东山精密: 2025年半年度报告（英文版）
来源：证券之星
2025-09-18 17:05:10
DSBJ Semi-Annual Report 2025
Suzhou Dongshan Precision Manufacturing Co., Ltd.
Semi-Annual Report 2025
August 27, 2025
DSBJ Semi-Annual Report 2025
Section I Important Note, Table of Contents and Definitions
The Board of Directors, the Board of Supervisors, directors, supervisors and senior
executives of the Company hereby warrant that the information contained in this Semi-
Annual Report is true, accurate and complete without any misrepresentation, misleading
statement or material omission, and agree to assume joint and several liabilities for this
Semi-Annual Report.
YUAN Yonggang, Principal of the Company, CFO WANG Xu and Accounting
Supervisor ZHU Deguang hereby represent that the financial statements contained in this
Semi-Annual Report are true, accurate and complete.
All directors of the Company attended the meeting of the Board of Directors reviewing
this Semi-Annual Report.
Forward-looking statements such as those on future development plans in this Report
do not constitute substantial commitments by the Company to the investors. The investors
should make investments rationally and keep an eye on the associated risks.
In this Report, the Company has elaborated relevant potential risk factors and
countermeasures, as can be referred to in “X. Risk Exposures to the Company and
Countermeasures” under “Section III Management’s Discussion and Analysis”, to which
the investors should pay attention.
The Company has no plan to pay cash dividends, distribute bonus shares or convert
any capital reserve to the share capital.
Note:
This document is a translated version of the Chinese Semi-Annual Report 2025 (“2025 年 半 年 度 报 告 ”). In case of any
discrepancies, the Semi-Annual Report 2025 published in the Chinese version shall prevail. The full Chinese Semi-Annual Report
DSBJ Semi-Annual Report 2025
Table of Contents
DSBJ Semi-Annual Report 2025
List of References
I. Financial statements signed and chopped by Mr. YUAN Yonggang, legal representative, Mr. WANG Xu, CFO, and Mr. ZHU
Deguang, Accounting Supervisor of the Company;
II. Originals of all documents of the Company publicly disclosed during the reporting period and related announcements;
III. Original of the Semi-Annual Report 2025 stamped with the seal and signed by the legal representative of the Company; and
IV. Place keeping such documents for inspection: Securities Department of the Company at Building 12#, Yunhe Town
Headquarters Industrial Park, No. 99 East Taihu Road, Wuzhong District, Suzhou.
DSBJ Semi-Annual Report 2025
Definitions
Term means Definition
Company, we or
means Suzhou Dongshan Precision Manufacturing Co., Ltd.
DSBJ
one of our three major business segments, including research and development (R&D), design,
Electronic circuit means
manufacturing and sale of FPCs, rigid PCBs, rigid-flex PCBs and other products.
Photoelectric one of our three major business segments, including R&D, design, manufacturing and sale of LED
means
display devices, touch panels, LCMs and other products.
Precision one of our three major business segments, including design, manufacturing and sale of precision metal
means
manufacturing structural components and assemblies and other products.
Yongchuang Suzhou Yongchuang Communication Technology Co., Ltd., a wholly owned subsidiary of the
means
Communication Company.
HongKong HongKong Dongshan Precision Union Optoelectronic Co., Limited, a wholly owned subsidiary of the
means
Dongshan Company.
HongKong
Dongshan means HongKong Dongshan Holding Limited, a wholly owned subsidiary of the Company.
Holding
Dragon Holdings means Dragon Electronix Holdings Inc., a wholly owned subsidiary of HongKong Dongshan.
MFLEX means Multi-Fineline Electronix, Inc., a wholly owned subsidiary of Dragon Holdings.
MFLEX Suzhou means MFLEX Suzhou Co., Ltd., a wholly owned subsidiary of MFLEX.
MFLEX
means MFLEX Yancheng Co., Ltd., a wholly owned subsidiary of MFLEX.
Yancheng
Multek Group means Multek Group (Hong Kong) Limited, a wholly owned subsidiary of HongKong Dongshan Holding.
Multek Industries means Multek Industries Limited, a wholly owned subsidiary of Multek Group.
Multek
means Multek Electronics Limited, a wholly owned subsidiary of Multek Group.
Electronics
Multek China means Multek China Limited, a wholly owned subsidiary of Multek Group.
Yancheng
means Yancheng Dongshan Precision Manufacturing Co., Ltd., a wholly owned subsidiary of the Company.
Dongshan
Mutto Optronics means Mutto Optronics Technology Co., Ltd., a wholly owned subsidiary of the Company.
RF Top
means Suzhou RF Top Electronic Communication Co., Ltd., a controlled subsidiary of the Company.
Electronic
Suzhou JDI means Suzhou JDI Electronics Inc.
Aranda Tooling, Inc., AutoTech Production Services, Inc. and Autotech Production de Mexico S. de R.
Aranda means
L. de C.V.
AI means artificial intelligence, the simulation of human intelligence using computer programs.
augmented reality, a technology that combines and integrates the virtual world on screen with the real
AR means world, based on precise calculation of position and angle of camera images and image analysis
technology.
VR means virtual reality, a computer-simulated 3D virtual world with scenes and objects that appear to be real.
Internet of Things, a system of interrelated computing devices, mechanical and digital machines, that
IoT means
has a unique identifier (UID) and is capable of transmitting data over the network.
printed circuit board, a finished product with insulated substrates and conductors as materials, designed
PCB means and made into printed circuits, printed components or a combination of conductive patterns according
to the pre-designed circuit schematic diagram.
FPC means Flexible Printed Circuit.
light-emitting diode, a semiconductor diode that emits incoherent light when current flows through it,
LED or LED and the recombination of electrons and electron holes in the semiconductor produces radiation, for the
means
device purpose of this Report, including LED particles, LED light bars, LED backlight modules, LED lighting
devices and other LED products.
DSBJ Semi-Annual Report 2025
Term means Definition
Mini LED means sub-millimeter light emitting diode, an LED device with a grain size of 50-200μm.
LCD module or LCD display module, formed by assembling LCD display device with the relevant
LCM means connectors, control, driver and other peripheral circuits, PCB circuit board, backlight source, structural
components and other components.
a device under the protection of transparent glass that detects touches using sensors, and processes and
Touch panel means
transmits the relevant information.
AOA means Articles of Association of Suzhou Dongshan Precision Manufacturing Co., Ltd.
CSRC means China Securities Regulatory Commission.
SZSE means Shenzhen Stock Exchange
Reporting period means From January 1, 2025 to June 30, 2025
RMB and RMB
means Renminbi and ten thousand Yuan respectively.
DSBJ Semi-Annual Report 2025
Section II Company Profile and Financial Highlights
I. Company Profile
Stock short name DSBJ Stock code 002384
Stock exchange Shenzhen Stock Exchange
Chinese name 苏州东山精密制造股份有限公司
Chinese short name (if any) 东山精密
English name (if any) Suzhou Dongshan Precision Manufacturing Co., Ltd.
English short name (if any) DSBJ
Legal representative YUAN Yonggang
II. Contact Person and Contact Information
Board Secretary Securities Affairs Representative
Name MAO Xiaoyan ZHOU Hao
Building 12#, Yunhe Town Headquarters Building 12#, Yunhe Town Headquarters
Address Industrial Park, No. 99 East Taihu Road, Industrial Park, No. 99 East Taihu Road,
Wuzhong District, Suzhou Wuzhong District, Suzhou
Telephone 0512-80190019 0512-80190019
Facsimile 0512-80190029 0512-80190029
Email maoxy@dsbj.com hao.zhou@dsbj.com
III. Other Information
Whether there is any change in the Company’s registered address, office address and corresponding postal code, website, and
email address, etc. during the reporting period?
□ Applicable N/A
There has been no change in our registered address, office address and corresponding postal code, website and email address, etc.,
as detailed in the Annual Report 2024.
Whether there is any change in the media for information disclosure and place for keeping the report during the reporting period?
□ Applicable N/A
The website of the stock exchange and the media and its website disclosing our semi-annual report, as well as the place for
keeping our semi-annual report remain unchanged, as detailed in the Annual Report 2024.
Whether there is any change in other related information during the reporting period?
□ Applicable N/A
DSBJ Semi-Annual Report 2025
IV. Key Accounting Data and Financial Indicators
Did the Company need to retrospectively adjust or restate any accounting data of prior years?
□ Yes No
The same period of
The reporting period Y/Y % change
the previous year
Operating revenue (RMB) 16,955,163,898.89 16,628,586,195.56 1.96%
Net profit attributable to shareholders of the Listed Company
(RMB)
Net profit attributable to shareholders of the Listed Company
after deduction of non-recurring gain or loss (RMB)
Net cash flow from operating activities (RMB) 2,500,118,021.28 2,088,969,399.28 19.68%
Basic earnings per share (RMB/share) 0.45 0.33 36.36%
Diluted earnings per share (RMB/share) 0.45 0.33 36.36%
Weighted average return on net assets 3.95% 3.05% 0.90%
The end of the The end of the
% Change
reporting period previous year
Total assets (RMB) 47,886,706,779.38 46,014,173,064.47 4.07%
Net assets attributable to shareholders of the Listed Company
(RMB)
V. Differences in Accounting Data under the Chinese Accounting Standards for Business
Enterprises (the “CASBEs”) and Overseas Accounting Standards
International Financial Reporting Standards (IFRS) and the CASBEs
□ Applicable N/A
There was no difference in net profit and net assets disclosed in the financial report for the reporting period prepared under the
IFRS and the CASBEs.
accounting standards and the CASBEs
□ Applicable N/A
There was no difference in net profit and net assets disclosed in the financial report for the reporting period prepared under
overseas accounting standards and the CASBEs.
VI. Items and Amounts of Non-recurring Gains or Losses
Applicable □ N/A
In RMB
Item Amount Remark
Gain or loss on disposal of non-current assets (including allowance for impairment of assets that have
-21,866,977.73
been written off)
Government grants recognized in profit or loss (excluding the government grants that are closely
related to the business of the Company, conform to the applicable polices of the country, are provided
DSBJ Semi-Annual Report 2025
in accordance with the established standards, and continuously affect the Company’s profit or loss)
Gain or loss on changes in fair value of financial assets and financial liabilities held by non-financial
entities, and gain or loss on disposal of financial assets and financial liabilities, except for effective 5,592,799.26
hedges held in the ordinary course of business
Other non-operating revenues and expenses 1,345,108.64
Less: Effect on income tax 18,885,610.71
Effect on minority interests (exclusive of tax) 109,173.64
Total 101,206,037.30
Other items of gain or loss within the meaning of non-recurring gain or loss:
□ Applicable N/A
We do not have any other item of gain or loss within the meaning of non-recurring gains or losses.
Classification of any item of non-recurring gain or loss defined by the Explanatory Announcement No. 1 on Information
Disclosure by Companies Publicly Offering Securities – Non-recurring Gain or Loss as recurring gain or loss
□ Applicable N/A
We have not classified any item of non-recurring gain or loss defined by the Explanatory Announcement No. 1 on Information
Disclosure by Companies Publicly Offering Securities – Non-recurring Gain or Loss as recurring gain or loss.
DSBJ Semi-Annual Report 2025
Section III Management’s Discussion and Analysis
I. Situations of Our Primary Business during the Reporting Period
(I) During the reporting period, our primary business has not undergone any material change.
We focus on the R&D and manufacturing of technologically advanced core components for the intelligently interconnected
world, and the provision of comprehensive intelligent interconnection solutions to customers throughout the world. We are
primarily engaged in the R&D, manufacturing and sale of electronic circuits, precision components, touch panel modules and LED
display devices, etc., which are widely used in consumer electronics, new energy vehicles, communication equipment, industrial
equipment, AI, medical appliances and other fields.
(II) During the reporting period, our main business model has not undergone any material change.
We leverage our complete business chain to provide our customers with comprehensive, one-stop, industry-leading services,
continuously increase the depth of cooperation and adhesion with our customers, and maintain long-term, stable cooperation with
premium customers taking the lead in the global consumer electronics, new energy vehicle and communication equipment
industries.
We manufacture main products based on market demands, and adopt the production model that determines production
according to sales, under which we develop production plans and deliver products taking into account the purchase orders placed
by customers, the product quantities demanded by the customers under such purchase orders, as well as our production capacity
and supply of raw materials.
(1) Our main products and their applications:
Product Type Product features Main application
Widely used in electronic
devices such as computers,
Printed circuit board made of a rigid substrate that is hard to bend network equipment,
Rigid board with certain toughness, with the advantages of supporting the communication equipment,
electronic components attached to it industrial control,
automotive, military
aviation, etc.
Printed circuit boards made of flexible substrates, with the Widely used, mainly in
Electronic advantages of being light, thin, bendable and suitable for three- smartphones, tablet
Flexible board
circuit dimensional assembly, and optimal for electronic products with computers, wearable devices,
requirements for miniaturization, lightweight, and mobility new energy, etc. at present
Also known as “soft and hard board”, meaning the creation of a
three-dimensional circuit board by laminating different flexible Mainly used in medical
boards with rigid boards, where the circuit interconnection equipment, navigation
Rigid-flexible
between the rigid printed circuit board and flexible printed circuit systems, consumer
board
board is implemented through hole metallization process, so that electronics and other
the flexible board portion is bendable while the rigid board products
portion can support heavy devices
With RF technology and precision manufacturing as the core,
Communication Mainly used in wireless
provide customers with antennas, filters and other products
products communication base stations
related to wireless base stations
Precision
Process aluminum alloy materials into automotive parts or
manufacturing Mainly used in the “three
Automotive products with precise shapes, precise dimensions and high
electric systems” of new
products surface quality through die casting, stamping, sheet metal,
energy vehicles
precision machining and other processes
Integrate display screen, driver IC and backlight system (partially Widely used in smart
Display module required) together to convert electrical signals into visible optical phones, tablet computers,
Photoelectric images laptop computers,
display An electronic component combining a touch screen with a automotive, industrial
Touch panel
display screen (such as LCD, OLED, etc.), which can realize the control, medical field, smart
modules
display and touch input functions at the same time homes, etc.
DSBJ Semi-Annual Report 2025
(2) Applications of our products in new energy vehicles:
HUDs, dashboards, and central control
displays
Passenger/rear seat entertainment White body parts
displays, and multi-connected displays
Streaming electronic rearview mirrors, Seat framework assemblies
and armrest displays Automotive electronics (BMS, MCU,
Cold plates (automatic drive and central ECU, etc.)
control)
Heat dissipation modules
Rigid PCBs and rigid-flex PCBs for
central control system/GPS
Rigid PCBs and rigid-flex PCBs for
Electric drive and electronic control information & entertainment
systems/Internet of Vehicles
casings (all-in-one)
Domain control casings
Charging station framework and casing
assemblies
Camera brackets and assemblies
Rigid PCBs and rigid-flex PCBs for
cameras
Casings and rigid PCBs for laser radars and Cell casings
millimeter wave radars
Rigid PCBs for advanced driving assistance Battery pack trays and assemblies
system and central computing unit
FPCs and CCS for battery packs
(3) Our situation in the industry:
In the field of electronic circuits, according to the research data published by Prismark, in terms of sales revenues, we are
ranked second in the field of FPC and third in the field of PCB in the world for several consecutive years. We have strong
technology R&D, quality control, and smart factory management capabilities in the electronic circuit industry, and are able to
provide customers with high-quality products and services. Our major electronic circuit customers are well-known global
consumer electronics and new energy vehicle manufacturers, so we have a good customer base, and strong competitive powers.
In the field of precision components, we are one of the largest specialized precision component suppliers, providing structural
components for new energy vehicles, communication equipment and other fields, and mainly serve well-known global new energy
vehicle and communication equipment manufacturers, so we have strong competitive advantages in the industry.
In the field of touch panel modules and LED display devices, we are one of the largest touch panel module and LED display
device manufacturers in China. We stand out based on our overall strength in on-board display modules and medium- and large-
size consumer electronics display modules. Thanks to our continuous efforts for technology R&D and market development, we are
constantly enhancing our overall strength in the display module business as a strong support to drive the performance growth of
the company.
In the upstream supply chain of new energy vehicles, we are one of the few vendors able to provide the new energy vehicle
manufacturers with PCBs (including FPCs), on-board display screens, functional and structural components, and other products
and integrated solutions. At present, we have achieved good operating results in our new energy business in aspects of the product
strategy, technology accumulation, customer development etc. In the future, we will leverage our advantages in the coverage of
multiple industry chains and the provision of integrated solutions to further improve customer adhesion and enhance the value of
supply chain collaboration.
DSBJ Semi-Annual Report 2025
II. Core Competencies of DSBJ
(I) Advantage in customers: Premium domestic and foreign customer base
After years of hard work, we have attracted top global customers in the industry and accumulated high-quality customer
resources, which have produced good demonstration effects and improved our reputation. This not only improves our ability to
develop new customers and facilitate the acquisition of more support from customers in competition in the future, but also
facilitates the in-depth of collaborative innovation between us and existing leading customers and the deployment in emerging
fields. Our rich customer base covers multiple industries, including consumer electronics, new energy vehicles and communication
equipment, which can help us resist the quarterly and cyclical effects of operations in different industries and enhance our core
competitiveness.
(II) Advantage in management: Advanced concepts, complete systems, and efficient execution
We advocate the corporate spirit of “openness, inclusion, pragmatism and enterprising”, stick to the management principle of
“overall planning, the delegation of powers in business operation, support by the platform and centralized supervision”, give full
play to the initiative and creativity of all organizations, and have built a scientific and efficient management system. The
continuous improvement in management and control at the group level and the gradual establishment of a global operating
framework provide a solid foundation for business expansion and cross-region development. Our management team has practical
experience in the management of the advanced manufacturing industry, has a wide global vision, is able to make accurate strategic
judgments and decisions on the trends of the industry and opportunities for development, and has strong cohesion and executive
ability. Given our rich experience in cross-border mergers and acquisitions, restructuring and integration, we can successfully
advocate our corporate culture and business models to the acquired and restructured target companies with the core concept of
China’s manufacturing industry, so as to constantly enhance agglomeration effects and comprehensive value of resources and help
the target companies improve operating performance rapidly. By implementing institutional transformation under the concept of
people orientation, we take the initiative to adapt to changes in environment, match with business demands, and accumulate talents
for corporate development, hence building the core driving force for future development.
(III) Advantage in products: Wide range of products and integrated industry chain
In recent years, by means of acquisitions and internal development, we have broken development bottlenecks, continuously
adjusted and optimized the strategic focus, and introduced superior businesses to build up new growth drivers. At present, our
product offerings cover three business segments, namely electronic circuit, photoelectric display and precision manufacturing. We
are able to provide consumer electronics, new energy customers, and other industry customers with a variety of basic and core
components for intelligent interconnection. In the field of electronic circuit, we have grown into a leading company in the industry.
In terms of the new energy business, we have established our advantageous position in the industry with our on-board FPC, liquid
cooling plate, battery housing and other products. In addition, we also actively give full play to the synergy of various business
segments in R&D, technology, supply chain, products and markets, and integrate internal resources to actively provide customers
with competitive products and solutions through forward-looking research and development of the industry.
(IV) Advantage in technologies: Stick to the principle that technological innovation capability is the primary production
factor
We attach great importance to technological innovation in our business development, and drive our development through
innovation. Through participation in the preliminary development projects of the industry-leading customers, we keep in step with
the development of cutting-edging technologies, and have built a complete R&D system and efficient R&D mechanisms, and a
global R&D team with outstanding professional level, rich industrial experience and strong innovation capabilities. Through
continuous funding for R&D of new materials, new technologies and new production processes, we have vigorously explored
DSBJ Semi-Annual Report 2025
frontier production technologies for core components in the field of intelligent interconnection, and laid solid foundations for
serving emerging businesses, such as AI, AR/VR, IoT, etc. While improving product technologies, we attach great importance to
the innovation and upgrading of production technologies, and have gained certain effects in the integrated development of
informatization and industrialization. By promoting the integrated development of industrialization and informatization, we have
vigorously implemented intelligent manufacturing and built smart factories.
(V) Advantage in scale: Promote development in reliance on advantage in scale and increase benefits based on synergistic
effect
Our customers are well-known domestic and international hi-tech companies that have high purchase quantities, strict
requirements for the delivery of products, and high requirements for the scale of production and production efficiency of suppliers.
Through years of development and accumulation, we have grown into a supplier of core components for intelligent
interconnection with relatively strong overall capabilities in China. Our large scale of production can satisfy the purchase demands
of major downstream customers, creating a big advantage in scale. On the one hand, our scale advantage is helpful to reduce the
unit product production costs thanks to our strong purchasing bargaining power; on the other hand, we have gradually built global
procurement capabilities so that we have left competitors behind by integrating global resources, which further consolidates and
improves our position in the industry and enhances our core competitiveness.
(VI) Advantage in internationalization: Promote the establishment of a “dual circulation” development pattern
We closely follow the national development strategies, actively take part in global economic competitions, and continuously
enhance the integration of high-quality resources of the industry. In recent years, we have established operating entities with
different functions in North America, Europe, Southeast Asia and other countries and regions. Under the main strategy of “two-
wheel drive”, we focus on the two key fields of consumer electronics and new energy vehicles. In order to actively respond to the
demands of customers, we have accelerated the construction of overseas production bases, and have achieved proper expansion.
We continuously enhance our overseas talent force to further improve our international operating capabilities, which facilitates a
new layout of domestic and international development enhancing each other, so as to actively respond to the complex competition
environment.
III. Analysis of Primary Business
In the first half of 2025, we seized the opportunity in the fast development of the electronic circuit industry while
continuously maintaining our competitive advantages in core parts of new energy vehicles, and actively promoted new product
R&D and customer development. Our continuous efforts for quality enhancement and efficiency improvement have led to stable
growth in operating benefits. During the reporting period, we completed a private placement to provide a solid fund guarantee for
the new strategic layout. Thanks to the breakthrough in AI technologies since the last year, which will result in additional capital
expenditures of cloud vendors in computing data centers, there will be an explosive growth in the demand for data servers and new
development opportunities for relevant industries. We make full use of our technologies and competencies in electronic circuits,
precision manufacturing, and other industries to quickly start the planning of new production capacity for high multi-layer circuit
boards, and seize the market opportunity of AI servers by taking active measures to acquire Source Photonics, hence entering the
optical module market. During the reporting period, we achieved the total operating revenue of RMB 16.955 billion, increased by
by 35.21% year on year. Our main endeavors from January to June 2025 are as follows:
DSBJ Semi-Annual Report 2025
Holding product innovation as the core driver of the Company, we maintained R&D investment, engaged in forward-looking
R&D, and planned and expanded into new industries while ensuring advanced technologies to constantly create competitive
products and services, hence continuously meeting the demands of the industries and customers.
We have built an efficient internal coordination mechanism through in-depth process management and control to effectively
improve operating benefits. The stable operation ensured healthy financial indicators and sufficient cash flows. Moreover, we
continuously improved our level of smart manufacturing with data governance as the key on the basis of advanced technologies
and a talent pool.
We implemented the measures of “combining recruitment with personal growth” and enhanced continuous investment in
corporate human resources. On the one hand, we attracted outstanding graduating students to build a talent pool through the
“Evergreen Plan”; on the other hand, we made active measures to optimize the internal system for talent development. Meanwhile,
by building a positive corporate culture and a competitive remuneration system, we have built an energetic, efficient, and
cooperative team to promote the high-quality development of the Company.
On the basis of the stable improvement in the consumer electronics business, we made use of our capabilities and advantages
to concentrate internal and external resources to gradually expand into new fields and industries. The reporting period witnessed
the continuous and stable growth in the operating revenue from the new energy business, which has built our reputation in the
industry. In the first half of this year, we started our efforts to acquire GMD from France and Source Photonics; these new
businesses will provide a solid foundation for the long-lasting sustainable development of the Company.
Year-on-year changes in key financial data
In RMB
The reporting The same period of
Y/Y % change Reason for change
period the previous year
Operating revenue 16,955,163,898.89 16,628,586,195.56 1.96%
Operating cost 14,650,499,235.90 14,455,695,057.51 1.35%
Selling expenses 157,942,605.07 198,461,411.65 -20.42%
Administrative expenses 547,561,939.49 513,932,018.38 6.54%
Primarily due to the high exchange
Financial expenses 29,546,958.47 -27,540,920.14 207.28% gains in the same period of the previous
year.
Primarily due to the increase in taxable
incomes in the current period, and the
Income tax expenses 201,934,636.13 124,174,716.66 62.62% decrease in deferred income tax assets
due to the reversion of the inventory
provision in the current period.
Net cash flows from operating
activities
Net cash flows from investing
-1,986,314,848.75 -1,813,918,499.58 -9.50%
activities
Net cash flows from financing Primarily due to the fundraising
activities through private placement of shares in
DSBJ Semi-Annual Report 2025
the current period.
Primarily due to the fundraising
Net increase in cash and cash
equivalents
the current period.
Whether there is a significant change in the components or sources of profits during the reporting period of the Company?
□ Applicable N/A
There have been no significant changes in the components or sources of profits during the reporting period of the Company.
Components of operating revenue
In RMB
The reporting period The same period of the previous year
Y/Y %
% of operating % of operating change
Amount Amount
revenue revenue
Total operating revenue 16,955,163,898.89 100% 16,628,586,195.56 100% 1.96%
By segment
Computer, communication
and others
Others 199,159,694.31 1.17% 106,814,087.87 0.64% 86.45%
By product
Electronic circuits 11,059,315,884.89 65.23% 10,850,236,100.11 65.25% 1.93%
LED display devices 285,852,926.70 1.69% 437,960,520.69 2.63% -34.73%
Touch panels and LCMs 3,048,999,533.55 17.98% 3,122,349,556.40 18.78% -2.35%
Precision components 2,361,835,859.44 13.93% 2,111,225,930.49 12.70% 11.87%
Others 199,159,694.31 1.17% 106,814,087.87 0.64% 86.45%
By region
Domestic market 3,787,323,865.50 22.34% 3,206,081,274.20 19.28% 18.13%
Overseas market 13,167,840,033.39 77.66% 13,422,504,921.36 80.72% -1.90%
Note: During the reporting period, the overall revenue from the new energy business was approximately RMB 4.94 billion, a year-
on-year increase of about 29.66%.
Segments, products, or regions representing more than 10% of operating revenue or profit
Applicable □ N/A
In RMB
Y/Y % change
Gross Y/Y % change in Y/Y % change
Operating revenue Operating cost in operating
margin operating cost in gross margin
revenue
By segment
Computer,
communication 16,756,004,204.58 14,521,655,805.67 13.33% 1.42% 0.79% 0.54%
and others
By product
Electronic
circuits
LED display
devices
Touch panels
and LCMs
Precision
components
By region
DSBJ Semi-Annual Report 2025
Domestic
market
Overseas market 13,167,840,033.39 10,999,898,076.82 16.46% -1.90% -3.36% 1.26%
In case of any adjustment to the statistic scale for primary business data, the primary business data of the most recent reporting
period as adjusted according to the statistic scale applied at the end of the reporting period
□ Applicable N/A
IV. Analysis of Non-primary Business
□ Applicable N/A
V. Analysis of Assets and Liabilities
In RMB
The end of the reporting period The end of the previous year Y/Y % Reason of material
Amount % of total assets Amount % of total assets change changes
Cash and bank
balances
Accounts
receivable
Inventories 6,408,328,579.03 13.38% 6,152,655,607.85 13.37% 0.01%
Investment
properties
Long-term equity
investment
Fixed assets 15,127,797,700.57 31.59% 13,595,191,232.40 29.55% 2.04%
Construction in
progress
Right-of-use
assets
Short-term
borrowings
Primarily due to the
increase in
consideration received
or receivable from
Contract liabilities 172,934,050.12 0.36% 122,562,435.14 0.27% 0.09% customers recognized in
accordance with the
revenue standards
during the reporting
period.
Long-term
borrowings
Lease liabilities 1,388,052,599.32 2.90% 1,351,518,837.18 2.94% -0.04%
DSBJ Semi-Annual Report 2025
Applicable □ N/A
In RMB
Whether it
Proportion
Controls for involves risk
Method of Mode of of overseas
Assets Amount Location guaranteeing the Income of material
acquisition operation assets to net
security of assets impairment
assets
loss
Its
Hong
HongKong R&D and manufacturing
Established 25,917,138,328.68 Kong, 488,079,869.70 49.10% No
Dongshan sales entity is located
China
in China
Its
Hong
Multek R&D and manufacturing
Established 5,334,328,434.99 Kong, 75,399,472.67 13.16% No
Group sales entity is located
China
in China
Applicable □ N/A
In RMB
Aggregate Impairment loss
Gain or loss on Amount Amount sold in
Opening changes in fair recognized in
Item changes in fair acquired in the the current Other changes Closing balance
balance value recorded the current
value current period period
in equity period
Financial assets
Derivative
financial assets
Investments in
other equity 63,212,376.92 2,023,546.31 65,235,923.23
instruments
Subtotal of
financial assets
Total 78,144,342.95 2,362,973.26 17,381,606.96 12,842,009.21 11,610,442.57 99,120,489.81
Financial
liabilities
Other changes
N/A
Is there a significant change in the measurement attributes for the Company’s main assets during the reporting period?
□ Yes No
In RMB
Closing balance Opening balance
Item
Type of Reason of Type of Reason of
Book balance Carrying value Book balance Carrying value
restriction restriction restriction restriction
Security
Cash and Security
deposit
bank 1,311,394,704.02 1,311,394,704.02 Pledge 1,828,730,869.92 1,828,730,869.92 Pledge deposit for
for notes,
balances notes, etc.
etc.
Accounts
receivable
DSBJ Semi-Annual Report 2025
Closing balance Opening balance
Item
Type of Reason of Type of Reason of
Book balance Carrying value Book balance Carrying value
restriction restriction restriction restriction
Accounts
Pledge of Pledge of
receivable 51,194,067.17 51,194,067.17 Pledge 47,745,743.70 47,745,743.70 Pledge
notes notes
financing
Security for
Fixed assets 690,336,250.99 190,880,378.32 Mortgage loans, sales
and leaseback
Right-of-use Finance
assets lease
Total 3,116,439,163.11 2,783,762,191.74 4,239,312,270.17 3,416,356,628.68
VI. Analysis of Investments
Applicable □ N/A
Amount of investment in the reporting Amount of investment in the previous
Y/Y % change
period (RMB) period (RMB)
□ Applicable N/A
□ Applicable N/A
(1) Investment in securities
□ Applicable N/A
We have not invested in any securities during the reporting period.
(2) Investment in derivatives
Applicable □ N/A
Applicable □ N/A
In RMB 0’000
% of net
Gain or Aggregate
Amount Amount assets at
Initial loss on changes in
Type of investment in Opening acquired in sold in the Closing the end of
investment changes fair value
derivatives balance the current current balance the
amount in fair recorded in
period period reporting
value equity
period
Commodity futures 16,561.58 14,342.2 1,668.5 0 31,149.03 23,557.37 23,602.37 1.13%
DSBJ Semi-Annual Report 2025
Total 16,561.58 14,342.2 1,668.5 0 31,149.03 23,557.37 23,602.37 1.13%
Hedge accounting
policies and principles
adopted for the
reporting period and
significant changes in None
such policies and
principles compared to
the previous reporting
period
Actual profit or loss
for the reporting The loss on commodity futures transactions recorded in profit or loss was RMB 16.685 million.
period
We prohibit any risky speculative behavior for the purpose of locking in costs and avoiding and preventing
Effect of hedging the risks of exchange rate and commodity price fluctuations, in order to better avoid and prevent the risks
associated with exchange rate and commodity price fluctuations and enhance our financial soundness.
Source of funds for
investment in Self-owned funds
derivatives
Analysis of risks
associated with the
derivatives held in the
current period
(including without
Refer to the Announcement of Commodity Futures Hedging Transactions (2024-096) disclosed by us on
limitation market risk,
December 7, 2024, for the relevant risk analysis and controls.
liquidity risk, credit
risk, operational risk
and legal risk) and
related risk control
measures
Changes in the market
price or fair value of
the derivatives held in
the current period (in
the analysis of the fair We are mainly engaged in hedging transactions with mainstream products on major domestic futures
value of derivatives, markets. The derivatives traded by us have a transparent and active market, and their transaction prices and
the specific settlement prices can fully reflect their fair value.
approaches,
assumptions and
parameters used shall
be disclosed)
Litigations involved
N/A
(if applicable)
Disclosure date of the
announcement of the
board of directors
December 7, 2024
approving the
investment in
derivatives (if any)
□ Applicable N/A
The Company did not have any derivative investment for speculative purposes during the reporting period.
DSBJ Semi-Annual Report 2025
Applicable □ N/A
(1) Summary of use of offering proceeds
Applicable □ N/A
In RMB 0’000
Tot Ag
al gre
am gat
oun e Total
t of am amo
offe oun unt
ring t of Percent of
Ratio of pro off age of offer
used cee eri offerin ing
Total offering ds ng g proc
Listi Aggregate
Met amount of proceeds the pro procee Total eeds
ng Total Net amount of Purpose and
hod offering at the pur cee ds the amount of that
Year of date offering offering offering whereabouts of
of proceeds end of pos ds purpos unused have
offering of proceed proceeds proceeds unused offering
offe used in the e of the e of offering rema
secur s (1) already proceeds
ring the current reporting whi pur which proceeds ined
ities used (2)
period period ch pos has unus
(3) = (2) was e of been ed
/ (1) cha whi change for
nge ch d more
d in has than
the bee two
curr n years
ent cha
peri nge
od d
As of June 30,
raised RMB
Priv
(including
ate
interest incomes
plac
June net of handling
eme
nt
of
funds are
shar
deposited in a
es
special account
opened by the
Company for
raised funds.
Total -- -- 140,400 139,151.25 79,382.26 79,382.26 57.05% 0 0 0.00% 59,770.76 -- 0
Description of the overall use of the offering proceeds
With the approval of the CSRC under the Reply on the Registration of Private Placement of Shares by Suzhou Dongshan Precision Manufacturing Co., Ltd. (Zheng
Jian Xu Ke [2025] No. 911), we privately offered 125,693,822.00 RMB-denominated ordinary A-shares at the offer price of RMB 11.17 per share to YUAN
Yonggang and YUAN Yongfeng through the lead underwriter Guotai Haitong Securities Co., Ltd., and raised RMB 1,403,999,991.74 in total, and after deduction of
the underwriter’s fee and sponsor’s fee (tax inclusive) totaling RMB 8,480,000.00 (excluding the prepayment of RMB 1,060,000.00), the balance of the offering
DSBJ Semi-Annual Report 2025
proceeds, RMB 1,395,519,991.74, was remitted to our supervisory account of offering proceeds by Guotai Haitong Securities Co., Ltd. on June 11, 2025. After the
deduction of the information disclosure expenses, accountant’s fee, attorney’s fee, issuance registration and other external costs directly relating to the offering of
equity securities, totaling RMB 3,487,447.01 (tax exclusive), and after the deduction of the sponsor’s fees of RMB 1,000,000.00 (tax exclusive) prepaid by the
Company with its own funds, the amount of net offering proceeds was RMB 1,391,512,544.73. Pan-China Certified Public Accountants LLP verified the receipt of
such offering proceeds, and issued the Capital Verification Report (PCCPA Capital Verification [2025] No. 5-2).
(2) Committed investment projects using offering proceeds
Applicable □ N/A
In RMB 0’000
Aggre
Whet gate Progre
Wheth
her amoun ss of Whet
Date Cumula er
the t invest Inco her
Committe Amou when tive there’s
proje Total alread ment me the
d Total nt the benefits any
Name Listin ct has invest y as of earn projec
investmen commi invest proje realized signifi
of g date been ment investe the end ed in t has
t project Nature of tted ed in ct is as of cant
financi of chan amount d as of of the the produ
and use of project invest the ready the end change
ng securi ged as the reporti curre ced
over- ment curren for its of the in the
project ties or adjuste end of ng nt the
raised amount t inten reportin feasibi
partia d (1) the period perio desire
funds period ded g lity of
lly reporti (3) d d
use period the
chan ng =(2)/(1 result
project
ged period )
(2)
Committed investment project
Private
Replenish Replenish
place June
ment of ment of 140,40 140,40 79,382 79,382 56.54
ment 27, No 0 0 N/A No
working working 0 0 .26 .26 %
of 2025
capital capital
shares
Subtotal -- -- -- -- --
Use of over-raised funds
N/A N/A N/A N/A No
Total -- -- -- 0 0 -- --
Failure to meet
the scheduled
progress and
produce the
desired result
and reason
thereof (please
describe on a
project-by-
N/A
project basis,
including the
reason for
selecting N/A in
the column
“whether the
project has
produced the
desired result”)
DSBJ Semi-Annual Report 2025
Reason for
significant
change in the N/A
feasibility of the
project
Amount and use
of over-raised
offering
N/A
proceeds and
progress of use
thereof
Cases of
changing the
purpose of
offering
proceeds or
N/A
misappropriating
offering
proceeds in
violation of
regulations
Change in the
place of the
committed N/A
investment
project
Adjustment of
the method of
implementation
N/A
of the committed
investment
project
Funds pre-
invested in the
investment
N/A
project and
replacement
thereof
Temporary
replenishment of
working capital
N/A
with the idle
offering
proceeds
Amount of
surplus offering
N/A
proceeds and
reason thereof
Purpose and
whereabouts of As of June 30, 2025, we have raised RMB 597.7076 million (including interest incomes net of handling fees), and the remaining raised
unused offering funds are deposited in a special account opened by the Company for raised funds.
proceeds
Problems or any
None
other issues in
DSBJ Semi-Annual Report 2025
the use and
disclosure of
offering
proceeds
(3) Changes in the committed investment projects using offering proceeds
□ Applicable N/A
We made no change in the committed investment projects using offering proceeds.
VII. Sale of Material Assets and Equities
□ Applicable N/A
No material asset has been sold during the reporting period.
□ Applicable N/A
VIII. Analysis of Major Subsidiaries and Investee Companies
Applicable □ N/A
Major subsidiaries and investee companies representing more than 10% of the net profit of the Company
In RMB
Company Type of Registered Operating Operating
Primary business Total assets Net assets Net profit
name company capital revenue profit
Design, R&D, sales
and after-sales
HongKong HKD
Subsidiary services in respect of 25,917,138,328.68 10,247,326,797.90 16,561,145,566.61 616,159,456.38 488,079,869.70
Dongshan 10,000,000
electronic circuits;
investment holding
Design, R&D, sales
and after-sales
Multek USD
Subsidiary services in respect of 5,334,328,434.99 2,746,060,680.71 2,229,234,066.86 95,655,782.88 75,399,472.67
Group 218248360.27
electronic circuits;
investment holding
Subsidiaries acquired or disposed of during the reporting period
□ Applicable N/A
Information about main subsidiaries and investee companies
None
IX. Structured Entities Controlled by the Company
□ Applicable N/A
X. Risk Exposures to the Company and Countermeasures
We have good customer resources. Our major customers are well-known domestic and international companies in the
relevant industries that are of sound credit and have established stable cooperation relationships with us. However, our top 5
DSBJ Semi-Annual Report 2025
customers constitute a large proportion of our total sales revenue, which may further increase in the future. Any material adverse
change in the business situation of such major customers could have an adverse effect on our business.
We will give full play to our advantages, make active deployment in the new energy, AI, optical modules, and other
emerging industries and strive to develop new customers, in order to mitigate the adverse effect of the relative concentration of
customers on us.
Our business covers electronic circuits, photoelectric display, precision manufacturing and other technology-intensive
industries, and our products are widely applied in consumer electronics, new energy vehicles, communication equipment,
industrial equipment, AI, medical appliances and other fields, all of which are characterized by rapid technology upgrading. If our
R&D and manufacturing capabilities fail to keep pace with the rapid technology upgrading of downstream products, our products
and technologies may become obsolete.
We will follow up on the new technologies and new processes of the industry from the strategic perspective, and strive to
keep our technologies and processes at an advanced level through continuous and effective R&D funding.
Our major customers are internationally well-known enterprises, and the incomes from overseas sales account for a high
proportion. Though China has established good economic and trade cooperation relationships with major countries in the world,
the increasingly fierce regional frictions in recent years may cause uncertainties in the applicable trade policies, which could affect
our international trade.
We will follow up on the development of international trade frictions, enhance communication with our customers, and
continue to enhance our competencies and customer adhesion.
We are a strong R&D and manufacturing enterprise in the fields of electronic circuits, photoelectric display and precision
manufacturing. Due to our stable product quality and efficient customer services, we have remarkable competencies, and are able
to provide the downstream enterprises with “one-stop” products and services, and satisfy their demands for systemic
manufacturing solutions. However, our downstream industries are characterized by rapid upgrading and rapid changes in the
preferences of consumers, among others. If our major customers are at a disadvantage in the market, or we are unable to satisfy the
demands of customers in a timely manner or fail to acquire new customers, the sales and margin rate of our products may decrease.
We will continue our efforts in customer and market development, and continue to increase R&D funding, optimize our
product mix and process structure, enhance our competencies, and actively cope with market competition.
In our production, the electroplating, etching and other processes produce waste water, waste gases and solid wastes, and
therefore are subject to strict requirements for environmental protection. We cannot exclude the possibility that environmental
incidents may happen during our production due to negligence in management, force majeure or otherwise. If we meet with any
environmental incident, cause pollution to the environment or violate the applicable environmental protection laws and regulations,
our reputation and operations could be adversely affected. Along with the vigorous development of a green and low-carbon
circular economic development system and improvement of people’s living standard in China, and increasingly enhanced
awareness of environmental protection of people, the country attaches increasingly great importance to environmental protection.
If the country puts forward stricter environmental protection requirements, we may need to increase the funding for environmental
protection, which would increase our environmental protection costs and in turn affect our results.
DSBJ Semi-Annual Report 2025
We have set the building of an environment-friendly enterprise as a key goal of our sustainable development strategy,
attached great importance to and increased the funding for environmental protection in our production and operation, actively
responded to the requirements of the latest environmental protection laws and regulations, enhanced environmental protection
training and employees’ awareness of environmental protection, taken control measures at source, established and improved the
environmental management system, and implemented the requirements related to environmental safety in all of our key business
activities, to reduce the environmental risks.
Export sales constitute a large proportion of our total sales revenue. Because our day-to-day operation involves transactions
in USD and other foreign currencies, and our consolidated accounts are presented in RMB, the changes in the exchange rate
between RMB and USD may cause foreign exchange risk to our future operations.
We will keep a close watch on the changes in the relevant foreign exchange rates, strive to control the exposure to foreign
exchange risk at a reasonable level, and hedge or otherwise reduce exposure to such risk.
XI. Formulation and Implementation of Market Value Management System and Valuation
Improvement Plan
Whether the Company has formulated a market value management system?
Yes □ No
Whether the Company has disclosed a valuation improvement plan?
□ Yes No
For details, refer to the Market Value Management System disclosed on www.cninfo.com.cn.
XII. Implementation of the Action Plan to Improve the Quality and Returns
Whether the Company has disclosed its action plan announcement to improve the quality and returns?
Yes □ No
In the first half of 2025, we actively responded to the special campaign of “Enhancing Quality and Returns” by strengthening
business management, improving core competitiveness, profitability, and comprehensive risk management capabilities, promoting
sustainable development, and delivering returns to investors. Meanwhile, we adhere to the principle of investor orientation, and,
through outstanding performance, sound governance, and high-quality information disclosure, we actively reward investors,
enhance their sense of gain, and contribute to stabilizing the market and boosting confidence.
DSBJ Semi-Annual Report 2025
Section IV Corporate Governance, Environment, and Society
I. Changes in Directors, Supervisors and Senior Executives
□ Applicable N/A
There has been no change in our directors, supervisors and senior executives during the reporting period, as detailed in the Annual
Report 2024.
II. Particulars of Profit Distribution and Transfer of Capital Reserve to the Share Capital
for the Reporting Period
□ Applicable N/A
We have no plan to pay cash dividends, distribute bonus shares or convert any capital reserve to the share capital during the
reporting period.
III. Share Incentive Plans, Employee Stock Ownership Plans or Other Employee Incentives
□ Applicable N/A
The Company did not implement share incentive plans, employee stock ownership plans or other employee incentives during the
reporting period.
IV. Disclosure of Environment Information
Whether the Listed Company and its major subsidiaries are included in the list of enterprises to disclose environment information
in accordance with law
Yes □ No
Number of enterprises included in the list of enterprises to
disclose environment information in accordance with law
Index for the query of environment information reports disclosed in
No. Enterprise name
accordance with law
Official website of the Department of Ecology and Environment of
Suzhou Dongshan Precision Manufacturing Co., Jiangsu Province (http://sthjt.jiangsu.gov.cn/) – “Environmental
Ltd. Protection Faces” Information Disclosure Platform – Lawful
Enterprise Information Disclosure
The Department of Ecology and Environment of Guangdong
Information (https://gdee.gd.gov.cn/gdeepub/front/dal/dal/newindex)
The Department of Ecology and Environment of Guangdong
Information (https://gdee.gd.gov.cn/gdeepub/front/dal/dal/newindex)
The Department of Ecology and Environment of Guangdong
Information (https://gdee.gd.gov.cn/gdeepub/front/dal/dal/newindex)
Official website of the Department of Ecology and Environment of
Yancheng Dongshan Precision Manufacturing Jiangsu Province (http://sthjt.jiangsu.gov.cn/) – “Environmental
Co., Ltd. Protection Faces” Information Disclosure Platform – Lawful
Enterprise Information Disclosure
Official website of the Department of Ecology and Environment of
Protection Faces” Information Disclosure Platform – Lawful
DSBJ Semi-Annual Report 2025
Enterprise Information Disclosure
Official website of the Department of Ecology and Environment of
Jiangsu Province (http://sthjt.jiangsu.gov.cn/) – “Environmental
Protection Faces” Information Disclosure Platform – Lawful
Enterprise Information Disclosure
Official website of the Department of Ecology and Environment of
Jiangsu Province (http://sthjt.jiangsu.gov.cn/) – “Environmental
Protection Faces” Information Disclosure Platform – Lawful
Enterprise Information Disclosure
Official website of the Department of Ecology and Environment of
Jiangsu Province (http://sthjt.jiangsu.gov.cn/) – “Environmental
Protection Faces” Information Disclosure Platform – Lawful
Enterprise Information Disclosure
Official website of the Department of Ecology and Environment of
Yancheng Dongchuang Precision Jiangsu Province (http://sthjt.jiangsu.gov.cn/) – “Environmental
Manufacturing Co., Ltd. Protection Faces” Information Disclosure Platform – Lawful
Enterprise Information Disclosure
V. Social Responsibility
Upholding the idea of “integration of enterprise development with social responsibility”, and under the mission of “building a
better connected world for tomorrow”, we have continuously improved the governance system to include the concerns of
stakeholders, the creation of social value, and the environment sustainable development into our core decision-making, so as to
seriously fulfill the responsibilities as a corporate citizen and promote the economic and social high-quality development.
Safeguarding the interests of suppliers and customers
On the basis of our business strategy, we strive to create a fair purchase environment, optimize the whole-life cycle supplier
management, and implement risk identification, assessment, management, control, and monitoring at every stage of the supply
chain, so as to continuously build a competitive, resilient, and sustainable supply chain to safeguard the efforts for “building a 100-
billion advanced and intelligent manufacturing platform”. Meanwhile, we insist on the “customer-centric” approach to incorporate
customers’ requirements and high-standard quality requirements into the whole process consisting of product designing, R&D,
procurement, production, sales, and after-sales services. We endeavor to achieve quick response and effective handling of
customers’ requests during the whole life cycle of products, hence providing customers with high-quality products and satisfactory
services.
Employee care and rights protection
We strictly abide by laws, regulations, and policies by establishing a comprehensive labor and human rights management
system and providing diversified communication channels to ensure a harmonious and inclusive working environment for
employees. Meanwhile, we make continuous efforts to improve our talent development system and enhance humanistic care to
improve the sense of belonging and worthiness of employees. In addition, through projects intended for the care of disabled
employees and integrated employment projects, we promote the integrated employment of disabled persons to expand their career
paths and help them live on their own.
Ecological and environmental protection
We have always incorporated the idea of green development into our core businesses to operate the business of core parts for
new energy vehicles, so as to stably promote the green and high-quality development. Meanwhile, we incorporate the building of a
beautiful environment and the requirements of ecological and environmental protection into the whole operating process, and
achieve the coordinated development of economic benefits with environmental protection by introducing new materials, new
DSBJ Semi-Annual Report 2025
equipment, new processes, and new technologies, optimizing energy and resource management, and reducing resource
consumption and waste at various operating stages.
Rural revitalization and social contribution
We firmly believe in “corporate development based on society, and give feedback to society with development achievements”
and always integrate social responsibility into our development by: implementing local procurement and recruitment to develop
regional economy; engaging public welfare education, voluntary services, and rural revitalization, where we took active measures
to organize employees in public welfare activities to fulfill our commitments on giving back to society. In the field of student aid,
we made precise efforts to implement assistance plans or set up student aid funds to help students in need, improve their living and
learning environment, and light up the “light of dreams”.
DSBJ Semi-Annual Report 2025
Section V Significant Matters
I. Covenants made by the actual controllers, shareholders, affiliates and acquirer of the
Company, the Company itself and other related parties that have been fulfilled during the
reporting period or that fail to be fulfilled on time as of the end of the reporting period
Applicable □ N/A
Validity
Background of Type of Time of period of Status of
Covenantor Content of covenant
covenant covenant covenant the fulfillment
covenant
Each of the shareholders YUAN Yongfeng and YUAN Yonggang, as director and senior As of the end
Covenants executive of the Company, covenants that so long as I remain a director and senior executive of the reporting
YUAN Yongfeng related to of the Company, I will not transfer more than 25% of the total shares held by me in the period, the
April 9, Permanently
and YUAN restrictions on Company each year; and if I cease to be a director and senior executive of the Company, I will covenantors
Yonggang the sale of not transfer any shares held by me in the Company within half a year, and will not transfer have complied
shares more than 50% of the total shares held by me in the Company through the stock exchange with such
within 12 months thereafter. covenants.
Covenants
As of the end
related to
of the reporting
horizontal
YUAN Yongfeng, Covenants related to horizontal competition: Each of the shareholders YUAN Yonggang, period, the
competition, April 9, Permanently
YUAN Yonggang YUAN Yongfeng, and YUAN Fugen covenants that I do not, directly or indirectly, engage in covenantors
related-party 2010 binding
and YUAN Fugen any business in competition with the business actually conducted by the Company. have complied
transactions and
with such
occupation of
covenants.
funds
Covenants related to horizontal competition: Each of the shareholders YUAN Yonggang,
YUAN Yongfeng, and YUAN Fugen covenants that after the completion of this material asset
Covenants restructuring, I will not, directly or through any affiliate, participate or engage in any business
As of the end
related to that substantially competes or might compete with the business of the Company; and if any
of the reporting
horizontal product manufactured or business conducted by any entity wholly owned, controlled or
Covenant relating to YUAN Yongfeng, period, the
competition, invested by me in the future competes or might compete with the Company, at the request of June 11, Permanently
initial public offering or YUAN Yonggang covenantors
related-party the Company, I will transfer all of the investment or shares held by me in such entity, give 2018 binding
subsequent fundraisings and YUAN Fugen have complied
transactions and priority to the Company or its wholly-owned subsidiary in the acquisition of such investment
with such
occupation of or shares subject to the applicable laws and regulations, and use my best efforts to procure that
covenants.
funds the transfer price will be determined on an arm’s length basis; and if I or any of my affiliates
breaches any covenant set forth above, I will indemnify the Company and other shareholders
for the damages arising therefrom according to law.
Covenants related to the regulation and reduction of related-party transactions: Each of the
shareholders YUAN Yonggang, YUAN Yongfeng, and YUAN Fugen covenants that (i) I and
my affiliates will avoid or reduce related-party transactions with the Company to the
maximum extent practicable; (ii) with respect to the related-party transactions that are
Covenants
unavoidable or necessary, I will abide by the principle of justice, fairness and openness, enter As of the end
related to
into the relevant agreements according to law, perform the legal procedures pursuant to the of the reporting
horizontal
YUAN Yongfeng, applicable laws, regulations, normative documents, the Articles of Association and other period, the
competition, June 11, Permanently
YUAN Yonggang relevant provisions of the Company, ensure that such related-party transactions are fair, covenantors
related-party 2018 binding
and YUAN Fugen comply with the regulations, and will not damage the legitimate rights and interests of the have complied
transactions and
Company and other shareholders, and make the relevant information disclosures promptly in with such
occupation of
accordance with the requirements of the applicable laws, regulations and normative covenants.
funds
documents; and (iii) I will exercise the shareholder rights in strict accordance with the
Company Law and other applicable laws and regulations, and the relevant provisions of the
Articles of Association of the Company, and abstain from the voting on the related-party
transactions involving me and other entities controlled by me at the general meeting of the
DSBJ Semi-Annual Report 2025
Validity
Background of Type of Time of period of Status of
Covenantor Content of covenant
covenant covenant covenant the fulfillment
covenant
Company in accordance with the relevant provisions.
I. Within six months from the base date for pricing (March 13, 2024) for the private placement
of shares, I and the affiliates under my control have not sold the shares of DSBJ; II. From the
As of the end
base date for pricing to the expiration of eighteen months after the private placement of DSBJ
Covenant not to of the reporting
is completed, I and the affiliates under my control will neither sell DSBJ’s shares in any form
YUAN Yongfeng sell the period, the
nor have any plan of selling DSBJ’s shares; and III. My covenant is an irrevocable covenant, December Permanently
and YUAN Company’s covenantors
which shall be binding on me and the affiliates under my control from the execution date of 18, 2024 binding
Yonggang shares during a have complied
this covenant, and the transferee under the share transfer described above shall inherit this
specific period with such
covenant; if I and the affiliates under my control sell shares in violation of this covenant, all
covenants.
the proceeds from selling such shares shall be owned by DSBJ and I shall be fully responsible
for all the legal liabilities arising therefrom.
As of the end
I will not transfer, sell, or otherwise dispose of the shares of DSBJ I purchased this time within of the reporting
YUAN Yongfeng Commitment on 36 months from the end date (namely, the first date when the new shares are listed) of the period, the
June 10, June 27,
and YUAN lock-up of private placement of shares. After the private placement is completed, additional shares arising covenantors
Yonggang shares from the bonus shares, shares transferred from reserves, or otherwise shall also be subject to have complied
the foregoing provisions on the lockup period. with such
covenants.
Covenant regarding the remedial measures against dilution of current earnings caused by the
private placement: Each of the directors and senior executives of the Company covenants that:
(i) I will not transfer benefits to any other entity or individual without compensation or on
unfair terms, or otherwise damage the interests of the Company; (ii) I will exercise self-
discipline in consumption in performing my duties; (iii) I will not use the assets of the
YUAN Yongfeng, As of the end
Company to engage in any investment or consumption activities not in connection with my
YUAN Yonggang, of the reporting
duties; (iv) I will link the compensation system adopted by the Board of Directors or the
ZHAO Xiutian, period, the
Compensation Committee with the implementation of the Company’s remedial measures October Permanently
Other covenants SHAN Jianbin, Other covenants covenantors
against dilution of current earnings; (v) if the Company implements any share incentive plan 10, 2019 binding
WANG Xu, MAO have complied
in the future, I will link the vesting conditions under such share incentive plan with the
Xiaoyan and MA with such
implementation of the Company’s remedial measures against dilution of current earnings; and
Liqiang covenants.
(vi) I will seriously implement the Company’s remedial measures against dilution of current
earnings, and abide by the relevant covenants made by me; and if I breach any covenant set
forth above, I will indemnify the Company or the investors for the losses arising therefrom
according to law, and accept the punishments that the competent regulatory authorities may
impose on me.
Covenant regarding the remedial measures against dilution of current earnings caused by the As of the end
private placement: Each of the controlling shareholders and actual controllers of the Company of the reporting
YUAN Fugen,
covenants that I will not interfere with the management and operation of the Company beyond period, the
YUAN Yongfeng October Permanently
Other covenants Other covenants my powers, or infringe on the interests of the Company; and as the person responsible for the covenantors
and YUAN 17, 2019 binding
serious implementation of the remedial measures against dilution of current earnings, if I have complied
Yonggang
breach or refuse to fulfill any covenant set forth above, I will assume the relevant liabilities with such
according to law. covenants.
To ensure the effective implementation of the remedial measures against dilution of earnings
to be taken by the Company, each of the controlling shareholders and actual controllers of the
Company covenants that: “(i) I will not interfere with the management and operation of the
As of the end
Company beyond my powers, or infringe on the interests of the Company; (ii) from the date of
of the reporting
YUAN Fugen, this Letter of Undertaking till the completion of this offering, in case of any new regulatory
period, the
YUAN Yongfeng provisions promulgated by the CSRC or the SZSE regarding the remedial measures against March 12, Permanently
Other covenants Other covenants covenantors
and YUAN dilution of earnings and related covenants, as a result of which the covenants set forth above 2024 binding
have complied
Yonggang no longer comply with such new provisions, I will make additional covenants in accordance
with such
with such new provisions; and (iii) I will seriously implement the remedial measures against
covenants.
dilution of earnings adopted by the Company and fulfill my covenants in connection
therewith, and if I breach or refuse to fulfill any covenant set forth above, accept the penalties
or other regulatory actions that may be imposed or taken by the CSRC, the SZSE or other
DSBJ Semi-Annual Report 2025
Validity
Background of Type of Time of period of Status of
Covenantor Content of covenant
covenant covenant covenant the fulfillment
covenant
competent securities authorities against me, and indemnify the Company or the investors for
the losses arising therefrom according to law.”
To ensure the effective implementation of the remedial measures against dilution of earnings
to be taken by the Company, each of the directors and senior executives of the Company
covenants that: “(i) I will not transfer benefits to any other entity or individual without
compensation or on unfair terms, or otherwise damage the interests of the Company; (ii) I will
exercise self-discipline in consumption in performing my duties; (iii) I will not use the assets
of the Company to engage in any investment or consumption activities not in connection with
my duties; (iv) I will link the compensation system adopted by the Board of Directors or the As of the end
YUAN Yongfeng,
Compensation Committee with the implementation of the Company’s remedial measures of the reporting
YUAN Yonggang,
against dilution of current earnings; (v) if the Company implements any share incentive plan period, the
ZHAO Xiutian, March 12, Permanently
Other covenants Other covenants in the future, I will link the vesting conditions under such share incentive plan with the covenantors
SHAN Jianbin, 2024 binding
implementation of the Company’s remedial measures against dilution of current earnings; (vi) have complied
WANG Xu and
from the date of this Letter of Undertaking till the completion of this offering, in case of any with such
MAO Xiaoyan
new regulatory provisions promulgated by the CSRC or the SZSE regarding the remedial covenants.
measures against dilution of earnings and related covenants, as a result of which the covenants
set forth above no longer comply with such new provisions, I will make additional covenants
in accordance with such new provisions; and (vii) I will seriously implement the remedial
measures against dilution of earnings adopted by the Company and fulfill my covenants in
connection therewith, and if I breach any covenant set forth above, indemnify the Company or
the investors for the losses arising therefrom according to law.”
Whether the covenants
have been fulfilled on Yes
time
If any covenant fails to
be fulfilled on time,
please explain the
N/A
reason and the relevant
actions to be taken in
detail
II. Occupation by the Controlling Shareholders and their Affiliates of the Funds of the
Listed Company for Non-operating Purpose
□ Applicable N/A
Our controlling shareholders and their affiliates have not occupied our funds for non-operating purposes during the reporting
period.
III. External Guarantees in Violation of the Regulations
□ Applicable N/A
We have not provided any external guarantee in violation of the applicable regulations during the reporting period.
IV. Engagement and Termination of Engagement of Accounting Firm
Has the semi-annual financial report been audited?
□ Yes No
The semi-annual report has not been audited.
DSBJ Semi-Annual Report 2025
V. Explanation by the Board of Directors and the Board of Supervisors about the Modified
Auditor’s Report Issued by the Accounting Firm for the Reporting Period
□ Applicable N/A
VI. Explanation by the Board of Directors about the Modified Auditor’s Report of the
Previous Year
□ Applicable N/A
VII. Matters Relating to Bankruptcy and Reorganization
□ Applicable N/A
We have not been involved in any bankruptcy or reorganization proceedings during the reporting period.
VIII. Litigation
Material litigation and arbitration proceedings
□ Applicable N/A
We have not been involved in any material litigation or arbitration proceedings during the reporting period.
Other litigation proceedings
□ Applicable N/A
IX. Punishments and Rectifications
□ Applicable N/A
We have not been involved in any punishment and rectification during the reporting period.
X. Credit Standing of the Company and its Controlling Shareholders and Actual
Controllers
□ Applicable N/A
XI. Material Related-party Transactions
□ Applicable N/A
There has been no related-party transaction relating to day-to-day operation during the reporting period.
□ Applicable N/A
There has been no related-party transaction involving the acquisition or sale of assets or equities during the reporting period.
DSBJ Semi-Annual Report 2025
□ Applicable N/A
There has been no related-party transaction involving joint external investment during the reporting period.
□ Applicable N/A
There has been no debt owed by or to related parties during the reporting period.
□ Applicable N/A
There has been no deposit, loan, facility or other financial business between us and any of our affiliated financial companies.
□ Applicable N/A
There has been no deposit, loan, facility or other financial business between any of our controlled financial companies and
affiliates.
□ Applicable N/A
XII. Particulars and Performance of Material Contracts
(1) Trusteeship
□ Applicable N/A
No such case during the reporting period.
(2) Contracting
□ Applicable N/A
No such case during the reporting period.
(3) Leases
□ Applicable N/A
No such case during the reporting period.
Applicable □ N/A
In RMB 0’000
DSBJ Semi-Annual Report 2025
External guarantees provided by the Company and its subsidiaries (excluding those provided for the subsidiaries)
Disclosure date of Whether or
Maximum Effective Collateral Counter Whether
announcement of Actual amount Type of Term of not provided
Obligor amount date of (if guarantee (if or not
the maximum guaranteed guarantee guarantee for a related
guaranteed guarantee applicable) applicable) expired
amount guaranteed party
Joint and
Suzhou Toprun Electric Equipment several
Co., Ltd. liability
guarantee
Shanghai Fu Shan Precision
Manufacturing Co., Ltd.
Total amount of external guarantee
Total amount of external guarantee approved during the
reporting period (A1)
reporting period (A2)
Total amount of external guarantee
Total amount of external guarantee approved as at the end of
the reporting period (A3)
reporting period (A4)
Guarantees provided by the Company for its subsidiaries
Disclosure date of Whether or
Maximum Effective Collateral Counter Whether
announcement of Actual amount Type of Term of not provided
Obligor amount date of (if guarantee (if or not
the maximum guaranteed guarantee guarantee for a related
guaranteed guarantee applicable) applicable) expired
amount guaranteed party
Dragon Electronix Holdings Inc.
and its subsidiaries
Hong Kong Dongshan Holding
Limited and its subsidiaries
Multek Group (Hong Kong) Limited
and its subsidiaries
Chaowei Microelectronics
(Yancheng) Co., Ltd.
Suzhou JDI Electronics Inc. 20,000 14,900
Mutto Optronics Technology Co.,
Ltd.
Suzhou RF Top Electronic
Communication Co., Ltd.
Suzhou Chengjia Precision
Manufacturing Co., Ltd.
Suzhou Yongchuang
Communication Technology Co., 80,000 4,000
Ltd.
Yancheng Dongchuang Precision
Manufacturing Co., Ltd.
Yancheng Dongshan Precision
Manufacturing Co., Ltd.
Yancheng Dongshan
Communication Technology Co., 3,000
Ltd.
Suzhou Dongyue New Energy
Technology Co., Ltd.
Total amount of guarantee actually
Total amount of guarantee approved to be provided for
subsidiaries during the reporting period (B1)
reporting period (B2)
Total amount of guarantee actually
Total amount of guarantee approved to be provided for
subsidiaries as at the end of the reporting period (B3)
end of the reporting period (B4)
DSBJ Semi-Annual Report 2025
Guarantees provided by subsidiaries for each other
Disclosure date of Whether or
Maximum Effective Collateral Counter Whether
announcement of Actual amount Type of Term of not provided
Obligor amount date of (if guarantee (if or not
the maximum guaranteed guarantee guarantee for a related
guaranteed guarantee applicable) applicable) expired
amount guaranteed party
Total amount of guarantee actually
Total amount of guarantee approved to be provided for
subsidiaries during the reporting period (C1)
reporting period (C2)
Total amount of guarantee actually
Total amount of guarantee approved to be provided for
subsidiaries as at the end of the reporting period (C3)
end of the reporting period (C4)
Total amount of guarantee provided by the Company
Total amount of guarantee actually
Total amount of guarantee approved during the reporting
period (A1+B1+C1)
(A2+B2+C2)
Total amount of guarantee actually
Total amount of guarantee approved as at the end of the
reporting period (A3+B3+C3)
reporting period (A4+B4+C4)
Ratio of the total amount of guarantee actually provided (A4+B4+C4) to the net assets of
the Company
Incl.:
Outstanding guarantees provided for shareholders, actual controllers and their affiliates (D) 0
Outstanding guarantees directly or indirectly provided for obligors whose debt-to-assets
ratio exceeds 70% (E)
Portion of the total amount of guarantee in excess of 50% of the net assets (F) 0
Total (D+E+F) 159,042.02
Applicable □ N/A
In RMB 0’000
Impairment loss
recognized for overdue
Type Source of funds Total amount Outstanding amount Overdue amount
wealth management
products
Bank wealth
Self-owned funds 277,306.88 75,481.02 0 0
management product
Total 277,306.88 75,481.02 0 0
High-risk entrusted wealth management products that are significant individually, illiquid or not principal-protected
□ Applicable N/A
Entrusted wealth management products the principal of which may be unrecoverable or which may otherwise be impaired
□ Applicable N/A
□ Applicable N/A
We have not entered into any other material contract during the reporting period.
DSBJ Semi-Annual Report 2025
XIII. Other Significant Matters
□ Applicable N/A
There’s no other significant matter needing to be explained for the reporting period.
XIV. Significant Matters of Subsidiaries
□ Applicable N/A
DSBJ Semi-Annual Report 2025
Section VI Changes in Shares and Shareholders
I. Changes in Shares
In Shares
Before the change Change (+/-) After the change
Capitalization
Bonus
Number % New shares of capital Others Subtotal Number %
shares
reserves
I. Non-tradable shares 319,591,987 18.73% 125,693,822 125,693,822 445,285,809 24.31%
owned corporations
domestic investors
Incl.: Shares held by
domestic non-State-owned
corporations
Shares held by
domestic natural persons
investors
Incl.: Shares held by
foreign corporations
Shares held by foreign
natural persons
II. Tradable shares 1,386,321,723 81.27% 1,386,321,723 75.69%
ordinary shares
denominated shares listed
domestically
denominated shares listed
overseas
III. Total shares 1,705,913,710 100.00% 125,693,822 125,693,822 1,831,607,532 100.00%
Reasons for changes in shares
Applicable □ N/A
With the approval of Shenzhen Stock Exchange and CSRC, the 125,693,822 RMB-denominated ordinary shares issued by the
Company at the issuance price of RMB 11.17 per share were listed on Shenzhen Stock Exchange on June 27, 2025; after the
issuance, the total shares of the Company increased from 1,705,913,710 shares to 1,831,607,532 shares.
DSBJ Semi-Annual Report 2025
Approval for changes in shares
Applicable □ N/A
On March 10, 2025, the Company received the Notification Letter of the Opinions of the Review Center on the Private Placement
of Shares by Suzhou Dongshan Precision Manufacturing Co., Ltd. issued by the Listing Review Center of Shenzhen Stock
Exchange, stating that the listing review institution of Shenzhen Stock Exchange reviewed the application documents for private
placement of shares, and concluded that the Company met the issuance conditions, listing conditions, and information disclosure
requirements. On April 28, 2025, the Company received the Reply on the Registration of Private Placement of Shares by Suzhou
Dongshan Precision Manufacturing Co., Ltd. (Zheng Jian Xu Ke (2025) No. 911) (effective date of registration: April 23, 2025),
which approved the request for registration of private placement of shares by the Company.
Transfer of shares in relation to the changes
Applicable □ N/A
We have completed the registration and custody formalities for the newly issued shares with China Securities Depository and
Clearing Co., Ltd. Shenzhen Branch on June 18, 2025, and China Securities Depository and Clearing Co., Ltd. Shenzhen Branch
has issued a certificate of securities registration. The nature of the newly issued shares is restricted shares, with a lock-up period of
Progress of share repurchases
Applicable □ N/A
On April 9, 2025, we held the 18th meeting of the 6th Board of Directors, at which the Proposal on Repurchase of the Company’s
Shares was deliberated and approved, agreeing to use raised funds or other lawful funds to repurchase the RMB-denominated
ordinary shares (A-shares) issued by the Company through the Shenzhen Stock Exchange by aggregate auction for the purpose of
employee stock ownership plans or equity incentives. The total repurchase funds shall range from RMB 100 million (inclusive) to
RMB 200 million (inclusive), and the repurchase price shall not exceed RMB 48.78 per share. As of May 6, 2025, this share
repurchase plan has been fully implemented, under which we have repurchased a total of 4.2022 million shares of the Company,
accounting for 0.2463% of the Company’s total share capital, where the highest trading price was RMB 25.95 per share, the lowest
trading price was RMB 23.27 per share, and the total transaction amount was RMB 100.0844 million (excluding transaction fees).
The above-mentioned share repurchase complies with the provisions of laws and regulations and our share repurchase plan.
Progress of sale or repurchase of shares by aggregate auction
□ Applicable N/A
The impact of changes in shares on financial indicators such as basic earnings per share and diluted earnings per share, as well as
net assets per share attributable to ordinary shareholders of the Company for the most recent year and period
Applicable N/A
During the reporting period, (1) the Company repurchased 4,202,200 shares. Based on the net assets as of the end of the first half
of 2025, the net assets per share increased by RMB 0.03 per share, while the effect on the basic earnings per share and diluted
earnings per share is insignificant; (2) the Company issued 125,693,822 new shares, and based on the net assets as of the end of
the first half of 2025, the net assets per share decreased by RMB 0.84 per share, which resulted in a decrease of RMB 0.03 per
share for the basic earnings per share and diluted earnings per share.
Other information deemed necessary by the Company or required by securities regulatory authorities to be disclosed
□ Applicable N/A
DSBJ Semi-Annual Report 2025
Applicable □ N/A
In Shares
Non-tradable shares Increase in non-
Name of Opening non- Closing non-
released in the tradable shares in the Reason of restriction Date of release
shareholder tradable shares tradable shares
current period current period
YUAN Private placement of
Yonggang 100,555,058 shares
YUAN Private placement of
Yongfeng 25,138,764 shares
Total 318,460,762 0 125,693,822 444,154,584 -- --
II. Offering and Listing of Securities
Applicable □ N/A
Name of
Issuance Number of
stocks and End date
Date of price (or Number Listing shares Disclosure
derivative of Index of disclosure
issuance interest of shares date approved for date
securities transaction
rate) listing
therefrom
Stocks
www.cninfo.com.cn
DSBJ 2025/6/10 125,693,822 2025/6/27 125,693,822 Announcement on the Listing of A-shares Under 2025/6/25
RMB/share
Private Placement
Issuance of securities during the reporting period
With the approval of Shenzhen Stock Exchange and CSRC, the 125,693,822 RMB-denominated ordinary shares issued by the
Company at the issuance price of RMB 11.17 per share were listed on Shenzhen Stock Exchange on June 27, 2025; after the
issuance, the total shares of the Company increased from 1,705,913,710 shares to 1,831,607,532 shares.
III. Number of shareholders and shareholding structure of the Company
In Shares
Total number of ordinary Total number of preferred shareholders whose
shareholders at the end of the 66,530 voting rights had been restituted at the end of the 0
reporting period reporting period (if any) (Note 8)
Shareholding by shareholders holding more than 5% of the shares or top 10 shareholders (excluding the shares lent via refinancing)
No. of shares Changes in Pledge, attachment or freeze
held at the end shareholding No. of non- No. of
Name of Status of Shareholding
of the during the tradable shares tradable Status of
shareholder shareholder percentage Number
reporting reporting held shares held shares
period period
Domestic
YUAN Yonggang 16.53% 302,781,254 100,555,058 252,224,705 50,556,549 Pledge 134,708,000
natural person
Domestic
YUAN Yongfeng 13.51% 247,526,917 25,138,764 191,929,879 55,597,038 Pledge 101,653,800
natural person
Hong Kong
Securities Foreign
Clearing corporation
Company Limited
YUAN Fugen Domestic 3.21% 58,796,052 0 0 58,796,052 N/A 0
DSBJ Semi-Annual Report 2025
natural person
China Life
Insurance
Company –
Traditional – Others 0.89% 16,303,640 5,957,500 0 16,303,640 N/A 0
General Insurance
Product – 005L –
CT001 Shanghai
Agricultural Bank
of China Limited
– JPMorgan
Others 0.68% 12,468,362 2,396,417 0 12,468,362 N/A 0
Emerging Power
Hybrid Securities
Investment Fund
Reform
(Shanghai)
Private Fund
Management Co.,
Others 0.65% 11,994,300 5,063,200 0 11,994,300 N/A 0
Ltd. – Reform
Red Coast No. 3
Private Securities
Investment Fund
Zhangjiagang
Industrial Capital State-owned
Investment Co., corporation
Ltd.
Reform
(Shanghai)
Private Fund
Management Co.,
Others 0.59% 10,762,629 3,126,600 0 10,762,629 N/A 0
Ltd. – Reform
Dual Vector Foil
Private Securities
Investment Fund
Domestic
LI Jinlan 0.50% 9,144,000 3,904,000 0 9,144,000 N/A 0
natural person
Strategic investors or general
corporations becoming top 10
N/A
shareholders as a result of rights
issue (if any) (Note 3)
Among the shareholders listed above, YUAN Yonggang and YUAN Yongfeng are sons of YUAN Fugen, and YUAN
Affiliates or concert parties among Yongfeng is the elder brother of YUAN Yonggang. YUAN Fugen, YUAN Yongfeng and YUAN Yonggang are our
the shareholders listed above actual controllers. We are not aware whether there are affiliates or concert parties within the meaning of the
Administrative Measures for the Takeover of Listed Companies among other shareholders listed above.
Delegation or waiver of voting
rights or ownership of voting rights
N/A
by or to the shareholders listed
above
Special explanation about any
dedicated account for repurchase
N/A
opened by any top 10 shareholder (if
any) (Note 11)
Shareholding by top 10 holders of tradable shares (excluding the shares lent via refinancing or under executive lock-up)
Type
Name of shareholder No. of tradable shares held at the end of the reporting period
Type Number
DSBJ Semi-Annual Report 2025
RMB-
Hong Kong Securities Clearing denominated
Company Limited ordinary
share
RMB-
denominated
YUAN Fugen 58,796,052 58,796,052
ordinary
share
RMB-
denominated
YUAN Yongfeng 55,597,038 55,597,038
ordinary
share
RMB-
denominated
YUAN Yonggang 50,556,549 50,556,549
ordinary
share
RMB-
China Life Insurance Company –
denominated
Traditional – General Insurance 16,303,640 16,303,640
ordinary
Product – 005L – CT001 Shanghai
share
RMB-
Agricultural Bank of China Limited
denominated
– JPMorgan Emerging Power 12,468,362 12,468,362
ordinary
Hybrid Securities Investment Fund
share
Reform (Shanghai) Private Fund RMB-
Management Co., Ltd. – Reform denominated
Red Coast No. 3 Private Securities ordinary
Investment Fund share
RMB-
Zhangjiagang Industrial Capital denominated
Investment Co., Ltd. ordinary
share
Reform (Shanghai) Private Fund RMB-
Management Co., Ltd. – Reform denominated
Dual Vector Foil Private Securities ordinary
Investment Fund share
RMB-
denominated
LI Jinlan 9,144,000 9,144,000
ordinary
share
Affiliates or concert parties among
the top 10 holders of tradable shares,
and among the top 10 holders of N/A
tradable shares and top 10
shareholders
Securities margin trading conducted
by top 10 ordinary shareholders (if N/A
any) (Note 4)
Share lending by shareholders holding more than 5% of the shares, top 10 shareholders and top 10 holders of tradable shares via
refinancing:
□ Applicable N/A
Changes compared to the previous period due to shares lending via refinancing/returning by the top 10 shareholders and the top 10
holders of tradable shares
□ Applicable N/A
Whether the top 10 ordinary shareholders or top 10 holders of tradable ordinary shares have conducted any transaction under the
DSBJ Semi-Annual Report 2025
repurchase agreement during the reporting period?
□ Yes No
No top 10 ordinary shareholder or top 10 holder of tradable ordinary shares has conducted any transaction under the repurchase
agreement during the reporting period.
IV. Changes in Shareholding of Directors, Supervisors, and Senior Executives
Applicable □ N/A
Number of
No. of Number of
restricted Number of
additional No. of shares restricted
Opening Closing shares granted restricted
shares disposed of in shares granted
Name Title Status balance of balance of at the shares granted
acquired in the current during the
shares held shares held beginning of at the end of
the current period reporting
the reporting the period
period period
period
YUAN
Chairman Current 202,226,196 100,555,058 0 302,781,254 0 0 0
Yonggang
Director &
YUAN
General Current 222,388,153 25,138,764 0 247,526,917 0 0 0
Yongfeng
Manager
Total -- -- 424,614,349 125,693,822 0 550,308,171 0 0 0
V. Changes in Controlling Shareholders and Actual Controllers
Change in the controlling shareholders during the reporting period
□ Applicable N/A
There has been no change in our controlling shareholders during the reporting period.
Change in the actual controllers during the reporting period
□ Applicable N/A
There has been no change in our actual controllers during the reporting period.
VI. Preferred Shares
□ Applicable N/A
We did not have any preferred shares during the reporting period.
DSBJ Semi-Annual Report 2025
Section VII Bonds
□ Applicable N/A
DSBJ Semi-Annual Report 2025
Section VIII Financial Report
I. Auditor’s Report
Has the semi-annual report been audited?
□ Yes No
This semi-annual financial report has not been audited.
II. Financial statements
The amounts in the statements contained in the notes to the financial statements are presented in RMB.
Prepared by: Suzhou Dongshan Precision Manufacturing Co., Ltd.
In RMB
Item Closing balance Opening balance
Current assets:
Cash and bank balances 8,727,972,410.77 7,172,331,252.29
Settlement deposit
Loans to banks and other financial institutions
Financial assets held for trading 99,120,489.81 78,144,342.95
Derivative financial assets
Notes receivable 17,976,222.55 9,037,098.60
Accounts receivable 6,002,283,912.67 7,663,458,025.49
Accounts receivable financing 252,886,223.60 252,612,009.41
Advances to suppliers 200,720,870.22 93,875,465.69
Premiums receivable
Reinsurance accounts receivable
Reinsurance contract reserves receivable
Other receivables 225,193,916.90 45,836,662.39
Incl.: Interest receivable
Dividends receivable
Financial assets held under resale agreements
Inventories 6,408,328,579.03 6,152,655,607.85
Incl.: Data resources
Contract assets
Assets held for sale
Non-current assets due within one year
Other current assets 1,263,371,376.18 1,209,842,283.99
Total current assets 23,197,854,001.73 22,677,792,748.66
DSBJ Semi-Annual Report 2025
Non-current assets:
Loans and advances to clients
Debt investments
Other debt investments
Long-term receivable 30,000,000.00 30,000,000.00
Long-term equity investment 123,200,615.96 155,008,795.68
Investments in other equity instruments 333,657,110.00 333,657,110.00
Other non-current financial assets
Investment properties 653,194.76 781,129.10
Fixed assets 15,127,797,700.57 13,595,191,232.40
Construction in progress 2,440,814,349.98 2,575,154,318.35
Productive biological assets
Oil and gas assets
Right-of-use assets 1,291,173,420.55 1,313,776,299.13
Intangible assets 933,681,354.00 962,594,133.34
Incl.: Data resources
Development expenses
Incl.: Data resources
Goodwill 2,117,430,282.36 2,119,612,220.47
Long-term deferred expenses 898,166,932.32 903,599,713.89
Deferred tax assets 831,838,960.07 834,450,612.08
Other non-current assets 560,438,857.08 512,554,751.37
Total non-current assets 24,688,852,777.65 23,336,380,315.81
Total assets 47,886,706,779.38 46,014,173,064.47
Current liabilities:
Short-term borrowings 5,799,403,308.56 4,810,954,130.69
Borrowings from Central Bank
Borrowings from banks and other financial institutions
Financial liabilities held for trading 71,586,000.00 82,922,390.17
Derivative financial liabilities
Notes payable 934,630,146.08 935,581,272.50
Accounts payable 9,082,352,248.71 9,659,268,990.43
Advances from clients
Contract liabilities 172,934,050.12 122,562,435.14
Financial assets sold under repurchase agreements
Deposits from clients and other banks
Funds received as stock broker
Funds received as underwriter of securities
Employee benefits payable 446,039,909.90 597,573,087.02
Taxes payable 319,446,877.47 395,772,127.76
Other payables 96,940,026.12 94,163,223.90
Incl.: Interest payable
DSBJ Semi-Annual Report 2025
Dividends payable
Fees and commissions payable
Reinsurance accounts payable
Liabilities held for sale
Non-current liabilities due within one year 2,493,252,418.30 2,458,987,301.36
Other current liabilities 3,133,052.29 5,190,838.21
Total current liabilities 19,419,718,037.55 19,162,975,797.18
Non-current liabilities:
Provision for insurance contracts
Long-term borrowings 4,705,082,312.90 5,289,187,891.33
Bonds payable
Incl.: Preferred shares
Perpetual bonds
Lease liabilities 1,388,052,599.32 1,351,518,837.18
Long-term payables 27,754,051.05 49,434,786.31
Long-term employee benefits payable
Provisions 39,478,887.17 58,258,872.92
Deferred income 749,040,476.71 585,933,889.89
Deferred tax liabilities 627,588,885.99 630,759,756.43
Other non-current liabilities
Total non-current liabilities 7,536,997,213.14 7,965,094,034.06
Total liabilities 26,956,715,250.69 27,128,069,831.24
Owners’ equity:
Share capital 1,831,607,532.00 1,705,913,710.00
Other equity instruments
Incl.: Preferred shares
Perpetual bonds
Capital reserve 9,258,103,158.56 7,992,284,435.83
Less: Treasury shares 175,076,133.79 74,991,696.79
Other comprehensive income -204,407,027.20 -317,104,374.08
Special reserve
Surplus reserve 232,241,216.54 232,241,216.54
General risk reserve
Retained profits 9,927,254,777.86 9,288,043,977.88
Total owners’ equity attributable to the parent company 20,869,723,523.97 18,826,387,269.38
Minority interests 60,268,004.72 59,715,963.85
Total owners’ equity 20,929,991,528.69 18,886,103,233.23
Total liabilities and owners’ equity 47,886,706,779.38 46,014,173,064.47
Legal Representative: YUAN Yonggang CFO: WANG Xu Accounting Supervisor: ZHU Deguang
In RMB
Item Closing balance Opening balance
Current assets:
Cash and bank balances 2,041,761,925.92 1,090,000,348.49
DSBJ Semi-Annual Report 2025
Financial assets held for trading
Derivative financial assets
Notes receivable
Accounts receivable 2,991,624,408.85 3,143,492,614.37
Accounts receivable financing 62,860,183.16 18,920,385.63
Advances to suppliers 27,809,172.03 39,423,778.51
Other receivables 7,376,316,038.08 5,969,486,558.66
Incl.: Interest receivable
Dividends receivable 1,289,047,893.28 1,495,758,008.53
Inventories 908,774,910.11 986,847,112.47
Incl.: Data resources
Contract assets
Assets held for sale
Non-current assets due within one year
Other current assets 68,795,846.42 71,972,689.92
Total current assets 13,477,942,484.57 11,320,143,488.05
Non-current assets:
Debt investments
Other debt investments
Long-term receivable 30,000,000.00 30,000,000.00
Long-term equity investment 9,624,411,643.11 9,627,857,599.31
Investments in other equity instruments 221,322,110.00 221,322,110.00
Other non-current financial assets
Investment properties
Fixed assets 756,016,519.41 775,223,315.27
Construction in progress 110,915,088.98 148,492,748.83
Productive biological assets
Oil and gas assets
Right-of-use assets 1,630,750.34 2,609,200.64
Intangible assets 60,618,060.10 61,524,955.69
Incl.: Data resources
Development expenses
Incl.: Data resources
Goodwill
Long-term deferred expenses 107,041,930.17 89,330,126.49
Deferred tax assets 80,524,043.69 36,909,520.17
Other non-current assets 66,650,787.87 70,661,066.13
Total non-current assets 11,059,130,933.67 11,063,930,642.53
Total assets 24,537,073,418.24 22,384,074,130.58
Current liabilities:
Short-term borrowings 1,816,012,272.22 2,294,208,162.79
Financial liabilities held for trading
DSBJ Semi-Annual Report 2025
Derivative financial liabilities
Notes payable 1,014,440,747.47 585,570,169.87
Accounts payable 1,773,107,322.29 1,389,942,826.35
Advances from clients
Contract liabilities 26,530,276.72 18,959,880.87
Employee benefits payable 23,153,905.12 30,758,082.10
Taxes payable 2,511,618.64 3,170,402.36
Other payables 6,313,220,120.63 5,101,960,753.88
Incl.: Interest payable
Dividends payable
Liabilities held for sale
Non-current liabilities due within one year 985,058,664.84 799,561,489.98
Other current liabilities 1,046,506.05 1,508,828.34
Total current liabilities 11,955,081,433.98 10,225,640,596.54
Non-current liabilities:
Long-term borrowings 1,668,885,157.50 2,251,616,980.54
Bonds payable
Incl.: Preferred shares
Perpetual bonds
Lease liabilities 861,053.29
Long-term payables
Long-term employee benefits payable
Provisions 1,103,679.33 1,125,097.32
Deferred income 15,008,333.61 16,473,333.57
Deferred tax liabilities 539,691.80 534,830.01
Other non-current liabilities
Total non-current liabilities 1,685,536,862.24 2,270,611,294.73
Total liabilities 13,640,618,296.22 12,496,251,891.27
Owners’ equity:
Share capital 1,831,607,532.00 1,705,913,710.00
Other equity instruments
Incl.: Preferred shares
Perpetual bonds
Capital reserve 9,156,573,425.73 7,890,754,703.00
Less: Treasury shares 175,076,133.79 74,991,696.79
Other comprehensive income
Special reserve
Surplus reserve 232,241,216.54 232,241,216.54
Retained profits -148,890,918.46 133,904,306.56
Total owners’ equity 10,896,455,122.02 9,887,822,239.31
Total liabilities and owners’ equity 24,537,073,418.24 22,384,074,130.58
In RMB
Item First half of 2025 First half of 2024
DSBJ Semi-Annual Report 2025
I. Total operating revenue 16,955,163,898.89 16,628,586,195.56
Incl.: Operating revenue 16,955,163,898.89 16,628,586,195.56
Interest income
Premiums earned
Fee and commission income
II. Total operating costs 16,030,744,161.86 15,860,085,715.70
Incl.: Operating cost 14,650,499,235.90 14,455,695,057.51
Interest expenses
Fee and commission expenses
Surrenders
Net payments for insurance claims
Net insurance claim reserves
Policyholder dividends
Reinsurance expenses
Taxes and surcharges 63,725,956.00 97,314,539.31
Selling expenses 157,942,605.07 198,461,411.65
Administrative expenses 547,561,939.49 513,932,018.38
R&D expenses 581,467,466.93 622,223,608.99
Financial expenses 29,546,958.47 -27,540,920.14
Incl.: Interest expenses 198,585,725.04 229,752,660.54
Interest income 113,967,483.54 141,164,259.09
Add: Other income 141,318,212.63 176,411,848.89
Investment income (loss expressed with “-”) -6,702,003.08 -48,423,970.21
Incl.: Investment income from associates and joint ventures -4,073,896.56 -4,311,831.51
Gain on derecognition of financial assets at amortized cost
Exchange gain (loss expressed with “-”)
Net exposure hedging income (loss expressed with “-”)
Gain on changes in fair value (loss expressed with “-”) 2,536,226.77 -15,065,635.92
Credit impairment loss (loss expressed with “-”) 3,764,627.53 -57,244,335.30
Impairment loss on assets (loss expressed with “-”) -89,174,069.11 -105,585,722.55
Gain on disposal of assets (loss expressed with “-”) -14,963,024.24 -34,905,446.22
III. Operating profit (loss expressed with “-”) 961,199,707.53 683,687,218.55
Add: Non-operating revenue 5,619,440.36 4,983,059.69
Less: Non-operating expenses 6,326,490.28 5,571,548.85
IV. Profit before tax (loss expressed with “-”) 960,492,657.61 683,098,729.39
Less: Income tax expenses 201,934,636.13 124,174,716.66
V. Net profit (loss expressed with “-”) 758,558,021.48 558,924,012.73
(I) Classified by continuity of operation
(II) Classified by attribution
expressed with “-”)
VI. Other comprehensive income, net 112,697,346.88 -82,463,528.41
DSBJ Semi-Annual Report 2025
Other comprehensive income attributable to owners of the parent company, net
after tax
(I) Other comprehensive income that cannot be reclassified to profit or loss
loss under equity method
(II) Other comprehensive income that will be reclassified to profit or loss 112,697,346.88 -82,463,528.41
under equity method
Other comprehensive income attributable to minority interests, net after tax
VII. Total comprehensive income 871,255,368.36 476,460,484.32
Total comprehensive income attributable to owners of the parent company 870,703,327.49 478,137,407.86
Total comprehensive income attributable to minority interests 552,040.87 -1,676,923.54
VIII. Earnings per share:
(I) Basic earnings per share 0.45 0.33
(II) Diluted earnings per share 0.45 0.33
Legal Representative: YUAN Yonggang CFO: WANG Xu Accounting Supervisor: ZHU Deguang
In RMB
Item First half of 2025 First half of 2024
I. Operating revenue 2,035,279,637.55 2,146,603,495.20
Less: Operating cost 1,923,255,924.16 2,082,748,511.41
Taxes and surcharges 7,304,339.14 14,450,087.28
Selling expenses 11,700,519.31 24,066,524.34
Administrative expenses 95,512,928.90 124,363,216.37
R&D expenses 95,862,762.28 103,191,448.64
Financial expenses 97,559,230.35 108,373,027.07
Incl.: Interest expenses 127,405,110.13 175,228,306.42
Interest income 27,296,685.73 37,981,858.78
Add: Other income 5,531,714.64 28,294,000.51
Investment income (loss expressed with “-”) -3,285,156.20 -5,578,349.99
Incl.: Investment income from associates and joint ventures -3,445,956.20 -2,927,211.16
Gain on derecognition of financial assets at amortized cost (loss expressed
with “-”)
Net exposure hedging income (loss expressed with “-”)
Gain on changes in fair value (loss expressed with “-”) -13,243,914.03
Credit impairment loss (loss expressed with “-”) -8,328,750.96 -57,838,856.00
Impairment loss on assets (loss expressed with “-”) -1,685,402.36 206,582.75
DSBJ Semi-Annual Report 2025
Gain on disposal of assets (loss expressed with “-”) 41,991.25 389,609.87
II. Operating profit (loss expressed with “-”) -203,641,670.22 -358,360,246.80
Add: Non-operating revenue 435,385.53 5,000.00
Less: Non-operating expenses 4,403,421.43 2,575,310.30
III. Profit before tax (loss expressed with “-”) -207,609,706.12 -360,930,557.10
Less: Income tax expenses -43,609,661.73 -60,283,342.31
IV. Net profit (loss expressed with “-”) -164,000,044.39 -300,647,214.79
(I) Net profit from continuing operation (loss expressed with “-”) -164,000,044.39 -300,647,214.79
(II) Net profit from discontinued operation (loss expressed with “-”)
V. Other comprehensive income, net
(I) Other comprehensive income that cannot be reclassified to profit or loss
equity method
(II) Other comprehensive income that will be reclassified to profit or loss
equity method
VI. Total comprehensive income -164,000,044.39 -300,647,214.79
VII. Earnings per share:
(I) Basic earnings per share -0.10 -0.18
(II) Diluted earnings per share -0.10 -0.18
In RMB
Item First half of 2025 First half of 2024
I. Cash flows from operating activities:
Proceeds from sale of goods and rendering of services 17,905,726,279.90 17,706,958,316.93
Net increase in deposits from clients and other banks
Net increase in borrowings from Central Bank
Net increase in borrowings from other financial institutions
Proceeds from premiums under prior insurance contracts
Net proceeds from reinsurance business
Net increase in insured’s deposits and investments
Proceeds from interest, fees and commissions
Net increase in borrowings from banks and other financial institutions
Net increase in receipts under repurchase transactions
Net cash received as stock broker
Tax refunds received 669,998,774.36 524,915,907.68
Other proceeds relating to operating activities 648,888,660.75 592,490,973.79
Cash provided by operating activities 19,224,613,715.01 18,824,365,198.40
DSBJ Semi-Annual Report 2025
Payments for purchase of goods and receipt of services 13,120,444,976.67 12,996,139,860.06
Net increase in loans and advances from clients
Net increase in deposits in Central Bank and other banks
Payment of claims under prior insurance contracts
Net increase in loans to banks and other financial institutions
Payment of interest, fees and commissions
Payment of policyholder dividends
Payments to and for employees 2,542,398,872.87 2,392,154,841.93
Taxes paid 360,545,772.47 519,477,522.80
Other payments relating to operating activities 701,106,071.72 827,623,574.33
Cash used in operating activities 16,724,495,693.73 16,735,395,799.12
Net cash flows from operating activities 2,500,118,021.28 2,088,969,399.28
II. Cash flows from investing activities:
Proceeds from disposal of investments 38,814,660.00 308,155,031.33
Proceeds from return on investments 4,378,625.51 -29,218,011.67
Net proceeds from the disposal of fixed assets, intangible assets and other
long-term assets
Net proceeds from the disposal of subsidiaries and other business entities
Other proceeds relating to investing activities 793,654,284.84 419,424,782.41
Cash provided by investing activities 914,532,303.59 717,641,912.72
Payments for the acquisition of fixed assets, intangible assets and other long-
term assets
Payments for investments 168,236,626.52 356,562,777.83
Net increase in mortgage loans
Net payments for the acquisition of subsidiaries and other business entities
Other cash payments relating to investing activities 584,356,090.09 530,962,815.64
Cash used in investing activities 2,900,847,152.34 2,531,560,412.30
Net cash flows from investing activities -1,986,314,848.75 -1,813,918,499.58
III. Cash flows from financing activities:
Proceeds from investors 1,391,512,544.73
Incl.: Proceeds of subsidiaries from minority shareholders’ investments
Cash receipts from borrowings 4,365,837,875.26 5,465,543,117.47
Other proceeds relating to financing activities 730,151,717.04 329,197,076.44
Cash provided by financing activities 6,487,502,137.03 5,794,740,193.91
Repayment of borrowings 4,240,821,985.76 4,327,541,972.24
Payment of distribution of dividends and profits or for interest 269,883,548.61 608,693,016.38
Incl.: Dividends and profits distributed by subsidiaries to minor shareholders
Other payments relating to financing activities 453,405,753.18 823,264,123.26
Cash used in financing activities 4,964,111,287.55 5,759,499,111.88
Net cash flows from financing activities 1,523,390,849.48 35,241,082.03
IV. Effect of exchange rate changes on cash and cash equivalents 35,783,302.37 96,575,094.20
V. Net increase in cash and cash equivalents 2,072,977,324.38 406,867,075.93
Add: Opening balance of cash and cash equivalents 5,343,600,382.37 5,644,487,018.31
VI. Closing balance of cash and cash equivalents 7,416,577,706.75 6,051,354,094.24
In RMB
DSBJ Semi-Annual Report 2025
Item First half of 2025 First half of 2024
I. Cash flows from operating activities:
Proceeds from sale of goods and rendering of services 1,848,570,248.41 1,443,818,515.88
Tax refunds received 55,983,401.38 29,497,769.17
Other proceeds relating to operating activities 706,540,414.22 1,514,065,178.51
Cash provided by operating activities 2,611,094,064.01 2,987,381,463.56
Payments for purchase of goods and receipt of services 1,625,050,615.30 1,465,458,913.36
Payments to and for employees 152,271,297.86 222,379,192.36
Taxes paid 7,912,874.45 63,148,735.28
Other payments relating to operating activities 755,309,050.54 1,536,093,507.96
Cash used in operating activities 2,540,543,838.15 3,287,080,348.96
Net cash flows from operating activities 70,550,225.86 -299,698,885.40
II. Cash flows from investing activities:
Proceeds from disposal of investments
Proceeds from return on investments 203,172,800.00 636,744,542.27
Net proceeds from the disposal of fixed assets, intangible assets and other long-
term assets
Net proceeds from the disposal of subsidiaries and other business entities
Other proceeds relating to investing activities 679,130,328.77 52,970,680.65
Cash provided by investing activities 882,436,702.88 691,689,150.92
Payments for the acquisition of fixed assets, intangible assets and other long-
term assets
Payments for investments 35,000,000.00
Net payments for the acquisition of subsidiaries and other business entities
Other cash payments relating to investing activities 888,354,407.83 377,108,817.47
Cash used in investing activities 919,018,177.32 508,844,412.12
Net cash flows from investing activities -36,581,474.44 182,844,738.80
III. Cash flows from financing activities:
Proceeds from investors 1,391,512,544.73
Cash receipts from borrowings 1,360,000,000.00 2,006,208,006.67
Other proceeds relating to financing activities 1,353,041,000.00 2,229,593,452.48
Cash provided by financing activities 4,104,553,544.73 4,235,801,459.15
Repayment of borrowings 2,233,501,340.00 2,303,446,666.67
Payment of distribution of dividends and profits or for interest 187,206,039.04 522,672,772.48
Other payments relating to financing activities 661,026,890.77 1,418,793,147.62
Cash used in financing activities 3,081,734,269.81 4,244,912,586.77
Net cash flows from financing activities 1,022,819,274.92 -9,111,127.62
IV. Effect of exchange rate changes on cash and cash equivalents 5,841,710.55 18,646,929.18
V. Net increase in cash and cash equivalents 1,062,629,736.89 -107,318,345.04
Add: Opening balance of cash and cash equivalents 538,870,203.05 478,844,238.56
VI. Closing balance of cash and cash equivalents 1,601,499,939.94 371,525,893.52
Amount of the current period
In RMB
First half of 2025
Owners’ equity attributable to the parent
Other equity Other Sp Ge
Less: Mino Total
Item instruments Capita comp eci Surpl ne
Treas Retain Ot rity owners
Share Pre Per l rehen al us ral Subtot intere ’
Ot ury ed he
capital ferr pet reserv sive res reserv ris al sts equity
he share profits rs
ed ual e inco er e k
rs s
sha bon me ve res
DSBJ Semi-Annual Report 2025
res ds er
ve
I.
Balance -
at the end 317,1
of the 04,37
previous 4.08
year
Add:
Changes
in
accountin
g policies
Correctio
n of
previous
period
errors
Others
II.
Balance
at the 1,705, 7,992, 74,99 232,2 9,288, 18,826 59,71 18,886
beginnin 913,71 284,43 1,696 41,21 043,97 ,387,2 5,963 ,103,2
g of the 0.00 5.83 .79 6.54 7.88 69.38 .85 33.23
current
year
III.
Increase/
(decrease
) in the
current 552,0
period 40.87
(decrease
expresse
d with “-
”)
(I) Total
compreh 552,0
ensive 40.87
income
(II)
Investme
nt/(divest
ment) by
sharehold
ers
Contribut
ions from 125,69 1,265, 1,391, 1,391,
holders 3,822. 818,72 512,54 512,54
of 00 2.73 4.73 4.73
ordinary
shares
DSBJ Semi-Annual Report 2025
Contribut
ions from
holders
of other
equity
instrume
nts
based
payments
recorded
in
owners’
equity
- -
(III) - - -
Distributi 118,79 118,79 118,79
on of 5,180. 5,180. 5,180.
profits 63 63 63
Surplus
reserve
General
risk
reserve
Distributi - - -
ons to 118,79 118,79 118,79
owners 5,180. 5,180. 5,180.
(sharehol 63 63 63
ders)
(IV)
Internal
transfer
of
owners’
equity
Transfer
of capital
reserve
to (share)
capital
Transfer
of
surplus
reserve
to (share)
DSBJ Semi-Annual Report 2025
capital
up of
losses by
surplus
reserve
Transfer
of
changes
in
defined
benefit
plans to
retained
earnings
Transfer
of other
compreh
ensive
income
to
retained
earnings
(V)
Special
reserve
Appropri
ated in
the
current
period
in the
current
period
(VI)
Others
IV.
Balance -
at the end 204,4
of the 07,02
current 7.20
period
The same period of the previous year
In RMB
First half of 2024
Item Owners’ equity attributable to the parent Min Tota
Shar Other equity Capi Less Oth Spe Surp Gen Reta Oth Subt ority l
DSBJ Semi-Annual Report 2025
e instruments tal : er cial lus eral ined ers otal inter own
capi rese Trea com rese rese risk prof ests ers’
tal Pref Perp rve sury preh rve rve rese its equi
erre etua shar ensi rve ty
Oth
d l es ve
ers
shar bon inco
es ds me
- 18,1 18,1
I. Balance at 1,70 8,06 125, 184, 9,02 47,3
the end of 9,86 3,76 906, 866, 5,09 29,8
the previous 7,32 8,40 811. 869. 5,52 51.7
year 7.00 9.73 33 73 9.05 2
Add:
Changes in
accounting
policies
Correction of
previous
period errors
Others
II. Balance at - 18,1 18,1
the 714, 43,0 90,3
beginning of 664, 26,7 56,5
the current 578. 45.5 97.2
year 64 4 6
III.
Increase/(dec
rease) in the 25,0 135, 28,9 - 27,2
current 00,8 281, 24,6 1,67 47,7
period 46.3 884. 50.8 6,92 27.2
(decrease 0 02 1 3.54 7
expressed
with “-”)
(I) Total 82,4
comprehensi 63,5
ve income 28.4
(II) - -
Investment/( 1,10 23,8 23,8
divestment) 7,14 93,7 93,7
by 1.50 04.8 04.8
shareholders 0 0
Contribution
s from
holders of
ordinary
shares
Contribution
s from
holders of
other equity
instruments
DSBJ Semi-Annual Report 2025
based
payments
recorded in
owners’
equity
- -
- - -
(III) 425, 425, 425,
Distribution 319, 319, 319,
of profits 052. 052. 052.
reserve
risk reserve
Distributions 425, 425, 425,
to owners 319, 319, 319,
(shareholders 052. 052. 052.
) 25 25 25
(IV) Internal
transfer of
owners’
equity
of capital
reserve to
(share)
capital
of surplus
reserve to
(share)
capital
of losses by
surplus
reserve
of changes in
defined
benefit plans
to retained
earnings
of other
comprehensi
ve income to
DSBJ Semi-Annual Report 2025
retained
earnings
(V) Special
reserve
Appropriated
in the current
period
the current
period
(VI) Others
- 18,1 18,2
IV. Balance 1,70 8,06 150, 184, 9,16 45,6
at the end of 9,86 4,87 907, 866, 0,37 52,9
the current 7,32 5,55 657. 869. 7,41 28.1
period 7.00 1.23 63 73 3.07 8
Amount of the current period
In RMB
First half of 2025
Other equity instruments Other
Capita Less: compr Specia Surplu Total
Item Retain
Share Prefer Perpet l Treas ehensi l s owner
ed Others
capital red ual Others reserv ury ve reserv reserv s’
profits
shares bonds e shares incom e e equity
e
I. Balance at
the end of
the previous
year
Add:
Changes in
accounting
policies
Correction of
previous
period errors
Others
II. Balance at
the 1,705, 7,890, 74,99 232,2 133,9 9,887,
beginning of 913,7 754,7 1,696. 41,21 04,30 822,2
the current 10.00 03.00 79 6.54 6.56 39.31
year
III. -
Increase/(dec 282,7
rease) in the 95,22
current 5.02
DSBJ Semi-Annual Report 2025
period
(decrease
expressed
with “-”)
- -
(I) Total
comprehensi
ve income
(II)
Investment/( 125,6 1,265, 100,0 1,291,
divestment) 93,82 818,7 84,43 428,1
by 2.00 22.73 7.00 07.73
shareholders
Contribution
s from
holders of
ordinary
shares
Contribution
s from
holders of
other equity
instruments
based
payments
recorded in
owners’
equity
- -
(III)
Distribution
of profits
reserve
- -
Distributions
to owners
(shareholders
)
(IV) Internal
transfer of
owners’
equity
of capital
reserve to
DSBJ Semi-Annual Report 2025
(share)
capital
of surplus
reserve to
(share)
capital
of losses by
surplus
reserve
of changes in
defined
benefit plans
to retained
earnings
of other
comprehensi
ve income to
retained
earnings
(V) Special
reserve
Appropriated
in the current
period
the current
period
(VI) Others
IV. Balance - 10,89
at the end of 148,8 6,455,
the current 90,91 122.0
period 8.46 2
The same period of the previous year
In RMB
First half of 2024
Other equity instruments Other
Capita Less: compr Specia Surplu Total
Item Retain
Share Prefer Perpet l Treas ehensi l s owner
ed Others
capital red ual Others reserv ury ve reserv reserv s’
profits
shares bonds e shares incom e e equity
e
I. Balance at -
the end of 350,0
the previous 00,00
year 0.00
DSBJ Semi-Annual Report 2025
Add:
Changes in
accounting
policies
Correction of
previous
period errors
Others
II. Balance at
the 1,709, 7,962, 125,9 184,8 482,8 9,863,
beginning of 867,3 239,0 06,81 66,86 54,23 920,6
the current 27.00 56.77 1.33 9.73 7.57 79.74
year
III.
Increase/(dec
rease) in the - -
current 725,9 749,8
period 66,26 59,97
(decrease 7.04 1.84
expressed
with “-”)
- -
(I) Total
comprehensi
ve income
(II)
Investment/( 1,107, 25,00
divestment) 141.5 0,846.
by 0 30
shareholders
Contribution
s from
holders of
ordinary
shares
Contribution
s from
holders of
other equity
instruments
based
payments
recorded in
owners’
equity
(III) - -
Distribution 425,3 425,3
DSBJ Semi-Annual Report 2025
of profits 19,05 19,05
reserve
- -
Distributions
to owners
(shareholders
)
(IV) Internal
transfer of
owners’
equity
of capital
reserve to
(share)
capital
of surplus
reserve to
(share)
capital
of losses by
surplus
reserve
of changes in
defined
benefit plans
to retained
earnings
of other
comprehensi
ve income to
retained
earnings
(V) Special
reserve
Appropriated
in the current
period
the current
period
(VI) Others
IV. Balance
DSBJ Semi-Annual Report 2025
at the end of 27.00 98.27 7.63 00,00 9.73 12,02 07.90
the current 0.00 9.47
period
III. General Information of the Company
Suzhou Dongshan Precision Manufacturing Co., Ltd. (hereinafter referred to as the “Company”) is a company limited by
shares converted from Suzhou Dongshan Sheet Metal Co., Ltd., and registered with the Suzhou Municipal Administration for
Industry and Commerce of Jiangsu on December 24, 2007, and is headquartered in Suzhou, Jiangsu, holds a business license with
unified social credit code of 91320500703719732P, and has a registered capital of RMB 1,831,607,532, divided into
since April 9, 2010.
The Company belongs to the computer, communication and other electronic equipment manufacturing industry, and is
primarily engaged in the provision of core devices for intelligent interconnection, including PCBs, LED display devices, touch
panels, LCMs, and precision components, etc.
These financial statements are published with the approval of the 26th meeting of the 6th Board of Directors of the Company
on August 25, 2025.
IV. Basis for Preparation of the Financial Statements
These financial statements have been prepared on the assumption that the Company is a going concern.
No event or fact may cast significant doubts on the Company’s ability to remain a going concern within 12 months after the
end of the reporting period.
V. Significant Accounting Policies and Accounting Estimates
Note about specific accounting policies and accounting estimates:
The Company has established specific accounting policies and made specific accounting estimates with respect to the
impairment of financial instruments, inventories, depreciation of fixed assets, construction in progress, intangible assets,
recognition of revenues and other transactions or events according to its actual production and operation characteristics.
DSBJ Semi-Annual Report 2025
The financial statements prepared by the Company conform to the requirements of the CASBEs, and truly and completely
reflect the Company’s financial condition, operating results, cash flows and other related information.
The Company’s accounting year is from January 1 to December 31 of each calendar year.
The Company has a relatively short operating cycle, and determines the liquidity of assets and liabilities on the basis of 12
months.
The Company adopts RMB as its functional currency, MFLEX adopts USD as its functional currency, and the subsidiaries of
MFLEX, Multek and other companies adopt the currencies of the main economic environment in which they operate as their
functional currencies.
Applicable □ N/A
Item Materiality criteria
Individual accounts receivable accounting for over 0.5% of the
Significant accounts receivable assessed for impairment loss
total assets of the Company are recognized as significant
individually
accounts receivable.
Individual written off accounts receivable accounting for over
Significant written off accounts receivable 0.5% of the total assets of the Company are recognized as
significant written off accounts receivable.
Individual dividends receivable aged over one year and
accounting for over 0.5% of the total assets of the Company are
Significant dividends receivable aged over one year
recognized as significant dividends receivable aged over one
year.
Individual constructions in progress accounting for over 0.5%
Significant constructions in progress of the total assets of the Company are recognized as significant
constructions in progress.
under common control
Assets and liabilities acquired from a business combination by the Company are measured at the carrying value of the assets
and liabilities of the acquiree in the consolidated financial statements of the ultimate controller at the combination date. The
DSBJ Semi-Annual Report 2025
difference between the carrying value of the owners’ equity of the acquiree as stated in the consolidated financial statements of the
ultimate controller and the carrying value of the total consideration paid or total par value of the shares issued in connection with
the combination is treated as an adjustment to the capital reserve. In case the capital reserve is not sufficient to absorb the
difference, the remaining balance is charged against the retained earnings.
Where the cost of the combination exceeds the Company’s share of the fair value of the acquiree’s net identifiable assets, the
difference is recognized as goodwill at the acquisition date. Where the cost of combination is lower than the Company’s share of
the fair value of the acquiree’s net identifiable assets, the Company reviews the measurement of the fair value of each of the
identifiable assets, liabilities and contingent liabilities acquired from the acquiree and the cost of combination, and if the cost of
combination as reviewed is still lower than the Company’s share of the fair value of the acquiree’s net identifiable assets, the
difference is recognized in profit or loss.
Control means that the Company has power over the investee, exposure or rights to variable returns from its involvement with
the investee and the ability to use its power to affect the amount of those returns.
(1) The parent includes all of its controlled subsidiaries in its consolidated financial statements. The consolidated financial
statements are prepared by the parent in accordance with CASBE 33 “Consolidated Financial Statements”, on the basis of the
respective financial statements of the parent and its subsidiaries, by reference to other relevant data.
joint operation:
(1) the assets individually held by the Company, and the Company’s share of the assets held jointly;
(2) the liabilities incurred individually by the Company, and the Company’s share of the liabilities incurred jointly;
(3) the Company’s revenue from the sale of its share of the output of the joint operation;
DSBJ Semi-Annual Report 2025
(4) the Company’s share of revenue from the sale of assets by the joint operation; and
(5) the expenses incurred individually by the Company, and the Company’s share of the expenses incurred jointly.
For the purpose of the cash flow statement, cash comprises cash on hand and demand deposits, and cash equivalents comprise
short-term, highly liquid investments that are readily convertible into known amounts of cash and which are subject to an
insignificant risk of changes in value.
Upon initial recognition, foreign currency transactions are translated into RMB using the approximate exchange rates of spot
exchange rates at the transaction dates. At the balance sheet date, monetary items denominated in foreign currencies are translated
into RMB using the spot exchange rates then prevailing. Exchange differences arising from such translations are recognized in
profit or loss, except for those attributable to foreign currency borrowings that have been taken out specifically for the acquisition
or construction of qualifying assets and accrued interest. Non-monetary items denominated in foreign currencies that are measured
at historical cost are translated using the approximate exchange rates of spot exchange rates at the transaction dates, without
adjusting the amounts in RMB. Non-monetary items denominated in foreign currencies that are measured at fair value are
translated using the spot exchange rates prevailing at the dates when the fair value was determined, with the exchange differences
arising from such translations recognized in profit or loss or other comprehensive income.
The asset and liability items in the balance sheet are translated at the spot exchange rates prevailing at the balance sheet date.
The owners’ equity items other than “retained profits” are translated at the spot exchange rates prevailing at the transaction dates.
The income and expense items in the income statement are translated at the approximate exchange rates of spot exchange rates at
the transaction dates. The differences arising from such translation of foreign currency financial statements are recognized in other
comprehensive income.
Upon initial recognition, financial assets are classified as: (i) financial assets at amortized cost; (ii) financial assets at fair
value through other comprehensive income; and (iii) financial assets at fair value through profit or loss.
DSBJ Semi-Annual Report 2025
Upon initial recognition, financial liabilities are classified as: (i) financial liabilities at fair value through profit or loss; (ii)
financial liabilities arising as a result of the transfer of financial assets not meeting the criteria for derecognition or continuing
involvement in the financial assets transferred; (iii) financial guarantee contracts not falling under items (i) or (ii), and loan
commitments not falling under item (i) and below market interest rate; and (iv) financial liabilities at amortized cost.
(1) Recognition and initial measurement of financial assets and financial liabilities
When the Company becomes a party to a financial instrument contract, a financial asset or liability is recognized. Financial
assets or liabilities are initially measured at fair value. Transaction costs relating to financial assets and liabilities at fair value
through profit or loss are directly recognized in profit or loss. Transaction costs relating to other kinds of financial assets or
liabilities are included in their initially recognized amount. However, the accounts receivable that do not contain any significant
financing component or are recognized by the Company without taking into consideration the significant financing components
under the contracts with a term of less than one year upon initial recognition are initially measured at transaction price as defined
in CASBE 14 “Revenue”.
(2) Subsequent measurement of financial assets
Financial assets at amortized cost are subsequently measured at amortized cost using the effective interest method. Gains or
losses on financial assets at amortized cost that do not belong to any hedging relationship are recognized in profit or loss upon
derecognition, reclassification, amortization using the effective interest method, or recognition of impairment.
Investments in debt instruments at fair value through other comprehensive income are subsequently measured at fair value.
Interest, impairment losses or gains and exchange gains or losses calculated using the effective interest method are recognized in
profit or loss, while other gains or losses are recognized in other comprehensive income. Upon derecognition, the aggregate gains
or losses previously recognized in other comprehensive income are transferred to profit or loss.
Investments in equity instruments at fair value through other comprehensive income are subsequently measured at fair value.
Dividends received (other than those received as recovery of investment cost) are recognized in profit or loss, while other gains or
DSBJ Semi-Annual Report 2025
losses are recognized in other comprehensive income. Upon derecognition, the aggregate gains or losses previously recognized in
other comprehensive income are transferred to retained earnings.
Financial assets at fair value through profit or loss are subsequently measured at fair value. Gains or losses thereon, including
interest and dividend income, are recognized in profit or loss, except for the financial assets belonging to any hedging relationship.
(3) Subsequent measurement of financial liabilities
Financial liabilities at fair value through profit or loss include financial liabilities held for trading (including derivatives
classified as financial liabilities), and financial liabilities designated as at fair value through profit or loss. Such financial liabilities
are subsequently measured at fair value. Changes in the fair value of financial liabilities designated as at fair value through profit
or loss arising out of changes in the Company’s credit risk are recognized in other comprehensive income, unless such treatment
will result in or increase any accounting mismatch in profit or loss. Other gains or losses on such financial liabilities, including
interest expenses and changes in fair value not arising out of changes in the Company’s credit risk, are recognized in profit or loss,
except for the financial liabilities belonging to any hedging relationship. Upon derecognition, the aggregate gains or losses
previously recognized in other comprehensive income are transferred to retained earnings.
continuing involvement in the financial assets transferred
Such financial liabilities are measured in accordance with CASBE 23 “Transfer of Financial Assets”.
the market interest rate
Such financial liabilities are subsequently measured at the higher of ① allowance for impairment losses determined according
to the policy for impairment of financial instruments; and ② balance of the initially recognized amount after deduction of the
accumulated amortization determined in accordance with CASBE 14 Revenue.
DSBJ Semi-Annual Report 2025
Financial liabilities at amortized cost are subsequently measured at amortized cost using the effective interest method. Gains
or losses on financial liabilities at amortized cost that do not belong to any hedging relationship are recognized in profit or loss
upon derecognition or amortization using the effective interest method.
(4) Derecognition of financial assets and financial liabilities
① the contractual right to receive cash flows from the financial assets has expired; or
② the financial assets have been transferred and such transfer meets the criteria for derecognition of financial assets as set
forth in CASBE 23 “Transfer of Financial Assets”.
discharged.
When a financial asset of the Company is transferred, if substantially all the risks and rewards incidental to the ownership of
the financial asset have been transferred, the financial asset is derecognized, and the rights and obligations incurred or retained in
such transfer are separately recognized as assets or liabilities (as the case may be); if the Company has retained substantially all the
risks and rewards incidental to the ownership of the financial asset, the Company continues to recognize the financial asset
transferred. If the Company neither transferred nor retained a substantial portion of all risks and rewards incidental to the
ownership of the financial asset, then: (i) if the Company does not retain control over the financial asset, the financial asset is
derecognized, and the rights and obligations incurred or retained in such transfer are separately recognized as assets or liabilities
(as the case may be); or (ii) if the Company retains control over the financial asset, the financial asset continues to be recognized to
the extent of the Company’s continuing involvement in the financial asset transferred, and a corresponding liability is recognized.
If an entire transfer of a financial asset meets the criteria for derecognition, the difference between (i) the carrying value of
the financial asset transferred at the date of derecognition; and (ii) the sum of the consideration received from the transfer and the
portion of the cumulative amount of changes in fair value directly recorded as other comprehensive income originally that
corresponds to the part derecognized (where the financial asset transferred is an investment in debt instruments at fair value
through other comprehensive income) is recognized in profit or loss. If part of a financial asset is transferred and the part
transferred entirely meets the criteria for derecognition, the total carrying value of the financial asset immediately prior to the
transfer is allocated between the part derecognized and the part not derecognized in proportion to their relative fair value at the
DSBJ Semi-Annual Report 2025
date of transfer, and the difference between (i) the carrying value of the part derecognized; and (ii) the sum of the consideration
received from the transfer of the part derecognized and the portion of the cumulative amount of changes in fair value directly
recorded as other comprehensive income originally that corresponds to the part derecognized (where the financial asset transferred
is an investment in debt instruments at fair value through other comprehensive income) is recognized in profit or loss.
The Company adopts the valuation techniques applicable to the current situations and with sufficient data available and
support of other information, determines the fair value of financial assets and financial liabilities. The Company classifies the
inputs used by the valuation techniques in the following levels and uses them in turn:
(1) Level 1 inputs: quoted market price (unadjusted) in an active market for an identical asset or liability available at the date
of measurement;
(2) Level 2 inputs: inputs other than inputs included within Level 1 that are observable directly or indirectly. This category
includes quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in
inactive markets, observable inputs other than quoted prices (such as interest rate and yield curves observable during regular
intervals of quotation), and inputs validated by the market;
(3) Level 3 inputs: inputs that are unobservable. This category includes interest rate or stock volatility that cannot be directly
observed or validated by observable market data, future cash flows from retirement obligations incurred in business combinations,
and financial forecasts made using own data.
The Company determines the impairment and assesses allowance for impairment of financial assets at amortized cost,
investments in debt instruments at fair value through other comprehensive income, contract assets, lease payments receivable, loan
commitments other than financial liabilities designated at fair value through profit or loss, and financial guarantee contracts other
than financial liabilities designated at fair value through profit or loss and financial liabilities arising as a result of the transfer of
financial assets not meeting the criteria for derecognition or continuing involvement in the financial assets transferred, on the basis
of expected credit losses.
Expected credit loss is the weighted average of credit losses on financial instruments taking into account the possibility of
default. Credit loss is the present value of the difference between all contractual cash flows receivable under the contract and
estimated future cash flows discounted at the original effective interest rate, i.e. the present value of all cash shortages, where the
DSBJ Semi-Annual Report 2025
Company’s purchased or originated financial assets that have become credit impaired are discounted at their credit-adjusted
effective interest rate.
With respect to purchased or originated financial assets that have become credit impaired, at the balance sheet date, the
Company recognizes an impairment loss equal to the cumulative amount of changes in lifetime expected credit losses since initial
recognition.
With respect to lease payments receivable, accounts receivable and contract assets arising from transactions within the
meaning of CASBE 14 “Revenue”, the Company uses the simplified measurement method and recognizes an impairment loss
equal to the lifetime expected credit losses.
With respect to financial assets not using the measurement methods stated above, at each balance sheet date, the Company
assesses whether the credit risk has increased significantly since initial recognition, and recognizes an impairment loss equal to the
lifetime expected credit losses if the credit risk has increased significantly since initial recognition, or to the expected credit losses
within the next 12 months if the credit risk has not increased significantly since initial recognition.
The Company uses reasonable and supportable information, including forward-looking information, and compares the
possibility of default at the balance sheet date with the possibility of default upon initial recognition, to determine whether the
credit risk of the financial instruments has increased significantly since initial recognition.
At the balance sheet date, if the Company determines that a financial instrument has low credit risk, the Company assumes
that its credit risk has not increased significantly since initial recognition.
The Company assesses expected credit risk and measures expected credit losses of financial instruments individually or
collectively. When assessing the financial instruments collectively, the Company includes the financial instruments in different
groups according to their common risk characteristics.
At each balance sheet date, the Company re-assesses the expected credit losses, with the amount of increase in or reversal of
impairment loss recognized in profit or loss as impairment losses or gains. With respect to a financial asset at amortized cost, its
carrying value recorded in the balance sheet is written off against the impairment loss. With respect to an investment in debt
instruments at fair value through other comprehensive income, the Company recognizes the impairment loss in other
comprehensive income, without reducing its carrying value.
DSBJ Semi-Annual Report 2025
Financial assets and financial liabilities are presented in the balance sheet separately, without offsetting each other. Financial
assets and financial liabilities are offset and presented on a net basis in the balance sheet only if: (i) the Company has a currently
enforceable legal right to offset the recognized amounts; and (ii) the Company has an intention to settle on a net basis, or realize
the assets and settle the liabilities simultaneously.
With respect to the transfer of financial assets not meeting the criteria for derecognition, the Company does not offset the
financial assets transferred against the relevant liabilities.
Determination and recognition of expected credit losses on accounts receivable
characteristics
Basis for
Group type Method for measuring expected credit losses
grouping
Banker’s
acceptance bills
By reference to historical credit loss experience, and taking into account the current situations
receivable Type of
and prediction of future economic conditions, calculate the expected credit losses according to
Commercial bills
the default risk exposure and rate of lifetime expected credit loss.
acceptance bills
receivable
By reference to historical credit loss experience, and taking into account the current situations
Accounts receivable
Age and prediction of future economic conditions, prepare a comparison table of the age of
– aging group
accounts receivable and rate of expected credit loss, and calculate the expected credit losses.
By reference to historical credit loss experience, and taking into account the current situations
Other receivables –
Age and prediction of future economic conditions, prepare a comparison table of the age of other
aging group
receivables and rate of expected credit loss, and calculate the expected credit losses.
Long-term By reference to historical credit loss experience, and taking into account the current situations
Nature of
receivables – group and prediction of future economic conditions, calculate the expected credit losses according to
accounts
of security deposits the default risk exposure and rate of lifetime expected credit loss.
Rate of expected credit loss on accounts Rate of expected credit loss on other
Age
receivable (%) accounts receivable (%)
Within 6 months (inclusive, the same below) 0.5 5
Over 3 years 100 100
The age of an account receivable, other account receivable or commercial acceptance bill receivable is calculated from the
month it actually occurred.
DSBJ Semi-Annual Report 2025
With respect to the accounts receivable whose credit risk is significantly different from that of the relevant group, an
allowance for expected credit losses is recognized individually.
Methods for recognition and accounting of expected credit losses of other receivables
Inventories include finished products or goods held for sale in the ordinary course of business, work in progress and materials
and goods consumed in the process of production or rendering of services.
The value of inventories dispatched is determined using the weighted average method at the end of the month in which they
were dispatched.
The perpetual inventory system is adopted.
(1) Low-value consumables
One-off amortization method shall apply.
(2) Packing materials
One-off amortization method shall apply.
At the balance sheet date, inventories are measured at the lower of cost and net realizable value. An amount equal to the cost
of an inventory in excess of its net realizable value is recognized as an inventory provision. The net realizable value of inventories
held directly for sale is the estimated selling price of such inventories less the estimated selling expenses and related taxes in the
ordinary course of business. The net realizable value of inventories to be further processed is the estimated selling price of finished
goods less the estimated cost of completion, estimated selling expenses and related taxes in the ordinary course of business. At the
balance sheet date, if part of an inventory has a contract price while the remaining part thereof does not have a contract price, the
net realizable value is determined separately, which is compared with its cost, to determine the amount of the inventory provision
recognized or reversed (as applicable).
DSBJ Semi-Annual Report 2025
Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the
relevant activities require unanimous consent of the parties sharing control. Significant influence is the power to participate in the
financial and operating policy-making of an entity, but is not control or joint control over those policies.
(1) For an equity investment acquired through a business combination involving entities under common control, if the
acquirer pays consideration for the business combination by cash, transfer of non-monetary assets, assumption of liabilities or
issuance of equity securities, the initial investment cost of the long-term equity investment is the Company’s share of the carrying
value of the owners’ equity of the acquiree in the consolidated financial statements of the ultimate controller at the combination
date. The difference between: (i) the initial investment cost of the long-term equity investment; and (ii) the carrying value of the
consideration paid for the combination or the total par value of the shares issued (as applicable) is treated as an adjustment to the
capital reserve. In case the capital reserve is not sufficient to absorb the difference, the remaining balance is charged against the
retained earnings.
If a business combination is effected through multiple transactions by steps that constitute a package deal, the Company
accounts for such transactions as one deal to gain control. If such transactions do not constitute a package deal, the initial
investment cost is the Company’s share of the carrying value of the owners’ equity of the acquiree in the consolidated financial
statements of the ultimate controller at the combination date; and the difference between: (i) the initial investment cost of the long-
term equity investment at the combination date; and (ii) the sum of the carrying value of long-term equity investment before the
combination and the carrying value of the consideration paid for acquisition of the additional shares at the combination date is
treated as an adjustment to the capital reserve. In case the capital reserve is not sufficient to absorb the difference, the remaining
balance is charged against the retained earnings.
DSBJ Semi-Annual Report 2025
(2) For an equity investment acquired through a business combination involving entities not under common control, the initial
investment cost is the fair value of the aggregate consideration paid at the date of acquisition.
With respect to a long-term equity investment acquired through a business combination involving entities under common
control that is effected through multiple transactions in steps, the accounting thereof in the standalone financial statements is
different from that in the consolidated financial statements as stated below:
acquiree and the additional investment cost incurred is recorded as the initial investment cost of the equity investment changed
into the cost method.
transactions as one deal to gain control. If such transactions do not constitute a package deal, the equity held in the acquiree prior
to the acquisition date is remeasured at its fair value at the acquisition date, with the difference between its fair value and carrying
value recognized as an investment income for the current period; if the equity held in the acquiree prior to the acquisition date
involves other comprehensive income under the equity method, such other comprehensive income is transferred to the income for
the period in which the acquisition date falls, except for other comprehensive income arising from remeasurement of changes in
net liabilities or net assets of defined benefit plans.
(3) For an equity investment not acquired through business combination, the initial investment cost is the purchase price
actually paid if it is acquired by cash, or the fair value of the equity securities issued if it is acquired through issuance of equity
securities, or in accordance with CASBE 12 “Debt Restructuring” if it is acquired through debt restructuring, or CASBE 7
“Exchange of Non-monetary Assets” if it is acquired through exchange of non-monetary assets.
Long-term equity investments in investees over which the Company exercises control are accounted for using the cost
method. Long-term equity investments in associates and joint ventures are accounted for using the equity method.
(1) Criteria for determining a package deal
Where the Company loses control over a subsidiary due to the disposal of equity investment in the subsidiary through
multiple transactions by steps, the Company determines whether such transactions constitute a package deal taking into account
DSBJ Semi-Annual Report 2025
the transaction contract terms, consideration received, the transferee of the equity sold, method of disposal, time of disposal and
other information in respect of each step. If the terms, conditions and financial effect of such transactions fall under one or more of
the circumstances set forth below, such transactions are accounted for as a package deal generally:
transactions.
(2) Accounting treatment of transactions not constituting a package deal
The difference between the carrying value of the equity disposed of and the disposal proceeds actually received is recognized
in profit or loss. If the remaining equity empowers the Company to exercise significant influence or joint control over the investee,
the remaining equity is accounted for using the equity method; if the remaining equity does not empower the Company to exercise
control, joint control or significant influence over the investee, the remaining equity is accounted for in accordance with CASBE
Before the loss of control, the difference between the disposal proceeds and the Company’s share of the net assets of the
subsidiary corresponding to the long-term equity investment disposed of as calculated continuously from the acquisition date or
combination date is treated as an adjustment to the capital reserve (capital premium). In case the capital premium is not sufficient
to absorb the difference, the remaining balance is charged against the retained earnings.
Upon loss of control, the remaining equity is remeasured at its fair value at the date of loss of control. The sum of the
consideration received from the disposal of the equity and the fair value of the remaining equity, net of the Company’s share of the
net assets of the subsidiary as calculated continuously from the acquisition date according to the original shareholding ratio, is
included in the investment income for the period during which the control was lost, and charged against goodwill. Other
DSBJ Semi-Annual Report 2025
comprehensive income related to the equity investment in the subsidiary is transferred to the investment income for the period
during which the control was lost.
(3) Accounting treatment of transactions constituting a package deal
The Company accounts for such transactions as one deal to dispose of and lose control over the subsidiary; however, in the
standalone financial statements, the difference between the proceeds from each disposal before loss of control and the carrying
value of the long-term equity investment corresponding to the equity disposed of is recognized in other comprehensive income,
which is wholly transferred to profit or loss in the period during which the control was lost.
The Company accounts for such transactions as one deal to dispose of and lose control over the subsidiary; however, in the
consolidated financial statements, the difference between the proceeds from each disposal before loss of control and the
Company’s share of the net assets of the subsidiary corresponding to the equity disposed of is recognized in other comprehensive
income, which is wholly transferred to profit or loss in the period during which the control was lost.
Measurement model for investment property
Measured at cost
Method of depreciation or amortization
using the same method as fixed assets and intangible assets.
(1) Criteria for recognition
Fixed assets are tangible assets held for the production of goods, rendering of services, lease or operation and management with a
service life of more than one accounting year. A fixed asset is recognized if the economic benefits relating to it are very likely to
flow to the Company and its cost can be reliably measured.
DSBJ Semi-Annual Report 2025
(2) Depreciation
Estimated useful life Rate of residual value Annual rate of
Type Method of depreciation
(years) (%) depreciation
Buildings and
Straight line method 20-30 5 3.17-4.75
structures
Machinery and
Straight line method 5-10 5 9.50-19.00
equipment
Transportation
Straight line method 5 5 19.00
equipment
Office equipment and
Straight line method 5 5 19.00
others
its cost can be reliably measured. Construction in progress is measured at the actual cost incurred before it is completed and ready
for the intended use.
construction in progress that is ready for intended use but the final settlement of which has not yet been completed is transferred to
fixed assets at estimated value first, and after the completion of the final settlement, the estimated value is adjusted according to
the actual cost, without adjusting the accumulated depreciation.
Category Criteria and time for the transfer of construction in progress to fixed assets
Machinery and equipment Meet the design requirements or agreed standards after installation and commissioning
Buildings and structures Meet the building completion acceptance criteria
Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are
capitalized as part of the cost of the asset when they meet the condition for capitalization. Other borrowing costs are expensed
when they are incurred and recognized in profit or loss.
(1) A borrowing cost is capitalized when all of the following conditions are satisfied: (i) the expenditures on the asset have
already been incurred; (ii) the borrowing cost has already been incurred; and (iii) the acquisition, construction or production
activities necessary to prepare the asset for its intended use or sale have already commenced.
DSBJ Semi-Annual Report 2025
(2) Capitalization of borrowing costs is suspended during the period of abnormal interruption of acquisition, construction or
production of a qualifying asset which lasts for more than three consecutive months. The borrowing costs incurred during the
period of suspension are recognized as expenses for the current period until the resumption of the acquisition, construction or
production activities.
(3) Capitalization of borrowing costs ceases when a qualifying asset acquired, constructed or produced gets ready for its
intended use or sale.
For borrowings obtained specially for the acquisition, construction or production of a qualifying asset, the amount of
capitalization of the borrowing costs is the cost of the borrowings actually incurred in the current period (including amortized
discount or premium determined using the effective interest method) less the interest income from the part of borrowings that has
not yet been utilized and is deposited in banks or investment income from temporary investment of the borrowings. For general
borrowings occupied for the acquisition, construction or production of a qualifying asset, the amount of borrowing costs eligible
for capitalization is determined by multiplying the weighted average of the excess of cumulative expenditures on the asset over the
special-purpose borrowings by the capitalization rate of the general borrowings occupied.
(1) Service life and basis for determination of service life, estimates, method of amortization or review
procedure
which the economic benefits related to the intangible asset are expected to be realized, or if that pattern cannot be determined
reliably, using the straight line method as follows:
Useful life and basis for determination of useful life
Item Method of amortization
(years)
Land use right 50 Straight line method
Development expenses 5 Straight line method
Software 3 Straight line method
Trademarks and patents 10 Straight line method
DSBJ Semi-Annual Report 2025
Useful life and basis for determination of useful life
Item Method of amortization
(years)
Customer resources 10 Straight line method
Intangible assets with indefinite service lives are not amortized, and their service lives are reviewed at each reporting period.
(2) Scope and accounting treatment of research and development (R&D) expenses
(1) Labor costs
Labor costs comprise the wages, salaries, basic pension insurance, basic medical insurance, unemployment insurance,
worker’s compensation insurance, maternity insurance and housing provident fund contributions paid to or for the R&D personnel,
and service fees of the outsourced R&D personnel.
With respect to the R&D personnel serving a number of R&D projects concurrently, their labor costs are allocated to the
relevant R&D projects on a pro-rata basis according to the record of working hours spent by them in such R&D projects as
provided by the administrative department.
With respect to the Company’s own R&D personnel and outsourced R&D personnel who are directly engaged in R&D
activities and also engaged in non-R&D activities, their labor costs actually incurred are allocated between R&D expenses and
production and business expenses on a pro-rata basis in proportion to the percentage of working hours spent by them on different
posts as recorded, or otherwise reasonably.
(2) Direct costs
Direct costs refer to the costs actually incurred by the Company in connection with R&D activities, including (i) costs of
materials, fuels and powers directly consumed; (ii) costs of development and fabrication of molds and process equipment used in
pilot trials and trial production, purchasing costs of samples, prototypes and general testing methods not classified as fixed assets,
and inspection costs of trial produces; and (iii) operation, maintenance, calibration, inspection, testing, repair and other costs of
instruments and equipment used in R&D activities.
(3) Depreciation expenses and long-term deferred expenses
Depreciation expenses refer to the depreciation expenses of instruments, equipment and buildings used in R&D activities.
With respect to the instruments, equipment and buildings used in both R&D activities and non-R&D activities, the
depreciation expenses actually incurred are allocated between R&D expenses and production and business expenses according to
the actual working hours and area used as recorded, or otherwise reasonably.
DSBJ Semi-Annual Report 2025
Long-term deferred expenses refer to the long-term deferred expenses incurred in the alteration, modification, renovation and
repair of R&D facilities, which are recorded according to the amounts actually spent, and amortized on a straight line basis over
the defined period.
(4) Amortization expenses of intangible assets
Amortization expenses of intangible assets refer to the amortization expenses of software, intellectual properties, and non-
patented technologies (know-how, licenses, designs, computing methods, etc.) used in R&D activities.
(5) Design costs
Design costs refer to the costs incurred in the design of processes, technical specifications, rules of operation and operating
features in connection with the concept, development and manufacturing of new products and new processes, including the costs
of creative design activities conducted for the purpose of developing innovative, creative and breakthrough products.
(6) Equipment commissioning costs and testing costs
Equipment commissioning costs refer to the costs incurred during the equipment preparation phase of R&D activities,
including the costs of developing special-purpose production machines, changing production and quality control procedures,
developing new approaches and standards, etc.
The costs incurred for general equipment preparation and industrial engineering in connection with large-scale mass and
commercial production are excluded from the scope of aggregation.
Testing costs include clinical trial costs for the development of new drugs, field trial costs for exploration and development
technologies, field experiment costs, etc.
(7) Outsourced R&D expenses
Outsourced R&D expenses refer to the expenses of R&D activities that the Company engages external entities or individuals
at home or abroad to conduct, provided that the results of such R&D activities will be owned by the Company and such R&D
activities are closely related to the primary business of the Company.
(8) Other expenses
Other expenses refer to the expenses that are not set forth above and directly related to R&D activities, including the expenses
of technical documents and data, material translation, advisors and consultants, high and new technology R&D insurance, retrieval,
verification, evaluation, appraisal and acceptance inspection of R&D achievements, application, registration and agency service in
respect of intellectual properties, meetings, travel, communication, etc.
are incurred. Expenditures on an internal R&D project at the development phase are recognized as an intangible asset if: (i) it is
DSBJ Semi-Annual Report 2025
technically feasible to complete the intangible asset so that it will be available for use of sale; (ii) it is intended to complete the
intangible asset so that it will be available for use of sale; (iii) the pattern in which the intangible asset will generate economic
benefits can demonstrate the existence of a market for the output of the intangible asset or the intangible asset itself, or if it is to be
used internally, the usefulness of the intangible asset; (iv) there are sufficient technical, financial and other resources available to
complete the development activities and to use or sell the intangible asset; and (v) the expenditures attributable to the development
of the intangible asset can be reliably measured.
With respect to long-term equity investments, investment properties at cost, fixed assets, construction in progress, productive
biological assets at cost, oil and gas assets, right-of-use assets, intangible assets with a finite useful life and other long-term assets,
if there’s an indication of impairment at the balance sheet date, the Company assesses their recoverable amount. Goodwill arising
from business combinations and intangible assets with an infinite useful life are tested for impairment every year regardless of
whether there’s an indication of impairment. Goodwill is tested for impairment together with the relevant groups of assets or
combinations of groups of assets.
If the recoverable amount of a long-term asset is less than its carrying value, the difference is measured as impairment loss on
the asset and recognized in profit or loss.
Long-term deferred expenses are expenses that have already been incurred but should be amortized over a period of more
than one year. Long-term deferred expenses are stated as the amount actually incurred, and equally amortized over the benefit
period or established period. If an item of long-term deferred expenses will not benefit the subsequent periods, the remaining
unamortized balance of the item is wholly transferred to profit or loss.
(1) Accounting treatment of short-term employee benefits
The short-term employee benefits actually incurred are recognized as liabilities in the accounting period during which
employee services are rendered, and included in profit or loss or the cost of related assets.
DSBJ Semi-Annual Report 2025
(2) Accounting treatment of post-employment benefits
(1) In the accounting period during which employee services are rendered, the amount contributable as calculated according
to the defined contribution plan is recognized as liabilities and included in profit or loss or the costs of related assets.
(2) The accounting treatment of a defined benefit plan generally involves the following steps:
variables and financial variables, measure the obligation arising from the defined benefit plan and determine the period to which
the relevant obligation belongs. Meanwhile, discount the obligation arising from the defined benefit plan, in order to determine the
present value of the benefit plan obligation and the current service cost;
obligation by the fair value of the defined benefit plan is recognized as a net liability or asset of the defined benefit plan. If the
defined benefit plan has a surplus, the net assets of the defined benefit plan are measured at the lower of surplus in the defined
benefit plan and asset ceiling;
cost, net interest on the net liabilities or net assets of the defined benefit plan, and changes arising from remeasurement of the net
liabilities or net assets of the defined benefit plan, where the service cost and the net interest on the net liabilities or net assets of
the defined benefit plan are included in profit or loss or the cost of related assets, and the changes arising from remeasurement of
the net liabilities or net assets of the defined benefit plan are included in other comprehensive income, which will not be reversed
to profit or loss in subsequent periods, but may be transferred within the scope of equity.
(3) Accounting treatment of termination benefits
When the Company can no longer withdraw the offer of termination benefits as a result of termination of employment or
redundancy, or recognizes the restructuring costs or expenses relating to payment of termination benefits, whichever the earlier,
the employee benefit liabilities arising from recognition of termination benefits are recognized in profit or loss.
DSBJ Semi-Annual Report 2025
(4) Accounting treatment of other long-term employee benefits
product quality warranty, onerous contract or other contingencies, and it is probable that an outflow of resources embodying
economic benefits will be required to settle the obligation, and the amount of the obligation can be reliably measured.
obligations. The carrying value of provisions is reviewed at the balance sheet date.
Share-based payments include equity-settled share-based payments and cash-settled share-based payments.
(1) Equity-settled share-based payment
With respect to an equity-settled share-based payment that is granted in exchange for the services of employees, if the right
can be immediately exercised after the grant, at the date of the grant, the fair value of the equity instruments is included in the
relevant costs or expenses, and the capital reserve is adjusted accordingly; if the right may not be exercised until the vesting period
comes to an end or until the specified performance conditions are met, at each balance sheet date within the vesting period, the
services received in the current period are, based on the best estimate of the exercisable equity, included in the relevant costs or
expenses at the fair value of the equity instruments at the date of grant, and the capital reserve is adjusted accordingly.
An equity-settled share-based payment that is granted in exchange for the services of any other party is measured at fair value
at the date of receipt of such services if the fair value of such services can be reliably measured, or at the fair value of the equity
instruments at the date of receipt of such services if the fair value of such services cannot be reliably measured but the fair value of
the equity instruments can be reliably measured. The services are included in the relevant costs or expenses, and the owners’
equity is increased accordingly.
(2) Cash-settled share-based payment
DSBJ Semi-Annual Report 2025
With respect to a cash-settled share-based payment that is granted in exchange for the services of employees, if the right can
be immediately exercised after the grant, at the date of grant, the fair value of the liability undertaken by the Company is included
in the relevant costs or expenses, and the liabilities are increased accordingly; if the right may not be exercised until the vesting
period comes to an end or until the specified performance conditions are met, at each balance sheet date within the vesting period,
the services received in the current period are, based on the best estimate about the exercisable right, included in the relevant costs
or expenses and the corresponding liabilities at the fair value of the liability undertaken by the Company.
(3) Amendment and termination of share-based payment plans
If such amendment results in an increase in the fair value of the equity instruments granted, the Company recognizes a
corresponding increase in the services received according to the increase in the fair value of the equity instruments. If such
amendment results in an increase in the number of equity instruments granted, the Company recognizes a corresponding increase
in the services received according to the fair value of the additional equity instruments granted. If the Company amends the
vesting conditions in a manner favorable to the employees, the Company will take into account the vesting conditions as amended
in the accounting thereof.
If such amendment results in a decrease in the fair value of the equity instruments granted, the Company continues to
recognize the services received based on the fair value of the equity instruments at the date of grant, without taking into account
the decrease in the fair value of the equity instruments. If such amendment results in a decrease in the number of equity
instruments granted, the portion of the equity instruments reduced is deemed canceled. If the Company amends the vesting
conditions in a manner unfavorable to the employees, the Company will not take into account the vesting conditions as amended in
the accounting thereof.
If, during the vesting period, the Company cancels or settles any equity instruments granted (except for those canceled due to
failure to satisfy the vesting conditions), such cancellation or settlement is treated as an acceleration of vesting, and the amount
that would have been recognized in the remaining vesting period is recognized immediately.
Accounting policies for the recognition and measurement of revenue disclosed by business type
DSBJ Semi-Annual Report 2025
At contract commencement date, the Company assesses a contract to identify each single performance obligation included in
the contract and whether such performance obligation shall be satisfied over time or at a point in time.
A performance obligation shall be satisfied over time if it meets one of the following conditions, otherwise, it shall be
satisfied at a point in time: (i) the customer simultaneously receives and consumes the benefits provided by the Company’s
performance; (ii) the customer can control the work in process created during the Company’s performance; or (iii) the Company’s
performance does not create the goods with an alternative use to the Company and the Company has an enforceable right to
payment for performance completed to date.
With respect to a performance obligation satisfied over time, the Company recognizes revenue over time by measuring the
progress toward complete satisfaction of that performance obligation. If the Company is unable to reasonably measure the progress
of a performance obligation, but expects to recover the costs incurred in satisfying the performance obligation, the Company
recognizes revenue only to the extent of the costs incurred until such time that it can reasonably measure the progress of the
performance obligation. With respect to a performance obligation satisfied at a point in time, the Company recognizes revenue
when the customer obtains control of the relevant goods or services. In determining whether the customer has obtained control of
any goods, the Company considers the following indicators: (i) the Company has a present right to payment for the goods, i.e. the
customer presently is obliged to pay for the goods; (ii) the Company has transferred the legal title to the goods to the customer, i.e.
the customer has the legal title to the goods; (iii) the Company has transferred physical possession of the goods to the customer, i.e.
the customer physically possesses the goods; (iv) the Company has passed the significant risks and rewards of ownership of the
goods to the customer, i.e. the customer has the significant risks and rewards of ownership of the goods; (v) the customer has
accepted the goods; and (vi) other indicators showing that the customer has obtained control of the goods.
(1) The Company measures revenue according to the transaction price allocated to each performance obligation. Transaction
price is the amount of consideration to which the Company expects to be entitled in exchange for transferring the relevant goods or
services to a customer, excluding the amounts collected on behalf of third parties or expected to be returned to the customer.
(2) If a contract has any variable consideration, the Company determines the best estimate of the variable consideration
according to the expected value or the most likely amount, but the Company shall include in the transaction price some or all of an
amount of variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative
revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved.
DSBJ Semi-Annual Report 2025
(3) If a contract contains a significant financing component, the Company determines the transaction price according to the
amount that the customer would have paid for the goods or services if it had paid cash when it obtained control of the goods or
services. The difference between such transaction price and the contract consideration is amortized over the term of the contract
using the effective interest method.
(4) If a contract includes two or more performance obligations, at contract commencement date, the Company allocates the
transaction price to each performance obligation on a relative standalone selling price basis.
Different methods of revenue recognition and measurement for the same business type that adopts different business models.
The Company is primarily engaged in the sale of electronic circuits, LED display devices, touch panels and LCMs, precision
components and other products, the revenues from which constitute performance obligations to be satisfied at a point in time.
Revenue from the sale of products on the domestic market is recognized when the Company has delivered the products to the
agreed place of delivery which has been accepted by the customer, has received or has a present right to payment for the products,
and it is probable that the economic benefits associated with the transaction will flow to the Company. Revenue from sale of
products on the overseas market is recognized when the products delivered by the Company pursuant to the contract have been
cleared through customs, and the Company has received the relevant export declaration form and bill of lading, has received or has
a present right to payment for the products, and it is probable that the economic benefits associated with the transaction will flow
to the Company.
Contract acquisition costs, i.e. the incremental cost of acquiring a contract, are recognized as an asset if they are expected to
be recovered, and if the amortization period is no more than one year, are directly recorded in profit or loss in the period in which
they are incurred.
Contract performance costs, i.e. the costs of fulfilling a contract, are recognized as an asset if they are not addressed by the
standards on inventories, fixed assets and intangible assets and meet all of the following conditions:
costs (or similar costs), costs that are explicitly chargeable to the relevant customer under the contract and other costs incurred
solely in connection with the contract;
DSBJ Semi-Annual Report 2025
The assets related to contract costs are amortized on the same basis as the recognition of revenues from goods or services
related to such assets, and recognized in profit or loss.
The portion of the carrying value of an asset related to contract costs in excess of the remaining consideration receivable from
the transfer of goods or services related to such asset less the estimated costs that are expected to be incurred is recognized as an
impairment loss. If, as a result of changes in the factors of impairment in the previous periods, the remaining consideration
receivable from the transfer of goods or service related to such asset less the estimated costs that are expected to be incurred
exceeds the carrying value of such asset, the impairment loss is reversed through profit or loss, provided that the carrying value of
the reversed asset shall not exceed its carrying value at the reversal date assuming such impairment loss were not recognized.
Company will receive the government grants. Government grants in the form of monetary assets are measured at the amount
received or receivable. Government grants in the form of non-monetary assets are measured at fair value, or if their fair value is
unavailable, at a nominal amount.
Government grants related to assets are government grants which are offered for purchasing, constructing or otherwise
acquiring long-term assets as provided by the applicable government documents, or in the absence of such express provision in the
applicable government documents, whose primary condition is that the Company should purchase, construct or otherwise acquire
long-term assets. Government grants related to assets are offset against the carrying value of the relevant assets or recognized as
deferred income. Government grants related to assets recognized as deferred income are included in profit or loss over the service
life of the relevant assets on a reasonable and systematic basis. Government grants measured at nominal amount are directly
recognized in profit or loss. In case of a sale, transfer, retirement or damage of the relevant assets before the end of the intended
service life, the balance of the unallocated deferred income is transferred to profit or loss for the period in which the assets are
disposed of.
DSBJ Semi-Annual Report 2025
Government grants related to income are government grants other than those related to assets. Government grants related to
both assets and income where it is difficult to make a distinction between the portion related to assets and the portion related to
income are wholly classified as government grants related to income. Government grants related to income as compensation for
expenses or losses to be incurred in subsequent periods are recognized as deferred income and in the period for recognizing the
relevant costs, expenses or losses, included in profit or loss or offset against the relevant costs. Government grants related to
income as compensation for expenses or losses already incurred are directly included in profit or loss or offset against the relevant
costs.
relevant costs and expenses depending on the nature of economic business. Government grants not related to day-to-day operations
of the Company are recognized in non-operating revenues or expenses.
If the financial authority directly appropriates any interest subsidy to the Company, the interest subsidy is recognized as a
reduction in the borrowing cost.
asset or liability whose tax base can be determined according to the applicable tax law, the difference between its tax base and
carrying value, is recognized as a deferred tax asset or deferred tax liability according to the tax rate applicable to the period in
which the asset or liability is expected to be recovered or settled.
against which the deductible temporary differences can be utilized. At the balance sheet date, previously unrecognized deferred tax
assets are recognized if conclusive evidence exists that sufficient taxable income will probably be available in future periods to
utilize the deductible temporary differences.
longer probable that sufficient taxable income will be available in future periods to allow the benefit of the deferred tax assets to
be utilized. If it is probable that sufficient taxable income will be available, the amount of write-down is reversed.
DSBJ Semi-Annual Report 2025
income taxes arising from any: (i) business combination; or (ii) transaction or event directly recognized in owners’ equity.
has a legal right to settle current tax assets and current tax liabilities on a net basis; and (ii) the deferred tax assets and deferred tax
liabilities relate to income taxes levied by the same tax authority on either the same taxable entity or different taxable entities
which intend either to settle current tax assets and current tax liabilities on a net basis or to realize the assets and liabilities
simultaneously, in each future period in which significant amounts of deferred tax assets or liabilities are expected to be reversed.
(1) Accounting treatment of leases under which the Company is lessee
At the lease commencement date, a lease that has a lease term of 12 months or less and does not contain a purchase option is
a short-term lease. A lease of an asset with a low value when new is a lease of a low-value asset. Where the Company subleases or
expects to sublease a leased asset, the original lease is not classified as a lease of a low-value asset.
Except for short-term leases and leases of low-value assets, at the lease commencement date, the Company recognizes right-
of-use assets and lease liabilities for the lease.
(1) Right-of-use assets
Right-of-use assets are initially measured at cost, which cost includes: (i) the amount of the lease liability initially measured;
(ii) any lease payments made at or before the commencement date, less any lease incentives received; (iii) any initial direct costs
incurred by the lessee; and (iv) estimated costs to be incurred by the lessee in dismantling and removing the lease asset, restoring
the site on which it is located or restoring the lease asset to the condition required by the terms and conditions of the lease.
The Company depreciates the right-of-use assets using the straight-line method. If it is reasonable to be certain that the
ownership of a lease asset can be acquired by the end of the lease term, the Company depreciates the right-of-use asset over its
remaining service life. Otherwise, the Company depreciates the right-of-use asset over the shorter of the lease term and its
remaining service life.
(2) Lease liabilities
DSBJ Semi-Annual Report 2025
At the lease commencement date, the Company measures a lease liability at the present value of the lease payments that have
not been paid at that date. The present value of lease payments is determined using the interest rate implicit in the lease as the
discount rate. If that rate cannot be readily determined, the lessee’s incremental borrowing rate is used. The difference between the
lease payments and their present value is unrecognized financing costs. Interest expenses are measured for each period within the
lease term using the discount rate for determining the present value of lease payments, and recognized in profit or loss. Variable
lease payments not included in the measurement of lease liabilities are recognized in profit or loss in the period during which they
are incurred.
After the lease commencement date, if there are changes in the in-substance fixed lease payments, amounts expected to be
payable under residual value guarantee, the index or rate used to determine the lease payments, the result of an assessment of
purchase option, renewal option or termination option or the actual exercise of such options, the Company re-measures the lease
liability based on the present value of lease payments as adjusted, and adjusts the carrying value of the right-of-use assets
accordingly. If the carrying value of the right-of-use asset is reduced to zero, but the lease liability needs to be further reduced, the
balance is recognized in profit or loss.
(2) Accounting treatment of leases under which the Company is lessor
At the lease commencement date, the Company classifies a lease that transfers substantially all the risks and rewards
incidental to ownership of a lease asset to the lessee as a finance lease, and all other leases as operating leases.
(1) Operating lease
Lease receipts are recognized as lease income using the straight-line method over the lease term. Initial direct costs incurred
are capitalized, amortized on the same basis as the recognition of lease income, and recognized in profit or loss by installments.
Variable lease payments related to the operating lease which are not included in the lease receipts are recognized in profit or loss
in the period during which they are incurred.
(2) Finance lease
At the lease commencement date, the Company recognizes the finance lease payments receivable based on the net investment
in the lease (equal to the sum of unguaranteed residual value and the present value of lease receipts that are not received at the
lease commencement date and discounted using the Company’s incremental borrowing rate), and derecognizes the assets held
DSBJ Semi-Annual Report 2025
under the finance lease. The Company calculates and recognizes interest income using the interest rate implicit in the lease over
the lease term.
Variable lease payments that are not included in the measurement of the net investment in a lease are recognized in profit or
loss when they are incurred.
(1) Significant changes in accounting policies
□ Applicable N/A
(2) Changes in significant accounting estimates
□ Applicable N/A
(3) Adjustment of the opening balance of related financial statement items due to the initial adoption of new accounting
standards since 2025
□ Applicable N/A
VI. Taxation
Category of tax Tax base Tax rate
The output tax is calculated based on revenue from
sales of goods or rendering of services in accordance 13%, 6% or 7%-25% (for the Company’s
Value-added tax
with the tax law, and net of the input tax deductible in overseas subsidiaries)
the current period is the value-added tax payable.
Urban maintenance and
Amount of turnover tax actually paid 5% or 7% (China)
construction tax
Enterprise income tax Amount of taxable income
If levied on the basis of price, 1.2% * 70% of the
Property tax original value of the property; if levied on the basis of 1.2% or 12% (China)
rental, 12% of the lease income
Education surcharge Amount of turnover tax actually paid 3% (China)
Local education
Amount of turnover tax actually paid 2% (China)
surcharge
Different rates of enterprise income tax applicable to the taxpayers:
Taxpayer Income tax rate
The Company, Mutto Optronics Technology Co., Ltd., MFLEX Yancheng Co., Ltd., 15.00%
DSBJ Semi-Annual Report 2025
Yancheng Dongshan Precision Manufacturing Co., Ltd., Suzhou RF Top Electronic
Communication Co., Ltd., Suzhou Chengjia Precision Manufacturing Co., Ltd., Suzhou
Dongdai Electronic Technology Co., Ltd., Yancheng Dongshan Communication Technology
Co., Ltd., Suzhou Yongchuang Communication Technology Co., Ltd., Suzhou Jebson
Intelligent Technology Co., Ltd., Suzhou Dongyue New Energy Technology Co., Ltd., and
Yancheng Dongchuang Precision Manufacturing Co., Ltd.
HongKong Dongshan Precision Union Optoelectronic Co., Ltd. and other companies
incorporated in Hong Kong
Mutto Optronics Group Limited, Mflex Delaware, Inc., The Dii Group (BVI) Co. Limited 0
Federal corporate income tax rate,
Multi-Fineline Electronix, Inc. (hereinafter referred to as Mflex) and other companies
incorporated in the United States
Multi-Fineline Electronix Singapore Ptd. Ltd. and other companies incorporated in Singapore 17% (Singapore)
Multek Technologies Limited
exemption)
Multek Technology Sweden AB 20.6% (Sweden)
Multek Technology Malaysia SDN.BHD 24% (Malaysia)
DSBJ Mexico, S.DER.L.DEC.V. and other companies in Mexico 30.00%
Multi-Fineline Electronics (Thailand) Co., Ltd. 20.00%
Multi-Fineline Electronics Hungary KFT. 9.00%
Other taxpayers not listed above 25.00%
(1) Pursuant to the Notice on Publishing the Filing of the Third Batch of High and New Technology Enterprises Recognized
by the Recognition Authority of Jiangsu Province in 2022 issued by the Office of the National Leading Group for Recognition
Management of High and New Technology Enterprises, the Company’s subsidiaries, Mutto Optronics, Yancheng Dongshan
Precision Manufacturing Co., Ltd., Yancheng Dongshan Communication Technology Co., Ltd. and MFLEX Yancheng passed the
high and new technology enterprise qualification review with a term of three years from 2022 to 2025, and therefore are subject to
an enterprise income tax rate of 15% for the current period.
(2) Pursuant to the Notice on Publishing the Filing of the Fourth Batch of High and New Technology Enterprises Recognized
by the Recognition Authority of Jiangsu Province in 2022 issued by the Office of the National Leading Group for Recognition
Management of High and New Technology Enterprises, the Company and its wholly-owned subsidiary Suzhou Chengjia passed
the high and new technology enterprise qualification review with a term of three years from 2022 to 2025, and therefore are
subject to an enterprise income tax rate of 15% for the current period.
(3) Pursuant to the Notice on Publishing the Filing the Second Batch of High and New Technology Enterprises Recognized
by the Recognition Authority of Jiangsu Province in 2022 issued by the Office of the National Leading Group for Recognition
Management of High and New Technology Enterprises, the Company’s subsidiary Suzhou RF Top Electronic Communication Co.,
Ltd. passed the high and new technology enterprise qualification review with a term of three years from 2022 to 2025, and
therefore is subject to an enterprise income tax rate of 15% for the current period.
DSBJ Semi-Annual Report 2025
(4) Pursuant to the Administrative Measures on Certification and Management of High and New Technology Enterprises
(Guo Ke Fa Huo (2016) No. 32) and Guidelines for the Accreditation of High and New Technology Enterprises (Guo Ke Fa Huo
(2016) No. 195), Suzhou Dongdai Electronic Technology Co., Ltd., Suzhou Yongchuang Communication Technology Co., Ltd.,
and Suzhou Jebson Intelligent Technology Co., Ltd. passed the qualification review of high and new technology enterprises with a
term of three years from 2023 to 2026, and therefore are subject to an enterprise income tax rate of 15% for the current period.
(5) Pursuant to the Administrative Measures on Certification and Management of High and New Technology Enterprises
(Guo Ke Fa Huo (2016) No. 32) and Guidelines for the Accreditation of High and New Technology Enterprises (Guo Ke Fa Huo
(2016) No. 195), Suzhou Dongyue New Energy Technology Co., Ltd. and Yancheng Dongchuang Precision Manufacturing Co.,
Ltd. passed the qualification review of high and new technology enterprises with a term of three years from 2024 to 2027, and
therefore are subject to an enterprise income tax rate of 15% for the current period.
(6) Multek Technologies Limited is subject to a corporate income tax rate of 15% under the Mauritius Corporate Income Tax
Act, and as a global Class I company incorporated in Mauritius but operating abroad, enjoys an 80% tax exemption, so its effective
corporate income tax rate is 3%.
VII. Notes to items of the consolidated financial statements
In RMB
Item Closing balance Opening balance
Cash on hand 200,624.49 266,540.67
Bank deposits 7,629,676,172.26 5,771,485,841.70
Other cash and bank balances 1,098,095,614.02 1,400,578,869.92
Total 8,727,972,410.77 7,172,331,252.29
Incl.: Total amounts deposited
abroad
Other information: See Notes to the Financial Statements for cash and cash equivalents subject to restrictions on use, and cash and
bank balances not classified as cash and cash equivalents.
In RMB
Item Closing balance Opening balance
Financial assets at fair value through profit or loss 99,120,489.81 78,144,342.95
Incl.:
Investments in equity instruments 65,235,923.23 63,212,376.92
Derivatives 33,884,566.58 14,931,966.03
Incl.:
Total 99,120,489.81 78,144,342.95
DSBJ Semi-Annual Report 2025
(1) Notes receivable by category
In RMB
Item Closing balance Opening balance
Commercial acceptance bills 17,976,222.55 9,037,098.60
Total 17,976,222.55 9,037,098.60
(2) Notes receivable by method of recognition of allowance for doubtful accounts
In RMB
Closing balance Opening balance
Allowance for Allowance for
Book balance Book balance
doubtful accounts doubtful accounts
Type Carrying Carrying
Ratio of value Ratio of value
Amount % Amount provisio Amount % Amount provisio
n n
Incl.:
Allowan
ce
recogniz 18,066,5 90,332.7 17,976,2 9,082,51 45,412.5 9,037,09
ed 55.33 8 22.55 1.16 6 8.60
collectiv
ely
Incl.:
Commer
cial 18,066,5 90,332.7 17,976,2 9,082,51 45,412.5 9,037,09
acceptan 55.33 8 22.55 1.16 6 8.60
ce bills
Total 100.00% 0.50% 100.00% 0.50%
Notes receivable with allowance for doubtful accounts recognized collectively by category name:
In RMB
Closing balance
Item Allowance for doubtful
Book balance Ratio of provision
accounts
Group of commercial
acceptance bills
Total 18,066,555.33 90,332.78
(3) Allowance for doubtful accounts recognized, recovered or reversed in the current period
Allowance for doubtful accounts recognized in the current period:
In RMB
Type Opening Changes in the current period Closing balance
DSBJ Semi-Annual Report 2025
balance Recovered or
Recognized Written off Others
reversed
Allowance
recognized 45,412.56 44,920.22 90,332.78
collectively
Total 45,412.56 44,920.22 90,332.78
(1) Accounts receivable by age
In RMB
Age Closing book balance Opening book balance
Within 1 year (inclusive) 5,981,786,072.97 7,669,860,368.06
Within 6 months 5,897,543,290.80 7,558,742,455.97
Over 3 years 210,461,454.48 218,266,298.53
Over 5 years 178,458,679.43 80,945,545.32
Total 6,289,584,480.34 7,960,638,917.92
(2) Notes receivable by method of recognition of allowance for doubtful accounts
In RMB
Closing balance Opening balance
Allowance for Allowance for
Book balance Book balance
doubtful accounts doubtful accounts
Type Carrying Carrying
Ratio of value Ratio of value
Amount % Amount provisio Amount % Amount provisio
n n
Allowan
ce
recogniz 58,220,8 57,514,2 706,598. 58,220,8 57,514,2 706,598.
ed 94.36 95.37 99 94.36 95.37 99
individu
ally
Incl.:
Allowan
ce
recogniz 6,231,36 229,786, 6,001,57 7,902,41 239,666, 7,662,75
ed 3,585.98 272.30 7,313.68 8,023.56 597.06 1,426.50
collectiv
ely
Incl.:
Total 100.00% 4.57% 100.00% 3.73%
DSBJ Semi-Annual Report 2025
Notes receivable with allowance for doubtful accounts recognized collectively by category name: Age
In RMB
Closing balance
Item Allowance for doubtful
Book balance Ratio of provision
accounts
Within 6 months 5,897,543,290.81 29,487,716.95 0.50%
Over 3 years 163,666,059.74 163,666,059.74 100.00%
Total 6,231,363,585.98 229,786,272.30
(3) Allowance for doubtful accounts recognized, recovered or reversed in the current period
Allowance for doubtful accounts recognized in the current period:
In RMB
Changes in the current period
Type Opening balance Recovered or Written Closing balance
Recognized Others
reversed off
Allowance recognized
individually
Allowance recognized
collectively
Total 297,180,892.43 -9,880,324.76 0.00 0.00 0.00 287,300,567.67
(5) Top 5 debtors in terms of closing balance of accounts receivable and contract assets
In RMB
Closing balance of
Total closing % of the total
allowance for
Closing balance of balance of closing balance of
Closing balance of doubtful accounts
Company name accounts accounts accounts
contract assets receivable and
receivable receivable and receivable and
impairment of
contract assets contract assets
contract assets
Top 1 1,111,812,740.97 1,111,812,740.97 17.68% 5,598,742.07
Top 2 617,777,060.34 617,777,060.34 9.82% 5,328,738.87
Top 3 448,491,379.69 448,491,379.69 7.13% 2,242,456.86
Top 4 310,750,603.40 310,750,603.40 4.94% 1,977,601.87
Top 5 290,782,957.83 290,782,957.83 4.62% 1,453,914.79
Total 2,779,614,742.23 2,779,614,742.23 44.19% 16,601,454.46
(1) Accounts receivable financing by category
In RMB
Item Closing balance Opening balance
Banker’s acceptance bills 252,886,223.60 252,612,009.41
DSBJ Semi-Annual Report 2025
Total 252,886,223.60 252,612,009.41
(2) Notes receivable by method of recognition of allowance for doubtful accounts
In RMB
Closing balance Opening balance
Allowance for Allowance for
Book balance Book balance
doubtful accounts doubtful accounts
Type Carrying Carrying
Ratio of value Ratio of value
Amount % Amount provisio Amount % Amount provisio
n n
Incl.:
Allowan
ce
recogniz 252,886, 252,886, 252,612, 252,612,
ed 223.60 223.60 009.41 009.41
collectiv
ely
Incl.:
Banker’s
acceptan 100.00% 100.00%
ce bills
Total 100.00% 100.00%
(4) Accounts receivable financing pledged at the end of the current period
In RMB
Item Amount pledged at the end of the period
Banker’s acceptance bills 51,194,067.17
Total 51,194,067.17
(5) Accounts receivable financing already endorsed or discounted but not yet become due at the balance
sheet date
In RMB
Amount derecognized at the end of the Amount not derecognized at the end of
Item
period the period
Banker’s acceptance bills 1,048,658,496.50
Total 1,048,658,496.50
(8) Other information
As the acceptors of banker’s acceptance bills are commercial banks that have high credit ratings, banker’s acceptance bills
are less likely to be dishonored when they become due. Therefore, the Company derecognizes the banker’s acceptance bills
already endorsed or discounted. However, if such bills fail to be paid when they become due, the Company will assume joint and
several liability to the holders thereof pursuant to the Law on Negotiable Instruments.
DSBJ Semi-Annual Report 2025
In RMB
Item Closing balance Opening balance
Other receivables 225,193,916.90 45,836,662.39
Total 225,193,916.90 45,836,662.39
(3) Other receivables
In RMB
Nature of accounts Closing book balance Opening book balance
Loan and reserve fund 7,770,768.07 6,147,448.39
Security deposit 27,945,966.55 34,357,968.88
Temporary payment receivable and
others
Security deposit for investments 187,005,481.32
Total 246,963,783.16 61,601,245.10
In RMB
Age Closing book balance Opening book balance
Within 1 year (inclusive) 230,232,286.33 27,206,070.82
Over 3 years 8,258,546.17 9,269,416.74
Over 5 years 3,213,943.39 4,315,124.58
Total 246,963,783.16 61,601,245.10
Applicable □ N/A
In RMB
Closing balance Opening balance
Allowance for Allowance for
Book balance Book balance
doubtful accounts doubtful accounts
Type Carrying Carrying
Ratio of value Ratio of value
Amount % Amount provisio Amount % Amount provisio
n n
Allowan
ce 2,340,70 2,340,70 2,340,70 2,340,70
recogniz 4.91 4.91 4.91 4.91
ed
DSBJ Semi-Annual Report 2025
individu
ally
Incl.:
Allowan
ce
recogniz 244,623, 19,429,1 225,193, 59,260,5 13,423,8 45,836,6
ed 078.25 61.35 916.90 40.19 77.80 62.39
collectiv
ely
Incl.:
Total 100.00% 8.82% 100.00% 25.59%
Other receivables with allowance for doubtful accounts recognized collectively by category name: Age
In RMB
Closing balance
Item Allowance for doubtful
Book balance Ratio of provision
accounts
Within 1 year 230,232,286.33 11,511,614.38 5.00%
Over 3 years 5,917,841.26 5,917,841.26 100.00%
Total 244,623,078.25 19,429,161.35
Recognition of allowance for doubtful accounts in accordance with the general model of expected credit losses:
In RMB
Stage I Stage II Stage III
Allowance for doubtful Lifetime expected Lifetime expected
accounts credit loss (not credit credit loss (credit
credit loss
impaired) impaired)
Balance at January 1,
In the current period,
the balance as at
January 1, 2025
- Transferred to stage II -9,904.29 9,904.29 0.00
- Transferred to stage
-10,500.00 10,500.00 0.00
III
Recognized 10,161,215.13 -1,297,215.98 -2,793,222.14 6,070,777.01
Reversed 65,493.46 65,493.46
Balance at June 30,
In RMB
% of the total closing Closing balance
Nature of
Company name Closing balance Age balance of other of allowance for
account
receivables doubtful accounts
DSBJ Semi-Annual Report 2025
% of the total closing Closing balance
Nature of
Company name Closing balance Age balance of other of allowance for
account
receivables doubtful accounts
Shanghai Lucun Enterprise
Security
Management Consulting Within 1
deposit for 75,860,900.78 30.72% 3,793,045.04
Partnership (Limited year
investments
Partnership)
Shanghai Yucun Enterprise
Security
Management Consulting Within 1
deposit for 44,939,190.92 18.20% 2,246,959.55
Partnership (Limited year
investments
Partnership)
Security
Within 1
Yicun Capital Co., Ltd. deposit for 38,454,399.08 15.57% 1,922,719.95
year
investments
Shanghai Xiucheng Enterprise
Security
Management Consulting Within 1
deposit for 27,093,179.94 10.97% 1,354,659.00
Partnership (Limited year
investments
Partnership)
Provincial Electricity Authority Security Within 1
Ban Bueng deposit year
Total 190,741,670.72 77.23% 9,537,083.54
(1) Advances to suppliers by age
In RMB
Closing balance Opening balance
Age
Amount % Amount %
Within 1 year 197,027,780.68 98.16% 88,459,876.91 94.23%
Over 3 years 1,583,780.94 0.79% 1,595,419.53 1.70%
Total 200,720,870.22 93,875,465.69
(2) Top 5 suppliers in terms of closing balance of advances to suppliers
Book balance % of the total balance of advances to
Company name
(RMB) suppliers
V-Capital Zhigeng International Co., Limited 41,278,302.09 20.57%
Dong Yin Development (Holdings) Limited 31,427,854.95 15.66%
TR Capital (Source Photonics) Limited 26,824,572.63 13.36%
Fintrek China Industry Power Investment 18,026,110.32 8.98%
Nanfang Communication Holdings Limited 18,026,110.32 8.98%
Subtotal 135,582,950.31 67.55%
DSBJ Semi-Annual Report 2025
Does the Company need to comply with the disclosure requirements for the real estate industry
No
(1) Categories of inventories
In RMB
Closing balance Opening balance
Inventory provision Inventory provision
Item or allowance for or allowance for
Book balance impairment of Carrying value Book balance impairment of Carrying value
contract fulfilling contract fulfilling
costs costs
Raw
materials
Work in
progress
Goods on
hand
Circulating
materials
Total 7,187,355,451.88 779,026,872.85 6,408,328,579.03 7,163,376,821.41 1,010,721,213.56 6,152,655,607.85
(2) Data resources recognized as inventories
In RMB
Inventory of Inventory of data
Inventory of self-built
Item outsourced data resources acquired by Total
data resources
resources other means
(3) Inventory provision or allowance for impairment of contract fulfilling costs
In RMB
Increase in the current period Decrease in the current period
Opening
Item Reversed or Closing balance
balance Recognized Others Others
written off
Raw materials 177,951,960.02 36,908,629.01 23,178,693.12 191,681,895.91
Work in
progress
Goods on hand 749,742,579.85 29,796,305.76 283,813,705.22 495,725,180.39
Circulating
materials
Total 86,992,131.00 318,686,471.71 779,026,872.85
Basis for determining the net realizable Reason for reversing the Reason for writing off the inventory
Item value inventory provision provision
DSBJ Semi-Annual Report 2025
The net realizable value is the The inventories for which an
The net realizable value is the estimated
estimated selling price of finished inventory provision was
Raw selling price of finished goods less the
goods less the estimated cost of recognized at the beginning of
materials estimated cost of completion, estimated
completion, estimated selling expenses the current period have been
selling expenses and related taxes.
and related taxes. used.
The net realizable value is the The inventories for which an
The net realizable value is the estimated
estimated selling price of finished inventory provision was
Work in selling price of finished goods less the
goods less the estimated cost of recognized at the beginning of
progress estimated cost of completion, estimated
completion, estimated selling expenses the current period have been
selling expenses and related taxes.
and related taxes. used.
The inventories for which an
The net realizable value is the The net realizable value is the estimated
inventory provision was
Goods on estimated selling price of finished selling price of finished goods less the
recognized at the beginning of
hand goods less the estimated selling estimated selling expenses and related
the current period have been
expenses and related taxes. taxes.
used.
The net realizable value is the The inventories for which an
Other The net realizable value is the estimated
estimated selling price of finished inventory provision was
selling price of finished goods less the
circulating goods less the estimated cost of recognized at the beginning of
estimated cost of completion, estimated
materials completion, estimated selling expenses the current period have been
selling expenses and related taxes.
and related taxes. used.
In RMB
Item Closing balance Opening balance
Cost of returned goods receivable 23,249,420.91 28,122,898.55
Deductible input tax 729,193,533.00 743,118,926.80
Prepaid enterprise income tax 48,056,885.28 56,072,964.14
Deferred expenses and others 462,871,536.99 382,527,494.50
Total 1,263,371,376.18 1,209,842,283.99
In RMB
Aggregate Aggregate
Income Loss Reason for
income loss Dividen
recognized recognized designation
recognized recognized d
in other in other as at fair
in other in other income
Opening comprehens comprehens Closing value
Item comprehens comprehens recogniz
balance ive income ive income balance through
ive income ive income ed in the
in the in the other
at the end of at the end of current
current current comprehens
the current the current period
period period ive income
period period
Jiangsu
Bohua
Equity 200,000,000 200,000,000
Investment .00 .00
Partnership
(L.P.)
Hai Dixin
Semiconduc
tor
(Nantong)
Co., Ltd.
DSBJ Semi-Annual Report 2025
Aggregate Aggregate
Income Loss Reason for
income loss Dividen
recognized recognized designation
recognized recognized d
in other in other as at fair
in other in other income
Opening comprehens comprehens Closing value
Item comprehens comprehens recogniz
balance ive income ive income balance through
ive income ive income ed in the
in the in the other
at the end of at the end of current
current current comprehens
the current the current period
period period ive income
period period
Kunshan
Hostar
Intelligence
Technology
Co., Ltd.
Dyness
Digital
Energy
Technology
Co., Ltd.
Shinwu
Optronics 22,035,000. 22,035,000.
(Suzhou) 00 00
Co., Ltd.
Jinan
Moviebook
Co., Ltd.
Shenzhen
Ruoyu 1,500,000.0 1,500,000.0
Technology 0 0
Co., Ltd.
Total
.00 .00
Other information:
Reason for designation as an investment in equity instruments at fair value through other comprehensive income
RMB36,152,329.00, in which the Company holds 10.2345% shares. In consideration that the Company has a close business
relationship with Hai Dixin Semiconductor (Nantong) Co., Ltd., the shares held by the Company in it will help the Company
improve its business competencies and the investment is not held for trading, the Company designated this investment as a
financial asset at fair value through other comprehensive income on January 1, 2019.
RMB3.3 billion, and is primarily engaged in equity investment and venture capital investment (in non-listed companies only). In
consideration that this investment will bring a good return to the Company and provide the Company with opportunities to invest
in premium fields and assets, and is not held for trading, the Company designated this investment as a financial asset at fair value
through other comprehensive income.
in which the Company holds 3.038% shares. In consideration that the shares held by the Company in it will help the Company
improve its business competencies, including procuring raw materials/equipment, and developing and strengthening market and
sales teams, and the investment is not held for trading, the Company designated this investment as a financial asset at fair value
through other comprehensive income in February 2023.
DSBJ Semi-Annual Report 2025
(4) Dyness Digital Energy Technology Co., Ltd. was established on August 17, 2017, with a registered capital of RMB
Company improve its business competencies and the investment is not held for trading, the Company designated this investment
as a financial asset at fair value through other comprehensive income in March 2023.
(5) Shinwu Optronics (Suzhou) Co., Ltd. was established on October 19, 2006, with a registered capital of RMB 57,754,000,
in which the Company holds 1.7169% shares. In consideration that the shares held by the Company in it will help the Company
improve its business competencies and the investment is not held for trading, the Company designated this investment as a
financial asset at fair value through other comprehensive income in May 2023.
(6) Jinan Moviebook Co., Ltd. was established on September 6, 2019, with a registered capital of RMB 10,000,000, in which
the Company holds 0.1995% shares. In consideration that the shares held by the Company in it will help the Company improve its
business competencies and the investment is not held for trading, the Company designated this investment as a financial asset at
fair value through other comprehensive income in October 2023.
which the Company holds 0.9678% shares. In consideration that the shares held by the Company in it will help the Company
improve its business competencies and the investment is not held for trading, the Company designated this investment as a
financial asset at fair value through other comprehensive income in January 2024.
(1) Particulars of long-term receivables
In RMB
Closing balance Opening balance
Range of
Item Allowance for Allowance for discount
Carrying Carrying
Book balance doubtful Book balance doubtful rate
value value
accounts accounts
Security
deposit for 30,000,000.00 30,000,000.00 30,000,000.00 30,000,000.00
finance lease
Total 30,000,000.00 30,000,000.00 30,000,000.00 30,000,000.00
DSBJ Semi-Annual Report 2025
In RMB
Changes in the current period
Opening Closing
Opening Investment Declared Closing
balance of Adjustment to Other Allowance balance of
balance income or cash balance
Investee allowance for Additional Reduced other changes for allowance for
(carrying loss under dividends Others (carrying
impairment investment investment comprehensive in impairment impairment
value) equity or profit value)
loss income equity loss loss
method distribution
I. Joint ventures
II. Associates
Suzhou Toprun Electric
Equipment Co., Ltd.
Shenzhen Nanfang Blog
Technology Development 17,507,056.47 17,507,056.47
Co., Ltd.
Shanghai Fu Shan
Precision Manufacturing
Co., Ltd.
Suzhou LEGATE
Intelligent Equipment 22,647,067.59 -962,618.12 21,684,449.47
Corp., Ltd.
Suzhou Dongcan
Optoelectronics 3,316,472.49 -448,465.91 2,868,006.58
Technology Co., Ltd.
Jiangsu Nangao
Intelligent Equipment
Innovation Center Co.,
Ltd.
Jiaozuo Songyang
Optoelectric Technology 24,392,091.70 22,957,625.04
Co., Ltd.
Suzhou Yongxin
Jingshang Venture 35,877,124.77 -303,293.85 35,573,830.92
Capital Partnership (L.P.)
ISOTEK MICROWAVE
LIMITED
DSBJ Semi-Annual Report 2025
BVF (BVI) Holding L.P. 27,734,283.16 34,428,780.00 6,694,496.84
Shanghai Xinhuarui
Semiconductor 18,121,256.35 -627,940.36 17,493,315.99
Technology Co., Ltd.
Subtotal 155,008,795.68 77,533,685.13 34,428,780.00 0.00 0.00 6,694,496.84 123,200,615.96 77,533,685.13
Total 155,008,795.68 77,533,685.13 34,428,780.00 0.00 0.00 6,694,496.84 123,200,615.96 77,533,685.13
DSBJ Semi-Annual Report 2025
(1) Investment properties at cost
Applicable □ N/A
In RMB
Buildings and Construction
Item Land use right Total
structures in progress
I. Original value
(1) Acquired
(2) Transferred from inventories/ fixed assets/
construction in progress
(3) Increased due to business combinations
(1) Disposed
(2) Other transfer-out
II. Accumulated depreciation and amortization
(1) Recognized or amortized 127,934.34 127,934.34
(1) Disposed
(2) Other transfer-out
III. Allowance for impairment loss
(1) Recognized
(1) Disposed
(2) Other transfer-out
IV. Carrying value
DSBJ Semi-Annual Report 2025
In RMB
Item Closing balance Opening balance
Fixed assets 15,127,797,700.57 13,595,191,232.40
Total 15,127,797,700.57 13,595,191,232.40
(1) Particulars of fixed assets
In RMB
Buildings and Machinery and Transportation Office equipment
Item Total
structures equipment equipment and others
I. Original value
(1) Acquired 48,551,287.03 4,641,198.50 3,029,629.95 56,222,115.48
(2) Transferred from
construction in progress
(3) Increased due to
business combinations
(4) Differences in translation of
foreign currency financial 4,133,435.66 -781,153.37 37,066.61 118,033.15 3,507,382.05
statements
(1) Disposed or retired 3,063,601.00 288,698,839.88 4,204,379.06 15,282,700.26 311,249,520.20
II. Accumulated depreciation
(1) Recognized 130,663,200.87 985,171,569.83 4,261,642.44 29,161,456.29 1,149,257,869.43
(2) Differences in translation of
foreign currency financial 285,660.28 -240,742.99 21,510.39 15,665.23 82,092.92
statements
(1) Disposed or retired 2,472,121.59 244,721,006.89 3,028,884.38 14,559,037.43 264,781,050.29
III. Allowance for impairment
loss
(1) Recognized
(1) Disposed or retired 3,915,372.66 3,915,372.66
IV. Carrying value
DSBJ Semi-Annual Report 2025
(2) Fixed assets whose property title certificates have not yet been obtained
In RMB
Reason for not obtaining the property
Item Carrying value
title certificate
Factory buildings of Multek 17,028,482.99 Pending review
In RMB
Item Closing balance Opening balance
Construction in progress 2,440,814,349.98 2,575,154,318.35
Total 2,440,814,349.98 2,575,154,318.35
(1) Particulars of construction in progress
In RMB
Closing balance Opening balance
Allowance Allowance
Item for for
Book balance Carrying value Book balance Carrying value
impairment impairment
loss loss
Infrastructure
construction of the
factory for Multi- 1,273,074,593.03 1,273,074,593.03 1,228,168,131.58 1,228,168,131.58
layer Circuit Board
Co., Ltd.
IC substrate project of
Chaowei
Microelectronics
(Yancheng) Co., Ltd.
Large-sized die-
casting project of
Yancheng
Dongchuang
Kunshan new energy
manufacturing base- 152,296,411.93 152,296,411.93 395,279,797.72 395,279,797.72
related project
Mexico new energy
manufacturing base- 48,535,899.71 48,535,899.71 7,184,449.96 7,184,449.96
related project
MFLEX Yancheng
Phase II project
MFLEX Suzhou
Guoxiang Phase II
and other production
expansion projects
Installation 552,641,165.60 552,641,165.60 469,351,026.45 469,351,026.45
DSBJ Semi-Annual Report 2025
equipment in progress
and others
Total 2,440,814,349.98 2,440,814,349.98 2,575,154,318.35 2,575,154,318.35
(2) Changes in significant constructions in progress in the current period
In RMB
Aggre
Rate of
Amou gate Incl.:
Increas % of interes
Openi nt Closin amoun Capital
e in Other project t Source
ng transfe g Progre t of ized
Item Budget the decrea costs capital of
balanc rred to balanc ss capital interes
current ses to the ization funds
e fixed e ized t this
period budget this
assets interes year
year
t
Infrastructure
construction of
the factory for 100.00 90.00 1,546, 1,205,
Multi-layer % % 813.42 512.00
Circuit Board
Co., Ltd.
Kunshan new
energy 81.20 81.20 7,229,
manufacturing % % 036.37
base project
Large-sized
die-casting 1,500, 178,43 86,100 59,417 23,960 181,16 16,528
project of 000,00 9,112. ,000.0 ,183.9 ,325.2 1,603. ,462.2
% % .25
Yancheng 0.00 27 0 3 3 11 7
Dongchuang
Total 000,00 419,09 6,771. 6,451. ,804.0 532,60 ,312.0
(1) Particulars of right-of-use assets
In RMB
Buildings and Machinery and Transportation
Item Land Total
structures equipment equipment
I. Original value
construction in progress
of foreign currency 2,847,029.08 2,847,029.08
financial statements
combinations
DSBJ Semi-Annual Report 2025
assets
II. Accumulated
depreciation
(1) Recognized 38,549,638.96 971,434.51 741,298.38 40,262,371.85
of foreign currency 524,359.46 524,359.46
financial statements
combinations
(1) Disposed 31,587,193.16 31,587,193.16
under finance lease
III. Allowance for
impairment loss
(1) Recognized
(1) Disposed
IV. Carrying value
(1) Particulars of intangible assets
In RMB
Unpatent
Land use Pate ed Trademarks Developme Customer
Item Software Total
right nt technolog and patents nt expenses resources
y
I. Original
value
Opening
balance
DSBJ Semi-Annual Report 2025
Increase
(1
) Acquired
(2
) Internal
R&D
(3
) Increased
due to
business
combination
s
(4)
Differences
in
translation
of foreign
currency
financial
statements
(5)
Transferred
from 0.00 19,776,535.23
construction
in progress
(6)
Transferred
from
inventories
Decrease 5
(1 11,760,311.3
) Disposed 5
Closing
balance
II.
Accumulate
d
amortization
Opening
balance
Increase 8 6
(1
) 8,081,929.96 7,889,644.30 53,908,071.35
Recognized
due to
business
combination
s
DSBJ Semi-Annual Report 2025
Differences
in
translation
-94,647.86 -209,846.70 -304,494.55
of foreign
currency
financial
statements
Decrease 5
(1 11,696,218.5
) Disposed 5
Closing
balance
III.
Allowance
for
impairment
loss
Opening
balance
Increase
(1
)
Recognized
Decrease
(1
) Disposed
Closing
balance
IV.
Carrying
value
Closing
balance
Opening
balance
DSBJ Semi-Annual Report 2025
(1) Original value of goodwill
In RMB
Decrease of
Increase of the current
the current
period
period
Investee or event giving rise to goodwill Opening balance Closing balance
Arising from
business Disposed
combination
MFLEX 1,770,752,915.84 1,770,752,915.84
Multek 179,329,062.90 179,329,062.90
Mutto Optronics Technology Co., Ltd. 153,957,647.78 153,957,647.78
Suzhou RF Top Electronic Communication
Co., Ltd.
Aranda asset group 50,502,380.96 50,502,380.96
Total 2,289,543,588.01 2,289,543,588.01
(2) Allowance for impairment of goodwill
In RMB
Increase of the current Decrease of the
Investee or event giving rise to goodwill Opening balance period current period Closing balance
Recognized Others Disposed Others
Mutto Optronics Technology Co., Ltd. 115,869,337.30 115,869,337.30
Suzhou RF Top Electronic
Communication Co., Ltd.
Aranda 8,364,096.07 2,181,938.11 10,546,034.18
Total 169,931,367.54 2,181,938.11 172,113,305.65
In RMB
Increase in the
Item Opening balance Amortization Other decreases Closing balance
current period
Decoration costs of fixed
assets and others
Total 903,599,713.89 131,747,109.42 137,179,890.99 898,166,932.32
(1) Deferred tax assets not offset
In RMB
Closing balance Opening balance
Item Deductible temporary Deductible temporary
Deferred tax assets Deferred tax assets
differences differences
DSBJ Semi-Annual Report 2025
Allowance for impairment of
assets
Deductible losses 2,498,816,122.90 390,997,797.38 2,300,687,978.39 362,521,218.64
Difference in depreciation of
fixed assets
Lease liabilities 1,525,373,381.98 244,497,468.07 1,425,266,733.21 229,432,313.12
Unrealized gains/losses from
inter-company transactions
Change in the fair value of
financial instruments
Deferred income 633,117,334.21 102,172,643.62 522,365,262.99 85,669,295.35
Accrued expenses 677,931,859.60 63,708,911.34 698,231,909.28 112,291,672.83
Total 6,464,197,282.65 1,044,791,520.06 6,613,319,805.19 1,067,530,171.48
(2) Deferred tax liabilities not offset
In RMB
Closing balance Opening balance
Item Taxable temporary Deferred tax Taxable temporary Deferred tax
differences liabilities differences liabilities
One-off deduction of
depreciation of fixed assets
Accrued interest income and
others
Right-of-use assets 1,327,235,365.51 212,829,826.28 1,403,935,934.81 241,292,708.42
Income tax payable due to
increase in appraised value
Total 4,236,424,960.99 840,541,445.99 4,414,236,685.49 863,839,315.83
(3) Deferred tax assets and deferred tax liabilities presented on a netting basis
In RMB
Closing offset amount Closing balance of Opening offset amount Opening balance of
Item of deferred tax assets deferred tax assets or of deferred tax assets deferred tax assets or
and liabilities liabilities after offset and liabilities liabilities after offset
Deferred tax assets 212,952,559.99 831,838,960.07 233,079,559.40 834,450,612.08
Deferred tax liabilities 212,952,559.99 627,588,885.99 233,079,559.40 630,759,756.43
(4) Unrecognized deferred tax assets
In RMB
Item Closing balance Opening balance
Deductible temporary differences 456,888,418.24 660,868,902.87
Deductible losses 871,178,092.69 701,671,666.45
Total 1,328,066,510.93 1,362,540,569.32
(5) Deductible losses on unrecognized deferred tax assets that will expire in the following years
In RMB
DSBJ Semi-Annual Report 2025
Year Closing balance Opening balance Remark
Total 871,178,092.69 701,671,666.45
In RMB
Closing balance Opening balance
Allowance Allowance
Item for for
Book balance Carrying value Book balance Carrying value
impairment impairment
loss loss
Deferred income – unrealized
gain or loss on sale and 16,101,914.52 16,101,914.52 19,414,150.16 19,414,150.16
leaseback
Prepayment for projects and
equipment
Total 560,438,857.08 560,438,857.08 512,554,751.37 512,554,751.37
In RMB
Closing balance Opening balance
Item Type of Reason of Type of Reason of
Book balance Carrying value Book balance Carrying value
restriction restriction restriction restriction
Cash and Security Security
bank 1,311,394,704.02 1,311,394,704.02 Pledge deposit for 1,828,730,869.92 1,828,730,869.92 Pledge deposit for
balances notes, etc. notes, etc.
Security
Fixed for loans,
assets sales and
leaseback
Accounts
receivable
Accounts
Pledge of Pledge of
receivable 51,194,067.17 51,194,067.17 Pledge 47,745,743.70 47,745,743.70 Pledge
notes notes
financing
Right-of- Finance Finance
use assets lease lease
Total 3,116,439,163.11 2,783,762,191.74 4,239,312,270.17 3,416,356,628.68
DSBJ Semi-Annual Report 2025
(1) Short-term borrowings by category
In RMB
Item Closing balance Opening balance
Credit loans 4,661,275,581.96 3,857,114,689.19
Discounting and factoring of notes,
letters of credit and accounts receivable
Total 5,799,403,308.56 4,810,954,130.69
In RMB
Item Closing balance Opening balance
Financial liabilities held for trading 71,586,000.00 82,922,390.17
Incl.:
Derivative financial liabilities 71,586,000.00 82,922,390.17
Incl.:
Total 71,586,000.00 82,922,390.17
In RMB
Category Closing balance Opening balance
Commercial acceptance bills 77,661,962.71 10,677,710.87
Banker’s acceptance bills 856,968,183.37 924,903,561.63
Total 934,630,146.08 935,581,272.50
(1) Accounts payable
In RMB
Item Closing balance Opening balance
Payment for materials 6,031,733,001.88 6,934,434,355.01
Payment for projects and equipment 2,570,853,408.93 2,235,670,994.79
Others 479,765,837.90 489,163,640.63
Total 9,082,352,248.71 9,659,268,990.43
DSBJ Semi-Annual Report 2025
In RMB
Item Closing balance Opening balance
Other payables 96,940,026.12 94,163,223.90
Total 96,940,026.12 94,163,223.90
(3) Other payables
In RMB
Item Closing balance Opening balance
Temporary receipts payable 55,152,281.25 54,101,772.81
Others 41,787,744.87 40,061,451.09
Total 96,940,026.12 94,163,223.90
In RMB
Item Closing balance Opening balance
Payment for goods 172,934,050.12 122,562,435.14
Total 172,934,050.12 122,562,435.14
(1) Employee benefits payable
In RMB
Increase of the Decrease of the
Item Opening balance Closing balance
current period current period
I. Short-term benefits 578,999,821.65 2,227,673,351.14 2,379,047,845.18 427,625,327.61
II. Post-employment benefits – defined
contribution plans
III. Termination benefits 3,281,714.92 3,765,663.25 6,615,863.22 431,514.95
Total 597,573,087.02 2,390,865,695.75 2,542,398,872.87 446,039,909.90
(2) Short-term employee benefits
In RMB
Increase of the Decrease of the
Item Opening balance Closing balance
current period current period
subsidies
DSBJ Semi-Annual Report 2025
education fund
Total 578,999,821.65 2,227,673,351.14 2,379,047,845.18 427,625,327.61
(3) Defined contribution plans
In RMB
Increase of the current Decrease of the current
Item Opening balance Closing balance
period period
insurance
insurance
Total 15,291,550.45 159,426,681.36 156,735,164.47 17,983,067.34
In RMB
Item Closing balance Opening balance
Value-added tax 4,163,790.76 20,674,711.21
Enterprise income tax 281,944,315.43 342,390,303.11
Individual income tax 9,101,590.50 9,277,024.93
Urban maintenance and construction tax 3,757,888.89 4,101,006.65
Property tax 10,130,006.87 7,364,518.95
Stamp duty 4,779,267.60 5,657,390.62
Education surcharge 1,632,642.07 1,878,074.57
Land use tax 457,598.42 367,722.10
Local education surcharge 1,091,242.98 1,252,049.72
Other taxes 2,388,533.95 2,809,325.90
Total 319,446,877.47 395,772,127.76
In RMB
Item Closing balance Opening balance
Long-term borrowings due within one
year
Lease liabilities due within one year 137,320,782.66 131,841,882.24
Total 2,493,252,418.30 2,458,987,301.36
DSBJ Semi-Annual Report 2025
In RMB
Item Closing balance Opening balance
Output tax to be recognized 3,133,052.29 5,190,838.21
Total 3,133,052.29 5,190,838.21
(1) Long-term borrowings by category
In RMB
Item Closing balance Opening balance
Pledge loans 438,290,766.67 714,721,945.32
Credit loans 4,216,735,296.23 4,470,332,834.45
Mortgage and guaranteed loans 50,056,250.00 104,133,111.56
Total 4,705,082,312.90 5,289,187,891.33
In RMB
Item Closing balance Opening balance
Lease obligations payable 1,444,540,952.70 1,456,822,089.69
Less: Unrecognized financing costs -56,488,353.38 -105,303,252.51
Total 1,388,052,599.32 1,351,518,837.18
In RMB
Item Closing balance Opening balance
Long-term payables 27,754,051.05 49,434,786.31
Total 27,754,051.05 49,434,786.31
(1) Long-term payables by nature
In RMB
Item Closing balance Opening balance
Share purchase price 27,754,051.05 49,434,786.31
In RMB
DSBJ Semi-Annual Report 2025
Item Closing balance Opening balance Reason for formation
Product warranty 15,907,892.68 30,534,014.56
Provision for sales return 23,570,994.49 27,724,858.36
Total 39,478,887.17 58,258,872.92
In RMB
Increase of the Decrease of the Reason for
Item Opening balance Closing balance
current period current period formation
Government grants 585,933,889.89 270,238,750.00 107,132,163.18 749,040,476.71 Government grants
Total 585,933,889.89 270,238,750.00 107,132,163.18 749,040,476.71
In RMB
Change (+/-)
Opening balance Capitalization Closing balance
Bonus
New shares of capital Others Subtotal
shares
reserves
Total
shares
Other information: With the approval of Shenzhen Stock Exchange and CSRC, the 125,693,822 RMB-denominated ordinary
shares issued by the Company at the issuance price of RMB 11.17 per share were listed on Shenzhen Stock Exchange on June 27,
In RMB
Decrease of
Increase of the current
Item Opening balance the current Closing balance
period
period
Capital premium (share premium) 7,850,787,182.40 1,265,818,722.73 9,116,605,905.13
Other capital reserve 141,497,253.43 141,497,253.43
Total 7,992,284,435.83 1,265,818,722.73 9,258,103,158.56
Other information (including a description of the change in the current period and the reasons for the change): The change in the
capital reserve in the current period is the capital premium arising from the new issuance of shares by the Company.
In RMB
Increase of the current Decrease of the current
Item Opening balance Closing balance
period period
Treasury shares 74,991,696.79 100,084,437.00 175,076,133.79
Total 74,991,696.79 100,084,437.00 175,076,133.79
Other information: On April 9, 2025, we held the 18 meeting of the 6 Board of Directors, at which the Proposal on Repurchase
th th
of the Company’s Shares was deliberated and approved, agreeing to use raised funds or other lawful funds to repurchase the RMB-
DSBJ Semi-Annual Report 2025
denominated ordinary shares (A-shares) issued by the Company through the Shenzhen Stock Exchange by aggregate auction for
the purpose of employee stock ownership plans or equity incentives. The total repurchase funds shall range from RMB 100 million
(inclusive) to RMB 200 million (inclusive), and the repurchase price shall not exceed RMB 48.78 per share. As of May 6, 2025,
this share repurchase plans has been fully implemented, under which we have repurchased a total of 4.2022 million shares of the
Company, accounting for 0.2463% of the Company’s total share capital, where the highest trading price was RMB 25.95 per share,
the lowest trading price was RMB 23.27 per share, and the total transaction amount was RMB 100.0844 million (excluding
transaction fees). The above-mentioned share repurchase complies with the provisions of laws and regulations and our share
repurchase plan.
In RMB
Amount of the current period
Less: Other Amount
Less: Other Amount
Opening comprehensive attributable Closing
Item Amount before comprehensive Less: Income attributable to
balance income to minor balance
tax income reclassified to tax expenses the parent after
reclassified to interest
profit or loss tax
retained earnings after tax
II. Other
comprehensive
income that will be -317,104,374.08 111,503,228.29 -5,553,254.12 4,359,135.53 112,697,346.88 -204,407,027.20
reclassified to
profit or loss
Reserves for
-4,428,972.92 19,359,276.79 -5,553,254.12 4,359,135.53 20,553,395.38 16,124,422.46
cash flow hedge
Differences in
the translation of
foreign currency -312,675,401.16 92,143,951.50 92,143,951.50 -220,531,449.66
financial
statements
Total other
comprehensive -317,104,374.08 111,503,228.29 -5,553,254.12 4,359,135.53 112,697,346.88 -204,407,027.20
income
In RMB
Increase of the current Decrease of the current
Item Opening balance Closing balance
period period
Statutory surplus
reserve
Total 232,241,216.54 232,241,216.54
DSBJ Semi-Annual Report 2025
In RMB
Item Current period Previous period
Balance of retained profits at the end of the previous period before
adjustment
Opening balance of retained profits after adjustment 9,288,043,977.88 9,025,095,529.05
Add: Net profit attributable to owners of the parent 758,005,980.61 1,085,641,847.89
Less: Appropriation to statutory surplus reserve 47,374,346.81
Dividends payable to the ordinary shareholders 118,795,180.63 425,319,052.25
Transfer of other comprehensive income to retained earnings 350,000,000.00
Closing balance of retained profits 9,927,254,777.86 9,288,043,977.88
In RMB
Amount of the current period Amount of the previous period
Item
Revenue Cost Revenue Cost
Primary business 16,756,004,204.58 14,521,655,805.67 16,521,772,107.69 14,408,130,744.18
Other businesses 199,159,694.31 128,843,430.23 106,814,087.87 47,564,313.33
Total 16,955,163,898.89 14,650,499,235.90 16,628,586,195.56 14,455,695,057.51
In RMB
Item Amount of the current period Amount of the previous period
Urban maintenance and construction tax 18,294,832.19 39,773,020.05
Education surcharge 8,129,157.99 17,685,634.63
Property tax 19,592,855.42 15,390,414.84
Land use tax 809,767.30 957,701.07
Vehicle and vessel tax 911,806.51 837,678.42
Stamp duty 10,463,237.65 10,533,280.44
Environmental protection tax 104,860.32 346,386.74
Local education surcharge 5,419,438.62 11,790,423.12
Total 63,725,956.00 97,314,539.31
In RMB
Item Amount of the current period Amount of the previous period
Employee benefits 279,943,684.74 280,930,019.51
Depreciation and amortization 85,690,889.77 78,433,107.26
Consulting service fees 54,212,094.87 35,623,428.59
Office expenses 12,439,068.14 17,832,051.29
Business entertainment expenses 24,124,672.26 22,812,086.03
DSBJ Semi-Annual Report 2025
Travel expenses 11,634,664.08 8,598,359.09
Rents 4,656,698.12 5,215,929.06
Repair costs 14,159,167.98 12,620,656.93
Taxes 1,390,536.14 1,039,457.29
Others 59,310,463.39 50,826,923.33
Total 547,561,939.49 513,932,018.38
In RMB
Item Amount of the current period Amount of the previous period
Employee benefits 101,851,337.61 108,354,693.68
Sales service fees 26,670,103.77 34,177,964.33
Export charges 10,789,463.58 12,199,315.29
Travel expenses 6,471,965.00 6,760,920.66
Business entertainment expenses 10,534,099.66 10,223,544.60
Others 1,625,635.45 26,744,973.09
Total 157,942,605.07 198,461,411.65
In RMB
Item Amount of the current period Amount of the previous period
Materials requisitioned 250,520,190.78 284,790,576.60
Labor costs 261,695,815.23 267,132,170.20
Depreciation 45,720,954.81 45,587,062.83
Others 23,530,506.11 24,713,799.36
Total 581,467,466.93 622,223,608.99
In RMB
Item Amount of the current period Amount of the previous period
Interest expenses 159,944,331.53 193,330,353.30
Interest on leases and financing service
fees
Less: Interest income 113,967,483.54 141,164,259.09
Add: Exchange loss -64,646,445.89 -125,881,081.93
Bank charges and others 9,575,162.86 9,751,760.34
Total 29,546,958.47 -27,540,920.14
In RMB
Sources of other income Amount of the current period Amount of the previous period
DSBJ Semi-Annual Report 2025
Government grants related to assets 107,132,163.18 79,531,306.68
Government grants related to income 29,188,043.87 66,248,136.43
Value-added tax credits 24,380,280.26
Tax preferences 3,613,741.39 5,260,420.66
Refund of individual income tax
withholding service fees
In RMB
Source of gain on changes in fair value Amount of the current period Amount of the previous period
Financial assets held for trading 2,536,226.77 -15,065,635.92
Total 2,536,226.77 -15,065,635.92
In RMB
Amount of the current Amount of the previous
Item
period period
Income from long-term equity investments under the equity method -4,073,896.56 -4,311,831.51
Investment income from the disposal of long-term equity investments -4,851,794.93
Investment income from the disposal of financial assets held for trading 3,056,572.49 -43,948,067.47
Income from debt restructuring 2,062,881.90
Discount loss on accounts receivable financing -832,884.08 -3,082,914.57
Income from bank wealth management products 855,961.44
Total -6,702,003.08 -48,423,970.21
In RMB
Item Amount of the current period Amount of the previous period
Loss from doubtful accounts 3,764,627.53 -57,244,335.30
Total 3,764,627.53 -57,244,335.30
In RMB
Amount of the current Amount of the previous
Item
period period
I. Impairment of inventories and contract fulfilling costs -86,992,131.00 -105,585,722.55
X. Impairment of goodwill -2,181,938.11
Total -89,174,069.11 -105,585,722.55
DSBJ Semi-Annual Report 2025
In RMB
Source of gain on disposal of assets Amount of the current period Amount of the previous period
Gain on disposal of fixed assets -14,963,024.24 -34,905,446.22
In RMB
Amount of the Amount of the
Item Amount recognized in non-recurring gain or loss
current period previous period
Penalties 3,293,920.92 3,574,668.97 3,293,920.92
Amounts that cannot be paid 340,357.93 384,586.86 340,357.93
Others 1,985,161.51 1,023,803.86 1,985,161.51
Total 5,619,440.36 4,983,059.69 5,619,440.36
In RMB
Amount of the Amount of the Amount recognized in non-recurring gain or
Item
current period previous period loss
Donations 3,915,500.00 2,032,060.00 3,915,500.00
Loss on destruction and retirement of
non-current assets
Penalties, overdue fines and liquidated
damages
Others 358,831.72 2,104,408.20 358,831.72
Total 6,326,490.28 5,571,548.85 6,326,490.28
(1) Statement of income tax expenses
In RMB
Item Amount of the current period Amount of the previous period
Income tax expense 198,134,719.03 47,382,680.04
Deferred income tax expenses 3,799,917.10 76,792,036.62
Total 201,934,636.13 124,174,716.66
(2) Reconciliation of income tax expenses to accounting profit
In RMB
Item Amount of the current period
Total profit 960,492,657.61
Income tax expenses 201,934,636.13
DSBJ Semi-Annual Report 2025
See Notes to the Financial Statements.
(1) Cash flows related to operating activities
Other cash receipts related to operating activities:
In RMB
Item Amount of the current period Amount of the previous period
Security deposit for acceptance bills 212,576,032.68 292,804,080.02
Government grants 300,850,136.02 75,652,600.37
Interest income 113,967,483.54 141,164,259.09
Temporary receipts payable and others 21,495,008.51 82,870,034.31
Total 648,888,660.75 592,490,973.79
Other cash payments related to operating activities
In RMB
Item Amount of the current period Amount of the previous period
Security deposit for acceptance bills 339,221,569.24 450,511,403.51
Selling expenses and administrative
expenses in cash
Bank charges 9,575,162.86 9,751,760.34
Temporary payment receivable and others 20,760,201.07 20,705,500.14
Total 701,106,071.72 827,623,574.33
(2) Cash flows related to investing activities
Other cash receipts related to investing activities
In RMB
Item Amount of the current period Amount of the previous period
Recovery of term deposits 777,215,212.80 419,424,782.41
Other security deposits 16,439,072.04
Total 793,654,284.84 419,424,782.41
Other cash payments related to investing activities
In RMB
Item Amount of the current period Amount of the previous period
Term deposits 300,592,706.53 530,962,815.64
Security deposit for the acquisition 237,313,781.32
Payment of remaining acquisition amount
Others 46,449,602.24
Total 584,356,090.09 530,962,815.64
DSBJ Semi-Annual Report 2025
(3) Cash flows related to financing activities
Other cash receipts related to financing activities
In RMB
Item Amount of the current period Amount of the previous period
Proceeds from discounts on acceptance
bills and letters of credit
Total 730,151,717.04 329,197,076.44
Other cash payments related to financing activities
In RMB
Item Amount of the current period Amount of the previous period
Security deposits 900,000.00 193,427,617.44
Payment of rents 11,405,753.18 93,422,168.32
Payments under bill financing 341,000,000.00 511,413,491.20
Repurchase of treasury shares 100,100,000.00 25,000,846.30
Total 453,405,753.18 823,264,123.26
(1) Supplementary information to the cash flow statement
In RMB
Amount of the Amount of the
Supplementary information
current period previous period
Net profit 758,558,021.48 558,924,012.73
Add: Allowance for impairment of assets 85,409,441.58 106,066,217.85
Depreciation of fixed assets, oil and gas assets, and productive biological assets 1,149,385,803.77 999,264,228.33
Depreciation of right-of-use assets 40,262,371.85 40,529,013.96
Amortization of intangible assets 53,908,071.35 48,441,737.48
Amortization of long-term deferred expenses 137,179,890.99 117,420,434.00
Loss on disposal of fixed assets, intangible assets and other long-term assets (gain
expressed with “-”)
Loss on retirement of fixed assets (gain expressed with “-”) 2,052,158.56 1,313,816.79
Loss on changes in fair value (gain expressed with “-”) -2,536,226.77 1,821,721.89
Financial expenses (income expressed with “-”) 133,939,279.15 103,871,578.61
Investment loss (income expressed with “-”) 5,869,119.00 61,667,884.24
Decrease in deferred tax assets (increase expressed with “-”) 6,970,787.54 -50,266,107.56
Increase in deferred tax liabilities (decrease expressed with “-”) -3,170,870.44 133,638,436.31
Decrease in inventories (increase expressed with “-”) -342,665,102.19 103,490,060.63
Decrease in operating receivables (increase expressed with “-”) 659,746,673.69 273,447,550.24
Increase in operating payables (decrease expressed with “-”) -199,754,422.52 -445,566,632.44
Others
Net cash flows from operating activities 2,500,118,021.28 2,088,969,399.28
DSBJ Semi-Annual Report 2025
Debt-to-capital swap
Convertible corporate bonds due within one year
Fixed assets acquired under finance leases
Closing balance of cash 7,416,577,706.75 6,051,354,094.24
Less: Opening balance of cash 5,343,600,382.37 5,644,487,018.31
Add: Closing balance of cash equivalents
Less: Opening balance of cash equivalents
Net increase in cash and cash equivalents 2,072,977,324.38 406,867,075.93
(4) Components of cash and cash equivalents
In RMB
Item Closing balance Opening balance
I. Cash 7,416,577,706.75 5,343,600,382.37
Incl.: Cash on hand 200,624.49 266,540.67
Bank deposits immediately available for withdrawal 7,416,377,082.26 5,343,333,841.70
III. Closing balance of cash and cash equivalents 7,416,577,706.75 5,343,600,382.37
(5) Amounts subject to restriction on use but still presented as cash and cash equivalents
In RMB
Amount of the current Amount of the
Item Reason for presentation as cash and cash equivalents
period previous period
Immediately available for withdrawal despite of restriction
Offering proceeds 597,707,560.19
on use
Total 597,707,560.19
(6) Cash and bank balances not classified as cash and cash equivalents
In RMB
Amount of the current Amount of the
Item Reason for not classified as cash and cash equivalents
period previous period
Security deposit for May be unavailable for payment due to pledge, freeze
term deposits or otherwise
Security deposit for May be unavailable for payment due to pledge, freeze
bills or otherwise
Security deposit for May be unavailable for payment due to pledge, freeze
the acquisition or otherwise
Security deposit for May be unavailable for payment due to pledge, freeze
letters of credit or otherwise
Security deposit for May be unavailable for payment due to pledge, freeze
letters of guarantee or otherwise
Future security deposit May be unavailable for payment due to pledge, freeze
etc. or otherwise
Total 1,311,394,704.02 1,828,730,869.92
DSBJ Semi-Annual Report 2025
Titles of items under “others” whose balance at the end of the previous year was adjusted and amount of adjustment:
(1) Monetary items denominated in foreign currencies
In RMB
Closing balance in foreign
Item Exchange rate Closing balance in RMB
currency
Cash and bank balances 4,874,997,961.09
Incl.: USD 669,817,294.77 7.1586 4,794,954,086.34
EUR 412,281.56 8.4024 3,464,154.58
HKD 1,807,819.90 0.91195 1,648,641.36
SGD 508,748.45 5.6179 2,858,097.92
NTD 278,871.00 0.2468 68,825.36
JPY 70,216,409.99 0.049594 3,482,312.64
MXN 130,800,206.10 0.3809 49,821,798.50
THB 85,116,269.42 0.2197 18,700,044.39
Accounts receivable 4,131,313,579.91
Incl.: USD 577,077,622.96 7.1586 4,131,067,871.72
EUR 29,242.62 8.4024 245,708.19
HKD 0.91195
Long-term borrowings
Incl.: USD 7.1586
EUR 8.4024
HKD 0.91195
Other receivables 20,808,219.78
Incl.: USD 1,819,180.46 7.1586 13,022,785.24
NTD 30,989.35 0.2468 7,648.17
MXN 6,458,638.84 0.3809 2,460,095.54
THB 24,204,327.95 0.2197 5,317,690.85
Short-term borrowings 1,072,314,700.00
Incl.: USD 114,500,000.00 7.1586 819,659,700.00
THB 1,150,000,000.00 0.2197 252,655,000.00
Accounts payable 4,217,611,998.82
Incl.: USD 487,412,461.51 7.1586 3,489,190,846.97
EUR 2,504,254.39 8.4024 21,041,747.09
JPY 1,076,798,659.00 0.049594 53,402,752.69
SEK 2,650.00 0.7568 2,005.52
THB 2,947,538,163.44 0.2197 647,574,134.51
MXN 16,803,654.54 0.3809 6,400,512.01
Other payables 25,002,326.77
Incl.: USD 3,145,739.45 7.1586 22,519,090.44
JPY 650,461.00 0.049594 32,258.96
MXN 235,017.82 0.3809 89,518.29
THB 10,748,562.06 0.2197 2,361,459.09
Non-current liabilities due within one
year'
DSBJ Semi-Annual Report 2025
Incl.: USD 366,824.63 7.1586 2,625,950.80
(2) The Company as the lessor
The Company as lessor under operating leases
Applicable □ N/A
In RMB
Item Rental income Incl.: Income related to variable lease payments not included in lease receipts
Rental income 540,548.43
Total 540,548.43
VIII. Research and Development Expenses
In RMB
Item Amount of the current period Amount of the previous period
Direct costs 250,520,190.78 284,790,576.60
Labor costs 261,695,815.23 267,132,170.20
Depreciation 45,720,954.81 45,587,062.83
Others 23,530,506.11 24,713,799.36
Total 581,467,466.93 622,223,608.99
IX. Changes in the Scope of Consolidation
X. Interests in Other Entities
(1) Composition of the enterprise group
In RMB
Shareholding
Principal place of Place of Nature of
Subsidiary percentage Method of acquisition
business incorporation business
Direct Indirect
Business combinations
Suzhou Yongchuang Communication Technology Co.,
Suzhou Suzhou Manufacturing 100.00% involving entities under
Ltd.
common control
Suzhou Dongkui Lighting Co., Ltd. Suzhou Suzhou Manufacturing 100.00% Established
Suzhou Chengjia Precision Manufacturing Co., Ltd. Suzhou Suzhou Manufacturing 100.00% Established
Dongguan Dongshan Precision Manufacturing Co., Ltd. Dongguan Dongguan Manufacturing 95.00% 5.00% Established
Yancheng Dongshan Precision Manufacturing Co., Ltd. Yancheng Yancheng Manufacturing 95.00% 5.00% Established
Suzhou Jebson Intelligent Technology Co., Ltd. Suzhou Suzhou Manufacturing 51.00% Established
Suzhou Dongdai Electronic Technology Co., Ltd. Suzhou Suzhou Manufacturing 51.00% Established
Property
Yancheng Dongshan Business Management Co., Ltd. Yancheng Yancheng 95.00% 5.00% Established
management
Yancheng Dongshan Communication Technology Co.,
Yancheng Yancheng Manufacturing 100.00% Established
Ltd.
Business &
Shanghai Chengjia Consulting Management Co., Ltd. Shanghai Shanghai 100.00% Established
investment
DSBJ Semi-Annual Report 2025
Shareholding
Principal place of Place of Nature of
Subsidiary percentage Method of acquisition
business incorporation business
Direct Indirect
Yancheng Mutto Optronics Technology Co., Ltd. Yancheng Yancheng Manufacturing 100.00% Established
MFLEX Yancheng Co., Ltd. Yancheng Yancheng Manufacturing 100.00% Established
Business combinations
MFLEX Suzhou Co., Ltd. Suzhou Suzhou Manufacturing 100.00% involving entities not under
common control
Business combinations
MFLEX Chengdu Co., Ltd. Chengdu Chengdu Manufacturing 100.00% involving entities not under
common control
Business combinations
Suzhou RF Top Electronic Communication Co., Ltd. Suzhou Suzhou Manufacturing 93.51% involving entities not under
common control
Business combinations
Mutto Optronics Technology Co., Ltd. Suzhou Suzhou Manufacturing 100.00% involving entities not under
common control
Business combinations
Multek Technology (Zhuhai) Co., Ltd. Zhuhai Zhuhai Manufacturing 100.00% involving entities not under
common control
Business combinations
Multek Electronics Limited Zhuhai Zhuhai Manufacturing 100.00% involving entities not under
common control
Business combinations
Multek Industries Limited Zhuhai Zhuhai Manufacturing 100.00% involving entities not under
common control
Business combinations
Multek China Limited Zhuhai Zhuhai Manufacturing 100.00% involving entities not under
common control
Business &
Zhuhai Multek Business Management Co., Ltd. Zhuhai Zhuhai 100.00% Established
investment
MFLEX Shanghai Co., Ltd. Shanghai Shanghai Wholesale 100.00% Established
Shenzhen Qindao Dongchuang Investment Partnership Business &
Shenzhen Shenzhen 76.92% Established
(L.P.) investment
Enterprise
Suzhou Dongke Enterprise Management Co., Ltd. Suzhou Suzhou 100.00% Established
management
Yancheng Dongchuang Precision Manufacturing Co.,
Yancheng Yancheng Manufacturing 100.00% Established
Ltd.
Suzhou Dongchen Ecological Technology Co., Ltd. Suzhou Suzhou Services 100.00% Established
Shanghai Dongxin New Energy Technology Co., Ltd. Shanghai Shanghai Manufacturing 95.00% 5.00% Established
Shanghai Donglan New Energy Technology Co., Ltd. Shanghai Shanghai Manufacturing 100.00% Established
Suzhou Dongyue New Energy Technology Co., Ltd. Kunshan Kunshan Manufacturing 90.00% 10.00% Established
Business &
Suzhou Dongshan Industrial Investment Co., Ltd. Suzhou Suzhou 100.00% Established
investment
Business &
Suzhou Dongdi Holding Limited Suzhou Suzhou 100.00% Established
investment
Business combinations
Suzhou JDI Electronics Inc. Suzhou Suzhou Manufacturing 100.00% involving entities not under
common control
Chaowei Microelectronics (Yancheng) Co., Ltd. Yancheng Yancheng Manufacturing 100.00% Established
HongKong Dongshan Precision Union Optoelectronic Business &
Hong Kong, China Hong Kong, China 100.00% Established
Co., Limited investment
Business combinations
Business &
Mutto Optronics Group Limited BVI BVI 100.00% involving entities not under
investment
common control
DSBJ Holdings Inc. USA USA Business & 100.00% Established
DSBJ Semi-Annual Report 2025
Shareholding
Principal place of Place of Nature of
Subsidiary percentage Method of acquisition
business incorporation business
Direct Indirect
investment
Business &
DSBJ Solutions INC USA USA 100.00% Established
investment
Business &
Dragon Electronix Holdings INC. USA USA 100.00% Established
investment
Business combinations
Business &
Multi-Fineline Electronix, Inc. USA USA 100.00% involving entities not under
investment
common control
Business combinations
Business &
MFLEX Delaware, Inc. Delaware Delaware 100.00% involving entities not under
investment
common control
Business combinations
Business &
Multi-Fineline Electronix Singapore Pte.Ltd. Singapore Singapore 100.00% involving entities not under
investment
common control
Business &
HongKong Dongshan Holding Limited Hong Kong, China Hong Kong, China 100.00% Established
investment
Business &
DSBJ PTE. LTD. Singapore Singapore 100.00% Established
investment
Business &
Multek Group (HongKong) Limited Hong Kong, China Hong Kong, China 100.00% Established
investment
Business &
Multek Technology, Inc. USA USA 100.00% Established
investment
Business combinations
Business &
Multek Technologies Limited Mauritius Mauritius 100.00% involving entities not under
investment
common control
Business combinations
Business &
The Dii Group (BVI) Co. Limited BVI BVI 100.00% involving entities not under
investment
common control
Business combinations
Business &
The Dii Group Asia Limited Hong Kong, China Hong Kong, China 100.00% involving entities not under
investment
common control
Business combinations
Business &
Multek Hong Kong Limited Hong Kong, China Hong Kong, China 100.00% involving entities not under
investment
common control
Business combinations
Business &
Astron Group Limited Hong Kong, China Hong Kong, China 100.00% involving entities not under
investment
common control
Business combinations
Business &
Vastbright PCB (HOLDING) Limited Hong Kong, China Hong Kong, China 100.00% involving entities not under
investment
common control
Business combinations
Business &
Multek Technology Germany GmbH Germany Germany 100.00% involving entities not under
investment
common control
Business &
Multek Technology Sweden AB Sweden Sweden 100.00% Established
investment
Business &
Multek Technology Malaysia SDN.BHD Malaysia Malaysia 100.00% Established
investment
Business &
Korea branch office of DSBJ Pte. Ltd. Korea Korea 100.00% Established
investment
Business combinations
Autotech Production de Mexico S. de R. L. de C.V. Mexico Mexico Manufacturing 100.00% involving entities not under
common control
Aranda Tooling, Inc. USA USA Manufacturing 100.00% Business combinations
DSBJ Semi-Annual Report 2025
Shareholding
Principal place of Place of Nature of
Subsidiary percentage Method of acquisition
business incorporation business
Direct Indirect
involving entities not under
common control
Business combinations
AutoTech Production Services, Inc. USA USA Manufacturing 100.00% involving entities not under
common control
DSBJ MEXICO, S.DER.L.DEC.V. Mexico Mexico Manufacturing 100.00% Established
Multi-Fineline Electronics (Thailand) Co., Ltd. Thailand Thailand Manufacturing 100.00% Established
Business &
Hong Kong Dongdi Holding Limited Hong Kong, China Hong Kong, China 100.00% Established
investment
Business &
Multi-Fineline Electronics Hungary KFT. Hungary Hungary 100.00% Established
investment
XI. Government Grants
□ Applicable N/A
Reason for failure to receive expected government grants at the expected time
□ Applicable N/A
Applicable □ N/A
In RMB
Amount of
Other
non-operating Amount
New grants changes
Opening revenue transferred to other Closing Related to
Item received in the in the
balance recognized in income in the balance assets/income
current period current
the current current period
period
period
Deferred Related to
income assets
Subtotal 585,933,889.89 271,997,240.62 107,132,163.18 749,040,476.71
Applicable □ N/A
In RMB
Item Amount of the current period Amount of the previous period
Government grants recognized in other
income
Total 136,320,207.08 145,779,443.11
DSBJ Semi-Annual Report 2025
XII. Risks Associated with Financial Instruments
The Company’s objectives of risk management are to maintain a balance between risk and income, minimize the negative
effect of risks on the operating results of the Company and maximize the interests of the shareholders and other equity investors.
On the basis of such objectives of risk management, the Company’s basic risk management policy is designed to identify and
analyze all kinds of risks facing the Company, set appropriate risk thresholds in risk management, and monitor risks and adherence
to limits in a timely and reliable manner.
The Company faces a variety of risks associated with financial instruments in its daily activities, mainly including credit risk,
liquidity risk and market risk. Below is a summary of the policies for managing such risks considered and approved by the
management.
(I) Credit risk
Credit risk is the risk that one party to a financial instrument will cause a financial loss to the other party by failing to
discharge an obligation.
(1) Assessment of credit risk
At each balance sheet date, the Company assesses whether the credit risk of a financial instrument has increased significantly
since initial recognition. In assessing whether the credit risk has increased significantly since initial recognition, the Company
takes into account reasonable and supportable information, which is available without undue cost or effort, including qualitative
and quantitative analysis based on historical data, external credit risk rating, and forward-looking information. The Company
determines the changes in default risk of financial instruments during their estimated lifetime through a comparison of the default
risk at the balance sheet date and the initial recognition date, on an individual or collective basis.
The Company determines that the credit risk of a financial instrument has increased significantly when one or more of the
following qualitative and quantitative standards are met:
remaining lifetime has risen by more than a certain percentage compared with the initial recognition; and/or
and present or expected changes in technology, market, economy or legal environment that will have a material adverse effect on
the debtor’s ability to repay.
DSBJ Semi-Annual Report 2025
(2) Definition of default and credit-impaired assets
A financial instrument is in default or credit impaired when one or more of the following conditions are met:
to the debtor a concession that the creditors would not otherwise consider.
The key factors in the measurement of expected credit losses include the probability of default, loss given default, and
exposure to default risk. The Company has developed a model of the probability of default, loss given default and exposure to
default risk on the basis of quantitative analysis of historical data (e.g. counterparty rating, guarantee measures and collateral type,
repayment method, etc.) and forward-looking information.
for impairment loss on financial instruments.
The Company’s credit risk is primarily attributable to cash and bank balances and receivables. In order to control such risks,
the Company has taken the following measures:
(1) Cash and bank balances
The Company deposits its bank balances and other monetary capital in financial institutions with relatively high credit ratings,
so its credit risk is relatively low.
(2) Accounts receivable
The Company performs credit assessments on customers using credit settlement on an ongoing basis. The Company selects
approved and creditworthy customers based on the result of credit assessment, and monitors the balance of accounts receivable
from them on an ongoing basis, to avoid significant risk of doubtful accounts.
As the Company only deals with approved and creditworthy third parties, no collateral is required. The concentration of credit
risks are managed customer by customer. As of June 30, 2025, the Company faced certain credit concentration risks. In particular,
DSBJ Semi-Annual Report 2025
collateral or other credit enhancement. The Company’s maximum exposure to credit risk is the carrying value of each financial
asset in the balance sheet.
The Company’s maximum exposure to credit risk is the carrying value of each financial asset in the balance sheet.
(II) Liquidity risk
Liquidity risk is the risk that the Company may not have enough cash to satisfy its obligation to deliver cash or other financial
assets, due to the inability to liquidate financial assets at fair value in a timely manner, or failure of counterparties to discharge
their contract liabilities, acceleration of debts, failure to generate expected cash flows, or otherwise.
In order to control such risk, the Company utilizes a variety of financing tools such as settlement by means of notes, bank
loans, etc., combines long-term and short-term financing to optimize financing structure, and maintains a balance between
financing sustainability and flexibility. The Company has obtained lines of credit from many commercial banks to satisfy its
working capital requirements and capital expenditures.
Financial liabilities classified by remaining maturity
In RMB
Closing balance
Item
Undiscounted
Carrying value Within 1 year 1-3 years Over 3 years
contract amount
Bank loans (including non-current liabilities
due within one year)
Financial liabilities held for trading 71,586,000.00 71,586,000.00 71,586,000.00
Notes payable 934,630,146.08 934,630,146.08 934,630,146.08
Accounts payable 9,082,352,248.71 9,082,352,248.71 9,082,352,248.71
Other payables 96,940,026.12 96,940,026.12 96,940,026.12
Lease liabilities (including non-current
liabilities due within one year)
Long-term payables (including non-current
liabilities due within one year)
Subtotal 24,599,053,111.04 25,028,609,978.89 18,653,023,555.32 4,992,884,307.69 1,382,702,115.88
(Continued)
Balance at the end of the previous year
Item Undiscounted
Carrying value Within 1 year 1-3 years Over 3 years
contract amount
Bank loans (including non-current liabilities due
within one year)
Financial liabilities held for trading 82,922,390.17 82,922,390.17 82,922,390.17
Notes payable 935,581,272.50 935,581,272.50 935,581,272.50
DSBJ Semi-Annual Report 2025
Accounts payable 9,659,268,990.43 9,659,268,990.43 9,659,268,990.43
Other payables 94,163,223.90 94,163,223.90 94,163,223.90
Lease liabilities (including non-current liabilities
due within one year)
Long-term payables (including non-current
liabilities due within one year)
(III) Market Risk
Market risk is the risk of fluctuation in the fair value or future cash flows of financial instruments due to changes in market
prices. Market risk mainly includes interest risk and foreign exchange risk.
Interest rate risk is the risk of fluctuation in the fair value or future cash flows of financial instruments due to changes in
market interest rates. Interest-bearing financial instruments with fixed interest rates expose the Company to fair value interest rate
risk, while interest-bearing financial instruments with floating interest rates expose the Company to cash flow interest rate risk.
The Company determines the proportion of fixed-rate financial instruments and floating-rate financial instruments based on the
market environment, and reviews and monitors the appropriateness of its portfolio of financial instruments on a regular basis. The
cash flow interest rate risk that the Company faces is primarily associated with the floating-rate bank loans owed by the Company,
which amounted to RMB 5,961,182,910.35 as of June 30, 2025 (December 31, 2024: RMB 2,392,686,104.16). Supposing the
interest rate changes by 50 basis points while other variables remain unchanged, the Company’s total profit and shareholders’
interest will not be materially affected.
Foreign exchange risk is the risk of fluctuation in the fair value or future cash flows of financial instruments due to changes in
exchange rates. The Company’s foreign exchange risk relates mainly to foreign currency denominated monetary assets and
liabilities. When a short-term imbalance occurs on foreign currency denominated assets and liabilities, the Company may trade
foreign currencies at market exchange rates when necessary, in order to maintain the net risk exposure at an acceptable level.
See Note V(V)2 to the Financial Statements for details of foreign currency denominated monetary assets and liabilities as of
the end of the reporting period.
XIII. Fair Value Disclosures
In RMB
Closing balance of fair value
Item Level 1 fair value Level 2 fair value Level 3 fair value
Total
measurement measurement measurement
I. Recurring fair value measurement -- -- -- --
through profit or loss
(2) Investment in equity instruments 65,235,923.23 65,235,923.23
(3) Derivative financial assets 33,884,566.58 33,884,566.58
DSBJ Semi-Annual Report 2025
(III) Investment in other equity
instruments
Total assets measured at fair value
on a recurring basis
(VI) Financial liabilities held for
trading
Total liabilities measured at fair
value on a recurring basis
II. Fair value measurement on a
-- -- -- --
non-recurring basis
XIV. Related Parties and Related-party Transactions
Parent of the Company
The ultimate controllers of the Company are YUAN Yonggang, YUAN Yongfeng, and YUAN Fugen.
Other information: The Company’s actual controllers are YUAN Yonggang, YUAN Yongfeng and YUAN Fugen, who hold
the Company in aggregate.
The particulars of the subsidiaries of the Company are set forth in “Interests in Other Entities”.
The particulars of the joint ventures and associates of the Company are set forth in “Interests in Other Entities”.
Other joint ventures or associates that have carried out related-party transactions with the Company in the current period or the
previous periods with balances recorded in the current period:
Name of joint venture or associate Relationship with the Company
Suzhou Toprun Electric Equipment Co., Ltd. Associate
Suzhou Dongcan Optoelectronics Technology Co., Ltd. Associate
Name of other related party Relationship with the Company
Hai Dixin Semiconductor (Nantong) Co., Ltd. Investee company
Anhui Landun Photoelectron Co., Ltd. A company controlled by the actual controllers of the Company
Shanghai Corkuna New Material Technologies Co., Ltd. A company controlled by the actual controllers of the Company
Suzhou Corkuna New Material Technologies Co., Ltd. A company controlled by the actual controllers of the Company
DSBJ Semi-Annual Report 2025
(1) Related-party commodity and service transactions
Purchase of goods and receipt of services from related parties
In RMB
Whether or not to Amount of
Amount of the Transaction quota
Related party Subject matter exceed the the previous
current period approved
transaction quota? period
Suzhou Dongcan Optoelectronics Purchase of
Technology Co., Ltd. goods
Shanghai Corkuna New Material Purchase of
Technologies Co., Ltd. goods
Suzhou Corkuna New Material Purchase of
Technologies Co., Ltd. goods
Sale of goods and rendering of services to related parties
In RMB
Amount of the Amount of the
Related party Subject matter
current period previous period
Suzhou Toprun Electric Equipment Co., Ltd. Sale of goods 24,637.14 101,886.79
Suzhou Dongcan Optoelectronics Technology Co., Ltd. Sale of goods 22,188.29 25,776.74
Anhui Landun Photoelectron Co., Ltd. Rendering of services 75,600.00
(4) Related-party guarantees
The Company as guarantor
In RMB
Whether the obligation
Amount Effective date of Expiry date of
Obligor guaranteed has been
guaranteed guarantee guarantee
discharged
Suzhou Toprun Electric Equipment
Co., Ltd.
Suzhou Toprun Electric Equipment
Co., Ltd.
Suzhou Toprun Electric Equipment
Co., Ltd.
Suzhou Toprun Electric Equipment
Co., Ltd.
Suzhou Toprun Electric Equipment
Co., Ltd.
Suzhou Toprun Electric Equipment
Co., Ltd.
The Company as obligor
In RMB
Whether the obligation
Amount Effective date of
Guarantor Expiry date of guarantee guaranteed has been
guaranteed guarantee
discharged
YUAN
Yongfeng/YUAN 200,000,000.00 August 28, 2022 January 6, 2032 No
Yonggang
DSBJ Semi-Annual Report 2025
(7) Remuneration of key officers
In RMB
Item Amount of the current period Amount of the previous period
Remuneration of key officers 11,563,600.00 11,522,600.00
(1) Amounts receivable from related parties
In RMB
Closing balance Opening balance
Item Related party Allowance for Allowance for
Book balance doubtful Book balance doubtful
accounts accounts
Accounts Hai Dixin Semiconductor (Nantong)
receivable Co., Ltd.
Accounts Suzhou Dongcan Optoelectronics
receivable Technology Co., Ltd.
Accounts Suzhou Toprun Electric Equipment Co.,
receivable Ltd.
Other Hai Dixin Semiconductor (Nantong)
receivables Co., Ltd.
(2) Amounts payable to related parties
In RMB
Item Related party Closing book balance Opening book balance
Accounts
Suzhou Dongcan Optoelectronics Technology Co., Ltd. 167,885.28 298,971.64
payable
Accounts
Shanghai Corkuna New Material Technologies Co., Ltd. 763,131.39 1,792,220.15
payable
Accounts
Suzhou Corkuna New Material Technologies Co., Ltd. 8,104,093.33 4,970,486.19
payable
DSBJ Semi-Annual Report 2025
XV. Share-based Payments
XVI. Commitments and Contingencies
XVII. Subsequent Events
XVIII. Other Significant Information
XIX. Notes to Key Items of the Standalone Financial Statements
(1) Accounts receivable by age
In RMB
Age Closing book balance Opening book balance
Within 1 year (inclusive) 2,172,932,265.82 2,998,577,516.40
Within 6 months 1,167,215,399.56 1,717,998,540.30
Over 3 years 67,517,615.51 75,446,354.06
Over 5 years 50,900,872.47 23,456,408.92
Total 3,083,713,179.25 3,235,992,945.32
(2) Accounts receivable by method of recognition of allowance for doubtful accounts
In RMB
Closing balance Opening balance
Allowance for Allowance for
Book balance Book balance
doubtful accounts doubtful accounts
Type Carrying Carrying
Ratio of value Ratio of value
Amount % Amount provisio Amount % Amount provisio
n n
Allowan
ce
recogniz 14,625,4 14,625,4 14,625,4 14,625,4
ed 67.55 67.55 67.55 67.55
individu
ally
Incl.:
Allowan
ce 3,069,08 77,463,3 2,991,62 3,221,36 77,874,8 3,143,49
recogniz 7,711.70 02.85 4,408.85 7,477.77 63.40 2,614.37
ed
DSBJ Semi-Annual Report 2025
collectiv
ely
Incl.:
Total 100.00% 2.99% 100.00% 2.86%
Accounts receivable with allowance for doubtful accounts recognized collectively by category name:
In RMB
Closing balance
Item Allowance for doubtful
Book balance Ratio of provision
accounts
Group of related parties
within the scope of 2,075,948,347.62
consolidation
Aging group 993,139,364.08 77,463,302.85 7.80%
Total 3,069,087,711.70 77,463,302.85
(5) Top 5 debtors in terms of closing balance of accounts receivable and contract assets
In RMB
Closing balance of
Closing Total closing
% of the total closing allowance for
Closing balance balance balance of
balance of accounts doubtful accounts
Company name of accounts of accounts
receivable and receivable and
receivable contract receivable and
contract assets impairment of
assets contract assets
contract assets
Top 1 864,675,055.44 864,675,055.44 28.04%
Top 2 432,967,317.80 432,967,317.80 14.04%
Top 3 282,623,353.91 282,623,353.91 9.16%
Top 4 203,743,208.93 203,743,208.93 6.61% 1,019,796.04
Top 5 184,030,577.23 184,030,577.23 5.97%
Total 1,968,039,513.31 1,968,039,513.31 63.82% 1,019,796.04
In RMB
Item Closing balance Opening balance
Dividends receivable 1,289,047,893.28 1,495,758,008.53
Other receivables 6,087,268,144.80 4,473,728,550.13
Total 7,376,316,038.08 5,969,486,558.66
(2) Dividends receivable
In RMB
Item (or investee) Closing balance Opening balance
HongKong Dongshan Holding Limited 933,047,893.28 1,044,758,008.53
Yancheng Dongshan Precision
Manufacturing Co., Ltd.
DSBJ Semi-Annual Report 2025
Suzhou JDI Electronics Inc. 90,000,000.00 140,000,000.00
Suzhou Dongyue New Energy
Technology Co., Ltd.
Total 1,289,047,893.28 1,495,758,008.53
In RMB
Reason for failure Whether or not impaired and
Item (or investee) Closing balance Age
to collect the basis for determination
To support the
Over 3
HongKong Dongshan Holding Limited 463,047,893.28 development of
years
the subsidiary
To support the
Yancheng Dongshan Precision Over 3
Manufacturing Co., Ltd. years
the subsidiary
Total 729,047,893.28
(3) Other receivables
In RMB
Nature of accounts Closing book balance Opening book balance
Current accounts 5,899,853,694.38 4,469,455,999.04
Security deposit 2,400,000.00 1,325,000.00
Loan and reserve fund 6,497,888.40 4,407,055.00
Temporary payment receivable 4,570,250.41 2,639,160.94
Security deposit for investments 187,005,481.32
Total 6,100,327,314.51 4,477,827,214.98
In RMB
Age Closing book balance Opening book balance
Within 1 year (inclusive) 5,917,253,171.72 4,293,041,449.14
Over 3 years 2,953,577.36 2,936,436.46
Over 5 years 149,400.00 155,400.00
Total 6,100,327,314.51 4,477,827,214.98
In RMB
Type Closing balance Opening balance
DSBJ Semi-Annual Report 2025
Allowance for Allowance for
Book balance Book balance
doubtful accounts doubtful accounts
Carrying Carrying
Ratio of value Ratio of value
Amount % Amount provisio Amount % Amount provisio
n n
Incl.:
Allowan
ce
recogniz 6,100,32 13,059,1 6,087,26 4,477,82 4,098,66 4,473,72
ed 7,314.51 69.71 8,144.80 7,214.98 4.85 8,550.13
collectiv
ely
Incl.:
Total 100.00% 0.21% 100.00% 0.09%
Other receivables with allowance for doubtful accounts recognized collectively by category name: Aging group
In RMB
Closing balance
Item Allowance for doubtful
Book balance Ratio of provision
accounts
Group of related parties
within the scope of 5,899,853,694.38
consolidation
Aging group 200,473,620.13 13,059,169.71 6.51%
Incl.: Within 1 year 196,364,477.34 9,818,223.87 5.00%
Over 3 years 2,953,577.36 2,953,577.36 100.00%
Total 6,100,327,314.51 13,059,169.71
Basis for grouping:
Recognition of allowance for doubtful accounts in accordance with the general model of expected credit losses:
In RMB
Stage I Stage II Stage III
Allowance for doubtful Lifetime expected Lifetime expected
accounts credit loss (not credit credit loss (credit
credit loss
impaired) impaired)
Balance at January 1,
In the current period,
the balance as at
January 1, 2025
- Transferred to stage II -34,024.72 34,024.72
Recognized 9,696,599.04 -736,094.18 8,960,504.86
Balance at June 30,
In RMB
DSBJ Semi-Annual Report 2025
Closing
balance of
% of the total
Nature of allowance
Company name Closing balance Age closing balance of
account for
other receivables
doubtful
accounts
Yancheng Dongshan Precision Manufacturing Current Within 1
Co., Ltd. accounts year
Current Within 1
Mutto Optronics Technology Co., Ltd. 1,178,897,118.58 19.33%
accounts year
Suzhou Dongyue New Energy Technology Current Within 1
Co., Ltd. accounts year
Current Within 1
HongKong Dongshan Holding Limited 471,040,528.37 7.72%
accounts year
HongKong Dongshan Holding Limited 178,965,000.00 1-2 years 2.93%
Dongguan Dongshan Precision Manufacturing Current Within 1
Co., Ltd. accounts year
Total 4,231,116,214.03 69.36%
In RMB
Closing balance Opening balance
Item Allowance for Allowance for
Book balance Carrying value Book balance Carrying value
impairment loss impairment loss
Investments
in 9,671,242,453.40 133,690,000.00 9,537,552,453.40 9,671,242,453.40 133,690,000.00 9,537,552,453.40
subsidiaries
Investments
in associates
and joint
ventures
Total 9,775,608,699.58 151,197,056.47 9,624,411,643.11 9,779,054,655.78 151,197,056.47 9,627,857,599.31
(1) Investments in subsidiaries
In RMB
Opening Changes in the current period Closing
balance of Allowance balance of
Opening balance Closing balance
Investee allowance for Additional Reduced for allowance for
(carrying value) Others (carrying value)
impairment investment investment impairment impairment
loss loss loss
Dongguan
Dongshan
Precision 342,000,000.00 342,000,000.00
Manufacturing
Co., Ltd.
MFLEX
Shanghai Co., 2,023,777.30 2,023,777.30
Ltd.
Shenzhen
Qindao 100,000,000.00 100,000,000.00
Dongchuang
DSBJ Semi-Annual Report 2025
Investment
Partnership
(L.P.)
RF Top
Electronic
Suzhou
Chengjia
Precision 80,109,368.24 80,109,368.24
Manufacturing
Co., Ltd.
Suzhou Dongbo
Precision
Manufacturing
Co., Ltd.
Suzhou Dongdai
Electronic
Technology Co.,
Ltd.
Suzhou
Dongjiyuan
Metal
Technology Co.,
Ltd.
Suzhou Dongke
Real Estate Co., 152,389,096.00 152,389,096.00
Ltd.
Suzhou Dongkui
Lighting Co., 12,100,000.00 12,100,000.00
Ltd.
Suzhou
Dongyan
Electronic
Technology Co.,
Ltd.
Suzhou Jebson
Intelligent
Technology Co.,
Ltd.
Suzhou
Yongchuang
Communication 451,582,710.63 451,582,710.63
Technology Co.,
Ltd.
HongKong
Dongshan
Precision Union 3,744,565,150.00 133,690,000.00 3,744,565,150.00 133,690,000.00
Optoelectronic
Co., Limited
HongKong
Dongshan 452,677,880.00 452,677,880.00
Holding Limited
Yancheng
Dongshan
Precision 1,093,619,610.92 1,093,619,610.92
Manufacturing
Co., Ltd.
Yancheng 3,067,267.20 3,067,267.20
DSBJ Semi-Annual Report 2025
Dongshan
Business
Management
Co., Ltd.
Yancheng
Dongshan
Communication 280,401,403.77 280,401,403.77
Technology Co.,
Ltd.
Suzhou JDI
Electronics Inc.
Suzhou
Dongshan
Industrial 20,010,000.00 20,010,000.00
Investment Co.,
Ltd.
Shanghai
Dongxin New
Energy 80,000,000.00 80,000,000.00
Technology Co.,
Ltd.
Yancheng
Dongchuang
Precision 450,000,000.00 450,000,000.00
Manufacturing
Co., Ltd.
Suzhou
Dongyue New
Energy 500,000,000.00 500,000,000.00
Technology Co.,
Ltd.
Multek China
Limited
Mutto Optronics
Technology Co., 824,778.48 824,778.48
Ltd.
MFLEX Suzhou
Co., Ltd.
Yancheng Mutto
Optronics
Technology Co.,
Ltd.
MFLEX
Yancheng Co., 4,175,696.89 4,175,696.89
Ltd.
Multek
Industries 2,425,059.72 2,425,059.72
Limited
Dongwei Smart
Suzhou Co., Ltd.
Zhuhai Multek
Business
Management
Co., Ltd.
Total 9,537,552,453.40 133,690,000.00 9,537,552,453.40 133,690,000.00
DSBJ Semi-Annual Report 2025
(2) Investments in associates and joint ventures
In RMB
Changes in the current period
Opening Declared Closing
Opening Investment Closing
balance of Adjustment to Other cash Allowance balance of
balance Additional Reduced income or balance
Investee allowance for other change dividends for Other allowance for
(carrying investmen investmen loss under (carrying
impairment comprehensiv s in or profit impairmen s impairment
value) t t equity value)
loss e income equity distributio t loss loss
method
n
II. Associates
Suzhou
Toprun
Electric 595,463.99
Equipment
Co., Ltd.
Shenzhen
Nanfang Blog
Technology
Development
Co., Ltd.
Shanghai Fu
Shan Precision
Manufacturing
Co., Ltd.
Suzhou
LEGATE
Intelligent -962,618.12
Equipment
Corp., Ltd.
Suzhou
Dongcan
Optoelectronic 3,316,472.49 -448,465.91 2,868,006.58
s Technology
Co., Ltd.
Jiangsu
Nangao
Intelligent
Equipment 3,442,835.16 -892,575.65 2,550,259.51
Innovation
Center Co.,
Ltd.
Jiaozuo
Songyang -
Optoelectric 1,434,466.6
Technology 6
Co., Ltd.
Suzhou
Yongxin
Jingshang
Venture -303,293.85
Capital
Partnership
(L.P.)
Subtotal
DSBJ Semi-Annual Report 2025
Total 3,445,956.2
In RMB
Amount of the current period Amount of the previous period
Item
Revenue Cost Revenue Cost
Primary business 2,007,552,995.18 1,910,964,376.03 2,063,759,581.25 2,057,085,061.96
Other businesses 27,726,642.37 12,291,548.13 82,843,913.95 25,663,449.45
Total 2,035,279,637.55 1,923,255,924.16 2,146,603,495.20 2,082,748,511.41
In RMB
Item Amount of the current period Amount of the previous period
Income from long-term equity
-3,445,956.20 -2,927,211.16
investments under the equity method
Bank wealth management product 160,800.00 -2,651,138.83
Total -3,285,156.20 -5,578,349.99
XX. Supplementary Information
Applicable □ N/A
In RMB
Item Amount Remark
Gain or loss from disposal of non-current assets -21,866,977.73
Government grants recognized in profit or loss (excluding the government grants that are closely
related to the business of the Company, conform to the applicable polices of the country, are
provided in accordance with the established standards, and continuously affect the Company’s
profit or loss)
Gain or loss on changes in fair value of financial assets and financial liabilities held by non-
financial entities, and gain or loss on disposal of financial assets and financial liabilities, except 5,592,799.26
for effective hedges held in the ordinary course of business
Other non-operating revenues and expenses 1,345,108.64
Less: Effect on income tax 18,885,610.71
Effect on minority interests (exclusive of tax) 109,173.64
Total 101,206,037.30 --
Profit for the reporting period Weighted average return Earnings per share
DSBJ Semi-Annual Report 2025
on net assets Basic earnings per share Diluted earnings per share
(RMB/share) (RMB/share)
Net profit attributable to ordinary
shareholders of the Company
Net profit attributable to ordinary
shareholders of the Company after 3.42% 0.39 0.39
deduction of non-recurring gain or loss
(1) Differences in net profit and net assets disclosed in the financial report prepared under the CASBEs
and the IFRS
□ Applicable N/A
(2) Differences in net profit and net assets disclosed in the financial report prepared under the CASBEs
and overseas accounting standards
□ Applicable N/A
(3) Description of the reasons for the differences in the accounting data under the CASBEs and overseas
accounting standards, and the name of the overseas institution that has audited the data reconciled for
differences
DSBJ Semi-Annual Report 2025
Section IX Other Reporting Data
I. Other Major Social Security Issues
Whether the Listed Company and its subsidiaries have other major social security issues
□ Yes □ No N/A
Whether a punishment is imposed during the reporting period
□ Yes □ No N/A
II. Registration Form of Investigation, Research, Communication, Interview and Other
Activities during the Reporting Period
Applicable □ N/A
Particulars of the
Main topics of
Method of Type of investigation and
Date Place Guests discussion and
communication investors research activity
information provided
available at
Communication 275 investors including Interpretation of our
by telephone CITIC Securities annual report, etc.
Communication Interpretation of our
by telephone first quarter report, etc.
investors
III. Payments and Receipts by the Listed Company with the Controlling Shareholder and
other Related Parties
□ Applicable N/A
Suzhou Dongshan Precision Manufacturing Co., Ltd.
Semi-Annual Report 2025
August 27, 2025
DSBJ Semi-Annual Report 2025
Section I Important Note, Table of Contents and Definitions
The Board of Directors, the Board of Supervisors, directors, supervisors and senior
executives of the Company hereby warrant that the information contained in this Semi-
Annual Report is true, accurate and complete without any misrepresentation, misleading
statement or material omission, and agree to assume joint and several liabilities for this
Semi-Annual Report.
YUAN Yonggang, Principal of the Company, CFO WANG Xu and Accounting
Supervisor ZHU Deguang hereby represent that the financial statements contained in this
Semi-Annual Report are true, accurate and complete.
All directors of the Company attended the meeting of the Board of Directors reviewing
this Semi-Annual Report.
Forward-looking statements such as those on future development plans in this Report
do not constitute substantial commitments by the Company to the investors. The investors
should make investments rationally and keep an eye on the associated risks.
In this Report, the Company has elaborated relevant potential risk factors and
countermeasures, as can be referred to in “X. Risk Exposures to the Company and
Countermeasures” under “Section III Management’s Discussion and Analysis”, to which
the investors should pay attention.
The Company has no plan to pay cash dividends, distribute bonus shares or convert
any capital reserve to the share capital.
Note:
This document is a translated version of the Chinese Semi-Annual Report 2025 (“2025 年 半 年 度 报 告 ”). In case of any
discrepancies, the Semi-Annual Report 2025 published in the Chinese version shall prevail. The full Chinese Semi-Annual Report
DSBJ Semi-Annual Report 2025
Table of Contents
DSBJ Semi-Annual Report 2025
List of References
I. Financial statements signed and chopped by Mr. YUAN Yonggang, legal representative, Mr. WANG Xu, CFO, and Mr. ZHU
Deguang, Accounting Supervisor of the Company;
II. Originals of all documents of the Company publicly disclosed during the reporting period and related announcements;
III. Original of the Semi-Annual Report 2025 stamped with the seal and signed by the legal representative of the Company; and
IV. Place keeping such documents for inspection: Securities Department of the Company at Building 12#, Yunhe Town
Headquarters Industrial Park, No. 99 East Taihu Road, Wuzhong District, Suzhou.
DSBJ Semi-Annual Report 2025
Definitions
Term means Definition
Company, we or
means Suzhou Dongshan Precision Manufacturing Co., Ltd.
DSBJ
one of our three major business segments, including research and development (R&D), design,
Electronic circuit means
manufacturing and sale of FPCs, rigid PCBs, rigid-flex PCBs and other products.
Photoelectric one of our three major business segments, including R&D, design, manufacturing and sale of LED
means
display devices, touch panels, LCMs and other products.
Precision one of our three major business segments, including design, manufacturing and sale of precision metal
means
manufacturing structural components and assemblies and other products.
Yongchuang Suzhou Yongchuang Communication Technology Co., Ltd., a wholly owned subsidiary of the
means
Communication Company.
HongKong HongKong Dongshan Precision Union Optoelectronic Co., Limited, a wholly owned subsidiary of the
means
Dongshan Company.
HongKong
Dongshan means HongKong Dongshan Holding Limited, a wholly owned subsidiary of the Company.
Holding
Dragon Holdings means Dragon Electronix Holdings Inc., a wholly owned subsidiary of HongKong Dongshan.
MFLEX means Multi-Fineline Electronix, Inc., a wholly owned subsidiary of Dragon Holdings.
MFLEX Suzhou means MFLEX Suzhou Co., Ltd., a wholly owned subsidiary of MFLEX.
MFLEX
means MFLEX Yancheng Co., Ltd., a wholly owned subsidiary of MFLEX.
Yancheng
Multek Group means Multek Group (Hong Kong) Limited, a wholly owned subsidiary of HongKong Dongshan Holding.
Multek Industries means Multek Industries Limited, a wholly owned subsidiary of Multek Group.
Multek
means Multek Electronics Limited, a wholly owned subsidiary of Multek Group.
Electronics
Multek China means Multek China Limited, a wholly owned subsidiary of Multek Group.
Yancheng
means Yancheng Dongshan Precision Manufacturing Co., Ltd., a wholly owned subsidiary of the Company.
Dongshan
Mutto Optronics means Mutto Optronics Technology Co., Ltd., a wholly owned subsidiary of the Company.
RF Top
means Suzhou RF Top Electronic Communication Co., Ltd., a controlled subsidiary of the Company.
Electronic
Suzhou JDI means Suzhou JDI Electronics Inc.
Aranda Tooling, Inc., AutoTech Production Services, Inc. and Autotech Production de Mexico S. de R.
Aranda means
L. de C.V.
AI means artificial intelligence, the simulation of human intelligence using computer programs.
augmented reality, a technology that combines and integrates the virtual world on screen with the real
AR means world, based on precise calculation of position and angle of camera images and image analysis
technology.
VR means virtual reality, a computer-simulated 3D virtual world with scenes and objects that appear to be real.
Internet of Things, a system of interrelated computing devices, mechanical and digital machines, that
IoT means
has a unique identifier (UID) and is capable of transmitting data over the network.
printed circuit board, a finished product with insulated substrates and conductors as materials, designed
PCB means and made into printed circuits, printed components or a combination of conductive patterns according
to the pre-designed circuit schematic diagram.
FPC means Flexible Printed Circuit.
light-emitting diode, a semiconductor diode that emits incoherent light when current flows through it,
LED or LED and the recombination of electrons and electron holes in the semiconductor produces radiation, for the
means
device purpose of this Report, including LED particles, LED light bars, LED backlight modules, LED lighting
devices and other LED products.
DSBJ Semi-Annual Report 2025
Term means Definition
Mini LED means sub-millimeter light emitting diode, an LED device with a grain size of 50-200μm.
LCD module or LCD display module, formed by assembling LCD display device with the relevant
LCM means connectors, control, driver and other peripheral circuits, PCB circuit board, backlight source, structural
components and other components.
a device under the protection of transparent glass that detects touches using sensors, and processes and
Touch panel means
transmits the relevant information.
AOA means Articles of Association of Suzhou Dongshan Precision Manufacturing Co., Ltd.
CSRC means China Securities Regulatory Commission.
SZSE means Shenzhen Stock Exchange
Reporting period means From January 1, 2025 to June 30, 2025
RMB and RMB
means Renminbi and ten thousand Yuan respectively.
DSBJ Semi-Annual Report 2025
Section II Company Profile and Financial Highlights
I. Company Profile
Stock short name DSBJ Stock code 002384
Stock exchange Shenzhen Stock Exchange
Chinese name 苏州东山精密制造股份有限公司
Chinese short name (if any) 东山精密
English name (if any) Suzhou Dongshan Precision Manufacturing Co., Ltd.
English short name (if any) DSBJ
Legal representative YUAN Yonggang
II. Contact Person and Contact Information
Board Secretary Securities Affairs Representative
Name MAO Xiaoyan ZHOU Hao
Building 12#, Yunhe Town Headquarters Building 12#, Yunhe Town Headquarters
Address Industrial Park, No. 99 East Taihu Road, Industrial Park, No. 99 East Taihu Road,
Wuzhong District, Suzhou Wuzhong District, Suzhou
Telephone 0512-80190019 0512-80190019
Facsimile 0512-80190029 0512-80190029
Email maoxy@dsbj.com hao.zhou@dsbj.com
III. Other Information
Whether there is any change in the Company’s registered address, office address and corresponding postal code, website, and
email address, etc. during the reporting period?
□ Applicable N/A
There has been no change in our registered address, office address and corresponding postal code, website and email address, etc.,
as detailed in the Annual Report 2024.
Whether there is any change in the media for information disclosure and place for keeping the report during the reporting period?
□ Applicable N/A
The website of the stock exchange and the media and its website disclosing our semi-annual report, as well as the place for
keeping our semi-annual report remain unchanged, as detailed in the Annual Report 2024.
Whether there is any change in other related information during the reporting period?
□ Applicable N/A
DSBJ Semi-Annual Report 2025
IV. Key Accounting Data and Financial Indicators
Did the Company need to retrospectively adjust or restate any accounting data of prior years?
□ Yes No
The same period of
The reporting period Y/Y % change
the previous year
Operating revenue (RMB) 16,955,163,898.89 16,628,586,195.56 1.96%
Net profit attributable to shareholders of the Listed Company
(RMB)
Net profit attributable to shareholders of the Listed Company
after deduction of non-recurring gain or loss (RMB)
Net cash flow from operating activities (RMB) 2,500,118,021.28 2,088,969,399.28 19.68%
Basic earnings per share (RMB/share) 0.45 0.33 36.36%
Diluted earnings per share (RMB/share) 0.45 0.33 36.36%
Weighted average return on net assets 3.95% 3.05% 0.90%
The end of the The end of the
% Change
reporting period previous year
Total assets (RMB) 47,886,706,779.38 46,014,173,064.47 4.07%
Net assets attributable to shareholders of the Listed Company
(RMB)
V. Differences in Accounting Data under the Chinese Accounting Standards for Business
Enterprises (the “CASBEs”) and Overseas Accounting Standards
International Financial Reporting Standards (IFRS) and the CASBEs
□ Applicable N/A
There was no difference in net profit and net assets disclosed in the financial report for the reporting period prepared under the
IFRS and the CASBEs.
accounting standards and the CASBEs
□ Applicable N/A
There was no difference in net profit and net assets disclosed in the financial report for the reporting period prepared under
overseas accounting standards and the CASBEs.
VI. Items and Amounts of Non-recurring Gains or Losses
Applicable □ N/A
In RMB
Item Amount Remark
Gain or loss on disposal of non-current assets (including allowance for impairment of assets that have
-21,866,977.73
been written off)
Government grants recognized in profit or loss (excluding the government grants that are closely
related to the business of the Company, conform to the applicable polices of the country, are provided
DSBJ Semi-Annual Report 2025
in accordance with the established standards, and continuously affect the Company’s profit or loss)
Gain or loss on changes in fair value of financial assets and financial liabilities held by non-financial
entities, and gain or loss on disposal of financial assets and financial liabilities, except for effective 5,592,799.26
hedges held in the ordinary course of business
Other non-operating revenues and expenses 1,345,108.64
Less: Effect on income tax 18,885,610.71
Effect on minority interests (exclusive of tax) 109,173.64
Total 101,206,037.30
Other items of gain or loss within the meaning of non-recurring gain or loss:
□ Applicable N/A
We do not have any other item of gain or loss within the meaning of non-recurring gains or losses.
Classification of any item of non-recurring gain or loss defined by the Explanatory Announcement No. 1 on Information
Disclosure by Companies Publicly Offering Securities – Non-recurring Gain or Loss as recurring gain or loss
□ Applicable N/A
We have not classified any item of non-recurring gain or loss defined by the Explanatory Announcement No. 1 on Information
Disclosure by Companies Publicly Offering Securities – Non-recurring Gain or Loss as recurring gain or loss.
DSBJ Semi-Annual Report 2025
Section III Management’s Discussion and Analysis
I. Situations of Our Primary Business during the Reporting Period
(I) During the reporting period, our primary business has not undergone any material change.
We focus on the R&D and manufacturing of technologically advanced core components for the intelligently interconnected
world, and the provision of comprehensive intelligent interconnection solutions to customers throughout the world. We are
primarily engaged in the R&D, manufacturing and sale of electronic circuits, precision components, touch panel modules and LED
display devices, etc., which are widely used in consumer electronics, new energy vehicles, communication equipment, industrial
equipment, AI, medical appliances and other fields.
(II) During the reporting period, our main business model has not undergone any material change.
We leverage our complete business chain to provide our customers with comprehensive, one-stop, industry-leading services,
continuously increase the depth of cooperation and adhesion with our customers, and maintain long-term, stable cooperation with
premium customers taking the lead in the global consumer electronics, new energy vehicle and communication equipment
industries.
We manufacture main products based on market demands, and adopt the production model that determines production
according to sales, under which we develop production plans and deliver products taking into account the purchase orders placed
by customers, the product quantities demanded by the customers under such purchase orders, as well as our production capacity
and supply of raw materials.
(1) Our main products and their applications:
Product Type Product features Main application
Widely used in electronic
devices such as computers,
Printed circuit board made of a rigid substrate that is hard to bend network equipment,
Rigid board with certain toughness, with the advantages of supporting the communication equipment,
electronic components attached to it industrial control,
automotive, military
aviation, etc.
Printed circuit boards made of flexible substrates, with the Widely used, mainly in
Electronic advantages of being light, thin, bendable and suitable for three- smartphones, tablet
Flexible board
circuit dimensional assembly, and optimal for electronic products with computers, wearable devices,
requirements for miniaturization, lightweight, and mobility new energy, etc. at present
Also known as “soft and hard board”, meaning the creation of a
three-dimensional circuit board by laminating different flexible Mainly used in medical
boards with rigid boards, where the circuit interconnection equipment, navigation
Rigid-flexible
between the rigid printed circuit board and flexible printed circuit systems, consumer
board
board is implemented through hole metallization process, so that electronics and other
the flexible board portion is bendable while the rigid board products
portion can support heavy devices
With RF technology and precision manufacturing as the core,
Communication Mainly used in wireless
provide customers with antennas, filters and other products
products communication base stations
related to wireless base stations
Precision
Process aluminum alloy materials into automotive parts or
manufacturing Mainly used in the “three
Automotive products with precise shapes, precise dimensions and high
electric systems” of new
products surface quality through die casting, stamping, sheet metal,
energy vehicles
precision machining and other processes
Integrate display screen, driver IC and backlight system (partially Widely used in smart
Display module required) together to convert electrical signals into visible optical phones, tablet computers,
Photoelectric images laptop computers,
display An electronic component combining a touch screen with a automotive, industrial
Touch panel
display screen (such as LCD, OLED, etc.), which can realize the control, medical field, smart
modules
display and touch input functions at the same time homes, etc.
DSBJ Semi-Annual Report 2025
(2) Applications of our products in new energy vehicles:
HUDs, dashboards, and central control
displays
Passenger/rear seat entertainment White body parts
displays, and multi-connected displays
Streaming electronic rearview mirrors, Seat framework assemblies
and armrest displays Automotive electronics (BMS, MCU,
Cold plates (automatic drive and central ECU, etc.)
control)
Heat dissipation modules
Rigid PCBs and rigid-flex PCBs for
central control system/GPS
Rigid PCBs and rigid-flex PCBs for
Electric drive and electronic control information & entertainment
systems/Internet of Vehicles
casings (all-in-one)
Domain control casings
Charging station framework and casing
assemblies
Camera brackets and assemblies
Rigid PCBs and rigid-flex PCBs for
cameras
Casings and rigid PCBs for laser radars and Cell casings
millimeter wave radars
Rigid PCBs for advanced driving assistance Battery pack trays and assemblies
system and central computing unit
FPCs and CCS for battery packs
(3) Our situation in the industry:
In the field of electronic circuits, according to the research data published by Prismark, in terms of sales revenues, we are
ranked second in the field of FPC and third in the field of PCB in the world for several consecutive years. We have strong
technology R&D, quality control, and smart factory management capabilities in the electronic circuit industry, and are able to
provide customers with high-quality products and services. Our major electronic circuit customers are well-known global
consumer electronics and new energy vehicle manufacturers, so we have a good customer base, and strong competitive powers.
In the field of precision components, we are one of the largest specialized precision component suppliers, providing structural
components for new energy vehicles, communication equipment and other fields, and mainly serve well-known global new energy
vehicle and communication equipment manufacturers, so we have strong competitive advantages in the industry.
In the field of touch panel modules and LED display devices, we are one of the largest touch panel module and LED display
device manufacturers in China. We stand out based on our overall strength in on-board display modules and medium- and large-
size consumer electronics display modules. Thanks to our continuous efforts for technology R&D and market development, we are
constantly enhancing our overall strength in the display module business as a strong support to drive the performance growth of
the company.
In the upstream supply chain of new energy vehicles, we are one of the few vendors able to provide the new energy vehicle
manufacturers with PCBs (including FPCs), on-board display screens, functional and structural components, and other products
and integrated solutions. At present, we have achieved good operating results in our new energy business in aspects of the product
strategy, technology accumulation, customer development etc. In the future, we will leverage our advantages in the coverage of
multiple industry chains and the provision of integrated solutions to further improve customer adhesion and enhance the value of
supply chain collaboration.
DSBJ Semi-Annual Report 2025
II. Core Competencies of DSBJ
(I) Advantage in customers: Premium domestic and foreign customer base
After years of hard work, we have attracted top global customers in the industry and accumulated high-quality customer
resources, which have produced good demonstration effects and improved our reputation. This not only improves our ability to
develop new customers and facilitate the acquisition of more support from customers in competition in the future, but also
facilitates the in-depth of collaborative innovation between us and existing leading customers and the deployment in emerging
fields. Our rich customer base covers multiple industries, including consumer electronics, new energy vehicles and communication
equipment, which can help us resist the quarterly and cyclical effects of operations in different industries and enhance our core
competitiveness.
(II) Advantage in management: Advanced concepts, complete systems, and efficient execution
We advocate the corporate spirit of “openness, inclusion, pragmatism and enterprising”, stick to the management principle of
“overall planning, the delegation of powers in business operation, support by the platform and centralized supervision”, give full
play to the initiative and creativity of all organizations, and have built a scientific and efficient management system. The
continuous improvement in management and control at the group level and the gradual establishment of a global operating
framework provide a solid foundation for business expansion and cross-region development. Our management team has practical
experience in the management of the advanced manufacturing industry, has a wide global vision, is able to make accurate strategic
judgments and decisions on the trends of the industry and opportunities for development, and has strong cohesion and executive
ability. Given our rich experience in cross-border mergers and acquisitions, restructuring and integration, we can successfully
advocate our corporate culture and business models to the acquired and restructured target companies with the core concept of
China’s manufacturing industry, so as to constantly enhance agglomeration effects and comprehensive value of resources and help
the target companies improve operating performance rapidly. By implementing institutional transformation under the concept of
people orientation, we take the initiative to adapt to changes in environment, match with business demands, and accumulate talents
for corporate development, hence building the core driving force for future development.
(III) Advantage in products: Wide range of products and integrated industry chain
In recent years, by means of acquisitions and internal development, we have broken development bottlenecks, continuously
adjusted and optimized the strategic focus, and introduced superior businesses to build up new growth drivers. At present, our
product offerings cover three business segments, namely electronic circuit, photoelectric display and precision manufacturing. We
are able to provide consumer electronics, new energy customers, and other industry customers with a variety of basic and core
components for intelligent interconnection. In the field of electronic circuit, we have grown into a leading company in the industry.
In terms of the new energy business, we have established our advantageous position in the industry with our on-board FPC, liquid
cooling plate, battery housing and other products. In addition, we also actively give full play to the synergy of various business
segments in R&D, technology, supply chain, products and markets, and integrate internal resources to actively provide customers
with competitive products and solutions through forward-looking research and development of the industry.
(IV) Advantage in technologies: Stick to the principle that technological innovation capability is the primary production
factor
We attach great importance to technological innovation in our business development, and drive our development through
innovation. Through participation in the preliminary development projects of the industry-leading customers, we keep in step with
the development of cutting-edging technologies, and have built a complete R&D system and efficient R&D mechanisms, and a
global R&D team with outstanding professional level, rich industrial experience and strong innovation capabilities. Through
continuous funding for R&D of new materials, new technologies and new production processes, we have vigorously explored
DSBJ Semi-Annual Report 2025
frontier production technologies for core components in the field of intelligent interconnection, and laid solid foundations for
serving emerging businesses, such as AI, AR/VR, IoT, etc. While improving product technologies, we attach great importance to
the innovation and upgrading of production technologies, and have gained certain effects in the integrated development of
informatization and industrialization. By promoting the integrated development of industrialization and informatization, we have
vigorously implemented intelligent manufacturing and built smart factories.
(V) Advantage in scale: Promote development in reliance on advantage in scale and increase benefits based on synergistic
effect
Our customers are well-known domestic and international hi-tech companies that have high purchase quantities, strict
requirements for the delivery of products, and high requirements for the scale of production and production efficiency of suppliers.
Through years of development and accumulation, we have grown into a supplier of core components for intelligent
interconnection with relatively strong overall capabilities in China. Our large scale of production can satisfy the purchase demands
of major downstream customers, creating a big advantage in scale. On the one hand, our scale advantage is helpful to reduce the
unit product production costs thanks to our strong purchasing bargaining power; on the other hand, we have gradually built global
procurement capabilities so that we have left competitors behind by integrating global resources, which further consolidates and
improves our position in the industry and enhances our core competitiveness.
(VI) Advantage in internationalization: Promote the establishment of a “dual circulation” development pattern
We closely follow the national development strategies, actively take part in global economic competitions, and continuously
enhance the integration of high-quality resources of the industry. In recent years, we have established operating entities with
different functions in North America, Europe, Southeast Asia and other countries and regions. Under the main strategy of “two-
wheel drive”, we focus on the two key fields of consumer electronics and new energy vehicles. In order to actively respond to the
demands of customers, we have accelerated the construction of overseas production bases, and have achieved proper expansion.
We continuously enhance our overseas talent force to further improve our international operating capabilities, which facilitates a
new layout of domestic and international development enhancing each other, so as to actively respond to the complex competition
environment.
III. Analysis of Primary Business
In the first half of 2025, we seized the opportunity in the fast development of the electronic circuit industry while
continuously maintaining our competitive advantages in core parts of new energy vehicles, and actively promoted new product
R&D and customer development. Our continuous efforts for quality enhancement and efficiency improvement have led to stable
growth in operating benefits. During the reporting period, we completed a private placement to provide a solid fund guarantee for
the new strategic layout. Thanks to the breakthrough in AI technologies since the last year, which will result in additional capital
expenditures of cloud vendors in computing data centers, there will be an explosive growth in the demand for data servers and new
development opportunities for relevant industries. We make full use of our technologies and competencies in electronic circuits,
precision manufacturing, and other industries to quickly start the planning of new production capacity for high multi-layer circuit
boards, and seize the market opportunity of AI servers by taking active measures to acquire Source Photonics, hence entering the
optical module market. During the reporting period, we achieved the total operating revenue of RMB 16.955 billion, increased by
by 35.21% year on year. Our main endeavors from January to June 2025 are as follows:
DSBJ Semi-Annual Report 2025
Holding product innovation as the core driver of the Company, we maintained R&D investment, engaged in forward-looking
R&D, and planned and expanded into new industries while ensuring advanced technologies to constantly create competitive
products and services, hence continuously meeting the demands of the industries and customers.
We have built an efficient internal coordination mechanism through in-depth process management and control to effectively
improve operating benefits. The stable operation ensured healthy financial indicators and sufficient cash flows. Moreover, we
continuously improved our level of smart manufacturing with data governance as the key on the basis of advanced technologies
and a talent pool.
We implemented the measures of “combining recruitment with personal growth” and enhanced continuous investment in
corporate human resources. On the one hand, we attracted outstanding graduating students to build a talent pool through the
“Evergreen Plan”; on the other hand, we made active measures to optimize the internal system for talent development. Meanwhile,
by building a positive corporate culture and a competitive remuneration system, we have built an energetic, efficient, and
cooperative team to promote the high-quality development of the Company.
On the basis of the stable improvement in the consumer electronics business, we made use of our capabilities and advantages
to concentrate internal and external resources to gradually expand into new fields and industries. The reporting period witnessed
the continuous and stable growth in the operating revenue from the new energy business, which has built our reputation in the
industry. In the first half of this year, we started our efforts to acquire GMD from France and Source Photonics; these new
businesses will provide a solid foundation for the long-lasting sustainable development of the Company.
Year-on-year changes in key financial data
In RMB
The reporting The same period of
Y/Y % change Reason for change
period the previous year
Operating revenue 16,955,163,898.89 16,628,586,195.56 1.96%
Operating cost 14,650,499,235.90 14,455,695,057.51 1.35%
Selling expenses 157,942,605.07 198,461,411.65 -20.42%
Administrative expenses 547,561,939.49 513,932,018.38 6.54%
Primarily due to the high exchange
Financial expenses 29,546,958.47 -27,540,920.14 207.28% gains in the same period of the previous
year.
Primarily due to the increase in taxable
incomes in the current period, and the
Income tax expenses 201,934,636.13 124,174,716.66 62.62% decrease in deferred income tax assets
due to the reversion of the inventory
provision in the current period.
Net cash flows from operating
activities
Net cash flows from investing
-1,986,314,848.75 -1,813,918,499.58 -9.50%
activities
Net cash flows from financing Primarily due to the fundraising
activities through private placement of shares in
DSBJ Semi-Annual Report 2025
the current period.
Primarily due to the fundraising
Net increase in cash and cash
equivalents
the current period.
Whether there is a significant change in the components or sources of profits during the reporting period of the Company?
□ Applicable N/A
There have been no significant changes in the components or sources of profits during the reporting period of the Company.
Components of operating revenue
In RMB
The reporting period The same period of the previous year
Y/Y %
% of operating % of operating change
Amount Amount
revenue revenue
Total operating revenue 16,955,163,898.89 100% 16,628,586,195.56 100% 1.96%
By segment
Computer, communication
and others
Others 199,159,694.31 1.17% 106,814,087.87 0.64% 86.45%
By product
Electronic circuits 11,059,315,884.89 65.23% 10,850,236,100.11 65.25% 1.93%
LED display devices 285,852,926.70 1.69% 437,960,520.69 2.63% -34.73%
Touch panels and LCMs 3,048,999,533.55 17.98% 3,122,349,556.40 18.78% -2.35%
Precision components 2,361,835,859.44 13.93% 2,111,225,930.49 12.70% 11.87%
Others 199,159,694.31 1.17% 106,814,087.87 0.64% 86.45%
By region
Domestic market 3,787,323,865.50 22.34% 3,206,081,274.20 19.28% 18.13%
Overseas market 13,167,840,033.39 77.66% 13,422,504,921.36 80.72% -1.90%
Note: During the reporting period, the overall revenue from the new energy business was approximately RMB 4.94 billion, a year-
on-year increase of about 29.66%.
Segments, products, or regions representing more than 10% of operating revenue or profit
Applicable □ N/A
In RMB
Y/Y % change
Gross Y/Y % change in Y/Y % change
Operating revenue Operating cost in operating
margin operating cost in gross margin
revenue
By segment
Computer,
communication 16,756,004,204.58 14,521,655,805.67 13.33% 1.42% 0.79% 0.54%
and others
By product
Electronic
circuits
LED display
devices
Touch panels
and LCMs
Precision
components
By region
DSBJ Semi-Annual Report 2025
Domestic
market
Overseas market 13,167,840,033.39 10,999,898,076.82 16.46% -1.90% -3.36% 1.26%
In case of any adjustment to the statistic scale for primary business data, the primary business data of the most recent reporting
period as adjusted according to the statistic scale applied at the end of the reporting period
□ Applicable N/A
IV. Analysis of Non-primary Business
□ Applicable N/A
V. Analysis of Assets and Liabilities
In RMB
The end of the reporting period The end of the previous year Y/Y % Reason of material
Amount % of total assets Amount % of total assets change changes
Cash and bank
balances
Accounts
receivable
Inventories 6,408,328,579.03 13.38% 6,152,655,607.85 13.37% 0.01%
Investment
properties
Long-term equity
investment
Fixed assets 15,127,797,700.57 31.59% 13,595,191,232.40 29.55% 2.04%
Construction in
progress
Right-of-use
assets
Short-term
borrowings
Primarily due to the
increase in
consideration received
or receivable from
Contract liabilities 172,934,050.12 0.36% 122,562,435.14 0.27% 0.09% customers recognized in
accordance with the
revenue standards
during the reporting
period.
Long-term
borrowings
Lease liabilities 1,388,052,599.32 2.90% 1,351,518,837.18 2.94% -0.04%
DSBJ Semi-Annual Report 2025
Applicable □ N/A
In RMB
Whether it
Proportion
Controls for involves risk
Method of Mode of of overseas
Assets Amount Location guaranteeing the Income of material
acquisition operation assets to net
security of assets impairment
assets
loss
Its
Hong
HongKong R&D and manufacturing
Established 25,917,138,328.68 Kong, 488,079,869.70 49.10% No
Dongshan sales entity is located
China
in China
Its
Hong
Multek R&D and manufacturing
Established 5,334,328,434.99 Kong, 75,399,472.67 13.16% No
Group sales entity is located
China
in China
Applicable □ N/A
In RMB
Aggregate Impairment loss
Gain or loss on Amount Amount sold in
Opening changes in fair recognized in
Item changes in fair acquired in the the current Other changes Closing balance
balance value recorded the current
value current period period
in equity period
Financial assets
Derivative
financial assets
Investments in
other equity 63,212,376.92 2,023,546.31 65,235,923.23
instruments
Subtotal of
financial assets
Total 78,144,342.95 2,362,973.26 17,381,606.96 12,842,009.21 11,610,442.57 99,120,489.81
Financial
liabilities
Other changes
N/A
Is there a significant change in the measurement attributes for the Company’s main assets during the reporting period?
□ Yes No
In RMB
Closing balance Opening balance
Item
Type of Reason of Type of Reason of
Book balance Carrying value Book balance Carrying value
restriction restriction restriction restriction
Security
Cash and Security
deposit
bank 1,311,394,704.02 1,311,394,704.02 Pledge 1,828,730,869.92 1,828,730,869.92 Pledge deposit for
for notes,
balances notes, etc.
etc.
Accounts
receivable
DSBJ Semi-Annual Report 2025
Closing balance Opening balance
Item
Type of Reason of Type of Reason of
Book balance Carrying value Book balance Carrying value
restriction restriction restriction restriction
Accounts
Pledge of Pledge of
receivable 51,194,067.17 51,194,067.17 Pledge 47,745,743.70 47,745,743.70 Pledge
notes notes
financing
Security for
Fixed assets 690,336,250.99 190,880,378.32 Mortgage loans, sales
and leaseback
Right-of-use Finance
assets lease
Total 3,116,439,163.11 2,783,762,191.74 4,239,312,270.17 3,416,356,628.68
VI. Analysis of Investments
Applicable □ N/A
Amount of investment in the reporting Amount of investment in the previous
Y/Y % change
period (RMB) period (RMB)
□ Applicable N/A
□ Applicable N/A
(1) Investment in securities
□ Applicable N/A
We have not invested in any securities during the reporting period.
(2) Investment in derivatives
Applicable □ N/A
Applicable □ N/A
In RMB 0’000
% of net
Gain or Aggregate
Amount Amount assets at
Initial loss on changes in
Type of investment in Opening acquired in sold in the Closing the end of
investment changes fair value
derivatives balance the current current balance the
amount in fair recorded in
period period reporting
value equity
period
Commodity futures 16,561.58 14,342.2 1,668.5 0 31,149.03 23,557.37 23,602.37 1.13%
DSBJ Semi-Annual Report 2025
Total 16,561.58 14,342.2 1,668.5 0 31,149.03 23,557.37 23,602.37 1.13%
Hedge accounting
policies and principles
adopted for the
reporting period and
significant changes in None
such policies and
principles compared to
the previous reporting
period
Actual profit or loss
for the reporting The loss on commodity futures transactions recorded in profit or loss was RMB 16.685 million.
period
We prohibit any risky speculative behavior for the purpose of locking in costs and avoiding and preventing
Effect of hedging the risks of exchange rate and commodity price fluctuations, in order to better avoid and prevent the risks
associated with exchange rate and commodity price fluctuations and enhance our financial soundness.
Source of funds for
investment in Self-owned funds
derivatives
Analysis of risks
associated with the
derivatives held in the
current period
(including without
Refer to the Announcement of Commodity Futures Hedging Transactions (2024-096) disclosed by us on
limitation market risk,
December 7, 2024, for the relevant risk analysis and controls.
liquidity risk, credit
risk, operational risk
and legal risk) and
related risk control
measures
Changes in the market
price or fair value of
the derivatives held in
the current period (in
the analysis of the fair We are mainly engaged in hedging transactions with mainstream products on major domestic futures
value of derivatives, markets. The derivatives traded by us have a transparent and active market, and their transaction prices and
the specific settlement prices can fully reflect their fair value.
approaches,
assumptions and
parameters used shall
be disclosed)
Litigations involved
N/A
(if applicable)
Disclosure date of the
announcement of the
board of directors
December 7, 2024
approving the
investment in
derivatives (if any)
□ Applicable N/A
The Company did not have any derivative investment for speculative purposes during the reporting period.
DSBJ Semi-Annual Report 2025
Applicable □ N/A
(1) Summary of use of offering proceeds
Applicable □ N/A
In RMB 0’000
Tot Ag
al gre
am gat
oun e Total
t of am amo
offe oun unt
ring t of Percent of
Ratio of pro off age of offer
used cee eri offerin ing
Total offering ds ng g proc
Listi Aggregate
Met amount of proceeds the pro procee Total eeds
ng Total Net amount of Purpose and
hod offering at the pur cee ds the amount of that
Year of date offering offering offering whereabouts of
of proceeds end of pos ds purpos unused have
offering of proceed proceeds proceeds unused offering
offe used in the e of the e of offering rema
secur s (1) already proceeds
ring the current reporting whi pur which proceeds ined
ities used (2)
period period ch pos has unus
(3) = (2) was e of been ed
/ (1) cha whi change for
nge ch d more
d in has than
the bee two
curr n years
ent cha
peri nge
od d
As of June 30,
raised RMB
Priv
(including
ate
interest incomes
plac
June net of handling
eme
nt
of
funds are
shar
deposited in a
es
special account
opened by the
Company for
raised funds.
Total -- -- 140,400 139,151.25 79,382.26 79,382.26 57.05% 0 0 0.00% 59,770.76 -- 0
Description of the overall use of the offering proceeds
With the approval of the CSRC under the Reply on the Registration of Private Placement of Shares by Suzhou Dongshan Precision Manufacturing Co., Ltd. (Zheng
Jian Xu Ke [2025] No. 911), we privately offered 125,693,822.00 RMB-denominated ordinary A-shares at the offer price of RMB 11.17 per share to YUAN
Yonggang and YUAN Yongfeng through the lead underwriter Guotai Haitong Securities Co., Ltd., and raised RMB 1,403,999,991.74 in total, and after deduction of
the underwriter’s fee and sponsor’s fee (tax inclusive) totaling RMB 8,480,000.00 (excluding the prepayment of RMB 1,060,000.00), the balance of the offering
DSBJ Semi-Annual Report 2025
proceeds, RMB 1,395,519,991.74, was remitted to our supervisory account of offering proceeds by Guotai Haitong Securities Co., Ltd. on June 11, 2025. After the
deduction of the information disclosure expenses, accountant’s fee, attorney’s fee, issuance registration and other external costs directly relating to the offering of
equity securities, totaling RMB 3,487,447.01 (tax exclusive), and after the deduction of the sponsor’s fees of RMB 1,000,000.00 (tax exclusive) prepaid by the
Company with its own funds, the amount of net offering proceeds was RMB 1,391,512,544.73. Pan-China Certified Public Accountants LLP verified the receipt of
such offering proceeds, and issued the Capital Verification Report (PCCPA Capital Verification [2025] No. 5-2).
(2) Committed investment projects using offering proceeds
Applicable □ N/A
In RMB 0’000
Aggre
Whet gate Progre
Wheth
her amoun ss of Whet
Date Cumula er
the t invest Inco her
Committe Amou when tive there’s
proje Total alread ment me the
d Total nt the benefits any
Name Listin ct has invest y as of earn projec
investmen commi invest proje realized signifi
of g date been ment investe the end ed in t has
t project Nature of tted ed in ct is as of cant
financi of chan amount d as of of the the produ
and use of project invest the ready the end change
ng securi ged as the reporti curre ced
over- ment curren for its of the in the
project ties or adjuste end of ng nt the
raised amount t inten reportin feasibi
partia d (1) the period perio desire
funds period ded g lity of
lly reporti (3) d d
use period the
chan ng =(2)/(1 result
project
ged period )
(2)
Committed investment project
Private
Replenish Replenish
place June
ment of ment of 140,40 140,40 79,382 79,382 56.54
ment 27, No 0 0 N/A No
working working 0 0 .26 .26 %
of 2025
capital capital
shares
Subtotal -- -- -- -- --
Use of over-raised funds
N/A N/A N/A N/A No
Total -- -- -- 0 0 -- --
Failure to meet
the scheduled
progress and
produce the
desired result
and reason
thereof (please
describe on a
project-by-
N/A
project basis,
including the
reason for
selecting N/A in
the column
“whether the
project has
produced the
desired result”)
DSBJ Semi-Annual Report 2025
Reason for
significant
change in the N/A
feasibility of the
project
Amount and use
of over-raised
offering
N/A
proceeds and
progress of use
thereof
Cases of
changing the
purpose of
offering
proceeds or
N/A
misappropriating
offering
proceeds in
violation of
regulations
Change in the
place of the
committed N/A
investment
project
Adjustment of
the method of
implementation
N/A
of the committed
investment
project
Funds pre-
invested in the
investment
N/A
project and
replacement
thereof
Temporary
replenishment of
working capital
N/A
with the idle
offering
proceeds
Amount of
surplus offering
N/A
proceeds and
reason thereof
Purpose and
whereabouts of As of June 30, 2025, we have raised RMB 597.7076 million (including interest incomes net of handling fees), and the remaining raised
unused offering funds are deposited in a special account opened by the Company for raised funds.
proceeds
Problems or any
None
other issues in
DSBJ Semi-Annual Report 2025
the use and
disclosure of
offering
proceeds
(3) Changes in the committed investment projects using offering proceeds
□ Applicable N/A
We made no change in the committed investment projects using offering proceeds.
VII. Sale of Material Assets and Equities
□ Applicable N/A
No material asset has been sold during the reporting period.
□ Applicable N/A
VIII. Analysis of Major Subsidiaries and Investee Companies
Applicable □ N/A
Major subsidiaries and investee companies representing more than 10% of the net profit of the Company
In RMB
Company Type of Registered Operating Operating
Primary business Total assets Net assets Net profit
name company capital revenue profit
Design, R&D, sales
and after-sales
HongKong HKD
Subsidiary services in respect of 25,917,138,328.68 10,247,326,797.90 16,561,145,566.61 616,159,456.38 488,079,869.70
Dongshan 10,000,000
electronic circuits;
investment holding
Design, R&D, sales
and after-sales
Multek USD
Subsidiary services in respect of 5,334,328,434.99 2,746,060,680.71 2,229,234,066.86 95,655,782.88 75,399,472.67
Group 218248360.27
electronic circuits;
investment holding
Subsidiaries acquired or disposed of during the reporting period
□ Applicable N/A
Information about main subsidiaries and investee companies
None
IX. Structured Entities Controlled by the Company
□ Applicable N/A
X. Risk Exposures to the Company and Countermeasures
We have good customer resources. Our major customers are well-known domestic and international companies in the
relevant industries that are of sound credit and have established stable cooperation relationships with us. However, our top 5
DSBJ Semi-Annual Report 2025
customers constitute a large proportion of our total sales revenue, which may further increase in the future. Any material adverse
change in the business situation of such major customers could have an adverse effect on our business.
We will give full play to our advantages, make active deployment in the new energy, AI, optical modules, and other
emerging industries and strive to develop new customers, in order to mitigate the adverse effect of the relative concentration of
customers on us.
Our business covers electronic circuits, photoelectric display, precision manufacturing and other technology-intensive
industries, and our products are widely applied in consumer electronics, new energy vehicles, communication equipment,
industrial equipment, AI, medical appliances and other fields, all of which are characterized by rapid technology upgrading. If our
R&D and manufacturing capabilities fail to keep pace with the rapid technology upgrading of downstream products, our products
and technologies may become obsolete.
We will follow up on the new technologies and new processes of the industry from the strategic perspective, and strive to
keep our technologies and processes at an advanced level through continuous and effective R&D funding.
Our major customers are internationally well-known enterprises, and the incomes from overseas sales account for a high
proportion. Though China has established good economic and trade cooperation relationships with major countries in the world,
the increasingly fierce regional frictions in recent years may cause uncertainties in the applicable trade policies, which could affect
our international trade.
We will follow up on the development of international trade frictions, enhance communication with our customers, and
continue to enhance our competencies and customer adhesion.
We are a strong R&D and manufacturing enterprise in the fields of electronic circuits, photoelectric display and precision
manufacturing. Due to our stable product quality and efficient customer services, we have remarkable competencies, and are able
to provide the downstream enterprises with “one-stop” products and services, and satisfy their demands for systemic
manufacturing solutions. However, our downstream industries are characterized by rapid upgrading and rapid changes in the
preferences of consumers, among others. If our major customers are at a disadvantage in the market, or we are unable to satisfy the
demands of customers in a timely manner or fail to acquire new customers, the sales and margin rate of our products may decrease.
We will continue our efforts in customer and market development, and continue to increase R&D funding, optimize our
product mix and process structure, enhance our competencies, and actively cope with market competition.
In our production, the electroplating, etching and other processes produce waste water, waste gases and solid wastes, and
therefore are subject to strict requirements for environmental protection. We cannot exclude the possibility that environmental
incidents may happen during our production due to negligence in management, force majeure or otherwise. If we meet with any
environmental incident, cause pollution to the environment or violate the applicable environmental protection laws and regulations,
our reputation and operations could be adversely affected. Along with the vigorous development of a green and low-carbon
circular economic development system and improvement of people’s living standard in China, and increasingly enhanced
awareness of environmental protection of people, the country attaches increasingly great importance to environmental protection.
If the country puts forward stricter environmental protection requirements, we may need to increase the funding for environmental
protection, which would increase our environmental protection costs and in turn affect our results.
DSBJ Semi-Annual Report 2025
We have set the building of an environment-friendly enterprise as a key goal of our sustainable development strategy,
attached great importance to and increased the funding for environmental protection in our production and operation, actively
responded to the requirements of the latest environmental protection laws and regulations, enhanced environmental protection
training and employees’ awareness of environmental protection, taken control measures at source, established and improved the
environmental management system, and implemented the requirements related to environmental safety in all of our key business
activities, to reduce the environmental risks.
Export sales constitute a large proportion of our total sales revenue. Because our day-to-day operation involves transactions
in USD and other foreign currencies, and our consolidated accounts are presented in RMB, the changes in the exchange rate
between RMB and USD may cause foreign exchange risk to our future operations.
We will keep a close watch on the changes in the relevant foreign exchange rates, strive to control the exposure to foreign
exchange risk at a reasonable level, and hedge or otherwise reduce exposure to such risk.
XI. Formulation and Implementation of Market Value Management System and Valuation
Improvement Plan
Whether the Company has formulated a market value management system?
Yes □ No
Whether the Company has disclosed a valuation improvement plan?
□ Yes No
For details, refer to the Market Value Management System disclosed on www.cninfo.com.cn.
XII. Implementation of the Action Plan to Improve the Quality and Returns
Whether the Company has disclosed its action plan announcement to improve the quality and returns?
Yes □ No
In the first half of 2025, we actively responded to the special campaign of “Enhancing Quality and Returns” by strengthening
business management, improving core competitiveness, profitability, and comprehensive risk management capabilities, promoting
sustainable development, and delivering returns to investors. Meanwhile, we adhere to the principle of investor orientation, and,
through outstanding performance, sound governance, and high-quality information disclosure, we actively reward investors,
enhance their sense of gain, and contribute to stabilizing the market and boosting confidence.
DSBJ Semi-Annual Report 2025
Section IV Corporate Governance, Environment, and Society
I. Changes in Directors, Supervisors and Senior Executives
□ Applicable N/A
There has been no change in our directors, supervisors and senior executives during the reporting period, as detailed in the Annual
Report 2024.
II. Particulars of Profit Distribution and Transfer of Capital Reserve to the Share Capital
for the Reporting Period
□ Applicable N/A
We have no plan to pay cash dividends, distribute bonus shares or convert any capital reserve to the share capital during the
reporting period.
III. Share Incentive Plans, Employee Stock Ownership Plans or Other Employee Incentives
□ Applicable N/A
The Company did not implement share incentive plans, employee stock ownership plans or other employee incentives during the
reporting period.
IV. Disclosure of Environment Information
Whether the Listed Company and its major subsidiaries are included in the list of enterprises to disclose environment information
in accordance with law
Yes □ No
Number of enterprises included in the list of enterprises to
disclose environment information in accordance with law
Index for the query of environment information reports disclosed in
No. Enterprise name
accordance with law
Official website of the Department of Ecology and Environment of
Suzhou Dongshan Precision Manufacturing Co., Jiangsu Province (http://sthjt.jiangsu.gov.cn/) – “Environmental
Ltd. Protection Faces” Information Disclosure Platform – Lawful
Enterprise Information Disclosure
The Department of Ecology and Environment of Guangdong
Information (https://gdee.gd.gov.cn/gdeepub/front/dal/dal/newindex)
The Department of Ecology and Environment of Guangdong
Information (https://gdee.gd.gov.cn/gdeepub/front/dal/dal/newindex)
The Department of Ecology and Environment of Guangdong
Information (https://gdee.gd.gov.cn/gdeepub/front/dal/dal/newindex)
Official website of the Department of Ecology and Environment of
Yancheng Dongshan Precision Manufacturing Jiangsu Province (http://sthjt.jiangsu.gov.cn/) – “Environmental
Co., Ltd. Protection Faces” Information Disclosure Platform – Lawful
Enterprise Information Disclosure
Official website of the Department of Ecology and Environment of
Protection Faces” Information Disclosure Platform – Lawful
DSBJ Semi-Annual Report 2025
Enterprise Information Disclosure
Official website of the Department of Ecology and Environment of
Jiangsu Province (http://sthjt.jiangsu.gov.cn/) – “Environmental
Protection Faces” Information Disclosure Platform – Lawful
Enterprise Information Disclosure
Official website of the Department of Ecology and Environment of
Jiangsu Province (http://sthjt.jiangsu.gov.cn/) – “Environmental
Protection Faces” Information Disclosure Platform – Lawful
Enterprise Information Disclosure
Official website of the Department of Ecology and Environment of
Jiangsu Province (http://sthjt.jiangsu.gov.cn/) – “Environmental
Protection Faces” Information Disclosure Platform – Lawful
Enterprise Information Disclosure
Official website of the Department of Ecology and Environment of
Yancheng Dongchuang Precision Jiangsu Province (http://sthjt.jiangsu.gov.cn/) – “Environmental
Manufacturing Co., Ltd. Protection Faces” Information Disclosure Platform – Lawful
Enterprise Information Disclosure
V. Social Responsibility
Upholding the idea of “integration of enterprise development with social responsibility”, and under the mission of “building a
better connected world for tomorrow”, we have continuously improved the governance system to include the concerns of
stakeholders, the creation of social value, and the environment sustainable development into our core decision-making, so as to
seriously fulfill the responsibilities as a corporate citizen and promote the economic and social high-quality development.
Safeguarding the interests of suppliers and customers
On the basis of our business strategy, we strive to create a fair purchase environment, optimize the whole-life cycle supplier
management, and implement risk identification, assessment, management, control, and monitoring at every stage of the supply
chain, so as to continuously build a competitive, resilient, and sustainable supply chain to safeguard the efforts for “building a 100-
billion advanced and intelligent manufacturing platform”. Meanwhile, we insist on the “customer-centric” approach to incorporate
customers’ requirements and high-standard quality requirements into the whole process consisting of product designing, R&D,
procurement, production, sales, and after-sales services. We endeavor to achieve quick response and effective handling of
customers’ requests during the whole life cycle of products, hence providing customers with high-quality products and satisfactory
services.
Employee care and rights protection
We strictly abide by laws, regulations, and policies by establishing a comprehensive labor and human rights management
system and providing diversified communication channels to ensure a harmonious and inclusive working environment for
employees. Meanwhile, we make continuous efforts to improve our talent development system and enhance humanistic care to
improve the sense of belonging and worthiness of employees. In addition, through projects intended for the care of disabled
employees and integrated employment projects, we promote the integrated employment of disabled persons to expand their career
paths and help them live on their own.
Ecological and environmental protection
We have always incorporated the idea of green development into our core businesses to operate the business of core parts for
new energy vehicles, so as to stably promote the green and high-quality development. Meanwhile, we incorporate the building of a
beautiful environment and the requirements of ecological and environmental protection into the whole operating process, and
achieve the coordinated development of economic benefits with environmental protection by introducing new materials, new
DSBJ Semi-Annual Report 2025
equipment, new processes, and new technologies, optimizing energy and resource management, and reducing resource
consumption and waste at various operating stages.
Rural revitalization and social contribution
We firmly believe in “corporate development based on society, and give feedback to society with development achievements”
and always integrate social responsibility into our development by: implementing local procurement and recruitment to develop
regional economy; engaging public welfare education, voluntary services, and rural revitalization, where we took active measures
to organize employees in public welfare activities to fulfill our commitments on giving back to society. In the field of student aid,
we made precise efforts to implement assistance plans or set up student aid funds to help students in need, improve their living and
learning environment, and light up the “light of dreams”.
DSBJ Semi-Annual Report 2025
Section V Significant Matters
I. Covenants made by the actual controllers, shareholders, affiliates and acquirer of the
Company, the Company itself and other related parties that have been fulfilled during the
reporting period or that fail to be fulfilled on time as of the end of the reporting period
Applicable □ N/A
Validity
Background of Type of Time of period of Status of
Covenantor Content of covenant
covenant covenant covenant the fulfillment
covenant
Each of the shareholders YUAN Yongfeng and YUAN Yonggang, as director and senior As of the end
Covenants executive of the Company, covenants that so long as I remain a director and senior executive of the reporting
YUAN Yongfeng related to of the Company, I will not transfer more than 25% of the total shares held by me in the period, the
April 9, Permanently
and YUAN restrictions on Company each year; and if I cease to be a director and senior executive of the Company, I will covenantors
Yonggang the sale of not transfer any shares held by me in the Company within half a year, and will not transfer have complied
shares more than 50% of the total shares held by me in the Company through the stock exchange with such
within 12 months thereafter. covenants.
Covenants
As of the end
related to
of the reporting
horizontal
YUAN Yongfeng, Covenants related to horizontal competition: Each of the shareholders YUAN Yonggang, period, the
competition, April 9, Permanently
YUAN Yonggang YUAN Yongfeng, and YUAN Fugen covenants that I do not, directly or indirectly, engage in covenantors
related-party 2010 binding
and YUAN Fugen any business in competition with the business actually conducted by the Company. have complied
transactions and
with such
occupation of
covenants.
funds
Covenants related to horizontal competition: Each of the shareholders YUAN Yonggang,
YUAN Yongfeng, and YUAN Fugen covenants that after the completion of this material asset
Covenants restructuring, I will not, directly or through any affiliate, participate or engage in any business
As of the end
related to that substantially competes or might compete with the business of the Company; and if any
of the reporting
horizontal product manufactured or business conducted by any entity wholly owned, controlled or
Covenant relating to YUAN Yongfeng, period, the
competition, invested by me in the future competes or might compete with the Company, at the request of June 11, Permanently
initial public offering or YUAN Yonggang covenantors
related-party the Company, I will transfer all of the investment or shares held by me in such entity, give 2018 binding
subsequent fundraisings and YUAN Fugen have complied
transactions and priority to the Company or its wholly-owned subsidiary in the acquisition of such investment
with such
occupation of or shares subject to the applicable laws and regulations, and use my best efforts to procure that
covenants.
funds the transfer price will be determined on an arm’s length basis; and if I or any of my affiliates
breaches any covenant set forth above, I will indemnify the Company and other shareholders
for the damages arising therefrom according to law.
Covenants related to the regulation and reduction of related-party transactions: Each of the
shareholders YUAN Yonggang, YUAN Yongfeng, and YUAN Fugen covenants that (i) I and
my affiliates will avoid or reduce related-party transactions with the Company to the
maximum extent practicable; (ii) with respect to the related-party transactions that are
Covenants
unavoidable or necessary, I will abide by the principle of justice, fairness and openness, enter As of the end
related to
into the relevant agreements according to law, perform the legal procedures pursuant to the of the reporting
horizontal
YUAN Yongfeng, applicable laws, regulations, normative documents, the Articles of Association and other period, the
competition, June 11, Permanently
YUAN Yonggang relevant provisions of the Company, ensure that such related-party transactions are fair, covenantors
related-party 2018 binding
and YUAN Fugen comply with the regulations, and will not damage the legitimate rights and interests of the have complied
transactions and
Company and other shareholders, and make the relevant information disclosures promptly in with such
occupation of
accordance with the requirements of the applicable laws, regulations and normative covenants.
funds
documents; and (iii) I will exercise the shareholder rights in strict accordance with the
Company Law and other applicable laws and regulations, and the relevant provisions of the
Articles of Association of the Company, and abstain from the voting on the related-party
transactions involving me and other entities controlled by me at the general meeting of the
DSBJ Semi-Annual Report 2025
Validity
Background of Type of Time of period of Status of
Covenantor Content of covenant
covenant covenant covenant the fulfillment
covenant
Company in accordance with the relevant provisions.
I. Within six months from the base date for pricing (March 13, 2024) for the private placement
of shares, I and the affiliates under my control have not sold the shares of DSBJ; II. From the
As of the end
base date for pricing to the expiration of eighteen months after the private placement of DSBJ
Covenant not to of the reporting
is completed, I and the affiliates under my control will neither sell DSBJ’s shares in any form
YUAN Yongfeng sell the period, the
nor have any plan of selling DSBJ’s shares; and III. My covenant is an irrevocable covenant, December Permanently
and YUAN Company’s covenantors
which shall be binding on me and the affiliates under my control from the execution date of 18, 2024 binding
Yonggang shares during a have complied
this covenant, and the transferee under the share transfer described above shall inherit this
specific period with such
covenant; if I and the affiliates under my control sell shares in violation of this covenant, all
covenants.
the proceeds from selling such shares shall be owned by DSBJ and I shall be fully responsible
for all the legal liabilities arising therefrom.
As of the end
I will not transfer, sell, or otherwise dispose of the shares of DSBJ I purchased this time within of the reporting
YUAN Yongfeng Commitment on 36 months from the end date (namely, the first date when the new shares are listed) of the period, the
June 10, June 27,
and YUAN lock-up of private placement of shares. After the private placement is completed, additional shares arising covenantors
Yonggang shares from the bonus shares, shares transferred from reserves, or otherwise shall also be subject to have complied
the foregoing provisions on the lockup period. with such
covenants.
Covenant regarding the remedial measures against dilution of current earnings caused by the
private placement: Each of the directors and senior executives of the Company covenants that:
(i) I will not transfer benefits to any other entity or individual without compensation or on
unfair terms, or otherwise damage the interests of the Company; (ii) I will exercise self-
discipline in consumption in performing my duties; (iii) I will not use the assets of the
YUAN Yongfeng, As of the end
Company to engage in any investment or consumption activities not in connection with my
YUAN Yonggang, of the reporting
duties; (iv) I will link the compensation system adopted by the Board of Directors or the
ZHAO Xiutian, period, the
Compensation Committee with the implementation of the Company’s remedial measures October Permanently
Other covenants SHAN Jianbin, Other covenants covenantors
against dilution of current earnings; (v) if the Company implements any share incentive plan 10, 2019 binding
WANG Xu, MAO have complied
in the future, I will link the vesting conditions under such share incentive plan with the
Xiaoyan and MA with such
implementation of the Company’s remedial measures against dilution of current earnings; and
Liqiang covenants.
(vi) I will seriously implement the Company’s remedial measures against dilution of current
earnings, and abide by the relevant covenants made by me; and if I breach any covenant set
forth above, I will indemnify the Company or the investors for the losses arising therefrom
according to law, and accept the punishments that the competent regulatory authorities may
impose on me.
Covenant regarding the remedial measures against dilution of current earnings caused by the As of the end
private placement: Each of the controlling shareholders and actual controllers of the Company of the reporting
YUAN Fugen,
covenants that I will not interfere with the management and operation of the Company beyond period, the
YUAN Yongfeng October Permanently
Other covenants Other covenants my powers, or infringe on the interests of the Company; and as the person responsible for the covenantors
and YUAN 17, 2019 binding
serious implementation of the remedial measures against dilution of current earnings, if I have complied
Yonggang
breach or refuse to fulfill any covenant set forth above, I will assume the relevant liabilities with such
according to law. covenants.
To ensure the effective implementation of the remedial measures against dilution of earnings
to be taken by the Company, each of the controlling shareholders and actual controllers of the
Company covenants that: “(i) I will not interfere with the management and operation of the
As of the end
Company beyond my powers, or infringe on the interests of the Company; (ii) from the date of
of the reporting
YUAN Fugen, this Letter of Undertaking till the completion of this offering, in case of any new regulatory
period, the
YUAN Yongfeng provisions promulgated by the CSRC or the SZSE regarding the remedial measures against March 12, Permanently
Other covenants Other covenants covenantors
and YUAN dilution of earnings and related covenants, as a result of which the covenants set forth above 2024 binding
have complied
Yonggang no longer comply with such new provisions, I will make additional covenants in accordance
with such
with such new provisions; and (iii) I will seriously implement the remedial measures against
covenants.
dilution of earnings adopted by the Company and fulfill my covenants in connection
therewith, and if I breach or refuse to fulfill any covenant set forth above, accept the penalties
or other regulatory actions that may be imposed or taken by the CSRC, the SZSE or other
DSBJ Semi-Annual Report 2025
Validity
Background of Type of Time of period of Status of
Covenantor Content of covenant
covenant covenant covenant the fulfillment
covenant
competent securities authorities against me, and indemnify the Company or the investors for
the losses arising therefrom according to law.”
To ensure the effective implementation of the remedial measures against dilution of earnings
to be taken by the Company, each of the directors and senior executives of the Company
covenants that: “(i) I will not transfer benefits to any other entity or individual without
compensation or on unfair terms, or otherwise damage the interests of the Company; (ii) I will
exercise self-discipline in consumption in performing my duties; (iii) I will not use the assets
of the Company to engage in any investment or consumption activities not in connection with
my duties; (iv) I will link the compensation system adopted by the Board of Directors or the As of the end
YUAN Yongfeng,
Compensation Committee with the implementation of the Company’s remedial measures of the reporting
YUAN Yonggang,
against dilution of current earnings; (v) if the Company implements any share incentive plan period, the
ZHAO Xiutian, March 12, Permanently
Other covenants Other covenants in the future, I will link the vesting conditions under such share incentive plan with the covenantors
SHAN Jianbin, 2024 binding
implementation of the Company’s remedial measures against dilution of current earnings; (vi) have complied
WANG Xu and
from the date of this Letter of Undertaking till the completion of this offering, in case of any with such
MAO Xiaoyan
new regulatory provisions promulgated by the CSRC or the SZSE regarding the remedial covenants.
measures against dilution of earnings and related covenants, as a result of which the covenants
set forth above no longer comply with such new provisions, I will make additional covenants
in accordance with such new provisions; and (vii) I will seriously implement the remedial
measures against dilution of earnings adopted by the Company and fulfill my covenants in
connection therewith, and if I breach any covenant set forth above, indemnify the Company or
the investors for the losses arising therefrom according to law.”
Whether the covenants
have been fulfilled on Yes
time
If any covenant fails to
be fulfilled on time,
please explain the
N/A
reason and the relevant
actions to be taken in
detail
II. Occupation by the Controlling Shareholders and their Affiliates of the Funds of the
Listed Company for Non-operating Purpose
□ Applicable N/A
Our controlling shareholders and their affiliates have not occupied our funds for non-operating purposes during the reporting
period.
III. External Guarantees in Violation of the Regulations
□ Applicable N/A
We have not provided any external guarantee in violation of the applicable regulations during the reporting period.
IV. Engagement and Termination of Engagement of Accounting Firm
Has the semi-annual financial report been audited?
□ Yes No
The semi-annual report has not been audited.
DSBJ Semi-Annual Report 2025
V. Explanation by the Board of Directors and the Board of Supervisors about the Modified
Auditor’s Report Issued by the Accounting Firm for the Reporting Period
□ Applicable N/A
VI. Explanation by the Board of Directors about the Modified Auditor’s Report of the
Previous Year
□ Applicable N/A
VII. Matters Relating to Bankruptcy and Reorganization
□ Applicable N/A
We have not been involved in any bankruptcy or reorganization proceedings during the reporting period.
VIII. Litigation
Material litigation and arbitration proceedings
□ Applicable N/A
We have not been involved in any material litigation or arbitration proceedings during the reporting period.
Other litigation proceedings
□ Applicable N/A
IX. Punishments and Rectifications
□ Applicable N/A
We have not been involved in any punishment and rectification during the reporting period.
X. Credit Standing of the Company and its Controlling Shareholders and Actual
Controllers
□ Applicable N/A
XI. Material Related-party Transactions
□ Applicable N/A
There has been no related-party transaction relating to day-to-day operation during the reporting period.
□ Applicable N/A
There has been no related-party transaction involving the acquisition or sale of assets or equities during the reporting period.
DSBJ Semi-Annual Report 2025
□ Applicable N/A
There has been no related-party transaction involving joint external investment during the reporting period.
□ Applicable N/A
There has been no debt owed by or to related parties during the reporting period.
□ Applicable N/A
There has been no deposit, loan, facility or other financial business between us and any of our affiliated financial companies.
□ Applicable N/A
There has been no deposit, loan, facility or other financial business between any of our controlled financial companies and
affiliates.
□ Applicable N/A
XII. Particulars and Performance of Material Contracts
(1) Trusteeship
□ Applicable N/A
No such case during the reporting period.
(2) Contracting
□ Applicable N/A
No such case during the reporting period.
(3) Leases
□ Applicable N/A
No such case during the reporting period.
Applicable □ N/A
In RMB 0’000
DSBJ Semi-Annual Report 2025
External guarantees provided by the Company and its subsidiaries (excluding those provided for the subsidiaries)
Disclosure date of Whether or
Maximum Effective Collateral Counter Whether
announcement of Actual amount Type of Term of not provided
Obligor amount date of (if guarantee (if or not
the maximum guaranteed guarantee guarantee for a related
guaranteed guarantee applicable) applicable) expired
amount guaranteed party
Joint and
Suzhou Toprun Electric Equipment several
Co., Ltd. liability
guarantee
Shanghai Fu Shan Precision
Manufacturing Co., Ltd.
Total amount of external guarantee
Total amount of external guarantee approved during the
reporting period (A1)
reporting period (A2)
Total amount of external guarantee
Total amount of external guarantee approved as at the end of
the reporting period (A3)
reporting period (A4)
Guarantees provided by the Company for its subsidiaries
Disclosure date of Whether or
Maximum Effective Collateral Counter Whether
announcement of Actual amount Type of Term of not provided
Obligor amount date of (if guarantee (if or not
the maximum guaranteed guarantee guarantee for a related
guaranteed guarantee applicable) applicable) expired
amount guaranteed party
Dragon Electronix Holdings Inc.
and its subsidiaries
Hong Kong Dongshan Holding
Limited and its subsidiaries
Multek Group (Hong Kong) Limited
and its subsidiaries
Chaowei Microelectronics
(Yancheng) Co., Ltd.
Suzhou JDI Electronics Inc. 20,000 14,900
Mutto Optronics Technology Co.,
Ltd.
Suzhou RF Top Electronic
Communication Co., Ltd.
Suzhou Chengjia Precision
Manufacturing Co., Ltd.
Suzhou Yongchuang
Communication Technology Co., 80,000 4,000
Ltd.
Yancheng Dongchuang Precision
Manufacturing Co., Ltd.
Yancheng Dongshan Precision
Manufacturing Co., Ltd.
Yancheng Dongshan
Communication Technology Co., 3,000
Ltd.
Suzhou Dongyue New Energy
Technology Co., Ltd.
Total amount of guarantee actually
Total amount of guarantee approved to be provided for
subsidiaries during the reporting period (B1)
reporting period (B2)
Total amount of guarantee actually
Total amount of guarantee approved to be provided for
subsidiaries as at the end of the reporting period (B3)
end of the reporting period (B4)
DSBJ Semi-Annual Report 2025
Guarantees provided by subsidiaries for each other
Disclosure date of Whether or
Maximum Effective Collateral Counter Whether
announcement of Actual amount Type of Term of not provided
Obligor amount date of (if guarantee (if or not
the maximum guaranteed guarantee guarantee for a related
guaranteed guarantee applicable) applicable) expired
amount guaranteed party
Total amount of guarantee actually
Total amount of guarantee approved to be provided for
subsidiaries during the reporting period (C1)
reporting period (C2)
Total amount of guarantee actually
Total amount of guarantee approved to be provided for
subsidiaries as at the end of the reporting period (C3)
end of the reporting period (C4)
Total amount of guarantee provided by the Company
Total amount of guarantee actually
Total amount of guarantee approved during the reporting
period (A1+B1+C1)
(A2+B2+C2)
Total amount of guarantee actually
Total amount of guarantee approved as at the end of the
reporting period (A3+B3+C3)
reporting period (A4+B4+C4)
Ratio of the total amount of guarantee actually provided (A4+B4+C4) to the net assets of
the Company
Incl.:
Outstanding guarantees provided for shareholders, actual controllers and their affiliates (D) 0
Outstanding guarantees directly or indirectly provided for obligors whose debt-to-assets
ratio exceeds 70% (E)
Portion of the total amount of guarantee in excess of 50% of the net assets (F) 0
Total (D+E+F) 159,042.02
Applicable □ N/A
In RMB 0’000
Impairment loss
recognized for overdue
Type Source of funds Total amount Outstanding amount Overdue amount
wealth management
products
Bank wealth
Self-owned funds 277,306.88 75,481.02 0 0
management product
Total 277,306.88 75,481.02 0 0
High-risk entrusted wealth management products that are significant individually, illiquid or not principal-protected
□ Applicable N/A
Entrusted wealth management products the principal of which may be unrecoverable or which may otherwise be impaired
□ Applicable N/A
□ Applicable N/A
We have not entered into any other material contract during the reporting period.
DSBJ Semi-Annual Report 2025
XIII. Other Significant Matters
□ Applicable N/A
There’s no other significant matter needing to be explained for the reporting period.
XIV. Significant Matters of Subsidiaries
□ Applicable N/A
DSBJ Semi-Annual Report 2025
Section VI Changes in Shares and Shareholders
I. Changes in Shares
In Shares
Before the change Change (+/-) After the change
Capitalization
Bonus
Number % New shares of capital Others Subtotal Number %
shares
reserves
I. Non-tradable shares 319,591,987 18.73% 125,693,822 125,693,822 445,285,809 24.31%
owned corporations
domestic investors
Incl.: Shares held by
domestic non-State-owned
corporations
Shares held by
domestic natural persons
investors
Incl.: Shares held by
foreign corporations
Shares held by foreign
natural persons
II. Tradable shares 1,386,321,723 81.27% 1,386,321,723 75.69%
ordinary shares
denominated shares listed
domestically
denominated shares listed
overseas
III. Total shares 1,705,913,710 100.00% 125,693,822 125,693,822 1,831,607,532 100.00%
Reasons for changes in shares
Applicable □ N/A
With the approval of Shenzhen Stock Exchange and CSRC, the 125,693,822 RMB-denominated ordinary shares issued by the
Company at the issuance price of RMB 11.17 per share were listed on Shenzhen Stock Exchange on June 27, 2025; after the
issuance, the total shares of the Company increased from 1,705,913,710 shares to 1,831,607,532 shares.
DSBJ Semi-Annual Report 2025
Approval for changes in shares
Applicable □ N/A
On March 10, 2025, the Company received the Notification Letter of the Opinions of the Review Center on the Private Placement
of Shares by Suzhou Dongshan Precision Manufacturing Co., Ltd. issued by the Listing Review Center of Shenzhen Stock
Exchange, stating that the listing review institution of Shenzhen Stock Exchange reviewed the application documents for private
placement of shares, and concluded that the Company met the issuance conditions, listing conditions, and information disclosure
requirements. On April 28, 2025, the Company received the Reply on the Registration of Private Placement of Shares by Suzhou
Dongshan Precision Manufacturing Co., Ltd. (Zheng Jian Xu Ke (2025) No. 911) (effective date of registration: April 23, 2025),
which approved the request for registration of private placement of shares by the Company.
Transfer of shares in relation to the changes
Applicable □ N/A
We have completed the registration and custody formalities for the newly issued shares with China Securities Depository and
Clearing Co., Ltd. Shenzhen Branch on June 18, 2025, and China Securities Depository and Clearing Co., Ltd. Shenzhen Branch
has issued a certificate of securities registration. The nature of the newly issued shares is restricted shares, with a lock-up period of
Progress of share repurchases
Applicable □ N/A
On April 9, 2025, we held the 18th meeting of the 6th Board of Directors, at which the Proposal on Repurchase of the Company’s
Shares was deliberated and approved, agreeing to use raised funds or other lawful funds to repurchase the RMB-denominated
ordinary shares (A-shares) issued by the Company through the Shenzhen Stock Exchange by aggregate auction for the purpose of
employee stock ownership plans or equity incentives. The total repurchase funds shall range from RMB 100 million (inclusive) to
RMB 200 million (inclusive), and the repurchase price shall not exceed RMB 48.78 per share. As of May 6, 2025, this share
repurchase plan has been fully implemented, under which we have repurchased a total of 4.2022 million shares of the Company,
accounting for 0.2463% of the Company’s total share capital, where the highest trading price was RMB 25.95 per share, the lowest
trading price was RMB 23.27 per share, and the total transaction amount was RMB 100.0844 million (excluding transaction fees).
The above-mentioned share repurchase complies with the provisions of laws and regulations and our share repurchase plan.
Progress of sale or repurchase of shares by aggregate auction
□ Applicable N/A
The impact of changes in shares on financial indicators such as basic earnings per share and diluted earnings per share, as well as
net assets per share attributable to ordinary shareholders of the Company for the most recent year and period
Applicable N/A
During the reporting period, (1) the Company repurchased 4,202,200 shares. Based on the net assets as of the end of the first half
of 2025, the net assets per share increased by RMB 0.03 per share, while the effect on the basic earnings per share and diluted
earnings per share is insignificant; (2) the Company issued 125,693,822 new shares, and based on the net assets as of the end of
the first half of 2025, the net assets per share decreased by RMB 0.84 per share, which resulted in a decrease of RMB 0.03 per
share for the basic earnings per share and diluted earnings per share.
Other information deemed necessary by the Company or required by securities regulatory authorities to be disclosed
□ Applicable N/A
DSBJ Semi-Annual Report 2025
Applicable □ N/A
In Shares
Non-tradable shares Increase in non-
Name of Opening non- Closing non-
released in the tradable shares in the Reason of restriction Date of release
shareholder tradable shares tradable shares
current period current period
YUAN Private placement of
Yonggang 100,555,058 shares
YUAN Private placement of
Yongfeng 25,138,764 shares
Total 318,460,762 0 125,693,822 444,154,584 -- --
II. Offering and Listing of Securities
Applicable □ N/A
Name of
Issuance Number of
stocks and End date
Date of price (or Number Listing shares Disclosure
derivative of Index of disclosure
issuance interest of shares date approved for date
securities transaction
rate) listing
therefrom
Stocks
www.cninfo.com.cn
DSBJ 2025/6/10 125,693,822 2025/6/27 125,693,822 Announcement on the Listing of A-shares Under 2025/6/25
RMB/share
Private Placement
Issuance of securities during the reporting period
With the approval of Shenzhen Stock Exchange and CSRC, the 125,693,822 RMB-denominated ordinary shares issued by the
Company at the issuance price of RMB 11.17 per share were listed on Shenzhen Stock Exchange on June 27, 2025; after the
issuance, the total shares of the Company increased from 1,705,913,710 shares to 1,831,607,532 shares.
III. Number of shareholders and shareholding structure of the Company
In Shares
Total number of ordinary Total number of preferred shareholders whose
shareholders at the end of the 66,530 voting rights had been restituted at the end of the 0
reporting period reporting period (if any) (Note 8)
Shareholding by shareholders holding more than 5% of the shares or top 10 shareholders (excluding the shares lent via refinancing)
No. of shares Changes in Pledge, attachment or freeze
held at the end shareholding No. of non- No. of
Name of Status of Shareholding
of the during the tradable shares tradable Status of
shareholder shareholder percentage Number
reporting reporting held shares held shares
period period
Domestic
YUAN Yonggang 16.53% 302,781,254 100,555,058 252,224,705 50,556,549 Pledge 134,708,000
natural person
Domestic
YUAN Yongfeng 13.51% 247,526,917 25,138,764 191,929,879 55,597,038 Pledge 101,653,800
natural person
Hong Kong
Securities Foreign
Clearing corporation
Company Limited
YUAN Fugen Domestic 3.21% 58,796,052 0 0 58,796,052 N/A 0
DSBJ Semi-Annual Report 2025
natural person
China Life
Insurance
Company –
Traditional – Others 0.89% 16,303,640 5,957,500 0 16,303,640 N/A 0
General Insurance
Product – 005L –
CT001 Shanghai
Agricultural Bank
of China Limited
– JPMorgan
Others 0.68% 12,468,362 2,396,417 0 12,468,362 N/A 0
Emerging Power
Hybrid Securities
Investment Fund
Reform
(Shanghai)
Private Fund
Management Co.,
Others 0.65% 11,994,300 5,063,200 0 11,994,300 N/A 0
Ltd. – Reform
Red Coast No. 3
Private Securities
Investment Fund
Zhangjiagang
Industrial Capital State-owned
Investment Co., corporation
Ltd.
Reform
(Shanghai)
Private Fund
Management Co.,
Others 0.59% 10,762,629 3,126,600 0 10,762,629 N/A 0
Ltd. – Reform
Dual Vector Foil
Private Securities
Investment Fund
Domestic
LI Jinlan 0.50% 9,144,000 3,904,000 0 9,144,000 N/A 0
natural person
Strategic investors or general
corporations becoming top 10
N/A
shareholders as a result of rights
issue (if any) (Note 3)
Among the shareholders listed above, YUAN Yonggang and YUAN Yongfeng are sons of YUAN Fugen, and YUAN
Affiliates or concert parties among Yongfeng is the elder brother of YUAN Yonggang. YUAN Fugen, YUAN Yongfeng and YUAN Yonggang are our
the shareholders listed above actual controllers. We are not aware whether there are affiliates or concert parties within the meaning of the
Administrative Measures for the Takeover of Listed Companies among other shareholders listed above.
Delegation or waiver of voting
rights or ownership of voting rights
N/A
by or to the shareholders listed
above
Special explanation about any
dedicated account for repurchase
N/A
opened by any top 10 shareholder (if
any) (Note 11)
Shareholding by top 10 holders of tradable shares (excluding the shares lent via refinancing or under executive lock-up)
Type
Name of shareholder No. of tradable shares held at the end of the reporting period
Type Number
DSBJ Semi-Annual Report 2025
RMB-
Hong Kong Securities Clearing denominated
Company Limited ordinary
share
RMB-
denominated
YUAN Fugen 58,796,052 58,796,052
ordinary
share
RMB-
denominated
YUAN Yongfeng 55,597,038 55,597,038
ordinary
share
RMB-
denominated
YUAN Yonggang 50,556,549 50,556,549
ordinary
share
RMB-
China Life Insurance Company –
denominated
Traditional – General Insurance 16,303,640 16,303,640
ordinary
Product – 005L – CT001 Shanghai
share
RMB-
Agricultural Bank of China Limited
denominated
– JPMorgan Emerging Power 12,468,362 12,468,362
ordinary
Hybrid Securities Investment Fund
share
Reform (Shanghai) Private Fund RMB-
Management Co., Ltd. – Reform denominated
Red Coast No. 3 Private Securities ordinary
Investment Fund share
RMB-
Zhangjiagang Industrial Capital denominated
Investment Co., Ltd. ordinary
share
Reform (Shanghai) Private Fund RMB-
Management Co., Ltd. – Reform denominated
Dual Vector Foil Private Securities ordinary
Investment Fund share
RMB-
denominated
LI Jinlan 9,144,000 9,144,000
ordinary
share
Affiliates or concert parties among
the top 10 holders of tradable shares,
and among the top 10 holders of N/A
tradable shares and top 10
shareholders
Securities margin trading conducted
by top 10 ordinary shareholders (if N/A
any) (Note 4)
Share lending by shareholders holding more than 5% of the shares, top 10 shareholders and top 10 holders of tradable shares via
refinancing:
□ Applicable N/A
Changes compared to the previous period due to shares lending via refinancing/returning by the top 10 shareholders and the top 10
holders of tradable shares
□ Applicable N/A
Whether the top 10 ordinary shareholders or top 10 holders of tradable ordinary shares have conducted any transaction under the
DSBJ Semi-Annual Report 2025
repurchase agreement during the reporting period?
□ Yes No
No top 10 ordinary shareholder or top 10 holder of tradable ordinary shares has conducted any transaction under the repurchase
agreement during the reporting period.
IV. Changes in Shareholding of Directors, Supervisors, and Senior Executives
Applicable □ N/A
Number of
No. of Number of
restricted Number of
additional No. of shares restricted
Opening Closing shares granted restricted
shares disposed of in shares granted
Name Title Status balance of balance of at the shares granted
acquired in the current during the
shares held shares held beginning of at the end of
the current period reporting
the reporting the period
period period
period
YUAN
Chairman Current 202,226,196 100,555,058 0 302,781,254 0 0 0
Yonggang
Director &
YUAN
General Current 222,388,153 25,138,764 0 247,526,917 0 0 0
Yongfeng
Manager
Total -- -- 424,614,349 125,693,822 0 550,308,171 0 0 0
V. Changes in Controlling Shareholders and Actual Controllers
Change in the controlling shareholders during the reporting period
□ Applicable N/A
There has been no change in our controlling shareholders during the reporting period.
Change in the actual controllers during the reporting period
□ Applicable N/A
There has been no change in our actual controllers during the reporting period.
VI. Preferred Shares
□ Applicable N/A
We did not have any preferred shares during the reporting period.
DSBJ Semi-Annual Report 2025
Section VII Bonds
□ Applicable N/A
DSBJ Semi-Annual Report 2025
Section VIII Financial Report
I. Auditor’s Report
Has the semi-annual report been audited?
□ Yes No
This semi-annual financial report has not been audited.
II. Financial statements
The amounts in the statements contained in the notes to the financial statements are presented in RMB.
Prepared by: Suzhou Dongshan Precision Manufacturing Co., Ltd.
In RMB
Item Closing balance Opening balance
Current assets:
Cash and bank balances 8,727,972,410.77 7,172,331,252.29
Settlement deposit
Loans to banks and other financial institutions
Financial assets held for trading 99,120,489.81 78,144,342.95
Derivative financial assets
Notes receivable 17,976,222.55 9,037,098.60
Accounts receivable 6,002,283,912.67 7,663,458,025.49
Accounts receivable financing 252,886,223.60 252,612,009.41
Advances to suppliers 200,720,870.22 93,875,465.69
Premiums receivable
Reinsurance accounts receivable
Reinsurance contract reserves receivable
Other receivables 225,193,916.90 45,836,662.39
Incl.: Interest receivable
Dividends receivable
Financial assets held under resale agreements
Inventories 6,408,328,579.03 6,152,655,607.85
Incl.: Data resources
Contract assets
Assets held for sale
Non-current assets due within one year
Other current assets 1,263,371,376.18 1,209,842,283.99
Total current assets 23,197,854,001.73 22,677,792,748.66
DSBJ Semi-Annual Report 2025
Non-current assets:
Loans and advances to clients
Debt investments
Other debt investments
Long-term receivable 30,000,000.00 30,000,000.00
Long-term equity investment 123,200,615.96 155,008,795.68
Investments in other equity instruments 333,657,110.00 333,657,110.00
Other non-current financial assets
Investment properties 653,194.76 781,129.10
Fixed assets 15,127,797,700.57 13,595,191,232.40
Construction in progress 2,440,814,349.98 2,575,154,318.35
Productive biological assets
Oil and gas assets
Right-of-use assets 1,291,173,420.55 1,313,776,299.13
Intangible assets 933,681,354.00 962,594,133.34
Incl.: Data resources
Development expenses
Incl.: Data resources
Goodwill 2,117,430,282.36 2,119,612,220.47
Long-term deferred expenses 898,166,932.32 903,599,713.89
Deferred tax assets 831,838,960.07 834,450,612.08
Other non-current assets 560,438,857.08 512,554,751.37
Total non-current assets 24,688,852,777.65 23,336,380,315.81
Total assets 47,886,706,779.38 46,014,173,064.47
Current liabilities:
Short-term borrowings 5,799,403,308.56 4,810,954,130.69
Borrowings from Central Bank
Borrowings from banks and other financial institutions
Financial liabilities held for trading 71,586,000.00 82,922,390.17
Derivative financial liabilities
Notes payable 934,630,146.08 935,581,272.50
Accounts payable 9,082,352,248.71 9,659,268,990.43
Advances from clients
Contract liabilities 172,934,050.12 122,562,435.14
Financial assets sold under repurchase agreements
Deposits from clients and other banks
Funds received as stock broker
Funds received as underwriter of securities
Employee benefits payable 446,039,909.90 597,573,087.02
Taxes payable 319,446,877.47 395,772,127.76
Other payables 96,940,026.12 94,163,223.90
Incl.: Interest payable
DSBJ Semi-Annual Report 2025
Dividends payable
Fees and commissions payable
Reinsurance accounts payable
Liabilities held for sale
Non-current liabilities due within one year 2,493,252,418.30 2,458,987,301.36
Other current liabilities 3,133,052.29 5,190,838.21
Total current liabilities 19,419,718,037.55 19,162,975,797.18
Non-current liabilities:
Provision for insurance contracts
Long-term borrowings 4,705,082,312.90 5,289,187,891.33
Bonds payable
Incl.: Preferred shares
Perpetual bonds
Lease liabilities 1,388,052,599.32 1,351,518,837.18
Long-term payables 27,754,051.05 49,434,786.31
Long-term employee benefits payable
Provisions 39,478,887.17 58,258,872.92
Deferred income 749,040,476.71 585,933,889.89
Deferred tax liabilities 627,588,885.99 630,759,756.43
Other non-current liabilities
Total non-current liabilities 7,536,997,213.14 7,965,094,034.06
Total liabilities 26,956,715,250.69 27,128,069,831.24
Owners’ equity:
Share capital 1,831,607,532.00 1,705,913,710.00
Other equity instruments
Incl.: Preferred shares
Perpetual bonds
Capital reserve 9,258,103,158.56 7,992,284,435.83
Less: Treasury shares 175,076,133.79 74,991,696.79
Other comprehensive income -204,407,027.20 -317,104,374.08
Special reserve
Surplus reserve 232,241,216.54 232,241,216.54
General risk reserve
Retained profits 9,927,254,777.86 9,288,043,977.88
Total owners’ equity attributable to the parent company 20,869,723,523.97 18,826,387,269.38
Minority interests 60,268,004.72 59,715,963.85
Total owners’ equity 20,929,991,528.69 18,886,103,233.23
Total liabilities and owners’ equity 47,886,706,779.38 46,014,173,064.47
Legal Representative: YUAN Yonggang CFO: WANG Xu Accounting Supervisor: ZHU Deguang
In RMB
Item Closing balance Opening balance
Current assets:
Cash and bank balances 2,041,761,925.92 1,090,000,348.49
DSBJ Semi-Annual Report 2025
Financial assets held for trading
Derivative financial assets
Notes receivable
Accounts receivable 2,991,624,408.85 3,143,492,614.37
Accounts receivable financing 62,860,183.16 18,920,385.63
Advances to suppliers 27,809,172.03 39,423,778.51
Other receivables 7,376,316,038.08 5,969,486,558.66
Incl.: Interest receivable
Dividends receivable 1,289,047,893.28 1,495,758,008.53
Inventories 908,774,910.11 986,847,112.47
Incl.: Data resources
Contract assets
Assets held for sale
Non-current assets due within one year
Other current assets 68,795,846.42 71,972,689.92
Total current assets 13,477,942,484.57 11,320,143,488.05
Non-current assets:
Debt investments
Other debt investments
Long-term receivable 30,000,000.00 30,000,000.00
Long-term equity investment 9,624,411,643.11 9,627,857,599.31
Investments in other equity instruments 221,322,110.00 221,322,110.00
Other non-current financial assets
Investment properties
Fixed assets 756,016,519.41 775,223,315.27
Construction in progress 110,915,088.98 148,492,748.83
Productive biological assets
Oil and gas assets
Right-of-use assets 1,630,750.34 2,609,200.64
Intangible assets 60,618,060.10 61,524,955.69
Incl.: Data resources
Development expenses
Incl.: Data resources
Goodwill
Long-term deferred expenses 107,041,930.17 89,330,126.49
Deferred tax assets 80,524,043.69 36,909,520.17
Other non-current assets 66,650,787.87 70,661,066.13
Total non-current assets 11,059,130,933.67 11,063,930,642.53
Total assets 24,537,073,418.24 22,384,074,130.58
Current liabilities:
Short-term borrowings 1,816,012,272.22 2,294,208,162.79
Financial liabilities held for trading
DSBJ Semi-Annual Report 2025
Derivative financial liabilities
Notes payable 1,014,440,747.47 585,570,169.87
Accounts payable 1,773,107,322.29 1,389,942,826.35
Advances from clients
Contract liabilities 26,530,276.72 18,959,880.87
Employee benefits payable 23,153,905.12 30,758,082.10
Taxes payable 2,511,618.64 3,170,402.36
Other payables 6,313,220,120.63 5,101,960,753.88
Incl.: Interest payable
Dividends payable
Liabilities held for sale
Non-current liabilities due within one year 985,058,664.84 799,561,489.98
Other current liabilities 1,046,506.05 1,508,828.34
Total current liabilities 11,955,081,433.98 10,225,640,596.54
Non-current liabilities:
Long-term borrowings 1,668,885,157.50 2,251,616,980.54
Bonds payable
Incl.: Preferred shares
Perpetual bonds
Lease liabilities 861,053.29
Long-term payables
Long-term employee benefits payable
Provisions 1,103,679.33 1,125,097.32
Deferred income 15,008,333.61 16,473,333.57
Deferred tax liabilities 539,691.80 534,830.01
Other non-current liabilities
Total non-current liabilities 1,685,536,862.24 2,270,611,294.73
Total liabilities 13,640,618,296.22 12,496,251,891.27
Owners’ equity:
Share capital 1,831,607,532.00 1,705,913,710.00
Other equity instruments
Incl.: Preferred shares
Perpetual bonds
Capital reserve 9,156,573,425.73 7,890,754,703.00
Less: Treasury shares 175,076,133.79 74,991,696.79
Other comprehensive income
Special reserve
Surplus reserve 232,241,216.54 232,241,216.54
Retained profits -148,890,918.46 133,904,306.56
Total owners’ equity 10,896,455,122.02 9,887,822,239.31
Total liabilities and owners’ equity 24,537,073,418.24 22,384,074,130.58
In RMB
Item First half of 2025 First half of 2024
DSBJ Semi-Annual Report 2025
I. Total operating revenue 16,955,163,898.89 16,628,586,195.56
Incl.: Operating revenue 16,955,163,898.89 16,628,586,195.56
Interest income
Premiums earned
Fee and commission income
II. Total operating costs 16,030,744,161.86 15,860,085,715.70
Incl.: Operating cost 14,650,499,235.90 14,455,695,057.51
Interest expenses
Fee and commission expenses
Surrenders
Net payments for insurance claims
Net insurance claim reserves
Policyholder dividends
Reinsurance expenses
Taxes and surcharges 63,725,956.00 97,314,539.31
Selling expenses 157,942,605.07 198,461,411.65
Administrative expenses 547,561,939.49 513,932,018.38
R&D expenses 581,467,466.93 622,223,608.99
Financial expenses 29,546,958.47 -27,540,920.14
Incl.: Interest expenses 198,585,725.04 229,752,660.54
Interest income 113,967,483.54 141,164,259.09
Add: Other income 141,318,212.63 176,411,848.89
Investment income (loss expressed with “-”) -6,702,003.08 -48,423,970.21
Incl.: Investment income from associates and joint ventures -4,073,896.56 -4,311,831.51
Gain on derecognition of financial assets at amortized cost
Exchange gain (loss expressed with “-”)
Net exposure hedging income (loss expressed with “-”)
Gain on changes in fair value (loss expressed with “-”) 2,536,226.77 -15,065,635.92
Credit impairment loss (loss expressed with “-”) 3,764,627.53 -57,244,335.30
Impairment loss on assets (loss expressed with “-”) -89,174,069.11 -105,585,722.55
Gain on disposal of assets (loss expressed with “-”) -14,963,024.24 -34,905,446.22
III. Operating profit (loss expressed with “-”) 961,199,707.53 683,687,218.55
Add: Non-operating revenue 5,619,440.36 4,983,059.69
Less: Non-operating expenses 6,326,490.28 5,571,548.85
IV. Profit before tax (loss expressed with “-”) 960,492,657.61 683,098,729.39
Less: Income tax expenses 201,934,636.13 124,174,716.66
V. Net profit (loss expressed with “-”) 758,558,021.48 558,924,012.73
(I) Classified by continuity of operation
(II) Classified by attribution
expressed with “-”)
VI. Other comprehensive income, net 112,697,346.88 -82,463,528.41
DSBJ Semi-Annual Report 2025
Other comprehensive income attributable to owners of the parent company, net
after tax
(I) Other comprehensive income that cannot be reclassified to profit or loss
loss under equity method
(II) Other comprehensive income that will be reclassified to profit or loss 112,697,346.88 -82,463,528.41
under equity method
Other comprehensive income attributable to minority interests, net after tax
VII. Total comprehensive income 871,255,368.36 476,460,484.32
Total comprehensive income attributable to owners of the parent company 870,703,327.49 478,137,407.86
Total comprehensive income attributable to minority interests 552,040.87 -1,676,923.54
VIII. Earnings per share:
(I) Basic earnings per share 0.45 0.33
(II) Diluted earnings per share 0.45 0.33
Legal Representative: YUAN Yonggang CFO: WANG Xu Accounting Supervisor: ZHU Deguang
In RMB
Item First half of 2025 First half of 2024
I. Operating revenue 2,035,279,637.55 2,146,603,495.20
Less: Operating cost 1,923,255,924.16 2,082,748,511.41
Taxes and surcharges 7,304,339.14 14,450,087.28
Selling expenses 11,700,519.31 24,066,524.34
Administrative expenses 95,512,928.90 124,363,216.37
R&D expenses 95,862,762.28 103,191,448.64
Financial expenses 97,559,230.35 108,373,027.07
Incl.: Interest expenses 127,405,110.13 175,228,306.42
Interest income 27,296,685.73 37,981,858.78
Add: Other income 5,531,714.64 28,294,000.51
Investment income (loss expressed with “-”) -3,285,156.20 -5,578,349.99
Incl.: Investment income from associates and joint ventures -3,445,956.20 -2,927,211.16
Gain on derecognition of financial assets at amortized cost (loss expressed
with “-”)
Net exposure hedging income (loss expressed with “-”)
Gain on changes in fair value (loss expressed with “-”) -13,243,914.03
Credit impairment loss (loss expressed with “-”) -8,328,750.96 -57,838,856.00
Impairment loss on assets (loss expressed with “-”) -1,685,402.36 206,582.75
DSBJ Semi-Annual Report 2025
Gain on disposal of assets (loss expressed with “-”) 41,991.25 389,609.87
II. Operating profit (loss expressed with “-”) -203,641,670.22 -358,360,246.80
Add: Non-operating revenue 435,385.53 5,000.00
Less: Non-operating expenses 4,403,421.43 2,575,310.30
III. Profit before tax (loss expressed with “-”) -207,609,706.12 -360,930,557.10
Less: Income tax expenses -43,609,661.73 -60,283,342.31
IV. Net profit (loss expressed with “-”) -164,000,044.39 -300,647,214.79
(I) Net profit from continuing operation (loss expressed with “-”) -164,000,044.39 -300,647,214.79
(II) Net profit from discontinued operation (loss expressed with “-”)
V. Other comprehensive income, net
(I) Other comprehensive income that cannot be reclassified to profit or loss
equity method
(II) Other comprehensive income that will be reclassified to profit or loss
equity method
VI. Total comprehensive income -164,000,044.39 -300,647,214.79
VII. Earnings per share:
(I) Basic earnings per share -0.10 -0.18
(II) Diluted earnings per share -0.10 -0.18
In RMB
Item First half of 2025 First half of 2024
I. Cash flows from operating activities:
Proceeds from sale of goods and rendering of services 17,905,726,279.90 17,706,958,316.93
Net increase in deposits from clients and other banks
Net increase in borrowings from Central Bank
Net increase in borrowings from other financial institutions
Proceeds from premiums under prior insurance contracts
Net proceeds from reinsurance business
Net increase in insured’s deposits and investments
Proceeds from interest, fees and commissions
Net increase in borrowings from banks and other financial institutions
Net increase in receipts under repurchase transactions
Net cash received as stock broker
Tax refunds received 669,998,774.36 524,915,907.68
Other proceeds relating to operating activities 648,888,660.75 592,490,973.79
Cash provided by operating activities 19,224,613,715.01 18,824,365,198.40
DSBJ Semi-Annual Report 2025
Payments for purchase of goods and receipt of services 13,120,444,976.67 12,996,139,860.06
Net increase in loans and advances from clients
Net increase in deposits in Central Bank and other banks
Payment of claims under prior insurance contracts
Net increase in loans to banks and other financial institutions
Payment of interest, fees and commissions
Payment of policyholder dividends
Payments to and for employees 2,542,398,872.87 2,392,154,841.93
Taxes paid 360,545,772.47 519,477,522.80
Other payments relating to operating activities 701,106,071.72 827,623,574.33
Cash used in operating activities 16,724,495,693.73 16,735,395,799.12
Net cash flows from operating activities 2,500,118,021.28 2,088,969,399.28
II. Cash flows from investing activities:
Proceeds from disposal of investments 38,814,660.00 308,155,031.33
Proceeds from return on investments 4,378,625.51 -29,218,011.67
Net proceeds from the disposal of fixed assets, intangible assets and other
long-term assets
Net proceeds from the disposal of subsidiaries and other business entities
Other proceeds relating to investing activities 793,654,284.84 419,424,782.41
Cash provided by investing activities 914,532,303.59 717,641,912.72
Payments for the acquisition of fixed assets, intangible assets and other long-
term assets
Payments for investments 168,236,626.52 356,562,777.83
Net increase in mortgage loans
Net payments for the acquisition of subsidiaries and other business entities
Other cash payments relating to investing activities 584,356,090.09 530,962,815.64
Cash used in investing activities 2,900,847,152.34 2,531,560,412.30
Net cash flows from investing activities -1,986,314,848.75 -1,813,918,499.58
III. Cash flows from financing activities:
Proceeds from investors 1,391,512,544.73
Incl.: Proceeds of subsidiaries from minority shareholders’ investments
Cash receipts from borrowings 4,365,837,875.26 5,465,543,117.47
Other proceeds relating to financing activities 730,151,717.04 329,197,076.44
Cash provided by financing activities 6,487,502,137.03 5,794,740,193.91
Repayment of borrowings 4,240,821,985.76 4,327,541,972.24
Payment of distribution of dividends and profits or for interest 269,883,548.61 608,693,016.38
Incl.: Dividends and profits distributed by subsidiaries to minor shareholders
Other payments relating to financing activities 453,405,753.18 823,264,123.26
Cash used in financing activities 4,964,111,287.55 5,759,499,111.88
Net cash flows from financing activities 1,523,390,849.48 35,241,082.03
IV. Effect of exchange rate changes on cash and cash equivalents 35,783,302.37 96,575,094.20
V. Net increase in cash and cash equivalents 2,072,977,324.38 406,867,075.93
Add: Opening balance of cash and cash equivalents 5,343,600,382.37 5,644,487,018.31
VI. Closing balance of cash and cash equivalents 7,416,577,706.75 6,051,354,094.24
In RMB
DSBJ Semi-Annual Report 2025
Item First half of 2025 First half of 2024
I. Cash flows from operating activities:
Proceeds from sale of goods and rendering of services 1,848,570,248.41 1,443,818,515.88
Tax refunds received 55,983,401.38 29,497,769.17
Other proceeds relating to operating activities 706,540,414.22 1,514,065,178.51
Cash provided by operating activities 2,611,094,064.01 2,987,381,463.56
Payments for purchase of goods and receipt of services 1,625,050,615.30 1,465,458,913.36
Payments to and for employees 152,271,297.86 222,379,192.36
Taxes paid 7,912,874.45 63,148,735.28
Other payments relating to operating activities 755,309,050.54 1,536,093,507.96
Cash used in operating activities 2,540,543,838.15 3,287,080,348.96
Net cash flows from operating activities 70,550,225.86 -299,698,885.40
II. Cash flows from investing activities:
Proceeds from disposal of investments
Proceeds from return on investments 203,172,800.00 636,744,542.27
Net proceeds from the disposal of fixed assets, intangible assets and other long-
term assets
Net proceeds from the disposal of subsidiaries and other business entities
Other proceeds relating to investing activities 679,130,328.77 52,970,680.65
Cash provided by investing activities 882,436,702.88 691,689,150.92
Payments for the acquisition of fixed assets, intangible assets and other long-
term assets
Payments for investments 35,000,000.00
Net payments for the acquisition of subsidiaries and other business entities
Other cash payments relating to investing activities 888,354,407.83 377,108,817.47
Cash used in investing activities 919,018,177.32 508,844,412.12
Net cash flows from investing activities -36,581,474.44 182,844,738.80
III. Cash flows from financing activities:
Proceeds from investors 1,391,512,544.73
Cash receipts from borrowings 1,360,000,000.00 2,006,208,006.67
Other proceeds relating to financing activities 1,353,041,000.00 2,229,593,452.48
Cash provided by financing activities 4,104,553,544.73 4,235,801,459.15
Repayment of borrowings 2,233,501,340.00 2,303,446,666.67
Payment of distribution of dividends and profits or for interest 187,206,039.04 522,672,772.48
Other payments relating to financing activities 661,026,890.77 1,418,793,147.62
Cash used in financing activities 3,081,734,269.81 4,244,912,586.77
Net cash flows from financing activities 1,022,819,274.92 -9,111,127.62
IV. Effect of exchange rate changes on cash and cash equivalents 5,841,710.55 18,646,929.18
V. Net increase in cash and cash equivalents 1,062,629,736.89 -107,318,345.04
Add: Opening balance of cash and cash equivalents 538,870,203.05 478,844,238.56
VI. Closing balance of cash and cash equivalents 1,601,499,939.94 371,525,893.52
Amount of the current period
In RMB
First half of 2025
Owners’ equity attributable to the parent
Other equity Other Sp Ge
Less: Mino Total
Item instruments Capita comp eci Surpl ne
Treas Retain Ot rity owners
Share Pre Per l rehen al us ral Subtot intere ’
Ot ury ed he
capital ferr pet reserv sive res reserv ris al sts equity
he share profits rs
ed ual e inco er e k
rs s
sha bon me ve res
DSBJ Semi-Annual Report 2025
res ds er
ve
I.
Balance -
at the end 317,1
of the 04,37
previous 4.08
year
Add:
Changes
in
accountin
g policies
Correctio
n of
previous
period
errors
Others
II.
Balance
at the 1,705, 7,992, 74,99 232,2 9,288, 18,826 59,71 18,886
beginnin 913,71 284,43 1,696 41,21 043,97 ,387,2 5,963 ,103,2
g of the 0.00 5.83 .79 6.54 7.88 69.38 .85 33.23
current
year
III.
Increase/
(decrease
) in the
current 552,0
period 40.87
(decrease
expresse
d with “-
”)
(I) Total
compreh 552,0
ensive 40.87
income
(II)
Investme
nt/(divest
ment) by
sharehold
ers
Contribut
ions from 125,69 1,265, 1,391, 1,391,
holders 3,822. 818,72 512,54 512,54
of 00 2.73 4.73 4.73
ordinary
shares
DSBJ Semi-Annual Report 2025
Contribut
ions from
holders
of other
equity
instrume
nts
based
payments
recorded
in
owners’
equity
- -
(III) - - -
Distributi 118,79 118,79 118,79
on of 5,180. 5,180. 5,180.
profits 63 63 63
Surplus
reserve
General
risk
reserve
Distributi - - -
ons to 118,79 118,79 118,79
owners 5,180. 5,180. 5,180.
(sharehol 63 63 63
ders)
(IV)
Internal
transfer
of
owners’
equity
Transfer
of capital
reserve
to (share)
capital
Transfer
of
surplus
reserve
to (share)
DSBJ Semi-Annual Report 2025
capital
up of
losses by
surplus
reserve
Transfer
of
changes
in
defined
benefit
plans to
retained
earnings
Transfer
of other
compreh
ensive
income
to
retained
earnings
(V)
Special
reserve
Appropri
ated in
the
current
period
in the
current
period
(VI)
Others
IV.
Balance -
at the end 204,4
of the 07,02
current 7.20
period
The same period of the previous year
In RMB
First half of 2024
Item Owners’ equity attributable to the parent Min Tota
Shar Other equity Capi Less Oth Spe Surp Gen Reta Oth Subt ority l
DSBJ Semi-Annual Report 2025
e instruments tal : er cial lus eral ined ers otal inter own
capi rese Trea com rese rese risk prof ests ers’
tal Pref Perp rve sury preh rve rve rese its equi
erre etua shar ensi rve ty
Oth
d l es ve
ers
shar bon inco
es ds me
- 18,1 18,1
I. Balance at 1,70 8,06 125, 184, 9,02 47,3
the end of 9,86 3,76 906, 866, 5,09 29,8
the previous 7,32 8,40 811. 869. 5,52 51.7
year 7.00 9.73 33 73 9.05 2
Add:
Changes in
accounting
policies
Correction of
previous
period errors
Others
II. Balance at - 18,1 18,1
the 714, 43,0 90,3
beginning of 664, 26,7 56,5
the current 578. 45.5 97.2
year 64 4 6
III.
Increase/(dec
rease) in the 25,0 135, 28,9 - 27,2
current 00,8 281, 24,6 1,67 47,7
period 46.3 884. 50.8 6,92 27.2
(decrease 0 02 1 3.54 7
expressed
with “-”)
(I) Total 82,4
comprehensi 63,5
ve income 28.4
(II) - -
Investment/( 1,10 23,8 23,8
divestment) 7,14 93,7 93,7
by 1.50 04.8 04.8
shareholders 0 0
Contribution
s from
holders of
ordinary
shares
Contribution
s from
holders of
other equity
instruments
DSBJ Semi-Annual Report 2025
based
payments
recorded in
owners’
equity
- -
- - -
(III) 425, 425, 425,
Distribution 319, 319, 319,
of profits 052. 052. 052.
reserve
risk reserve
Distributions 425, 425, 425,
to owners 319, 319, 319,
(shareholders 052. 052. 052.
) 25 25 25
(IV) Internal
transfer of
owners’
equity
of capital
reserve to
(share)
capital
of surplus
reserve to
(share)
capital
of losses by
surplus
reserve
of changes in
defined
benefit plans
to retained
earnings
of other
comprehensi
ve income to
DSBJ Semi-Annual Report 2025
retained
earnings
(V) Special
reserve
Appropriated
in the current
period
the current
period
(VI) Others
- 18,1 18,2
IV. Balance 1,70 8,06 150, 184, 9,16 45,6
at the end of 9,86 4,87 907, 866, 0,37 52,9
the current 7,32 5,55 657. 869. 7,41 28.1
period 7.00 1.23 63 73 3.07 8
Amount of the current period
In RMB
First half of 2025
Other equity instruments Other
Capita Less: compr Specia Surplu Total
Item Retain
Share Prefer Perpet l Treas ehensi l s owner
ed Others
capital red ual Others reserv ury ve reserv reserv s’
profits
shares bonds e shares incom e e equity
e
I. Balance at
the end of
the previous
year
Add:
Changes in
accounting
policies
Correction of
previous
period errors
Others
II. Balance at
the 1,705, 7,890, 74,99 232,2 133,9 9,887,
beginning of 913,7 754,7 1,696. 41,21 04,30 822,2
the current 10.00 03.00 79 6.54 6.56 39.31
year
III. -
Increase/(dec 282,7
rease) in the 95,22
current 5.02
DSBJ Semi-Annual Report 2025
period
(decrease
expressed
with “-”)
- -
(I) Total
comprehensi
ve income
(II)
Investment/( 125,6 1,265, 100,0 1,291,
divestment) 93,82 818,7 84,43 428,1
by 2.00 22.73 7.00 07.73
shareholders
Contribution
s from
holders of
ordinary
shares
Contribution
s from
holders of
other equity
instruments
based
payments
recorded in
owners’
equity
- -
(III)
Distribution
of profits
reserve
- -
Distributions
to owners
(shareholders
)
(IV) Internal
transfer of
owners’
equity
of capital
reserve to
DSBJ Semi-Annual Report 2025
(share)
capital
of surplus
reserve to
(share)
capital
of losses by
surplus
reserve
of changes in
defined
benefit plans
to retained
earnings
of other
comprehensi
ve income to
retained
earnings
(V) Special
reserve
Appropriated
in the current
period
the current
period
(VI) Others
IV. Balance - 10,89
at the end of 148,8 6,455,
the current 90,91 122.0
period 8.46 2
The same period of the previous year
In RMB
First half of 2024
Other equity instruments Other
Capita Less: compr Specia Surplu Total
Item Retain
Share Prefer Perpet l Treas ehensi l s owner
ed Others
capital red ual Others reserv ury ve reserv reserv s’
profits
shares bonds e shares incom e e equity
e
I. Balance at -
the end of 350,0
the previous 00,00
year 0.00
DSBJ Semi-Annual Report 2025
Add:
Changes in
accounting
policies
Correction of
previous
period errors
Others
II. Balance at
the 1,709, 7,962, 125,9 184,8 482,8 9,863,
beginning of 867,3 239,0 06,81 66,86 54,23 920,6
the current 27.00 56.77 1.33 9.73 7.57 79.74
year
III.
Increase/(dec
rease) in the - -
current 725,9 749,8
period 66,26 59,97
(decrease 7.04 1.84
expressed
with “-”)
- -
(I) Total
comprehensi
ve income
(II)
Investment/( 1,107, 25,00
divestment) 141.5 0,846.
by 0 30
shareholders
Contribution
s from
holders of
ordinary
shares
Contribution
s from
holders of
other equity
instruments
based
payments
recorded in
owners’
equity
(III) - -
Distribution 425,3 425,3
DSBJ Semi-Annual Report 2025
of profits 19,05 19,05
reserve
- -
Distributions
to owners
(shareholders
)
(IV) Internal
transfer of
owners’
equity
of capital
reserve to
(share)
capital
of surplus
reserve to
(share)
capital
of losses by
surplus
reserve
of changes in
defined
benefit plans
to retained
earnings
of other
comprehensi
ve income to
retained
earnings
(V) Special
reserve
Appropriated
in the current
period
the current
period
(VI) Others
IV. Balance
DSBJ Semi-Annual Report 2025
at the end of 27.00 98.27 7.63 00,00 9.73 12,02 07.90
the current 0.00 9.47
period
III. General Information of the Company
Suzhou Dongshan Precision Manufacturing Co., Ltd. (hereinafter referred to as the “Company”) is a company limited by
shares converted from Suzhou Dongshan Sheet Metal Co., Ltd., and registered with the Suzhou Municipal Administration for
Industry and Commerce of Jiangsu on December 24, 2007, and is headquartered in Suzhou, Jiangsu, holds a business license with
unified social credit code of 91320500703719732P, and has a registered capital of RMB 1,831,607,532, divided into
since April 9, 2010.
The Company belongs to the computer, communication and other electronic equipment manufacturing industry, and is
primarily engaged in the provision of core devices for intelligent interconnection, including PCBs, LED display devices, touch
panels, LCMs, and precision components, etc.
These financial statements are published with the approval of the 26th meeting of the 6th Board of Directors of the Company
on August 25, 2025.
IV. Basis for Preparation of the Financial Statements
These financial statements have been prepared on the assumption that the Company is a going concern.
No event or fact may cast significant doubts on the Company’s ability to remain a going concern within 12 months after the
end of the reporting period.
V. Significant Accounting Policies and Accounting Estimates
Note about specific accounting policies and accounting estimates:
The Company has established specific accounting policies and made specific accounting estimates with respect to the
impairment of financial instruments, inventories, depreciation of fixed assets, construction in progress, intangible assets,
recognition of revenues and other transactions or events according to its actual production and operation characteristics.
DSBJ Semi-Annual Report 2025
The financial statements prepared by the Company conform to the requirements of the CASBEs, and truly and completely
reflect the Company’s financial condition, operating results, cash flows and other related information.
The Company’s accounting year is from January 1 to December 31 of each calendar year.
The Company has a relatively short operating cycle, and determines the liquidity of assets and liabilities on the basis of 12
months.
The Company adopts RMB as its functional currency, MFLEX adopts USD as its functional currency, and the subsidiaries of
MFLEX, Multek and other companies adopt the currencies of the main economic environment in which they operate as their
functional currencies.
Applicable □ N/A
Item Materiality criteria
Individual accounts receivable accounting for over 0.5% of the
Significant accounts receivable assessed for impairment loss
total assets of the Company are recognized as significant
individually
accounts receivable.
Individual written off accounts receivable accounting for over
Significant written off accounts receivable 0.5% of the total assets of the Company are recognized as
significant written off accounts receivable.
Individual dividends receivable aged over one year and
accounting for over 0.5% of the total assets of the Company are
Significant dividends receivable aged over one year
recognized as significant dividends receivable aged over one
year.
Individual constructions in progress accounting for over 0.5%
Significant constructions in progress of the total assets of the Company are recognized as significant
constructions in progress.
under common control
Assets and liabilities acquired from a business combination by the Company are measured at the carrying value of the assets
and liabilities of the acquiree in the consolidated financial statements of the ultimate controller at the combination date. The
DSBJ Semi-Annual Report 2025
difference between the carrying value of the owners’ equity of the acquiree as stated in the consolidated financial statements of the
ultimate controller and the carrying value of the total consideration paid or total par value of the shares issued in connection with
the combination is treated as an adjustment to the capital reserve. In case the capital reserve is not sufficient to absorb the
difference, the remaining balance is charged against the retained earnings.
Where the cost of the combination exceeds the Company’s share of the fair value of the acquiree’s net identifiable assets, the
difference is recognized as goodwill at the acquisition date. Where the cost of combination is lower than the Company’s share of
the fair value of the acquiree’s net identifiable assets, the Company reviews the measurement of the fair value of each of the
identifiable assets, liabilities and contingent liabilities acquired from the acquiree and the cost of combination, and if the cost of
combination as reviewed is still lower than the Company’s share of the fair value of the acquiree’s net identifiable assets, the
difference is recognized in profit or loss.
Control means that the Company has power over the investee, exposure or rights to variable returns from its involvement with
the investee and the ability to use its power to affect the amount of those returns.
(1) The parent includes all of its controlled subsidiaries in its consolidated financial statements. The consolidated financial
statements are prepared by the parent in accordance with CASBE 33 “Consolidated Financial Statements”, on the basis of the
respective financial statements of the parent and its subsidiaries, by reference to other relevant data.
joint operation:
(1) the assets individually held by the Company, and the Company’s share of the assets held jointly;
(2) the liabilities incurred individually by the Company, and the Company’s share of the liabilities incurred jointly;
(3) the Company’s revenue from the sale of its share of the output of the joint operation;
DSBJ Semi-Annual Report 2025
(4) the Company’s share of revenue from the sale of assets by the joint operation; and
(5) the expenses incurred individually by the Company, and the Company’s share of the expenses incurred jointly.
For the purpose of the cash flow statement, cash comprises cash on hand and demand deposits, and cash equivalents comprise
short-term, highly liquid investments that are readily convertible into known amounts of cash and which are subject to an
insignificant risk of changes in value.
Upon initial recognition, foreign currency transactions are translated into RMB using the approximate exchange rates of spot
exchange rates at the transaction dates. At the balance sheet date, monetary items denominated in foreign currencies are translated
into RMB using the spot exchange rates then prevailing. Exchange differences arising from such translations are recognized in
profit or loss, except for those attributable to foreign currency borrowings that have been taken out specifically for the acquisition
or construction of qualifying assets and accrued interest. Non-monetary items denominated in foreign currencies that are measured
at historical cost are translated using the approximate exchange rates of spot exchange rates at the transaction dates, without
adjusting the amounts in RMB. Non-monetary items denominated in foreign currencies that are measured at fair value are
translated using the spot exchange rates prevailing at the dates when the fair value was determined, with the exchange differences
arising from such translations recognized in profit or loss or other comprehensive income.
The asset and liability items in the balance sheet are translated at the spot exchange rates prevailing at the balance sheet date.
The owners’ equity items other than “retained profits” are translated at the spot exchange rates prevailing at the transaction dates.
The income and expense items in the income statement are translated at the approximate exchange rates of spot exchange rates at
the transaction dates. The differences arising from such translation of foreign currency financial statements are recognized in other
comprehensive income.
Upon initial recognition, financial assets are classified as: (i) financial assets at amortized cost; (ii) financial assets at fair
value through other comprehensive income; and (iii) financial assets at fair value through profit or loss.
DSBJ Semi-Annual Report 2025
Upon initial recognition, financial liabilities are classified as: (i) financial liabilities at fair value through profit or loss; (ii)
financial liabilities arising as a result of the transfer of financial assets not meeting the criteria for derecognition or continuing
involvement in the financial assets transferred; (iii) financial guarantee contracts not falling under items (i) or (ii), and loan
commitments not falling under item (i) and below market interest rate; and (iv) financial liabilities at amortized cost.
(1) Recognition and initial measurement of financial assets and financial liabilities
When the Company becomes a party to a financial instrument contract, a financial asset or liability is recognized. Financial
assets or liabilities are initially measured at fair value. Transaction costs relating to financial assets and liabilities at fair value
through profit or loss are directly recognized in profit or loss. Transaction costs relating to other kinds of financial assets or
liabilities are included in their initially recognized amount. However, the accounts receivable that do not contain any significant
financing component or are recognized by the Company without taking into consideration the significant financing components
under the contracts with a term of less than one year upon initial recognition are initially measured at transaction price as defined
in CASBE 14 “Revenue”.
(2) Subsequent measurement of financial assets
Financial assets at amortized cost are subsequently measured at amortized cost using the effective interest method. Gains or
losses on financial assets at amortized cost that do not belong to any hedging relationship are recognized in profit or loss upon
derecognition, reclassification, amortization using the effective interest method, or recognition of impairment.
Investments in debt instruments at fair value through other comprehensive income are subsequently measured at fair value.
Interest, impairment losses or gains and exchange gains or losses calculated using the effective interest method are recognized in
profit or loss, while other gains or losses are recognized in other comprehensive income. Upon derecognition, the aggregate gains
or losses previously recognized in other comprehensive income are transferred to profit or loss.
Investments in equity instruments at fair value through other comprehensive income are subsequently measured at fair value.
Dividends received (other than those received as recovery of investment cost) are recognized in profit or loss, while other gains or
DSBJ Semi-Annual Report 2025
losses are recognized in other comprehensive income. Upon derecognition, the aggregate gains or losses previously recognized in
other comprehensive income are transferred to retained earnings.
Financial assets at fair value through profit or loss are subsequently measured at fair value. Gains or losses thereon, including
interest and dividend income, are recognized in profit or loss, except for the financial assets belonging to any hedging relationship.
(3) Subsequent measurement of financial liabilities
Financial liabilities at fair value through profit or loss include financial liabilities held for trading (including derivatives
classified as financial liabilities), and financial liabilities designated as at fair value through profit or loss. Such financial liabilities
are subsequently measured at fair value. Changes in the fair value of financial liabilities designated as at fair value through profit
or loss arising out of changes in the Company’s credit risk are recognized in other comprehensive income, unless such treatment
will result in or increase any accounting mismatch in profit or loss. Other gains or losses on such financial liabilities, including
interest expenses and changes in fair value not arising out of changes in the Company’s credit risk, are recognized in profit or loss,
except for the financial liabilities belonging to any hedging relationship. Upon derecognition, the aggregate gains or losses
previously recognized in other comprehensive income are transferred to retained earnings.
continuing involvement in the financial assets transferred
Such financial liabilities are measured in accordance with CASBE 23 “Transfer of Financial Assets”.
the market interest rate
Such financial liabilities are subsequently measured at the higher of ① allowance for impairment losses determined according
to the policy for impairment of financial instruments; and ② balance of the initially recognized amount after deduction of the
accumulated amortization determined in accordance with CASBE 14 Revenue.
DSBJ Semi-Annual Report 2025
Financial liabilities at amortized cost are subsequently measured at amortized cost using the effective interest method. Gains
or losses on financial liabilities at amortized cost that do not belong to any hedging relationship are recognized in profit or loss
upon derecognition or amortization using the effective interest method.
(4) Derecognition of financial assets and financial liabilities
① the contractual right to receive cash flows from the financial assets has expired; or
② the financial assets have been transferred and such transfer meets the criteria for derecognition of financial assets as set
forth in CASBE 23 “Transfer of Financial Assets”.
discharged.
When a financial asset of the Company is transferred, if substantially all the risks and rewards incidental to the ownership of
the financial asset have been transferred, the financial asset is derecognized, and the rights and obligations incurred or retained in
such transfer are separately recognized as assets or liabilities (as the case may be); if the Company has retained substantially all the
risks and rewards incidental to the ownership of the financial asset, the Company continues to recognize the financial asset
transferred. If the Company neither transferred nor retained a substantial portion of all risks and rewards incidental to the
ownership of the financial asset, then: (i) if the Company does not retain control over the financial asset, the financial asset is
derecognized, and the rights and obligations incurred or retained in such transfer are separately recognized as assets or liabilities
(as the case may be); or (ii) if the Company retains control over the financial asset, the financial asset continues to be recognized to
the extent of the Company’s continuing involvement in the financial asset transferred, and a corresponding liability is recognized.
If an entire transfer of a financial asset meets the criteria for derecognition, the difference between (i) the carrying value of
the financial asset transferred at the date of derecognition; and (ii) the sum of the consideration received from the transfer and the
portion of the cumulative amount of changes in fair value directly recorded as other comprehensive income originally that
corresponds to the part derecognized (where the financial asset transferred is an investment in debt instruments at fair value
through other comprehensive income) is recognized in profit or loss. If part of a financial asset is transferred and the part
transferred entirely meets the criteria for derecognition, the total carrying value of the financial asset immediately prior to the
transfer is allocated between the part derecognized and the part not derecognized in proportion to their relative fair value at the
DSBJ Semi-Annual Report 2025
date of transfer, and the difference between (i) the carrying value of the part derecognized; and (ii) the sum of the consideration
received from the transfer of the part derecognized and the portion of the cumulative amount of changes in fair value directly
recorded as other comprehensive income originally that corresponds to the part derecognized (where the financial asset transferred
is an investment in debt instruments at fair value through other comprehensive income) is recognized in profit or loss.
The Company adopts the valuation techniques applicable to the current situations and with sufficient data available and
support of other information, determines the fair value of financial assets and financial liabilities. The Company classifies the
inputs used by the valuation techniques in the following levels and uses them in turn:
(1) Level 1 inputs: quoted market price (unadjusted) in an active market for an identical asset or liability available at the date
of measurement;
(2) Level 2 inputs: inputs other than inputs included within Level 1 that are observable directly or indirectly. This category
includes quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in
inactive markets, observable inputs other than quoted prices (such as interest rate and yield curves observable during regular
intervals of quotation), and inputs validated by the market;
(3) Level 3 inputs: inputs that are unobservable. This category includes interest rate or stock volatility that cannot be directly
observed or validated by observable market data, future cash flows from retirement obligations incurred in business combinations,
and financial forecasts made using own data.
The Company determines the impairment and assesses allowance for impairment of financial assets at amortized cost,
investments in debt instruments at fair value through other comprehensive income, contract assets, lease payments receivable, loan
commitments other than financial liabilities designated at fair value through profit or loss, and financial guarantee contracts other
than financial liabilities designated at fair value through profit or loss and financial liabilities arising as a result of the transfer of
financial assets not meeting the criteria for derecognition or continuing involvement in the financial assets transferred, on the basis
of expected credit losses.
Expected credit loss is the weighted average of credit losses on financial instruments taking into account the possibility of
default. Credit loss is the present value of the difference between all contractual cash flows receivable under the contract and
estimated future cash flows discounted at the original effective interest rate, i.e. the present value of all cash shortages, where the
DSBJ Semi-Annual Report 2025
Company’s purchased or originated financial assets that have become credit impaired are discounted at their credit-adjusted
effective interest rate.
With respect to purchased or originated financial assets that have become credit impaired, at the balance sheet date, the
Company recognizes an impairment loss equal to the cumulative amount of changes in lifetime expected credit losses since initial
recognition.
With respect to lease payments receivable, accounts receivable and contract assets arising from transactions within the
meaning of CASBE 14 “Revenue”, the Company uses the simplified measurement method and recognizes an impairment loss
equal to the lifetime expected credit losses.
With respect to financial assets not using the measurement methods stated above, at each balance sheet date, the Company
assesses whether the credit risk has increased significantly since initial recognition, and recognizes an impairment loss equal to the
lifetime expected credit losses if the credit risk has increased significantly since initial recognition, or to the expected credit losses
within the next 12 months if the credit risk has not increased significantly since initial recognition.
The Company uses reasonable and supportable information, including forward-looking information, and compares the
possibility of default at the balance sheet date with the possibility of default upon initial recognition, to determine whether the
credit risk of the financial instruments has increased significantly since initial recognition.
At the balance sheet date, if the Company determines that a financial instrument has low credit risk, the Company assumes
that its credit risk has not increased significantly since initial recognition.
The Company assesses expected credit risk and measures expected credit losses of financial instruments individually or
collectively. When assessing the financial instruments collectively, the Company includes the financial instruments in different
groups according to their common risk characteristics.
At each balance sheet date, the Company re-assesses the expected credit losses, with the amount of increase in or reversal of
impairment loss recognized in profit or loss as impairment losses or gains. With respect to a financial asset at amortized cost, its
carrying value recorded in the balance sheet is written off against the impairment loss. With respect to an investment in debt
instruments at fair value through other comprehensive income, the Company recognizes the impairment loss in other
comprehensive income, without reducing its carrying value.
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Financial assets and financial liabilities are presented in the balance sheet separately, without offsetting each other. Financial
assets and financial liabilities are offset and presented on a net basis in the balance sheet only if: (i) the Company has a currently
enforceable legal right to offset the recognized amounts; and (ii) the Company has an intention to settle on a net basis, or realize
the assets and settle the liabilities simultaneously.
With respect to the transfer of financial assets not meeting the criteria for derecognition, the Company does not offset the
financial assets transferred against the relevant liabilities.
Determination and recognition of expected credit losses on accounts receivable
characteristics
Basis for
Group type Method for measuring expected credit losses
grouping
Banker’s
acceptance bills
By reference to historical credit loss experience, and taking into account the current situations
receivable Type of
and prediction of future economic conditions, calculate the expected credit losses according to
Commercial bills
the default risk exposure and rate of lifetime expected credit loss.
acceptance bills
receivable
By reference to historical credit loss experience, and taking into account the current situations
Accounts receivable
Age and prediction of future economic conditions, prepare a comparison table of the age of
– aging group
accounts receivable and rate of expected credit loss, and calculate the expected credit losses.
By reference to historical credit loss experience, and taking into account the current situations
Other receivables –
Age and prediction of future economic conditions, prepare a comparison table of the age of other
aging group
receivables and rate of expected credit loss, and calculate the expected credit losses.
Long-term By reference to historical credit loss experience, and taking into account the current situations
Nature of
receivables – group and prediction of future economic conditions, calculate the expected credit losses according to
accounts
of security deposits the default risk exposure and rate of lifetime expected credit loss.
Rate of expected credit loss on accounts Rate of expected credit loss on other
Age
receivable (%) accounts receivable (%)
Within 6 months (inclusive, the same below) 0.5 5
Over 3 years 100 100
The age of an account receivable, other account receivable or commercial acceptance bill receivable is calculated from the
month it actually occurred.
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With respect to the accounts receivable whose credit risk is significantly different from that of the relevant group, an
allowance for expected credit losses is recognized individually.
Methods for recognition and accounting of expected credit losses of other receivables
Inventories include finished products or goods held for sale in the ordinary course of business, work in progress and materials
and goods consumed in the process of production or rendering of services.
The value of inventories dispatched is determined using the weighted average method at the end of the month in which they
were dispatched.
The perpetual inventory system is adopted.
(1) Low-value consumables
One-off amortization method shall apply.
(2) Packing materials
One-off amortization method shall apply.
At the balance sheet date, inventories are measured at the lower of cost and net realizable value. An amount equal to the cost
of an inventory in excess of its net realizable value is recognized as an inventory provision. The net realizable value of inventories
held directly for sale is the estimated selling price of such inventories less the estimated selling expenses and related taxes in the
ordinary course of business. The net realizable value of inventories to be further processed is the estimated selling price of finished
goods less the estimated cost of completion, estimated selling expenses and related taxes in the ordinary course of business. At the
balance sheet date, if part of an inventory has a contract price while the remaining part thereof does not have a contract price, the
net realizable value is determined separately, which is compared with its cost, to determine the amount of the inventory provision
recognized or reversed (as applicable).
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Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the
relevant activities require unanimous consent of the parties sharing control. Significant influence is the power to participate in the
financial and operating policy-making of an entity, but is not control or joint control over those policies.
(1) For an equity investment acquired through a business combination involving entities under common control, if the
acquirer pays consideration for the business combination by cash, transfer of non-monetary assets, assumption of liabilities or
issuance of equity securities, the initial investment cost of the long-term equity investment is the Company’s share of the carrying
value of the owners’ equity of the acquiree in the consolidated financial statements of the ultimate controller at the combination
date. The difference between: (i) the initial investment cost of the long-term equity investment; and (ii) the carrying value of the
consideration paid for the combination or the total par value of the shares issued (as applicable) is treated as an adjustment to the
capital reserve. In case the capital reserve is not sufficient to absorb the difference, the remaining balance is charged against the
retained earnings.
If a business combination is effected through multiple transactions by steps that constitute a package deal, the Company
accounts for such transactions as one deal to gain control. If such transactions do not constitute a package deal, the initial
investment cost is the Company’s share of the carrying value of the owners’ equity of the acquiree in the consolidated financial
statements of the ultimate controller at the combination date; and the difference between: (i) the initial investment cost of the long-
term equity investment at the combination date; and (ii) the sum of the carrying value of long-term equity investment before the
combination and the carrying value of the consideration paid for acquisition of the additional shares at the combination date is
treated as an adjustment to the capital reserve. In case the capital reserve is not sufficient to absorb the difference, the remaining
balance is charged against the retained earnings.
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(2) For an equity investment acquired through a business combination involving entities not under common control, the initial
investment cost is the fair value of the aggregate consideration paid at the date of acquisition.
With respect to a long-term equity investment acquired through a business combination involving entities under common
control that is effected through multiple transactions in steps, the accounting thereof in the standalone financial statements is
different from that in the consolidated financial statements as stated below:
acquiree and the additional investment cost incurred is recorded as the initial investment cost of the equity investment changed
into the cost method.
transactions as one deal to gain control. If such transactions do not constitute a package deal, the equity held in the acquiree prior
to the acquisition date is remeasured at its fair value at the acquisition date, with the difference between its fair value and carrying
value recognized as an investment income for the current period; if the equity held in the acquiree prior to the acquisition date
involves other comprehensive income under the equity method, such other comprehensive income is transferred to the income for
the period in which the acquisition date falls, except for other comprehensive income arising from remeasurement of changes in
net liabilities or net assets of defined benefit plans.
(3) For an equity investment not acquired through business combination, the initial investment cost is the purchase price
actually paid if it is acquired by cash, or the fair value of the equity securities issued if it is acquired through issuance of equity
securities, or in accordance with CASBE 12 “Debt Restructuring” if it is acquired through debt restructuring, or CASBE 7
“Exchange of Non-monetary Assets” if it is acquired through exchange of non-monetary assets.
Long-term equity investments in investees over which the Company exercises control are accounted for using the cost
method. Long-term equity investments in associates and joint ventures are accounted for using the equity method.
(1) Criteria for determining a package deal
Where the Company loses control over a subsidiary due to the disposal of equity investment in the subsidiary through
multiple transactions by steps, the Company determines whether such transactions constitute a package deal taking into account
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the transaction contract terms, consideration received, the transferee of the equity sold, method of disposal, time of disposal and
other information in respect of each step. If the terms, conditions and financial effect of such transactions fall under one or more of
the circumstances set forth below, such transactions are accounted for as a package deal generally:
transactions.
(2) Accounting treatment of transactions not constituting a package deal
The difference between the carrying value of the equity disposed of and the disposal proceeds actually received is recognized
in profit or loss. If the remaining equity empowers the Company to exercise significant influence or joint control over the investee,
the remaining equity is accounted for using the equity method; if the remaining equity does not empower the Company to exercise
control, joint control or significant influence over the investee, the remaining equity is accounted for in accordance with CASBE
Before the loss of control, the difference between the disposal proceeds and the Company’s share of the net assets of the
subsidiary corresponding to the long-term equity investment disposed of as calculated continuously from the acquisition date or
combination date is treated as an adjustment to the capital reserve (capital premium). In case the capital premium is not sufficient
to absorb the difference, the remaining balance is charged against the retained earnings.
Upon loss of control, the remaining equity is remeasured at its fair value at the date of loss of control. The sum of the
consideration received from the disposal of the equity and the fair value of the remaining equity, net of the Company’s share of the
net assets of the subsidiary as calculated continuously from the acquisition date according to the original shareholding ratio, is
included in the investment income for the period during which the control was lost, and charged against goodwill. Other
DSBJ Semi-Annual Report 2025
comprehensive income related to the equity investment in the subsidiary is transferred to the investment income for the period
during which the control was lost.
(3) Accounting treatment of transactions constituting a package deal
The Company accounts for such transactions as one deal to dispose of and lose control over the subsidiary; however, in the
standalone financial statements, the difference between the proceeds from each disposal before loss of control and the carrying
value of the long-term equity investment corresponding to the equity disposed of is recognized in other comprehensive income,
which is wholly transferred to profit or loss in the period during which the control was lost.
The Company accounts for such transactions as one deal to dispose of and lose control over the subsidiary; however, in the
consolidated financial statements, the difference between the proceeds from each disposal before loss of control and the
Company’s share of the net assets of the subsidiary corresponding to the equity disposed of is recognized in other comprehensive
income, which is wholly transferred to profit or loss in the period during which the control was lost.
Measurement model for investment property
Measured at cost
Method of depreciation or amortization
using the same method as fixed assets and intangible assets.
(1) Criteria for recognition
Fixed assets are tangible assets held for the production of goods, rendering of services, lease or operation and management with a
service life of more than one accounting year. A fixed asset is recognized if the economic benefits relating to it are very likely to
flow to the Company and its cost can be reliably measured.
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(2) Depreciation
Estimated useful life Rate of residual value Annual rate of
Type Method of depreciation
(years) (%) depreciation
Buildings and
Straight line method 20-30 5 3.17-4.75
structures
Machinery and
Straight line method 5-10 5 9.50-19.00
equipment
Transportation
Straight line method 5 5 19.00
equipment
Office equipment and
Straight line method 5 5 19.00
others
its cost can be reliably measured. Construction in progress is measured at the actual cost incurred before it is completed and ready
for the intended use.
construction in progress that is ready for intended use but the final settlement of which has not yet been completed is transferred to
fixed assets at estimated value first, and after the completion of the final settlement, the estimated value is adjusted according to
the actual cost, without adjusting the accumulated depreciation.
Category Criteria and time for the transfer of construction in progress to fixed assets
Machinery and equipment Meet the design requirements or agreed standards after installation and commissioning
Buildings and structures Meet the building completion acceptance criteria
Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are
capitalized as part of the cost of the asset when they meet the condition for capitalization. Other borrowing costs are expensed
when they are incurred and recognized in profit or loss.
(1) A borrowing cost is capitalized when all of the following conditions are satisfied: (i) the expenditures on the asset have
already been incurred; (ii) the borrowing cost has already been incurred; and (iii) the acquisition, construction or production
activities necessary to prepare the asset for its intended use or sale have already commenced.
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(2) Capitalization of borrowing costs is suspended during the period of abnormal interruption of acquisition, construction or
production of a qualifying asset which lasts for more than three consecutive months. The borrowing costs incurred during the
period of suspension are recognized as expenses for the current period until the resumption of the acquisition, construction or
production activities.
(3) Capitalization of borrowing costs ceases when a qualifying asset acquired, constructed or produced gets ready for its
intended use or sale.
For borrowings obtained specially for the acquisition, construction or production of a qualifying asset, the amount of
capitalization of the borrowing costs is the cost of the borrowings actually incurred in the current period (including amortized
discount or premium determined using the effective interest method) less the interest income from the part of borrowings that has
not yet been utilized and is deposited in banks or investment income from temporary investment of the borrowings. For general
borrowings occupied for the acquisition, construction or production of a qualifying asset, the amount of borrowing costs eligible
for capitalization is determined by multiplying the weighted average of the excess of cumulative expenditures on the asset over the
special-purpose borrowings by the capitalization rate of the general borrowings occupied.
(1) Service life and basis for determination of service life, estimates, method of amortization or review
procedure
which the economic benefits related to the intangible asset are expected to be realized, or if that pattern cannot be determined
reliably, using the straight line method as follows:
Useful life and basis for determination of useful life
Item Method of amortization
(years)
Land use right 50 Straight line method
Development expenses 5 Straight line method
Software 3 Straight line method
Trademarks and patents 10 Straight line method
DSBJ Semi-Annual Report 2025
Useful life and basis for determination of useful life
Item Method of amortization
(years)
Customer resources 10 Straight line method
Intangible assets with indefinite service lives are not amortized, and their service lives are reviewed at each reporting period.
(2) Scope and accounting treatment of research and development (R&D) expenses
(1) Labor costs
Labor costs comprise the wages, salaries, basic pension insurance, basic medical insurance, unemployment insurance,
worker’s compensation insurance, maternity insurance and housing provident fund contributions paid to or for the R&D personnel,
and service fees of the outsourced R&D personnel.
With respect to the R&D personnel serving a number of R&D projects concurrently, their labor costs are allocated to the
relevant R&D projects on a pro-rata basis according to the record of working hours spent by them in such R&D projects as
provided by the administrative department.
With respect to the Company’s own R&D personnel and outsourced R&D personnel who are directly engaged in R&D
activities and also engaged in non-R&D activities, their labor costs actually incurred are allocated between R&D expenses and
production and business expenses on a pro-rata basis in proportion to the percentage of working hours spent by them on different
posts as recorded, or otherwise reasonably.
(2) Direct costs
Direct costs refer to the costs actually incurred by the Company in connection with R&D activities, including (i) costs of
materials, fuels and powers directly consumed; (ii) costs of development and fabrication of molds and process equipment used in
pilot trials and trial production, purchasing costs of samples, prototypes and general testing methods not classified as fixed assets,
and inspection costs of trial produces; and (iii) operation, maintenance, calibration, inspection, testing, repair and other costs of
instruments and equipment used in R&D activities.
(3) Depreciation expenses and long-term deferred expenses
Depreciation expenses refer to the depreciation expenses of instruments, equipment and buildings used in R&D activities.
With respect to the instruments, equipment and buildings used in both R&D activities and non-R&D activities, the
depreciation expenses actually incurred are allocated between R&D expenses and production and business expenses according to
the actual working hours and area used as recorded, or otherwise reasonably.
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Long-term deferred expenses refer to the long-term deferred expenses incurred in the alteration, modification, renovation and
repair of R&D facilities, which are recorded according to the amounts actually spent, and amortized on a straight line basis over
the defined period.
(4) Amortization expenses of intangible assets
Amortization expenses of intangible assets refer to the amortization expenses of software, intellectual properties, and non-
patented technologies (know-how, licenses, designs, computing methods, etc.) used in R&D activities.
(5) Design costs
Design costs refer to the costs incurred in the design of processes, technical specifications, rules of operation and operating
features in connection with the concept, development and manufacturing of new products and new processes, including the costs
of creative design activities conducted for the purpose of developing innovative, creative and breakthrough products.
(6) Equipment commissioning costs and testing costs
Equipment commissioning costs refer to the costs incurred during the equipment preparation phase of R&D activities,
including the costs of developing special-purpose production machines, changing production and quality control procedures,
developing new approaches and standards, etc.
The costs incurred for general equipment preparation and industrial engineering in connection with large-scale mass and
commercial production are excluded from the scope of aggregation.
Testing costs include clinical trial costs for the development of new drugs, field trial costs for exploration and development
technologies, field experiment costs, etc.
(7) Outsourced R&D expenses
Outsourced R&D expenses refer to the expenses of R&D activities that the Company engages external entities or individuals
at home or abroad to conduct, provided that the results of such R&D activities will be owned by the Company and such R&D
activities are closely related to the primary business of the Company.
(8) Other expenses
Other expenses refer to the expenses that are not set forth above and directly related to R&D activities, including the expenses
of technical documents and data, material translation, advisors and consultants, high and new technology R&D insurance, retrieval,
verification, evaluation, appraisal and acceptance inspection of R&D achievements, application, registration and agency service in
respect of intellectual properties, meetings, travel, communication, etc.
are incurred. Expenditures on an internal R&D project at the development phase are recognized as an intangible asset if: (i) it is
DSBJ Semi-Annual Report 2025
technically feasible to complete the intangible asset so that it will be available for use of sale; (ii) it is intended to complete the
intangible asset so that it will be available for use of sale; (iii) the pattern in which the intangible asset will generate economic
benefits can demonstrate the existence of a market for the output of the intangible asset or the intangible asset itself, or if it is to be
used internally, the usefulness of the intangible asset; (iv) there are sufficient technical, financial and other resources available to
complete the development activities and to use or sell the intangible asset; and (v) the expenditures attributable to the development
of the intangible asset can be reliably measured.
With respect to long-term equity investments, investment properties at cost, fixed assets, construction in progress, productive
biological assets at cost, oil and gas assets, right-of-use assets, intangible assets with a finite useful life and other long-term assets,
if there’s an indication of impairment at the balance sheet date, the Company assesses their recoverable amount. Goodwill arising
from business combinations and intangible assets with an infinite useful life are tested for impairment every year regardless of
whether there’s an indication of impairment. Goodwill is tested for impairment together with the relevant groups of assets or
combinations of groups of assets.
If the recoverable amount of a long-term asset is less than its carrying value, the difference is measured as impairment loss on
the asset and recognized in profit or loss.
Long-term deferred expenses are expenses that have already been incurred but should be amortized over a period of more
than one year. Long-term deferred expenses are stated as the amount actually incurred, and equally amortized over the benefit
period or established period. If an item of long-term deferred expenses will not benefit the subsequent periods, the remaining
unamortized balance of the item is wholly transferred to profit or loss.
(1) Accounting treatment of short-term employee benefits
The short-term employee benefits actually incurred are recognized as liabilities in the accounting period during which
employee services are rendered, and included in profit or loss or the cost of related assets.
DSBJ Semi-Annual Report 2025
(2) Accounting treatment of post-employment benefits
(1) In the accounting period during which employee services are rendered, the amount contributable as calculated according
to the defined contribution plan is recognized as liabilities and included in profit or loss or the costs of related assets.
(2) The accounting treatment of a defined benefit plan generally involves the following steps:
variables and financial variables, measure the obligation arising from the defined benefit plan and determine the period to which
the relevant obligation belongs. Meanwhile, discount the obligation arising from the defined benefit plan, in order to determine the
present value of the benefit plan obligation and the current service cost;
obligation by the fair value of the defined benefit plan is recognized as a net liability or asset of the defined benefit plan. If the
defined benefit plan has a surplus, the net assets of the defined benefit plan are measured at the lower of surplus in the defined
benefit plan and asset ceiling;
cost, net interest on the net liabilities or net assets of the defined benefit plan, and changes arising from remeasurement of the net
liabilities or net assets of the defined benefit plan, where the service cost and the net interest on the net liabilities or net assets of
the defined benefit plan are included in profit or loss or the cost of related assets, and the changes arising from remeasurement of
the net liabilities or net assets of the defined benefit plan are included in other comprehensive income, which will not be reversed
to profit or loss in subsequent periods, but may be transferred within the scope of equity.
(3) Accounting treatment of termination benefits
When the Company can no longer withdraw the offer of termination benefits as a result of termination of employment or
redundancy, or recognizes the restructuring costs or expenses relating to payment of termination benefits, whichever the earlier,
the employee benefit liabilities arising from recognition of termination benefits are recognized in profit or loss.
DSBJ Semi-Annual Report 2025
(4) Accounting treatment of other long-term employee benefits
product quality warranty, onerous contract or other contingencies, and it is probable that an outflow of resources embodying
economic benefits will be required to settle the obligation, and the amount of the obligation can be reliably measured.
obligations. The carrying value of provisions is reviewed at the balance sheet date.
Share-based payments include equity-settled share-based payments and cash-settled share-based payments.
(1) Equity-settled share-based payment
With respect to an equity-settled share-based payment that is granted in exchange for the services of employees, if the right
can be immediately exercised after the grant, at the date of the grant, the fair value of the equity instruments is included in the
relevant costs or expenses, and the capital reserve is adjusted accordingly; if the right may not be exercised until the vesting period
comes to an end or until the specified performance conditions are met, at each balance sheet date within the vesting period, the
services received in the current period are, based on the best estimate of the exercisable equity, included in the relevant costs or
expenses at the fair value of the equity instruments at the date of grant, and the capital reserve is adjusted accordingly.
An equity-settled share-based payment that is granted in exchange for the services of any other party is measured at fair value
at the date of receipt of such services if the fair value of such services can be reliably measured, or at the fair value of the equity
instruments at the date of receipt of such services if the fair value of such services cannot be reliably measured but the fair value of
the equity instruments can be reliably measured. The services are included in the relevant costs or expenses, and the owners’
equity is increased accordingly.
(2) Cash-settled share-based payment
DSBJ Semi-Annual Report 2025
With respect to a cash-settled share-based payment that is granted in exchange for the services of employees, if the right can
be immediately exercised after the grant, at the date of grant, the fair value of the liability undertaken by the Company is included
in the relevant costs or expenses, and the liabilities are increased accordingly; if the right may not be exercised until the vesting
period comes to an end or until the specified performance conditions are met, at each balance sheet date within the vesting period,
the services received in the current period are, based on the best estimate about the exercisable right, included in the relevant costs
or expenses and the corresponding liabilities at the fair value of the liability undertaken by the Company.
(3) Amendment and termination of share-based payment plans
If such amendment results in an increase in the fair value of the equity instruments granted, the Company recognizes a
corresponding increase in the services received according to the increase in the fair value of the equity instruments. If such
amendment results in an increase in the number of equity instruments granted, the Company recognizes a corresponding increase
in the services received according to the fair value of the additional equity instruments granted. If the Company amends the
vesting conditions in a manner favorable to the employees, the Company will take into account the vesting conditions as amended
in the accounting thereof.
If such amendment results in a decrease in the fair value of the equity instruments granted, the Company continues to
recognize the services received based on the fair value of the equity instruments at the date of grant, without taking into account
the decrease in the fair value of the equity instruments. If such amendment results in a decrease in the number of equity
instruments granted, the portion of the equity instruments reduced is deemed canceled. If the Company amends the vesting
conditions in a manner unfavorable to the employees, the Company will not take into account the vesting conditions as amended in
the accounting thereof.
If, during the vesting period, the Company cancels or settles any equity instruments granted (except for those canceled due to
failure to satisfy the vesting conditions), such cancellation or settlement is treated as an acceleration of vesting, and the amount
that would have been recognized in the remaining vesting period is recognized immediately.
Accounting policies for the recognition and measurement of revenue disclosed by business type
DSBJ Semi-Annual Report 2025
At contract commencement date, the Company assesses a contract to identify each single performance obligation included in
the contract and whether such performance obligation shall be satisfied over time or at a point in time.
A performance obligation shall be satisfied over time if it meets one of the following conditions, otherwise, it shall be
satisfied at a point in time: (i) the customer simultaneously receives and consumes the benefits provided by the Company’s
performance; (ii) the customer can control the work in process created during the Company’s performance; or (iii) the Company’s
performance does not create the goods with an alternative use to the Company and the Company has an enforceable right to
payment for performance completed to date.
With respect to a performance obligation satisfied over time, the Company recognizes revenue over time by measuring the
progress toward complete satisfaction of that performance obligation. If the Company is unable to reasonably measure the progress
of a performance obligation, but expects to recover the costs incurred in satisfying the performance obligation, the Company
recognizes revenue only to the extent of the costs incurred until such time that it can reasonably measure the progress of the
performance obligation. With respect to a performance obligation satisfied at a point in time, the Company recognizes revenue
when the customer obtains control of the relevant goods or services. In determining whether the customer has obtained control of
any goods, the Company considers the following indicators: (i) the Company has a present right to payment for the goods, i.e. the
customer presently is obliged to pay for the goods; (ii) the Company has transferred the legal title to the goods to the customer, i.e.
the customer has the legal title to the goods; (iii) the Company has transferred physical possession of the goods to the customer, i.e.
the customer physically possesses the goods; (iv) the Company has passed the significant risks and rewards of ownership of the
goods to the customer, i.e. the customer has the significant risks and rewards of ownership of the goods; (v) the customer has
accepted the goods; and (vi) other indicators showing that the customer has obtained control of the goods.
(1) The Company measures revenue according to the transaction price allocated to each performance obligation. Transaction
price is the amount of consideration to which the Company expects to be entitled in exchange for transferring the relevant goods or
services to a customer, excluding the amounts collected on behalf of third parties or expected to be returned to the customer.
(2) If a contract has any variable consideration, the Company determines the best estimate of the variable consideration
according to the expected value or the most likely amount, but the Company shall include in the transaction price some or all of an
amount of variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative
revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved.
DSBJ Semi-Annual Report 2025
(3) If a contract contains a significant financing component, the Company determines the transaction price according to the
amount that the customer would have paid for the goods or services if it had paid cash when it obtained control of the goods or
services. The difference between such transaction price and the contract consideration is amortized over the term of the contract
using the effective interest method.
(4) If a contract includes two or more performance obligations, at contract commencement date, the Company allocates the
transaction price to each performance obligation on a relative standalone selling price basis.
Different methods of revenue recognition and measurement for the same business type that adopts different business models.
The Company is primarily engaged in the sale of electronic circuits, LED display devices, touch panels and LCMs, precision
components and other products, the revenues from which constitute performance obligations to be satisfied at a point in time.
Revenue from the sale of products on the domestic market is recognized when the Company has delivered the products to the
agreed place of delivery which has been accepted by the customer, has received or has a present right to payment for the products,
and it is probable that the economic benefits associated with the transaction will flow to the Company. Revenue from sale of
products on the overseas market is recognized when the products delivered by the Company pursuant to the contract have been
cleared through customs, and the Company has received the relevant export declaration form and bill of lading, has received or has
a present right to payment for the products, and it is probable that the economic benefits associated with the transaction will flow
to the Company.
Contract acquisition costs, i.e. the incremental cost of acquiring a contract, are recognized as an asset if they are expected to
be recovered, and if the amortization period is no more than one year, are directly recorded in profit or loss in the period in which
they are incurred.
Contract performance costs, i.e. the costs of fulfilling a contract, are recognized as an asset if they are not addressed by the
standards on inventories, fixed assets and intangible assets and meet all of the following conditions:
costs (or similar costs), costs that are explicitly chargeable to the relevant customer under the contract and other costs incurred
solely in connection with the contract;
DSBJ Semi-Annual Report 2025
The assets related to contract costs are amortized on the same basis as the recognition of revenues from goods or services
related to such assets, and recognized in profit or loss.
The portion of the carrying value of an asset related to contract costs in excess of the remaining consideration receivable from
the transfer of goods or services related to such asset less the estimated costs that are expected to be incurred is recognized as an
impairment loss. If, as a result of changes in the factors of impairment in the previous periods, the remaining consideration
receivable from the transfer of goods or service related to such asset less the estimated costs that are expected to be incurred
exceeds the carrying value of such asset, the impairment loss is reversed through profit or loss, provided that the carrying value of
the reversed asset shall not exceed its carrying value at the reversal date assuming such impairment loss were not recognized.
Company will receive the government grants. Government grants in the form of monetary assets are measured at the amount
received or receivable. Government grants in the form of non-monetary assets are measured at fair value, or if their fair value is
unavailable, at a nominal amount.
Government grants related to assets are government grants which are offered for purchasing, constructing or otherwise
acquiring long-term assets as provided by the applicable government documents, or in the absence of such express provision in the
applicable government documents, whose primary condition is that the Company should purchase, construct or otherwise acquire
long-term assets. Government grants related to assets are offset against the carrying value of the relevant assets or recognized as
deferred income. Government grants related to assets recognized as deferred income are included in profit or loss over the service
life of the relevant assets on a reasonable and systematic basis. Government grants measured at nominal amount are directly
recognized in profit or loss. In case of a sale, transfer, retirement or damage of the relevant assets before the end of the intended
service life, the balance of the unallocated deferred income is transferred to profit or loss for the period in which the assets are
disposed of.
DSBJ Semi-Annual Report 2025
Government grants related to income are government grants other than those related to assets. Government grants related to
both assets and income where it is difficult to make a distinction between the portion related to assets and the portion related to
income are wholly classified as government grants related to income. Government grants related to income as compensation for
expenses or losses to be incurred in subsequent periods are recognized as deferred income and in the period for recognizing the
relevant costs, expenses or losses, included in profit or loss or offset against the relevant costs. Government grants related to
income as compensation for expenses or losses already incurred are directly included in profit or loss or offset against the relevant
costs.
relevant costs and expenses depending on the nature of economic business. Government grants not related to day-to-day operations
of the Company are recognized in non-operating revenues or expenses.
If the financial authority directly appropriates any interest subsidy to the Company, the interest subsidy is recognized as a
reduction in the borrowing cost.
asset or liability whose tax base can be determined according to the applicable tax law, the difference between its tax base and
carrying value, is recognized as a deferred tax asset or deferred tax liability according to the tax rate applicable to the period in
which the asset or liability is expected to be recovered or settled.
against which the deductible temporary differences can be utilized. At the balance sheet date, previously unrecognized deferred tax
assets are recognized if conclusive evidence exists that sufficient taxable income will probably be available in future periods to
utilize the deductible temporary differences.
longer probable that sufficient taxable income will be available in future periods to allow the benefit of the deferred tax assets to
be utilized. If it is probable that sufficient taxable income will be available, the amount of write-down is reversed.
DSBJ Semi-Annual Report 2025
income taxes arising from any: (i) business combination; or (ii) transaction or event directly recognized in owners’ equity.
has a legal right to settle current tax assets and current tax liabilities on a net basis; and (ii) the deferred tax assets and deferred tax
liabilities relate to income taxes levied by the same tax authority on either the same taxable entity or different taxable entities
which intend either to settle current tax assets and current tax liabilities on a net basis or to realize the assets and liabilities
simultaneously, in each future period in which significant amounts of deferred tax assets or liabilities are expected to be reversed.
(1) Accounting treatment of leases under which the Company is lessee
At the lease commencement date, a lease that has a lease term of 12 months or less and does not contain a purchase option is
a short-term lease. A lease of an asset with a low value when new is a lease of a low-value asset. Where the Company subleases or
expects to sublease a leased asset, the original lease is not classified as a lease of a low-value asset.
Except for short-term leases and leases of low-value assets, at the lease commencement date, the Company recognizes right-
of-use assets and lease liabilities for the lease.
(1) Right-of-use assets
Right-of-use assets are initially measured at cost, which cost includes: (i) the amount of the lease liability initially measured;
(ii) any lease payments made at or before the commencement date, less any lease incentives received; (iii) any initial direct costs
incurred by the lessee; and (iv) estimated costs to be incurred by the lessee in dismantling and removing the lease asset, restoring
the site on which it is located or restoring the lease asset to the condition required by the terms and conditions of the lease.
The Company depreciates the right-of-use assets using the straight-line method. If it is reasonable to be certain that the
ownership of a lease asset can be acquired by the end of the lease term, the Company depreciates the right-of-use asset over its
remaining service life. Otherwise, the Company depreciates the right-of-use asset over the shorter of the lease term and its
remaining service life.
(2) Lease liabilities
DSBJ Semi-Annual Report 2025
At the lease commencement date, the Company measures a lease liability at the present value of the lease payments that have
not been paid at that date. The present value of lease payments is determined using the interest rate implicit in the lease as the
discount rate. If that rate cannot be readily determined, the lessee’s incremental borrowing rate is used. The difference between the
lease payments and their present value is unrecognized financing costs. Interest expenses are measured for each period within the
lease term using the discount rate for determining the present value of lease payments, and recognized in profit or loss. Variable
lease payments not included in the measurement of lease liabilities are recognized in profit or loss in the period during which they
are incurred.
After the lease commencement date, if there are changes in the in-substance fixed lease payments, amounts expected to be
payable under residual value guarantee, the index or rate used to determine the lease payments, the result of an assessment of
purchase option, renewal option or termination option or the actual exercise of such options, the Company re-measures the lease
liability based on the present value of lease payments as adjusted, and adjusts the carrying value of the right-of-use assets
accordingly. If the carrying value of the right-of-use asset is reduced to zero, but the lease liability needs to be further reduced, the
balance is recognized in profit or loss.
(2) Accounting treatment of leases under which the Company is lessor
At the lease commencement date, the Company classifies a lease that transfers substantially all the risks and rewards
incidental to ownership of a lease asset to the lessee as a finance lease, and all other leases as operating leases.
(1) Operating lease
Lease receipts are recognized as lease income using the straight-line method over the lease term. Initial direct costs incurred
are capitalized, amortized on the same basis as the recognition of lease income, and recognized in profit or loss by installments.
Variable lease payments related to the operating lease which are not included in the lease receipts are recognized in profit or loss
in the period during which they are incurred.
(2) Finance lease
At the lease commencement date, the Company recognizes the finance lease payments receivable based on the net investment
in the lease (equal to the sum of unguaranteed residual value and the present value of lease receipts that are not received at the
lease commencement date and discounted using the Company’s incremental borrowing rate), and derecognizes the assets held
DSBJ Semi-Annual Report 2025
under the finance lease. The Company calculates and recognizes interest income using the interest rate implicit in the lease over
the lease term.
Variable lease payments that are not included in the measurement of the net investment in a lease are recognized in profit or
loss when they are incurred.
(1) Significant changes in accounting policies
□ Applicable N/A
(2) Changes in significant accounting estimates
□ Applicable N/A
(3) Adjustment of the opening balance of related financial statement items due to the initial adoption of new accounting
standards since 2025
□ Applicable N/A
VI. Taxation
Category of tax Tax base Tax rate
The output tax is calculated based on revenue from
sales of goods or rendering of services in accordance 13%, 6% or 7%-25% (for the Company’s
Value-added tax
with the tax law, and net of the input tax deductible in overseas subsidiaries)
the current period is the value-added tax payable.
Urban maintenance and
Amount of turnover tax actually paid 5% or 7% (China)
construction tax
Enterprise income tax Amount of taxable income
If levied on the basis of price, 1.2% * 70% of the
Property tax original value of the property; if levied on the basis of 1.2% or 12% (China)
rental, 12% of the lease income
Education surcharge Amount of turnover tax actually paid 3% (China)
Local education
Amount of turnover tax actually paid 2% (China)
surcharge
Different rates of enterprise income tax applicable to the taxpayers:
Taxpayer Income tax rate
The Company, Mutto Optronics Technology Co., Ltd., MFLEX Yancheng Co., Ltd., 15.00%
DSBJ Semi-Annual Report 2025
Yancheng Dongshan Precision Manufacturing Co., Ltd., Suzhou RF Top Electronic
Communication Co., Ltd., Suzhou Chengjia Precision Manufacturing Co., Ltd., Suzhou
Dongdai Electronic Technology Co., Ltd., Yancheng Dongshan Communication Technology
Co., Ltd., Suzhou Yongchuang Communication Technology Co., Ltd., Suzhou Jebson
Intelligent Technology Co., Ltd., Suzhou Dongyue New Energy Technology Co., Ltd., and
Yancheng Dongchuang Precision Manufacturing Co., Ltd.
HongKong Dongshan Precision Union Optoelectronic Co., Ltd. and other companies
incorporated in Hong Kong
Mutto Optronics Group Limited, Mflex Delaware, Inc., The Dii Group (BVI) Co. Limited 0
Federal corporate income tax rate,
Multi-Fineline Electronix, Inc. (hereinafter referred to as Mflex) and other companies
incorporated in the United States
Multi-Fineline Electronix Singapore Ptd. Ltd. and other companies incorporated in Singapore 17% (Singapore)
Multek Technologies Limited
exemption)
Multek Technology Sweden AB 20.6% (Sweden)
Multek Technology Malaysia SDN.BHD 24% (Malaysia)
DSBJ Mexico, S.DER.L.DEC.V. and other companies in Mexico 30.00%
Multi-Fineline Electronics (Thailand) Co., Ltd. 20.00%
Multi-Fineline Electronics Hungary KFT. 9.00%
Other taxpayers not listed above 25.00%
(1) Pursuant to the Notice on Publishing the Filing of the Third Batch of High and New Technology Enterprises Recognized
by the Recognition Authority of Jiangsu Province in 2022 issued by the Office of the National Leading Group for Recognition
Management of High and New Technology Enterprises, the Company’s subsidiaries, Mutto Optronics, Yancheng Dongshan
Precision Manufacturing Co., Ltd., Yancheng Dongshan Communication Technology Co., Ltd. and MFLEX Yancheng passed the
high and new technology enterprise qualification review with a term of three years from 2022 to 2025, and therefore are subject to
an enterprise income tax rate of 15% for the current period.
(2) Pursuant to the Notice on Publishing the Filing of the Fourth Batch of High and New Technology Enterprises Recognized
by the Recognition Authority of Jiangsu Province in 2022 issued by the Office of the National Leading Group for Recognition
Management of High and New Technology Enterprises, the Company and its wholly-owned subsidiary Suzhou Chengjia passed
the high and new technology enterprise qualification review with a term of three years from 2022 to 2025, and therefore are
subject to an enterprise income tax rate of 15% for the current period.
(3) Pursuant to the Notice on Publishing the Filing the Second Batch of High and New Technology Enterprises Recognized
by the Recognition Authority of Jiangsu Province in 2022 issued by the Office of the National Leading Group for Recognition
Management of High and New Technology Enterprises, the Company’s subsidiary Suzhou RF Top Electronic Communication Co.,
Ltd. passed the high and new technology enterprise qualification review with a term of three years from 2022 to 2025, and
therefore is subject to an enterprise income tax rate of 15% for the current period.
DSBJ Semi-Annual Report 2025
(4) Pursuant to the Administrative Measures on Certification and Management of High and New Technology Enterprises
(Guo Ke Fa Huo (2016) No. 32) and Guidelines for the Accreditation of High and New Technology Enterprises (Guo Ke Fa Huo
(2016) No. 195), Suzhou Dongdai Electronic Technology Co., Ltd., Suzhou Yongchuang Communication Technology Co., Ltd.,
and Suzhou Jebson Intelligent Technology Co., Ltd. passed the qualification review of high and new technology enterprises with a
term of three years from 2023 to 2026, and therefore are subject to an enterprise income tax rate of 15% for the current period.
(5) Pursuant to the Administrative Measures on Certification and Management of High and New Technology Enterprises
(Guo Ke Fa Huo (2016) No. 32) and Guidelines for the Accreditation of High and New Technology Enterprises (Guo Ke Fa Huo
(2016) No. 195), Suzhou Dongyue New Energy Technology Co., Ltd. and Yancheng Dongchuang Precision Manufacturing Co.,
Ltd. passed the qualification review of high and new technology enterprises with a term of three years from 2024 to 2027, and
therefore are subject to an enterprise income tax rate of 15% for the current period.
(6) Multek Technologies Limited is subject to a corporate income tax rate of 15% under the Mauritius Corporate Income Tax
Act, and as a global Class I company incorporated in Mauritius but operating abroad, enjoys an 80% tax exemption, so its effective
corporate income tax rate is 3%.
VII. Notes to items of the consolidated financial statements
In RMB
Item Closing balance Opening balance
Cash on hand 200,624.49 266,540.67
Bank deposits 7,629,676,172.26 5,771,485,841.70
Other cash and bank balances 1,098,095,614.02 1,400,578,869.92
Total 8,727,972,410.77 7,172,331,252.29
Incl.: Total amounts deposited
abroad
Other information: See Notes to the Financial Statements for cash and cash equivalents subject to restrictions on use, and cash and
bank balances not classified as cash and cash equivalents.
In RMB
Item Closing balance Opening balance
Financial assets at fair value through profit or loss 99,120,489.81 78,144,342.95
Incl.:
Investments in equity instruments 65,235,923.23 63,212,376.92
Derivatives 33,884,566.58 14,931,966.03
Incl.:
Total 99,120,489.81 78,144,342.95
DSBJ Semi-Annual Report 2025
(1) Notes receivable by category
In RMB
Item Closing balance Opening balance
Commercial acceptance bills 17,976,222.55 9,037,098.60
Total 17,976,222.55 9,037,098.60
(2) Notes receivable by method of recognition of allowance for doubtful accounts
In RMB
Closing balance Opening balance
Allowance for Allowance for
Book balance Book balance
doubtful accounts doubtful accounts
Type Carrying Carrying
Ratio of value Ratio of value
Amount % Amount provisio Amount % Amount provisio
n n
Incl.:
Allowan
ce
recogniz 18,066,5 90,332.7 17,976,2 9,082,51 45,412.5 9,037,09
ed 55.33 8 22.55 1.16 6 8.60
collectiv
ely
Incl.:
Commer
cial 18,066,5 90,332.7 17,976,2 9,082,51 45,412.5 9,037,09
acceptan 55.33 8 22.55 1.16 6 8.60
ce bills
Total 100.00% 0.50% 100.00% 0.50%
Notes receivable with allowance for doubtful accounts recognized collectively by category name:
In RMB
Closing balance
Item Allowance for doubtful
Book balance Ratio of provision
accounts
Group of commercial
acceptance bills
Total 18,066,555.33 90,332.78
(3) Allowance for doubtful accounts recognized, recovered or reversed in the current period
Allowance for doubtful accounts recognized in the current period:
In RMB
Type Opening Changes in the current period Closing balance
DSBJ Semi-Annual Report 2025
balance Recovered or
Recognized Written off Others
reversed
Allowance
recognized 45,412.56 44,920.22 90,332.78
collectively
Total 45,412.56 44,920.22 90,332.78
(1) Accounts receivable by age
In RMB
Age Closing book balance Opening book balance
Within 1 year (inclusive) 5,981,786,072.97 7,669,860,368.06
Within 6 months 5,897,543,290.80 7,558,742,455.97
Over 3 years 210,461,454.48 218,266,298.53
Over 5 years 178,458,679.43 80,945,545.32
Total 6,289,584,480.34 7,960,638,917.92
(2) Notes receivable by method of recognition of allowance for doubtful accounts
In RMB
Closing balance Opening balance
Allowance for Allowance for
Book balance Book balance
doubtful accounts doubtful accounts
Type Carrying Carrying
Ratio of value Ratio of value
Amount % Amount provisio Amount % Amount provisio
n n
Allowan
ce
recogniz 58,220,8 57,514,2 706,598. 58,220,8 57,514,2 706,598.
ed 94.36 95.37 99 94.36 95.37 99
individu
ally
Incl.:
Allowan
ce
recogniz 6,231,36 229,786, 6,001,57 7,902,41 239,666, 7,662,75
ed 3,585.98 272.30 7,313.68 8,023.56 597.06 1,426.50
collectiv
ely
Incl.:
Total 100.00% 4.57% 100.00% 3.73%
DSBJ Semi-Annual Report 2025
Notes receivable with allowance for doubtful accounts recognized collectively by category name: Age
In RMB
Closing balance
Item Allowance for doubtful
Book balance Ratio of provision
accounts
Within 6 months 5,897,543,290.81 29,487,716.95 0.50%
Over 3 years 163,666,059.74 163,666,059.74 100.00%
Total 6,231,363,585.98 229,786,272.30
(3) Allowance for doubtful accounts recognized, recovered or reversed in the current period
Allowance for doubtful accounts recognized in the current period:
In RMB
Changes in the current period
Type Opening balance Recovered or Written Closing balance
Recognized Others
reversed off
Allowance recognized
individually
Allowance recognized
collectively
Total 297,180,892.43 -9,880,324.76 0.00 0.00 0.00 287,300,567.67
(5) Top 5 debtors in terms of closing balance of accounts receivable and contract assets
In RMB
Closing balance of
Total closing % of the total
allowance for
Closing balance of balance of closing balance of
Closing balance of doubtful accounts
Company name accounts accounts accounts
contract assets receivable and
receivable receivable and receivable and
impairment of
contract assets contract assets
contract assets
Top 1 1,111,812,740.97 1,111,812,740.97 17.68% 5,598,742.07
Top 2 617,777,060.34 617,777,060.34 9.82% 5,328,738.87
Top 3 448,491,379.69 448,491,379.69 7.13% 2,242,456.86
Top 4 310,750,603.40 310,750,603.40 4.94% 1,977,601.87
Top 5 290,782,957.83 290,782,957.83 4.62% 1,453,914.79
Total 2,779,614,742.23 2,779,614,742.23 44.19% 16,601,454.46
(1) Accounts receivable financing by category
In RMB
Item Closing balance Opening balance
Banker’s acceptance bills 252,886,223.60 252,612,009.41
DSBJ Semi-Annual Report 2025
Total 252,886,223.60 252,612,009.41
(2) Notes receivable by method of recognition of allowance for doubtful accounts
In RMB
Closing balance Opening balance
Allowance for Allowance for
Book balance Book balance
doubtful accounts doubtful accounts
Type Carrying Carrying
Ratio of value Ratio of value
Amount % Amount provisio Amount % Amount provisio
n n
Incl.:
Allowan
ce
recogniz 252,886, 252,886, 252,612, 252,612,
ed 223.60 223.60 009.41 009.41
collectiv
ely
Incl.:
Banker’s
acceptan 100.00% 100.00%
ce bills
Total 100.00% 100.00%
(4) Accounts receivable financing pledged at the end of the current period
In RMB
Item Amount pledged at the end of the period
Banker’s acceptance bills 51,194,067.17
Total 51,194,067.17
(5) Accounts receivable financing already endorsed or discounted but not yet become due at the balance
sheet date
In RMB
Amount derecognized at the end of the Amount not derecognized at the end of
Item
period the period
Banker’s acceptance bills 1,048,658,496.50
Total 1,048,658,496.50
(8) Other information
As the acceptors of banker’s acceptance bills are commercial banks that have high credit ratings, banker’s acceptance bills
are less likely to be dishonored when they become due. Therefore, the Company derecognizes the banker’s acceptance bills
already endorsed or discounted. However, if such bills fail to be paid when they become due, the Company will assume joint and
several liability to the holders thereof pursuant to the Law on Negotiable Instruments.
DSBJ Semi-Annual Report 2025
In RMB
Item Closing balance Opening balance
Other receivables 225,193,916.90 45,836,662.39
Total 225,193,916.90 45,836,662.39
(3) Other receivables
In RMB
Nature of accounts Closing book balance Opening book balance
Loan and reserve fund 7,770,768.07 6,147,448.39
Security deposit 27,945,966.55 34,357,968.88
Temporary payment receivable and
others
Security deposit for investments 187,005,481.32
Total 246,963,783.16 61,601,245.10
In RMB
Age Closing book balance Opening book balance
Within 1 year (inclusive) 230,232,286.33 27,206,070.82
Over 3 years 8,258,546.17 9,269,416.74
Over 5 years 3,213,943.39 4,315,124.58
Total 246,963,783.16 61,601,245.10
Applicable □ N/A
In RMB
Closing balance Opening balance
Allowance for Allowance for
Book balance Book balance
doubtful accounts doubtful accounts
Type Carrying Carrying
Ratio of value Ratio of value
Amount % Amount provisio Amount % Amount provisio
n n
Allowan
ce 2,340,70 2,340,70 2,340,70 2,340,70
recogniz 4.91 4.91 4.91 4.91
ed
DSBJ Semi-Annual Report 2025
individu
ally
Incl.:
Allowan
ce
recogniz 244,623, 19,429,1 225,193, 59,260,5 13,423,8 45,836,6
ed 078.25 61.35 916.90 40.19 77.80 62.39
collectiv
ely
Incl.:
Total 100.00% 8.82% 100.00% 25.59%
Other receivables with allowance for doubtful accounts recognized collectively by category name: Age
In RMB
Closing balance
Item Allowance for doubtful
Book balance Ratio of provision
accounts
Within 1 year 230,232,286.33 11,511,614.38 5.00%
Over 3 years 5,917,841.26 5,917,841.26 100.00%
Total 244,623,078.25 19,429,161.35
Recognition of allowance for doubtful accounts in accordance with the general model of expected credit losses:
In RMB
Stage I Stage II Stage III
Allowance for doubtful Lifetime expected Lifetime expected
accounts credit loss (not credit credit loss (credit
credit loss
impaired) impaired)
Balance at January 1,
In the current period,
the balance as at
January 1, 2025
- Transferred to stage II -9,904.29 9,904.29 0.00
- Transferred to stage
-10,500.00 10,500.00 0.00
III
Recognized 10,161,215.13 -1,297,215.98 -2,793,222.14 6,070,777.01
Reversed 65,493.46 65,493.46
Balance at June 30,
In RMB
% of the total closing Closing balance
Nature of
Company name Closing balance Age balance of other of allowance for
account
receivables doubtful accounts
DSBJ Semi-Annual Report 2025
% of the total closing Closing balance
Nature of
Company name Closing balance Age balance of other of allowance for
account
receivables doubtful accounts
Shanghai Lucun Enterprise
Security
Management Consulting Within 1
deposit for 75,860,900.78 30.72% 3,793,045.04
Partnership (Limited year
investments
Partnership)
Shanghai Yucun Enterprise
Security
Management Consulting Within 1
deposit for 44,939,190.92 18.20% 2,246,959.55
Partnership (Limited year
investments
Partnership)
Security
Within 1
Yicun Capital Co., Ltd. deposit for 38,454,399.08 15.57% 1,922,719.95
year
investments
Shanghai Xiucheng Enterprise
Security
Management Consulting Within 1
deposit for 27,093,179.94 10.97% 1,354,659.00
Partnership (Limited year
investments
Partnership)
Provincial Electricity Authority Security Within 1
Ban Bueng deposit year
Total 190,741,670.72 77.23% 9,537,083.54
(1) Advances to suppliers by age
In RMB
Closing balance Opening balance
Age
Amount % Amount %
Within 1 year 197,027,780.68 98.16% 88,459,876.91 94.23%
Over 3 years 1,583,780.94 0.79% 1,595,419.53 1.70%
Total 200,720,870.22 93,875,465.69
(2) Top 5 suppliers in terms of closing balance of advances to suppliers
Book balance % of the total balance of advances to
Company name
(RMB) suppliers
V-Capital Zhigeng International Co., Limited 41,278,302.09 20.57%
Dong Yin Development (Holdings) Limited 31,427,854.95 15.66%
TR Capital (Source Photonics) Limited 26,824,572.63 13.36%
Fintrek China Industry Power Investment 18,026,110.32 8.98%
Nanfang Communication Holdings Limited 18,026,110.32 8.98%
Subtotal 135,582,950.31 67.55%
DSBJ Semi-Annual Report 2025
Does the Company need to comply with the disclosure requirements for the real estate industry
No
(1) Categories of inventories
In RMB
Closing balance Opening balance
Inventory provision Inventory provision
Item or allowance for or allowance for
Book balance impairment of Carrying value Book balance impairment of Carrying value
contract fulfilling contract fulfilling
costs costs
Raw
materials
Work in
progress
Goods on
hand
Circulating
materials
Total 7,187,355,451.88 779,026,872.85 6,408,328,579.03 7,163,376,821.41 1,010,721,213.56 6,152,655,607.85
(2) Data resources recognized as inventories
In RMB
Inventory of Inventory of data
Inventory of self-built
Item outsourced data resources acquired by Total
data resources
resources other means
(3) Inventory provision or allowance for impairment of contract fulfilling costs
In RMB
Increase in the current period Decrease in the current period
Opening
Item Reversed or Closing balance
balance Recognized Others Others
written off
Raw materials 177,951,960.02 36,908,629.01 23,178,693.12 191,681,895.91
Work in
progress
Goods on hand 749,742,579.85 29,796,305.76 283,813,705.22 495,725,180.39
Circulating
materials
Total 86,992,131.00 318,686,471.71 779,026,872.85
Basis for determining the net realizable Reason for reversing the Reason for writing off the inventory
Item value inventory provision provision
DSBJ Semi-Annual Report 2025
The net realizable value is the The inventories for which an
The net realizable value is the estimated
estimated selling price of finished inventory provision was
Raw selling price of finished goods less the
goods less the estimated cost of recognized at the beginning of
materials estimated cost of completion, estimated
completion, estimated selling expenses the current period have been
selling expenses and related taxes.
and related taxes. used.
The net realizable value is the The inventories for which an
The net realizable value is the estimated
estimated selling price of finished inventory provision was
Work in selling price of finished goods less the
goods less the estimated cost of recognized at the beginning of
progress estimated cost of completion, estimated
completion, estimated selling expenses the current period have been
selling expenses and related taxes.
and related taxes. used.
The inventories for which an
The net realizable value is the The net realizable value is the estimated
inventory provision was
Goods on estimated selling price of finished selling price of finished goods less the
recognized at the beginning of
hand goods less the estimated selling estimated selling expenses and related
the current period have been
expenses and related taxes. taxes.
used.
The net realizable value is the The inventories for which an
Other The net realizable value is the estimated
estimated selling price of finished inventory provision was
selling price of finished goods less the
circulating goods less the estimated cost of recognized at the beginning of
estimated cost of completion, estimated
materials completion, estimated selling expenses the current period have been
selling expenses and related taxes.
and related taxes. used.
In RMB
Item Closing balance Opening balance
Cost of returned goods receivable 23,249,420.91 28,122,898.55
Deductible input tax 729,193,533.00 743,118,926.80
Prepaid enterprise income tax 48,056,885.28 56,072,964.14
Deferred expenses and others 462,871,536.99 382,527,494.50
Total 1,263,371,376.18 1,209,842,283.99
In RMB
Aggregate Aggregate
Income Loss Reason for
income loss Dividen
recognized recognized designation
recognized recognized d
in other in other as at fair
in other in other income
Opening comprehens comprehens Closing value
Item comprehens comprehens recogniz
balance ive income ive income balance through
ive income ive income ed in the
in the in the other
at the end of at the end of current
current current comprehens
the current the current period
period period ive income
period period
Jiangsu
Bohua
Equity 200,000,000 200,000,000
Investment .00 .00
Partnership
(L.P.)
Hai Dixin
Semiconduc
tor
(Nantong)
Co., Ltd.
DSBJ Semi-Annual Report 2025
Aggregate Aggregate
Income Loss Reason for
income loss Dividen
recognized recognized designation
recognized recognized d
in other in other as at fair
in other in other income
Opening comprehens comprehens Closing value
Item comprehens comprehens recogniz
balance ive income ive income balance through
ive income ive income ed in the
in the in the other
at the end of at the end of current
current current comprehens
the current the current period
period period ive income
period period
Kunshan
Hostar
Intelligence
Technology
Co., Ltd.
Dyness
Digital
Energy
Technology
Co., Ltd.
Shinwu
Optronics 22,035,000. 22,035,000.
(Suzhou) 00 00
Co., Ltd.
Jinan
Moviebook
Co., Ltd.
Shenzhen
Ruoyu 1,500,000.0 1,500,000.0
Technology 0 0
Co., Ltd.
Total
.00 .00
Other information:
Reason for designation as an investment in equity instruments at fair value through other comprehensive income
RMB36,152,329.00, in which the Company holds 10.2345% shares. In consideration that the Company has a close business
relationship with Hai Dixin Semiconductor (Nantong) Co., Ltd., the shares held by the Company in it will help the Company
improve its business competencies and the investment is not held for trading, the Company designated this investment as a
financial asset at fair value through other comprehensive income on January 1, 2019.
RMB3.3 billion, and is primarily engaged in equity investment and venture capital investment (in non-listed companies only). In
consideration that this investment will bring a good return to the Company and provide the Company with opportunities to invest
in premium fields and assets, and is not held for trading, the Company designated this investment as a financial asset at fair value
through other comprehensive income.
in which the Company holds 3.038% shares. In consideration that the shares held by the Company in it will help the Company
improve its business competencies, including procuring raw materials/equipment, and developing and strengthening market and
sales teams, and the investment is not held for trading, the Company designated this investment as a financial asset at fair value
through other comprehensive income in February 2023.
DSBJ Semi-Annual Report 2025
(4) Dyness Digital Energy Technology Co., Ltd. was established on August 17, 2017, with a registered capital of RMB
Company improve its business competencies and the investment is not held for trading, the Company designated this investment
as a financial asset at fair value through other comprehensive income in March 2023.
(5) Shinwu Optronics (Suzhou) Co., Ltd. was established on October 19, 2006, with a registered capital of RMB 57,754,000,
in which the Company holds 1.7169% shares. In consideration that the shares held by the Company in it will help the Company
improve its business competencies and the investment is not held for trading, the Company designated this investment as a
financial asset at fair value through other comprehensive income in May 2023.
(6) Jinan Moviebook Co., Ltd. was established on September 6, 2019, with a registered capital of RMB 10,000,000, in which
the Company holds 0.1995% shares. In consideration that the shares held by the Company in it will help the Company improve its
business competencies and the investment is not held for trading, the Company designated this investment as a financial asset at
fair value through other comprehensive income in October 2023.
which the Company holds 0.9678% shares. In consideration that the shares held by the Company in it will help the Company
improve its business competencies and the investment is not held for trading, the Company designated this investment as a
financial asset at fair value through other comprehensive income in January 2024.
(1) Particulars of long-term receivables
In RMB
Closing balance Opening balance
Range of
Item Allowance for Allowance for discount
Carrying Carrying
Book balance doubtful Book balance doubtful rate
value value
accounts accounts
Security
deposit for 30,000,000.00 30,000,000.00 30,000,000.00 30,000,000.00
finance lease
Total 30,000,000.00 30,000,000.00 30,000,000.00 30,000,000.00
DSBJ Semi-Annual Report 2025
In RMB
Changes in the current period
Opening Closing
Opening Investment Declared Closing
balance of Adjustment to Other Allowance balance of
balance income or cash balance
Investee allowance for Additional Reduced other changes for allowance for
(carrying loss under dividends Others (carrying
impairment investment investment comprehensive in impairment impairment
value) equity or profit value)
loss income equity loss loss
method distribution
I. Joint ventures
II. Associates
Suzhou Toprun Electric
Equipment Co., Ltd.
Shenzhen Nanfang Blog
Technology Development 17,507,056.47 17,507,056.47
Co., Ltd.
Shanghai Fu Shan
Precision Manufacturing
Co., Ltd.
Suzhou LEGATE
Intelligent Equipment 22,647,067.59 -962,618.12 21,684,449.47
Corp., Ltd.
Suzhou Dongcan
Optoelectronics 3,316,472.49 -448,465.91 2,868,006.58
Technology Co., Ltd.
Jiangsu Nangao
Intelligent Equipment
Innovation Center Co.,
Ltd.
Jiaozuo Songyang
Optoelectric Technology 24,392,091.70 22,957,625.04
Co., Ltd.
Suzhou Yongxin
Jingshang Venture 35,877,124.77 -303,293.85 35,573,830.92
Capital Partnership (L.P.)
ISOTEK MICROWAVE
LIMITED
DSBJ Semi-Annual Report 2025
BVF (BVI) Holding L.P. 27,734,283.16 34,428,780.00 6,694,496.84
Shanghai Xinhuarui
Semiconductor 18,121,256.35 -627,940.36 17,493,315.99
Technology Co., Ltd.
Subtotal 155,008,795.68 77,533,685.13 34,428,780.00 0.00 0.00 6,694,496.84 123,200,615.96 77,533,685.13
Total 155,008,795.68 77,533,685.13 34,428,780.00 0.00 0.00 6,694,496.84 123,200,615.96 77,533,685.13
DSBJ Semi-Annual Report 2025
(1) Investment properties at cost
Applicable □ N/A
In RMB
Buildings and Construction
Item Land use right Total
structures in progress
I. Original value
(1) Acquired
(2) Transferred from inventories/ fixed assets/
construction in progress
(3) Increased due to business combinations
(1) Disposed
(2) Other transfer-out
II. Accumulated depreciation and amortization
(1) Recognized or amortized 127,934.34 127,934.34
(1) Disposed
(2) Other transfer-out
III. Allowance for impairment loss
(1) Recognized
(1) Disposed
(2) Other transfer-out
IV. Carrying value
DSBJ Semi-Annual Report 2025
In RMB
Item Closing balance Opening balance
Fixed assets 15,127,797,700.57 13,595,191,232.40
Total 15,127,797,700.57 13,595,191,232.40
(1) Particulars of fixed assets
In RMB
Buildings and Machinery and Transportation Office equipment
Item Total
structures equipment equipment and others
I. Original value
(1) Acquired 48,551,287.03 4,641,198.50 3,029,629.95 56,222,115.48
(2) Transferred from
construction in progress
(3) Increased due to
business combinations
(4) Differences in translation of
foreign currency financial 4,133,435.66 -781,153.37 37,066.61 118,033.15 3,507,382.05
statements
(1) Disposed or retired 3,063,601.00 288,698,839.88 4,204,379.06 15,282,700.26 311,249,520.20
II. Accumulated depreciation
(1) Recognized 130,663,200.87 985,171,569.83 4,261,642.44 29,161,456.29 1,149,257,869.43
(2) Differences in translation of
foreign currency financial 285,660.28 -240,742.99 21,510.39 15,665.23 82,092.92
statements
(1) Disposed or retired 2,472,121.59 244,721,006.89 3,028,884.38 14,559,037.43 264,781,050.29
III. Allowance for impairment
loss
(1) Recognized
(1) Disposed or retired 3,915,372.66 3,915,372.66
IV. Carrying value
DSBJ Semi-Annual Report 2025
(2) Fixed assets whose property title certificates have not yet been obtained
In RMB
Reason for not obtaining the property
Item Carrying value
title certificate
Factory buildings of Multek 17,028,482.99 Pending review
In RMB
Item Closing balance Opening balance
Construction in progress 2,440,814,349.98 2,575,154,318.35
Total 2,440,814,349.98 2,575,154,318.35
(1) Particulars of construction in progress
In RMB
Closing balance Opening balance
Allowance Allowance
Item for for
Book balance Carrying value Book balance Carrying value
impairment impairment
loss loss
Infrastructure
construction of the
factory for Multi- 1,273,074,593.03 1,273,074,593.03 1,228,168,131.58 1,228,168,131.58
layer Circuit Board
Co., Ltd.
IC substrate project of
Chaowei
Microelectronics
(Yancheng) Co., Ltd.
Large-sized die-
casting project of
Yancheng
Dongchuang
Kunshan new energy
manufacturing base- 152,296,411.93 152,296,411.93 395,279,797.72 395,279,797.72
related project
Mexico new energy
manufacturing base- 48,535,899.71 48,535,899.71 7,184,449.96 7,184,449.96
related project
MFLEX Yancheng
Phase II project
MFLEX Suzhou
Guoxiang Phase II
and other production
expansion projects
Installation 552,641,165.60 552,641,165.60 469,351,026.45 469,351,026.45
DSBJ Semi-Annual Report 2025
equipment in progress
and others
Total 2,440,814,349.98 2,440,814,349.98 2,575,154,318.35 2,575,154,318.35
(2) Changes in significant constructions in progress in the current period
In RMB
Aggre
Rate of
Amou gate Incl.:
Increas % of interes
Openi nt Closin amoun Capital
e in Other project t Source
ng transfe g Progre t of ized
Item Budget the decrea costs capital of
balanc rred to balanc ss capital interes
current ses to the ization funds
e fixed e ized t this
period budget this
assets interes year
year
t
Infrastructure
construction of
the factory for 100.00 90.00 1,546, 1,205,
Multi-layer % % 813.42 512.00
Circuit Board
Co., Ltd.
Kunshan new
energy 81.20 81.20 7,229,
manufacturing % % 036.37
base project
Large-sized
die-casting 1,500, 178,43 86,100 59,417 23,960 181,16 16,528
project of 000,00 9,112. ,000.0 ,183.9 ,325.2 1,603. ,462.2
% % .25
Yancheng 0.00 27 0 3 3 11 7
Dongchuang
Total 000,00 419,09 6,771. 6,451. ,804.0 532,60 ,312.0
(1) Particulars of right-of-use assets
In RMB
Buildings and Machinery and Transportation
Item Land Total
structures equipment equipment
I. Original value
construction in progress
of foreign currency 2,847,029.08 2,847,029.08
financial statements
combinations
DSBJ Semi-Annual Report 2025
assets
II. Accumulated
depreciation
(1) Recognized 38,549,638.96 971,434.51 741,298.38 40,262,371.85
of foreign currency 524,359.46 524,359.46
financial statements
combinations
(1) Disposed 31,587,193.16 31,587,193.16
under finance lease
III. Allowance for
impairment loss
(1) Recognized
(1) Disposed
IV. Carrying value
(1) Particulars of intangible assets
In RMB
Unpatent
Land use Pate ed Trademarks Developme Customer
Item Software Total
right nt technolog and patents nt expenses resources
y
I. Original
value
Opening
balance
DSBJ Semi-Annual Report 2025
Increase
(1
) Acquired
(2
) Internal
R&D
(3
) Increased
due to
business
combination
s
(4)
Differences
in
translation
of foreign
currency
financial
statements
(5)
Transferred
from 0.00 19,776,535.23
construction
in progress
(6)
Transferred
from
inventories
Decrease 5
(1 11,760,311.3
) Disposed 5
Closing
balance
II.
Accumulate
d
amortization
Opening
balance
Increase 8 6
(1
) 8,081,929.96 7,889,644.30 53,908,071.35
Recognized
due to
business
combination
s
DSBJ Semi-Annual Report 2025
Differences
in
translation
-94,647.86 -209,846.70 -304,494.55
of foreign
currency
financial
statements
Decrease 5
(1 11,696,218.5
) Disposed 5
Closing
balance
III.
Allowance
for
impairment
loss
Opening
balance
Increase
(1
)
Recognized
Decrease
(1
) Disposed
Closing
balance
IV.
Carrying
value
Closing
balance
Opening
balance
DSBJ Semi-Annual Report 2025
(1) Original value of goodwill
In RMB
Decrease of
Increase of the current
the current
period
period
Investee or event giving rise to goodwill Opening balance Closing balance
Arising from
business Disposed
combination
MFLEX 1,770,752,915.84 1,770,752,915.84
Multek 179,329,062.90 179,329,062.90
Mutto Optronics Technology Co., Ltd. 153,957,647.78 153,957,647.78
Suzhou RF Top Electronic Communication
Co., Ltd.
Aranda asset group 50,502,380.96 50,502,380.96
Total 2,289,543,588.01 2,289,543,588.01
(2) Allowance for impairment of goodwill
In RMB
Increase of the current Decrease of the
Investee or event giving rise to goodwill Opening balance period current period Closing balance
Recognized Others Disposed Others
Mutto Optronics Technology Co., Ltd. 115,869,337.30 115,869,337.30
Suzhou RF Top Electronic
Communication Co., Ltd.
Aranda 8,364,096.07 2,181,938.11 10,546,034.18
Total 169,931,367.54 2,181,938.11 172,113,305.65
In RMB
Increase in the
Item Opening balance Amortization Other decreases Closing balance
current period
Decoration costs of fixed
assets and others
Total 903,599,713.89 131,747,109.42 137,179,890.99 898,166,932.32
(1) Deferred tax assets not offset
In RMB
Closing balance Opening balance
Item Deductible temporary Deductible temporary
Deferred tax assets Deferred tax assets
differences differences
DSBJ Semi-Annual Report 2025
Allowance for impairment of
assets
Deductible losses 2,498,816,122.90 390,997,797.38 2,300,687,978.39 362,521,218.64
Difference in depreciation of
fixed assets
Lease liabilities 1,525,373,381.98 244,497,468.07 1,425,266,733.21 229,432,313.12
Unrealized gains/losses from
inter-company transactions
Change in the fair value of
financial instruments
Deferred income 633,117,334.21 102,172,643.62 522,365,262.99 85,669,295.35
Accrued expenses 677,931,859.60 63,708,911.34 698,231,909.28 112,291,672.83
Total 6,464,197,282.65 1,044,791,520.06 6,613,319,805.19 1,067,530,171.48
(2) Deferred tax liabilities not offset
In RMB
Closing balance Opening balance
Item Taxable temporary Deferred tax Taxable temporary Deferred tax
differences liabilities differences liabilities
One-off deduction of
depreciation of fixed assets
Accrued interest income and
others
Right-of-use assets 1,327,235,365.51 212,829,826.28 1,403,935,934.81 241,292,708.42
Income tax payable due to
increase in appraised value
Total 4,236,424,960.99 840,541,445.99 4,414,236,685.49 863,839,315.83
(3) Deferred tax assets and deferred tax liabilities presented on a netting basis
In RMB
Closing offset amount Closing balance of Opening offset amount Opening balance of
Item of deferred tax assets deferred tax assets or of deferred tax assets deferred tax assets or
and liabilities liabilities after offset and liabilities liabilities after offset
Deferred tax assets 212,952,559.99 831,838,960.07 233,079,559.40 834,450,612.08
Deferred tax liabilities 212,952,559.99 627,588,885.99 233,079,559.40 630,759,756.43
(4) Unrecognized deferred tax assets
In RMB
Item Closing balance Opening balance
Deductible temporary differences 456,888,418.24 660,868,902.87
Deductible losses 871,178,092.69 701,671,666.45
Total 1,328,066,510.93 1,362,540,569.32
(5) Deductible losses on unrecognized deferred tax assets that will expire in the following years
In RMB
DSBJ Semi-Annual Report 2025
Year Closing balance Opening balance Remark
Total 871,178,092.69 701,671,666.45
In RMB
Closing balance Opening balance
Allowance Allowance
Item for for
Book balance Carrying value Book balance Carrying value
impairment impairment
loss loss
Deferred income – unrealized
gain or loss on sale and 16,101,914.52 16,101,914.52 19,414,150.16 19,414,150.16
leaseback
Prepayment for projects and
equipment
Total 560,438,857.08 560,438,857.08 512,554,751.37 512,554,751.37
In RMB
Closing balance Opening balance
Item Type of Reason of Type of Reason of
Book balance Carrying value Book balance Carrying value
restriction restriction restriction restriction
Cash and Security Security
bank 1,311,394,704.02 1,311,394,704.02 Pledge deposit for 1,828,730,869.92 1,828,730,869.92 Pledge deposit for
balances notes, etc. notes, etc.
Security
Fixed for loans,
assets sales and
leaseback
Accounts
receivable
Accounts
Pledge of Pledge of
receivable 51,194,067.17 51,194,067.17 Pledge 47,745,743.70 47,745,743.70 Pledge
notes notes
financing
Right-of- Finance Finance
use assets lease lease
Total 3,116,439,163.11 2,783,762,191.74 4,239,312,270.17 3,416,356,628.68
DSBJ Semi-Annual Report 2025
(1) Short-term borrowings by category
In RMB
Item Closing balance Opening balance
Credit loans 4,661,275,581.96 3,857,114,689.19
Discounting and factoring of notes,
letters of credit and accounts receivable
Total 5,799,403,308.56 4,810,954,130.69
In RMB
Item Closing balance Opening balance
Financial liabilities held for trading 71,586,000.00 82,922,390.17
Incl.:
Derivative financial liabilities 71,586,000.00 82,922,390.17
Incl.:
Total 71,586,000.00 82,922,390.17
In RMB
Category Closing balance Opening balance
Commercial acceptance bills 77,661,962.71 10,677,710.87
Banker’s acceptance bills 856,968,183.37 924,903,561.63
Total 934,630,146.08 935,581,272.50
(1) Accounts payable
In RMB
Item Closing balance Opening balance
Payment for materials 6,031,733,001.88 6,934,434,355.01
Payment for projects and equipment 2,570,853,408.93 2,235,670,994.79
Others 479,765,837.90 489,163,640.63
Total 9,082,352,248.71 9,659,268,990.43
DSBJ Semi-Annual Report 2025
In RMB
Item Closing balance Opening balance
Other payables 96,940,026.12 94,163,223.90
Total 96,940,026.12 94,163,223.90
(3) Other payables
In RMB
Item Closing balance Opening balance
Temporary receipts payable 55,152,281.25 54,101,772.81
Others 41,787,744.87 40,061,451.09
Total 96,940,026.12 94,163,223.90
In RMB
Item Closing balance Opening balance
Payment for goods 172,934,050.12 122,562,435.14
Total 172,934,050.12 122,562,435.14
(1) Employee benefits payable
In RMB
Increase of the Decrease of the
Item Opening balance Closing balance
current period current period
I. Short-term benefits 578,999,821.65 2,227,673,351.14 2,379,047,845.18 427,625,327.61
II. Post-employment benefits – defined
contribution plans
III. Termination benefits 3,281,714.92 3,765,663.25 6,615,863.22 431,514.95
Total 597,573,087.02 2,390,865,695.75 2,542,398,872.87 446,039,909.90
(2) Short-term employee benefits
In RMB
Increase of the Decrease of the
Item Opening balance Closing balance
current period current period
subsidies
DSBJ Semi-Annual Report 2025
education fund
Total 578,999,821.65 2,227,673,351.14 2,379,047,845.18 427,625,327.61
(3) Defined contribution plans
In RMB
Increase of the current Decrease of the current
Item Opening balance Closing balance
period period
insurance
insurance
Total 15,291,550.45 159,426,681.36 156,735,164.47 17,983,067.34
In RMB
Item Closing balance Opening balance
Value-added tax 4,163,790.76 20,674,711.21
Enterprise income tax 281,944,315.43 342,390,303.11
Individual income tax 9,101,590.50 9,277,024.93
Urban maintenance and construction tax 3,757,888.89 4,101,006.65
Property tax 10,130,006.87 7,364,518.95
Stamp duty 4,779,267.60 5,657,390.62
Education surcharge 1,632,642.07 1,878,074.57
Land use tax 457,598.42 367,722.10
Local education surcharge 1,091,242.98 1,252,049.72
Other taxes 2,388,533.95 2,809,325.90
Total 319,446,877.47 395,772,127.76
In RMB
Item Closing balance Opening balance
Long-term borrowings due within one
year
Lease liabilities due within one year 137,320,782.66 131,841,882.24
Total 2,493,252,418.30 2,458,987,301.36
DSBJ Semi-Annual Report 2025
In RMB
Item Closing balance Opening balance
Output tax to be recognized 3,133,052.29 5,190,838.21
Total 3,133,052.29 5,190,838.21
(1) Long-term borrowings by category
In RMB
Item Closing balance Opening balance
Pledge loans 438,290,766.67 714,721,945.32
Credit loans 4,216,735,296.23 4,470,332,834.45
Mortgage and guaranteed loans 50,056,250.00 104,133,111.56
Total 4,705,082,312.90 5,289,187,891.33
In RMB
Item Closing balance Opening balance
Lease obligations payable 1,444,540,952.70 1,456,822,089.69
Less: Unrecognized financing costs -56,488,353.38 -105,303,252.51
Total 1,388,052,599.32 1,351,518,837.18
In RMB
Item Closing balance Opening balance
Long-term payables 27,754,051.05 49,434,786.31
Total 27,754,051.05 49,434,786.31
(1) Long-term payables by nature
In RMB
Item Closing balance Opening balance
Share purchase price 27,754,051.05 49,434,786.31
In RMB
DSBJ Semi-Annual Report 2025
Item Closing balance Opening balance Reason for formation
Product warranty 15,907,892.68 30,534,014.56
Provision for sales return 23,570,994.49 27,724,858.36
Total 39,478,887.17 58,258,872.92
In RMB
Increase of the Decrease of the Reason for
Item Opening balance Closing balance
current period current period formation
Government grants 585,933,889.89 270,238,750.00 107,132,163.18 749,040,476.71 Government grants
Total 585,933,889.89 270,238,750.00 107,132,163.18 749,040,476.71
In RMB
Change (+/-)
Opening balance Capitalization Closing balance
Bonus
New shares of capital Others Subtotal
shares
reserves
Total
shares
Other information: With the approval of Shenzhen Stock Exchange and CSRC, the 125,693,822 RMB-denominated ordinary
shares issued by the Company at the issuance price of RMB 11.17 per share were listed on Shenzhen Stock Exchange on June 27,
In RMB
Decrease of
Increase of the current
Item Opening balance the current Closing balance
period
period
Capital premium (share premium) 7,850,787,182.40 1,265,818,722.73 9,116,605,905.13
Other capital reserve 141,497,253.43 141,497,253.43
Total 7,992,284,435.83 1,265,818,722.73 9,258,103,158.56
Other information (including a description of the change in the current period and the reasons for the change): The change in the
capital reserve in the current period is the capital premium arising from the new issuance of shares by the Company.
In RMB
Increase of the current Decrease of the current
Item Opening balance Closing balance
period period
Treasury shares 74,991,696.79 100,084,437.00 175,076,133.79
Total 74,991,696.79 100,084,437.00 175,076,133.79
Other information: On April 9, 2025, we held the 18 meeting of the 6 Board of Directors, at which the Proposal on Repurchase
th th
of the Company’s Shares was deliberated and approved, agreeing to use raised funds or other lawful funds to repurchase the RMB-
DSBJ Semi-Annual Report 2025
denominated ordinary shares (A-shares) issued by the Company through the Shenzhen Stock Exchange by aggregate auction for
the purpose of employee stock ownership plans or equity incentives. The total repurchase funds shall range from RMB 100 million
(inclusive) to RMB 200 million (inclusive), and the repurchase price shall not exceed RMB 48.78 per share. As of May 6, 2025,
this share repurchase plans has been fully implemented, under which we have repurchased a total of 4.2022 million shares of the
Company, accounting for 0.2463% of the Company’s total share capital, where the highest trading price was RMB 25.95 per share,
the lowest trading price was RMB 23.27 per share, and the total transaction amount was RMB 100.0844 million (excluding
transaction fees). The above-mentioned share repurchase complies with the provisions of laws and regulations and our share
repurchase plan.
In RMB
Amount of the current period
Less: Other Amount
Less: Other Amount
Opening comprehensive attributable Closing
Item Amount before comprehensive Less: Income attributable to
balance income to minor balance
tax income reclassified to tax expenses the parent after
reclassified to interest
profit or loss tax
retained earnings after tax
II. Other
comprehensive
income that will be -317,104,374.08 111,503,228.29 -5,553,254.12 4,359,135.53 112,697,346.88 -204,407,027.20
reclassified to
profit or loss
Reserves for
-4,428,972.92 19,359,276.79 -5,553,254.12 4,359,135.53 20,553,395.38 16,124,422.46
cash flow hedge
Differences in
the translation of
foreign currency -312,675,401.16 92,143,951.50 92,143,951.50 -220,531,449.66
financial
statements
Total other
comprehensive -317,104,374.08 111,503,228.29 -5,553,254.12 4,359,135.53 112,697,346.88 -204,407,027.20
income
In RMB
Increase of the current Decrease of the current
Item Opening balance Closing balance
period period
Statutory surplus
reserve
Total 232,241,216.54 232,241,216.54
DSBJ Semi-Annual Report 2025
In RMB
Item Current period Previous period
Balance of retained profits at the end of the previous period before
adjustment
Opening balance of retained profits after adjustment 9,288,043,977.88 9,025,095,529.05
Add: Net profit attributable to owners of the parent 758,005,980.61 1,085,641,847.89
Less: Appropriation to statutory surplus reserve 47,374,346.81
Dividends payable to the ordinary shareholders 118,795,180.63 425,319,052.25
Transfer of other comprehensive income to retained earnings 350,000,000.00
Closing balance of retained profits 9,927,254,777.86 9,288,043,977.88
In RMB
Amount of the current period Amount of the previous period
Item
Revenue Cost Revenue Cost
Primary business 16,756,004,204.58 14,521,655,805.67 16,521,772,107.69 14,408,130,744.18
Other businesses 199,159,694.31 128,843,430.23 106,814,087.87 47,564,313.33
Total 16,955,163,898.89 14,650,499,235.90 16,628,586,195.56 14,455,695,057.51
In RMB
Item Amount of the current period Amount of the previous period
Urban maintenance and construction tax 18,294,832.19 39,773,020.05
Education surcharge 8,129,157.99 17,685,634.63
Property tax 19,592,855.42 15,390,414.84
Land use tax 809,767.30 957,701.07
Vehicle and vessel tax 911,806.51 837,678.42
Stamp duty 10,463,237.65 10,533,280.44
Environmental protection tax 104,860.32 346,386.74
Local education surcharge 5,419,438.62 11,790,423.12
Total 63,725,956.00 97,314,539.31
In RMB
Item Amount of the current period Amount of the previous period
Employee benefits 279,943,684.74 280,930,019.51
Depreciation and amortization 85,690,889.77 78,433,107.26
Consulting service fees 54,212,094.87 35,623,428.59
Office expenses 12,439,068.14 17,832,051.29
Business entertainment expenses 24,124,672.26 22,812,086.03
DSBJ Semi-Annual Report 2025
Travel expenses 11,634,664.08 8,598,359.09
Rents 4,656,698.12 5,215,929.06
Repair costs 14,159,167.98 12,620,656.93
Taxes 1,390,536.14 1,039,457.29
Others 59,310,463.39 50,826,923.33
Total 547,561,939.49 513,932,018.38
In RMB
Item Amount of the current period Amount of the previous period
Employee benefits 101,851,337.61 108,354,693.68
Sales service fees 26,670,103.77 34,177,964.33
Export charges 10,789,463.58 12,199,315.29
Travel expenses 6,471,965.00 6,760,920.66
Business entertainment expenses 10,534,099.66 10,223,544.60
Others 1,625,635.45 26,744,973.09
Total 157,942,605.07 198,461,411.65
In RMB
Item Amount of the current period Amount of the previous period
Materials requisitioned 250,520,190.78 284,790,576.60
Labor costs 261,695,815.23 267,132,170.20
Depreciation 45,720,954.81 45,587,062.83
Others 23,530,506.11 24,713,799.36
Total 581,467,466.93 622,223,608.99
In RMB
Item Amount of the current period Amount of the previous period
Interest expenses 159,944,331.53 193,330,353.30
Interest on leases and financing service
fees
Less: Interest income 113,967,483.54 141,164,259.09
Add: Exchange loss -64,646,445.89 -125,881,081.93
Bank charges and others 9,575,162.86 9,751,760.34
Total 29,546,958.47 -27,540,920.14
In RMB
Sources of other income Amount of the current period Amount of the previous period
DSBJ Semi-Annual Report 2025
Government grants related to assets 107,132,163.18 79,531,306.68
Government grants related to income 29,188,043.87 66,248,136.43
Value-added tax credits 24,380,280.26
Tax preferences 3,613,741.39 5,260,420.66
Refund of individual income tax
withholding service fees
In RMB
Source of gain on changes in fair value Amount of the current period Amount of the previous period
Financial assets held for trading 2,536,226.77 -15,065,635.92
Total 2,536,226.77 -15,065,635.92
In RMB
Amount of the current Amount of the previous
Item
period period
Income from long-term equity investments under the equity method -4,073,896.56 -4,311,831.51
Investment income from the disposal of long-term equity investments -4,851,794.93
Investment income from the disposal of financial assets held for trading 3,056,572.49 -43,948,067.47
Income from debt restructuring 2,062,881.90
Discount loss on accounts receivable financing -832,884.08 -3,082,914.57
Income from bank wealth management products 855,961.44
Total -6,702,003.08 -48,423,970.21
In RMB
Item Amount of the current period Amount of the previous period
Loss from doubtful accounts 3,764,627.53 -57,244,335.30
Total 3,764,627.53 -57,244,335.30
In RMB
Amount of the current Amount of the previous
Item
period period
I. Impairment of inventories and contract fulfilling costs -86,992,131.00 -105,585,722.55
X. Impairment of goodwill -2,181,938.11
Total -89,174,069.11 -105,585,722.55
DSBJ Semi-Annual Report 2025
In RMB
Source of gain on disposal of assets Amount of the current period Amount of the previous period
Gain on disposal of fixed assets -14,963,024.24 -34,905,446.22
In RMB
Amount of the Amount of the
Item Amount recognized in non-recurring gain or loss
current period previous period
Penalties 3,293,920.92 3,574,668.97 3,293,920.92
Amounts that cannot be paid 340,357.93 384,586.86 340,357.93
Others 1,985,161.51 1,023,803.86 1,985,161.51
Total 5,619,440.36 4,983,059.69 5,619,440.36
In RMB
Amount of the Amount of the Amount recognized in non-recurring gain or
Item
current period previous period loss
Donations 3,915,500.00 2,032,060.00 3,915,500.00
Loss on destruction and retirement of
non-current assets
Penalties, overdue fines and liquidated
damages
Others 358,831.72 2,104,408.20 358,831.72
Total 6,326,490.28 5,571,548.85 6,326,490.28
(1) Statement of income tax expenses
In RMB
Item Amount of the current period Amount of the previous period
Income tax expense 198,134,719.03 47,382,680.04
Deferred income tax expenses 3,799,917.10 76,792,036.62
Total 201,934,636.13 124,174,716.66
(2) Reconciliation of income tax expenses to accounting profit
In RMB
Item Amount of the current period
Total profit 960,492,657.61
Income tax expenses 201,934,636.13
DSBJ Semi-Annual Report 2025
See Notes to the Financial Statements.
(1) Cash flows related to operating activities
Other cash receipts related to operating activities:
In RMB
Item Amount of the current period Amount of the previous period
Security deposit for acceptance bills 212,576,032.68 292,804,080.02
Government grants 300,850,136.02 75,652,600.37
Interest income 113,967,483.54 141,164,259.09
Temporary receipts payable and others 21,495,008.51 82,870,034.31
Total 648,888,660.75 592,490,973.79
Other cash payments related to operating activities
In RMB
Item Amount of the current period Amount of the previous period
Security deposit for acceptance bills 339,221,569.24 450,511,403.51
Selling expenses and administrative
expenses in cash
Bank charges 9,575,162.86 9,751,760.34
Temporary payment receivable and others 20,760,201.07 20,705,500.14
Total 701,106,071.72 827,623,574.33
(2) Cash flows related to investing activities
Other cash receipts related to investing activities
In RMB
Item Amount of the current period Amount of the previous period
Recovery of term deposits 777,215,212.80 419,424,782.41
Other security deposits 16,439,072.04
Total 793,654,284.84 419,424,782.41
Other cash payments related to investing activities
In RMB
Item Amount of the current period Amount of the previous period
Term deposits 300,592,706.53 530,962,815.64
Security deposit for the acquisition 237,313,781.32
Payment of remaining acquisition amount
Others 46,449,602.24
Total 584,356,090.09 530,962,815.64
DSBJ Semi-Annual Report 2025
(3) Cash flows related to financing activities
Other cash receipts related to financing activities
In RMB
Item Amount of the current period Amount of the previous period
Proceeds from discounts on acceptance
bills and letters of credit
Total 730,151,717.04 329,197,076.44
Other cash payments related to financing activities
In RMB
Item Amount of the current period Amount of the previous period
Security deposits 900,000.00 193,427,617.44
Payment of rents 11,405,753.18 93,422,168.32
Payments under bill financing 341,000,000.00 511,413,491.20
Repurchase of treasury shares 100,100,000.00 25,000,846.30
Total 453,405,753.18 823,264,123.26
(1) Supplementary information to the cash flow statement
In RMB
Amount of the Amount of the
Supplementary information
current period previous period
Net profit 758,558,021.48 558,924,012.73
Add: Allowance for impairment of assets 85,409,441.58 106,066,217.85
Depreciation of fixed assets, oil and gas assets, and productive biological assets 1,149,385,803.77 999,264,228.33
Depreciation of right-of-use assets 40,262,371.85 40,529,013.96
Amortization of intangible assets 53,908,071.35 48,441,737.48
Amortization of long-term deferred expenses 137,179,890.99 117,420,434.00
Loss on disposal of fixed assets, intangible assets and other long-term assets (gain
expressed with “-”)
Loss on retirement of fixed assets (gain expressed with “-”) 2,052,158.56 1,313,816.79
Loss on changes in fair value (gain expressed with “-”) -2,536,226.77 1,821,721.89
Financial expenses (income expressed with “-”) 133,939,279.15 103,871,578.61
Investment loss (income expressed with “-”) 5,869,119.00 61,667,884.24
Decrease in deferred tax assets (increase expressed with “-”) 6,970,787.54 -50,266,107.56
Increase in deferred tax liabilities (decrease expressed with “-”) -3,170,870.44 133,638,436.31
Decrease in inventories (increase expressed with “-”) -342,665,102.19 103,490,060.63
Decrease in operating receivables (increase expressed with “-”) 659,746,673.69 273,447,550.24
Increase in operating payables (decrease expressed with “-”) -199,754,422.52 -445,566,632.44
Others
Net cash flows from operating activities 2,500,118,021.28 2,088,969,399.28
DSBJ Semi-Annual Report 2025
Debt-to-capital swap
Convertible corporate bonds due within one year
Fixed assets acquired under finance leases
Closing balance of cash 7,416,577,706.75 6,051,354,094.24
Less: Opening balance of cash 5,343,600,382.37 5,644,487,018.31
Add: Closing balance of cash equivalents
Less: Opening balance of cash equivalents
Net increase in cash and cash equivalents 2,072,977,324.38 406,867,075.93
(4) Components of cash and cash equivalents
In RMB
Item Closing balance Opening balance
I. Cash 7,416,577,706.75 5,343,600,382.37
Incl.: Cash on hand 200,624.49 266,540.67
Bank deposits immediately available for withdrawal 7,416,377,082.26 5,343,333,841.70
III. Closing balance of cash and cash equivalents 7,416,577,706.75 5,343,600,382.37
(5) Amounts subject to restriction on use but still presented as cash and cash equivalents
In RMB
Amount of the current Amount of the
Item Reason for presentation as cash and cash equivalents
period previous period
Immediately available for withdrawal despite of restriction
Offering proceeds 597,707,560.19
on use
Total 597,707,560.19
(6) Cash and bank balances not classified as cash and cash equivalents
In RMB
Amount of the current Amount of the
Item Reason for not classified as cash and cash equivalents
period previous period
Security deposit for May be unavailable for payment due to pledge, freeze
term deposits or otherwise
Security deposit for May be unavailable for payment due to pledge, freeze
bills or otherwise
Security deposit for May be unavailable for payment due to pledge, freeze
the acquisition or otherwise
Security deposit for May be unavailable for payment due to pledge, freeze
letters of credit or otherwise
Security deposit for May be unavailable for payment due to pledge, freeze
letters of guarantee or otherwise
Future security deposit May be unavailable for payment due to pledge, freeze
etc. or otherwise
Total 1,311,394,704.02 1,828,730,869.92
DSBJ Semi-Annual Report 2025
Titles of items under “others” whose balance at the end of the previous year was adjusted and amount of adjustment:
(1) Monetary items denominated in foreign currencies
In RMB
Closing balance in foreign
Item Exchange rate Closing balance in RMB
currency
Cash and bank balances 4,874,997,961.09
Incl.: USD 669,817,294.77 7.1586 4,794,954,086.34
EUR 412,281.56 8.4024 3,464,154.58
HKD 1,807,819.90 0.91195 1,648,641.36
SGD 508,748.45 5.6179 2,858,097.92
NTD 278,871.00 0.2468 68,825.36
JPY 70,216,409.99 0.049594 3,482,312.64
MXN 130,800,206.10 0.3809 49,821,798.50
THB 85,116,269.42 0.2197 18,700,044.39
Accounts receivable 4,131,313,579.91
Incl.: USD 577,077,622.96 7.1586 4,131,067,871.72
EUR 29,242.62 8.4024 245,708.19
HKD 0.91195
Long-term borrowings
Incl.: USD 7.1586
EUR 8.4024
HKD 0.91195
Other receivables 20,808,219.78
Incl.: USD 1,819,180.46 7.1586 13,022,785.24
NTD 30,989.35 0.2468 7,648.17
MXN 6,458,638.84 0.3809 2,460,095.54
THB 24,204,327.95 0.2197 5,317,690.85
Short-term borrowings 1,072,314,700.00
Incl.: USD 114,500,000.00 7.1586 819,659,700.00
THB 1,150,000,000.00 0.2197 252,655,000.00
Accounts payable 4,217,611,998.82
Incl.: USD 487,412,461.51 7.1586 3,489,190,846.97
EUR 2,504,254.39 8.4024 21,041,747.09
JPY 1,076,798,659.00 0.049594 53,402,752.69
SEK 2,650.00 0.7568 2,005.52
THB 2,947,538,163.44 0.2197 647,574,134.51
MXN 16,803,654.54 0.3809 6,400,512.01
Other payables 25,002,326.77
Incl.: USD 3,145,739.45 7.1586 22,519,090.44
JPY 650,461.00 0.049594 32,258.96
MXN 235,017.82 0.3809 89,518.29
THB 10,748,562.06 0.2197 2,361,459.09
Non-current liabilities due within one
year'
DSBJ Semi-Annual Report 2025
Incl.: USD 366,824.63 7.1586 2,625,950.80
(2) The Company as the lessor
The Company as lessor under operating leases
Applicable □ N/A
In RMB
Item Rental income Incl.: Income related to variable lease payments not included in lease receipts
Rental income 540,548.43
Total 540,548.43
VIII. Research and Development Expenses
In RMB
Item Amount of the current period Amount of the previous period
Direct costs 250,520,190.78 284,790,576.60
Labor costs 261,695,815.23 267,132,170.20
Depreciation 45,720,954.81 45,587,062.83
Others 23,530,506.11 24,713,799.36
Total 581,467,466.93 622,223,608.99
IX. Changes in the Scope of Consolidation
X. Interests in Other Entities
(1) Composition of the enterprise group
In RMB
Shareholding
Principal place of Place of Nature of
Subsidiary percentage Method of acquisition
business incorporation business
Direct Indirect
Business combinations
Suzhou Yongchuang Communication Technology Co.,
Suzhou Suzhou Manufacturing 100.00% involving entities under
Ltd.
common control
Suzhou Dongkui Lighting Co., Ltd. Suzhou Suzhou Manufacturing 100.00% Established
Suzhou Chengjia Precision Manufacturing Co., Ltd. Suzhou Suzhou Manufacturing 100.00% Established
Dongguan Dongshan Precision Manufacturing Co., Ltd. Dongguan Dongguan Manufacturing 95.00% 5.00% Established
Yancheng Dongshan Precision Manufacturing Co., Ltd. Yancheng Yancheng Manufacturing 95.00% 5.00% Established
Suzhou Jebson Intelligent Technology Co., Ltd. Suzhou Suzhou Manufacturing 51.00% Established
Suzhou Dongdai Electronic Technology Co., Ltd. Suzhou Suzhou Manufacturing 51.00% Established
Property
Yancheng Dongshan Business Management Co., Ltd. Yancheng Yancheng 95.00% 5.00% Established
management
Yancheng Dongshan Communication Technology Co.,
Yancheng Yancheng Manufacturing 100.00% Established
Ltd.
Business &
Shanghai Chengjia Consulting Management Co., Ltd. Shanghai Shanghai 100.00% Established
investment
DSBJ Semi-Annual Report 2025
Shareholding
Principal place of Place of Nature of
Subsidiary percentage Method of acquisition
business incorporation business
Direct Indirect
Yancheng Mutto Optronics Technology Co., Ltd. Yancheng Yancheng Manufacturing 100.00% Established
MFLEX Yancheng Co., Ltd. Yancheng Yancheng Manufacturing 100.00% Established
Business combinations
MFLEX Suzhou Co., Ltd. Suzhou Suzhou Manufacturing 100.00% involving entities not under
common control
Business combinations
MFLEX Chengdu Co., Ltd. Chengdu Chengdu Manufacturing 100.00% involving entities not under
common control
Business combinations
Suzhou RF Top Electronic Communication Co., Ltd. Suzhou Suzhou Manufacturing 93.51% involving entities not under
common control
Business combinations
Mutto Optronics Technology Co., Ltd. Suzhou Suzhou Manufacturing 100.00% involving entities not under
common control
Business combinations
Multek Technology (Zhuhai) Co., Ltd. Zhuhai Zhuhai Manufacturing 100.00% involving entities not under
common control
Business combinations
Multek Electronics Limited Zhuhai Zhuhai Manufacturing 100.00% involving entities not under
common control
Business combinations
Multek Industries Limited Zhuhai Zhuhai Manufacturing 100.00% involving entities not under
common control
Business combinations
Multek China Limited Zhuhai Zhuhai Manufacturing 100.00% involving entities not under
common control
Business &
Zhuhai Multek Business Management Co., Ltd. Zhuhai Zhuhai 100.00% Established
investment
MFLEX Shanghai Co., Ltd. Shanghai Shanghai Wholesale 100.00% Established
Shenzhen Qindao Dongchuang Investment Partnership Business &
Shenzhen Shenzhen 76.92% Established
(L.P.) investment
Enterprise
Suzhou Dongke Enterprise Management Co., Ltd. Suzhou Suzhou 100.00% Established
management
Yancheng Dongchuang Precision Manufacturing Co.,
Yancheng Yancheng Manufacturing 100.00% Established
Ltd.
Suzhou Dongchen Ecological Technology Co., Ltd. Suzhou Suzhou Services 100.00% Established
Shanghai Dongxin New Energy Technology Co., Ltd. Shanghai Shanghai Manufacturing 95.00% 5.00% Established
Shanghai Donglan New Energy Technology Co., Ltd. Shanghai Shanghai Manufacturing 100.00% Established
Suzhou Dongyue New Energy Technology Co., Ltd. Kunshan Kunshan Manufacturing 90.00% 10.00% Established
Business &
Suzhou Dongshan Industrial Investment Co., Ltd. Suzhou Suzhou 100.00% Established
investment
Business &
Suzhou Dongdi Holding Limited Suzhou Suzhou 100.00% Established
investment
Business combinations
Suzhou JDI Electronics Inc. Suzhou Suzhou Manufacturing 100.00% involving entities not under
common control
Chaowei Microelectronics (Yancheng) Co., Ltd. Yancheng Yancheng Manufacturing 100.00% Established
HongKong Dongshan Precision Union Optoelectronic Business &
Hong Kong, China Hong Kong, China 100.00% Established
Co., Limited investment
Business combinations
Business &
Mutto Optronics Group Limited BVI BVI 100.00% involving entities not under
investment
common control
DSBJ Holdings Inc. USA USA Business & 100.00% Established
DSBJ Semi-Annual Report 2025
Shareholding
Principal place of Place of Nature of
Subsidiary percentage Method of acquisition
business incorporation business
Direct Indirect
investment
Business &
DSBJ Solutions INC USA USA 100.00% Established
investment
Business &
Dragon Electronix Holdings INC. USA USA 100.00% Established
investment
Business combinations
Business &
Multi-Fineline Electronix, Inc. USA USA 100.00% involving entities not under
investment
common control
Business combinations
Business &
MFLEX Delaware, Inc. Delaware Delaware 100.00% involving entities not under
investment
common control
Business combinations
Business &
Multi-Fineline Electronix Singapore Pte.Ltd. Singapore Singapore 100.00% involving entities not under
investment
common control
Business &
HongKong Dongshan Holding Limited Hong Kong, China Hong Kong, China 100.00% Established
investment
Business &
DSBJ PTE. LTD. Singapore Singapore 100.00% Established
investment
Business &
Multek Group (HongKong) Limited Hong Kong, China Hong Kong, China 100.00% Established
investment
Business &
Multek Technology, Inc. USA USA 100.00% Established
investment
Business combinations
Business &
Multek Technologies Limited Mauritius Mauritius 100.00% involving entities not under
investment
common control
Business combinations
Business &
The Dii Group (BVI) Co. Limited BVI BVI 100.00% involving entities not under
investment
common control
Business combinations
Business &
The Dii Group Asia Limited Hong Kong, China Hong Kong, China 100.00% involving entities not under
investment
common control
Business combinations
Business &
Multek Hong Kong Limited Hong Kong, China Hong Kong, China 100.00% involving entities not under
investment
common control
Business combinations
Business &
Astron Group Limited Hong Kong, China Hong Kong, China 100.00% involving entities not under
investment
common control
Business combinations
Business &
Vastbright PCB (HOLDING) Limited Hong Kong, China Hong Kong, China 100.00% involving entities not under
investment
common control
Business combinations
Business &
Multek Technology Germany GmbH Germany Germany 100.00% involving entities not under
investment
common control
Business &
Multek Technology Sweden AB Sweden Sweden 100.00% Established
investment
Business &
Multek Technology Malaysia SDN.BHD Malaysia Malaysia 100.00% Established
investment
Business &
Korea branch office of DSBJ Pte. Ltd. Korea Korea 100.00% Established
investment
Business combinations
Autotech Production de Mexico S. de R. L. de C.V. Mexico Mexico Manufacturing 100.00% involving entities not under
common control
Aranda Tooling, Inc. USA USA Manufacturing 100.00% Business combinations
DSBJ Semi-Annual Report 2025
Shareholding
Principal place of Place of Nature of
Subsidiary percentage Method of acquisition
business incorporation business
Direct Indirect
involving entities not under
common control
Business combinations
AutoTech Production Services, Inc. USA USA Manufacturing 100.00% involving entities not under
common control
DSBJ MEXICO, S.DER.L.DEC.V. Mexico Mexico Manufacturing 100.00% Established
Multi-Fineline Electronics (Thailand) Co., Ltd. Thailand Thailand Manufacturing 100.00% Established
Business &
Hong Kong Dongdi Holding Limited Hong Kong, China Hong Kong, China 100.00% Established
investment
Business &
Multi-Fineline Electronics Hungary KFT. Hungary Hungary 100.00% Established
investment
XI. Government Grants
□ Applicable N/A
Reason for failure to receive expected government grants at the expected time
□ Applicable N/A
Applicable □ N/A
In RMB
Amount of
Other
non-operating Amount
New grants changes
Opening revenue transferred to other Closing Related to
Item received in the in the
balance recognized in income in the balance assets/income
current period current
the current current period
period
period
Deferred Related to
income assets
Subtotal 585,933,889.89 271,997,240.62 107,132,163.18 749,040,476.71
Applicable □ N/A
In RMB
Item Amount of the current period Amount of the previous period
Government grants recognized in other
income
Total 136,320,207.08 145,779,443.11
DSBJ Semi-Annual Report 2025
XII. Risks Associated with Financial Instruments
The Company’s objectives of risk management are to maintain a balance between risk and income, minimize the negative
effect of risks on the operating results of the Company and maximize the interests of the shareholders and other equity investors.
On the basis of such objectives of risk management, the Company’s basic risk management policy is designed to identify and
analyze all kinds of risks facing the Company, set appropriate risk thresholds in risk management, and monitor risks and adherence
to limits in a timely and reliable manner.
The Company faces a variety of risks associated with financial instruments in its daily activities, mainly including credit risk,
liquidity risk and market risk. Below is a summary of the policies for managing such risks considered and approved by the
management.
(I) Credit risk
Credit risk is the risk that one party to a financial instrument will cause a financial loss to the other party by failing to
discharge an obligation.
(1) Assessment of credit risk
At each balance sheet date, the Company assesses whether the credit risk of a financial instrument has increased significantly
since initial recognition. In assessing whether the credit risk has increased significantly since initial recognition, the Company
takes into account reasonable and supportable information, which is available without undue cost or effort, including qualitative
and quantitative analysis based on historical data, external credit risk rating, and forward-looking information. The Company
determines the changes in default risk of financial instruments during their estimated lifetime through a comparison of the default
risk at the balance sheet date and the initial recognition date, on an individual or collective basis.
The Company determines that the credit risk of a financial instrument has increased significantly when one or more of the
following qualitative and quantitative standards are met:
remaining lifetime has risen by more than a certain percentage compared with the initial recognition; and/or
and present or expected changes in technology, market, economy or legal environment that will have a material adverse effect on
the debtor’s ability to repay.
DSBJ Semi-Annual Report 2025
(2) Definition of default and credit-impaired assets
A financial instrument is in default or credit impaired when one or more of the following conditions are met:
to the debtor a concession that the creditors would not otherwise consider.
The key factors in the measurement of expected credit losses include the probability of default, loss given default, and
exposure to default risk. The Company has developed a model of the probability of default, loss given default and exposure to
default risk on the basis of quantitative analysis of historical data (e.g. counterparty rating, guarantee measures and collateral type,
repayment method, etc.) and forward-looking information.
for impairment loss on financial instruments.
The Company’s credit risk is primarily attributable to cash and bank balances and receivables. In order to control such risks,
the Company has taken the following measures:
(1) Cash and bank balances
The Company deposits its bank balances and other monetary capital in financial institutions with relatively high credit ratings,
so its credit risk is relatively low.
(2) Accounts receivable
The Company performs credit assessments on customers using credit settlement on an ongoing basis. The Company selects
approved and creditworthy customers based on the result of credit assessment, and monitors the balance of accounts receivable
from them on an ongoing basis, to avoid significant risk of doubtful accounts.
As the Company only deals with approved and creditworthy third parties, no collateral is required. The concentration of credit
risks are managed customer by customer. As of June 30, 2025, the Company faced certain credit concentration risks. In particular,
DSBJ Semi-Annual Report 2025
collateral or other credit enhancement. The Company’s maximum exposure to credit risk is the carrying value of each financial
asset in the balance sheet.
The Company’s maximum exposure to credit risk is the carrying value of each financial asset in the balance sheet.
(II) Liquidity risk
Liquidity risk is the risk that the Company may not have enough cash to satisfy its obligation to deliver cash or other financial
assets, due to the inability to liquidate financial assets at fair value in a timely manner, or failure of counterparties to discharge
their contract liabilities, acceleration of debts, failure to generate expected cash flows, or otherwise.
In order to control such risk, the Company utilizes a variety of financing tools such as settlement by means of notes, bank
loans, etc., combines long-term and short-term financing to optimize financing structure, and maintains a balance between
financing sustainability and flexibility. The Company has obtained lines of credit from many commercial banks to satisfy its
working capital requirements and capital expenditures.
Financial liabilities classified by remaining maturity
In RMB
Closing balance
Item
Undiscounted
Carrying value Within 1 year 1-3 years Over 3 years
contract amount
Bank loans (including non-current liabilities
due within one year)
Financial liabilities held for trading 71,586,000.00 71,586,000.00 71,586,000.00
Notes payable 934,630,146.08 934,630,146.08 934,630,146.08
Accounts payable 9,082,352,248.71 9,082,352,248.71 9,082,352,248.71
Other payables 96,940,026.12 96,940,026.12 96,940,026.12
Lease liabilities (including non-current
liabilities due within one year)
Long-term payables (including non-current
liabilities due within one year)
Subtotal 24,599,053,111.04 25,028,609,978.89 18,653,023,555.32 4,992,884,307.69 1,382,702,115.88
(Continued)
Balance at the end of the previous year
Item Undiscounted
Carrying value Within 1 year 1-3 years Over 3 years
contract amount
Bank loans (including non-current liabilities due
within one year)
Financial liabilities held for trading 82,922,390.17 82,922,390.17 82,922,390.17
Notes payable 935,581,272.50 935,581,272.50 935,581,272.50
DSBJ Semi-Annual Report 2025
Accounts payable 9,659,268,990.43 9,659,268,990.43 9,659,268,990.43
Other payables 94,163,223.90 94,163,223.90 94,163,223.90
Lease liabilities (including non-current liabilities
due within one year)
Long-term payables (including non-current
liabilities due within one year)
(III) Market Risk
Market risk is the risk of fluctuation in the fair value or future cash flows of financial instruments due to changes in market
prices. Market risk mainly includes interest risk and foreign exchange risk.
Interest rate risk is the risk of fluctuation in the fair value or future cash flows of financial instruments due to changes in
market interest rates. Interest-bearing financial instruments with fixed interest rates expose the Company to fair value interest rate
risk, while interest-bearing financial instruments with floating interest rates expose the Company to cash flow interest rate risk.
The Company determines the proportion of fixed-rate financial instruments and floating-rate financial instruments based on the
market environment, and reviews and monitors the appropriateness of its portfolio of financial instruments on a regular basis. The
cash flow interest rate risk that the Company faces is primarily associated with the floating-rate bank loans owed by the Company,
which amounted to RMB 5,961,182,910.35 as of June 30, 2025 (December 31, 2024: RMB 2,392,686,104.16). Supposing the
interest rate changes by 50 basis points while other variables remain unchanged, the Company’s total profit and shareholders’
interest will not be materially affected.
Foreign exchange risk is the risk of fluctuation in the fair value or future cash flows of financial instruments due to changes in
exchange rates. The Company’s foreign exchange risk relates mainly to foreign currency denominated monetary assets and
liabilities. When a short-term imbalance occurs on foreign currency denominated assets and liabilities, the Company may trade
foreign currencies at market exchange rates when necessary, in order to maintain the net risk exposure at an acceptable level.
See Note V(V)2 to the Financial Statements for details of foreign currency denominated monetary assets and liabilities as of
the end of the reporting period.
XIII. Fair Value Disclosures
In RMB
Closing balance of fair value
Item Level 1 fair value Level 2 fair value Level 3 fair value
Total
measurement measurement measurement
I. Recurring fair value measurement -- -- -- --
through profit or loss
(2) Investment in equity instruments 65,235,923.23 65,235,923.23
(3) Derivative financial assets 33,884,566.58 33,884,566.58
DSBJ Semi-Annual Report 2025
(III) Investment in other equity
instruments
Total assets measured at fair value
on a recurring basis
(VI) Financial liabilities held for
trading
Total liabilities measured at fair
value on a recurring basis
II. Fair value measurement on a
-- -- -- --
non-recurring basis
XIV. Related Parties and Related-party Transactions
Parent of the Company
The ultimate controllers of the Company are YUAN Yonggang, YUAN Yongfeng, and YUAN Fugen.
Other information: The Company’s actual controllers are YUAN Yonggang, YUAN Yongfeng and YUAN Fugen, who hold
the Company in aggregate.
The particulars of the subsidiaries of the Company are set forth in “Interests in Other Entities”.
The particulars of the joint ventures and associates of the Company are set forth in “Interests in Other Entities”.
Other joint ventures or associates that have carried out related-party transactions with the Company in the current period or the
previous periods with balances recorded in the current period:
Name of joint venture or associate Relationship with the Company
Suzhou Toprun Electric Equipment Co., Ltd. Associate
Suzhou Dongcan Optoelectronics Technology Co., Ltd. Associate
Name of other related party Relationship with the Company
Hai Dixin Semiconductor (Nantong) Co., Ltd. Investee company
Anhui Landun Photoelectron Co., Ltd. A company controlled by the actual controllers of the Company
Shanghai Corkuna New Material Technologies Co., Ltd. A company controlled by the actual controllers of the Company
Suzhou Corkuna New Material Technologies Co., Ltd. A company controlled by the actual controllers of the Company
DSBJ Semi-Annual Report 2025
(1) Related-party commodity and service transactions
Purchase of goods and receipt of services from related parties
In RMB
Whether or not to Amount of
Amount of the Transaction quota
Related party Subject matter exceed the the previous
current period approved
transaction quota? period
Suzhou Dongcan Optoelectronics Purchase of
Technology Co., Ltd. goods
Shanghai Corkuna New Material Purchase of
Technologies Co., Ltd. goods
Suzhou Corkuna New Material Purchase of
Technologies Co., Ltd. goods
Sale of goods and rendering of services to related parties
In RMB
Amount of the Amount of the
Related party Subject matter
current period previous period
Suzhou Toprun Electric Equipment Co., Ltd. Sale of goods 24,637.14 101,886.79
Suzhou Dongcan Optoelectronics Technology Co., Ltd. Sale of goods 22,188.29 25,776.74
Anhui Landun Photoelectron Co., Ltd. Rendering of services 75,600.00
(4) Related-party guarantees
The Company as guarantor
In RMB
Whether the obligation
Amount Effective date of Expiry date of
Obligor guaranteed has been
guaranteed guarantee guarantee
discharged
Suzhou Toprun Electric Equipment
Co., Ltd.
Suzhou Toprun Electric Equipment
Co., Ltd.
Suzhou Toprun Electric Equipment
Co., Ltd.
Suzhou Toprun Electric Equipment
Co., Ltd.
Suzhou Toprun Electric Equipment
Co., Ltd.
Suzhou Toprun Electric Equipment
Co., Ltd.
The Company as obligor
In RMB
Whether the obligation
Amount Effective date of
Guarantor Expiry date of guarantee guaranteed has been
guaranteed guarantee
discharged
YUAN
Yongfeng/YUAN 200,000,000.00 August 28, 2022 January 6, 2032 No
Yonggang
DSBJ Semi-Annual Report 2025
(7) Remuneration of key officers
In RMB
Item Amount of the current period Amount of the previous period
Remuneration of key officers 11,563,600.00 11,522,600.00
(1) Amounts receivable from related parties
In RMB
Closing balance Opening balance
Item Related party Allowance for Allowance for
Book balance doubtful Book balance doubtful
accounts accounts
Accounts Hai Dixin Semiconductor (Nantong)
receivable Co., Ltd.
Accounts Suzhou Dongcan Optoelectronics
receivable Technology Co., Ltd.
Accounts Suzhou Toprun Electric Equipment Co.,
receivable Ltd.
Other Hai Dixin Semiconductor (Nantong)
receivables Co., Ltd.
(2) Amounts payable to related parties
In RMB
Item Related party Closing book balance Opening book balance
Accounts
Suzhou Dongcan Optoelectronics Technology Co., Ltd. 167,885.28 298,971.64
payable
Accounts
Shanghai Corkuna New Material Technologies Co., Ltd. 763,131.39 1,792,220.15
payable
Accounts
Suzhou Corkuna New Material Technologies Co., Ltd. 8,104,093.33 4,970,486.19
payable
DSBJ Semi-Annual Report 2025
XV. Share-based Payments
XVI. Commitments and Contingencies
XVII. Subsequent Events
XVIII. Other Significant Information
XIX. Notes to Key Items of the Standalone Financial Statements
(1) Accounts receivable by age
In RMB
Age Closing book balance Opening book balance
Within 1 year (inclusive) 2,172,932,265.82 2,998,577,516.40
Within 6 months 1,167,215,399.56 1,717,998,540.30
Over 3 years 67,517,615.51 75,446,354.06
Over 5 years 50,900,872.47 23,456,408.92
Total 3,083,713,179.25 3,235,992,945.32
(2) Accounts receivable by method of recognition of allowance for doubtful accounts
In RMB
Closing balance Opening balance
Allowance for Allowance for
Book balance Book balance
doubtful accounts doubtful accounts
Type Carrying Carrying
Ratio of value Ratio of value
Amount % Amount provisio Amount % Amount provisio
n n
Allowan
ce
recogniz 14,625,4 14,625,4 14,625,4 14,625,4
ed 67.55 67.55 67.55 67.55
individu
ally
Incl.:
Allowan
ce 3,069,08 77,463,3 2,991,62 3,221,36 77,874,8 3,143,49
recogniz 7,711.70 02.85 4,408.85 7,477.77 63.40 2,614.37
ed
DSBJ Semi-Annual Report 2025
collectiv
ely
Incl.:
Total 100.00% 2.99% 100.00% 2.86%
Accounts receivable with allowance for doubtful accounts recognized collectively by category name:
In RMB
Closing balance
Item Allowance for doubtful
Book balance Ratio of provision
accounts
Group of related parties
within the scope of 2,075,948,347.62
consolidation
Aging group 993,139,364.08 77,463,302.85 7.80%
Total 3,069,087,711.70 77,463,302.85
(5) Top 5 debtors in terms of closing balance of accounts receivable and contract assets
In RMB
Closing balance of
Closing Total closing
% of the total closing allowance for
Closing balance balance balance of
balance of accounts doubtful accounts
Company name of accounts of accounts
receivable and receivable and
receivable contract receivable and
contract assets impairment of
assets contract assets
contract assets
Top 1 864,675,055.44 864,675,055.44 28.04%
Top 2 432,967,317.80 432,967,317.80 14.04%
Top 3 282,623,353.91 282,623,353.91 9.16%
Top 4 203,743,208.93 203,743,208.93 6.61% 1,019,796.04
Top 5 184,030,577.23 184,030,577.23 5.97%
Total 1,968,039,513.31 1,968,039,513.31 63.82% 1,019,796.04
In RMB
Item Closing balance Opening balance
Dividends receivable 1,289,047,893.28 1,495,758,008.53
Other receivables 6,087,268,144.80 4,473,728,550.13
Total 7,376,316,038.08 5,969,486,558.66
(2) Dividends receivable
In RMB
Item (or investee) Closing balance Opening balance
HongKong Dongshan Holding Limited 933,047,893.28 1,044,758,008.53
Yancheng Dongshan Precision
Manufacturing Co., Ltd.
DSBJ Semi-Annual Report 2025
Suzhou JDI Electronics Inc. 90,000,000.00 140,000,000.00
Suzhou Dongyue New Energy
Technology Co., Ltd.
Total 1,289,047,893.28 1,495,758,008.53
In RMB
Reason for failure Whether or not impaired and
Item (or investee) Closing balance Age
to collect the basis for determination
To support the
Over 3
HongKong Dongshan Holding Limited 463,047,893.28 development of
years
the subsidiary
To support the
Yancheng Dongshan Precision Over 3
Manufacturing Co., Ltd. years
the subsidiary
Total 729,047,893.28
(3) Other receivables
In RMB
Nature of accounts Closing book balance Opening book balance
Current accounts 5,899,853,694.38 4,469,455,999.04
Security deposit 2,400,000.00 1,325,000.00
Loan and reserve fund 6,497,888.40 4,407,055.00
Temporary payment receivable 4,570,250.41 2,639,160.94
Security deposit for investments 187,005,481.32
Total 6,100,327,314.51 4,477,827,214.98
In RMB
Age Closing book balance Opening book balance
Within 1 year (inclusive) 5,917,253,171.72 4,293,041,449.14
Over 3 years 2,953,577.36 2,936,436.46
Over 5 years 149,400.00 155,400.00
Total 6,100,327,314.51 4,477,827,214.98
In RMB
Type Closing balance Opening balance
DSBJ Semi-Annual Report 2025
Allowance for Allowance for
Book balance Book balance
doubtful accounts doubtful accounts
Carrying Carrying
Ratio of value Ratio of value
Amount % Amount provisio Amount % Amount provisio
n n
Incl.:
Allowan
ce
recogniz 6,100,32 13,059,1 6,087,26 4,477,82 4,098,66 4,473,72
ed 7,314.51 69.71 8,144.80 7,214.98 4.85 8,550.13
collectiv
ely
Incl.:
Total 100.00% 0.21% 100.00% 0.09%
Other receivables with allowance for doubtful accounts recognized collectively by category name: Aging group
In RMB
Closing balance
Item Allowance for doubtful
Book balance Ratio of provision
accounts
Group of related parties
within the scope of 5,899,853,694.38
consolidation
Aging group 200,473,620.13 13,059,169.71 6.51%
Incl.: Within 1 year 196,364,477.34 9,818,223.87 5.00%
Over 3 years 2,953,577.36 2,953,577.36 100.00%
Total 6,100,327,314.51 13,059,169.71
Basis for grouping:
Recognition of allowance for doubtful accounts in accordance with the general model of expected credit losses:
In RMB
Stage I Stage II Stage III
Allowance for doubtful Lifetime expected Lifetime expected
accounts credit loss (not credit credit loss (credit
credit loss
impaired) impaired)
Balance at January 1,
In the current period,
the balance as at
January 1, 2025
- Transferred to stage II -34,024.72 34,024.72
Recognized 9,696,599.04 -736,094.18 8,960,504.86
Balance at June 30,
In RMB
DSBJ Semi-Annual Report 2025
Closing
balance of
% of the total
Nature of allowance
Company name Closing balance Age closing balance of
account for
other receivables
doubtful
accounts
Yancheng Dongshan Precision Manufacturing Current Within 1
Co., Ltd. accounts year
Current Within 1
Mutto Optronics Technology Co., Ltd. 1,178,897,118.58 19.33%
accounts year
Suzhou Dongyue New Energy Technology Current Within 1
Co., Ltd. accounts year
Current Within 1
HongKong Dongshan Holding Limited 471,040,528.37 7.72%
accounts year
HongKong Dongshan Holding Limited 178,965,000.00 1-2 years 2.93%
Dongguan Dongshan Precision Manufacturing Current Within 1
Co., Ltd. accounts year
Total 4,231,116,214.03 69.36%
In RMB
Closing balance Opening balance
Item Allowance for Allowance for
Book balance Carrying value Book balance Carrying value
impairment loss impairment loss
Investments
in 9,671,242,453.40 133,690,000.00 9,537,552,453.40 9,671,242,453.40 133,690,000.00 9,537,552,453.40
subsidiaries
Investments
in associates
and joint
ventures
Total 9,775,608,699.58 151,197,056.47 9,624,411,643.11 9,779,054,655.78 151,197,056.47 9,627,857,599.31
(1) Investments in subsidiaries
In RMB
Opening Changes in the current period Closing
balance of Allowance balance of
Opening balance Closing balance
Investee allowance for Additional Reduced for allowance for
(carrying value) Others (carrying value)
impairment investment investment impairment impairment
loss loss loss
Dongguan
Dongshan
Precision 342,000,000.00 342,000,000.00
Manufacturing
Co., Ltd.
MFLEX
Shanghai Co., 2,023,777.30 2,023,777.30
Ltd.
Shenzhen
Qindao 100,000,000.00 100,000,000.00
Dongchuang
DSBJ Semi-Annual Report 2025
Investment
Partnership
(L.P.)
RF Top
Electronic
Suzhou
Chengjia
Precision 80,109,368.24 80,109,368.24
Manufacturing
Co., Ltd.
Suzhou Dongbo
Precision
Manufacturing
Co., Ltd.
Suzhou Dongdai
Electronic
Technology Co.,
Ltd.
Suzhou
Dongjiyuan
Metal
Technology Co.,
Ltd.
Suzhou Dongke
Real Estate Co., 152,389,096.00 152,389,096.00
Ltd.
Suzhou Dongkui
Lighting Co., 12,100,000.00 12,100,000.00
Ltd.
Suzhou
Dongyan
Electronic
Technology Co.,
Ltd.
Suzhou Jebson
Intelligent
Technology Co.,
Ltd.
Suzhou
Yongchuang
Communication 451,582,710.63 451,582,710.63
Technology Co.,
Ltd.
HongKong
Dongshan
Precision Union 3,744,565,150.00 133,690,000.00 3,744,565,150.00 133,690,000.00
Optoelectronic
Co., Limited
HongKong
Dongshan 452,677,880.00 452,677,880.00
Holding Limited
Yancheng
Dongshan
Precision 1,093,619,610.92 1,093,619,610.92
Manufacturing
Co., Ltd.
Yancheng 3,067,267.20 3,067,267.20
DSBJ Semi-Annual Report 2025
Dongshan
Business
Management
Co., Ltd.
Yancheng
Dongshan
Communication 280,401,403.77 280,401,403.77
Technology Co.,
Ltd.
Suzhou JDI
Electronics Inc.
Suzhou
Dongshan
Industrial 20,010,000.00 20,010,000.00
Investment Co.,
Ltd.
Shanghai
Dongxin New
Energy 80,000,000.00 80,000,000.00
Technology Co.,
Ltd.
Yancheng
Dongchuang
Precision 450,000,000.00 450,000,000.00
Manufacturing
Co., Ltd.
Suzhou
Dongyue New
Energy 500,000,000.00 500,000,000.00
Technology Co.,
Ltd.
Multek China
Limited
Mutto Optronics
Technology Co., 824,778.48 824,778.48
Ltd.
MFLEX Suzhou
Co., Ltd.
Yancheng Mutto
Optronics
Technology Co.,
Ltd.
MFLEX
Yancheng Co., 4,175,696.89 4,175,696.89
Ltd.
Multek
Industries 2,425,059.72 2,425,059.72
Limited
Dongwei Smart
Suzhou Co., Ltd.
Zhuhai Multek
Business
Management
Co., Ltd.
Total 9,537,552,453.40 133,690,000.00 9,537,552,453.40 133,690,000.00
DSBJ Semi-Annual Report 2025
(2) Investments in associates and joint ventures
In RMB
Changes in the current period
Opening Declared Closing
Opening Investment Closing
balance of Adjustment to Other cash Allowance balance of
balance Additional Reduced income or balance
Investee allowance for other change dividends for Other allowance for
(carrying investmen investmen loss under (carrying
impairment comprehensiv s in or profit impairmen s impairment
value) t t equity value)
loss e income equity distributio t loss loss
method
n
II. Associates
Suzhou
Toprun
Electric 595,463.99
Equipment
Co., Ltd.
Shenzhen
Nanfang Blog
Technology
Development
Co., Ltd.
Shanghai Fu
Shan Precision
Manufacturing
Co., Ltd.
Suzhou
LEGATE
Intelligent -962,618.12
Equipment
Corp., Ltd.
Suzhou
Dongcan
Optoelectronic 3,316,472.49 -448,465.91 2,868,006.58
s Technology
Co., Ltd.
Jiangsu
Nangao
Intelligent
Equipment 3,442,835.16 -892,575.65 2,550,259.51
Innovation
Center Co.,
Ltd.
Jiaozuo
Songyang -
Optoelectric 1,434,466.6
Technology 6
Co., Ltd.
Suzhou
Yongxin
Jingshang
Venture -303,293.85
Capital
Partnership
(L.P.)
Subtotal
DSBJ Semi-Annual Report 2025
Total 3,445,956.2
In RMB
Amount of the current period Amount of the previous period
Item
Revenue Cost Revenue Cost
Primary business 2,007,552,995.18 1,910,964,376.03 2,063,759,581.25 2,057,085,061.96
Other businesses 27,726,642.37 12,291,548.13 82,843,913.95 25,663,449.45
Total 2,035,279,637.55 1,923,255,924.16 2,146,603,495.20 2,082,748,511.41
In RMB
Item Amount of the current period Amount of the previous period
Income from long-term equity
-3,445,956.20 -2,927,211.16
investments under the equity method
Bank wealth management product 160,800.00 -2,651,138.83
Total -3,285,156.20 -5,578,349.99
XX. Supplementary Information
Applicable □ N/A
In RMB
Item Amount Remark
Gain or loss from disposal of non-current assets -21,866,977.73
Government grants recognized in profit or loss (excluding the government grants that are closely
related to the business of the Company, conform to the applicable polices of the country, are
provided in accordance with the established standards, and continuously affect the Company’s
profit or loss)
Gain or loss on changes in fair value of financial assets and financial liabilities held by non-
financial entities, and gain or loss on disposal of financial assets and financial liabilities, except 5,592,799.26
for effective hedges held in the ordinary course of business
Other non-operating revenues and expenses 1,345,108.64
Less: Effect on income tax 18,885,610.71
Effect on minority interests (exclusive of tax) 109,173.64
Total 101,206,037.30 --
Profit for the reporting period Weighted average return Earnings per share
DSBJ Semi-Annual Report 2025
on net assets Basic earnings per share Diluted earnings per share
(RMB/share) (RMB/share)
Net profit attributable to ordinary
shareholders of the Company
Net profit attributable to ordinary
shareholders of the Company after 3.42% 0.39 0.39
deduction of non-recurring gain or loss
(1) Differences in net profit and net assets disclosed in the financial report prepared under the CASBEs
and the IFRS
□ Applicable N/A
(2) Differences in net profit and net assets disclosed in the financial report prepared under the CASBEs
and overseas accounting standards
□ Applicable N/A
(3) Description of the reasons for the differences in the accounting data under the CASBEs and overseas
accounting standards, and the name of the overseas institution that has audited the data reconciled for
differences
DSBJ Semi-Annual Report 2025
Section IX Other Reporting Data
I. Other Major Social Security Issues
Whether the Listed Company and its subsidiaries have other major social security issues
□ Yes □ No N/A
Whether a punishment is imposed during the reporting period
□ Yes □ No N/A
II. Registration Form of Investigation, Research, Communication, Interview and Other
Activities during the Reporting Period
Applicable □ N/A
Particulars of the
Main topics of
Method of Type of investigation and
Date Place Guests discussion and
communication investors research activity
information provided
available at
Communication 275 investors including Interpretation of our
by telephone CITIC Securities annual report, etc.
Communication Interpretation of our
by telephone first quarter report, etc.
investors
III. Payments and Receipts by the Listed Company with the Controlling Shareholder and
other Related Parties
□ Applicable N/A
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