Group 1: Report Core View - The decline in the company's net profit and gross profit margin in the first half of 2025 was mainly due to customer price cuts and increased depreciation and amortization from the ramping up of new business capacity. The integrated die - casting business revenue is expected to increase significantly in 2026, and the gross profit margin of the main business will improve [24]. - The company's current main customers include Tesla, Leapmotor, NIO, Li Auto, BYD, JAC, SAIC Group, SAIC Volkswagen, SAIC General Motors and other vehicle manufacturers, as well as auto parts manufacturers such as Xinpeng Co., Ltd. and Shanghai Tongzhou. The comprehensive capacity utilization rate of the stamping and welding business is over 80%. The integrated die - casting business will enter the capacity ramping - up period starting from the fourth quarter of 2025 [24][25]. - As of the end of June 2025, the company's accounts receivable balance was 1.1025678 billion yuan. The company has strengthened internal control and continuous monitoring to ensure timely collection of accounts receivable [26]. - The integrated die - casting business will enter the capacity ramping - up period starting from the fourth quarter of 2025, and is expected to have a positive impact on the company's statements in 2026. The revenue scale of the integrated die - casting business from 2023 to the third quarter of 2025 was small, and its gross profit margin is not comparable to that of traditional businesses due to low capacity utilization [27]. - The company's current investment and planned integrated die - casting production lines are 6 to 8, mainly distributed in subsidiaries in Yancheng, Changzhou and Lu'an. The company has obtained orders from NIO, Li Auto, Leapmotor and other customers and provides trial - die services for many domestic and foreign vehicle manufacturers [27]. - The company's subsidiary's acquisition of 52% of the equity of Kunshan Fager Aidelan has completed the equity change, and the remaining delivery matters are being carried out as agreed. As the full delivery has not been completed, this acquisition has not affected the company's financial condition and operating results [28]. - Some customers with a rapid increase in orders in the early stage implemented a certain annual price cut for the company in the first half of the year. The single - vehicle supply value of Tesla Model yL is basically the same as that of Model y [28]. Group 2: Research Basic Information - The research object is Duoli Technology, and the reception time was September 15, 2025. The company's reception staff included Chairman Deng Liqin, Director and Board Secretary Zhang Yeping, and Securities Affairs Representative He Shirong [17]. Group 3: Detailed Research Institutions - The reception objects included investors' online questions and others [20]. Group 4: Research Institution Proportion - No relevant content provided. Group 5: Main Content Data - In the first half of 2025, the company's revenue increased by 13.15% year - on - year, but the net profit attributable to the parent company decreased by 28.13% year - on - year, and the gross profit margin also declined by 21.41 percentage points to 17.66% [24]. - As of June 30, 2025, the company's accounts receivable balance was 1.1025678 billion yuan, with 1.0226559 billion yuan within 1 year (including 1 year), 73.4667 million yuan from 1 to 2 years, 1.4668 million yuan from 2 to 3 years, and 4.9784 million yuan over 3 years [26]. - The company's integrated die - casting business achieved mass production in 2023, and the rear floor project that won a fixed - point order from a leading new - energy customer is expected to be mass - produced in 2025. The revenue scale of the integrated die - casting business was small from 2023 to the third quarter of 2025 [26][27]. - The company's construction in progress increased by 127.42% year - on - year, mainly due to the increase in factories and machinery and equipment. The company has plans for integrated die - casting production lines in Yancheng, Changzhou and other places [27]. - The company announced in June 2025 that it planned to acquire 52% of the equity of Kunshan Fager Aidelan to promote the internationalization process. The equity change has been completed, and the remaining delivery matters are in progress [28].

Group 1: Financial Performance - In the first half of 2025, the company's revenue increased by 13.15% year-on-year, while the net profit attributable to shareholders decreased significantly by 28.13% [2] - The gross profit margin declined by 21.41% to 17.66% [2] - The ratio of accounts receivable to net profit reached 228.55%, peaking at 245.84% in Q1 2025 [3] Group 2: Accounts Receivable - As of June 30, 2025, the accounts receivable balance was 1,102.57 million CNY, with 1-year or less accounts making up 1,022.66 million CNY [3] - Accounts aged over 3 years accounted for a small proportion of total accounts receivable [3] - The company has implemented measures for timely collection of accounts receivable [3] Group 3: Business Operations - The comprehensive capacity utilization rate for the stamping and welding business is over 80% [2] - The integrated die-casting business is expected to enter a ramp-up phase starting Q4 2025, with significant revenue growth anticipated in 2026 [3][4] - The company plans to establish 6 to 8 integrated die-casting production lines in various locations, including Yancheng and Changzhou [4] Group 4: Client Relationships - Major clients include Tesla, Li Auto, NIO, BYD, and SAIC Group [2] - The company has experienced price pressure from clients and increased depreciation due to new business capacity ramp-up [2][3] - The company is providing integrated die-casting trial mold services to several domestic and international automakers [4] Group 5: Strategic Developments - The acquisition of 52% of Kunshan Fager Aiderlan has been completed, although it has not yet impacted financial results [4] - The company is focusing on internationalization and leveraging overseas customer resources for new order growth [4]