浙江长盛滑动轴承股份有限公司 2025 年半年度报告全文 浙江长盛滑动轴承股份有限公司 2025 年半年度报告 公告编号：2025-039 2025 年 8 月 1 浙江长盛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。 公司负责人褚晨剑、主管会计工作负责人何寅及会计机构负责人(会计主 管人员)邱万洪声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 1、主要原材料价格波动的风险： 公司生产自润滑轴承使用的主要原材料包括铜材、钢材、高分子材料， 其中铜材价格所占比重较高。铜作为国民经济的基础原料，其价格走势受铜 期货市场、供求关系等多重因素的影响而呈现出较大幅度的波动。公司铜材 采购价格一般参考上海有色网电解铜现货价格确定。因此，铜价的波动会直 接影响公司的生产成本，进而影响产品的毛利率以及经营业绩的稳定性。如 果公司不能通过开发新产品、合理定价等方式提高自身产品的市场竞争力 ...

北京易华录信息技术股份有限公司 2025 年半年度报告全文 2025 年半年度报告 2025.8.27 1 北京易华录信息技术股份有限公司 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。 公司负责人肖益、主管会计工作负责人满孝国及会计机构负责人(会计主 管人员)左佳怡声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 北京易华录信息技术股份有限公司 | | P | 1 | | --- | --- | --- | | 1 | | | | 第一节 | 重要提示、目录和释义 2 | | --- | --- | | 第二节 | 公司简介和主要财务指标 6 | | 第三节 | 管理层讨论与分析 9 | | 第四节 | 公司治理、环境和社会 34 | | 第五节 | 重要事项 36 | | 第六节 | 股份变动及股东情况 44 | | 第七节 | 债 ...

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) This section emphasizes the truthfulness, accuracy, and completeness of the company's semi-annual report, stating no cash dividends, bonus shares, or capital reserve conversions, while advising investors on forward-looking statements and risk mitigation - The company's board of directors, supervisory board, and senior management guarantee the report's content is true, accurate, and complete, free from false records, misleading statements, or major omissions, and assume legal responsibility[4](index=4&type=chunk) - The company's person in charge, chief accountant, and head of the accounting department declare to guarantee the truthfulness, accuracy, and completeness of the financial report[4](index=4&type=chunk) - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) This section provides a structured table of contents for the report, covering eight main chapters from company profile to financial report, facilitating quick navigation for readers - The report's table of contents includes eight main chapters: Important Notes, Company Profile, Management Discussion and Analysis, Corporate Governance, Significant Matters, Share Changes and Shareholder Information, Bond-Related Information, and Financial Report[7](index=7&type=chunk) [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 reference documents for the company's 2025 semi-annual report, including the original report signed by the legal representative, original financial statements, and all company documents published on the CSRC-designated website - Reference documents include the original text of the company's 2025 semi-annual report signed by the legal representative[9](index=9&type=chunk) - Reference documents contain the original financial statements signed and sealed by the company's person in charge, chief accountant, and head of the accounting department[9](index=9&type=chunk) - Original copies of all company documents and announcements published on the CSRC-designated ChiNext information disclosure website during the reporting period are also included as reference documents[9](index=9&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section provides explanations for professional terms used in the report, covering company names, subsidiary names, core product technologies (e.g., heat pumps, gas wall-hung boilers, condensing technology), and industry-related concepts (e.g., biomass energy, natural gas distributed energy), ensuring accurate understanding of the report's content - "Devotion Shares", "the Company", and "Company" all refer to Guangzhou Devotion Thermal Technology Co, Ltd[11](index=11&type=chunk) - "Heat pump" refers to an efficient heating device that transfers energy from a low-temperature area to a high-temperature area, where the total energy provided to the high-temperature area exceeds the energy required for its own operation[11](index=11&type=chunk) - "Gas wall-hung boiler" is a heating equipment that uses natural gas, manufactured gas, or liquefied petroleum gas as fuel to provide heat sources for buildings through a heat exchanger[11](index=11&type=chunk) Company Profile and Key Financial Indicators [Company Profile](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) This section introduces the basic information of Guangzhou Devotion Thermal Technology Co, Ltd, including its stock ticker, code, listing exchange, company names in Chinese and English, and legal representative, providing essential identification for investors - The company's stock ticker is "Devotion Shares", stock code "300335", listed on the Shenzhen Stock Exchange[13](index=13&type=chunk) - The company's Chinese name is Guangzhou Devotion Thermal Technology Co, Ltd, and its English abbreviation is DEVOTION[13](index=13&type=chunk) - The company's legal representative is CHANG YUANZHENG[13](index=13&type=chunk) [Contact Persons 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 the names, contact addresses, telephone numbers, fax numbers, and email addresses of the company's Board Secretary and Securities Affairs Representative, ensuring convenient communication and information inquiry for investors - The company's Board Secretary is Yu Yongfang, and the Securities Affairs Representative is Qian Yanbin[14](index=14&type=chunk) - The contact address for both is No 5, Canglian Second Road, East District, Guangzhou Economic and Technological Development Zone[14](index=14&type=chunk) - The company's contact number is 020-82269201, and the email address is dsxm@devotiongroup.com[14](index=14&type=chunk) [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) This section states that there were no changes in the company's registered address, office address, website, email, information disclosure and placement locations, or registration status during the reporting period, with specific details available in the 2024 annual report - The company's registered address, office address and postal code, company website, and email address remained unchanged during the reporting period[15](index=15&type=chunk) - The securities exchange website and media name and URL for the company's semi-annual report disclosure, and the placement location of the company's semi-annual report, remained unchanged during the reporting period[16](index=16&type=chunk) - The company's registration status remained unchanged during the reporting period[17](index=17&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section discloses the company's key accounting data and financial indicators for the first half of 2025, showing significant year-on-year growth in operating revenue and net profit, but a decrease in net cash flow from operating activities, while total assets and net assets attributable to shareholders remained relatively stable 2025 Semi-Annual Key Accounting Data and Financial Indicators | Indicator | Current Period (RMB) | Prior Year Period (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 498,621,298.59 | 468,032,178.34 | 6.54% | | Net Profit Attributable to Shareholders of Listed Company | 50,587,998.07 | 36,454,340.52 | 38.77% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | 47,800,392.03 | 33,852,070.78 | 41.20% | | Net Cash Flow from Operating Activities | 60,707,153.82 | 68,932,978.39 | -11.93% | | Basic Earnings Per Share (RMB/share) | 0.11 | 0.08 | 37.50% | | Diluted Earnings Per Share (RMB/share) | 0.11 | 0.08 | 37.50% | | Weighted Average Return on Net Assets | 2.63% | 1.92% | 0.71% | | **Period-End Indicators** | **Current Period-End (RMB)** | **Prior Year-End (RMB)** | **Period-End YoY Change** | | Total Assets | 2,884,649,258.98 | 2,894,682,814.84 | -0.35% | | Net Assets Attributable to Shareholders of Listed Company | 1,922,540,076.09 | 1,920,060,237.91 | 0.13% | [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) This section states that there were no differences in net profit and net assets between the company's financial reports prepared under International Accounting Standards or overseas accounting standards and those prepared under Chinese Accounting Standards during the reporting period - The company's financial reports disclosed under International Accounting Standards and Chinese Accounting Standards showed no differences in net profit and net assets during the reporting period[19](index=19&type=chunk) - The company's financial reports disclosed under overseas accounting standards and Chinese Accounting Standards showed no differences in net profit and net assets during the reporting period[20](index=20&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%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) This section discloses the company's non-recurring gains and losses for the first half of 2025, totaling **2.79 million RMB**, primarily including gains/losses from disposal of non-current assets, government subsidies, and fair value changes, and explains why VAT refunds are classified as recurring gains and losses 2025 Semi-Annual Non-Recurring Gains and Losses and Amounts | Item | Amount (RMB) | | :--- | :--- | | Gains/losses from disposal of non-current assets | -1,103,349.85 | | Government subsidies included in current profit and loss (excluding those with continuous impact) | 1,555,407.83 | | Gains/losses from changes in fair value of financial assets and liabilities held by non-financial enterprises and disposal of financial assets and liabilities | 1,163,641.25 | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 436,864.00 | | Other non-operating income and expenses apart from the above items | 227,793.99 | | Other gains and losses meeting the definition of non-recurring gains and losses | 1,040,725.01 | | Less: Income tax impact | 339,091.16 | | Minority interest impact (after tax) | 194,385.03 | | **Total** | **2,787,606.04** | - The company's VAT immediate refund of **3.89 million RMB** was included in recurring gains and losses because it is closely related to the company's normal operations, complies with national policies, and is continuously enjoyed[23](index=23&type=chunk) Management Discussion and Analysis [Company's Main Businesses 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) This section outlines the company's core business strategy of integrated clean energy services under the "dual carbon" goals, detailing the industry overview, market opportunities, and the company's specific products, services, and development directions across its three major business segments: energy equipment, integrated energy services, and smart comfortable homes - The company is committed to green development, with integrated energy services as its core business, establishing three major business segments: clean energy application equipment (B-side equipment), clean energy investment and operation (B-side operation), and smart comfortable home manufacturing and services (C-side products and services)[25](index=25&type=chunk) - The industries in which the company operates benefit from "dual carbon" goals, green and low-carbon energy transition policies, and consumption stimulus policies like "trade-in" programs, shifting market demand towards green and clean solutions[26](index=26&type=chunk)[27](index=27&type=chunk)[33](index=33&type=chunk) - During the reporting period, the company's main business did not undergo significant changes, continuing to focus on clean energy-related products and services[38](index=38&type=chunk) [Industry Overview](index=9&type=section&id=1%E3%80%81%E5%85%AC%E5%8F%B8%E6%89%80%E5%A4%84%E8%A1%8C%E4%B8%9A%E6%A6%82%E5%86%B5) - In the final year of the "14th Five-Year Plan", the energy equipment industry is driven by policies emphasizing green and low-carbon energy transition and technological self-reliance, promoting the boiler industry towards clean, low-carbon, safe, and efficient transformation[26](index=26&type=chunk)[27](index=27&type=chunk) - High-temperature heat pump technology continues to unleash its potential in industrial waste heat recovery and clean heating, with the Chinese industrial high-temperature heat pump market expected to grow at a CAGR of over **25%** in the next three years[27](index=27&type=chunk) - The integrated energy services industry, driven by "dual carbon" goals and new "zero-carbon park/factory" policies, is projected to reach a market size of **1.64 trillion RMB** by 2029[30](index=30&type=chunk)[31](index=31&type=chunk) - The smart comfortable home industry is driven by "trade-in" policies and upgrading demand for clean heating, with China's wall-hung boiler retail channel sales volume increasing by **9.2%** year-on-year in the first half of 2025, and condensing boiler shipments increasing by **20.5%** year-on-year[33](index=33&type=chunk)[34](index=34&type=chunk) [Company's Main Businesses and Products During the Reporting Period](index=12&type=section&id=2%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E5%8F%8A%E4%BA%A7%E5%93%81) - Clean energy application equipment (B-side equipment) primarily includes electric boilers, waste heat boilers, biomass boilers, commercial boilers, natural gas boilers, hot water boilers, RTO furnaces, and industrial heat pumps, operating under a "production based on sales" model[39](index=39&type=chunk) - The company independently develops high-temperature heat pump technology, with product energy efficiency ratios reaching **200% to 400%**, and has built an IoT operation platform (smart cloud monitoring system) for digital management[43](index=43&type=chunk)[44](index=44&type=chunk)[46](index=46&type=chunk) - Clean energy investment and operation (B-side operation) provides customized clean energy solutions for heating, cooling, and electricity, with core business models including BOT, BOO, EPC, and EMC, operating a total of **13 projects** as of June 30, 2025[48](index=48&type=chunk)[51](index=51&type=chunk) - Smart comfortable home manufacturing and services (C-side products and services) focus on "cold, heat, air, water, intelligence" elements, offering products such as wall-hung boilers and air source heat pumps, with its "Little Squirrel" brand full pre-mix condensing boiler achieving a thermal efficiency of up to **109%**[52](index=52&type=chunk)[55](index=55&type=chunk) [Market Position](index=17&type=section&id=3%E3%80%81%E5%B8%82%E5%9C%BA%E5%9C%B0%E4%BD%8D) - In B-side equipment, the company holds top qualifications such as National Special Equipment Manufacturing Class A Boiler and A2 Pressure Vessel Design and Manufacturing, has participated in drafting **10 national/industry standards** for energy equipment, and its low-nitrogen condensing gas boiler series received the "Energy Efficiency Star" title[59](index=59&type=chunk) - In B-side operation, the company's business has expanded to integrated energy services such as cogeneration and trigeneration, with significant advantages in biomass energy heating technology, and related achievements have won the National Science and Technology Progress Award Second Prize[60](index=60&type=chunk) - In C-side products and services, the company is one of the earliest domestic enterprises to research and manufacture gas wall-hung boilers, the first to pass European CE certification, has led or participated in drafting **48 HVAC industry standards**, and its "Little Squirrel" brand has built a smart integrated system for "cold, heat, air, water, intelligence"[61](index=61&type=chunk) - The company's "Five-Star Service" system has continuously won the "NECAS Five-Star National Product After-Sales Service Standard Certification Certificate" for **11 consecutive years**[63](index=63&type=chunk) [Key Performance Drivers](index=18&type=section&id=4%E3%80%81%E4%B8%BB%E8%A6%81%E7%9A%84%E4%B8%9A%E7%BB%A9%E9%A9%B1%E5%8A%A8%E5%9B%A0%E7%B4%A0) 2025 Semi-Annual Key Financial Data | Indicator | Amount (RMB) | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 498,621,298.59 | 6.54% | | Net Profit Attributable to Shareholders of Listed Company | 50,587,998.07 | 38.77% | | Net Cash Flow from Operating Activities | 60,707,153.82 | -11.93% | - Wall-hung boiler shipments increased by **28%** year-on-year, primarily due to national "trade-in" policies, the energy-saving advantages of the new AI adaptive condensing boiler M100, and breakthrough progress in overseas markets[65](index=65&type=chunk)[66](index=66&type=chunk) - Integrated energy services maximize energy efficiency by deepening the system advantages of "multi-energy coupling and complementarity + efficient green energy-saving equipment + digital management", and won the "Energy Cup" Best Application Award for Industrial Heat Pumps[68](index=68&type=chunk)[69](index=69&type=chunk) - Devotion Research Institute focuses on high-temperature heat pump systems, accumulating energy for performance growth through market insights, industry-university-research collaboration, and achievement commercialization[70](index=70&type=chunk) [Core Competitiveness Analysis](index=19&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) This section comprehensively analyzes the company's core competitive advantages, including strong technological R&D capabilities, deep industry experience and customer base, a complete marketing system, and the strong influence of its brands, which collectively establish the company's leading position in integrated clean energy services - As a National High-Tech Enterprise, the company possesses internationally leading CNAS energy efficiency laboratories and other R&D facilities, has built a cross-disciplinary R&D team, collaborates with multiple research institutes, and has led or participated in drafting numerous national/industry standards[71](index=71&type=chunk) - As of June 30, 2025, the company holds **527 intellectual property rights**, including **92 invention patents**, with **31 new authorizations** during the reporting period, demonstrating strong technological innovation capabilities[72](index=72&type=chunk) - Leveraging over **30 years** of experience in the energy sector, the company has built deep industry barriers and a stable customer base, with HVAC products serving **3 million households** and deep cooperation with nearly **100 real estate and gas companies**[75](index=75&type=chunk) - The company has established a diversified sales network covering "retail + engineering + e-commerce + centralized procurement + overseas", achieving full coverage of the domestic market and exporting to over **30 countries and regions**, while also possessing a five-star after-sales service system[76](index=76&type=chunk)[77](index=77&type=chunk) - The company owns well-known brands such as "Devotion Shares", "Devotion Equipment", "Devotion Home", and "Little Squirrel", and has received numerous honors including the "National Science and Technology Progress Award" and "National Green Factory"[78](index=78&type=chunk) [Main Business Analysis](index=21&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 section provides a detailed analysis of the company's main business financial performance, including year-on-year changes in operating revenue, costs, various expenses, and cash flow, and breaks down revenue and gross profit margin by product/service, region, and sales model, revealing the contributions and trends of each business segment Key Financial Data Year-on-Year Changes | Indicator | Current Period (RMB) | Prior Year Period (RMB) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 498,621,298.59 | 468,032,178.34 | 6.54% | | | Operating Cost | 344,508,725.99 | 324,210,558.59 | 6.26% | | | Selling Expenses | 28,090,624.05 | 30,341,014.97 | -7.42% | | | Administrative Expenses | 42,493,989.76 | 45,239,104.69 | -6.07% | | | Financial Expenses | 1,162,204.45 | 1,263,400.35 | -8.01% | | | Income Tax Expense | 13,555,085.00 | 8,108,849.30 | 67.16% | Increase in operating profit | | R&D Investment | 13,687,843.90 | 18,223,696.69 | -24.89% | | | Net Cash Flow from Operating Activities | 60,707,153.82 | 68,932,978.39 | -11.93% | | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Profit Margin | YoY Change in Operating Revenue | | :--- | :--- | :--- | :--- | :--- | | Clean Energy Investment and Operation - B-side Operation | 225,145,602.77 | 159,370,456.21 | 29.21% | -0.16% | | Clean Energy Application Equipment - B-side Equipment | 75,067,584.86 | 74,367,727.44 | 0.93% | 7.16% | | Smart Comfortable Home Manufacturing and Services - C-side Products and Services | 181,855,216.32 | 109,384,917.53 | 39.85% | 14.13% | - By region, operating revenue in East China increased by **14.44%** year-on-year, while other regions increased by **33.75%** year-on-year[83](index=83&type=chunk) - By sales model, direct sales operating revenue increased by **3.09%** year-on-year, and distribution operating revenue increased by **14.67%** year-on-year[83](index=83&type=chunk) - During the reporting period, there were **13 projects** in the operation phase for energy-saving and environmental protection concession orders, with operating revenue of **221.37 million RMB**[83](index=83&type=chunk) [Non-Main Business Analysis](index=22&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 section analyzes the impact of the company's non-main businesses on total profit, primarily including investment income, asset impairment losses, credit impairment losses, and non-operating income and expenses, with increased investment income from associates and reversal of impairment provisions for accounts receivable being the main contributing factors Impact of Non-Main Businesses on Total Profit | Item | Amount (RMB) | Percentage of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 7,912,834.77 | 9.80% | Increase in investment income from associates | No | | Asset Impairment Losses | -1,083,339.01 | -1.34% | Provision for inventory depreciation | No | | Credit Impairment Losses | 5,569,699.24 | 6.90% | Gradual recovery of accounts receivable, reversal of expected credit losses | No | | Non-Operating Income | 296,720.34 | 0.37% | | No | | Non-Operating Expenses | 68,926.35 | 0.09% | | No | [Analysis of Assets and Liabilities](index=23&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) This section analyzes significant changes in the company's asset and liability structure, including period-end balances and changes from the beginning of the period for monetary funds, inventories, construction in progress, and contract liabilities, and discloses assets and liabilities measured at fair value and restricted assets Significant Changes in Asset Composition | Item | Period-End Amount (RMB) | Percentage of Total Assets | Year-End Amount (RMB) | Percentage of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 331,197,764.49 | 11.48% | 462,649,933.14 | 15.98% | -4.50% | New wealth management products not yet redeemed | | Inventories | 321,773,082.16 | 11.15% | 260,648,560.89 | 9.00% | 2.15% | | | Construction in Progress | 17,669,170.15 | 0.61% | 13,112,767.89 | 0.45% | 0.16% | Some engineering projects not completed during the reporting period | Significant Changes in Liability Composition | Item | Period-End Amount (RMB) | Percentage of Total Assets | Year-End Amount (RMB) | Percentage of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Contract Liabilities | 195,129,878.93 | 6.76% | 145,617,411.35 | 5.03% | 1.73% | Increase in project prepayments executed according to contract terms during the reporting period | - The company's total assets and liabilities measured at fair value at the end of the reporting period amounted to **585.75 million RMB**, primarily including trading financial assets and investment properties[89](index=89&type=chunk) - As of the end of the reporting period, the company's total restricted assets amounted to **631.16 million RMB**, mainly due to the mortgage or pledge of monetary funds, notes receivable, investment properties, fixed assets, and intangible assets[90](index=90&type=chunk) [Investment Status Analysis](index=24&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) This section summarizes the company's investment activities during the reporting period, showing a significant year-on-year decrease in total investment. It details entrusted wealth management and derivative investments, where the company primarily manages funds through bank wealth management products and conducts foreign exchange hedging to mitigate risks Investment Amount During the Reporting Period | Indicator | Investment Amount (RMB) | Prior Year Period Investment Amount (RMB) | Change Rate | | :--- | :--- | :--- | :--- | | Total Investment Amount | 9,143,080.72 | 27,907,612.32 | -67.24% | - The company had no significant equity investments, non-equity investments, or use of raised funds during the reporting period[92](index=92&type=chunk)[94](index=94&type=chunk) Overview of Entrusted Wealth Management | Specific Type | Source of Entrusted Funds | Amount of Entrusted Wealth Management (10,000 RMB) | Unmatured Balance (10,000 RMB) | Overdue Unrecovered Amount (10,000 RMB) | | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own funds | 69,769 | 11,319 | 0 | - The company conducts foreign exchange hedging business, with an actual gain/loss of **-1,100 RMB** during the reporting period, aiming to effectively mitigate foreign exchange market risks and improve the efficiency of foreign exchange fund utilization[98](index=98&type=chunk) - The company had no speculative derivative investments or entrusted loans during the reporting period[100](index=100&type=chunk)[101](index=101&type=chunk) [Significant 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) This section states that the company did not engage in any significant asset sales or significant equity sales during the reporting period - The company did not sell significant assets during the reporting period[102](index=102&type=chunk) - The company did not sell significant equity during the reporting period[103](index=103&type=chunk) [Analysis of Major Holding and Associate Companies](index=27&type=section&id=%E5%85%AB%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) This section lists the company's major holding subsidiaries and associate companies with an impact of over 10% on the company's net profit, including their main businesses, registered capital, total assets, net assets, operating revenue, and net profit Major Holding and Associate Company Financial Information | Company Name | Company Type | Main Business | Registered Capital (RMB) | Total Assets (RMB) | Net Assets (RMB) | Operating Revenue (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Devotion Home | Subsidiary | R&D, production, and sales of comfortable home products | 105,300,000 | 533,623,415.29 | 263,149,533.51 | 179,555,893.23 | 36,952,316.86 | | Century New Energy | Subsidiary | Natural gas distributed energy | 60,000,000 | 194,613,057.91 | 154,716,040.86 | 124,896,768.37 | 20,119,135.05 | | Devotion Equipment | Subsidiary | R&D, production, and sales of clean energy application equipment | 300,000,000 | 740,337,700.62 | 245,797,955.71 | 81,796,067.44 | -16,697,723.64 | | Yundi Investment | Subsidiary | Equity investment; enterprise self-funded investment; investment management services | 10,000,000 | 166,543,757.86 | 21,364,965.33 | 73,620,263.99 | 9,968,679.41 | - The company had no acquisitions or disposals of subsidiaries during the reporting period[105](index=105&type=chunk) [Company's Controlled Structured Entities](index=27&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) This section states that the company had no controlled structured entities during the reporting period - The company had no controlled structured entities during the reporting period[106](index=106&type=chunk) [Risks Faced by the Company and Countermeasures](index=27&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) This section elaborates on the macroeconomic environment risks, goodwill impairment risks, and raw material price fluctuation risks faced by the company, and proposes corresponding response strategies aimed at mitigating the impact of risks on the company's operations and profitability through in-depth analysis, technological innovation, strengthened management, and hedging measures - The company faces macroeconomic environment risks from slowing global economic growth, trade protectionism, and geopolitical conflicts, as well as potential impacts on market demand from domestic economic cyclical fluctuations[106](index=106&type=chunk) - To address macroeconomic environment risks, the company will deepen analysis, increase R&D investment, promote technological innovation, actively deploy new products and technologies, and intensify domestic market expansion[106](index=106&type=chunk) - The company faces goodwill impairment risk of **299 million RMB**, mainly from the acquisition of a **51%** stake in Chengdu Century New Energy in 2016, where adverse changes in the future macroeconomic or market environment could lead to impairment[107](index=107&type=chunk) - To address goodwill impairment risk, the company will strengthen post-investment management of Century New Energy, closely monitor project operations, and enhance its independent operational management capabilities through strategic and financial synergy[107](index=107&type=chunk) - The company faces risks from price fluctuations of bulk commodity raw materials such as natural gas, biomass, steel, copper, and aluminum[108](index=108&type=chunk) - To address raw material price fluctuation risks, the company will adjust product sales prices, strengthen budget control, closely forecast price trends, and plan copper futures hedging business to lock in product costs[109](index=109&type=chunk) [Registration Form for Investor Relations Activities During the Reporting Period](index=28&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A5%E5%BE%85%E8%B0%83%E7%A0%94%E3%80%81%E6%B2%9F%E9%80%9A%E3%80%81%E9%87%87%E8%AE%BF%E7%AD%89%E6%B4%BB%E5%8A%A8%E7%99%BB%E8%AE%B0%E8%A1%A8) This section discloses the company's investor relations activities during the reporting period, primarily communicating with investors through online performance briefings, with information available on Juchao Information Network - On April 16, 2025, the company hosted an online performance briefing for the 2024 fiscal year on the Value Online network platform, engaging with unspecified investors[110](index=110&type=chunk) - Relevant survey information can be found on Juchao Information Network (www.cninfo.com.cn)[110](index=110&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=28&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%88%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) This section states that the company did not formulate a market value management system or disclose a valuation enhancement plan during the reporting period - The company has not formulated a market value management system[111](index=111&type=chunk) - The company has not disclosed a valuation enhancement plan[111](index=111&type=chunk) ["Quality and Return Dual Improvement" Action Plan Implementation Status](index=28&type=section&id=%E5%8D%81%E4%B8%89%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) This section states that 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[111](index=111&type=chunk) Corporate Governance, Environment, and Society [Changes in Company Directors, Supervisors, and Senior Management](index=29&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%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) This section states that there were no changes in the company's directors, supervisors, or senior management during the reporting period, with specific details available in the 2024 annual report - The company's directors, supervisors, and senior management did not change during the reporting period[113](index=113&type=chunk) - Specific changes can be found in the 2024 annual report[113](index=113&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period](index=29&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) This section clarifies that the company will not conduct profit distribution in the first half of 2025, meaning no cash dividends, no bonus shares, and no conversion of capital reserves into share capital - The company plans not to distribute cash dividends for the semi-annual period[114](index=114&type=chunk) - The company plans not to issue bonus shares for the semi-annual period[114](index=114&type=chunk) - The company plans not to convert capital reserves into share capital for the semi-annual period[114](index=114&type=chunk) [Implementation of Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=29&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) This section states that the company did not implement any equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period - The company had no equity incentive plans during the reporting period[115](index=115&type=chunk) - The company had no employee stock ownership plans during the reporting period[115](index=115&type=chunk) - The company had no other employee incentive measures during the reporting period[115](index=115&type=chunk) [Environmental Information Disclosure](index=29&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) This section discloses that the company and its five major subsidiaries are included in the list of enterprises required to disclose environmental information by law, and provides inquiry indexes for their respective environmental information disclosure reports - The company and its **5** major subsidiaries are included in the list of enterprises required to disclose environmental information by law[116](index=116&type=chunk) - Subsidiaries included in the list are Meizhou Devotion Biomass Energy Heating Co, Ltd, Hangzhou Dida Clean Energy Co, Ltd, Xiangtan Jusen Clean Energy Heating Co, Ltd, Sanmenxia Maosen Clean Energy Co, Ltd, and Chengdu Century New Energy Co, Ltd[116](index=116&type=chunk) - Inquiry indexes for each subsidiary's environmental information disclosure report are provided, accessible through the enterprise environmental information disclosure systems of Guangdong, Zhejiang, Hunan, Henan, and Sichuan Provincial Ecological Environment Departments[116](index=116&type=chunk) [Social Responsibility](index=29&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) This section details the company's multifaceted efforts in fulfilling its social responsibilities, including protecting the rights and interests of shareholders, employees, suppliers, customers, and consumers, actively promoting environmental protection and sustainable development, and participating in public relations and social welfare initiatives - The company adheres to its mission of "building smart energy and creating an ecological economy", actively fulfilling the social responsibilities and obligations bestowed by its brand and industry[117](index=117&type=chunk) - The company strictly convenes shareholder meetings in accordance with relevant regulations, safeguarding shareholders' rights to information, participation, and dividends, and communicates with investors through various channels[118](index=118&type=chunk)[119](index=119&type=chunk) - The company complies with national labor laws, pays various social insurances and housing provident funds for employees, regularly organizes health check-ups and cultural and sports activities, and focuses on employee career development[120](index=120&type=chunk) - The company fully respects and protects the legitimate rights and interests of suppliers and customers, establishes stable cooperative relationships with qualified suppliers, and provides high-quality, environmentally friendly, and energy-saving products[121](index=121&type=chunk) - The company actively practices green development concepts, improving energy utilization efficiency, reducing energy consumption, and decreasing pollutant emissions to promote sustainable development[122](index=122&type=chunk) - The company operates legally, pays taxes honestly, and actively responds to national and local government calls, strengthening ties with local governments and social welfare organizations[123](index=123&type=chunk) Significant Matters [Commitments Fulfilled During the Reporting Period and Overdue Unfulfilled Commitments as of the End of the Reporting Period by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and the Company](index=31&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) This section details the various commitments made by the company's actual controller, shareholders, and the company during asset restructuring and initial public offering or refinancing, stating that all commitments were fulfilled on time as of the end of the reporting period, with no violations found - During asset restructuring, the committed parties guaranteed the truthfulness, accuracy, and completeness of information disclosure, and would suspend share transfers if violations were suspected[125](index=125&type=chunk) - The company committed to the truthfulness, accuracy, and completeness of the information provided for this transaction and assumed relevant legal responsibilities[125](index=125&type=chunk) - During the initial public offering or refinancing, the company's actual controller committed to cash payment and bearing economic losses if underpayment of social security and provident funds led to supplementary payments or claims[125](index=125&type=chunk) - The company's actual controller committed to avoiding horizontal competition, not directly or indirectly investing in or controlling other enterprises engaged in businesses similar to or identical to the company's[125](index=125&type=chunk) - The company's actual controller committed to reducing and regulating related-party transactions, ensuring transactions are conducted under principles of equality, voluntariness, fairness, and impartiality, and not using related-party transactions to transfer company profits[125](index=125&type=chunk)[126](index=126&type=chunk) - All commitments were fulfilled on time, with no violations found[126](index=126&type=chunk) [Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties](index=32&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) This section states that there were no non-operating funds occupied by controlling shareholders and other related parties of the listed company during the reporting period - The company had no non-operating funds occupied by controlling shareholders and other related parties of the listed company during the reporting period[127](index=127&type=chunk) [Irregular External Guarantees](index=32&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) This section states that there were no irregular external guarantees by the company during the reporting period - The company had no irregular external guarantees during the reporting period[128](index=128&type=chunk) [Appointment and Dismissal of Accounting Firms](index=32&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) This section states that the company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[129](index=129&type=chunk) [Explanation by the Board of Directors, Supervisory Board, and Audit Committee on the Accounting Firm's "Non-Standard Audit Report" for the Current Period](index=32&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%E3%80%81%E5%AE%A1%E8%AE%A1%E5%A7%94%E5%91%98%E4%BC%9A%E5%AF%B9%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%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) This section states that the company's Board of Directors, Supervisory Board, and Audit Committee have no explanation regarding the accounting firm's "non-standard audit report" for the current period, as the report was not audited - Not applicable, as the company's semi-annual report was not audited[129](index=129&type=chunk) [Explanation by the Board of Directors on the "Non-Standard Audit Report" for the Previous Year](index=32&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) This section states that the company's Board of Directors has no explanation regarding the "non-standard audit report" for the previous year - Not applicable[130](index=130&type=chunk) [Bankruptcy and Reorganization Matters](index=32&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) This section states that the company had no bankruptcy and reorganization matters during the reporting period - The company had no bankruptcy and reorganization matters during the reporting period[130](index=130&type=chunk) [Litigation Matters](index=32&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) This section discloses the company's litigation status during the reporting period, with no significant litigation or arbitration matters, but other litigation matters whose cumulative value did not reach the threshold for significant disclosure, including cases as plaintiff and defendant, some of which are still in trial or enforcement, but have no significant impact on the company - The company had no significant litigation or arbitration matters during the reporting period[131](index=131&type=chunk) - As of the end of the reporting period, the cumulative amount involved in other litigation matters where the company was the plaintiff, not reaching the threshold for significant litigation disclosure, was **111.81 million RMB**, with some cases under trial and some already ruled, having no significant impact on the company[132](index=132&type=chunk) - As of the end of the reporting period, the cumulative amount involved in other litigation matters where the company was the defendant, not reaching the threshold for significant litigation disclosure, was **7.80 million RMB**, with some cases under trial and some already ruled, having no significant impact on the company[132](index=132&type=chunk) - The company's cooperation contract dispute with Yongzhou Yongheyi Electronic Material Co, Ltd, involves a claim of **28.99 million RMB**, with the judgment debtor currently in bankruptcy proceedings[641](index=641&type=chunk)[642](index=642&type=chunk) [Penalties and Rectification](index=33&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) This section states that the company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[133](index=133&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=33&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) This section states that the company, its controlling shareholder, and actual controller had no integrity issues during the reporting period - The company, its controlling shareholder, and actual controller had no integrity issues during the reporting period[134](index=134&type=chunk) [Significant Related-Party Transactions](index=33&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) This section discloses the company's related-party transactions during the reporting period, including purchases and sales of goods, provision and acceptance of labor, and leasing, and states that there were no other significant related-party transactions such as asset or equity acquisitions/disposals, joint external investments, or related-party creditor-debtor relationships - The company had no related-party transactions related to daily operations, asset or equity acquisitions/disposals, joint external investments, related-party creditor-debtor relationships, or transactions with affiliated financial companies during the reporting period[134](index=134&type=chunk)[135](index=135&type=chunk)[136](index=136&type=chunk)[137](index=137&type=chunk)[138](index=138&type=chunk)[139](index=139&type=chunk)[140](index=140&type=chunk) Related-Party Transactions for Purchase and Sale of Goods/Acceptance of Services | Related Party | Related Transaction Content | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | :--- | | Zhongshan Nopu Thermal Energy Technology Co, Ltd | Purchase of raw materials | 5,849,673.31 | 2,838,182.41 | Related-Party Transactions for Sale of Goods/Provision of Services | Related Party | Related Transaction Content | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | :--- | | Greater Bay Area National Innovation (Guangzhou) Investment Development Co, Ltd | Lease income, service income | 15,215,556.37 | 13,765,278.96 | | Henan Devotion HVAC Equipment Co, Ltd | Sale of equipment | 9,892,417.88 | 7,377,437.22 | Related-Party Leasing (as Lessor) | Lessee Name | Type of Leased Asset | Lease Income Recognized in Current Period (RMB) | Lease Income Recognized in Prior Period (RMB) | | :--- | :--- | :--- | :--- | | Greater Bay Area National Innovation (Guangzhou) Investment Development Co, Ltd | Buildings and structures | 12,634,620.03 | 11,447,188.02 | [Significant Contracts and Their Performance](index=34&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) This section details the company's performance of significant contracts during the reporting period, primarily involving leasing and significant guarantees. The company has multiple property lease contracts and provides guarantees for its subsidiaries. There were no significant daily operating contracts or other significant contracts during the reporting period - The company had no trusteeship or contracting situations during the reporting period[141](index=141&type=chunk)[142](index=142&type=chunk) - The company signed multiple property lease contracts with Greater Bay Area National Innovation (Guangzhou) Investment Development Co, Ltd, leasing properties located at No 42, Dongzhong Road, East District, Guangzhou Economic and Technological Development Zone, with a lease term until June 30, 2044, and an estimated contract amount of approximately **740 million RMB**[143](index=143&type=chunk)[147](index=147&type=chunk) - During the reporting period, the company recognized **12.63 million RMB** (including tax) in lease income from Greater Bay Area National Innovation (Guangzhou) Investment Development Co, Ltd[148](index=148&type=chunk) - Company guarantees for subsidiaries: During the reporting period, the approved guarantee limit for subsidiaries totaled **460 million RMB**, with actual guarantees amounting to **140 million RMB**[151](index=151&type=chunk) - As of the end of the reporting period, the actual guarantee balance for subsidiaries totaled **53.28 million RMB**, accounting for **2.77%** of the company's net assets[151](index=151&type=chunk) - The company had no lease projects, significant daily operating contracts, or other significant contracts that generated profits exceeding **10%** of total profit during the reporting period[148](index=148&type=chunk)[152](index=152&type=chunk) [Explanation of Other Significant Matters](index=37&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) This section primarily explains the significant event of the company completing the re-election of its board of directors and supervisory board during the reporting period, and the election of the new chairman, vice chairman, and chairman of the supervisory board - On April 8, 2025, the company convened board of directors and supervisory board meetings, which approved the nominations for the ninth board of directors and supervisory board[154](index=154&type=chunk) - On April 30, 2025, the company held its annual general meeting of shareholders, electing non-independent directors and independent directors for the ninth board of directors, and non-employee representative supervisors for the ninth supervisory board[155](index=155&type=chunk) - On the same day, the company held the first meetings of the ninth board of directors and ninth supervisory board, electing CHANG YUANZHENG as Chairman of the ninth board of directors, Ma Ge as Vice Chairman of the ninth board of directors, and Zhang Zhijie as Chairman of the ninth supervisory board[155](index=155&type=chunk) [Significant Matters of Company Subsidiaries](index=37&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) This section states that the company had no significant matters concerning its subsidiaries during the reporting period - The company had no significant matters concerning its subsidiaries during the reporting period[156](index=156&type=chunk) Share Changes and Shareholder Information [Share Changes](index=38&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) This section discloses the company's share changes during the reporting period, showing no change in total shares, stable structure of restricted and unrestricted shares, and no progress in share repurchases or concentrated bidding for repurchased shares Share Changes | Item | Number Before Change (shares) | Proportion Before Change | Net Increase/Decrease in This Change (shares) | Number After Change (shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 92,851,224 | 19.47% | 0 | 92,851,224 | 19.47% | | II. Unrestricted Shares | 384,161,164 | 80.53% | 0 | 384,161,164 | 80.53% | | III. Total Shares | 477,012,388 | 100.00% | 0 | 477,012,388 | 100.00% | - The company's total shares did not change during the reporting period[159](index=159&type=chunk) - The company had no progress in implementing share repurchases or concentrated bidding for repurchased shares during the reporting period[159](index=159&type=chunk) [Issuance and Listing of Securities](index=39&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) This section states that the company had no issuance and listing of securities during the reporting period - The company had no issuance and listing of securities during the reporting period[160](index=160&type=chunk) [Company Shareholder Numbers and Shareholding Status](index=39&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) This section discloses the company's total number of common shareholders at the end of the reporting period, the shareholding status of shareholders holding **5%** or more or the top **10** shareholders, and the shareholding status of the top **10** unrestricted shareholders, also explaining the related-party relationships among major shareholders - The total number of common shareholders at the end of the reporting period was **21,824**[161](index=161&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held at Period-End (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Chang Houcun | Domestic Natural Person | 10.67% | 50,919,599 | 38,189,699 | 12,729,900 | | Li Zuqin | Domestic Natural Person | 8.37% | 39,907,935 | 29,930,951 | 9,976,984 | | Ma Ge | Domestic Natural Person | 5.88% | 28,040,059 | 21,030,044 | 7,010,015 | | CHANG YUANZHENG | Overseas Natural Person | 1.03% | 4,924,491 | 3,693,368 | 1,231,123 | - The company's actual controllers Chang Houcun, Li Zuqin, Ma Ge, and CHANG YUANZHENG signed the "Concerted Action Agreement" on August 18, 2023, acting as parties in concerted action[161](index=161&type=chunk) - Shareholder Ms Zhu Yongmei is the spouse of the company's controlling shareholder Mr Li Zuqin[161](index=161&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=40&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) This section states that there were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period, with specific details available in the 2024 annual report - The company's directors, supervisors, and senior management had no changes in shareholdings during the reporting period[163](index=163&type=chunk) - Specific information can be found in the 2024 annual report[163](index=163&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=40&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) This section states that there were no changes in the company's controlling shareholder or actual controller during the reporting period - The company's controlling shareholder did not change during the reporting period[164](index=164&type=chunk) - The company's actual controller did not change during the reporting period[164](index=164&type=chunk) [Preferred Shares Information](index=40&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) This section states that the company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[165](index=165&type=chunk) Bond-Related Information [Bond-Related Information](index=41&type=section&id=%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section states that the company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[167](index=167&type=chunk) Financial Report [Audit Report](index=42&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This section states that the company's 2025 semi-annual financial report was not audited - The company's semi-annual financial report was not audited[169](index=169&type=chunk) [Financial Statements](index=43&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively presenting the company's financial position, operating results, and cash flow changes at the end of the reporting period Consolidated Balance Sheet Key Data (June 30, 2025) | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | Total Assets | 2,884,649,258.98 | 2,894,682,814.84 | | Total Liabilities | 876,971,441.15 | 870,236,403.28 | | Total Owners' Equity Attributable to Parent Company | 1,922,540,076.09 | 1,920,060,237.91 | Consolidated Income Statement Key Data (2025 Semi-Annual) | Item | 2025 Semi-Annual (RMB) | 2024 Semi-Annual (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 498,621,298.59 | 468,032,178.34 | | Operating Profit | 80,529,438.73 | 65,153,333.60 | | Net Profit | 67,202,147.72 | 52,357,249.46 | | Net Profit Attributable to Parent Company Shareholders | 50,587,998.07 | 36,454,340.52 | Consolidated Cash Flow Statement Key Data (2025 Semi-Annual) | Item | 2025 Semi-Annual (RMB) | 2024 Semi-Annual (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 60,707,153.82 | 68,932,978.39 | | Net Cash Flow from Investing Activities | -103,903,648.11 | -135,106,473.38 | | Net Cash Flow from Financing Activities | -82,129,463.14 | -68,130,964.15 | | Net Increase in Cash and Cash Equivalents | -125,187,842.11 | -133,863,806.30 | [Company Basic Information](index=56&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) This section introduces Guangzhou Devotion Thermal Technology Co, Ltd's registration information, listing status, industry, main operating activities, and business scope, clarifying the company's positioning as an "integrated clean energy service provider" - The company was registered with the Guangzhou Administration for Industry and Commerce on July 16, 1996, with its headquarters in Guangzhou, Guangdong Province[187](index=187&type=chunk) - As of June 30, 2025, the company's registered capital was **477.01 million RMB**, with a total of **477.01 million shares**, and its shares were listed on the Shenzhen Stock Exchange on July 10, 2012[187](index=187&type=chunk) - The company's industry is electricity, heat production and supply, positioned as an "integrated clean energy service provider"[188](index=188&type=chunk) - Main operating activities include providing integrated clean energy services, and the production and sales of household and industrial boilers, with business scope covering clean energy investment and operation, clean energy application equipment, and smart comfortable home manufacturing and services[188](index=188&type=chunk) [Basis for Preparation of Financial Statements](index=56&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) This section states that the company's financial statements are prepared in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance and relevant regulations of the China Securities Regulatory Commission, and on a going concern basis - These financial statements are prepared in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance and "No 15 of the Information Disclosure Rules for Companies Issuing Securities to the Public - General Provisions for Financial Reports" issued by the China Securities Regulatory Commission[192](index=192&type=chunk) - These financial statements are prepared on a going concern basis[193](index=193&type=chunk) [Significant Accounting Policies and Accounting Estimates](index=56&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 significant accounting policies and estimates followed by the company in preparing its financial statements, covering business combinations, financial instruments, inventories, fixed assets, intangible assets, revenue recognition, government grants, deferred income tax, and other aspects, providing a basis for understanding the financial data - The financial statements prepared by the company comply with the requirements of enterprise accounting standards, truly and completely reflecting the company's financial position, operating results, cash flows, and other relevant information[195](index=195&type=chunk) - The company discloses its materiality criteria determination methods, for example, significant individually impaired accounts receivable are defined as those where the individually impaired amount in the reporting period is ≥**5%** of consolidated net profit or exceeds **1 million RMB**[199](index=199&type=chunk) - The company's financial assets are classified at initial recognition as measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[218](index=218&type=chunk) - Depreciation of fixed assets is calculated using the straight-line method or the workload method, with depreciation periods of **20-30 years** for buildings and structures, and **10-15 years** for machinery and equipment[274](index=274&type=chunk) - The company recognizes revenue when it satisfies a performance obligation in the contract, i.e., when the customer obtains control of the relevant goods or services, and adopts different recognition methods based on business types[306](index=306&type=chunk)[313](index=313&type=chunk)[314](index=314&type=chunk)[315](index=315&type=chunk) [Taxes](index=80&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) This section lists the company's main applicable tax categories and rates, and details the VAT and corporate income tax preferential policies enjoyed by the company and its subsidiaries, including VAT immediate refunds for software products and comprehensive resource utilization products, as well as corporate income tax incentives under high-tech enterprise and Western Development strategies Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Based on sales of goods and taxable services calculated according to tax laws, after deducting input VAT allowed for the current period, the difference is VAT payable | 13%, 10%, 9%, 6%, 5%, 3% | | Corporate Income Tax | Calculated based on taxable income | 25% and as per table below | - Subsidiaries Guangzhou Devotion Home Environment Technology Co, Ltd, Devotion (Changzhou) Energy Equipment Co, Ltd, and

成都银河磁体股份有限公司 2025 年半年度报告 2025 年 08 月 成都银河磁体股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 本公司请投资者认真阅读本半年度报告全文，并特别注意本报告第三节"管理层讨论与 分析"中 "十、公司面临的风险和应对措施"部分描述的风险因素。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 1 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、完整，不存在虚 假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 公司负责人戴炎、主管会计工作负责人朱魁文及会计机构负责人(会计主管人员)任晓莉 声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中如有涉及未来的计划、业绩预测等方面的内容，均不构成本公司对任何投资者 及相关人士的承诺，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。 | 第一节 | 重要提示、目录和释义 | | 1 | | --- | --- | --- | --- | | 第二节 | 公司简介和主要财务指标 | | 5 ...

广东广弘控股股份有限公司 2025 年半年度报告全文 广东广弘控股股份有限公司 2025 年半年度报告 2025 年 8 月 1 广东广弘控股股份有限公司 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。 公司负责人蔡飚、主管会计工作负责人夏斌及会计机构负责人(会计主管 人员)张安祺声明：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，请投资者注意投资风险。 公司需遵守《深圳证券交易所上市公司自律监管指引第 3 号——行业信 息披露》中的"畜禽、水产养殖相关业务"的披露要求 公司需遵守《深圳证券交易所上市公司自律监管指引第 3 号——行业信 息披露》中的"食品及酒制造相关业务"的披露要求。 公司已在本报告中详细描述可能存在的相关风险，敬请查阅第三节管理 层讨论与分析中"十、公司面临的风险和应对措施"部分的内容。 公司计划不派发现金红 ...

苏州国芯科技股份有限公司2025 年半年度报告 公司代码：688262 公司简称：国芯科技 2025 年半年度报告 1 苏州国芯科技股份有限公司2025 年半年度报告 苏州国芯科技股份有限公司 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 公司已在本报告中详细描述可能存在的风险，敬请查阅本报告第三节"管理层讨论与分析" 之"四、风险因素"中的内容。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人郑茳、主管会计工作负责人肖佐楠及会计机构负责人（会计主管人员）张海滨 声明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性陈述，不构成本公司对投资者的承诺，敬请 投资者注意投资风险。 九、 是否存在被控股股东及其他关联方非经营性占用资金情 ...

恒玄科技（上海）股份有限公司 2025 年半年度报告 1 / 168 恒玄科技（上海）股份有限公司2025 年半年度报告 重要提示 恒玄科技（上海）股份有限公司2025 年半年度报告 公司代码：688608 公司简称：恒玄科技 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 公司已在本报告中详细阐述公司在经营活动中可能存在的相关风险及应对措施，敬请查阅本报告 "第三节 管理层讨论与分析"。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人赵国光、主管会计工作负责人李广平及会计机构负责人（会计主管人员）杜骏 杰声明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 本公告所涉及的公司未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质承诺，请投 资者注意投资风险。 九、 ...

深圳云天励飞技术股份有限公司2025 年半年度报告 公司代码：688343 公司简称：云天励飞 深圳云天励飞技术股份有限公司 2025 年半年度报告 1 / 203 深圳云天励飞技术股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 公司已在本报告中详细描述可能存在的相关风险，具体内容详见本报告第三节"管理层讨论与分 析"之"四、风险因素"相关内容。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人陈宁、主管会计工作负责人邓浩然及会计机构负责人（会计主管人员）李立声 明：保证半年度报告中财务报告的真实、准确、完整。 六、 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 不适用 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的公司未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质承诺，投资 者及相关人士均应当对此保持足够的风险认 ...

[Section I Definitions](index=4&type=section&id=Section%20I%20Definitions) This section provides definitions of key terms used throughout the report, ensuring clarity and consistent understanding of company-specific and industry-related terminology [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This chapter provides definitions of common terms used in the report, covering company names, subsidiaries, shareholders, industry terms (such as integrated circuits, analog chips, power management chips, battery management chips, etc.), and financial reporting periods, aiming to ensure a clear understanding of the report content - Company full name: Guangdong Cellwise Microelectronics Co., Ltd - Core business related terms: analog integrated circuits, power management chips, battery management chips, battery safety chips, battery metering chips, charging management chips, etc - Reporting period: January 1, 2025 to June 30, 2025[13](index=13&type=chunk) [Section II Company Profile and Key Financial Indicators](index=6&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information, contact details, information disclosure, stock profile, and key financial performance indicators for the reporting period [I. Company Basic Information](index=6&type=section&id=I.%20Company%20Basic%20Information) This section outlines the company's basic registration information, including its Chinese name, abbreviation, legal representative, registered and office addresses, company website, and email address, providing investors with a fundamental overview of the company - Company Chinese name: Guangdong Cellwise Microelectronics Co., Ltd., abbreviation: Cellwise Microelectronics[15](index=15&type=chunk) - Legal Representative: Jiang Yanbo[15](index=15&type=chunk) - Company registered and office address: Building 56, No. 2, Keji 10th Road, Songshan Lake Park, Dongguan City, Guangdong Province[15](index=15&type=chunk) [II. Contact Persons and Information](index=6&type=section&id=II.%20Contact%20Persons%20and%20Information) This section provides the names, contact addresses, telephone numbers, fax numbers, and email addresses of the company's Board Secretary (domestic representative for information disclosure) and Securities Affairs Representative, facilitating information inquiries and communication for investors - Board Secretary (Domestic Representative for Information Disclosure): Hu Jingbao[16](index=16&type=chunk) - Securities Affairs Representative: Sun Yilin[16](index=16&type=chunk) - Contact Phone and Fax: 0769-22852036[16](index=16&type=chunk) - Email: ir@cellwise-semi.com[16](index=16&type=chunk) [III. Information Disclosure and Location for Document Availability Changes Overview](index=6&type=section&id=III.%20Information%20Disclosure%20and%20Location%20for%20Document%20Availability%20Changes%20Overview) This section specifies the company's information disclosure channels and locations for making its semi-annual report available, ensuring investors can timely access public company information - Company's selected information disclosure newspapers: Shanghai Securities News, Securities Times[17](index=17&type=chunk) - Website address for the semi-annual report: www.sse.com.cn[17](index=17&type=chunk) - Location for the company's semi-annual report: Company Securities Affairs Department[17](index=17&type=chunk) [IV. Company Stock/Depositary Receipts Overview](index=6&type=section&id=IV.%20Company%20Stock%2FDepositary%20Receipts%20Overview) This section briefly introduces the company's stock exchange, stock abbreviation, and code, and clarifies that the company has no depositary receipts - Company stock listing exchange and board: Shanghai Stock Exchange STAR Market[18](index=18&type=chunk) - Company stock abbreviation: Cellwise Microelectronics, stock code: **688325**[1](index=1&type=chunk) - The company has no depositary receipts[20](index=20&type=chunk) [V. Other Relevant Information](index=7&type=section&id=V.%20Other%20Relevant%20Information) This section states that the company has no other relevant information to disclose - The company has no other relevant information[20](index=20&type=chunk) [VI. Company's Key Accounting Data and Financial Indicators](index=7&type=section&id=VI.%20Company%27s%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue increased by 31.00% to 218 million yuan, and net profit attributable to shareholders increased by 29.91% to 39.3432 million yuan, primarily due to sustained downstream market demand, expanded product portfolio, and accumulated customer resources. However, net cash flow from operating activities was a negative 8.3932 million yuan, a decrease of 123.26% year-on-year, mainly due to the company's strategic increase in inventory Key Accounting Data | Indicator | Current Reporting Period (Jan-Jun) (yuan) | Prior Year Period (yuan) | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 218,399,361.64 | 166,712,309.98 | 31.00 | | Total Profit | 40,464,786.50 | 31,196,881.98 | 29.71 | | Net Profit Attributable to Shareholders of Listed Company | 39,343,164.59 | 30,283,835.64 | 29.91 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-recurring Gains and Losses | 36,044,982.03 | 27,602,152.39 | 30.59 | | Net Cash Flow from Operating Activities | -8,393,155.94 | 36,082,087.58 | -123.26 | | Net Assets Attributable to Shareholders of Listed Company (End of Current Period/End of Prior Year) | 1,692,397,834.10 | 1,711,977,281.93 | -1.14 | | Total Assets (End of Current Period/End of Prior Year) | 1,908,236,316.20 | 1,782,656,928.69 | 7.04 | Key Financial Indicators | Key Financial Indicators | Current Reporting Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.4753 | 0.3679 | 29.19 | | Diluted Earnings Per Share (yuan/share) | 0.4571 | 0.3560 | 28.40 | | Basic Earnings Per Share After Deducting Non-recurring Gains and Losses (yuan/share) | 0.4354 | 0.3353 | 29.85 | | Weighted Average Return on Net Assets (%) | 2.30 | 1.82 | Increased by 0.48 percentage points | | Weighted Average Return on Net Assets After Deducting Non-recurring Gains and Losses (%) | 2.10 | 1.66 | Increased by 0.44 percentage points | | R&D Investment as Percentage of Operating Revenue (%) | 30.06 | 30.82 | Decreased by 0.76 percentage points | - Net cash flow from operating activities was a negative **8.393 million yuan**, a year-on-year decrease of **123.26%**, mainly due to the company strategically increasing inventory based on market conditions and actively strengthening supply chain management[23](index=23&type=chunk) [VII. Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=8&type=section&id=VII.%20Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20Overseas%20Accounting%20Standards) This section states that there are no differences in accounting data under domestic and overseas accounting standards for the company - The company has no differences in accounting data under domestic and overseas accounting standards[24](index=24&type=chunk) [VIII. Non-recurring Gains and Losses Items and Amounts](index=8&type=section&id=VIII.%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section details the non-recurring gains and losses items and their amounts for the reporting period, totaling 3.2982 million yuan, primarily including government subsidies and fair value changes in financial assets Non-recurring Gains and Losses Items and Amounts | Non-recurring Gains and Losses Items | Amount (yuan) | | :--- | :--- | | Government subsidies recognized in current profit or loss | 1,227,970.08 | | Gains and losses from changes in fair value of financial assets and liabilities, and disposal of financial assets and liabilities, excluding effective hedge accounting related to normal business operations of non-financial enterprises | 2,640,889.13 | | Other non-operating income and expenses apart from the above | -215.62 | | Less: Income tax impact | 570,461.03 | | Total | 3,298,182.56 | [IX. Companies with Equity Incentive or Employee Stock Ownership Plans May Choose to Disclose Net Profit After Deducting Share-based Payment Impact](index=9&type=section&id=IX.%20Companies%20with%20Equity%20Incentive%20or%20Employee%20Stock%20Ownership%20Plans%20May%20Choose%20to%20Disclose%20Net%20Profit%20After%20Deducting%20Share-based%20Payment%20Impact) This section states that the company is not applicable for disclosing net profit after deducting the impact of share-based payments - The company is not applicable for disclosing net profit after deducting the impact of share-based payments[26](index=26&type=chunk) [X. Explanation of Non-GAAP Performance Indicators](index=9&type=section&id=X.%20Explanation%20of%20Non-GAAP%20Performance%20Indicators) This section states that the company has no explanation for non-GAAP performance indicators - The company has no explanation for non-GAAP performance indicators[26](index=26&type=chunk) [Section III Management Discussion and Analysis](index=9&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section provides a comprehensive discussion and analysis of the company's industry, main business operations, core competitiveness, risk factors, and key operating performance during the reporting period [I. Description of the Company's Industry and Main Business During the Reporting Period](index=9&type=section&id=I.%20Description%20of%20the%20Company%27s%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) The company primarily engages in R&D and sales of analog chips, focusing on battery management chips and expanding into power management chips. The industry, integrated circuit design, is gradually recovering after a global economic slowdown, with the global semiconductor market expected to grow by 11.2% in 2025 and the analog chip market by 6.7%. The company's products include battery safety chips, battery metering chips, and other charging management chips, widely used in consumer electronics and industrial control. The company operates under a Fabless model [(I) Industry and Industry Development Overview](index=9&type=section&id=%28I%29%20Industry%20and%20Industry%20Development%20Overview) The company operates in the integrated circuit design industry, a core driver of semiconductor development. After a cyclical adjustment since 2022, the global semiconductor market is expected to recover in 2024 and continue growing in 2025, with the analog chip market projected to achieve a restorative growth of 6.7% to 84.34 billion USD. The Chinese mainland integrated circuit market continues to expand, expected to account for 54.69% of the global market by 2030. The battery management chip market, a key segment of power management chips, is projected to grow at an 8.8% CAGR, offering significant domestic substitution opportunities - The company's main business is the R&D and sales of analog chips, belonging to the integrated circuit design industry[27](index=27&type=chunk) - The global integrated circuit design industry scale grew from **101.1 billion USD** in 2017 to approximately **245.5 billion USD** in 2023, with an average compound annual growth rate of approximately **15.94%**[28](index=28&type=chunk) - WSTS expects the global semiconductor market size to reach **700.9 billion USD** in 2025, a year-on-year increase of **11.2%**, with the analog chip market size expected to achieve a restorative growth of **6.7%**, reaching **84.34 billion USD**[28](index=28&type=chunk) - According to the IBS report, the Chinese semiconductor market size is expected to reach **738.9 billion USD** by 2030, accounting for **54.69%** of the global market[29](index=29&type=chunk) - According to Mordor Intelligence, the global battery management chip market size is expected to achieve a compound annual growth rate of **8.8%** from 2023 to 2028[30](index=30&type=chunk) [(II) Main Business, Products, or Services](index=10&type=section&id=%28II%29%20Main%20Business%2C%20Products%2C%20or%20Services) The company specializes in analog chip R&D and sales, with a core focus on battery management chips and an expansion into a wider range of power management chips. Its main products include battery safety chips (for overcharge, overdischarge, overcurrent, short-circuit protection, used in TWS earphones, POS machines, power tools, etc.), battery metering chips (high-precision power and health status estimation via "FastCali" algorithm, used in smartphones, tablets, AIoT devices, etc.), and other charging management chips (including charging management, power switches, DC/DC converters, LDOs, used in smartphones, laptops, AIoT devices, etc.) - Since its establishment, the company has been committed to the R&D and sales of analog chips, focusing on battery management chips and extending into the power management chip field[31](index=31&type=chunk) - The company's products feature "high precision, high safety, high stability, and ultra-low power consumption"[31](index=31&type=chunk) - The main products are centered on battery management chips, including battery safety chips, battery metering chips, and other charging management chips[32](index=32&type=chunk) - Battery safety chips are widely used in terminal products such as TWS earphones, POS machines, smart door locks, power tools, outdoor and home mobile power supplies, light electric vehicles, cordless home appliances, and smartphones[35](index=35&type=chunk) - Battery metering chips, relying on the independently developed “FastCali” battery power algorithm, achieve high precision, low power consumption, and simple application solutions, widely used in terminal products such as smartphones, tablets, TWS earphones, POS machines, AIoT devices, AR/VR devices, PD mobile power supplies, and power tools[36](index=36&type=chunk)[37](index=37&type=chunk) - Other charging management chips are functionally divided into charging management chips, power switch chips, DC/DC converters, and linear regulators (LDOs), applied in smartphones, laptops, TWS earphones, AIoT devices, mobile power supplies, and charging products[38](index=38&type=chunk)[39](index=39&type=chunk)[40](index=40&type=chunk) [(III) Main Business Model](index=12&type=section&id=%28III%29%20Main%20Business%20Model) The company adopts the typical Fabless (fabless semiconductor company) business model in the integrated circuit industry, focusing on chip design and sales. Wafer manufacturing, packaging, and testing are all outsourced to professional manufacturers, which helps in rapid product iteration and shorter R&D cycles - The company adopts the typical **Fabless** business model in the integrated circuit industry, focusing on chip design and sales[41](index=41&type=chunk) - Wafer manufacturing, packaging, and testing steps are outsourced to professional manufacturers[41](index=41&type=chunk) - This business model facilitates product iteration and shortens product R&D cycles[42](index=42&type=chunk) [II. Discussion and Analysis of Operations](index=13&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) In the first half of 2025, the company overcame uncertainties from US trade policies and capitalized on the recovery of domestic downstream markets, achieving robust growth in core businesses through continuous introduction of high-performance differentiated products, strengthened market expansion, and technological iteration. Operating revenue increased by 31.00% year-on-year, and net profit increased by 29.91% year-on-year. The company maintained high R&D investment, with R&D personnel accounting for 66% of total employees, R&D expenses increasing by 27.77% year-on-year, and continuously improved its corporate governance structure - During the reporting period, operating revenue reached **218.399 million yuan**, a year-on-year increase of **31.00%**[42](index=42&type=chunk) - Net profit attributable to shareholders of listed company was **39.343 million yuan**, a year-on-year increase of **29.91%**[42](index=42&type=chunk) - Net profit attributable to shareholders of listed company after deducting non-recurring gains and losses was **36.045 million yuan**, a year-on-year increase of **30.59%**[42](index=42&type=chunk) - The company continuously expanded and upgraded its product lines, launching high-performance, highly differentiated products to meet market demand, increase market share, and seize opportunities for domestic substitution[43](index=43&type=chunk) - A total of **128 R&D personnel** accounted for **66%** of the company's total employees, with total R&D investment of **65.646 million yuan**, a year-on-year increase of **27.77%**, accounting for **30.06%** of operating revenue[44](index=44&type=chunk) - The company continuously improved its corporate governance structure and enhanced its standardized operation level, establishing a scientifically designed, concise, applicable, and effective internal control system[46](index=46&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](index=14&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) The company's core competitiveness lies in its technological advantages (adhering to forward design, breaking international patent barriers, integrating multidisciplinary knowledge, deeply cultivating industrial and consumer markets), outstanding product performance and stable quality, comprehensive service system and high customer stickiness, strong brand image, and experienced R&D team. There were no significant changes in core technologies during the reporting period, R&D investment continued to grow, and the company was recognized as a national "Little Giant" enterprise specializing in niche sectors [(I) Core Competitiveness Analysis](index=14&type=section&id=%28I%29%20Core%20Competitiveness%20Analysis) The company breaks international patent barriers through forward design, achieving technological independence, especially in battery metering chips. By integrating battery electrochemistry and chip design multidisciplinary knowledge, it has accumulated a vast battery database. Products exhibit outstanding performance and stable quality, forming multiple solutions, and establishing high-stickiness cooperative relationships with renowned terminal customers like Dell, HP, and Xiaomi. The company has built a strong brand image in battery management chips and possesses an experienced and stable R&D team - The company adheres to forward design, breaking international manufacturers' patent barriers in core battery metering chip technology, achieving technological independence[47](index=47&type=chunk) - The company's management and R&D team master battery electrochemical characteristics and deeply integrate them with chip design, accumulating extensive data and experience[48](index=48&type=chunk) - As of June 30, 2025, the company holds **34 domestic and international patents**, including **27 invention patents**[50](index=50&type=chunk) - The company's products are widely used in terminal products such as TWS earphones, POS machines, smart door locks, power tools, outdoor and home mobile power supplies, light electric vehicles, cordless home appliances, and smartphones[35](index=35&type=chunk) - The company's products feature outstanding performance and stable quality, with long-term cooperation with wafer foundries and packaging and testing plants, ensuring quality control throughout the entire production and manufacturing process[50](index=50&type=chunk)[51](index=51&type=chunk) - The company has an experienced and technically proficient on-site technical support team, capable of efficiently and quickly resolving issues during initial product introduction, shortening product introduction time[51](index=51&type=chunk) - The company has established a strong brand image and service reputation in the battery management chip field[53](index=53&type=chunk) - The company's R&D team is experienced and highly stable, serving as a barrier for new entrants to the industry[53](index=53&type=chunk) [(II) Events During the Reporting Period That Severely Affected the Company's Core Competitiveness, Impact Analysis, and Countermeasures](index=16&type=section&id=%28II%29%20Events%20During%20the%20Reporting%20Period%20That%20Severely%20Affected%20the%20Company%27s%20Core%20Competitiveness%2C%20Impact%20Analysis%2C%20and%20Countermeasures) During the reporting period, no events occurred that severely affected the company's core competitiveness - The company's core competitiveness was not severely affected during the reporting period[54](index=54&type=chunk) [(III) Core Technologies and R&D Progress](index=16&type=section&id=%28III%29%20Core%20Technologies%20and%20R%26D%20Progress) During the reporting period, there were no significant changes in the company's core technologies, all derived from independent R&D, covering 13 items such as battery characteristic analysis, low offset error current acquisition, high-precision battery metering algorithms, multi-channel high-voltage acquisition and comparison, high-voltage switches, high-precision voltage reference design, ultra-low power circuit design, low-cost high-precision circuit trimming, system-level ESD protection, low-power battery disconnection detection, low-noise high-PSRR linear regulator design, DC/DC loop control, and highly flexible low-cost battery temperature acquisition. The company maintained high R&D investment, with R&D expenses increasing by 27.77% year-on-year, holding 34 authorized patents and 22 integrated circuit layout design rights, and was recognized as a national "Little Giant" enterprise specializing in niche sectors. Ongoing R&D projects include 16 items such as high-precision lithium battery protection, high-reliability lithium battery protection, high-voltage analog front-end, industrial switches and drivers, high-performance linear regulators, general-purpose switching regulators, high-performance charging management, industrial switching regulators, high-current current limiting and load switches, high-performance single-cell fuel gauges, high-performance multi-cell fuel gauges, high-voltage linear regulators, power management technology platform R&D, battery management technology platform R&D, intelligent power circuit controllers, and battery information management chips, with a total investment of 575 million yuan - During the reporting period, there were no significant changes in the company's core technologies, all derived from independent R&D[55](index=55&type=chunk) - The company possesses **13 core technologies**, including battery characteristic analysis, low offset error current acquisition, high-precision battery metering algorithms, multi-channel high-voltage acquisition and comparison, high-voltage switches, high-precision voltage reference design, ultra-low power circuit design, low-cost high-precision circuit trimming, system-level ESD protection, low-power battery disconnection detection, low-noise high-PSRR linear regulator design, DC/DC loop control, and highly flexible low-cost battery temperature acquisition technology[55](index=55&type=chunk)[56](index=56&type=chunk) - As of June 30, 2025, the company holds **34 authorized patents** (including **27 invention patents**) and **22 integrated circuit layout design rights**. One new invention patent was obtained during this reporting period[57](index=57&type=chunk)[59](index=59&type=chunk) R&D Investment | Indicator | Current Period (yuan) | Prior Year Period (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 65,646,319.96 | 51,376,788.64 | 27.77 | | Total R&D Investment | 65,646,319.96 | 51,376,788.64 | 27.77 | | Total R&D Investment as Percentage of Operating Revenue (%) | 30.06 | 30.82 | Decreased by 0.76 percentage points | - Total R&D investment increased by **27.77%** year-on-year, mainly due to the year-on-year increase in R&D personnel leading to higher employee compensation[62](index=62&type=chunk) - The company has a total of **16 ongoing R&D projects**, with an estimated total investment of **575 million yuan**, a current period investment of **43.6934 million yuan**, and a cumulative investment of **295 million yuan**, covering high-precision lithium battery protection, high-reliability lithium battery protection, high-voltage analog front-end, industrial switches and drivers, high-performance linear regulators, general-purpose switching regulators, high-performance charging management, industrial switching regulators, high-current current limiting and load switches, high-performance single-cell fuel gauges, high-performance multi-cell fuel gauges, high-voltage linear regulators, power management technology platform R&D, battery management technology platform R&D, intelligent power circuit controllers, and battery information management chips[64](index=64&type=chunk)[65](index=65&type=chunk) R&D Personnel | Indicator | Current Period | Prior Year Period | | :--- | :--- | :--- | | Number of Company R&D Personnel (persons) | 128 | 113 | | R&D Personnel as Percentage of Total Company Employees (%) | 66.0 | 64.2 | | Total R&D Personnel Compensation (yuan) | 43,168,293.42 | 32,651,488.83 | | Average R&D Personnel Compensation (yuan) | 337,252.29 | 288,951.23 | - The company was recognized as a national "Little Giant" enterprise specializing in niche sectors (recognized in 2022)[56](index=56&type=chunk) [IV. Risk Factors](index=21&type=section&id=IV.%20Risk%20Factors) The company faces multiple risks, including operational risks (high concentration of suppliers and customers), financial risks (gross margin fluctuations, inventory impairment), industry risks (semiconductor industry cyclicality), technological risks (R&D failure, product iteration due to technological upgrades), risks in implementing fundraising projects (new energy battery management chip R&D project market expansion falling short of expectations), and macroeconomic environment risks (international trade friction) [(I) Operational Risks](index=21&type=section&id=%28I%29%20Operational%20Risks) The company faces risks associated with high concentration of suppliers and customers. During the reporting period, purchases from the top five suppliers accounted for 99.61% of total purchases, and revenue from the top five distributors accounted for 58.77% of the company's operating revenue. Insufficient supplier capacity or changes in major customers' operating strategies or loss of major customers would adversely affect the company's operations - During the reporting period, the top five suppliers accounted for **99.61%** of the company's total procurement, indicating high concentration[69](index=69&type=chunk) - During the reporting period, the top five distributors' operating revenue accounted for **58.77%** of the company's total operating revenue, indicating relatively high concentration[69](index=69&type=chunk) [(II) Financial Risks](index=22&type=section&id=%28II%29%20Financial%20Risks) The company faces risks of gross margin fluctuations and inventory impairment. Semiconductor products update rapidly, and market competition may lead to a decline in gross margin. Inventory increased to ensure supply chain security may face impairment if the market declines or technological iteration accelerates - If the company fails to upgrade or develop products in a timely manner according to market changes, it may be at a disadvantage in market competition, potentially leading to a decrease in product selling prices and fluctuations in gross margin levels[70](index=70&type=chunk) - The company's inventory primarily consists of chips and wafers, and significant resources have been invested to ensure supply chain security. If the market declines rapidly in the future, or if technological iteration accelerates product updates, the risk of inventory impairment may increase[70](index=70&type=chunk) [(III) Industry Risks](index=22&type=section&id=%28III%29%20Industry%20Risks) The semiconductor industry is cyclical, and the demand for the company's products is affected by macroeconomic fluctuations. Upstream wafer manufacturing, packaging, and testing capacity construction cycles are long, potentially leading to cyclical shortages or oversupply, causing fluctuations in the company's performance - The semiconductor industry, in which the company operates, faces cyclical risks, and its market demand is inevitably affected by macroeconomic fluctuations[70](index=70&type=chunk) - Due to the long construction cycles for upstream wafer manufacturing, packaging, and testing industries, supply chain capacity may experience cyclical shortages and oversupply, leading to fluctuations in the company's performance[70](index=70&type=chunk) [(IV) Technological Risks](index=22&type=section&id=%28IV%29%20Technological%20Risks) The company faces risks of R&D failure and product iteration due to technological upgrades. New product R&D requires significant human and financial investment; if products do not meet market demand or competitors introduce entirely new technologies, product sales and market competitiveness may be adversely affected - The company in product R&D needs to invest significant human and financial resources. If future developed products do not meet market demand, it will adversely affect the company's product sales and market competitiveness[71](index=71&type=chunk) - The integrated circuit design industry is technology-intensive, with rapid technological updates. If the company cannot make forward-looking judgments, respond quickly, and accurately grasp market changes, or if competitors introduce entirely new technologies, the company's product R&D capabilities and production process requirements may not adapt to customers' evolving iteration needs, gradually losing market competitiveness[71](index=71&type=chunk) [(V) Implementation Risks of the New Energy Battery Management Chip R&D Project](index=22&type=section&id=%28V%29%20Implementation%20Risks%20of%20the%20New%20Energy%20Battery%20Management%20Chip%20R%26D%20Project) The new energy battery management chip R&D project faces implementation risks. Currently, the company's chips are primarily used in consumer electronics and industrial control, with new energy applications limited to small-scale energy storage systems and light electric vehicles, not yet applied in large-scale energy storage systems and new energy vehicles. If key technologies are not breakthroughs, performance indicators do not meet expectations, or market expansion falls short of expectations during R&D, the project may contribute little to the company's performance - The new energy battery management chip R&D project will focus on developing cutting-edge battery management chips for new energy fields such as electrochemical energy storage and new energy vehicle battery management systems[71](index=71&type=chunk) - As of the end of the reporting period, the company's chip products are primarily used in consumer electronics and industrial control, with new energy applications mainly involving small-scale energy storage systems and light electric vehicles, not yet applied in large-scale energy storage systems and new energy vehicles[72](index=72&type=chunk) - If key technologies are not breakthroughs, performance indicators do not meet expectations, R&D progress is slow, or investment costs are too high in future R&D, new product R&D faces the risk of failure[72](index=72&type=chunk) - After new products are launched, related businesses face market expansion risks. If the company's market development efforts fall short of expectations, the new energy battery management project may contribute little to the company's performance in the future[72](index=72&type=chunk) [(VI) Macroeconomic Environment Risks](index=23&type=section&id=%28VI%29%20Macroeconomic%20Environment%20Risks) Intensified international trade friction may negatively impact the company's terminal customers, thereby affecting product sales and normal operations - If international trade friction further intensifies in the future, leading to negative impacts on the company's terminal customers, thereby affecting product sales, it may adversely affect the company's normal operations[72](index=72&type=chunk) [V. Key Operating Performance During the Reporting Period](index=23&type=section&id=V.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) During the reporting period, the company focused on high-end analog chip design and sales, with battery management chips as its core. Through increased product development and customer accumulation, it achieved operating revenue of 218 million yuan, a year-on-year increase of 31.00%; and net profit of 39.3432 million yuan, a year-on-year increase of 29.91%. The asset-liability structure underwent significant changes, with a substantial increase in current portion of non-current assets and other current assets, mainly due to maturing or new large-denomination certificates of deposit and time deposits. On the liability side, short-term borrowings and dividends payable led to a significant increase in other payables. The company also made new equity investments in private equity funds - During the reporting period, operating revenue reached **218.399 million yuan**, a year-on-year increase of **31.00%**; net profit attributable to shareholders of listed company was **39.343 million yuan**, a year-on-year increase of **29.91%**[73](index=73&type=chunk) [(I) Main Business Analysis](index=23&type=section&id=%28I%29%20Main%20Business%20Analysis) During the reporting period, the company's operating revenue increased by 31.00% to 218 million yuan, primarily driven by sustained downstream market demand, expanded product portfolio, and accumulated customer resources. Operating costs increased by 26.20% year-on-year. Sales expenses and R&D expenses increased by 26.92% and 27.77% respectively, while administrative expenses increased by 15.76%. Financial expenses changed due to reduced bank deposit interest income. Net cash flow from operating activities was a negative 8.3932 million yuan, a year-on-year decrease of 123.26%, mainly due to a strategic increase in inventory. Net cash flow from investing activities was a negative 6.4490 million yuan, a year-on-year decrease of 104.16%, mainly due to new private equity fund investments. Net cash flow from financing activities was a positive 73.3303 million yuan, primarily due to new borrowings Financial Statement Related Item Changes Analysis | Item | Current Period (yuan) | Prior Year Period (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 218,399,361.64 | 166,712,309.98 | 31.00 | | Operating Cost | 101,312,849.08 | 80,279,200.52 | 26.20 | | Sales Expenses | 13,849,619.20 | 10,911,753.67 | 26.92 | | Administrative Expenses | 14,748,566.95 | 12,740,317.91 | 15.76 | | Financial Expenses | -1,291,194.13 | -2,640,363.52 | Not applicable | | R&D Expenses | 65,646,319.96 | 51,376,788.64 | 27.77 | | Net Cash Flow from Operating Activities | -8,393,155.94 | 36,082,087.58 | -123.26 | | Net Cash Flow from Investing Activities | -6,448,965.10 | 154,956,300.54 | -104.16 | | Net Cash Flow from Financing Activities | 73,330,337.47 | -74,706,654.63 | Not applicable | - Operating revenue growth was mainly influenced by sustained downstream terminal market demand, the company's continuous expansion of product portfolio, and strengthened customer resource accumulation[75](index=75&type=chunk) - Net cash flow from operating activities was an outflow, mainly due to the company strategically increasing inventory based on market conditions and actively strengthening supply chain management[77](index=77&type=chunk) - Net cash flow from investing activities decreased, mainly due to new private equity fund investments in the current period[77](index=77&type=chunk) - Net cash flow from financing activities turned from negative to positive, mainly due to new borrowings in the current period[77](index=77&type=chunk) [(II) Explanation of Significant Profit Changes Caused by Non-Core Businesses](index=24&type=section&id=%28II%29%20Explanation%20of%20Significant%20Profit%20Changes%20Caused%20by%20Non-Core%20Businesses) During the reporting period, there were no significant profit changes caused by non-core businesses - No significant profit changes caused by non-core businesses during the reporting period[78](index=78&type=chunk) [(III) Analysis of Assets and Liabilities](index=24&type=section&id=%28III%29%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets increased by 7.04% to 1.908 billion yuan. The asset structure underwent significant changes, with trading financial assets decreasing by 30.08%, mainly due to maturing structured deposits. Accounts receivable financing, other receivables, and inventory increased by 180.19%, 44.56%, and 36.41% respectively. Current portion of non-current assets and other current assets significantly increased by 1060.14% and 599.38% respectively, primarily due to large-denomination certificates of deposit maturing within one year and new large-denomination certificates of deposit with contract terms within one year. Other non-current financial assets increased by 38.5126 million yuan, mainly due to new equity investments in industry-related private equity funds. On the liability side, short-term borrowings increased by 50.8581 million yuan, and other payables significantly increased by 3832.99% to 86.2791 million yuan, mainly due to accrued cash dividends Changes in Assets and Liabilities | Item Name | Current Period End (yuan) | Current Period End as % of Total Assets | Prior Year End (yuan) | Prior Year End as % of Total Assets | Change from Prior Year End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 140,257,083.34 | 7.35 | 200,608,717.57 | 11.25 | -30.08 | Mainly due to maturing structured deposits | | Accounts Receivable Financing | 4,691,209.54 | 0.25 | 1,674,293.57 | 0.09 | 180.19 | Mainly due to an increase in notes receivable in the current period | | Other Receivables | 19,006,229.83 | 1.00 | 13,147,506.09 | 0.74 | 44.56 | Mainly due to an increase in employee loans in the current period | | Inventory | 143,901,267.98 | 7.54 | 105,488,672.62 | 5.92 | 36.41 | Mainly due to the company strategically increasing inventory based on market conditions and actively strengthening supply chain management | | Current Portion of Non-current Assets | 638,550,663.90 | 33.46 | 55,040,833.35 | 3.09 | 1,060.14 | Consists of large-denomination certificates of deposit maturing within 1 year | | Other Current Assets | 103,277,300.74 | 5.41 | 14,767,081.03 | 0.83 | 599.38 | Mainly due to new large-denomination certificates of deposit with contract terms within 1 year in the current period | | Other Non-current Financial Assets | 38,512,606.92 | 2.02 | 0 | 0 | — | Mainly due to new equity investments in industry-related private equity funds in the current period | | Other Non-current Assets | 356,103,047.15 | 18.66 | 977,756,800.08 | 54.85 | -63.58 | Mainly consists of large-denomination certificates of deposit and time deposits with contract terms of 1 year or more | | Short-term Borrowings | 50,858,122.51 | 2.67 | 0 | 0 | — | Mainly due to new borrowings in the current period | | Accounts Payable | 34,320,406.52 | 1.80 | 25,101,887.37 | 1.41 | 36.72 | Mainly due to an increase in company sales orders and procurement demand | | Other Payables | 86,279,081.78 | 4.52 | 2,193,726.07 | 0.12 | 3,832.99 | Mainly due to accrued cash dividends in the current period | | Current Portion of Non-current Liabilities | 2,705,976.93 | 0.14 | 1,761,323.86 | 0.10 | 53.63 | Mainly due to new long-term borrowings maturing within 1 year | | Long-term Borrowings | 8,826,735.94 | 0.46 | 0 | 0 | — | Mainly due to new borrowings in the current period | - Overseas assets amounted to **1.7964 million yuan**, accounting for **0.09%** of total assets[80](index=80&type=chunk) - Major asset restrictions at the end of the reporting period: Accounts receivable of **1.9532 million yuan** were endorsed but not derecognized[82](index=82&type=chunk) [(IV) Investment Status Analysis](index=26&type=section&id=%28IV%29%20Investment%20Status%20Analysis) During the reporting period, the company's total equity investment was 38.75 million yuan, primarily new private equity fund investments. The company, as a limited partner, subscribed to 75 million yuan in Changzhou Wuyuefeng Qianlang Phase II Semiconductor Industry Investment Partnership (Limited Partnership), with 37.5 million yuan already paid in, holding a 4.66% stake, and an investment loss of 0.1909 million yuan for the period. Additionally, it invested 1.25 million yuan in Guangdong Fengyuan Semiconductor Integrated Circuit Equity Investment Partnership (Limited Partnership), with an investment loss of 0.0465 million yuan for the period - Investment amount for the reporting period was **38.75 million yuan**[84](index=84&type=chunk) Significant Equity Investments | Investee Company Name | Investment Method | Investment Amount (yuan) | Shareholding Ratio | Progress as of End of Reporting Period | Investment Gain/Loss for Current Period (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Changzhou Wuyuefeng Qianlang Phase II Semiconductor Industry Investment Partnership (Limited Partnership) | Capital Increase | 75,000,000.00 | 4.66% | The company's total subscribed amount is 75 million yuan, with 37.5 million yuan already paid in, representing 50% progress | -190,921.10 | | Guangdong Fengyuan Semiconductor Integrated Circuit Equity Investment Partnership (Limited Partnership) | Capital Increase | 10,000,000.00 | 12.50% | Current period investment amount is 1.25 million yuan, with 1.25 million yuan already invested | -46,471.98 | - The ending balance of private equity funds was **38.5126 million yuan**[85](index=85&type=chunk) [(V) Significant Asset and Equity Disposals](index=28&type=section&id=%28V%29%20Significant%20Asset%20and%20Equity%20Disposals) During the reporting period, the company had no significant asset and equity disposals - No significant asset and equity disposals during the reporting period[88](index=88&type=chunk) [(VI) Analysis of Major Holding and Associate Companies](index=28&type=section&id=%28VI%29%20Analysis%20of%20Major%20Holding%20and%20Associate%20Companies) The company's main holding subsidiaries include Shanghai Cellwise Microelectronics Technology Co., Ltd., Cellwise Microelectronics Co., Ltd., and Cellwise Microelectronics Technology (Shanghai) Co., Ltd., all engaged in scientific research and technical services. Among them, Shanghai Cellwise Microelectronics Technology Co., Ltd. reported an operating loss of 2.1140 million yuan and a net loss of 2.5090 million yuan for the reporting period. Cellwise Microelectronics Co., Ltd. reported an operating profit and net profit of 0.6929 million yuan. Cellwise Microelectronics Technology (Shanghai) Co., Ltd. reported an operating profit and net profit of 0.1389 million yuan Financial Performance of Major Subsidiaries | Company Name | Company Type | Main Business | Registered Capital | Operating Profit (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Cellwise Microelectronics Technology Co., Ltd. | Subsidiary | Scientific research and technical services | 165 million RMB | -2,113,951.96 | -2,509,044.13 | | Cellwise Microelectronics Co., Ltd. | Subsidiary | Scientific research and technical services | 0.5 million USD | 692,916.53 | 692,916.53 | | Cellwise Microelectronics Technology (Shanghai) Co., Ltd. | Subsidiary | Scientific research and technical services | 5 million RMB | 138,888.34 | 138,888.34 | [(VII) Structured Entities Controlled by the Company](index=29&type=section&id=%28VII%29%20Structured%20Entities%20Controlled%20by%20the%20Company) During the reporting period, the company had no structured entities under its control - The company has no structured entities under its control[90](index=90&type=chunk) [VI. Other Disclosure Matters](index=29&type=section&id=VI.%20Other%20Disclosure%20Matters) During the reporting period, the company had no other matters requiring disclosure - The company has no other disclosure matters[90](index=90&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=30&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section details changes in the company's governance structure, including directors and management, equity incentive plans, and environmental and social responsibilities [I. Changes in Directors, Senior Management, and Core Technical Personnel](index=30&type=section&id=I.%20Changes%20in%20Directors%2C%20Senior%20Management%2C%20and%20Core%20Technical%20Personnel) During the reporting period, there were no changes in the company's directors, senior management, and core technical personnel. The company has a total of 3 core technical personnel, whose identification criteria are primarily based on work background, education, research experience, R&D capabilities, and contributions - No changes in the company's directors, senior management, and core technical personnel during the reporting period[92](index=92&type=chunk) - There are a total of **3 core technical personnel**, with identification criteria including outstanding performance in work background, educational background, research experience, previously undertaken R&D projects, and significant contributions in R&D capabilities, R&D achievements, and R&D economic benefits[92](index=92&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=30&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) During the reporting period, the company is not applicable for profit distribution plans or capital reserve conversion to share capital plans - The company is not applicable for profit distribution plans or capital reserve conversion to share capital plans[93](index=93&type=chunk) [III. Status and Impact of the Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=30&type=section&id=III.%20Status%20and%20Impact%20of%20the%20Company%27s%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company's 2025 Restricted Stock Incentive Plan and 2020 Stock Option Incentive Plan are continuously progressing. The 2025 Restricted Stock Incentive Plan has been approved by the Board of Directors, Supervisory Board, and Shareholders' Meeting, and the list of initial grantees has been publicly announced. For the 2020 Stock Option Incentive Plan, the conditions for the fourth exercise period of both the initial grant and reserved grant portions have been met, and some shares have been exercised and listed for trading. The conditions for the first vesting period of the 2023 and 2024 Restricted Stock Incentive Plans have also been met, and share registration procedures have been completed - The company's **2025 Restricted Stock Incentive Plan** has been approved by the Board of Directors, Supervisory Board, and Shareholders' Meeting, and the list of initial grantees has been publicly announced[94](index=94&type=chunk) - The conditions for the fourth exercise period of both the initial grant and reserved grant portions of the company's **2020 Stock Option Incentive Plan** have been met, and some shares have been exercised and listed for trading[95](index=95&type=chunk) - The conditions for the first vesting period of the company's **2023 Restricted Stock Incentive Plan** have been met, and share registration procedures have been completed[95](index=95&type=chunk) - The conditions for the first vesting period of the company's **2024 Restricted Stock Incentive Plan** have been met, and share registration procedures have been completed[95](index=95&type=chunk) [IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=32&type=section&id=IV.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information%20by%20Law) During the reporting period, the company is not applicable for environmental information disclosure by law - The company is not applicable for environmental information disclosure by law[96](index=96&type=chunk) [V. Specific Situation of Consolidating and Expanding Poverty Alleviation Achievements, Rural Revitalization, and Other Work](index=32&type=section&id=V.%20Specific%20Situation%20of%20Consolidating%20and%20Expanding%20Poverty%20Alleviation%20Achievements%2C%20Rural%20Revitalization%2C%20and%20Other%20Work) During the reporting period, the company is not applicable for disclosing specific situations regarding consolidating and expanding poverty alleviation achievements, rural revitalization, and other work - The company is not applicable for disclosing specific situations regarding consolidating and expanding poverty alleviation achievements, rural revitalization, and other work[96](index=96&type=chunk) [Section V Significant Matters](index=33&type=section&id=Section%20V%20Significant%20Matters) This section covers significant matters including the fulfillment of commitments, related party transactions, use of raised funds, and other material events during the reporting period [I. Fulfillment of Commitments](index=33&type=section&id=I.%20Fulfillment%20of%20Commitments) During the reporting period, all commitments made by the company's actual controller, controlling shareholder, directors, senior management, core technical personnel, and other shareholders, including share lock-up, shareholding intentions and reduction intentions, stable stock price plans, share repurchases, fraudulent issuance buybacks, measures to offset dilution of immediate returns, profit distribution policies, legal liability for compensation, disciplinary measures for unfulfilled public commitments, and resolution of horizontal competition, have been strictly fulfilled as scheduled - All commitments made by the company's actual controller, controlling shareholder, directors, senior management, core technical personnel, and other related parties during or continuing into the reporting period have been strictly fulfilled as scheduled[98](index=98&type=chunk)[99](index=99&type=chunk)[100](index=100&type=chunk)[101](index=101&type=chunk)[102](index=102&type=chunk) - Commitment types include share lock-up, shareholding intentions and reduction intentions, stable stock price plans and corresponding disciplinary measures, share repurchase and share buyback commitments, commitments to buy back shares for fraudulent issuance and listing, measures and commitments to offset dilution of immediate returns, profit distribution policy commitments, commitments to bear legal compensation or liability, commitments regarding disciplinary measures for unfulfilled public commitments, and commitments to resolve horizontal competition[98](index=98&type=chunk)[99](index=99&type=chunk)[100](index=100&type=chunk)[101](index=101&type=chunk)[102](index=102&type=chunk) [II. Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties During the Reporting Period](index=47&type=section&id=II.%20Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties%20During%20the%20Reporting%20Period) During the reporting period, there was no non-operating fund occupation by the controlling shareholder and other related parties - During the reporting period, the company had no non-operating fund occupation by the controlling shareholder and other related parties[156](index=156&type=chunk) [III. Irregular Guarantees](index=47&type=section&id=III.%20Irregular%20Guarantees) During the reporting period, there were no irregular guarantees - During the reporting period, the company had no irregular guarantees[156](index=156&type=chunk) [IV. Semi-Annual Report Audit Status](index=48&type=section&id=IV.%20Semi-Annual%20Report%20Audit%20Status) This semi-annual report has not been audited - This semi-annual report has not been audited[4](index=4&type=chunk) [V. Changes and Handling of Matters Involving Non-Standard Audit Opinions in the Previous Year's Annual Report](index=48&type=section&id=V.%20Changes%20and%20Handling%20of%20Matters%20Involving%20Non-Standard%20Audit%20Opinions%20in%20the%20Previous%20Year%27s%20Annual%20Report) During the reporting period, there were no changes or handling of matters involving non-standard audit opinions in the previous year's annual report - During the reporting period, the company had no changes or handling of matters involving non-standard audit opinions in the previous year's annual report[157](index=157&type=chunk) [VI. Bankruptcy and Reorganization Matters](index=48&type=section&id=VI.%20Bankruptcy%20and%20Reorganization%20Matters) During the reporting period, there were no bankruptcy and reorganization matters - During the reporting period, the company had no bankruptcy and reorganization matters[157](index=157&type=chunk) [VII. Significant Litigation and Arbitration Matters](index=48&type=section&id=VII.%20Significant%20Litigation%20and%20Arbitration%20Matters) During the reporting period, there were no significant litigation and arbitration matters - During the reporting period, the company had no significant litigation and arbitration matters[157](index=157&type=chunk) [VIII. Listed Company and Its Directors, Senior Management, Controlling Shareholder, Actual Controller Suspected of Violations, Penalties, and Rectification](index=48&type=section&id=VIII.%20Listed%20Company%20and%20Its%20Directors%2C%20Senior%20Management%2C%20Controlling%20Shareholder%2C%20Actual%20Controller%20Suspected%20of%20Violations%2C%20Penalties%2C%20and%20Rectification) During the reporting period, the company and its directors, senior management, controlling shareholder, and actual controller were not suspected of violations, subject to penalties, or undergoing rectification - During the reporting period, the company and its directors, senior management, controlling shareholder, and actual controller were not suspected of violations, subject to penalties, or undergoing rectification[157](index=157&type=chunk) [IX. Explanation of the Integrity Status of the Company and Its Controlling Shareholder, Actual Controller During the Reporting Period](index=48&type=section&id=IX.%20Explanation%20of%20the%20Integrity%20Status%20of%20the%20Company%20and%20Its%20Controlling%20Shareholder%2C%20Actual%20Controller%20During%20the%20Reporting%20Period) During the reporting period, the company and its controlling shareholder and actual controller maintained good integrity, with no adverse integrity issues such as unfulfilled effective court judgments or significant overdue debts - During the reporting period, the company and its controlling shareholder and actual controller maintained good integrity, with no adverse integrity issues such as unfulfilled effective court judgments or significant overdue debts[157](index=157&type=chunk) [X. Significant Related Party Transactions](index=48&type=section&id=X.%20Significant%20Related%20Party%20Transactions) During the reporting period, the company jointly invested 75 million yuan with a professional institution in Changzhou Wuyuefeng Qianlang Phase II Semiconductor Industry Investment Partnership (Limited Partnership), with 37.5 million yuan already paid in. This matter has been disclosed in a temporary announcement - The company, as a new limited partner, contributed **75 million yuan** to subscribe for new shares in Changzhou Wuyuefeng Qianlang Phase II Semiconductor Industry Investment Partnership (Limited Partnership)[159](index=159&type=chunk) - The source of funds for this investment is the company's own funds or self-raised funds[160](index=160&type=chunk) - Related director Mr. Liu Jian recused himself from voting, and the independent directors' special meeting and the Board's audit committee issued clear opinions of consent[160](index=160&type=chunk) [XI. Significant Contracts and Their Fulfillment](index=51&type=section&id=XI.%20Significant%20Contracts%20and%20Their%20Fulfillment) During the reporting period, the company had no entrustment, contracting, or leasing matters, no significant guarantees, and no other significant contracts - The company has no entrustment, contracting, or leasing matters[162](index=162&type=chunk) - The company has no significant guarantees[162](index=162&type=chunk) - The company has no other significant contracts[162](index=162&type=chunk) [XII. Explanation of Progress in Use of Raised Funds](index=52&type=section&id=XII.%20Explanation%20of%20Progress%20in%20Use%20of%20Raised%20Funds) During the reporting period, the company's overall use of raised funds progressed smoothly, with a cumulative investment of 587.800 million yuan, accounting for 43.37% of the net raised funds. The implementation period for some fundraising projects has been extended to April 2028 due to changes in the global economic situation, weak downstream demand, and competition for talent in the semiconductor industry. The company has completed the share repurchase using over-raised funds and continues to use idle raised funds for cash management Overall Use of Raised Funds | Indicator | Amount (yuan) | | :--- | :--- | | Total Raised Funds | 1,491,000,000.00 | | Net Raised Funds | 1,355,392,245.06 | | Cumulative Investment of Raised Funds as of End of Reporting Period | 587,799,692.65 | | Cumulative Investment Progress (%) | 43.37 | | Amount Invested in Current Year | 43,747,864.19 | - The implementation period for some of the company's fundraising projects (including “Consumer Electronics Battery Management and Power Management Chip R&D and Industrialization Project”, “Industrial Battery Management and Power Management Chip R&D and Industrialization Project”, “Technology R&D Center Construction Project”) has been extended to **April 2028**[175](index=175&type=chunk) - Reasons for project delays primarily include changes in the global economic situation and weak downstream demand, cyclical fluctuations in the semiconductor industry, and intense competition for high-end talent in the semiconductor industry, leading to rapidly increasing personnel costs[166](index=166&type=chunk)[167](index=167&type=chunk) Detailed Use of Over-Raised Funds | Purpose | Total Over-Raised Funds Planned for Investment (yuan) | Cumulative Over-Raised Funds Invested as of End of Reporting Period (yuan) | Cumulative Investment Progress (%) | | :--- | :--- | :--- | :--- | | Permanent Supplement to Working Capital | 163,700,000.00 | 163,700,000.00 | 100.00 | | Purchase of Real Estate | 82,000,000.00 | 10,000,000.00 | 12.20 | | Repurchase of Company Shares | 100,000,000.00 | 87,531,846.05 | 87.53 | | Undetermined Investment Direction | 200,529,645.06 | - | - | - The company completed its repurchase plan on January 22, 2025, having cumulatively repurchased **1,479,567 shares**, in line with the repurchase plan approved by the Board of Directors[174](index=174&type=chunk) - The company plans to use a maximum of **800 million yuan** (inclusive) of over-raised funds and some idle raised funds for cash management, to purchase highly secure and liquid principal-protected investment products[172](index=172&type=chunk) [XIII. Explanation of Other Significant Matters](index=56&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) During the reporting period, the company had no other significant matters to explain - The company has no other significant matters to explain[176](index=176&type=chunk) [Section VI Share Changes and Shareholder Information](index=57&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital, shareholder structure, and the shareholdings of directors, senior management, and core technical personnel [I. Share Capital Changes](index=57&type=section&id=I.%20Share%20Capital%20Changes) During the reporting period, the company's total share capital increased by 1.191 million shares due to the exercise of the fourth tranche of the 2020 Stock Option Incentive Plan's initial and reserved grants, changing from 84.948 million shares to 86.139 million shares. Concurrently, some initially restricted shares (15.539 million shares) became tradable from April 29, 2025. These share capital changes had a dilutive effect on financial indicators such as earnings per share and net assets per share Share Capital Change Statement | Category | Quantity Before This Change | Percentage Before This Change (%) | Increase/Decrease in This Change (+,-) Subtotal | Quantity After This Change | Percentage After This Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 46,643,623 | 54.91 | -14,347,524 | 32,296,099 | 37.49 | | Of which: Shares held by domestic natural persons | 6,051,740 | 7.12 | 1,191,275 | 7,243,015 | 8.41 | | II. Unrestricted Tradable Shares | 38,304,117 | 45.09 | 15,538,799 | 53,842,916 | 62.51 | | III. Total Shares | 84,947,740 | 100 | 1,191,275 | 86,139,015 | 100.00 | - The company's total share capital increased from **84.948 million shares** to **86.139 million shares** due to the exercise of the fourth tranche of the 2020 Stock Option Incentive Plan's initial and reserved grants, totaling **1.191 million shares** exercised[180](index=180&type=chunk) - A total of **15.539 million shares** of initially restricted shares held directly by shareholders Wuyuefeng Investment, Beijing Yihe, and Shanghai Lingguan became tradable from **April 29, 2025**[180](index=180&type=chunk) - Between the end of the reporting period and the disclosure date of the semi-annual report, the company's basic earnings per share and net assets per share for the first half of 2025 were diluted[182](index=182&type=chunk) Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period | Restricted Shares Released in Reporting Period | Restricted Shares Increased in Reporting Period | Restricted Shares at End of Reporting Period | Reason for Restriction | Date of Release from Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Wuyuefeng Integrated Circuit Equity Investment Partnership (Limited Partnership) | 9,778,735 | 9,778,735 | 0 | 0 | Restricted shares formed by initial public offering | April 29, 2025 | | Beijing Wuyuefeng Zhongqing Zhenghe Technology Venture Capital Management Co., Ltd. - Beijing Wuyuefeng Yihe High-Tech Industry Investment Partnership (Limited Partnership) | 3,348,874 | 3,348,874 | 0 | 0 | Restricted shares formed by initial public offering | April 29, 2025 | | Shanghai Lingguan Enterprise Management Partnership (Limited Partnership) | 2,411,190 | 2,411,190 | 0 | 0 | Restricted shares formed by initial public offering | April 29, 2025 | | 2020 Stock Option Incentive Plan Fourth Tranche Initial Grant, Reserved Grant Grantees | 0 | 0 | 1,191,275 | 1,191,275 | Shares obtained by grantees through exercise after the company's listing, not transferable within 3 years from the exercise date | May 22, 2028 / June 6, 2028 | [II. Shareholder Information](index=59&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company had a total of 8,909 common shareholders. Among the top ten shareholders, Dongguan Weitu Investment Management Partnership (Limited Partnership) was the largest shareholder, holding 20.44% of the shares. The controlling shareholder and its concerted parties (Weitu Investment, Juhe Investment, Weihe Investment) held a high proportion of shares. Some shareholders had concerted action relationships - Total number of common shareholders at the end of the reporting period: **8,909**[184](index=184&type=chunk) Top Ten Shareholders' Shareholding | Shareholder Name | Shares Held at Period-End | Percentage (%) | Restricted Shares Held | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | Dongguan Weitu Investment Management Partnership (Limited Partnership) | 17,610

深圳市英唐智能控制股份有限公司 2025 年半年度报告全文 深圳市英唐智能控制股份有限公司 2025 年半年度报告 2025 年 8 月 1 深圳市英唐智能控制股份有限公司 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。 公司负责人胡庆周、主管会计工作负责人杨松及会计机构负责人(会计主 管人员)廖华声明：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。 本报告中涉及未来计划等前瞻性陈述的，均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，敬请投资者注意投资风险。公司在"第三节、管理层 讨论与分析"中的"十、公司面临的风险和应对措施"中披露了公司存在的风险， 请投资者注意阅读。 公司无需遵照特殊行业的披露要求 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 | P | S | | --- | --- | | | > | | ...