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 ...

Important Notice [Report Statement and Risk Disclosure](index=2&type=section&id=Report%20Statement%20and%20Risk%20Disclosure) The report confirms the accuracy of its unaudited financial content, discloses forward-looking statement risks, and directs to the Management Discussion and Analysis for detailed risks - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content[3](index=3&type=chunk) - This semi-annual report is **unaudited**[5](index=5&type=chunk) - Forward-looking statements regarding future plans and development strategies do not constitute a substantive commitment to investors and carry investment risks[6](index=6&type=chunk) - The company has no particularly significant risks; specific risks are detailed in Section III, "Management Discussion and Analysis"[7](index=7&type=chunk) Section I Definitions [Common Terminology Definitions](index=4&type=section&id=Common%20Terminology%20Definitions) This section defines common terms used in the report, ensuring clear understanding of its content Common Terminology Definitions | Common Term | Definition | | :--- | :--- | | CSRC | China Securities Regulatory Commission | | SSE | Shanghai Stock Exchange | | Company, The Company | Sichuan Xichang Electric Power Co.,Ltd. | | State Grid Sichuan Electric Power | State Grid Sichuan Electric Power Company | | Sichuan Hydropower Group | Sichuan Hydropower Investment and Operation Group Co., Ltd. | | Liangshan Development Holding Company | Liangshan Prefecture Development (Holding) Group Co., Ltd. | | Guzeng Company | Muli County Guzeng Hydropower Development Co., Ltd. | | Fengguang Company | Yanyuan Fengguang New Energy Co., Ltd. | | "Articles of Association" | "Articles of Association of Sichuan Xichang Electric Power Co.,Ltd." | | Reporting Period | January-June 2025 | Section II Company Profile and Key Financial Indicators [Company Information and Contact Details](index=4&type=section&id=Company%20Information%20and%20Contact%20Details) This section provides the company's basic information, including its name, legal representative, and contact details for the Board Secretary and Securities Affairs Representative Company Basic Information | Indicator | Content | | :--- | :--- | | Chinese Name | 四川西昌电力股份有限公司 | | Chinese Abbreviation | 西昌电力 | | English Name | Sichuan Xichang Electric Power Co.,Ltd. | | English Abbreviation | XCEP | | Legal Representative | Zhang Jin | Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Yan Ke | No. 66 Shengli Road, Xichang City, Sichuan Province | 0834－3830167 | 0834－3830040 | xcdlgs@126.com | | Securities Affairs Representative | Zheng Yuanyuan | No. 66 Shengli Road, Xichang City, Sichuan Province | 0834－3830167 | 0834－3830040 | xcdlgs@126.com | [Changes in Basic Information and Information Disclosure](index=4&type=section&id=Changes%20in%20Basic%20Information%20and%20Information%20Disclosure) The company's registered and office addresses remained unchanged during the reporting period, with information disclosed through designated newspapers and the SSE website - The company's registered and office addresses are both No. 66 Shengli Road, Xichang City, Sichuan Province, with no changes during the reporting period[15](index=15&type=chunk) - Designated information disclosure newspapers include "Shanghai Securities News," "China Securities Journal," "Securities Daily," and "Securities Times," with the semi-annual report available on www.sse.com.cn[16](index=16&type=chunk) Company Stock Overview | Stock Type | Stock Exchange | Stock Abbreviation | Stock Code | | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange | Xichang Electric Power | 600505 | [Company Key Accounting Data and Financial Indicators](index=5&type=section&id=Company%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company achieved a 7.26% increase in operating revenue, returned to profitability in total profit and net profit attributable to shareholders, and saw a 230.29% surge in net cash flow from operating activities Key Accounting Data (Jan-Jun 2025 vs. Prior Year Period) | Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 727.11 million Yuan | 677.90 million Yuan | 7.26 | | Total Profit | 5.80 million Yuan | -26.30 million Yuan | Not Applicable | | Net Profit Attributable to Shareholders of the Listed Company | 3.24 million Yuan | -25.52 million Yuan | Not Applicable | | Net Cash Flow from Operating Activities | 216.72 million Yuan | 65.61 million Yuan | 230.29 | | Net Assets Attributable to Shareholders of the Listed Company (Period-end) | 1.21 billion Yuan | 1.21 billion Yuan | -0.11 | | Total Assets (Period-end) | 4.11 billion Yuan | 4.16 billion Yuan | -1.11 | Key Financial Indicators (Jan-Jun 2025 vs. Prior Year Period) | Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | 0.0089 | -0.0700 | Not Applicable | | Diluted Earnings Per Share (Yuan/share) | 0.0089 | -0.0700 | Not Applicable | | Weighted Average Return on Net Assets (%) | 0.27 | -2.13 | Increased by 2.40 percentage points | - Performance changes are primarily due to quality and efficiency improvements, increased supply and sales promotion, reduced non-productive expenses, abundant water inflow for grid-connected power stations leading to a **16.27% increase in on-grid electricity**, a **11.28% decrease in average purchase price of external electricity**, and an **11.55% increase in electricity sales** in the supply chain[20](index=20&type=chunk) [Non-Recurring Gains and Losses](index=6&type=section&id=Non-Recurring%20Gains%20and%20Losses) During the reporting period, the company's total non-recurring gains and losses amounted to 68,194.13 Yuan, mainly from disposal of non-current assets, government grants, and other non-operating income and expenses Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (Yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | -233,546.16 | | Government grants recognized in current profit or loss | 1,591,641.83 | | Other non-operating income and expenses apart from the above | -1,272,504.98 | | Less: Income tax impact | 14,896.78 | | Minority interest impact (after tax) | 2,499.78 | | **Total** | **68,194.13** | Section III Management Discussion and Analysis [Industry and Principal Business Overview](index=6&type=section&id=Industry%20and%20Principal%20Business%20Overview) In the first half of 2025, the national power industry maintained stable operations with significant green and low-carbon transformation, while the company, as a local integrated power enterprise, expanded its core business in hydropower, solar PV, and power engineering - In the first half of 2025, national electricity consumption reached **4.84 trillion kWh**, a **3.7% year-on-year increase**; power investment totaled **654.6 billion Yuan**, up **9.6%**; and installed power generation capacity reached **3.65 billion kW**, up **18.7%**[23](index=23&type=chunk) - The company, as the first A-share listed company in Liangshan Prefecture, operates as an integrated local power enterprise encompassing generation, transmission, distribution, and sales, with an on-grid installed capacity of **568.42 MW**[24](index=24&type=chunk) - The company's core businesses include hydropower generation, solar photovoltaic power generation, and power engineering design and installation[24](index=24&type=chunk) [Discussion and Analysis of Operations](index=7&type=section&id=Discussion%20and%20Analysis%20of%20Operations) In the first half of the year, the company achieved consecutive profitability for the first time in three years by focusing on safety, performance, power supply, and transformation, while actively exploring distributed photovoltaic projects - The company achieved consecutive profitability in the first and second quarters for the first time in nearly three years, with key operating indicators meeting mid-year targets[25](index=25&type=chunk) - The company achieved significant results in production safety, enhancing grid reliability, improving power supply services, corporate governance, and tackling operational performance challenges[26](index=26&type=chunk) - New energy business focuses on distributed photovoltaic projects, with the Luojiagou and Shenglicun distributed photovoltaic projects expected to be completed within the year[27](index=27&type=chunk) [Core Competitiveness Analysis](index=8&type=section&id=Core%20Competitiveness%20Analysis) The company's core competitiveness stems from its integrated power generation and supply model, clean energy advantages, extensive industry management experience, and increasingly standardized and efficient corporate governance, with no changes during the reporting period - The company's integrated power generation, transmission, distribution, and sales business model ensures a market advantage in regional power supply[28](index=28&type=chunk) - The company's power sources, hydropower and photovoltaic, are clean and renewable, offering long-term stable operational advantages and promising development prospects[28](index=28&type=chunk) - The company has accumulated extensive experience in power generation and supply operations and management, possessing a team of experienced managers and technical professionals[28](index=28&type=chunk) - The company strictly adheres to laws and regulations to improve corporate governance and continuously builds its internal control system, forming a standardized and efficient governance structure[28](index=28&type=chunk) - The company's core competitiveness remained unchanged during the reporting period[29](index=29&type=chunk

聚合顺新材料股份有限公司2025 年半年度报告 公司代码：605166 公司简称：聚合顺 转债代码：111003 转债简称：聚合转债 转债代码：111020 转债简称：合顺转债 聚合顺新材料股份有限公司 2025 年半年度报告 1 / 193 聚合顺新材料股份有限公司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。 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 四、 公司负责人傅昌宝、主管会计工作负责人姚双燕及会计机构负责人（会计主管人员）毛剑声明： 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 本半年度报告涉及未来计划等前瞻性陈述，该等陈述不构成公司对投资者的实际承诺，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 ...

景津装备股份有限公司 2025 年半年度报告 公司代码：603279 公司简称：景津装备 景津装备股份有限公司 2025 年半年度报告 1 / 148 景津装备股份有限公司 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 | 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 | | --- | --- | --- | --- | | 董事长 | 姜桂廷 | 被留置 | 杨名杰 | 三、 本半年度报告未经审计。 四、 公司负责人姜桂廷、主管会计工作负责人李东强及会计机构负责人（会计主管人员）李东 强声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 十一、 其他 本报告所涉及的各项公司对未来企业战略、业务发展、经营计划、财务状况等前瞻性描述， 是基于当前公司能够掌握的信息和数据对未来作出的评估或预测 ...

浙江金海高科股份有限公司2025 年半年度报告 公司代码：603311 公司简称：金海高科 浙江金海高科股份有限公司 2025 年半年度报告 1 / 188 浙江金海高科股份有限公司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、 公司负责人丁伊可、主管会计工作负责人任飞及会计机构负责人（会计主管人员）郭秋艳 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 √适用 □不适用 本半年度报告中涉及公司经营和发展战略等未来计划的前瞻性陈述，该计划不构成公司对投 资者的实质承诺，请投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 报告期内， ...

[Section 1 Definitions](index=4&type=section&id=第一节%20释义) This section defines key terms and abbreviations used throughout the report to ensure clarity and consistent understanding [Definitions of Common Terms](index=4&type=section&id=常用词语释义) This chapter defines common terms used in the report, including company and subsidiary abbreviations, controlling shareholders, actual controllers, exchange names, and the reporting period, to ensure clear understanding - The reporting period is defined as **January 1, 2025, to June 30, 2025**[15](index=15&type=chunk) - The company's controlling shareholders and actual controllers are **Li Liubing and Mei Man**[15](index=15&type=chunk) [Section 2 Company Profile and Key Financial Indicators](index=4&type=section&id=第二节%20公司简介和主要财务指标) This section provides an overview of the company's basic information, contact details, and key financial performance indicators for the reporting period [I. Company Information](index=4&type=section&id=一、公司信息) This section presents the company's basic registration information, including its Chinese name, abbreviation, foreign name, and legal representative - The company's Chinese name is Zhongbei Communications Group Co., Ltd., abbreviated as Zhongbei Communications, with **Li Liubing as the legal representative**[13](index=13&type=chunk) [II. Contact Persons and Information](index=4&type=section&id=二、联系人和联系方式) This section provides contact information for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, faxes, and email addresses - The Board Secretary is **Feng Gang**, and the Securities Affairs Representative is **Tan Mengyun**, both located at No. 1 Jiangxing Road, Jianghan Economic Development Zone, Jianghan District, Wuhan[14](index=14&type=chunk) [III. Overview of Changes in Basic Information](index=5&type=section&id=三、基本情况变更简介) The company's registered address changed on September 13, 2023, from 'Building C, No. 25 Jiangxing Road, Jianghan Economic Development Zone, Wuhan' to 'No. 1 Jiangxing Road, Jianghan Economic Development Zone, Jianghan District, Wuhan' - The company's registered address changed to **No. 1 Jiangxing Road, Jianghan Economic Development Zone, Jianghan District, Wuhan** on September 13, 2023[16](index=16&type=chunk) [IV. Overview of Changes in Information Disclosure and Document Storage Locations](index=5&type=section&id=四、信息披露及备置地点变更情况简介) This section details the company's designated newspapers, website address for information disclosure, and locations for half-yearly report storage, with no changes during the reporting period - The company's information disclosure newspapers are *China Securities Journal*, *Shanghai Securities News*, *Securities Times*, and *Securities Daily*, with the website being **http://www.sse.com.cn**[18](index=18&type=chunk) [V. Company Stock Overview](index=5&type=section&id=五、公司股票简况) This section provides information on the company's A-share listing exchange, stock abbreviation, and code - The company's A-shares are listed on the **Shanghai Stock Exchange** under the abbreviation **Zhongbei Communications** and stock code **603220**[19](index=19&type=chunk) [VII. Company's Key Accounting Data and Financial Indicators](index=5&type=section&id=七、公司主要会计数据和财务指标) In the first half of 2025, the company's operating revenue increased by 4.77%, but total profit and net profit attributable to shareholders both significantly decreased by over 50%, mainly due to increased financial expenses and reduced 5G new infrastructure revenue, while net cash flow from operating activities significantly improved from negative to positive 2025 H1 Key Accounting Data | Indicator | Current Period (Jan-Jun) (yuan) | Prior Year Period (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,584,403,184.54 | 1,512,223,797.76 | 4.77 | | Total Profit | 59,939,293.94 | 123,965,688.24 | -51.65 | | Net Profit Attributable to Listed Company Shareholders | 50,642,911.03 | 105,370,892.28 | -51.94 | | Net Cash Flow from Operating Activities | -33,817,904.90 | -367,186,487.91 | Not applicable | 2025 H1 Key Financial Indicators | Indicator | Current Period (Jan-Jun) (yuan/share) | Prior Year Period (yuan/share) | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share | 0.1167 | 0.2426 | -51.90 | | Diluted Earnings Per Share | 0.1167 | 0.2426 | -51.90 | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses | 0.1123 | 0.2416 | -53.52 | | Weighted Average Return on Net Assets (%) | 2.45 | 5.33 | Decrease of 2.88 percentage points | - Financial expenses increased by **40.138 million yuan** year-on-year, a primary reason for the decline in current net profit[22](index=22&type=chunk) - A decrease in **5G new infrastructure revenue** also impacted current revenue and net profit[22](index=22&type=chunk) [(I) Key Accounting Data](index=5&type=section&id=(一)%20主要会计数据) Current operating revenue increased by 4.77% year-on-year, but total profit and net profit attributable to listed company shareholders both significantly decreased by over 50%, while net cash flow from operating activities significantly improved from negative to positive 2025 H1 Key Accounting Data | Indicator | Current Period (Jan-Jun) (yuan) | Prior Year Period (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,584,403,184.54 | 1,512,223,797.76 | 4.77 | | Total Profit | 59,939,293.94 | 123,965,688.24 | -51.65 | | Net Profit Attributable to Listed Company Shareholders | 50,642,911.03 | 105,370,892.28 | -51.94 | | Net Cash Flow from Operating Activities | -33,817,904.90 | -367,186,487.91 | Not applicable | [(II) Key Financial Indicators](index=6&type=section&id=(二)%20主要财务指标) Basic and diluted earnings per share both decreased by over 50%, and the weighted average return on net assets decreased by 2.88 percentage points, primarily due to the reduction in net profit 2025 H1 Key Financial Indicators | Indicator | Current Period (Jan-Jun) (yuan/share) | Prior Year Period (yuan/share) | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share | 0.1167 | 0.2426 | -51.90 | | Diluted Earnings Per Share | 0.1167 | 0.2426 | -51.90 | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses | 0.1123 | 0.2416 | -53.52 | | Weighted Average Return on Net Assets (%) | 2.45 | 5.33 | Decrease of 2.88 percentage points | - Financial expenses increased by **40.138 million yuan** year-on-year, impacting current net profit[22](index=22&type=chunk) - A decrease in **5G new infrastructure revenue** impacted current revenue and net profit[22](index=22&type=chunk) [IX. Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=九、非经常性损益项目和金额) Total non-recurring gains and losses for the current period amounted to 1.87268872 million yuan, primarily including gains and losses from disposal of non-current assets, government subsidies, and other non-operating income and expenses 2025 H1 Non-Recurring Gains and Losses Items | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 1,186,490.96 | | Government subsidies recognized in current profit or loss | 618,613.30 | | Other non-operating income and expenses | 517,915.77 | | Less: Income tax impact | 349,602.73 | | Impact on minority interests (after tax) | 100,728.58 | | **Total** | **1,872,688.72** | [Section 3 Management Discussion and Analysis](index=7&type=section&id=第三节%20管理层讨论与分析) This section provides a comprehensive discussion and analysis of the company's industry, business operations, core competitiveness, financial performance, and risk factors during the reporting period [I. Explanation of the Company's Industry and Main Business Operations During the Reporting Period](index=7&type=section&id=一、报告期内公司所属行业及主营业务情况说明) During the reporting period, the information and communication industry maintained stable operations, with continuous expansion of 5G network coverage and accelerated penetration of AI technology, driving rapid growth in data and computing power demand; the company solidified its 5G new infrastructure business, actively expanded intelligent computing, deepened vertical model applications, and strategically entered the new energy sector, pursuing simultaneous international and domestic development - In the first half of 2025, China's total telecom business volume increased by **9.3%** year-on-year, with cumulative telecom business revenue reaching **905.5 billion yuan**[27](index=27&type=chunk) - China's intelligent computing power scale grew from **75.0 EFLOPS in 2020 to 725.3 EFLOPS in 2024**, with a compound annual growth rate of **76.35%**, projected to reach **2,781.9 EFLOPS by 2028**[27](index=27&type=chunk) - The company adheres to a "customer-centric" approach, solidifying **5G new infrastructure**, expanding **intelligent computing business**, strategically entering **new energy**, and pursuing an **overseas expansion strategy**[30](index=30&type=chunk) [(I) Industry Overview](index=7&type=section&id=(一)%20所属行业情况) The information and communication industry maintained stable operations, with expanding 5G network coverage and accelerating AI technology penetration driving rapid growth in data and computing power demand, while the new energy vehicle market penetration reached 44.3%, with significant growth in commercial vehicle new energy batteries - In the first half of 2025, China's total telecom business volume increased by **9.3%** year-on-year, with cumulative telecom business revenue reaching **905.5 billion yuan**[27](index=27&type=chunk) - China's intelligent computing power scale grew from **75.0 EFLOPS in 2020 to 725.3 EFLOPS in 2024**, with a compound annual growth rate of **76.35%**[27](index=27&type=chunk) - From January to June 2025, China's new energy vehicle market penetration reached **44.3%**, with new energy commercial vehicle sales reaching **354,000 units**, a year-on-year increase of **55.9%**[29](index=29&type=chunk) [(II) Main Business Operations](index=8&type=section&id=(二)%20主营业务情况) The company is solidifying its 5G new infrastructure business, actively expanding intelligent computing, deepening vertical model applications, strategically entering the new energy sector, and pursuing an overseas expansion strategy for coordinated international and domestic development - The company's **5G new infrastructure business** covers most provinces in China and has expanded to "Belt and Road" countries in the Middle East, Southeast Asia, and Africa[31](index=31&type=chunk) - The **intelligent computing business** has largely completed its national layout, providing intelligent computing services to clients like Kingsoft Cloud and completing the debugging and deployment of DeepSeek training-inference integrated machines[32](index=32&type=chunk) - In new energy, the company primarily produces **large-capacity blade lithium battery modules**, providing power batteries for commercial vehicles and industrial and commercial energy storage systems, with the power battery production line commencing trial production in January[34](index=34&type=chunk) [1. 5G New Infrastructure Business](index=8&type=section&id=1、5G%20新基建业务) The company provides full lifecycle network construction services for 5G mobile communication networks and optical transmission gigabit optical networks, securing contracts worth approximately 1.562 billion yuan from China Mobile in the first half of the year - The company provides **5G new infrastructure network construction services**, including planning, design, implementation, delivery, and maintenance[31](index=31&type=chunk) - In the first half of the year, the company won bids for **China Mobile's communication engineering construction service projects in 15 provinces**, with a contract value of approximately **1.562 billion yuan**[31](index=31&type=chunk) [2. Intelligent Computing Business](index=8&type=section&id=2、智算业务) The company offers comprehensive solutions for intelligent computing cluster design, construction, and operation and maintenance to operators, cloud service providers, and AI large model enterprises, having completed a preliminary national layout and provided services to clients like Kingsoft Cloud - The company provides **intelligent computing cluster design, construction, and operation and maintenance services**, offering comprehensive intelligent computing solutions to clients[32](index=32&type=chunk) - Multiple intelligent computing clusters have been completed, including those in **Wudang, Shanghai Songjiang, Shanghai Lingang, Sanjiangyuan, Ningxia Zhongwei, Gansu Qingyang, and Qinghai Haidong**[32](index=32&type=chunk) [3. Smart City and Other Businesses](index=8&type=section&id=3、智慧城市及其他) The company provides system integration, information projects, and smart travel services for smart cities and enterprise digitalization, successfully delivering the Hami Yiwu County Intelligent Computing Center project and actively developing new energy businesses, including large-capacity blade lithium battery modules and industrial and commercial energy storage - In the first half of the year, the company successfully delivered the **software and hardware equipment and integration services procurement project for the Hami Yiwu County Intelligent Computing Center in Xinjiang**[33](index=33&type=chunk) - The company's new energy business primarily produces **large-capacity blade lithium battery modules**, with the power battery production line commencing trial production in January this year, and industrial and commercial energy storage projects under construction totaling **75 MWh**[34](index=34&type=chunk) [II. Discussion and Analysis of Operations](index=9&type=section&id=二、经营情况的讨论与分析) In the first half of 2025, the company's operating revenue increased by 4.77%, but net profit attributable to the parent company decreased by 51.94%; intelligent computing business revenue grew by 498.21%, with operating computing power exceeding 15,000P; the company actively deployed AI vertical model applications and collaborated with Fudi Battery on new energy, while a significant 113.50% increase in financial expenses was the main reason for the net profit decline; the company plans to raise 1.922 billion yuan for intelligent computing centers and 5G communication network construction 2025 H1 Operating Performance | Indicator | Amount (billion yuan) | Year-on-year Growth Rate (%) | | :--- | :--- | :--- | | Operating Revenue | 15.84 | 4.77 | | Net Profit Attributable to Listed Company Shareholders | 0.5064 | -51.94 | - Intelligent computing services achieved revenue of **297 million yuan**, a year-on-year increase of **498.21%**, with an operational computing power scale exceeding **15,000P**[35](index=35&type=chunk) - The company established a strategic partnership with Fudi Battery, introduced **BYD's advanced 2.2 automated production line**, and commenced trial production of the Hefei power battery and energy storage production line in **January 2025**[36](index=36&type=chunk) - Cumulative financial expenses reached **75.5032 million yuan**, a year-on-year increase of **113.50%**, which was the primary reason for the decline in net profit[36](index=36&type=chunk) - The company plans to raise no more than **1.922 billion yuan**, primarily for **intelligent computing center and 5G communication network construction projects**[36](index=36&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](index=10&type=section&id=三、报告期内核心竞争力分析) The company's core competitiveness lies in its extensive industry experience and multi-professional system integration capabilities, nationwide and overseas business layout with local service capabilities, strong upstream and downstream supply chain advantages, a full lifecycle project management system centered on critical node control, and customer-oriented R&D and technological strengths - The company possesses multi-professional system integration capabilities in **communication networks, information and intelligence, electromechanical, computer networks, and intelligent computing power clusters**[37](index=37&type=chunk) - The company has established branches in nearly **30 provinces (municipalities, autonomous regions) nationwide** and in multiple "Belt and Road" countries overseas, possessing local operational and service capabilities[37](index=37&type=chunk) - The company has established **long-term and stable cooperative relationships with telecom operators and leading industry manufacturers**, ensuring order acquisition and supply of key products and equipment[37](index=37&type=chunk) - The company has developed a **full lifecycle project management system** centered on critical node process control[38](index=38&type=chunk) - The company focuses on advanced domestic and international technologies and innovative solutions, utilizing **cloud computing, big data, and other technologies** to promote R&D investment in industry large model application scenarios and intelligent agents[38](index=38&type=chunk) [IV. Major Operating Conditions During the Reporting Period](index=10&type=section&id=四、报告期内主要经营情况) During the reporting period, the company's operating revenue increased by 4.77%, but total profit significantly declined due to a substantial increase in financial expenses and a decrease in 5G new infrastructure revenue; intelligent computing business revenue grew significantly, improving operating cash flow; fixed assets and right-of-use assets increased due to the capitalization of computing clusters and direct lease of equipment, with overseas assets accounting for 13.38%; the company plans to raise 1.922 billion yuan through private placement for intelligent computing centers and 5G communication network construction 2025 H1 Key Financial Account Changes | Account | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,584,403,184.54 | 1,512,223,797.76 | 4.77 | | Operating Costs | 1,298,495,314.12 | 1,220,033,895.94 | 6.43 | | Financial Expenses | 75,503,247.94 | 35,365,292.84 | 113.50 | | Net Cash Flow from Operating Activities | -33,817,904.90 | -367,186,487.91 | Not applicable | - Financial expenses significantly increased by **113.50%**, primarily due to substantial investments in intelligent computing and new energy businesses, leading to higher financing costs[41](index=41&type=chunk) - Net cash flow from operating activities improved, mainly benefiting from a significant increase in **intelligent computing revenue** and improved project collections[41](index=41&type=chunk) - Fixed assets at period-end increased by **22.27%** year-on-year, primarily due to the capitalization of computing clusters[43](index=43&type=chunk) - Right-of-use assets at period-end increased by **59.68%** year-on-year, mainly due to increased direct leasing of computing equipment[43](index=43&type=chunk) - Overseas assets amounted to **1.079 billion yuan**, accounting for **13.38% of total assets**[44](index=44&type=chunk) - The company plans to raise **1.922 billion yuan** for the **intelligent computing center construction project (1.3045 billion yuan)** and the **5G communication network construction project (532 million yuan)**[47](index=47&type=chunk) [(I) Analysis of Main Business](index=10&type=section&id=(一)%20主营业务分析) Current operating revenue increased by 4.77% year-on-year, but operating costs grew by 6.43%; financial expenses significantly increased by 113.50%, which was the primary reason for the decline in net profit; net cash flow from operating activities significantly improved, while cash outflow from investing activities decreased and cash outflow from financing activities increased [1. Analysis Table of Changes in Financial Statement Accounts](index=10&type=section&id=1、财务报表相关科目变动分析表) Current operating revenue increased by 4.77% year-on-year, while operating costs grew by 6.43%; financial expenses significantly increased by 113.50%; net cash flow from operating activities significantly improved, cash outflow from investing activities decreased, and cash outflow from financing activities increased 2025 H1 Financial Statement Account Changes | Account | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,584,403,184.54 | 1,512,223,797.76 | 4.77 | | Operating Costs | 1,298,495,314.12 | 1,220,033,895.94 | 6.43 | | Financial Expenses | 75,503,247.94 | 35,365,292.84 | 113.50 | | Net Cash Flow from Operating Activities | -33,817,904.90 | -367,186,487.91 | Not applicable | | Net Cash Flow from Investing Activities | -261,666,087.48 | -1,488,204,940.67 | Not applicable | | Net Cash Flow from Financing Activities | -71,133,384.44 | 1,276,906,506.30 | -105.57 | [(III) Analysis of Assets and Liabilities](index=11&type=section&id=(三)%20资产、负债情况分析) The company's total assets at period-end slightly decreased, but fixed assets and right-of-use assets significantly increased due to the capitalization of computing clusters and direct lease of equipment; monetary funds decreased, and notes receivable and accounts receivable financing significantly declined; overseas assets accounted for 13.38% of total assets, with major assets subject to restrictions such as mortgages and pledges [1. Asset and Liability Status](index=11&type=section&id=1、资产及负债状况) The company's total assets at period-end slightly decreased, but fixed assets and right-of-use assets significantly increased due to the capitalization of computing clusters and direct lease of equipment; monetary funds decreased, and notes receivable and accounts receivable financing significantly declined 2025 H1 Changes in Assets and Liabilities | Item Name | Current Period End Amount (yuan) | Current Period End % of Total Assets | Prior Year End Amount (yuan) | Prior Year End % of Total Assets | Change from Prior Year End (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 385,014,397.55 | 4.77 | 742,394,781.02 | 9.18 | -48.14 | | Notes Receivable | 1,819,219.70 | 0.02 | 3,866,246.87 | 0.05 | -52.95 | | Accounts Receivable Financing | 3,588,407.04 | 0.04 | 33,436,186.21 | 0.41 | -89.27 | | Fixed Assets | 2,075,629,449.79 | 25.73 | 1,697,607,802.69 | 20.99 | 22.27 | | Construction in Progress | 563,452,751.61 | 6.99 | 794,928,289.41 | 9.83 | -29.12 | | Right-of-Use Assets | 469,216,613.70 | 5.82 | 293,847,620.89 | 3.63 | 59.68 | [2. Overseas Assets](index=11&type=section&id=2、境外资产情况) The company's overseas assets at period-end amounted to 1.079 billion yuan, accounting for 13.38% of total assets - Overseas assets amounted to **1.079 billion yuan**, accounting for **13.38% of total assets**[44](index=44&type=chunk) [3. Major Asset Restrictions as of the End of the Reporting Period](index=12&type=section&id=3、截至报告期末主要资产受限情况) The company's major restricted assets at period-end totaled 1.80 billion yuan, including monetary funds, fixed assets, accounts receivable, investment properties, right-of-use assets, and construction in progress, primarily for guarantees, mortgage loans, and finance leases Major Asset Restrictions at Period-End | Item | Period-End Book Value (yuan) | Restriction Reason | | :--- | :--- | :--- | | Monetary Funds | 9,039,911.32 | Guarantees | | Fixed Assets | 1,207,306,883.91 | Mortgage loans, ownership transfer for financing sale-leaseback | | Accounts Receivable | 43,444,585.00 | Finance lease pledge | | Investment Properties | 28,477,969.08 | Mortgage loans | | Right-of-Use Assets | 465,906,674.00 | Finance lease ownership transfer | | Construction in Progress | 46,137,702.36 | Finance lease ownership transfer | | **Total** | **1,800,313,725.67** | | [(IV) Analysis of Investment Status](index=12&type=section&id=(四)%20投资状况分析) During the reporting period, the company's investment amount increased by 18.70% year-on-year; the company plans to raise 1.922 billion yuan through a private placement of A-shares, primarily for intelligent computing center and 5G communication network construction projects Investment Status | Investment Status | Amount (yuan) | | :--- | :--- | | Company's investment amount during the reporting period (period-end) | 1,252,019,654.15 | | Company's investment amount at beginning of period | 1,054,752,149.42 | | Increase/decrease in company's investment amount compared to prior year | 197,267,504.73 | | Increase/decrease percentage (%) | 18.70 | - The company plans to raise no more than **1.922 billion yuan** for the **intelligent computing center construction project (1.3045 billion yuan)** and the **5G communication network construction project (532 million yuan)**[47](index=47&type=chunk) [1. Overall Analysis of External Equity Investments](index=12&type=section&id=1、对外股权投资总体分析) During the reporting period, the company's investment amount increased by 18.70% year-on-year; the company plans to raise 1.922 billion yuan, primarily for intelligent computing center and 5G communication network construction projects [(2). Significant Non-Equity Investments](index=13&type=section&id=(2).重大的非股权投资) The company plans to raise no more than 1.922 billion yuan, with 1.3045 billion yuan allocated for intelligent computing center construction projects and 532 million yuan for 5G communication network construction projects - The company plans to raise no more than **1.922 billion yuan** for **intelligent computing center construction projects and 5G communication network construction projects**[47](index=47&type=chunk) - The intelligent computing center construction project has a planned total investment of **1.3045 billion yuan**, with intelligent computing clusters planned for construction in **Qingyang, Danjiangkou, and other locations**[47](index=47&type=chunk) - The 5G communication network construction project has a total investment of **532 million yuan**, with plans for 5G communication network related facility construction in **multiple provinces, autonomous regions, and municipalities**[47](index=47&type=chunk) [(3). Financial Assets Measured at Fair Value](index=13&type=section&id=(3).以公允价值计量的金融资产) The company's financial assets measured at fair value had a period-end balance of 61.5884 million yuan, a decrease of 29.8478 million yuan from the beginning of the period Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (yuan) | Fair Value Change in Current Period (yuan) | Other Changes (yuan) | Period-End Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | | Other | 91,436,186.21 | - | -29,847,779.17 | 61,588,407.04 | | **Total** | **91,436,186.21** | **-** | **-29,847,779.17** | **61,588,407.04** | [(VI) Analysis of Major Holding and Participating Companies](index=14&type=section&id=(六)%20主要控股参股公司分析) During the reporting period, the company acquired Bester Africa(Fty) Ltd through a non-same-control business combination, which had a minimal scale and no significant impact on overall production, operations, or performance; additionally, the company jointly established Wuhan Dagong Intelligent Technology Co., Ltd. with Academician Cai Hengjin's team, holding 20% equity, to engage in AI basic technology R&D - The company acquired **Bester Africa(Fty) Ltd** through a non-same-control business combination, which had no impact on overall production, operations, or performance[50](index=50&type=chunk) - The company jointly established **Wuhan Dagong Intelligent Technology Co., Ltd.** with Academician Cai Hengjin's team, with a registered capital of **10 million yuan**, holding **20% equity** to engage in **AI basic technology R&D**[50](index=50&type=chunk) [Acquisition and Disposal of Subsidiaries During the Reporting Period](index=14&type=section&id=报告期内取得和处置子公司的情况) During the reporting period, the company acquired Bester Africa(Fty) Ltd through a non-same-control business combination, which had a minimal scale and no significant impact on overall production, operations, or performance; additionally, the company jointly established Wuhan Dagong Intelligent Technology Co., Ltd. with Academician Cai Hengjin's team, holding 20% equity, to engage in AI basic technology R&D - The company acquired **Bester Africa(Fty) Ltd** through a non-same-control business combination, which had no impact on overall production, operations, or performance[50](index=50&type=chunk) - The company jointly established **Wuhan Dagong Intelligent Technology Co., Ltd.** with Professor Cai Hengjin and his team, holding **20% equity** to engage in **AI basic technology R&D**[50](index=50&type=chunk) [(V) Other Disclosure Matters](index=14&type=section&id=(五)%20其他披露事项) The company faces risks including intensified competition in intelligent computing, capital raising challenges, timely delivery of key equipment, a large scale of accounts receivable, and debt repayment capacity; the company plans to address these by strengthening capital management, diversifying financing channels, ensuring timely equipment delivery, enhancing accounts receivable collection, and promoting a private placement - New entrants in the intelligent computing sector are continuously increasing, intensifying competition and potentially leading to **decreased service or product prices, declining gross margins, and customer loss**[52](index=52&type=chunk) - The company's development plan involves significant investment project construction scale and capital requirements, posing a risk of **failure to raise funds as expected**[52](index=52&type=chunk) - The procurement of key equipment such as high-performance servers carries uncertainties in **delivery time and price**, which may adversely affect the execution of computing power service contracts[52](index=52&type=chunk) - As of June 30, 2025, the company's accounts receivable balance was **2.39 billion yuan**, accounting for **29.63% of total assets** at the end of the same period, posing a risk of **untimely collection**[52](index=52&type=chunk) - As of June 30, 2025, the company's asset-liability ratio was **73.68%**, indicating a certain **debt repayment capacity risk**[53](index=53&type=chunk) [(I) Potential Risks](index=15&type=section&id=(一)%20可能面对的风险) The company faces risks including intensified competition in intelligent computing, capital raising challenges, timely delivery of key equipment, a large scale of accounts receivable, and debt repayment capacity; the company plans to address these by strengthening capital management, diversifying financing channels, ensuring timely equipment delivery, enhancing accounts receivable collection, and promoting a private placement - Intensified competition in intelligent computing business may lead to **decreased service or product prices, declining gross margins, and customer loss**[52](index=52&type=chunk) - The company's development plan involves significant capital requirements for investment projects, posing a risk of **failure to raise funds as expected**[52](index=52&type=chunk) - The procurement of key equipment such as high-performance servers carries uncertainties in **delivery time and price**[52](index=52&type=chunk) - Accounts receivable balance was **2.39 billion yuan**, accounting for **29.63% of total assets**, posing a risk of **untimely collection**[52](index=52&type=chunk) - The asset-liability ratio of **73.68%** indicates a certain **debt repayment capacity risk**, and the company is actively promoting a private placement to mitigate this risk[53](index=53&type=chunk) [Section 4 Corporate Governance, Environment, and Society](index=16&type=section&id=第四节%20公司治理、环境和社会) This section covers changes in the company's directors, supervisors, and senior management, profit distribution plans, equity incentive plans, environmental information disclosure, and rural revitalization efforts [I. Changes in the Company's Directors, Supervisors, and Senior Management](index=16&type=section&id=一、公司董事、监事、高级管理人员变动情况) There were no changes in the company's directors, supervisors, or senior management during the reporting period [II. Profit Distribution or Capital Reserve Conversion Plan](index=16&type=section&id=二、利润分配或资本公积金转增预案) The company will not implement profit distribution or capital reserve conversion to share capital for the half-year period - The company's proposed half-yearly profit distribution plan or capital reserve conversion to share capital plan is **not applicable**[56](index=56&type=chunk) [III. Status and Impact of the Company's Equity Incentive Plan, Employee Stock Ownership Plan, or Other Employee Incentive Measures](index=16&type=section&id=三、公司股权激励计划、员工持股计划或其他员工激励措施的情况及其影响) The company's 2024 stock option incentive plan was disclosed in a temporary announcement, with no subsequent progress or changes in its implementation - The company's **2024 stock option incentive plan** was disclosed in temporary announcements, with inquiry indexes: Announcement Nos. **2024-031, 047, 051, 052, 058; 2025-029, 030, 031, 043, 045**[57](index=57&type=chunk) [IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=16&type=section&id=四、纳入环境信息依法披露企业名单的上市公司及其主要子公司的环境信息情况) The company is not included in the list of enterprises required to disclose environmental information by law [V. Specifics of Work on Consolidating and Expanding Poverty Alleviation Achievements, Rural Revitalization, etc.](index=16&type=section&id=五、巩固拓展脱贫攻坚成果、乡村振兴等工作具体情况) The company did not disclose specific details regarding its work on consolidating and expanding poverty alleviation achievements or rural revitalization [Section 5 Significant Matters](index=17&type=section&id=第五节%20重要事项) This section details the fulfillment of commitments, related party transactions, significant contracts, and other important events affecting the company during the reporting period [I. Fulfillment of Commitments](index=17&type=section&id=一、承诺事项履行情况) All committed parties, including the company's actual controllers, shareholders, related parties, and the company itself, strictly fulfilled their various commitments during the reporting period, covering share lock-ups, non-interference in company operations, non-infringement of company interests, avoidance of horizontal competition, and equity incentive-related commitments, with no instances of untimely fulfillment - Directors, supervisors, and senior management, including **Li Liubing, Li Yun, Lu Nianqing, and Yao Shaojun**, strictly fulfilled their **share lock-up commitments**[60](index=60&type=chunk) - Li Liubing, Mei Man, and others committed not to overstep their authority in interfering with the company's operations and management activities, not to infringe upon the company's interests, and to effectively implement measures to **compensate for returns**[60](index=60&type=chunk)[61](index=61&type=chunk) - Li Liubing and Mei Man committed to **avoid horizontal competition** and have issued relevant commitment letters[63](index=63&type=chunk)[64](index=64&type=chunk) - The company and equity incentive recipients committed to fulfilling **information disclosure obligations related to the equity incentive plan** and bearing responsibility for false records[62](index=62&type=chunk) [II. Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties During the Reporting Period](index=21&type=section&id=二、报告期内控股股东及其他关联方非经营性占用资金情况) There was no non-operating fund occupation by controlling shareholders or other related parties during the reporting period [III. Irregular Guarantees](index=21&type=section&id=三、违规担保情况) There were no instances of irregular external guarantees provided without proper decision-making procedures during the reporting period [IV. Half-Year Report Audit Status](index=22&type=section&id=四、半年报审计情况) This half-year report has not been audited - This half-year report has **not been audited**[5](index=5&type=chunk) [V. Changes and Handling of Matters Involving Non-Standard Audit Opinions in the Previous Year's Annual Report](index=22&type=section&id=五、上年年度报告非标准审计意见涉及事项的变化及处理情况) The company's previous year's annual report did not involve matters with non-standard audit opinions [VI. Bankruptcy and Reorganization Matters](index=22&type=section&id=六、破产重整相关事项) There were no bankruptcy or reorganization matters concerning the company during the reporting period [VII. Significant Litigation and Arbitration Matters](index=22&type=section&id=七、重大诉讼、仲裁事项) There were no significant litigation or arbitration matters concerning the company during the reporting period [VIII. Alleged Violations, Penalties, and Rectification by the Listed Company, Its Directors, Supervisors, Senior Management, Controlling Shareholders, and Actual Controllers](index=22&type=section&id=八、上市公司及其董事、监事、高级管理人员、控股股东、实际控制人涉嫌违法违规、受到处罚及整改情况) On July 24, 2025, the company and Board Secretary Feng Gang received an oral warning from the Shanghai Stock Exchange for failing to timely disclose the reply announcement to a periodic report inquiry letter; the company has actively standardized improvements and strengthened information disclosure training - On **July 24, 2025**, the Shanghai Stock Exchange issued an **oral warning** to the company and Feng Gang, the Board Secretary, for failing to timely disclose the reply announcement to a periodic report inquiry letter[66](index=66&type=chunk) - The company has actively implemented **standardized improvements** and organized relevant personnel to study laws, regulations, and normative documents related to information disclosure[66](index=66&type=chunk) [X. Significant Related Party Transactions](index=22&type=section&id=十、重大关联交易) The company expects to purchase 300 million yuan in raw materials and sell 1.5 billion yuan in goods to Guizhou Zechu Energy Co., Ltd. and its controlled subsidiaries in 2025; during the reporting period, actual purchases were 4.5315 million yuan and sales were 115.5 million yuan; Zechu Energy's shareholders committed to net profits of no less than 20 million yuan, 40 million yuan, and 60 million yuan for 2024-2026, respectively - The company expects to purchase **300 million yuan** in raw materials and sell **1.5 billion yuan** in goods to Guizhou Zechu Energy Co., Ltd. and its controlled subsidiaries in 2025[67](index=67&type=chunk) - During the reporting period, actual raw material purchases amounted to **4.5315 million yuan**, and goods sales amounted to **115.5 million yuan**[67](index=67&type=chunk) - Zechu Energy's shareholders committed that the target company's net profit attributable to the parent company after tax and net profit after deducting non-recurring gains and losses, whichever is lower, will be no less than **20 million yuan, 40 million yuan, and 60 million yuan** for 2024-2026, respectively[69](index=69&type=chunk) [(I) Related Party Transactions Related to Daily Operations](index=22&type=section&id=(一)%20与日常经营相关的关联交易) The company expects to purchase 300 million yuan in raw materials and sell 1.5 billion yuan in goods to Guizhou Zechu Energy Co., Ltd. and its controlled subsidiaries in 2025; during the reporting period, actual purchases were 4.5315 million yuan and sales were 115.5 million yuan - The company expects to purchase **300 million yuan** in raw materials and sell **1.5 billion yuan** in goods to Guizhou Zechu Energy Co., Ltd. and its controlled subsidiaries in 2025[67](index=67&type=chunk) - During the reporting period, actual raw material purchases amounted to **4.5315 million yuan**, and goods sales amounted to **115.5 million yuan**[67](index=67&type=chunk) [(II) Related Party Transactions Involving Asset or Equity Acquisitions and Disposals](index=23&type=section&id=(二)%20资产收购或股权收购、出售发生的关联交易) Zechu Energy's shareholders committed that the target company's net profit attributable to the parent company after tax and net profit after deducting non-recurring gains and losses, whichever is lower, will be no less than 20 million yuan, 40 million yuan, and 60 million yuan for 2024-2026, respectively - Zechu Energy's shareholders committed that the target company's audited net profit for 2024-2026 will be no less than **20 million yuan, 40 million yuan, and 60 million yuan**, respectively[69](index=69&type=chunk) [XI. Significant Contracts and Their Fulfillment](index=24&type=section&id=十一、重大合同及其履行情况) During the reporting period, the company's total guarantee balance for subsidiaries was 938 million yuan, accounting for 45.83% of its net assets; the company has signed multiple computing power service contracts with large total amounts, some of which have been delivered, while others are awaiting delivery Company Guarantee Overview | Indicator | Amount (million yuan) | | :--- | :--- | | Total guarantees for subsidiaries during the reporting period | 21,309.25 | | Total guarantees for subsidiaries at period-end (B) | 93,834.04 | | Total guarantees (A+B) | 93,834.04 | | Total guarantees as % of company's net assets | 45.83 | | Debt guarantees provided directly or indirectly for guaranteed entities with asset-liability ratio exceeding 70% (D) | 65,953.99 | - The company has signed multiple computing power service contracts with significant total amounts, including those with **China Unicom Qinghai Branch, Jinan Supercomputing Center, Beijing Anliantong Technology, Lingang Computing Power, Jinkai New Energy Yiwu Digital Technology, and Beijing Wanjie Data Technology**[74](index=74&type=chunk) - Some computing power service contracts were delivered and are being normally fulfilled in **2023-2024**, while the computing power service contract with **Beijing Wanjie Data Technology Co., Ltd. (440.64 million yuan)** is awaiting delivery[74](index=74&type=chunk) [(II) Significant Guarantees Performed and Unfulfilled During the Reporting Period](index=25&type=section&id=(二)%20报告期内履行的及尚未履行完毕的重大担保情况) During the reporting period, the company's guarantees for subsidiaries amounted to 213 million yuan, with a period-end total guarantee balance of 938 million yuan, accounting for 45.83% of the company's net assets, including 659 million yuan in debt guarantees for guaranteed entities with an asset-liability ratio exceeding 70% Company Guarantee Overview | Indicator | Amount (million yuan) | | :--- | :--- | | Total guarantees for subsidiaries during the reporting period | 21,309.25 | | Total guarantees for subsidiaries at period-end (B) | 93,834.04 | | Total guarantees (A+B) | 93,834.04 | | Total guarantees as % of company's net assets | 45.83 | | Debt guarantees provided directly or indirectly for guaranteed entities with asset-liability ratio exceeding 70% (D) | 65,953.99 | [(III) Other Significant Contracts](index=26&type=section&id=(三)%20其他重大合同) The company has signed multiple computing power service contracts with significant total amounts, some of which have been delivered and are being normally fulfilled, while the computing power service contract with Beijing Wanjie Data Technology Co., Ltd. (440.64 million yuan) is awaiting delivery - The company has signed multiple computing power service contracts, including those with **China Unicom Qinghai Branch (345.6 million yuan), Jinan Supercomputing Center (180 million yuan, 729.6 million yuan), Beijing Anliantong Technology (483.84 million yuan), Lingang Computing Power (809.93 million yuan), and Jinkai New Energy Yiwu Digital Technology (356.65 million yuan)**[74](index=74&type=chunk) - Most of the signed computing power service contracts have been **delivered and are being normally fulfilled**[74](index=74&type=chunk) - The computing power service contract with **Beijing Wanjie Data Technology Co., Ltd. (440.64 million yuan)** is awaiting delivery[74](index=74&type=chunk) [XII. Explanation of Progress in the Use of Raised Funds](index=27&type=section&id=十二、募集资金使用进展说明) There is no explanation of the progress in the use of raised funds by the company during the reporting period [XIII. Explanation of Other Significant Matters](index=27&type=section&id=十三、其他重大事项的说明) There are no other significant matters requiring explanation by the company during the reporting period [Section 6 Share Changes and Shareholder Information](index=27&type=section&id=第六节%20股份变动及股东情况) This section details changes in the company's share capital, shareholder structure, and information on directors, supervisors, and senior management [I. Share Capital Changes](index=27&type=section&id=一、股本变动情况) During the reporting period, the company's share capital increased by 273,870 shares due to the conversion of convertible corporate bonds, bringing the total number of shares to 434,252,192, all of which are unrestricted tradable shares Share Capital Change Table | Share Category | Number Before Change (shares) | Increase/Decrease in This Change (subtotal) (shares) | Number After Change (shares) | | :--- | :--- | :--- | :--- | | Unrestricted Tradable Shares | 433,978,322 | 273,870 | 434,252,192 | | Total Shares | 433,978,322 | 273,870 | 434,252,192 | - As of June 30, 2025, a cumulative total of **5.992 million yuan** of "Zhongbei Convertible Bonds" had been converted into the company's A-shares, with a cumulative conversion of **282,730 shares**, of which **273,870 shares** were converted during the reporting period[79](index=79&type=chunk) [1. Share Capital Change Table](index=27&type=section&id=1、股份变动情况表) During the reporting period, both the company's unrestricted tradable shares and total shares increased by 273,870 due to the conversion of convertible bonds Share Capital Change Table | Share Category | Number Before Change (shares) | Increase/Decrease in This Change (subtotal) (shares) | Number After Change (shares) | | :--- | :--- | :--- | :--- | | Unrestricted Tradable Shares | 433,978,322 | 273,870 | 434,252,192 | | Total Shares | 433,978,322 | 273,870 | 434,252,192 | [2. Explanation of Share Capital Changes](index=27&type=section&id=2、股份变动情况说明) The company's share capital change primarily resulted from the conversion of "Zhongbei Convertible Bonds"; as of June 30, 2025, a cumulative 5.992 million yuan of "Zhongbei Convertible Bonds" had been converted into 282,730 A-shares, with 273,870 shares converted during the reporting period - The company publicly issued **5.17 million convertible corporate bonds** on October 19, 2023, which were listed on the Shanghai Stock Exchange starting November 21, 2023[78](index=78&type=chunk) - As of June 30, 2025, a cumulative total of **5.992 million yuan** of "Zhongbei Convertible Bonds" had been converted into the company's A-shares, with a cumulative conversion of **282,730 shares**[79](index=79&type=chunk) - During the reporting period, **273,870 shares** were converted, accounting for **0.0843%** of the company's total issued shares before the conversion of "Zhongbei Convertible Bonds"[79](index=79&type=chunk) [II. Shareholder Information](index=28&type=section&id=二、股东情况) As of the end of the reporting period, the company had 75,983 common shareholders; among the top ten shareholders, Li Liubing held the highest proportion at 21.7842%, followed by Shanghai Jingge Private Equity Fund Management Partnership (Limited Partnership) - Jingge Gongying Zunxiang No. 12 Private Securities Investment Fund and Mei Man - As of the end of the reporting period, the total number of common shareholders was **75,983**[81](index=81&type=chunk) Top Ten Shareholders' Shareholding as of the End of the Reporting Period | Shareholder Name | Period-End Shareholding (shares) | Percentage (%) | Share Status | | :--- | :--- | :--- | :--- | | Li Liubing | 94,598,177 | 21.7842 | Pledged 12,510,000 shares | | Shanghai Jingge Private Equity Fund Management Partnership (Limited Partnership) - Jingge Gongying Zunxiang No. 12 Private Securities Investment Fund | 21,698,783 | 4.9968 | None | | Mei Man | 21,662,160 | 4.9884 | None | | Yu Li | 7,800,000 | 1.7962 | None | | Li Yun | 4,993,178 | 1.1498 | None | - The company's controlling shareholder and actual controller, **Li Liubing, and Mei Man are a married couple**; shareholder **Li Yun is Li Liubing's younger brother**[84](index=84&type=chunk) [(I) Total Number of Shareholders](index=28&type=section&id=(一)%20股东总数) As of the end of the reporting period, the company had a total of 75,983 common shareholders - As of the end of the reporting period, the total number of common shareholders was **75,983**[81](index=81&type=chunk) [(II) Top Ten Shareholders and Top Ten Tradable Shareholders (or Unrestricted Shareholders) Shareholding as of the End of the Reporting Period](index=28&type=section&id=(二)%20截至报告期末前十名股东、前十名流通股东（或无限售条件股东）持股情况表) Among the top ten shareholders, Li Liubing held the highest proportion at 21.7842%, followed by Shanghai Jingge Private Equity Fund Management Partnership (Limited Partnership) - Jingge Gongying Zunxiang No. 12 Private Securities Investment Fund and Mei Man; a portion of Li Liubing's shares are pledged Top Ten Shareholders' Shareholding as of the End of the Reporting Period | Shareholder Name | Period-End Shareholding (shares) | Percentage (%) | Share Status | | :--- | :--- | :--- | :--- | | Li Liubing | 94,598,177 | 21.7842 | Pledged 12,510,000 shares | | Shanghai Jingge Private Equity Fund Management Partnership (Limited Partnership) - Jingge Gongying Zunxiang No. 12 Private Securities Investment Fund | 21,698,783 | 4.9968 | None | | Mei Man | 21,662,160 | 4.9884 | None | | Yu Li | 7,800,000 | 1.7962 | None | | Li Yun | 4,993,178 | 1.1498 | None | - The company's controlling shareholder and actual controller, **Li Liubing, and Mei Man are a married couple**; shareholder **Li Yun is Li Liubing's younger brother**[84](index=84&type=chunk) [III. Information on Directors, Supervisors, and Senior Management](index=30&type=section&id=三、董事、监事和高级管理人员情况) There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period, nor were they granted any equity incentives [IV. Changes in Controlling Shareholder or Actual Controller](index=30&type=section&id=四、控股股东或实际控制人变更情况) There were no changes in the company's controlling shareholder or actual controller during the reporting period [V. Preferred Share Information](index=30&type=section&id=五、优先股相关情况) There was no preferred share information concerning the company during the reporting period [Section 7 Bond-Related Information](index=31&type=section&id=第七节%20债券相关情况) This section provides details on the company's convertible corporate bonds, including issuance, holders, changes, conversion status, and credit ratings [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=31&type=section&id=一、公司债券（含企业债券）和非金融企业债务融资工具) There were no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments for the company during the reporting period [II. Convertible Corporate Bonds](index=31&type=section&id=二、可转换公司债券情况) The company issued "Zhongbei Convertible Bonds" in October 2023, with a total issuance of 517 million yuan and a 6-year term; as of the end of the reporting period, there were 5,332 bondholders, with Li Liubing holding 86.499 million yuan, accounting for 16.93%; during the reporting period, 5.768 million yuan of convertible bonds were converted into 273,870 shares; the conversion price has been adjusted multiple times, with the latest price at 20.95 yuan/share at period-end; the company's main credit rating and convertible bond rating are both A+, with a stable outlook - The company issued "Zhongbei Convertible Bonds" on **October 19, 2023**, with a total issuance of **517 million yuan** and a **6-year term**[87](index=87&type=chunk) - As of the end of the period, there were **5,332 convertible bondholders**, with **Li Liubing holding 86.499 million yuan**, accounting for **16.93%**[88](index=88&type=chunk) - During the reporting period, **5.768 million yuan** of "Zhongbei Convertible Bonds" were converted into **273,870 shares**[92](index=92&type=chunk)[93](index=93&type=chunk) - The conversion price has been adjusted multiple times, with the latest conversion price at **20.95 yuan/share** as of the end of the reporting period[96](index=96&type=chunk) - The company's main credit rating and "Zhongbei Convertible Bonds" rating are both **A+**, with a **stable outlook**[98](index=98&type=chunk) [(I) Convertible Bond Issuance](index=31&type=section&id=(一)转债发行情况) The company issued "Zhongbei Convertible Bonds" on October 19, 2023, with a total issuance of 517 million yuan and a 6-year term, raising net proceeds of 508 million yuan - The company issued **5.17 million convertible corporate bonds** on October 19, 2023, with a total issuance of **517 million yuan**[87](index=87&type=chunk) - The net proceeds from the offering amounted to **508.053 million yuan**[87](index=87&type=chunk) [(II) Convertible Bondholders and Guarantors During the Reporting Period](index=31&type=section&id=(二)报告期转债持有人及担保人情况) As of the end of the period, there were 5,332 convertible bondholders, with Li Liubing holding 86.499 million yuan, accounting for 16.93%, making him the largest holder; the company's convertible bonds have no guarantors - The number of convertible bondholders at period-end was **5,332**[88](index=88&type=chunk) Top Ten Convertible Bondholders | Convertible Corporate Bondholder Name | Period-End Holding Amount (yuan) | Holding Percentage (%) | | :--- | :--- | :--- | | Li Liubing | 86,499,000 | 16.93 | | First Capital Securities Co., Ltd. | 26,624,000 | 5.21 | | Mei Man | 25,600,000 | 5.01 | - The company's convertible bonds have **no guarantors**[88](index=88&type=chunk) [(III) Convertible Bond Changes During the Reporting Period](index=32&type=section&id=(三)报告期转债变动情况) During the reporting period, "Zhongbei Convertible Bonds" decreased by 5.768 million yuan due to conversion into shares, with a period-end balance of 511.008 million yuan Convertible Bond Changes During the Reporting Period | Convertible Corporate Bond Name | Amount Before This Change (yuan) | Increase/Decrease Due to Conversion (yuan) | Amount After This Change (yuan) | | :--- | :--- | :--- | :--- | | Zhongbei Convertible Bonds | 516,776,000 | 5,768,000 | 511,008,000 | [(IV) Cumulative Convertible Bond Conversion During the Reporting Period](index=32&type=section&id=(四)报告期转债累计转股情况) During the reporting period, 5.768 million yuan of convertible bonds were converted into 273,870 shares; cumulative converted shares totaled 282,730, accounting for 0.0843% of the company's total issued shares before conversion; the unconverted amount was 511 million yuan, representing 98.8410% of the total convertible bond issuance Cumulative Convertible Bond Conversion During the Reporting Period | Indicator | Zhongbei Convertible Bonds | | :--- | :--- | | Amount converted during the reporting period (yuan) | 5,768,000 | | Number of shares converted during the reporting period (shares) | 273,870 | | Cumulative number of shares converted (shares) | 282,730 | | Cumulative converted shares as % of total issued shares before conversion | 0.0843 | | Unconverted amount (yuan) | 511,008,000 | | Unconverted convertible bonds as % of total issuance | 98.8410 | [(V) Historical Adjustments to Conversion Price](index=32&type=section&id=(五)转股价格历次调整情况) The conversion price of "Zhongbei Convertible Bonds" has undergone multiple adjustments, from an initial 32.80 yuan/share to 20.95 yuan/share at the end of the reporting period, due to reasons such as restricted stock cancellation, correction clause implementation, and equity distribution Historical Adjustments to Conversion Price | Conversion Price Adjustment Date | Adjusted Conversion Price (yuan/share) | Disclosure Date | Explanation of Conversion Price Adjustment | | :--- | :--- | :--- | :--- | | December 15, 2023 | 32.88 | December 12, 2023 | Due to the cancellation of the company's restricted shares, the conversion price was adjusted from 32.80 yuan/share to 32.88 yuan/share | | July 15, 2024 | 27.45 | July 12, 2024 | Due to the implementation of the correction clause for "Zhongbei Convertible Bonds", the conversion price was adjusted downward from 32.88 yuan/share to 27.45 yuan/share | | July 24, 2024 | 21.00 | July 17, 2024 | Due to the company's implementation of the 2023 equity distribution, the conversion price was adjusted from 27.45 yuan/share to 21.00 yuan/share | | October 10, 2024 | 21.06 | October 9, 2024 | Due to the cancellation of the company's restricted shares, the conversion price was adjusted from 21.00 yuan/share to 21.06 yuan/share | | June 24, 2025 | 20.95 | June 18, 2025 | Due to the company's implementation of the 2024 equity distribution, the conversion price was adjusted from 21.06 yuan/share to 20.95 yuan/share | [(VI) Company's Debt Situation, Credit Rating Changes, and Cash Arrangements for Future Debt Repayment](index=33&type=section&id=(六)公司的负债情况、资信变化情况及在未来年度还债的现金安排) The company issued 517 million yuan in convertible bonds with a 6-year term, paying interest annually; as of June 30, 2025, the company's total assets were 8.066 billion yuan, net assets were 2.047 billion yuan, and monetary funds were 385 million yuan; the company's main credit rating and "Zhongbei Convertible Bonds" rating are both A+, with a stable outlook, unchanged from the previous rating - The company issued **517 million yuan** in convertible bonds with a **6-year term**, with an interest rate of **0.2% in the first year and 0.4% in the second year**, paying interest annually[97](index=97&type=chunk) Financial Status as of June 30, 2025 | Indicator | Amount (yuan) | | :--- | :--- | | Total Assets | 8,066,299,457.34 | | Net Assets Attributable to Listed Company Shareholders | 2,047,410,131.85 | | Monetary Funds | 385,014,397.55 | - The company's main credit rating is "**A+**", the "Zhongbei Convertible Bonds" rating is "**A+**", and the rating outlook is "**stable**", with no change from the previous rating[98](index=98&type=chunk) [Section 8 Financial Report](index=34&type=section&id=第八节%20财务报告) This section presents the company's unaudited financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on accounting policies, taxes, and financial statement items [I. Audit Report](index=34&type=section&id=一、审计报告) This half-year report has not been audited - This half-year report has **not been audited**[5](index=5&type=chunk) [II. Financial Statements](index=34&type=section&id=二、财务报表) 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, comprehensively reflecting the company's financial position, operating results, and cash flow - The consolidated balance sheet shows total assets of **8.066 billion yuan**, total liabilities of **5.943 billion yuan**, and owners' equity attributable to the parent company of **2.047 billion yuan**[103](index=103&type=chunk) - The consolidated income statement shows total operating revenue of **1.584 billion yuan**, total profit of **59.9393 million yuan**, and net profit attributable to parent company shareholders of **50.6429 million yuan**[109](index=109&type=chunk) - The consolidated cash flow statement shows net cash flow from operating activities of **-33.8179 million yuan**, net cash flow from investing activities of **-261.67 million yuan**, and net cash flow from financing activities of **-71.1334 million yuan**[117](index=117&type=chunk) [Consolidated Balance Sheet](index=34&type=section&id=合并资产负债表) As of June 30, 2025, the company's consolidated total assets were 8.066 billion yuan, a slight decrease from the end of the previous year; total current assets were 3.415 billion yuan, and total non-current assets were 4.651 billion yuan; total liabilities were 5.943 billion yuan, and total owners' equity was 2.123 billion yuan Key Data from Consolidated Balance Sheet | Item | June 30, 2025 (yuan) | December 31, 2024 (yuan) | | :--- | :--- | :--- | | Total Assets | 8,066,299,457.34 | 8,088,088,584.50 | | Total Liabilities | 5,943,425,639.65 | 5,970,579,728.07 | | Total Owners' Equity Attributable to Parent Company | 2,047,410,131.85 | 2,040,195,962.68 | [Parent Company Balance Sheet](index=36&type=section&id=母公司资产负债表) As of June 30, 2025, the parent company's total assets were 7.141 billion yuan, a slight decrease from the end of the previous year; total current assets were 2.663 billion yuan, and total non-current assets were 4.478 billion yuan; total liabilities were 5.217 billion yuan, and total owners' equity was 1.924 billion yuan Key Data from Parent Company Balance Sheet | Item | June 30, 2025 (yuan) | December 31, 2024 (yuan) | | :--- | :--- | :--- | | Total Assets | 7,140,748,548.78 | 7,236,186,575.11 | | Total Liabilities | 5,216,751,145.63 | 5,317,186,545.09 | | Total Owners' Equity | 1,923,997,403.15 | 1,919,000,030.02 | [Consolidated Income Statement](index=38&type=section&id=合并利润表) In the first half of 2025, the company's consolidated total operating revenue was 1.584 billion yuan, a year-on-year increase of 4.77%; total profit was 59.9393 million yuan, a year-on-year decrease of 51.65%; net profit attributable to parent company shareholders was 50.6429 million yuan, a year-on-year decrease of 51.94% Key Data from Consolidated Income Statement | Item | 2025 H1 (yuan) | 2024 H1 (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 1,584,403,184.54 | 1,512,223,797.76 | | Total Profit | 59,939,293.94 | 123,965,688.24 | | Net Profit | 48,476,469.24 | 108,814,339.08 | | Net Profit Attributable to Parent Company Shareholders | 50,642,911.03 | 105,370,892.28 | | Basic Earnings Per Share (yuan/share) | 0.1167 | 0.2426 | [Parent Company Income Statement](index=40&type=section&id=母公司利润表) In the first half of 2025, the parent company's operating revenue was 1.283 billion yuan, a year-on-year increase of 2.1%; net profit was 47.7472 million yuan, a year-on-year decrease of 38.7% Key Data from Parent Company Income Statement | Item | 2025 H1 (yuan) | 2024 H1 (yuan) | | :--- | :--- | :--- | | Operating Revenue | 1,283,323,327.22 | 1,256,947,710.28 | | Total Profit | 57,843,538.89 | 87,484,614.80 | | Net Profit | 47,747,201.99 | 77,867,809.29 | [Consolidated Cash Flow Statement](index=42&type=section&id=合并现金流量表) In the fi

[Definitions](index=4&type=section&id=Section%201%20Definitions) Key terms such as reporting period, SVG, and PCS are defined for clarity - The reporting period refers to **January 1, 2025, to June 30, 2025**[11](index=11&type=chunk) - **SVG (Static Var Generator)** is an advanced reactive power compensation device implemented using power electronics technology[11](index=11&type=chunk) - **PCS (Power Conversion System)** controls battery charging and discharging, performs AC/DC conversion, and enables active and reactive power regulation of the grid[11](index=11&type=chunk) [Company Profile and Key Financial Indicators](index=5&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) Provides an overview of the company's basic information, contact details, stock specifics, and key financial performance for the reporting period [Company Basic Information](index=5&type=section&id=I.%20Company%20Basic%20Information) Xin Feng Guang Electronics Technology Co., Ltd. (XFG) is represented by He Hongchen, with its registered and office address in Wenshang County Economic Development Zone, and website http://www.fengguang.com Company Basic Information | Indicator | Content | | :--- | :--- | | Chinese Name | Xin Feng Guang Electronics Technology Co., Ltd. | | Chinese Abbreviation | XFG | | Legal Representative | He Hongchen | | Registered Address | North of Jincheng Road, Wenshang County Economic Development Zone, Shandong Province | | Office Address | North of Jincheng Road, Wenshang County Economic Development Zone, Shandong Province | | Company Website | http://www.fengguang.com | [Contacts and Contact Information](index=5&type=section&id=II.%20Contacts%20and%20Contact%20Information) The report provides contact details for the Board Secretary Hou Lei and Securities Affairs Representative Sun Luqian for investor inquiries Key Contact Information | Position | Name | Contact Number | Email | | :--- | :--- | :--- | :--- | | Board Secretary | Hou Lei | 0537-7288590 | info@fengguang.com | | Securities Affairs Representative | Sun Luqian | 0537-7288529 | info@fengguang.com | [Brief Introduction to Information Disclosure and Document Custody Location Changes](index=5&type=section&id=III.%20Brief%20Introduction%20to%20Information%20Disclosure%20and%20Document%20Custody%20Location%20Changes) The company designates four newspapers for information disclosure, publishes its semi-annual report on the SSE website, and keeps documents at the Board of Directors' office - The company designates "China Securities Journal", "Securities Daily", "Securities Times", and "Shanghai Securities News" as information disclosure newspapers[15](index=15&type=chunk) - The website for the semi-annual report is www.sse.com.cn[15](index=15&type=chunk) [Brief Introduction to Company Shares/Depositary Receipts](index=5&type=section&id=IV.%20Brief%20Introduction%20to%20Company%20Shares%2FDepositary%20Receipts) The company's A-shares are listed on the STAR Market of the Shanghai Stock Exchange under the stock name XFG and code 688663 Company Stock Overview | Stock Type | Listing Exchange and Board | Stock Abbreviation | Stock Code | | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange STAR Market | XFG | 688663 | [Company's Key Accounting Data and Financial Indicators](index=6&type=section&id=VI.%20Company%27s%20Key%20Accounting%20Data%20and%20Financial%20Indicators) Revenue increased by 6.57% to **870.42 million yuan**, but net profit attributable to shareholders decreased by 23.70% to **60.17 million yuan**, primarily due to intensified competition in the new energy sector Key Accounting Data (Jan-Jun 2025 vs. Prior Year Period) | Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (yuan) | 870,421,630.89 | 816,786,181.00 | 6.57 | | Total Profit (yuan) | 69,291,423.13 | 94,860,287.88 | -26.95 | | Net Profit Attributable to Shareholders of Listed Company (yuan) | 60,165,717.02 | 78,852,636.59 | -23.70 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-recurring Gains and Losses (yuan) | 56,982,382.71 | 74,413,858.50 | -23.43 | | Net Cash Flow from Operating Activities (yuan) | -34,446,220.09 | -75,128,815.58 | Not Applicable | Key Financial Indicators (Jan-Jun 2025 vs. Prior Year Period) | Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.43 | 0.56 | -23.21 | | Diluted Earnings Per Share (yuan/share) | 0.43 | 0.56 | -23.21 | | Basic Earnings Per Share After Deducting Non-recurring Gains and Losses (yuan/share) | 0.41 | 0.53 | -22.64 | | Weighted Average Return on Net Assets (%) | 4.32 | 5.89 | Decrease of 1.57 percentage points | | R&D Investment as Percentage of Operating Revenue (%) | 4.49 | 5.85 | Decrease of 1.36 percentage points | - The change in net cash flow from operating activities is primarily due to an increase in cash received from sales of goods and provision of services, driven by higher operating revenue and sales orders during the reporting period[19](index=19&type=chunk) [Non-recurring Gains and Losses Items and Amounts](index=6&type=section&id=VIII.%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) Non-recurring gains and losses totaled **3.18 million yuan**, primarily from government subsidies and net profit from business combinations under common control Non-recurring Gains and Losses Items and Amounts | Non-recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Government subsidies included in current profit and loss | 1,513,700.24 | | Net profit from the beginning of the period to the consolidation date for subsidiaries acquired under common control | 3,796,435.53 | | Other non-operating income and expenses apart from the above | 3,086.10 | | Less: Income tax impact | 227,517.95 | | Impact on minority interests (after tax) | 1,902,369.61 | | Total | 3,183,334.31 | [Net Profit After Deducting Share-based Payment Impact](index=7&type=section&id=IX.%20Net%20Profit%20After%20Deducting%20Share-based%20Payment%20Impact%20for%20Companies%20with%20Equity%20Incentives%20or%20Employee%20Stock%20Ownership%20Plans%20%28Optional%20Disclosure%29) Net profit after deducting share-based payment impact was **64.26 million yuan**, a decrease of 27.01% year-on-year Net Profit After Deducting Share-based Payment Impact | Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Net profit after deducting share-based payment impact (yuan) | 64,256,263.98 | 88,031,674.22 | -27.01 | [Management Discussion and Analysis](index=8&type=section&id=Section%203%20Management%20Discussion%20and%20Analysis) Discusses the company's industry, main business, operational performance, core competencies, and risk factors, highlighting strategic initiatives and financial changes [Explanation of the Company's Industry and Main Business](index=8&type=section&id=I.%20Explanation%20of%20the%20Company%27s%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) The company focuses on high-power power electronic control technology, building a comprehensive industrial chain with products like SVG, inverters, and energy storage systems - The company's core technology platform is high-power power electronic control technology, focusing on the development and application of industrial energy saving and new energy grid technologies and equipment[27](index=27&type=chunk) - The company's main products include high-voltage dynamic reactive power compensation devices (**SVG**), various high, medium, and low-voltage inverters, smart energy storage system devices, rail transit energy feedback devices, and coal mine explosion-proof and intelligent control equipment[27](index=27&type=chunk) - The company's high-voltage dynamic reactive power compensation device (**SVG**) was awarded the **2024 National Manufacturing Single Champion** title[27](index=27&type=chunk) [Main Business](index=8&type=section&id=%28I%29%20Main%20Business) The company's core technology is high-power power electronic control, focusing on industrial energy saving and new energy grid technologies and equipment - The company's core technology platform is high-power power electronic control technology, focusing on the development and application of industrial energy saving and new energy grid technologies and equipment[27](index=27&type=chunk) - The company's main products include high-voltage dynamic reactive power compensation devices (**SVG**), various high, medium, and low-voltage inverters, smart energy storage system devices, rail transit energy feedback devices, and coal mine explosion-proof and intelligent control equipment[27](index=27&type=chunk) - The company's high-voltage dynamic reactive power compensation device (**SVG**) was awarded the **2024 National Manufacturing Single Champion** title[27](index=27&type=chunk) [Main Products and Their Uses](index=8&type=section&id=%28II%29%20Main%20Products%20and%20Their%20Uses) The company's diverse product portfolio includes high-voltage inverters, SVG, smart energy storage systems, and mining explosion-proof equipment, serving various industrial and energy sectors - High, medium, and low-voltage inverters: Achieve soft start, intelligent control, and speed regulation for high-voltage motors, improving energy utilization efficiency[29](index=29&type=chunk) - Dynamic reactive power compensation devices (**SVG**): Rapidly provide capacitive or inductive reactive power, ensuring stable and efficient grid operation and reducing energy loss[35](index=35&type=chunk) - Smart energy storage systems: Provide low-voltage 1000V/1500V and high-voltage 6kV-35kV direct cascade energy storage systems, applied in power generation, grid, and user sides[38](index=38&type=chunk) - Smart mining equipment: Includes explosion-proof inverters, explosion-proof SVG, and mine grid comprehensive regulation and control devices, enhancing coal mine safety and intelligence[42](index=42&type=chunk)[45](index=45&type=chunk) - Rail transit regenerative braking energy absorption devices: Absorb train braking regenerative energy, save energy, avoid overvoltage in DC power supply systems, and ensure operational safety[47](index=47&type=chunk) [Main Business Model](index=13&type=section&id=%28III%29%20Main%20Business%20Model) The company's business model involves direct sales, order-based production for high-voltage products, and a multi-departmental procurement system - Profit model: Generates revenue by selling power electronic equipment such as **SVG**, inverters, smart energy storage systems, rail transit energy feedback devices, and coal mine explosion-proof and intelligent control equipment[50](index=50&type=chunk) - Procurement model: Implements a supplier management and procurement execution model led by the procurement department, with coordination from the component, quality, planning, manufacturing, and finance departments[51](index=51&type=chunk)[53](index=53&type=chunk) - Production model: High-voltage products are produced to order, low-voltage inverters are produced for stock, core processes are self-produced, adopting a "MTO+MTS" and "standardization+modularization" flexible production model[55](index=55&type=chunk)[57](index=57&type=chunk) - Marketing model: Primarily direct sales, supplemented by distribution, acquiring orders through bidding and exhibitions, with pricing based on "production cost + reasonable gross profit"[63](index=63&type=chunk) [Industry Overview](index=16&type=section&id=%28IV%29%20Industry%20Overview) The company operates in industries like SVG, inverters, smart energy storage, rail transit, and mining equipment, all driven by national policies and market growth - High-voltage dynamic reactive power compensation device (**SVG**) industry: Benefiting from energy saving and emission reduction, smart grid, and new energy development policies, the market demand in the new energy power generation sector is approximately **40 Gvar (2 billion yuan)** in 2025, with an industrial user market space of approximately **6 billion yuan**[65](index=65&type=chunk) - Inverter industry: Benefiting from industrial green and low-carbon transformation and equipment renewal policies, demand is expected to rebound in 2025, with a market capacity of approximately **30 billion yuan** for medium and low-voltage inverters and approximately **5.9 billion yuan** for high-voltage inverters[66](index=66&type=chunk) - Smart energy storage industry: Driven by accelerated energy transition and government policy support (e.g., "Action Plan for High-Quality Development of New Energy Storage Manufacturing"), new installed capacity is expected to reach **160.2 GWh** in 2025, a year-on-year increase of **62%**[67](index=67&type=chunk) - Rail transit high-end equipment industry: Benefiting from the "14th Five-Year Plan" and the construction of a strong transportation nation, urban rail transit construction mileage is expected to reach **10,000 kilometers** by 2025, promoting localization[68](index=68&type=chunk) - Coal mine explosion-proof and intelligent control equipment industry: Influenced by "dual carbon" goals and deeper coal mining, the market size has reached **tens of billions of yuan** and continues to grow, with intelligence and greening as major trends[69](index=69&type=chunk)[70](index=70&type=chunk) [Discussion and Analysis of Operating Conditions](index=18&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operating%20Conditions) Revenue increased by 6.57% to **870.42 million yuan**, but net profit decreased by 23.70% to **60.17 million yuan**, primarily due to intensified competition in the new energy sector - During the reporting period, the company's operating revenue was **870.42 million yuan**, a year-on-year increase of **6.57%**; net profit attributable to shareholders of the listed company was **60.17 million yuan**, a year-on-year decrease of **23.70%**[71](index=71&type=chunk) - The decrease in net profit was mainly due to intensified competition in the new energy industry in the first half of the year, leading to a decline in product prices and gross profit margins[71](index=71&type=chunk) [Completion of Key Operating Indicators](index=18&type=section&id=I.%20Completion%20of%20Key%20Operating%20Indicators) The company achieved **870.42 million yuan** in operating revenue, a 6.57% increase, but net profit attributable to shareholders decreased by 23.70% Completion of Key Operating Indicators | Indicator | Current Reporting Period | Period-on-Period Change (%) | | :--- | :--- | :--- | | Operating Revenue (billion yuan) | 0.87 | 6.57 | | Net Profit Attributable to Shareholders of Listed Company (million yuan) | 60.1657 | -23.70 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-recurring Gains and Losses (million yuan) | 56.9824 | -23.43 | [Key Operating Work During the Reporting Period](index=18&type=section&id=II.%20Key%20Operating%20Work%20During%20the%20Reporting%20Period) The company focused on R&D innovation, overseas market expansion, strategic foresight, business transformation, cost control, and talent development - Strengthened R&D innovation: R&D investment of **39.12 million yuan**, launched GT51 series inverters, FD2300 integrated inverter, mine power quality online monitoring and analysis device, and achieved breakthroughs in flow battery energy storage technology. Obtained **7 new invention patents**, **10 utility model patents**, and **6 software copyrights**[72](index=72&type=chunk)[73](index=73&type=chunk) - Expanded overseas markets: Overseas order signing increased by **33.79%** year-on-year, achieving diversified breakthroughs in Southeast Asia, South Asia, Africa, and Europe. The Indonesia energy storage project was successfully grid-connected, high-voltage inverters entered the Guinea market, and the company participated in international exhibitions to deepen global brand expansion[74](index=74&type=chunk)[75](index=75&type=chunk) - Forward-looking layout: Actively prepared and researched for the nuclear fusion industry chain, deepened industry-university-research collaboration, applied to join the "Fusion Industry Alliance"; collaborated with Huawei Digital Energy to deploy new energy grid-forming energy storage, and with Jianghai Co., Ltd. to promote secondary frequency regulation in thermal power plants[75](index=75&type=chunk)[76](index=76&type=chunk) - Deepened five major business transformations: Promoted supply chain S&OP, product IPD, marketing LTC, service ITR, and organizational structure reforms, established innovation laboratories, stimulated innovation, and improved operational efficiency and customer service levels[77](index=77&type=chunk) - Deepened industrial chain layout: Acquired **52.83%** equity in Yanzhou Dongfang Electromechanical Co., Ltd. through capital increase and equity acquisition, increasing revenue from explosion-proof electrical appliances, high and low-voltage switchgear, and control equipment businesses[78](index=78&type=chunk) - Strictly controlled operating costs: Launched "Five Transformations, Five Increases, Five Improvements" activities, promoted "Ten Hard Measures for Cost Reduction and Efficiency Improvement", received **28.07 million yuan** in tax refunds and reductions in the first half of the year, and achieved **52.70 million yuan** in procurement optimization and cost reduction[79](index=79&type=chunk) - Talent pipeline construction: Launched a position certification system, strengthened employee professional skills and professional qualities, and built a high-quality supply chain talent pipeline[80](index=80&type=chunk) - Lean safety management: Optimized management mechanisms, enhanced cybersecurity and emergency response, fostered a safety culture, and effectively prevented accidents[81](index=81&type=chunk) - Improved corporate governance: Revised and improved corporate governance structure and articles of association in accordance with the new "Company Law" and other regulations, solidifying ESG management levels[82](index=82&type=chunk) [Analysis of Core Competitiveness](index=21&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) The company's core strengths lie in its robust R&D, proprietary technology, strong brand, experienced team, and comprehensive marketing and service network - The company has **296 R&D personnel**, established **12 provincial-level scientific and technological innovation platforms**, and collaborates with multiple research institutes, having received the **National Technology Invention Second Prize** and the **National Science and Technology Progress Second Prize**[84](index=84&type=chunk) - All company products are independently developed, with **375 authorized patents** (including **104 invention patents**), **111 software copyrights**, and participation in drafting multiple national standards[86](index=86&type=chunk) - The company has obtained "China Famous Brand Product Certificate" and "Shandong Province Famous Trademark", was selected for the State-owned Assets Supervision and Administration Commission's "World-Class Specialized and Sophisticated 'Little Giant' Enterprise Demonstration List", and received the **2024 National Quality Benchmark Award**[87](index=87&type=chunk) [Analysis of Core Competitiveness](index=21&type=section&id=%28I%29%20Analysis%20of%20Core%20Competitiveness) The company boasts strong R&D capabilities, proprietary technologies, high product quality, an experienced team, and a professional marketing and service network - R&D advantage: Emphasizes product technology R&D and continuous innovation, with **296 R&D personnel**, **12 provincial-level scientific and technological innovation platforms**, and collaborations with Cardiff University, National Engineering Research Center for Power Electronics and Control, etc[84](index=84&type=chunk) - Technology advantage: All products are independently developed, with **375 authorized patents** (**104 invention patents**), **111 software copyrights**, and participation in drafting multiple national standards[86](index=86&type=chunk) - Quality and brand advantage: Certified by ISO9001 and other international standards, possesses a CNAS laboratory, awarded "China Famous Brand Product" and "Shandong Province Famous Trademark", selected as a national specialized and sophisticated "Little Giant" enterprise and a manufacturing "Single Champion" enterprise[87](index=87&type=chunk) - Management and technical team advantage: Core team has long been engaged in R&D, production, and sales in related fields, with rich experience and accurate insights into industry development, and core members hold company shares, ensuring team stability[88](index=88&type=chunk) - Professional marketing and after-sales service advantage: Established a marketing center covering six major sales regions nationwide, sales personnel have technical backgrounds, and a user service center provides pre-sales consultation, in-sales technical support, and after-sales service[89](index=89&type=chunk) [Core Technologies and R&D Progress](index=22&type=section&id=%28III%29%20Core%20Technologies%20and%20R%26D%20Progress) The company possesses 29 core technologies, has received national science and technology awards, and continues to invest significantly in R&D with 13 ongoing projects - During the reporting period, the company possessed **29 core technologies**, mainly including ultra-large scale power unit cascade H-bridge technology, big data monitoring and modular redundancy technology, multi-machine parallel intelligent operation technology, grid adaptive high-performance compensation technology, strong environmental adaptability technology for SVG, etc[90](index=90&type=chunk)[91](index=91&type=chunk)[92](index=92&type=chunk)[93](index=93&type=chunk)[94](index=94&type=chunk)[95](index=95&type=chunk)[96](index=96&type=chunk) National Science and Technology Award Winnings | Award Name | Award Year | Project Name | Award Level | | :--- | :--- | :--- | :--- | | National Technology Invention Award | 2013 | Key Technologies and Applications for High-Efficiency Operation and Control of Motor Systems under Complex Conditions | Second Prize | | National Science and Technology Progress Award | 2020 | Key Control Technologies and Applications for Power Quality Purification in High-Proportion New Energy Power Systems | Second Prize | National Specialized and Sophisticated "Little Giant" Enterprise, Manufacturing "Single Champion" Recognition | Recognition Body | Title | Recognition Year | Product Name | | :--- | :--- | :--- | :--- | | Ministry of Industry and Information Technology | National Specialized and Sophisticated "Little Giant" Enterprise | 2023 | Not Applicable | | Ministry of Industry and Information Technology | Single Champion Product | 2024 | High-Voltage Dynamic Reactive Power Compensation Device | - During the reporting period, **7 new invention patents**, **10 utility model patents**, and **6 software copyrights** were obtained[97](index=97&type=chunk) R&D Investment | Indicator | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 39,122,352.97 | 47,768,752.41 | -18.10 | | Total R&D Investment | 39,122,352.97 | 47,768,752.41 | -18.10 | | Total R&D Investment as Percentage of Operating Revenue (%) | 4.49 | 5.85 | Decrease of 1.36 percentage points | - Ongoing projects include 13 items such as high-voltage high-energy cascade energy storage systems, high-throughput data synchronous acquisition and processing systems for power batteries, high-power high-frequency high-efficiency precision excitation power supplies, key technologies for ultra-high power inverters, 35kV direct cascade G60 series products, BMS serialization research and application, key technologies for high-voltage large-capacity smart energy storage systems, high-performance high-power density explosion-proof inverters, SVG new technology R&D, new generation high-voltage inverters, expansion of inverter models, liquid-cooled industrial and commercial energy storage development, and R&D of key control technologies and core equipment for large-scale energy storage systems[101](index=101&type=chunk)[102](index=102&type=chunk) R&D Personnel Information | Indicator | Current Period Number | Prior Year Period Number | | :--- | :--- | :--- | | Number of company R&D personnel (people) | 296 | 304 | | Percentage of R&D personnel in total company headcount (%) | 24.96 | 33.82 | | Total R&D personnel compensation (million yuan) | 29.8684 | 30.4750 | | Average R&D personnel compensation (million yuan) | 0.1009 | 0.1002 | [Risk Factors](index=30&type=section&id=IV.%20Risk%20Factors) The company faces risks related to technological advancements, talent shortages, project delays, declining gross margins, policy changes, and macroeconomic instability - Risks of technological progress and product updates: If the company fails to timely improve new product R&D efficiency and optimize production processes, it may not adapt to market demand[106](index=106&type=chunk) - Risk of R&D personnel shortage: The power electronic equipment industry is technology, talent, and capital-intensive, and the company faces the risk of losing excellent R&D personnel and a shortage of high-quality talent[107](index=107&type=chunk) - Risk of declining gross profit margin: Intensified market competition and falling product prices in the new energy industry may lead to a decrease in the company's gross profit margin[110](index=110&type=chunk) - Risk of large accounts receivable balance: As of the end of the reporting period, the book value of accounts receivable was **1.10 billion yuan**, accounting for **32.14%** of total assets; if customers face operational difficulties, these amounts may not be recovered on time[114](index=114&type=chunk) [Core Competitiveness Risks](index=31&type=section&id=%28I%29%20Core%20Competitiveness%20Risks) Risks include rapid technological advancements, potential shortage of R&D personnel, and the threat of technology leakage - Risk of technological progress and product updates: The industry's technology updates rapidly; if the company cannot timely develop new products and optimize processes, it may not adapt to market demand[106](index=106&type=chunk) - Risk of R&D personnel shortage: The power electronic equipment industry is talent-intensive, and the company faces the risk of losing excellent R&D personnel and a shortage of high-quality talent[107](index=107&type=chunk) - Risk of technology leakage: Technology-intensive industries face the risk of core technology leakage, which could negatively impact the company's market competitiveness[108](index=108&type=chunk) [Operational Risks](index=31&type=section&id=%28II%29%20Operational%20Risks) Operational risks include project contract delays and the potential for declining gross margins due to market competition - Risk of project contract delays: Construction of photovoltaic, wind power, and other new energy power stations is susceptible to external factors, which may prolong contract performance, affecting revenue recognition and capital turnover[109](index=109&type=chunk) - Risk of declining gross profit margin: Intensified market competition and falling product prices in the new energy industry may lead to a decrease in the gross profit margin of the company's main products[110](index=110&type=chunk) [Financial Risks](index=31&type=section&id=%28III%29%20Financial%20Risks) Financial risks involve changes in tax preferential policies, high inventory balances, and significant accounts receivable - Risk of changes in tax preferential policies: The company enjoys VAT immediate refund for self-developed software products and a **15%** corporate income tax preferential rate for high-tech enterprises; policy changes could adversely affect profits[111](index=111&type=chunk)[112](index=112&type=chunk) - Risk of large inventory balance: A high inventory balance ties up working capital, and project stagnation or order cancellations could lead to inventory impairment[113](index=113&type=chunk) - Risk of large accounts receivable balance: As of the end of the reporting period, the book value of accounts receivable was **1.10 billion yuan**, accounting for **32.14%** of total assets; if customers face operational difficulties, these amounts may not be recovered on time[114](index=114&type=chunk) [Industry Risks](index=32&type=section&id=%28IV%29%20Industry%20Risks) The industry is highly susceptible to macroeconomic and policy changes, with intense competition and product homogenization posing market share risks - Industry development is highly influenced by national macroeconomic conditions and policies; the power electronic equipment and new energy markets are intensely competitive, with product homogenization emerging, posing a risk of market share decline for the company[115](index=115&type=chunk) [Macroeconomic Environment Risks](index=32&type=section&id=%28V%29%20Macroeconomic%20Environment%20Risks) Global economic slowdown, geopolitical conflicts, and trade protectionism could negatively impact the new energy industry and company performance - Unstable factors such as global economic slowdown, geopolitical conflicts, and trade protectionism may negatively impact the development of the new energy industry and the company's operating performance[116](index=116&type=chunk) [Key Operating Conditions During the Reporting Period](index=33&type=section&id=V.%20Key%20Operating%20Conditions%20During%20the%20Reporting%20Period) Revenue increased by 6.57% to **870.42 million yuan**, but net profit decreased by 23.70% to **60.17 million yuan**, influenced by product sales, declining gross margins, and shifts in asset-liability structure - During the reporting period, the company achieved total operating revenue of **870.42 million yuan**, a year-on-year increase of **6.57%**; net profit attributable to shareholders of the listed company was **60.17 million yuan**, a year-on-year decrease of **23.70%**[117](index=117&type=chunk) - Operating revenue growth was mainly due to increased income from energy storage products and motor drive products[119](index=119&type=chunk) - Net cash flow from investing activities decreased by **119.35%** year-on-year, mainly because there were no recoveries of wealth management funds in the current period[119](index=119&type=chunk) - Net cash flow from financing activities increased year-on-year, mainly due to a **1.00 yuan (tax inclusive)** increase in cash dividends per 10 shares compared to the prior year period[119](index=119&type=chunk) [Analysis of Main Business](index=33&type=section&id=%28IV%29%20Analysis%20of%20Main%20Business) The company's main business analysis shows revenue growth but increased operating costs, sales, and administrative expenses, while R&D expenses decreased Analysis Table of Financial Statement Items Changes | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 870,421,630.89 | 816,786,181.00 | 6.57 | | Operating Cost | 679,383,279.73 | 606,981,397.72 | 11.93 | | Selling Expenses | 68,165,624.24 | 60,734,132.45 | 12.24 | | Administrative Expenses | 33,329,695.49 | 29,691,249.84 | 12.25 | | Financial Expenses | -4,678,100.44 | -4,910,474.57 | Not Applicable | | R&D Expenses | 39,122,352.97 | 47,768,752.41 | -18.10 | | Net Cash Flow from Operating Activities | -34,446,220.09 | -75,128,815.58 | Not Applicable | | Net Cash Flow from Investing Activities | -8,386,313.82 | 43,332,629.41 | -119.35 | | Net Cash Flow from Financing Activities | -73,683,006.50 | -31,178,054.70 | Not Applicable | [Analysis of Assets and Liabilities](index=34&type=section&id=%28VI%29%20Analysis%20of%20Assets%20and%20Liabilities) The company's asset and liability structure changed, with significant increases in inventory and accounts receivable financing, and decreases in cash and other receivables Changes in Assets and Liabilities (Current Period End vs. Prior Year End) | Item Name | Current Period End Amount (yuan) | Current Period End % of Total Assets | Prior Year End Amount (yuan) | Prior Year End % of Total Assets | Change from Prior Year End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 724,406,044.56 | 21.16 | 861,109,555.46 | 25.21 | -15.88 | | | Inventory | 854,288,009.71 | 24.95 | 562,070,257.27 | 16.45 | 51.99 | Mainly due to increased sales scale and goods issued | | Investment Properties | 0 | 0 | 1,780,630.26 | 0.05 | -100.00 | Mainly due to subsidiary (Dongfang Electromechanical) production and operation needs, original leased properties are no longer leased | | Right-of-Use Assets | 2,431,164.78 | 0.07 | 3,251,181.80 | 0.1 | -25.22 | Mainly due to depreciation accrued during the reporting period | | Contract Liabilities | 162,834,626.97 | 4.76 | 135,864,525.91 | 3.98 | 19.85 | | | Lease Liabilities | 1,028,450.09 | 0.03 | 1,635,065.86 | 0.05 | -37.10 | Mainly due to rent payments by subsidiaries and branches during the reporting period | | Accounts Receivable Financing | 143,474,922.39 | 4.19 | 34,238,203.68 | 1.00 | 319.05 | Mainly due to an increase in notes receivable measured at fair value with changes recognized in other comprehensive income | | Prepayments | 15,518,138.36 | 0.45 | 79,855,828.81 | 2.34 | -80.57 | Mainly due to arrival and warehousing of battery materials for energy storage products and invoice settlement | | Other Receivables | 33,276,821.45 | 0.97 | 159,777,993.81 | 4.68 | -79.17 | Mainly due to the return of funds from subsidiary (Dongfang Electromechanical) deposited with its former superior entity | | Long-term Deferred Expenses | 2,044,332.51 | 0.06 | 662,763.03 | 0.02 | 208.46 | Mainly due to expenses incurred for factory renovation by subsidiary (Qingdao Company) | | Employee Compensation Payable | 49,232,517.60 | 1.44 | 85,787,586.41 | 2.51 | -42.61 | Mainly due to payment of compensation accrued for 2024 during the reporting period | | Taxes Payable | 7,723,010.48 | 0.23 | 26,536,745.32 | 0.78 | -70.90 | Mainly due to payment of taxes accrued for 2024 during the reporting period | - Total restricted assets at period-end were **2.44 million yuan**, primarily for deposits and interest[123](index=123&type=chunk) [Analysis of Investment Status](index=36&type=section&id=%28VII%29%20Analysis%20of%20Investment%20Status) The company's investment activities primarily involved increasing its stake in Yanzhou Dongfang Electromechanical Co., Ltd., with a total investment of **55.93 million yuan** Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (yuan) | Amount Purchased in Current Period (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | | Accounts Receivable Financing | 34,238,203.68 | 109,236,718.71 | 143,474,922.39 | | Total | 34,238,203.68 | 109,236,718.71 | 143,474,922.39 | - The investment amount during the reporting period was **55.93 million yuan**, mainly for increasing the equity in Yanzhou Dongfang Electromechanical Co., Ltd. by **50%**[127](index=127&type=chunk) [Analysis of Major Holding and Participating Companies](index=38&type=section&id=%28IX%29%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The company's major subsidiaries include Zhejiang Yijia Energy Saving Equipment, XFG (Suzhou) Technology, XFG (Qingdao) Rail Transit Technology, and Yanzhou Dongfang Electromechanical Financial Information of Major Subsidiaries | Company Name | Company Type | Registered Capital (yuan) | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhejiang Yijia Energy Saving Equipment Co., Ltd. | Subsidiary | 5,000,000.00 | 5,466,448.23 | 5,458,761.49 | 309,734.51 | 110,222.07 | | Xin Feng Guang (Suzhou) Technology Co., Ltd. | Subsidiary | 32,000,000.00 | 26,676,875.01 | 4,462,085.62 | 16,711,628.73 | 25,462.85 | | Xin Feng Guang (Qingdao) Rail Transit Technology Co., Ltd. | Subsidiary | 80,000,000.00 | 62,764,816.06 | 43,923,559.89 | 7,505,091.92 | 541,801.07 | | Yanzhou Dongfang Electromechanical Co., Ltd. | Subsidiary | 100,000,000.00 | 362,234,531.58 | 121,045,461.91 | 129,329,090.91 | 5,814,038.05 | - The acquisition of Yanzhou Dongfang Electromechanical Co., Ltd. as a subsidiary during the reporting period does not constitute a significant impact on its overall production, operation, and performance[130](index=130&type=chunk) [Corporate Governance, Environment, and Society](index=39&type=section&id=Section%204%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) Details changes in the company's governance structure, including board and senior management adjustments, and information on equity incentive plans [Changes in Directors, Senior Management, and Core Technical Personnel](index=39&type=section&id=I.%20Changes%20in%20Company%20Directors%2C%20Senior%20Management%2C%20and%20Core%20Technical%20Personnel) The company abolished the Supervisory Board, added employee representative directors, and saw several supervisors resign during the reporting period Changes in Directors, Senior Management, and Core Technical Personnel | Name | Position Held | Change | | :--- | :--- | :--- | | Jiang Hanwen | Chairman of the Supervisory Board | Resigned | | An Shoubing | Employee Supervisor | Resigned | | Zhao Shuguo | Supervisor | Resigned | - The company abolished the Supervisory Board, with its functions now exercised by the Board of Directors' Audit Committee, and added employee representative directors[133](index=133&type=chunk) [Profit Distribution or Capital Reserve Conversion Plan](index=39&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company has no profit distribution or capital reserve conversion plan for the semi-annual period - The proposed profit distribution plan or capital reserve conversion plan for the semi-annual period is "Not Applicable"[134](index=134&type=chunk) [Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=39&type=section&id=III.%20Information%20on%20Company%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures%20and%20Their%20Impact) The first vesting period of the 2022 restricted stock incentive plan resulted in **670,230 new shares** being listed and circulated, increasing the company's total share capital - The first vesting period of the company's 2022 restricted stock incentive plan resulted in **670,230 new shares** being listed and circulated on May 29, 2025[135](index=135&type=chunk) [Significant Matters](index=41&type=section&id=Section%205%20Significant%20Matters) Covers the fulfillment of commitments, absence of major litigation, significant related-party transactions, and the progress of raised capital utilization [Fulfillment of Commitments](index=41&type=section&id=I.%20Fulfillment%20of%20Commitments) The company's controlling shareholders, directors, supervisors, senior management, and core technical personnel have strictly fulfilled all commitments related to the initial public offering - Controlling shareholders, shareholders Wenshang Kaiyuan Group, Shandong Gaoxin Chuangtou, directors, supervisors, senior management holding company shares, and shareholders Pingtan Liheng, Jining Bochuan, and natural person shareholder Xu Lin all committed to comply with relevant regulations for share reduction after the lock-up period, with reduction prices not lower than the issue price (within two years after the lock-up period), and to disclose reduction plans as required[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)[148](index=148&type=chunk)[149](index=149&type=chunk) - The company committed to maintain stock price stability after listing and may repurchase company shares[150](index=150&type=chunk) - The company, controlling shareholders, directors, supervisors, senior management, and core technical personnel all committed that information disclosure contains no false records, misleading statements, or major omissions, and will bear corresponding legal responsibilities[151](index=151&type=chunk)[152](index=152&type=chunk)[153](index=153&type=chunk)[154](index=154&type=chunk)[155](index=155&type=chunk)[156](index=156&type=chunk) - The company and controlling shareholders committed that there are no fraudulent issuance circumstances, and if they occur, a share repurchase program will be initiated[157](index=157&type=chunk)[158](index=158&type=chunk)[159](index=159&type=chunk) - The company and controlling shareholders, directors, and senior management committed to take measures to fill immediate returns, including increasing R&D investment, market expansion, strengthening operational management, enhancing management of raised funds, accelerating investment progress of fundraising projects, improving corporate governance, increasing talent cultivation and introduction, and strictly implementing dividend policies[160](index=160&type=chunk)[161](index=161&type=chunk)[162](index=162&type=chunk)[163](index=163&type=chunk)[164](index=164&type=chunk)[165](index=165&type=chunk)[166](index=166&type=chunk)[167](index=167&type=chunk)[168](index=168&type=chunk)[169](index=169&type=chunk) - Controlling shareholders, directors, supervisors, and senior management committed to avoid horizontal competition and regulate related-party transactions[173](index=173&type=chunk)[174](index=174&type=chunk)[175](index=175&type=chunk)[176](index=176&type=chunk)[177](index=177&type=chunk)[178](index=178&type=chunk)[179](index=179&type=chunk) - Controlling shareholders, directors, supervisors, and senior management committed not to occupy company funds and not to provide guarantees for related parties[180](index=180&type=chunk)[181](index=181&type=chunk) - Controlling shareholders committed not to transfer or reduce company shares within **24 months** from April 15, 2024; Wenshang Kaiyuan Holding Group Co., Ltd. and some directors and senior management committed not to transfer or reduce company shares within **12 months** from February 5, 2024[188](index=188&type=chunk)[189](index=189&type=chunk)[190](index=190&type=chunk) [Major Litigation and Arbitration Matters](index=59&type=section&id=VII.%20Major%20Litigation%20and%20Arbitration%20Matters) The company had no major litigation or arbitration matters during the reporting period - The company had no major litigation or arbitration matters in this reporting period[193](index=193&type=chunk) [Significant Related-Party Transactions](index=59&type=section&id=X.%20Significant%20Related-Party%20Transactions) The company's estimated annual related-party transactions total **1.05 billion yuan**, including an acquisition of Yanzhou Dongfang Electromechanical and financial dealings with Shandong Energy Group Finance Co., Ltd - The company's estimated total daily related-party transactions for 2025 amount to **1.05 billion yuan**[193](index=193&type=chunk) - The company has completed a **55.93 million yuan** capital increase in Yanzhou Dongfang Electromechanical Co., Ltd. and acquired a **2.832%** equity stake from its 23 natural person shareholders, making it a **52.832%** controlled subsidiary[195](index=195&type=chunk) Financial Business with Shandong Energy Group Finance Co., Ltd. | Business Type | Maximum Daily Deposit Limit (yuan) | Total Deposits in Current Period (yuan) | Total Withdrawals in Current Period (yuan) | Ending Balance (yuan) | Total Credit Limit (yuan) | Actual Credit Amount (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deposit Business | 150,000,000.00 | 251,665,200.53 | 251,509,219.25 | 155,981.28 | | | | Credit Business | | | | | 130,000,000.00 | 55,953,579.01 | [Related-Party Transactions Related to Daily Operations](index=59&type=section&id=%28I%29%20Related-Party%20Transactions%20Related%20to%20Daily%20Operations) The company's estimated total daily related-party transactions for 2025 amount to **1.05 billion yuan** - The company's estimated total daily related-party transactions for 2025 amount to **1.05 billion yuan**[193](index=193&type=chunk) [Significant Related-Party Transactions for Joint External Investment](index=60&type=section&id=%28III%29%20Significant%20Related-Party%20Transactions%20for%20Joint%20External%20Investment) The company completed a **55.93 million yuan** capital increase and acquired a 2.832% stake in Yanzhou Dongfang Electromechanical, making it a 52.832% controlled subsidiary - The company has completed a **55.93 million yuan** capital increase in Yanzhou Dongfang Electromechanical Co., Ltd. and acquired a **2.832%** equity stake from its 23 natural person shareholders, making it a **52.832%** controlled subsidiary[195](index=195&type=chunk) [Financial Business with Affiliated Finance Companies](index=60&type=section&id=%28V%29%20Financial%20Business%20with%20Affiliated%20Finance%20Companies%2C%20and%20Financial%20Business%20Between%20Company%27s%20Controlled%20Finance%20Companies%20and%20Related%20Parties) The company conducts deposit and credit business with Shandong Energy Group Finance Co., Ltd., with specific limits and actual transaction amounts Deposit Business with Shandong Energy Group Finance Co., Ltd. | Related Party | Maximum Daily Deposit Limit (yuan) | Total Deposits in Current Period (yuan) | Total Withdrawals in Current Period (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | | Shandong Energy Group Finance Co., Ltd. | 150,000,000.00 | 251,665,200.53 | 251,509,219.25 | 155,981.28 | Credit Business with Shandong Energy Group Finance Co., Ltd. | Related Party | Business Type | Total Amount (yuan) | Actual Amount Incurred (yuan) | | :--- | :--- | :--- | :--- | | Shandong Energy Group Finance Co., Ltd. | Issuance of Commercial Paper | 130,000,000.00 | 55,953,579.01 | [Explanation of Progress in Use of Raised Funds](index=62&type=section&id=XII.%20Explanation%20of%20Progress%20in%20Use%20of%20Raised%20Funds) As of the end of the reporting period, the company had invested **365.56 million yuan**, or **82.46%**, of its initial public offering proceeds into various projects Overall Use of Raised Funds | Source of Raised Funds | Total Raised Funds (million yuan) | Net Raised Funds (million yuan) | Total Investment Committed in Prospectus (million yuan) | Cumulative Raised Funds Invested as of Reporting Period End (million yuan) | Cumulative Investment Progress of Raised Funds as of Reporting Period End (%) | Amount Invested in Current Year (million yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering of Shares | 506.6552 | 443.2926 | 590.2002 | 365.5583 | 82.46 | 9.9203 | - Raised fund investment projects include R&D upgrades and expansion for inverters and SVG, R&D and industrialization of rail transit regenerative braking energy absorption inverters, R&D and industrialization of energy storage PCS products, R&D center construction, and supplementary working capital[202](index=202&type=chunk)[203](index=203&type=chunk) - The investment progress of all raised fund projects is in line with the planned schedule, with the supplementary working capital project having reached **100%** investment[203](index=203&type=chunk) [Overall Use of Raised Funds](index=62&type=section&id=%28I%29Overall%20Use%20of%20Raised%20Funds) The company's initial public offering raised **506.66 million yuan**, with **365.56 million yuan (82.46%)** cumulatively invested by the end of the reporting period Overall Use of Raised Funds | Source of Raised Funds | Total Raised Funds (million yuan) | Net Raised Funds (million yuan) | Total Investment Committed in Prospectus (million yuan) | Cumulative Raised Funds Invested as of Reporting Period End (million yuan) | Cumulative Investment Progress of Raised Funds as of Reporting Period End (%) | Amount Invested in Current Year (million yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering of Shares | 50,665.52 | 44,329.26 | 59,020.02 | 36,555.83 | 82.46 | 992.03 | [Details of Raised Fund Investment Projects](index=63&type=section&id=%28II%29募投项目明细) Details of the raised fund investment projects, including R&D upgrades, industrialization of rail transit and energy storage products, and R&D center construction, are progressing as planned Details of Raised Fund Investment Projects Use | Project Name | Planned Investment Amount of Raised Funds (million yuan) | Amount Invested in Current Year (million yuan) | Cumulative Raised Funds Invested as of Reporting Period End (million yuan) | Cumulative Investment Progress as of Reporting Period End (%) | Date Project Reached Intended Usable State | Is Investment Progress in Line with Planned Progress | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Inverter and SVG R&D Upgrade and Expansion Project | 14,975.70 | 0 | 13,056.16 | 87.18 | April 2024 | Yes | | Rail Transit Regenerative Braking Energy Absorption Inverter R&D and Industrialization Project | 8,651.82 | 684.34 | 6,162.07 | 71.22 | April 2024 | Yes | | Energy Storage PCS Product R&D and Industrialization Project | 10,380.16 | 0 | 8,612.60 | 82.97 | April 2024 | Yes | | R&D Center Construction Project | 7,512.34 | 307.69 | 5,915.76 | 78.75 | April 2024 | Yes | | Supplementary Working Capital | 2,809.24 | 0 | 2,809.24 | 100.00 | Not Applicable | Yes | [Explanation of Other Significant Matters](index=64&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) As of June 30, 2025, the company had repurchased **2,041,139 shares**, representing **1.45%** of its total share capital, for a total of **44.99 million yuan** - As of June 30, 2025, the company had cumulatively repurchased **2,041,139 shares**, accounting for **1.45%** of the company's total share capital[206](index=206&type=chunk) - The highest repurchase price was **22.90 yuan/share**, the lowest was **20.70 yuan/share**, and the total amount paid was **44.99 million yuan**[206](index=206&type=chunk) [Share Changes and Shareholder Information](index=66&type=section&id=Section%206%20Share%20Changes%20and%20Shareholder%20Information) Details changes in the company's share capital, information on top shareholders, and the shareholdings of directors, senior management, and core technical personnel [Changes in Share Capital](index=66&type=section&id=I.%20Changes%20in%20Share%20Capital) The company's total share capital increased by **670,230 shares** to **140,620,230 shares** due to the vesting of restricted stock from the 2022 incentive plan Share Capital Change Table | Item | Quantity Before This Change | Increase/Decrease in This Change (+,-) | Quantity After This Change | | :--- | :--- | :--- | :--- | | II. Unrestricted Shares | 139,950,000 | +670,230 | 140,620,230 | | III. Total Shares | 139,950,000 | +670,230 | 140,620,230 | - The first vesting period of the 2022 restricted stock incentive plan resulted in **670,230 shares** being vested, leading to an increase in the company's total share capital[210](index=210&type=chunk) [Shareholder Information](index=67&type=section&id=II.%20Shareholder%20Information) As of the reporting period end, the company had **6,769 common shareholders**. Shandong Energy Group Co., Ltd. held **38.07%**, He Hongchen held **5.02%**, and Wenshang Kaiyuan Holding Group Co., Ltd. held **4.51%** - As of the end of the reporting period, the total number of common shareholders was **6,769**[212](index=212&type=chunk) Top Ten Shareholders' Shareholding as of Reporting Period End | Shareholder Name | Number of Shares Held at Period End | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Shandong Energy Group Co., Ltd. | 53,529,600 | 38.07 | State-owned Legal Person | | He Hongchen | 7,065,066 | 5.02 | Domestic Natural Person | | Wenshang Kaiyuan Holding Group Co., Ltd. | 6,340,775 | 4.51 | State-owned Legal Person | | Shandong High-tech Venture Capital Co., Ltd. | 3,356,933 | 2.39 | State-owned Legal Person | | Fujian Pingtan Liheng Investment Co., Ltd. | 3,085,573 | 2.19 | Domestic Non-state-owned Legal Person | | Li Fengxin | 1,500,000 | 1.07 | Domestic Natural Person | | Ding Yancan | 1,220,328 | 0.87 | Domestic Natural Person | | Wu Ping | 1,020,000 | 0.73 | Domestic Natural Person | | Cheng Xudong | 994,323 | 0.71 | Domestic Natural Person | | Beijing Jintai Private Equity Fund Management Co., Ltd. - Jintai Jixiang No. 1 Private Equity Investment Fund | 830,227 | 0.59 | Other | - The company's special repurchase account held **2,041,139 shares**, accounting for **1.45%** of the company's total share capital[215](index=215&type=chunk) [Information on Directors, Senior Management, and Core Technical Personnel](index=69&type=section&id=III.%20Information%20on%20Directors%2C%20Senior%20Management%2C%20and%20Core%20Technical%20Personnel) Several directors, senior management, and core technical personnel saw an increase in their shareholdings due to the vesting of equity incentive shares Changes in Shareholdings of Current and Resigned Directors, Senior Management, and Core Technical Personnel During the Reporting Period | Name | Position | Beginning Shareholding | Ending Shareholding | Change in Shares During Reporting Period | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Hu Shunquan | Director, General Manager | 336,152 | 367,502 | 31,350 | Equity incentive share vesting | | Qin Xiansheng | Deputy General Manager | 8,535 | 33,615 | 25,080 | Equity incentive share vesting | | Hou Lei | Board Secretary | 8,380 | 33,460 | 25,080 | Equity incentive share vesting | | Yin Pengfei | Chief Engineer | 270,952 | 296,032 | 25,080 | Equity incentive share vesting | | Ma Yunsheng | Deputy General Manager | 200,900 | 225,980 | 25,080 | Equity incentive share vesting | | He Zhaocheng | Director | 8,000 | 33,080 | 25,080 | Equity incentive share vesting | | Zhang Changyuan | Deputy General Manager | 0 | 18,150 | 18,150 | Equity incentive share vesting | | Guo Shaoming | Core Technical Personnel | 0 | 18,150 | 18,150 | Equity incentive share vesting | | Fang Hanxue | Core Technical Personnel | 218,579 | 233,429 | 14,850 | Equity incentive share vesting | | Ren Qiguang | Core Technical Personnel | 2,250 | 17,100 | 14,850 | Equity incentive share vesting | Equity Incentive Information (Second Class Restricted Shares) Granted to Directors, Senior Management, and Core Technical Personnel During the Reporting Period | Name | Position | Number of Restricted Shares Granted at Beginning of Period | Number Vested | Number of Restricted Shares Granted at End of Period | | :--- | :--- | :--- | :--- | :--- | | Hu Shunquan | Director, General Manager | 95,000.00 | 31,350.00 | 63,650.00 | | Qin Xiansheng | Deputy General Manager | 76,000.00 | 25,080.00 | 50,920.00 | | Hou Lei | Board Secretary | 76,000.00 | 25,080.00 | 50,920.00 | | Yin Pengfei | Chief Engineer | 76,000.00 | 25,080.00 | 50,920.00 | | Ma Yunsheng | Deputy General Manager | 76,000.00 | 25,080.00 | 50,920.00 | | He Zhaocheng | Director | 76,000.00 | 25,080.00 | 50,920.00 | | Zhang Changyuan | Deputy General Manager | 55,000.00 | 18,150.00 | 36,850.00 | | Guo Shaoming | Core Technical Personnel | 55,000.00 | 18,150.00 | 36,850.00 | | Fang Hanxue | Core Technical Personnel | 45,000.00 | 14,850.00 | 30,150.00 | | Ren Qiguang | Core Technical Personnel | 45,000.00 | 14,850.00 | 30,150.00 | [Bond-Related Information](index=71&type=section&id=Section%207%20Bond-Related%20Information) The company has no corporate bonds or convertible corporate bonds - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[222](index=222&type=chunk) - The company has no convertible corporate bonds[222](index=222&type=chunk) [Financial Report](index=72&type=section&id=Section%208%20Financial%20Report) Presents the company's unaudited consolidated and parent company financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity [Audit Report](index=72&type=section&id=I.%20Audit%20Report) This semi-annual report has not been audited - This semi-annual report has not been audited[4](index=4&type=chunk) [Financial Statements](index=72&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 - Financial statements include 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[224](index=224&type=chunk)[227](index=227&type=chunk)[231](index=231&type=chunk)[234](index=234&type=chunk)[237](index=237&type=chunk)[240](index=240&type=chunk)[243](index=243&type=chunk)[249](index=249&type=chunk) [Consolidated Balance Sheet](index=72&type=section&id=Consolidated%20Balance%20Sheet) Presents the consolidated financial position of the company as of June 30, 2025, detailing assets, liabilities, and owners' equity Key Data from Consolidated Balance Sheet (June 30, 2025) | Item | June 30, 2025 (yuan) | December 31, 2024 (yuan) | | :--- | :--- | :--- | | Monetary Funds | 724,406,044.56 | 861,109,555.46 | | Accounts Receivable | 1,100,370,399.53 | 1,155,593,195.94 | | Inventory | 854,288,009.71 | 562,070,257.27 | | Total Current Assets | 3,132,828,476.58 | 3,119,036,650.00 | | Fixed Assets | 228,266,980.89 | 231,906,930.36 | | Total Assets | 3,423,329,898.76 | 3,415,887,593.22 | | Accounts Payable | 1,216,771,592.48 | 1,075,106,865.25 | | Total Current Liabilities | 2,009,084,686.56 | 1,951,562,691.06 | | Total Liabilities | 2,015,075,924.66 | 1,958,934,245.17 | | Total Owners' Equity Attributable to Parent Company | 1,331,465,580.08 | 1,411,229,539.47 | | Total Owners' Equity | 1,408,253,974.10 | 1,456,953,348.05 | [Consolidated Income Statement](index=76&type=section&id=Consolidated%20Income%20Statement) Details the company's consolidated operating results for the first half of 2025, including revenue, costs, and net profit Key Data from Consolidated Income Statement (Jan-Jun 2025) | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 870,421,630.89 | 816,786,181.00 | | Total Operating Costs | 820,097,920.51 | 743,340,583.79 | | Total Profit | 69,291,423.13 | 94,860,287.88 | | Net Profit | 63,267,458.98 | 81,938,619.22 | | Net Profit Attributable to Parent Company Shareholders | 60,165,717.02 | 78,852,636.59 | | Basic Earnings Per Share (yuan/share) | 0.43 | 0.56 | [Consolidated Cash Flow Statement](index=80&type=section&id=Consolidated%20Cash%20Flow%20Statement) Shows the consolidated cash inflows and outflows from operating, investing, and financing activities for the first half of 2025 Key Data from Consolidated Cash Flow Statement (Jan-Jun 2025) | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -34,446,220.09 | -75,128,815.58 | | Net Cash Flow from Investing Activities | -8,386,313.82 | 43,332,629.41 | | Net Cash Flow from Financing Activities | -73,683,006.50 | -31,178,054.70 | | Net Increase in Cash and Cash Equivalents | -116,518,028.92 | -62,974,240.87 | | Cash and Cash Equivalents at Period End | 721,963,628.93 | 527,633,166.50 | [Company Basic Information](index=91&type=section&id=III.%20Company%20Basic%20Information) Xin Feng Guang Electronics Technology Co., Ltd. was listed on the Shanghai Stock Exchange on April 13, 2021, with a total share capital of **140,620,230 shares** as of June 30, 2025 - The company was listed on the Shanghai Stock Exchange on April 13, 2021[252](index=252&type=chunk) - As of June 30, 2025, the company's total issued share capital was **140,620,230 shares**, and its registered capital was **140,620,230 yuan**[252](index=252&type=chunk) - The company's main business includes five segments: motor drive and energy-saving control, power quality management, rail transit high-end equipment, coal mine explosion-proof and intelligent control equipment, and smart energy storage equipment[252](index=252&type=chunk) [Basis of Financial Statement Preparation](index=91&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, affirming its ability to continue operations for at least 12 months from the reporting period end - The company's financial statements are prepared on a going concern basis[253](index=253&type=chunk) - The company has the ability to continue as a going concern for at least **12 months** from the end of the reporting period[254](index=254&type=chunk) [Significant Accounting Policies and Accounting Estimates](index=91&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) The company adheres to enterprise accounting standards, detailing policies for financial instruments, inventory, revenue recognition, and other areas, with a retrospective adjustment for quality assurance - The company's financial statements comply with the requirements of enterprise accounting standards and truly and completely reflect its financial position[256](index=256&type=chunk) - During the reporting period, the company implemented the provisions of "Interpretation No. 18 of Enterprise Accounting Standards" regarding the accounting treatment of guarantee-type quality assurance that does not constitute a single performance obligation, recognizing related estimated liabilities in operating costs and retrospectively adjusting prior period financial statement items[349](index=349&type=chunk)[350](index=350&type=chunk) Impact of Accounting Policy Changes on Financial Statement Items | Content and Reason for Accounting Policy Change | Name of Significantly Affected Financial Statement Item | Impact Amount in Prior Period (yuan) | | :--- | :--- | :--- | | Implementation of "Interpretation No. 18 of Enterprise Accounting Standards" regarding "accounting treatment of guarantee-type quality assurance that does not constitute a single performance obligation" | Operating Cost | 9,408,799.45 | | | Selling Expenses | -9,408,799.45 | [Taxation](index=119&type=section&id=VI.%20Taxation) The company's main taxes include VAT (**5%, 6%, 9%, 13%**), Urban Maintenance and Construction Tax (**5%, 7%**), and Corporate Income Tax (**15%, 20%**), with some subsidiaries enjoying preferential rates Main Tax Categories and Rates | Tax Category | Tax Rate | | :--- | :--- | | Value-Added Tax | 5%, 6%, 9%, 13% | | Urban Maintenance and Construction Tax | 5%, 7% | | Corporate Income Tax | 15%, 20% | - Xin Feng Guang Co., Ltd. implements an immediate refund policy for VAT exceeding **3%** on sales of self-developed software products[352](index=352&type=chunk) - Xin Feng Guang Electronics Technology Co., Ltd., Xin Feng Guang (Qingdao) Rail Transit Technology Co., Ltd., and Yanzhou Dongfang Electromechanical Co., Ltd. enjoy a **15%** preferential corporate income tax rate as high-tech enterprises[353](index=353&type=chunk)[354](index=354&type=chunk) - Zhejiang Yijia Energy Saving Equipment Co., Ltd. and Xin Feng Guang (Suzhou) Technology Co., Ltd. qualify as small and micro-profit enterprises and enjoy a **20%** preferential corporate income tax rate[354](index=354&type=chunk) [Notes to Consolidated Financial Statement Items](index=120&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) Provides detailed explanations for various consolidated financial statement items, including cash, receivables, inventory, fixed assets, and revenue/cost components - The ending balance of monetary funds was **724.41 million yuan**, of which **2.44 million yuan** was restricted funds[356](index=356&type=chunk) - The ending book value of accounts receivable was **1.10 billion yuan**, with a bad debt provision of **82.68 million yuan**[369](index=369&type=chunk) - The ending book value

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