恒盛能源股份有限公司2025 年半年度报告 公司代码：605580 公司简称：恒盛能源 恒盛能源股份有限公司 2025 年半年度报告 1 / 167 恒盛能源股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 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、 公司负责人余国旭、主管会计工作负责人项红日及会计机构负责人（会计主管人员）祝慧 芸声明：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 本报告所涉及的未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质性承诺，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 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 否 十、 重大风险提示 公司已在本报告中详细描 ...

福建龙净环保股份有限公司2025 年半年度报告 公司代码：600388 公司简称：龙净环保 福建龙净环保股份有限公司 2025 年半年度报告 1 / 179 福建龙净环保股份有限公司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、 公司负责人黄炜、主管会计工作负责人丘寿才及会计机构负责人（会计主管人员）谢文革 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本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 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 否 十、 重大风险提示 ...

[Part I Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Part%20I%20Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) [Important Notice](index=2&type=section&id=Important%20Notice) The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, free from false records, misleading statements, or major omissions. Forward-looking statements regarding future plans and operating targets in the report do not constitute profit forecasts or substantive commitments, requiring investors to maintain risk awareness. The board of directors approved a profit distribution plan of a cash dividend of 3 yuan (tax inclusive) per 10 shares - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, free from false records, misleading statements, or major omissions[3](index=3&type=chunk) - Forward-looking statements regarding future plans and operating targets in the report do not represent the company's profit forecasts or constitute substantive commitments to investors[3](index=3&type=chunk) 2025 Semi-Annual Profit Distribution Plan | Metric | Content | | :--- | :--- | | Cash dividend per 10 shares | 3 yuan (tax inclusive) | | Bonus shares | 0 shares (tax inclusive) | | Capital reserve conversion | 0 shares | [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section provides a structured table of contents for the report, covering eight main chapters from important notices to financial reports, facilitating quick navigation for readers [Definitions](index=5&type=section&id=Definitions) This section defines key terms and company abbreviations used in the report, including "Xinlei Shares," "Hongsheng Investment," and major client groups (such as SCHEPPACH, FNA, EINHELL, AIRPRESS, TRUPER, BIRGMA), ensuring clear understanding of the report's content - "Xinlei Shares" refers to Xinlei Compressor Co., Ltd[12](index=12&type=chunk) - The reporting period refers to January 1, 2025, to June 30, 2025[12](index=12&type=chunk) - Several internationally renowned client groups are listed, such as Germany's SCHEPPACH Group, Italy's FNA Group, and Germany's EINHELL Group[12](index=12&type=chunk) [Part II Company Profile and Key Financial Indicators](index=6&type=section&id=Part%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) [I. Company Profile](index=6&type=section&id=I.%20Company%20Profile) Xinlei Compressor Co., Ltd. (stock abbreviation: Xinlei Shares, stock code: 301317) is listed on the Shenzhen Stock Exchange, with Zhong Renzhi as its legal representative - The company's stock abbreviation is "Xinlei Shares," stock code "301317," listed on the Shenzhen Stock Exchange[15](index=15&type=chunk) - The company's legal representative is Zhong Renzhi[15](index=15&type=chunk) [II. Contact Persons and Information](index=6&type=section&id=II.%20Contact%20Persons%20and%20Information) The company's Board Secretary is Jin Danjun, and the Securities Affairs Representative is Lin Yingchi, both located at No. 8 Chaoping Street, Eastern New District, Wenling City, Taizhou, Zhejiang Province, with phone/fax 0576-86901256 and email zqb@xinlei.com - Board Secretary: Jin Danjun; Securities Affairs Representative: Lin Yingchi[16](index=16&type=chunk) - Contact Address: No. 8 Chaoping Street, Eastern New District, Wenling City, Taizhou, Zhejiang Province; Phone/Fax: 0576-86901256; Email: zqb@xinlei.com[16](index=16&type=chunk) [III. Other Information](index=6&type=section&id=III.%20Other%20Information) During the reporting period, the company's contact information, information disclosure, and document storage locations remained unchanged, but the registration location changed from Wenling Industrial City, Taizhou, Zhejiang Province, to No. 8 Chaoping Street, Eastern New District, Wenling City, Taizhou, Zhejiang Province - The company's registered address, office address, website, and email remained unchanged during the reporting period[17](index=17&type=chunk) - Information disclosure and document storage locations remained unchanged during the reporting period[18](index=18&type=chunk) Registration Change Status | Metric | Registered at beginning of period | Registered at end of period | | :--- | :--- | :--- | | Registration Date | October 08, 2023 | March 05, 2025 | | Registration Location | Wenling Industrial City, Taizhou, Zhejiang Province | No. 8 Chaoping Street, Eastern New District, Wenling City, Taizhou, Zhejiang Province | | Unified Social Credit Code | 91331081797615327C | 91331081797615327C | [IV. Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During this reporting period, the company's operating revenue decreased by 32.27% year-on-year, but net profit attributable to shareholders significantly increased by 904.10%, mainly due to non-recurring gains and losses. Net cash flow from operating activities narrowed its loss, while total assets and net assets attributable to shareholders both increased Key Accounting Data and Financial Indicators (Current Period vs. Prior Year) | Metric | Current Period (yuan) | Prior Year (yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 340,313,262.78 | 502,467,824.93 | -32.27% | | Net Profit Attributable to Shareholders of Listed Company | 389,197,669.92 | 38,760,984.73 | 904.10% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains/Losses) | -26,889,795.16 | 37,808,168.98 | -171.12% | | Net Cash Flow from Operating Activities | -87,678,240.32 | -154,761,667.51 | 43.35% | | Basic Earnings Per Share (yuan/share) | 2.48 | 0.25 | 892.00% | | Diluted Earnings Per Share (yuan/share) | 2.48 | 0.25 | 892.00% | | Weighted Average Return on Net Assets | 31.48% | 3.56% | 27.91% | Key Accounting Data and Financial Indicators (End of Current Period vs. End of Prior Year) | Metric | End of Current Period (yuan) | End of Prior Year (yuan) | Change from Prior Year-End | | :--- | :--- | :--- | :--- | | Total Assets | 2,429,539,170.92 | 2,419,443,061.11 | 0.42% | | Net Assets Attributable to Shareholders of Listed Company | 1,394,991,720.70 | 1,046,932,871.51 | 33.25% | [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) During the reporting period, the company had no differences in net profit and net assets between financial reports disclosed under International Accounting Standards or overseas accounting standards and those under Chinese Accounting Standards - During the reporting period, the company had no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and those under Chinese Accounting Standards[22](index=22&type=chunk) - During the reporting period, the company had no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and those under Chinese Accounting Standards[23](index=23&type=chunk) [VI. Non-recurring Gains and Losses and Amounts](index=7&type=section&id=VI.%20Non-recurring%20Gains%20and%20Losses%20and%20Amounts) Total non-recurring gains and losses for this reporting period amounted to 416,087,465.08 yuan, with the largest contribution from disposal gains/losses of non-current assets, reaching 489,194,848.37 yuan Non-recurring Gains and Losses and Amounts | Item | Amount (yuan) | | :--- | :--- | | Disposal gains/losses of non-current assets | 489,194,848.37 | | Government grants recognized in current profit/loss (excluding those with continuous impact) | 1,196,854.89 | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises | 726,319.23 | | Other non-operating income and expenses apart from the above | -1,788,796.77 | | Less: Income tax impact | 73,358,943.61 | | Minority interest impact (after tax) | -117,182.97 | | Total | 416,087,465.08 | [Part III Management Discussion and Analysis](index=9&type=section&id=Part%20III%20Management%20Discussion%20and%20Analysis) [I. Main Business Activities During the Reporting Period](index=9&type=section&id=I.%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) The company's main business involves the R&D, production, and sales of energy-efficient air compressors, blowers, and HVAC equipment, with a wide range of products and applications, driven by energy-saving policies and technological innovation [(1) Company's Main Business and Products](index=9&type=section&id=(1)%20Company's%20Main%20Business%20and%20Products) The company primarily engages in the R&D, production, and sales of energy-efficient air compressors, blowers, and HVAC equipment, offering over 300 product models widely used across various industrial and commercial sectors - The company's main business is the research, development, production, and sales of energy-efficient and high-performance fluid air power equipment such as air compressors and blowers, as well as HVAC equipment[28](index=28&type=chunk) - Main products include screw air compressors, screw blowers, small piston air compressors, centrifugal blowers, aerators, centrifugal vacuum pumps, centrifugal air compressors, magnetic bearing centrifugal chillers, magnetic bearing centrifugal heat pump units, screw refrigeration compressors, high-temperature water source screw heat pumps, and low-temperature air source heat pump units, totaling over 300 models across 6 platforms[28](index=28&type=chunk) - Products are widely used in mechanical manufacturing, petrochemicals, mining and metallurgy, textiles and apparel, medical, food, cement, sewage treatment, power, aquaculture, electroplating, small-flow air power demand areas like homes and commercial venues, and various downstream applications such as rail transit, hotels, data centers, airports, commercial real estate, industry, and agriculture[28](index=28&type=chunk) [(2) Company's Main Business Model](index=17&type=section&id=(2)%20Company's%20Main%20Business%20Model) The company manages procurement through an ERP system, combines order-based and stock-based production with in-house manufacturing for quality control, and employs both OBM (distribution, direct sales, energy management contracts) and ODM models for domestic and international sales, with ODM primarily serving foreign brands and large retail chains - Procurement Model: Procurement is implemented through the qualified supplier system in the ERP system, establishing stable and good cooperative relationships with multiple upstream raw material manufacturers[38](index=38&type=chunk) - Production Model: A combination of order-based and stock-based production is adopted, with most components manufactured in-house to ensure smooth production and product quality control[39](index=39&type=chunk) - Sales Model: Both domestic and international sales utilize OBM (Original Brand Manufacturer) and ODM (Original Design Manufacturer) models. The OBM model includes distribution, direct sales, and energy performance contracting; the ODM model primarily targets foreign brand owners and large chain supermarkets[40](index=40&type=chunk)[41](index=41&type=chunk)[42](index=42&type=chunk) [(3) Company's Market Position](index=18&type=section&id=(3)%20Company's%20Market%20Position) The company holds a strong competitive position in air compressors and centrifugal blowers, recognized as a high-tech and "Little Giant" enterprise with a China Well-known Trademark, ranking among the top exporters of general-purpose air compressors, especially small piston air compressors - The company has been recognized as a high-tech enterprise, a "Little Giant" enterprise by the Ministry of Industry and Information Technology (fourth batch), and one of Zhejiang Province's first batch of "leader" enterprises for integrated domestic and foreign trade[43](index=43&type=chunk) - The "Xinlei" brand has been recognized as a China Well-known Trademark, with products sold in over 100 countries and regions worldwide[43](index=43&type=chunk) - According to the "2024 Compressor Industry Statistics Compilation" by the Compressor Branch of China General Machinery Industry Association, the company ranked **3rd** among export enterprises in the general power air compressor sector in 2024, making it one of the main domestic air compressor manufacturers and exporters, especially for small piston air compressors[44](index=44&type=chunk) [(4) Performance Driving Factors](index=18&type=section&id=(4)%20Performance%20Driving%20Factors) The company's performance is primarily driven by national energy-saving and emission reduction policies, leading to increased demand for high-end energy-efficient air compressors and blowers, coupled with continuous technological innovation and independent R&D to enhance product efficiency and environmental performance - Industry Development Driven: National policies vigorously promote energy conservation and emission reduction, leading to a rapid increase in market demand for high-end energy-efficient air compressors and blowers, which are gradually replacing traditional low-end products[45](index=45&type=chunk) - Technological Innovation Driven: The company adheres to technological innovation and independent R&D as its core, having obtained **352 domestic and international patents** (including **77 invention patents**) as of June 2025, and participated in the formulation of multiple national and industry standards[46](index=46&type=chunk) [II. Analysis of Core Competitiveness](index=18&type=section&id=II.%20Analysis%20of%20Core%20Competitiveness) The company's core competitiveness lies in its strong R&D capabilities, leading product energy efficiency, scaled production advantages, and established brand and distribution channels, supported by numerous patents and a wide customer base - Technological R&D Advantage: Possesses a professional R&D team and a provincial-level technology center, mastering core component design, production, and processing technologies in screw compressors and centrifugal blowers, with **352 domestic and international patents** (including **77 invention patents**) obtained as of June 2025[47](index=47&type=chunk)[48](index=48&type=chunk) - Product Energy Efficiency Advantage: Screw air compressor energy efficiency is industry-leading, with all series of two-stage compression screw compressor products meeting or exceeding **Level 1 energy efficiency** of the GB19153-2019 standard, and repeatedly included in national energy-saving catalogs[49](index=49&type=chunk) - Scaled Production Advantage: One of the few enterprises in the industry to master independent R&D, design, and production of main components, introducing advanced production and testing equipment to achieve economies of scale and effectively control production costs[50](index=50&type=chunk) - Brand and Channel Advantage: The "Xinlei" trademark is a China Well-known Trademark, products maintain stable quality, and the marketing network covers major domestic and international countries and regions, establishing long-term stable business relationships with internationally renowned brand owners and retailers[51](index=51&type=chunk) [III. Main Business Analysis](index=19&type=section&id=III.%20Main%20Business%20Analysis) During the reporting period, the company's operating revenue decreased by 32.27% due to delayed revenue recognition for some HVAC product orders, while operating costs decreased by 32.80%. Sales and administrative expenses increased by 47.27% and 42.12% respectively, driven by business expansion and new factory depreciation. Financial expenses surged by 124.42% due to reduced interest income from invested raised funds, and income tax expenses increased by 1630.31% due to relocation gains. R&D investment grew by 7.52%, and net cash outflow from operating activities narrowed by 43.35% Year-on-Year Changes in Key Financial Data | Metric | Current Period (yuan) | Prior Year (yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 340,313,262.78 | 502,467,824.93 | -32.27% | Delayed revenue recognition for some HVAC product orders | | Operating Cost | 259,262,594.33 | 385,793,193.12 | -32.80% | Delayed revenue recognition for some HVAC product orders | | Sales Expenses | 37,052,852.14 | 25,160,307.28 | 47.27% | Business expansion, introduction of new sales team, increased market promotion | | Administrative Expenses | 29,951,734.10 | 21,074,902.97 | 42.12% | Significant increase in depreciation expenses due to new factory employee dormitory put into use | | Financial Expenses | 1,718,316.32 | -7,036,450.94 | 124.42% | Raised funds gradually invested, leading to reduced interest income | | Income Tax Expense | 67,781,565.35 | 3,917,305.45 | 1,630.31% | Increased income tax due to recognition of relocation gains | | R&D Investment | 29,989,307.58 | 27,892,466.82 | 7.52% | Increased investment in new product/process development and product iteration | | Net Cash Flow from Operating Activities | -87,678,240.32 | -154,761,667.51 | 43.35% | Decrease in cash paid for goods and services | - The company's profit structure underwent significant changes, primarily due to the completion of land use rights and above-ground building transfer in response to Wenling Municipal Party Committee and Government's strategic deployment, recognizing corresponding asset disposal gains[54](index=54&type=chunk) Products or Services Accounting for Over 10% | By Product or Service | Operating Revenue (yuan) | Operating Cost (yuan) | Gross Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Screw Compressors | 120,928,611.60 | 96,626,756.15 | 20.10% | -28.29% | -27.06% | -1.34% | | Piston Compressors | 65,676,199.35 | 60,939,645.12 | 7.21% | -27.36% | -20.57% | -7.94% | | Centrifugal Blowers | 48,619,946.29 | 31,999,343.29 | 34.18% | 45.06% | 55.98% | -4.61% | | HVAC Equipment | 64,726,570.95 | 44,324,352.66 | 31.52% | -61.01% | -65.50% | 8.91% | | **By Region** | | | | | | | | Domestic Sales | 244,409,351.66 | 184,594,582.52 | 24.47% | -36.37% | -37.61% | 1.49% | | Export Sales | 95,903,911.12 | 74,668,011.81 | 22.14% | -18.97% | -16.98% | -1.87% | | **By Sales Model** | | | | | | | | OBM | 162,329,725.06 | 123,411,797.58 | 23.97% | -39.98% | -41.86% | 2.46% | | OBM Direct Sales | 24,158,889.97 | 15,189,842.91 | 37.13% | 33.92% | 22.38% | 5.93% | | ODM | 116,233,000.50 | 98,242,599.66 | 15.48% | -32.80% | -28.27% | -5.34% | [IV. Non-Main Business Analysis](index=21&type=section&id=IV.%20Non-Main%20Business%20Analysis) During the reporting period, non-main business activities significantly impacted total profit, with asset disposal gains reaching **489,194,848.37 yuan**, accounting for **106.95%** of total profit, primarily from land acquisition compensation, which is not sustainable Impact of Non-Main Business on Total Profit | Item | Amount (yuan) | Proportion of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 726,319.23 | 0.16% | Investment income from disposal of trading financial assets | No | | Asset Impairment | -1,838,756.52 | -0.40% | Inventory write-down losses and contract performance cost impairment losses | No | | Non-operating Income | 66,424.32 | 0.01% | Compensation received and liquidated damages | No | | Non-operating Expenses | 1,855,221.09 | 0.41% | Compensation paid | No | | Asset Disposal Gains | 489,194,848.37 | 106.95% | Recognition of land acquisition compensation | No | [V. Analysis of Assets and Liabilities](index=21&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, total assets slightly increased by 0.42%, and net assets attributable to shareholders increased by 33.25%. Monetary funds decreased by 2.12% due to investment in fundraising projects, inventory increased by 1.41% for strategic stocking, and construction in progress increased by 2.16% due to equipment and renovation. Short-term borrowings increased by 2.88% to meet working capital needs. The company has pledged or mortgaged monetary funds, fixed assets, and intangible assets Significant Changes in Asset Composition (End of Current Period vs. End of Prior Year) | Item | Amount at End of Current Period (yuan) | Proportion of Total Assets | Amount at Prior Year-End (yuan) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 262,743,333.91 | 10.81% | 312,815,627.05 | 12.93% | -2.12% | Gradual investment in fundraising projects | | Inventories | 414,348,607.36 | 17.05% | 378,374,772.87 | 15.64% | 1.41% | Proactive strategic stocking for second-half sales | | Construction in Progress | 231,851,856.05 | 9.54% | 178,603,563.73 | 7.38% | 2.16% | Increased investment in unaccepted equipment and renovation costs for office buildings and showrooms | | Short-term Borrowings | 223,206,973.33 | 9.19% | 152,741,923.47 | 6.31% | 2.88% | Increased working capital demand to meet business development | - The company's total assets at period-end were **2,429,539,170.92 yuan**, an increase of **0.42%** compared to the end of the prior year[21](index=21&type=chunk) Asset Rights Restriction Status as of End of Reporting Period | Item | Book Balance (yuan) | Book Value (yuan) | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 224,241.03 | 224,241.03 | Pledge | Acceptance bill margin, letter of guarantee margin | | Fixed Assets | 553,085,456.70 | 538,296,454.48 | Mortgage | Mortgage loan | | Intangible Assets | 66,947,398.06 | 64,157,923.10 | Mortgage | Mortgage loan | | Total | 620,257,095.79 | 602,678,618.61 | | | [VI. Analysis of Investment Status](index=23&type=section&id=VI.%20Analysis%20of%20Investment%20Status) During the reporting period, the company's investment decreased significantly by 86.00% year-on-year. Accumulated raised funds invested totaled **333.4887 million yuan**, with an unused balance of **364.8204 million yuan**. Fundraising projects were slowed due to land acquisition and new factory construction, leading to changes in implementation locations and extended deadlines. Excess raised funds were partially used to supplement working capital and invest in new projects. The company also engaged in wealth management, primarily bank wealth products, with an outstanding balance of **40.1 million yuan** at period-end Investment Amount During Reporting Period | Metric | Amount (yuan) | | :--- | :--- | | Investment amount during reporting period | 5,350,000.00 | | Investment amount in prior year | 38,220,338.08 | | Change percentage | -86.00% | - As of June 30, 2025, the company's net raised funds amounted to **698.3091 million yuan**, with a cumulative investment of **333.4887 million yuan**, and an unused balance of **364.8204 million yuan**[69](index=69&type=chunk)[70](index=70&type=chunk) - Fundraising projects have slowed relative to expectations due to the government acquisition of the original factory land and subsequent new factory construction, leading to changes in implementation locations for some projects and extended implementation deadlines to 2025 or 2026[73](index=73&type=chunk) - Excess raised funds of **70 million yuan** have been permanently used to supplement working capital, and **51.8986 million yuan** has been invested in new project construction[74](index=74&type=chunk) Overview of Entrusted Wealth Management During Reporting Period | Specific Type | Source of Entrusted Wealth Management Funds | Amount of Entrusted Wealth Management (10,000 yuan) | Outstanding Balance (10,000 yuan) | | :--- | :--- | :--- | :--- | | Bank wealth management products | Raised funds | 32,000 | 4,000 | | Bank wealth management products | Own funds | 540 | 10 | | Total | | 32,540 | 4,010 | [VII. Significant Asset and Equity Sales](index=27&type=section&id=VII.%20Significant%20Asset%20and%20Equity%20Sales) During the reporting period, the company did not engage in any significant asset or equity sales - The company did not sell significant assets during the reporting period[80](index=80&type=chunk) - The company did not sell significant equity during the reporting period[81](index=81&type=chunk) [VIII. Analysis of Major Holding and Participating Companies](index=28&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) During the reporting period, the company had no important holding or participating company information to disclose - The company had no important holding or participating company information that should be disclosed during the reporting period[81](index=81&type=chunk) [IX. Information on Structured Entities Controlled by the Company](index=28&type=section&id=IX.%20Information%20on%20Structured%20Entities%20Controlled%20by%20the%20Company) During the reporting period, the company did not control any structured entities - The company did not control any structured entities during the reporting period[82](index=82&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=28&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces innovation, technology upgrade, market expansion, and raw material price fluctuation risks, addressed by enhancing R&D, strengthening market development and customer service, and improving corporate governance - Innovation Risk: Misjudgment of market demand and technological trends may lead to innovation failure or products not being recognized by the market[82](index=82&type=chunk) - Technology Upgrade and Iteration Risk: Rapid technological innovation in the industry means that if the company fails to improve its technological level in a timely manner or if revolutionary technologies emerge, its market position and profitability may be affected[83](index=83&type=chunk) - Market Expansion Risk: If high-efficiency and energy-saving products fail to seize the initiative and quickly establish market competitiveness and brand influence, it may adversely affect the sustainable development of the business[84](index=84&type=chunk) - Major Raw Material Price Fluctuation Risk: Significant increases in raw material prices may adversely affect operating performance, especially for piston compressor products with long order execution cycles, where the risk is borne by the company[85](index=85&type=chunk) - Countermeasures: Continuously enhance core R&D competitiveness, strengthen market development and customer service capabilities, and continuously improve corporate governance[87](index=87&type=chunk)[88](index=88&type=chunk)[89](index=89&type=chunk) [XI. Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=29&type=section&id=XI.%20Registration%20Form%20for%20Research%2C%20Communication%2C%20Interview%2C%20and%20Other%20Activities%20During%20the%20Reporting%20Period) During the reporting period, the company hosted three research activities, including on-site visits by institutions like Guotai Junan, Huashang Fund, Guotai Haitong, and Huatai Securities, as well as an online performance briefing, engaging in in-depth communication with investors on business performance and development strategies - On February 13, 2025, the company hosted Guotai Junan and Huashang Fund for on-site research at its Future Factory[90](index=90&type=chunk) - On May 13, 2025, the company held its 2024 annual performance briefing via the Value Online network platform, engaging in online communication with all investors[90](index=90&type=chunk) - On May 15, 2025, the company hosted Guotai Haitong and Huatai Securities for on-site research at its Future Factory[90](index=90&type=chunk) [XII. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=29&type=section&id=XII.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company states that it has not formulated a market value management system nor disclosed a valuation enhancement plan - The company has not formulated a market value management system[91](index=91&type=chunk) - The company has not disclosed a valuation enhancement plan[91](index=91&type=chunk) [XIII. Implementation of "Quality and Return Dual Enhancement" Action Plan](index=30&type=section&id=XIII.%20Implementation%20of%20%22Quality%20and%20Return%20Dual%20Enhancement%22%20Action%20Plan) The company states that it has not disclosed an announcement regarding the "Quality and Return Dual Enhancement" action plan - The company has not disclosed an announcement regarding the "Quality and Return Dual Enhancement" action plan[92](index=92&type=chunk) [Part IV Corporate Governance, Environment, and Society](index=30&type=section&id=Part%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) [I. Changes in Directors, Supervisors, and Senior Management](index=30&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, there were no changes in the company's directors, supervisors, and senior management - There were no changes in the company's directors, supervisors, and senior management during the reporting period[93](index=93&type=chunk) [II. Profit Distribution and Capital Reserve Conversion to Share Capital in This Reporting Period](index=30&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20This%20Reporting%20Period) The company proposes to distribute a cash dividend of **3 yuan (tax inclusive)** per 10 shares to all shareholders, totaling **45,780,646.50 yuan**, based on the total share capital of **152,602,155 shares** after deducting shares in the buyback account as of August 26, 2025, with no bonus shares or capital reserve conversion, making cash dividends **100%** of the total profit distribution 2025 Semi-Annual Profit Distribution Plan | Metric | Content | | :--- | :--- | | Bonus shares per 10 shares (shares) | 0 | | Dividend per 10 shares (yuan) (tax inclusive) | 3 | | Capital reserve conversion per 10 shares (shares) | 0 | | Share capital base for distribution plan (shares) | 152,602,155 | | Cash dividend amount (yuan) (tax inclusive) | 45,780,646.50 | | Proportion of total cash dividend to total profit distribution | 100.00% | - The company plans to distribute profits based on a share capital base of **152,602,155 shares**, which is the total share capital of **157,190,000 shares** minus the **4,587,845 shares** held in the dedicated share repurchase account[95](index=95&type=chunk) [III. Implementation of Company's Equity Incentive Plan, Employee Stock Ownership Plan, or Other Employee Incentive Measures](index=30&type=section&id=III.%20Implementation%20of%20Company's%20Equity%20Incentive%20Plan%2C%20Employee%20Stock%20Ownership%20Plan%2C%20or%20Other%20Employee%20Incentive%20Measures) The company implemented its 2024 Restricted Stock Incentive Plan, approved by shareholders in July 2024 and initially granted in September 2024. Subsequently, due to the 2024 equity distribution, the company adjusted the grant price to **7.59 yuan/share** in July 2025, canceled **1.3287 million** granted but unvested restricted shares, and reserved **0.907845 million** restricted shares for future grants - On July 4, 2024, the company's board of directors convened and approved the "2024 Restricted Stock Incentive Plan (Draft)"[97](index=97&type=chunk) - On July 22, 2024, the company's general meeting of shareholders approved the resolutions related to the incentive plan[98](index=98&type=chunk) - On July 15, 2025, the company adjusted the grant price of the 2024 Restricted Stock Incentive Plan to **7.59 yuan/share**, canceled **1.3287 million** granted but unvested restricted shares, and reserved **0.907845 million** restricted shares for future grants[100](index=100&type=chunk) [IV. Environmental Information Disclosure](index=32&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and its main subsidiary, Xinlei Compressor Co., Ltd., are included in the list of enterprises required to disclose environmental information by law, with a provided query index for their environmental information disclosure report - The listed company and its main subsidiary are included in the list of enterprises required to disclose environmental information by law, with Xinlei Compressor Co., Ltd. being one such entity[103](index=103&type=chunk) - The query index for the environmental information disclosure report is: https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise list?input=%E9%91%AB%E7%A3%8A%E5%8E%8B%E7%BC%A9%E6%9C%BA%E8%82%A1%E4%BB%BD%E6%9C%89%E9%99%90%E5%85%AC%E5%8F%B8&area=浙江省生态环境厅-企业环境信息依法披露系统[103](index=103&type=chunk) [V. Social Responsibility](index=32&type=section&id=V.%20Social%20Responsibility) Adhering to its mission of "making green fluid technology accessible to all," the company actively fulfills its social responsibilities by protecting shareholder and employee rights, ensuring product quality and safety, promoting green production, and participating in various social welfare activities - The company strictly fulfills its information disclosure obligations, facilitates investor communication channels, actively distributes cash dividends, with cumulative cash dividends of **139 million yuan**, fully safeguarding investor rights[105](index=105&type=chunk) - The company complies with labor laws, protects employees' legitimate rights and interests, established ISO45001 Occupational Health and Safety Management System certification, and improved its compensation management and performance appraisal systems[106](index=106&type=chunk) - The company values environmental protection, adheres to a green, low-carbon, and environmentally friendly sustainable development philosophy, established a comprehensive environmental management system, and actively responds to national "dual carbon" policies[108](index=108&type=chunk) - During the reporting period, the company actively participated in social welfare initiatives, including employee assistance, "Warm Winter" campaigns, "Caring Heating" projects, supporting frontier education, and marine ecological protection actions[109](index=109&type=chunk)[110](index=110&type=chunk) [Part V Significant Matters](index=34&type=section&id=Part%20V%20Significant%20Matters) [I. Commitments Fulfilled and Overdue Unfulfilled by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=34&type=section&id=I.%20Commitments%20Fulfilled%20and%20Overdue%20Unfulfilled%20by%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20and%20as%20of%20the%20End%20of%20the%20Reporting%20Period) During the reporting period, there were no commitments fulfilled or overdue unfulfilled by the company's actual controller, shareholders, related parties, acquirers, or the company itself - During the reporting period, there were no commitments fulfilled or overdue unfulfilled by the company's actual controller, shareholders, related parties, acquirers, or the company itself[112](index=112&type=chunk) [II. Non-Operating Occupation of Funds by Controlling Shareholder and Other Related Parties of the Listed Company](index=34&type=section&id=II.%20Non-Operating%20Occupation%20of%20Funds%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties%20of%20the%20Listed%20Company) During the reporting period, there was no non-operating occupation of funds by the controlling shareholder or other related parties of the listed company - During the reporting period, there was no non-operating occupation of funds by the controlling shareholder or other related parties of the listed company[113](index=113&type=chunk) [III. Irregular External Guarantees](index=34&type=section&id=III.%20Irregular%20External%20Guarantees) During the reporting period, the company had no irregular external guarantees - The company had no irregular external guarantees during the reporting period[114](index=114&type=chunk) [IV. Appointment and Dismissal of Accounting Firms](index=34&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[115](index=115&type=chunk) [V. Explanations by the Board of Directors, Supervisory Board, and Audit Committee on the Accounting Firm's "Non-Standard Audit Report" for This Reporting Period](index=34&type=section&id=V.%20Explanations%20by%20the%20Board%20of%20Directors%2C%20Supervisory%20Board%2C%20and%20Audit%20Committee%20on%20the%20Accounting%20Firm's%20%22Non-Standard%20Audit%20Report%22%20for%20This%20Reporting%20Period) During the reporting period, there were no explanations from the board of directors, supervisory board, or audit committee regarding a "non-standard audit report" from the accounting firm for this period - During the reporting period, there were no explanations from the board of directors, supervisory board, or audit committee regarding a "non-standard audit report" from the accounting firm for this period[116](index=116&type=chunk) [VI. Explanations by the Board of Directors on the "Non-Standard Audit Report" for the Prior Year](index=34&type=section&id=VI.%20Explanations%20by%20the%20Board%20of%20Directors%20on%20the%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Prior%20Year) During the reporting period, there were no explanations from the board of directors regarding the "non-standard audit report" for the prior year - During the reporting period, there were no explanations from the board of directors regarding the "non-standard audit report" for the prior year[116](index=116&type=chunk) [VII. Bankruptcy and Reorganization Matters](index=34&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Matters) During the reporting period, the company had no bankruptcy and reorganization matters - The company had no bankruptcy and reorganization matters during the reporting period[116](index=116&type=chunk) [VIII. Litigation Matters](index=34&type=section&id=VIII.%20Litigation%20Matters) During the reporting period, the company had no significant litigation or arbitration matters, but other litigation, mainly contract disputes totaling **10.1617 million yuan**, some of which have been mediated or heard without arbitration awards, did not significantly impact the company's operations - The company had no significant litigation or arbitration matters during this reporting period[117](index=117&type=chunk) Other Litigation Matters | Basic Information on Litigation (Arbitration) | Amount Involved (10,000 yuan) | Whether a Provision is Formed | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | | :--- | :--- | :--- | :--- | :--- | | Other litigation involving the company and its consolidated subsidiaries that did not meet the disclosure threshold for significant litigation, primarily involving contract disputes | 1,016.17 | No | Partially mediated; some hearings concluded without arbitration awards | No significant impact on the company's production and operations | [IX. Penalties and Rectification Status](index=35&type=section&id=IX.%20Penalties%20and%20Rectification%20Status) The company, its chairman Zhong Renzhi, general manager Zhong Jiayu, and CFO/Board Secretary Jin Danjun received a warning letter from the Zhejiang Securities Regulatory Bureau for failing to timely fulfill review procedures and information disclosure obligations regarding idle raised funds for cash management. The company has implemented rectification measures, including supplementary confirmation, strengthening internal controls, and enhancing personnel training, to ensure compliance with raised fund usage and information disclosure - The company, its Chairman Zhong Renzhi, General Manager Zhong Jiayu, and CFO/Board Secretary Jin Danjun received a warning letter from the Zhejiang Securities Regulatory Bureau for failing to timely fulfill review procedures and information disclosure obligations regarding idle raised funds for cash management that exceeded the validity period of the board resolution[119](index=119&type=chunk) - The company has provided supplementary confirmation for the use of some idle raised funds for cash management beyond the validity period of the board resolution and reviewed the matter of continuing to use some idle raised funds for cash management[120](index=120&type=chunk) - The company has implemented rectification measures such as strengthening internal control management and internal supervision, and enhancing personnel training, to improve compliance awareness and sense of responsibility, ensuring standardized use of raised funds and compliant information disclosure[121](index=121&type=chunk)[123](index=123&type=chunk) [X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=36&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) During the reporting period, the company, its controlling shareholder, and actual controller had no unfulfilled effective court judgments or large overdue debts - During the reporting period, the company, its controlling shareholder, and actual controller had no unfulfilled effective court judgments or large overdue debts[124](index=124&type=chunk) [XI. Significant Related Party Transactions](index=36&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) During the reporting period, the company had no related party transactions related to daily operations, asset/equity acquisitions/disposals, joint external investments, related party creditor/debtor relationships, or dealings with affiliated financial companies - The company had no related party transactions related to daily operations during the reporting period[124](index=124&type=chunk) - The company had no related party transactions involving asset or equity acquisitions or sales during the reporting period[125](index=125&type=chunk) - The company had no related party creditor or debtor relationships during the reporting period[127](index=127&type=chunk) [XII. Significant Contracts and Their Performance](index=37&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) During the reporting period, the company had no significant entrustment, contracting, major guarantees, or major operating contracts. Lease matters primarily involved office space and employee dormitories necessary for normal operations, with all related contractual obligations being duly performed - The company had no entrustment situations during the reporting period[131](index=131&type=chunk) - The company had no contracting situations during the reporting period[132](index=132&type=chunk) - During the reporting period, the company's leases were for normal operational needs, primarily for office space and employee dormitories, with the company signing lease contracts with lessors and duly performing related contractual obligations[133](index=133&type=chunk) - The company had no significant guarantee situations during the reporting period[135](index=135&type=chunk) - The company had no other significant contracts during the reporting period[138](index=138&type=chunk) [XIII. Explanation of Other Significant Matters](index=37&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) The Wenling Industrial Park Management Committee acquired the company's original factory land use rights and buildings for a total of **561.4261 million yuan**, of which **505.2835 million yuan** has been received. The relocation and acceptance were completed in March 2025, and this is expected to significantly impact the company's pre-tax profit for 2025 - The Wenling Industrial Park Management Committee acquired the company's state-owned land use rights and above-ground buildings located at Central Avenue, Chengxi Street, Wenling City, with total acquisition and compensation payments amounting to **561.4261 million yuan**[140](index=140&type=chunk) - As of now, the company has cumulatively received land acquisition and compensation payments totaling **505.2835 million yuan**[141](index=141&type=chunk) - In March 2025, the company received the "Vacation Acceptance Opinion" from the Wenling Industrial Park Management Committee, confirming that the company had completed its relocation as required and met the vacation acceptance standards[141](index=141&type=chunk) - These land acquisition funds will be accounted for under asset disposal gains, and are expected to impact the company's pre-tax profit for 2025[142](index=142&type=chunk) [XIV. Significant Matters of Company Subsidiaries](index=38&type=section&id=XIV.%20Significant%20Matters%20of%20Company%20Subsidiaries) During the reporting period, the company had no significant matters concerning its subsidiaries - The company had no significant matters concerning its subsidiaries during the reporting period[143](index=143&type=chunk) [Part VI Share Changes and Shareholder Information](index=39&type=section&id=Part%20VI%20Share%20Changes%20and%20Shareholder%20Information) [I. Share Change Status](index=39&type=section&id=I.%20Share%20Change%20Status) During the reporting period, the company's total share capital remained unchanged, with the proportion of restricted and unrestricted shares stable. The company completed its share repurchase plan on February 6, 2025, repurchasing a cumulative total of **4,587,845 shares**, representing **2.92%** of the total share capital, at a total cost of **79,794,047.03 yuan** Share Change Status | Share Class | Number of Shares Before Change (shares) | Proportion Before Change | Number of Shares After Change (shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 112,390,000 | 71.50% | 112,390,000 | 71.50% | | II. Unrestricted Shares | 44,800,000 | 28.50% | 44,800,000 | 28.50% | | III. Total Shares | 157,190,000 | 100.00% | 157,190,000 | 100.00% | - On February 7, 2024, the company approved a share repurchase plan, with a total repurchase amount of no less than **40 million yuan** and no more than **80 million yuan**, and a repurchase price not exceeding **23.57 yuan/share**[147](index=147&type=chunk) - As of February 6, 2025, the company's repurchase plan was completed, with a cumulative repurchase of **4,587,845 shares**, accounting for **2.92%** of the total share capital, and a total payment of **79,794,047.03 yuan**[149](index=149&type=chunk) [II. Securities Issuance and Listing Status](index=40&type=section&id=II.%20Securities%20Issuance%20and%20Listing%20Status) 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[150](index=150&type=chunk) [III. Number of Shareholders and Shareholding Status](index=40&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Status) As of the end of the reporting period, the company had **15,999 shareholders**. Among the top ten shareholders, Wenling Xinlei Technology Co., Ltd. was the largest shareholder with **49.53%** of shares, and Zhong Renzhi held **15.19%**. Zhong Renzhi and Cai Hairong are married, holding **70.00%** and **30.00%** of Wenling Xinlei Technology Co., Ltd. respectively, with Cai Hairong also serving as the executive partner of Wenling Hongsheng Investment Partnership (Limited Partnership). The company's dedicated share repurchase account held **4,587,845 shares**, representing **2.92%** of the total share capital - As of the end of the reporting period, the company had a total of **15,999 shareholders**[151](index=151&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at End of Reporting Period (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Wenling Xinlei Technology Co., Ltd. | Domestic Non-State-Owned Legal Person | 49.53% | 77,853,980 | 77,853,980 | 0 | | Zhong Renzhi | Domestic Natural Person | 15.19% | 23,882,572 | 23,882,572 | 0 | | Wenling Hongsheng Investment Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 4.71% | 7,396,733 | 7,396,733 | 0 | | Cai Hairong | Domestic Natural Person | 2.07% | 3,256,715 | 3,256,715 | 0 | - Zhong Renzhi and Cai Hairong are married, holding **70.00%** and **30.00%** of Wenling Xinlei Technology Co., Ltd. respectively. Cai Hairong is the executive partner of Wenling Hongsheng Investment Partnership (Limited Partnership)[152](index=152&type=chunk) - As of June 30, Xinlei Compressor Co., Ltd.'s dedicated share repurchase account held **4,587,845 shares** of the company, accounting for **2.92%** of the total share capital[153](index=153&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=42&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, there were no changes in the shareholdings of the company's directors, supervisors, and senior management - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period[154](index=154&type=chunk) [V. Changes in Controlling Shareholder or Actual Controller](index=42&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) 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[156](index=156&type=chunk) - The company's actual controller did not change during the reporting period[156](index=156&type=chunk) [Part VII Bond-Related Information](index=45&type=section&id=Part%20VII%20Bond-Related%20Information) [Bond-Related Information](index=45&type=section&id=Bond-Related%20Information) During the reporting period, the company had no bond-related matters - The company had no bond-related matters during the reporting period[159](index=159&type=chunk) [Part VIII Financial Report](index=46&type=section&id=Part%20VIII%20Financial%20Report) [I. Audit Report](index=46&type=section&id=I.%20Audit%20Report) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[161](index=161&type=chunk) [II. Financial Statements](index=46&type=section&id=II.%20Financial%20Statements) This section includes the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, comprehensively presenting the company's financial position at the end of the reporting period and its operating results, cash flows, and changes in owners' equity during the period [1. Consolidated Balance Sheet](index=46&type=section&id=1.%20Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets were **2,429,539,170.92 yuan**, with total liabilities of **1,030,590,440.16 yuan** and total owners' equity of **1,398,948,730.76 yuan**, showing notable changes in monetary funds, trading financial assets, other receivables, inventories, construction in progress, short-term borrowings, taxes payable, and non-current liabilities due within one year compared to the beginning of the period Key Data from Consolidated Balance Sheet (Period-End vs. Period-Beginning) | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Monetary Funds | 262,743,333.91 | 312,815,627.05 | | Trading Financial Assets | 40,100,000.00 | 30,000,000.00 | | Notes Receivable | 22,970,642.53 | 20,849,077.23 | | Accounts Receivable | 517,576,974.54 | 545,035,764.40 | | Other Receivables | 60,944,349.73 | 6,968,646.06 | | Inventories | 414,348,607.36 | 378,374,772.87 | | Fixed Assets | 651,412,897.85 | 688,456,946.33 | | Construction in Progress | 231,851,856.05 | 178,603,563.73 | | Intangible Assets | 71,969,020.57 | 101,182,859.19 | | Short-term Borrowings | 223,206,973.33 | 152,741,923.47 | | Notes Payable | 266,842,754.66 | 371,395,786.20 | | Accounts Payable | 171,502,988.42 | 235,641,069.11 | | Taxes Payable | 78,156,115.78 | 20,518,696.14 | | Non-current Liabilities Due Within One Year | 124,227,979.42 | 6,029,850.78 | | Deferred Income | 53,513,720.25 | 42,844,141.30 | | Other Non-current Liabilities | 0.00 | 421,069,575.00 | | Total Liabilities | 1,030,590,440.16 | 1,369,145,280.67 | | Total Owners' Equity Attributable to Parent Company | 1,394,991,720.70 | 1,046,932,871.51 | | Total Assets | 2,429,539,170.92 | 2,419,443,061.11 | [2. Parent Company Balance Sheet](index=48&type=section&id=2.%20Parent%20Company%20Balance%20Sheet) As of June 30, 2025, the parent company's total assets were **2,376,263,309.06 yuan**, with total liabilities of **1,022,308,004.56 yuan** and total owners' equity of **1,353,955,304.50 yuan**, showing similar trends to the consolidated statement with decreases in monetary funds and increases in other receivables, inventories, construction in progress, short-term borrowings, taxes payable, and non-current liabilities due within one year compared to the beginning of the period Key Data from Parent Company Balance Sheet (Period-End vs. Period-Beginning) | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Monetary Funds | 256,196,919.91 | 308,420,791.68 | | Trading Financial Assets | 40,100,000.00 | 30,000,000.00 | | Accounts Receivable | 449,689,678.18 | 480,014,062.49 | | Other Receivables | 103,151,161.42 | 48,726,508.66 | | Inventories | 349,493,844.53 | 306,183,427.97 | | Fixed Assets | 645,523,057.97 | 681,649,066.53 | | Construction in Progress | 230,037,690.76 | 177,752,897.48 | | Intangible Assets | 69,860,687.24 | 98,937,025.86 | | Short-term Borrowings | 223,056,973.33 | 152,741,923.47 | | Notes Payable | 266,842,754.66 | 371,395,786.20 | | Accounts Payable | 173,406,908.66 | 234,158,293.61 | | Taxes Payable | 74,454,471.08 | 7,757,383.47 | | Non-current Liabilities Due Within One Year | 123,741,349.23 | 5,074,289.73 | | Deferred Income | 53,513,720.25 | 42,844,141.30 | | Other Non-current Liabilities | 0.00 | 421,069,575.00 | | Total Liabilities | 1,022,308,004.56 | 1,350,138,338.06 | | Total Owners' Equity | 1,353,955,304.50 | 1,007,890,030.95 | | Total Assets | 2,376,263,309.06 | 2,358,028,369.01 | [3. Consolidated Income Statement](index=50&type=section&id=3.%20Consolidated%20Income%20Statement) For the first half of 2025, the company's consolidated total operating revenue was **340,313,262.78 yuan**, a year-on-year decrease of **32.27%**. Net profit was **389,618,357.26 yuan**, a significant year-on-year increase of **955.07%**, primarily driven by asset disposal gains of **489,194,848.37 yuan**. Net profit attributable to parent company shareholders was **389,197,669.92 yuan**, with basic earnings per share of **2.48 yuan** Key Data from Consolidated Income Statement (H1 2025 vs. H1 2024) | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 340,313,262.78 | 502,467,824.93 | | Total Operating Cost | 362,263,754.47 | 455,806,227.86 | | Sales Expenses | 37,052,852.14 | 25,160,307.28 | | Administrative Expenses | 29,951,734.10 | 21,074,902.97 | | R&D Expenses | 29,989,307.58 | 27,892,466.82 | | Financial Expenses | 1,718,316.32 | -7,036,450.94 | | Other Income | 2,073,788.28 | 5,439,455.97 | | Investment Income | 726,319.23 | 80,892.18 | | Asset Disposal Gains | 489,194,848.37 | 235,689.74 | | Operating Profit | 459,188,719.38 | 42,116,997.13 | | Total Profit | 457,399,922.61 | 40,855,167.11 | | Income Tax Expense | 67,781,565.35 | 3,917,305.45 | | Net Profit | 389,618,357.26 | 36,937,861.66 | | Net Profit Attributable to Parent Company Shareholders | 389,197,669.92 | 38,760,984.73 | | Basic Earnings Per Share (yuan/share) | 2.48 | 0.25 | [4. Parent Company Income Statement](index=52&type=section&id=4.%20Parent%20Company%20Income%20Statement) For the first half of 2025, the parent company's operating revenue was **313,576,605.05 yuan**, a year-on-year decrease of **34.40%**. Net profit was **387,032,680.49 yuan**, a significant year-on-year increase of **946.47%**, primarily influenced by asset disposal gains of **489,219,253.59 yuan**. Basic earnings per share were **2.46 yuan** Key Data from Parent Company Income Statement (H1 2025 vs. H1 2024) | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Operating Revenue | 313,576,605.05 | 477,872,183.95 | | Operating Cost | 246,966,623.34 | 372,592,031.57 | | Sales Expenses | 32,908,443.06 | 22,073,701.32 | | Administrative Expenses | 23,905,172.97 | 15,299,081.82 | | R&D Expenses | 29,989,307.58 | 27,892,466.82 | | Financial Expenses | 1,086,375.64 | -7,080,968.97 | | Other Income | 2,064,866.49 | 5,383,306.33 | | Investment Income | -96,383.35 | 80,892.18 | | Asset Disposal Gains | 489,219,253.59 | 219,511.22 | | Operating Profit | 455,022,193.60 | 40,707,831.93 | | Total Profit | 453,792,769.74 | 39,430,536.26 | | Income Tax Expense | 66,760,089.25 | 2,447,708.03 | | Net Profit | 387,032,680.49 | 36,982,828.23 | | Basic Earnings Per Share (yuan/share) | 2.46 | 0.24 | [5. Consolidated Cash Flow Statement](index=54&type=section&id=5.%20Consolidated%20Cash%20Flow%20Statement) For the first half of 2025, the company's net cash outflow from operating activities was **-87,678,240.32 yuan**, a year-on-year loss reduction of **43.35%**. Net cash outflow from investing activities was **-111,229,791.39 yuan**, a year-on-year decrease of **42.33%**. Net cash inflow from financing activities significantly increased by **288.45%** to **147,749,632.43 yuan**, mainly due to increased borrowings. The net decrease in cash and cash equivalents was **-50,526,508.34 yuan**, a year-on-year reduction of **88.09%** Key Data from Consolidated Cash Flow Statement (H1 2025 vs. H1 2024) | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -87,678,240.32 | -154,761,667.51 | | Net Cash Flow from Investing Activities | -111,229,791.39 | -192,874,594.91 | | Net Cash Flow from Financing Activities | 147,749,632.43 | -78,403,306.62 | | Net Increase in Cash and Cash Equivalents | -50,526,508.34 | -424,343,145.38 | - Net cash outflow from operating activities narrowed by **43.35%** year-on-year, primarily due to a decrease in cash paid for goods and services[53](index=53&type=chunk) - Net cash inflow from financing activities significantly increased by **288.45%** year-on-year, primarily due to an increase in cash received from borrowings[53](index=53&type=chunk) [6. Parent Company Cash Flow Statement](index=55&type=section&id=6.%20Parent%20Company%20Cash%20Flow%20Statement) For the first half of 2025, the parent company's net cash outflow from operating activities was **-89,492,511.59 yuan**, a year-on-year loss reduction. Net cash outflow from investing activities was **-111,940,859.07 yuan**, a year-on-year decrease. Net cash inflow from financing activities significantly increased to **148,123,392.75 yuan**. The net decrease in cash and cash equivalents was **-52,678,086.97 yuan**, a year-on-year reduction Key Data from Parent Company Cash Flow Statement (H1 2025 vs. H1 2024) | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -89,492,511.59 | -130,302,469.58 | | Net Cash Flow from Investing Activities | -111,940,859.07 | -236,779,994.91 | | Net Cash Flow from Financing Activities | 148,123,392.75 | -78,164,682.78 | | Net Increase in Cash and Cash Equivalents | -52,678,086.97 | -443,550,723.61 | [7. Consolidated Statement of Changes in Owners' Equity](index=56&type=section&id=7.%20Consolidated%20Statement%20of%20Changes%20in%20Owners'%20Equity) Consolidated owners' equity increased from **1,050,297,780.44 yuan** at the beginning of the period to **1,398,948,730.76 yuan** at the end, primarily due to comprehensive income attributable to parent company owners of **389,197,669.92 yuan** and an increase in capital reserve from share-based payments - Total comprehensive income attributable to parent company owners for this period was **389,197,669.92 yuan**[184](index=184&type=chunk) - Capital reserve increased by **4,813,239.56 yuan** this period, primarily due to the amount of share-based payments recognized in owners' equity[184](index=184&type=chunk) - Cash dividends of **45,780,646.50 yuan** were distributed to owners (or shareholders) as profit distribution this period[184](index=184&type=chunk) [8. Parent Company Statement of Changes in Owners' Equity](index=60&type=section&id=8.%20Parent%20Company%20Statement%20of%20Changes%20in%20Owners'%20Equity) Parent company owners' equity increased from **1,007,890,030.95 yuan** at the beginning of the period to **1,353,955,304.50 yuan** at the end, primarily due to total comprehensive income of **387,032,680.49 yuan** and an increase in capital reserve from share-based payments - Total comprehensive income for the parent company this period was **387,032,680.49 yuan**[190](index=190&type=chunk) - Capital reserve increased by **4,813,239.56 yuan** this period, primarily due to the amount of share-based payments recognized in owners' equity[190](index=190&type=chunk) - Cash dividends of **45,780,646.50 yuan** were distributed to owners (or shareholders) as profit distribution this period[190](index=190&type=chunk) [III. Company Overview](index=64&type=section&id=III.%20Company%20Overview) Xinlei Compressor Co., Ltd., established on October 18, 2017, and listed on the Shenzhen Stock Exchange in January 2023 with a registered capital of **157.19 million yuan**, primarily engages in the R&D, production, and sales of energy-efficient air compressors, centrifugal blowers, and HVAC equipment, with Wenling Xinlei Technology Co., Ltd. as its parent company and Zhong Renzhi and Cai Hairong as its actual controllers - The company was established on October 18, 2017, and listed on the Shenzhen Stock Exchange in January 2023[195](index=195&type=chunk) - As of June 30, 2025, the company's cumulative issued share capital totaled **157.19 million shares**, with a registered capital of **157.19 million yuan**[195](index=195&type=chunk) - The company's actual main business activities are the R&D, production, and sales of energy-efficient and high-performance air compressors, centrifugal blowers, and HVAC equipment. The actual controllers are Zhong Renzhi and Cai Hairong, a married couple[195](index=195&type=chunk) [IV. Basis of Financial Statement Preparation](index=64&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) 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 - 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 "Information Disclosure Rules for Companies Issuing Securities to the Public No. 15 - General Provisions for Financial Reports"[197](index=197&type=chunk) - These financial statements are prepared on a going concern basis[198](index=198&type=chunk) [V. Significant Accounting Policies and Estimates](index=64&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's significant accounting policies and estimates, including statements of compliance with accounting standards, accounting period, operating cycle, functional currency, materiality criteria, business combinations, consolidated financial statements, cash and cash equivalent

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福建天马科技集团股份有限公司2025 年半年度报告 公司代码：603668 公司简称：天马科技 福建天马科技集团股份有限公司 2025 年半年度报告 董事会批准报送日期：2025 年 8 月 25 日 2 / 248 福建天马科技集团股份有限公司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、 公司负责人陈庆堂、主管会计工作负责人陈晓华及会计机构负责人（会计主管人员）宋荣 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 不适用。 六、 前瞻性陈述的风险声明 √适用 □不适用 公司有关未来发展战略和经营计划的前瞻性陈述并不构成公司对投资者的实质性承诺，请投 资者注意风险。 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 ...

江西洪城环境股份有限公司2025 年半年度报告 江西洪城环境股份有限公司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、 公司负责人邵涛、主管会计工作负责人王剑玉及会计机构负责人（会计主管人 员）肖娟声明：保证半年度报告中财务报告的真实、准确、完整。 公司代码：600461 公司简称：洪城环境 江西洪城环境股份有限公司 2025 年半年度报告 1/ 240 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 无 六、 前瞻性陈述的风险声明 √适用□不适用 本报告中未来发展计划战略等前瞻性描述不构成公司对投资者的实质承诺。 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的真实性、准确性和完 整性 十、 重大风险提示 本半年度报告涉及行业风险、市场风险等风 ...