铁流股份有限公司2025 年半年度报告 公司代码：603926 公司简称：铁流股份 铁流股份有限公司 2025 年半年度报告 1 / 168 铁流股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不存在虚假记 载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人国宁、主管会计工作负责人赵慧君及会计机构负责人（会计主管人员）周英敏声明：保证 半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告期涉及未来计划、发展战略等前瞻性陈述，同时附有相应的警示性陈述，该等陈述不构成公司 对投资者的实质承诺，请投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司已 ...

福能东方装备科技股份有限公司 2025 年半年度报告全文 福能东方装备科技股份有限公司 2025 年半年度报告 2025-047 2025 年 8 月 26 日 1 福能东方装备科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人冼彬璋、主管会计工作负责人邱德意及会计机构负责人(会计 主管人员)罗权威声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本半年度报告涉及前瞻性陈述不构成公司对投资者的实质承诺，投资者 及相关人士均应对此保持足够的风险认识，并且应当理解计划、预测与承诺 之间的差异。请投资者注意投资风险。详细内容见本报告"第三节管理层讨 论与分析，十、公司面临的风险和应对措施"。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | | | | 第一节 | 重要提示、目录和释义 | | 2 | | --- | --- | --- | --- | | 第二 ...

[Section I Important Notice, Table of Contents, and Definitions](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) This section provides important notices, the report's table of contents, and definitions of key terms for clarity [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The Board of Directors and senior management declare the report's content to be true, accurate, and complete, advising investors to note risks in "Management Discussion and Analysis," with no interim cash dividends, bonus shares, or capital increase from reserves planned - The company's Board of Directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no false records, misleading statements, or major omissions[4](index=4&type=chunk) - The company's head, chief accountant, and head of accounting department declare the financial report to be true, accurate, and complete[4](index=4&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) This section outlines the report's overall structure, comprising eight main chapters covering company profile, financial indicators, management discussion and analysis, corporate governance, significant events, share changes and shareholder information, bond-related matters, and financial reports [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines common terms used in the report, including company names, controlling shareholders, key subsidiaries, and critical technology concepts like Time-Sensitive Networking (TSN), AUTBUS, and Software-Defined Control, ensuring clear understanding - "Company," "the Company," or "Kyland" refers to Beijing Kyland Technology Co., Ltd[12](index=12&type=chunk) - "Controlling Shareholder" and "Actual Controller" refer to Li Ping[12](index=12&type=chunk) - TSN (Time-Sensitive Networking) defines time-sensitive mechanisms for Ethernet data transmission, adding determinism and reliability to standard Ethernet[12](index=12&type=chunk) - AUTBUS is a domestic new high-speed industrial fieldbus that addresses IPv6 unified addressing and deterministic communication, supporting multi-protocol interconnection in industrial communication[12](index=12&type=chunk) - Software-Defined Control refers to allocating and managing chip hardware resources through software, achieving physical isolation of chip micro-resources, independently completing different tasks, and concurrently processing real-time and non-real-time services with real-time collaboration[12](index=12&type=chunk) [Section II Company Profile and Key Financial Indicators](index=6&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section provides an overview of the company's basic information and presents key financial data and performance indicators for the reporting period [I. Company Profile](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) This section provides fundamental company information, including stock ticker, code, listing exchange, Chinese and English names and abbreviations, and legal representative, offering basic insights for investors Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Kyland | | Stock Code | 300353 | | Stock Exchange | Shenzhen Stock Exchange | | Company's Chinese Name | 北京东土科技股份有限公司 | | Company's Legal Representative | Li Ping | [II. Contact Person and Contact 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 details for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, faxes, and email addresses, facilitating investor communication and information inquiries Company Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Pan Jun | 8th to 12th Floor, Building 2, No. 30 Shixing Street, Shijingshan District, Beijing | 010-88793012 | 010-88799850 | ir@kyland.com | | Securities Affairs Representative | Ke Xueli | 8th to 12th Floor, Building 2, No. 30 Shixing Street, Shijingshan District, Beijing | 010-88793012 | 010-88799850 | ir@kyland.com | [III. Other Information](index=6&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) This section states that the company's registered address, office address, website, email, information disclosure, and document storage locations, as well as registration status, remained unchanged during the reporting period, with specific details available in the 2024 annual report - The company's registered address, office address, website, and email remained unchanged during the reporting period[16](index=16&type=chunk) - Information disclosure and document storage locations remained unchanged during the reporting period[17](index=17&type=chunk) - The company's registration status remained unchanged during the reporting period[18](index=18&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=7&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) During the reporting period, the company's operating revenue decreased by 7.13% year-on-year, net profit attributable to shareholders narrowed losses by 4.65%, but net cash flow from operating activities decreased by 58.23%, with both total assets and net assets attributable to shareholders declining Key Accounting Data and Financial Indicators (Consolidated Statements) | Indicator | Current Period (CNY) | Prior Period (CNY) | Change from Prior Period | | :--- | :--- | :--- | :--- | | Operating Revenue | 390,338,121.12 | 420,309,492.82 | -7.13% | | Net Profit Attributable to Shareholders of Listed Company | -88,796,877.44 | -93,129,893.37 | 4.65% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | -101,182,308.83 | -109,761,614.36 | 7.82% | | Net Cash Flow from Operating Activities | -159,518,303.31 | -100,816,742.76 | -58.23% | | Basic Earnings Per Share (CNY/share) | -0.14 | -0.15 | 6.67% | | Diluted Earnings Per Share (CNY/share) | -0.14 | -0.15 | 6.67% | | Weighted Average Return on Net Assets | -4.19% | -4.48% | 0.29% | | Indicator | Current Period-End (CNY) | Prior Year-End (CNY) | Change from Prior Year-End | | :--- | :--- | :--- | :--- | | Total Assets | 3,703,450,741.74 | 3,890,373,494.67 | -4.80% | | Net Assets Attributable to Shareholders of Listed Company | 2,079,784,431.24 | 2,161,635,340.26 | -3.79% | [V. Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=7&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) The company had no differences in net profit and net assets between financial reports disclosed under International Accounting Standards, overseas accounting standards, and Chinese Accounting Standards during the reporting period - The company had no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards during the reporting period[20](index=20&type=chunk) - The company had no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards during the reporting period[21](index=21&type=chunk) [VI. Non-Recurring Gains and Losses and Amounts](index=7&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) During the reporting period, the company's total non-recurring gains and losses amounted to CNY 12,385,431.39, primarily from government grants, disposal gains/losses of non-current assets, and fair value changes of financial assets and liabilities, including special R&D expenses incurred for national scientific research projects Non-Recurring Gains and Losses and Amounts | Item | Amount (CNY) | Notes | | :--- | :--- | :--- | | Disposal gains/losses of non-current assets | 41,271.11 | | | Government grants recognized in current profit or loss | 11,169,722.13 | | | Gains/losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains/losses from disposal of financial assets and liabilities, excluding effective hedge accounting related to normal business operations | 867,616.70 | | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 1,923,820.91 | | | Gains/losses from contingent events unrelated to normal business operations | 478,229.40 | | | Other non-operating income and expenses apart from the above | 524,052.65 | | | Other gains/losses meeting the definition of non-recurring gains/losses | -1,463,134.19 | The company incurred special R&D expenses of CNY 1.4631 million for national scientific research projects in the current period, which are not closely related to the company's daily operations | | Less: Income tax impact | 1,126,836.33 | | | Impact on minority interests (after tax) | 29,310.99 | | | **Total** | **12,385,431.39** | | [Section III Management Discussion and Analysis](index=9&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section provides management's perspective on the company's operations, financial condition, and future outlook, including business activities, core competencies, and risk factors [I. Principal Business Activities 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%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) During the reporting period, the company continued to focus on core industrial network and intelligent control technologies, promoting "Software-Defined Control" and "All-IP Industrial Networks," with products categorized into industrial operating systems and software services, intelligent controllers and solutions, and industrial network communications, detailing their operating models and key technical indicators - The company continues to focus on industrial network and intelligent control core technologies, promoting "Software-Defined Control" and "All-IP Industrial Networks" applications[27](index=27&type=chunk) - The company's products are categorized into three types: industrial operating systems and related software services, intelligent controllers and solutions, and industrial network communication[27](index=27&type=chunk) [(I) Business Activities](index=9&type=section&id=(%E4%B8%80)%20%E6%89%80%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%9A%E5%8A%A1) The company's business encompasses industrial software like Hongdao industrial operating system and MaVIEW intelligent control tools, applied in machine tools and robotics; intelligent controllers and solutions serving semiconductor and clean energy sectors; and industrial network communication products such as industrial Ethernet switches, widely used in smart grids and rail transit - Hongdao (Intewell) industrial operating system kernel and some key code have 100% independent intellectual property, offering microsecond-level strong real-time response performance, suitable for various application scenarios such as industrial machine tools, semiconductor equipment, and intelligent robots[29](index=29&type=chunk) - MaVIEW intelligent control tool software supports the integration of AI, PLC control, high-speed motion control, and machine vision, empowering industrial embodied robots and general product quality defect detection[30](index=30&type=chunk)[31](index=31&type=chunk) - Kyland intelligent controllers, developed based on the Intewell operating system and MaVIEW software platform, integrate logic control, motion control, machine vision, HMI, databases, and customer applications, ushering in the era of intelligent industrial controllers in China[33](index=33&type=chunk) - The company's industrial communication products (e.g., independently controllable industrial Ethernet switches, TSN communication equipment) hold a leading position among domestic industrial communication manufacturers, widely applied in smart grids, nuclear power, rail transit, and other industries[39](index=39&type=chunk)[40](index=40&type=chunk) [(II) Operating Model](index=12&type=section&id=(%E4%BA%8C)%20%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) The company's industrial operating system adopts a direct sales model, driving industry promotion through demonstration projects; intelligent controller and industrial network communication businesses use a "key account strategy + regional deep cultivation + industry sales" marketing model, combining direct sales and agency distribution; industrial internet solutions are project-demand-oriented, providing customized solutions - Industrial operating system products primarily serve defense and industrial clients, adopting a direct sales model to drive industry promotion through demonstration projects[43](index=43&type=chunk) - Intelligent controller and industrial network communication businesses employ a "key account strategy + regional deep cultivation + industry sales" marketing model, combining direct sales, agency distribution, integrators, industry partners, and e-commerce platforms[48](index=48&type=chunk) - Industrial Internet solutions are guided by actual project demands, collaborating with clients through bidding or negotiation to provide customized solutions[52](index=52&type=chunk) - The company's production is mainly multi-variety, small-to-medium batch, combining standard and customized products, primarily through in-house production supplemented by outsourced processing[47](index=47&type=chunk) [1. Key Technical or Performance Indicators Applicable to Products or Services](index=15&type=section&id=1%E3%80%81%E4%BA%A7%E5%93%81%E6%88%96%E4%B8%9A%E5%8A%A1%E9%80%82%E7%94%A8%E7%9A%84%E5%85%B3%E9%94%AE%E6%8A%80%E6%9C%AF%E6%88%96%E6%80%A7%E8%83%BD%E6%8C%87%E6%A0%87%E6%83%85%E5%86%B5) The company's industrial Ethernet switches feature 100% wire-speed forwarding throughput, an average store-and-forward latency of less than 10μs, and zero frame loss rate, integrating Time-Sensitive Networking (TSN) characteristics such as IEEE802.1AS and Qbv - Industrial Ethernet switch throughput achieves **100% wire-speed forwarding**[52](index=52&type=chunk) - Average store-and-forward latency is **less than 10μs**[53](index=53&type=chunk) - Frame loss rate is **0**[54](index=54&type=chunk) - Time-Sensitive Networking (TSN) features include IEEE802.1AS precise clock synchronization, IEEE802.1Qbv time-aware shaper, IEEE802.1Qbu/br frame preemption, IEEE802.1Qcc configuration management, and IEEE802.1CB redundancy[55](index=55&type=chunk) [2. Production, Operations, and Investment Projects](index=16&type=section&id=2%E3%80%81%E5%85%AC%E5%8F%B8%E7%94%9F%E4%BA%A7%E7%BB%8F%E8%90%A5%E5%92%8C%E6%8A%95%E8%B5%84%E9%A1%B9%E7%9B%AE%E6%83%85%E5%86%B5) During the reporting period, the company's industrial network communication product production and sales volume were affected by product structure changes, with sales increasing by 37.31% year-on-year, but gross profit margin decreased by 5.97% due to a higher proportion of customized products for major clients Industrial Network Communication Product Production and Sales | Indicator | Current Period | Prior Period | Change | | :--- | :--- | :--- | :--- | | Capacity (Units) | 400,000 | 400,000 | No change | | Production Volume (Units) | 209,382 | 166,938 | Growth of 25.43% | | Sales Volume (Units) | 195,179 | 142,144 | Growth of 37.31% | | Operating Revenue (CNY 10,000s) | 26,923.03 | 27,302.45 | Decrease of 1.39% | | Gross Profit Margin | 38.16% | 44.13% | Decrease of 5.97% | - Industrial network communication product production and sales volume were primarily affected by changes in the internal product structure, with some large client customized products having relatively lower gross profit margins[55](index=55&type=chunk) [3. Orders Obtained Through Bidding](index=16&type=section&id=3%E3%80%81%E9%80%9A%E8%BF%87%E6%8B%9B%E6%8A%95%E6%A0%87%E6%96%B9%E5%BC%8F%E8%8E%B7%E5%BE%97%E8%AE%A2%E5%8D%95%E6%83%85%E5%86%B5) During the reporting period, the company did not disclose specific details of orders obtained through bidding [4. Progress of Major Investment Projects](index=16&type=section&id=4%E3%80%81%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B5%84%E9%A1%B9%E7%9B%AE%E5%BB%BA%E8%AE%BE%E6%83%85%E5%86%B5) During the reporting period, the company did not disclose the progress of any ongoing major investment projects [II. Analysis of Core Competencies](index=16&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 competencies include full-stack independent R&D, secure and controllable localization solutions, an industrial operating system ecosystem covering mainstream domestic and international chip manufacturers, comprehensive industrial-grade product quality assurance, sustained R&D investment, and intellectual property advantages, alongside a leading position in industry standard setting and certifications - The company's core products, from chip and software R&D to hardware manufacturing, are fully independently controllable, forming an industrial internet "root technology" system capable of creating fully localized solutions[56](index=56&type=chunk) - Hongdao (Intewell) industrial operating system is the only domestic industrial operating system that has signed strategic cooperation agreements with three international chip giants (NXP, Intel, Qualcomm) and covers mainstream domestic chips, establishing a global network of over 300 software and hardware partners[57](index=57&type=chunk)[58](index=58&type=chunk) - The company has over 20 years of experience serving demanding clients in power, rail transit, and other sectors, with products boasting an MTBF (Mean Time Between Failures) exceeding 100,000 hours and having received IRIS certification for 10 consecutive years[59](index=59&type=chunk) R&D Investment | Year/Period | R&D Investment Amount (CNY 100 million) | R&D Investment as % of Operating Revenue | | :--- | :--- | :--- | | 2022 | 2.2 | 19.96% | | 2023 | 2.55 | 21.93% | | 2024 | 3.03 | 29.44% | | H1 2025 | 1.09 | 27.80% | - As of June 30, 2025, the company and its subsidiaries have obtained a total of **1,029 authorized invention patents** domestically and internationally[60](index=60&type=chunk) - The company has led the formulation of **6 international standards and 36 national standards**, participated in the formulation of 2 international standards, and undertaken multiple national, municipal, and district-level major government R&D projects[61](index=61&type=chunk)[62](index=62&type=chunk) [III. Analysis of Principal Business](index=18&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) In the first half, the company optimized its business structure and fostered high-margin businesses in line with new industrialization and industrial AI trends. Gross profit margin for industrial operating systems and related software services increased by 11.56%, with orders growing by 72.35%; intelligent controller business orders increased by 93.41%. The company made progress in embodied robotics, smart manufacturing, industrial AI applications, national key R&D programs, and overseas market expansion, while deepening refined management to enhance profitability - The company systematically assessed the development trends of industrial digitalization and intelligence, actively adapting to industrial transformation needs through technological innovation and business optimization, solidifying its underlying technology system for industrial neural networks and intelligent industrial control, and strengthening core competitiveness[63](index=63&type=chunk) - The company launched the "Hongdao" embodied robot operating system, pioneering a "brain" and "cerebellum" fusion solution that significantly reduces power consumption and extends battery life, and established a strategic partnership with Hygon Information to promote a full-stack localized solution[66](index=66&type=chunk) - In the semiconductor industry, the company has built a full-stack localized system-level solution, from underlying domestic industrial operating systems and controller hardware to upper-layer MaVIEW software, achieving batch scenario implementation in multiple machine types such as etching and cleaning[67](index=67&type=chunk)[68](index=68&type=chunk) - In industrial AI applications, the company completed technical iterations of its unmanned intelligent tower crane system, achieving automatic path planning, dynamic anti-sway, and multi-crane collaboration, and obtained a patent for automatic tower crane avoidance[68](index=68&type=chunk) - Intelligent transportation business achieved a **150.4% year-on-year increase in sales orders**, pioneering integrated active recognition and edge linkage control technology[69](index=69&type=chunk) - The company joined the global Open Automation Organization (UAO) and, as a core unit, participated in a national key R&D program to develop a new interactive intelligent control system, contributing to the high-quality development of process industries[70](index=70&type=chunk)[71](index=71&type=chunk) - The company actively promotes the integrated innovative application of Time-Sensitive Networking (TSN) and AUTBUS industrial broadband bus technology, making progress in the power, hydropower, and defense sectors[72](index=72&type=chunk)[73](index=73&type=chunk) - Overseas business delivered multiple projects in Turkey, Southern Europe, and Spain, continuously promoting the international adoption of the AUTBUS protocol, and intensifying market expansion in countries like India and the Middle East[74](index=74&type=chunk) H1 2025 Principal Business Financial Data | Indicator | Current Period (CNY) | Prior Period (CNY) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 390,338,121.12 | 420,309,492.82 | -7.13% | Decrease in intelligent controller and solution business revenue | | Net Profit Attributable to Shareholders of Listed Company | -88,796,877.44 | -93,129,893.37 | 4.65% | Loss reduction of CNY 4.333 million year-on-year | | Selling Expenses | 75,322,682.18 | 84,319,087.42 | -10.67% | Sales team structure adjustment improved operational efficiency | | Administrative Expenses | 70,161,152.91 | 74,010,235.60 | -5.20% | Organizational structure optimization, refined management | | Financial Expenses | 13,642,581.24 | 10,642,609.42 | 28.19% | Decrease in average fund balance, reduction in interest income | | Income Tax Expense | 1,006,166.20 | -3,437,222.64 | 129.27% | Income tax expense accrued for some profitable subsidiaries | | R&D Investment | 108,531,958.47 | 155,735,483.73 | -30.31% | Organizational structure optimization and resource integration, optimization of employee compensation expenses | | Net Cash Flow from Operating Activities | -159,518,303.31 | -100,816,742.76 | -58.23% | Decrease in sales collections, reduction in government grants | | Net Cash Flow from Investing Activities | 14,366,598.46 | -88,974,841.56 | 116.15% | Redemption of unexpired wealth management products, recovery of investment funds | | Net Cash Flow from Financing Activities | 25,927,097.06 | 507,152.10 | 5,012.29% | New borrowings, increase in cash inflow from financing activities | | Net Increase in Cash and Cash Equivalents | -117,471,195.16 | -189,309,381.59 | 37.95% | Decrease in sales collections, reduction in government grants | Operating Revenue, Cost, and Gross Profit Margin by Product or Service | Product or Service | Operating Revenue (CNY) | Operating Cost (CNY) | Gross Profit Margin | Change in Operating Revenue from Prior Period | Change in Operating Cost from Prior Period | Change in Gross Profit Margin from Prior Period | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Industrial Network Communication | 269,230,339.13 | 166,479,564.97 | 38.16% | -1.39% | 9.14% | -5.97% | | Intelligent Controllers and Solutions | 78,266,001.02 | 63,551,688.12 | 18.80% | -22.99% | -9.34% | -12.23% | | Industrial Operating Systems and Related Software Services | 42,841,780.97 | 9,334,491.57 | 78.21% | -6.16% | -38.70% | 11.56% | - The decrease in industrial network communication gross profit margin was primarily due to an increased proportion of revenue from customized switches for major clients, which have lower gross profit margins in the current period[78](index=78&type=chunk) - The decline in intelligent controller and solution business revenue was mainly affected by a weaker overall market environment and outstanding orders for some controller businesses that have not yet been delivered[78](index=78&type=chunk) - The gross profit margin for industrial operating systems and related software services increased by **11.56% year-on-year**, primarily due to an increased proportion of licensing fee revenue, driving overall profitability improvement[79](index=79&type=chunk) [IV. Analysis of Non-Principal Business](index=23&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) During the reporting period, the company's non-principal businesses primarily included investment income, fair value change gains/losses, asset impairment, and non-operating income and expenses, with investment income and fair value change gains/losses being non-sustainable, while asset impairment is sustainable Non-Principal Business Analysis | Item | Amount (CNY) | Percentage of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 2,396,341.93 | -2.61% | Dividends from associates, investment income accounted for by equity method, and wealth management product income | No | | Fair Value Change Gains/Losses | -1,718,006.23 | 1.87% | Fair value changes of financial assets held for trading | No | | Asset Impairment | -15,596,416.24 | 17.01% | Impairment losses recognized for accounts receivable, contract assets, inventory, etc | Yes | | Non-Operating Income | 327,106.74 | -0.36% | Income from contract penalties, etc | No | | Non-Operating Expenses | 238,217.02 | -0.26% | Expenses from contract penalties, donations, etc | No | [V. Analysis of Assets and Liabilities](index=24&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) As of the end of the reporting period, both the company's total assets and net assets attributable to shareholders decreased. The reduction in monetary funds was primarily due to decreased sales collections; a decrease in short-term borrowings and an increase in long-term borrowings reflect the company's debt structure optimization, replacing some short-term debt with long-term debt to alleviate short-term repayment pressure - The company's total assets at period-end were **CNY 3,703,450,741.74**, a **4.80% decrease** from the prior year-end[19](index=19&type=chunk) - Net assets attributable to shareholders of the listed company at period-end were **CNY 2,079,784,431.24**, a **3.79% decrease** from the prior year-end[19](index=19&type=chunk) [1. Significant Changes in Asset Composition](index=24&type=section&id=1%E3%80%81%E8%B5%84%E4%BA%A7%E6%9E%84%E6%88%90%E9%87%8D%E5%A4%A7%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) As of the end of the reporting period, the company's monetary funds decreased due to reduced sales collections, while short-term borrowings decreased and long-term borrowings increased, reflecting the company's debt structure optimization by replacing some short-term debt with long-term debt to reduce short-term repayment pressure Significant Changes in Asset Composition | Item | Current Period-End Amount (CNY) | % of Total Assets | Prior Year-End Amount (CNY) | % of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 420,751,144.79 | 11.36% | 549,172,181.14 | 14.12% | -2.76% | Sales collections decreased in the current period | | Short-Term Borrowings | 690,336,007.89 | 18.64% | 733,496,503.22 | 18.85% | -0.21% | Optimized debt structure, replaced some short-term borrowings with long-term borrowings to reduce short-term repayment pressure | | Long-Term Borrowings | 38,000,000.00 | 1.03% | 0.00 | 0.00% | 1.03% | Optimized debt structure, replaced some short-term borrowings with long-term borrowings to reduce short-term repayment pressure | [2. Major Overseas Assets](index=24&type=section&id=2%E3%80%81%E4%B8%BB%E8%A6%81%E5%A2%83%E5%A4%96%E8%B5%84%E4%BA%A7%E6%83%85%E5%86%B5) The company did not disclose specific details of its major overseas assets during the reporting period [3. Assets and Liabilities Measured at Fair Value](index=25&type=section&id=3%E3%80%81%E4%BB%A5%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E8%AE%A1%E9%87%8F%E7%9A%84%E8%B5%84%E4%BA%A7%E5%92%8C%E8%B4%9F%E5%80%BA) As of the end of the reporting period, the company's financial assets measured at fair value totaled CNY 676,169,545.58, a decrease from CNY 760,286,040.03 at the beginning of the period, primarily due to the sale and fair value changes of financial assets held for trading Changes in Financial Assets Measured at Fair Value | Item | Beginning Balance (CNY) | Fair Value Change Gains/Losses for Current Period (CNY) | Purchases for Current Period (CNY) | Sales for Current Period (CNY) | Period-End Balance (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | | Financial Assets Held for Trading | 112,550,043.96 | 478,229.40 | 235,000,000.00 | 320,000,000.00 | 28,028,273.36 | | Other Equity Instrument Investments | 489,988,070.81 | 0.00 | 0.00 | 0.00 | 489,988,070.81 | | Other Non-Current Financial Assets | 157,747,925.26 | -2,196,235.63 | 4,600,000.00 | 1,998,488.22 | 158,153,201.41 | | **Subtotal Financial Assets** | **760,286,040.03** | **-1,718,006.23** | **239,600,000.00** | **321,998,488.22** | **676,169,545.58** | [4. Asset Rights Restricted as of the End of the Reporting Period](index=25&type=section&id=4%E3%80%81%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E7%9A%84%E8%B5%84%E4%BA%A7%E6%9D%83%E5%88%A9%E5%8F%97%E9%99%90%E6%83%85%E5%86%B5) As of the end of the reporting period, details of the company's restricted asset rights are provided in Section X, "Assets with Restricted Ownership or Use Rights," of this report - As of the end of the reporting period, the company's asset rights restricted situation is detailed in Section X, "Assets with Restricted Ownership or Use Rights," of this report[89](index=89&type=chunk) [VI. Analysis of Investment Status](index=25&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) During the reporting period, the company's total investment increased by 31.18% year-on-year, primarily involving capital-raised investment projects such as digital factory intelligent control solutions, digital construction and intelligent engineering equipment control solutions, and R&D training and exhibition centers, with adjustments made to these projects. The company also engaged in entrusted wealth management but had no derivative investments or entrusted loans Report Period Investment Amount | Indicator | Investment Amount for Reporting Period (CNY) | Investment Amount for Prior Period (CNY) | Change | | :--- | :--- | :--- | :--- | | Total Investment | 85,775,056.64 | 65,387,907.68 | 31.18% | [1. Overall Situation](index=25&type=section&id=1%E3%80%81%E6%80%BB%E4%BD%93%E6%83%85%E5%86%B5) During the reporting period, the company's total investment amounted to CNY 85,775,056.64, representing a 31.18% increase compared to the same period last year Report Period Investment Amount | Indicator | Investment Amount for Reporting Period (CNY) | Investment Amount for Prior Period (CNY) | Change | | :--- | :--- | :--- | :--- | | Total Investment | 85,775,056.64 | 65,387,907.68 | 31.18% | [2. Significant Equity Investments Acquired During the Reporting Period](index=26&type=section&id=2%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E8%8E%B7%E5%8F%96%E7%9A%84%E9%87%8D%E5%A4%A7%E7%9A%84%E8%82%A1%E6%9D%83%E6%8A%95%E8%B5%84%E6%83%85%E5%86%B5) The company did not acquire any significant equity investments during the reporting period [3. Significant Non-Equity Investments in Progress During the Reporting Period](index=26&type=section&id=3%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%AD%A3%E5%9C%A8%E8%BF%9B%E8%A1%8C%E7%9A%84%E9%87%8D%E5%A4%A7%E7%9A%84%E9%9D%9E%E8%82%A1%E6%9D%83%E6%8A%95%E8%B5%84%E6%83%85%E5%86%B5) The company did not have any significant non-equity investments in progress during the reporting period [4. Financial Assets Measured at Fair Value](index=26&type=section&id=4%E3%80%81%E4%BB%A5%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E8%AE%A1%E9%87%8F%E7%9A%84%E9%87%91%E8%9E%8D%E8%B5%84%E4%BA%A7) The company did not disclose specific details of financial assets measured at fair value during the reporting period [5. Use of Raised Funds](index=26&type=section&id=5%E3%80%81%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E6%83%85%E5%86%B5) As of June 30, 2025, the company had cumulatively invested CNY 422.2313 million in raised funds, with a utilization rate of 48.26%. Some capital-raised investment projects (e.g., digital factory intelligent control solutions) were modified, adjusting investment amounts and implementation methods, and a new "Ubiquitous Industrial Operating System Project" was added Overall Use of Raised Funds | Fundraising Year | Fundraising Method | Total Raised Funds (CNY 10,000s) | Net Raised Funds (CNY 10,000s) | Total Raised Funds Used in Current Period (CNY 10,000s) | Total Raised Funds Used Cumulatively (CNY 10,000s) | Raised Funds Utilization Rate at Period-End | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 2023 | Issuance of shares to specific targets | 87,500 | 87,500 | 4,971.5 | 42,223.13 | 48.26% | - As of June 30, 2025, the company had cumulatively invested a total of **CNY 422.2313 million** in raised funds, with an unused balance of **CNY 461.0511 million**[93](index=93&type=chunk) - On October 24, 2024, the company approved the "Proposal on Adding New Capital-Raised Investment Projects and Changing Some Capital-Raised Investment Projects," adding the "Ubiquitous Industrial Operating System Project" and adjusting investment amounts and implementation methods for projects such as the "Digital Factory Intelligent Control Solution Project"[96](index=96&type=chunk) - On June 4, 2025, the company approved the "Proposal on Changing Some Capital-Raised Investment Projects," reallocating **CNY 50 million** from the original "Ubiquitous Industrial Operating System Project" to the "Digital Factory Intelligent Control Solution Project"[100](index=100&type=chunk) [6. Entrusted Wealth Management, Derivative Investments, and Entrusted Loans](index=30&type=section&id=6%E3%80%81%E5%A7%94%E6%89%98%E7%90%86%E8%B4%A2%E3%80%81%E8%A1%8D%E7%94%9F%E5%93%81%E6%8A%95%E8%B5%84%E5%92%8C%E5%A7%94%E6%89%98%E8%B4%B7%E6%AC%BE%E6%83%85%E5%86%B5) During the reporting period, the company engaged in entrusted wealth management with bank wealth management products, including CNY 5 million from自有资金 (own funds) and CNY 90 million from raised funds. The company had no derivative investments or entrusted loans during the reporting period Overview of Entrusted Wealth Management During the Reporting Period | Specific Type | Source of Entrusted Funds | Amount of Entrusted Wealth Management (CNY 10,000s) | Unexpired Balance (CNY 10,000s) | Overdue Unrecovered Amount (CNY 10,000s) | | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 500 | 500 | 0 | | Bank Wealth Management Products | Raised Funds | 9,000 | 0 | 0 | | **Total** | | **9,500** | **500** | **0** | - The company had no derivative investments during the reporting period[102](index=102&type=chunk) - The company had no entrusted loans during the reporting period[103](index=103&type=chunk) [VII. Significant Asset and Equity Disposals](index=31&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) The company did not undertake any significant asset or equity disposals during the reporting period - The company did not dispose of any significant assets during the reporting period[104](index=104&type=chunk) - The company did not dispose of any significant equity during the reporting period[105](index=105&type=chunk) [VIII. Analysis of Major Holding and Participating Companies](index=31&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) During the reporting period, the company's major subsidiary, Shanghai Kyland Intelligent Technology Development Co., Ltd., had total assets of CNY 1,038.3814 million and a net loss of CNY 13.8253 million. The company also adjusted its subsidiary structure through mergers, liquidations, and new establishments, but these changes did not significantly impact current net profit Financial Performance of Major Subsidiary Shanghai Kyland Intelligent Technology Development Co., Ltd | Company Name | Company Type | Registered Capital (CNY) | Total Assets (CNY 10,000s) | Net Assets (CNY 10,000s) | Operating Revenue (CNY 10,000s) | Net Profit (CNY 10,000s) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Kyland Intelligent Technology Development Co., Ltd | Subsidiary | 533,884,058.00 | 103,838.14 | 44,725.68 | 15,318.62 | -1,382.53 | Acquisition and Disposal of Subsidiaries During the Reporting Period | Company Name | Method of Acquisition and Disposal of Subsidiaries During the Reporting Period | Impact on Overall Production, Operations, and Performance | | :--- | :--- | :--- | | Kyland Huihe Technology Co., Ltd | Absorption merger (industrial and commercial change completed) | No impact on current net profit | | Kyland Huasheng Technology Co., Ltd | Absorption merger (industrial and commercial change completed) | No impact on current net profit | | Inner Mongolia Kyland Zhixing Technology Co., Ltd | Deregistration | No impact on current net profit | | Shanghai Kehong Chuangzhi Technology Co., Ltd | New establishment | Current net profit CNY 0 | | Nanjing Dachao Zhijian Technology Co., Ltd | New establishment | Current net profit CNY 0 | | Guangzhou Lingyun Technology Investment Partnership (Limited Partnership) | New establishment | Current net profit -CNY 0.03 million | [IX. Structured Entities Controlled by the Company](index=32&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 had no controlled structured entities during the reporting period [X. Risks Faced by the Company and Countermeasures](index=32&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 operational risks, new technology R&D risks, risks of declining gross profit margins due to intensified competition, management risks, accounts receivable risks, and defense product pricing review risks, actively responding through increased market expansion, continuous R&D innovation, strengthening independent control, improving internal control mechanisms, strict credit management, and optimizing pricing strategies - The company faces operational risks, such as potential market demand decline due to macroeconomic deterioration. Countermeasures include increasing market expansion, continuous cutting-edge technology R&D, exploring customer needs, and strengthening refined management to enhance profitability[109](index=109&type=chunk) - The company faces new technology R&D risks, as many R&D products are high-tech products that are nationally scarce and urgently needed, involving significant technical difficulty, long development cycles, and high R&D investment. Countermeasures include cultivating high-level R&D teams, continuously tracking industry dynamics, precise R&D, and strengthening cooperation with universities and research institutions[110](index=110&type=chunk) - The company faces the risk of declining gross profit margins due to intensified competition. Countermeasures include adhering to an independently controllable and secure business strategy, increasing R&D investment in cutting-edge technologies and products, continuous innovation and optimization, and strict management of product development, design, procurement, production, and service processes[111](index=111&type=chunk)[112](index=112&type=chunk) - The company faces management risks due to continuous rapid growth in assets, production and sales, and personnel scale, which places higher demands on resource integration, market development, R&D and quality management, internal control systems, and organizational structure. Countermeasures include continuously improving internal control mechanisms and subsidiary management systems, and strengthening management and control over business operations, financial activities, and external investments[113](index=113&type=chunk) - The company faces accounts receivable risk, with a net amount of **CNY 807.1984 million** in accounts receivable at the end of the reporting period. Countermeasures include establishing credit risk control systems, strictly assessing customer creditworthiness, and ensuring controllable risk through quarterly credit rating monitoring and monthly aging analysis reviews[114](index=114&type=chunk) - The company faces defense product pricing review risk, which may lead to fluctuations in revenue and performance. Countermeasures include continuously improving the product system, enhancing performance, emphasizing quality and service assurance levels, and primarily using contract prices or historical prices of similar products as provisional prices to ensure controllable pricing review risk[115](index=115&type=chunk)[116](index=116&type=chunk) [XI. Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=34&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) During the reporting period, the company hosted multiple on-site research visits from institutional investors, including China Asset Management, Penghua Fund, and Noah Fund, engaging in communication and providing relevant information on investor concerns - On March 14, 2025, the company hosted on-site research visits from institutional investors including China Asset Management, Penghua Fund, and Noah Fund[117](index=117&type=chunk) - On April 1, 2025, the company hosted on-site research visits from institutional investors including Nuanyixin Investment Management Co., Ltd. and Noah Fund[117](index=117&type=chunk) - On April 24, 2025, the company hosted on-site research visits from institutional investors including Bosera Asset Management, Western Securities, and CITIC Securities[117](index=117&type=chunk) [XII. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=34&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 did not formulate a market value management system or disclose a valuation enhancement plan during the reporting period - The company has not formulated a market value management system[118](index=118&type=chunk) - The company has not disclosed a valuation enhancement plan[118](index=118&type=chunk) [XIII. Implementation of "Quality and Return Dual Improvement" Action Plan](index=35&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E2%80%9C%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%E2%80%9D%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 did not disclose an announcement regarding the "Quality and Return Dual Improvement" action plan during the reporting period - The company did not disclose an announcement regarding the "Quality and Return Dual Improvement" action plan[119](index=119&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=35&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%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) This section details the company's corporate governance structure, environmental protection efforts, and social responsibility initiatives, including changes in key personnel and employee incentive plans [I. Changes in Directors, Supervisors, and Senior Management](index=35&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, the company experienced multiple changes in its directors, supervisors, and senior management, including the departure, dismissal, appointment, and election of independent directors, board secretaries, directors, and financial controllers, to meet company development and management needs Changes in Directors, Supervisors, and Senior Management | Name | Position | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Huang Dehan | Independent Director | Term expired | February 05, 2025 | Re-election | | Wu Jianguo | Board Secretary | Term expired | February 05, 2025 | Re-election | | Xue Baihua | Director | Resignation | April 24, 2025 | Personal reasons | | Yang Xiaoteng | Director | Resignation | April 24, 2025 | Personal reasons | | Li Xia | Financial Controller | Dismissal | May 20, 2025 | Job transfer | | Zhu Hongyuan | Financial Controller | Appointment | May 21, 2025 | Appointment | | Pan Jun | Board Secretary | Appointment | May 21, 2025 | Appointment | | Qi Huaijin | Independent Director | Elected | February 05, 2025 | Elected | | Liu Dong | Director | Elected | May 14, 2025 | Elected | | Wang Xiaojun | Director | Elected | May 14, 2025 | Elected | [II. Profit Distribution and Capital Reserve Conversion to Share Capital in the Current Reporting Period](index=35&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 plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[121](index=121&type=chunk) [III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=35&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 granted but unvested restricted shares from the 2022 incentive plan and launched the 2025 stock option incentive plan, granting a total of 6.6667 million stock options to grantees, with an exercise price of CNY 15.00 per option - Due to the departure of some grantees and the failure to meet the 2024 company-level performance assessment, the company canceled **3.255 million restricted shares** from the 2022 restricted stock incentive plan that had been granted but not yet vested[122](index=122&type=chunk) - The company plans to implement a 2025 stock option incentive plan, granting a total of **6.6667 million stock options** to grantees, including **5.3333 million shares for initial grant** and **1.3333 million shares for reserved grant**, with an exercise price of **CNY 15.00 per option**[123](index=123&type=chunk) - On March 10, 2025, the company initially granted **5.333333 million stock options** to 30 grantees, completing registration on April 10[123](index=123&type=chunk) - On May 21, 2025, the company reservedly granted **1.333333 million stock options** to 24 grantees, completing registration on June 13[124](index=124&type=chunk) [IV. Environmental Information Disclosure](index=37&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 is 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[126](index=126&type=chunk) [V. Social Responsibility](index=37&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 prioritizes social responsibility, striving for a harmonious balance between economic and social benefits. It protects shareholder and creditor rights by improving governance and ensuring information disclosure; safeguards employee rights by adhering to a "people-oriented" approach, providing a healthy and safe work environment; upholds "tax compliance and integrity" in taxation; and actively responds to "carbon peaking and carbon neutrality" initiatives by promoting comprehensive energy efficiency management solutions - The company prioritizes social responsibility, focusing on customer needs, providing low-energy consumption and high-efficiency industrial internet solutions, and actively responding to policies on domestic autonomous and controllable alternatives and industrial internet technology innovation[126](index=126&type=chunk) - The company strictly adheres to laws and regulations, improves its corporate governance structure, safeguards shareholders' rights to information, participation, and dividends, and communicates with investors through multiple channels[127](index=127&type=chunk) - The company adheres to a "people-oriented" approach, respects employee dignity, protects legal rights, provides a healthy and safe working environment, and continuously improves its welfare system[128](index=128&type=chunk) - The company upholds the principle of "tax compliance and integrity," accurately accounting for operating results and fulfilling tax obligations according to law[129](index=129&type=chunk) - The company actively responds to the "carbon peaking and carbon neutrality" action plan, launching a series of energy efficiency management comprehensive solutions to achieve digital and intelligent energy monitoring systems for clean energy use, carbon reduction, and efficiency improvement[130](index=130&type=chunk) [Section V Significant Matters](index=39&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section covers significant events and commitments, including compliance with undertakings, related party transactions, litigation, and other material developments affecting the company [I. Commitments Fulfilled and Overdue Unfulfilled Commitments by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=39&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, some of the company's commitments were fulfilled, but a portion of Tuoming Technology's performance compensation commitment remains outstanding, for which the company has recovered some compensation and shares through litigation and enforcement. Controlling shareholder Li Ping's commitments regarding non-competition, related party transactions, fund occupation, and share lock-up were all fulfilled on time - Tuoming Technology's performance commitments for 2015-2018 were not fully met, with actual net profit of **CNY 217.6325 million**, achieving **90.41%** of the target[39](index=39&type=chunk) - As of now, performance commitment parties Chang Qing, Wang Guanshan, Jiang Yong, and Beijing Huizhi Lixin Technology Co., Ltd. have completed their performance compensation; Song Yongqing has not yet completed his performance compensation[39](index=39&type=chunk) - The company has initiated litigation and enforced collection against Song Yongqing for unfulfilled compensation, having received **CNY 8,600,736.15** in enforcement funds, and **2,701,549 shares** held by Song Yongqing have been transferred to the company's buyback special securities account[134](index=134&type=chunk) - Controlling shareholder Li Ping's commitments regarding non-competition, related party transactions, fund occupation, and share lock-up were all fulfilled on time[132](index=132&type=chunk) [II. Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties of the Listed Company](index=41&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) The company had no non-operating fund occupation by controlling shareholders or other related parties of the listed company during the reporting period - The company had no non-operating fund occupation by controlling shareholders or other related parties of the listed company during the reporting period[135](index=135&type=chunk) [III. Irregular External Guarantees](index=41&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[136](index=136&type=chunk) [IV. Appointment and Dismissal of Accounting Firms](index=41&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 financial report was unaudited - The company's semi-annual report was unaudited[137](index=137&type=chunk) [V. Explanation by the Board of Directors and Audit Committee on the Accounting Firm's "Non-Standard Audit Report" for the Current Reporting Period](index=41&type=section&id=%E4%BA%94%E3%80%81%E8%91%A3%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%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%E7%9A%84%E8%AF%B4%E6%98%8E) The company did not receive a "non-standard audit report" from the accounting firm during the reporting period [VI. Explanation by the Board of Directors on the "Non-Standard Audit Report" for the Prior Year](index=41&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%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%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 receive a "non-standard audit report" from the accounting firm during the reporting period [VII. Bankruptcy and Reorganization Matters](index=42&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) The company had no bankruptcy and reorganization matters during the reporting period - The company had no bankruptcy and reorganization matters during the reporting period[139](index=139&type=chunk) [VIII. Litigation Matters](index=42&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company is involved in significant equity transfer dispute litigation with Song Yongqing, having received partial enforcement funds and planning to cancel the remaining shares. Additionally, the company and its subsidiaries are involved in other litigation and arbitration matters not meeting the threshold for significant disclosure - The company's equity transfer dispute litigation with Song Yongqing has concluded with a final judgment, and the company has received **CNY 2,092,553.73** in enforcement funds, and will actively take measures to protect the legitimate rights and interests of the company and its shareholders[140](index=140&type=chunk) - The company's contract dispute litigation with Song Yongqing has concluded with a final judgment, and the company has received **CNY 8,600,736.79** in enforcement funds, with **2,701,549 shares** held by Song Yongqing transferred to the company's buyback special securities account, and the company will apply for share cancellation procedures[140](index=140&type=chunk)[141](index=141&type=chunk) Summary of Other Litigation Matters | Basic Information of Litigation (Arbitration) | Amount Involved (CNY 10,000s) | Provision for Contingent Liabilities Formed | Litigation (Arbitration) Progress | | :--- | :--- | :--- | :--- | | Summary of other litigation matters where the company and its subsidiaries are plaintiffs, not meeting the threshold for significant litigation disclosure | 3,540.99 | No | Under review/arbitration/enforcement | | Summary of other litigation matters where the company and its subsidiaries are defendants, not meeting the threshold for significant litigation disclosure | 180.20 | No | Under review/arbitration/enforcement | [IX. Penalties and Rectification](index=43&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) The company's controlling shareholder, Li Ping, received a warning letter from the Beijing Regulatory Bureau for violating information disclosure and listed company acquisition regulations. Mr. Li Ping has committed to strictly implement rectification measures and enhance awareness of compliant operations - The company's controlling shareholder, Li Ping, received a warning letter from the Beijing Regulatory Bureau for violating the "Measures for the Administration of Information Disclosure by Listed Companies" and the "Measures for the Administration of Acquisitions of Listed Companies"[143](index=143&type=chunk) - Mr. Li Ping has committed to strictly implement rectification work as required by the Beijing Securities Regulatory Bureau, enhance awareness of compliant operations, and strictly fulfill information disclosure obligations[144](index=144&type=chunk) [X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=44&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) The company did not disclose the integrity status of the company, its controlling shareholder, or actual controller during the reporting period [XI. Significant Related Party Transactions](index=44&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) During the reporting period, the company engaged in related party transactions involving the purchase and sale of goods, and provision and acceptance of labor, but there were no significant related party transactions unrelated to ordinary operations, such as asset or equity acquisitions/disposals, joint external investments, related party receivables/payables, or transactions with finance companies Related Party Transactions for Purchase and Sale of Goods/Acceptance of Services | Related Party | Related Transaction Content | Amount for Current Period (CNY) | Approved Transaction Limit (CNY 10,000s) | Exceeded Transaction Limit | Amount for Prior Period (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | | Related Party A | Purchase of goods and acceptance of services | 5,414,598.92 | 6,000 | No | 2,486,776.80 | | Related Party B | Purchase of goods and acceptance of services | 186,974.92 | 6,000 | No | 321,566.51 | | Related Party C | Purchase of goods and acceptance of services | 53,190.46 | 6,000 | No | 26,548.68 | | Beijing Jinggonghui Technology Co., Ltd | Purchase of goods and acceptance of services | 1,346,359.05 | 800 | No | 415,624.85 | Related Party Transactions for Sale of Goods/Provision of Services | Related Party | Related Transaction Content | Amount for Current Period (CNY) | Amount for Prior Period (CNY) | | :--- | :--- | :--- | :--- | | Related Party A | Sale of goods and provision of services | 3,411,134.04 | 5,424,587.16 | | Related Party B | Sale of goods and provision of services | 3,669.81 | 1,145,866.42 | | Related Party D | Sale of goods and provision of services | 353,797.78 | 0.00 | | Shandong Chuangzhihui Technology Co., Ltd | Sale of goods and provision of services | 1,162,059.16 | 2,839,937.00 | | Beijing Jinggonghui Technology Co., Ltd | Sale of goods and provision of services | 336,140.70 | 511,506.35 | - The company had no related party transactions unrelated to ordinary operations during the reporting period[145](index=145&type=chunk) - The company had no related party transactions involving asset or equity acquisitions/disposals during the reporting period[146](index=146&type=chunk) - The company had no related party transactions involving joint external investments during the reporting period[147](index=147&type=chunk) - The company had no related party receivables or payables during the reporting period[148](index=148&type=chunk) [XII. Significant Contracts and Their Performance](index=45&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) During the reporting period, the company had no trusteeship, contracting, or leasing matters. The company provided several joint liability guarantees for its subsidiaries, with approved guarantee limits totaling CNY 106.9 million, actual guarantees totaling CNY 118.9282 million, and an outstanding guarantee balance of CNY 169.9282 million at period-end, representing 8.17% of the company's net assets. The company had no other significant contracts in ordinary operations - The company had no trusteeship, contracting, or leasing arrangements during the reporting period[152](index=152&type=chunk)[153](index=153&type=chunk)[154](index=154&type=chunk) Company Guarantees for Subsidiaries | Name of Guaranteed Party | Announcement Date of Guarantee Limit | Guarantee Limit (CNY 10,000s) | Actual Occurrence Date | Actual Guarantee Amount (CNY 10,000s) | Guarantee Type | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing Feixun Digital Technology Co., Ltd | March 06, 2023 | 1,000 | March 25, 2025 | 400 | Joint and several liability guarantee | 3 years | No | | Shanghai Kyland Intelligent Technology Development Co., Ltd | April 10, 2024 | 1,000 | September 26, 2024 | 1,000 | Joint and several liability guarantee | 1 year | No | | Beijing Kyland Junyue Technology Co., Ltd | June 05, 2024 | 1,000 | June 23, 2025 | 1,000 | Joint and several liability guarantee | 3 years | No | | Beijing Keyin Jingcheng Technology Co., Ltd | November 20, 2024 | 1,000 | September 30, 2024 | 1,000 | Joint and several liability guarantee | 1 year | No | | Kyland Technology (Yichang) Co., Ltd | March 04, 2025 | 4,000 | May 13, 2025 | 412.82 | Joint and several liability guarantee | 1 year | No | | Beijing Kyland Tuoming Technology Co., Ltd | March 04, 2025 | 1,000 | March 10, 2025 | 1,000 | Joint and several liability guarantee | 1 ye

云铝股份 云南铝业股份有限公司 2021 年年度报告全文 2025 年半年度报告 2025 年 08 月 国家环境友好企业 云铝股份·中国绿色铝 1 安全环保管理水平 云南铝业股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别 和连带的法律责任。 公司负责人冀树军、主管会计工作负责人郑利海及会计机构负责人(会计主 管人员)王冀奭声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司在本报告"第三节 管理层讨论与分析之十、公司面临的风险和应对措 施"部分，描述了公司可能面对的风险及应对措施，敬请广大投资者关注相关 内容。 公司经第九届董事会第十五次会议审议通过的2025年中期利润分配预案为： 以 3,467,957,405 股为基数，向全体股东每 10 股派发现金红利 3.20 元（含税）， 共派发现金红利人民币 1,109,746,369.60 元（含税）。公司不进行资本公积金 转增股本，不送红股。 1 ...

咸亨国际科技股份有限公司2025 年半年度报告 公司代码：605056 公司简称：咸亨国际 咸亨国际科技股份有限公司 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、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人王来兴、主管会计工作负责人丁一彬及会计机构负责人（会计主管人员）朱丽 婷声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 1 / 176 咸亨国际科技股份有限公司2025 年半年度报告 √适用 □不适用 如本半年度报告涉及未来发展战略、经营计划等前瞻性陈述，不构成公司对投资者的实质承诺， 敬请投资者及相关人士注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 ...

科大智能科技股份有限公司 2025 年半年度报告全文 科大智能科技股份有限公司 2025 年半年度报告 证券代码：300222 证券简称：科大智能 2025 年 08 月 1 科大智能科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人黄明松、主管会计工作负责人黄君巍及会计机构负责人(会计 主管人员)黄君巍声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司在发展过程中，存在未来产业政策和宏观经济波动风险、市场竞争 加剧的风险、应收账款余额较大的风险等风险因素，敬请广大投资者注意投 资风险，详细内容见本报告中第三节第十小节中"公司面临的风险和应对措 施"。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 | 重要提示、目录和释义 2 | | --- | --- | | 第二节 | 公司简介和主要财务指标 7 | | 第三节 | 管理层讨论与分析 ...

龙口联合化学股份有限公司 龙口联合化学股份有限公司 2025 年半年度报告全文 证券代码：301209 证券简称：联合化学 公告编号：2025-037 2025 年半年度报告 2025 年 8 月 25 日 1 龙口联合化学股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人李秀梅、主管会计工作负责人姜芳及会计机构负责人(会计主 管人员)曲江华声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者 的实质承诺。投资者及相关人士均应当对此保持足够的风险认识，并且应当 理解计划、预测与承诺之间的差异，敬请投资者注意投资风险。公司在经营 中可能存在的风险因素内容已在本报告"第三节 管理层讨论与分析"之"十、 公司面临的风险和应对措施"部分予以描述，敬请投资者注意并仔细阅读该 章节全部内容。 公司计划不派发现金红利，不送红股 ...

欢瑞世纪联合股份有限公司 2025 年半年度报告全文 欢瑞世纪联合股份有限公司 2025 年半年度报告 2025 年 8 月 1 欢瑞世纪联合股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 公司负责人赵枳程、主管会计工作负责人周怡及会计机构负责人(会计主管人员)周怡 声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本半年度报告涉及未来计划等前瞻性陈述，不构成公司对投资者的实质承诺，投资者 及相关人士均应当对此保持足够的风险认识，并且应当理解计划、预测与承诺之间的差异， 请投资者注意投资风险。 公司在本报告第三节第十部分"公司面临的风险和应对措施"部分，阐述了公司经营 中可能存在的风险及应对措施，敬请投资者查阅。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 | 重要提示、目录和释义 2 | | --- | --- | | 第二节 | 公司简介和主要财务指标 ...

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) This section provides crucial disclaimers, the report's table of contents, and definitions of key terms, ensuring clarity and context for readers [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The Board of Directors, Supervisory Board, and senior management guarantee the accuracy and completeness of the semi-annual report, with all directors attending the review meeting - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no false records, misleading statements, or major omissions[3](index=3&type=chunk) - Company head Li Yunchun, chief accountant Wu Changxiong, and head of accounting department Wu Changxiong declare that the financial report in this semi-annual report is true, accurate, and complete[3](index=3&type=chunk) 2025 Semi-Annual Profit Distribution Plan | Indicator | Content | | :--- | :--- | | **Cash dividend per 10 shares** | $0.30 (tax inclusive) | | **Bonus shares** | 0 shares (tax inclusive) | | **Capital reserve to share capital** | No transfer | | **Share capital base** | Total share capital of the company on the equity registration date determined in the 2025 semi-annual equity distribution implementation announcement, deducting shares in the company's buyback special securities account | [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) This section outlines the report's eight main chapters, providing investors with a comprehensive overview of its overall structure - The report includes eight main chapters, covering comprehensive information on company operations, finance, governance, and significant matters[6](index=6&type=chunk) [Directory of Reference Documents](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 specifies the types and location of the company's reference documents for the reporting period, all kept at the Board of Directors' office - Reference documents include financial statements signed and sealed by the legal representative, chief accountant, and head of the accounting department[8](index=8&type=chunk) - Reference documents also include the original text of the 2025 semi-annual report, sealed by the company and signed by the legal representative[9](index=9&type=chunk) - All reference documents are kept at the company's Board of Directors' office[10](index=10&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines common terms used in the report, covering regulatory bodies, company entities, key products, and the reporting period, ensuring clear understanding - Definitions cover regulatory bodies such as the China Securities Regulatory Commission, National Medical Products Administration, and Shenzhen Stock Exchange[11](index=11&type=chunk) - The company's main products include 13-valent pneumococcal conjugate vaccine, bivalent HPV vaccine, and 9-valent HPV vaccine[11](index=11&type=chunk) - The reporting period is defined as January 1, 2025, to June 30, 2025[12](index=12&type=chunk) [Company Profile and Key Financial Indicators](index=7&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section provides an overview of the company's basic information and presents key financial data and indicators for the reporting period [I. 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) The company, Walvax Biotechnology Co., Ltd., is listed on the Shenzhen Stock Exchange under stock code 300142, with Li Yunchun as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | **Stock Abbreviation** | Walvax Bio | | **Stock Code** | 300142 | | **Listing Exchange** | Shenzhen Stock Exchange | | **Chinese Name** | Yunnan Walvax Biotechnology Co., Ltd. | | **Legal Representative** | Li Yunchun | [II. Contact Persons and 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) The company's Board Secretary is Li Yunchun and Securities Affairs Representative is Yang Yongxiang, both reachable at 395 Kexin Road, High-tech Zone, Kunming, Yunnan, via phone/fax 0871-68312779, and email ir@walvax.com Company Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | **Board Secretary** | Li Yunchun | 395 Kexin Road, High-tech Zone, Kunming, Yunnan Province | 0871-68312779 | 0871-68312779 | ir@walvax.com | | **Securities Affairs Representative** | Yang Yongxiang | 395 Kexin Road, High-tech Zone, Kunming, Yunnan Province | 0871-68312779 | 0871-68312779 | ir@walvax.com | [III. 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) During the reporting period, there were no changes to the company's registered address, office address, website, email, information disclosure, or registration details, as detailed in the 2024 annual report - The company's registered address, office address, website, email, and other contact information remained unchanged during the reporting period[16](index=16&type=chunk) - Information disclosure and storage locations remained unchanged during the reporting period[17](index=17&type=chunk) - The company's registration status remained unchanged during the reporting period[18](index=18&type=chunk) [IV. 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) In the first half of 2025, the company's operating revenue decreased by **19.47%**, net profit attributable to shareholders fell by **74.69%**, and non-recurring net profit declined by **80.52%**, while operating cash flow increased by **28.77%** 2025 Semi-Annual Key Accounting Data and Financial Indicators | Indicator | Current Reporting Period ($) | Prior Year Period ($) | Change from Prior Year Period | | :--- | :--- | :--- | :--- | | **Operating Revenue** | 1,154,212,387.00 | 1,433,348,556.33 | -19.47% | | **Net Profit Attributable to Shareholders of Listed Company** | 43,160,638.40 | 170,560,456.72 | -74.69% | | **Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses** | 28,442,672.68 | 145,990,463.22 | -80.52% | | **Net Cash Flow from Operating Activities** | 116,657,084.35 | 90,596,392.55 | 28.77% | | **Basic Earnings Per Share** | 0.0273 | 0.1066 | -74.39% | | **Diluted Earnings Per Share** | 0.0273 | 0.1066 | -74.39% | | **Weighted Average Return on Net Assets** | 0.45% | 1.81% | -1.36% | | **Total Assets (End of Period)** | 14,002,501,832.95 | 14,724,311,909.25 | -4.90% | | **Net Assets Attributable to Shareholders of Listed Company (End of Period)** | 9,496,660,286.66 | 9,429,543,133.67 | 0.71% | [V. Differences in Accounting Data Under Domestic and Overseas 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%8F%82) During the reporting period, the company reported no differences in net profit or net assets between financial statements prepared under international or overseas accounting standards and those under Chinese accounting standards - The company's financial reports for the reporting period show no differences in net profit and net assets when disclosed under International Accounting Standards versus Chinese Accounting Standards[20](index=20&type=chunk) - The company's financial reports for the reporting period show no differences in net profit and net assets when disclosed under overseas accounting standards versus Chinese Accounting Standards[21](index=21&type=chunk) [VI. Non-Recurring Gains and Losses 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) The company's total non-recurring gains and losses for the first half of 2025 amounted to **$14.72 million**, primarily from government grants and fair value changes in financial assets, notably a **$13.42 million** gain from Hong Kong-listed stock price increases 2025 Semi-Annual Non-Recurring Gains and Losses Items and Amounts | Item | Amount ($) | Explanation | | :--- | :--- | :--- | | **Gains and losses from disposal of non-current assets** | -468,892.91 | | | **Government grants recognized in current profit and loss** | 3,064,888.58 | | | **Gains and losses from changes in fair value** | 13,422,300.00 | Due to the increase in the period-end prices of shares held by the company in Hong Kong-listed Sirnaomics, Ltd. and Genor Biopharma Co., Ltd., resulting in fair value change gains of $28.357 million during the reporting period, and the comprehensive impact of fair value changes in other equity investments held by the company | | **Other non-operating income and expenses** | -666,682.33 | | | **Less: Income tax impact** | 129,080.78 | | | **Minority interests impact (after tax)** | 504,566.84 | | | **Total** | 14,717,965.72 | | - The company has no other profit and loss items that meet the definition of non-recurring gains and losses[24](index=24&type=chunk) - The company has not classified non-recurring gains and losses items as recurring gains and losses items[24](index=24&type=chunk) [Management Discussion and Analysis](index=10&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) This section provides a comprehensive analysis of the company's operations, financial performance, and strategic initiatives during the reporting period [I. Main 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) As a high-tech biopharmaceutical company, the company focuses on human vaccine R&D, production, and sales, making progress in product sales, batch release, new product development, and international cooperation during the reporting period [ (I) Overview of the Pharmaceutical Industry Development](index=10&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E5%8C%BB%E8%8D%AF%E8%A1%8C%E4%B8%9A%E5%8F%91%E5%B1%95%E6%A6%82%E5%86%B5) The global pharmaceutical market is projected to reach **$2.4 trillion** by 2029, driven by AI, aging populations, and biomanufacturing, with China's biopharmaceutical market also experiencing significant growth and international expansion - The global pharmaceutical market is expected to reach approximately **$2.4 trillion** by 2029, with an estimated compound annual growth rate of **5%-8%**[26](index=26&type=chunk) - The number of global drugs in development reached a new high of **23,875**, a year-on-year increase of **4.60%**, with the rise of biotechnological drugs[27](index=27&type=chunk) - China's biopharmaceutical market size is expected to reach **$162.8 billion** by 2030, accounting for **22.2%** of the global market share[29](index=29&type=chunk) - In the first half of 2025, China's pharmaceutical product exports amounted to **$54.539 billion**, a year-on-year increase of **3.8%**[31](index=31&type=chunk) [ (II) Overview of the Vaccine Industry Development](index=12&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E7%96%AB%E8%8B%97%E8%A1%8C%E4%B8%9A%E5%8F%91%E5%B1%95%E6%A6%82%E5%86%B5) The global vaccine market reached **$77 billion** in 2023, with a five-year CAGR of **15%**, driven by innovative R&D and mRNA technology, while China's vaccine exports grew by **41.92%**, and Walvax's bivalent HPV vaccine achieved WHO PQ certification - The global vaccine market size reached **$77 billion** in 2023, with a five-year compound annual growth rate of **15%**[33](index=33&type=chunk) - In 2024, China's human vaccine export value was **$212 million**, a year-on-year increase of **41.92%**[38](index=38&type=chunk) - Walvax Bio's bivalent HPV vaccine passed WHO PQ certification, becoming the **11th** Chinese vaccine to receive WHO prequalification[39](index=39&type=chunk) [ (III) Significant Industry Regulations and Policy Changes](index=15&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E8%A1%8C%E4%B8%9A%E9%87%8D%E8%A6%81%E6%B3%95%E8%A7%84%E5%92%8C%E6%94%BF%E7%AD%96%E5%8F%98%E5%8C%96) During the reporting period, the NMPA issued several key regulations and policies, including guidelines for preventing commercial bribery, non-clinical research for mRNA vaccines, and biological product registration, to standardize the industry and support innovation - The State Administration for Market Regulation issued the "Compliance Guidelines for Pharmaceutical Enterprises to Prevent Commercial Bribery Risks"[40](index=40&type=chunk) - The Center for Drug Evaluation (CDE) of the National Medical Products Administration (NMPA) issued the "Technical Guidelines for Non-Clinical Research of Prophylactic mRNA Vaccines"[40](index=40&type=chunk) - The CDE of the NMPA issued the "Guidelines for Acceptance and Review of Biological Product Registration (Trial)"[40](index=40&type=chunk) [ (IV) Overall Operating Performance During the Reporting Period](index=15&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%80%BB%E4%BD%93%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) In the first half, the company focused on its core business, achieving **$1.094 billion** in proprietary vaccine sales, a **94.82%** share of total revenue, with **6.28%** growth in 13-valent pneumococcal conjugate vaccine batch releases and **$214 million** in overseas revenue 2025 First Half Proprietary Vaccine Product Sales and Batch Release | Indicator | Amount/Quantity | | :--- | :--- | | **Proprietary vaccine product sales revenue** | $1,094.46 million | | **Percentage of total operating revenue** | 94.82% | | **Total batch release of marketed vaccine products** | 7,624,800 doses | | **13-valent pneumococcal conjugate vaccine batch release** | 1,838,280 doses | | **13-valent pneumococcal conjugate vaccine batch release year-on-year growth** | 6.28% | - The company's 20-valent pneumococcal polysaccharide conjugate vaccine received the "Drug Clinical Trial Approval Notice" and is preparing for Phase I clinical studies[43](index=43&type=chunk) - The company is actively promoting the drug registration and marketing application for its novel coronavirus variant mRNA vaccine (Omicron XBB.1.5) and its iterated vaccine, the novel coronavirus variant mRNA vaccine (Omicron JN.1) [43](index=43&type=chunk) - In the first half of 2025, the company achieved overseas business revenue of **$214 million**, with products newly exported to Ghana and Myanmar, accumulating exports to **24** countries and regions[46](index=46&type=chunk) - Subsidiary Yuxi Walvax continues to advance its integration of industrialization and informatization project, having completed the core business management platform, IT infrastructure data center, and information security center, with plans to upgrade its digital platform based on AI technology[48](index=48&type=chunk) - The company revised several policies, including the "Board Audit Committee Work Rules," "Internal Audit Work System," and "Sustainable Development Management System," to improve its compliance and risk prevention system[49](index=49&type=chunk) [ (V) Company's Main Business Model](index=20&type=section&id=%EF%BC%88%E4%BA%94%EF%BC%89%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%90%A5%E6%A8%A1%E5%BC%8F) The company employs a hybrid R&D model, combining in-house, collaborative, and licensed projects, with established bacterial and recombinant protein vaccine platforms, and a focus on stringent supplier management, compliant subsidiary production, and market-specific sales strategies - The company adopts a research and development model that emphasizes independent R&D, collaborative R&D, and project introduction, focusing on developing varieties with high medical value, high social value, and urgent market demand[50](index=50&type=chunk) - The procurement model through establishing a systematic supplier management and evaluation system, selects competitive suppliers, and reduces supply chain costs[50](index=50&type=chunk) - All marketed vaccine products are independently produced by subsidiaries Yuxi Walvax and Yuxi Zerun, with production processes strictly adhering to regulations such as the "Drug Administration Law" and "Vaccine Administration Law"[51](index=51&type=chunk) - Domestic market sales adopt a business model primarily based on partner services, while international market sales are determined by the target market's regulations, culture, and management model[52](index=52&type=chunk) [II. Analysis of Core Competitiveness](index=21&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 has built comprehensive core competencies through its forward-looking industry insights, strong proprietary product pipeline, advanced technology platforms, professional marketing, robust industrialization capabilities, leading international presence, and strengthened compliance, notably being the first in China and second globally to market 13-valent pneumococcal conjugate vaccine - The company's board members and core management team possess keen industry insights and strong execution capabilities, ensuring the forward-looking layout of key products and technology platforms[53](index=53&type=chunk) - The company owns **8** independently developed and marketed vaccine products (**14** specifications), covering pneumonia, meningitis, HPV, Hib, and DPT vaccines, making it currently the only vaccine enterprise in China with proprietary products covering the world's top three varieties[54](index=54&type=chunk)[55](index=55&type=chunk) - The company has built an independently controllable and rapidly iterative mRNA vaccine technology platform, as well as mature and stable bacterial vaccine and recombinant protein vaccine technology platforms[55](index=55&type=chunk) - The company has established a "offline promotion service + online marketing" sales model, with products fully covering major CDCs and vaccination units in **31** provinces (autonomous regions, municipalities) nationwide[56](index=56&type=chunk) - The company has built a high-standard, large-scale, modernized vaccine industrialization base, possessing the capability for large-scale production of multi-variety vaccine products, and actively exploring new businesses such as synthetic biology[57](index=57&type=chunk)[58](index=58&type=chunk) - The company's vaccine products have been exported to **24** countries, with two key products included in Morocco's and Egypt's National Expanded Program on Immunization (EPI), and strengthened cooperation with global health organizations and research institutions[58](index=58&type=chunk) - The company has established a work model guided by risk management and focused on compliance supervision, building "three lines of defense" for compliance management, internal control, and risk management[59](index=59&type=chunk) [III. Analysis of Main Business](index=24&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, the company's main business revenue decreased by **19.47%** due to reduced vaccine sales, while operating costs increased by **19.65%**, sales expenses decreased by **24.71%**, R&D investment significantly dropped by **48.53%**, and net cash flow from operating activities grew by **28.77%** Year-on-Year Changes in Key Financial Data | Indicator | Current Reporting Period ($) | Prior Year Period ($) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | **Operating Revenue** | 1,154,212,387.00 | 1,433,348,556.33 | -19.47% | Decrease in vaccine product sales revenue | | **Operating Cost** | 343,069,354.13 | 286,728,270.15 | 19.65% | Increase in fixed depreciation and amortization cost per vaccine dose due to reduced vaccine product quantity and changes in the proportion of low-price sales | | **Selling Expenses** | 376,601,671.18 | 500,217,977.21 | -24.71% | Decrease in vaccine product sales revenue | | **Administrative Expenses** | 170,282,241.23 | 123,168,369.15 | 38.25% | Vaccine product expiry and destruction | | **Financial Expenses** | -44,499,651.25 | -27,765,285.34 | -60.27% | Decrease in interest expense due to reduced bank borrowings, offset by fiscal subsidies, and increase in deposit interest income | | **Income Tax Expense** | 19,136,733.95 | 20,177,116.10 | -5.16% | Decrease in total profit | | **R&D Investment** | 161,361,320.05 | 313,515,090.56 | -48.53% | Decrease in R&D investment | | **Net Cash Flow from Operating Activities** | 116,657,084.35 | 90,596,392.55 | 28.77% | Decrease in vaccine product sales collection, decrease in operating expenses | | **Net Cash Flow from Investing Activities** | -141,287,435.71 | -1,036,935,997.86 | 86.37% | Decrease in vaccine product industrialization investment, time deposits, and investment payments | | **Net Cash Flow from Financing Activities** | -1,201,934,595.64 | -84,052,630.02 | -1,329.98% | Decrease in bank borrowings, decrease in repayment of bank borrowings, cash dividends from subsidiaries, payment for acquisition of minority shareholder equity | | **Net Increase in Cash and Cash Equivalents** | -1,225,331,501.46 | -1,029,555,288.43 | -19.02% | Decrease in vaccine product sales collection, cash dividends from subsidiaries, payment for acquisition of minority shareholder equity | Products or Services Accounting for More Than 10% of Revenue | Product or Service Segment | Operating Revenue ($) | Operating Cost ($) | Gross Margin | Operating Revenue Year-on-Year Change | Operating Cost Year-on-Year Change | Gross Margin Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Non-EPI Vaccines** | 1,051,603,657.29 | 265,070,573.78 | 74.79% | -19.61% | 22.97% | -8.73% | - The company's profit structure or sources of profit did not undergo significant changes during the reporting period[63](index=63&type=chunk) [IV. Analysis of Non-Core Business](index=25&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 significantly impacted total profit, with fair value changes contributing **$13.42 million** (111.46% of total profit) from Hong Kong stock gains, while asset impairment losses reached **-$192.72 million** (-1,600.33% of total profit), primarily due to a **$76.30 million** impairment on bivalent HPV vaccine intangible assets Impact of Non-Core Business on Total Profit | Item | Amount ($) | Percentage of Total Profit | Explanation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | **Investment Income** | -486,057.34 | -4.04% | Investment income from joint ventures and associates recognized using the equity method | Partially sustainable | | **Gains and losses from changes in fair value** | 13,422,300.00 | 111.46% | Increase in period-end prices of shares held in Hong Kong-listed companies | Partially sustainable | | **Asset Impairment** | -192,719,154.70 | -1,600.33% | Impairment provisions for inventory, accounts receivable, intangible assets, etc., including a **$76.30 million** impairment for bivalent HPV vaccine intangible assets | Partially sustainable | | **Non-operating Income** | 682,363.21 | 5.67% | Debt restructuring and asset disposal gains | No | | **Non-operating Expenses** | 2,568,147.84 | 21.33% | External donations and other items | No | [V. Analysis of Assets and Liabilities](index=26&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) At the end of the reporting period, total assets were **$14.003 billion**, a **4.90%** decrease, with cash and equivalents down **7.43%** due to reclassification, dividends, and equity payments, while construction in progress increased by **1.06%** from industrialization investments, and **$972.32 million** in financial assets were measured at fair value Significant Changes in Asset Composition | Item | Amount at End of Current Period ($) | Percentage of Total Assets | Amount at End of Prior Year ($) | Percentage of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Cash and Cash Equivalents** | 2,538,243,443.94 | 18.13% | 3,763,574,789.88 | 25.56% | -7.43% | Reclassification of time deposits, subsidiary dividends, and equity acquisition payments | | **Accounts Receivable** | 2,366,400,917.07 | 16.90% | 2,409,639,849.34 | 16.37% | 0.53% | Decrease in vaccine sales revenue | | **Inventories** | 622,759,912.06 | 4.45% | 752,587,288.16 | 5.11% | -0.66% | Reduction in raw material reserves and vaccine product stockpiles | | **Construction in Progress** | 2,158,520,168.57 | 15.42% | 2,113,826,293.63 | 14.36% | 1.06% | Increase in vaccine product industrialization investment | | **Right-of-Use Assets** | 32,687,340.61 | 0.23% | 19,782,809.91 | 0.13% | 0.10% | Increase in leases | | **Contract Liabilities** | 29,799,779.72 | 0.21% | 39,853,893.86 | 0.27% | -0.06% | Decrease in sales shipments | | **Long-term Borrowings** | 428,826,162.04 | 3.06% | 433,336,162.04 | 2.94% | 0.12% | Repayment of principal and interest on borrowings | | **Lease Liabilities** | 22,166,793.16 | 0.16% | 11,767,443.40 | 0.08% | 0.08% | Increase in leases | Key Overseas Assets | Specific Asset Content | Asset Scale (RMB) | Location | Profit/Loss Status ($) | Proportion of Overseas Assets to Company's Net Assets | | :--- | :--- | :--- | :--- | :--- | | **Walvax Jiahe (investment in Cayman Genor equity assets only)** | $82.894 million | British Virgin Islands | 22,719,000.00 | 0.87% | | **SIRNAOMICS, LTD (Cayman Sirnaomics)** | $14.846 million | Cayman Islands | 3,331,000.00 | 0.16% | Financial Assets Measured at Fair Value | Item | Amount at End of Period ($) | Amount at Beginning of Period ($) | | :--- | :--- | :--- | | **Other equity instrument investments** | 555,000,000.00 | 508,000,000.00 | | **Other non-current financial assets** | 417,322,000.00 | 403,899,700.00 | | **Subtotal of financial assets** | 972,322,000.00 | 911,899,700.00 | - As of June 30, 2025, among the period-end balance of monetary funds, **$4.4721 million** was for performance bond deposits exceeding three months, subject to usage restrictions[73](index=73&type=chunk) [VI. Analysis of Investment Status](index=27&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) During the reporting period, the company's total investment reached **$1.053 billion**, a **1,362.57%** increase, including a **$938 million** acquisition of a **4.9733%** minority stake in Yuxi Walvax, and new investments in two subsidiaries, while overall raised capital utilization was **95.33%** Investment Amount During the Reporting Period | Indicator | Amount ($) | Change | | :--- | :--- | :--- | | **Investment amount during the reporting period** | 1,053,050,000.00 | 1,362.57% | | **Investment amount in the prior year period** | 72,000,000.00 | | - The company acquired a total of **4.9733%** minority equity in Yuxi Walvax from Guolian Shuoying Fund and Yingrong Fund for **$938 million**, with **$738.54 million** paid as of June 30, 2025[75](index=75&type=chunk) Significant Equity Investments Acquired During the Reporting Period | Investee Company Name | Investment Method | Investment Amount ($) | Shareholding Ratio | | :--- | :--- | :--- | :--- | | **Aisenze Biotechnology (Kunming) Co., Ltd.** | New establishment | 55,250,000.00 | 85.00% | | **Guangzhou Bainuokesi Biotechnology Co., Ltd.** | New establishment | 59,800,000.00 | 100.00% | | **Total** | -- | 115,050,000.00 | -- | Overall Utilization of Raised Funds | Fundraising Year | Net Raised Funds (ten thousand yuan) | Total Raised Funds Used in Current Period (ten thousand yuan) | Total Raised Funds Used Cumulatively (ten thousand yuan) | Utilization Ratio of Raised Funds at End of Reporting Period | | :--- | :--- | :--- | :--- | :--- | | **2016** | 58,056.66 | 695.57 | 55,347.84 | 95.33% | - The implementation completion time for the Yuxi Walvax Integration of Industrialization and Informatization project has been adjusted to December 31, 2026, to ensure deep alignment of digital construction with the company's international strategy and industry development needs[85](index=85&type=chunk) [VII. Significant Asset and Equity Sales](index=34&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) The company did not engage in any significant asset or equity sales during the reporting period - The company did not sell significant assets during the reporting period[94](index=94&type=chunk) - The company did not sell significant equity during the reporting period[95](index=95&type=chunk) [VIII. Analysis of Major Holding and Participating Companies](index=34&type=section&id=%E5%85%AB%E3%80%81%E4%B8%BB%E8%90%A5%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) The company's key subsidiaries include Yuxi Walvax, Shanghai Zerun, and Guangzhou Walvax; Yuxi Walvax was a major profit contributor with **$188 million** net profit, while Shanghai Zerun, in R&D, reported a **-$140 million** net loss, and the company established two new subsidiaries while deregistering one Financial Performance of Major Holding and Participating Companies (2025 Semi-Annual) | Company Name | Company Type | Main Business | Registered Capital (RMB ten thousand) | Total Assets ($) | Net Assets ($) | Operating Revenue ($) | Operating Profit ($) | Net Profit ($) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Yuxi Walvax** | Subsidiary | Production and Sales | 138,736.6389 | 7,986,923,146.26 | 4,043,838,332.58 | 1,123,910,241.32 | 216,720,161.94 | 188,499,455.57 | | **Shanghai Zerun** | Subsidiary | Research and Development | 108,516.9804 | 1,476,093,099.52 | 852,943,739.16 | 39,105,548.17 | -139,556,271.39 | -140,096,240.08 | | **Guangzhou Walvax** | Subsidiary | Promotion Services | 5,000 | 1,280,704,018.41 | 208,490,385.88 | 302,368,233.22 | 25,778,959.12 | 20,304,470.63 | Acquisition and Disposal of Subsidiaries During the Reporting Period | Company Name | Method of Acquisition and Disposal | Impact on Overall Production, Operations, and Performance | | :--- | :--- | :--- | | **Aisenze Biotechnology (Kunming) Co., Ltd.** | New establishment | -$14,722.78 | | **Guangzhou Bainuokesi Biotechnology Co., Ltd.** | New establishment | $0.00 | | **Beijing Zerun Innovation Biotechnology Co., Ltd.** | Deregistration | -$18.19 | [IX. Structured Entities Controlled by the Company](index=34&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[97](index=97&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=35&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 R&D, market competition, accounts receivable, policy, adverse reaction, and quality risks, which it addresses by prudent project selection, accelerated industrialization, stringent receivables control, continuous standard improvement, and robust quality management systems - R&D of pipeline products involves high investment, long cycles, and high risks; the company will prudently select R&D projects and strictly adhere to R&D principles[98](index=98&type=chunk) - Vaccine market competition continues to intensify; the company will accelerate new product R&D and industrialization, strengthen quality awareness, and enhance brand image[98](index=98&type=chunk) - Accounts receivable have long recovery cycles; the company will take active measures to strictly control the amount and recovery cycle of accounts receivable[98](index=98&type=chunk) - Pharmaceutical industry regulatory policies are continuously strengthening; the company needs to continuously improve its standards and actively adapt to policy changes[99](index=99&type=chunk) - Vaccines carry the risk of adverse reactions; the company will improve its quality management system and formulate adverse reaction emergency response systems and plans[100](index=100&type=chunk) - Vaccine production processes are complex and distribution requirements are high; the company will simultaneously conduct industrialization research and adopt scientific risk management techniques to reduce quality risks[100](index=100&type=chunk) [XI. Registration Form for Investor Relations Activities During the Reporting Period](index=36&type=section&id=%E5%8D%81%E4%B8%80%E3%

江苏新美星包装机械股份有限公司 2025 年半年度报告全文 新美星使命： 帮客户建设理想工厂 助员工实现人生梦想 江苏新美星包装机械股份有限公司 Jiangsu Newamstar Packaging Machinery Co.,Ltd. 2025 年半年度报告 公告编号：2025-029 2025 年 8 月 江苏新美星包装机械股份有限公司 2025 年半年度报告全文 新美星使命： 帮客户建设理想工厂 助员工实现人生梦想 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别 和连带的法律责任。 本半年度报告中如有涉及未来的计划、业绩预测等方面的内容，均不构成 公司对任何投资者的承诺，投资者及相关人士均应当对此保持足够的风险认识， 并且应当理解计划、预测与承诺之间的差异。 公司在本报告第三节"管理层讨论与分析"之"十、公司面临的风险和应对 措施"部分，详细描述了公司经营中可能存在的风险及应对措施，敬请投资者 关注相关内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 第 1 页 | 第一 ...