烟台龙源电力技术股份有限公司 2025 年半年度报告全文 烟台龙源电力技术股份有限公司 2025 年半年度报告 定 2025-004 2025 年 8 月 16 日 1 烟台龙源电力技术股份有限公司 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。 公司负责人曲增杰、主管会计工作负责人刘克冷及会计机构负责人(会计 主管人员)解丰荣声明：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。 1、行业竞争加剧的风险。在煤电节能环保及低碳化改造领域，尽管公司 技术能力、管理水平和项目质量保持国内先进地位，但仍面临行业竞争压力。 国家发展改革委和国家能源局联合发布了《关于深化新能源上网电价市场化 改革促进新能源高质量发展的通知》（发改价格〔2025〕136 号文）。该文 件的出台，标志着我国电力领域改革进入新阶段，旨在通过市场化手段推动 新能源上网电价机制的完善，进一步促进新能源高质量发展。这一政策出台 促使火电调 ...

浙江金沃精工股份有限公司 2025 年半年度报告全文 浙江金沃精工股份有限公司 2025 年半年度报告 本报告中如有涉及未来计划等前瞻性陈述，均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。 2025-089 2025 年 8 月 1 浙江金沃精工股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法 律责任。 公司负责人杨伟、主管会计工作负责人陈亦霏及会计机构负责人(会计主 管人员)陈亦霏声明：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，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。 2 | 目录 | | --- | | 第一节 重要提示、目录和释义 | 2 | | --- | ...

[Company Overview and Key Financial Indicators](index=4&type=section&id=第二节%20公司简介和主要财务指标) This section provides an overview of the company's basic information and presents its key financial data and performance indicators for the reporting period [Company Basic Information](index=4&type=section&id=一、%20公司信息) Sanrenxing Media Group Co., Ltd., listed on the Shanghai Stock Exchange (stock code 605168), is headquartered in Xi'an, Shaanxi Province - Company basic information includes its Chinese name "Sanrenxing Media Group Co., Ltd.", stock abbreviation "Sanrenxing", and stock code "605168"[13](index=13&type=chunk)[19](index=19&type=chunk) [Key Financial Data and Indicators](index=5&type=section&id=七、%20公司主要会计数据和财务指标) In H1 2025, revenue decreased by 13.36% year-over-year, but net profit attributable to shareholders increased by 10.83%, with operating cash flow significantly improving to CNY 569 million Key Accounting Data (January-June 2025) | Key Accounting Data (CNY) | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,656,722,921.65 | 1,912,181,726.55 | -13.36% | | Net Profit Attributable to Shareholders | 144,207,042.28 | 130,112,167.79 | 10.83% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 126,656,063.64 | 121,128,638.84 | 4.56% | | Net Cash Flow from Operating Activities | 568,659,246.76 | -140,114,635.82 | N/A | | **Asset Status (CNY)** | **End of Current Reporting Period** | **End of Prior Year** | **YoY Change (%)** | | Total Assets | 4,169,618,618.47 | 4,615,014,780.60 | -9.65% | | Net Assets Attributable to Shareholders | 2,679,668,058.32 | 2,687,273,138.24 | -0.28% | Key Financial Indicators (January-June 2025) | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.68 | 0.82 | -17.07% | | Basic EPS (Excluding Non-recurring Items) (CNY/share) | 0.60 | 0.76 | -21.05% | | Weighted Average Return on Net Assets (%) | 5.27% | 4.43% | Increased by 0.84 percentage points | | Weighted Average Return on Net Assets (Excluding Non-recurring Items) (%) | 4.63% | 4.12% | Increased by 0.51 percentage points | - During the reporting period, the company's total non-recurring gains and losses amounted to **CNY 17.55 million**, primarily from fair value changes and disposal gains on financial assets and liabilities, totaling **CNY 20.73 million**[23](index=23&type=chunk) [Management Discussion and Analysis (MD&A)](index=7&type=section&id=第三节%20管理层讨论与分析) This section details the company's business operations, industry trends, strategic initiatives, core competencies, and financial performance analysis during the reporting period [Business and Industry Overview](index=7&type=section&id=一、报告期内公司所属行业及主营业务情况说明) The company is a comprehensive advertising media enterprise focusing on digital marketing, scene-based activities, and campus media marketing, adapting to industry shifts towards digitalization and AI-driven value creation - The company's main business remains unchanged, focusing on providing integrated marketing services across three key segments: - **Digital Marketing Services**: Offering creative planning, media strategy, resource procurement, and performance evaluation - **Scene-based Activity Services**: Planning and executing various offline events to enhance brand interaction and experience - **Campus Media Marketing Services**: Operating campus bulletin boards, sports field fences, and other media resources[25](index=25&type=chunk)[26](index=26&type=chunk)[27](index=27&type=chunk) - The industry is undergoing a structural transformation from scale expansion to value deep-cultivation, with digitalization and intelligence as key drivers. AI technology breakthroughs in content production and private domain operations are shifting marketing from an "efficiency tool" to a "strategic asset"[29](index=29&type=chunk)[31](index=31&type=chunk) [Operational Highlights and Strategic Initiatives](index=9&type=section&id=二、经营情况的讨论与分析) Despite revenue decline, the company achieved net profit growth in H1 2025 through business optimization, improved financial health, strategic AI integration, new business expansion, and consistent high cash dividends - Despite industry competition, the company's H1 2025 net profit attributable to shareholders reached **CNY 144 million**, a **10.83% year-over-year increase**; net profit excluding non-recurring items was **CNY 127 million**, up **4.56%**. Q2 net profit excluding non-recurring items grew **49.03% year-over-year** and **495.06% quarter-over-quarter**, indicating sustained improving operational performance[32](index=32&type=chunk) - The company's financial stability strengthened: - **Asset-liability ratio**: Decreased from **41.72%** at the beginning of the year to **35.66%** - **Cash reserves**: Cash and wealth management products totaled **CNY 919 million**, a **47.18% increase** from the beginning of the year - **Cash flow**: Net cash flow from operating activities reached **CNY 569 million**, a **CNY 709 million year-over-year increase**, turning positive from negative[33](index=33&type=chunk) - The company continues to deepen its engagement with leading clients in automotive, telecommunications, FMCG, and finance sectors, adding the AITO Wenjie series automotive marketing project in collaboration with Huawei and Seres[35](index=35&type=chunk) - The company actively deploys new quality productive forces, signing a strategic cooperation with chip service provider "Coteng Technology" to jointly develop AIDC data center and computing power services. Additionally, the company successfully divested its strategic investment in "Ruihua Chemical," achieving an investment return rate exceeding **70%**[37](index=37&type=chunk)[38](index=38&type=chunk) - The company is accelerating its expansion into the sports lottery business, having established over **30** sports lottery stores in commercial complexes, signed nearly **1,000** cinema channel stores, and launched its independently developed AI sports event prediction platform[40](index=40&type=chunk)[41](index=41&type=chunk) - The company maintains a high cash dividend policy, with the 2024 dividend accounting for **123.10%** of net profit attributable to shareholders. Since its 2020 listing, cumulative dividends have reached **CNY 1.15 billion**, exceeding the IPO fundraising amount of **CNY 1.05 billion**[45](index=45&type=chunk) [Core Competitiveness Analysis](index=13&type=section&id=三、报告期内核心竞争力分析) The company's core strengths lie in its technology-driven approach, extensive media network, diverse client base, skilled talent, and strong brand image, accelerating its transformation into a tech-driven marketing service provider - **Technology-driven**: The company leverages two decades of accumulated data and experience to build "AI full-link marketing intelligent agents" and marketing AI Agents through AI technology, achieving marketing automation and enhancing efficiency and ROI. Multiple subsidiaries have been recognized as National High-Tech Enterprises[49](index=49&type=chunk)[50](index=50&type=chunk)[51](index=51&type=chunk) - **Media Resource Network**: Deep cooperation with mainstream online media like ByteDance and Tencent, complemented by an offline campus media network covering over **900** universities nationwide, and recognized as a "CCTV 4A Advertising Agency" for four consecutive years[53](index=53&type=chunk)[54](index=54&type=chunk) - **High-Quality Client Ecosystem**: Serving numerous industry-leading clients, including the three major telecom operators, large banks like ICBC, ABC, CCB, and PSBC, JD.com, Yili, and FAW Group, establishing a stable and expandable business foundation[55](index=55&type=chunk) [Analysis of Key Operating Conditions](index=15&type=section&id=四、报告期内主要经营情况) The company experienced declines in revenue and costs due to client budget adjustments, while sales and administrative expenses decreased, and financial expenses significantly increased due to prior year's exchange gains [Financial Statement Item Variation Analysis](index=15&type=section&id=(一)%20主营业务分析) Operating revenue decreased by 13.36% year-over-year due to client budget adjustments, while sales and administrative expenses declined, and operating cash flow significantly improved from increased customer collections Key Income Statement Item Changes | Item | Current Period Amount (CNY) | Prior Year Period Amount (CNY) | Change (%) | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,656,722,921.65 | 1,912,181,726.55 | -13.36 | Budget adjustments by individual clients in automotive and other industries | | Operating Cost | 1,348,296,978.27 | 1,547,265,334.74 | -12.86 | Media procurement costs decreased with revenue decline | | Selling Expenses | 133,996,029.48 | 159,526,985.84 | -16.00 | Reduced sales personnel compensation and expenses | | Administrative Expenses | 28,134,245.51 | 31,915,450.02 | -11.85 | Reduced office and consulting service fees | | Financial Expenses | 12,081,228.12 | 5,191,861.03 | 132.70 | Higher exchange gains in prior year period, none in current period | | Net Cash Flow from Operating Activities | 568,659,246.76 | -140,114,635.82 | N/A | Significant increase in customer collections, decrease in supplier payments | [Asset and Liability Status Analysis](index=16&type=section&id=(三)%20资产、负债情况分析) Total assets decreased by 9.65% at period-end, with optimized asset structure, significant reduction in accounts receivable, and increased monetary funds, while liabilities decreased due to loan repayments and reduced payables Key Balance Sheet Item Changes | Item | End of Current Period (CNY) | End of Prior Year (CNY) | Change (%) | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 749,274,695.77 | 624,579,701.69 | 19.96% | Increased customer collections | | Accounts Receivable | 1,553,775,983.22 | 2,352,225,042.50 | -33.94% | Significant increase in customer collections | | Construction in Progress | 28,483,037.03 | 535,494.67 | 5,219.01% | Increased investment in Sanrenxing Digital Information Industry Base project | | Short-term Borrowings | 521,220,710.36 | 641,808,274.20 | -18.79% | Early repayment of bank loans | | Accounts Payable | 545,883,053.70 | 773,408,848.29 | -29.42% | Reduced media procurement payables | [Investment Status Analysis](index=18&type=section&id=(四)%20投资状况分析) The company's total external investments slightly decreased to CNY 847 million at period-end, primarily comprising financial assets measured at fair value, including increased holdings in Shaanxi Tiancheng Aviation Materials and reduced holdings in Daoyoudao Technology Group Key Financial Assets Measured at Fair Value (Unit: CNY 10,000) | Investee | Beginning Balance | Amount Purchased in Current Period | Amount Sold/Redeemed in Current Period | Ending Balance | | :--- | :--- | :--- | :--- | :--- | | Suzhou Suwen Enterprise Management Partnership | 31,652.35 | | 3,194.89 | 29,713.32 | | Shaanxi Tiancheng Aviation Materials Co., Ltd. | 15,764.61 | 2,800.00 | | 18,564.61 | | Daoyoudao Technology Group Co., Ltd. | 1,463.21 | | 1,461.75 | 0 | | **Total** | **85,384.44** | **2,800.00** | **4,763.15** | **84,675.69** | [Analysis of Major Holding and Participating Companies](index=20&type=section&id=(六)%20主要控股参股公司分析) Horgos Huihuang Shidai Digital Technology Co., Ltd. significantly contributed to net profit, while the establishment of Xi'an Sanrenxing Chuangzhi Digital Technology Co., Ltd. and liquidation of Shanghai Jiancheng Advertising Planning Partnership had no major impact Key Subsidiary Financial Performance (January-June 2025) | Company Name | Business Nature | Net Assets (CNY) | Operating Revenue (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | | Horgos Huihuang Shidai Digital Technology Co., Ltd. | Advertising | 36,477,697.98 | 50,451,507.10 | 26,479,048.11 | [Risk Warning](index=21&type=section&id=(一)%20可能面对的风险) The company faces risks including intensified market competition, high customer concentration, rising media procurement costs, talent loss, seasonal performance fluctuations, declining gross profit margins, and industry policy changes - The company's main operational risks include: - **Market competition risk**: The advertising industry has low concentration and intense competition - **Customer concentration risk**: Major clients are large enterprises, and a reduction in their budgets or changes in demand would adversely affect the company's business - **Media procurement price increase risk**: Dominant internet media have strong bargaining power, potentially leading to increased costs - **Talent loss risk**: Integrated marketing services rely on highly qualified personnel, and talent loss would impact operations - **Seasonality risk**: Client advertising tends to concentrate in the second half of the year, leading to seasonal fluctuations in revenue - **Gross margin decline risk**: The increasing proportion of digital marketing business and market competition may lead to a continued decline in overall gross margin[77](index=77&type=chunk)[78](index=78&type=chunk)[79](index=79&type=chunk)[80](index=80&type=chunk) [Corporate Governance](index=23&type=section&id=第四节%20公司治理、环境和社会) This section outlines changes in the company's board of directors, supervisors, and senior management, along with its profit distribution policy [Corporate Governance Status](index=23&type=section&id=一、公司董事、监事、高级管理人员变动情况) The company appointed a new CFO, Ms. Zhang Wenju, following Mr. Chen Sheng's resignation, and has no profit distribution or capital reserve capitalization plan for H1 2025 - The company's Chief Financial Officer (CFO) changed, with Chen Sheng resigning and Zhang Wenju appointed as the new Financial Controller[84](index=84&type=chunk) - The company plans no profit distribution or capitalization of capital reserves for the first half of 2025[85](index=85&type=chunk) [Significant Matters](index=25&type=section&id=第五节%20重要事项) This section covers the company's fulfillment of commitments and external guarantees during the reporting period [Commitments and Guarantees](index=25&type=section&id=一、承诺事项履行情况) The company and related parties fully fulfilled IPO commitments, with no irregular guarantees, and a CNY 50 million guarantee balance for subsidiaries at period-end - The company's actual controllers, shareholders, and the company itself strictly fulfilled all commitments related to the initial public offering during the reporting period, with no violations[89](index=89&type=chunk)[90](index=90&type=chunk) Company External Guarantees | Guarantee Type | Amount Occurred in Current Period (CNY) | Balance at End of Reporting Period (CNY) | | :--- | :--- | :--- | | Guarantees for Subsidiaries | 100,000,000.00 | 50,000,000.00 | | **Total Guarantees** | **-** | **50,000,000.00** | | Total Guarantees as % of Company's Net Assets | - | 1.87% | [Share Changes and Shareholder Information](index=34&type=section&id=第六节%20股份变动及股东情况) This section provides details on the company's share capital structure and the holdings of its major shareholders [Shareholder Information](index=34&type=section&id=二、股东情况) The company's share capital structure remained unchanged, with 25,127 common shareholders and a concentrated, stable ownership structure among the top four shareholders - As of June 30, 2025, the company had **25,127** common shareholders[103](index=103&type=chunk) Top Ten Shareholders' Holdings | Shareholder Name | Number of Shares Held (shares) | Shareholding Percentage (%) | | :--- | :--- | :--- | | Qingdao Duoduoxing Investment Co., Ltd. | 56,214,292 | 26.66% | | Tai'an Zhongxing Investment Partnership (Limited Partnership) | 26,352,110 | 12.50% | | Qian Jundong | 25,643,568 | 12.16% | | Cui Lei | 10,166,729 | 4.82% | | Hong Kong Securities Clearing Company Limited | 2,226,909 | 1.06% | - The company's actual controllers, Qian Jundong and Cui Lei, are a married couple who collectively control the company through direct and indirect means. Both Qingdao Duoduoxing and Tai'an Zhongxing are enterprises controlled by Qian Jundong[107](index=107&type=chunk) [Bond-Related Information](index=37&type=section&id=第七节%20债券相关情况) This section confirms the absence of outstanding corporate bonds, enterprise bonds, or convertible bonds during the reporting period [Bond Information](index=37&type=section&id=一、公司债券（含企业债券）和非金融企业债务融资工具) The company had no outstanding corporate bonds, enterprise bonds, or non-financial enterprise debt financing instruments during the reporting period - The company has not issued corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds[110](index=110&type=chunk) [Financial Report](index=38&type=section&id=第八节%20财务报告) This section presents the company's unaudited interim financial statements, including balance sheets, income statements, cash flow statements, and notes to the financial statements [Financial Statements](index=38&type=section&id=二、财务报表) This section includes the company's unaudited H1 2025 consolidated and parent company financial statements, comprising the balance sheet, income statement, cash flow statement, and statement of changes in equity [Company Overview and Accounting Policies](index=61&type=section&id=三、公司基本情况) This section details the company's basic information, financial statement preparation basis, compliance with accounting standards, and significant accounting policies and estimates, including revenue recognition, financial instruments, and taxation [Notes to Financial Statement Items](index=100&type=section&id=七、合并财务报表项目注释) This section provides detailed explanations and analyses of major consolidated financial statement items, including assets, liabilities, and equity, along with disclosures on related party relationships, contingencies, and post-balance sheet events

宁波东方电缆股份有限公司2025 年半年度报告 公司代码：603606 公司简称：东方电缆 宁波东方电缆股份有限公司 2025 年半年度报告 报告期内，公司无利润分配预案或公积金转增股本预案。 六、 前瞻性陈述的风险声明 二零二五年八月 1 / 198 宁波东方电缆股份有限公司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、 公司负责人夏崇耀、主管会计工作负责人柯军及会计机构负责人（会计主管人员）夏小瑜 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 公司已在本报告中描述了可能存在的相关风险，敬请查阅第三节《管理层讨论与分析》中关 于公司未来发展的讨论与分析。本报告中对公司未来的经营展望，系管理层根据公司当前的经营 判断和当前的宏观经济政策，市场状况作出的预判和计划，并不构成公司作出的业绩承诺。 十一、 其他 √适用 □不适 ...

珠海华发实业股份有限公司2025 年半年度报告 公司代码：600325 公司简称：华发股份 珠海华发实业股份有限公司 2025 年半年度报告 1 / 225 珠海华发实业股份有限公司2025 年半年度报告 重要提示 一、 本公司董事局及董事、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局会议。 三、 本半年度报告未经审计。 四、 公司负责人郭凌勇、主管会计工作负责人杨拥军及会计机构负责人（会计主管人员） 陈新云声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事局决议通过的本报告期利润分配预案或公积金转增股本预案 公司拟以2025年半年度利润分配实施股权登记日登记的总股本为基数（扣除公司回购专 用证券账户中的股份），向全体股东每10股派发现金红利0.20元（含税）。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺， 敬请投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反 ...

深圳市信维通信股份有限公司 2025 年半年度报告全文 深圳市信维通信股份有限公司 2025 年半年度报告 2025 年 8 月 1 深圳市信维通信股份有限公司 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。 公司负责人彭浩、主管会计工作负责人刘辛男及会计机构负责人(会计主 管人员)伍兰四声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中涉及的未来计划、发展战略等前瞻性陈述，属于计划性事项， 不构成公司对投资者的实质承诺，投资者及相关人士应当对此保持足够的风 险认识，注意投资风险。 公司日常经营的过程中可能面临外部经济波动、行业发展变化、汇率波 动不确定性等风险。公司将持续关注各类外部环境突发事件，积极做好应对 措施，并不断完善内部各项经营管理制度，提高自身的抗风险能力。详细内 容见本报告之"管理层讨论与分析"部分。 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 | | | ...

浙江铖昌科技股份有限公司 2025 年半年度报告全文 浙江铖昌科技股份有限公司 2025 年半年度报告 2025 年 8 月 1 浙江铖昌科技股份有限公司 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。 公司负责人罗珊珊、主管会计工作负责人张宏伟及会计机构负责人(会计 主管人员)张宏伟声明：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。 本报告中如有涉及未来的计划、经营目标、业绩预测等方面的内容，均不 构成本公司对任何投资者的实质承诺，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，敬请广大的投资者注 意投资风险。 公司在本报告第三节"管理层讨论与分析"中公司未来发展的展望部分描 述了公司未来经营中可能面临的相关风险，敬请广大投资者查阅。 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 | 目录 | | --- | | 第一节 | 重要提示、目录和释 ...

深圳市科陆电子科技股份有限公司 2025 年半年度报告全文 1 深圳市科陆电子科技股份有限公司 2025 年半年度报告全文 深圳市科陆电子科技股份有限公司 第一节 重要提示、目录和释义 2025 年半年度报告 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。 2025 年 08 月 公司负责人邱向伟、主管会计工作负责人谢伟光及会计机构负责人(会计 主管人员)翁丽华声明：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。 如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"中"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。 2 | 目录 | | --- | | 第一节 重要提示、目录和释义 2 | | ...

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Item%201.%20Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) [Important Notice](index=2&type=section&id=Important%20Notice) The company's board of directors, supervisory board, and all senior executives guarantee the truthfulness, accuracy, and completeness of this semi-annual report, assuming legal responsibility, with future plans and performance forecasts not constituting substantive commitments, and no profit distribution planned for this period - Company management ensures the truthfulness, accuracy, and completeness of the report content[5](index=5&type=chunk) - The company plans no cash dividends, bonus shares, or capital increase from capital reserves[7](index=7&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines key terms used in the report, covering company entities, reporting period, specific communication industry technical standards (e.g., PDT, TETRA, DMR), business models (e.g., converged public-private networks, EMS), and major subsidiary names - The reporting period is defined as January 1, 2025, to June 30, 2025[15](index=15&type=chunk) - Detailed explanations are provided for core technical and business terms such as professional communication, converged public-private networks, LTE, 5G, PDT, TETRA, and DMR[15](index=15&type=chunk) [Company Profile and Key Financial Indicators](index=7&type=section&id=Item%202.%20Company%20Profile%20and%20Key%20Financial%20Indicators) [Company Profile](index=7&type=section&id=Company%20Profile) Hytera Communications Corporation Limited (stock code: 002583) is a company listed on the Shenzhen Stock Exchange, with Chen Qingzhou as its legal representative, specializing in the professional communication sector Basic Company Information | Item | Content | | :--- | :--- | | Stock Abbreviation | Hytera | | Stock Code | 002583 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Chen Qingzhou | [Key Accounting Data and Financial Indicators](index=8&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first half of 2025, the company's operating revenue decreased by 17.50% year-on-year, and net profit attributable to shareholders decreased by 42.37%, while net cash flow from operating activities significantly increased by 525.66%, with total assets and net assets showing slight growth from the end of the previous year Key Financial Indicators for H1 2025 | Indicator | Current Period | Prior Year Period | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue (CNY) | 2,259,104,655.12 | 2,738,347,806.51 | -17.50% | | Net Profit Attributable to Shareholders of Listed Company (CNY) | 93,581,832.60 | 162,388,501.23 | -42.37% | | Net Cash Flow from Operating Activities (CNY) | 239,390,007.78 | 38,261,703.76 | 525.66% | | Basic Earnings Per Share (CNY/share) | 0.0515 | 0.0893 | -42.33% | | Weighted Average Return on Net Assets | 3.81% | 2.73% | 1.08% | | **Indicator** | **End of Current Reporting Period** | **End of Prior Year** | **Year-on-Year Change** | | Total Assets (CNY) | 11,849,597,255.43 | 11,182,033,509.52 | 5.97% | | Net Assets Attributable to Shareholders of Listed Company (CNY) | 2,520,683,400.71 | 2,386,659,384.58 | 5.62% | [Non-recurring Gains and Losses and Amounts](index=8&type=section&id=Non-recurring%20Gains%20and%20Losses%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to 14.47 million CNY, primarily from government grants (13.58 million CNY) and other non-operating income and expenses, contributing to the current net profit Non-recurring Gains and Losses Items | Item | Amount (CNY) | | :--- | :--- | | Government Grants | 13,578,936.67 | | Gains/Losses from Changes in Fair Value of Financial Assets/Liabilities | 1,687,993.55 | | Net Non-operating Income and Expenses | -739,834.62 | | **Total** | **14,474,364.24** | [Management Discussion and Analysis](index=10&type=section&id=Item%203.%20Management%20Discussion%20and%20Analysis) [Principal Businesses](index=10&type=section&id=I.%20Principal%20Businesses%20Engaged%20in%20by%20the%20Company%20During%20the%20Reporting%20Period) The company, a leader in professional communication, offers products and solutions including narrowband digital trunking, converged public-private networks, and intelligent command and dispatch, strategically advancing "AI Professional Networks" and increasing investment in AI and converged communication businesses - The company strategically proposed the **"AI Professional Network"** development concept, integrating AI capabilities into scenario-based solutions to empower public safety, government emergency response, transportation, energy, and industrial and commercial sectors[31](index=31&type=chunk)[65](index=65&type=chunk) - The company's business is divided into three main parts: core product solutions, industry solutions, and sales services, forming a full range of product layouts from narrowband to broadband, from terminals to systems, and from critical voice to audio-video convergence[33](index=33&type=chunk)[64](index=64&type=chunk)[69](index=69&type=chunk) - EMS intelligent manufacturing business is one of the company's key development directions, focusing on new energy and automotive electronics, robotics, communication, and server industries, providing supporting services to well-known car manufacturers such as Tesla, Zeekr, and Xpeng[62](index=62&type=chunk)[63](index=63&type=chunk) [Core Products and Solutions](index=10&type=section&id=Core%20Products%20and%20Solutions) The company's core product lines span narrowband digital trunking, rapidly growing converged public-private network products, and intelligent command and dispatch solutions, with new product launches and technology upgrades across all lines, particularly in converged communication and EMS - Narrowband Business: Continuously improving product models, launching new products for industries like railway and power, and expanding SDR trunking integrated base station frequency bands to reduce user network construction costs[34](index=34&type=chunk)[35](index=35&type=chunk) - Converged Public-Private Network Business: Continuously deepening its layout, enhancing MCX and PoC platform capabilities at the platform level, and launching multiple multi-mode terminals integrating PDT, public network, and Beidou satellite communication at the terminal level[38](index=38&type=chunk)[39](index=39&type=chunk) - Intelligent Command and Dispatch: Innovatively adopting a "domestic large model + industry small model" dual-mode architecture, strengthening AI analysis and decision-making capabilities, and deeply integrating with various terminal forms such as robots and drones[44](index=44&type=chunk)[45](index=45&type=chunk) - EMS Business: Deepening cooperation with global leading power battery manufacturers and domestic top new energy vehicle companies, expanding customers in robotics and server/computing power fields, and achieving mass production delivery of AI terminal applications[62](index=62&type=chunk)[63](index=63&type=chunk) [Industry Solutions](index=18&type=section&id=Industry%20Solutions) Leveraging AI and low-altitude economy trends, the company provides scenario-based solutions for global public safety, emergency response, transportation, energy, and industrial sectors, earning multiple international awards for its innovative solutions - The company first proposed the **"AI Professional Network"** concept, integrating AI capabilities into scenario-based solutions across various industries to enhance application efficiency[65](index=65&type=chunk) - The company's solutions are widely applied in critical industries such as public safety, government emergency response, transportation, and energy, successfully providing services to large energy companies like Saudi Aramco and Sinopec[65](index=65&type=chunk)[66](index=66&type=chunk)[67](index=67&type=chunk) - During the reporting period, the company's solutions received multiple domestic and international awards, with MCX solutions winning ICCAs awards for four consecutive years, demonstrating strong global competitiveness[68](index=68&type=chunk) [Analysis of Core Competencies](index=20&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company's core competencies include comprehensive communication solutions, a global marketing network, international R&D platforms, extensive core technology reserves, advanced intelligent manufacturing, and effective talent development, supported by a global sales network, over 40% R&D staff, 3,428 patent applications, and the world's largest professional communication product manufacturing base - Technology and Products: Possesses a full range of product layouts and comprehensive converged communication solution capabilities, from narrowband to broadband, from terminals to systems, and from critical voice to audio-video convergence[71](index=71&type=chunk)[72](index=72&type=chunk) - Global Network: Has over 90 branches worldwide, with sales and service networks covering more than 120 countries and regions, and has established national-level communication public safety networks for over 30 countries[73](index=73&type=chunk) - R&D and Innovation: Operates multiple R&D centers globally, with R&D personnel accounting for over **40%** As of June 30, 2025, it has cumulatively applied for **3,428 patents**, with **2,169** authorized[74](index=74&type=chunk)[76](index=76&type=chunk) - Intelligent Manufacturing: Owns the global scale's largest professional communication product production base and leverages high-end manufacturing capabilities to provide one-stop EMS services for industries such as new energy, robotics, and servers[77](index=77&type=chunk)[78](index=78&type=chunk) [Analysis of Principal Business](index=23&type=section&id=III.%20Analysis%20of%20Principal%20Business) In H1 2025, the company's operating revenue declined by 17.50% to 2.259 billion CNY and net profit by 42.37% to 93.58 million CNY due to overseas project delays and EMS business decline, despite a 5.18 percentage point increase in gross margin and a significant reduction in financial expenses from exchange gains H1 2025 Performance Overview | Indicator | Amount | Year-on-Year Change | | :--- | :--- | :--- | | Operating Revenue | 2.259 billion CNY | -17.50% | | Net Profit Attributable to Shareholders of Listed Company | 93.58 million CNY | -42.37% | | Comprehensive Gross Margin | - | Increased by 5.18 percentage points | | Financial Expenses | -39.70 million CNY | -158.75% (decrease of 107 million CNY) | | Selling and R&D Expenses | - | Increased by 8.03% | - Primary reasons for performance decline: delays in delivery of some overseas projects and year-on-year decrease in EMS business revenue[81](index=81&type=chunk) Operating Revenue Composition (by Product) | Product Category | Revenue (billion CNY) | Revenue Share | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Terminals | 1.002 | 44.36% | -21.02% | | Systems | 0.957 | 42.37% | +15.16% | | OEM and Others | 0.300 | 13.27% | -53.03% | Operating Revenue Composition (by Region) | Region Category | Revenue (billion CNY) | Revenue Share | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Domestic Sales | 1.102 | 48.77% | -21.18% | | Overseas Sales | 1.157 | 51.23% | -13.66% | [Analysis of Assets and Liabilities](index=29&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) As of the end of the reporting period, total assets reached 11.85 billion CNY, a 5.97% increase from the prior year-end, driven by higher cash and inventories and lower accounts receivable, while liabilities saw increases in short-term borrowings and contract liabilities, with significant overseas assets held through acquired subsidiaries Key Balance Sheet Item Changes | Item | Period-end Amount (billion CNY) | Share of Total Assets | Change from Prior Year-end | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 1.627 | 13.73% | +3.60% | | Accounts Receivable | 2.211 | 18.66% | -3.07% | | Inventories | 2.105 | 17.76% | +3.23% | | Short-term Borrowings | 2.052 | 17.31% | +1.35% | | Contract Liabilities | 0.669 | 5.65% | +1.33% | - The company holds three significant overseas assets: HMF in Germany, Teltronic in Spain, and Norsat in Canada, all wholly-owned acquired subsidiaries, collectively accounting for over **33%** of the company's net assets[101](index=101&type=chunk) - As of the end of the reporting period, **1.816 billion CNY** of the company's assets were restricted, primarily as collateral, pledges, and guarantees for bank loans and letters of guarantee[105](index=105&type=chunk) [Analysis of Major Holding and Participating Companies](index=34&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) During the reporting period, the company's major subsidiaries, including Hebifei Tianhai Electronic Information System Co., Ltd. and Teltronic Corporation, S.L.U., contributed significant operating revenue and net profit, with several subsidiaries achieving profitability H1 Performance of Selected Major Subsidiaries | Company Name | Operating Revenue (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | | Hebifei Tianhai Electronic Information System Co., Ltd. | 143,480,524.79 | -23,435,385.89 | | Shenzhen Anzhijie Technology Co., Ltd. | 26,893,260.91 | 12,165,885.02 | | Teltronic Corporation, S.L.U. | 245,211,268.25 | 20,318,567.81 | | HMF Smart Solutions GmbH | 141,120,928.46 | -14,375,683.97 | - During the reporting period, the company deregistered a Nigerian subsidiary that had no actual operations, with minimal impact on overall operating performance[126](index=126&type=chunk) [Risks and Countermeasures](index=42&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces significant risks including ongoing litigation with Motorola, supply chain shortages, intensified industry competition, exchange rate fluctuations, and intellectual property infringement, which it addresses through legal defense, localization of materials, technological innovation, financial hedging, and enhanced internal confidentiality - Litigation Risk: The company is involved in a series of significant lawsuits with Motorola in the United States, Germany, and Australia, concerning trade secrets, copyright, and patent infringement, and is actively defending itself[127](index=127&type=chunk) - Supply Chain Risk: Facing risks from tariff policy changes and discontinuation or price increases of some historical material models, the company is responding through material stocking and domestic substitution[128](index=128&type=chunk) - Competition Risk: The narrowband industry is consolidating towards leading players, while converged public-private network upgrades attract new entrants, and the company is addressing competition by strengthening narrowband business and technological innovation[129](index=129&type=chunk) - Exchange Rate Risk: High proportion of overseas revenue means exchange rate fluctuations significantly impact operations, and the company will hedge and mitigate risks through various methods[130](index=130&type=chunk) [Corporate Governance, Environment, and Society](index=44&type=section&id=Item%204.%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) [Implementation of Equity Incentive Plan](index=44&type=section&id=III.%20Implementation%20of%20the%20Company%27s%20Equity%20Incentive%20Plan%2C%20Employee%20Stock%20Ownership%20Plan%2C%20or%20Other%20Employee%20Incentive%20Measures) During the reporting period, the company's 2021 stock option incentive plan concluded, with 40,000 shares exercised by one incentive recipient and 60,000 unexercised stock options cancelled upon expiration of the second exercise period for the reserved grant - The 2021 stock option incentive plan has concluded, with **40,000 shares** exercised and **60,000** expired unexercised options cancelled during the reporting period[143](index=143&type=chunk)[144](index=144&type=chunk) [Social Responsibility Performance](index=47&type=section&id=V.%20Social%20Responsibility%20Performance) The company actively fulfilled its social responsibilities by participating in multiple emergency relief and public event support activities, including earthquake relief in Tibet, communication assurance for the 9th Asian Winter Games, and sponsoring the International Rescue Challenge, while also deepening school-enterprise cooperation and providing communication support for the China Pavilion at Expo 2025 Osaka - Emergency Relief: Provided urgent assistance to the Dingri County earthquake in Tibet, completing search and rescue for **407** trapped individuals within **36 hours**; quadruped robots aided emergency rescue for Shaanxi Coal[146](index=146&type=chunk)[148](index=148&type=chunk) - Major Event Support: Provided low-temperature resistant communication equipment and system support for the 9th Harbin Asian Winter Games; supplied public network intercom systems for the China Pavilion at Expo 2025 Osaka, Japan[147](index=147&type=chunk)[151](index=151&type=chunk) - Industry and Social Contribution: Title sponsored the 2025 Blue Sky Rescue International Rescue Challenge and signed a school-enterprise cooperation agreement with Nanjing No. 39 Middle School to jointly build a science popularization base[149](index=149&type=chunk)[150](index=150&type=chunk) [Significant Matters](index=49&type=section&id=Item%205.%20Significant%20Matters) [Litigation Matters](index=49&type=section&id=VIII.%20Litigation%20Matters) The company continues to face significant litigation with Motorola, including US trade secret and copyright infringement, multi-country patent infringement, and antitrust cases, with the US trade secret and copyright case returning to the first-instance court after appeal, and a settlement reached with the US Department of Justice for a potential payment of 0 to 60 million USD, constituting significant contingent liabilities - US Trade Secret and Copyright Infringement Case: After the second-instance judgment, the case has been remanded to the first-instance court, awaiting trial; as of now, the company has cumulatively paid approximately **66.55 million USD** in compensation and deposited **37 million USD** into an escrow account[159](index=159&type=chunk)[186](index=186&type=chunk) - US Department of Justice Allegations: The company has reached a settlement agreement with the US Department of Justice, agreeing to pay **0 to 60 million USD**, with a potential additional payment to Motorola, the specific amount to be determined by subsequent proceedings[160](index=160&type=chunk)[187](index=187&type=chunk) - H-Series Product Non-Infringement Lawsuit: The US Seventh Circuit Court of Appeals has stayed the district court's product sales ban and fines against the company, with both parties currently proceeding with the appellate judicial process[160](index=160&type=chunk) [Significant Contracts and Their Performance](index=54&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) During the reporting period, the company provided significant guarantees for its subsidiaries totaling 650 million CNY in approved limits, with an actual outstanding balance of 628.39 million CNY at period-end, and also received third-party guarantees with an outstanding balance of 60 million CNY Overview of Company Guarantees (million CNY) | Guarantee Type | Approved Limit During Reporting Period | Actual Guarantee Balance at Period-end | | :--- | :--- | :--- | | Guarantees for Subsidiaries | 650.00 | 628.39 | | Guarantees by Subsidiaries for Other Subsidiaries | 0 | 215.92 | | Guarantees by Company and Subsidiaries for External Parties | 0 | 60.00 | | **Total Guarantees** | **650.00** | **904.31** | - As of the end of the reporting period, the company's total actual guarantee amount accounted for **35.88%** of its net assets[179](index=179&type=chunk) [Significant Matters of Subsidiaries](index=61&type=section&id=XIV.%20Significant%20Matters%20of%20Company%20Subsidiaries) In July 2025, the company's board approved the transfer of 100% equity in its wholly-owned subsidiary Teltronic, S.A.U. by Teltronic Corporation, S.L.U. for 75.5 million EUR, a transaction expected to generate approximately 80 million CNY in pre-tax profit, which has now been completed - Subsequent to the reporting period, the company sold its wholly-owned grandchild company Teltronic, S.A.U. for **75.5 million EUR**, with an estimated pre-tax gain of approximately **80 million CNY**[191](index=191&type=chunk) [Changes in Share Capital and Shareholder Information](index=62&type=section&id=Item%206.%20Changes%20in%20Share%20Capital%20and%20Shareholder%20Information) [Changes in Share Capital](index=62&type=section&id=I.%20Changes%20in%20Share%20Capital) During the reporting period, the company's total share capital increased by 40,000 shares to 1,818,619,381 shares from 1,818,579,381 shares, all of which are unrestricted tradable shares, due to the exercise of stock options from the 2021 equity incentive plan's reserved portion - During the reporting period, the company's total share capital increased by **40,000 shares** due to stock option exercise[195](index=195&type=chunk) [Shareholder Numbers and Shareholding](index=63&type=section&id=III.%20Shareholder%20Numbers%20and%20Shareholding) As of the end of the reporting period, the company had 290,474 common shareholders, with the actual controller Chen Qingzhou holding 39.20% as the largest shareholder, and the top ten shareholders primarily including Hong Kong Securities Clearing Company Limited and various index funds, in addition to the actual controller and spouse Top Five Shareholders' Shareholding | Shareholder Name | Shareholding Percentage | Number of Shares Held | | :--- | :--- | :--- | | Chen Qingzhou | 39.20% | 712,900,884 | | Weng Limin | 0.97% | 17,600,000 | | Hong Kong Securities Clearing Company Limited | 0.77% | 13,968,112 | | Southern CSI 1000 ETF | 0.55% | 10,078,492 | | China AMC CSI 1000 ETF | 0.33% | 5,937,949 | - Actual controller Chen Qingzhou and his spouse Weng Limin are parties acting in concert[198](index=198&type=chunk) [Financial Report](index=69&type=section&id=Item%208.%20Financial%20Report) [Financial Statements](index=69&type=section&id=II.%20Financial%20Statements) This section presents the company's unaudited consolidated and parent company financial statements for the first half of 2025, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity - The company's semi-annual financial report is unaudited[206](index=206&type=chunk) - Consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity are provided[207](index=207&type=chunk) [Notes to Financial Statements](index=87&type=section&id=Notes%20to%20Financial%20Statements) The notes to the financial statements detail the company's basic information, basis of preparation, significant accounting policies and estimates, and provide comprehensive explanations for major items in the consolidated financial statements, including cash, accounts receivable, inventories, fixed assets, intangible assets, borrowings, and estimated liabilities, also disclosing related party relationships and transactions, share-based payments, contingent liabilities, and subsequent events - Detailed disclosure of the company's accounting policies, such as revenue recognition, impairment of financial instruments, and capitalization of research and development expenditures[245](index=245&type=chunk)[363](index=363&type=chunk)[387](index=387&type=chunk) - Detailed notes and analysis are provided for each major account in the consolidated financial statements, such as restricted cash and cash equivalents, aging of accounts receivable and allowance for doubtful accounts, and composition of inventories and provision for impairment[445](index=445&type=chunk)[461](index=461&type=chunk)[504](index=504&type=chunk) - Disclosed that the estimated liability arising from pending litigation with Motorola is **3.78 billion CNY**[614](index=614&type=chunk)[617](index=617&type=chunk) [Other Submitted Data](index=207&type=section&id=Item%209.%20Other%20Submitted%20Data) [Investor Relations Activities](index=207&type=section&id=II.%20Registration%20Form%20for%20Investor%20Research%2C%20Communication%2C%20Interview%2C%20and%20Other%20Activities%20During%20the%20Reporting%20Period) During the reporting period, the company conducted three investor relations activities, engaging with institutions including Changjiang Securities, Morgan Stanley, and Harvest Fund, primarily discussing company fundamentals, business outlook, litigation progress, AI professional networks, and satellite communication - In February and May 2025, the company communicated with various institutional and individual investors through on-site research and online exchanges[817](index=817&type=chunk) - Key topics discussed included: company performance, overseas business development, litigation status, AI professional networks, satellite communication, EMS business, and low-altitude economy layout[817](index=817&type=chunk)

吉安满坤科技股份有限公司 2025 年半年度报告全文 吉安满坤科技股份有限公司 2025 年半年度报告 2025 年 8 月 1 吉安满坤科技股份有限公司 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。 公司负责人洪俊城、主管会计工作负责人耿久艳及会计机构负责人（会计 主管人员）胡小彬声明：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，该计划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，敬请投资者注意投资风险。 公司在本半年度报告"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"描述了公司经营中可能存在的宏观经济波动的风险、国际经贸 摩擦等外部环境风险、市场竞争加剧的风险、主要原材料价格波动的风险、环 保相关的风险、海外投资风险及应对措施，敬请投资者注意阅读。 公司计划不派发 ...