Revenue Composition - In the first half of 2025, the revenue composition of Yingliu Holdings includes: high-temperature alloy products and precision cast steel parts accounting for 60.84%, nuclear power and other medium to large cast steel parts accounting for 23.55%, new materials and equipment accounting for 10.56%, other businesses accounting for 4.65%, and other business activities accounting for 0.4% [1] Shareholding and Pledge Information - As of the announcement date, the controlling shareholder of Yingliu Holdings, Anhui Yingliu Electromechanical Co., Ltd., holds approximately 186 million shares, all of which are tradable shares, representing 27.37% of the total share capital [3] - After the release and re-pledge of shares, Yingliu Investment has pledged a total of 90 million shares, accounting for 48.43% of its holdings and 13.25% of the total share capital [3] - Yingliu Investment and its concerted parties have pledged a total of 115 million shares, representing 47.27% of their holdings and 16.42% of the total share capital [3]

Core Insights - The company reported a total operating revenue of 2.513 billion yuan in 2024, an increase of 4.21% year-on-year, but the net profit attributable to shareholders decreased by 5.57% to 286 million yuan [2] - The company faced challenges in cash flow management, with operating cash flow per share dropping by 57.3% to 0.15 yuan [4][7] Financial Overview - The company's gross profit margin was 34.24%, down 5.32% year-on-year, while the net profit margin was 10.09%, a decrease of 12.61% [7] - The company's interest-bearing liabilities reached 4.848 billion yuan, a year-on-year increase of 16.19%, with an interest-bearing asset-liability ratio of 37.96% [5] - The company’s accounts receivable were significantly high, with accounts receivable accounting for 378.06% of the net profit attributable to shareholders [4] Business Composition - The main revenue sources included pump and valve parts, generating 1.22 billion yuan (48.55% of total revenue) with a gross margin of 31.10%, and mechanical equipment components, also at 1.208 billion yuan (48.07% of total revenue) with a gross margin of 37.17% [8] - High-temperature alloy products and precision cast steel products contributed 1.469 billion yuan (58.43% of total revenue) with a gross margin of 36.70%, while nuclear power and other large cast steel products generated 642 million yuan (25.53% of total revenue) with a gross margin of 31.63% [8] Strategic Developments - The company made significant progress in technological innovation, adding 40 new invention patents and 38 utility model patents, with a total of nearly 600 valid patents [6] - Strategic agreements were signed with several international industry giants, expanding the company's international market presence [6]