Core Viewpoint - The Minister of Finance, Lan Fang'an, stated that since the beginning of the 14th Five-Year Plan, over 70% of fiscal spending in the livelihood sector has been allocated from the national general public budget, indicating a significant focus on direct financial support for the public [1] Group 1 - The fiscal investment in the livelihood sector has exceeded 70% of the national general public budget expenditures [1]

Group 1 - The core viewpoint of the news is that during the "14th Five-Year Plan" period, China's fiscal policy has increasingly focused on improving people's livelihoods, with significant financial allocations aimed at education, social security, healthcare, and housing [1][4]. - The total public budget expenditure for the "14th Five-Year Plan" period is expected to exceed 136 trillion yuan, marking a 24% increase compared to the previous five-year period [4]. - The central government has allocated nearly 50 trillion yuan in transfer payments to local governments during the "14th Five-Year Plan" period, demonstrating a strong commitment to supporting local fiscal stability [5]. Group 2 - The fiscal policy has been characterized by a proactive approach, with a focus on both risk prevention and economic development, ensuring that there is ample room for future policy adjustments [2][3]. - The fiscal strength of the country has significantly increased, with public budget revenue projected to reach 106 trillion yuan, a 19% increase from the previous five-year period [4]. - Over the past four years, China's economy has maintained an average growth rate of 5.5%, contributing approximately 30% to global economic growth [6].

Group 1 - The State Council Information Office will hold a press conference on September 12, 2025, at 3 PM to discuss the high-quality completion of the "14th Five-Year Plan" [1] - The Minister of Finance, Lan Fo'an, will introduce the achievements of fiscal reform and development during the "14th Five-Year Plan" period and answer questions from reporters [1]

财政部部长蓝佛安9月12日在国新办举行的"高质量完成'十四五'规划"系列主题新闻发布会上介绍，"十 四五"时期，支出强度前所未有，全国一般公共预算支出五年预计超过136万亿元，比"十三五"时期增加 26万亿元，增长24%；同时，结构不断优化，更多"真金白银"投向了发展大事和民生实事。 来源：新华社 流程编辑：u028 ...

央视网消息：国新办今天（9月12日）下午举行"高质量完成'十四五'规划"系列主题新闻发布会， 介绍"十四五"时期财政改革发展成效。财政部部长蓝佛安在会上介绍，"十四五"时期，国家财政实力大 大增强，集中财力办成许多大事要事。国家财政账本里，分量最重、成色最足的始终是民生。数据显 示，"十四五"时期，全国一般公共预算安排教育支出20.5万亿元，社会保障和就业支出19.6万亿元，卫 生健康支出10.6万亿元，住房保障支出4万亿元，加上其他领域支出，财政民生投入近100万亿元。 蓝佛安表示，今年，国家财政安排1000亿元发放育儿补贴、200亿元逐步推行免费学前教育，积极回应 人民群众关切。 ...

据央视新闻，9月12日下午，国务院新闻办公室举行"高质量完成'十四五'规划"系列主题新闻发布会， 财政部部长蓝佛安介绍了"十四五"时期财政改革发展成效。 据介绍，"十四五"时期，国家财政实力大大增强，收入"蛋糕"越来越大，全国一般公共预算收入预计 达到106万亿元，比"十三五"时期增加17万亿元，增长约19%。支出强度前所未有，全国一般公共预 算支出五年预计超过136万亿元，比"十三五"时期增加26万亿元，增长24%，更多"真金白银"投向了 发展大事和民生实事。 ...

钛媒体App 9月12日消息，财政部部长蓝佛安9月12日在国新办举行的"高质量完成'十四五'规划"系列主 题新闻发布会上介绍，"十四五"时期，支出强度前所未有，全国一般公共预算支出五年预计超过136万 亿元，比"十三五"时期增加26万亿元，增长24%；同时，结构不断优化，更多"真金白银"投向了发展大 事和民生实事。（新华社） ...

Core Viewpoint - The Minister of Finance, Lan Fang'an, announced that during the "14th Five-Year Plan" period, the national general public budget expenditure is expected to exceed 136 trillion yuan, marking a significant increase compared to the previous five-year period [1] Group 1 - The total public budget expenditure for the "14th Five-Year Plan" is projected to exceed 136 trillion yuan, which is an increase of 26 trillion yuan, or 24%, compared to the "13th Five-Year Plan" [1] - The expenditure structure is continuously optimized, with more funds being directed towards major development projects and livelihood improvements [1]

（文章来源：央视新闻） 国务院新闻办公室将于今天（12日）下午3时举行"高质量完成'十四五'规划"系列主题新闻发布会，财 政部部长蓝佛安将介绍"十四五"时期财政改革发展成效，并答记者问。 ...

Core Viewpoint - The company reported a significant revenue growth in H1 2025, driven primarily by the special equipment segment, despite a decline in net profit and profit margins [2][3][12]. Financial Performance - In H1 2025, the company achieved revenue of 2.193 billion yuan, an increase of 17.36% year-on-year, while the net profit attributable to shareholders was -41 million yuan, a decrease of 0.85 billion yuan [2][3]. - The gross margin was 18.14%, down by 6.44 percentage points, and the net margin was -2.32%, down by 4.82 percentage points [2][3]. - The company plans to achieve a revenue target of 8.7 billion yuan in 2025, representing an approximate growth rate of 90% [2]. Segment Performance - The special equipment segment saw a revenue of 1.181 billion yuan in H1 2025, marking a substantial growth of 85.92% and accounting for 53.87% of total revenue [6][9]. - The superhard materials segment reported revenue of 819 million yuan, a decline of 18.73%, with a stable gross margin of 25.00% [7][10]. - The specialized vehicles and auto parts segment generated revenue of 193 million yuan, down by 14.52%, with a slight decrease in gross margin to 1.81% [7][11]. Cost and Cash Flow - The company experienced a decrease in the expense ratio to 9.11%, with reductions in sales, management, and financial expense ratios [4]. - R&D expenses increased to 211 million yuan, up by 14.15%, indicating a focus on maintaining core competitiveness [4]. - The net cash flow from operating activities was -1.193 billion yuan, a decrease of 178 million yuan year-on-year, primarily due to increased long-term asset acquisition [4]. Order Backlog and Inventory - As of H1 2025, the company reported a significant increase in contract liabilities to 556 million yuan, up by 152.31%, and inventory of 2.888 billion yuan, up by 44.75%, suggesting a robust order backlog [4]. Market Position and Future Outlook - The company is positioned as a leading player in the special equipment and superhard materials sectors, with expectations for a rebound in performance as downstream order delivery accelerates [12][13]. - The company aims to leverage its competitive advantages in smart munitions and superhard materials to enhance profitability despite increasing competition [12].