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Important Notice, Table of Contents, and Definitions [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The Board and senior management guarantee the report's authenticity and accuracy, note risks in forward-looking statements, and confirm no semi-annual dividend is planned - The Board of Directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, assuming legal responsibility for any false records, misleading statements, or major omissions[3](index=3&type=chunk) - Company head Xu Jialin, chief accounting officer Gao Ai, and head of the accounting department Gao Ai declare that the financial reports herein are truthful, accurate, and complete[3](index=3&type=chunk) - The company does not plan to distribute cash dividends, issue bonus shares, or capitalize reserves for the semi-annual period[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) This section lists the eight main chapters of the report and their corresponding page numbers, providing a quick navigation guide for investors - The report comprises eight main chapters, covering important notices, company profile, management discussion, corporate governance, significant matters, share changes, bond information, and financial reports[6](index=6&type=chunk) [List of Documents for Inspection](index=4&type=section&id=%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6%E7%9B%AE%E5%BD%95) This section discloses the location of reference documents, including signed financial statements and originals of all public filings made during the reporting period - Reference documents include financial statements signed and sealed by the company's legal representative, chief accounting officer, and head of the accounting department[8](index=8&type=chunk) - Reference documents also include originals of all company documents and announcements publicly disclosed on websites designated by the CSRC during the reporting period[8](index=8&type=chunk) - The aforementioned reference documents are available at the company's securities department[9](index=9&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section provides definitions for frequently used terms in the report, including company names, subsidiaries, and industry-specific terminology to ensure consistent understanding - "Issuer," "the Company," or "Company" refers to Nanjing Tengya Precision Technology Co, Ltd[10](index=10&type=chunk) - The reporting period, current reporting period, or current period refers to January 1, 2025 - June 30, 2025[10](index=10&type=chunk) - Definitions cover multiple industry terms such as wire rod, collated nails, steel collated nails, paper collated nails, ERP, CRM, ODM, PLM, stamping, die-casting, injection molding, brushless motors, battery packs, electronic control assembly, and metalworking[10](index=10&type=chunk)[11](index=11&type=chunk) Company Profile and Key Financial Indicators [Company Profile](index=7&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) This section presents the company's basic information, including its stock ticker, code, listing exchange, names, and legal representative - The company's stock ticker is Tengya Precision, stock code is 301125, and it is listed on the Shenzhen Stock Exchange[13](index=13&type=chunk) - The company's Chinese name is Nanjing Tengya Precision Technology Co, Ltd, and its legal representative is Xu Jialin[13](index=13&type=chunk) [Contact Information](index=7&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides contact details for the company's Board Secretary and Securities Affairs Representative to facilitate investor communication - The Board Secretary is Gao Ai, and the Securities Affairs Representative is Gao Yuan[14](index=14&type=chunk) - The contact address is 6 Zhidian Road, Jiangning District, Nanjing, with the phone number 025-52283866 and fax 025-52174029[14](index=14&type=chunk) [Other Information](index=7&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) This section confirms no changes to the company's contact and registration details and discloses the information disclosure media and report availability - The company's registered address, office address, postal code, website, and email address remained unchanged during the reporting period[15](index=15&type=chunk) - The company discloses its semi-annual report on the Shenzhen Stock Exchange website (www.szse.cn) and in media outlets such as China Securities Journal and Securities Times, as well as on www.cninfo.com.cn[16](index=16&type=chunk) - The company's semi-annual report is available for inspection at its securities department[16](index=16&type=chunk) [Key Accounting Data and Financial Indicators](index=8&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section discloses key financial data, showing a slight increase in revenue and significant improvements in net profit and operating cash flow year-over-year Key Accounting Data and Financial Indicators (Current Period vs. Prior Year Period) | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 294,829,620.40 | 290,838,866.91 | 1.37% | | Net Profit Attributable to Shareholders | 970,228.93 | -9,416,094.59 | 110.30% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 147,473.68 | -9,645,984.59 | 101.53% | | Net Cash Flow from Operating Activities | 2,450,963.93 | -30,967,057.00 | 107.91% | | Basic Earnings Per Share (Yuan/share) | 0.0069 | -0.0665 | 110.38% | | Diluted Earnings Per Share (Yuan/share) | 0.0068 | -0.0664 | 110.24% | | Weighted Average Return on Equity | 0.16% | -1.62% | 1.78% | | **End of Current Period vs. End of Prior Year** | | | | | Total Assets | 1,079,606,985.35 | 1,063,556,345.30 | 1.51% | | Net Assets Attributable to Shareholders | 602,397,571.45 | 603,442,505.62 | -0.17% | [Differences in Accounting Data under Domestic and Foreign Accounting Standards](index=8&type=section&id=%E4%BA%94%E3%80%81%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) This section states that there are no discrepancies in net profit or net assets between financial reports prepared under Chinese and international/foreign accounting standards - The company reports no discrepancies in net profit and net assets between financial reports prepared under international accounting standards and Chinese accounting standards[19](index=19&type=chunk) - The company reports no discrepancies in net profit and net assets between financial reports prepared under foreign accounting standards and Chinese accounting standards[20](index=20&type=chunk) [Non-recurring Profit and Loss Items and Amounts](index=8&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) This section details non-recurring profit and loss items totaling 822,755.25 Yuan, primarily from asset disposals and government grants Non-recurring Profit and Loss Items and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets (including write-offs of asset impairment provisions) | 387,319.47 | | Government Grants Recognized in Current Profit/Loss (excluding grants closely related to normal business operations, compliant with national policies, and received based on established standards with a continuous impact on profit/loss) | 642,472.56 | | Other Non-operating Income and Expenses | -11,052.60 | | Less: Income Tax Impact | 6,105.41 | | Minority Interest Impact (after tax) | 189,878.77 | | **Total** | **822,755.25** | - The company has no other items that meet the definition of non-recurring profit and loss, nor has it reclassified any non-recurring items as recurring[23](index=23&type=chunk) Management Discussion and Analysis [Principal Business Activities During the Reporting Period](index=10&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company's main business involves R&D, production, and sales of power tools and construction hardware, with no significant changes during the reporting period - The company belongs to the general equipment manufacturing industry (C34), with power tools in the pneumatic and electric tool manufacturing sub-sector (C3465) and construction hardware in the metal fittings for construction and furniture manufacturing sub-sector (C3351)[25](index=25&type=chunk) - The company's core power tool products are gas-powered nail guns and their associated consumables, including various pneumatic and electric tools like lithium-ion nail guns, hammer drills, and electric drills[27](index=27&type=chunk) - The company possesses strong in-house supply chain capabilities across its three manufacturing sites in Jiangning, Bowang, and Haimen, covering a wide range of processes from die-casting and injection molding to brushless motor and battery pack assembly[45](index=45&type=chunk) [(I) Industry Development](index=10&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%91%E5%B1%95%E6%83%85%E5%86%B5) The power tool industry is shifting towards lithium-ion technology, driven by the garden economy and "Belt and Road" market demand, while the construction hardware sector is consolidating - The transition to lithium-ion batteries is driving rapid growth in the overall power tool market, fueled by the garden economy in Europe and America and demand for professional-grade tools in "Belt and Road" countries[30](index=30&type=chunk) - **Sustained ODM demand from European clients** is prompting the domestic nail fastening equipment industry to upgrade towards higher-value exports like gas-powered nail guns[33](index=33&type=chunk) - The new generation of high-energy electric nail guns, with technology mastered by a few industry leaders like HILTI and DEWALT, is set to become a significant future growth driver due to its inherent performance advantages[37](index=37&type=chunk) - Growth in the Japanese construction hardware market is primarily driven by post-occupancy renovation needs, leading to increased procurement from qualified suppliers in developing countries[38](index=38&type=chunk)[39](index=39&type=chunk) - The construction hardware industry is expected to see **further market consolidation** and a shift towards intelligent and information-based manufacturing to meet demands for multi-variety, small-batch, high-requirement, and short-lead-time orders[40](index=40&type=chunk)[42](index=42&type=chunk) [(II) Main Business](index=13&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1) The company's main business is the R&D, production, and sale of power tools and construction hardware, with a focus on gas-powered nail guns and ODM exports to Japan - The company was a domestic pioneer in mastering the core production technology for gas-powered nail guns, breaking foreign technical barriers and leading the drafting of two industry standards for the product and its gas canisters[44](index=44&type=chunk) - The company has achieved mass production and sales of its self-developed pneumatic nail guns, lithium-ion nail guns, and other electric tools like hammer drills, and has expanded its product line through the acquisition of Jiangsu Tengya Tools[44](index=44&type=chunk) - The company's gas-powered and lithium-ion nail guns hold a **major share of the domestic market**, while its lithium-ion nail guns and other electric tools are primarily sold via ODM to European and "Belt and Road" markets[45](index=45&type=chunk) - The company is an internationally competitive integrated supplier of mid-to-high-end construction hardware, exporting products to Japan via ODM and establishing long-term partnerships with major building material retailers like Kohnan Shoji and Komeri[46](index=46&type=chunk) [(III) Main Products and Their Uses](index=14&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E4%B8%BB%E8%A6%81%E4%BA%A7%E5%93%81%E5%8F%8A%E5%85%B6%E7%94%A8%E9%80%94) This section details the company's two main product categories: power tools (gas, pneumatic, and lithium-ion nail guns) and construction hardware (vents, access panels, floor supports) - Power tools include gas-powered nail guns (for infrastructure and high-altitude fastening), pneumatic nail guns (for fixed workstations), and lithium-ion nail guns (a new generation of high-energy fastening tools)[48](index=48&type=chunk) - Other electric tools, such as drills and hammer drills, are widely used in construction, gardening, and woodworking, all powered by lithium-ion batteries[49](index=49&type=chunk) - Tool consumables include various types of collated nails (steel, paper, coil) and gas canisters for gas-powered nail guns[49](index=49&type=chunk) - Construction hardware includes ventilation ports, inspection hatches, floor supports (for moisture and pest control), and over 5,500 other specialized metal components[50](index=50&type=chunk) [(IV) Business Model](index=17&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) The company employs a hybrid procurement and production model based on orders and sales forecasts, with a sales strategy combining distribution and direct sales alongside e-commerce expansion - The procurement model is primarily "production-driven," with a strict supplier qualification system for critical materials[51](index=51&type=chunk) - The production model is divided into an "order-oriented" approach for customized hardware and a "sales forecast" approach for products with stable demand like gas-powered nail guns[52](index=52&type=chunk)[53](index=53&type=chunk) - The domestic sales model mainly uses a buyout distribution system for its "Tengya" and "Tie Mao" brands, while overseas sales are primarily direct (ODM to Europe/Japan, own brand to "Belt and Road")[55](index=55&type=chunk)[57](index=57&type=chunk) - The company operates direct stores on major e-commerce platforms like JD.com, Tmall, and Douyin, and is expanding its sales channels through new media like live streaming[58](index=58&type=chunk) [(V) Market Position](index=18&type=section&id=%EF%BC%88%E4%BA%94%EF%BC%89%E5%B8%82%E5%9C%BA%E5%9C%B0%E4%BD%8D) The company holds a dominant domestic market position in gas-powered nail guns and is a key integrated supplier of mid-to-high-end construction hardware to the Japanese market - The company's power tool products, centered on nail fastening equipment, hold a **dominant position in the domestic gas-powered nail gun segment**, with technology that is domestically leading and internationally competitive[59](index=59&type=chunk) - The company is an internationally competitive integrated supplier of mid-to-high-end construction hardware, primarily exporting to Japan via ODM and meeting the one-stop procurement needs of major building material retailers[60](index=60&type=chunk) - The company collaborates directly or indirectly with seven of Japan's top ten building material supermarket chains, with its main products like ventilation ports and inspection hatches capturing **over 20% of the market share** in new residential construction[60](index=60&type=chunk) [Core Competitiveness Analysis](index=19&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core strengths lie in its advanced R&D, strong in-house supply chain, integrated hardware supply capabilities, flexible production management, and established marketing network - The company possesses advanced R&D capabilities in power tools, having pioneered gas-powered nail gun production in China, and its lithium-ion nail gun technology has reached an internationally advanced level[62](index=62&type=chunk) - As a National "Little Giant" enterprise, the company holds **92 patents (parent) and 90 patents (subsidiary)** and has co-authored two industry standards[63](index=63&type=chunk) - The company has established three major manufacturing bases, enabling a comprehensive in-house supply chain that includes die-casting, injection molding, brushless motor production, and battery pack assembly[64](index=64&type=chunk) - With a portfolio of **over 5,500 mid-to-high-end construction hardware products**, the company serves as an integrated supply platform that meets the one-stop procurement needs of major Japanese retail chains[65](index=65&type=chunk)[66](index=66&type=chunk) - Supported by information systems (ERP, CRM, PLM), the company has built a responsive and flexible production management system, ensuring efficient service for diverse, highly customized orders[68](index=68&type=chunk) - The company has a mature marketing network with **over 400 domestic distributors** for power tools and strong overseas ODM partnerships, while actively expanding its e-commerce presence[69](index=69&type=chunk) - The "Tengya" brand is highly recognized in the domestic market and has established a strong reputation among overseas clients, with key customer relationships **exceeding 10 years**[72](index=72&type=chunk) [Main Business Analysis](index=21&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) During the reporting period, revenue grew 1.37% while cost of sales decreased 2.27%, leading to an improved gross margin for power tools - The company's profit composition and sources of profit did not undergo significant changes during the reporting period[75](index=75&type=chunk) Key Financial Data YoY Changes | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 294,829,620.40 | 290,838,866.91 | 1.37% | | | Operating Cost | 221,067,719.99 | 226,192,358.23 | -2.27% | | | Selling Expenses | 13,744,373.08 | 9,909,107.17 | 38.70% | Primarily due to increased compensation for an expanded sales team as the company grew | | Income Tax Expense | -669,407.45 | 2,227,658.69 | -130.05% | Primarily due to an increase in deductible temporary differences, reducing deferred tax expense | | Net Cash Flow from Operating Activities | 2,450,963.93 | -30,967,057.00 | 107.91% | Primarily due to increased cash receipts from sales and reduced payments for taxes and other operating activities | | Net Cash Flow from Financing Activities | 12,536,389.13 | 38,944,170.63 | -67.81% | Primarily due to a decrease in cash received from borrowings and other financing activities | Performance of Products/Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue | Operating Cost | Gross Margin | Revenue YoY Change | Cost YoY Change | Gross Margin YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Power Tools | 212,828,841.16 | 167,446,051.21 | 21.32% | -2.46% | -7.74% | 4.49% | | Construction Hardware | 64,344,214.01 | 42,810,293.27 | 33.47% | -3.21% | -0.62% | -1.73% | [Non-core Business Analysis](index=22&type=section&id=%E5%9B%9B%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Non-core business activities, including asset impairment and other income, impacted profit before tax, with most items being non-sustainable Impact of Non-core Business on Profit Before Tax | Item | Amount (Yuan) | % of Profit Before Tax | Reason | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Asset Impairment | -1,444,151.51 | 28.35% | Due to provision for inventory write-down | No | | Non-operating Income | 107,710.45 | -2.11% | Primarily from payables no longer required | No | | Non-operating Expense | 118,763.05 | -2.33% | Primarily from compensation payments | No | | Other Income | 2,725,619.58 | -53.51% | Primarily from VAT super-deduction and government grants | No | | Credit Impairment Loss | -1,491,485.73 | 29.28% | Due to provision for bad debts | No | | Asset Disposal Gain | 387,319.47 | -7.60% | Primarily from disposal of non-current assets | No | [Analysis of Assets and Liabilities](index=22&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Total assets grew slightly, with an increase in accounts receivable and short-term borrowings, while cash and long-term borrowings decreased Significant Changes in Asset Composition (End of Current Period vs. End of Prior Year) | Item | End of Current Period (Yuan) | % of Total Assets | End of Prior Year (Yuan) | % of Total Assets | Change in % | Reason for Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 39,436,334.75 | 3.65% | 58,654,442.56 | 5.51% | -1.86% | Primarily due to reduced cash collections and increased fixed asset investment in H1 | | Accounts Receivable | 110,625,652.16 | 10.25% | 81,408,677.24 | 7.65% | 2.60% | Primarily due to increased sales, leading to a rise in uncollected receivables within credit terms | | Short-term Borrowings | 46,878,925.26 | 4.34% | 30,022,611.11 | 2.82% | 1.52% | Primarily due to increased short-term loans to supplement working capital | | Other Non-current Assets | 215,800.00 | 0.02% | 3,522,326.43 | 0.33% | -0.31% | Primarily due to a decrease in prepayments for equipment | | Non-current Liabilities Due within One Year | 75,515,323.90 | 6.99% | 57,814,020.23 | 5.44% | 1.55% | Primarily due to an increase in long-term borrowings maturing within one year | - The company reports no discrepancies in net profit and net assets between financial reports prepared under international accounting standards and Chinese accounting standards[19](index=19&type=chunk) - The company reports no discrepancies in net profit and net assets between financial reports prepared under foreign accounting standards and Chinese accounting standards[20](index=20&type=chunk) [Investment Analysis](index=23&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Investment expenditure decreased by 14.19% year-over-year, with no significant equity investments, use of raised funds, or derivative investments during the period Investment Amount During the Reporting Period | Investment in Current Period (Yuan) | Investment in Prior Year Period (Yuan) | Change | | :--- | :--- | :--- | | 39,607,443.75 | 46,157,546.90 | -14.19% | - The company had no significant equity investments, non-equity investments, financial assets measured at fair value, use of raised funds, entrusted wealth management, derivative investments, or entrusted loans during the reporting period[84](index=84&type=chunk)[85](index=85&type=chunk)[86](index=86&type=chunk)[87](index=87&type=chunk) [Major Asset and Equity Sales](index=24&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) No major sales of assets or equity occurred during the reporting period - The company did not sell any major assets during the reporting period[88](index=88&type=chunk) - The company did not sell any major equity stakes during the reporting period[89](index=89&type=chunk) [Analysis of Major Subsidiaries and Investees](index=24&type=section&id=%E5%85%AB%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) This section discloses the financial status of major subsidiaries, noting a net loss for Jiangsu Tengya Tools Co, Ltd, and the recent establishment of a new sales subsidiary Financial Data of Major Subsidiaries (Unit: CNY 10,000) | Company Name | Type | Main Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Nanjing Zhidao Machinery Manufacturing Co, Ltd | Subsidiary | Pneumatic and electric tool production | 15,322.91 | 16,722.11 | 15,234.78 | 1,418.70 | -81.25 | -75.78 | | Anhui Tengya Technology Co, Ltd | Subsidiary | High-quality hardware, pneumatic tool consumables manufacturing | 26,000.00 | 42,769.01 | 25,112.48 | 8,911.77 | 220.14 | 208.79 | | Nanjing Tengya Tool Sales Co, Ltd | Subsidiary | Tool sales | 500.00 | 7,922.50 | 6.40 | 16,006.36 | -23.49 | -15.42 | | Jiangsu Tengya Tools Co, Ltd | Subsidiary | R&D, production, and sales of electric tools | 19,900.00 | 25,577.23 | 13,540.74 | 5,838.35 | -1,249.23 | -1,252.43 | - The newly established subsidiary, Nanjing Tengya Xinpai Sales Co, Ltd, had no significant impact on overall operations and performance due to its recent incorporation[91](index=91&type=chunk) [Structured Entities Controlled by the Company](index=25&type=section&id=%E4%B9%9D%E3%80%81%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[91](index=91&type=chunk) [Risks and Countermeasures](index=25&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces risks from technological innovation, market competition, trade policy changes, raw material price volatility, and management challenges from expansion - The company faces **technological innovation risks** in the technology-intensive power tool industry, requiring continuous R&D to keep pace with industry trends and manage the uncertainties of new product development[91](index=91&type=chunk) - With geographically dispersed revenue streams and product-specific market dependencies, the company is exposed to **market competition and international trade risks**, where changes in trade policies or tariffs could have adverse effects[93](index=93&type=chunk)[94](index=94&type=chunk) - The high proportion of raw material costs in major products exposes the company to **margin pressure from price volatility**, while business expansion increases organizational complexity and management risks[96](index=96&type=chunk)[97](index=97&type=chunk) - Countermeasures include driving business development through technological innovation, improving production efficiency, monitoring international trade and currency policies, establishing long-term partnerships with key clients and suppliers, and optimizing the internal organizational structure[92](index=92&type=chunk)[93](index=93&type=chunk)[95](index=95&type=chunk)[96](index=96&type=chunk)[97](index=97&type=chunk) [Record of Investor Relations Activities](index=26&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A5%E5%BE%85%E8%B0%83%E7%A0%94%E3%80%81%E6%B2%9F%E9%80%9A%E3%80%81%E9%87%87%E8%AE%BF%E7%AD%89%E6%B4%BB%E5%8A%A8%E7%99%BB%E8%AE%B0%E8%A1%A8) The company held an online investor communication event on May 8, 2025, via the Tonghuashun roadshow platform to discuss its 2024 annual performance - On May 8, 2025, the company engaged with investors online via the Tonghuashun roadshow platform to discuss its 2024 annual operating results during the annual performance briefing[98](index=98&type=chunk) [Market Value Management System and Valuation Enhancement Plan](index=26&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%88%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has not formulated a market value management system or disclosed a valuation enhancement plan - The company has not formulated a market value management system[99](index=99&type=chunk) - The company has not disclosed a valuation enhancement plan[99](index=99&type=chunk) [Implementation of the "Dual Improvement in Quality and Returns" Action Plan](index=26&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%22%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%22%E8%A1%8C%E5%8A%A8%E6%96%B9%E6%A1%88%E8%B4%AF%E5%BD%BB%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has not disclosed an announcement regarding a "Dual Improvement in Quality and Returns" action plan - The company has not disclosed an announcement regarding a "Dual Improvement in Quality and Returns" action plan[99](index=99&type=chunk) Corporate Governance, Environment, and Society [Changes in Directors, Supervisors, and Senior Management](index=27&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, Zhang Qingxin was appointed as Deputy General Manager on April 22, 2025, due to a work transfer - Deputy General Manager Zhang Qingxin was appointed on April 22, 2025, due to a work transfer[101](index=101&type=chunk) [Profit Distribution and Capitalization of Capital Reserves](index=27&type=section&id=%E4%BA%8C%E3%80%81%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company does not plan to distribute cash dividends, issue bonus shares, or capitalize reserves for the semi-annual period - The company does not plan to distribute cash dividends, issue bonus shares, or capitalize reserves for the semi-annual period[102](index=102&type=chunk) [Implementation of Equity Incentive Plans or Other Employee Incentives](index=27&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) The company canceled a portion of its 2023 restricted stock plan and initiated a new 2025 restricted stock incentive plan during the reporting period - On April 22, 2025, the company canceled **425,900 granted but unvested restricted shares** from its 2023 incentive plan due to employee departures and failure to meet 2024 individual performance targets[103](index=103&type=chunk) - On April 22, 2025, the company's Remuneration and Appraisal Committee reviewed and approved the draft of the "2025 Restricted Stock Incentive Plan"[104](index=104&type=chunk) - On June 20, 2025, the Board of Directors and Supervisory Committee approved the initial grant of restricted shares to participants in the 2025 incentive plan[107](index=107&type=chunk) [Environmental Information Disclosure](index=28&type=section&id=%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[108](index=108&type=chunk) [Social Responsibility](index=29&type=section&id=%E4%BA%94%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company is committed to legal compliance and social responsibility, protecting stakeholder interests, promoting environmental sustainability, and engaging in social welfare - The company prioritizes the protection of shareholder rights, particularly those of minority shareholders, by continuously improving corporate governance and ensuring strict information disclosure[110](index=110&type=chunk) - The company strictly adheres to labor laws, maintains equal employment relationships, protects employee rights, and invests in talent training and development[112](index=112&type=chunk) - The company pursues high-quality development, fosters win-win relationships with suppliers and customers, and enhances customer satisfaction through continuous R&D and customized services[113](index=113&type=chunk) - The company complies with national environmental laws, actively promotes energy conservation and green manufacturing, and strives for sustainable development[114](index=114&type=chunk)[115](index=115&type=chunk) Significant Matters [Fulfillment of Commitments](index=31&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E5%8F%8A%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) During the reporting period, share lock-up commitments from the IPO were partially or fully fulfilled by key shareholders, while all other commitments are being duly performed - Shareholder Le Qingyong's share lock-up commitment has been partially fulfilled, with items (1) and (4) completed; other commitments are being performed as scheduled[118](index=118&type=chunk) - Shareholders Nanjing Tengya Industrial Group, Nanjing Yunhang Venture Capital, and Nanjing Yifeng Enterprise Management have fulfilled item (1) of their share lock-up commitments; other commitments are ongoing[120](index=120&type=chunk) - Shareholders Ma Shufang, Xu Jialin, Zou Tongguang, and other indirectly holding directors and executives have fulfilled items (1), (2), and (4) of their share lock-up commitments; other commitments are ongoing[122](index=122&type=chunk) - The commitment to stabilize the stock price made by the company, its controlling shareholder, actual controller, directors, and senior management has been fulfilled[127](index=127&type=chunk) [Non-operating Fund Occupation by Controlling Shareholder and Other Affiliates](index=44&type=section&id=%E4%BA%8C%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E5%AF%B9%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E7%9A%84%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) No non-operating occupation of the company's funds by its controlling shareholder or other related parties occurred during the reporting period - The company reports no instances of non-operating fund occupation by its controlling shareholder or other related parties during the reporting period[131](index=131&type=chunk) [Irregular External Guarantees](index=44&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[132](index=132&type=chunk) [Appointment and Dismissal of Accounting Firm](index=44&type=section&id=%E5%9B%9B%E3%80%81%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) The company's semi-annual report has not been audited - The company's semi-annual report has not been audited[133](index=133&type=chunk) [Explanation of "Non-standard Audit Report"](index=44&type=section&id=%E4%BA%94%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E3%80%81%E5%AE%A1%E8%AE%A1%E5%A7%94%E5%91%98%E4%BC%9A%E5%AF%B9%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9A%84%E8%AF%B4%E6%98%8E) No non-standard audit report was issued for the current reporting period - The company did not receive a non-standard audit report for the current reporting period[134](index=134&type=chunk) [Explanation of Prior Year's "Non-standard Audit Report"](index=44&type=section&id=%E5%85%AD%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%B8%8A%E5%B9%B4%E5%BA%A6%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) The company did not have a non-standard audit report in the previous year - The company did not have a non-standard audit report in the previous year[134](index=134&type=chunk) [Bankruptcy and Reorganization Matters](index=44&type=section&id=%E4%B8%83%E3%80%81%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) No bankruptcy or reorganization matters occurred during the reporting period - No bankruptcy or reorganization matters occurred during the reporting period[134](index=134&type=chunk) [Litigation Matters](index=44&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company had no major litigation but was involved in 11 minor cases with a total amount of approximately 4.08 million Yuan - The company had no major litigation or arbitration matters during the reporting period[135](index=135&type=chunk) - During the reporting period, the company was involved in **11 other litigation/arbitration matters** not classified as major, with a total amount at stake of approximately **4.0764 million Yuan**[135](index=135&type=chunk) - Of this total, cases amounting to 0.5695 million Yuan have been concluded, while cases amounting to 3.5069 million Yuan are pending, with no provisions for liabilities made[135](index=135&type=chunk) [Penalties and Rectifications](index=45&type=section&id=%E4%B9%9D%E3%80%81%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) No penalties or rectifications were recorded during the reporting period - The company reports no penalties or rectifications during the reporting period[136](index=136&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=45&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E7%9A%84%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5) No integrity issues were reported for the company, its controlling shareholder, or its actual controller during the period - The company reports no instances of non-operating fund occupation by its controlling shareholder or other related parties during the reporting period[131](index=131&type=chunk) [Major Related-party Transactions](index=45&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company engaged in routine related-party transactions involving the sale of products and services, priced at fair market value Related-party Transactions in the Ordinary Course of Business (Sale of Products/Provision of Services) | Related Party | Transaction Content | Transaction Amount (CNY 10,000) | % of Similar Transactions | Approved Credit Limit (CNY 10,000) | Disclosure Date | | :--- | :--- | :--- | :--- | :--- | :--- | | Anhui Tengya Robotics Co, Ltd | Sale of products | 1,022.77 | 99.95% | 6,000 | 2025-06-23 | | Nanjing Tengya Mechanical and Electrical Equipment Sales Co, Ltd | Sale of products | 669.27 | 78.13% | 2,000 | 2025-06-23 | | Jiangsu Tie Mao Tools Co, Ltd | Provision of services (product repair) | 11.45 | 100.00% | - | - | - **Pricing Principle for Related-party Transactions**: Determined through negotiation between both parties based on fair market prices[137](index=137&type=chunk)[138](index=138&type=chunk) - The company did not engage in related-party transactions involving the acquisition or sale of assets or equity, joint overseas investments, related-party debt, or dealings with related financial companies during the reporting period[139](index=139&type=chunk)[140](index=140&type=chunk)[141](index=141&type=chunk)[142](index=142&type=chunk)[143](index=143&type=chunk) [Major Contracts and Their Performance](index=47&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company has ongoing leasing agreements for production facilities and logistics warehouses and has provided guarantees for its subsidiaries totaling 10 million Yuan - As a lessee, the company leases production facilities from Jiangsu Tie Mao Tools Co, Ltd, for an annual rent of 0.75 million Yuan, with the lease term ending July 31, 2043[148](index=148&type=chunk) - As a lessor, the company leases logistics and warehousing facilities to Nanjing Qirui Supply Chain Management Co, Ltd, with annual rents of 4.46 million Yuan and 6.51 million Yuan, respectively, with lease terms ending December 31, 2033[148](index=148&type=chunk) Lease Projects Contributing Over 10% to the Company's Profit Before Tax | Lessor Name | Lessee Name | Leased Asset Description | Lease Income (CNY 10,000) | Impact on Company | Related-party Transaction | Relationship | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangsu Tie Mao Tools Co, Ltd | Jiangsu Tengya Tools Co | Office building, canteen, dormitories, etc, at the Haimen plant | -41.76 | Affects current profit and loss | Yes | Jiangsu Tie Mao is a minority shareholder of Jiangsu Tengya Tools | | Nanjing Tengya Precision Technology Co, Ltd | Nanjing Qirui Supply Chain Management Co, Ltd | Industrial park and factory building at Linqi Road, Nanjing | 135.88 | Affects current profit and loss | No | N/A | | Nanjing Tengya Precision Technology Co, Ltd | Nanjing Qirui Supply Chain Management Co, Ltd | Other factory buildings at Linqi Road industrial park, Nanjing | 248.22 | Affects current profit and loss | No | N/A | - **Guarantees for Subsidiaries**: During the reporting period, the approved guarantee limit for subsidiaries was **20 million Yuan**, with an actual amount of **10 million Yuan** provided, representing 1.66% of the company's net assets[150](index=150&type=chunk) [Other Significant Matters](index=50&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) No other significant matters requiring disclosure occurred during the reporting period - The company has no other significant matters to report for the period[154](index=154&type=chunk) [Significant Matters of Subsidiaries](index=50&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E5%AD%90%E5%85%AC%E5%8F%B8%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) No significant matters concerning the company's subsidiaries occurred during the reporting period - No significant matters concerning the company's subsidiaries occurred during the reporting period[155](index=155&type=chunk) Share Capital Changes and Shareholder Information [Share Capital Changes](index=51&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the period, 58,383,500 restricted shares were reclassified as unrestricted shares following the expiration of lock-up periods, with no change in total share capital Share Capital Changes (Unit: shares) | Item | Pre-change Quantity | Proportion | Change (+, -) | Post-change Quantity | Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 82,785,500 | 58.40% | -58,383,500 | 24,402,000 | 17.21% | | Of which: Domestic corporate holdings | 52,626,000 | 37.12% | -52,626,000 | 0 | 0.00% | | Domestic individual holdings | 30,159,500 | 21.28% | -5,757,500 | 24,402,000 | 17.21% | | II. Unrestricted Shares | 58,972,420 | 41.60% | 58,383,500 | 117,355,920 | 82.79% | | III. Total Shares | 141,757,920 | 100.00% | 0 | 141,757,920 | 100.00% | - The change was primarily due to the lifting of sales restrictions on **73,010,000 pre-IPO shares** held by Tengya Group, Le Qingyong, Nanjing Yunhang, Nanjing Yifeng, and Le Qinghong[158](index=158&type=chunk) - As a current director, Le Qingyong had **19,502,000 shares** released from restriction, of which **4,875,500 shares** became tradable[158](index=158&type=chunk)[159](index=159&type=chunk) [2. Changes in Restricted Shares](index=52&type=section&id=2%E3%80%81%E9%99%90%E5%94%AE%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) All restricted shares held by several corporate and individual shareholders were released, while shares held by key executives remain partially restricted due to lock-up rules Changes in Restricted Shares (Unit: shares) | Shareholder Name | Restricted Shares at Start of Period | Shares Released This Period | Shares Added This Period | Restricted Shares at End of Period | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Nanjing Tengya Industrial Group Co, Ltd | 29,400,000 | 29,400,000 | 0 | 0 | Pre-IPO lock-up | | Le Qingyong | 19,502,000 | 19,502,000 | 14,626,500 | 14,626,500 | Executive lock-up | | Nanjing Yunhang Venture Capital Center (LP) | 13,720,000 | 13,720,000 | 0 | 0 | Pre-IPO lock-up | | Ma Shufang | 7,350,000 | 0 | 0 | 7,350,000 | Executive lock-up | | Nanjing Yifeng Enterprise Management Co, Ltd | 9,506,000 | 9,506,000 | 0 | 0 | Pre-IPO lock-up | | Xu Jialin | 1,470,000 | 0 | 0 | 1,470,000 | Executive lock-up | | Zou Tongguang | 955,500 | 0 | 0 | 955,500 | Executive lock-up | | Le Qinghong | 882,000 | 882,000 | 0 | 0 | Pre-IPO lock-up | | **Total** | **82,785,500** | **73,010,000** | **14,626,500** | **24,402,000** | | [Securities Issuance and Listing](index=53&type=section&id=%E4%BA%8C%E3%80%81%E8%AF%81%E5%88%B8%E5%8F%91%E8%A1%8C%E4%B8%8E%E4%B8%8A%E5%B8%82%E6%83%85%E5%86%B5) No securities were issued or listed during the reporting period - The company did not issue or list any securities during the reporting period[162](index=162&type=chunk) [Number of Shareholders and Shareholdings](index=53&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) At the end of the reporting period, the company had 11,690 common shareholders, with Nanjing Tengya Industrial Group holding the largest stake at 20.74% - At the end of the reporting period, the total number of common shareholders was **11,690**[163](index=163&type=chunk) Shareholdings of Top 10 Shareholders or Those Holding Over 5% | Shareholder Name | Nature | Shareholding % | Shares Held at Period End | Restricted Shares Held | Unrestricted Shares Held | Share Status | Quantity | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Nanjing Tengya Industrial Group Co, Ltd | Domestic Non-SOE | 20.74% | 29,400,000 | 0 | 29,400,000 | N/A | 0 | | Le Qingyong | Domestic Individual | 13.76% | 19,502,000 | 14,626,500 | 4,875,500 | Pledged | 14,330,000 | | Nanjing Yunhang Venture Capital Center (LP) | Domestic Non-SOE | 9.68% | 13,720,000 | 0 | 13,720,000 | N/A | 0 | | Ma Shufang | Domestic Individual | 6.91% | 9,800,000 | 7,350,000 | 2,450,000 | N/A | 0 | | Nanjing Yifeng Enterprise Management Co, Ltd | Domestic Non-SOE | 6.71% | 9,506,000 | 0 | 9,506,000 | N/A | 0 | - Le Qingyong holds a 65.00% stake in Tengya Group, a 22.21% capital contribution in Nanjing Yunhang, and serves as its executive partner, making him the actual controller of the company[163](index=163&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=54&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8) Total shareholdings of directors, supervisors, and senior management decreased slightly due to a sale by the Chairman of the Supervisory Committee, Zou Tongguang Changes in Shareholdings of Directors, Supervisors, and Senior Management (Unit: shares) | Name | Position | Shares at Start of Period | Shares Sold This Period | Shares at End of Period | Restricted Shares Granted at Period End | | :--- | :--- | :--- | :--- | :--- | :--- | | Ma Shufang | Chairwoman | 9,800,000 | 0 | 9,800,000 | 0 | | Xu Jialin | Director, General Manager | 1,960,000 | 0 | 1,960,000 | 0 | | Gao Ai | Director, Deputy GM, CFO, Board Secretary | 0 | 0 | 0 | 20,000 | | Le Qingyong | Director | 19,502,000 | 0 | 19,502,000 | 0 | | Zou Tongguang | Chairman of Supervisory Committee | 1,274,000 | 318,500 | 955,500 | 0 | | Li Meng | Deputy General Manager | 0 | 0 | 0 | 20,000 | | Li Ming | Deputy General Manager | 0 | 0 | 0 | 8,000 | | Wu Jun | Deputy General Manager | 0 | 0 | 0 | 20,000 | | Zhang Qingxin | Deputy General Manager | 0 | 0 | 0 | 200,000 | | **Total** | | **32,536,000** | **318,500** | **32,217,500** | **268,000** | [Changes in Controlling Shareholder or Actual Controller](index=55&type=section&id=%E4%BA%94%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5) No changes occurred in the company's controlling shareholder or actual controller during the reporting period - The company's controlling shareholder did not change during the reporting period[167](index=167&type=chunk) - The company's actual controller did not change during the reporting period[167](index=167&type=chunk) [Preference Share Information](index=56&type=section&id=%E5%85%AD%E3%80%81%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no preference shares during the reporting period - The company had no preference shares during the reporting period[168](index=168&type=chunk) Bond-related Matters The company has no bond-related matters to report for the period[170](index=170&type=chunk) Financial Report [Audit Report](index=58&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The semi-annual financial report has not been audited - The semi-annual financial report has not been audited[172](index=172&type=chunk) [Financial Statements](index=58&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the consolidated and parent company financial statements for the semi-annual period, reflecting a significant year-over-year improvement in net profit and operating cash flow Key Consolidated Balance Sheet Data (Period End vs. Period Start) | Item | Closing Balance (Yuan) | Opening Balance (Yuan) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 39,436,334.75 | 58,654,442.56 | | Accounts Receivable | 110,625,652.16 | 81,408,677.24 | | Inventory | 146,915,619.92 | 132,122,519.19 | | Total Assets | 1,079,606,985.35 | 1,063,556,345.30 | | Short-term Borrowings | 46,878,925.26 | 30,022,611.11 | | Total Liabilities | 418,884,152.06 | 396,393,874.60 | | Total Equity Attributable to Parent Company | 602,397,571.45 | 603,442,505.62 | Key Consolidated Income Statement Data (H1 2025 vs. H1 2024) | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 294,829,620.40 | 290,838,866.91 | | Operating Profit | -5,082,829.16 | -13,238,863.26 | | Profit Before Tax | -5,093,881.76 | -13,319,737.69 | | Net Profit | -4,424,474.31 | -15,547,396.38 | | Net Profit Attributable to Parent Company Shareholders | 970,228.93 | -9,416,094.59 | | Basic Earnings Per Share (Yuan/share) | 0.0069 | -0.0665 | Key Consolidated Cash Flow Statement Data (H1 2025 vs. H1 2024) | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 2,450,963.93 | -30,967,057.00 | | Net Cash Flow from Investing Activities | -35,455,156.58 | -46,144,286.90 | | Net Cash Flow from Financing Activities | 12,536,389.13 | 38,944,170.63 | | Net Increase in Cash and Cash Equivalents | -19,218,107.81 | -36,179,526.53 | | Cash and Cash Equivalents at End of Period | 39,436,334.75 | 36,626,453.60 | [Company's Basic Information](index=75&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Nanjing Tengya Precision Technology Co, Ltd, established in 2019 and listed on the Shenzhen Stock Exchange in 2022, specializes in the R&D, production, and sale of power tools and construction hardware - Nanjing Tengya Precision Technology Co, Ltd was established through the overall transformation of Nanjing Tengya Precision Technology Co, Ltd and was registered on August 13, 2019, with its headquarters in Nanjing, Jiangsu[202](index=202&type=chunk) - The company has a registered capital of 141.76 million Yuan and a total share capital of 141.76 million shares, with its stock listed on the Shenzhen Stock Exchange since June 8, 2022[202](index=202&type=chunk) - The company operates in the general equipment manufacturing industry, with its main activities being the R&D, production, and sale of power tools and construction hardware[203](index=203&type=chunk) [Basis of Preparation for Financial Statements](index=76&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The financial statements are prepared on a going concern basis, with no material uncertainties identified that would cast doubt on the company's ability to continue operating for the next 12 months - The company's financial statements are prepared on a going concern basis[205](index=205&type=chunk) - The company has not identified any events or conditions that may cast significant doubt on its ability to continue as a going concern for the 12 months following the reporting period[206](index=206&type=chunk) [Significant Accounting Policies and Estimates](index=76&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the company's specific accounting policies for key areas such as financial instrument impairment, inventory, fixed asset depreciation, and revenue recognition - The financial statements prepared by the company comply with the requirements of corporate accounting standards, providing a true and complete view of its financial position, operating results, and cash flows[208](index=208&type=chunk) - The company has formulated specific accounting policies and estimates for transactions and events such as financial instrument impairment, inventory, fixed asset depreciation, construction in progress, intangible assets, and revenue recognition based on its operational characteristics[207](index=207&type=chunk) - The company provides detailed explanations of the classification, recognition, measurement, and derecognition criteria for financial instruments, as well as the methodology for measuring expected credit losses[221](index=221&type=chunk)[222](index=222&type=chunk)[236](index=236&type=chunk) - Fixed assets are depreciated using the straight-line method over their useful lives: **10-20 years for buildings**, 3 years for general equipment, 5-10 years for specialized equipment, and 5 years for vehicles[271](index=271&type=chunk) - **Revenue is recognized** by identifying performance obligations in a contract, determining whether they are satisfied over time or at a point in time, and recognizing revenue accordingly[301](index=301&type=chunk)[302](index=302&type=chunk) [Taxes](index=95&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) This section discloses the company's main taxes and rates, including VAT and corporate income tax, noting its eligibility for a reduced 15% income tax rate as a high-tech enterprise Main Taxes and Tax Rates | Tax Type | Tax Rate | | :--- | :--- | | Value-Added Tax (VAT) | 6%, 9%, 13% (Export rebate rate 13%) | | Urban Maintenance and Construction Tax | 7% | | Corporate Income Tax | 15%, 20%, 25% | | Property Tax | 1.2%, 12% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | - The company is recognized as a high-tech enterprise and is entitled to a reduced corporate income tax rate of **15%** for three years starting from 2023[328](index=328&type=chunk) - In 2025, the company is eligible for the advanced manufacturing enterprise VAT super-deduction policy, allowing it to deduct an additional **5%** of its current deductible input tax from its VAT payable[330](index=330&type=chunk) [Notes to Consolidated Financial Statement Items](index=96&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed breakdowns and explanations for each line item in the consolidated financial statements, reflecting the company's financial position and performance - **Cash and cash equivalents** at period-end were **39.44 million Yuan**, down from 58.65 million Yuan at the beginning of the period, consisting mainly of bank deposits[332](index=332&type=chunk) - The carrying amount of **accounts receivable** at period-end was **110.63 million Yuan**, with a bad debt provision of 5.92 million Yuan, primarily aged within one year[335](index=335&type=chunk)[336](index=336&type=chunk) - The carrying amount of **inventory** at period-end was **146.92 million Yuan**, with a write-down provision of 3.68 million Yuan, comprising mainly raw materials, work-in-progress, and finished goods[367](index=367&type=chunk)[369](index=369&type=chunk) - The carrying amount of **fixed assets** at period-end was **530.55 million Yuan**, with accumulated depreciation of 137.54 million Yuan[379](index=379&type=chunk) - **Goodwill** at period-end had a carrying amount of **19.03 million Yuan**, arising from the acquisition of Jiangsu Tengya Tools Co[394](index=394&type=chunk) - **Short-term borrowings** at period-end totaled **46.88 million Yuan**, all of which were unsecured credit loans[411](index=411&type=chunk) - **Capital reserve** at period-end was **399.93 million Yuan**, with an increase of 1.78 million Yuan this period due to the amortization of equity-settled share-based payment expenses[435](index=435&type=chunk) - **Main business revenue** for the period was **287.41 million Yuan**, with a corresponding cost of sales of **219.32 million Yuan**[444](index=444&type=chunk) - **Net cash flow from operating activities** was **2.45 million Yuan** this period, a significant improvement from -30.97 million Yuan in the prior period[478](index=478&type=chunk) [R&D Expenses](index=126&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) Total R&D expenditure for the period was 24.84 million Yuan, all of which was expensed, primarily for personnel and direct material costs R&D Expenditure Details | Item | Current Period (Yuan) | Prior Period (Yuan) | | :--- | :--- | :--- | | Personnel Costs | 16,779,383.96 | 12,737,689.20 | | Share-based Payment Expense | 286,249.92 | 920,254.87 | | Direct Inputs | 5,258,015.66 | 5,649,577.13 | | Depreciation and Amortization | 1,807,423.67 | 1,164,355.16 | | Other | 711,135.28 | 1,601,101.50 | | **Total** | **24,842,208.49** | **22,072,977.86** | - Total expensed R&D expenditure for the current period was **24,842,208.49 Yuan**[489](index=489&type=chunk) [Changes in Consolidation Scope](index=126&type=section&id=%E4%B9%9D%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) The company established a new wholly-owned subsidiary, Nanjing Tengya Xinpai Sales Co, Ltd, on June 5, 2025, which has been included in the consolidation scope since its inception - The company established a wholly-owned subsidiary, Nanjing Tengya Xinpai Sales Co, Ltd, in Nanjing, Jiangsu, on June 5, 2025[490](index=490&type=chunk) - The subsidiary's main business includes internet sales, personal live streaming services, and sales of pneumatic and electric tools, with a registered capital of 3 million Yuan[490](index=490&type=chunk) - Nanjing Tengya Xinpai Sales Co, Ltd has been included in the consolidation scope since its establishment[490](index=490&type=chunk) [Interests in Other Entities](index=126&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) This section outlines the composition of the corporate group, detailing the registered capital, location, business nature, and ownership percentage of each subsidiary Corporate Group Structure (Major Subsidiaries) | Subsidiary Name | Registered Capital (Yuan) | Principal Place of Business | Business Nature | Ownership % (Direct) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | | Zhidao Machinery Co | 153,229,100.00 | Nanjing, Jiangsu | Manufacturing | 100.00% | Business combination not under common control | | Anhui Tengya Co | 260,000,000.00 | Ma'anshan, Anhui | Manufacturing | 100.00% | Establishment | | Jiangsu Tengya Tools Co | 199,000,000.00 | Nantong, Jiangsu | Manufacturing | 56.93% | Business combination not under common control | | Tengya Xinpai Co | 3,000,000.00 | Nanjing, Jiangsu | Wholesale | 100.00% | Establishment | - Jiangsu Tengya Tools Co is a significant non-wholly-owned subsidiary, with a minority interest of **43.07%**, and the loss attributable to minority shareholders for the period was **-5,394,703.24 Yuan**[494](index=494&type=chunk) - During the reporting period, Jiangsu Tengya Tie Mao Tools Co, Ltd was renamed "Jiangsu Tengya Tools Co, Ltd" to reflect business development needs[492](index=492&type=chunk) [Government Grants](index=128&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) The company recognized asset-related government grants as deferred income of 2.72 million Yuan and recorded 0.66 million Yuan in other income from grants Liabilities Related to Government Grants | Account | Opening Balance (Yuan) | Amount Transferred to Other Income (Yuan) | Closing Balance (Yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 3,070,412.15 | 349,692.90 | 2,720,719.25 | Asset-related | - The total amount of government grants recognized in current profit and loss for the period was **664,692.90 Yuan**[500](index=500&type=chunk) [Risks Related to Financial Instruments](index=128&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) The company is exposed to credit, liquidity, and market risks (interest rate and foreign exchange), which it manages through credit assessments, receivables monitoring, and diversified financing - The company faces credit risk, liquidity risk, and market risk (interest rate and foreign exchange risk) in its daily operations[500](index=500&type=chunk) - **Credit risk** primarily arises from cash and receivables, with **55.41% of accounts receivable concentrated among the top five customers**, indicating some credit concentration risk[509](index=509&type=chunk) - **Liquidity risk** is managed by utilizing a mix of financing instruments like notes settlement and bank loans, and by optimizing the financing structure with a combination of short-term and long-term funding[511](index=511&type=chunk) Financial Liabilities by Remaining Maturity (Period End, Unit: Yuan) | Item | Carrying Amount | Within 1 Year | 1-3 Years | Over 3 Years | | :--- | :--- | :--- | :--- | :--- | | Short-term Borrowings | 46,878,925.26 | 47,026,210.49 | 0 | 0 | | Accounts Payable | 118,498,620.45 | 118,498,620.45 | 0 | 0 | | Long-term Borrowings | 138,405,169.88 | 4,085,666.25 | 141,104,308.41 | 0 | - **Market risk** mainly comprises interest rate and foreign exchange risk; as of June 30, 2025, the company had **105.77 million Yuan** in floating-rate bank loans, where a 50 basis point change in interest rates would not have a material impact on profit or equity[514](index=514&type=chunk) [2. Financial Assets](index=131&type=section&id=2%E3%80%81%E9%87%91%E8%9E%8D%E8%B5%84%E4%BA%A7) The company derecognized 2.36 million Yuan of notes receivable that were transferred via endorsement, as substantially all risks and rewards were transferred Classification by Transfer Method | Transfer Method | Nature of Transferred Financial Asset | Amount of Transferred Financial Asset (Yuan) | Derecognition Status | Basis for Derecognition | | :--- | :--- | :--- | :--- | :--- | | Note Endorsement | Notes Receivable Financing | 2,360,476.40 | Derecognized | Substantially all risks and rewards have been transferred | - The amount of financial assets derecognized due to transfer was **2,360,476.40 Yuan**[520](index=520&type=chunk) [Related Parties and Related-party Transactions](index=132&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company's parent is Nanjing Tengya Industrial Group, and its ultimate controller is Le Qingyong; related-party transactions primarily involved sales, services, and leasing - The company's parent company is Nanjing Tengya Industrial Group Co, Ltd, and the ultimate controlling party is Le Qingyong[522](index=522&type=chunk) - Other related parties include enti

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