Core Viewpoint - The announcement from Yingjie Electric indicates that the company has passed several resolutions during the 16th meeting of its fifth supervisory board, which may impact its operational and strategic direction [2] Group 1 - The company held the 16th meeting of its fifth supervisory board on August 21 [2] - Multiple resolutions were approved during the meeting, including the proposal and its summary [2]

Core Viewpoint - The company reported a decline in both revenue and net profit for the first half of 2025, indicating potential challenges in its financial performance [1] Financial Performance - The company achieved operating revenue of 722 million yuan, a year-on-year decrease of 9.42% [1] - The net profit attributable to shareholders was 119 million yuan, down 32.71% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 114 million yuan, reflecting a year-on-year decline of 33.54% [1] - Basic earnings per share were reported at 0.54 yuan [1]

根据《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范 运作》《上市公司募集资金监管规则》及《深圳证券交易所创业板上市公司自律监 管指南第 2 号——公告格式》等有关规定，现将四川英杰电气股份有限公司（以下 简称"公司"）2025 年半年度募集资金存放与使用情况报告如下： 一、募集资金基本情况 （一）募集资金金额及到位时间 证券代码：300820 证券简称：英杰电气 公告编号：2025-042 四川英杰电气股份有限公司 2025 年半年度募集资金存放与使用情况的专项报告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 经中国证券监督管理委员会《关于同意四川英杰电气股份有限公司向特定对象 发行股票注册的批复》（证监许可[2023]1582号）同意，四川英杰电气股份有限公 司于2023年8月向特定对象发行人民币普通股（A股）股票3,968,883.00股，每股面 值人民币1.00元，发行价格62.99元/股，募集资金总额为249,999,940.17元，扣除 各项不含税发行费用人民币6,886,018.40元，实际募集资金净额为人民币 243,1 ...

证券代码：300820 证券简称：英杰电气 公告编号：2025-037 四川英杰电气股份有限公司 2025 年半年度报告披露提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 四川英杰电气股份有限公司（以下简称"公司"）于 2025 年 8 月 21 日召开了 第五届董事会第十六次会议、第五届监事会第十六次会议，审议通过了《关于<2025 年半年度报告>及其摘要的议案》。 为使投资者全面了解公司的经营成果和财务状况，公司《2025 年半年度报告》 及其摘要于 2025 年 8 月 22 日在巨潮资讯网（http://www.cninfo.com.cn）上披 露，请投资者注意查阅。 特此公告。 四川英杰电气股份有限公司董事会 2025 年 8 月 22 日 ...

2025 年半年度非经营性资金占用及其他关联资金往来情况汇总表 上市公司名称：四川英杰电气股份有限公司 单位：元 | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公 司的关联关系 | 上市公司 核算的会 | 2025 年期初占 | 2025 年半年度占 用累计发生金额 | 2025 年半年度 占用资金的利 | 2025 年半年度 偿还累计发生 | 2025 年半年度 期末占用资金 | 占用形 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 计科目 | 用资金余额 | （不含利息） | 息(如有） | 金额 | 余额 | 成原因 | | | 控股股东、实际控制 | | | | | | | | | | 非经营性占用 | | 人及其附属企业 | | | | | | | | | | 非经营性占用 | | 小计 | - | - | - | | | | | | | - | | 前控股股东、实际控 | | | | | | | | | | 非经营性占用 | | 制人及其附属企业 | | | | ...

证券代码：300820 证券简称：英杰电气 公告编号：2025-039 四川英杰电气股份有限公司 第五届监事会第十六次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 四川英杰电气股份有限公司（以下简称"公司"）第五届监事会第十六次会议 已于 2025 年 8 月 11 日以专人送出方式通知各位监事，会议于 2025 年 8 月 21 日 在公司会议室以现场方式召开。本次会议应出席监事 3 人，实际出席监事 3 人， 会议由监事会主席米雪女士召集并主持，本次会议的召集、召开和表决程序符合 《中华人民共和国公司法》等法律、法规、规范性文件和《公司章程》的有关规 定，会议合法、有效。 二、监事会会议审议情况 经与会监事认真讨论，审议并通过如下事项： 公司第五届监事会第十六次会议决议。 经与会监事审议，一致认为董事会编制和审核公司《2025 年半年度报告》及 其摘要的程序符合法律、行政法规和中国证券监督管理委员会的规定，报告内容 真实、准确、完整地反映了公司实际情况，不存在任何虚假记载、误导性陈述或 者重大遗漏。 具体内容详见公司 ...

经与会董事认真讨论，审议通过如下议案： 1、审议通过《关于<2025 年半年度报告>及其摘要的议案》 证券代码：300820 证券简称：英杰电气 公告编号：2025-038 四川英杰电气股份有限公司 第五届董事会第十六次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 四川英杰电气股份有限公司（以下简称"公司"）第五届董事会第十六次会 议通知于 2025 年 8 月 11 日通过邮件及电子通信方式送达各位董事。会议于 2025 年 8 月 21 日在公司会议室以现场和通讯相结合的方式召开。本次会议应出席董事 7 人，实际出席董事 7 人，会议由董事长王军先生召集并主持，公司监事及部分 高级管理人员列席了本次会议。本次会议的召集、召开和表决程序符合《中华人 民共和国公司法》等法律、法规、规范性文件和《公司章程》的有关规定，会议 合法、有效。 二、董事会会议审议情况 经与会董事审议，一致认为公司《2025 年半年度报告》及其摘要的内容符合 法律、行政法规的相关规定，报告内容真实、准确、完整，不存在虚假记载、误 导性陈述或者重大遗 ...

Part I [Important Notice](index=2&type=section&id=Important%20Notice) The board and management affirm the report's integrity, caution on forward-looking statements, and announce no semi-annual dividend or bonus share distribution - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, free from false records, misleading statements, or major omissions, and assume individual and joint legal liabilities[3](index=3&type=chunk) - Company head Wang Jun, chief accountant Zhang Haitao, and head of accounting department Zhang Haitao declare that the financial report in this semi-annual report is true, accurate, and complete[3](index=3&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section outlines the report's eight main chapters, covering company overview, financial performance, governance, and key financial statements - The report's table of contents is clear, with eight main chapters for easy investor reference[6](index=6&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines key terms and entities, including company details, reporting period, and core product technologies like industrial power supplies and charging piles - The reporting period refers to January 1, 2025, to June 30, 2025[10](index=10&type=chunk) - The company's main products include industrial power supplies (such as power controllers and special power supplies) and new energy vehicle charging piles[10](index=10&type=chunk)[11](index=11&type=chunk) Part II Company Profile and Key Financial Indicators [I. Company Profile](index=7&type=section&id=I.%20Company%20Profile) Sichuan Injet Electric Co., Ltd. (stock code: 300820) is listed on the Shenzhen Stock Exchange, with Wang Jun as legal representative - Company stock abbreviation: **Injet Electric**, stock code: **300820**[13](index=13&type=chunk) - The company is listed on the Shenzhen Stock Exchange, with **Wang Jun** as its legal representative[13](index=13&type=chunk) [II. Contact Person and Information](index=7&type=section&id=II.%20Contact%20Person%20and%20Information) Liu Shiwei serves as Board Secretary and Chen Wen as Securities Affairs Representative, with contact details remaining unchanged - The Board Secretary is **Liu Shiwei**, and the Securities Affairs Representative is **Chen Wen**[14](index=14&type=chunk) - Contact address: 686 Jinshajiang West Road, Deyang City, Sichuan Province; telephone: 0838-6928306; fax: 0838-6928305; email: dsb@injet.cn[14](index=14&type=chunk) [III. Other Information](index=7&type=section&id=III.%20Other%20Information) No changes occurred in the company's registered address, office address, website, email, or information disclosure locations during the reporting period - The company's registered address, office address, website, and email remained unchanged during the reporting period[15](index=15&type=chunk) - Information disclosure and placement locations remained unchanged during the reporting period[16](index=16&type=chunk) - The company's registration status remained unchanged during the reporting period[17](index=17&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=8&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) H1 2025 saw a **9.42% revenue decrease** and **32.71% net profit decline**, with operating cash flow down **31.05%**, while total assets and net assets slightly grew Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Period (CNY) | Prior Period (CNY) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 722,068,214.53 | 797,129,480.64 | -9.42% | | Net Profit Attributable to Shareholders of Listed Company | 119,499,526.46 | 177,582,927.11 | -32.71% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains and Losses) | 114,119,351.88 | 171,714,796.87 | -33.54% | | Net Cash Flow from Operating Activities | 174,654,616.85 | 253,302,709.92 | -31.05% | | Basic Earnings Per Share (CNY/share) | 0.54 | 0.81 | -33.33% | | Diluted Earnings Per Share (CNY/share) | 0.54 | 0.81 | -33.33% | | Weighted Average Return on Net Assets | 4.85% | 7.97% | -3.12% | | **Indicator** | **End of Current Period (CNY)** | **End of Prior Year (CNY)** | **Change from End of Prior Year** | | Total Assets | 4,033,163,471.00 | 4,015,120,789.31 | 0.45% | | Net Assets Attributable to Shareholders of Listed Company | 2,438,662,794.90 | 2,400,230,604.08 | 1.60% | [V. Differences in Accounting Data Under Domestic and International Accounting Standards](index=8&type=section&id=V.%20Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20International%20Accounting%20Standards) No differences were found in net profit or net assets between domestic and international accounting standards during the reporting period - The company had no differences in net profit and net assets disclosed in financial reports prepared under International Accounting Standards compared to Chinese Accounting Standards during the reporting period[19](index=19&type=chunk) - The company had no differences in net profit and net assets disclosed in financial reports prepared under foreign accounting standards compared to Chinese Accounting Standards during the reporting period[20](index=20&type=chunk) [VI. Non-Recurring Gains and Losses Items and Amounts](index=8&type=section&id=VI.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) Total non-recurring gains and losses were **CNY 5.38 million**, mainly from entrusted investments and government subsidies, net of tax and minority interests Non-Recurring Gains and Losses Items and Amounts for H1 2025 | Item | Amount (CNY) | | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | 187,896.53 | | Government Subsidies Included in Current Period Profit/Loss | 1,453,479.31 | | Gains/Losses from Entrusted Investment or Asset Management | 5,152,138.67 | | Reversal of Impairment Provisions for Receivables Subject to Separate Impairment Testing | 41,011.21 | | Gains/Losses from Debt Restructuring | -77,919.00 | | Other Non-Operating Income and Expenses Apart from the Above | -262,118.91 | | Less: Income Tax Impact | 936,269.22 | | Minority Interest Impact (After Tax) | 178,044.01 | | **Total** | **5,380,174.58** | - The company has no other profit/loss items that meet the definition of non-recurring gains and losses[23](index=23&type=chunk) - The company has no instances of classifying non-recurring gains and losses as recurring gains and losses[23](index=23&type=chunk) Part III Management Discussion and Analysis [I. Principal Business Activities During the Reporting Period](index=10&type=section&id=I.%20Principal%20Business%20Activities%20During%20the%20Reporting%20Period) The company specializes in industrial power supply R&D and manufacturing, focusing on power control and special power supplies, and expanding into EV charging and energy storage, driven by technology and market adaptation [(I) Company's Principal Business](index=10&type=section&id=(I)%20Company's%20Principal%20Business) The company's core business is R&D, production, and sales of industrial power supplies, including power control and special power supplies, plus EV charging and energy storage products - The company focuses on the deep application of power electronics technology across various industrial sectors[25](index=25&type=chunk) - Primarily engaged in the R&D, production, and sales of industrial power supply equipment, such as power control power supplies and special power supplies[25](index=25&type=chunk) - The business scope also includes the R&D, production, and sales of new energy vehicle charging piles/stations and energy storage products[25](index=25&type=chunk) [(II) Company's Main Products](index=10&type=section&id=(II)%20Company's%20Main%20Products) Main products include power control and special power supplies, EV charging, and energy storage, serving diverse sectors like photovoltaics, semiconductors, and medical [1. Power Control Power Supplies](index=10&type=section&id=1.%20Power%20Control%20Power%20Supplies) Power control power supplies, including controllers and systems, are primarily used in photovoltaic, semiconductor electronic material, and other industrial manufacturing equipment - Power control power supply products include TPH, KTY, TPA, ST, TPM series power controllers and DS, DD, AS series power control systems[27](index=27&type=chunk)[28](index=28&type=chunk) - Primarily applied in photovoltaic production equipment, semiconductor electronic material production equipment and other industrial manufacturing equipment fields[26](index=26&type=chunk) [2. Special Power Supplies](index=12&type=section&id=2.%20Special%20Power%20Supplies) Special power supplies, customized for unique equipment with high precision and stability, serve diverse applications like semiconductor manufacturing, laser technology, and aerospace - Special power supplies have extremely high standards for output voltage, current, frequency, waveform, stability, precision, dynamic response, and ripple suppression capabilities[29](index=29&type=chunk) - Product series include DC programmable power supplies, accelerator-specific power supplies, medium-high frequency induction power supplies, high-voltage power supplies, microwave power supplies, RF power supplies, and solid-state modulator systems[29](index=29&type=chunk) - Application fields are extensive, including semiconductor manufacturing, laser technology, medical equipment, environmental engineering, aerospace, and cutting-edge materials research[29](index=29&type=chunk) [3. New Energy Vehicle Charging Piles and Energy Storage Products](index=14&type=section&id=3.%20New%20Energy%20Vehicle%20Charging%20Piles%20and%20Energy%20Storage%20Products) Leveraging industrial power expertise, the company, through Injet New Energy, develops EV charging solutions and energy storage products like modular converters and liquid-cooled cabinets - The company expanded into the R&D and manufacturing of new energy vehicle charging pile power modules, charging piles/stations, and energy storage products[32](index=32&type=chunk) - Subsidiary **Injet New Energy** is the specialized operating entity for this business[32](index=32&type=chunk) - Products include programmable DC charging pile power controllers, JK/GN/GM series AC charging piles, WEVD/ZF/iHDR series DC fast charging piles, iBCM series modular energy storage converters, iESG series liquid-cooled energy storage cabinets, iRSH series hybrid inverters, iREL series energy storage batteries, and integrated charging-storage power supply boxes[33](index=33&type=chunk)[34](index=34&type=chunk)[35](index=35&type=chunk)[36](index=36&type=chunk) [(III) Company's Main Business Model](index=17&type=section&id=(III)%20Company's%20Main%20Business%20Model) The company operates a 'technology-driven + scenario-adapted' model, with no major changes during the period, focusing on new energy, semiconductors, and high-end manufacturing - The company's business model is a 'technology-driven + scenario-adapted' dual-wheel drive, building a customized operational system based on its core technology platform[37](index=37&type=chunk) - Future focus will continue to be on strategic areas such as new energy, new material semiconductors, and high-end equipment manufacturing[37](index=37&type=chunk) [1. R&D Model](index=17&type=section&id=1.%20R%26D%20Model) The company maintains high R&D investment, focusing on independent innovation and rapid response to customer needs, leveraging its core technology platform for expansion - The company consistently adheres to an independent innovation philosophy, maintaining high R&D investment, with all core technologies originating from in-house development[38](index=38&type=chunk) - Continuously enhancing the company's comprehensive competitiveness by rapidly responding to customized customer needs[38](index=38&type=chunk) [2. Procurement Model](index=17&type=section&id=2.%20Procurement%20Model) The company uses a 'purchase-to-order with moderate inventory' model, customizing or outsourcing key components, with procurement and quality control ensuring material quality - The company primarily adopts a 'purchase-to-order with moderate inventory' procurement model[39](index=39&type=chunk) - The procurement department selects cooperative suppliers from the 'Qualified Supplier List' based on material plans and collaborates with the quality control center and warehouse to receive raw materials[39](index=39&type=chunk) - Some critical materials require material certification testing by the quality control center or technical center[39](index=39&type=chunk) [3. Production Model](index=17&type=section&id=3.%20Production%20Model) The production department operates on a 'make-to-order' basis, managing core processes like design, assembly, and debugging, while integrating outsourced components - The company's production department primarily organizes production based on a 'make-to-order' model[40](index=40&type=chunk) - The company primarily undertakes core production processes such as design, in-house processing, final assembly, and debugging[40](index=40&type=chunk) [4. Sales Model](index=17&type=section&id=4.%20Sales%20Model) The company employs an R&D-driven sales model, focusing on direct sales to industrial and research clients, while also expanding agent channels for standard products - The company has developed an R&D-driven sales model, engaging in deep collaboration with customers during their new product development phase[41](index=41&type=chunk) - Customers are primarily industrial users and research institutions, with product sales mainly through direct channels[41](index=41&type=chunk) - Continuously expanding agency channels for standard products[41](index=41&type=chunk) [(IV) Overview of Principal Business](index=17&type=section&id=(IV)%20Overview%20of%20Principal%20Business) Revenue decreased **9.42%** to **CNY 722 million**, and net profit fell **32.71%** to **CNY 119 million**, with photovoltaic sales down **25.18%**, while other sectors were actively expanded Financial Performance of Principal Business for H1 2025 | Indicator | Amount (CNY 10K) | Year-on-Year Change | | :--- | :--- | :--- | | Operating Revenue | 72,206.82 | -9.42% | | Operating Profit | 13,839.39 | -36.75% | | Net Profit Attributable to Parent Company | 11,949.95 | -32.71% | | Net Cash Flow from Operating Activities | 17,465.46 | -31.05% | - Operating revenue primarily originated from the photovoltaic industry, with sales revenue reaching **CNY 297.75 million**, accounting for **41.24%** of total operating revenue, a **25.18% year-on-year decrease**[42](index=42&type=chunk) - Sales revenue from semiconductors and electronic materials was **CNY 160.30 million**, accounting for **22.20%** of operating revenue, a **13.45% year-on-year decrease**[42](index=42&type=chunk) [(V) Key Performance Drivers](index=18&type=section&id=(V)%20Key%20Performance%20Drivers) Performance was influenced by photovoltaic industry dynamics, semiconductor growth, and charging infrastructure expansion; the company responded with increased R&D, overseas market entry, and diversification into new power sectors [1. Industry Factors](index=18&type=section&id=1.%20Industry%20Factors) H1 2025 saw **107% growth** in domestic photovoltaic installations but manufacturing price drops, significant localization in semiconductor equipment, and **45.1% growth** in charging infrastructure - In H1 2025, domestic photovoltaic new installed capacity reached **212.21 GW**, a significant **107% year-on-year increase**[43](index=43&type=chunk) - The China Photovoltaic Industry Association raised its forecast for 2025 domestic new installed capacity to **270-300 GW** and global new installed capacity to **570-630 GW**[43](index=43&type=chunk) - Domestic semiconductor production equipment achieved over **80% localization** for debonding equipment, **50%-60%** for cleaning equipment, and **55%-65%** for etching equipment[45](index=45&type=chunk) - As of May 2025, the cumulative number of national charging infrastructure units exceeded **14.4 million**, a **45.1% year-on-year increase**; the increment for the first five months was **1.583 million units**, up **19.2% year-on-year**[46](index=46&type=chunk) [2. Company-Specific Factors](index=18&type=section&id=2.%20Company-Specific%20Factors) The company increased R&D, expanded overseas photovoltaic markets (**CNY 298 million** revenue), deepened semiconductor presence, strengthened EV charging partnerships, and saw significant growth in other power sectors like steel metallurgy and nuclear fusion - During the reporting period, the company actively expanded into overseas photovoltaic markets, completed international deliveries, and achieved **CNY 298 million** in photovoltaic business revenue[47](index=47&type=chunk) - The company increased its presence in the semiconductor industry, investing in the construction of a national headquarters and production base for key components in integrated circuit equipment, leading to more mass-produced models for advanced semiconductor process equipment power supplies, with stable orders and production[48](index=48&type=chunk) - Injet New Energy strengthened collaborations with leading domestic enterprises in the charging pile business, with new products entering the validation phase, and plans to establish a new joint venture to enter the battery cell manufacturing industry[48](index=48&type=chunk)[49](index=49&type=chunk) - Orders in the steel metallurgy industry achieved significant growth, controlled nuclear fusion-related power supply orders exceeded **CNY 10 million**, and the company is actively engaging with multiple ongoing domestic nuclear fusion engineering projects[49](index=49&type=chunk) [II. Analysis of Core Competencies](index=19&type=section&id=II.%20Analysis%20of%20Core%20Competencies) Core competencies include technological innovation, stable teams, broad product applications, and diversified business, enhancing market responsiveness and mitigating single-industry risks [(I) Technological Innovation and Platform Advantages](index=19&type=section&id=(I)%20Technological%20Innovation%20and%20Platform%20Advantages) The company invests heavily in R&D, building a versatile power supply technology platform for cross-industry application, supported by advanced testing facilities, ensuring technological leadership - The company continuously increases R&D investment, building a shared technology platform for industrial and special power supplies covering multiple power levels[50](index=50&type=chunk) - This platform enables cross-industry technology transfer and reuse, laying the foundation for rapid response to customer needs[50](index=50&type=chunk) - Continuously improving testing and experimental equipment compatible with new technologies and processes, establishing various technical testing platforms[50](index=50&type=chunk) [(II) Stable R&D and Management Team Advantages](index=19&type=section&id=(II)%20Stable%20R%26D%20and%20Management%20Team%20Advantages) The company fosters a stable, highly skilled R&D team with low turnover and an integrated management team, ensuring efficient project execution and order responsiveness - The company has established a comprehensive 'selection, utilization, development, and retention' mechanism for technical personnel, resulting in a highly skilled and innovative R&D team[51](index=51&type=chunk) - The annual turnover rate for core technical personnel remains extremely low, with continuous talent replenishment through social and campus recruitment[51](index=51&type=chunk) - The management team is deeply integrated with the company's business model, forming an efficient management approach with significant advantages in order response and project management[51](index=51&type=chunk) [(III) Broad Product Application Across Industries](index=19&type=section&id=(III)%20Broad%20Product%20Application%20Across%20Industries) With strong marketing capabilities and service networks, the company leverages its brand influence with leading clients in diverse industries like photovoltaics and semiconductors to gain a competitive edge in new markets - The company has established permanent service centers in multiple regions across China, enabling prompt response to customer needs and providing high-quality, efficient services[52](index=52&type=chunk) - Accumulated extensive marketing resources and strong brand influence with leading customers in various industries such as photovoltaics, semiconductors, steel metallurgy, and fiberglass[52](index=52&type=chunk) [(IV) Industry Risk Diversification and Diversified Business Advantages](index=19&type=section&id=(IV)%20Industry%20Risk%20Diversification%20and%20Diversified%20Business%20Advantages) The company's diverse power product portfolio across new energy, new materials, and high-end manufacturing industries effectively mitigates single-industry risks, ensuring stable performance - The company offers a rich variety of power supply products, extensively involved in multiple industries within new energy, new materials, and high-end equipment manufacturing[53](index=53&type=chunk) - The distinct development cycles and market characteristics of different industries effectively mitigate significant impacts from single-industry fluctuations[53](index=53&type=chunk) [III. Analysis of Principal Business](index=19&type=section&id=III.%20Analysis%20of%20Principal%20Business) This section analyzes principal business financial performance, showing declines in revenue, net profit, and operating cash flow, but increased R&D, with power control and module systems as key products, and a reduced photovoltaic gross margin [Overview](index=19&type=section&id=Overview) An overview of the company's principal business activities is provided, with details available in Section I of this report - For an overview of principal business activities, refer to the 'I. Principal Business Activities During the Reporting Period' section[54](index=54&type=chunk) [Year-on-Year Changes in Key Financial Data](index=20&type=section&id=Year-on-Year%20Changes%20in%20Key%20Financial%20Data) Operating revenue fell **9.42%**, net profit **32.71%**, and financial expenses **85.99%** due to increased interest income, while R&D grew **10.50%**, but operating and investing cash flows declined Year-on-Year Changes in Key Financial Data for H1 2025 | Indicator | Current Period (CNY) | Prior Period (CNY) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 722,068,214.53 | 797,129,480.64 | -9.42% | | | Operating Cost | 458,002,914.70 | 460,496,841.92 | -0.54% | | | Selling Expenses | 35,732,941.27 | 37,400,164.99 | -4.46% | | | Administrative Expenses | 25,699,902.42 | 28,368,689.05 | -9.41% | | | Financial Expenses | -7,535,729.40 | -4,051,578.51 | -85.99% | Increased interest income from USD time deposits | | Income Tax Expense | 16,019,965.28 | 31,851,202.85 | -49.70% | Decrease in total profit | | R&D Investment | 69,875,950.54 | 63,235,720.24 | 10.50% | | | Net Cash Flow from Operating Activities | 174,654,616.85 | 253,302,709.92 | -31.05% | Decrease in cash received from sales of goods and rendering of services | | Net Cash Flow from Investing Activities | -65,799,432.57 | -32,157,069.03 | -104.62% | Increase in purchases of structured deposits | | Net Cash Flow from Financing Activities | -109,280,052.13 | -45,730,441.37 | -138.97% | Last period, subsidiaries received investments from minority shareholders | | Net Increase in Cash and Cash Equivalents | -1,423,862.72 | 176,620,875.98 | -100.81% | Decrease in net cash flow from operating and investing activities | - No significant changes occurred in the company's profit composition or sources during the reporting period[55](index=55&type=chunk) [Products or Services Accounting for Over 10% of Revenue](index=20&type=section&id=Products%20or%20Services%20Accounting%20for%20Over%2010%25%20of%20Revenue) Power control and module systems are key products; power control revenue fell **12.47%** with a **

Robotics - Xince Standard: The joint venture Xince Standard (Suzhou) Robot Technology Co., Ltd. has not generated any business revenue [1] - High Measurement Co.: The composite tungsten wire tendon rope used in humanoid robots has formed small batch orders [1] - Hongqi Chain Store: The company's robot project is currently under development [1] - Shuangfei Group: The company will actively seek cooperation opportunities with humanoid robot clients [1] Liquid Cooling - Hu塑科技: The company has not yet cooperated with Vidi Technology to develop a dedicated BMU solution for liquid cooling systems [1] Other Developments - Aerospace Electric: The company's connectors, cables, and motors have been applied in supporting new energy vehicles [1] - Zhuoyi Information: The company's BIOS products have a layout in the Harmony ecosystem [1] - Fuxin Technology: The company has initiated the development of the Micro TEC project for 1.6T optical modules [1] - Qiaofeng Intelligent: The company's CNC machine tool products can be applied in the processing of folding screen structural components [1] - Airo Energy: The company's technology and products do not involve AIDC [1] - Sande Technology: There is strong demand, and the revenue growth of the company's unmanned intelligent equipment is sustainable [1] - Yingjie Electric: The demand for nuclear fusion-related power supplies may form an increment in the second half of this year and the first half of next year [1] - Tongguan Copper Foil: The company has sufficient orders for copper foil products, and prices will be adjusted according to market conditions [1]

Core Viewpoint - The company has been engaged in the power supply business for nuclear fusion for several years, with most of the business requiring bidding and some based on long-term stable partnerships [1] Industry Summary - The nuclear fusion industry has seen certain technological breakthroughs, which are expected to accelerate the commercial application process [1] - There is potential for increased power supply demand in the second half of this year and the first half of next year, depending on the procurement progress of various projects [1] - The company's impact from this industry will depend on the outcomes of future project bidding and order signing [1]