Part I [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) [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's board of directors, supervisory board, and all senior management ensure the truthfulness, accuracy, and completeness of this semi-annual report, free from false records, misleading statements, or major omissions, with future plans not constituting substantial commitments, and no profit distribution planned for this reporting period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[6](index=6&type=chunk) - Company head Wu Xueyu, accounting supervisor Zhong Hua, and accounting department head Wu Zhaochun declare and guarantee the truthfulness, accuracy, and completeness of the financial report in this semi-annual report[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) The report's table of contents clearly lists nine major chapters, covering all statutory disclosures from important notices and company overview to management discussion and financial reports Report Chapter Directory | Chapter | Page Number | | :--- | :--- | | Part I Important Notice, Table of Contents and Definitions | 1 | | Part II Company Profile and Key Financial Indicators | 5 | | Part III Management Discussion and Analysis | 7 | | Part IV Corporate Governance, Environment, and Society | 21 | | Part V Significant Matters | 24 | | Part VI Share Changes and Shareholder Information | 32 | | Part VII Bond-Related Information | 34 | | Part VIII Financial Report | 35 | | Part IX Other Submitted Data | 169 | [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines key terms and abbreviations used in the report, such as "Jinbei Electric" referring to Jinbei Electric Co., Ltd., and "Nengxiang Investment" referring to the controlling shareholder Shenzhen Nengxiang Investment Development Co., Ltd., providing a basis for understanding the report content - Clarifies the company's controlling shareholder as Shenzhen Nengxiang Investment Development Co., Ltd. (Nengxiang Investment) and actual controllers as Mr. Wu Xueyu and Ms. Sun Wenli[12](index=12&type=chunk) Part II [Company Profile and Key Financial Indicators](index=6&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) [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) Jinbei Electric Co., Ltd. (stock code: 002533) is a company listed on the Shenzhen Stock Exchange, with Wu Xueyu as its legal representative Company Basic Information | Item | Content | | :--- | :--- | | Stock Abbreviation | Jinbei Electric | | Stock Code | 002533 | | Listing Exchange | Shenzhen Stock Exchange | | Company Name | Jinbei Electric Co., Ltd. | | Legal Representative | Wu Xueyu | [Key Accounting Data and Financial Indicators](index=6&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 H1 2025, the company achieved operating revenue of **9.335 billion yuan**, a **17.50%** year-on-year increase, and net profit attributable to parent company of **296.276 million yuan**, a **7.46%** year-on-year increase, demonstrating growth in both revenue and profit, while net cash flow from operating activities was **-1.183 billion yuan**, a **34.85%** year-on-year decrease, indicating increased working capital pressure, with total assets and net assets both increasing compared to the end of the previous year 2025 Semi-Annual Key Financial Indicators | Indicator | Current Period | Prior Period | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (yuan) | 9,334,936,354.66 | 7,944,505,718.63 | 17.50% | | Net Profit Attributable to Shareholders of Listed Company (yuan) | 296,276,308.01 | 275,705,843.07 | 7.46% | | Net Cash Flow from Operating Activities (yuan) | -1,183,441,340.70 | -877,571,485.30 | -34.85% | | Basic Earnings Per Share (yuan/share) | 0.4037 | 0.3757 | 7.45% | | Weighted Average Return on Net Assets | 7.26% | 6.99% | 0.27% | | **Indicator** | **End of Current Period** | **End of Prior Year** | **YoY Change** | | Total Assets (yuan) | 11,330,890,479.47 | 10,345,250,213.07 | 9.53% | | Net Assets Attributable to Shareholders of Listed Company (yuan) | 4,102,526,779.02 | 3,937,203,993.94 | 4.20% | [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 non-recurring gains and losses totaled **25.3819 million yuan**, mainly from fair value changes in financial assets (**17.5441 million yuan**) and government grants (**14.2880 million yuan**) Non-recurring Gains and Losses Items | Item | Amount (yuan) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -61,793.22 | | Government Grants Recognized in Current Profit/Loss | 14,288,021.44 | | Gains/Losses from Changes in Fair Value of Financial Assets and Liabilities | 17,544,120.52 | | Other Non-operating Income/Expenses and Debt Restructuring Gains/Losses | -503,994.66 | | **Total** | **25,381,855.10** | Part III [Management Discussion and Analysis](index=8&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) [Principal Businesses During the Reporting Period](index=8&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company's core business involves R&D, production, and sales of flat electromagnetic wires and wires & cables, achieving **9.335 billion yuan** in revenue (up **17.50%**) and **296.276 million yuan** in net profit attributable to parent company (up **7.46%**) in H1 2025, driven by a **27.55%** increase in electromagnetic wire revenue from UHV and NEV demand, a **12.04%** steady growth in cable revenue, a **37.99%** increase in direct exports with a new Czech base, and ongoing R&D and Huawei-led process management reform for operational efficiency 2025 H1 Segment Performance | Segment | Revenue YoY Growth | Key Drivers | | :--- | :--- | :--- | | Electromagnetic Wire | 27.55% | UHV transformer sales grew 241.18%, NEV motor flat wire sales grew 67.77% | | Cable | 12.04% | Grid market winning bids grew 167%, industrial cable business grew 310.19% | | Overseas Business | 37.99% | Direct exports reached 262 million yuan, initiated Czech plant construction plan | - The company's products are widely applied in key areas such as UHV, smart grids, new energy vehicles, and wind/solar/storage, with two flat electromagnetic wire bases in Xiangtan and Wuxi, and six cable industry bases including Changsha and Hengyang[26](index=26&type=chunk)[29](index=29&type=chunk) - The company officially launched a Huawei-led process management reform project, aiming to build a control model adapted for future development and create an efficient, autonomous process-oriented organization[51](index=51&type=chunk) [Analysis of Core Competencies](index=12&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 are reflected in six key areas: a strong multi-brand matrix (e.g., "Jinbei", "Tapa"), stable key customer relationships, leading technical R&D capabilities (e.g., PEEK insulated electromagnetic wire patent), strict product quality control, scaled production layout, and an experienced, stable core management team - **Brand advantage**: Possesses six regional core brands including "Jinbei", "Tapa", "Feihe", and "Ganchang", forming a "multi-brand, cross-regional, synergistic development" pattern[52](index=52&type=chunk)[53](index=53&type=chunk) - **Technical R&D advantage**: Holds a series of industry core technologies, such as 10 million cycle ultra-flexible industrial robot drag chain cables and PEEK insulated electromagnetic wire invention patents[56](index=56&type=chunk) - **Product scale advantage**: Operates two flat electromagnetic wire production bases and six cable production bases, with products covering hundreds of varieties and nearly ten thousand specifications, demonstrating significant capacity scale and regional layout advantages[58](index=58&type=chunk)[59](index=59&type=chunk) [Analysis of Main Business](index=14&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 operating revenue increased by **17.50%** and operating costs by **18.38%**, with clean energy application revenue growing fastest at **54.25%**, and electromagnetic wire product revenue increasing by **29.67%**, significantly outpacing wire and cable products at **11.10%**, while financial expenses surged by **65.73%** due to increased bank financing interest Key Financial Data Year-on-Year Change | Item | Current Period (yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 9,334,936,354.66 | 17.50% | - | | Operating Cost | 8,371,305,878.56 | 18.38% | - | | Financial Expenses | 26,282,221.67 | 65.73% | Due to increased bank financing interest in this period | | Net Cash Flow from Operating Activities | -1,183,441,340.70 | -34.85% | Increased proportion of direct sales business led to higher operating receivables | | Net Cash Flow from Investing Activities | -288,645,250.22 | -107.82% | Increased investment in bank wealth management products and acquisition of long-term assets | | Net Cash Flow from Financing Activities | 630,964,536.24 | 549.78% | Increased net bank borrowings and discounted acceptance bills | Operating Revenue Composition Analysis | Category | Current Period Revenue (yuan) | Proportion of Total Revenue | YoY Change | | :--- | :--- | :--- | :--- | | **By Industry** | | | | | Clean Energy Application | 1,195,735,082.26 | 12.81% | 54.25% | | Smart Grid Application | 2,600,041,826.65 | 27.85% | 19.40% | | Green Building Application | 2,877,674,448.78 | 30.83% | 3.26% | | **By Product** | | | | | Wire and Cable Products | 5,538,350,534.53 | 59.33% | 11.10% | | Electromagnetic Wire Products | 3,745,660,112.97 | 40.13% | 29.67% | | **By Region** | | | | | Overseas | 261,625,932.44 | 2.80% | 37.99% | [Analysis of Assets and Liabilities](index=16&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, the company's total assets reached **11.331 billion yuan**, a **9.53%** increase from the beginning of the year, with significant changes in asset structure including a **43.85%** decrease in monetary funds, while inventories and construction in progress increased by **43.76%** and **92.38%** respectively, reflecting the company's strategy of expanding production and increasing stock, and short-term borrowings surged by **174.68%** on the liability side, mainly to support business expansion Balance Sheet Key Items Change | Item | Period-end Amount (yuan) | Change from Prior Year-end | Key Change Explanation | | :--- | :--- | :--- | :--- | | Monetary Funds | 1,226,811,625.50 | -43.85% | Increased bill payments, wealth management product purchases, and salary payments | | Inventories | 1,915,572,449.23 | 43.76% | Increased finished goods inventory, work-in-progress, and rising copper prices | | Construction in Progress | 288,335,241.66 | 92.38% | Increased investment in subsidiary capacity expansion and equipment upgrades | | Short-term Borrowings | 605,685,232.50 | 174.68% | Increased bank loans and discount financing | | Trading Financial Assets | 295,628,023.22 | 1378.14% | Increased purchases of bank wealth management products and floating gains from hedging instruments | | Employee Compensation Payable | 101,804,424.07 | -43.17% | Year-end bonus accrued last year-end disbursed in current period | | Other Comprehensive Income | 49,025,005.35 | 1044.50% | Due to changes in floating gains/losses from cash flow hedges | [Analysis of Major Holding and Participating Companies](index=19&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) The company's main profits are derived from its core subsidiaries, with Jinbei Electric Electromagnetic Wire Co., Ltd. being the most prominent, achieving a net profit of **192.161 million yuan** during the reporting period, while Jinbei Electric Hengyang Cable Co., Ltd. and Wuhan Second Wire and Cable Co., Ltd. also contributed **79.322 million yuan** and **47.080 million yuan** in net profit respectively, serving as important pillars of the group's performance Major Subsidiary Operating Performance (H1 2025) | Company Name | Operating Revenue (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | | Jinbei Electric Electromagnetic Wire Co., Ltd. | 3,736,092,093.07 | 192,161,100.21 | | Jinbei Electric Hengyang Cable Co., Ltd. | 2,831,076,525.78 | 79,321,788.57 | | Wuhan Second Wire and Cable Co., Ltd. | 1,286,046,414.76 | 47,079,587.68 | [Risks Faced by the Company and Countermeasures](index=20&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 four main risks: macroeconomic uncertainty, fierce market competition, raw material price fluctuations, and large accounts receivable balances, which it addresses through diversified market expansion (especially in emerging and overseas markets), strengthened R&D, futures hedging for raw material price risk, and enhanced customer credit management and accounts receivable collection - **Macroeconomic risk**: Global economic recovery divergence, trade protectionism, and geopolitical conflicts bring uncertainty, which the company will flexibly address by focusing on emerging fields like wind/solar/storage, AI, and robotics[81](index=81&type=chunk)[82](index=82&type=chunk) - **Raw material price fluctuation risk**: Core raw materials like copper and aluminum account for approximately **80%** of total costs, a risk the company mitigates through centralized procurement, dynamic management, and futures hedging[85](index=85&type=chunk) - **Accounts receivable risk**: As the proportion of direct sales business increases, accounts receivable also rise, a risk the company aims to reduce through digital transformation, proactive risk control, and intensified collection efforts[86](index=86&type=chunk) Part IV [Corporate Governance, Environment, and Society](index=22&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) [Corporate Governance and Internal Control](index=22&type=section&id=%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E4%B8%8E%E5%86%85%E6%8E%A7) During the reporting period, there were no changes in the company's directors, supervisors, and senior management, with no semi-annual profit distribution or capital reserve to share capital conversion planned, nor any new equity incentive plans, while the corporate governance structure remains stable, and a new Strategy and ESG Committee was established to promote sustainable development - No changes occurred in the company's directors, supervisors, and senior management during the reporting period[89](index=89&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[90](index=90&type=chunk) - During the reporting period, the company established a Strategy and ESG (Environmental, Social, and Governance) Committee to improve strategic decision-making mechanisms and promote sustainable high-quality development[94](index=94&type=chunk) [Environmental and Social Responsibility](index=22&type=section&id=%E7%8E%AF%E5%A2%83%E4%B8%8E%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB) The company actively fulfills its social responsibilities, adhering to high dividend payouts to shareholders, with cumulative cash dividends reaching **1.929 billion yuan**, while promoting green development with several subsidiaries recognized as national green factories, releasing its first ESG report in 2025 and achieving a Wind ESG A-rating, and concurrently consolidating poverty alleviation achievements and aiding rural revitalization through industrial, consumption, and employment initiatives - Subsidiary Wuxi Tongli Electric Co., Ltd. was included in the list of enterprises required to disclose environmental information by law[92](index=92&type=chunk) - The company released its first "2024 Environmental, Social, and Corporate Governance (ESG) Report" in 2025, achieving a Wind ESG **A-rating** from Wind ESG[101](index=101&type=chunk) - Since its listing, the company has distributed cash dividends 16 times, totaling **1.929 billion yuan**, accounting for **56.70%** of the cumulative net profit attributable to parent company as of the end of 2024[96](index=96&type=chunk) Part V [Significant Matters](index=25&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) [Significant Related Party Transactions](index=27&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's daily related party transactions primarily involved purchasing wire and cable insulation and sheath materials from Hunan Weichu Cable Polymer Materials Co., Ltd. and leasing factory buildings to it, with a total transaction amount of **161 million yuan**, not exceeding the annual estimated limit of **301 million yuan**, and operational creditor-debt relationships also existed between the company and its subsidiaries Related Party Transactions Related to Daily Operations | Related Party | Related Transaction Type | Amount Incurred in Current Period (10k yuan) | Approved Transaction Limit (10k yuan) | | :--- | :--- | :--- | :--- | | Hunan Weichu Cable Polymer Materials Co., Ltd. | Purchase of Goods | 15,995.9 | 29,900 | | Hunan Weichu Cable Polymer Materials Co., Ltd. | Property Lease | 96.57 | 220 | [Significant Contracts and Their Performance](index=29&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) As of the end of the reporting period, the company provided guarantees totaling **3.427 billion yuan** for its subsidiaries, accounting for **83.53%** of the company's net assets, all for subsidiaries within the consolidated financial statement scope, aimed at supporting their normal operations and financing needs, with no other significant entrustment, contracting, or leasing matters during the reporting period Guarantees for Subsidiaries | Item | Amount (10k yuan) | | :--- | :--- | | Total Approved Guarantee Limit for Subsidiaries in Reporting Period | 485,000 | | Total Actual Guarantee Balance for Subsidiaries at Period-end | 342,691.84 | | Ratio of Total Actual Guarantees to Company's Net Assets | 83.53% | [Significant Matters of Company Subsidiaries](index=32&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E5%AD%90%E5%85%AC%E5%8F%B8%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) To incentivize its core management team, the company transferred **11.3638%** equity of its wholly-owned subsidiary Deli Conductor to the subsidiary's core management in February 2025, reducing the company's shareholding to **88.6362%**, though Deli Conductor remains within the company's consolidated financial statement scope - In February 2025, the company transferred **11.3638%** equity of Deli Conductor to its core management, changing its shareholding from **100%** to **88.6362%**, with Deli Conductor remaining a controlled subsidiary[130](index=130&type=chunk) Part VI [Share Changes and Shareholder Information](index=33&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) [Share Change Status](index=33&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) As of June 30, 2025, the company's total share capital was **733,941,062 shares**, with no changes in total share capital during the reporting period, where restricted shares accounted for **13.12%** and unrestricted shares for **86.88%** Share Structure | Share Type | Quantity (shares) | Proportion | | :--- | :--- | :--- | | Restricted Shares | 96,295,629 | 13.12% | | Unrestricted Shares | 637,645,433 | 86.88% | | **Total Share Capital** | **733,941,062** | **100.00%** | [Number of Shareholders and Shareholding Status](index=34&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had **43,782** common shareholders, with controlling shareholder Shenzhen Nengxiang Investment Development Co., Ltd. holding **15.69%** and actual controller Mr. Wu Xueyu directly holding **8.18%**, indicating a relatively concentrated equity structure with a high aggregate shareholding by the top ten shareholders - The total number of common shareholders at the end of the reporting period was **43,782**[136](index=136&type=chunk) Top Five Shareholders' Shareholding Status | Shareholder Name | Shareholding Proportion | Number of Shares Held (shares) | | :--- | :--- | :--- | | Shenzhen Nengxiang Investment Development Co., Ltd. | 15.69% | 115,188,480 | | Wu Xueyu | 8.18% | 60,048,577 | | Zhou Zuqin | 6.23% | 45,718,415 | | Hunan Minneng Investment Co., Ltd. | 4.08% | 29,928,960 | | Fan Zhihong | 2.43% | 17,813,800 | - Shareholders Wu Xueyu, Nengxiang Investment, and Minneng Investment are parties acting in concert[136](index=136&type=chunk) Part VII [Bond-Related Information](index=35&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) [Bond-Related Information](index=35&type=section&id=%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) During the reporting period, the company had no bond-related information to disclose - The company had no bond-related matters during this reporting period[142](index=142&type=chunk) Part VIII [Financial Report](index=36&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) [Audit Report](index=36&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This semi-annual financial report is unaudited - The company's H1 2025 semi-annual financial report is unaudited[144](index=144&type=chunk) [Financial Statements](index=36&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for H1 2025, with data showing continuous growth in total assets, but a decrease in monetary funds, and significant increases in inventories and short-term borrowings, while the income statement reflects year-on-year growth in revenue and profit, and the cash flow statement reveals negative and deteriorating operating cash flow - The consolidated balance sheet shows total assets of **11.331 billion yuan** and total liabilities of **6.757 billion yuan** at period-end[146](index=146&type=chunk)[147](index=147&type=chunk) - The consolidated income statement shows total operating revenue of **9.335 billion yuan** and net profit attributable to parent company shareholders of **296.276 million yuan** for this period[153](index=153&type=chunk)[154](index=154&type=chunk) - The consolidated cash flow statement shows net cash flow from operating activities of **-1.183 billion yuan** for this period[159](index=159&type=chunk) [Notes to Consolidated Financial Statement Items](index=81&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section details key items in the consolidated financial statements, noting that **334 million yuan** of period-end monetary funds are restricted, mainly for guarantees, accounts receivable increased to **3.587 billion yuan**, inventories to **1.916 billion yuan**, and short-term borrowings surged to **606 million yuan**, with operating revenue growth primarily driven by strong electromagnetic wire product performance and R&D investment continuously increasing to **302 million yuan** [Monetary Funds](index=81&type=section&id=1%E3%80%81%E8%B4%A7%E5%B8%81%E8%B5%84%E9%87%91) Total monetary funds at period-end were **1.227 billion yuan**, a significant decrease from **2.185 billion yuan** at the beginning of the period, with **334 million yuan** being restricted funds, primarily including bank acceptance bill deposits, letter of guarantee deposits, futures margin, and time deposits Monetary Funds Composition | Item | Period-end Balance (yuan) | Beginning Balance (yuan) | | :--- | :--- | :--- | | Cash on Hand | 178,377.01 | 283,819.74 | | Bank Deposits | 894,302,463.38 | 1,732,436,127.96 | | Other Monetary Funds | 332,330,785.11 | 452,134,968.69 | | **Total** | **1,226,811,625.50** | **2,184,854,916.39** | - At period-end, there were **334 million yuan** in restricted monetary funds, mainly for futures, acceptance bills, letter of guarantee deposits, and time deposits[309](index=309&type=chunk)[310](index=310&type=chunk) [Accounts Receivable](index=83&type=section&id=5%E3%80%81%E5%BA%94%E6%94%B6%E8%B4%A6%E6%AC%BE) Accounts receivable book value at period-end was **3.587 billion yuan**, a significant increase from **2.817 billion yuan** at the beginning of the period, with aging primarily concentrated within 1 year, accounting for **93.27%**, and the company has accrued **165 million yuan** in bad debt provisions, while the top five customers' accounts receivable collectively accounted for **21.57%** of the total Accounts Receivable Aging Distribution | Aging | Period-end Book Balance (yuan) | | :--- | :--- | | Within 1 Year | 3,499,361,112.48 | | 1 to 2 Years | 84,192,210.32 | | 2 to 3 Years | 70,595,535.02 | | Over 3 Years | 97,730,445.54 | | **Total** | **3,751,879,303.36** | - The top five accounts receivable by debtor at period-end totaled **852 million yuan**, accounting for **21.57%** of the combined total of accounts receivable and contract assets at period-end[333](index=333&type=chunk) [Inventories](index=93&type=section&id=10%E3%80%81%E5%AD%98%E8%B4%A7) Inventories book value at period-end was **1.916 billion yuan**, a significant increase of **43.76%** from **1.332 billion yuan** at the beginning of the period, primarily due to increased finished goods and work in progress, reflecting the company's strategy of increasing stock to meet market demand and the impact of rising raw material prices, with inventory impairment provisions of **7.17 million yuan** accrued at period-end Inventory Classification | Item | Period-end Book Value (yuan) | Beginning Book Value (yuan) | | :--- | :--- | :--- | | Raw Materials | 93,340,188.53 | 54,942,328.59 | | Work in Progress | 482,325,533.07 | 253,309,029.53 | | Finished Goods | 1,287,042,797.72 | 982,625,695.49 | | **Total** | **1,915,572,449.23** | **1,332,465,995.15** | [Operating Revenue and Operating Costs](index=122&type=section&id=61%E3%80%81%E8%90%A5%E4%B8%9A%E6%94%B6%E5%85%A5%E5%92%8C%E8%90%A5%E4%B8%9A%E6%88%90%E6%9C%AC) In H1 2025, the company achieved operating revenue of **9.335 billion yuan** and operating costs of **8.371 billion yuan**, with main business revenue exceeding **97%**, and clean energy and smart grid applications being key growth drivers, while the domestic market remains dominant, overseas market revenue grew **37.99%** year-on-year, showing strong momentum Operating Revenue Breakdown | Contract Classification | Operating Revenue (yuan) | Operating Cost (yuan) | | :--- | :--- | :--- | | **Business Type** | | | | Clean Energy Application | 1,195,735,082.26 | 1,062,949,737.00 | | Smart Grid Application | 2,600,041,826.65 | 2,290,149,147.61 | | **Operating Region** | | | | Domestic | 9,073,310,422.22 | 8,152,127,609.57 | | Overseas | 261,625,932.44 | 219,178,268.99 | | **Total** | **9,334,936,354.66** | **8,371,305,878.56** | - The revenue corresponding to performance obligations from contracts signed at period-end but not yet performed or fully performed was **3.378 billion yuan**[544](index=544&type=chunk) Part IX [Other Submitted Data](index=170&type=section&id=%E7%AC%AC%E4%B9%9D%E8%8A%82%20%E5%85%B6%E4%BB%96%E6%8A%A5%E9%80%81%E6%95%B0%E6%8D%AE) [Investor Relations Activities](index=170&type=section&id=%E4%BA%8C%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, on March 31, 2025, the company hosted a teleconference for institutional investors, including CITIC Securities, Southern Fund, and JPMorgan Chase - On March 31, 2025, the company communicated with various institutional investors, including brokers, public funds, private funds, and foreign institutions, via teleconference[728](index=728&type=chunk)

光智科技股份有限公司 2025 年半年度报告全文 光智科技股份有限公司 2025 年半年度报告 2025-060 2025 年 7 月 1 光智科技股份有限公司 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。 公司负责人朱世彬、主管会计工作负责人蒋桂冬及会计机构负责人(会计 主管人员)王玮玮声明：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。 本报告如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。 本公司特别提醒投资者关注公司可能存在的下述风险：宏观经济与行业政 策变化风险、汇率波动风险、原材料价格波动风险。详见本报告"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"，敬请投资者关注 相关内容，并注意投资风险。 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 | ...

河南仕佳光子科技股份有限公司2025 年半年度报告 公司代码：688313 公司简称：仕佳光子 河南仕佳光子科技股份有限公司 2025 年半年度报告 1 / 173 河南仕佳光子科技股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及全体董事、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、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人葛海泉、主管会计工作负责人赵艳涛及会计机构负责人（会计主管人员）赵艳 涛声明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 二、 重大风险提示 公司已在本报告中详细阐述公司在经营过程中可能面临的各种风险及应对措施，敬请查阅本 报告"第三节管理层讨论与分析"之"四、风险因素"。 本报告所涉及公司未来发展计划、发展战略等前瞻性陈述，不构成公司对投资者的实质承诺， 请投资者注意投资风险。 九、 ...

武汉华康世纪洁净科技股份有限公司 2025 年半年度报告全文 武汉华康世纪洁净科技股份有限公司 2025 年半年度报告 2025-082 2025 年 7 月 30 日 1 武汉华康世纪洁净科技股份有限公司 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。 公司负责人谭平涛、主管会计工作负责人张英超及会计机构负责人(会计 主管人员)张英超声明：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。 本半年度报告中如有所涉及未来的经营计划、业绩预测等方面的陈述， 并不构成公司对任何投资者及相关人士的承诺，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。 公司在本半年度报告中详细阐述了未来可能发生的有关风险因素及对策， 详见"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"， 敬请投资者予以关注。 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 ...

[Core Performance Forecast Data](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) The company forecasts a net profit attributable to shareholders of RMB 75-85 million for H1 2025, with a 12.37%-27.36% year-on-year growth, and a 11.27%-26.51% increase in non-recurring adjusted net profit Key Performance Forecast Data | Item | Current Reporting Period | Prior Year Period | | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders** | Profit: RMB 75 million – RMB 85 million | Profit: RMB 66.7424 million | | | Year-on-year Growth: 12.37% to 27.36% | | | **Net Profit After Deducting Non-Recurring Gains/Losses** | Profit: RMB 73 million – RMB 83 million | Profit: RMB 65.6075 million | | | Year-on-year Growth: 11.27% to 26.51% | | - The performance forecast covers the period from **January 1, 2025, to June 30, 2025**[2](index=2&type=chunk) [Explanation of Audit Status](index=1&type=section&id=II.%20Communication%20with%20Accounting%20Firm) The performance forecast data represents preliminary estimates by the company's finance department and remains unaudited by an accounting firm - The performance forecast data is a **preliminary estimate** by the company's finance department and **has not been audited** by an accounting firm[4](index=4&type=chunk) [Analysis of Performance Change Reasons](index=1&type=section&id=III.%20Explanation%20of%20Performance%20Change%20Reasons) Performance growth is primarily driven by a **4.07% year-on-year increase** in overall product gross margin due to strategic optimization and refined supply chain management, supplemented by positive non-recurring gains - The company achieved a **4.07% year-on-year increase** in overall product gross margin, driving net profit growth, through a comprehensive product strategy, process improvement, product structure optimization, and refined supply chain management[6](index=6&type=chunk) - Non-recurring gains and losses, primarily from government subsidies and investment income, are estimated to have positively impacted net profit by approximately **RMB 0.7374 million** during the reporting period[6](index=6&type=chunk) [Risk Warning](index=2&type=section&id=IV.%20Other%20Relevant%20Information) The company reiterates that this performance forecast is a preliminary, unaudited estimate, with final financial data to be disclosed in the 2025 semi-annual report, urging investor caution - Investors are reminded that specific financial data will be subject to the **2025 semi-annual report**, urging **cautious decision-making** and **awareness of investment risks**[7](index=7&type=chunk)

证券代码：688511 证券简称：*ST天微 公告编号：2025-034 四川天微电子股份有限公司 2025年半年度业绩预告的自愿性披露公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、本期业绩预告情况 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 6 月 30 日。 （二）业绩预告情况 （1）经财务部门初步测算，预计 2025 年半年度实现归属于母公司所有者的 净利润与上年同期（法定披露数据）相比，将增加 2,867.45 万元左右，同比增加 2,064.85%左右。 （2）归属于母公司所有者的扣除非经常性损益的净利润与上年同期（法定披 露数据）相比，将增加 2,698.56 万元左右。 （3）预计 2025 年上半年度实现利润总额 3,248.80 万元左右，预计 2025 年上 半年度归属于母公司所有者的净利润为 3,006.32 万元左右，扣除非经常性损益后 的净利润为 2,310.51 万元左右。 （5）预计 2025 年上半年末净资产为 84,903.35 万元左右。 （三）公司本次 ...

江苏恩华药业股份有限公司 2025 年半年度报告全文 江苏恩华药业股份有限公司 2025 年半年度报告 2025-044 2025 年 7 月 30 日 1 江苏恩华药业股份有限公司 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。 公司负责人孙彭生、主管会计工作负责人李岗生及会计机构负责人(会计 主管人员)胡吉瑞声明：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发展陈述，属于计划性事项，不构成公司对投资者 的实质承诺，敬请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，注意投资风险。 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，敬请投资者注意 阅读相关内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 | 第一节 重要提示、目录和释义 2 | | --- ...

上海陆家嘴金融贸易区开发股份有限公司2025 年半年度报告 公司代码：600663 公司简称：陆家嘴 900932 陆家 B 股 上海陆家嘴金融贸易区开发股份有限公司 2025 年半年度报告 1 / 204 上海陆家嘴金融贸易区开发股份有限公司2025 年半年度报告 董事长致辞 2025 年，是上海国资国企发展"十四五"规划和国企改革深化提升 行动"双收官"之年。上半年，公司坚持"稳中求进"的工作总基调，以 服务浦东产业资源配置与能级提升为重心，以"高水平规划、高品质建设、 高效率运营"为发展核心，主动驾驭复杂形势、把握转型契机，加速业务 布局优化，锚定全年既定目标，推动企业核心竞争力和经营效益稳步提升。 在产业格局重塑的市场格局下，公司坚持服务浦东开发建设战略主基 调，把握市场新趋势，找寻转型新方向，全方位提高区域的开发、招商、 运营与金融服务能级。 区域开发运营领域，继续秉持"安商、稳商、悦商"理念，携手客户 构建深度融合、互利共赢的合作生态圈，持续打造"陆家嘴大朋友圈"生 态共同体。推动科技创新与产业创新深度融合，构建全链条招商、升级品 质楼宇载体，赋能客户全周期发展。 金融服务板块继续落实"稳经营、促 ...

湖南凯美特气体股份有限公司 2025 年半年度报告全文 湖南凯美特气体股份有限公司 2025 年半年度报告 2025 年 7 月 1 湖南凯美特气体股份有限公司 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。 公司负责人祝恩福、主管会计工作负责人徐卫忠及会计机构负责人(会计 主管人员)袁丁香声明：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"中"十、公司面临的风险 和应对措施"，详细描述了公司未来经营可能面临的主要风险，敬请广大投 资者注意风险。 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 | | --- | --- | | 第二节 公司简介和主要财务指标 | 6 | | 第三节 管理层讨论与分析 | 9 | | 第四节 公司治理、环境和社会 | 23 | | 第五节 重 ...

山东键邦新材料股份有限公司2025 年半年度报告 公司代码：603285 公司简称：键邦股份 山东键邦新材料股份有限公司 2025 年半年度报告 1 / 168 山东键邦新材料股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、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、 公司负责人祁建新、主管会计工作负责人胡国兴及会计机构负责人（会计主管人员）崔德 馨声明：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 本报告中所涉及的未来计划、发展战略等前瞻性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 否 十、 重大风险提示 公司已在本报告详细描述公司可能面临的相关风险，敬请查阅"第三节 管理层讨论与分析" 之" ...