[Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) [Report Overview and Risk Statement](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA-%E6%A6%82%E8%A7%88) This unaudited report guarantees truthfulness, accuracy, and completeness by the board, supervisors, and senior management, with no profit distribution plan for the period, and advises investors on forward-looking statements and significant risks - This semi-annual report is unaudited[5](index=5&type=chunk) - There is no profit distribution plan or capital reserve capitalization plan for this reporting period[6](index=6&type=chunk) - Forward-looking statements regarding future plans and development strategies in this report do not constitute actual commitments to investors, so investors are advised to be aware of the risks[6](index=6&type=chunk) - There are no instances of non-operating fund occupation by controlling shareholders or other related parties, nor any external guarantees provided in violation of decision-making procedures[7](index=7&type=chunk) - The company has detailed potential risks in "Section III Management Discussion and Analysis," "V. Other Disclosures," "(I) Potential Risks"[7](index=7&type=chunk) [Section I Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) [Definitions of Common Terms](index=4&type=section&id=%E5%B8%B8%E7%94%A8%E8%AF%8D%E8%AF%AD%E9%87%8A%E4%B9%89) This section defines common terms used in the report, covering company entities, laws and regulations, and professional terminology related to quartz crystal frequency components, such as piezoelectric effect, quartz crystal resonators, DIP, and SMD packaging, ensuring accurate understanding of the report content - "The Company," "Company," or "TKD Science & Technology" refers to Taijing Technology Co., Ltd[12](index=12&type=chunk) - Several wholly-owned or controlled subsidiaries are listed, such as Runjing Electronics, Taijing Industrial, and Kecheng Precision[12](index=12&type=chunk) - "Piezoelectric effect" is defined as the property of a material to deform and exhibit electrical polarization under external pressure, or to deform and mechanically vibrate under an electric field[12](index=12&type=chunk) - "Quartz crystal frequency components" include quartz crystal resonators, quartz crystal oscillators, and quartz crystal filters[12](index=12&type=chunk) - "DIP" is explained as Dual In-line Package technology, "SMD" as Surface Mount Device, and the size range for "Micro SMD" is defined[12](index=12&type=chunk)[13](index=13&type=chunk) [Section II Company Profile and Key Financial Indicators](index=6&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%90%A5%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) [I. Company Information](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section outlines the basic information of Taijing Technology Co., Ltd., including its company name, abbreviation, and legal representative - The company's Chinese name is Taijing Technology Co., Ltd., abbreviated as Taijing Technology[15](index=15&type=chunk) - The company's legal representative is Yu Xindong[15](index=15&type=chunk) [II. Contact Person and Information](index=6&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 information for the company's Board Secretary and Securities Affairs Representative, facilitating investor communication - The Board Secretary is Huang Xiaohui, and the Securities Affairs Representative is Zhu Liuyan[16](index=16&type=chunk) - The contact phone and fax numbers are both 0722-3308115[16](index=16&type=chunk) [III. Introduction to Changes in Basic Information](index=6&type=section&id=%E4%B8%89%E3%80%81%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5%E5%8F%98%E6%9B%B4%E7%AE%80%E4%BB%8B) This section details the company's registered and office addresses, noting no historical changes in basic information during the reporting period - The company's registered and office addresses are both located in Zengdu Economic Development Zone, Suizhou City, Hubei Province[17](index=17&type=chunk) - The company's website is www.sztkd.com[17](index=17&type=chunk) [IV. Introduction to Changes in Information Disclosure and Document Custody Locations](index=6&type=section&id=%E5%9B%9B%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) This section specifies the company's designated newspapers and website for information disclosure, along with the location for keeping the semi-annual report - The newspapers selected by the company for information disclosure include China Securities Journal, Shanghai Securities News, Securities Times, and Securities Daily[18](index=18&type=chunk) - The website address for publishing the semi-annual report is www.sse.com.cn[18](index=18&type=chunk) [V. Company Stock Overview](index=6&type=section&id=%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%AE%80%E5%86%B5) This section provides the company's stock listing information, including stock type, listing exchange, and code - The company's stock type is A-shares, listed on the Shanghai Stock Exchange[19](index=19&type=chunk) - The stock abbreviation is Taijing Technology, and the stock code is 603738[19](index=19&type=chunk) [VII. Key Accounting Data and Financial Indicators](index=6&type=section&id=%E4%B8%83%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) During the reporting period, the company's operating revenue increased by 16.73%, but total profit, net profit attributable to shareholders, and non-recurring net profit attributable to shareholders significantly decreased by 62.72%, 61.59%, and 74.60% respectively, mainly due to product price adjustments, unreleased new production line capacity leading to lower gross profit margins, and increased employee stock ownership plan expenses Key Accounting Data (January-June 2025) | Indicator | Current Period (RMB) | Prior Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 458,868,231.63 | 393,086,706.70 | 16.73 | | Total Profit | 25,088,367.22 | 67,290,167.81 | -62.72 | | Net Profit Attributable to Listed Company Shareholders | 22,042,813.71 | 57,389,938.95 | -61.59 | | Net Profit Attributable to Listed Company Shareholders After Deducting Non-Recurring Gains and Losses | 10,974,121.08 | 43,213,481.81 | -74.60 | | Net Cash Flow from Operating Activities | 50,525,607.06 | 52,379,026.00 | -3.54 | | Net Assets Attributable to Listed Company Shareholders (Period-end) | 1,745,050,862.43 | 1,756,126,254.96 | -0.63 | | Total Assets (Period-end) | 2,124,093,946.11 | 2,150,594,740.77 | -1.23 | Key Financial Indicators (January-June 2025) | Indicator | Current Period | Prior Period | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 0.06 | 0.15 | -60.00 | | Diluted Earnings Per Share (RMB/share) | 0.06 | 0.15 | -60.00 | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (RMB/share) | 0.03 | 0.11 | -72.73 | | Weighted Average Return on Net Assets (%) | 1.27 | 3.27 | Decreased by 2.00 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 0.63 | 2.46 | Decreased by 1.83 percentage points | - **Total profit, net profit attributable to shareholders, and non-recurring net profit attributable to shareholders significantly decreased**, primarily due to the company's proactive adjustment of some product prices to increase market share, a decline in gross profit margin as new production line investment capacity has not yet been released, and increased expenses related to the employee stock ownership plan[22](index=22&type=chunk) - **Basic earnings per share and diluted earnings per share decreased**, mainly due to the reduction in the company's profit scale during the reporting period[23](index=23&type=chunk) [IX. Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=%E4%B9%9D%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) This section details the non-recurring gains and losses items and their amounts for the reporting period, totaling **RMB 11,068,692.63**, with government subsidies being the main contributor Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (RMB) | | :--- | :--- | | Gains and losses from disposal of non-current assets | -111,410.63 | | Government grants recognized in profit or loss for the current period | 10,530,549.68 | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 106,987.94 | | Other non-operating income and expenses apart from the above | 2,283,520.96 | | Other gains and losses meeting the definition of non-recurring gains and losses | 144,589.63 | | Less: Income tax impact | 1,961,033.94 | | Minority interest impact (after tax) | -75,488.99 | | **Total** | **11,068,692.63** | [X. Net Profit After Deducting Share-Based Payment Impact](index=8&type=section&id=%E5%8D%81%E3%80%81%E5%AD%98%E5%9C%A8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E7%9A%84%E5%85%AC%E5%8F%B8%E5%8F%AF%E9%80%89%E6%8B%A9%E6%8A%AB%E9%9C%B2%E6%89%A3%E9%99%A4%E8%82%A1%E4%BB%BD%E6%94%AF%E4%BB%98%E5%BD%B1%E5%93%8D%E5%90%8E%E7%9A%84%E5%87%80%E5%88%A9%E6%B6%A6) This section discloses the net profit after deducting the impact of share-based payments, which was **RMB 33,385,992.69** for the current reporting period, a year-on-year decrease of 42.81% Net Profit After Deducting Share-Based Payment Impact | Key Accounting Data | Current Period (Jan-Jun) (RMB) | Prior Period (RMB) | Change from Prior Period (%) | | :--- | :--- | :--- | :--- | | Net profit after deducting share-based payment impact | 33,385,992.69 | 58,379,602.88 | -42.81 | [Section III Management Discussion and Analysis](index=9&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) [I. Explanation of the Company's Industry and Main Business During the Reporting Period](index=9&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) This section elaborates on the quartz crystal frequency component industry, its development trends, the company's industry position, and its main business model, highlighting the industry's shift towards miniaturization, high frequency, and high precision driven by AI and automotive electronics, where the company holds a leading position in technology and product layout [(I) Industry Overview](index=9&type=section&id=(%E4%B8%80)%20%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5) The company primarily engages in R&D, production, and sales of quartz crystal frequency components, a foundational industry for electronics, driven by AI and automotive electronics towards miniaturization, high frequency, high precision, high reliability, and low power consumption, with the company leading in MEMS industrialization, ultra-high frequency product mass production, and comprehensive product layout - The company primarily engages in the R&D, production, and sales of quartz crystal frequency components, a foundational industry for the electronic information sector[31](index=31&type=chunk) - AI rapid development and the intelligent upgrade of automotive electronics are driving the quartz crystal frequency component industry towards miniaturization, high frequency, high precision, high reliability, and low power consumption[31](index=31&type=chunk) - Emerging industries such as intelligent driving, AI glasses, servers, and humanoid robots are bringing new application scenarios to the quartz crystal frequency component industry[32](index=32&type=chunk)[33](index=33&type=chunk)[34](index=34&type=chunk) - The company is among the first batch of national "Little Giant" enterprises specializing in niche sectors, a national manufacturing single-item champion enterprise, and a national technological innovation demonstration enterprise, having pioneered the industrialization and scaling of quartz MEMS devices[35](index=35&type=chunk) - The company boasts a comprehensive product portfolio, covering DIP tuning fork, SMD tuning fork, SMD high-frequency, SMD thermal, active SPXO/TCXO/VCXO/OCXO, automotive-grade products, and RTC series[36](index=36&type=chunk) [(II) Main Business Overview](index=10&type=section&id=(%E4%BA%8C)%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company's main business encompasses the design, manufacturing, packaging, testing, and sales of quartz crystal frequency components, along with related process equipment R&D, utilizing a robust supplier management system for procurement, an order-driven production model, and a sales strategy combining direct sales with channels, while strengthening technical collaboration with main chip manufacturers - The company integrates R&D, production, and sales, specializing in the design, manufacturing, packaging, testing, and sales of quartz crystal frequency components, as well as the R&D of related process equipment[37](index=37&type=chunk) - Procurement Model: A comprehensive supplier management system and procurement control process have been established, enabling integrated management through multi-vendor selection, comparative bidding, and the integration of ERP and MES systems[39](index=39&type=chunk) - Production Model: Production is organized under an order-driven model, aiming to build a zero-defect quality system, continuously optimizing operations management, and enhancing production quality and efficiency[39](index=39&type=chunk) - Sales Model: The company consistently adheres to a close-service marketing policy, employing a combination of direct sales and channel sales, while strengthening interaction and technical exchange with major chip manufacturers[40](index=40&type=chunk) [II. Discussion and Analysis of Operations](index=11&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) In the first half of 2025, the company achieved a 16.73% year-on-year revenue increase and further consolidated its market share through price competition, new product development, deepened cooperation with major clients, and new production line commissioning, making significant progress in multi-dimensional synergy, core technology breakthroughs, and enhanced customer loyalty, particularly with high growth in micro-sized and active product sales - In the first half of 2025, the company's revenue increased by **16.73% year-on-year**, with Q2 revenue growing by **28.87% quarter-on-quarter**, further consolidating its market share[40](index=40&type=chunk) - Focusing on "expanding scale, improving efficiency, and optimizing structure," the company accelerated the commissioning of new production lines, gradually releasing incremental capacity for active crystal oscillators (TCXO, XO), ultra-high fundamental frequency, and automotive-grade products[41](index=41&type=chunk) - Sales of micro-sized products grew by **48.24%**, and active product sales increased by **195.39%**, while actively promoting domestic substitution in application scenarios such as optical communication and servers[42](index=42&type=chunk) - R&D expenses in the first half of 2025 totaled **RMB 22.9278 million**, a **14.76% year-on-year increase**, accelerating the R&D and customer certification of ultra-high frequency products above 150MHz, TCXO, and automotive-grade high-precision products[43](index=43&type=chunk) - Successfully developed new RTC products adaptable to a wide temperature range of -40~105℃, and a 312.5MHz differential output temperature-compensated oscillator for AI data center applications, achieving ultra-low phase noise performance[43](index=43&type=chunk) - Seizing opportunities for domestic substitution in high-end application markets, products have been applied in emerging markets such as AI edge devices, Beidou navigation, and low-altitude aircraft[44](index=44&type=chunk) [III. Analysis of Core Competencies During the Reporting Period](index=12&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competencies are rooted in six areas: technological R&D, production cost, quality, customer resources, capacity and production lines, and platform construction, maintaining a leading position in quartz crystal frequency components through continuous innovation, lean management, and strategic deployment [(I) Technological R&D Advantage](index=12&type=section&id=(%E4%B8%80)%20%E6%8A%80%E6%9C%AF%E7%A0%94%E5%8F%91%E4%BC%98%E5%8A%BF) Through continuous independent R&D and innovation, the company has developed an integrated advantage in new processes, products, and equipment, mastering core technologies such as MEMS photolithography, IC flip-chip packaging, and low-phase noise temperature compensation chip design, and has participated in drafting multiple national standards, achieving international first-class technical levels - The company has developed a unique integrated advantage in new processes, products, and equipment, forming a three-tier R&D team[45](index=45&type=chunk) - Mastered advanced MEMS photolithography technology required for producing miniaturized, high-fundamental frequency, and high-stability quartz wafers[46](index=46&type=chunk) - Mastered core technologies in IC flip-chip packaging and low-phase noise temperature compensation chip design, successfully developing high-stability, low-phase noise, and high-precision crystal oscillators[46](index=46&type=chunk) - The company is one of two drafting units for the national electronic industry standard "Test Methods and Standard Values for 10kHz-200kHz Tuning Fork Quartz Crystal Components"[46](index=46&type=chunk) [(II) Production Cost Advantage](index=13&type=section&id=(%E4%BA%8C)%20%E7%94%9F%E4%BA%A7%E6%88%90%E6%9C%AC%E4%BC%98%E5%8A%BF) The company possesses full in-house production capabilities from raw quartz blocks to finished crystal products, significantly reducing production and operating costs through the introduction of automated equipment, refinement of semiconductor photolithography and packaging processes, flexible production line construction, and self-developed equipment - The company has mastered full in-house production capabilities from raw quartz blocks to finished crystal products[47](index=47&type=chunk) - By introducing internationally advanced automated equipment and refining semiconductor photolithography and packaging processes, production efficiency and yield have improved, reducing labor costs[47](index=47&type=chunk) - Strengthened the flexible construction of production lines, allowing for agile adjustment of product models and equipment resource allocation, thereby reducing equipment replacement costs[47](index=47&type=chunk) - Reduced external equipment procurement and maintenance costs through self-R&D and in-house maintenance of key equipment[47](index=47&type=chunk) [(III) Quality Advantage](index=13&type=section&id=(%E4%B8%89)%20%E5%93%81%E8%B4%A8%E8%B4%A8%E9%87%8F%E4%BC%98%E5%8A%BF) The company strictly adheres to national and industry standards, implementing a multi-system management model including ISO9001, ISO14001, IATF16949, and ISO450001, ensuring stable and reliable product quality through refined, process-oriented production control and comprehensive quality inspection - The company strictly implements national and industry standards related to electronic component products[48](index=48&type=chunk) - Adopted a multi-system management model including ISO9001, ISO14001, IATF16949, and ISO450001 to establish and improve the product quality control system[48](index=48&type=chunk) - Production processes adhere to "strict inbound and outbound," "equipment automation," and "IT-enabled management" requirements, supported by information systems that automatically monitor production efficiency and yield[48](index=48&type=chunk) - Product quality management starts from the source, standardizing incoming material inspection and conducting reliability tests and inspections according to industry standards and customer requirements[48](index=48&type=chunk) [(IV) Customer Resource Advantage](index=13&type=section&id=(%E5%9B%9B)%20%E5%AE%A2%E6%88%B7%E8%B5%84%E6%BA%90%E4%BC%98%E5%8A%BF) Leveraging stable product performance, reliable quality, strong capacity, and timely delivery, the company has built a robust customer network and, with accelerating domestic substitution, has accumulated a portfolio of high-quality key clients, establishing itself as a trusted frequency control device solution provider - Through years of market cultivation, the company has established a stable customer network by virtue of its advantages in stable product performance, reliable quality, strong production capacity, and timely delivery[49](index=49&type=chunk) - With the acceleration of domestic substitution, the company has accumulated a group of high-quality key customers and actively introduced the TKD brand as their primary supplier[49](index=49&type=chunk)[50](index=50&type=chunk) - The company consistently focuses on customer needs, strengthens interaction with direct-supply terminals, and launches comprehensive, customized, and differentiated products to meet diverse customer demands[50](index=50&type=chunk) [(V) Capacity and Production Line Advantage](index=14&type=section&id=(%E4%BA%94)%20%E4%BA%A7%E8%83%BD%E4%B8%8E%E4%BA%A7%E7%BA%BF%E4%BC%98%E5%8A%BF) The company is accelerating its automotive electronics strategic layout by establishing an automotive electronics division and launching the only independent automotive-grade production line in China, aiming to meet the growing demand for crystal oscillators driven by automotive intelligence and electrification upgrades, positioning itself to capitalize on domestic localization opportunities - In 2024, the company accelerated its automotive electronics strategy, established an automotive electronics division, and launched the only independent automotive-grade production line in China to ensure customer demand and product supply[51](index=51&type=chunk) - The completion of the automotive-grade production line will significantly accelerate the company's customer onboarding process and shorten factory audit and system certification times[51](index=51&type=chunk) - Automotive electronics represent the fastest-growing application scenario for crystal oscillator demand, and the company's automotive-grade production line is expected to capitalize on localization opportunities arising from the reshaping of China's automotive supply chain[51](index=51&type=chunk) [(VI) Platform Construction Advantage](index=14&type=section&id=(%E5%85%AD)%20%E5%B9%B3%E5%8F%B0%E5%BB%BA%E8%AE%BE%E4%BC%98%E5%8A%BF) The company actively promotes the construction of national enterprise technology centers and key laboratories, continuously upgrades instruments and equipment to enhance experimental testing capabilities, undertakes national and provincial scientific research projects, and prioritizes the establishment of a high-value intellectual property protection system - The company is focused on building national enterprise technology centers and key laboratories in accordance with national evaluation system requirements, continuously updating laboratory instruments and equipment to enhance experimental testing capabilities[52](index=52&type=chunk) - It has developed high-performance quartz sensor capabilities and, relying on the provincial key laboratory, is undertaking Hubei Province's key scientific and technological project "Research on Key Technologies for High-Precision Synchronous Clock Modules for 6G Communication"[52](index=52&type=chunk) - The company is actively building a high-value intellectual property protection system, with a focus on strengthening protection for new products[52](index=52&type=chunk) [IV. Key Operating Performance During the Reporting Period](index=14&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) This section analyzes the changes in financial statement items, asset and liability status, and investment activities related to the company's main business during the reporting period, showing increased operating revenue but decreased total profit due to rising costs and expenses, alongside adjustments in asset-liability structure, increased external equity investments, and disclosure of restricted assets [(I) Main Business Analysis](index=14&type=section&id=(%E4%B8%80)%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) During the reporting period, the company's operating revenue increased by 16.73% year-on-year, but operating costs, selling expenses, administrative expenses, and R&D expenses all grew, leading to a significant decline in total profit, net profit, and non-recurring net profit, primarily influenced by product price adjustments, unreleased new production line capacity, increased employee stock ownership plan expenses, and higher credit impairment losses Analysis Table of Financial Statement Items Changes (January-June 2025) | Item | Current Period (RMB) | Prior Period (RMB) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 458,868,231.63 | 393,086,706.70 | 16.73 | | | Operating Costs | 378,173,352.74 | 293,958,846.90 | 28.65 | | | Selling Expenses | 11,009,357.67 | 7,585,467.98 | 45.14 | Increased employee stock ownership plan expenses, higher employee compensation costs from an increase in sales personnel | | Administrative Expenses | 34,010,159.83 | 24,487,028.40 | 38.89 | Increased accruals for employee stock ownership plan related expenses | | Financial Expenses | -5,186,940.63 | -8,431,745.29 | 38.48 | Increased exchange losses year-on-year | | R&D Expenses | 22,927,771.27 | 19,979,380.71 | 14.76 | | | Credit Impairment Losses | -2,866,885.76 | 312,968.81 | -1,016.03 | Increased operating revenue and expanded accounts receivable, leading to higher credit impairment provisions | | Asset Impairment Losses | -3,505,500.19 | -2,481,667.61 | -41.26 | Increased inventory impairment provisions | | Asset Disposal Gains | 89,640.33 | 6,118.41 | 1,365.09 | Increased gains from the disposal of fixed assets | | Non-Operating Income | 2,492,211.65 | 1,450,309.78 | 71.84 | Increased scrap material sales revenue | | Non-Operating Expenses | 409,741.65 | 55,414.13 | 639.42 | Increased losses from the disposal of non-current assets | | Income Tax Expense | 2,710,412.47 | 8,910,564.93 | -69.58 | Reduction in total profit | | Net Cash Flow from Financing Activities | -47,936,318.84 | -70,817,341.17 | 32.31 | Decrease in share repurchase payments | [(III) Analysis of Assets and Liabilities](index=15&type=section&id=(%E4%B8%89)%20%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) At the end of the reporting period, the company's total assets and net assets attributable to shareholders slightly decreased, with other current assets and construction in progress declining, while other non-current financial assets and other non-current assets significantly increased; contract liabilities rose, and minority interests decreased, with overseas assets accounting for 1.77% of total assets, and some investment properties and fixed assets mortgaged for loans Changes in Assets and Liabilities (Period-end vs. Prior Year-end) | Item Name | Current Period-end (RMB) | Prior Year-end (RMB) | Change from Prior Year-end (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Other Current Assets | 173,021,941.13 | 277,854,228.24 | -37.73 | Decrease in the scale of held time deposits and large-denomination certificates of deposit maturing within one year | | Other Non-Current Financial Assets | 20,000,000.00 | 10,000,000.00 | 100.00 | New external equity investment | | Construction in Progress | 33,781,681.97 | 56,197,503.39 | -39.89 | Some construction in progress reached its intended usable state and was transferred to fixed assets | | Right-of-Use Assets | 2,066,944.17 | 3,019,339.04 | -31.54 | Decrease in leases by subsidiary Chongqing Taiqing | | Other Non-Current Assets | 218,658,660.85 | 93,744,482.44 | 133.25 | Increase in the scale of new investments in time deposits and large-denomination certificates of deposit maturing in over one year | | Contract Liabilities | 2,913,329.63 | 1,987,544.85 | 46.58 | Increase in customer contract prepayments received | | Minority Interests | 6,796,280.06 | 12,556,365.65 | -45.87 | Acquisition of minority interests in Chongqing Taiqing completed | - **Overseas assets totaled RMB 37,556,221.24**, accounting for **1.77% of total assets**[59](index=59&type=chunk) Major Restricted Assets as of the End of the Reporting Period | Item | Period-end Book Value (RMB) | Reason for Restriction | | :--- | :--- | :--- | | Investment Properties | 6,693,254.85 | Mortgage for loans | | Fixed Assets | 2,585,025.59 | Mortgage for loans | | **Total** | **9,278,280.44** | | [(IV) Investment Analysis](index=16&type=section&id=(%E5%9B%9B)%20%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) During the reporting period, the company acquired a 40% stake in its controlled subsidiary Chongqing Taiqing, making it a wholly-owned subsidiary, and also invested **RMB 10 million** of its own funds to subscribe for new capital in Wuhan Xinlike Technology Co., Ltd., acquiring a 3.7064% equity stake - The company used **RMB 4.86 million** of its own funds to acquire a **40% equity stake** in its controlled subsidiary Chongqing Taiqing, making it a wholly-owned subsidiary[62](index=62&type=chunk) - The company subscribed for new capital in Wuhan Xinlike Technology Co., Ltd. with **RMB 10 million** of its own funds, acquiring a **3.7064% equity stake** in the company[62](index=62&type=chunk) [V. Other Disclosures](index=17&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) This section discloses potential risks the company may face, including those related to technology R&D, product quality, new customer development, core technology leakage, changes in tax preferential policies, and intensified industry competition, advising investors to pay attention to these potential risks [(I) Potential Risks](index=17&type=section&id=(%E4%B8%80)%20%E5%8F%AF%E8%83%BD%E9%9D%A2%E5%AF%B9%E7%9A%84%E9%A3%8E%E9%99%A9) The company faces multiple risks, including R&D direction misalignment with market demand, product quality issues, lagging new customer development, core technology leakage, changes in tax preferential policies, and intensified industry competition potentially leading to difficulties in capacity absorption and declining profitability - **Technology R&D risk**: If the R&D direction deviates from or lags behind industry technological trends and market demand changes, the company will face competitive disadvantages or the risk of product technology being replaced[64](index=64&type=chunk) - **Product quality risk**: Product quality and stability directly affect the performance of end products; any malfunction could lead to customer claims, repairs, returns, or recalls[64](index=64&type=chunk) - **New customer development risk**: New product development and capacity expansion may face risks of delayed market adoption by customers and slow conversion into economic benefits[65](index=65&type=chunk) - **Core technology leakage risk**: Core technologies and production processes are the company's core competencies; any leakage would negatively impact production operations and new product R&D[65](index=65&type=chunk) - **Risk of changes in tax preferential policies and financial subsidy policies**: Dynamic changes in high-tech enterprise qualifications could lead to the clawback of tax incentives, affecting the income tax rate[65](index=65&type=chunk) - **Risk of intensified industry competition**: If downstream market demand shrinks or competition intensifies, new capacity may not be fully absorbed, initial investments may not be recovered, impacting the company's profitability[66](index=66&type=chunk)[67](index=67&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=20&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) [I. Changes in Directors, Supervisors, and Senior Management](index=20&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) There were no changes in the company's directors, supervisors, or senior management during the reporting period [II. Profit Distribution or Capital Reserve Capitalization Plan](index=20&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) The company's proposed semi-annual profit distribution or capital reserve capitalization plan is "none," meaning no distribution or capitalization will occur - The company's proposed semi-annual profit distribution or capital reserve capitalization plan is "no," with zero bonus shares, dividends, or capitalization per 10 shares[70](index=70&type=chunk) [III. Status and Impact of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=20&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%85%B6%E5%BD%B1%E5%93%8D) During the reporting period, there were no subsequent developments or changes in the company's equity incentive plans, employee stock ownership plans, or other employee incentive measures, and these have been disclosed in temporary announcements [IV. Environmental Information Disclosure in Accordance with Law](index=20&type=section&id=%E5%9B%9B%E3%80%81%E7%BA%B3%E5%85%A5%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E4%BE%9D%E6%B3%95%E6%8A%AB%E9%9C%B2%E4%BC%81%E4%B8%9A%E5%90%8D%E5%8D%95%E7%9A%84%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E4%B8%BB%E8%A6%81%E5%AD%90%E5%85%AC%E5%8F%B8%E7%9A%84%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%83%85%E5%86%B5) The company and its subsidiary Taihua Electronics are included in the list of enterprises required to disclose environmental information by law, which can be accessed on the Hubei Province Enterprise Environmental Information Disclosure System - A total of **2 enterprises**, the company and its subsidiary Taihua Electronics, are included in the list of enterprises required to disclose environmental information by law[71](index=71&type=chunk) - The environmental information disclosure report can be found on the Enterprise Environmental Information Disclosure System (Hubei)[71](index=71&type=chunk) [V. Specific Progress in Consolidating Poverty Alleviation Achievements and Rural Revitalization](index=21&type=section&id=%E4%BA%94%E3%80%81%E5%B7%A9%E5%9B%BA%E6%8B%93%E5%B1%95%E8%84%B1%E8%B4%AB%E6%94%BB%E5%9D%9A%E6%88%90%E6%9E%9C%E3%80%81%E4%B9%A1%E6%9D%91%E6%8C%AF%E5%85%B4%E7%AD%89%E5%B7%A5%E4%BD%9C%E5%85%B7%E4%BD%93%E6%83%85%E5%86%B5) While developing its business, the company actively fulfills its social responsibilities by hiring ethnic minority employees and impoverished individuals from local poor areas, contributing to the consolidation of poverty alleviation achievements and rural revitalization - While focusing on production and operations, the company emphasizes creating social value, consciously fulfilling its social responsibilities, and continuously carrying out assistance work[72](index=72&type=chunk) - During the reporting period, the company hired ethnic minority employees and impoverished households from local poor areas, encouraging them to escape poverty through hard work and labor to achieve prosperity[72](index=72&type=chunk) [Section V Significant Matters](index=22&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) [I. Fulfillment of Commitments](index=22&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company, its controlling shareholders, actual controllers, directors, supervisors, and senior management have all timely and strictly fulfilled their various commitments during or continuing into the reporting period, covering shareholding intentions, reduction intentions, non-competition, related party transactions, dilution of immediate returns, and compensation for information disclosure violations - The shareholding intentions and reduction intentions commitments of the company's shareholders holding over 5% equity, Yu Xindong, Wang Dan, and Yu Xinhui, have all been timely and strictly fulfilled[74](index=74&type=chunk)[75](index=75&type=chunk)[76](index=76&type=chunk) - The commitments of the company's directors and senior management regarding share lock-up periods and reduction prices have all been timely and strictly fulfilled[76](index=76&type=chunk)[77](index=77&type=chunk) - The commitments of the company's controlling shareholders and actual controllers regarding avoiding horizontal competition and regulating related party transactions have all been timely and strictly fulfilled[77](index=77&type=chunk)[78](index=78&type=chunk) - The commitments of the company's directors and senior management regarding the dilution of immediate returns from this issuance have all been timely and strictly fulfilled[78](index=78&type=chunk) - The commitments of the company, controlling shareholders, and directors, supervisors, and senior management regarding the repurchase of new shares, buyback of shares, and compensation for losses due to major information disclosure violations have all been timely and strictly fulfilled[79](index=79&type=chunk)[80](index=80&type=chunk)[81](index=81&type=chunk) - The commitments of the company's controlling shareholders, actual controllers, the company, and its directors and senior management regarding the dilution of immediate returns from non-public issuance of shares and the implementation of compensatory measures have all been timely and strictly fulfilled[81](index=81&type=chunk)[82](index=82&type=chunk)[83](index=83&type=chunk)[84](index=84&type=chunk)[85](index=85&type=chunk) - The company's commitment not to provide financial assistance for equity incentives and the incentive recipients' commitment to return benefits in case of information disclosure violations have both been timely and strictly fulfilled[85](index=85&type=chunk)[86](index=86&type=chunk) [II. Non-Operating Fund Occupation](index=27&type=section&id=%E4%BA%8C%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%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%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) During the reporting period, there were no instances of non-operating fund occupation by controlling shareholders or other related parties of the company [III. Irregular Guarantees](index=27&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) During the reporting period, the company did not provide any external guarantees in violation of decision-making procedures [IV. Semi-Annual Report Audit Status](index=27&type=section&id=%E5%9B%9B%E3%80%81%E5%8D%8A%E5%B9%B4%E6%8A%A5%E5%AE%A1%E8%AE%A1%E6%83%85%E5%86%B5) This semi-annual report is unaudited [V. Matters Involving Non-Standard Audit Opinions](index=27&type=section&id=%E4%BA%94%E3%80%81%E4%B8%8A%E5%B9%B4%E5%B9%B4%E5%BA%A6%E6%8A%A5%E5%91%8A%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%84%8F%E8%A7%81%E6%B6%89%E5%8F%8A%E4%BA%8B%E9%A1%B9%E7%9A%84%E5%8F%98%E5%8C%96%E5%8F%8A%E5%A4%84%E7%90%86%E6%83%85%E5%86%B5) The company's prior year's annual report did not contain matters involving non-standard audit opinions, thus there are no related changes or handling situations for the current period [VI. Bankruptcy and Reorganization Matters](index=27&type=section&id=%E5%85%AD%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) During the reporting period, the company had no bankruptcy or reorganization related matters [VII. Major Litigation and Arbitration Matters](index=27&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%AF%89%E8%AE%BC%E3%80%81%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A1%B9) During the reporting period, the company had no major litigation or arbitration matters [VIII. Violations and Penalties](index=28&type=section&id=%E5%85%AB%E3%80%81%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%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%E3%80%81%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%E6%B6%89%E5%AB%8C%E8%BF%9D%E6%B3%95%E8%BF%9D%E8%A7%84%E3%80%81%E5%8F%97%E5%88%B0%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) During the reporting period, neither the company nor its directors, supervisors, senior management, controlling shareholders, or actual controllers were involved in alleged violations, penalties, or rectification situations [IX. Explanation of Integrity Status](index=28&type=section&id=%E4%B9%9D%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) During the reporting period, the company, its controlling shareholders, and actual controllers maintained good integrity, with no adverse situations such as failure to fulfill obligations determined by effective court legal documents or overdue large debts - During the reporting period, the company, its controlling shareholders, and actual controllers had no adverse integrity issues, such as failing to fulfill obligations determined by effective court legal documents or having large overdue debts[88](index=88&type=chunk) [X. Major Related Party Transactions](index=28&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company has disclosed and projected its 2025 daily related party transaction limits in temporary announcements, which have been reviewed and approved by the board of directors and audit committee, with detailed information available in the financial report - The company reviewed and approved the "Proposal on Estimated Daily Related Party Transactions for 2025" on **April 26, 2025**, and **April 27, 2025**[89](index=89&type=chunk) - Specific related party transaction details can be found in "Related Parties and Related Party Transactions" within "Section VIII Financial Report" of this report[89](index=89&type=chunk) [XI. Major Contracts and Their Fulfillment](index=29&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) During the reporting period, the company had no trusteeship, contracting, or leasing matters, no significant guarantees being fulfilled or yet to be fulfilled, and no other major contracts [Section VI Share Changes and Shareholder Information](index=31&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) [I. Share Capital Changes](index=31&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the company's total share capital or share structure, nor any changes in restricted shares - During the reporting period, there were no changes in the company's total share capital or share structure[95](index=95&type=chunk) [II. Shareholder Information](index=31&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had 40,663 common shareholders, with this section detailing the shareholding of the top ten shareholders and top ten unrestricted shareholders, and clarifying the related party relationships among the actual controllers [(I) Total Number of Shareholders](index=31&type=section&id=(%E4%B8%80)%20%E8%82%A1%E4%B8%9C%E6%80%BB%E6%95%B0) As of the end of the reporting period, the total number of common shareholders was 40,663 - As of the end of the reporting period, the total number of common shareholders was **40,663**[96](index=96&type=chunk) [(II) Top Ten Shareholders' Shareholding](index=31&type=section&id=(%E4%BA%8C)%20%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E5%89%8D%E5%8D%81%E5%90%8D%E8%82%A1%E4%B8%9C%E3%80%81%E5%89%8D%E5%8D%81%E5%90%8D%E6%B5%81%E9%80%9A%E8%82%A1%E4%B8%9C%EF%BC%88%E6%88%96%E6%97%A0%E9%99%90%E5%94%AE%E6%9D%A1%E4%BB%B6%E8%82%A1%E4%B8%9C%EF%BC%89%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5%E8%A1%A8) The company's top three shareholders are Yu Xindong, Wang Dan, and Yu Xinhui, with Yu Xindong, Wang Dan, Yu Xinhui, and Yu Huiling being the company's co-actual controllers; Xu Jin's 10,194,000 shares are all pledged, and the company's special repurchase securities account holds 4,962,620 shares, accounting for 1.27% of the total share capital Top Ten Shareholders' Shareholding (Excluding Shares Lent via Securities Refinancing) | Shareholder Name | Period-end Shareholding (shares) | Percentage (%) | Number of Restricted Shares Held | Share Status | Quantity | | :--- | :--- | :--- | :--- | :--- | :--- | | Yu Xindong | 72,565,200 | 18.64 | 0 | None | 0 | | Wang Dan | 18,318,646 | 4.71 | 0 | None | 0 | | Yu Xinhui | 13,155,940 | 3.38 | 0 | None | 0 | | Xu Jin | 10,194,000 | 2.62 | 0 | Pledged | 10,194,000 | | Taijing Technology Co., Ltd. - 2024 Employee Stock Ownership Plan | 7,650,000 | 1.96 | 0 | None | 0 | | Wang Zhenhai | 4,952,001 | 1.27 | 0 | None | 0 | | Yu Huiling | 4,566,800 | 1.17 | 0 | None | 0 | | Du Yunzhi | 3,370,000 | 0.87 | 0 | None | 0 | | Wang Jintao | 2,353,365 | 0.60 | 0 | None | 0 | | Gong Wenying | 2,259,972 | 0.58 | 0 | None | 0 | - Yu Xindong, Wang Dan, Yu Xinhui, and Yu Huiling are the company's controlling shareholders and co-actual controllers; Wang Dan is Yu Xindong's spouse, Yu Xinhui is Yu Xindong's younger brother, and Yu Huiling is Yu Xindong's younger sister[99](index=99&type=chunk) - As of the end of the reporting period, Taijing Technology Co., Ltd.'s special repurchase securities account held **4,962,620 shares**, accounting for **1.27% of the company's total share capital**[99](index=99&type=chunk) [Section VII Bond-Related Information](index=34&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) [I. Corporate Bonds and Non-Financial Enterprise Debt Financing Instruments](index=34&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%EF%BC%88%E5%90%AB%E4%BC%81%E4%B8%9A%E5%80%BA%E5%88%B8%EF%BC%89%E5%92%8C%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments [II. Convertible Corporate Bonds](index=34&type=section&id=%E4%BA%8C%E3%80%81%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E6%83%85%E5%86%B5) During the reporting period, the company had no convertible corporate bonds [Section VIII Financial Report](index=35&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) [I. Audit Report](index=35&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This semi-annual report is unaudited [II. Financial Statements](index=35&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section includes 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 presenting the company's financial position, operating results, and cash flow [III. Company Basic Information](index=48&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) Taijing Technology Co., Ltd. was listed in September 2016, primarily engaging in R&D, production, and sales of quartz crystal frequency components and related equipment, jointly controlled by Yu Xindong, Wang Dan, Yu Xinhui, and Yu Huiling, with a consolidated scope including 9 subsidiaries as of June 30, 2025 - Taijing Technology Co., Ltd. was approved by the China Securities Regulatory Commission for public stock issuance and listing in **September 2016**[127](index=127&type=chunk) - The company and its subsidiaries primarily engage in the R&D, production, and sales of crystal automation equipment, components, electronic elements, modules, and automotive parts[127](index=127&type=chunk) - Yu Xindong, Wang Dan, Yu Xinhui, and Yu Huiling are the co-actual controllers of the company[127](index=127&type=chunk) - As of **June 30, 2025**, a total of **9 subsidiaries** are included in the consolidated scope[127](index=127&type=chunk) [IV. Basis of Financial Statement Preparation](index=48&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) These financial statements are prepared on a going concern basis, in accordance with the "Accounting Standards for Business Enterprises" issued by the Ministry of Finance and "Information Disclosure Rules for Companies Issuing Securities to the Public No. 15" by the China Securities Regulatory Commission, with accounting based on the accrual basis and historical cost - These financial statements are prepared on a going concern basis, in accordance with the "Accounting Standards for Business Enterprises" issued by the Ministry of Finance and "Information Disclosure Rules for Companies Issuing Securities to the Public No. 15" by the China Securities Regulatory Commission[128](index=128&type=chunk) - The company's accounting is based on the accrual method, and except for certain financial instruments, all are measured at historical cost[128](index=128&type=chunk) - There are no matters or circumstances that would cast significant doubt on the company's ability to continue as a going concern for the 12 months from the end of the reporting period[129](index=129&type=chunk) [V. Significant Accounting Policies and Estimates](index=48&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 and significant accounting estimates for financial asset impairment, revenue recognition, leases, inventory impairment provisions, fair value of financial instruments, long-term asset impairment, depreciation and amortization, deferred income tax assets, and income tax, addressing uncertainties in operating activities - Based on its actual production and operating characteristics, the company has formulated several specific accounting policies and estimates for transactions and matters such as financial asset impairment, in accordance with relevant enterprise accounting standards[131](index=131&type=chunk) - These financial statements comply with the requirements of enterprise accounting standards, truthfully and completely reflecting the company's financial position, operating results, and cash flows[132](index=132&type=chunk) - The company adopts the calendar year as its accounting year, with a 12-month operating cycle, and its functional currency is RMB[133](index=133&type=chunk)[134](index=134&type=chunk)[135](index=135&type=chunk) - The company has established detailed accounting policies for business combinations, consolidated financial statement preparation, joint arrangements, cash and cash equivalents, foreign currency transactions and translation of foreign currency financial statements, financial instruments, notes receivable, accounts receivable, financing for receivables, other receivables, inventories, contract assets, long-term equity investments, investment properties, fixed assets, construction in progress, borrowing costs, intangible assets, impairment of long-term assets, long-term deferred expenses, contract liabilities, employee compensation, share-based payments, revenue, government grants, deferred income tax assets/liabilities, and leases[138](index=138&type=chunk)[143](index=143&type=chunk)[149](index=149&type=chunk)[151](index=151&type=chunk)[155](index=155&type=chunk)[166](index=166&type=chunk)[168](index=168&type=chunk)[170](index=170&type=chunk)[172](index=172&type=chunk)[174](index=174&type=chunk)[178](index=178&type=chunk)[180](index=180&type=chunk)[190](index=190&type=chunk)[192](index=192&type=chunk)[196](index=196&type=chunk)[200](index=200&type=chunk)[204](index=204&type=chunk)[207](index=207&type=chunk)[209](index=209&type=chunk)[210](index=210&type=chunk)[214](index=214&type=chunk)[218](index=218&type=chunk)[222](index=222&type=chunk)[226](index=226&type=chunk)[231](index=231&type=chunk) - In applying accounting policies, the company makes judgments, estimates, and assumptions regarding the carrying amounts of financial statement items such as revenue recognition, leases, financial asset impairment, inventory impairment provisions, fair value of financial instruments, long-term asset impairment provisions, depreciation and amortization, deferred income tax assets, and income tax[236](index=236&type=chunk)[237](index=237&type=chunk)[238](index=238&type=chunk)[239](index=239&type=chunk)[240](index=240&type=chunk)[241](index=241&type=chunk)[242](index=242&type=chunk) [VI. Taxation](index=80&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) This section lists the main tax categories and rates for the company and its subsidiaries, detailing the tax preferential policies enjoyed, including the 15% income tax rate for high-tech enterprises, 15% for encouraged industries in western regions, small and micro enterprise income tax benefits, and the additional deduction policy for advanced manufacturing enterprises' VAT Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Taxable income | 6%, 9%, 13% | | Urban Maintenance and Construction Tax | Payable turnover tax amount | 5%, 7% | | Corporate Income Tax | Taxable income | 15%, 16.50%, 25% | | Education Surcharge | Payable turnover tax amount | 3% | - The company and its subsidiaries, Chongqing Jingxin Frequency Control Electronics Technology Co., Ltd. and Chongqing Taiqing Electronics Technology Co., Ltd., enjoy a **15% preferential corporate income tax rate**[244](index=244&type=chunk) - Subsidiaries Shenzhen Kecheng Precision Hardware Co., Ltd., Hubei Dongao Electronics Technology Co., Ltd., and Shenzhen Taijing Industrial Co., Ltd. enjoy **small and micro enterprise income tax preferential policies**[245](index=245&type=chunk) - As an advanced manufacturing enterprise, the company is allowed to deduct an additional **5%** of the current period's deductible input VAT from its payable VAT from **January 1, 2023, to December 31, 2027**[245](index=245&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=81&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 notes for each item in the consolidated financial statements, including monetary funds, notes receivable, accounts receivable, inventories, fixed assets, construction in progress, intangible assets, deferred income tax, owners' equity, operating revenue and costs, various expenses, investment income, credit impairment losses, asset impairment losses, and cash flows, explaining the main reasons for changes Changes in Monetary Funds | Item | Period-end Balance (RMB) | Period-start Balance (RMB) | | :--- | :--- | :--- | | Total | 125,445,552.40 | 178,194,458.90 | Changes in Book Value of Accounts Receivable | Item | Period-end Book Value (RMB) | Period-start Book Value (RMB) | | :--- | :--- | :--- | | Accounts Receivable | 268,340,906.40 | 236,063,979.07 | - **Credit impairment losses for the current period were RMB -2,866,885.76**, compared to RMB 312,968.81 in the prior period, mainly due to increased operating revenue leading to an expanded scale of accounts receivable and a year-on-year increase in credit impairment provisions[374](index=374&type=chunk)[54](index=54&type=chunk) - **Asset impairment losses for the current period were RMB -3,505,500.19**, compared to RMB -2,481,667.61 in the prior period, mainly due to an increase in the company's inventory impairment provisions during the reporting period[375](index=375&type=chunk)[54](index=54&type=chunk) Operating Revenue and Operating Costs (January-June 2025) | Item | Revenue (RMB) | Cost (RMB) | | :--- | :--- | :--- | | Main Business | 443,426,687.85 | 368,221,433.47 | | Other Business | 15,441,543.78 | 9,951,919.27 | | **Total** | **458,868,231.63** | **378,173,352.74** | Changes in Selling and Administrative Expenses (January-June 2025) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | Change (%) | Main Reason | | :--- | :--- | :--- | :--- | :--- | | Selling Expenses | 11,009,357.67 | 7,585,467.98 | 45.14 | Increased employee stock ownership plan expenses, higher employee compensation costs from an increase in sales personnel | | Administrative Expenses | 34,010,159.83 | 24,487,028.40 | 38.89 | Increased accruals for employee stock ownership plan related expenses | Changes in Net Cash Flow from Financing Activities | Item | Current Period Amount (RMB) | Prior Period (RMB) | Change (%) | Main Reason | | :--- | :--- | :--- | :--- | :--- | | Net Cash Flow from Financing Activities | -47,936,318.84 | -70,817,341.17 | 32.31 | Decrease in share repurchase payments | [VIII. R&D Expenses](index=130&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) This section details the company's R&D expenses for the reporting period, totaling **RMB 22,927,771.27**, all expensed, primarily comprising personnel costs and direct input costs R&D Expenses by Nature of Expense (January-June 2025) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Personnel Costs | 8,507,251.26 | 8,935,171.62 | | Direct Input Costs | 7,987,378.46 | 8,317,738.46 | | Depreciation and Amortization | 3,260,434.19 | 2,457,395.40 | | Employee Stock Ownership Plan Expenses | 2,705,698.34 | | | Other Expenses | 467,009.02 | 269,075.23 | | **Total** | **22,927,771.27** | **19,979,380.71** | | Of which: Expensed R&D | 22,927,771.27 | 19,979,380.71 | [IX. Changes in Consolidation Scope](index=131&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) During the reporting period, there were no significant changes in the company's consolidation scope, such as business combinations under non-common control, business combinations under common control, reverse acquisitions, or disposal of subsidiaries [X. Interests in Other Entities](index=132&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 discloses the company's equity interests in subsidiaries and associates, including 9 subsidiaries, mostly wholly-owned, and a 7.4074% stake in associate Wuhan Shijiejing Precision Electronics Co., Ltd., accounted for using the equity method [1. Interests in Subsidiaries](index=132&type=section&id=1%E3%80%81%E5%9C%A8%E5%AD%90%E5%85%AC%E5%8F%B8%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) The company owns 9 subsidiaries, primarily engaged in the production and sales of electronic components, with most holding 100% equity, and some being controlled subsidiaries - The company owns **9 subsidiaries**, including Shenzhen Taijing Industrial Co., Ltd., Suizhou Runjing Electronics Technology Co., Ltd., and Shenzhen Kecheng Precision Hardware Co., Ltd[401](index=401&type=chunk) - Most subsidiaries are **100% owned**, while Shenzhen Kecheng Precision Hardware Co., Ltd. is **65% owned**, and Hubei Dongao Electronics Technology Co., Ltd. is **51% owned**[401](index=401&type=chunk) - The business nature of the subsidiaries is primarily the production and sales of electronic components[401](index=401&type=chunk) [3. Interests in Joint Ventures or Associates](index=133&type=section&id=3%E3%80%81%E5%9C%A8%E5%90%88%E8%90%A5%E4%BC%81%E4%B8%9A%E6%88%96%E8%81%94%E8%90%A5%E4%BC%81%E4%B8%9A%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) The company holds a 7.4074% stake in associate Wuhan Shijiejing Precision Electronics Co., Ltd., accounted for using the equity method due to significant influence from a dispatched director, with the associate contributing a net loss of **RMB 514,520.08** during the reporting period - The company holds a **7.4074% stake** in Wuhan Shijiejing Precision Electronics Co., Ltd., accounted for using the equity method due to significant influence from a dispatched director[403](index=403&type=chunk) Summary Financial Information of Insignificant Joint Ventures and Associates | Item | Period-end Balance/Current Period Amount (RMB) | | :--- | :--- | | Total book value of investments in associates | 10,446,396.68 | | Net profit of associates | -514,520.08 | | Total comprehensive income of associates | -514,520.08 | [XI. Government Grants](index=135&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) During the reporting period, the company recognized total government grants of **RMB 10,530,549.68**, comprising **RMB 4,146,625.54** related to assets and **RMB 6,383,924.14** related to income Government Grants Recognized in Profit or Loss for the Current Period (January-June 2025) | Type | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Related to assets | 4,146,625.54 | 3,332,745.99 | | Related to income | 6,383,924.14 | 11,038,224.20 | | **Total** | **10,530,549.68** | **14,370,970.19** | [XII. Risks Related to Financial Instruments](index=135&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 faces market risks (foreign exchange risk, interest rate risk), credit risk, and liquidity risk, which are managed and monitored to keep them within defined limits, with foreign exchange risk primarily from JPY, USD, and HKD transactions, interest rate risk from interest-bearing debt, credit risk mainly from accounts receivable, and liquidity risk balanced through cash management and bank borrowings - The company's objective in risk management is to achieve an appropriate balance between risk and return, minimizing the negative impact of risks on the company's operating performance, and maximizing the interests of shareholders and other equity investors[410](index=410&type=chunk) - Foreign exchange risk primarily arises from international business activities such as procurement and sales, and production equipment purchases involving multiple currencies like Japanese Yen, US Dollar, and Hong Kong Dollar[412](index=412&type=chunk) Foreign Exchange Risk Sensitivity Analysis (Impact of 1% Appreciation of RMB against Major Foreign Currencies on Profit and Shareholders' Equity) | Item | Impact on Profit (RMB) | Impact on Shareholders' Equity (RMB) | | :--- | :--- | :--- | | 1% appreciation of RMB against HKD | 23,008.74 | 23,008.74 | | 1% appreciation of RMB against USD | 475,387.27 | 475,387.27 | | 1% appreciation of RMB against JPY | -102,802.95 | -102,802.95 | - Interest rate risk primarily arises from interest-bearing debts such as short-term and long-term borrowings[415](index=415&type=chunk) - Credit risk exposure primarily stems from losses on the company's financial assets due to the counterparty's failure to fulfill obligations and financial guarantees undertaken by the c

上海艾力斯医药科技股份有限公司2025 年半年度报告 公司代码：688578 公司简称：艾力斯 上海艾力斯医药科技股份有限公司 2025 年半年度报告 1 / 177 上海艾力斯医药科技股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、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、 重大风险提示 公司已在本报告中详细阐述在经营过程中可能面临的各种风险因素，具体请查阅本报告"第 三节 管理层讨论与分析"之"四、风险因素"。 三、 公司全体董事出席董事会会议。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司 2025 年半年度利润分配方案为：拟以实施权益分派股权登记日登记的总股本为基数向全 体股东每 10 股派发现金红利 4.00 元（含税），截至 2025 年 6 月 30 日，公司总股本为 450,000,000 股，以此计算合计拟派发现金红利 180,000,000.00 元（含税）。本半年度不送红股，不进行资本 公积金转增股本。 七、 是否存在公司治理特殊安排等重要 ...

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