公司代码：603920 公司简称：世运电路 广东世运电路科技股份有限公司 2025 年半年度报告 广东世运电路科技股份有限公司2025 年半年度报告 1 / 213 广东世运电路科技股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真 实性、准确性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连 带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人林育成、主管会计工作负责人蒋毅及会计机构负责人（会计主管人 员）黄华明声明：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 否 六、 前瞻性陈述的风险声明 √适用 □不适用 公司半年度报告陈述对未来的计划具有不确定性，其中涉及的未来规划、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。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告 ...

[Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section provides definitions for key terms used throughout the report Common Terms | Common Terms | Definition | | :--- | :--- | | Yuan, Ten Thousand Yuan | Refers to RMB Yuan, RMB Ten Thousand Yuan | | Reporting Period | Refers to January 1, 2025 to June 30, 2025 | [Company Profile and Key Financial Indicators](index=4&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section provides an overview of the company's basic information and key financial performance indicators for the reporting period [Company Basic Information](index=4&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section discloses basic information about Shenzhen Kingdom Technology Co., Ltd., including its Chinese name, abbreviation, and legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Company's Chinese Name | Shenzhen Kingdom Technology Co., Ltd. | | Company's Chinese Abbreviation | Kingdom Technology | | Company's Legal Representative | Li Jieyi | [Contact Information](index=4&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 detailed contact information for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, fax numbers, and email addresses Contact Information | Position | Board Secretary | Securities Affairs Representative | | :--- | :--- | :--- | | Name | Yin Ming | Chen Zhisheng | | Phone | 0755-86393989 | 0755-86393989 | | Email | yinming1@szkingdom.com | chenzhisheng@szkingdom.com | [Changes in Basic Information](index=4&type=section&id=%E4%B8%89%E3%80%81%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5%E5%8F%98%E6%9B%B4%E7%AE%80%E4%BB%8B) This section outlines the company's basic information, such as its registered and office addresses, noting no historical changes during the reporting period - The company's registered and office addresses remained unchanged during the reporting period[16](index=16&type=chunk) [Information Disclosure](index=4&type=section&id=%E5%9B%9B%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) This section discloses the company's designated newspapers for information disclosure, the website address for its semi-annual report, and the location where the report is available for inspection - The company's designated newspapers for information disclosure are China Securities Journal, Shanghai Securities News, and Securities Times, with the report available on http://www.sse.com.cn[17](index=17&type=chunk) [Stock Information](index=4&type=section&id=%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%AE%80%E5%86%B5) This section provides brief information on the company's stock, including stock type, listing exchange, stock abbreviation, and stock code Company Stock Overview | Stock Type | Stock Exchange | Stock Abbreviation | Stock Code | | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange | Kingdom Technology | 600446 | [Key Accounting Data and Financial Indicators](index=5&type=section&id=%E4%B8%83%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A7%A3%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) During the reporting period, the company's operating revenue decreased by 48.55% year-on-year to 1.208 billion Yuan, primarily due to the scaling back of non-financial IT business, while net loss attributable to shareholders narrowed due to effective cost and expense control Key Accounting Data (January-June 2025) | Key Accounting Data | Current Reporting Period (Jan-Jun) (Yuan) | Prior Year Period (Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,207,760,835.73 | 2,347,310,768.26 | -48.55 | | Total Profit | -33,802,114.27 | -97,320,886.34 | Not Applicable | | Net Profit Attributable to Shareholders of the Listed Company | -38,833,778.30 | -80,816,658.30 | Not Applicable | | Net Cash Flow from Operating Activities | -43,484,468.94 | -211,190,739.95 | Not Applicable | | Net Assets Attributable to Shareholders of the Listed Company (End of Period) | 3,687,498,611.39 | 3,647,916,401.79 | 1.09 | | Total Assets (End of Period) | 5,282,337,717.01 | 5,778,493,064.17 | -8.59 | Key Financial Indicators (January-June 2025) | Key Financial Indicators | Current Reporting Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic EPS (Yuan/share) | -0.0410 | -0.0854 | Not Applicable | | Diluted EPS (Yuan/share) | -0.0410 | -0.0854 | Not Applicable | | Weighted Average ROE (%) | -1.07 | -2.09 | Increased by 1.02 percentage points | - Operating revenue decreased by **48.55%** year-on-year, primarily due to the company's focus on its core financial technology business, leading to a reduction in non-financial IT business scale and a decline in related revenue[20](index=20&type=chunk) - Net loss attributable to shareholders of the listed company narrowed year-on-year, attributed to the company's effective cost and expense control measures[20](index=20&type=chunk) [Non-recurring Gains and Losses](index=5&type=section&id=%E4%B9%9D%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) During the reporting period, the company's total non-recurring gains and losses amounted to 19,086,824.25 Yuan, primarily from fair value changes and disposal gains of financial assets, government grants, and reversal of impairment provisions for receivables Non-recurring Gains and Losses Items and Amounts | Non-recurring Gains and Losses Item | Amount (Yuan) | Notes (if applicable) | | :--- | :--- | :--- | | Gains and losses from disposal of non-current assets | 777,255.29 | | | Government grants recognized in current profit or loss | 3,955,496.43 | Primarily due to government grants received | | Gains and losses from changes in fair value and disposal of financial assets and liabilities | 19,612,563.51 | Primarily due to changes in fair value of trading financial assets held by the company and gains from disposal of trading financial assets | | Reversal of impairment provisions for receivables subject to separate impairment testing | 2,127,871.44 | | | Other non-operating income and expenses apart from the above | -1,971,389.39 | | | Less: Income tax impact | 4,048,414.96 | | | Impact on minority interests (after tax) | 1,366,558.07 | | | Total | 19,086,824.25 | | [Management Discussion and Analysis](index=7&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section provides management's discussion and analysis of the company's operations, financial condition, and future outlook, covering industry trends, business performance, core competencies, and risk factors [Industry and Main Business Overview](index=7&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%A7%A3%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company's core business deeply focuses on financial technology, offering full-stack and full-product-line solutions, holding a leading position in wealth and investment technology, while the industry undergoes comprehensive upgrades and transformation driven by national innovation strategies, AI, and accelerated adoption of emerging technologies in cross-border payments - The company's core business is deeply focused on financial technology, expanding its presence in wealth and investment technology to provide fundamental technology platforms, application software products, and information technology services for financial institutions including securities firms, funds, and banks[25](index=25&type=chunk) - The national innovation strategy accelerates the localization process in the financial industry, driving profound changes in financial IT architecture and emphasizing independent control over core technology systems[26](index=26&type=chunk)[27](index=27&type=chunk) - New technologies such as artificial intelligence, generative AI, and large models are reshaping the financial industry landscape, upgrading from instrumental assistance to strategic support, helping FinTech companies enhance product quality and service efficiency[28](index=28&type=chunk)[29](index=29&type=chunk) - Emerging technologies, including blockchain and distributed ledgers, are rapidly being applied in cross-border payments, driving the development of central bank digital currencies and stablecoins, and reshaping traditional payment systems[30](index=30&type=chunk) [Operating Performance Analysis](index=8&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) During the reporting period, the company's operating revenue decreased by 48.55% year-on-year, while net loss narrowed, primarily due to focusing on its core financial technology business, scaling back non-financial IT operations, and effective cost control; the company also continued to advance technological innovation, including upgrading core products for domestic innovation, expanding proprietary technology businesses, and accelerating AI large model application deployment - During the reporting period, the company achieved operating revenue of **1.208 billion Yuan**, a year-on-year decrease of **48.55%**; net profit attributable to shareholders of the listed company was **-39 million Yuan**, with losses narrowing year-on-year[30](index=30&type=chunk) - The company focused on its core financial technology business, scaled back non-financial IT operations, optimized business management, and enhanced product reusability and overall operational efficiency[31](index=31&type=chunk)[36](index=36&type=chunk) - Adhering to technological innovation, the company promoted the domestic innovation upgrade of its new generation core products; based on the KOCA platform, the FS2.5 core trading system and A8 new generation investment trading system are steadily progressing with implementation at brokers such as CICC Wealth Securities and Guotou Securities[32](index=32&type=chunk)[33](index=33&type=chunk) - Actively expanding its proprietary technology business, the company integrated investment management, investment research, and investment risk control products, strengthening core capabilities in investment management, and won a bid for a new generation proprietary fixed-income trading system project for a certain brokerage[34](index=34&type=chunk)[40](index=40&type=chunk) - Accelerating the deployment of AI large models in applications, the company developed the KOCA AI platform to provide intelligent products for advisory, marketing, customer service, and risk control business scenarios, and independently developed the code large model K-CODE[35](index=35&type=chunk) - Wealth Technology (Securities IT) business continuously optimized products and services, focusing on the domestic innovation of new generation core systems, business innovation, and policy hot spots, with the FS2.5 core trading system steadily progressing at brokers such as CICC Wealth Securities and Guotou Securities[37](index=37&type=chunk)[38](index=38&type=chunk) - Investment Technology (Asset Management IT, Proprietary Trading IT) business fully integrated R&D, product, and market systems, promoting the launch of the A8 new generation investment trading system at key clients, and winning the Bosera Fund IBOR platform project[39](index=39&type=chunk)[40](index=40&type=chunk) - Other financial software and customized services business achieved an integrated payment platform upgrade in the banking sector and signed with Bank of Beijing, while customized services business solidified cornerstone clients and won multiple projects from the Shanghai Stock Exchange[41](index=41&type=chunk) - In other innovative businesses, associate company Jinzhiwei launched the new generation enterprise-level intelligent agent Ki-AgentS, Kingdom Smart upgraded its 'Smart Document' and 'Smart Agent' platforms, and StarNet Xintong added intelligent products such as an AI algorithm scheduling platform[42](index=42&type=chunk) - Non-financial businesses adopted a stable development strategy, continuously focusing on new business opportunities in artificial intelligence and large model fields[43](index=43&type=chunk) [Analysis of Core Competencies](index=11&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) As a key software enterprise within national strategic planning, the company has cultivated the financial technology sector for over two decades, establishing a leading industry position through continuous technological innovation, a rich product line, and strong brand reputation, with sustained high R&D investment and a complete technology platform ecosystem, particularly achieving significant progress in artificial intelligence - The company is a key software enterprise within national strategic planning, a Shenzhen high-tech enterprise, holding CMMI5 highest-level certification, maintaining high standards in process organization, software R&D, and quality management capabilities[44](index=44&type=chunk) - The company holds over **1,300 registered software copyrights**, with R&D personnel accounting for over **70%** of its total workforce, and invested **244 million Yuan** in R&D during the first half of 2025, establishing the Kingdom Open Cloud Native Architecture (KOCA) platform[45](index=45&type=chunk) - In artificial intelligence, the company independently developed the financial domain-specific large language model K-GPT, the code large model K-CODE, and a development application platform, driving dual empowerment of technological and business innovation[45](index=45&type=chunk) - The company provides comprehensive, front-to-back office integrated solutions for financial institution clients, with core trading systems, investment management systems, and TA systems enjoying a strong customer base[46](index=46&type=chunk) - With over **20 years** of experience in business system development and services in the financial sector, the company's products are stable, quality control is strict, and development processes are standardized, earning a strong brand reputation and widespread market recognition in the industry[46](index=46&type=chunk) [Key Operating Performance](index=12&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A7%A3%E9%A1%B9%E7%9B%AE%E6%83%85%E5%86%B5) This section details the company's key operating performance during the reporting period, including changes in financial statement items, segmented main business performance, asset-liability structure, external investment status, and operating results of major subsidiaries and associates; operating revenue and costs significantly decreased due to the scaling back of IT equipment distribution business, but gross profit margin in the financial industry improved, and the company terminated the transaction to sell equity in an associate [Main Business Financial Analysis](index=12&type=section&id=(%E4%B8%80)%20%E4%B8%BB%E8%A7%A3%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) During the reporting period, both operating revenue and operating costs significantly decreased, primarily due to the reduction in IT equipment distribution business scale; financial expenses notably declined, and net cash flow from operating activities saw reduced losses, with gross profit margins generally improving across the financial industry and a substantial increase in the non-financial industry Analysis of Changes in Financial Statement Items (January-June 2025) | Item | Current Period Amount (Yuan) | Prior Year Period Amount (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,207,760,835.73 | 2,347,310,768.26 | -48.55 | | Operating Cost | 755,348,025.79 | 1,887,341,567.88 | -59.98 | | Selling Expenses | 71,101,976.67 | 82,340,816.89 | -13.65 | | Administrative Expenses | 168,785,936.40 | 191,002,685.48 | -11.63 | | Financial Expenses | -4,589,053.43 | 3,712,646.98 | -223.61 | | R&D Expenses | 243,615,032.16 | 269,262,511.52 | -9.53 | | Net Cash Flow from Operating Activities | -43,484,468.94 | -211,190,739.95 | Not Applicable | | Net Cash Flow from Investing Activities | -61,748,049.72 | -87,884,720.90 | Not Applicable | | Net Cash Flow from Financing Activities | -266,198,670.98 | -25,897,300.16 | Not Applicable | - Changes in operating revenue and operating costs were primarily due to the reduction in the scale of IT equipment distribution business during the current period[48](index=48&type=chunk) - The change in financial expenses was mainly due to reduced financing needs and lower interest expenses in the current period[48](index=48&type=chunk) - The change in net cash flow from operating activities was primarily due to a decrease in cash paid for goods purchased and a reduction in employee compensation paid by the company during the current period[48](index=48&type=chunk) Main Business by Industry (January-June 2025) | By Industry | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Profit Margin (%) | YoY Change in Operating Revenue (%) | YoY Change in Operating Cost (%) | YoY Change in Gross Profit Margin (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Financial Industry | 881,351,708.07 | 505,245,667.72 | 42.67 | -5.84 | -9.88 | Increased by 2.56 percentage points | | Of which: Securities Brokerage Software Business | 249,154,878.38 | 28,480,363.50 | 88.57 | 3.32 | -25.03 | Increased by 4.32 percentage points | | Asset Management Software Business | 74,105,737.40 | 23,218,328.44 | 68.67 | -13.08 | -16.47 | Increased by 1.28 percentage points | | Banking Software Business | 75,092,011.15 | 54,998,937.77 | 26.76 | -54.92 | -63.48 | Increased by 17.18 percentage points | | Integrated Financial Software Business | 20,879,974.75 | 14,868,776.54 | 28.79 | 151.08 | 171.49 | Decreased by 5.35 percentage points | | Customized Services Business | 462,119,106.39 | 383,679,261.47 | 16.97 | 6.29 | 13.26 | Decreased by 5.11 percentage points | | Non-financial Industry | 326,278,999.42 | 250,102,358.07 | 23.35 | -76.74 | -81.03 | Increased by 17.33 percentage points | | Of which: Digital Economy Business | 106,677,693.08 | 78,300,492.71 | 26.60 | 18.60 | 0.57 | Increased by 13.15 percentage points | | IT Equipment Distribution Business | 181,128,009.97 | 158,549,291.07 | 12.47 | -85.77 | -87.06 | Increased by 8.72 percentage points | | Science Park Leasing Business | 38,473,296.37 | 13,252,574.29 | 65.55 | -5.06 | -16.21 | Increased by 4.58 percentage points | | Total | 1,207,630,707.49 | 755,348,025.79 | 37.45 | -48.37 | -59.80 | Increased by 17.79 percentage points | Main Business by Product (January-June 2025) | By Product | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Profit Margin (%) | YoY Change in Operating Revenue (%) | YoY Change in Operating Cost (%) | YoY Change in Gross Profit Margin (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Software Business | 441,454,918.42 | 131,164,744.36 | 70.29 | -17.02 | -46.94 | Increased by 16.76 percentage points | | Hardware Business | 181,128,009.97 | 158,549,291.07 | 12.47 | -85.77 | -87.06 | Increased by 8.72 percentage points | | Customization and System Integration Services Business | 546,574,482.73 | 452,381,416.07 | 17.23 | 10.64 | 15.62 | Decreased by 3.56 percentage points | | Science Park Leasing Business | 38,473,296.37 | 13,252,574.29 | 65.55 | -5.06 | -16.21 | Increased by 4.58 percentage points | | Total | 1,207,630,707.49 | 755,348,025.79 | 37.45 | -48.37 | -59.80 | Increased by 17.79 percentage points | [Assets and Liabilities Analysis](index=13&type=section&id=(%E4%B8%89)%20%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) At the end of the reporting period, total assets decreased by 8.59% year-on-year, while net assets attributable to shareholders of the listed company increased by 1.09%; monetary capital, accounts receivable, notes receivable financing, and inventory all significantly declined, while other non-current financial assets substantially increased, with overseas assets accounting for 2.30% of total assets, and some monetary capital restricted due to deposits and asset preservation Analysis of Changes in Assets and Liabilities (June 30, 2025) | Item Name | Current Period End Amount (Yuan) | % of Total Assets at Current Period End | Prior Year End Amount (Yuan) | % of Total Assets at Prior Year End | Change from Prior Year End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Capital | 1,254,543,400.23 | 23.75 | 1,618,964,347.86 | 28.02 | -22.51 | Primarily due to debt repayment and interest payments in the current period | | Accounts Receivable | 311,449,860.31 | 5.90 | 425,424,732.46 | 7.36 | -26.79 | Primarily due to collection of some accounts receivable in the current period | | Notes Receivable Financing | 5,918,852.73 | 0.11 | 36,036,599.66 | 0.62 | -83.58 | Primarily due to discounting of bank acceptance bills held in the current period | | Other Receivables | 47,290,743.19 | 0.90 | 87,074,861.92 | 1.51 | -45.69 | Primarily due to a decrease in intercompany balances in the current period | | Inventory | 415,343,632.43 | 7.86 | 531,079,202.89 | 9.19 | -21.79 | Primarily due to the impact of scaling back IT equipment distribution business | | Other Non-current Financial Assets | 350,615,788.66 | 6.64 | 89,707,599.62 | 1.55 | 290.84 | Primarily due to increased purchases of wealth management products in the current period | | Short-term Borrowings | 496,482,186.05 | 9.40 | 762,638,125.58 | 13.20 | -34.90 | Primarily due to loan repayments in the current period | | Notes Payable | 12,367,000.00 | 0.23 | 45,365,528.24 | 0.79 | -72.74 | Primarily due to maturity and settlement of notes payable in the current period | | Accounts Payable | 268,047,311.09 | 5.07 | 438,654,822.26 | 7.59 | -38.89 | Primarily due to the impact of scaling back IT equipment distribution business | - Overseas assets amounted to **121,613,113.16 Yuan**, accounting for **2.30%** of total assets[54](index=54&type=chunk) Major Restricted Assets at Period End | Item | Period End Balance (Yuan) | Reason for Restriction | | :--- | :--- | :--- | | Monetary Capital | 3,710,100.00 | Bank acceptance bill deposit | | Monetary Capital | 22,723,493.13 | Performance and letter of guarantee deposits | | Monetary Capital | 4,197,931.00 | Bank deposits frozen due to asset preservation application | | Total | 30,631,524.13 | | [Investment Status Analysis](index=15&type=section&id=(%E5%9B%9B)%20%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) At period-end, the company's non-trading equity instrument investments totaled 49,392,942.45 Yuan, and trading equity instrument investments totaled 58,204,900.99 Yuan; the long-term equity investment balance was 602,092,781.93 Yuan, primarily investments in associates, and the company continued to hold 50 million Yuan in Century Hongjin No. 2 Private Securities Investment Fund shares Non-trading Equity Instrument Investments (Period End) | Item | Period End Balance (Yuan) | | :--- | :--- | | Shenzhen United Imaging Medical Data Services Co., Ltd. | 7,609,277.06 | | Hebei Xinchuangda IoT Technology Co., Ltd. | 431,464.57 | | ZhengTong Co., Ltd. | 41,352,200.82 | | Total | 49,392,942.45 | Trading Equity Instrument Investments (Period End) | Item | Period End Balance (Yuan) | | :--- | :--- | | Shanghai Junhao Hongshi Venture Capital Center (Limited Partnership) | 50,150,608.70 | | Shenzhen Kingdom Cornerstone Industry Technology Co., Ltd. | 19,648.68 | | Shenzhen Xinglian Renju Technology Co., Ltd. | 126,651.85 | | Shanghai Guojun Venture Capital Zhengjun No. 1 Equity Investment Partnership (Limited Partnership) | 4,657,950.09 | | Shanxi Tongren Equity Investment Partnership (Limited Partnership) | 2,855,000.00 | | Qinglan Technology Media (Shenzhen) Co., Ltd. | 395,041.67 | | Total | 58,204,900.99 | - The company's long-term equity investment balance at period-end was **602,092,781.93 Yuan**, primarily consisting of investments in associates[60](index=60&type=chunk) - The company continues to hold **50 million Yuan** in Century Hongjin No. 2 Private Securities Investment Fund shares[62](index=62&type=chunk) [Significant Asset and Equity Disposals](index=18&type=section&id=(%E4%BA%94)%20%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) The company terminated the transaction to sell its entire 14.4 million shares of Shenzhen StarNet Xintong Technology Co., Ltd. to Bangyan Technology Co., Ltd., with this termination having no material impact on the company's financial position - The company terminated the transaction to sell its entire **14.4 million shares** of Shenzhen StarNet Xintong Technology Co., Ltd. to Bangyan Technology Co., Ltd.[63](index=63&type=chunk) - The termination of this transaction will not have a material impact on the company or its financial position[63](index=63&type=chunk) [Analysis of Major Holding and Associate Companies](index=18&type=section&id=(%E5%85%AD)%20%E4%B8%BB%E8%A7%A3%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 presents financial data for the company's major subsidiaries and associates, including registered capital, total assets, net assets, operating revenue, operating profit, and net profit, highlighting the higher net profits of Shenzhen Qipusheng Technology Co., Ltd. and Kingdom Wealth Nanjing Technology Co., Ltd Situations where Net Profit of a Single Subsidiary or Investment Income from a Single Associate Exceeds 10% of Consolidated Net Profit (January-June 2025) | Company Name | Main Business | Registered Capital (Ten Thousand Yuan) | Total Assets (Ten Thousand Yuan) | Net Assets (Ten Thousand Yuan) | Operating Revenue (Ten Thousand Yuan) | Operating Profit (Ten Thousand Yuan) | Net Profit (Ten Thousand Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shenzhen Qipusheng Technology Co., Ltd. | Information Technology | 25,000.00 | 62,643.39 | 53,483.30 | 18,123.68 | 1,396.23 | 1,144.52 | | Kingdom Wealth Nanjing Technology Co., Ltd. | Information Technology | 3,716.47 | 50,327.48 | 19,584.09 | 4,034.78 | 1,145.14 | 1,145.78 | | Kingdom Financial Technology (Beijing) Co., Ltd. | Information Technology | 30,000.00 | 26,628.81 | 19,741.62 | 11,301.49 | -192.42 | -451.60 | | Nanjing Kingdom Information Technology Co., Ltd. | Information Technology | 13,605.00 | 38,061.02 | 13,171.30 | 2,198.42 | 520.37 | 520.63 | | Rengu Technology (Beijing) Co., Ltd. | Information Technology | 5,000.00 | 5,868.57 | 2,264.20 | 891.80 | -559.05 | -572.04 | | Hangzhou Kingdom Engine Technology Co., Ltd. | Information Technology | 3,000.00 | 10,305.42 | -124.19 | 1,038.22 | -394.60 | -495.31 | [Other Disclosure Matters](index=20&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) The company disclosed potential risks including industry technology upgrades, rising labor costs, and cyclical risks in downstream industries, outlining corresponding mitigation measures; concurrently, it actively implemented the 'Quality Improvement, Efficiency Enhancement, and Investor Returns' action plan, focusing on its core financial technology business, increasing investment in technological innovation, enhancing investor returns through share cancellation, and strengthening investor communication and standardized operations [Risk Warning](index=20&type=section&id=(%E4%B8%80)%20%E5%8F%AF%E8%83%BD%E9%9D%A2%E5%AF%B9%E7%9A%84%E9%A3%8E%E9%99%A9) The company faces risks such as industry technology upgrades, rising labor costs, and cyclical fluctuations in the downstream securities industry; to mitigate these, the company plans to increase R&D investment, optimize human resource management, and expand into the broader financial IT sector - The company faces industry technology upgrade risks, requiring timely tracking of technological developments and the creation of new products that meet market demand, with the response being increased investment in fundamental technology and product development[67](index=67&type=chunk) - The company faces rising labor cost risks and will continuously optimize human resource management and implement talent incentive measures[67](index=67&type=chunk) - The company's core business is securities IT, facing cyclical risks in the downstream industry, which will be addressed by expanding into the broader financial IT sector and diversifying product lines[67](index=67&type=chunk) [“Quality Improvement, Efficiency Enhancement, and Investor Returns” Action Plan](index=20&type=section&id=(%E4%BA%8C)%20%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) The company actively implemented the 'Quality Improvement, Efficiency Enhancement, and Investor Returns' action plan, focusing on its core financial technology business, strengthening core technological and product competitiveness, and deepening its AI deployment; concurrently, the company highly values investor returns, enhancing shareholder value through the cancellation of repurchased shares, strengthening information disclosure and investor communication, and continuously improving its corporate governance structure - The company deeply focused on its core financial technology business, strengthening core technological and product competitiveness, and scaled back non-financial business lines to achieve sustainable development and reduce operating costs[68](index=68&type=chunk)[69](index=69&type=chunk) - The company is committed to technological innovation, leveraging its self-developed KOCA platform to enable domestic innovation support for the new generation securities business integrated service platform FS2.5 and the new generation investment trading system A8, while deepening the R&D and application of AI large models K-CODE and K-GPT[70](index=70&type=chunk) - The company highly values investor returns, having approved the 'Proposal on Changing the Use of Repurchased Shares and Cancelling Them to Reduce Registered Capital,' planning to cancel **5,007,526 repurchased shares**[71](index=71&type=chunk) - The company strengthened investor communication by improving the quality of information disclosure, regularly holding performance briefings, and utilizing diversified communication channels to enhance investor understanding and recognition[72](index=72&type=chunk)[73](index=73&type=chunk) - The company adheres to standardized operations, improved its corporate governance structure by abolishing the supervisory board and revising relevant management systems, thereby enhancing internal control and risk management levels[74](index=74&type=chunk)[75](index=75&type=chunk) [Corporate Governance, Environment, and Society](index=22&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This section covers the company's corporate governance practices, environmental initiatives, social responsibilities, and profit distribution plans [Profit Distribution Plan](index=22&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) The company's board of directors resolved not to proceed with profit distribution or capital reserve capitalization for the first half of 2025 - The company will not carry out profit distribution or capital reserve capitalization for the first half of 2025[77](index=77&type=chunk) [Significant Matters](index=23&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section details significant matters including the fulfillment of commitments, major litigation, related party transactions, contract performance, and the use of raised funds [Fulfillment of Commitments](index=23&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company disclosed the fulfillment of its refinancing and other commitments, specifically noting strict adherence to the pledge not to directly or indirectly use raised funds for quasi-financial businesses, and Mr. Zhao Jian's commitment regarding share reduction activities Fulfillment of Commitments | Commitment Background | Commitment Type | Promisor | Commitment Content | Commitment Date | Fulfilled | Commitment Period | Timely and Strictly Fulfilled | If not timely fulfilled, explain specific reasons for non-fulfillment | If not timely fulfilled, explain next steps | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Commitments related to refinancing | Other | Kingdom Technology | Not to directly or indirectly use raised funds for quasi-financial businesses, and not to make new capital investments in quasi-financial businesses before the raised funds are fully utilized or within 36 months of the funds being in place | 2020/8/25 | Yes | 2020/8/25 to full utilization of raised funds | Yes | Not Applicable | Not Applicable | | Other commitments | Other | Zhao Jian | Due to share reduction during a blackout period, committed to remitting the differential gain of 336,732 Yuan, significantly reducing the scale of share reduction, promptly concluding the share reduction plan, and initiating a share repurchase plan as soon as possible after the statutory short-swing profit period, with no further share reductions for 12 months from the end of the repurchase plan | 2023/3/21 | Yes | 2023/3/21 to 2025/5/9 | Yes | Not Applicable | Not Applicable | [Major Litigation and Arbitration](index=24&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%AF%89%E8%AE%BC%E3%80%81%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A1%B9) During the reporting period, the company had no significant litigation or arbitration matters - The company had no significant litigation or arbitration matters during the reporting period[82](index=82&type=chunk) [Significant Related Party Transactions](index=25&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) During the reporting period, the company had no significant related party transactions concerning daily operations, asset or equity acquisitions/disposals, joint external investments, or related party creditor-debtor relationships - The company had no significant related party transactions during the reporting period[83](index=83&type=chunk)[84](index=84&type=chunk)[85](index=85&type=chunk) [Fulfillment of Significant Contracts](index=26&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) During the reporting period, the company's external guarantees (excluding those for subsidiaries) had zero occurrence and zero balance; total guarantees for subsidiaries amounted to 1,144 million Yuan in occurrences and 630 million Yuan in period-end balance, representing 17.08% of the company's net assets Company's External Guarantees (Excluding Guarantees for Subsidiaries) | Indicator | Amount (Ten Thousand Yuan) | | :--- | :--- | | Total Guarantee Occurrences in Reporting Period | 0 | | Total Guarantee Balance at Period End (A) | 0 | Company's Guarantees for Subsidiaries | Indicator | Amount (Ten Thousand Yuan) | | :--- | :--- | | Total Guarantee Occurrences for Subsidiaries in Reporting Period | 114,400.00 | | Total Guarantee Balance for Subsidiaries at Period End (B) | 63,000.00 | Company's Total Guarantees (Including Guarantees for Subsidiaries) | Indicator | Amount (Ten Thousand Yuan) | | :--- | :--- | | Total Guarantees (A+B) | 63,000.00 | | % of Total Guarantees to Company's Net Assets | 17.08 | [Progress of Raised Funds Utilization](index=28&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E8%BF%9B%E5%B1%95%E8%AF%B4%E6%98%8E) The company's 2020 non-public offering raised net funds of 998.6734 million Yuan, with cumulative investment reaching 989.4642 million Yuan by the end of the reporting period, representing a 99.08% progress; the original fundraising projects were changed to six new projects in 2022 due to market fluctuations, and these projects have reached their intended usable state and been closed, with remaining funds permanently supplementing working capital Overall Utilization of Raised Funds (As of Period End) | Source of Raised Funds | Net Amount of Raised Funds (Ten Thousand Yuan) | Total Committed Investment of Raised Funds (Ten Thousand Yuan) | Total Cumulative Investment of Raised Funds as of Period End (Ten Thousand Yuan) | Cumulative Investment Progress of Raised Funds as of Period End (%) | Amount Invested This Year (Ten Thousand Yuan) | % of Amount Invested This Year | Total Amount of Raised Funds with Changed Use (Ten Thousand Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Issuance of shares to specific targets | 99,867.34 | 99,867.34 | 98,946.42 | 99.08 | 10,567.28 | 10.58 | 75,968.47 | | Total | 99,867.34 | 99,867.34 | 98,946.42 | / | 10,567.28 | / | 75,968.47 | - The original fundraising projects were changed to six new projects, including the 'Securities Domestic Innovation Project,' in **2022** due to market environment fluctuations[92](index=92&type=chunk) - The fundraising projects have reached their intended usable state, and the board of directors approved their closure, with the remaining raised funds permanently supplementing working capital[89](index=89&type=chunk) Detailed Utilization of Fundraising Projects (As of Period End) | Source of Raised Funds | Project Name | Project Nature | Is it a committed investment project in the prospectus | Involves change in investment direction | Planned Total Investment of Raised Funds (Ten Thousand Yuan) | Amount Invested This Year (Ten Thousand Yuan) | Total Cumulative Investment of Raised Funds as of Period End (Ten Thousand Yuan) | Investment Progress (%) | Date Project Reached Intended Usable State | Is it closed | Remaining Amount (Ten Thousand Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Issuance of shares to specific targets | Securities Domestic Innovation Project | R&D | No | Yes, this project is new | 51,091.62 | 6,896.95 | 50,475.97 | 98.80 | 2025年6月 | Yes | 615.65 | | Issuance of shares to specific targets | Open Cloud Native Microservices Platform Project | R&D | No | Yes, this project is new | 6,717.16 | 879.47 | 6,619.08 | 98.54 | 2025年6月 | Yes | 98.08 | | Issuance of shares to specific targets | Low-Code Development Platform Project | R&D | No | Yes, this project is new | 3,653.06 | 522.85 | 3,635.21 | 99.51 | 2025年6月 | Yes | 17.85 | | Issuance of shares to specific targets | Industry Chain Digital Service Platform Project | R&D | No | Yes, this project is new | 7,905.14 | 1,165.84 | 7,829.14 | 99.04 | 2025年6月 | Yes | 76.00 | | Issuance of shares to specific targets | Blockchain Innovation Platform Project | R&D | No | Yes, this project is new | 3,050.73 | 467.40 | 2,997.20 | 98.25 | 2025年6月 | Yes | 53.53 | | Issuance of shares to specific targets | Integrated Bank Wealth Management Services Project | R&D | No | Yes, this project is new | 3,550.76 | 634.78 | 3,490.96 | 98.32 | 2025年6月 | Yes | 59.80 | | Total | / | / | / | / | 99,867.34 | 10,567.28 | 98,946.42 | / | / | / | 920.92 | [Share Changes and Shareholder Information](index=31&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section outlines changes in the company's share capital and provides details on its shareholder structure, including major shareholders and their holdings [Changes in Share Capital](index=31&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's total share capital and equity structure remained unchanged; however, subsequent to the reporting period, the company approved the cancellation of 5,007,526 repurchased but unsold shares from 2022, which will reduce the total share capital but has no impact on financial indicators such as EPS and net assets per share for the reporting period - During the reporting period, the company's total share capital and equity structure remained unchanged[95](index=95&type=chunk) - Subsequent to the reporting period, the company plans to cancel **5,007,526 repurchased but unsold shares** from **2022**, reducing the company's total share capital from **946,275,005 shares** to **941,267,479 shares**[96](index=96&type=chunk)[97](index=97&type=chunk) - The aforementioned cancellation of repurchased shares has no impact on the company's financial indicators such as earnings per share and net assets per share for the reporting period[97](index=97&type=chunk) [Shareholder Information](index=32&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had 90,581 common shareholders; among the top ten shareholders, Li Jieyi, Du Xuan, Zhao Jian, and Xu Minbo were the top four, all with a portion of their shares pledged - As of the end of the reporting period, the total number of common shareholders was **90,581**[98](index=98&type=chunk) Top Ten Shareholders' Shareholdings (Excluding Shares Lent via Securities Refinancing) | Shareholder Name | Increase/Decrease During Reporting Period | Number of Shares Held at Period End | Proportion (%) | Number of Restricted Shares Held | Share Status | Number of Pledged, Marked, or Frozen Shares | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Li Jieyi | 0 | 84,566,270 | 8.94 | 0 | Pledged | 25,000,000 | | Du Xuan | 0 | 76,116,433 | 8.04 | 0 | Pledged | 6,562,500 | | Zhao Jian | 0 | 71,028,638 | 7.51 | 0 | Pledged | 48,620,000 | | Xu Minbo | 0 | 44,562,621 | 4.71 | 0 | Pledged | 24,372,000 | | Hong Kong Securities Clearing Company Limited | -584,811 | 19,174,017 | 2.03 | 0 | None | 0 | | Xuan Yuan Private Equity Investment Management (Guangdong) Co., Ltd. - Xuan Yuan Kexin No. 119 Private Securities Investment Fund | 0 | 9,245,800 | 0.98 | 0 | None | 0 | | Zhang Wu | 8,470,000 | 8,470,000 | 0.90 | 0 | None | 0 | | China Merchants Bank Co., Ltd. - Southern CSI 1000 ETF | 640,300 | 6,121,542 | 0.65 | 0 | None | 0 | | China Construction Bank Co., Ltd. - Hwabao CSI Financial Technology Theme ETF | 204,266 | 5,723,442 | 0.60 | 0 | None | 0 | | National Social Security Fund 604 Portfolio | 5,537,400 | 5,537,400 | 0.59 | 0 | None | 0 | - At the end of the reporting period, the company's special securities account for share repurchases held **7,201,126 shares**, accounting for **0.76%** of the company's total share capital at the end of the reporting period[101](index=101&type=chunk) [Bond-Related Information](index=34&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section confirms that the company had no outstanding corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds during the reporting period - During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[104](index=104&type=chunk) - During the reporting period, the company had no convertible corporate bonds[104](index=104&type=chunk) [Financial Report](index=35&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the company's unaudited financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity, along with detailed notes on accounting policies, tax information, and specific financial items [Audit Report](index=35&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This semi-annual report is unaudited - This semi-annual report is unaudited[106](index=106&type=chunk) [Financial Statements](index=35&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section includes the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in equity for the first half of 2025, comprehensively reflecting the financial position at period-end, operating results, and cash flows during the reporting period [Company Basic Information](index=54&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) Shenzhen Kingdom Technology Co., Ltd. was established in October 2000, listed on the Shanghai Stock Exchange in December 2003, with a registered capital of 946,275,005.00 Yuan; the company's main business is software and information technology services with a broad scope, and as of June 30, 2025, 33 subsidiaries were included in its consolidated financial statements - Shenzhen Kingdom Technology Co., Ltd. was established in **October 2000** and listed on the Shanghai Stock Exchange on **December 24, 2003**[138](index=138&type=chunk) - As of **June 30, 2025**, the company's total issued share capital was **946,275,005.00 shares**, with a registered capital of **946,275,005.00 Yuan**[138](index=138&type=chunk) - The company's main business belongs to the software and information technology services industry, with a business scope including technology development, production, and sales of computer application systems and supporting equipment[139](index=139&type=chunk) - A total of **33 subsidiaries** were included in the scope of consolidated financial statements for the current period[140](index=140&type=chunk) [Basis of Financial Statement Preparation](index=56&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) These financial statements are prepared in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance and relevant regulations of the China Securities Regulatory Commission, on a going concern basis; the company assessed its ability to continue as a going concern for 12 months from the end of the reporting period and found no significant doubts - These financial statements are prepared in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance and the relevant provisions of the China Securities Regulatory Commission's 'No. 15 Rules for Information Disclosure by Companies Issuing Securities to the Public - General Provisions on Financial Reports'[143](index=143&type=chunk) - These financial statements are prepared on a going concern basis; the company assessed its ability to continue as a going concern for **12 months** from the end of the reporting period and found no significant doubts or circumstances regarding its going concern ability[144](index=144&type=chunk) [Significant Accounting Policies and Estimates](index=56&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A7%A3%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the company's specific accounting policies and estimates for business combinations, financial instruments, revenue recognition, government grants, deferred tax assets/liabilities, and other areas, ensuring that the financial statements accurately and completely reflect the company's financial position - The company has formulated specific accounting policies and estimates for transactions and matters such as impairment provisions for receivables, depreciation of fixed assets, amortization of intangible assets, and revenue recognition, based on its actual production and operating characteristics[145](index=145&type=chunk) - Regarding financial instruments, the company classifies financial assets into three categories based on business models and contractual cash flow characteristics: measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in current profit or loss[166](index=166&type=chunk) - For revenue recognition, the company recognizes revenue when it satisfies a performance obligation in a contract, meaning when the customer obtains control of the related goods or services, and applies different recognition principles based on the nature of the performance obligation[240](index=240&type=chunk)[241](index=241&type=chunk)[242](index=242&type=chunk)[244](index=244&type=chunk)[245](index=245&type=chunk) [Taxation](index=79&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) The company's main taxes include VAT, urban maintenance and construction tax, education surcharge, local education surcharge, corporate income tax, and property tax; the company and several subsidiaries benefit from high-tech enterprise or small-profit enterprise income tax preferential policies, with some subsidiaries also enjoying regional income tax incentives and VAT immediate refund policies Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Domestic sales; provision of processing, repair and maintenance services, etc. | 13%, 9%, 6%, 5%, 3% | | Urban Maintenance and Construction Tax | Actual amount of turnover tax paid | 7%, 5% | | Education Surcharge | Actual amount of turnover tax paid | 3% | | Local Education Surcharge | Actual amount of turnover tax paid | 2% | | Corporate Income Tax | Taxable Income | 25%, 20%, 16.5%, 15% | | Property Tax | 70% of original property value or rental income | 1.2% or 12% | - The company and several of its subsidiaries are recognized as high-tech enterprises, and for the **2025** fiscal year, their corporate income tax is calculated at a reduced rate of **15%**[265](index=265&type=chunk)[267](index=267&type=chunk)[268](index=268&type=chunk)[269](index=269&type=chunk) - Some subsidiaries are eligible for small-profit enterprise income tax preferential policies, where the portion of annual taxable income not exceeding **1 million Yuan** is included in taxable income at **25%** and taxed at a rate of **20%**[266](index=266&type=chunk) - Zhuhai Qipusheng Technology Co., Ltd. and Shenzhen Jinweilan Technology Co., Ltd. enjoy regional corporate income tax preferential policies, with corporate income tax levied at a reduced rate of **15%**[267](index=267&type=chunk)[269](index=269&type=chunk) - The company and its eligible subsidiaries enjoy VAT 'immediate refund' preferential treatment for income from self-developed and produced software products, where VAT is levied at the statutory rate of **13.00%**, and the portion of the actual tax burden exceeding **3.00%** is immediately refunded[270](index=270&type=chunk) [Notes to Consolidated Financial Statements](index=81&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes and explanations for key items in the consolidated financial statements, including monetary capital, trading financial assets, accounts receivable, inventory, long-term equity investments, investment properties, fixed assets, right-of-use assets, intangible assets, long-term deferred expenses, deferred tax assets/liabilities, short-term borrowings, notes payable, accounts payable, contract liabilities, employee compensation payable, taxes payable, other payables, non-current liabilities due within one year, other current liabilities, lease liabilities, provisions, deferred income, share capital, capital reserves, treasury stock, other comprehensive income, surplus reserves, undistributed profits, operating revenue and costs, taxes and surcharges, selling expenses, administrative expenses, R&D expenses, financial expenses, other income, investment income, fair value change gains, credit impairment losses, asset impairment losses, asset disposal gains, non-operating income, non-operating expenses, income tax expenses, and cash flow statement items Monetary Capital (Period End Balance) | Item | Period End Balance (Yuan) | | :--- | :--- | | Cash on hand | 89,526.53 | | Bank deposits | 1,223,598,450.59 | | Other monetary capital | 30,855,423.11 | | Total | 1,254,543,400.23 | Trading Financial Assets (Period End Balance) | Item | Period End Balance (Yuan) | | :--- | :--- | | Structured deposits and wealth management product investments | 692,688,493.62 | | Private equity funds | 50,931,961.62 | | Total | 743,620,455.24 | Top Five Accounts Receivable and Contract Assets at Period End | Entity Name | Accounts Receivable Period End Balance (Yuan) | Contract Assets Period End Balance (Yuan) | Accounts Receivable and Contract Assets Period End Balance (Yuan) | % of Total Accounts Receivable and Contract Assets Period End Balance | Impairment Provision Period End Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | First | 0 | 151,002,793.88 | 151,002,793.88 | 12.21 | 70,967,532.70 | | Second | 14,134,017.91 | 23,961,557.73 | 38,095,575.64 | 3.08 | 2,271,228.74 | | Third | 7,674,636.00 | 29,188,293.02 | 36,862,929.02 | 2.98 | 2,868,375.42 | | Fourth | 5,499,815.01 | 31,247,900.34 | 36,747,715.35 | 2.97 | 3,329,727.32 | | Fifth | 3,815,453.75 | 19,530,736.73 | 23,346,190.48 | 1.89 | 1,542,814.11 | | Total | 31,123,922.67 | 254,931,281.70 | 286,055,204.37 | 23.13 | 80,979,678.30 | Inventory Classification (Period End Balance) | Item | Book Balance (Yuan) | Inventory Impairment Provision/Contract Performance Cost Impairment Provision (Yuan) | Book Value (Yuan) | | :--- | :--- | :--- | :--- | | Merchandise inventory | 6,083,018.85 | 371,311.49 | 5,711,707.36 | | Goods in transit | 50,784,328.08 | 0 | 50,784,328.08 | | Contract performance costs | 370,105,293.83 | 11,257,696.84 | 358,847,596.99 | | Total | 426,972,640.76 | 11,629,008.33 | 415,343,632.43 | Long-term Equity Investments (Period End Balance) | Investee | Period End Balance (Book Value) (Yuan) | Impairment Provision Period End Balance (Yuan) | | :--- | :--- | :--- | | Shenzhen Lihai Hongjin Technology Co., Ltd. | 2,929,398.74 | 2,126,457.87 | | Guangzhou Jiashida Software Co., Ltd. | 6,985,334.46 | 0 | | Shenzhen StarNet Xintong Technology Co., Ltd. | 75,260,442.38 | 0 | | Shenzhen Kingdom Culture & Sports Technology Co., Ltd. | 2,388,218.42 | 0 | | Wuhan Wireless Flying Technology Co., Ltd. | 6,612,765.69 | 0 | | Shenzhen Youpin Holdings Co., Ltd. | 100,053,292.27 | 0 | | Shenzhen Kingdom Smart Technology Co., Ltd. | 12,787,445.71 | 3,899,028.13 | | Gangrong Technology Co., Ltd. | 125,069,862.47 | 0 | | Wuhan Youpin Chuding Technology Co., Ltd. | 2,715,762.58 | 0 | | Zhuhai Jinzhiwei Information Technology Co., Ltd. | 129,946,063.81 | 0 | | Shenzhen Kedun Technology Co., Ltd. | 1,810,664.37 | 2,477,432.95 | | Shanghai Bokewei Industrial Co., Ltd. | 3,147,235.23 | 0 | | Shenzhen Kingdom Digital Technology Co., Ltd. | 6,571,092.29 | 0 | | Sichuan Tuotuodi Technology Co., Ltd. | 4,636,559.22 | 0 | | Jieli Tradingbao Financial Technology Co., Ltd. | 61,395,306.11 | 0 | | Yiku Software (Shenzhen) Co., Ltd. | 2,598,488.03 | 13,164,793.53 | | Hong Kong Zhuoxin Technology Co., Ltd. | 59,993,471.38 | 0 | | Beijing Kingdom Engine Technology Co., Ltd. | 464,433.75 | 0 | | Shenzhen Taojin Zhitou Technology Co., Ltd. | 3,387,902.14 | 0 | | Shenzhen Kingdom Silk Road Digital Technology Co., Ltd. | 167,375.07 | 0 | | Sichuan Kingdom Smart Tax Technology Co., Ltd. | 157,002.27 | 0 | | Guangdong Smart City Financial Services Technology Co., Ltd. | 152,592.58 | 0 | | Shenzhen Taigu Computer System Co., Ltd. | 2,626,773.23 | 0 | | Guangdong Suxiaoman Technology Co., Ltd. | 1,956,836.63 | 0 | | Hangzhou Kingdom Smart Payment Technology Co., Ltd. | 1,369,152.26 | 0 | | Guizhou Jiuyinqing Technology Co., Ltd. | 6,367,104.32 | 0 | | Shenzhen Kingdom Taoche Technology Co., Ltd. | 1,179,776.56 | 0 | | Fujian Hairong Haisi E-commerce Co., Ltd. | 5,773,126.11 | 0 | | Hangzhou Kingdom Engine International Technology Co., Ltd. | 72,811.22 | 0 | | Guizhou Zhongrongxin Accounts Receivable Trading Center Co., Ltd. | 4,277,129.19 | 0 | | Subtotal | 602,092,781.93 | 52,428,349.04 | Operating Revenue and Operating Cost (January-June 2025) | Item | Revenue (Yuan) | Cost (Yuan) | | :--- | :--- | :--- | | Main Business | 1,207,630,707.49 | 755,348,025.79 | | Other Business | 130,128.24 | 0 | | Total | 1,207,760,835.73 | 755,348,025.79 | Investment Income (January-June 2025) | Item | Amount Incurred This Period (Yuan) | | :--- | :--- | | Investment income from long-term equity investments accounted for using the equity method | 2,841,606.71 | | Investment income from disposal of long-term equity investments | 10,576.24 | | Investment income from trading financial assets during holding period | 4,076,768.79 | | Investment income from disposal of trading financial assets | 2,733,516.24 | | Total | 9,662,467.98 | [R&D Expenses](index=131&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) During the reporting period, the company's total R&D expenditure was 248,084,776.24 Yuan, comprising 243,615,032.16 Yuan in expensed R&D and 4,469,744.08 Yuan in capitalized R&D, with the Kingdom New Generation Digital Investment Banking Integrated Business Platform being a significant capitalized R&D project R&D Expenses by Nature of Expense (January-June 2025) | Item | Amount Incurred This Period (Yuan) | | :--- | :--- | | Employee compensation | 212,518,502.47 | | Service fees | 22,386,946.24 | | Expensed R&D | 243,615,032.16 | | Capitalized R&D | 4,469,744.08 | | Total | 248,084,776.24 | Development Expenditures for R&D Projects Meeting Capitalization Criteria (Period End Balance) | Item | Beginning Balance (Yuan) | Amount Increased This Period - Internal Development Expenditure (Yuan) | Period End Balance (Yuan) | | :--- | :--- | :--- | :--- | | Kingdom New Generation Digital Investment Banking Integrated Business Platform | 13,028,419.86 | 4,469,744.08 | 17,498,163.94 | | Total | 13,028,419.86 | 4,469,744.08 | 17,498,163.94 | [Changes in Consolidation Scope](index=132&type=section&id=%E4%B9%9D%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) During the reporting period, the company experienced no business combinations not under common control, business combinations under common control, reverse acquisitions, or disposals of subsidiaries leading to loss of control, thus no significant changes occurred in the scope of consolidation - During the reporting period, the company experienced no business combinations not under common control, reverse acquisitions, or disposals of subsidiaries leading to loss of control[446](index=446&type=chunk) [Interests in Other Entities](index=133&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) This section discloses the company's interests in subsidiaries, joint ventures, and associates; although the company holds less than half of the shares in Shenzhen Jinweilan Technology Co., Ltd., it maintains control by appointing more than half of the directors, with significant non-wholly owned subsidiaries including Rengu Technology (Beijing) Co., Ltd. and Hangzhou Kingdom Engine Technology Co., Ltd - The company holds a **47.25%** equity interest in Shenzhen Jinweilan Technology Co., Ltd., but retains control by appointing more than half of the total directors, thus including it in the scope of consolidation[449](index=449&type=chunk) Significant Non-wholly Owned Subsidiaries (Period End Balance) | Subsidiary Name | Minority Shareholding (%) | Profit/Loss Attributable to Minority Shareholders This Period (Yuan) | Dividends Declared to Minority Shareholders This Period (Yuan) | Minority Interests Balance at Period End (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Rengu Technology (Beijing) Co., Ltd. | 10.00 | -572,044.77 | 0 | 2,264,197.04 | | Hangzhou Kingdom Engine Technology Co., Ltd. | 47.00 | -2,327,399.23 | 0 | -522,870.26 | Summary Financial Information of Associates (Period End Balance/Amount Incurred This Period) | Item | Period End Balance/Amount Incurred This Period (Yuan) | | :--- | :--- | | Total Investment Book Value | 602,092,781.93 | | --Net Profit | 2,852,182.95 | | --Other Comprehensive Income | 846,983.98 | | --Total Comprehensive Income | 3,699,166.93 | [Government Grants](index=139&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) During the reporting period, the company's deferred income related to government grants had a period-end balance of 2,685,926.24 Yuan, decreasing by 943,365.84 Yuan in the current period; total government grants recognized in current profit or loss amounted to 3,955,496.43 Yuan, all of which were income-related Liability Items Involving Government Grants (Period End Balance) | Financial Statement Item | Beginning Balance (Yuan) | New Grants Added This Period (Yuan) | Amount Recognized in Non-operating Income This Period (Yuan) | Amount Transferred to Other Income This Period (Yuan) | Other Changes This Period (Yuan) | Period End Balance (Yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 3,629,292.08 | 0 | 0 | 943,365.84 | 0 | 2,685,926.24 | Income Related | | Total | 3,629,292.08 | 0 | 0 | 943,365.84 | 0 | 2,685,926.24 | / | Government Grants Recognized in Current Profit or Loss (January-June 2025) | Type | Amount Incurred This Period (Yuan) | | :--- | :--- | | Income Related | 3,955,496.43 | | Total | 3,955,496.43 | [Risks Related to Financial Instruments](index=140&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) The company faces credit risk, liquidity risk, and market risk (including interest rate risk, foreign currency risk, and other price risks) in its operations; risk management is achieved by depositing funds with highly-rated financial institutions, regularly assessing customer credit, monitoring cash balances, and foreign currency exposures - The company faces credit risk, primarily from monetary capital and receivables, managed by depositing funds with highly-rated financial institutions and regularly assessing customer credit[458](index=458&type=chunk) - The company faces liquidity risk, managed by monitoring cash balances, marketable securities, and **12-month** cash flow forecasts to ensure sufficient funds for debt repayment[459](index=459&type=chunk) - The company faces market risk, including interest rate risk (managed by determining the proportion of fixed vs. floating rate instruments) and foreign currency risk (primarily from HKD-denominated financial assets and liabilities, managed by buying and selling foreign currencies to maintain net exposure)[460](index=460&type=chunk) [Fair Value Disclosure](index=141&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E7%9A%84%E6%8A%AB%E9%9C%B2) This section discloses the company's period-end assets and liabilities measured at fair value, totaling 1,273,186,504.84 Yuan, primarily comprising trading financial assets, other equity instrument investments, notes receivable financing, other non-current financial assets, and non-current assets due within one year, with most measured using Level 2 fair value Period End Fair Value of Assets and Liabilities Measured at Fair Value | Item | Level 1 Fair Value Measurement (Yuan) | Level 2 Fair Value Measurement (Yuan) | Level 3 Fair Value Measurement (Yuan) | Total (Yuan) | | :--- | :--- | :--- | :--- | :--- | | I. Recurring Fair Value Measurements | | | | | | (I) Trading financial assets | 0 | 743,620,455.24 | 0 | 743,620,455.24 | | (III) Other equity instrument investments | 0 | 49,392,942.45 | 0 | 49,392,942.45 | | (VI) Notes receivable financing | 0 | 5,918,852.73 | 0 | 5,918,852.73 | | (VII) Other non-current financial assets | 0 | 292,410,887.67 | 58,204,900.99 | 350,615,788.66 | | (VIII) Non-current assets due within one year | 0 | 123,638,465.76 | 0 | 123,638,465.76 | | Total assets measured at fair value on a recurring basis | 0 | 1,214,981,603.85 | 58,204,900.99 | 1,273,186,504.84 | - Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the entity can access at the measurement date[469](index=469&type=chunk) - Level 2 inputs are inputs other than quoted prices included within Leve

上海元祖梦果子股份有限公司2025 年半年度报告 公司代码：603886 公司简称：元祖股份 上海元祖梦果子股份有限公司 2025 年半年度报告 1 / 163 上海元祖梦果子股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 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、准确性和完整性 四、 公司负责人张秀琬、主管会计工作负责人刘政及会计机构负责人（会计主管人员）王尹声 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 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请 投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 否 十、 重大风险提 ...

江西百胜智能科技股份有限公司 2025 年半年度报告全文 江西百胜智能科技股份有限公司 2025 年半年度报告 2025-039 2025 年 8 月 1 江西百胜智能科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、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。 公司负责人刘润根、主管会计工作负责人万鸿艳及会计机构负责人(会计 主管人员)万鸿艳声明：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，敬请投资者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，注意投资风险。 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"中描述了公司可能面对的风险，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。 2 | 第一节 | 重要提示、目录和释义 | | 2 | | --- | --- | --- | - ...

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) This section provides critical disclaimers, outlines the report's structure, and defines key terminology for clarity [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The board and management assure report accuracy; the company, an elevator component supplier, faces real estate, competition, and geopolitical risks, with no dividend plans - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, assuming individual and joint legal responsibility for any false statements or omissions[3](index=3&type=chunk) - The company's head, Zou Jiachun, chief accountant, Gao Yueqin, and head of accounting, Gao Yueqin, declare that the financial report in this semi-annual report is true, accurate, and complete[3](index=3&type=chunk) - The company is a supplier of critical elevator components and systems, primarily engaged in the development, design, manufacturing, and sales of various elevator safety components, including safety gears, speed governors, buffers, rope grippers, and roller guides[3](index=3&type=chunk) - The company currently faces key risks including a continuous decline in new elevator demand due to the ongoing real estate market downturn, intense price competition leading to decreasing gross profit margins from shrinking market demand, uncertainties in economy and trade due to geopolitical factors, and the risk of not quickly securing large orders after new product development[3](index=3&type=chunk) - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) The report's table of contents clearly outlines six main chapters, covering important notices, company profile, management discussion and analysis, corporate governance, significant matters, and financial reports - The report's table of contents includes: Section I Important Notice, Table of Contents, and Definitions; Section II Company Profile and Key Financial Indicators; Section III Management Discussion and Analysis; Section IV Corporate Governance, Environment, and Society; Section V Significant Matters[6](index=6&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) The company lists the 2025 semi-annual report, financial statements, original disclosure documents, and other relevant materials as reference files, available at the company's securities department - Reference documents include: the 2025 semi-annual report signed by the company's legal representative, financial statements signed and sealed by the company's legal representative, chief accountant, and head of accounting, original copies of all company documents publicly disclosed on the CSRC-designated website during the reporting period, and other relevant materials[8](index=8&type=chunk)[9](index=9&type=chunk)[10](index=10&type=chunk)[11](index=11&type=chunk) - The aforementioned reference documents are available at the company's securities department[12](index=12&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines common terms used in the report, including company names, major shareholders, subsidiaries, core products like buffers and safety gears, and specifies the reporting period as January to June 2025 - "Company," "the Company," "Huning," or "Huning Shares" refers to Hangzhou Huning Elevator Components Co., Ltd[13](index=13&type=chunk) - Definitions of main products include: buffer (elevator bottom protection device), safety gear (elevator overspeed or fall emergency protection device), roller guide shoe (elevator car guidance, bearing, and vibration reduction device), rope gripper (elevator upward overspeed or unintended car movement emergency protection device), and speed governor (safety protection device that detects elevator overspeed and triggers safety gear action)[13](index=13&type=chunk) - The reporting period refers to January to June 2025, and the end of the reporting period refers to June 30, 2025[13](index=13&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section provides an overview of the company's fundamental information and presents its key financial performance metrics and 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 company's basic information, including its stock ticker, code, listing exchange, Chinese and English names, and legal representative - Stock Abbreviation: Huning Shares, Stock Code: 300669, Stock Exchange: Shenzhen Stock Exchange[15](index=15&type=chunk) - The company's Chinese name: Hangzhou Huning Elevator Components Co., Ltd., The company's legal representative: Zou Jiachun[15](index=15&type=chunk) [Contact Person and Contact Information](index=6&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides contact details for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, fax, and email - Board Secretary: Chen Zhenli, Securities Affairs Representative: Liu Hongmei[16](index=16&type=chunk) - Contact Address: No 11, Huanyuan South Road, Industrial Park, Zhongtai Street, Yuhang District, Hangzhou City[16](index=16&type=chunk) - Phone: 0571-89053183 (Board Secretary), 0571-88637676-8855 (Securities Affairs Representative)[16](index=16&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) The company states that its registered address, office address, website, email, information disclosure, and registration changes remained unchanged during the reporting period, as detailed in the 2024 annual report - The company's registered address, office address and postal code, website, email, etc., remained unchanged during the reporting period, as detailed in the 2024 annual report[17](index=17&type=chunk) - Information disclosure and storage locations remained unchanged during the reporting period, as detailed in the 2024 annual report[18](index=18&type=chunk) - The company's registration status remained unchanged during the reporting period, as detailed in the 2024 annual report[19](index=19&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 key accounting data and financial indicators for the current reporting period compared to the same period last year, showing a slight decrease in operating revenue and significant declines in net profit attributable to shareholders and net cash flow from operating activities Key Accounting Data and Financial Indicators (Consolidated Statements) | Indicator | Current Reporting Period (Yuan) | Prior Year Same Period (Yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 148,308,730.81 | 150,978,254.98 | -1.77% | | Net Profit Attributable to Shareholders of Listed Company | 9,302,662.57 | 15,629,045.71 | -40.48% | | Net Profit Attributable to Shareholders of Listed Company After Non-recurring Gains and Losses | 7,695,713.23 | 13,881,970.37 | -44.56% | | Net Cash Flow from Operating Activities | 11,370,946.16 | 32,244,008.48 | -64.73% | | Basic Earnings Per Share (Yuan/share) | 0.0483 | 0.0811 | -40.44% | | Diluted Earnings Per Share (Yuan/share) | 0.0483 | 0.0811 | -40.44% | | Weighted Average Return on Net Assets | 1.06% | 1.76% | -0.70% | | **Period-End Indicators** | **Current Period-End (Yuan)** | **Prior Year-End (Yuan)** | **Change from Prior Year-End** | | Total Assets | 981,373,284.79 | 1,010,892,831.36 | -2.92% | | Net Assets Attributable to Shareholders of Listed Company | 868,660,806.71 | 878,527,226.74 | -1.12% | [Differences in Accounting Data Under Domestic and Foreign Accounting Standards](index=7&type=section&id=%E4%BA%94%E3%80%81%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) During the reporting period, the company reported no differences in net profit and net assets between financial statements prepared under International Accounting Standards or foreign accounting standards and those prepared under Chinese Accounting Standards - During the reporting period, the company reported no differences in net profit and net assets between financial statements prepared under International Accounting Standards and those prepared under Chinese Accounting Standards[21](index=21&type=chunk) - During the reporting period, the company reported no differences in net profit and net assets between financial statements prepared under foreign accounting standards and those prepared under Chinese Accounting Standards[22](index=22&type=chunk) [Non-recurring Gains and Losses and Amounts](index=7&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%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 lists the non-recurring gains and losses and their amounts for the reporting period, totaling **1,606,949.34 Yuan**, primarily including disposal gains/losses on non-current assets, government subsidies, and fair value changes of financial assets and liabilities Non-recurring Gains and Losses and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets (including the offset portion of asset impairment provisions) | -783,918.53 | | Government subsidies recognized in current profit and loss (excluding government subsidies closely related to the company's normal operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit and loss) | 674,437.92 | | Gains or losses from changes in fair value of financial assets and financial liabilities held by non-financial enterprises, and gains or losses from disposal of financial assets and financial liabilities, except for effective hedging activities related to normal business operations | 1,967,126.55 | | Other non-operating income and expenses apart from the above items | 33,221.24 | | Less: Income tax impact | 283,917.84 | | **Total** | **1,606,949.34** | [Management Discussion and Analysis](index=9&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section provides an in-depth analysis of the company's operational performance, financial condition, and future outlook, including market trends, core competencies, and risk factors [Main Business Activities During the Reporting Period](index=9&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) During the reporting period, the company's main business was affected by a stabilizing real estate market but weak new elevator demand, while benefiting from policy-driven renovation and upgrade markets; the company focuses on developing, producing, and selling elevator safety components and systems, continuously innovating and researching new products - In the first half of 2025, China's real estate market showed initial signs of stabilization, with sales, completion, funding, and new construction starts all experiencing narrower declines, though developer investment sentiment remained insufficient, keeping overall market pressure high[27](index=27&type=chunk)[28](index=28&type=chunk)[29](index=29&type=chunk) - In the first half of 2025, national elevator, escalator, and moving walk production totaled **654,000 units**, a **6.40% year-on-year decrease**, narrowing the decline by **1.5 percentage points** compared to the previous year, indicating overall stabilization, partly due to government ultra-long-term special treasury bonds and other policies boosting the elevator maintenance and renovation market[29](index=29&type=chunk) - The company is a supplier of critical elevator components and systems, primarily engaged in the development, design, manufacturing, and sales of various elevator safety components and systems, including safety gears, speed governors, buffers, rope grippers, and roller guides[33](index=33&type=chunk) [Real Estate Market Shows Initial Signs of Stabilization, New Elevator Demand Remains Weak](index=9&type=section&id=1.%20%E6%88%BF%E5%9C%B0%E4%BA%A7%E5%B8%82%E5%9C%BA%E5%9B%9E%E7%A8%B3%E8%BF%B9%E8%B1%A1%E5%88%9D%E7%8E%B0%EF%BC%8C%E6%96%B0%E6%A2%AF%E9%9C%80%E6%B1%82%E6%8C%81%E7%BB%AD%E7%96%B2%E8%BD%AF) In the first half of 2025, China's real estate market showed initial signs of stabilization with narrowing declines in sales, completions, funding, and new construction starts, but developer investment remained insufficient, leading to continued severe new elevator demand pressure as a lagging industry - From January to June 2025, cumulative sales area of new commercial housing reached **459 million square meters**, a **3.5% year-on-year decrease**, significantly narrowing from the **19.0% decline** in the same period last year[27](index=27&type=chunk) - Cumulative housing completion area was **226 million square meters**, a **14.8% year-on-year decrease**, a notable reduction from the **21.8% decline** in the same period last year, with the June single-month completion area decline significantly narrowing to **1.7%**[27](index=27&type=chunk) - Cumulative new housing construction starts reached **304 million square meters**, a **20.0% year-on-year decrease**, a slight narrowing from the **23.7% decline** in the same period last year, with the June single-month new construction starts decline significantly narrowing to **9.4%**, marking the best monthly performance since 2024[28](index=28&type=chunk) - In the first half of 2025, national elevator, escalator, and moving walk production totaled **654,000 units**, a **6.40% year-on-year decrease**, narrowing the decline by **1.5 percentage points** compared to the previous year, indicating overall stabilization, but the actual demand contraction in the new elevator market remains severe[29](index=29&type=chunk) [Renovation and Upgrade Market Prospects Broad, Multiple Policies Drive High-Quality Development](index=9&type=section&id=2.%20%E6%9B%B4%E6%96%B0%E6%94%B9%E9%80%A0%E5%B8%82%E5%9C%BA%E5%89%8D%E6%99%AF%E5%B9%BF%E9%98%94%EF%BC%8C%E5%A4%9A%E9%A1%B9%E6%94%BF%E7%AD%96%E6%8E%A8%E5%8A%A8%E9%AB%98%E8%B4%A8%E9%87%8F%E5%8F%91%E5%B1%95) With over **12 million** elevators nationwide, the demand for old elevator renovation is growing, supported by ultra-long-term special treasury bonds and policy documents that accelerate market development and ensure quality and safety - As of June 2025, the national elevator inventory has exceeded **12 million units**, with over **1 million old elevators** in use for more than 15 years, highlighting increasing demand for renovation and replacement[30](index=30&type=chunk) - In 2024, multiple ministries jointly issued special policies, including old elevator renovation and installation costs within the **300 billion Yuan** ultra-long-term special treasury bond support scope, significantly accelerating the elevator renovation and upgrade market development[30](index=30&type=chunk) - International elevator leader Otis's 2025 semi-annual report shows its China region elevator maintenance base increased by approximately **15% year-on-year**, with renovation business revenue growing over **20% year-on-year**[30](index=30&type=chunk) - The General Office of the CPC Central Committee and the General Office of the State Council jointly issued "Opinions on Continuously Advancing Urban Renewal Actions," explicitly listing "renovation and upgrading of old urban residential communities" as a core task and providing policy support for elevator installation in eligible buildings[31](index=31&type=chunk) - The General Office of the State Administration for Market Regulation issued the "Notice on Further Improving the Renovation of Old Residential Elevators," providing actionable guidance for the elevator renovation market and promoting the high-quality development of the elevator industry[32](index=32&type=chunk) [Company's Main Business Operations](index=10&type=section&id=3.%20%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5) The company is a supplier of critical elevator components and systems, offering five main product categories including safety gears, speed governors, buffers, rope grippers, and roller guides, continuously innovating and developing new products to meet market demands, especially in the old elevator renovation market - The company's main products include five major categories: safety gears, speed governors, buffers, rope grippers, and roller guides, with hundreds of specifications, making it one of the industry's technology innovation-driven enterprises[33](index=33&type=chunk) - The new NS02 series safety gear aims to improve redundancy for different guide rail matches and reduce guide rail sensitivity to braking through structural innovation, especially suitable for old elevator renovation projects under ultra-long-term special treasury bonds where guide rails are retained[33](index=33&type=chunk) - Ultra-high-speed safety gears are provided as ODM projects for high-end brand customers; the future key R&D direction for safety gears is to build an "independent safety braking system with absolute value" to achieve active elevator safety protection[34](index=34&type=chunk) - Sales of the new HNGN series speed governor increased by over **140% year-on-year** again, building on significant growth last year; the new HNGQ series speed governor has completed R&D and verification, with mass production and matching expected by the end of 2025[36](index=36&type=chunk) - The G series buffer, incorporating "powerful cold spinning" technology, achieved **500,000 units** of capacity in its first phase by the end of June 2024, with full release of **1 million units** equivalent capacity expected by the end of 2025, featuring high strength, lightweight design, and high cost-effectiveness[37](index=37&type=chunk) - For the elevator renovation and upgrade market, the company developed a matching rope gripper control power supply, offering a cost-effective solution for installing UCMP in old elevator renovations[38](index=38&type=chunk) - The industrialization technology R&D projects for "composite (metal) traction sheaves" and "composite guide rails," two strategic products, currently face technical challenges where material oil resistance and wear reliability indicators have not met standards, requiring significant investment and time for further research and improvement[41](index=41&type=chunk) [Core Competitiveness Analysis](index=12&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competitiveness stems from its dedicated management team and systematic strategic planning, continuously innovating core products, a vibrant team of business professionals, and capital market financing support for new project investments - The company's core competitiveness is concentrated in four aspects: a focused and pragmatic core management team and systematic strategic planning, continuously innovating and systematic core products, a vibrant team of business professionals, and the capital market financing platform's support for new project investments[42](index=42&type=chunk) - In the third quarter of 2023, the company conducted a systematic review, evaluation, and adjustment of its previous strategies, forming a systematic strategic planning framework for 2024-2026, establishing "business focus and value reshaping" as its core overall development direction[43](index=43&type=chunk) - "Innovation Leadership" is Huning's most core value, with the company's R&D investment accounting for **5.4% of revenue**; during the reporting period, it applied for **6 new patents**, including **3 invention patents**, and as of June 30, 2025, the company had **88 authorized invention patents** and **42 pending invention patents**[45](index=45&type=chunk)[46](index=46&type=chunk) - The company is recognized as a "National Intellectual Property Advantage Enterprise" by the National Intellectual Property Administration and a "Zhejiang Province Intellectual Property Demonstration Enterprise" by the Zhejiang Provincial Intellectual Property Administration, and in 2021, it was successfully selected into the third batch of specialized, refined, unique, and new "Little Giant" enterprises by the SME Bureau of the Ministry of Industry and Information Technology[46](index=46&type=chunk)[47](index=47&type=chunk) - The company has **60 core development personnel**, including **4 with senior titles** and **25 with junior or intermediate titles**, most of whom have over ten years of experience in elevator safety component and critical component design, maintaining team stability through employee stock ownership and equity incentive schemes[48](index=48&type=chunk) - The company successfully raised **242,657,513.48 Yuan** in net proceeds through a private placement of shares in November 2021, investing in the "Annual Production of 1 Million Innovative G-Series Buffers Production Line Construction Project" and the "Strategic Product Industrialization Technology System R&D Project"[50](index=50&type=chunk) - The company actively seeks "organic + inorganic" development opportunities, successfully introducing strategic investors in 2023 and planning to contribute up to **28 million Yuan** in cash with other professional investment institutions to establish the Guoke Haoyu Fund, primarily investing in strategic emerging industries such as high-end manufacturing, optoelectronic complete equipment, and integrated circuits[51](index=51&type=chunk) [Main Business Analysis](index=14&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) During the reporting period, the company's main business revenue slightly decreased year-on-year, while operating costs, selling expenses, and administrative expenses remained largely stable; financial expenses and income tax expenses significantly declined, and net cash flow from operating activities substantially decreased, with elevator safety components remaining the primary revenue source despite a slight decrease in gross profit margin Year-on-Year Changes in Key Financial Data | Indicator | Current Reporting Period (Yuan) | Prior Year Same Period (Yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 148,308,730.81 | 150,978,254.98 | -1.77% | No significant change | | Net Profit Attributable to Shareholders of Listed Company | 9,302,662.57 | 15,629,045.71 | -40.48% | | | Net Cash Flow from Operating Activities | 11,370,946.16 | 32,244,008.48 | -64.73% | Primarily due to increased cash payments for goods purchased in the current period | | Financial Expenses | -1,078,821.89 | -4,399,832.45 | -75.48% | Primarily due to decreased bank interest received in the current period | | Income Tax Expense | 984,143.21 | 1,955,113.41 | -49.66% | Primarily due to a decline in total profit in the current period | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Profit Margin | Year-on-Year Change in Operating Revenue | Year-on-Year Change in Operating Cost | Year-on-Year Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Elevator Safety Components | 126,194,518.36 | 101,116,260.92 | 19.87% | -1.78% | 3.54% | -4.12% | | Other Key Elevator Components | 17,312,602.14 | 11,664,562.59 | 32.62% | -6.04% | -8.74% | 1.99% | [Non-Main Business Analysis](index=15&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) During the reporting period, the company had no non-main business analysis - The company had no non-main business analysis during the reporting period[57](index=57&type=chunk) [Analysis of Assets and Liabilities](index=15&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) At the end of the reporting period, the company's total assets and net assets attributable to shareholders both decreased; significant changes in fixed assets and construction in progress were primarily due to the completion and transfer of construction in progress to fixed assets Significant Changes in Asset Composition | Item | Amount at Period-End (Yuan) | Proportion of Total Assets | Amount at Prior Year-End (Yuan) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 25,925,244.82 | 2.64% | 54,024,544.85 | 5.34% | -2.70% | No significant change | | Fixed Assets | 296,094,435.64 | 30.17% | 210,397,349.34 | 20.81% | 9.36% | Primarily due to the completion and transfer of construction in progress to fixed assets | | Construction in Progress | 69,360,079.34 | 7.07% | 167,758,063.91 | 16.60% | -9.53% | Primarily due to the completion and transfer of construction in progress to fixed assets | | Short-term Borrowings | 64,050,000.00 | 6.53% | 45,350,000.00 | 4.49% | 2.04% | No significant change | - The company had no asset restrictions at period-end[62](index=62&type=chunk) [Investment Status Analysis](index=16&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) During the reporting period, the company had no significant equity or non-equity investments; financial assets measured at fair value totaled **178 million Yuan** at period-end, mainly wealth management products; total raised capital utilization was **73.75%**, with both the G-series buffer project and strategic product R&D project delayed due to external environment and technical challenges Financial Assets Measured at Fair Value | Item | Beginning Balance (Yuan) | Fair Value Change Gain/Loss in Current Period (Yuan) | Amount Purchased in Current Period (Yuan) | Amount Sold in Current Period (Yuan) | Ending Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 194,000,000.00 | 559,932.89 | 305,500,000.00 | 321,500,000.00 | 178,559,932.89 | | Other Equity Instrument Investments | 4,543,936.21 | - | - | - | 4,543,936.21 | | **Total** | **198,543,936.21** | **559,932.89** | **305,500,000.00** | **321,500,000.00** | **183,103,869.10** | - Total raised capital was **242.66 million Yuan**, with **178.95 million Yuan** utilized, representing a utilization rate of **73.75%**[67](index=67&type=chunk) - The "Annual Production of 1 Million Innovative G-Series Buffers Production Line Construction and Technical Transformation Project" has completed its first phase of **500,000 units** capacity, but due to unforeseen external operating environment impacts, overall workshop relocation plans, and capacity matching optimization, the project's expected ready-for-use date has been adjusted to December 31, 2025[71](index=71&type=chunk) - The "Strategic Product Industrialization Technology System R&D Project" has had its expected ready-for-use date adjusted to December 31, 2025, because the wear resistance of composite (metal) traction sheaves did not meet design expectations, requiring further research in materials, structure, process methods, and testing[71](index=71&type=chunk) [Disposal of Major Assets and Equity](index=21&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) During the reporting period, the company did not engage in any significant asset or equity disposals - The company did not sell significant assets during the reporting period[77](index=77&type=chunk) - The company did not sell significant equity during the reporting period[78](index=78&type=chunk) [Analysis of Major Holding and Participating Companies](index=21&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 basic information and financial data for three major subsidiaries: Hangzhou Kasiding Electromechanical Manufacturing Co., Ltd., Cixi Zhenhua Machinery Co., Ltd., and Hangzhou Huning New Material Technology Co., Ltd Major Subsidiary Information | Company Name | Company Type | Registered Capital (Yuan) | Total Assets (Yuan) | Net Assets (Yuan) | Operating Revenue (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hangzhou Kasiding Electromechanical Manufacturing Co., Ltd. | Subsidiary | 53,000,000.00 | 110,643,143.16 | 96,918,689.75 | 48,904,655.51 | 2,643,660.51 | | Cixi Zhenhua Machinery Co., Ltd. | Subsidiary | 12,000,000.00 | 67,582,533.31 | 63,412,448.61 | 23,126,608.21 | 4,169,306.25 | | Hangzhou Huning New Material Technology Co., Ltd. | Subsidiary | 150,000,000.00 | 115,587,422.35 | 112,851,981.27 | 0.00 | -1,909,040.47 | [Information on Structured Entities Controlled by the Company](index=22&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) During the reporting period, the company did not control any structured entities - The company had no controlled structured entities during the reporting period[80](index=80&type=chunk) [Risks Faced by the Company and Countermeasures](index=22&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) During the reporting period, the company's operating revenue remained largely flat year-on-year, but profit indicators significantly declined; key risks include continuous contraction in new elevator demand, intensified market competition, increased fixed asset depreciation, and delayed sales release of strategic products, which the company addresses through technological iteration, cost optimization, market expansion, and continuous R&D investment - During the reporting period, the company achieved operating revenue of **148.31 million Yuan**, a **1.77% year-on-year decrease**; net profit attributable to shareholders of the listed company was **9.30 million Yuan**, a **40.48% year-on-year decrease**[80](index=80&type=chunk) - Risk 1: Continuous contraction in new elevator demand and intensified market competition led the company to proactively adjust product prices to secure orders, systematically compressing profit margins. Countermeasures: Accelerate technological iteration of old products to enhance product competitiveness; optimize existing product lines to build a differentiated first-mover advantage, especially for the elevator renovation and upgrade market[80](index=80&type=chunk)[81](index=81&type=chunk) - Risk 2: Fixed asset depreciation, with the G-series buffer production line and new material company's factory buildings transferred to fixed assets and beginning depreciation, but delayed order acquisition impacted short-term book profit. Countermeasures: Subsequent growth in G-series buffer sales is expected to drive economies of scale, reducing per-unit depreciation share[82](index=82&type=chunk)[83](index=83&type=chunk) - Risk 3: Delayed sales release of strategic products, as the "three major strategic products" (G-series buffers, NS02 series safety gears, HNGN/HNGQ series speed governors) have completed R&D and passed type tests, but sales have not fully materialized due to long certification and customer introduction cycles. Countermeasures: Continue to vigorously promote the "three major strategic products," especially for old elevator renovation projects, which are expected to support sustained development over the next three years[85](index=85&type=chunk)[86](index=86&type=chunk) - Risk 4: Sustained high R&D investment and guaranteed employee compensation; despite significant declines in revenue and profit, the company maintained stable employee compensation and continued high R&D investment (R&D expenses accounted for **5.4% of sales revenue** during the reporting period). Countermeasures: Adhere to innovation leadership, win market share with differentiated and cost-effective products; promote refined operational management and product cost reduction to ensure employee compensation and product quality[87](index=87&type=chunk)[88](index=88&type=chunk) [Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=23&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) During the reporting period, on April 30, 2025, the company held its 2024 annual online performance briefing via an online platform, engaging in discussions with investors - On April 30, 2025, the company hosted an online performance briefing for its 2024 annual report via an online platform, engaging with investors who participated online[89](index=89&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=23&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) The company has not formulated a market value management system nor disclosed a valuation enhancement plan - The company has not formulated a market value management system[90](index=90&type=chunk) - The company has not disclosed a valuation enhancement plan[90](index=90&type=chunk) [Implementation of "Quality and Return Dual Improvement" Action Plan](index=24&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E2%80%9C%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%E2%80%9D%E8%A1%8C%E5%8A%A8%E6%96%B9%E6%A1%88%E8%B4%AF%E5%BD%BB%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has not disclosed an announcement regarding its "Quality and Return Dual Improvement" action plan - The company has not disclosed an announcement regarding its "Quality and Return Dual Improvement" action plan[91](index=91&type=chunk) [Corporate Governance, Environment, and Society](index=25&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This section details the company's governance structure, environmental protection efforts, and social responsibility initiatives [Changes in Directors, Supervisors, and Senior Management](index=25&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the company's directors, supervisors, or senior management, as detailed in the 2024 annual report - The company's directors, supervisors, and senior management remained unchanged during the reporting period, as detailed in the 2024 annual report[93](index=93&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital in Current Reporting Period](index=25&type=section&id=%E4%BA%8C%E3%80%81%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for the semi-annual period[94](index=94&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=25&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) During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[95](index=95&type=chunk) [Environmental Information Disclosure](index=25&type=section&id=%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[96](index=96&type=chunk) [Social Responsibility](index=25&type=section&id=%E4%BA%94%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company actively fulfills its social responsibilities, including protecting the rights and interests of shareholders, creditors, employees, suppliers, and customers, participating in social welfare, and prioritizing safety production and environmental protection - The company continuously improves its corporate governance structure, strictly adheres to principles of openness, fairness, and impartiality, and promptly, accurately, and completely discloses information to ensure all shareholders receive timely information and protect the legitimate rights and interests of minority shareholders[96](index=96&type=chunk) - During the reporting period, the company successfully completed its 2024 profit distribution plan: based on a total share capital of **192,705,526 shares**, a cash dividend of **1.00 Yuan (tax inclusive)** per **10 shares** was distributed to all shareholders, totaling **19,169,082.60 Yuan** in cash dividends[97](index=97&type=chunk) - Adhering to the philosophy of "development relies on employees, development is for employees," the company strictly complies with labor laws and regulations, legally signs labor contracts with all employees, fully pays social insurance and housing provident funds, and has established a scientific and comprehensive training system[98](index=98&type=chunk) - The company consistently maintains and develops long-term, stable strategic cooperative relationships with suppliers and customers, respects and protects their legitimate rights and interests, pursues win-win cooperation and common development, and actively promotes the construction of a "community of shared destiny"[99](index=99&type=chunk) - The company actively fulfills its social responsibilities, proactively strengthens communication with government departments, investors, customers, suppliers, and all sectors of society to build harmonious public relations, and actively participates in and supports social welfare undertakings[100](index=100&type=chunk) - The company regards safety production as the lifeline of enterprise development, continuously increases investment in safety production technology innovation, establishes and improves safety production management systems, strengthens equipment maintenance and hazard identification, and regularly conducts employee safety education and training[101](index=101&type=chunk) - The company implements national environmental protection laws and regulations, establishes and improves environmental management systems and occupational health and safety management systems to achieve an ecologically friendly and green production environment, and actively responds to the national calls for "carbon peak" and "carbon neutrality"[102](index=102&type=chunk) [Significant Matters](index=27&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section covers all significant events and issues that occurred during the reporting period, including commitments, related party transactions, and legal matters [Commitments Fulfilled and Overdue Unfulfilled Commitments by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During the Reporting Period](index=27&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E5%8F%8A%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) During the reporting period, the company had no commitments that were fulfilled or overdue and unfulfilled by the actual controller, shareholders, related parties, acquirers, or the company itself - During the reporting period, the company had no commitments that were fulfilled or overdue and unfulfilled by the actual controller, shareholders, related parties, acquirers, or the company itself[104](index=104&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties](index=27&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) During the reporting period, the company had no non-operating fund occupation by controlling shareholders or other related parties - During the reporting period, the listed company had no non-operating fund occupation by controlling shareholders or other related parties[105](index=105&type=chunk) [Irregular External Guarantees](index=27&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) During the reporting period, the company had no irregular external guarantees - The company had no irregular external guarantees during the reporting period[106](index=106&type=chunk) [Appointment and Dismissal of Accounting Firms](index=27&type=section&id=%E5%9B%9B%E3%80%81%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[107](index=107&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 Reporting Period](index=27&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) The company had no non-standard audit report during the reporting period - The company had no non-standard audit report during the reporting period[108](index=108&type=chunk) [Explanation by the Board of Directors on the "Non-Standard Audit Report" for the Previous Year](index=27&type=section&id=%E5%85%AD%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%B8%8A%E5%B9%B4%E5%BA%A6%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) The company had no non-standard audit report during the reporting period - The company had no non-standard audit report during the reporting period[108](index=108&type=chunk) [Bankruptcy and Reorganization Matters](index=27&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) During the reporting period, the company did not experience any bankruptcy or reorganization matters - The company did not experience any bankruptcy or reorganization matters during the reporting period[108](index=108&type=chunk) [Litigation Matters](index=27&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) During the reporting period, the company had no significant litigation or arbitration matters - During the current reporting period, the company had no significant litigation or arbitration matters[109](index=109&type=chunk) [Penalties and Rectification Status](index=28&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) During the reporting period, the company had no penalties or rectification situations - The company had no penalties or rectification situations during the reporting period[110](index=110&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=28&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) During the reporting period, 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[111](index=111&type=chunk) [Significant Related Party Transactions](index=28&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) During the reporting period, the company had no related party transactions related to daily operations, asset or equity acquisitions/disposals, joint external investments, related party debts/receivables, or other significant related party transactions - The company had no related party transactions related to daily operations during the reporting period[111](index=111&type=chunk) - The company had no related party transactions involving asset or equity acquisitions/disposals during the reporting period[112](index=112&type=chunk) - The company had no related party transactions involving joint external investments during the reporting period[113](index=113&type=chunk) - The company had no related party debts or receivables during the reporting period[114](index=114&type=chunk) - The company had no other significant related party transactions during the reporting period[117](index=117&type=chunk) [Significant Contracts and Their Performance](index=29&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) During the reporting period, the company had no trusteeship, contracting, leasing, significant guarantees, or other significant contract situations - The company had no trusteeship situations during the reporting period[118](index=118&type=chunk) - The company had no contracting situations during the reporting period[119](index=119&type=chunk) - The company had no leasing situations during the reporting period[120](index=120&type=chunk) - The company had no significant guarantee situations during the reporting period[121](index=121&type=chunk) - The company had no other significant contracts during the reporting period[124](index=124&type=chunk) [Explanation of Other Significant Matters](index=29&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) During the reporting period, the company had no other significant matters requiring explanation - The company had no other significant matters requiring explanation during the reporting period[125](index=125&type=chunk) [Significant Matters of Company Subsidiaries](index=29&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) During the reporting period, the company's subsidiaries had no significant matters - The company's subsidiaries had no significant matters[126](index=126&type=chunk) [Share Changes and Shareholder Information](index=30&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section details changes in the company's share capital and provides information on its shareholders [Share Changes](index=30&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) During the reporting period, the company's restricted shares decreased by **412,119 shares**, while unrestricted shares increased by **412,119 shares**, primarily due to senior executives transferring no more than **25%** of their total holdings annually Share Change Information | | Quantity Before This Change (shares) | Proportion Before This Change | Net Increase/Decrease in This Change (shares) | Quantity After This Change (shares) | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 10,617,708 | 5.51% | -412,119 | 10,205,589 | 5.30% | | II. Unrestricted Shares | 182,087,818 | 94.49% | 412,119 | 182,499,937 | 94.70% | - The reason for the share change is that senior executives transfer no more than **25%** of the total company shares they hold each year[130](index=130&type=chunk) [Changes in Restricted Shares](index=31&type=section&id=2%E3%80%81%E9%99%90%E5%94%AE%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, Zou Yuya's restricted shares decreased by **412,119 shares**, with **2,223,643 restricted shares** remaining at period-end due to senior executive lock-up; Zou Jiachun's restricted shares remained unchanged Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Shares Unlocked in Current Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Zou Jiachun | 7,981,946 | 0 | 7,981,946 | Senior Executive Lock-up Shares | | Zou Yuya | 2,635,762 | 412,119 | 2,223,643 | Senior Executive Lock-up Shares | [Securities Issuance and Listing](index=31&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) During the reporting period, the company had no securities issuance or listing activities - The company had no securities issuance or listing activities during the reporting period[132](index=132&type=chunk) [Number of Shareholders and Shareholding Structure](index=31&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) At the end of the reporting period, the total number of common shareholders was **4,704**; the shareholding of major shareholders (5% or more) or top 10 shareholders is disclosed, with Hangzhou Huning Investment Co., Ltd. as the largest shareholder holding **28.83%**; Zou Jiachun, Zou Yuya, Hangzhou Huning Investment Co., Ltd., and Hangzhou Staifu Investment Management Co., Ltd. constitute parties acting in concert, but Shanghai Guoke Longhui Private Equity Fund Management Co., Ltd. and Shanghai Xuno Asset Management Co., Ltd. dissolved their acting-in-concert relationship on January 22, 2025 - Total number of common shareholders at the end of the reporting period: **4,704**[133](index=133&type=chunk) Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio | Shares Held at End of Reporting Period (shares) | Restricted Shares Held (shares) | Unrestricted Shares Held (shares) | Pledged, Marked, or Frozen Status | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hangzhou Huning Investment Co., Ltd. | Domestic Non-State-Owned Legal Person | 28.83% | 55,551,242 | 0 | 55,551,242 | Pledged 1,800,000 shares | | Hangzhou Staifu Investment Management Co., Ltd. | Domestic Non-State-Owned Legal Person | 9.11% | 17,550,000 | 0 | 17,550,000 | Not applicable | | Zou Jiachun | Domestic Natural Person | 5.52% | 10,642,595 | 7,981,946 | 2,660,649 | Not applicable | | Shanghai Guoke Longhui Private Equity Fund Management Co., Ltd. - Suzhou Guoke Haochen Equity Investment Partnership (Limited Partnership) | Other | 5.05% | 9,731,629 | 0 | 9,731,629 | Not applicable | | Shanghai Xuno Asset Management Co., Ltd. - Xuno Excellence No. 1 Private Securities Investment Fund | Other | 5.05% | 9,731,629 | 0 | 9,731,629 | Not applicable | - Mr. Zou Jiachun holds **99%** of Hangzhou Huning Investment Co., Ltd.'s capital contribution and **66.57%** of Hangzhou Staifu Investment Management Co., Ltd.'s capital contribution. Mr. Zou Jiachun and Mr. Zou Yuya are brothers. The aforementioned four shareholders constitute parties acting in concert[134](index=134&type=chunk) - Shanghai Guoke Longhui Private Equity Fund Management Co., Ltd. - Suzhou Guoke Haochen Equity Investment Partnership (Limited Partnership) and Shanghai Xuno Asset Management Co., Ltd. - Xuno Excellence No. 1 Private Securities Investment Fund, as shareholders, fulfilled their relevant commitments and dissolved their acting-in-concert relationship on January 22, 2025[134](index=134&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=33&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) During the reporting period, there were no changes in the shareholdings of the company's directors, supervisors, and senior management, as detailed in the 2024 annual report - The company's directors, supervisors, and senior management had no changes in shareholdings during the reporting period, as detailed in the 2024 annual report[136](index=136&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=34&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) During the reporting period, there were no changes in the company's controlling shareholder or actual controller - The company's controlling shareholder did not change during the reporting period[137](index=137&type=chunk) - The company's actual controller did not change during the reporting period[137](index=137&type=chunk) [Preferred Shares Information](index=35&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) During the reporting period, the company had no preferred shares - The company had no preferred shares during the reporting period[138](index=138&type=chunk) [Bond-Related Information](index=36&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) During the reporting period, the company had no bond-related information - The company had no bond-related information during the reporting period[140](index=140&type=chunk) [Financial Report](index=37&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the company's comprehensive financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity, along with detailed financial notes [Audit Report](index=37&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[142](index=142&type=chunk) [Financial Statements](index=37&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, along with detailed financial notes [Consolidated Balance Sheet](index=37&type=section&id=1%E3%80%81%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the company's consolidated total assets were **981.37 million Yuan**, a **2.92% decrease** from the beginning of the period; total liabilities were **112.71 million Yuan**, a **14.70% decrease**; and total owners' equity was **868.66 million Yuan**, a **1.12% decrease** Major Data from Consolidated Balance Sheet | Item | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | Total Assets | 981,373,284.79 | 1,010,892,831.36 | | Total Liabilities | 112,712,478.08 | 132,365,604.62 | | Total Owners' Equity | 868,660,806.71 | 878,527,226.74 | [Parent Company Balance Sheet](index=39&type=section&id=2%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the parent company's total assets were **1.01 billion Yuan**, a **0.85% decrease** from the beginning of the period; total liabilities were **196.71 million Yuan**, a **3.11% increase**; and total owners' equity was **811.31 million Yuan**, a **1.76% decrease** Major Data from Parent Company Balance Sheet | Item | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | Total Assets | 1,008,014,515.07 | 1,016,657,177.77 | | Total Liabilities | 196,705,184.32 | 190,777,259.12 | | Total Owners' Equity | 811,309,330.75 | 825,879,918.65 | [Consolidated Income Statement](index=41&type=section&id=3%E3%80%81%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) In the first half of 2025, the company achieved total operating revenue of **148.31 million Yuan**, a **1.77% year-on-year decrease**; net profit was **9.30 million Yuan**, a **40.48% year-on-year decrease**; and basic earnings per share were **0.0483 Yuan**, a **40.44% year-on-year decrease** Major Data from Consolidated Income Statement | Item | First Half of 2025 (Yuan) | First Half of 2024 (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 148,308,730.81 | 150,978,254.98 | | Net Profit | 9,302,662.57 | 15,629,045.71 | | Net Profit Attributable to Parent Company Shareholders | 9,302,662.57 | 15,629,045.71 | | Basic Earnings Per Share | 0.0483 | 0.0811 | | Diluted Earnings Per Share | 0.0483 | 0.0811 | [Parent Company Income Statement](index=43&type=section&id=4%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E5%88%A9%E6%B6%A6%E8%A1%A8) In the first half of 2025, the parent company achieved operating revenue of **148.94 million Yuan**, a **1.40% year-on-year decrease**; net profit was **4.60 million Yuan**, a significant **88.52% year-on-year decrease** Major Data from Parent Company Income Statement | Item | First Half of 2025 (Yuan) | First Half of 2024 (Yuan) | | :--- | :--- | :--- | | Operating Revenue | 148,935,911.44 | 151,043,484.39 | | Net Profit | 4,598,494.70 | 40,183,804.83 | [Consolidated Cash Flow Statement](index=45&type=section&id=5%E3%80%81%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) In the first half of 2025, the company's net cash flow from operating activities was **11.37 million Yuan**, a **64.73% year-on-year decrease**; net cash flow from investing activities was **-37.24 million Yuan**, a **76.72% year-on-year improvement**; and net cash flow from financing activities was **-2.23 million Yuan**, a **95.06% year-on-year improvement** Major Data from Consolidated Cash Flow Statement | Item | First Half of 2025 (Yuan) | First Half of 2024 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 11,370,946.16 | 32,244,008.48 | | Net Cash Flow from Investing Activities | -37,235,977.62 | -159,937,038.82 | | Net Cash Flow from Financing Activities | -2,234,268.57 | -45,261,315.13 | | Net Increase in Cash and Cash Equivalents | -28,099,300.03 | -172,954,345.47 | | Cash and Cash Equivalents at Period-End | 25,925,244.82 | 207,566,284.41 | [Parent Company Cash Flow Statement](index=46&type=section&id=6%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) In the first half of 2025, the parent company's net cash flow from operating activities was **12.40 million Yuan**, turning positive year-on-year; net cash flow from investing activities was **-30.11 million Yuan**, a **77.70% year-on-year improvement**; and net cash flow from financing activities was **-4.29 million Yuan**, an **87.09% year-on-year improvement** Major Data from Parent Company Cash Flow Statement | Item | First Half of 2025 (Yuan) | First Half of 2024 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 12,397,368.18 | -9,521,125.00 | | Net Cash Flow from Investing Activities | -30,105,870.65 | -134,984,606.38 | | Net Cash Flow from Financing Activities | -4,285,082.60 | -33,203,638.88 | | Net Increase in Cash and Cash Equivalents | -21,993,585.07 | -177,709,370.26 | | Cash and Cash Equivalents at Period-End | 20,488,925.89 | 191,621,318.44 | [Consolidated Statement of Changes in Owners' Equity](index=47&type=section&id=7%E3%80%81%E5%90%88%E5%B9%B6%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) In the first half of 2025, consolidated owners' equity totaled **868.66 million Yuan**, a **1.12% decrease** from the beginning of the period, primarily due to a reduction in undistributed profits - Total owners' equity attributable to the parent company decreased from **878,527,226.74 Yuan** at the beginning of the period to **868,660,806.71 Yuan** at the end of the period, a decrease of **9,866,420.03 Yuan**[164](index=164&type=chunk) - Total comprehensive income for the current period was **9,302,662.57 Yuan**, and profit distribution (to owners) was **-19,169,082.60 Yuan**[165](index=165&type=chunk) [Parent Company Statement of Changes in Owners' Equity](index=51&type=section&id=8%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) In the first half of 2025, parent company owners' equity totaled **811.31 million Yuan**, a **1.76% decrease** from the beginning of the period, primarily due to a reduction in undistributed profits - Total parent company owners' equity decreased from **825,879,918.65 Yuan** at the beginning of the period to **811,309,330.75 Yuan** at the end of the period, a decrease of **14,570,587.90 Yuan**[171](index=171&type=chunk) - Total comprehensive income for the current period was **4,598,494.70 Yuan**, and profit distribution (to owners) was **-19,169,082.60 Yuan**[174](index=174&type=chunk) [Company Basic Information](index=54&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) Hangzhou Huning Elevator Components Co., Ltd. was registered on December 10, 2015, and listed on the Shenzhen Stock Exchange on June 29, 2017, with stock code 300669; its registered and paid-in capital are both **192,705,526.00 Yuan**, and its main business includes elevator parts manufacturing, general equipment manufacturing, R&D, and new material technology R&D - Hangzhou Huning Elevator Components Co., Ltd. was registered on December 10, 2015, and listed on the Shenzhen Stock Exchange on June 29, 2017, with stock code 300669[177](index=177&type=chunk) - As of June 30, 2025, the company's registered capital and paid-in capital (share capital) were both **192,705,526.00 Yuan**[181](index=181&type=chunk) Share Capital Structure | Shareholder Name | Share Capital (Yuan) | Equity Ratio (%) | | :--- | :--- | :--- | | Restricted Tradable Shares | 10,205,589.00 | 5.30 | | Unrestricted Tradable Shares | 182,499,937.00 | 94.70 | | **Total** | **192,705,526.00** | **100.00** | - The company belongs to the elevator parts manufacturing industry. Its main business activities include: general equipment manufacturing, general parts manufacturing, mechanical equipment sales, mechanical equipment R&D, new material technology R&D, metal surface treatment and heat treatment processing, non-residential real estate leasing, mechanical equipment leasing, and import and export of goods[182](index=182&type=chunk) [Basis of Financial Statement Preparation](index=56&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A

深圳市同益实业股份有限公司 2025 年半年度报告全文 深圳市同益实业股份有限公司 2025 年半年度报告 2025 年 8 月 1 深圳市同益实业股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人邵羽南、主管会计工作负责人张静萍及会计机构负责人(会计 主管人员)张静萍声明：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。 公司近期不存在可能对公司生产经营状况、财务状况和持续盈利能力有 严重不利影响需作特别提示的风险因素。公司可能面临的风险详见本报告 "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 投资者予以关注。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 | 重要提示、目录和释义 2 | | | --- | --- | --- | | 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 | ...

江苏博俊工业科技股份有限公司 2025 年半年度报告全文 江苏博俊工业科技股份有限公司 2025 年半年度报告 2025-074 2025 年 8 月 1 江苏博俊工业科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人伍亚林、主管会计工作负责人李晶及会计机构负责人(会计主 管人员)李晶声明：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。 公司在本报告中"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"披露了可能发生的有关风险因素，敬请投资者予以关注。 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 | 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 8 | | 一、公司简介 8 | | 二、联系人和联系方式 8 | | 三、其他情况 8 | | 四、主要会计数据和财务指标 9 | ...

浙江宏鑫科技股份有限公司 2025 年半年度报告全文 浙江宏鑫科技股份有限公司 2025 年半年度报告 2025-031 2025 年 8 月 1 浙江宏鑫科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人王文志、主管会计工作负责人王暄暄及会计机构负责人(会计 主管人员)王暄暄声明：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等前瞻性陈述，不构成公司对投资者的实质承诺， 请投资者及相关人士对此保持足够的风险认识，理解计划、预测与承诺之间 的差异。公司近期不存在可能对公司生产经营状况、财务状况和持续盈利能 力有严重不利影响的重大风险因素，敬请广大投资者注意投资风险。公司面 临的风险与应对措施详见本报告"第三节管理层讨论与分析"的"十、公司 面临的风险和应对措施"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 浙江宏鑫科技股份有限 ...

京蓝科技股份有限公司 2025 年半年度报告全文 京蓝科技股份有限公司 2025 年半年度报告 2025-068 二〇二五年八月二十六日 1 京蓝科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人马黎阳、主管会计工作负责人宋建伟及会计机构负责人(会计 主管人员)宋建伟声明：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， 能否实现取决于市场状况变化、经营团队的努力程度等多种因素，存在很大 的不确定性，敬请广大投资者注意投资风险。公司已在本报告第三节管理层 讨论与分析中公司未来发展的展望中披露了公司面对的风险因素及采取的应 对措施，敬请查阅。 不适用 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 | | --- | --- | --- ...

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides an important notice regarding the report's accuracy, outlines the report's structure, lists reference documents, and defines key terms for clarity [Important Notice](index=2&type=section&id=Important%20Notice) The Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, assuming legal responsibility - The company's Chairman Zheng Kanghao, Chief Accountant Qiu Shanqin, and Head of Accounting Department Li Yali declare the financial report is true, accurate, and complete[3](index=3&type=chunk) - Key operational risks include strategic implementation, business expansion, market uncertainty, and insufficient talent reserves[3](index=3&type=chunk) - The company plans no cash dividends, bonus shares, or capital increase from capital reserves[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section lists the structured table of contents for the report, comprising nine main chapters from company profile to financial reports and other submitted data - The report contains nine main chapters, from company profile to financial reports and other submitted data[6](index=6&type=chunk) [Reference Documents](index=4&type=section&id=Reference%20Documents) This section provides a list of reference documents for the reporting period, including signed and sealed financial statements and publicly disclosed company documents - Reference documents include signed and sealed financial statements and original copies of publicly disclosed company documents[8](index=8&type=chunk)[9](index=9&type=chunk) - All reference documents are available at the company's Board of Directors Office[9](index=9&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines common terms used in the report, covering company and subsidiary names, related parties, and semiconductor industry-specific terminology - Defines company, subsidiary, and related party names, such as Huangting International, Huangting Group, Rongfa Investment, Yifa Power[11](index=11&type=chunk) - Explains semiconductor industry professional terms, including SBD (Schottky Barrier Diode), FRD (Fast Recovery Diode), IGBT (Insulated Gate Bipolar Transistor), Fabless (fabless design model), MOSFET, SiC (Silicon Carbide), GaN (Gallium Nitride), IDM (Integrated Device Manufacturer)[11](index=11&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information, contact details, and key financial performance metrics for the reporting period [I. Company Profile](index=6&type=section&id=I.%20Company%20Profile) Shenzhen Huangting International Enterprise Co., Ltd. is listed on the Shenzhen Stock Exchange with stock codes 000056 and 200056, and its legal representative is Zheng Kanghao Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Huangting International, Huangting B | | Stock Code | 000056, 200056 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | 深圳市皇庭国际企业股份有限公司 | | Legal Representative | Zheng Kanghao | [II. Contact Person and Information](index=6&type=section&id=II.%20Contact%20Person%20and%20Information) The company's Board Secretary is Wu Kai, with contact details including address, phone, fax, and email Board Secretary Contact Information | Name | Wu Kai | | :--- | :--- | | Contact Address | Unit 28A01, Huangting Building, Gangxia, Fuhua Road 350, Futian Street, Futian District, Shenzhen | | Phone | (0755) 82281888 | | Fax | (0755) 82566573 | | Email | wuk2927@163.com | [III. Other Information](index=6&type=section&id=III.%20Other%20Information) The company's registered address, office address, website, email, information disclosure website, media name, and storage location remained unchanged during the reporting period - Company contact information, information disclosure, and storage locations remained unchanged during the reporting period, as detailed in the 2024 annual report[14](index=14&type=chunk)[15](index=15&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=6&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) The company's 2025 semi-annual operating revenue decreased by **18.48%** year-on-year, net profit attributable to shareholders decreased by **24.62%**, and net cash flow from operating activities decreased by **31.77%** Key Accounting Data and Financial Indicators (Year-on-Year Change) | Indicator | Current Reporting Period (RMB) | Prior Year Period (RMB) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 290,237,323.45 | 356,020,028.14 | -18.48% | | Net Profit Attributable to Shareholders of Listed Company | -185,409,588.39 | -148,781,752.43 | -24.62% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains and Losses) | -194,006,917.05 | -152,232,548.09 | -27.44% | | Net Cash Flow from Operating Activities | 103,382,904.90 | 151,511,852.26 | -31.77% | | Basic Earnings Per Share (RMB/share) | -0.16 | -0.13 | -23.08% | | Diluted Earnings Per Share (RMB/share) | -0.16 | -0.13 | -23.08% | | Weighted Average Return on Net Assets | -69.98% | -16.17% | -53.81% | | Total Assets | 7,930,055,825.70 | 8,033,395,570.22 | -1.29% | | Net Assets Attributable to Shareholders of Listed Company | 172,246,176.46 | 357,655,764.85 | -51.84% | [V. Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=7&type=section&id=V.%20Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20Overseas%20Accounting%20Standards) The company reported no differences in net profit and net assets between financial reports prepared under international or overseas accounting standards and Chinese accounting standards during the reporting period - The company reported no differences in accounting data under domestic and overseas accounting standards during the reporting period[18](index=18&type=chunk)[19](index=19&type=chunk) [VI. Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=VI.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) The company's total non-recurring gains and losses for the reporting period amounted to **RMB 8,597,328.66**, primarily including disposal gains/losses on non-current assets, government grants, reversal of impairment provisions for receivables, and other non-operating income/expenses Non-Recurring Gains and Losses Items and Amounts | Item | Amount (RMB) | Explanation | | :--- | :--- | :--- | | Gains/losses on disposal of non-current assets | -6,857,251.67 | | | Government grants recognized in current profit or loss | 32,544.36 | | | Reversal of impairment provisions for receivables subject to separate impairment testing | 15,723,480.60 | Recovery of individually impaired receivables in current period | | Other non-operating income and expenses apart from the above | -1,394,452.72 | | | Less: Income tax impact | -1,296,450.26 | | | Impact on minority interests (after tax) | 203,442.17 | | | Total | 8,597,328.66 | | - The company does not classify non-recurring gains and losses as recurring gains and losses[22](index=22&type=chunk) [Management Discussion and Analysis](index=8&type=section&id=Management%20Discussion%20and%20Analysis) This section analyzes the company's main businesses, core competencies, financial performance, asset and liability status, investment activities, and risks during the reporting period [I. Company's Main Businesses During the Reporting Period](index=8&type=section&id=I.%20Company's%20Main%20Businesses%20During%20the%20Reporting%20Period) The company primarily operates in commercial management, property management, and power semiconductors, with the latter focusing on chip design, manufacturing, and sales for various industrial and consumer applications - Commercial management business includes commercial real estate operation, asset management, and related services, utilizing a "self-owned + master lease + entrusted management" model[24](index=24&type=chunk) - Property management business, provided by subsidiary Huangting Business Services, manages various property types including commercial offices and residential properties[24](index=24&type=chunk) - Power semiconductor business, operated by subsidiary Yifa Power, engages in chip design, manufacturing, and sales, boasting an annual production capacity of **360,000 6-inch power wafers** with core products like FRD, SBD, MOSFET, and IGBT[24](index=24&type=chunk) [II. Analysis of Core Competencies](index=8&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company possesses advantages in talent, technology, and business model within the power semiconductor sector, alongside strong brand recognition, diversified business synergy, and extensive operational experience in commercial management - **Power Semiconductor Sector:** - Talent Advantage: Possesses multiple integrated