (shares) | Pledged, Marked, or Frozen Status | | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing Yikeruihai Mining Co., Ltd. | Domestic Non-State Legal Person | 23.63% | 32,603,013 | 32,603,013 | Pledged 22,410,000 shares, Frozen 8,689,402.56 shares | | Zhang Tao | Domestic Natural Person | 6.55% | 9,038,480 | 9,038,480 | Pledged 900,000 shares | | Ou Hongxian | Domestic Natural Person | 3.21% | 4,429,157 | 4,429,157 | Pledged 900,000 shares | - Zhang Tao, Ou Hongxian, and Li Pansheng are among the company's seven parties acting in concert[106](index=106&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=28&type=section&id=%E5%9B%9B%E3%80%81%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) There were no changes in the shareholdings of the company's directors, supervisors, or senior management during the reporting period - The shareholdings of the company's directors, supervisors, and senior management had no changes during the reporting period[108](index=108&type=chunk) [V. Changes in Controlling Shareholder or Actual Controller](index=28&type=section&id=%E4%BA%94%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) There were no changes in the company's controlling shareholder or actual controller during the reporting period - The company's controlling shareholder had no changes during the reporting period[109](index=109&type=chunk) - The company's actual controller had no changes during the reporting period[109](index=109&type=chunk) [VI. Preferred Share Information](index=29&type=section&id=%E5%85%AD%E3%80%81%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[110](index=110&type=chunk) Part VII Bond-Related Information [Bond-Related Information](index=30&type=section&id=%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[112](index=112&type=chunk) Part VIII Financial Report [I. Audit Report](index=31&type=section&id=%E4%B8%80%E3%80%81%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[114](index=114&type=chunk) [II. Financial Statements](index=31&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the company's H1 2025 consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owner's equity Consolidated Balance Sheet Summary as of June 30, 2025 | Item | Balance at Period-End (RMB) | | :--- | :--- | | Total Assets | 1,059,283,712.87 | | Total Liabilities | 580,893,675.08 | | Total Owner's Equity | 478,390,037.79 | Consolidated Income Statement Summary for H1 2025 | Item | H1 2025 (RMB) | | :--- | :--- | | Total Operating Revenue | 261,971,031.00 | | Operating Profit | 4,950,144.92 | | Net Profit | 3,555,866.15 | | Net Profit Attributable to Parent Company Owners | 3,555,866.15 | Consolidated Cash Flow Statement Summary for H1 2025 | Item | H1 2025 (RMB) | | :--- | :--- | | Net Cash Flow from Operating Activities | 28,712,612.28 | | Net Cash Flow from Investing Activities | -25,566,668.13 | | Net Cash Flow from Financing Activities | 21,081,658.76 | | Net Increase in Cash and Cash Equivalents | 24,755,575.94 | Parent Company Balance Sheet Summary as of June 30, 2025 | Item | Balance at Period-End (RMB) | | :--- | :--- | | Total Assets | 645,118,553.39 | | Total Liabilities | 145,939,969.71 | | Total Owner's Equity | 499,178,583.68 | Parent Company Income Statement Summary for H1 2025 | Item | H1 2025 (RMB) | | :--- | :--- | | Operating Revenue | 135,377.62 | | Operating Profit | -4,241,628.55 | | Net Profit | -4,241,628.55 | [III. Company Basic Information](index=52&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) Huaiji Dengyun Auto Parts Co., Ltd., listed on the SZSE in 2014, changed its controlling shareholder to Yike Zhenrun and actual controller to Yang Tao in 2019, and entered gold mining in 2021 - Huaiji Dengyun Auto Parts Co., Ltd. was established through the overall conversion of Huaiji County Auto Parts Manufacturing Co., Ltd., and was listed on the Shenzhen Stock Exchange on February 19, 2014[153](index=153&type=chunk)[155](index=155&type=chunk) - On March 7, 2019, the company's controlling shareholder changed to Yike Zhenrun Investment Group Co., Ltd., and the actual controller changed to natural person Mr. Yang Tao[157](index=157&type=chunk) - On March 2, 2021, the company acquired **100%** equity of Beijing Huanglong Jintai Mining Co., Ltd., entering the gold mining and beneficiation industry[158](index=158&type=chunk) - The company's main products are automotive engine intake and exhaust valves, and gold mining and sales[159](index=159&type=chunk) [IV. Basis of Financial Statement Preparation](index=53&type=section&id=%E5%9B%9B%E3%80%81%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 company's financial statements are prepared on a going concern basis, adhering to enterprise accounting standards and CSRC disclosure regulations, with no significant going concern issues - The company's financial statements are prepared on a going concern basis, in compliance with enterprise accounting standards and relevant disclosure requirements of the China Securities Regulatory Commission[160](index=160&type=chunk) - The company possesses 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[161](index=161&type=chunk) [V. Significant Accounting Policies and Accounting Estimates](index=53&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 details the company's key accounting policies and estimates, including financial instruments, revenue recognition, and fixed asset depreciation, with no changes during the reporting period - The financial statements prepared by the company comply with the requirements of enterprise accounting standards, truthfully and completely reflecting the company's financial position, operating results, and other information[163](index=163&type=chunk) - The company classifies financial assets into three categories based on the business model for managing financial assets and the characteristics of contractual cash flows: measured at amortized cost, measured at fair value through other comprehensive income, and measured at fair value through profit or loss[178](index=178&type=chunk) - For receivables, the company adopts a simplified model for expected credit losses, consistently measuring loss provisions at an amount equal to the expected credit losses throughout the entire lifetime[189](index=189&type=chunk) - The company's fixed assets include buildings, machinery and equipment, transportation equipment, and electronic equipment, depreciated using the straight-line method, while the gold mine subsidiary's tunnel assets are amortized using the output method[211](index=211&type=chunk)[212](index=212&type=chunk)[213](index=213&type=chunk) - The company's revenue recognition principle involves identifying each distinct performance obligation within a contract and determining whether it is satisfied over time or at a point in time, recognizing revenue when the customer obtains control of the related goods or services[229](index=229&type=chunk)[231](index=231&type=chunk) - There were no significant changes in the company's accounting policies and accounting estimates during the reporting period[249](index=249&type=chunk) [VI. Taxation](index=71&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) This section outlines the company's main tax categories and rates, including corporate income tax, where Huaiji Dengyue Valve enjoys a 15% preferential rate as a high-tech enterprise Major Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Urban Maintenance and Construction Tax | Amount of turnover tax payable | 5% | | Corporate Income Tax | Taxable income | 15%, 25%, Other | | Property Tax | 70% of original property value | 1.2% | | Resource Tax | Taxable sales amount | 4.5%, 2% | | Education Surcharge, Local Education Surcharge | Amount of turnover tax payable | 3%, 2% | Taxable Entities with Different Corporate Income Tax Rates | Taxable Entity Name | Income Tax Rate | | :--- | :--- | | Huaiji Dengyun Auto Parts Co., Ltd. | 25% | | Huaiji Dengyue Valve Co., Ltd. | 15% | | Huaiji Engine Valve US Company | Applicable US federal tax rates of 15%-21% and Illinois state income tax rate of 9.5% | | Shaanxi Hanyin Huanglong Gold Mine Co., Ltd. | 25% | - Huaiji Dengyue Valve Co., Ltd., as a high-tech enterprise, is eligible for a **15%** corporate income tax rate from 2022 to 2025[251](index=251&type=chunk) - Shaanxi Hanyin Huanglong Gold Mine Co., Ltd. is exempt from value-added tax on gold sales[251](index=251&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=72&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 on consolidated financial statement items, including cash, receivables, inventory, fixed assets, borrowings, revenue, costs, and a 43.85% increase in R&D expenses Cash and Bank Balances Composition | Item | Balance at Period-End (RMB) | | :--- | :--- | | Cash on hand | 31,886.89 | | Bank deposits | 52,358,372.38 | | Other cash and bank balances | 11,395,660.20 | | Total | 63,785,919.47 | | Of which: Total amount of funds deposited overseas | 12,207,772.12 | Notes Receivable Classification | Item | Balance at Period-End (RMB) | | :--- | :--- | | Bank acceptance bills | 13,964,230.94 | | Commercial acceptance bills | 5,282,247.31 | | Total | 19,246,478.25 | Accounts Receivable Aging Distribution | Aging | Book Balance at Period-End (RMB) | | :--- | :--- | | Within 1 year (inclusive) | 137,858,778.86 | | 1 to 2 years | 2,166,037.17 | | 2 to 3 years | 6,504.00 | | Over 3 years | 7,403,750.62 | | Total | 147,435,070.65 | Inventory Classification | Item | Book Value at Period-End (RMB) | | :--- | :--- | | Raw materials | 41,165,842.71 | | Work in progress | 32,306,856.86 | | Finished goods | 80,666,636.96 | | Goods in transit | 32,172,596.26 | | Total | 186,311,932.79 | Fixed Assets Book Value | Item | Book Value at Period-End (RMB) | | :--- | :--- | | Buildings and structures | 227,665,776.28 | | Machinery and equipment | 116,336,223.85 | | Transportation equipment | 4,378,441.51 | | Electronic equipment | 5,187,278.98 | | Total | 353,567,720.62 | Construction in Progress | Item | Book Value at Period-End (RMB) | | :--- | :--- | | Jingou Blind Shaft Project | 40,535,739.81 | | 300,000 tons Mining Right | 4,466,996.00 | | Total | 52,622,052.09 | Short-Term Borrowings Classification | Item | Balance at Period-End (RMB) | | :--- | :--- | | Guaranteed loans | 27,000,000.00 | | Mortgage + Guaranteed loans | 99,160,000.00 | | Total | 126,160,000.00 | Operating Revenue and Operating Cost | Item | Current Period Revenue (RMB) | Current Period Cost (RMB) | | :--- | :--- | :--- | | Main business | 259,925,072.27 | 195,495,802.10 | | Other businesses | 2,045,958.73 | 752,726.13 | | Total | 261,971,031.00 | 196,248,528.23 | R&D Expense Composition | Item | Current Period Amount (RMB) | | :--- | :--- | | Direct labor | 3,662,630.38 | | Depreciation and amortization | 1,698,311.51 | | Direct input | 1,457,276.75 | | Other | 336,813.99 | | Total | 7,155,032.63 | [VIII. R&D Expenses](index=100&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) The company's total R&D expenditure for the reporting period was RMB 7.16 million, entirely expensed, representing a 43.85% increase year-on-year R&D Expenditure Status | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | R&D expenses | 7,155,032.63 | 4,973,785.14 | | Total | 7,155,032.63 | 4,973,785.14 | | Of which: Expensed R&D expenditure | 7,155,032.63 | 4,973,785.14 | [IX. Interests in Other Entities](index=100&type=section&id=%E4%B9%9D%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) The company holds full ownership in nine subsidiaries, including Huaiji Dengyue Valve and Shaanxi Hanyin Huanglong Gold Mine, engaged in manufacturing, sales, and mining Enterprise Group Structure | Subsidiary Name | Registered Capital (RMB) | Main Operating Location | Business Nature | Direct Shareholding Proportion | | :--- | :--- | :--- | :--- | :--- | | Huaiji Dengyue Valve Co., Ltd. | 10,000,000.00 | Huaiji, Guangdong | Manufacturing | 100.00% | | Huaiji Engine Valve US Company | 1,366,340.00 | Illinois, USA | Sales | 100.00% | | Beijing Huanglong Jintai Mining Co., Ltd. | 10,000,000.00 | Beijing | Technology promotion and application services | 100.00% | | Shaanxi Hanyin Huanglong Gold Mine Co., Ltd. | 16,000,000.00 | Hanyin County, Shaanxi Province | Non-ferrous metal mining and beneficiation | 100.00% | [X. Government Grants](index=101&type=section&id=%E5%8D%81%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) Government grants primarily relate to assets, with deferred income increasing to RMB 7.07 million and RMB 2.04 million recognized as current period income Liability Items Related to Government Grants | Accounting Account | Beginning Balance (RMB) | Amount of New Grants in Current Period (RMB) | Amount Transferred to Other Income in Current Period (RMB) | Ending Balance (RMB) | Related to Assets/Income | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 3,793,506.99 | 3,944,977.00 | 669,563.79 | 7,068,920.20 | Related to assets | Government Grants Recognized in Current Profit or Loss | Accounting Account | Current Period Amount (RMB) | | :--- | :--- | | Other income | 2,039,928.50 | [XI. Risks Related to Financial Instruments](index=102&type=section&id=%E5%8D%81%E4%B8%80%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) The company manages market risks (exchange rate, interest rate, price), credit risk, and liquidity risk through various strategies, including hedging, credit limits, and financing negotiations - The company's exchange rate risk is primarily related to the US dollar, as export sales, imported raw materials, and sales by its US subsidiary are mainly settled in US dollars[410](index=410&type=chunk) Foreign Currency Monetary Items Balance at Period-End | Item | Balance at Period-End | | :--- | :--- | | Cash and Bank Balances - USD | 1,993,967.49 | | Accounts Receivable - USD | 8,412,246.19 | | Accounts Receivable - EUR | 291,612.90 | | Accounts Payable - USD | 55,636.45 | - The company's interest rate risk arises from bank borrowings, with floating-rate borrowings totaling **RMB 101.04 million** and fixed-rate borrowings totaling **RMB 149.19 million**[412](index=412&type=chunk) - The company's main raw materials are steel and alloy powder, and their price fluctuations significantly impact the company's operating performance[414](index=414&type=chunk) - The company mitigates credit risk through credit limit management, credit approval, and provision for bad debts, ensuring liquid funds are held in banks with high credit ratings[415](index=415&type=chunk)[416](index=416&type=chunk) - The company manages liquidity risk by regularly analyzing its debt structure and maturity, monitoring bank loan utilization, and engaging in financing negotiations with financial institutions[418](index=418&type=chunk) [XII. Related Parties and Related Party Transactions](index=104&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company's actual controller is Yang Tao, with Beijing Yikeruihai Mining as the controlling shareholder; significant related party transactions include guarantees received and intercompany borrowings - The company's actual controller is natural person Mr. Yang Tao, and the controlling shareholder is Beijing Yikeruihai Mining Co., Ltd[104](index=104&type=chunk) - Other related parties include Zhang Tao, Ou Hongxian (one of the seven parties acting in concert, shareholders holding over **5%** in aggregate), and Yike Zhenrun Investment Group Co., Ltd[421](index=421&type=chunk) Company as a Guaranteed Party | Guarantor | Guaranteed Amount (RMB) | Guarantee Start Date | Guarantee End Date | Is Guarantee Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Zhang Tao | 30,000,000.00 | April 12, 2024 | November 15, 2025 | No | | Ou Hongxian | 30,000,000.00 | April 12, 2024 | November 15, 2025 | No | | Zhang Tao, Li Fen | 115,000,000.00 | January 1, 2022 | October 8, 2026 | No | Related Party Fund Borrowing (Borrowed In) | Related Party | Borrowed Amount (RMB) | Start Date | Due Date | | :--- | :--- | :--- | :--- | | Zhang Tao | 15,000,000.00 | May 21, 2025 | May 20, 2028 | | Ou Hongxian | 10,000,000.00 | September 4, 2024 | September 3, 2025 | | Yike Zhenrun Investment Group Co., Ltd. | 15,000,000.00 | November 28, 2024 | November 27, 2025 | Key Management Personnel Remuneration | Item | Current Period Amount (RMB) | | :--- | :--- | | Total Remuneration | 1,976,550.71 | Related Party Payables | Item Name | Related Party | Book Balance at Period-End (RMB) | | :--- | :--- | :--- | | Other Payables | Zhang Tao | 15,232,541.68 | | Other Payables | Ou Hongxian | 10,179,138.88 | | Other Payables | Yike Zhenrun Investment Group Co., Ltd. | 31,965,286.17 | | Long-Term Payables | Yike Zhenrun Investment Group Co., Ltd. | 103,348,927.88 | [XIII. Notes to Key Items in Parent Company Financial Statements](index=106&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E4%B8%BB%E8%A6%81%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) The parent company's financial statements show RMB 11.11 million in other receivables, primarily from subsidiaries, and RMB 632 million in long-term equity investments, with a net loss of RMB 4.24 million Parent Company Other Receivables | Item | Balance at Period-End (RMB) | | :--- | :--- | | Other receivables | 11,111,720.51 | | Total | 11,111,720.51 | Parent Company Other Receivables by Nature of Payment | Nature of Payment | Book Balance at Period-End (RMB) | | :--- | :--- | | Subsidiary current accounts | 11,102,664.04 | | Unit current accounts | 9,056.47 | | Total | 11,111,720.51 | Parent Company Long-Term Equity Investments | Item | Book Value at Period-End (RMB) | | :--- | :--- | | Investments in subsidiaries | 631,632,565.05 | | Total | 631,632,565.05 | Parent Company Operating Revenue and Operating Cost | Item | Current Period Revenue (RMB) | Current Period Cost (RMB) | | :--- | :--- | :--- | | Other businesses | 135,377.62 | 0 | | Total | 135,377.62 | 0 | [XIV. Supplementary Information](index=108&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E8%A1%A5%E5%85%85%E8%B5%84%E6%96%99) This section includes details on non-recurring gains/losses (totaling RMB 1.48 million), return on net assets (0.74%), basic earnings per share (RMB 0.0258), and confirms no accounting standard differences 2025 Semi-Annual Non-Recurring Gains and Losses Details | Item | Amount (RMB) | | :--- | :--- | | Government grants recognized in current profit or loss | 2,039,928.50 | | Other non-operating income and expenses apart from the above | -194,906.26 | | Less: Income tax impact | 368,000.85 | | Total | 1,477,021.39 | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets | Basic Earnings Per Share (RMB/share) | | :--- | :--- | :--- | | Net profit attributable to common shareholders of the company | 0.74% | 0.0258 | | Net profit attributable to common shareholders of the company after deducting non-recurring gains and losses | 0.43% | 0.0151 | - The company reported no differences in net profit and net assets between financial reports disclosed under international accounting standards and Chinese accounting standards[448](index=448&type=chunk) - The company reported no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese accounting standards[448](index=448&type=chunk) Part IX Other Submitted Data [I. Other Significant Social Security Issues](index=110&type=section&id=%E4%B8%80%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E7%A4%BE%E4%BC%9A%E5%AE%89%E5%85%A8%E9%97%AE%E9%A2%98%E6%83%85%E5%86%B5) The company and its subsidiaries had no other significant social security issues or administrative penalties during the reporting period - The listed company and its subsidiaries had no other significant social security issues[450](index=450&type=chunk) - No administrative penalties were received during the reporting period[450](index=450&type=chunk) [II. Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=110&type=section&id=%E4%BA%8C%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A5%E5%BE%85%E8%B0%83%E7%A0%94%E3%80%81%E6%B2%9F%E9%80%9A%E3%80%81%E9%87%87%E8%AE%BF%E7%AD%89%E6%B4%BB%E5%8A%A8%E7%99%BB%E8%AE%B0%E8%A1%A8) The company did not host any research, communication, or interview activities during the reporting period - The company had no research, communication, or interview activities during the reporting period[450](index=450&type=chunk) [III. Fund Transactions Between the Listed Company and Controlling Shareholders and Other Related Parties](index=110&type=section&id=%E4%B8%89%E3%80%81%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E4%B8%8E%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%E8%B5%84%E9%87%91%E5%BE%80%E6%9D%A5%E6%83%85%E5%86%B5) The company had non-operating fund transactions with controlling shareholders and other related parties, totaling RMB 147.03 million in payables at period-end, with all transactions duly approved Fund Transactions Between the Listed Company and Controlling Shareholders and Other Related Parties | Counterparty Name | Nature of Transaction | Beginning Balance (RMB 10,000) | Amount Incurred in Current Period (RMB 10,000) | Amount Repaid in Current Period (RMB 10,000) | Ending Balance (RMB 10,000) | Interest Expense (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Yike Zhenrun Investment Group Co., Ltd. | Non-operating current account | 9,253.37 | 0 | 0 | 9,253.37 | 142.66 | | Yike Zhenrun Investment Group Co., Ltd. | Non-operating current account | 2,800 | 150 | 0 | 2,950 | 53.4 | | Zhang Tao

厦门瑞尔特卫浴科技股份有限公司 2025 年半年度报告全文 厦门瑞尔特卫浴科技股份有限公司 2025 年半年度报告 2025 年 8 月 1 厦门瑞尔特卫浴科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人罗远良、主管会计工作负责人陈绍明及会计机构负责人(会计 主管人员)任小琴声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告涉及未来计划、业绩预测等前瞻性陈述，均不构成本公司对投资者 的任何实质性承诺，能否实现取决于市场状况变化等多种因素，存在很大的 不确定性，敬请投资者注意投资风险。 公司未来发展战略和经营目标的实现过程中，可能面临的风险因素的详细 情况，敬请您关注本报告第三节《管理层讨论与分析》之十《公司面临的风 险和应对措施》。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | | | | 第一节 | 重要提示、目录和释义 | 2 | | -- ...

[Part I Important Notice, 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) [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report and assume legal responsibility - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no false records, misleading statements, or major omissions, and assume individual and joint legal responsibility[4](index=4&type=chunk) - Company Chairman Fu Liang, Chief Financial Officer Ai Jing, and Head of Accounting Department Qin Lihong declare that the financial report in this semi-annual report is true, accurate, and complete[4](index=4&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) This section lists the overall structure of the report, including major chapters such as company profile, management discussion and analysis, corporate governance, significant events, share changes and shareholder information, bond-related matters, financial reports, and other submitted data, along with their starting page numbers - The report's table of contents is clear, covering major chapters such as company profile, management discussion and analysis, corporate governance, significant events, share changes and shareholder information, bond-related matters, financial reports, and other submitted data[7](index=7&type=chunk) [Definitions](index=4&type=section&id=%E9%87%8A%E4%B9%89) This section provides definitions for common terms used in the report, including the reporting period, company name, names of major subsidiaries, and explanations of core products (SPS switching power supplies, LED driver power supplies), ensuring accurate understanding of the report's content Major Definitions | Definition Item | Definition Content | | :--- | :--- | | Reporting Period | January 1, 2025 to June 30, 2025 | | The Company/Company/Parent Company/MOSO Power | MOSO Power Technology Co., Ltd | | SPS, SPS Switching Power Supply, Consumer Electronics Power Supply | Devices providing power for various consumer electronic products, essential accessories for consumer electronics; one of the company's main products | | LED Driver Power Supply | A power converter that converts power supply into specific voltage and current to drive LEDs; one of the company's main products | [Part II Company Profile and Major 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) [Company Profile](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) MOSO Power Technology Co., Ltd. (stock code: 002660) is listed on the Shenzhen Stock Exchange, with Fu Liang as its legal representative - The company's stock abbreviation is "MOSO Power", stock code "002660", listed on the Shenzhen Stock Exchange[15](index=15&type=chunk) - The company's legal representative is Fu Liang[15](index=15&type=chunk) [Contact Person and Contact 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 contact information for the company's Board Secretary Song Chengzhan and Securities Affairs Representative Liu Yue, including address, phone, fax, and email, to facilitate investor communication Company Contact Information | Position | Name | Contact Address | Phone | Email | | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Song Chengzhan | MOSO Technology Park, No. 1061 Songbai Road, Xili, Nanshan District, Shenzhen | 0755-27659888 | chengzhan.song@mosopower.com | | Securities Affairs Representative | Liu Yue | MOSO Technology Park, No. 1061 Songbai Road, Xili, Nanshan District, Shenzhen | 0755-27659888 | yue.liu@mosopower.com | [Other Information](index=6&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the company's contact information, information disclosure and storage locations, or other relevant data, with specific details available in the 2024 annual report - The company's registered address, office address, website, email, and other contact information remained unchanged during the reporting period[17](index=17&type=chunk) - Information disclosure and storage locations remained unchanged during the reporting period[18](index=18&type=chunk) [Major Accounting Data and Financial Indicators](index=7&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This period, the company's operating revenue increased by 9.97%, but net profit attributable to shareholders significantly decreased by 168.17%, turning from profit to loss, with basic earnings per share also becoming negative; net cash flow from operating activities decreased by 304.68%, while total assets and net assets attributable to shareholders both declined Major Accounting Data and Financial Indicators (Year-on-Year) | Indicator | Current Period (RMB) | Prior Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 652,355,746.67 | 593,193,366.50 | 9.97% | | Net Profit Attributable to Shareholders of Listed Company | -22,529,861.72 | 33,050,613.32 | -168.17% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | -27,405,993.48 | 28,344,678.97 | -196.69% | | Net Cash Flow from Operating Activities | -42,364,741.84 | -10,468,778.31 | -304.68% | | Basic Earnings Per Share (RMB/share) | -0.0632 | 0.0927 | -168.18% | | Diluted Earnings Per Share (RMB/share) | -0.0632 | 0.0927 | -168.18% | | Weighted Average Return on Net Assets | -1.80% | 2.58% | -4.38% | | Total Assets (Period-end) | 1,909,737,681.49 | 1,961,039,473.29 | -2.62% | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 1,237,282,185.73 | 1,296,965,807.63 | -4.60% | [Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=7&type=section&id=%E4%BA%94%E3%80%81%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) During the reporting period, the company had no differences in net profit and net assets between financial reports disclosed under international or overseas accounting standards and those under Chinese accounting standards - The company had no differences in net profit and net assets between financial reports disclosed under international accounting standards and Chinese accounting standards during the reporting period[21](index=21&type=chunk) - The company had no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese accounting standards during the reporting period[22](index=22&type=chunk) [Non-Recurring Gains and Losses and Amounts](index=7&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) This period, non-recurring gains and losses totaled **4.88 million RMB**, primarily from government grants, fair value changes of financial assets, and debt restructuring gains, with negative returns from asset disposal but significant contributions from wealth management product income and government subsidies Non-Recurring Gains and Losses and Amounts | Item | Amount (RMB) | Explanation | | :--- | :--- | :--- | | Gains and losses from disposal of non-current assets | -74,331.21 | Primarily due to the company's disposal of fixed assets | | Government grants recognized in current profit or loss | 2,589,994.27 | Primarily due to the company's export insurance subsidies, government interest subsidies, and amortization of deferred income from enterprise-related technology upgrades and technical transformation projects in previous years | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains and losses from disposal of financial assets and liabilities | 3,003,294.68 | Primarily due to the company's wealth management product income and fair value changes | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 100,000.00 | Primarily due to the recovery of accounts receivable for which full bad debt provisions had been made | | Debt restructuring gains and losses | 39,251.13 | Primarily due to debt forgiveness for the company's accounts payable | | Other non-operating income and expenses apart from the above | 293,543.99 | Primarily due to the cleanup of long-aged accounts transferred to non-operating income | | Less: Income tax impact | 1,019,316.74 | | | Impact on minority interests (after tax) | 56,304.36 | | | Total | 4,876,131.76 | | [Part III Management Discussion and Analysis](index=9&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) [Major Businesses Engaged by the Company During the Reporting Period](index=9&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company primarily engages in the R&D, production, sales, and technical services of switching power supplies, focusing on LED driver power supplies and consumer electronics power supplies, continuously innovating and optimizing to drive performance growth - The company primarily engages in the R&D, production, sales, and technical services of switching power supplies, providing high-quality, cost-effective LED driver power supplies and consumer electronics power supplies[27](index=27&type=chunk) [Major Products and Application Areas](index=9&type=section&id=(%E4%B8%80)%20%E4%B8%BB%E8%A6%81%E4%BA%A7%E5%93%81%E5%8F%8A%E5%BA%94%E7%94%A8%E9%A2%86%E5%9F%9F) The company's LED driver power supplies focus on outdoor high-power lighting across six major fields, while consumer electronics power products cover adapters, industrial power, customized open-frame power supplies, PD fast charging, and smart chargers for various applications - LED driver power supplies focus on outdoor high-power lighting, applied in six major fields including road, industrial, stadium, plant growth, landscape, and urban large-space public lighting[28](index=28&type=chunk) - Consumer electronics power supply product lines include power adapters, industrial power supplies, open-frame customized power supplies, PD fast chargers, and smart chargers, widely used in ICT, security, smart home, and commercial equipment fields[29](index=29&type=chunk) [Major Business Models](index=9&type=section&id=(%E4%BA%8C)%E4%B8%BB%E8%90%A5%E6%A8%A1%E5%BC%8F) The company adopts an IPD model for R&D, "sales-driven production, production-driven procurement, appropriate inventory" for procurement, order-based production with automation, and a sales model combining direct sales for consumer electronics with direct and distribution sales for LED power supplies, focusing on international markets - The R&D model is primarily independent R&D, adopting an Integrated Product Development (IPD) model, and collaborating with universities and other institutions for R&D[30](index=30&type=chunk) - The procurement model implements "production based on sales, procurement based on production, and appropriate inventory", establishing a business model with strategic suppliers for procurement based on forecasts and schedules, and introducing JIT delivery for procurement[32](index=32&type=chunk) - The production model is primarily order-based production, supplemented by standard product stocking, with continuous investment in automation and intelligent upgrades, having established overseas factories in Vietnam and India[33](index=33&type=chunk) - The sales model focuses on direct sales to high-end customers in the consumer electronics sector, while the LED power supply sector uses both direct sales and distribution in the domestic market, with a focus on key international markets such as Europe, North America, South America, and India[34](index=34&type=chunk) [Major Performance Drivers](index=10&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E4%B8%BB%E8%A6%81%E4%B8%9A%E7%BB%A9%E9%A9%B1%E5%8A%A8%E5%9B%A0%E7%B4%A0) The company's performance growth is primarily driven by continuous technological innovation, optimized product structure for higher added value, synergistic development of domestic and international sales channels, and ongoing upgrades in production automation and global manufacturing layout - Continuous technological innovation, strictly following the product planning direction of "researching one generation, pre-researching one generation, and conceiving one generation", and actively cultivating new energy storage businesses[35](index=35&type=chunk) - Optimized product structure, increasing R&D investment and sales proportion of high-power power products, with consumer power focusing on ODM model, and LED driver power developing towards high efficiency, low energy consumption, digitalization, and chip integration[37](index=37&type=chunk) - Synergistic sales channels, with direct sales and distribution并行 in the domestic market, and a focus on key international regions such as Europe, North America, Southeast Asia, and South America, building overseas localized service capabilities[38](index=38&type=chunk) - Continuous upgrading of production automation and intelligence, introducing fully automated production lines and highly flexible automated production lines, establishing overseas factories in Vietnam and India, and planning to complete the new Vietnam factory within 2025[39](index=39&type=chunk) [Core Competitiveness Analysis](index=11&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company possesses significant competitive advantages in the switching power supply sector, primarily in technological leadership, comprehensive product lines, global presence, strong brand recognition, and an experienced management team - As a well-known enterprise in the switching power supply sector, the company has obvious competitive advantages in technology, products, brand, and management team[40](index=40&type=chunk) [Technological Advantage](index=11&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E6%8A%80%E6%9C%AF%E4%BC%98%E5%8A%BF) The company is a national high-tech enterprise, prioritizing R&D investment and team building, holding multiple core technologies, leading or participating in the formulation of national and industry standards, and collaborating with universities to maintain its technological leadership - The company is a national high-tech enterprise, highly valuing R&D investment and team building, which has established its leading technological position in the industry[41](index=41&type=chunk) - The company has led or participated in the formulation of **3 national standards, 6 industry standards, 2 local standards**, and participated in over **20 alliance standards**[41](index=41&type=chunk) - The company independently masters multiple core technologies for LED driver power supplies, including constant power driving technology, multi-function dimming technology, intelligent control technology, lightning surge suppression technology, and programmable technology[41](index=41&type=chunk) [Product Advantage](index=12&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E4%BA%A7%E5%8F%81%E4%BC%98%E5%8A%BF) The company's switching power supply product line offers full-category coverage, with LED driver power supplies forming a complete series across six major lighting applications, and consumer electronics power supplies covering five major segments, including PD fast charging with industry-leading power density - The company's switching power supplies feature a full-category product line, providing comprehensive and cost-effective solutions for customers[43](index=43&type=chunk) - The LED driver power supply product line has complete specifications, covering six major application areas: road lighting, industrial lighting, stadium lighting, plant lighting, landscape lighting, and urban large-space public lighting[44](index=44&type=chunk)[45](index=45&type=chunk)[46](index=46&type=chunk) - Consumer electronics power supplies form five major product segments: adapters, open-frame customized power supplies, PD fast chargers, industrial power supplies, and high-power charging products, with PD fast chargers having formed a full series from **20W to 240W** and industry-leading power density[47](index=47&type=chunk)[48](index=48&type=chunk) [Globalization Advantage](index=13&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E5%85%A8%E7%90%83%E5%8C%96%E4%BC%98%E5%8A%BF) The company's sales network spans over 100 countries and regions globally, with products certified in multiple countries, and three smart manufacturing bases in Shenzhen, Huizhou, and Vietnam, enhancing global operational capabilities and supply chain resilience - The company's sales regions cover over **100 countries and regions** globally, including China, North America, Europe, Asia-Pacific, and South America, actively expanding markets through direct sales teams and distributors/resellers[49](index=49&type=chunk) - Products have obtained multiple international certifications, including China CCC, US UL, EU CE, and India BIS, allowing access to international markets[49](index=49&type=chunk) - The company has established three global smart manufacturing bases in Shenzhen, Huizhou, and Vietnam, enhancing global operational capabilities and multi-regional production capacity, contributing to a more complete global supply chain system[49](index=49&type=chunk) [Brand Advantage](index=13&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%E5%93%81%E7%89%8C%E4%BC%98%E5%8A%BF) The company's "MOSO" brand has received numerous accolades, including "Guangdong Famous Trademark" and "Shenzhen Famous Brand", and was selected among China's Top 500 Brands, with its products featured in many national key projects, demonstrating widespread market recognition - The company's "MOSO" trademarks have continuously been recognized as "Guangdong Famous Trademark" and "Shenzhen Famous Brand", selected among China's Top 500 Brands in 2017, and awarded "International Reputable Brand" in 2022[51](index=51&type=chunk) - The company's products have participated in numerous benchmark national key projects, such as the Shenzhen-Zhongshan Link, Hong Kong-Zhuhai-Macau Bridge, Beijing Daxing Airport, and classic cases like Shenzhen Civic Center and Hangzhou East Station Plaza[51](index=51&type=chunk) [Management Team Advantage](index=13&type=section&id=%EF%BC%88%E4%BA%94%EF%BC%89%E7%AE%A1%E7%90%86%E5%9B%A2%E9%98%9F%E4%BC%98%E5%8A%BF) The company boasts a high-performing management team with extensive industry experience and international vision, committed to talent development through internal training and external recruitment, and a robust cadre management and incentive system - The company has essentially formed an excellent management team with high goals, high efficiency, and high performance, whose core members are widely recognized in the industry, possess high comprehensive qualities, strong professional capabilities, rich industry experience, and international vision[52](index=52&type=chunk)[53](index=53&type=chunk) - The company adheres to the philosophy that "human resources are the primary resource", implementing a dual-driven approach of "internal cultivation and external recruitment" to optimize the age structure of senior management, introduce young and excellent management cadres from the industry, and vigorously promote internal backbone talents[53](index=53&type=chunk) [Main Business Analysis](index=14&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) This period, the company's main business revenue increased by 9.97% due to higher order volumes, but operating costs grew faster than revenue, leading to a decline in gross profit margin; SPS switching power supplies and LED driver power supplies were the main revenue sources, with significant growth in photovoltaic power generation and energy storage businesses, and domestic revenue growing faster than international revenue - This period, operating revenue increased by **9.97%**, primarily due to increased order volumes[55](index=55&type=chunk) - Operating costs increased by **25.46%** year-on-year, primarily due to increased revenue and after-sales expenses[55](index=55&type=chunk) - Net profit attributable to shareholders of the listed company decreased by **168.17%** year-on-year, turning from profit to loss[20](index=20&type=chunk) [Overview](index=14&type=section&id=%E6%A6%82%E8%BF%B0) This section provides an overview of the company's main businesses during the reporting period, namely the R&D, production, sales, and technical services of switching power supplies, covering LED driver power supplies and consumer electronics power supplies - The company primarily engages in the R&D, production, sales, and technical services of switching power supplies, committed to providing high-quality, cost-effective LED driver power supplies and consumer electronics power supplies[27](index=27&type=chunk) [Year-on-Year Changes in Major Financial Data](index=14&type=section&id=%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%95%B0%E6%8D%AE%E5%90%8C%E6%AF%94%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) This period, operating revenue grew by 9.97%, but operating costs increased by 25.46%, leading to a significant decline in profit indicators; financial expenses rose sharply due to increased exchange losses, and income tax expenses decreased; net cash flow from operating activities showed a significant outflow, net cash flow from investing activities turned positive, and net cash outflow from financing activities increased Year-on-Year Changes in Major Financial Data | Item | Current Period (RMB) | Prior Period (RMB) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 652,355,746.67 | 593,193,366.50 | 9.97% | Primarily due to increased order volumes in the current period | | Operating Costs | 552,472,801.57 | 440,340,708.63 | 25.46% | Primarily due to increased revenue and after-sales expenses in the current period | | Selling Expenses | 32,620,132.13 | 34,122,378.02 | -4.40% | Primarily due to decreased sales service fees and consulting fees in the current period | | Administrative Expenses | 53,725,055.41 | 50,871,833.98 | 5.61% | Primarily due to increased consulting, technical service, leasing, and office expenses in the current period | | Financial Expenses | 312,591.89 | -2,377,699.46 | 113.15% | Primarily due to increased exchange losses caused by exchange rate fluctuations in the current period | | Income Tax Expenses | -9,749,282.96 | -3,410,031.47 | -185.90% | Primarily due to decreased deferred income tax expenses in the current period | | R&D Investment | 50,974,512.45 | 52,616,261.40 | -3.12% | Primarily due to decreased R&D material and factory audit expenses in the current period | | Net Cash Flow from Operating Activities | -42,364,741.84 | -10,468,778.31 | -304.68% | Primarily due to increased payments for goods purchased and intercompany receivables/payables in the current period | | Net Cash Flow from Investing Activities | 3,608,827.33 | -132,435,530.69 | 102.72% | Primarily due to the recovery of matured large-denomination certificates of deposit and other wealth management products in the current period | | Net Cash Flow from Financing Activities | -54,071,043.71 | -22,424,538.83 | -141.12% | Primarily due to decreased new borrowings and increased repayment of borrowings in the current period | | Net Increase in Cash and Cash Equivalents | -92,784,711.19 | -164,937,237.02 | 43.75% | Comprehensive impact of the above factors | [Operating Revenue Composition](index=16&type=section&id=%E8%90%A5%E4%B8%9A%E6%94%B6%E5%85%A5%E6%9E%84%E6%88%90) This period, total operating revenue was **652.36 million RMB**, up 9.97%; computer, communication, and other electronic equipment manufacturing remained the main revenue source, accounting for 95.73%, but with a 10.71% year-on-year decrease in gross profit margin; SPS switching power supplies and LED driver power supplies were core products, with significant growth in photovoltaic power generation and energy storage businesses, the latter growing by 145.57%; domestic revenue accounted for 50.26%, growing by 13.97%, faster than international revenue Operating Revenue Composition (By Industry, Product, Region) | Category | Item | Current Period Amount (RMB) | Proportion of Operating Revenue | Prior Period Amount (RMB) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | Computer, Communication and Other Electronic Equipment Manufacturing | 624,486,496.66 | 95.73% | 573,519,669.19 | 96.68% | 8.89% | | | Photovoltaic Power Station Operation | 16,784,789.67 | 2.57% | 15,522,625.38 | 2.62% | 8.13% | | | Electricity, Heat Production and Supply Industry | 3,245,215.07 | 0.50% | 1,321,508.11 | 0.22% | 145.57% | | **By Product** | SPS Switching Power Supply | 331,546,001.11 | 50.82% | 302,881,526.96 | 51.06% | 9.46% | | | LED Driver Power Supply | 292,940,495.55 | 44.91% | 270,638,142.23 | 45.62% | 8.24% | | | Energy Storage Business | 3,245,215.07 | 0.50% | 1,321,508.11 | 0.22% | 145.57% | | **By Region** | Domestic | 327,870,158.39 | 50.26% | 287,681,873.03 | 48.50% | 13.97% | | | International | 324,485,588.28 | 49.74% | 305,511,493.47 | 51.50% | 6.21% | - The gross profit margin for computer, communication, and other electronic equipment manufacturing was **14.08%**, a year-on-year decrease of **10.71%**[59](index=59&type=chunk) - The gross profit margin for SPS switching power supplies was **5.39%**, a year-on-year decrease of **15.35%**; the gross profit margin for LED driver power supplies was **23.92%**, a year-on-year decrease of **5.41%**[59](index=59&type=chunk) [Non-Main Business Analysis](index=17&type=section&id=%E5%9B%9B%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) This period, non-main businesses had an impact on total profit ranging from -7.99% to 12.43%, primarily including investment income, fair value change gains/losses, asset impairment, non-operating income/expenses, credit impairment losses, other income, and asset disposal gains, most of which are non-recurring and unsustainable Impact of Non-Main Businesses on Total Profit | Item | Amount (RMB) | Proportion of Total Profit | Explanation for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 3,112,880.61 | -7.99% | Primarily due to investment income from disposal of financial assets held for trading, equity method accounting for long-term equity investments, and wealth management product income | No | | Fair Value Change Gains and Losses | -75,027.89 | 0.19% | Primarily due to fair value changes of financial assets or liabilities held for trading | No | | Asset Impairment | -4,844,124.04 | 12.43% | Primarily due to provision for inventory depreciation | No | | Non-Operating Income | 859,740.96 | -2.21% | Primarily due to cleanup of long-aged accounts transferred to non-operating income | No | | Non-Operating Expenses | 656,414.63 | -1.68% | Primarily due to penalty payments and losses from disposal of non-current assets | No | | Credit Impairment Losses | -628,825.80 | 1.61% | Primarily due to provision for expected credit losses on accounts receivable | No | | Other Income | 3,669,815.40 | -9.42% | Primarily due to various government grants received and VAT additional deduction | No | | Asset Disposal Gains | 15,886.45 | -0.04% | Primarily due to gains from disposal of right-of-use assets | No | [Analysis of Assets and Liabilities](index=17&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) At the end of the reporting period, the company's total assets and net assets attributable to shareholders both decreased; cash, inventory, short-term borrowings, and contract liabilities decreased, while accounts receivable, prepayments, other current assets, and deferred income tax assets increased; the company has overseas subsidiaries in Hong Kong, Vietnam, India, and the Netherlands, with Hong Kong Gamma and Vietnam MOSO having higher net assets; restricted assets include bank acceptance bill deposits and government project special funds - At the end of the reporting period, total assets were **1.91 billion RMB**, a **2.62% decrease** from the end of the previous year[20](index=20&type=chunk) - Net assets attributable to shareholders of the listed company were **1.24 billion RMB**, a **4.60% decrease** from the end of the previous year[20](index=20&type=chunk) [Significant Changes in Asset Composition](index=17&type=section&id=1%E3%80%81%E8%B5%84%E4%BA%A7%E6%9E%84%E6%88%90%E9%87%8D%E5%A4%A7%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) At the end of the reporting period, the proportion of cash, inventory, short-term borrowings, and contract liabilities to total assets decreased, while the proportion of accounts receivable, prepayments, other current assets, and deferred income tax assets increased; the proportion of financial assets held for trading and long-term equity investments remained largely unchanged Significant Changes in Asset Composition | Item | Period-end Amount (RMB) | Proportion of Total Assets | Prior Year-end Amount (RMB) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 311,734,098.61 | 16.32% | 399,566,129.93 | 20.38% | -4.06% | | Accounts Receivable | 545,166,320.96 | 28.55% | 517,767,863.74 | 26.40% | 2.15% | | Inventories | 166,037,483.51 | 8.69% | 183,869,139.07 | 9.38% | -0.69% | | Short-term Borrowings | 35,045,559.04 | 1.84% | 46,033,458.37 | 2.35% | -0.51% | | Contract Liabilities | 10,701,716.27 | 0.56% | 14,205,186.55 | 0.72% | -0.16% | | Other Current Assets | 67,976,363.34 | 3.56% | 48,326,690.02 | 2.46% | 1.10% | | Deferred Income Tax Assets | 57,204,197.88 | 2.99% | 43,744,017.93 | 2.23% | 0.76% | [Major Overseas Assets](index=18&type=section&id=2%E3%80%81%E4%B8%BB%E8%A6%81%E5%A2%83%E5%A4%96%E8%B5%84%E4%BA%A7%E6%83%85%E5%86%B5) The company has overseas subsidiaries in Hong Kong, Vietnam, and India, including Hong Kong MOSO, Hong Kong Gamma, Vietnam MOSO, India Gamma, and MOSO Europe LLC; Hong Kong Gamma and Vietnam MOSO have relatively larger net assets, with Vietnam MOSO achieving a net profit of **0.69 million RMB** this period; all overseas assets are free from significant impairment risks Major Overseas Assets (As of June 30, 2025) | Specific Content of Asset | Location | Operating Model | Net Assets (RMB) | Net Profit January-June 2025 (RMB) | Proportion of Overseas Assets to Company's Net Assets | | :--- | :--- | :--- | :--- | :--- | :--- | | Hong Kong MOSO | Hong Kong, China | Wholly-owned, independently accounted | 1,158,479.18 | 230,476.38 | -0.09% | | Hong Kong Gamma | Hong Kong, China | Wholly-owned, independently accounted | 15,998,967.00 | 26,787,767.18 | -1.29% | | Vietnam MOSO | Vietnam | Wholly-owned, independently accounted | 19,704,663.47 | 688,987.29 | 1.59% | | India Gamma | India | Controlled subsidiary, independently accounted | -1,986,836.78 | -72,842.12 | -0.16% | | MOSO Europe LLC | Netherlands | Wholly-owned, independently accounted | 17,632.66 | 57,506.34 | 0.00% | - All overseas assets are free from significant impairment risks[65](index=65&type=chunk)[66](index=66&type=chunk)[67](index=67&type=chunk) [Assets and Liabilities Measured at Fair Value](index=20&type=section&id=3%E3%80%81%E4%BB%A5%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E8%AE%A1%E9%87%8F%E7%9A%84%E8%B5%84%E4%BA%A7%E5%92%8C%E8%B4%9F%E5%80%BA) At the end of the reporting period, the company's financial assets measured at fair value totaled **219.78 million RMB**, primarily including financial assets held for trading (such as structured deposits) and other equity instrument investments; this period's fair value change loss was negative, mainly due to changes in the fair value of unexpired wealth management products and forward foreign exchange contracts Assets and Liabilities Measured at Fair Value (Period-end) | Item | Period-end Amount (RMB) | | :--- | :--- | | **Financial Assets** | | | 1. Financial assets held for trading (excluding derivative financial assets) | 194,259,606.08 | | 4. Other equity instrument investments | 21,959,946.00 | | **Subtotal of Financial Assets** | 216,219,552.08 | | Accounts receivable financing | 3,565,034.87 | | **Total above** | 219,784,586.95 | | **Financial Liabilities** | | | Financial liabilities held for trading | 0.00 | - This period's fair value change gain was **-75,027.89 RMB**, primarily due to changes in the fair value of unexpired wealth management products and forward foreign exchange contracts[57](index=57&type=chunk)[62](index=62&type=chunk) [Asset Rights Restriction Status as of the End of the Reporting Period](index=21&type=section&id=4%E3%80%81%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E7%9A%84%E8%B5%84%E4%BA%A7%E6%9D%83%E5%88%A9%E5%8F%97%E9%99%90%E6%83%85%E5%86%B5) As of the end of the reporting period, the company's total restricted cash was **32.87 million RMB**, primarily comprising bank acceptance bill deposits, government project special funds, litigation-frozen funds, industrial and commercial change-frozen funds, and ETC-frozen funds Asset Rights Restriction Status (Cash and Bank Balances) | Item | Book Balance (RMB) | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 31,897,681.17 | Deposit | Bank acceptance bill deposit | | Cash and Bank Balances | 517,447.86 | Deposit | Government project special funds | | Cash and Bank Balances | 456,440.73 | Frozen | Litigation-frozen funds | | Cash and Bank Balances | 574.53 | Frozen | Industrial and commercial change-frozen funds | | Cash and Bank Balances | 2,500.00 | Frozen | ETC-frozen funds | | Total | 32,874,644.29 | | | [Investment Status Analysis](index=21&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) During the reporting period, the company's investment amounted to **5 million RMB**, a 100% year-on-year increase, primarily for capital injection into Foyee Technology (Foshan) Co., Ltd.; the company had no significant non-equity investments or securities investments, and its forward foreign exchange hedging operations resulted in a loss of **0.24 million RMB**, effectively mitigating foreign exchange market risks; no raised funds were used - The investment amount for the reporting period was **5,000,000.00 RMB**, a **100.00% increase** year-on-year[72](index=72&type=chunk) - The company had no securities investments during the reporting period[78](index=78&type=chunk) - The company engaged in forward foreign exchange derivative investments for hedging purposes, with an actual loss of **-0.24 million RMB** during the reporting period[80](index=80&type=chunk) - The company had no use of raised funds during the reporting period[84](index=84&type=chunk) [Overall Situation](index=21&type=section&id=1%E3%80%81%E6%80%BB%E4%BD%93%E6%83%85%E5%86%B5) During the reporting period, the company's investment amounted to **5 million RMB**, a 100% increase compared to the same period last year Year-on-Year Change in Investment Amount | Indicator | Current Period (RMB) | Prior Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Investment Amount for Reporting Period | 5,000,000.00 | 0.00 | 100.00% | [Significant Equity Investments Acquired During the Reporting Period](index=21&type=section&id=2%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E8%8E%B7%E5%8F%96%E7%9A%84%E9%87%8D%E5%A4%A7%E7%9A%84%E8%82%A1%E6%9D%83%E6%8A%95%E8%B5%84%E6%83%85%E5%86%B5) During the reporting period, the company made a **5 million RMB** capital injection into Foyee Technology (Foshan) Co., Ltd., using its own funds, primarily for engineering and technical research and experimental development, with an expected investment income of zero - The company injected **5 million RMB** into Foyee Technology (Foshan) Co., Ltd., holding a **3.80% stake**[74](index=74&type=chunk) - The investment funds came from the company's own capital, primarily for engineering and technical research and experimental development, industrial design services, etc[74](index=74&type=chunk)[75](index=75&type=chunk)[76](index=76&type=chunk) - As of the report date, the expected return on this investment is **0.00 RMB**, and it is not involved in litigation[74](index=74&type=chunk) [Significant Non-Equity Investments Underway During the Reporting Period](index=23&type=section&id=3%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%AD%A3%E5%9C%A8%E8%BF%9B%E8%A1%8C%E7%9A%84%E9%87%8D%E5%A4%A7%E7%9A%84%E9%9D%9E%E8%82%A1%E6%9D%83%E6%8A%95%E8%B5%84%E6%83%85%E5%86%B5) During the reporting period, the company had no significant non-equity investments underway - The company had no significant non-equity investments underway during the reporting period[77](index=77&type=chunk) [Financial Asset Investments](index=24&type=section&id=4%E3%80%81%E9%87%91%E8%9E%8D%E8%B5%84%E4%BA%A7%E6%8A%95%E8%B5%84) The company had no securities investments during the reporting period; its derivative investments primarily involved forward foreign exchange contracts for hedging purposes, with an initial investment totaling **46.99 million RMB** and an actual loss of **-0.24 million RMB** this period, emphasizing adherence to risk hedging principles and strict risk control measures - The company had no securities investments during the reporting period[78](index=78&type=chunk) - The company's derivative investments for hedging purposes primarily involved forward foreign exchange contracts, with an initial investment totaling **46.99 million RMB**[80](index=80&type=chunk) - During the reporting period, the actual loss from forward foreign exchange contracts was **-0.24 million RMB**[80](index=80&type=chunk) - The company conducts foreign exchange derivative transactions following the principle of locking in exchange rate and interest rate risks, avoiding speculative or arbitrage trading, and has established strict management systems and risk control measures[81](index=81&type=chunk) [Use of Raised Funds](index=26&type=section&id=5%E3%80%81%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E6%83%85%E5%86%B5) The company had no use of raised funds during the reporting period - The company had no use of raised funds during the reporting period[84](index=84&type=chunk) [Major Asset and Equity Sales](index=26&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) The company did not sell any major assets or equity during the reporting period - The company did not sell any major assets during the reporting period[85](index=85&type=chunk) - The company did not sell any major equity during the reporting period[86](index=86&type=chunk) [Analysis of Major Holding and Participating Companies](index=26&type=section&id=%E5%85%AB%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) The company's major holding subsidiaries include Shenzhen MOSO Electronics Technology, Gamma Technology (Hong Kong), Huizhou MOSO Energy Technology, Gamma Technology Co., Ltd., and Runshuo Technology Co., Ltd.; Gamma Technology (Hong Kong) Co., Ltd. reported the highest net profit of **26.79 million RMB**, while Runshuo Technology Co., Ltd. reported a net profit of **10.52 million RMB** this period; the company did not acquire or dispose of any subsidiaries during the reporting period Major Holding and Participating Companies (As of June 30, 2025) | Company Name | Company Type | Main Business | Registered Capital (RMB) | Total Assets (RMB) | Net Assets (RMB) | Operating Revenue (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shenzhen MOSO Electronics Technology Co., Ltd. | Subsidiary | Computer software development, switching power supplies, etc. | 80,000,000.00 | 659,946,805.47 | 249,081,462.41 | 289,489,813.11 | 9,405,012.08 | | Gamma Technology (Hong Kong) Co., Ltd. | Subsidiary | R&D and sales of switching power supplies, high-frequency transformers | HKD 10,000,000 | 214,262,509.04 | 15,998,967.00 | 157,906,991.29 | 26,787,767.18 | | Huizhou MOSO Energy Technology Co., Ltd. | Subsidiary | High-power LED street light power supplies, switching power supplies, etc. | 111,111,111.00 | 802,983,578.03 | 360,999,347.32 | 351,103,025.65 | 8,022,106.82 | | Gamma Technology Co., Ltd. | Subsidiary | New energy technology development, DC/DC power supplies, etc. | 50,000,000.00 | 400,056,706.60 | 30,003,780.95 | 86,951,103.11 | 4,558,448.58 | | Runshuo Technology Co., Ltd. | Subsidiary | Solar power generation technical services, battery manufacturing, etc. | 50,000,000.00 | 42,686,808.00 | 3,445,256.08 | 4,311,061.39 | 10,524,146.85 | - The company did not acquire or dispose of any subsidiaries during the reporting period[90](index=90&type=chunk) [Information on Structured Entities Controlled by the Company](index=30&type=section&id=%E4%B9%9D%E3%80%81%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) The company had no structured entities under its control during the reporting period - The company had no structured entities under its control during the reporting period[91](index=91&type=chunk) [Risks Faced by the Company and Countermeasures](index=30&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces risks from domestic and international macroeconomic fluctuations, intensified market competition and declining gross profit margins, technology and product R&D, exchange rate fluctuations, and raw material supply; it actively responds by flexibly adjusting operating strategies, optimizing product structure, increasing R&D investment, utilizing foreign exchange derivatives, and optimizing the supply chain - The company faces risks from domestic and international macroeconomic fluctuations, responding by continuously monitoring global economic changes and flexibly adjusting operating strategies to enhance risk resilience[91](index=91&type=chunk) - Risks of intensified market competition and declining gross profit margins are addressed by expanding into high-value-added power supply segments, implementing cost reduction measures, and strengthening accounts receivable and inventory management[92](index=92&type=chunk) - Technical and product R&D risks are mitigated by increasing R&D investment and deploying dedicated R&D FAE personnel to survey the market and guide product development[93](index=93&type=chunk) - Exchange rate fluctuation risks are managed by optimizing settlement currency structure, strengthening commercial terms, optimizing foreign currency asset allocation, and utilizing foreign exchange derivative instruments for hedging[94](index=94&type=chunk) - Raw material supply risks are reduced through supply chain center control, increasing the proportion of localized components, establishing strategic partnerships with key suppliers, and diversifying suppliers[95](index=95&type=chunk) [Risks of Domestic and International Macroeconomic Fluctuations](index=30&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E5%9B%BD%E5%86%85%E5%A4%96%E5%AE%8F%E8%A7%82%E7%BB%8F%E6%B5%8E%E6%B3%A2%E5%8A%A8%E7%9A%84%E9%A3%8E%E9%99%A9) The global macroeconomic environment faces challenges such as high interest rates, geopolitical conflicts, and weak international trade, while the domestic economy faces subdued expectations and insufficient effective demand, which may create uncertainties for the company's market expansion and product sales; the company responds by adopting a global perspective, flexibly adjusting operating strategies, and optimizing its industrial chain layout - The global macroeconomic environment faces challenges such as high interest rates, geopolitical conflicts, and weak international trade, while the domestic economy faces subdued social expectations and slightly insufficient effective demand[91](index=91&type=chunk) - The company continuously monitors global economic changes, promptly and flexibly adjusts its operating strategies, and enhances its ability to withstand risks[91](index=91&type=chunk) [Risks of Intensified Market Competition and Declining Gross Profit Margins](index=30&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E5%B8%82%E5%9C%BA%E7%AB%9E%E4%BA%89%E5%8A%A0%E5%89%A7%E5%8F%8A%E6%AF%9B%E5%88%A9%E7%8E%87%E4%B8%8B%E9%99%8D%E7%9A%84%E9%A3%8E%E9%99%A9) The switching power supply industry faces fierce competition and a downward trend in product prices; the company will respond by strengthening its main business, expanding into high-value-added power supply segments, implementing cost reduction measures, and enhancing accounts receivable and inventory management - The general switching power supply industry faces fierce competition, with an increasing number of new LED driver power supply manufacturers, leading to intensified competition and a downward trend in product prices[92](index=92&type=chunk) - The company will vigorously expand into high-market-space, high-value-added niche power supply segments, and steadily implement various cost reduction measures, strengthening the management of accounts receivable and inventory[92](index=92&type=chunk) [Technology and Product R&D Risks](index=30&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E6%8A%80%E6%9C%AF%E5%8F%8A%E4%BA%A7%E5%93%81%E7%A0%94%E5%8F%91%E9%A3%8E%E9%99%A9) Power products are evolving towards high frequency, high power, high efficiency, high reliability, and intelligence, demanding increasingly advanced R&D technologies; the company will increase R&D investment and deploy dedicated R&D personnel to survey the market and grasp industry trends to maintain its leading position - Power products are developing towards high frequency, high power, high efficiency, high reliability, and intelligence, with continuously increasing R&D technical requirements[93](index=93&type=chunk) - The company will further increase R&D investment and assign dedicated R&D FAE personnel to survey the market alongside sales personnel, grasping industry development trends to provide decision-making and technical support for the company's product development roadmap[93](index=93&type=chunk) [Exchange Rate Fluctuation Risks](index=30&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%E6%B1%87%E7%8E%87%E6%B3%A2%E5%8A%A8%E7%9A%84%E9%A3%8E%E9%99%A9) The company's export business is settled in foreign currencies, and the growth in foreign trade volume leads to increased foreign exchange receipts and payments; severe fluctuations in the international foreign exchange market may adversely affect operating performance; the company will respond by optimizing settlement currencies, strengthening commercial terms management, optimizing foreign currency asset allocation, utilizing foreign exchange derivative instruments, and dynamically monitoring foreign currency asset scale - The company's export business is primarily settled in currencies such as USD and VND; severe fluctuations in the international foreign exchange market may adversely affect the company's operating performance[94](index=94&type=chunk) - The company will optimize its settlement currency structure, increase the proportion of RMB used in cross-border trade settlement; strengthen commercial terms management; optimize foreign currency asset allocation; reasonably utilize foreign exchange derivative instruments for risk hedging; and dynamically monitor the scale of foreign currency assets[94](index=94&type=chunk) [Raw Material Supply Risks](index=31&type=section&id=%EF%BC%88%E4%BA%94%EF%BC%89%E5%8E%9F%E6%9D%90%E6%96%99%E4%BE%9B%E8%B4%A7%E9%A3%8E%E9%99%A9) Key components for the company's products are partly sourced from international brands, leading to significant supply fluctuations due to economic conditions and trade policies; price volatility of bulk raw materials also creates cost pressure; the company mitigates procurement risks through supply chain center control, increasing the proportion of localized components, establishing strategic partnerships, and diversifying suppliers - Key components for the company's products, such as ICs, MOS, and MCUs, are partly sourced from international brands, which are significantly affected by supply-demand relationships and trade policies due to economic development, potentially leading to supply fluctuations[95](index=95&type=chunk) - The company manages risks through supply chain center control and proactive planning, increasing the proportion of localized components, establishing strategic partnerships with key material suppliers, optimizing supply chain resources, strengthening diversification of material suppliers, and improving raw material procurement management[95](index=95&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=31&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%88%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company did not formulate a market value management system or disclose a valuation enhancement plan during the reporting period - The company did not formulate a market value management system during the reporting period[96](index=96&type=chunk) - The company did not disclose a valuation enhancement plan during the reporting period[96](index=96&type=chunk) [Implementation of "Quality and Return Dual Improvement" Action Plan](index=31&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E2%80%9C%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%E2%80%9D%E8%A1%8C%E5%8A%A8%E6%96%B9%E6%A1%88%E8%B4%AF%E5%BD%BB%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company did not disclose an announcement regarding the "Quality and Return Dual Improvement" action plan during the reporting period - The company did not disclose an announcement regarding the "Quality and Return Dual Improvement" action plan during the reporting period[96](index=96&type=chunk) [Part IV Corporate Governance, Environment and Society](index=31&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) [Changes in Directors, Supervisors, and Senior Management](index=31&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company experienced multiple changes in its directors, supervisors, and senior management, including the election of Fu Liang as Chairman, Ai Jing as Director and appointment as CFO and Deputy General Manager, Chu Changzheng as Deputy General Manager, and Jiao Zhenfang as Director; former Chairman Zhang Xin, Director Chu Changzheng, and Yu Guanmin resigned due to work transfers or personal reasons Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Fu Liang | Chairman | Elected | May 29, 2025 | Work transfer | | Ai Jing | Director | Elected | May 14, 2025 | Work transfer | | Jiao Zhenfang | Director | Elected | June 17, 2025 | Work transfer | | Ai Jing | CFO, Deputy General Manager | Appointed | April 16, 2025 | Work transfer | | Chu Changzheng | Deputy General Manager | Appointed | April 16, 2025 | Work transfer | | Zhang Xin | Chairman | Resigned | May 28, 2025 | Work transfer | | Chu Changzheng | Director | Resigned | May 13, 2025 | Work transfer | | Yu Guanmin | Director | Resigned | June 27, 2025 | Personal reasons | [Profit Distribution and Capital Reserve to Share Capital Conversion During the Reporting Period](index=31&type=section&id=%E4%BA%8C%E3%80%81%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for 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[98](index=98&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=31&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation 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[99](index=99&type=chunk) [Environmental Information Disclosure](index=32&type=section&id=%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The company and its major subsidiaries were not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries were not included in the list of enterprises required to disclose environmental information by law[100](index=100&type=chunk) [Social Responsibility](index=32&type=section&id=%E4%BA%94%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) MOSO Power, as a national high-tech enterprise, actively fulfills its social responsibilities, with specific measures in place for protecting shareholder rights, employee rights, environmental protection, and consumer and supplier rights, focusing on standardized operations to achieve win-win outcomes for stakeholders - The company strictly adheres to laws, regulations, and internal control systems, standardizing the operations of the general meeting of shareholders, board of directors, and supervisory board, diligently fulfilling information disclosure obligations, and maintaining communication with shareholders through various channels to actively protect their legitimate rights and interests[100](index=100&type=chunk) - The company strictly complies with labor laws and regulations, focusing on employee occupational safety, health, and satisfaction, providing a safe and good working environment, conducting safety training, and enhancing team cohesion through care, welfare, and interviews[101](index=101&type=chunk) - The company upholds the "green innovation, high efficiency, and energy saving" environmental philosophy, strictly complies with environmental laws and regulations, legally obtains and maintains environmental management system certifications, regularly conducts environmental monitoring, strictly controls hazardous waste, and actively responds to national energy-saving and emission reduction goals by developing photovoltaic power generation and energy storage businesses[102](index=102&type=chunk) - The company adheres to the business philosophy of "integrity, cooperation, and win-win", establishing long-term stable cooperative relationships with suppliers and customers, and upholding the quality policy of "excellent design, stable reliability; continuous improvement, customer satisfaction" to ensure product quality and protect consumers' legitimate rights and interests[103](index=103&type=chunk) [Part V Significant Events](index=33&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) [Commitments Fulfilled and Overdue Unfulfilled Commitments by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=33&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E5%8F%8A%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%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) During the reporting period, the company had no commitments fulfilled or overdue unfulfilled commitments by its actual controller, shareholders, related parties, acquirers, or the company itself - The company had no commitments fulfilled or overdue unfulfilled commitments by its actual controller, shareholders, related parties, acquirers, or the company itself during the reporting period[105](index=105&type=chunk) [Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties](index=33&type=section&id=%E4%BA%8C%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E5%AF%B9%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E7%9A%84%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%8

江西世龙实业股份有限公司 2025 年半年度报告全文 江西世龙实业股份有限公司 2025 年半年度报告 2025 年 08 月 1 江西世龙实业股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人汪国清、主管会计工作负责人潘妙华及会计机构负责人(会计 主管人员)潘妙华声明：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。 本报告中如有涉及的未来计划、发展战略等前瞻性陈述，不构成公司对 投资者的实质性承诺。投资者及相关人士均应当对此保持足够的风险认识， 并且应当理解计划、预测与承诺之间的差异。 公司在经营中可能存在的风险及应对措施，详见本报告"第三节 管理层 讨论与分析/十、公司面临的风险和应对措施"部分，敬请广大投资者注意投 资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 （四）以上备查文件的备置地点：公司证券部。 2 | 第一节 | 重要提示、目录和释义 2 | ...

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广西柳工机械股份有限公司 Guangxi Liugong Machinery Co., Ltd. 二Ｏ二五年半年度报告 二Ｏ二五年八月 广西柳工机械股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 公司负责人郑津先生、主管会计工作负责人罗国兵先生及会计机构负责人(会计主管人 员)樊丽君女士声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本半年度报告涉及未来计划等前瞻性陈述，不构成公司对投资者的实质承诺。公司已在 本报告中详细描述了存在的风险事项，敬请查阅"第三节 管理层讨论与分析"中关于公司 未来发展的讨论与分析中可能面对的风险因素及对策部分的内容。请投资者注意投资风险。 | 第一节 | 重要提示、目录和释义 | | 2 | | --- | --- | --- | --- | | 第二节 | 公司简介和主要财务指标 | | 6 | | 第三节 | 管理层讨论与分析 | | 9 | | ...

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