杭州安恒信息技术股份有限公司2025 年半年度报告 公司代码：688023 公司简称：安恒信息 杭州安恒信息技术股份有限公司 2025 年半年度报告 1 / 240 杭州安恒信息技术股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 公司已在本报告中详细阐述公司在经营过程中可能面临的各种风险及应对措施，敬请查阅本 报告第三节"管理层讨论与分析"——四、风险因素。 三、 公司全体董事出席董事会会议。 无 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的公司未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质承诺， 请投资者注意投资风险。 九、 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、 是否存在违反规定决策程序对外提供担保的情况 否 十一、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十二、 其他 □适用 √不适用 2 / ...

哈森商贸（中国）股份有限公司2025 年半年度报告 公司代码：603958 公司简称：哈森股份 哈森商贸（中国）股份有限公司 2025 年半年度报告 1 / 155 哈森商贸（中国）股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人陈玉珍、主管会计工作负责人伍晓华及会计机构负责人（会计主管人员）杨楠 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质承诺，敬请投资 者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重 ...

华丽家族股份有限公司2025 年半年度报告 公司代码：600503 公司简称：华丽家族 华丽家族股份有限公司 2025 年半年度报告 1 / 147 华丽家族股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人王伟林、主管会计工作负责人王坚忠及会计机构负责人（会计主管人员）姚基 勇声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请 投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 报告期内， ...

中海油田服务股份有限公司2025 年半年度报告 中海油田服务股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 未出席董事情况 公司代码：601808 公司简称：中海油服 中海油田服务股份有限公司 2025 年半年度报告 1 / 135 | 未出席董事职务 | 未出席董事姓名 | 未出席董事的原因说明 | 被委托人姓名 | | --- | --- | --- | --- | | 董事 | 卢涛 | 其他公务原因 | 赵顺强 | | 独立董事 | 赵丽娟 | 其他公务原因 | 郭琳广 | 三、 本半年度报告未经审计。 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 四、 公司负责人赵顺强、主管会计工作负责人郄佶及会计机构负责人（会计主管人员）郑国芳 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 报告期内，公司无利润分配预案或公积金转增股本预案。 六、 前瞻性陈述的风险声 ...

中国中材国际工程股份有限公司2025 年半年度报告 公司代码：600970 公司简称：中材国际 中国中材国际工程股份有限公司 2025 年半年度报告 1 / 228 中国中材国际工程股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人印志松、主管会计工作负责人尹凌及会计机构负责人（会计主管人员）邢万里 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 本报告中所涉及的未来计划、发展战略等前瞻性陈述，不构成对投资者的实质性承诺，请广 大投资者注意投资风险。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。 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 ...

公司代码：600592 公司简称：龙溪股份 福建龙溪轴承（集团）股份有限公司 2025 年半年度报告 福建龙溪轴承（集团）股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人陈晋辉、主管会计工作负责人曾四新及会计机构负责人（会计主管人员）吴慧 泉声明：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 √适用 □不适用 本报告中所涉及的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保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司董事会决议通过向全体股东每10股派发现金红利0.45元（含税）。截至2025年8月26日，公司 ...

[Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) [Statement of the Board of Directors, Supervisory Committee, and Senior Management](index=2&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E5%8F%8A%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E4%BF%9D%E8%AF%81%E5%8D%8A%E5%B9%B4%E5%BA%A6%E6%8A%A5%E5%91%8A%E5%86%85%E5%AE%B9%E7%9A%84%E7%9C%9F%E5%AE%9E%E6%80%A7%E3%80%81%E5%87%86%E7%A1%AE%E6%80%A7%E3%80%81%E5%AE%8C%E6%95%B4%E6%80%A7) The company's management guarantees the authenticity, accuracy, and completeness of this unaudited semi-annual report - All company directors attended the board meeting[4](index=4&type=chunk) - This semi-annual report is **unaudited**[4](index=4&type=chunk) - Company head Ji Yingcun, Chief Accounting Officer Lu Wenjiang, and Head of Accounting Wang Minhua affirm the authenticity, accuracy, and completeness of the financial statements[4](index=4&type=chunk) [Special Corporate Governance Arrangements (Differential Voting Rights)](index=2&type=section&id=%E4%B8%83%E3%80%81%E6%98%AF%E5%90%A6%E5%AD%98%E5%9C%A8%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E7%89%B9%E6%AE%8A%E5%AE%89%E6%8E%92%E7%AD%89%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) The company utilizes a differential voting rights structure to maintain control while protecting minority shareholder interests - The company has a differential voting rights arrangement[5](index=5&type=chunk) - Each Class A share has **six times the voting power** of each Class B share[5](index=5&type=chunk) - The initial setup included **8,526,316 Class A shares**, all held by controlling shareholder Ji Yingcun, representing **7.11% of total share capital** and **31.46% of total voting rights**[6](index=6&type=chunk) - As of June 30, 2025, 529,321 Class A shares held by Mr Ji Yingcun were converted to Class B shares, maintaining his special voting rights ratio at **31.46%**[7](index=7&type=chunk) - The Articles of Association impose restrictions on Class A shares to prevent an increase in their voting power proportion and ensure a one-share, one-vote system for major matters, protecting Class B shareholders[7](index=7&type=chunk) [Section 1 Definitions](index=5&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section defines key terms, company entities, reporting periods, and technical jargon used in the report [Section 2 Company Profile and Key Financial Indicators](index=8&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) [Company Profile](index=8&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) This section provides the company's official names, legal representative, and contact information - Company Name: Beijing Jingwei Hirain Technologies Co, Inc, abbreviated as HIRAIN[17](index=17&type=chunk) - Legal Representative: Ji Yingcun[17](index=17&type=chunk) - Company Website: https://www.hirain.com[17](index=17&type=chunk) [Contact Information](index=8&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section lists the contact details for the Board Secretary and Securities Affairs Representative - Board Secretary (Domestic Information Disclosure Representative): Zheng Hongju[19](index=19&type=chunk) - Securities Affairs Representative: Gao Bing[19](index=19&type=chunk) - Contact Phone: 010-82263021, Email: ir@hirain.com[19](index=19&type=chunk) [Information Disclosure and Document Depository](index=8&type=section&id=%E4%B8%89%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) The company discloses information through designated newspapers and the Shanghai Stock Exchange website - Designated information disclosure newspapers: Shanghai Securities News, Securities Daily[20](index=20&type=chunk) - Website for semi-annual report disclosure: Shanghai Stock Exchange website (www.sse.com.cn)[20](index=20&type=chunk) [Stock Profile](index=8&type=section&id=%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8/%E5%AD%98%E6%89%98%E5%87%AD%E8%AF%81%E7%AE%80%E5%86%B5) The company's A-shares are listed on the STAR Market of the Shanghai Stock Exchange - Stock Type: RMB ordinary A-shares[21](index=21&type=chunk) - Stock Exchange and Board: Shanghai Stock Exchange STAR Market[21](index=21&type=chunk) - Stock Ticker: HIRAIN, Stock Code: 688326[21](index=21&type=chunk) [Key Accounting Data and Financial Indicators](index=9&type=section&id=%E5%85%AD%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) The company's revenue grew significantly, narrowing net losses and improving operating cash flow Key Accounting Data for H1 2025 | Indicator | Reporting Period (Jan-Jun) | Same Period Last Year | Change YoY (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,908,372,336.98 RMB | 2,027,001,258.37 RMB | 43.48 | | Total Profit | -108,032,298.67 RMB | -360,437,182.42 RMB | N/A | | Net Profit Attributable to Shareholders | -86,964,423.48 RMB | -333,375,951.07 RMB | N/A | | Net Cash Flow from Operating Activities | -299,218,061.80 RMB | -726,513,424.27 RMB | N/A | | Net Assets Attributable to Shareholders (End of Period) | 3,925,937,096.89 RMB | 4,183,518,680.54 RMB | -6.16 | | Total Assets (End of Period) | 9,461,613,415.91 RMB | 9,407,025,551.04 RMB | 0.58 | Key Financial Indicators for H1 2025 | Indicator | Reporting Period (Jan-Jun) | Same Period Last Year | Change YoY (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/Share) | -0.77 | -2.88 | N/A | | Diluted Earnings Per Share (RMB/Share) | -0.77 | -2.88 | N/A | | Basic EPS after Non-recurring Items (RMB/Share) | -1.02 | -3.34 | N/A | | Weighted Average Return on Equity (%) | -2.15 | -7.22 | N/A | | Weighted Average ROE after Non-recurring Items (%) | -2.85 | -8.39 | N/A | | R&D Investment as a Percentage of Revenue (%) | 18.52 | 31.27 | Decreased by 12.75 percentage points | - **Reason for revenue change**: Primarily due to an increase in sales orders for electronic products[25](index=25&type=chunk) - **Reason for net profit change**: Primarily due to revenue growth and reduced R&D expenses[25](index=25&type=chunk) - **Reason for operating cash flow change**: Primarily due to an increase in cash received from sales of goods and services[25](index=25&type=chunk) [Non-recurring Profit and Loss Items](index=9&type=section&id=%E5%85%AB%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) Non-recurring profit and loss totaled 28.26 million RMB, mainly from government grants and fair value changes Non-recurring Profit and Loss Items for H1 2025 | Non-recurring Item | Amount (RMB) | | :--- | :--- | | Gains/Losses on disposal of non-current assets | -1,732,511.69 | | Government grants recognized in current profit or loss (excluding those closely related to normal business) | 16,230,783.32 | | Fair value gains/losses from financial assets and liabilities held by non-financial enterprises | 17,310,530.71 | | Reversal of impairment provision for individually tested receivables | 1,101,040.01 | | Gains/Losses from debt restructuring | 789,744.86 | | Other non-operating income and expenses | -225,440.00 | | Less: Income tax impact | 4,999,350.96 | | Less: Minority interest impact (after tax) | 217,904.43 | | **Total** | **28,256,891.82** | - Fair value gains from financial assets and liabilities are mainly due to valuation changes in upstream industry chain investments and wealth management products[26](index=26&type=chunk) [Net Profit Excluding Share-based Payments](index=10&type=section&id=%E4%B9%9D%E3%80%81%E5%AD%98%E5%9C%A8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E7%9A%84%E5%85%AC%E5%8F%B8%E5%8F%AF%E9%80%89%E6%8B%A9%E6%8A%AB%E9%9C%B2%E6%89%A3%E9%66%A4%E8%82%A1%E4%BB%BD%E6%94%AF%E4%BB%98%E5%BD%B1%E5%93%8D%E5%90%8E%E7%9A%84%E5%87%80%E5%88%A9%E6%B6%A6) The net loss after excluding share-based payments significantly narrowed, indicating improved operating performance Net Profit Excluding Share-based Payments | Indicator | Reporting Period (Jan-Jun) | Same Period Last Year | Change YoY (%) | | :--- | :--- | :--- | :--- | | Net Profit Excluding Share-based Payments | -65,227,332.14 RMB | -306,130,065.40 RMB | N/A | [Section 3 Management Discussion and Analysis](index=12&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) [Industry and Business Overview](index=12&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company operates in the electronics manufacturing sector, benefiting from strong growth in the automotive market [Industry Overview](index=12&type=section&id=(%E4%B8%80)%20%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A) The company is classified under "Other Computer Manufacturing," driven by automotive intelligence and electrification trends - The company belongs to the "Other Computer Manufacturing" (Code: C3919) sub-sector of the "Computer, Communication and Other Electronic Equipment Manufacturing" industry[32](index=32&type=chunk) [Market Conditions](index=12&type=section&id=(%E4%BA%8C)%20%E5%B8%82%E5%9C%BA%E6%83%85%E5%86%B5) China's auto market saw robust growth in H1 2025, driven by new energy vehicles and exports - From Jan-Jun 2025, China's auto production and sales reached **15.62 million** and **15.65 million** units, up 12.5% and 11.4% YoY, respectively[33](index=33&type=chunk) - NEV production and sales reached **6.97 million** and **6.94 million** units, up 41.4% and 40.3% YoY, accounting for **44.3% of total new car sales**[33](index=33&type=chunk) - H1 auto exports reached **3.08 million** units, up 10.4% YoY, with NEV exports surging by **75.2%** to 1.06 million units[33](index=33&type=chunk) - Consumer demand is rising for advanced driver-assistance systems and smart cockpits, with AI applications in vehicles gaining significant attention[34](index=34&type=chunk) - In-vehicle products are trending towards high integration, large assemblies, and multi-in-one solutions, driving strong component demand[34](index=34&type=chunk) [Principal Business Activities](index=12&type=section&id=(%E4%B8%89)%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5) The company's business revolves around electronic systems for the automotive and intelligent transportation sectors 1. Electronic Products The company provides a comprehensive portfolio of automotive electronic products with full-stack development and global production capabilities - The company offers over 100 types of electronic products across six categories: intelligent driving, connectivity, cockpit, body & comfort, chassis control, and NEV & powertrain systems[36](index=36&type=chunk) - Product coverage exceeds **80% of automotive electronic component categories**, including smart sensors, actuators, controllers, domain controllers, and computing platforms[36](index=36&type=chunk) - The company operates four production bases in Tianjin, Nantong, Nanchang, and Malaysia, with R&D and service centers in China, the US, the EU, and ASEAN regions[36](index=36&type=chunk) 2. R&D Services and Solutions The company offers a "vehicle-cloud integration" architecture solution supported by a comprehensive proprietary toolchain - The company's R&D services feature a "vehicle-cloud integration" architecture combining in-vehicle systems, cloud applications, and a development platform[37](index=37&type=chunk) - The development platform provides efficient, customizable R&D support through a diverse toolchain including ModelBase simulation software, OrienLink, TestBase testing systems, and INTEWORK software tools[37](index=37&type=chunk) 3. Large Assemblies and Special-Purpose Vehicles The company strategically develops key powertrain assemblies and autonomous vehicle platforms for specialized applications - In the "Large Assemblies" segment, the company provides key systems like Battery Packs, E-Axles, and Thermal Management Systems[38](index=38&type=chunk) - In the "Special-Purpose Vehicles" segment, the company has launched platforms such as the Heavy-duty Autonomous Vehicle (HAV), RoboTruck, and RoboBus[41](index=41&type=chunk) 4. Intelligent Transportation Solutions The company provides multi-scenario operational services and integrated system solutions for intelligent transportation - The company has deployed L4 autonomous driving operations in various scenarios like seaports, inland river ports, and railway ports[43](index=43&type=chunk) - The company plans to launch RoboTruck fleets for short-haul logistics and RoboBus services for urban micro-circulation[43](index=43&type=chunk) - The vehicle-road-network-cloud-map system provides end-to-end solutions including steer-by-wire heavy-duty skateboard chassis and roadside vehicle-road collaboration modules[43](index=43&type=chunk) [Discussion and Analysis of Operations](index=15&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) The company achieved strong revenue growth and returned to profitability in the second quarter, driven by its electronic products business - During the reporting period, the company achieved operating revenue of **2.91 billion RMB**, a year-on-year increase of **43.48%**[47](index=47&type=chunk) - Net loss attributable to parent company shareholders narrowed by **246.41 million RMB** YoY to -86.96 million RMB; the company achieved a net profit of **33.00 million RMB** in Q2 2025, successfully turning profitable[47](index=47&type=chunk) - The company's domain fusion products made significant progress, with physical zone controller shipments reaching **1 million units** and a strategic partnership formed for its intelligent driving domain controller, targeting mass production by year-end[48](index=48&type=chunk) - The company serves a broad customer base including Geely, Xiaomi, FAW, Xpeng, NIO, and SAIC, as well as logistics clients like White Rhino, and has secured nominations from Stellantis and Scania[50](index=50&type=chunk) - As of the end of the reporting period, the company had **6,681 employees**, a decrease of 648 from the end of 2024; R&D and technical personnel totaled 5,038, accounting for approximately **75%** of the total workforce[51](index=51&type=chunk) [Core Competitiveness Analysis](index=16&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core strengths lie in its synergistic business strategy, talent, full-stack capabilities, and robust quality systems [Core Competitiveness Analysis](index=16&type=section&id=(%E4%B8%80)%20%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's leadership is built on business synergy, a skilled workforce, full-stack technology, a proprietary software ecosystem, and advanced manufacturing - The company's four business segments—electronic products, R&D services, large assemblies, and intelligent transportation—operate under a synergistic strategy, mutually reinforcing each other[53](index=53&type=chunk) - The company has built a diverse talent pipeline from top domestic universities; as of the period end, **R&D and technical staff accounted for 75%** of employees, with nearly **55% holding master's degrees or higher**[54](index=54&type=chunk) - The company possesses full-stack development capabilities for automotive electronics, covering electronic, optical, and mechanical fields with high technical maturity[55](index=55&type=chunk) - The company has developed a fully autonomous embedded software platform, including AUTOSAR core software and information security modules, and has pioneered a domestic chip ecosystem with over ten proprietary software products[56](index=56&type=chunk) - The company adheres to leading international quality management systems, holding IATF16949 and ISO14001 certifications, and has implemented standards such as CMMI, ASPICE, and ISO26262, with its central laboratory being CNAS accredited[58](index=58&type=chunk) - The company operates four modern factories in Nantong, Tianjin, Nanchang, and Malaysia, with 44 SMT lines and 90 assembly lines, boasting an annual production capacity of over **48 million controllers**[59](index=59&type=chunk) [Core Technologies and R&D Progress](index=17&type=section&id=(%E4%B8%89)%20%E6%A0%B8%E5%BF%83%E6%8A%80%E6%9C%AF%E4%B8%8E%E7%A0%94%E5%8F%91%E8%BF%9B%E5%B1%95) The company has made significant R&D advancements across multiple core technologies and holds extensive intellectual property - The company's ADAS technology supports EU ENCAP2026 ISA functions, enabling global supply capabilities[60](index=60&type=chunk) - As one of the few domestic companies to mass-produce 77GHz millimeter-wave radar, the company is now developing its second-generation and proprietary 4D imaging radar for L3+ autonomous driving[60](index=60&type=chunk) - The company's intelligent driving perception technology features redundancy, high precision, and all-weather robustness, utilizing an advanced Transformer architecture with a perception range of at least **250m**[61](index=61&type=chunk) - The full-stack Battery Management System (BMS) technology covers all voltage platforms (12V to 800V) and includes multi-level thermal management and core SOX algorithms[63](index=63&type=chunk) - The company has independently developed over ten industrial software products for automotive electronics testing and simulation, replacing foreign alternatives[64](index=64&type=chunk) - As of the period end, the company holds **2,080 patents** (1,054 inventions), 330 software copyrights, and 186 trademarks[65](index=65&type=chunk) R&D Investment | Indicator | Current Period (RMB) | Same Period Last Year (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 439,648,798.69 | 537,301,240.61 | -18.17 | | Capitalized R&D Investment | 98,975,496.18 | 96,603,492.98 | 2.46 | | Total R&D Investment | 538,624,294.87 | 633,904,733.59 | -15.03 | | R&D Investment as a Percentage of Revenue (%) | 18.52 | 31.27 | Decreased by 12.75 percentage points | | Capitalized R&D as a Percentage of Total R&D (%) | 18.38 | 15.24 | Increased by 3.14 percentage points | - The top ten R&D projects by expenditure covered areas such as passenger car body controllers, ADAS, intelligent driving domain controllers, BMS, AR-HUD, and high-level autonomous driving solutions[70](index=70&type=chunk)[71](index=71&type=chunk)[72](index=72&type=chunk)[73](index=73&type=chunk)[74](index=74&type=chunk) - As of the period end, the company had **3,214 R&D personnel**, accounting for **48.11%** of the total workforce, with **74.11%** holding master's or doctoral degrees[76](index=76&type=chunk) [Risk Factors](index=27&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E5%9B%A0%E7%B4%A0) The company faces risks related to performance, technology, operations, finance, and the broader market environment - The company reported a net loss of **86.96 million RMB** in H1 2025 and faces risks from rapid industry technology iteration and intensified market competition[78](index=78&type=chunk) - The rapid evolution of automotive electronics technology demands continuous R&D; failure to maintain a technological edge could adversely affect future development[79](index=79&type=chunk) - Revenue from the **top five customers exceeded 50%** of total revenue, indicating high customer concentration and potential risk from any strategic shifts or order reductions[81](index=81&type=chunk) - At period end, inventory was valued at **1.76 billion RMB**, or 18.61% of total assets, with contract fulfillment costs accounting for 50.95%, posing a risk of write-downs[83](index=83&type=chunk) - Net accounts receivable stood at **1.75 billion RMB**, or 60.20% of operating revenue, creating a risk of bad debt if key customers face financial difficulties[84](index=84&type=chunk) - The company benefits from a **15% preferential tax rate** as a high-tech enterprise; any change in this policy or failure to maintain certification could negatively impact performance[85](index=85&type=chunk) - The company is exposed to **foreign exchange risk** from sales and procurement in foreign currencies, and significant exchange rate fluctuations could lead to financial losses[86](index=86&type=chunk) [Analysis of Key Operations](index=28&type=section&id=%E4%BA%94%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) This section analyzes changes in the company's financial statements, asset structure, and investment activities Analysis of Financial Statement Items | Item | Current Period (RMB) | Same Period Last Year (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,908,372,336.98 | 2,027,001,258.37 | 43.48 | | Operating Cost | 2,234,949,494.63 | 1,602,681,914.09 | 39.45 | | Selling Expenses | 144,491,666.41 | 127,838,000.20 | 13.03 | | Administrative Expenses | 215,393,342.54 | 179,926,068.57 | 19.71 | | Finance Expenses | -10,314,375.28 | -25,540,799.47 | N/A | | R&D Expenses | 439,648,798.69 | 537,301,240.61 | -18.17 | | Net Cash Flow from Operating Activities | -299,218,061.80 | -726,513,424.27 | N/A | | Net Cash Flow from Investing Activities | -76,212,095.89 | -860,250,760.30 | N/A | | Net Cash Flow from Financing Activities | 153,815,368.64 | -35,749,445.70 | N/A | - **Reason for revenue change**: Primarily due to an increase in sales orders for electronic products[90](index=90&type=chunk) - **Reason for R&D expense change**: Primarily due to a decrease in employee compensation for R&D personnel[90](index=90&type=chunk) - **Reason for operating cash flow change**: Primarily due to an increase in cash received from sales of goods and services[91](index=91&type=chunk) Changes in Assets and Liabilities | Item | End of Current Period (RMB) | % of Total Assets | End of Previous Period (RMB) | % of Total Assets | Change (%) | Reason | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 235,018,592.26 | 2.48 | 506,426,956.15 | 5.38 | -53.59 | Matured structured deposits were withdrawn | | Construction in Progress | 380,115,066.28 | 4.02 | 210,117,585.66 | 2.23 | 80.91 | Continued investment in infrastructure projects | | Development Expenditures | 272,840,516.67 | 2.88 | 209,673,327.37 | 2.23 | 30.13 | Capitalization of R&D projects entering development phase | | Short-term Borrowings | 779,984,425.86 | 8.24 | 567,930,545.86 | 6.04 | 37.34 | Increased short-term bank loans | | Long-term Borrowings | 145,089,787.76 | 1.53 | 0 | 0 | 100.00 | New long-term bank loans | - During the reporting period, the company invested in several subsidiaries, including **39 million RMB** in Jiangxi Jingwei and **14.48 million RMB** in Hirain Malaysia[99](index=99&type=chunk) Financial Information of Major Subsidiaries (Unit: 10,000 RMB) | No. | Company Name | Main Business | Ownership (%) | Registered Capital | Total Assets | Net Assets | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | Tianjin Jingwei Hirain Tech Co, Ltd | R&D and production of automotive electronics | 100.00 | 20,000 | 137,274.91 | 4,395.33 | -3,571.10 | | 2 | Jiangsu Hanrun Automotive Electronics Co, Ltd | R&D and production of automotive electronics | 100.00 | 60,000 | 178,486.81 | 74,899.69 | 2,343.26 | | 4 | Jingwei Hirain (Tianjin) R&D Co, Ltd | R&D activities | 100.00 | 70,000 | 114,462.51 | 73,725.12 | 2,738.28 | | 12 | Beijing Runke General Technology Co, Ltd | High-end equipment business | 87.04 | 6,318.8482 | 97,763.59 | 31,499.07 | 251.11 | | 16 | Jiangxi Jingwei Hirain Tech Co, Ltd | R&D and production of automotive electronics | 60.00 | 20,000 | 30,792.43 | 20,353.22 | -32.94 | [Section 4 Corporate Governance, Environment, and Society](index=36&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%bb%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) [Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel](index=36&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%92%8C%E6%A0%B8%E5%BF%83%E6%8A%80%E6%9C%AF%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) There were no changes in the company's key management and technical personnel during the reporting period - There were **no changes** in the company's directors, supervisors, senior management, or core technical personnel during the reporting period[109](index=109&type=chunk) - The company identifies core technical personnel based on their extensive experience, key roles in R&D, and significant contributions to product development[109](index=109&type=chunk) [Profit Distribution or Capitalization of Capital Reserves Plan](index=36&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) The company did not propose any profit distribution or capitalization of capital reserves for the period - Semi-annual proposed profit distribution or capitalization plan: **No distribution or capitalization**[110](index=110&type=chunk) [Equity Incentive Plans and Employee Incentives](index=36&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%85%B6%E5%BD%B1%E5%93%8D) The company repurchased and canceled a portion of restricted stocks due to employee departures and performance shortfalls - On March 12, 2025, the company completed the repurchase and cancellation of **8,640 restricted shares** from the 2023 restricted stock incentive plan[111](index=111&type=chunk) - The company approved the repurchase and cancellation of an additional **8,320 restricted shares** from the 2023 plan, with creditor notification procedures completed[111](index=111&type=chunk) [Environmental Information Disclosure](index=37&type=section&id=%E5%9B%9B%E3%80%81%E7%BA%B3%E5%85%A5%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E4%BE%9D%E6%B3%95%E6%8A%AB%E9%9C%B2%E4%BC%81%E4%B8%9A%E5%90%8D%E5%8D%95%E7%9A%84%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E4%B8%BB%E8%A6%81%E5%AD%90%E5%85%AC%E5%8F%B8%E7%9A%84%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%83%85%E5%86%B5) A subsidiary, Jiangsu Hanrun Automotive Electronics, is listed for mandatory environmental information disclosure - Number of entities on the mandatory environmental information disclosure list: 1[113](index=113&type=chunk) - Company Name: Jiangsu Hanrun Automotive Electronics Co, Ltd[113](index=113&type=chunk) - Environmental information report index: Available on the Jiangsu Enterprise "Environmental Face" platform and the National Pollutant Discharge Permit Management Information Platform[113](index=113&type=chunk) [Poverty Alleviation and Rural Revitalization Efforts](index=37&type=section&id=%E4%BA%94%E3%80%81%E5%B7%A9%E5%9B%BA%E6%8B%93%E5%B1%95%E8%84%B1%E8%B4%AB%E6%94%BB%E5%9D%9A%E6%88%90%E6%9E%9C%E3%80%81%E4%B9%A1%E6%9D%91%E6%8C%AF%E5%85%B4%E7%AD%89%E5%B7%A5%E4%BD%9C%E5%85%B7%E4%BD%93%E6%83%85%E5%86%B5) The company actively engaged in social responsibility through donations supporting education and rural development Charitable and Rural Revitalization Activities | Type | Amount | Description | | :--- | :--- | :--- | | External Donations (10,000 RMB) | 8 | Supported the "Beijing No. 4 High School Guangwai Campus Hirain Scholarship Program" | | Rural Revitalization Funds (10,000 RMB) | 5 | Supported partner regions in Gansu and Xinjiang | - The company allocated **80,000 RMB** to support the "Beijing No. 4 High School Guangwai Campus Hirain Scholarship Program"[114](index=114&type=chunk) - In April 2025, the company donated **50,000 RMB** to support partner assistance programs in Gansu and Xinjiang provinces[115](index=115&type=chunk) [Section 5 Significant Matters](index=38&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) [Status of Commitments](index=38&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) All major shareholders and management have strictly adhered to their commitments made during the initial public offering - Controlling shareholder Ji Yingcun committed to a **36-month lock-up period** for his shares, with potential extensions and price conditions for post-lock-up sales[119](index=119&type=chunk)[120](index=120&type=chunk)[121](index=121&type=chunk) - Shareholders with over 5% stakes, Cao Xuming, Cui Wenge, and Zhang Qin, committed to a **12-month lock-up period** with similar extensions and conditions[122](index=122&type=chunk)[123](index=123&type=chunk)[124](index=124&type=chunk)[125](index=125&type=chunk)[126](index=126&type=chunk)[127](index=127&type=chunk)[128](index=128&type=chunk)[129](index=129&type=chunk) - The company, controlling shareholder, and management all made commitments regarding non-competition, related-party transactions, stock price stability, and other governance matters[131](index=131&type=chunk)[132](index=132&type=chunk)[133](index=133&type=chunk)[134](index=134&type=chunk)[135](index=135&type=chunk)[136](index=136&type=chunk)[137](index=137&type=chunk)[138](index=138&type=chunk)[139](index=139&type=chunk)[140](index=140&type=chunk)[141](index=141&type=chunk)[142](index=142&type=chunk)[143](index=143&type=chunk)[144](index=144&type=chunk)[145](index=145&type=chunk)[146](index=146&type=chunk)[147](index=147&type=chunk) - The company committed not to provide financial assistance to participants of the equity incentive plan for acquiring restricted stocks[147](index=147&type=chunk) - Incentive plan participants committed to return all benefits if the company's disclosures are found to be false or misleading[148](index=148&type=chunk) [Statement on Integrity](index=48&type=section&id=%E4%B9%9D%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) The company and its controlling shareholders maintained good faith and compliance during the reporting period - During the reporting period, the company and its controlling shareholders operated in compliance with laws and in good faith[149](index=149&type=chunk) - There were no instances of failure to comply with court judgments or default on significant debts[149](index=149&type=chunk) [Major Related-Party Transactions](index=48&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company engaged in routine sales transactions with its joint venture, which were conducted at fair market prices - The company did not engage in the projected related-party transactions with Suzhou Zhitong or Sanhuan Hirain during the reporting period[150](index=150&type=chunk) Related-Party Transaction Details | Related Party | Transaction Type | Content | Pricing Principle | Price | Amount (RMB) | % of Revenue | Settlement Method | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hubei Sanhuan Hirain Electronic Tech Co, Ltd | Sales of goods and services | Sales of electronic products, software, and services | Fair Value | Market Price | 1,352,920.00 | 0.0465 | Cash, Notes | - The above transactions were routine and conducted on fair terms, benefiting the company's operations without harming shareholder interests[153](index=153&type=chunk) [Major Contracts and Their Performance](index=50&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company provided guarantees totaling 475.27 million RMB for its subsidiaries, representing 11.75% of net assets Guarantees for Subsidiaries (Unit: 10,000 RMB) | Guarantor | Guaranteed Party | Guarantee Amount | Guarantee Type | Completed | Overdue | Overdue Amount | Counter-guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | HIRAIN | Jiangsu Hanrun | 20,000.00 | Joint Liability | No | No | 0.00 | No | | HIRAIN | Tianjin Jingwei | 15,000.00 | Joint Liability | No | No | 0.00 | No | | HIRAIN | Tianjin R&D | 3,000.00 | Joint Liability | Yes | No | 0.00 | No | | HIRAIN | Jiangsu Hanrun | 2,000.00 | Joint Liability | Yes | No | 0.00 | No | | HIRAIN | Tianjin Jingwei | 5,000.00 | Joint Liability | Yes | No | 0.00 | No | | HIRAIN | Jiangsu Hanrun | 25,500.00 | Joint Liability | No | No | 0.00 | No | | HIRAIN | Tianjin Jingwei | 10,000.00 | Joint Liability | No | No | 0.00 | No | | HIRAIN | Tianjin Jingwei | 13,000.00 | Joint Liability | No | No | 0.00 | No | | HIRAIN | Tianjin R&D | 3,000.00 | Joint Liability | No | No | 0.00 | No | | HIRAIN | Tianjin Jingwei | 5,000.00 | Joint Liability | No | No | 0.00 | No | | HIRAIN | Jiangsu Hanrun | 4,500.00 | Joint Liability | No | No | 0.00 | No | | HIRAIN | Tianjin R&D | 3,500.00 | Joint Liability | No | No | 0.00 | No | - Total guarantees provided to subsidiaries during the period amounted to **427.53 million RMB**[158](index=158&type=chunk) - The outstanding guarantee balance for subsidiaries at period end was **475.27 million RMB**, representing **11.75% of the company's net assets**[158](index=158&type=chunk) - Guarantees for subsidiaries with an asset-liability ratio exceeding 70% amounted to **177.12 million RMB**[158](index=158&type=chunk) - The company also provides operational performance guarantees for subsidiaries without a fixed maximum amount[158](index=158&type=chunk) [Use of Raised Funds](index=53&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E8%BF%9B%E5%B1%95%E8%AF%B4%E6%98%8E) The company has utilized 83.08% of its IPO proceeds, primarily for production bases, R&D centers, and digital upgrades Overall Use of Raised Funds | Source | Total Raised (RMB) | Net Raised (RMB) | Committed Investment (RMB) | Cumulative Investment (RMB) | Investment Progress (%) | Current Year Investment (RMB) | % of Total | Amount with Changed Use (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | IPO | 3,630,000,000.00 | 3,488,017,400.24 | 5,000,000,000.00 | 2,897,813,536.41 | 83.08 | 351,044,147.26 | 10.06 | 600,000,000.00 | - The "Hirain Digital Capability Enhancement Project" exceeded its committed investment amount due to the use of interest income and investment returns from the raised funds[162](index=162&type=chunk) - On April 25, 2025, the company approved the use of up to **900 million RMB** of temporarily idle raised funds for cash management in high-security, liquid products[165](index=165&type=chunk) Use of Raised Funds for Cash Management | Board Approval Date | Approved Cash Management Limit (10,000 RMB) | Start Date | End Date | Balance at Period End (10,000 RMB) | Exceeded Limit? | | :--- | :--- | :--- | :--- | :--- | :--- | | Apr 25, 2024 | 170,000 | Apr 25, 2024 | Apr 24, 2025 | - | No | | Apr 25, 2025 | 90,000 | Apr 25, 2025 | Apr 24, 2026 | 68,000 | No | [Section 6 Changes in Share Capital and Shareholders](index=56&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) [Changes in Share Capital](index=56&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company's total share capital decreased slightly due to the cancellation of restricted stocks Share Capital Changes (Unit: Shares) | Category | Before Change | % | Change (+,-) | After Change | % | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 40,386,629 | 33.66 | -10,459,450 | 29,927,179 | 24.95 | | Domestic non-state-owned legal entity | 10,450,810 | 8.71 | -10,450,810 | 0 | 0 | | Domestic individual | 29,935,819 | 24.95 | -8,640 | 29,927,179 | 24.95 | | II. Unrestricted Floating Shares | 79,589,371 | 66.34 | 10,450,810 | 90,040,181 | 75.05 | | RMB ordinary shares | 79,589,371 | 66.34 | 10,450,810 | 90,040,181 | 75.05 | | **III. Total Shares** | **119,976,000** | **100.00** | **-8,640** | **119,967,360** | **100.00** | - The company repurchased and canceled **8,640 restricted shares**, reducing total shares from 119,976,000 to 119,967,360[170](index=170&type=chunk) - On April 21, 2025, **10,450,810** restricted shares from the IPO became publicly tradable[171](index=171&type=chunk) - After the reporting period, the company repurchased and canceled an additional **8,320 restricted shares**, with no material impact on financial indicators like EPS[172](index=172&type=chunk) [Shareholder Information](index=58&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) The company had 7,155 ordinary shareholders, with Ji Yingcun as the controlling shareholder holding 45.54% of voting rights - Total number of ordinary shareholders at period end: **7,155**[175](index=175&type=chunk) - Total number of shareholders holding special voting rights shares at period end: **1**[175](index=175&type=chunk) Top Ten Shareholders (Unit: Shares) | Shareholder Name | Shares Held | Percentage (%) | Restricted Shares | Pledged/Frozen Status | Shareholder Type | | :--- | :--- | :--- | :--- | :--- | :--- | | Ji Yingcun | 29,483,419 | 24.58 | 29,471,499 | None | Domestic Individual | | Cao Xuming | 13,807,449 | 11.51 | 0 | None | Domestic Individual | | Cui Wenge | 12,627,502 | 10.53 | 0 | None | Domestic Individual | | Zhang Yong | 3,083,530 | 2.57 | 0 | Unknown | Domestic Individual | | Beijing Fangyuan Jiuzhou Investment Center (LP) | 2,344,161 | 1.95 | 0 | None | Other | | Zhang Qin | 2,144,934 | 1.79 | 0 | None | Domestic Individual | | Fang Fang | 1,963,466 | 1.64 | 0 | None | Domestic Individual | | Beijing Tiangong Shanqiu Investment Center (LP) | 1,935,607 | 1.61 | 0 | None | Other | | ABC - Great Wall Jiujia Innovation Growth Mixed Fund | 1,800,000 | 1.50 | 0 | Unknown | Other | | Ningbo Taiming - Tianjin Yongtai Haihe Equity Inv (LP) | 1,791,111 | 1.49 | 0 | Unknown | Other | - Ji Yingcun is the general partner of Fangyuan Jiuzhou, Tiangong Shanqiu, and Tiangong Xinli; Zhang Qin and Zhang Yong are brothers[178](index=178&type=chunk) Top Ten Shareholders by Voting Rights (Unit: Shares) | No. | Shareholder Name | Ordinary Shares | Special Voting Shares | Voting Rights | Voting Power (%) | Change in Voting Rights | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | Ji Yingcun | 21,486,424 | 7,996,995 | 69,468,394 | 45.54 | -790,185 | | 2 | Cao Xuming | 13,807,449 | 0 | 13,807,449 | 9.05 | 0 | | 3 | Cui Wenge | 12,627,502 | 0 | 12,627,502 | 8.28 | 0 | | 4 | Zhang Yong | 3,083,530 | 0 | 3,083,530 | 2.02 | 0 | | 5 | Beijing Fangyuan Jiuzhou Investment Center (LP) | 2,344,161 | 0 | 2,344,161 | 1.54 | 0 | | 6 | Zhang Qin | 2,144,934 | 0 | 2,144,934 | 1.41 | 0 | | 7 | Fang Fang | 1,963,466 | 0 | 1,963,466 | 1.29 | 1,000 | | 8 | Beijing Tiangong Shanqiu Investment Center (LP) | 1,935,607 | 0 | 1,935,607 | 1.27 | 0 | | 9 | ABC - Great Wall Jiujia Innovation Growth Mixed Fund | 1,800,000 | 0 | 1,800,000 | 1.18 | 100,000 | | 10 | Ningbo Taiming - Tianjin Yongtai Haihe Equity Inv (LP) | 1,791,111 | 0 | 1,791,111 | 1.17 | 0 | [Special Voting Rights Shares](index=61&type=section&id=%E5%85%AD%E3%80%81%E7%89%B9%E5%88%AB%E8%A1%A8%E5%86%B3%E6%9D%83%E8%82%A1%E4%BB%BD%E6%83%85%E5%86%B5) The company's Class A shares, held by the controlling shareholder, carry six times the voting rights of Class B shares - The company's shares are divided into Class A (special voting rights) and Class B (ordinary), with each Class A share carrying **six times the voting power** of a Class B share, except for specific matters[183](index=183&type=chunk)[188](index=188&type=chunk) - The initial setup included **8,526,316 Class A shares**, all held by controlling shareholder Ji Yingcun, representing **7.11% of total share capital** and **31.46% of total voting rights**[184](index=184&type=chunk) Special Voting Rights Holdings (Unit: Shares) | Shareholder Name | Position | Special Voting Shares Held | Voting Rights per Share | Total Voting Rights | Total Voting Power (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Ji Yingcun | Chairman, General Manager | 7,996,995 | 6 | 69,468,394 | 45.54 | - The special voting rights structure was introduced to ensure the controlling shareholder maintains control over the company's operations and strategy[189](index=189&type=chunk) - During the period, **158,037 special voting rights shares** held by Ji Yingcun were converted to ordinary shares to maintain his special voting rights ratio at **31.46%**[191](index=191&type=chunk) [Section 7 Bond-related Matters](index=63&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) [Corporate Bonds and Non-financial Enterprise Debt Financing Instruments](index=63&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%EF%BC%88%E5%90%AB%E4%BC%81%E4%B8%9A%E5%80%BA%E5%88%B8%EF%BC%89%E5%92%8C%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) The company had no corporate bonds or non-financial enterprise debt financing instruments during the period - The company has **no corporate bonds** or non-financial enterprise debt financing instruments[194](index=194&type=chunk) [Convertible Corporate Bonds](index=63&type=section&id=%E4%BA%8C%E3%80%81%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E6%83%85%E5%86%B5) The company had no convertible corporate bonds during the period - The company has **no convertible corporate bonds**[194](index=194&type=chunk) [Section 8 Financial Report](index=64&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) [Audit Report](index=64&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The semi-annual financial report has not been audited - The company's semi-annual financial report is **unaudited**[196](index=196&type=chunk) [Financial Statements](index=64&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the company's consolidated and parent company financial statements for H1 2025 - The consolidated balance sheet shows total assets of **9.46 billion RMB** and net assets attributable to shareholders of **3.93 billion RMB** as of June 30, 2025[197](index=197&type=chunk)[199](index=199&type=chunk) - The consolidated income statement shows total operating revenue of **2.91 billion RMB** and a net loss attributable to parent company shareholders of **86.96 million RMB** for H1 2025[204](index=204&type=chunk)[205](index=205&type=chunk) - The consolidated cash flow statement shows a net cash outflow from operating activities of **299.22 million RMB** for H1 2025[209](index=209&type=chunk) [Company Basics](index=79&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) The company was listed on the STAR Market in February 2022 and engages in technology development and manufacturing - Beijing Jingwei Hirain Technologies Co, Inc was listed on the STAR Market after receiving approval from the CSRC on February 10, 2022[223](index=223&type=chunk) - The company's main business activities include technology development, software development, data processing, industrial design, and manufacturing of automotive parts and electronic products[224](index=224&type=chunk) - As of June 30, 2025, the company's registered capital was **119,967,360 RMB**[223](index=223&type=chunk) [Basis of Preparation for Financial Statements](index=79&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The financial statements are prepared on a going concern basis in accordance with relevant accounting standards - These financial statements are prepared on a **going concern basis**[225](index=225&type=chunk)[226](index=226&type=chunk) - The financial statements are prepared in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance and relevant CSRC regulations[225](index=225&type=chunk) [Significant Accounting Policies and Estimates](index=79&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the company's accounting policies for key areas like revenue recognition, financial instruments, and R&D capitalization - The company recognizes and measures financial instruments based on its business model and the contractual cash flow characteristics of the assets[247](index=247&type=chunk) - Revenue is recognized when control of goods or services is transferred to the customer, measured based on the progress or point in time of performance obligation fulfillment[321](index=321&type=chunk) - Internal R&D expenditures are classified into research and development phases, with development-phase expenditures capitalized as intangible assets if specific criteria are met[305](index=305&type=chunk)[307](index=307&type=chunk) - The company applies an expected credit loss model for impairment of financial assets measured at amortized cost and certain other financial instruments[259](index=259&type=chunk) - Short-term employee benefits are recognized as liabilities and expensed in the period the service is rendered[311](index=311&type=chunk) [Taxation](index=102&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) The company benefits from several preferential tax policies, including a reduced income tax rate for high-tech enterprises - The company's main taxes include VAT, Urban Maintenance and Construction Tax, and Corporate Income Tax, with rates varying by entity and location[351](index=351&type=chunk) - The company and several subsidiaries, such as Beijing Runke and Jiangsu Hanrun, are eligible for a preferential **15% corporate income tax rate** as high-tech enterprises[354](index=354&type=chunk)[355](index=355&type=chunk)[356](index=356&type=chunk) - Several subsidiaries are eligible for preferential tax policies for small and micro-enterprises[357](index=357&type=chunk) - The company and some subsidiaries are eligible for a **100% super deduction** for R&D expenses[358](index=358&type=chunk) - The company benefits from a VAT refund policy for software products and a zero VAT rate for cross-border sales[359](index=359&type=chunk) [Notes to Consolidated Financial Statements](index=104&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed breakdowns and explanations for key items in the consolidated financial statements - Cash and cash equivalents at period end were **1.28 billion RMB**, with 84.50 million RMB restricted for guarantees and acceptance bill margins[362](index=362&type=chunk)[364](index=364&type=chunk) - Trading financial assets decreased by **53.59%** to 235.02 million RMB, mainly due to the withdrawal of matured structured deposits[366](index=366&type=chunk)[93](index=93&type=chunk) - Net accounts receivable stood at **1.75 billion RMB**, with a high proportion under one year and a bad debt provision of 192.03 million RMB[376](index=376&type=chunk)[378](index=378&type=chunk) - Inventory book value was **1.76 billion RMB**, including 896.98 million RMB in contract fulfillment costs, with a total provision of 131.31 million RMB[412](index=412&type=chunk) - Fixed assets book value was **1.40 billion RMB**, increasing by 76.19 million RMB during the period, mainly from purchases and transfers from construction in progress[422](index=422&type=chunk)[424](index=424&type=chunk) - Construction in progress increased by **80.91%** to 380.12 million RMB due to sustained investment in infrastructure projects[428](index=428&type=chunk)[93](index=93&type=chunk) - Intangible assets book value was **785.26 million RMB**, with internally developed assets accounting for **13.82%** of the balance[436](index=436&type=chunk) - Short-term borrowings increased by **37.34%** to 779.98 million RMB due to new bank loans[452](index=452&type=chunk)[93](index=93&type=chunk) - Long-term borrowings increased by **100%** to 145.09 million RMB due to new bank loans[474](index=474&type=chunk)[93](index=93&type=chunk) - Share capital decreased to **119,967,360 RMB** due to the cancellation of 8,640 restricted shares[481](index=481&type=chunk) - Operating revenue for the period was **2.91 billion RMB** with an operating cost of 2.23 billion RMB[496](index=496&type=chunk) - R&D expenses decreased by **18.17%** to 439.65 million RMB, mainly due to lower employee compensation for R&D staff[503](index=503&type=chunk)[90](index=90&type=chunk) - Net cash flows were **-299.22 million RMB** from operating activities, **-76.21 million RMB** from investing activities, and **153.82 million RMB** from financing activities[209](index=209&type=chunk)[210](index=210&type=chunk)[212](index=212&type=chunk) [R&D Expenditures](index=152&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) Total R&D investment was 539 million RMB, with a significant portion capitalized for platform-level projects R&D Expenditure by Nature | Item | Current Period (RMB) | Prior Period (RMB) | | :--- | :--- | :--- | | Employee Compensation | 465,921,444.69 | 556,393,754.97 | | Outsourced Services | 18,428,460.94 | 20,160,937.15 | | Material Consumption | 11,699,558.49 | 15,145,752.01 | | Rent and Utilities | 12,367,275.63 | 15,867,251.65 | | Other Expenses | 30,207,555.12 | 26,337,037.81 | | **Total** | **538,624,294.87** | **633,904,733.59** | | Of which: Expensed R&D | 439,648,798.69 | 537,301,240.61 | | Capitalized R&D | 98,975,496.18 | 96,603,492.98 | - Capitalized R&D projects include platform-level initiatives such as the heavy-duty autonomous driving chassis, intelligent drive-by-wire chassis architecture, and intelligent driving domain controllers[536](index=536&type=chunk) [Changes in Consolidation Scope](index=153&type=section&id=%E4%B9%9D%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) The consolidation scope expanded with the establishment of two new wholly-owned subsidiaries - During the period, the company established two new subsidiaries: Beijing Jingwei Qixing Technology Co, Ltd and Beijing Runke Zhihang Technology Co, Ltd[538](index=538&type=chunk) [Interests in Other Entities](index=154&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) The company holds interests in 16 subsidiaries and one joint venture, accounted for using the equity method - The company has 16 subsidiaries, including Tianjin Jingwei Hirain and Jiangsu Hanrun[540](index=540&type=chunk) - Jingwei Hirain (Tianjin) R&D Co, Ltd is an 88.57%-owned subsidiary of Hirain[540](index=540&type=chunk) - The company holds a **50.00%** stake in the joint venture Hubei Sanhuan Hirain Electronic Technology Co, Ltd, which is accounted for using the equity method[544](index=544&type=chunk) Key Financials of Hubei Sanhuan Hirain Electronic Technology Co, Ltd (Unit: RMB) | Item | End of Period / Current Period | Beginning of Period / Prior Period | | :--- | :--- | :--- | | Total Assets | 12,320,663.35 | 14,026,201.30 | | Total Liabilities | 849,327.66 | 1,518,274.42 | | Equity Attributable to Parent | 11,471,335.69 | 12,507,926.88 | | Book Value of Investment | 5,675,932.00 | 6,169,535.38 | | Operating Revenue | 1,604,571.95 | 2,338,560.00 | | Net Profit | -1,036,591.19 | -1,203,457.78 | - The associate company Suzhou Zhitong Technology Co, Ltd has accumulated unrecognized losses of **66.43 million RMB** as of the period end[548](index=548&type=chunk) [Government Grants](index=157&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) The company recognized 27.47 million RMB in government grants during the period, primarily from tax refunds and project subsidies Liability Items Related to Government Grants (Unit: RMB) | Item | Beginning Balance | New Grants | Recognized in Non-operating Income | Transferred to Other Income | Ending Balance | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Government Grants (Total) | 324,327,096.56 | 21,272,527.75 | 0 | 11,673,286.78 | 333,926,337.53 | / | Government Grants Recognized in Current Profit or Loss (Unit: RMB) | Type | Current Period | Prior Period | | :--- | :--- | :--- | | VAT refund for software products | 11,235,437.33 | 12,776,846.94 | | R&D center construction project | 3,865,455.54 | 3,110,675.29 | | Social security subsidies | 2,271,474.56 | 197,925.77 | | Industrial support fund A | 1,864,854.62 | 450,925.92 | | Industrial support fund B | 1,500,000.00 | 0 | | Project B | 852,699.12 | 852,699.12 | | Project E | 605,940.95 | 0 | | Project F | 963,649.44 | 963,649.44 | | Project H | 2,000,000.00 | 0 | | Equipment upgrade subsidy | 165,546.66 | 0 | | New-gen automotive gateway MCU chip | 838,345.20 | 0 | | Other | 767,554.98 | 5,690,877.51 | | **Total** | **27,466,220.65** | **24,615,358.93** | [Risks Related to Financial Instruments](index=159&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) The company manages credit, liquidity, and market risks through diversified investments, credit monitoring, and hedging strategies - The company is exposed to various financial risks: **credit risk, liquidity risk, and market risk** (including currency and interest rate risk)[553](index=553&type=chunk) - Credit risk arises from cash, notes receivable, and accounts receivable, and is managed by assessing customer creditworthiness and regular monitoring[555](index=555&type=chunk) - Liquidity risk is managed by monitoring cash balances and forecasting cash flows to ensure sufficient funds to meet obligations[556](index=556&type=chunk) - Market risk, including interest rate and currency risk, is managed by balancing fixed and floating rate instruments and potentially using forward foreign exchange contracts to hedge exposures[559](index=559&type=chunk)[560](index=560&type=chunk)[561](index=561&type=chunk) [Fair Value Disclosures](index=162&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E7%9A%84%E6%8A%AB%E9%9C%B2) This section discloses the fair value of assets and liabilities, categorized by the level of valuation inputs Fair Value of Assets and Liabilities at Period End (Unit: RMB) | Item | Level 1 Fair Value | Level 2 Fair Value | Level 3 Fair Value | Total | | :--- | :--- | :--- | :--- | :--- | | **I. Continuous Fair Value Measurement** | | | | | | (a) Trading Financial Assets | 68,233,769.36 | 194,550,807.32 | 0 | 262,784,576.68 | | (b) Other Non-current Financial Assets | 7,501,627.20 | 23,823,230.17 | 233,833,338.46 | 265,158,195.83 | | (c) Receivables Financing | 0 | 102,451,295.13 | 0 | 102,451,295.13 | | **Total Assets at Fair Value** | **75,735,396.56** | **320,825,332.62** | **233,833,338.46** | **630,394,067.64** | - Level 1 fair value is based on quoted prices in active markets at the period-end closing price[566](index=566&type=chunk) - Level 2 fair values are determined using observable inputs, such as forward exchange rates for derivatives and closing prices for listed securities with liquidity discounts[567](index=567&type=chunk) - An investee company was listed in Hong Kong in January 2025, causing its fair value measurement to be transferred from Level 3 to Level 2[570](index=570&type=chunk) [Related Parties and Transactions](index=164&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company's related parties include key management, major shareholders, and its joint venture, with limited transactions reported - The company's related parties include controlling shareholder Ji Yingcun, major shareholders, key management, and the joint venture Hubei Sanhuan Hirain[574](index=574&type=chunk)[575](index=575&type=chunk) Sales/Service Related-Party Transactions (Unit: RMB) | Related Party | Transaction Content | Current Period | Prior Period | | :--- | :--- | :--- | :--- | | Hubei Sanhuan Hirain Electronic Tech Co, Ltd | Sales of goods and services | 1,352,920.00 | 670,460.00 | Key Management Personnel Compensation (Unit: 10,000 RMB) | Item | Current Period | Prior Period | | :--- | :--- | :--- | | Key Management Personnel Compensation | 719.96 | 717.01 | Receivables from Related Parties (Unit: RMB) | Item | Related Party | Book Balance | Bad Debt Provision | | :--- | :--- | :--- | :--- | | Accounts Receivable | Hubei Sanhuan Hirain Electronic Tech Co, Ltd | 507,382.18 | 25,369.11 | [Share-based Payments](index=167&type=section&id=%E5%8D%81%E4%BA%94%E3%80%81%E8%82%A1%E4%BB%BD%E6%94%AF%E4%BB%98) The company recognized 26.35 million RMB in expenses related to its equity-settled share-based payment plan - The fair value of equity instruments is determined by the closing price of restricted shares on the grant date[584](index=584&type=chunk) - The cumulative amount of equity-settled share-based payments recognized in capital reserves is **494.31 million RMB**[584](index=584&type=chunk) Share-based Payment Expenses for the Period (Unit: RMB) | Grantee Category | Equity-settled Share-based Payment Expense | Cash-settled Share-based Payment Expense | | :--- | :--- | :--- | | Core employees and key management | 26,354,429.67 | 0 | | **Total** | **26,354,429.67** | **0** | [Commitments and Contingencies](index=168&type=section&id=%E5%8D%81%E5%85%AD%E3%80%81%E6%89%BF%E8%AF%BA%E5%8F%8A%E6%88%96%E6%9C%89%E4%BA%8B%E9%A1%B9) The company had no significant commitments or contingencies to disclose for the reporting period - The company has **no significant contingencies** to disclose[587](index=587&type=chunk) [Post-Balance Sheet Events](index=168&type=section&id=%E5%8D%81%E4%B8%83%E3%80%81%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8%E6%97%A5%E5%90%8E%E4%BA%8B%E9%A1%B9) There were no significant post-balance sheet events to report - The company has **no significant non-adjusting events** after the balance sheet date[587](index=587&type=chunk) [Other Significant Matters](index=169&type=section&id=%E5%8D%81%E5%85%AB%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) The company had no other significant transactions or events to disclose for the period - The company has no prior period accounting error corrections, major debt restructuring, asset swaps, or other significant matters to report[587](index=587&type=chunk) [Notes to Parent Company Financial Statements](index=170&type=section&id=%E5%8D%81%E4%B9%9D%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E4%B8%BB%E8%A6%81%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes on key items from the parent company's financial statements - The parent company's net accounts receivable at period end was **1.56 billion RMB**, with a bad debt provision of 171.82 million RMB[589](index=589&type=chunk)[591](index=591&type=chunk) - The parent company's other receivables stood at **320.12 million RMB**, largely consisting of intercompany balances with related parties[601](index=601&type=chunk)[607](index=607&type=chunk)[609](index=609&type=chunk) - The parent company's long-term equity investments were valued at **1.80 billion RMB**, primarily comprising investments in subsidiaries[614](index=614&type=chunk) - The parent company's operating revenue was **2.75 billion RMB** with an operating cost of 2.33 billion RMB[620](index=620&type=chunk) - The parent company's investment income for the period was **9.82 million RMB**, mainly from the disposal of trading financial assets and gains from note discounting[624](index=624&type=chunk) [Supplementary Information](index=180&type=section&id=%E4%BA%8C%E5%8D%81%E3%80%81%E8%A1%A5%E5%85%85%E8%B5%84%E6%96%99) This section provides details on non-recurring items and calculations for ROE and EPS Details of Non-recurring Profit and Loss (Unit: RMB) | Item | Amount | | :--- | :--- | | Gains/Losses on disposal of non-current assets | -1,732,511.69 | | Government grants recognized in current profit or loss (excluding those closely related to normal business) | 16,230,783.32 | | Fair value gains/losses from financial assets and liabilities held by non-financial enterprises | 17,310,530.71 | | Reversal of impairment provision for individually tested receivables | 1,101,040.01 | | Gains/Losses from debt restructuring | 789,744.86 | | Other non-operating income and expenses | -225,440.00 | | Less: Income tax impact | 4,999,350.96 | | Less: Minority interest impact (after tax) | 217,904.43 | | **Total** | **28,256,891.82** | Return on Equity (ROE) and Earnings Per Share (EPS) | Profit for the Period | Weighted Average ROE (%) | Basic EPS | Diluted EPS | | :--- | :--- | :--- | :--- | | Net profit attributable to ordinary shareholders | -2.15 | -0.77 | -0.77 | | Net profit attributable to ordinary shareholders after non-recurring items | -2.85 | -1.02 | -1.02 |

海联金汇科技股份有限公司 2025 年半年度报告全文 海联金汇科技股份有限公司 2025 年半年度报告 2025 年 8 月 1 海联金汇科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人刘国平、主管会计工作负责人卜凡及会计机构负责人(会计主 管人员)陈仕萍声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中涉及的未来发展战略、业绩规划等前瞻性内容是公司自己提出 的目标，属于计划性事项，能否实现取决于市场状况变化等多种因素，存在 不确定性，并不代表公司对未来的盈利预测，也不构成公司对投资者及相关 人士的实质性承诺。投资者及相关人士均应对此保持足够的风险认识，并且 应当理解计划、预测与承诺之间的差异。敬请投资者注意投资风险！ 公司在本报告第三节"管理层讨论与分析"中描述了公司未来发展面临的 主要风险因素，敬请广大投资者注意查阅，并注意投资风险。 公司计划不派发现金红 ...

四川九洲电器股份有限公司 2025 年半年度报告全文 四川九洲电器股份有限公司 2025 年半年度报告 【2025 年 8 月】 1 四川九洲电器股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司在本报告中详细阐述未来可能发生的有关风险因素及对策，请各位股 东和投资者查阅"第三节 管理层讨论与分析"之"十、公司面临的风险和应 对措施"并关注相关内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | . P | | | --- | --- | | | A | | 第二节 | 公司简介和主要财务指标 6 | | | --- | --- | --- | | 第三节 | 管理层讨论与分析 9 | | | 第四节 | 公司治理、环境和社会 20 | | | 第五节 | 重要事项 | 22 | | 第六节 | 股份变动及股东情况 | 30 | | 第七节 | 债券相关情况 | 35 | | 第八节 | 财务报告 | 36 | | 第九节 | 其他报送数据 | 170 | 公司董事会、监事会及董事、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 ...

大商股份有限公司 2025 年半年度报告 公司代码：600694 公司简称：大商股份 大商股份有限公司 2025 年半年度报告 1 / 168 大商股份有限公司 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、 公司负责人陈德力、主管会计工作负责人闫莉及会计机构负责人（会计主管人员）闫莉声明： 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 本报告期公司无利润分配预案或公积金转增股本预案。 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保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大 ...