南京科思化学股份有限公司 2025 年半年度报告全文 2025 年 8 月 1 南京科思化学股份有限公司 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。 公司负责人周旭明、主管会计工作负责人孟海斌及会计机构负责人(会计 主管人员)范玉琪声明：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。 南京科思化学股份有限公司 2025 年半年度报告 （公告编号：2025-047） | | | 南京科思化学股份有限公司 2025 年半年度报告全文 备查文件目录 （一）载有法定代表人签名的 2025 年半年度报告； 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。 公司在本报告"第三节 管理层讨论与分析"中"十、公司面临的风险和 应对措施"部分描述了公司经营中可能面临的风险及应对措施 ...

承德露露股份公司 2025 年半年度报告全文 承德露露股份公司 2025 年半年度报告 【2025 年 8 月 27 日】 承德露露股份公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法 律责任。 公司负责人沈志军、主管会计工作负责人丁兴贤及会计机构负责人(会计 主管人员)刘明珊声明：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。 本报告所涉及的未来计划等前瞻性陈述，不构成公司对投资者的实质承 诺，投资者及相关人士均应当对此保持足够的风险认识，并且应当理解计 划、预测与承诺之间的差异。 公司已在本报告"第三节管理层讨论与分析"中描述了公司未来经营中 可能面临的风险以及应对措施，敬请广大投资者注意查阅。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 1 | 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 | ...

2025 年半年度报告 二〇二五年八月 无锡蠡湖增压技术股份有限公司 2025 年半年度报告全文 无锡蠡湖增压技术股份有限公司 2025 年半年度报告全文 证券代码：300694 证券简称：蠡湖股份 公告编号：2025-046 无锡蠡湖增压技术股份有限公司 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人刘秋志、主管会计工作负责人陈平及会计机构负责人(会计主 管人员)陈平声明：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。 请投资者特别关注本半年度报告第三节"十、公司面临的风险和应对措 施"中的内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 | | 4 | 4 | 1 | | --- | --- | --- | --- | | . | œ | | | | 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 | 4 | | 第三节 ...

浙江联盛化学股份有限公司 2025 年半年度报告全文 浙江联盛化学股份有限公司 2025 年半年度报告 2025-033 2025 年 08 月 1 浙江联盛化学股份有限公司 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。 公司负责人牟建宇、主管会计工作负责人黄清辉及会计机构负责人(会计 主管人员)黄清辉声明：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。 本报告所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的 实质承诺，投资者及相关人士均应当对此保持足够风险认知，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。 公司在经营管理中可能面临的主要风险有宏观经济波动风险、原材料价格 波动风险、安全生产的风险、环保合规风险、汇率波动风险、客户集中风险、 产品价格下降的风险和政策风险等，具体详见本报告"第三节 管理层讨论与 分析"之"十、公司面临的风险和应对措施"。敬请广大投资者 ...

江苏三六五网络股份有限公司 2025 年半年度报告全文 江苏三六五网络股份有限公司 2025 年半年度报告 2025-024 2025 年 8 月 1 江苏三六五网络股份有限公司 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。 公司负责人胡光辉、主管会计工作负责人胡光辉及会计机构负责人(会计 主管人员)王朵声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的 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。 公司在本报告需提醒投资者特别关注的风险包括：公司所服务的房地产 市场持续低迷的风险；公司业绩低于预期的风险等。本报告第三节"管理层 讨论与分析"中"十、公司面对的风险及应对措施"部分对风险进行了描述 分析，敬请投资者关注相关内容。 公司计划不派发现金红利，不送红 ...

2025 年半年度报告 陕西美能清洁能源集团股份有限公司 2025 年半年度报告全文 1 陕西美能清洁能源集团股份有限公司 2025 年半年度报告全文 2025 年半年度报告 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。 公司负责人晏立群、主管会计工作负责人吴兰及会计机构负责人(会计主 管人员)黄文哲声明：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"部分关于公司可能面 对的风险。 公司经本次董事会审议通过的利润分配预案为：以公司未来实施分配方 案时股权登记日的总股本扣除回购专户上已回购股份后的股本为基数，向全 体股东每 10 股派发现金红利 1.50 元（含税），送红股 0 股（含税），不以 公积金转增股本。 2 | œ | 1 . | | --- | --- | | | | | 第一节 | 重要提示、目录和 ...

三河同飞制冷股份有限公司 2025 年半年度报告全文 证券代码：300990 证券简称：同飞股份 公告编号：2025-057 三河同飞制冷股份有限公司 2025 年半年度报告 2025 年 08 月 1 三河同飞制冷股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法 律责任。 公司负责人张浩雷、主管会计工作负责人高宇及会计机构负责人(会计主 管人员)栗亚楠声明：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。 本报告如有涉及未来的战略规划及经营计划，不构成公司对投资者的实 质承诺，投资者及相关人士应对此保持足够的风险认识，并且应当理解计划、 预测及承诺之间的差异。 公司在本报告第三节"管理层讨论与分析"之"十、公司面临的风险和应对 措施"详细描述了公司经营中可能存在的风险及应对措施，敬请投资者关注相 关内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第二节 | 公司简介和主要财务指标 | 6 ...

所有董事均已出席了审议本次半年报的董事会会议。 公司存在业务依赖行业需求增速放缓风险、原材料价格波动风险、应收账 款发生坏账的风险、外部环境风险，敬请广大投资者注意投资风险。详细内 容见本报告中"第三节 管理层讨论与分析 十、公司面临的风险和应对措 施"。 宁波东力股份有限公司 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。 公司负责人宋济隆、主管会计工作负责人廖霄及会计机构负责人（会计 主管人员）廖霄声明：保证本半年度报告中财务报告的真实、准确、完整。 宁波东力股份有限公司 2025 年半年度报告全文 2025 年半年度报告 二〇二五年八月 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 | 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 | | | 第三节 | 管理层讨论与分析 8 | | | 第四节 | 公司治理、环境和社会 21 | | | 第五 ...

[Definitions](index=4&type=section&id=Section%201%20Definitions) This section defines key terms and entities used throughout the report, covering company specifics, major shareholders, industry bodies, and cybersecurity technologies. - This section defines common terms used in the report, including the company name (**Hillstone Networks**), major shareholders (**Digital China, Alpha Achieve**, etc.), industry research institutions (**IDC, Gartner**), and cybersecurity-related technical terms (boundary security, cloud security, data security, application delivery, industrial internet, **UTM**, next-generation firewall, **WAF**, etc.)[12](index=12&type=chunk)[13](index=13&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of Hillstone Networks' fundamental information, including its corporate details, contact information, stock overview, and key financial performance metrics for the reporting period. [Company Basic Information](index=6&type=section&id=I.%20Company%20Basic%20Information) This section details Hillstone Networks' fundamental information, including its official names, legal representative, addresses, and contact details, noting a change in the legal representative. Company Basic Information | Indicator | Content | | :--- | :--- | | Chinese Name | Hillstone Networks Co.,Ltd. | | Chinese Abbreviation | Hillstone Networks | | English Name | Hillstone Networks Co.,Ltd. | | Legal Representative | Ye Haiqiang (changed during the reporting period) | | Registered/Office Address | No. 181 Jingrun Road, Suzhou High-tech Zone | | Company Website | https://www.hillstonenet.com.cn | | Email | ir@hillstonenet.com | [Contacts and Contact Information](index=6&type=section&id=II.%20Contacts%20and%20Contact%20Information) This section provides contact details for the company's Board Secretary, Tang Yan, and Securities Affairs Representative, He Yuantao. Contact Information | Position | Name | Contact Address | Phone | Email | | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Tang Yan | No. 181 Jingrun Road, Suzhou High-tech Zone | 0512-66806591 | ir@hillstonenet.com | | Securities Affairs Representative | He Yuantao | No. 181 Jingrun Road, Suzhou High-tech Zone | 0512-66806591 | ir@hillstonenet.com | [Changes in Information Disclosure and Document Placement Locations](index=6&type=section&id=III.%20Changes%20in%20Information%20Disclosure%20and%20Document%20Placement%20Locations) The company's designated information disclosure channels and document placement location remained unchanged during the reporting period. - The company's selected information disclosure newspaper is "**Shanghai Securities News**", the website for publishing semi-annual reports is **www.sse.com.cn**, and the company's semi-annual report placement location is Hillstone Networks, 2nd Floor, No. 181 Jingrun Road, Suzhou High-tech Zone (Board of Directors Office), with no changes during the reporting period[17](index=17&type=chunk) [Overview of Company Shares/Depositary Receipts](index=6&type=section&id=IV.%20Overview%20of%20Company%20Shares%2FDepositary%20Receipts) The company's A-shares are listed on the STAR Market of the Shanghai Stock Exchange under the stock code **688030**, with no depositary receipts. Company Stock Overview | Stock Type | Listing Exchange and Board | Stock Abbreviation | Stock Code | Previous Stock Abbreviation | | :--- | :--- | :--- | :--- | :--- | | A-shares | STAR Market, Shanghai Stock Exchange | Hillstone Networks | 688030 | None | - The company has no depositary receipts[19](index=19&type=chunk) [Company's Key Accounting Data and Financial Indicators](index=7&type=section&id=VI.%20Company's%20Key%20Accounting%20Data%20and%20Financial%20Indicators) Operating revenue grew by **9.46%** to **RMB 416.82 million**, while net loss attributable to shareholders narrowed by **4.31%** to **RMB -76.56 million**, despite a **79.89%** increase in net cash outflow from operating activities. Key Financial Indicators (January-June 2025) | Indicator | Current Reporting Period (Jan-Jun) | Prior Period | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | RMB 416.8158 million | RMB 380.7922 million | **9.46%** | | Net Profit Attributable to Shareholders | RMB -76.5572 million | RMB -80.0087 million | **Loss narrowed by 4.31%** | | Net Cash Flow from Operating Activities | RMB -125.98 million | RMB -70.0321 million | **Net outflow expanded by 79.89%** | | R&D Investment as % of Operating Revenue | **40.40%** | 46.49% | **Decreased by 6.09 percentage points** | | Basic Earnings Per Share (RMB/share) | **-0.4248** | -0.4519 | Not applicable | | Diluted Earnings Per Share (RMB/share) | **-0.4248** | -0.4519 | Not applicable | | Basic EPS (Excluding Non-Recurring Items) (RMB/share) | **-0.4250** | -0.4835 | Not applicable | | Weighted Average Return on Net Assets (%) | **-8.66** | -7.74 | **Decreased by 0.92 percentage points** | | Weighted Average Return on Net Assets (Excluding Non-Recurring Items) (%) | **-8.66** | -8.28 | **Decreased by 0.38 percentage points** | - The net outflow of cash flow from operating activities expanded year-on-year, primarily due to reduced sales collections and lower VAT refunds for software products and government subsidies[22](index=22&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=8&type=section&id=VIII.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) Total non-recurring gains and losses were **RMB 36,638.77**, with specific items including asset disposal gains, government subsidies, and entrusted investment income, while VAT refunds and tax fee returns are classified as recurring. Non-Recurring Gains and Losses Items (January-June 2025) | Non-Recurring Gains and Losses Item | Amount (RMB) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | **313,517.20** | | Government Subsidies Recognized in Current P&L | **597,649.00** | | Gains/Losses from Entrusted Investments | **166,491.78** | | Other Non-Operating Income and Expenses | **-983,754.05** | | Less: Income Tax Impact | **7,485.10** | | Minority Interest Impact (After Tax) | **49,780.06** | | Total | **36,638.77** | - The company classified VAT refunds for software product sales (**RMB 12,876,096.43**) and tax fee refunds (**RMB 564,197.42**) as recurring gains and losses because they are closely related to the company's normal operations, comply with national policies, and are continuously enjoyed based on certain fixed or quantitative standards[26](index=26&type=chunk) [Management Discussion and Analysis](index=10&type=section&id=Section%203%20Management%20Discussion%20and%20Analysis) This section provides an in-depth discussion and analysis of the company's operational performance, industry landscape, core competencies, and risk factors during the reporting period. [Company's Industry and Main Business Overview](index=10&type=section&id=I.%20Company's%20Industry%20and%20Main%20Business%20Overview) The company launched its "Dual-A Strategy" (ASIC and AI) to enhance cybersecurity product performance and intelligence, covering 10 product categories and over 50 industry solutions, capitalizing on new opportunities in AI and Xinchuang despite intense market competition. - The company in 2025 officially launched its "**Dual-A Strategy**" (self-developed **ASIC security chips** and **AI technology**), aiming to enhance the performance and intelligence of cybersecurity products through deep integration of hardware and intelligent technologies, building a comprehensive security protection system[29](index=29&type=chunk) - The company's business lines now cover **10 major categories** of products and services, including infrastructure security, cloud security, data security, application security, security operations, industrial internet security, information technology application innovation, AI security, security services, and security education, forming complete solutions for over **50 industries and scenarios**[29](index=29&type=chunk) - In the first half of 2025, the cybersecurity industry faced intense competition, but **AI large models** and **Xinchuang** (information technology application innovation) brought new business opportunities and growth drivers[52](index=52&type=chunk)[55](index=55&type=chunk) - In the first quarter of 2025, the company ranked **third** in market share among major vendors in China's Unified Threat Management (UTM) hardware market, with a market share of **13.8%**[56](index=56&type=chunk) [Company's Main Business and Products](index=10&type=section&id=1.%20Company's%20Main%20Business%20and%20Products) The company offers **10 major categories** of cybersecurity products and services, including infrastructure, cloud, and data security, providing over **50 comprehensive industry solutions**. - The company's business lines now cover **10 major categories** of products and services, including infrastructure security, cloud security, data security, application security, security operations, industrial internet security, information technology application innovation, AI security, security services, and security education, forming complete solutions for over **50 industries and scenarios**[29](index=29&type=chunk) [Progress of Main Business and Products](index=10&type=section&id=2.%20Progress%20of%20Main%20Business%20and%20Products) Boundary security revenue grew **14.00%** to **RMB 311.43 million** with new Xinchuang firewalls and ASIC chip preparations, cloud security revenue increased **14.47%** to **RMB 37.94 million**, while other security businesses saw a **15.94%** revenue decline to **RMB 60.33 million**. - The boundary security business line achieved operating revenue of **RMB 311.4335 million**, a year-on-year increase of **14.00%**, accounting for **76.01%** of main business revenue[33](index=33&type=chunk) - The cloud security business line achieved operating revenue of **RMB 37.9424 million**, a year-on-year increase of **14.47%**, accounting for **9.26%** of main business revenue[35](index=35&type=chunk) - Other security business revenue was **RMB 60.3262 million**, a year-on-year decrease of **15.94%**, accounting for **14.72%** of the company's main business revenue[49](index=49&type=chunk) - In the boundary security domain, **9 new box-type Xinchuang firewalls** were released, and preparations were made for firewall products that will soon be equipped with self-developed **ASIC security chips**[33](index=33&type=chunk) - In the cloud security domain, the **Hillstone Cloud Armor Host Security Protection Platform (CNAPP) R5** version was released, adding threat protection capabilities such as **network intrusion prevention**, **Runtime Application Self-Protection (RASP)**, and **host intrusion behavior detection**[34](index=34&type=chunk) - The data security business line released the "**Hillstone Networks Data Security Governance White Paper v4.0**" and "**Hillstone Networks Data Security Decryption Manual v3.0**", and developed **4 AI-related security services**, with AI continuously empowering data security governance[40](index=40&type=chunk) - In the application security domain, the new **iWAF (Extreme Speed・Intelligent Defense)** and the **Large Model Application Firewall (MAF)**, specifically designed for large model application scenarios, were launched[44](index=44&type=chunk)[45](index=45&type=chunk) - Security services business focuses on **data security governance**, **security operations system construction**, and **AI agent development services**, with significant security projects for several large central state-owned enterprise groups successfully renewed[47](index=47&type=chunk) [(II) Operating Model](index=15&type=section&id=(II)%20Operating%20Model) The company's core operating models, encompassing sales, procurement, production, and R&D, remained stable and unchanged during the reporting period. - During the reporting period, the company's main operating models (sales, procurement, production, and R&D) did not undergo significant changes, remaining relatively reasonable and stable[51](index=51&type=chunk) [(III) Industry Overview](index=15&type=section&id=(III)%20Industry%20Overview) The cybersecurity industry showed limited recovery in H1 2025 amid fierce competition, with traditional security hardware growing at **4.55% CAGR**, data security at **6.14%**, and Xinchuang at over **30%**, while the company maintained its **third-place** ranking in the UTM hardware market. - In the first half of 2025, the cybersecurity industry still showed no clear signs of recovery, and market competition was intense; however, the National Cyberspace Administration of China issued the "**Cybersecurity Law of the People's Republic of China (Draft Amendment)**" to strengthen legal responsibilities, increasing the importance of cybersecurity and data security[52](index=52&type=chunk) China Security Hardware Market Forecast (IDC) | Indicator | 2024 Market Size (RMB billion) | 2024-2029 CAGR | 2029 Forecast Size (RMB billion) | | :--- | :--- | :--- | :--- | | Overall Security Hardware Market | **21.02** | **4.55%** | **26.2** | | Firewall Market | **14.3** | **4.9%** | **18.2** | - In 2024, the data security software market size was **RMB 7.1 billion**, a year-on-year increase of **6.14%**, making it one of the few sub-markets in the security industry with positive growth[54](index=54&type=chunk) - The Xinchuang (information technology application innovation) sector is expected to expand at a rate of over **30%** from 2025-2027[55](index=55&type=chunk) - In the first quarter of 2025, the company ranked **third** in market share among major vendors in China's Unified Threat Management (UTM) hardware market (**13.8%**), and was included in IDC's **2 categories** for "Security Operations Agents, Security Detection Agents" and all **7 sub-categories** of the "China Large Model Security Protection Market"[56](index=56&type=chunk) [Discussion and Analysis of Operations](index=17&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) Facing industry pressures, the company advanced its "Dual-A Strategy" and "Four Major Battles," achieving **9.46%** revenue growth to **RMB 416.82 million**, narrowing net loss by **4.31%**, and improving efficiency with a **13%** headcount reduction and **26%** increase in per-salesperson output. - The company established its "**Dual-A (ASIC+AI) Strategy**", with the **ASIC strategy** aiming to enhance security infrastructure efficiency and the **AI strategy** improving security operations efficiency through intelligent agents[59](index=59&type=chunk) - During the reporting period, the company appointed a **Chief AI Officer** internally to coordinate the top-level design and implementation of AI initiatives, achieving an R&D capacity increase of approximately **25%**[60](index=60&type=chunk) Operating Performance H1 2025 | Indicator | Amount (RMB million) | Period-on-Period Change (%) | | :--- | :--- | :--- | | Operating Revenue | **416.8158** | **9.46%** | | Net Profit Attributable to Shareholders | **-76.5572** | **Loss reduced by 4.31%** | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | **-76.5938** | **Loss reduced by 10.52%** | - The company's total headcount decreased by approximately **13%** year-on-year, the period expense ratio decreased by about **15 percentage points**, and per-salesperson output increased by approximately **26%** year-on-year[61](index=61&type=chunk) [Four Major Battles Progressing Orderly, Business Improvement Evident](index=17&type=section&id=1.%20Four%20Major%20Battles%20Progressing%20Orderly%2C%20Business%20Improvement%20Evident) The company's "Four Major Battles" show progress: ASIC chip mass production initiated, strong sales growth in key industries, rapid growth in data security and security operations services targeting **RMB 100 million** orders, and a brand transformation towards a global, AI-driven solution provider. - "Platform Transition": **ASIC chip mass production tape-out** has started, with capability verification points deployed in finance, healthcare, education, and government/enterprise sectors, and an independent and controllable certification evaluation report obtained from the Fifth Electronics Research Institute of the Ministry of Industry and Information Technology[63](index=63&type=chunk) - "Key Industries": The company designated finance, telecom operators, energy, and education as key industries for the year, showing **good sales growth** and securing representative project shortlists or wins[63](index=63&type=chunk) - "RMB 100 Million Product Lines": The company continues to deepen its strategic layout in security services, combining data security governance with security operations services, aiming for **over RMB 100 million** in orders for this business within three years, with rapid performance growth during the reporting period[64](index=64&type=chunk) - "Brand Transformation": Centered on the brand philosophy of "**open integration, AI empowerment, intelligent O&M**," the company is gradually transforming into a "**global brand layout + comprehensive solution provider + Dual-A (ASIC+AI) driven technology innovator**"[65](index=65&type=chunk) [Internal Cost Control and Efficiency Improvement, External Collaborative Expansion](index=18&type=section&id=2.%20Internal%20Cost%20Control%20and%20Efficiency%20Improvement%2C%20External%20Collaborative%20Expansion) The company's business unit reform led to a **26%** increase in per-salesperson output, **RMB 154 million** in channel-contributed sales (up **53%**), and a **15 percentage point** reduction in period expense ratio, demonstrating significant internal efficiency gains and external expansion. - The company deepened its business unit system, with steady growth in revenue and order volume in finance, telecom operators, and energy sectors, and per-salesperson output increasing by approximately **26%** compared to the same period last year[66](index=66&type=chunk)[67](index=67&type=chunk) - The company's Hong Kong and Macau business unit continued to maintain **rapid revenue and profit growth**, with increasing international brand influence[67](index=67&type=chunk) - The company continued to expand its channel ecosystem, with sales contracts contributed by channels amounting to approximately **RMB 154 million**, a year-on-year increase of about **53%**[67](index=67&type=chunk) - During the reporting period, the company's period expense ratio decreased by approximately **15 percentage points** year-on-year, demonstrating relatively significant achievements in cost control and profitability recovery[67](index=67&type=chunk) ["Dual-A (ASIC+AI)" Strategy Driven, Technological Innovation Drives Long-Term Growth](index=19&type=section&id=3.%20%E2%80%9CDual-A%20(ASIC%2BAI)%E2%80%9D%20Strategy%20Driven%2C%20Technological%20Innovation%20Drives%20Long-Term%20Growth) The "Dual-A Strategy" (ASIC+AI)

杭州福斯特应用材料股份有限公司 2025 年半年度报告 1/ 181 杭州福斯特应用材料股份有限公司 2025 年半年度报告 重要提示 公司代码：603806 公司简称：福斯特 杭州福斯特应用材料股份有限公司 2025 年半年度报告 二 O 二五年八月二十五日 否 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人林建华、主管会计工作负责人许剑琴及会计机构负责人（会计主管人员）曾强 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 不适用 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中涉及的经营计划等前瞻性描述不构成公司对投资者的实质承诺，敬请注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完 ...