多伦科技股份有限公司 2025 年半年度报告 公司代码：603528 公司简称：多伦科技 多伦科技股份有限公司 2025 年半年度报告 1 / 155 多伦科技股份有限公司 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、 公司负责人章安强、主管会计工作负责人李毅及会计机构负责人（会计主管人员）钟翠红 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 不适用 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中如有涉及未来计划、业绩预测等前瞻性描述，均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 十、 重大风险提示 公司已在本报告中详细描述可能存在的相关风险，详见"第三节 管理层讨论与分析/五、其他披 露事项/（一）可能面对的风险"。 十一、 其他 □适用 √不适用 ...

博览世界 科技为先 广西博世科环保科技股份有限公司 2025 年半年度报告 （公告编号：2025-089） 2025 年 8 月 1 / 243 博览世界 科技为先 第一节 重要提示、目录和释义 本公司董事会及全体董事、高级管理人员保证本半年度报告内容 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。 公司负责人尹鸿翔先生、主管会计工作负责人苏华兴先生及会计 机构负责人（会计主管人员）韦若江先生声明：保证本半年度报告中 财务报告的真实、准确、完整。 所有董事均亲自出席了审议本次半年报的董事会会议。 公司 2025 年半年度报告中的财务报告未经审计。 本报告中如有涉及未来计划等前瞻性陈述，同时附有相应的警示 性陈述，均不构成本公司对任何投资者及相关人士的实质承诺，投资 者及相关人士均应对此保持足够的风险认识，并且应当理解计划、预 测与承诺之间的差异。 公司需遵守《深圳证券交易所上市公司自律监管指引第 4 号—— 创业板行业信息披露》中的"节能环保服务业务"的披露要求。 本公司请投资者认真阅读本报告全文，并特别注意本报告"第三 节 十、公司面临的风险和应对措施"的相关内容 ...

安徽海螺水泥股份有限公司 Anhui Conch Cement CompanyLimited （A股：600585 H股：00914） 2025年半年度报告 中国·安徽·芜湖 1 重要提示 一、本公司董事会及董事、高级管理人员保证本报告内容的真实、准确、完整，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、公司全体董事出席第十届董事会第二次会议。 三、本半年度报告未经审计。 四、本公司负责人杨军先生、主管会计工作负责人虞水先生及会计机构负责人凡展先生 声明：保证本报告中财务报告的真实、准确、完整。 3 五、经本公司第十届董事会第二次会议审议的 2025 年度中期利润分配方案为：每股派 发现金红利 0.24 元人民币（含税），不实施公积金转增股本。 六、前瞻性陈述的风险声明：本半年度报告涉及的未来经营发展规划等前瞻性陈述不构 成对投资者的实质承诺，敬请投资者注意投资风险。 七、报告期内，不存在控股股东及其关联方非经营性占用本公司资金的情况。 八、报告期内，不存在违反规定决策程序对外提供担保的情况。 九、公司不存在半数以上董事无法保证本报告内容的真实性、准确性和完整性的情况。 十、除非另 ...

[Important Notice](index=2&type=section&id=Important%20Notice) The Board of Directors and Senior Management guarantee the authenticity, accuracy, and completeness of this semi-annual report, which is unaudited and contains forward-looking statements with inherent risks - The company's Board of Directors, Supervisory Committee, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report's content and assume individual and joint legal responsibility[3](index=3&type=chunk) - This semi-annual report is **unaudited**[5](index=5&type=chunk) - The company's responsible person Zhao Zhong, chief financial officer Yu Meiling, and head of the accounting department Yu Meiling declare to guarantee the truthfulness, accuracy, and completeness of the financial report in this semi-annual report[5](index=5&type=chunk) - There is **no profit distribution plan or plan to convert capital reserves into share capital** for this reporting period[6](index=6&type=chunk) - Forward-looking statements in this report regarding future plans and development strategies involve uncertainties and do not constitute a substantive commitment to investors, who are advised to be aware of investment risks[7](index=7&type=chunk) [Definitions](index=4&type=section&id=Section%20I%20Definitions) This section clarifies the definitions of frequently used terms within the report, ensuring accurate interpretation of key entities and the reporting period - The Company, this Company, Hoshun Petroleum refer to Hunan Hoshun Petroleum Co, Ltd[13](index=13&type=chunk) - Hoshun Investment refers to Hunan Hoshun Investment Development Co, Ltd, the Company's controlling shareholder[13](index=13&type=chunk) - The Reporting Period refers to the period from January 1, 2025, to June 30, 2025[13](index=13&type=chunk) [Company Profile and Key Financial Indicators](index=5&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides the company's basic information and contact details, and presents key accounting data and financial indicators for the first half of 2025 with explanations for significant changes [Company Information and Contact Details](index=5&type=section&id=I.%20Company%20Information) This section discloses the company's official names, legal representative, contact information for key personnel, and registered addresses - Company Chinese Name: 湖南和顺石油股份有限公司, Abbreviation: 和顺石油[15](index=15&type=chunk) - Legal Representative: Zhao Zhong[15](index=15&type=chunk) - Secretary of the Board: Ma Wenjing, Contact Phone: 0731-89708656[16](index=16&type=chunk) - Company Website: http://www.hnhsjt.com[17](index=17&type=chunk) - Company Stock Abbreviation: 和顺石油 (Hoshun Petroleum), Stock Code: 603353, Listing Exchange: Shanghai Stock Exchange[19](index=19&type=chunk) [Key Accounting Data and Financial Indicators](index=6&type=section&id=VII.%20Company's%20Key%20Accounting%20Data%20and%20Financial%20Indicators) Revenue grew due to wholesale business, but net profit declined significantly due to narrowed price spreads from oil price volatility, while operating cash flow surged from improved payment terms Key Financial Indicators | Indicator | Current Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,456,405,196.02 | 1,374,344,922.39 | 5.97 | | Total Profit | 18,063,132.42 | 38,751,741.49 | -53.39 | | Net Profit Attributable to Shareholders | 14,048,858.05 | 27,411,340.99 | -48.75 | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 6,412,952.61 | 23,364,894.81 | -72.55 | | Net Cash Flow from Operating Activities | 222,234,133.87 | 65,881,956.22 | 237.32 | | Basic Earnings Per Share (Yuan/Share) | 0.08 | 0.16 | -50.00 | | Diluted Earnings Per Share (Yuan/Share) | 0.08 | 0.16 | -50.00 | | Weighted Average Return on Equity (%) | 0.85 | 1.65 | -0.80 | - The increase in operating revenue was **mainly driven by growth in wholesale revenue**[22](index=22&type=chunk) - The decrease in net profit attributable to shareholders was primarily due to **significant oil price fluctuations** in the second quarter, influenced by Trump's tariff policies and the Iran-Israel conflict, which narrowed the wholesale-retail price spread[23](index=23&type=chunk) - The increase in net cash flow from operating activities was mainly due to **enhanced bargaining power**, shifting payment terms from prepayment to payment on delivery, resulting in a decrease in accounts prepaid[23](index=23&type=chunk) [Non-recurring Profit and Loss Items and Amounts](index=6&type=section&id=IX.%20Non-recurring%20Profit%20and%20Loss%20Items%20and%20Amounts) Non-recurring profit and loss for the first half of 2025 totaled 7,635,905.44 Yuan, primarily from investment gains, asset disposals, and government grants Non-recurring Profit and Loss Items | Item | Amount (Yuan) | | :--- | :--- | | Gains/Losses on disposal of non-current assets, including write-offs for impaired assets | 490,440.11 | | Government grants included in current profit/loss (excluding those closely related to normal business operations) | 435,469.61 | | Gains/Losses from entrusting others with investments or asset management | 9,499,118.84 | | Other non-operating income and expenses | -243,798.88 | | Less: Income tax effects | 2,545,301.41 | | Minority interest effects (after tax) | 22.83 | | **Total** | **7,635,905.44** | [Management Discussion and Analysis](index=9&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section analyzes the market conditions for refined oil and EV charging, details the company's operational strategies and performance, outlines its core competencies, and identifies key business risks [Industry Overview and Main Business](index=9&type=section&id=I.%20Description%20of%20the%20Company's%20Industry%20and%20Main%20Business%20during%20the%20Reporting%20Period) The refined oil market faced a downturn while the EV charging sector grew rapidly; the company expanded its core oil business and accelerated its ultra-fast charging station deployment - The international crude oil market experienced a downward trend, leading to a **"decline in both volume and price"** for the refined oil market[30](index=30&type=chunk) - The Ministry of Commerce's new "Administrative Measures for the Circulation of Refined Oil" will reshape the industry by promoting supply chain optimization, digital transformation, and new energy expansion[30](index=30&type=chunk)[31](index=31&type=chunk) - By the end of June, China's new energy vehicle (NEV) ownership reached **36.89 million**, with **16.10 million charging piles** nationwide; H1 2025 saw a **99.2% YoY increase** in new charging piles[31](index=31&type=chunk)[32](index=32&type=chunk) - The company operates an integrated refined oil business with **35 self-operated gas stations**[32](index=32&type=chunk)[33](index=33&type=chunk) - The company's "Changsha Tongguan Oil Depot" has a capacity of **90,000 cubic meters**, serving the Hunan province and the broader Central China region[33](index=33&type=chunk) - The company's registered membership exceeded **4.76 million**, a year-on-year increase of 9.43%[33](index=33&type=chunk) - The company has deployed **7 ultra-fast charging stations**, achieving a peak single-gun charging power of **433.97 KW**[33](index=33&type=chunk) [Analysis of Operations](index=10&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) The company's revenue grew while net profit declined, prompting strategic initiatives in AI-driven operations, cost reduction, new energy expansion, and enhanced shareholder returns - In H1 2025, the company achieved operating revenue of **1.456 billion Yuan**, up 5.97% YoY, while net profit attributable to shareholders was **14.05 million Yuan**, down 48.75% YoY[34](index=34&type=chunk) - The company implemented an **AI-powered procurement bidding system** to optimize purchasing decisions and inventory management[34](index=34&type=chunk) - A **"digital + warehousing logistics" dual-drive model** was established to expand the wholesale business, leveraging the procurement platform and Tongguan Oil Depot[35](index=35&type=chunk) - The company utilized AI for intelligent detection, customer service, and member data analysis to enhance its retail operations and brand image[35](index=35&type=chunk) - Comprehensive **cost-reduction and efficiency-enhancement measures** were implemented across all business processes, including human resources optimization and supplier collaboration[36](index=36&type=chunk) - The company is steadily advancing its new energy charging station layout, with **7 ultra-fast charging stations** now operational, exploring an "oil-electricity synergy" model[36](index=36&type=chunk)[37](index=37&type=chunk) - The company launched a "Quality and Efficiency Improvement with Emphasis on Returns" action plan and distributed a cash dividend of **0.1 Yuan per share** for fiscal year 2024, representing **59.25% of net profit**[38](index=38&type=chunk) - The company maintained active investor communication through online roadshows and Q&A platforms, achieving a **100% response rate** on the SSE e-interaction platform[39](index=39&type=chunk) - Corporate governance was strengthened by revising **10 internal control systems** and providing compliance training for directors, supervisors, and senior management[39](index=39&type=chunk)[40](index=40&type=chunk) [Core Competitiveness Analysis](index=11&type=section&id=III.%20Core%20Competitiveness%20Analysis%20during%20the%20Reporting%20Period) The company's core strengths lie in its strong brand reputation, integrated industry chain, professional talent, extensive member base, and strategic asset locations - The company has established a strong brand reputation through **high-quality oil products and customer-centric services**[41](index=41&type=chunk) - An **integrated industry chain** covering procurement, storage, logistics, wholesale, and retail, enhanced by a smart oil linkage platform, boosts operational efficiency[41](index=41&type=chunk)[42](index=42&type=chunk) - A **highly skilled professional team** across all segments of the energy industry serves as a key pillar for sustainable development[42](index=42&type=chunk) - A well-established private membership system with over **4.76 million registered members** provides a stable customer base and diverse value-added services[42](index=42&type=chunk) - **Strategically located infrastructure and operational expertise** provide a solid foundation for transitioning into a comprehensive energy service provider[43](index=43&type=chunk) [Main Operating Activities](index=12&type=section&id=IV.%20Report%20on%20Major%20Operations%20during%20the%20Reporting%20Period) This section details significant changes in the company's financial statement items, explaining the drivers behind shifts in revenue, costs, cash flows, assets, and liabilities [Analysis of Changes in Financial Statement Items](index=12&type=section&id=1.%20Analysis%20Table%20of%20Changes%20in%20Financial%20Statement%20Items) Revenue and costs rose, while effective cost controls reduced administrative expenses; operating cash flow surged due to improved payment terms, but financing cash outflow increased from an equity incentive buyback Changes in Financial Statement Items | Item | Current Period (Yuan) | Prior Year Period (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,456,405,196.02 | 1,374,344,922.39 | 5.97 | | Operating Costs | 1,341,341,916.66 | 1,236,106,117.38 | 8.51 | | Selling Expenses | 85,039,140.11 | 80,844,996.76 | 5.19 | | Administrative Expenses | 13,235,240.41 | 15,564,147.54 | -14.96 | | Financial Expenses | 4,513,513.64 | 5,439,087.06 | -17.02 | | Net Cash Flow from Operating Activities | 222,234,133.87 | 65,881,956.22 | 237.32 | | Net Cash Flow from Investing Activities | -89,789,144.72 | -63,581,355.32 | -41.22 | | Net Cash Flow from Financing Activities | -87,109,675.21 | 3,870,267.65 | -2,350.74 | - The increase in operating revenue was **mainly driven by growth in wholesale revenue**[45](index=45&type=chunk) - Selling expenses increased due to **higher business promotion fees** aimed at boosting sales[46](index=46&type=chunk) - Administrative expenses decreased as a result of **cost-saving and efficiency-enhancing measures**, leading to lower staff compensation and office expenses[46](index=46&type=chunk) - Financial expenses decreased primarily due to **reduced lease interest expenses**[46](index=46&type=chunk) - The significant increase in net cash flow from operating activities was due to **improved payment terms** with suppliers, shifting from prepayments to payment on delivery[46](index=46&type=chunk)[47](index=47&type=chunk) - The change in net cash flow from investing activities was mainly due to an **increase in rent payments**[47](index=47&type=chunk) - The change in net cash flow from financing activities was primarily due to the **receipt of equity incentive funds last year and the partial refund of these funds** in the current period[47](index=47&type=chunk) [Analysis of Assets and Liabilities](index=13&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) Significant balance sheet changes include the redemption of financial assets, a sharp decrease in prepayments due to new supplier terms, and an increase in accounts payable from unsettled oil purchases Changes in Assets and Liabilities | Item | Closing Balance (Yuan) | Opening Balance (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Trading Financial Assets | 0 | 50,132,602.74 | -100.00 | | Accounts Receivable | 36,775,525.41 | 24,636,184.89 | 49.27 | | Prepayments | 17,267,705.34 | 195,018,158.26 | -91.15 | | Other Current Assets | 11,638,219.58 | 19,498,891.79 | -40.31 | | Other Non-current Assets | 16,890,470.76 | 7,113,243.07 | 137.45 | | Accounts Payable | 27,573,532.22 | 10,576,737.11 | 160.70 | | Taxes Payable | 6,049,028.71 | 19,542,843.70 | -69.05 | | Other Payables | 20,930,512.77 | 39,726,060.08 | -47.31 | | Provisions | 0 | 564,592.00 | -100.00 | - Trading financial assets decreased due to the **redemption of matured structured bank deposits**[49](index=49&type=chunk) - Accounts receivable increased as **sales to credit customers grew**, with all amounts subsequently collected[49](index=49&type=chunk) - Prepayments decreased as most suppliers shifted to **payment-on-delivery terms**[49](index=49&type=chunk) - Other non-current assets increased mainly due to a **rise in lease performance deposits**[49](index=49&type=chunk) - Accounts payable increased due to a **rise in payables for oil products** that were received but not yet settled[49](index=49&type=chunk) - Other payables decreased due to the **partial refund of equity incentive funds**[49](index=49&type=chunk) - Provisions decreased as the **related litigation was concluded**[49](index=49&type=chunk) [Risk Disclosure](index=15&type=section&id=(I)%20Potential%20Risks) The company faces risks from volatile international oil prices impacting inventory and margins, and from rapid technological changes in EV charging equipment requiring significant investment - The company is exposed to the risk of **significant fluctuations in international oil prices**, which could lead to inventory losses and reduced gross margins[52](index=52&type=chunk) - To mitigate oil price risks, the company employs **rational inventory management** (average 15-day cycle) and maintains a **diversified, multi-regional supplier network**[52](index=52&type=chunk) - The company faces risks from the **rapid technological evolution of charging equipment**, which could render existing assets obsolete and require substantial capital for upgrades[52](index=52&type=chunk) - To address technology risks, the company formulates **long-term strategic plans**, utilizes **diversified financing channels**, and focuses on **cost control and operational efficiency**[53](index=53&type=chunk) [Corporate Governance, Environment, and Society](index=16&type=section&id=Section%20IV%20Corporate%20Governance,%20Environment,%20and%20Society) This section confirms no changes in key management, outlines the status of the equity incentive plan, and details the company's significant contributions to poverty alleviation and rural revitalization [Changes in Directors, Supervisors, and Senior Management](index=16&type=section&id=I.%20Changes%20in%20Directors,%20Supervisors,%20and%20Senior%20Management) There were no changes in the composition of the company's directors, supervisors, or senior management during the reporting period - During the reporting period, there were **no changes** in the company's directors, supervisors, or senior management[56](index=56&type=chunk) [Profit Distribution or Capital Reserve Conversion Plan](index=16&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company has not proposed any profit distribution or conversion of capital reserves into share capital for the current reporting period - The company has **no profit distribution plan or plan to convert capital reserves into share capital** for this reporting period[56](index=56&type=chunk) [Equity Incentive and Employee Stock Ownership Plans](index=17&type=section&id=III.%20Company%20Equity%20Incentive%20Plans,%20Employee%20Stock%20Ownership%20Plans,%20or%20Other%20Employee%20Incentive%20Measures%20and%20Their%20Impact) The first vesting period for the 2024 restricted stock plan did not meet its conditions, leading to a share buyback and price adjustment - The vesting conditions for the first period of the **2024 restricted stock incentive plan were not met**, and a resolution was passed to buy back and cancel a portion of the restricted shares and adjust the repurchase price[57](index=57&type=chunk) - The company completed its **2024 annual profit distribution** on June 6, 2025, issuing a cash dividend of **0.1 Yuan per share** (tax inclusive), totaling 17,339,400 Yuan[38](index=38&type=chunk)[57](index=57&type=chunk) [Poverty Alleviation and Rural Revitalization Efforts](index=17&type=section&id=V.%20Specific%20Measures%20to%20Consolidate%20and%20Expand%20the%20Achievements%20of%20Poverty%20Alleviation%20and%20Promote%20Rural%20Revitalization) The company actively fulfilled its social responsibilities by promoting agricultural products and supporting education, generating significant economic and social value for impoverished communities - The company remains committed to its corporate mission of "Fueling with Love," actively engaging in social responsibility through product promotion and educational support to aid impoverished areas[58](index=58&type=chunk) - Since 2019, the company has generated **16.66 million Yuan in income for farmers** in impoverished areas by purchasing local agricultural products[59](index=59&type=chunk) - Since 2015, the "Loving Student Aid" program has donated a total of **2.165 million Yuan**, supporting over 300 students[60](index=60&type=chunk) - During the reporting period, the non-oil products department sold **155,200 jin (77.6 tons) of oranges and other agricultural products**, generating a direct economic value of **1.18 million Yuan**[60](index=60&type=chunk) [Significant Matters](index=18&type=section&id=Section%20V%20Significant%20Matters) This section confirms the fulfillment of all commitments by key stakeholders, reports no misuse of funds or major litigation, and details routine related-party transactions and lease agreements [Status of Commitments](index=18&type=section&id=I.%20Status%20of%20Commitments) The company's controlling shareholder, actual controllers, and senior management have strictly and timely fulfilled all long-term commitments regarding non-competition, related transactions, and share sale restrictions - The controlling shareholder, Hoshun Investment, has committed **not to invest in or engage in any business that competes** with the company[63](index=63&type=chunk) - The actual controllers have committed **not to engage in any competing business activities** and to ensure their close family members also comply[64](index=64&type=chunk) - The controlling shareholder, actual controllers, and key shareholders have committed to **avoid related-party transactions** where possible and ensure fairness when they are unavoidable[65](index=65&type=chunk) - All directors, supervisors, and senior management have committed to **avoiding conflicts of interest** and related-party transactions[66](index=66&type=chunk) - The controlling shareholder, actual controllers, and a key shareholder have committed that any share sales within two years after the lock-up period will be at a **price not lower than the IPO price**[67](index=67&type=chunk) - Directors who are also senior managers have committed to limiting annual share transfers to **no more than 25% of their holdings** and will not transfer any shares within six months of leaving their positions[67](index=67&type=chunk) [Fund Occupation and Guarantees by Controlling Shareholder](index=20&type=section&id=II.%20Non-operational%20Fund%20Occupation%20by%20the%20Controlling%20Shareholder%20and%20Other%20Related%20Parties%20during%20the%20Reporting%20Period) During the reporting period, there were no instances of non-operational fund occupation by the controlling shareholder or improper external guarantees - During the reporting period, there were **no instances of non-operational fund occupation** by the controlling shareholder or other related parties[68](index=68&type=chunk) - During the reporting period, the company did **not provide any external guarantees** in violation of prescribed decision-making procedures[68](index=68&type=chunk) [Major Litigation and Arbitration](index=21&type=section&id=VII.%20Major%20Litigation%20and%20Arbitration%20Matters) The company was not involved in any major litigation or arbitration matters during the reporting period - The company had **no major litigation or arbitration matters** during this reporting period[69](index=69&type=chunk) [Integrity Status](index=21&type=section&id=IX.%20Statement%20on%20the%20Integrity%20of%20the%20Company,%20its%20Controlling%20Shareholder,%20and%20Actual%20Controller%20during%20the%20Reporting%20Period) The company and its controlling shareholder maintained a good integrity record with no unfulfilled court judgments or significant overdue debts - During the reporting period, the company, its controlling shareholder, and actual controller had **no unfulfilled court judgments or large overdue debts**[69](index=69&type=chunk) [Major Related-Party Transactions](index=21&type=section&id=X.%20Major%20Related-Party%20Transactions) The company engaged in routine related-party transactions, including leasing office space and procuring services, all conducted at market prices Related-Party Transactions | Related Party | Relationship | Transaction Type | Content | Amount (10k Yuan) | | :--- | :--- | :--- | :--- | :--- | | Hoshun Investment | Parent Company | Lease In | Office building lease | 63.2 | | Changsha Hoshun Ruiying Property | Subsidiary of Shareholder | Services Received | Property management | 60 | | Changsha Hoshun Ruiying Property | Parent Company | Lease Out | Office building lease | 0.50 | | Changsha Hoshun Property | Subsidiary of Shareholder | Goods Purchased | Fuel cards & non-oil goods | 5.46 | | Hunan Hean Real Estate | Subsidiary of Shareholder | Goods Purchased | Fuel cards & non-oil goods | 1.18 | | Changsha Hoshun Ruiying Property | Other | Goods Purchased | Fuel cards & non-oil goods | 2.96 | [Major Contracts and Their Performance](index=23&type=section&id=XI.%20Major%20Contracts%20and%20Their%20Performance) The company holds long-term gas station lease agreements as a lessee and reports no major guarantee situations during the period Lease Agreements (as Lessor) | Lessee Name | Leased Asset | Start Date | End Date | Current Period Lease Income (10k Yuan) | | :--- | :--- | :--- | :--- | :--- | | PetroChina Hunan Sales Branch | Yijiawan Gas Station | 2018-9-12 | 2034-5-12 | 59.68 | | Hunan Hoshun Sinopec Changxing Petroleum | Changxing Gas Station | 2007-12-27 | 2027-12-27 | 17.07 | - The company had **no major guarantee situations** during the reporting period[75](index=75&type=chunk) [Changes in Share Capital and Shareholders](index=25&type=section&id=Section%20VI%20Changes%20in%20Share%20Capital%20and%20Shareholders) This section details that while share capital was stable during the period, a post-period share cancellation reduced total shares, and it provides a snapshot of the top ten shareholders [Changes in Share Capital](index=25&type=section&id=I.%20Changes%20in%20Share%20Capital) The company's share capital remained unchanged during the reporting period but was reduced post-period due to the cancellation of repurchased shares - During the reporting period, the company's total number of common shares and share capital structure **did not change**[77](index=77&type=chunk) - On July 14, 2025, the company canceled **1,488,000 repurchased shares**, reducing the total share capital from 173,394,000 to 171,906,000 shares and registered capital accordingly[77](index=77&type=chunk)[78](index=78&type=chunk) - After the share change, earnings per share is **0.08 Yuan/share**, and net assets per share is **9.54 Yuan/share**[78](index=78&type=chunk) [Shareholder Information](index=25&type=section&id=II.%20Shareholder%20Information) As of the period end, the company had 17,421 shareholders, with the top three holding a combined majority stake - Total number of common shareholders as of the end of the reporting period: **17,421**[79](index=79&type=chunk) Top 5 Shareholders | Shareholder Name | Shares Held at Period End | Percentage (%) | Shareholder Type | | :--- | :--- | :--- | :--- | | Hunan Hoshun Investment Development Co, Ltd | 72,371,000 | 41.74 | Domestic Non-state-owned Legal Entity | | Yan Ximing | 24,271,000 | 14.00 | Domestic Natural Person | | Zhao Zunming | 13,266,000 | 7.65 | Domestic Natural Person | | Long Xiaozhen | 4,964,460 | 2.86 | Domestic Natural Person | | Zhao Xiong | 4,550,000 | 2.62 | Domestic Natural Person | - Zhao Zhong, the actual controller of Hunan Hoshun Investment Development Co, Ltd, is the spouse of shareholder Yan Ximing, the father of shareholder Zhao Zunming, and the brother of shareholder Zhao Xiong[83](index=83&type=chunk) [Bond-related Matters](index=28&type=section&id=Section%20VII%20Bond-related%20Matters) The company did not have any corporate bonds, non-financial enterprise debt financing instruments, or convertible 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[86](index=86&type=chunk) - During the reporting period, the company had **no convertible corporate bonds**[86](index=86&type=chunk) [Financial Report](index=29&type=section&id=Section%20VIII%20Financial%20Report) This section presents the company's unaudited consolidated and parent company financial statements, accompanied by detailed notes on accounting policies, estimates, and specific line items [Audit Report](index=29&type=section&id=I.%20Audit%20Report) This semi-annual financial report has not been audited by an accounting firm - This semi-annual report is **unaudited**[88](index=88&type=chunk) [Financial Statements](index=29&type=section&id=II.%20Financial%20Statements) This section provides the complete set of consolidated and parent company financial statements, offering a comprehensive view of the company's financial position, performance, and cash flows Consolidated Balance Sheet (As of June 30, 2025) | Item | June 30, 2025 (Yuan) | December 31, 2024 (Yuan) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 215,003,019.62 | 170,228,971.89 | | Trading Financial Assets | 0 | 50,132,602.74 | | Accounts Receivable | 36,775,525.41 | 24,636,184.89 | | Prepayments | 17,267,705.34 | 46,921,423.14 | | Inventories | 141,052,816.50 | 195,018,158.26 | | Total Assets | 1,961,136,838.23 | 2,027,064,586.00 | | Accounts Payable | 27,573,532.22 | 10,576,737.11 | | Contract Liabilities | 145,446,556.24 | 150,607,038.09 | | Total Liabilities | 315,963,021.69 | 360,488,466.20 | | Total Equity Attributable to Parent Company | 1,640,345,923.82 | 1,661,666,283.78 | Consolidated Income Statement (For the six months ended June 30, 2025) | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 1,456,405,196.02 | 1,374,344,922.39 | | Total Operating Costs | 1,448,010,691.30 | 1,341,586,220.91 | | Total Profit | 18,063,132.42 | 38,751,741.49 | | Net Profit | 13,966,914.75 | 27,366,919.01 | | Net Profit Attributable to Parent Company Shareholders | 14,048,858.05 | 27,411,340.99 | | Basic Earnings Per Share (Yuan/share) | 0.08 | 0.16 | Consolidated Cash Flow Statement (For the six months ended June 30, 2025) | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 222,234,133.87 | 65,881,956.22 | | Net Cash Flow from Investing Activities | -89,789,144.72 | -63,581,355.32 | | Net Cash Flow from Financing Activities | -87,109,675.21 | 3,870,267.65 | | Net Increase in Cash and Cash Equivalents | 45,335,313.94 | 6,170,868.55 | [Company Profile](index=53&type=section&id=III.%20Company%20Profile) Hunan Hoshun Petroleum Co, Ltd, listed on the Shanghai Stock Exchange, primarily engages in the wholesale and retail of refined oil products - Hunan Hoshun Petroleum Co, Ltd was incorporated on November 30, 2015, and has been listed on the Shanghai Stock Exchange since April 7, 2020[123](index=123&type=chunk) - The company's stock ticker is **Hoshun Petroleum (603353)**[123](index=123&type=chunk) - The company's main business activities include the **wholesale and retail of refined oil products**, covering procurement, storage, logistics, wholesale, and retail segments[126](index=126&type=chunk) - As of December 31, 2024, the company's total share capital was **173.394 million shares**[124](index=124&type=chunk) [Basis of Preparation for Financial Statements](index=53&type=section&id=IV.%20Basis%20of%20Preparation%20for%20Financial%20Statements) The financial statements are prepared on a going concern basis in accordance with Chinese Accounting Standards and relevant regulatory disclosure requirements - The company's financial statements are prepared on a **going concern basis**, with transactions and events recognized and measured according to the Enterprise Accounting Standards and their application guides[127](index=127&type=chunk) - The financial statements comply with the requirements of the Enterprise Accounting Standards, providing a **true and complete view** of the company's financial position, operating results, and cash flows[130](index=130&type=chunk) - The company also discloses financial information in accordance with the CSRC's **"Rules for Information Disclosure Compilation No 15 - General Provisions on Financial Reports (2023 Revision)"**[127](index=127&type=chunk) [Significant Accounting Policies and Estimates](index=54&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section outlines the key accounting policies and estimates applied in preparing the financial statements, covering areas such as financial instruments, inventory, revenue recognition, and fixed assets - Financial assets are classified at initial recognition based on the business model for managing them and their contractual cash flow characteristics[157](index=157&type=chunk) - The company recognizes a **loss allowance for expected credit losses** on financial assets measured at amortized cost, debt investments at FVOCI, contract assets, and lease receivables[163](index=163&type=chunk) - Inventories are valued using the **weighted average method** upon issue and measured at the **lower of cost or net realizable value** at the balance sheet date[188](index=188&type=chunk)[190](index=190&type=chunk) Fixed Asset Depreciation Methods | Category | Depreciation Method | Useful Life (Years) | Residual Value Rate | Annual Depreciation Rate | | :--- | :--- | :--- | :--- | :--- | | Buildings and Structures | Straight-line | 20 years | 5% | 4.75% | | Machinery and Equipment | Straight-line | 5-10 years | 5% | 19.00%-9.50% | | Transportation Equipment | Straight-line | 3-5 years | 5% | 31.67%-19.00% | | Office and Electronic Equipment | Straight-line | 3-5 years | 5% | 31.67%-19.00% | - Intangible assets with finite useful lives are **amortized on a straight-line basis** over their estimated useful lives[210](index=210&type=chunk) - **Revenue is recognized when control of the goods is transferred to the customer**; this occurs at a point in time for oil and convenience store sales, and over a period of time for warehousing and leasing services[235](index=235&type=chunk)[238](index=238&type=chunk)[239](index=239&type=chunk) - **Safety production costs** for the transportation and storage of hazardous chemicals are accrued based on the previous year's operating revenue and recorded in a "special reserve" account[254](index=254&type=chunk) [Taxes](index=92&type=section&id=VI.%20Taxes) This section lists the company's main applicable taxes and tax rates, including VAT, Urban Maintenance and Construction Tax, and Corporate Income Tax Main Taxes and Tax Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sales Revenue | 13%, 9%, 6%, 5% (collection rate)* | | Urban Maintenance and Construction Tax | Payable Turnover Tax | 7%, 5% | | Corporate Income Tax | Taxable Income | 25% | | Education Surcharge | Payable Turnover Tax | 5% | | Property Tax | Rental Income, Property Residual Value | 12%, 1.2% | - The subsidiary Wenfa Petroleum qualifies for the **small and micro-sized enterprise preferential income tax policy**[262](index=262&type=chunk) [Notes to Consolidated Financial Statement Items](index=93&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed breakdowns and explanations for key items in the consolidated financial statements, offering deeper insight into the company's financial position and performance - The closing balance of cash and cash equivalents was **215.00 million Yuan**, including 204.84 million Yuan in bank deposits[264](index=264&type=chunk) - The closing balance of trading financial assets was **0 Yuan**, down from 50.13 million Yuan, due to the redemption of matured structured bank deposits[266](index=266&type=chunk)[267](index=267&type=chunk) - The closing gross balance of accounts receivable was **38.56 million Yuan**, with a bad debt provision of 1.78 million Yuan[271](index=271&type=chunk)[272](index=272&type=chunk) - The closing balance of prepayments was **17.27 million Yuan**, a decrease of 91.15%, as most suppliers shifted to payment-on-delivery terms[285](index=285&type=chunk) - The closing balance of inventories (finished goods) was **141.05 million Yuan**, a decrease from the beginning of the period[300](index=300&type=chunk) - The closing net book value of fixed assets was **288.93 million Yuan**[309](index=309&type=chunk) - The closing net book value of right-of-use assets was **309.04 million Yuan**[317](index=317&type=chunk) - The closing net book value of intangible assets was **305.43 million Yuan**[320](index=320&type=chunk) - The closing balance of accounts payable was **27.57 million Yuan**, an increase of 160.70%, mainly due to an increase in payables for oil products[337](index=337&type=chunk) - The closing balance of contract liabilities was **145.45 million Yuan**[341](index=341&type=chunk) - Total equity attributable to parent company shareholders at period-end was **1.640 billion Yuan**[90](index=90&type=chunk) - Operating revenue for the period was **1.456 billion Yuan**, and operating cost was **1.341 billion Yuan**[364](index=364&type=chunk) - Investment income for the period was **9.63 million Yuan**, primarily from interest on debt investments and gains on the disposal of trading financial assets[375](index=375&type=chunk) - Net cash flow from operating activities for the period was **222.23 million Yuan**[392](index=392&type=chunk) [R&D Expenditures](index=138&type=section&id=VIII.%20R&D%20Expenditures) The company has not disclosed specific information regarding research and development expenditures for the reporting period - The company did not disclose specific information related to R&D expenses during the reporting period[398](index=398&type=chunk)[399](index=399&type=chunk) [Changes in Consolidation Scope](index=139&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) There were no changes to the company's scope of consolidation during the reporting period from mergers, acquisitions, or disposals - During the reporting period, there were **no changes in the scope of consolidation** due to business combinations, disposals of subsidiaries, or other reasons[399](index=399&type=chunk)[400](index=400&type=chunk) [Interests in Other Entities](index=140&type=section&id=X.%20Interests%20in%20Other%20Entities) This section details the company's ownership in its wholly-owned subsidiaries, which operate across warehousing, logistics, oil retail, and new energy sectors Composition of the Corporate Group | Subsidiary Name | Business Nature | Ownership (%) | | :--- | :--- | :--- | | Xiangtan Zhongyou | Warehousing services for hazardous materials | 100.00 | | Hoshun Logistics | Logistics management, freight forwarding, hazardous goods transport | 100.00 | | Hoshun Da Petroleum | Retail of refined oil | 100.00 | | Huitong Shi | Retail of chemical products, lubricants, and refined oil | 100.00 | | Hengyang Hoshun | Sales of gasoline, diesel, and other chemical products | 100.00 | | Wenfa Petroleum | Sales of gasoline and diesel with storage facilities | 100.00 | | Tongguan Petroleum | Wholesale of lubricants, warehousing, retail of daily goods | 100.00 | | Sichuan Hoshun | Wholesale and retail of refined oil, gas station operations | 100.00 | | Guangdong Hoshun | Sales of petroleum products, wholesale and storage of refined oil | 100.00 | | Hoshun New Energy | Power generation, transmission, distribution; sales of EV charging piles | 100.00 | | Hoshun Leigao | Retail of refined oil, tobacco, food, and general merchandise | 100.00 | | Changsha Hoshun | Wholesale and retail of refined oil, food, and general merchandise | 100.00 | | Shenzhen Hoshun | Wholesale and retail of refined oil, power generation and distribution | 100.00 | [Government Grants](index=144&type=section&id=XI.%20Government%20Grants) The company recognized income-related government grants totaling 398,392.00 Yuan, which were recorded in the current period's profit and loss Government Grants Recognized in Current Profit or Loss | Type | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Income-related | 398,392.00 | 303,190.04 | | **Total** | **398,392.00** | **303,190.04** | [Risks Related to Financial Instruments](index=145&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company manages financial risks including credit, liquidity, and market risk, with no significant exposure to foreign exchange or interest rate fluctuations as of the period end - The company's financial instrument risks stem from **credit risk, liquidity risk, and market risk** (foreign exchange and interest rate risk)[406](index=406&type=chunk) - **Credit risk** is managed by assessing customer creditworthiness, setting credit limits, and regularly monitoring credit records[407](index=407&type=chunk) - **Liquidity risk** is managed by monitoring short-term and long-term funding needs to ensure sufficient cash reserves are maintained[415](index=415&type=chunk) - The company has **no foreign exchange risk** as it does not engage in import or export business[417](index=417&type=chunk) - As of June 30, 2025, the company had **no fixed or floating-rate financial liabilities**, thus having no interest rate risk[418](index=418&type=chunk) [Fair Value Disclosures](index=148&type=section&id=XIII.%20Fair%20Value%20Disclosures) The company has not disclosed information regarding the fair value measurement of its assets and liabilities for the reporting period - The company did not disclose information on the fair value of assets and liabilities measured at fair value, or the valuation techniques and inputs used, for the reporting period[420](index=420&type=chunk)[421](index=421&type=chunk)[422](index=422&type=chunk) [Related Parties and Related Party Transactions](index=149&type=section&id=XIV.%20Related%20Parties%20and%20Related%20Party%20Transactions) The company's parent is Hoshun Investment, and it engages in routine transactions with related parties for services and leasing, all priced at market rates - The company's parent is **Hoshun Investment** (41.74% ownership), and the ultimate controlling parties are Zhao Zhong, Yan Ximing, and Zhao Zunming[423](index=423&type=chunk) Related Party Transactions for Goods and Services | Related Party | Transaction Content | Current Period Amount (Yuan) | | :--- | :--- | :--- | | Changsha Hoshun Property | Property management services | 594,100.00 | | Changsha Hoshun Ruiying Property | Property management services | 566,037.74 | | Changsha Hoshun Property | Fuel cards & non-oil goods | 54,593.81 | | Hunan Hean Real Estate | Fuel cards & non-oil goods | 11,816.37 | | Changsha Hoshun Ruiying Property | Non-oil goods | 29,630.53 | Related Party Leases (Company as Lessee) | Lessor Name | Leased Asset Type | Rent Paid (Yuan) | Lease Liability Interest Expense (Yuan) | | :--- | :--- | :--- | :--- | | Hoshun Investment | Office building and equipment | 632,000.00 | 75,003.58 | - The company benefits from a **guarantee provided by Hoshun Investment**, which is still in effect[432](index=432&type=chunk) - Remuneration for key management personnel in the current period was **1.89 million Yuan**, compared to 1.71 million Yuan in the prior period[433](index=433&type=chunk) [Share-based Payments](index=153&type=section&id=XV.%20Share-based%20Payments) The company has an equity-settled share-based payment plan for management and core employees, with fair value determined by market stock prices - The company has an **equity-settled share-based payment plan** for management and core business personnel[438](index=438&type=chunk) - The fair value of the equity instruments on the grant date is determined based on the **public market price of the stock**[438](index=438&type=chunk) - The number of exercisable equity instruments is estimated at each balance sheet date based on the latest information on employee turnover and performance conditions[438](index=438&type=chunk) [Commitments and Contingencies](index=154&type=section&id=XVI.%20Commitments%20and%20Contingencies) The company is involved in an ongoing legal dispute with Hunan Xiandao Energy Co, Ltd over a gas station lease agreement due to safety concerns with the leased sites - The company is in a **lease contract dispute** with Hunan Xiandao Energy Co, Ltd over 25 gas stations, which were found to have safety issues, leading the company to cease operations and seek contract termination; the case is currently under litigation[439](index=439&type=chunk) [Post-Balance Sheet Events](index=154&type=section&id=XVII.%20Post-Balance%20Sheet%20Events) There were no significant non-adjusting events, profit distributions, or other material post-balance sheet events that require disclosure - The company has **no significant non-adjusting events**, profit distribution plans, or other material post-balance sheet events to disclose[440](index=440&type=chunk)[441](index=441&type=chunk) [Other Significant Matters](index=154&type=section&id=XVIII.%20Other%20Significant%20Matters) No other significant transactions or events, such as accounting error corrections, debt restructuring, or asset swaps, occurred during the reporting period - During the reporting period, there were **no other significant transactions or events** affecting investor decisions, such as prior period error corrections, debt restructuring, asset swaps, or business discontinuations[441](index=441&type=chunk)[442](index=442&type=chunk)[443](index=443&type=chunk][444](index=444&type=chunk][445](index=445&type=chunk) [Notes to Parent Company Financial Statement Items](index=155&type=section&id=XIX.%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Items) This section provides detailed notes on the parent company's key financial items, including receivables from related parties and investments in subsidiaries - The parent company's closing accounts receivable balance was **854.16 million Yuan**, primarily from consolidated related parties, with no bad debt provision recognized[445](index=445&type=chunk)[446](index=446&type=chunk)[449](index=449&type=chunk) - The parent company's closing other receivables balance was **178.64 million Yuan**, mainly consisting of intercompany transfers and prepaid rent awaiting refund[451](index=451&type=chunk)[456](index=456&type=chunk)[458](index=458&type=chunk) - The parent company's closing long-term equity investment balance was **371.53 million Yuan**, all of which are investments in subsidiaries[465](index=465&type=chunk)[466](index=466&type=chunk) - The parent company's operating revenue for the period was **417.55 million Yuan**, and operating cost was **361.59 million Yuan**[471](index=471&type=chunk) - The parent company's investment income for the period was **9.56 million Yuan**, primarily from interest on debt investments and gains on the disposal of trading financial assets[473](index=473&type=chunk) [Supplementary Information](index=167&type=section&id=XX.%20Supplementary%20Information) This section provides a detailed breakdown of non-recurring profit and loss items and calculates the return on equity and earnings per share Schedule of Non-recurring Profit and Loss | Item | Amount (Yuan) | | :--- | :--- | | Gains/Losses on disposal of non-current assets, including write-offs for impaired assets | 490,440.11 | | Government grants included in current profit/loss (excluding those closely related to normal business operations) | 435,469.61 | | Gains/Losses from entrusting others with investments or asset management | 9,499,118.84 | | Other non-operating income and expenses | -243,798.88 | | Less: Income tax effects | 2,545,301.41 | | Minority interest effects (after tax) | 22.83 | | **Total** | **7,635,905.44** | Return on Equity and Earnings Per Share | Profit for the Reporting Period | Weighted Average ROE (%) | Basic EPS (Yuan/Share) | Diluted EPS (Yuan/Share) | | :--- | :--- | :--- | :--- | | Net profit attributable to common shareholders | 0.85 | 0.08 | 0.08 | | Net profit attributable to common shareholders after deducting non-recurring items | 0.39 | 0.04 | 0.04 |

广州好莱客创意家居股份有限公司 2025 年半年度报告 广州好莱客创意家居股份有限公司 2025 年半年度报告 1 / 189 广州好莱客创意家居股份有限公司 2025 年半年度报告 重要提示 公司代码：603898 公司简称：好莱客 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、 公司负责人沈汉标、主管会计工作负责人宋华军及会计机构负责人（会计主管人员）汪淑英 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 公司2025年半年度不进行利润分配或资本公积转增股本。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的经营计划、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 九、 是否存在半数以上董事无法 ...

新疆交通建设集团股份有限公司 2025 年半年度报告全文 新疆交通建设集团股份有限公司 2025 年半年度报告 【2025 年 8 月】 1 新疆交通建设集团股份有限公司 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。 公司负责人王彤、主管会计工作负责人张亮及会计机构负责人(会计主管 人员)徐淑娟声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中如有涉及未来的计划、经营目标、业绩预测等前瞻性的内容，系 公司管理层的初步预测，均不构成本公司对任何投资者的实质承诺，能否实 现取决于宏观经济、市场状况变化等多种因素，存在很大的不确定性，投资 者及相关人士均应对此保持足够的风险认识，并且应当理解计划、预测与承 诺之间的差异，敬请广大投资者注意投资风险。 公司遵守《深圳证券交易所上市公司自律监管指引第 3 号--行业信息披露》 中土木工程建筑业务的披露要求，结合公司业务特点，在第三节"管理层讨 论与分析"之"十 ...

Section I Important Notice, Table of Contents, and Definitions [Important Notice](index=2&type=section&id=Important%20Notice) The board, audit committee, and senior management guarantee the report's accuracy, with forward-looking statements not constituting profit forecasts, and no dividend distribution or capital increase planned - The company's board of directors, audit committee, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, assuming individual and joint legal responsibility[4](index=4&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=Table%20of%20Contents) This section lists the report's overall structure, including important notices, company profile, management discussion and analysis, corporate governance, significant events, share changes, bond information, and financial reports [List of Documents for Inspection](index=4&type=section&id=List%20of%20Documents%20for%20Inspection) This section provides a list of documents available for inspection, including signed financial statements, publicly disclosed company files, and the full semi-annual report, specifying their location - Documents for inspection include financial statements signed and sealed by the company's head, chief accountant, and head of accounting department[8](index=8&type=chunk) - Documents for inspection include originals of all company files and announcements publicly disclosed on designated websites during the reporting period[9](index=9&type=chunk) - Documents for inspection include the original full and summary versions of the 2025 semi-annual report signed by the legal representative[10](index=10&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines common terms and related entities used in the report, covering company names, subsidiaries, major shareholders, industry partners, and key technical concepts like intelligent connected vehicles and TBOX - Company, this company, Flairmicro refers to Flairmicro Electronics Co., Ltd[13](index=13&type=chunk) - Intelligent Connected Vehicles refer to vehicles equipped with advanced in-vehicle sensors, controllers, and actuators, enabling complex environmental perception, intelligent decision-making, and collaborative control for safe, efficient, comfortable, and energy-saving driving[13](index=13&type=chunk) - TBOX refers to an in-vehicle information interaction system that collects and analyzes automotive bus signals and remote communications to enable remote diagnosis and query, vehicle body control, security services, internet applications, over-the-air software updates, digital car keys, and V2X communication functions[13](index=13&type=chunk) Section II Company Profile and Key Financial Indicators [I. Company Profile](index=7&type=section&id=I.%20Company%20Profile) This section provides basic information about Flairmicro Electronics Co., Ltd., including stock abbreviation, code, listing exchange, Chinese and English names, and legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Flairmicro | | Stock Code | 301600 | | Stock Exchange | Shenzhen Stock Exchange | | Company's Chinese Name | 慧翰微电子股份有限公司 | | Company's Legal Representative | 隋榕华 | [II. Contact Persons and Information](index=7&type=section&id=II.%20Contact%20Persons%20and%20Information) This section lists the contact details for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone, fax, and email Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Feng Jing | 5th Floor, Building 1, 116 East Jiangbin Avenue, Mawei District, Fuzhou City, Fujian Province | 0591-88833388 | 0591-83700535 | zq@flairmicro.com | | Securities Affairs Representative | Pan Mintao | 5th Floor, Building 1, 116 East Jiangbin Avenue, Mawei District, Fuzhou City, Fujian Province | 0591-88833388 | 0591-83700535 | zq@flairmicro.com | [III. Other Information](index=7&type=section&id=III.%20Other%20Information) This section confirms no changes in the company's registered address, office address, website, email, information disclosure, and registration status during the reporting period, referring to the 2024 annual report for details - Company's registered address, office address and postal code, website, email, etc., remained unchanged during the reporting period, details can be found in the 2024 annual report[18](index=18&type=chunk) - Information disclosure and document storage locations remained unchanged during the reporting period, details can be found in the 2024 annual report[19](index=19&type=chunk) - Company's registration status remained unchanged during the reporting period, details can be found in the 2024 annual report[20](index=20&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=8&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section presents the company's key accounting data and financial indicators for the first half of 2025, showing revenue growth of **4.84%**, net profit attributable to shareholders up **26.33%**, and a significant **126.07%** increase in net cash flow from operating activities, while total assets and net assets attributable to shareholders decreased Key Accounting Data and Financial Indicators (Consolidated Statements) | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | Change from Prior Year Period | | :--- | :--- | :--- | :--- | | Operating Revenue | 450,653,353.05 | 429,845,503.42 | 4.84% | | Net Profit Attributable to Shareholders of Listed Company | 93,825,009.38 | 74,267,046.83 | 26.33% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains and Losses) | 90,639,443.11 | 71,583,368.18 | 26.62% | | Net Cash Flow from Operating Activities | 83,706,969.49 | 37,026,885.55 | 126.07% | | Basic Earnings Per Share (yuan/share) | 0.8976 | 0.8539 | 5.12% | | Diluted Earnings Per Share (yuan/share) | 0.8976 | 0.8539 | 5.12% | | Weighted Average Return on Net Assets | 7.14% | 13.96% | -6.82% | | **End of Current Reporting Period (yuan)** | **End of Prior Year (yuan)** | **Change from End of Prior Year** | | Total Assets | 1,576,163,255.27 | 1,753,874,965.32 | -10.13% | | Net Assets Attributable to Shareholders of Listed Company | 1,215,676,552.87 | 1,297,226,543.49 | -6.29% | [V. Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=8&type=section&id=V.%20Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20Overseas%20Accounting%20Standards) This section states that there are 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's reporting period shows no differences in net profit and net assets between financial reports disclosed under international accounting standards and Chinese accounting standards[22](index=22&type=chunk) - The company's reporting period shows no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese accounting standards[23](index=23&type=chunk) [VI. Non-recurring Gains and Losses and Amounts](index=8&type=section&id=VI.%20Non-recurring%20Gains%20and%20Losses%20and%20Amounts) This section details the non-recurring gains and losses for the reporting period, primarily government subsidies, fair value changes of financial assets, and investment income, totaling **3,185,566.27 yuan** in net non-recurring gains Non-recurring Gains and Losses and Amounts | Item | Amount (yuan) | Explanation | | :--- | :--- | :--- | | Government grants recognized in current profit or loss (excluding those closely related to the company's normal operations, compliant with national policies, enjoyed according to fixed standards, and having a sustained impact on the company's profit or loss) | 763,663.23 | Financial subsidies received by the company | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises, excluding effective hedging activities related to normal business operations | 2,976,012.16 | Fair value changes and investment income from the company's financial assets held for trading | | Other non-operating income and expenses apart from the above items | 16,000.00 | | | Less: Income tax impact | 570,109.12 | | | Total | 3,185,566.27 | | Section III Management Discussion and Analysis [I. Principal Business Activities During the Reporting Period](index=10&type=section&id=I.%20Principal%20Business%20Activities%20During%20the%20Reporting%20Period) The company primarily provides intelligent connected solutions, focusing on R&D, production, and sales of intelligent connected vehicle terminals and IoT intelligent modules, along with software and technical services, capitalizing on automotive industry trends [1. Industry Overview During the Reporting Period](index=10&type=section&id=1.%20Industry%20Overview%20During%20the%20Reporting%20Period) The company is classified under "Computer, Communication and Other Electronic Equipment Manufacturing" as "Intelligent Vehicle Equipment Manufacturing" and is included in the CSI 1000 Index - The company's industry belongs to the "Computer, Communication and Other Electronic Equipment Manufacturing" (C39) category, specifically "Intelligent Consumer Device Manufacturing," with code "C396"[28](index=28&type=chunk) - The company is included in the CSI 1000 Index[29](index=29&type=chunk) [2. Industry Development Status and Trends](index=10&type=section&id=2.%20Industry%20Development%20Status%20and%20Trends) Global automotive sales are growing, with China leading in production and sales and achieving record exports. China's intelligent connected vehicle industry is rapidly expanding, projected to exceed **1.2 trillion yuan** by 2030, driven by 5G-V2X integration, vehicle-road-cloud integration, and autonomous driving commercialization, alongside the expanding digital energy management market - During the reporting period, global automotive sales reached **46.32 million units**, a **5%** increase compared to the same period last year[30](index=30&type=chunk) - During the reporting period, China's automotive sales reached **15.653 million units**, accounting for **36%** of the global market, a **4%** increase compared to the same period last year[30](index=30&type=chunk) - In 2024, China's automotive exports reached **5.859 million units**, a **19.3%** year-on-year increase, setting a new record for automotive exports[30](index=30&type=chunk) - China's intelligent connected vehicle industry is in a period of rapid development, with a market size reaching **500 billion yuan** in 2024, projected to exceed **1.2 trillion yuan** by 2030[31](index=31&type=chunk) [3. Company's Principal Business Activities](index=10&type=section&id=3.%20Company%27s%20Principal%20Business%20Activities) As an intelligent connected solutions provider, the company develops, produces, and sells intelligent connected vehicle terminals and IoT intelligent modules, offering software and technical services, with 5G-V2X products widely adopted and digital energy management solutions scaled up with leading energy companies - The company is a technology service provider dedicated to offering intelligent connected solutions for intelligent vehicles and industrial IoT customers, primarily engaged in the R&D, production, and sales of intelligent connected vehicle terminals and IoT intelligent modules, while also providing software and technical services to customers[32](index=32&type=chunk) - The company provides intelligent connected vehicle terminals, IoT intelligent modules, and solutions to numerous large independent brand vehicle manufacturers and industry chain leaders, including SAIC Group, Chery Automobile, Geely Automobile, BYD, Great Wall Motor, GAC Group, Changan Automobile, Shaanxi Automobile Group, Xiaomi Auto, Li Auto, NIO, SsangYong Korea, CATL, Desay SV, Bosch, Denso Ten, Aptiv, and Microchip[34](index=34&type=chunk) - The company's "Digital Energy Management Solution," built on end-cloud collaboration technology, has achieved scaled implementation, validating its commercial viability, deeply penetrating the supply chains of leading energy enterprises, and expanding into scenarios such as logistics vehicles, construction machinery, energy storage equipment, and electric vessels[35](index=35&type=chunk) [4. Business Model](index=11&type=section&id=4.%20Business%20Model) The company's business model involves a hybrid procurement approach for materials, production based on sales orders with both in-house and outsourced manufacturing, direct sales channels, and a predominantly in-house R&D model complemented by collaborative efforts - The company's raw material procurement is divided into core material procurement and auxiliary material procurement, with some cellular communication modules procured through an OEM model[36](index=36&type=chunk) - The company adopts a production-to-order model, while also maintaining appropriate safety stock, and utilizes both in-house production and outsourced processing models[37](index=37&type=chunk) - The company employs a direct sales model, expanding its customer base through industry forums, exhibitions, and technical exchange meetings[38](index=38&type=chunk) - The company has an R&D center that independently conducts product and technology R&D, adopting self-R&D and collaborative R&D models, forming core technologies such as over-the-air upgrade technology, in-vehicle emergency call technology, security encryption technology, digital key technology, and digital energy management[40](index=40&type=chunk) [5. Key Performance Drivers](index=12&type=section&id=5.%20Key%20Performance%20Drivers) The company's performance growth is driven by a forward-looking strategic focus on automotive-grade communication modules, T-BOX terminals, eCall systems, and battery lifecycle management; continuous full-stack R&D innovation; efficient operations and cost control through digital management; and deep ecosystem collaboration with industry leaders - The company seizes the strategic opportunity of the global automotive industry's deep evolution towards intelligence, connectivity, electrification, and internationalization, focusing resources on four core areas through forward-looking deployment: automotive-grade communication modules, intelligent connected vehicle T-BOX terminals, eCall emergency call systems, and digital management of the entire battery lifecycle[41](index=41&type=chunk) - The company, relying on continuous R&D investment, has built full-stack self-R&D capabilities covering hardware design, protocol layer/middleware/application layer software development, cloud platform development, and solution integration[42](index=42&type=chunk) - The company, based on digital management, establishes an efficient operating mechanism driven by market insight and data, strengthens supply chain resilience, upgrades intelligent manufacturing capabilities, and achieves full-chain cost optimization[43](index=43&type=chunk) - The company deeply collaborates with industry-leading customers, undertaking cutting-edge technology demands through joint R&D, transforming customer quality systems into quality control standards, and jointly participating in industry standard setting[44](index=44&type=chunk) [II. Analysis of Core Competencies](index=12&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company's core competencies include strong R&D and technological iteration, evidenced by a **21.99%** increase in R&D investment, scaled application of 5G-V2X and digital energy management solutions, VDA6.3 certification, extensive cross-domain technical expertise, a high-quality customer base, and rich eCall international certification experience [1. R&D Innovation and Technological Iteration Capabilities](index=13&type=section&id=1.%20R%26D%20Innovation%20and%20Technological%20Iteration%20Capabilities) The company prioritizes R&D, investing **32.4587 million yuan** in H1 2025, a **21.99%** increase, leading to scaled application of new-generation 5G-V2X products and digital energy management solutions, achieving VDA6.3 certification, and developing platform-based, modular R&D capabilities R&D Investment | Indicator | H1 2025 (million yuan) | Year-on-year Growth | | :--- | :--- | :--- | | R&D Investment | 32.4587 | 21.99% | - The company's new generation 5G-V2X intelligent connected vehicle terminal products have entered scaled application, significantly increasing the per-vehicle product value and opening up richer vehicle-road collaboration application scenarios and market space[46](index=46&type=chunk) - The company passed the German VDA6.3 certification, a high standard in the global automotive industry system, laying a solid foundation for further deepening cooperation with global automotive manufacturers[47](index=47&type=chunk) - The company adheres to the "platform-based, modular" concept in building its technology R&D system, forming industry-leading platform iteration and deep module development capabilities, which can shorten development cycles, meet differentiated customer needs, and effectively respond to market supply fluctuations[51](index=51&type=chunk) [2. Comprehensive Capabilities](index=14&type=section&id=2.%20Comprehensive%20Capabilities) The company possesses strong comprehensive capabilities in R&D, production management, quality control, and delivery, mastering core product technologies. Its platform-based, modular product advantages and extensive industry experience enable rapid response to customized client needs and efficient delivery of products and solutions - The company independently masters the core technologies of its main products, demonstrating strong comprehensive capabilities in R&D, production management, quality control, and delivery[52](index=52&type=chunk) - The company actively leverages its product platform-based and modular advantages, combined with rich industry experience and technical R&D strength, to quickly and flexibly respond to customer needs and provide timely support services[52](index=52&type=chunk) [3. High-Quality Customer Base](index=14&type=section&id=3.%20High-Quality%20Customer%20Base) The company focuses on premium clients, maintaining long-term partnerships with leading domestic and international automakers and Tier1 suppliers, including SAIC, Chery, Geely, BYD, Great Wall, GAC, Xiaomi, Li Auto, NIO, and CATL, while expanding into international supply chains like Volvo, Mazda, and SsangYong - The company has established long-term, stable cooperative relationships with numerous leading domestic and international automakers and Tier1 suppliers, including SAIC Group, Chery Automobile, Geely Automobile, BYD, Great Wall Motor, GAC Group, Xiaomi Auto, Li Auto, NIO, and CATL[53](index=53&type=chunk) - The company actively pursues global market expansion, increasing its efforts in European, Japanese, and Korean markets, and has now entered the supply chains of international automakers such as VOLVO, Mazda, and SsangYong[53](index=53&type=chunk) [4. Extensive Certification Experience](index=14&type=section&id=4.%20Extensive%20Certification%20Experience) The company holds a first-mover advantage in eCall, being the first domestic company to pass EU e-Call and among the first globally for EU NG-eCall, also securing UN-R144 and UAE eCall certifications. It participated in drafting China's AECS standard and passed its prospective tests, supporting domestic vehicle exports and e-Call implementation - The company has a first-mover advantage in the eCall field, passing EU e-Call standard certification in March 2019, making it the first domestic company to do so; in January 2025, it obtained EU NG-eCall certification, becoming one of the first enterprises globally to pass this certification[54](index=54&type=chunk) - The company also obtained other national or regional eCall standard certifications, such as the United Nations Economic Commission for Europe UN-R144 standard certification and UAE eCall certification[54](index=54&type=chunk) - China's in-vehicle accident emergency call system standard AECS was released in April 2025, and the company participated in drafting its core components, having also passed prospective tests by the China Automotive Technology and Research Center[54](index=54&type=chunk) [III. Analysis of Principal Business](index=15&type=section&id=III.%20Analysis%20of%20Principal%20Business) This section analyzes the financial performance of the company's principal business. During the reporting period, operating revenue increased by **4.84%**, operating costs by **3.33%**, and selling expenses by **44.51%** due to increased sales personnel, while financial expenses significantly decreased due to higher interest income. Net cash flow from operating activities grew by **126.07%**, with intelligent connected vehicle terminals remaining the main revenue source and IoT intelligent module revenue increasing by **25.71%** Key Financial Data Year-on-Year Changes | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | Year-on-year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 450,653,353.05 | 429,845,503.42 | 4.84% | | | Operating Costs | 317,082,031.26 | 306,875,452.08 | 3.33% | | | Selling Expenses | 4,304,373.77 | 2,978,659.96 | 44.51% | Primarily due to an increase in sales personnel | | Financial Expenses | -577,598.99 | 103,164.43 | -659.88% | Primarily due to an increase in interest income | | R&D Investment | 32,458,712.73 | 26,608,429.77 | 21.99% | | | Net Cash Flow from Operating Activities | 83,706,969.49 | 37,026,885.55 | 126.07% | Primarily due to increased sales collection | Product or Service Breakdown (Over 10% of Revenue) | Category | Operating Revenue (yuan) | Operating Costs (yuan) | Gross Margin | Operating Revenue Change from Prior Year | Operating Costs Change from Prior Year | Gross Margin Change from Prior Year | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | | | | | | | | Computer, Communication and Other Electronic Equipment Manufacturing | 450,653,353.05 | 317,082,031.26 | 29.64% | 4.84% | 3.33% | 1.03% | | **By Region** | | | | | | | | Domestic | 435,080,401.95 | 310,536,800.28 | 28.63% | 5.94% | 4.34% | 1.09% | | International | 15,572,951.10 | 6,545,230.98 | 57.97% | -18.72% | -29.32% | 6.31% | | **By Product or Service** | | | | | | | | Intelligent Connected Vehicle Terminals | 336,669,727.66 | 245,010,442.70 | 27.23% | -1.85% | -2.31% | 0.34% | | IoT Intelligent Modules | 81,900,135.79 | 61,947,899.87 | 24.36% | 25.71% | 25.88% | -0.11% | [IV. Analysis of Non-Principal Business](index=16&type=section&id=IV.%20Analysis%20of%20Non-Principal%20Business) This section analyzes the impact of non-principal business activities on total profit. Investment income and fair value change gains, primarily from bank wealth management and cash management, are sustainable. Asset impairment, mainly from increased inventory impairment, and credit impairment losses, due to reduced accounts receivable, along with government subsidies in other income, are not sustainable Impact of Non-Principal Business on Total Profit | Item | Amount (yuan) | Percentage of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 975,895.34 | 0.92% | Primarily income from entrusted bank wealth management and cash management of own funds and raised funds | Yes | | Fair Value Change Gains/Losses | 1,591,888.12 | 1.50% | Primarily gains/losses from fair value changes of short-term bank wealth management and cash management | Yes | | Asset Impairment | -2,181,963.96 | -2.05% | Primarily due to increased provision for inventory impairment | No | | Credit Impairment Losses | 6,317,359.90 | 5.95% | Primarily due to a decrease in accounts receivable | No | | Other Income | 13,823,705.97 | 13.01% | Primarily due to government grants received | No | [V. Analysis of Assets and Liabilities](index=16&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) This section analyzes the composition and changes in the company's assets and liabilities. At the end of the reporting period, both total assets and net assets attributable to shareholders decreased. Monetary funds decreased, while financial assets held for trading and notes receivable financing increased. Short-term borrowings increased, while notes payable and accounts payable decreased. The company has no differences under overseas accounting standards and discloses fair value measured financial assets and restricted assets [1. Significant Changes in Asset Composition](index=16&type=section&id=1.%20Significant%20Changes%20in%20Asset%20Composition) At the end of the reporting period, the company's total assets decreased by **10.13%** and net assets attributable to shareholders decreased by **6.29%** compared to the end of the previous year. Monetary funds significantly decreased by **20.57%**, while financial assets held for trading and notes receivable financing increased by **14.86%** and **3.37%** respectively. Short-term borrowings increased from zero to **42 million yuan** Changes in Asset Composition | Item | Amount at End of Current Period (yuan) | Percentage of Total Assets | Amount at End of Prior Year (yuan) | Percentage of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 195,448,531.86 | 12.40% | 578,303,197.44 | 32.97% | -20.57% | | Financial Assets Held for Trading | 612,268,198.21 | 38.85% | 420,676,310.09 | 23.99% | 14.86% | | Accounts Receivable | 142,967,313.46 | 9.07% | 265,495,931.61 | 15.14% | -6.07% | | Inventories | 245,405,240.49 | 15.57% | 258,188,451.78 | 14.72% | 0.85% | | Short-term Borrowings | 42,000,000.00 | 2.66% | 0.00 | 0.00% | 2.66% | | Notes Payable | 75,415,390.05 | 4.78% | 127,661,420.74 | 7.28% | -2.50% | | Employee Benefits Payable | 807,027.93 | 0.05% | 14,575,984.35 | 0.83% | -0.78% | [3. Assets and Liabilities Measured at Fair Value](index=17&type=section&id=3.%20Assets%20and%20Liabilities%20Measured%20at%20Fair%20Value) At the end of the reporting period, the company's financial assets measured at fair value primarily included financial assets held for trading and notes receivable financing, totaling **780,627,199.56 yuan**, an increase from **548,901,763.45 yuan** at the beginning of the period. Fair value change gains for the period amounted to **1,591,888.12 yuan** Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (yuan) | Fair Value Change Gains/Losses for Current Period (yuan) | Purchases for Current Period (yuan) | Sales for Current Period (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Financial Assets Held for Trading | 420,676,310.09 | 1,591,888.12 | 887,000,000.00 | 697,000,000.00 | 612,268,198.21 | | Notes Receivable Financing | 128,225,453.36 | | 434,621,811.54 | 394,488,263.55 | 168,359,001.35 | | Total Above | 548,901,763.45 | 1,591,888.12 | 1,321,621,811.54 | 1,091,488,263.55 | 780,627,199.56 | [4. Asset Restrictions as of the End of the Reporting Period](index=17&type=section&id=4.%20Asset%20Restrictions%20as%20of%20the%20End%20of%20the%20Reporting%20Period) As of the end of the reporting period, the company's total restricted assets amounted to **20,971,660.26 yuan**, mainly comprising bank acceptance bill deposits, ETC deposits, and discounted or endorsed but not yet due bank or commercial acceptance bills Asset Restrictions | Item | Carrying Amount (yuan) | Book Value (yuan) | Type of Restriction | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 17,962,013.87 | 17,962,013.87 | Other | Bank acceptance bill deposit | | Monetary Funds | 3,000.00 | 3,000.00 | Other | ETC deposit | | Notes Receivable | 3,006,646.39 | 2,878,455.06 | Other | Discounted or endorsed but not yet due bank or commercial acceptance bills | | Total | 20,971,660.26 | 20,843,468.93 | — | — | [VI. Analysis of Investment Status](index=18&type=section&id=VI.%20Analysis%20of%20Investment%20Status) This section analyzes the company's investment status, including financial assets measured at fair value, use of raised funds, and entrusted wealth management. At the end of the reporting period, financial assets measured at fair value totaled **780,627,199.56 yuan**. Cumulative investment of initial public offering funds was **51.1965 million yuan**, with **577.5091 million yuan** remaining unused. The company engaged in **769.1586 million yuan** in entrusted wealth management, primarily bank and brokerage wealth management products, with no overdue unrecovered amounts [4. Financial Assets Measured at Fair Value](index=18&type=section&id=4.%20Financial%20Assets%20Measured%20at%20Fair%20Value) The company's financial assets measured at fair value primarily include short-term wealth management products and cash management, totaling **780,627,199.56 yuan** at period-end, funded by both raised capital and own funds. Fair value change gains for the period were **1,591,888.12 yuan** Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (yuan) | Fair Value Change Gains/Losses for Current Period (yuan) | Amount Purchased During Reporting Period (yuan) | Amount Sold During Reporting Period (yuan) | Ending Balance (yuan) | Source of Funds | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Short-term Wealth Management Products and Cash Management | 420,567,008.22 | 1,312,109.60 | 160,000,000.00 | 100,000,000.00 | 481,879,117.82 | Raised Funds | | Short-term Wealth Management Products and Cash Management | 0.00 | 293,041.09 | 727,000,000.00 | 597,000,000.00 | 130,293,041.09 | Own Funds | | Short-term Wealth Management Products and Cash Management | 109,301.87 | -13,262.57 | 0.00 | 0.00 | 96,039.30 | Own Funds | | Short-term Wealth Management Products and Cash Management | 128,225,453.36 | | 434,621,811.54 | 394,488,263.55 | 168,359,001.35 | Own Funds | | Total | 548,901,763.45 | 1,591,888.12 | 1,321,621,811.54 | 1,091,488,263.55 | 780,627,199.56 | | [5. Use of Raised Funds](index=19&type=section&id=5.%20Use%20of%20Raised%20Funds) The company's net proceeds from its initial public offering were **627.0727 million yuan**. As of June 30, 2025, cumulative investment of raised funds was **51.1965 million yuan**, with **577.5091 million yuan** remaining unused, primarily held in special accounts and for cash management. Committed projects, including 5G intelligent connected vehicle TBOX R&D, intelligent vehicle safety system R&D, and R&D center construction, are all in the construction phase and have not yet generated direct economic benefits Overall Use of Raised Funds | Fundraising Year | Fundraising Method | Net Raised Funds (million yuan) | Total Raised Funds Used in Current Period (million yuan) | Total Raised Funds Used Cumulatively (million yuan) | Percentage of Raised Funds Used at Period-End | | :--- | :--- | :--- | :--- | :--- | :--- | | 2024 | Initial Public Offering | 62,707.27 | 2,981.86 | 5,119.65 | 8.16% | | Total | -- | 62,707.27 | 2,981.86 | 5,119.65 | 8.16% | - As of June 30, 2025, cumulative investment of raised funds was **51.1965 million yuan**, with **577.5091 million yuan** of unused raised funds (including related interest income after deducting handling fees)[73](index=73&type=chunk) - The Intelligent Vehicle Safety System R&D and Industrialization Project and the 5G Intelligent Connected Vehicle TBOX R&D and Industrialization Project are still in the construction phase; the R&D Center Construction Project does not generate direct economic benefits[77](index=77&type=chunk) [6. Entrusted Wealth Management, Derivative Investments, and Entrusted Loans](index=21&type=section&id=6.%20Entrusted%20Wealth%20Management%2C%20Derivative%20Investments%2C%20and%20Entrusted%20Loans) The company's total entrusted wealth management during the reporting period was **769.1586 million yuan**, with the same amount outstanding at period-end, primarily in bank and brokerage wealth management products funded by both raised and own capital, with no overdue unrecovered amounts. The company had no derivative investments or entrusted loans during the reporting period Overview of Entrusted Wealth Management During the Reporting Period | Specific Type | Source of Entrusted Wealth Management Funds | Amount of Entrusted Wealth Management (million yuan) | Unexpired Balance (million yuan) | Overdue Unrecovered Amount (million yuan) | | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Raised Funds | 6,000 | 6,000 | 0 | | Brokerage Wealth Management Products | Raised Funds | 42,000 | 42,000 | 0 | | Bank Wealth Management Products | Own Funds | 12,915.86 | 12,915.86 | 0 | | Brokerage Wealth Management Products | Own Funds | 16,000 | 16,000 | 0 | | Total | | 76,915.86 | 76,915.86 | 0 | - The company had no derivative investments during the reporting period[82](index=82&type=chunk) - The company had no entrusted loans during the reporting period[84](index=84&type=chunk) [VII. Significant Asset and Equity Disposals](index=23&type=section&id=VII.%20Significant%20Asset%20and%20Equity%20Disposals) The company did not engage in any significant asset or equity disposals during the reporting period - The company did not dispose of significant assets during the reporting period[85](index=85&type=chunk) - The company did not dispose of significant equity during the reporting period[86](index=86&type=chunk) [VIII. Analysis of Major Controlled and Invested Companies](index=23&type=section&id=VIII.%20Analysis%20of%20Major%20Controlled%20and%20Invested%20Companies) The company had no important controlled or invested company information requiring disclosure during the reporting period - The company had no important controlled or invested company information requiring disclosure during the reporting period[86](index=86&type=chunk) [IX. Structured Entities Controlled by the Company](index=23&type=section&id=IX.%20Structured%20Entities%20Controlled%20by%20the%20Company) The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[87](index=87&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=23&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks from intensifying market competition, high customer concentration, and product R&D and technological innovation. To mitigate these, the company maintains competitive advantages by closely following industry trends, expanding its customer base, strengthening full-chain development capabilities, and continuous technological deployment - The company faces the risk of intensifying market competition, which it addresses by closely following industry development trends, offering products and solutions superior to those of vehicle manufacturers or other companies, and leveraging the high entry barriers and long-term cooperative relationships with Tier 1 suppliers[87](index=87&type=chunk) - The company faces the risk of high customer concentration, which it addresses by consolidating existing customer collaborations and actively expanding to new customers, having established long-term stable cooperative relationships with numerous leading domestic and international automakers and Tier 1 suppliers[88](index=88&type=chunk) - The company faces product R&D and technological innovation risks, which it addresses by accurately grasping industry development directions, maintaining its original product innovation and technological innovation advantages, and continuously researching new technologies such as 5G TBOX, V2X vehicle-road collaboration technology, and information communication domain controllers[90](index=90&type=chunk) [XI. Registration Form for Research, Communication, and Interview Activities During the Reporting Period](index=24&type=section&id=XI.%20Registration%20Form%20for%20Research%2C%20Communication%2C%20and%20Interview%20Activities%20During%20the%20Reporting%20Period) This section details the company's investor relations activities from January to May 2025, including dates, locations, methods, types of attendees, and main topics discussed, reflecting proactive investor engagement - From January 6, 2025, to May 26, 2025, the company hosted numerous institutional investors, including Fullgoal Fund, Western Lead Fund, CITIC Securities, TF Securities, Taikang Asset, Harvest Fund, and CICC, through on-site research and online platform exchanges[91](index=91&type=chunk)[92](index=92&type=chunk)[93](index=93&type=chunk) [XII. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=26&type=section&id=XII.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company approved its "Market Value Management System" on April 18, 2025, outlining goals to reward shareholders, protect investor interests, ensure compliant operations, focus on core business, improve operational quality, and enhance investor relations to promote a fair reflection of its investment value. The company did not disclose a valuation enhancement plan - The company approved the "Market Value Management System" at the eleventh meeting of the fourth board of directors on April 18, 2025[94](index=94&type=chunk) - This system clarifies that the company should foster a shareholder return awareness, take measures to protect the interests of investors, especially small and medium investors, operate with integrity and compliance, focus on its main business, operate steadily, and leverage the cultivation and application of new quality productive forces to enhance operational levels and development quality[94](index=94&type=chunk) - The company did not disclose a valuation enhancement plan[95](index=95&type=chunk) [XIII. Implementation of "Dual Improvement in Quality and Returns" Action Plan](index=26&type=section&id=XIII.%20Implementation%20of%20%22Dual%20Improvement%20in%20Quality%20and%20Returns%22%20Action%20Plan) The company did not disclose an "Action Plan for Dual Improvement in Quality and Returns" announcement during the reporting period - The company did not disclose an "Action Plan for Dual Improvement in Quality and Returns" announcement[95](index=95&type=chunk) Section IV Corporate Governance, Environment, and Society [I. Changes in Directors, Supervisors, and Senior Management](index=26&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, the company experienced multiple changes in its directors, supervisors, and senior management, including the appointment of Yuan Huawen as Deputy General Manager, the departure of independent directors Huang Xuming, Lin Jing, and Cai Xiaorong, and the election of Ye Guorui, Chen Shu, and Chen Jun as new independent directors, along with the departure of supervisors Zhou Xiayu, Chen Ting, and Yang Mingwang due to supervisory board reform, and the addition of Pan Mintao as an employee representative director Changes in Directors, Supervisors, and Senior Management | Name | Position | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Yuan Huawen | Deputy General Manager | Appointment | April 18, 2025 | Newly appointed Deputy General Manager | | Huang Xuming | Independent Director | Resignation | May 12, 2025 | Personal reasons | | Zhou Xiayu | Chairperson of Supervisory Board | Resignation | May 12, 2025 | Supervisory board reform | | Ye Guorui | Independent Director | Election | May 12, 2025 | Original independent director resigned, new independent director elected | | Pan Mintao | Employee Representative Director | Election | May 15, 2025 | Addition of employee representative director | | Lin Jing | Independent Director | Resignation | June 19, 2025 | Personal reasons | | Cai Xiaorong | Independent Director | Resignation | June 19, 2025 | Personal reasons | | Chen Shu | Independent Director | Election | June 19, 2025 | Original independent director resigned, new independent director elected | | Chen Jun | Independent Director | Election | June 19, 2025 | Original independent director resigned, new independent director elected | [II. Profit Distribution and Capital Reserve to Share Capital Conversion During the Reporting Period](index=26&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20to%20Share%20Capital%20Conversion%20During%20the%20Reporting%20Period) 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[98](index=98&type=chunk) [III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=27&type=section&id=III.%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[99](index=99&type=chunk) [IV. Environmental Information Disclosure](index=28&type=section&id=IV.%20Environmental%20Information%20Disclosure) The 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[100](index=100&type=chunk) [V. Social Responsibility](index=28&type=section&id=V.%20Social%20Responsibility) The company upholds legal and compliant operations, maintains a stable and win-win supply chain, actively promotes energy conservation and environmental protection with ISO14001 certification, ensures transparent information disclosure, and fosters employee development through internal platforms and school-enterprise collaborations - The company consistently adheres to legal operations as a crucial guarantee for its continuous, healthy, and stable development, having established a sound and standardized internal operating system[100](index=100&type=chunk) - The company's supply chain addresses procurement management, operational management, and logistics management requirements to achieve overall optimization in the supply chain domain and actively protect the rights and interests of suppliers[101](index=101&type=chunk) - The company employs inquiry-based procurement and bidding methods to establish fair, just, standardized, and honest supply relationships, and conducts comprehensive risk prevention and control for new suppliers[102](index=102&type=chunk) - The company has passed ISO14001 environmental management system certification, advocates green and environmental protection concepts, actively promotes energy conservation and emission reduction, rational resource utilization, and creates a low-carbon, green, and environmentally friendly working model[103](index=103&type=chunk)[104](index=104&type=chunk) - The company consistently places high importance on information disclosure, strictly adhering to laws, regulations, and supervisory requirements to truthfully, accurately, completely, and timely disclose relevant company information, and maintains open communication channels with investors[105](index=105&type=chunk) - The company hires employees in accordance with national laws and regulations, provides reasonable compensation and statutory benefits, respects diverse cultures and religious beliefs, and offers supplementary benefits and holidays[106](index=106&type=chunk) - Through continuous campus recruitment activities, the company has established good school-enterprise relationships with various universities and engages in in-depth school-enterprise cooperation across dimensions such as industry-academia-research to enhance talent quality[107](index=107&type=chunk) Section V Significant Matters [I. Fulfillment of Commitments by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During the Reporting Period and Overdue Unfulfilled Commitments as of the End of the Reporting Period](index=30&type=section&id=I.%20Fulfillment%20of%20Commitments%20by%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20the%20Reporting%20Period%20and%20Overdue%20Unfulfilled%20Commitments%20as%20of%20the%20End%20of%20the%20Reporting%20Period) The company's actual controller, shareholders, and related parties fully fulfilled all commitments made during the initial public offering, including share lock-up, share reduction, avoidance of horizontal competition, and regulation of related party transactions, with no overdue unfulfilled commitments at period-end - Chen Guoying, Lin Huirong, Chen Yi, Fujian Guomai Group Co., Ltd., and other committing parties normally fulfilled their commitments regarding share lock-up during the reporting period[109](index=109&type=chunk) - Fujian Guomai Group Co., Ltd., Chen Guoying, and other committing parties normally fulfilled their commitments regarding the avoidance of horizontal competition during the reporting period[109](index=109&type=chunk) - Fujian Guomai Group Co., Ltd., Chen Guoying, Sui Ronghua, and other committing parties normally fulfilled their commitments regarding the regulation and reduction of related party transactions during the reporting period[109](index=109&type=chunk) [II. Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties](index=30&type=section&id=II.%20Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties) The company had no non-operating funds occupied by its controlling shareholder or other related parties during the reporting period - The company's reporting period shows no non-operating funds occupied by the controlling shareholder or other related parties of the listed company[110](index=110&type=chunk) [III. Irregular External Guarantees](index=31&type=section&id=III.%20Irregular%20External%20Guarantees) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[111](index=111&type=chunk) [IV. Appointment and Dismissal of Accounting Firms](index=31&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 financial report was not audited[112](index=112&type=chunk) [V. Explanation by the Board of Directors, Supervisory Board, and Audit Committee on the "Non-Standard Audit Report" for the Current Period](index=31&type=section&id=V.%20Explanation%20by%20the%20Board%20of%20Directors%2C%20Supervisory%20Board%2C%20and%20Audit%20Committee%20on%20the%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Current%20Period) The company had no non-standard audit report during the reporting period, thus no explanation is required - The company had no non-standard audit report during the reporting period[113](index=113&type=chunk) [VI. Explanation by the Board of Directors on the "Non-Standard Audit Report" for the Previous Year](index=31&type=section&id=VI.%20Explanation%20by%20the%20Board%20of%20Directors%20on%20the%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Previous%20Year) The company had no non-standard audit report during the reporting period, thus no explanation is required - The company had no non-standard audit report during the reporting period[113](index=113&type=chunk) [VII. Bankruptcy and Reorganization Matters](index=31&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Matters) The company had no bankruptcy and reorganization matters during the reporting period - The company had no bankruptcy and reorganization matters during the reporting period[113](index=113&type=chunk) [VIII. Litigation Matters](index=31&type=section&id=VIII.%20Litigation%20Matters) The company had no significant litigation or arbitration matters during the reporting period. One non-significant lawsuit involving **7.6803 million yuan** is awaiting second-instance judgment, with no expected material adverse impact on the company's financial position or going concern ability - The company had no significant litigation or arbitration matters during the reporting period[114](index=114&type=chunk) Other Litigation Matters | Basic Information of Litigation (Arbitration) | Amount Involved (million yuan) | Provision for Liabilities Formed | Litigation (Arbitration) Progress | Outcome and Impact of Litigation (Arbitration) | | :--- | :--- | :--- | :--- | :--- | | During the reporting period, the company had 1 non-significant lawsuit | 7.6803 | No | Awaiting second-instance judgment | No significant impact on the company | [IX. Penalties and Rectification](index=31&type=section&id=IX.%20Penalties%20and%20Rectification) The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[115](index=115&type=chunk) [X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=32&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) The company, its controlling shareholder, and actual controller had no integrity issues during the reporting period - The company, its controlling shareholder, and actual controller had no integrity issues during the reporting period[116](index=116&type=chunk) [XI. Significant Related Party Transactions](index=32&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) The company had no related party transactions related to daily operations, asset or equity acquisitions/disposals, joint external investments, related party creditor-debtor relationships, or financial business with affiliated finance companies, and no other significant related party transactions during the reporting period - The company had no related party transactions related to daily operations during the reporting period[116](index=116&type=chunk) - The company had no related party transactions involving asset or equity acquisitions or disposals during the reporting period[117](index=117&type=chunk) - The company had no related party creditor-debtor relationships during the reporting period[119](index=119&type=chunk) [XII. Significant Contracts and Their Performance](index=32&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) The company had no entrustment, contracting, or leasing matters, no significant guarantees, and no significant daily operation contracts or other significant contracts during the reporting period - The company had no entrustment situations during the reporting period[123](index=123&type=chunk) - The company had no significant guarantees during the reporting period[126](index=126&type=chunk) - The company had no significant daily operation contracts during the reporting period[127](index=127&type=chunk) [XIII. Explanation of Other Significant Matters](index=33&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) The company had no other significant matters requiring explanation during the reporting period - The company had no other significant matters requiring explanation during the reporting period[129](index=129&type=chunk) [XIV. Significant Matters of Company Subsidiaries](index=33&type=section&id=XIV.%20Significant%20Matters%20of%20Company%20Subsidiaries) The company had no significant matters concerning its subsidiaries during the reporting period - The company had no significant matters concerning its subsidiaries during the reporting period[130](index=130&type=chunk) Section VI Changes in Shares and Shareholder Information [I. Changes in Share Capital](index=34&type=section&id=I.%20Changes%20in%20Share%20Capital) On May 21, 2025, the company implemented its 2024 annual equity distribution, converting capital reserves into shares at a rate of **4.9 shares** for every 10, increasing total shares from **70.15 million** to **104.5235 million**, with corresponding increases in restricted shares Changes in Share Capital | Share Type | Number Before Change (shares) | Proportion Before Change | Capital Reserve to Share Capital Conversion (shares) | Number After Change (shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 52,600,000 | 74.98% | 25,774,000 | 78,374,000 | 74.98% | | II. Unrestricted Shares | 17,550,000 | 25.02% | 8,599,500 | 26,149,500 | 25.02% | | III. Total Shares | 70,150,000 | 100.00% | 34,373,500 | 104,523,500 | 100.00% | - On May 21, 2025, the company carried out its 2024 annual equity distribution, converting capital reserves into shares at a rate of **4.9 shares** for every 10 shares based on the company's total share capital of **70.15 million shares**, resulting in a total increase of **34.3735 million shares**, after which the company's total share capital changed from **70.15 million shares** to **104.5235 million shares**[133](index=133&type=chunk) Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Restricted Shares Increased in Current Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | Proposed Date of Lifting Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Guomai Group | 23,625,000 | 11,576,250 | 35,201,250 | IPO Restriction | 2027-09-11 | | Chen Guoying | 19,812,500 | 9,708,125 | 29,520,625 | IPO Restriction | 2027-09-11 | | Xie Suping | 5,062,500 | 2,480,625 | 7,543,125 | IPO Restriction | 2027-09-11 | | Chendao Investment | 1,890,000 | 926,100 | 2,816,100 | IPO Restriction | 2025-09-11 | | SAIC Capital | 1,500,000 | 735,000 | 2,235,000 | IPO Restriction | 2025-09-11 | | Development Zone State-owned Assets Company | 500,000 | 245,000 | 745,000 | IPO Restriction | 2025-09-11 | | Chaoxing Investment | 210,000 | 102,900 | 312,900 | IPO Restriction | 2025-09-11 | | Total | 52,600,000 | 25,774,000 | 78,374,000 | -- | -- | [II. Securities Issuance and Listing](index=36&type=section&id=II.%20Securities%20Issuance%20and%20Listing) The company had no securities issuance or listing activities during the reporting period - The company had no securities issuance or listing activities during the reporting period[137](index=137&type=chunk) [III. Number of Shareholders and Shareholding](index=36&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding) As of the end of the reporting period, the company had **14,596** common shareholders. The top ten shareholders include Guomai Group, Chen Guoying, and Xie Suping, holding significant combined stakes. Chen Guoying is the actual controller of Guomai Group, and together they hold **61.92%** of the company's shares. **745,000 shares** held by Development Zone State-owned Assets Company are pledged Total Common Shareholders and Top 10 Shareholders' Shareholding at End of Reporting Period | Indicator | Quantity | | :--- | :--- | | Total Common Shareholders at End of Reporting Period | 14,596 | | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held at End of Reporting Period (shares) | Number of Restricted Shares Held (shares) | Pledged, Marked, or Frozen Status (number) | | :--- | :--- | :--- | :--- | :--- | :--- | | Guomai Group | Domestic Non-State-owned Legal Person | 33.68% | 35,201,250 | 35,201,250 | 0 | | Chen Guoying | Domestic Natural Person | 28.24% | 29,520,625 | 29,520,625 | 0 | | Xie Suping | Domestic Natural Person | 7.22% | 7,543,125 | 7,543,125 | 0 | | Chendao Investment | Domestic Non-State-owned Legal Person | 2.69% | 2,816,100 | 2,816,100 | 0 | | SAIC Capital | Domestic Non-State-owned Legal Person | 2.14% | 2,235,000 | 2,235,000 | 0 | | Development Zone State-owned Assets Company | State-owned Legal Person | 0.71% | 745,000 | 745,000 | 745,000 (Pledged) | | Chaoxing Investment | Domestic Non-State-owned Legal Person | 0.30% | 312,900 | 312,900 | 0 | | China Merchants Bank Co., Ltd. - Southern CSI 1000 ETF | Other | 0.28% | 292,565 | 0 | 0 | | Shan Meiqin | Domestic Natural Person | 0.24% | 254,688 | 0 | 0 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 0.24% | 251,062 | 0 | 0 | - Mr. Chen Guoying is the actual controller of Guomai Group; Mr. Chen Guoying and Guomai Group are parties acting in concert, jointly holding **61.92%** of the company's shares[138](index=138&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=38&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period, as detailed in the 2024 annual report - The company's directors, supervisors, and senior management had no changes in shareholdings during the reporting period, details can be found in the 2024 annual report[141](index=141&type=chunk) [V. Changes in Controlling Shareholder or Actual Controller](index=38&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder remained unchanged during the reporting period[142](index=142&type=chunk) - The company's actual controller remained unchanged during the reporting period[142](index=142&type=chunk) [VI. Preferred Shares](index=38&type=section&id=VI.%20Preferred%20Shares) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[143](index=143&type=chunk) Section VII Bond-Related Matters [Bond-Related Matters](index=39&type=section&id=Bond-Related%20Matters) The company had no bond-related matters during the reporting period - The company had no bond-related matters during the reporting period[145](index=145&type=chunk) Section VIII Financial Report [I. Audit Report](index=40&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[147](index=147&type=chunk) [II. Financial Statements](index=40&type=section&id=II.%20Financial%20Statements) 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, offering a comprehensive view of its financial position, operating results, and cash flows - This section includes the consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated cash flow statement, parent company cash flow statement, consolidated statement of changes in owners' equity, and parent company statement of changes in owners' equity[148](index=148&type=chunk)[151](index=151&type=chunk)[154](index=154&type=chunk)[158](index=158&type=chunk)[161](index=161&type=chunk)[164](index=164&type=chunk)[166](index=166&type=chunk)[173](index=173&type=chunk) [III. Company Basic Information](index=57&type=section&id=III.%20Company%20Basic%20Information) Flairmicro Electronics Co., Ltd. was established in 2008, reorganized as a joint-stock company in 2014, and listed on the Shenzhen Stock Exchange ChiNext in September 2024. In May 2025, its total share capital increased to **104.5235 million shares** through capital reserve conversion. The company's main business is computer, communication, and other electronic equipment manufacturing, focusing on intelligent connected vehicle terminals, IoT intelligent modules, software, and services - Flairmicro Electronics Co., Ltd. was established on July 11, 2008, and reorganized into a joint-stock company based on this company in July 2014[179](index=179&type=chunk) - On September 11, 2024, the company's initial public offering of 17.55 million RMB ordinary shares (A shares) was listed on the ChiNext board of the Shenzhen Stock Exchange, with the stock abbreviation "Flairmicro" and stock code "301600"[179](index=179&type=chunk) - On May 21, 2025, the company converted capital reserves into shares at a rate of **4.9 shares** for every 10 shares to all shareholders, totaling **34.3735 million shares**; as of June 30, 2025, the company's total share capital was **104.5235 million shares**[179](index=179&type=chunk) - The company's industry is computer, communication, and other electronic equipment manufacturing, with main products including intelligent connected vehicle terminals, IoT intelligent modules, software, and services[179](index=179&type=chunk) [IV. Basis of Financial Statement Preparation](index=58&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, in accordance with enterprise accounting standards and their interpretations, and comply with CSRC disclosure rules. An assessment of going concern for the next 12 months found no issues - The company prepares its financial statements on a going concern basis, recognizing and measuring transactions and events in accordance with enterprise accounting standards and their application guidelines and interpretations[181](index=181&type=chunk) - The company assessed its ability to continue as a going concern for 12 months from the end of the reporting period and found no matters affecting its going concern ability, thus the preparation of financial statements on a going concern basis is reasonable[182](index=182&type=chunk) [V. Significant Accounting Policies and Accounting Estimates](index=58&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This section details the company's significant accounting policies and estimates for financial statement preparation, covering compliance with accounting standards, accounting period, operating cycle, functional currency, materiality, consolidated financial statements, cash and cash equivalents, foreign currency transactions, financial instruments, inventories, long-term equity investments, fixed assets, construction in progress, borrowing costs, intangible assets, impairment of long-term assets, long-term deferred expenses, contract liabilities, employee benefits, provisions, revenue, contract costs, government grants, deferred income tax assets/liabilities, and leases, confirming no significant changes during the reporting period - The financial statements prepared by the company comply with the requirements of enterprise accounting standards, truthfully and completely reflecting the company's financial position, operating results, changes in owners' equity, and cash flows[184](index=184&type=chunk) - The company classifies financial assets at initial recognition based on the business model for managing financial assets and the contractual cash flow characteristics of the financial assets into: financial assets measured at amortized cost, financial assets measured at fair value through profit or loss, and financial assets measured at fair value through other comprehensive income[203](index=203&type=chunk) - The company recognizes revenue when it satisfies a performance obligation in the contract, which means when the customer obtains control of the related goods, implying the ability to direct the use of the goods and obtain substantially all of the economic benefits from them[278](index=278&type=chunk) - The company had no significant changes in accounting policies or significant changes in ac

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