拓邦股份: 2025年半年度报告（英文版）
来源：证券之星
2025-09-22 20:05:16
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Semi-annual
Report 2025
Shenzhen Topband Co., Ltd.
Stock code
August 2025
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Semi-annual Report 2025
Section I Important Notes, Contents and Definitions
The Board of Directors, the Board of Supervisors and directors, supervisors and senior
executives of the Company hereby assure that the content set out in the semi-annual report is true,
accurate and complete. It shall be free from false records, misleading statements or major
omissions, and shall bear individual and joint legal liabilities therein.
Wu Yongqiang, Chairman of the Company, and Luo Muchen, head of accounting and the
accounting department, hereby declare that: the data disclosed in financial reports of the semi-
annual report is true, accurate and complete.
All directors have attended the Board Meeting at which this Semi-annual Report was
scrutinized.
Forward-looking statements such as future plans and development strategies covered in the
Report involve uncertainty, so they do not represent the Company's profit forecasts, nor are they
regarded as the substantive commitment to investors.
The Company is not faced with significant risks affecting its financial position and
sustainable profitability, but may be with such risks as adverse effects on business confidence and
investment due to trade frictions and geopolitical tensions, technology upgrading, fluctuations in
the prices of raw materials, fluctuations in exchange rates, and customer credit risks. For more
detailed risk information, please see "Risks faced by the Company and countermeasures" in
Section III of the Report. Investors are kindly requested to be alert to investment risks.
The Company plans not to pay cash dividend, to issue bonus shares, or to increase the share
capital by capital reserve.
The Report is prepared in Chinese and translated into English. Should there be any
discrepancies or misunderstandings between the two versions, the Chinese version shall prevail.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Contents
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Directory of documents for future reference
I. Accounting statements containing the signatures and seals of the legal representative, the
finance chief and the accounting department head.
II. The originals of all the company documents publicly disclosed in newspapers designated
by the China Securities Regulatory Commission during the reporting period and the original
manuscripts of announcements.
III. Original copy of the Semi-annual Report 2025 bearing the signature of the Chairman
All the above documents are ready and complete, and are available for reference at the office
of the Board of Directors of the Company.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Interpretations
Terms Refer to Contents
Company, the Company, Topband Refer to Shenzhen Topband Co., Ltd.
RMB, RMB ten thousand Refer to RMB, RMB ten thousand
CSRC Refer to China Securities Regulatory Commission
Exchange Refer to Shenzhen Stock Exchange
Reporting period Refer to From January 1, 2025 to June 30, 2025
Articles of Association Refer to Articles of Association of Shenzhen Topband Co., Ltd.
Huizhou Topband Refer to Huizhou Topband Electrical Technology Co., Ltd.
YAKO Automation Refer to Shenzhen YAKO Automation Technology Co., Ltd.
Allied Refer to Shenzhen Allied Control System Co., Ltd.
Topband Software Refer to Shenzhen Topband Software Technology Co., Ltd.
ORVIBO Refer to Shenzhen ORVIBO Technology Co., Ltd.
Ningbo Topband Refer to Ningbo Topband Intelligent Control Co., Ltd.
Meanstone Intelligent Refer to Shenzhen Meanstone Intelligent Technology Co., Ltd.
HANSC Intelligent Refer to Shenzhen HANSC Intelligent Technology Co., Ltd.
Hong Kong Topband Refer to Topband (Hong Kong) Co., Ltd.
Topband Romania Refer to Topband Smart Europe Company Limited
Topband Mexico Refer to Topband Mexico Company Limited
Topband Battery Refer to Shenzhen Topband Battery Co., Ltd.
"Four electrics and one network" Refer to electric control, motor, battery, power and IoT platform
AI Refer to Artificial intelligence
BMS Refer to Battery management system, for monitoring battery status
IPD Refer to Integrated Product Development
ISC Refer to Integrated Supply Chain
Power conversion system, for controlling discharge/charge and current
PCS Refer to
direction change
Energy management system, for monitoring the status of the energy
EMS Refer to
system
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Section II Company Profile and Primary Financial Indicators
I. Company profile
Stock abbreviation Topband Stock code 002139
Listed stock exchange Shenzhen Stock Exchange
Chinese name of the Company Shenzhen Topband Co., Ltd.
Chinese abbreviation of the Company name (if any) Topband
Name of the Company in foreign language (if any) Shenzhen Topband Co., Ltd
Abbreviation of name of the Company in foreign language (if
Topband
any)
II. Contact person and contact information
Secretary of the Board of Directors Representative of securities affairs
Name Wen Zhaohui Zhang Yuhua
Topband Industrial Park, Keji Second Road, Shiyan Sub- Topband Industrial Park, Keji Second Road, Shiyan Sub-
Address
district, Bao'an District, Shenzhen district, Bao'an District, Shenzhen
Tel 0755-26957035 0755-26957035
Fax 0755-26957440 0755-26957440
Email wenzh@topband.com.cn zhangyuhua@topband.com.cn
III. Miscellaneous
Whether the registered address, office address and its postal code, website, e-mail address and other information
of the Company have changed during the reporting period
□ Applicable Not applicable
The registered address, office address and its postal code, website, E-mail address, etc. of the Company were
not changed during the reporting period, and are as given in the Annual Report 2024.
Whether the information disclosure and storage locations of the Semi-annual Report have changed during the
reporting period
□ Applicable Not applicable
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
The stock exchange website and the names and websites of the media on which the semi-annual report of the
Company was disclosed and the location where the semi-annual report of the Company is kept were not
changed during the reporting period, and are as given in the Annual Report 2024.
Whether other relevant information of the Company has changed during the reporting period
□ Applicable Not applicable
IV. Main accounting data and financial indicators
Whether the Company is required to retroactively adjust or restate the accounting data of previous years
□ Yes No
Increase or
decrease in this
Same period previous reporting period
Reporting period
year over the same
period of last
year
Operating income (RMB) 5,502,335,729.18 5,015,785,165.59 9.70%
Net profit attributable to shareholders of listed companies
(RMB)
Net profit attributable to shareholders of listed companies after
deducting non-recurring profit and loss (RMB)
Net cash flow from operating activities (RMB) 353,354,566.49 470,314,174.67 -24.87%
Basic earnings per share (RMB/share) 0.27 0.31 -12.90%
Diluted earnings per share (RMB/share) 0.27 0.31 -12.90%
Weighted return on average equity 4.82% 6.10% -1.28%
Change at the
end of the
End of the reporting End of the previous current reporting
period year period compared
with the end of
the previous year
Total assets (RMB) 13,676,921,355.66 12,848,865,960.24 6.44%
Net assets attributable to shareholders of listed companies
(RMB)
Net profit after deducting the impact of share-based payments
Increase or decrease in this
Same period previous
Reporting period reporting period over the same
year
period of last year
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Net profit after deducting the impact of
share-based payments (RMB)
V. Differences in accounting data under domestic and foreign accounting standards
International Accounting Standards and those disclosed in accordance with Chinese Accounting
Standards at the same time
□ Applicable Not applicable
There is no difference in net profit and net assets between financial reports disclosed in accordance with
International Accounting Standards and those disclosed in accordance with Chinese Accounting Standards
during the reporting period.
both Overseas Accounting Standards and Chinese Accounting Standards at the same time
□ Applicable Not applicable
There is no difference in net profit and net assets between financial reports disclosed in accordance with
Overseas Accounting Standards and those disclosed in accordance with Chinese Accounting Standards during
the reporting period.
VI. Items and amount of non-recurring profit and loss
Applicable □ Not applicable
Unit: RMB
Items Amount Description
Profits and losses on disposal of non-current assets (including the offset of the provision for
-1,707,477.44
impairment of assets accrued)
Government grants credited to income statement (except for government grants that are closely
related to the normal operation of the Company, comply with national policies and regulations,
enjoy in accordance with determined criteria, and have a continuous impact on the profit and
loss of the Company)
Profit/loss arising from changes in fair value of financial assets and liabilities held by non-
financial enterprises, and profits and losses on disposal of financial assets and liabilities, except 5,158,641.83
for the effective hedging business related to the normal operation of the Company,
Reversal of impairment of receivables individually tested for impairment 37,257.93
Other non-operating income and expenses other than those mentioned above 1,209,460.74
Other profit and loss items that meet the definition of nonrecurring gains and losses 1,340,601.69
Minus: amount affected by income tax 4,018,285.89
Amount affected by minority shareholders' equity (after tax) 524.89
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Total 19,872,779.31
Details of other items of profits and losses that conform to the definition of non-recurring profit and loss:
□ Applicable Not applicable
None.
Explanation of defining the non-recurring profit and loss items listed in the Explanatory Announcement No. 1
on Information Disclosure for Companies Offering Their Securities to the Public - Non-recurring Profit and
Loss as recurring profit and loss items
□ Applicable Not applicable
There is no such situation of defining the non-recurring profit and loss items listed in the Explanatory
Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the Public - Non-
recurring Profit and Loss as recurring profit and loss items in the Company
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Section III Management Discussion and Analysis
I. Main business engaged by the Company during the reporting period
Intelligent controllers, as high-tech products integrated with advanced automatic control technology,
computer technology, sensing technology, microelectronics and power electronics technology, play the role of
"nerve center" and "brain" in electronic products, like the nervous system of people. By collecting, processing
and analyzing various information and commands, intelligent controllers can realize the intelligent driving and
control of the controlled object, so as to complete various tasks. As the trend of intelligent substitution becomes
increasingly prominent, it has not only changed our lifestyle, but also revolutionized our working mode. As one
of the core components of intelligence, intelligent controllers have a wide range of applications, including home
appliances, smart homes, smart buildings, power tools, industrial automation, automobile electronics, new
energy, medical equipment and so on.
In recent years, benefiting from the emergence of new technologies in the industry such as 5G, IoT,
communication technology, and AI, as well as the growing penetration in downstream industries and the
ongoing expansion of application scenarios, the global intelligent controller market has been growing steadily.
According to the Special Research Report on the Survey and Industry Prospect Prediction of the Global
Intelligent Controller Market during 2025-2030 and Special Research Report on the Survey and Industry
Prospect Prediction of the Chinese Intelligent Controller Market during 2025-2030 released by China
Commerce Industry Research Institute, the size of the global intelligent controller market will reach USD
this development process, China has gradually established its dominant position in the global industrial chain
with its well-established electronic supply chain system and the technological upgrading capabilities of local
companies. Data shows that the share of the Chinese intelligent controllers market has jumped from 16% in
industrial landscape, and this trend is expected to keep deepening in the future.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Technological progress not only accelerates the iteration of products, but also indicates a broader
development prospect of the intelligent controller sector. We are at the forefront of the intelligent technology
revolution. The deep integration of intelligent controllers with artificial intelligence and robotics is redefining
the way we live and work, opening up unprecedented possibilities. In the future, with the continuous progress
and innovation of technology, we can look forward to the emergence of more new products, new business
formats and new models, which will further promote the development of the intelligent controller sector.
As a leading leader in intelligent control solutions, Topband has always adhered to the core values of
"agility, innovation and partnership", and has built a complete technological ecosystem covering hardware
development and cloud services through the "four electrics and one network" (electric control, motor, battery,
power and IoT platform) technology matrix. The Company provides customized solutions to global customers
through in-depth services in three major fields: tools and home appliances, digital energy and intelligent
vehicles, and robot, and keeps consolidating its benchmark position in the industry.
In 2024, the Company received the title of "Manufacturing Single Champion Enterprise (Smart Home
Control Modules)" from the Ministry of Industry and Information Technology, marking the national-level
recognition of its technological strength and market leadership in this segment. In addition, the Company has
ranked stably among the top 500 manufacturing companies in Guangdong Province for many consecutive years.
It ranked 62nd in 2024, an increase of 5 places from 2022, demonstrating sustained growth in industry
competitiveness.
Topband's core competitiveness lies in "platform-based technology innovation capability, partner-style
customer service capability, and systematic agile service capability". Based on these three capabilities, the
Company has gradually built a global production base network covering Asia, Europe and America and created
an efficient supply chain collaboration mechanism, not only promoting the Company's continuous progress and
development, but also helping us establish close and lasting cooperative relationships with many leading
customers in many industries. Currently, we hold a leading position in intelligent control solutions for the tool
and home appliance industries, and have become an innovative leader in the fields of digital energy, intelligent
vehicles and robot.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
II. Analysis of core competitiveness
The Company takes technology as the gene of enterprise development and considers innovation as the core
competence of the Company. With industry-leading platform technology innovation capabilities, we have built
a comprehensive integrated intelligent control solution technology platform that covers all core fields.
Our professional team has a deep understanding of various control mechanisms, and has the ability of
independent realization and continuous innovation. This covers a wide range of fields, from intelligent control
algorithms and motor control to lithium battery and sodium battery technologies, sensing technologies, human-
computer interaction interfaces, image recognition, digital power management, embedded software
development, and temperature control (including heating and cooling). Through the integration and application
of these core technologies, we can provide customers with advanced intelligent control solutions.
On top of that, we also have a rich product line and numerous core product platforms that have been
validated through mass production. Every product platform complies strictly with the quality assurance process
to ensure high product quality and reliability. Based on these sophisticated technologies and product platforms,
we can respond to customer needs quickly, provide customized high-quality solutions, and meet diversified
customer needs.
It is worth mentioning that we have the unique overall solution capability of "electronic control + motor +
battery + power + IoT" in the industry. This comprehensive technological integration enables us not only to
maintain leadership in individual fields, but also develop new category solutions to help customers stand out in
fierce market competition. Whether in improving the performance of existing products or exploring brand-new
market opportunities, we are committed to creating maximum value for our customers and helping them win
through innovation in their respective industries.
The Company values long-term development, takes value co-creation and value win-win as the
development concept, and develops long-term partnerships with customers. Supported by platform-based
technology innovation capabilities, the Company continues to gain insights into customer needs, and keeps
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
bushing the boundaries of cooperation through in-depth co-creation. On this basis, the Company strives to build
an organized customer relationship system, and create partner-style customer service capabilities featuring
efficient collaboration, mutual trust and symbiosis systematically.
Through deployment in many regions, we have established international production bases in the Pearl
River Delta, Yangtze River Delta, Southeast Asia, North America and Europe, have built an international market
platform to improve the local service ability from in terms of management ability and resource allocation, and
have set up a number of overseas offices to cooperate closely with customers. We have established in-depth
cooperative partnership with outstanding brand customers at home and abroad in various business fields.
Through long-term cooperation and mutual development, we have gained public praises and a good brand
reputation in the industry, and have been widely recognized and praised by our customers.
As intelligent technology evolves and uncertainty increases, the pace of global innovation iteration is
accelerating, and companies increasingly need to be more agile in their operations to serve their customers.
Based on a deep understanding of the intelligent control business, the Company has implemented IPD ideas in
the R&D and design process, the core customer ISC changes in the supply chain system, the laboratory and
quality assurance system, and the intelligent manufacturing platform. By building a customer-centric process-
oriented organization, the Company integrates its core advantages into its operational system, forming efficient
and agile endogenous capabilities. This agile system further enhances its competitive advantages, and the two
aspects develop in a mutually beneficial benign manner, thereby achieving sustainable high-quality business
growth.
III. Analysis of main business
In the first half of 2025, trade conflicts kept escalating, and global industry chains faced restructuring
pressure under the impact of tariff policy adjustments, bringing multiple challenges to business operations.
Faced with the complex environment, the Company made breakthroughs actively: On the one hand, it increased
efforts in product innovation and structural optimization, launched competitive product solutions, and
consolidated cooperation with top customers through the continuous verification of innovative categories,
improving customer stickiness constantly; on the other hand, in the field of digital energy, it focused on
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
advantageous categories, optimized the customer structure, and promoted local delivery based on its global
presence, reducing the impact of tariff barriers effectively and capturing market growth opportunities
successfully.
During the reporting period, the Company's basic business (tools and home appliances) kept growing
steadily, a structural adjustment was completed in the digital energy sector, new businesses (intelligent vehicles
and robot) achieved rapid growth, overall business resilience was prominent, and operating revenue achieved
year-on-year growth. In the future, with the gradual release of overseas production capacity, the continual
improvement of operational efficiency, the recovery of digital energy demand, and the large-scale realization of
new businesses, the Company's profitability is expected to recover steadily, injecting stronger momentum into
performance growth.
During the reporting period, the Company achieved revenue of RMB 5.502 billion, a year-on-year increase
of 9.70%; a net profit attributable to shareholders of listed companies of RMB 330 million, a year-on-year
decrease of 15.11%; after deducting nonrecurring gains and losses, the net profit attributable to shareholders of
listed companies was RMB 310 million, a year-on-year decrease of 16.87%. After the impact of share-based
payment expenses is eliminated, the net profit attributable to shareholders of listed companies during the
reporting period was RMB 383 million, a year-on-year decrease of 1.62%.
The following is the operation status of each sector:
(I) Tool and home appliance sectors: Revenue of RMB 4.377 billion was achieved during the reporting
period, a year-on-year increase of 16.15%, and gross profit margin was 22.22%, a year-on-year decrease of 1.98
percentage points. Among them, the growth rate of tools was 5.67%, and that of home appliances was 27.60%.
Business performance: During the reporting period, the tool sector achieved revenue of RMB 2.079
billion, a year-on-year increase of 5.67%, and maintained a steady development trend supported by industry
trends and its own layout.
Core competitiveness: Currently, the trend of electrification and cordlessness is constantly driving up the
penetration rate of power tools. Downstream customers in this sector are mainly overseas and have a highly
concentrated market share. In this regard, the Company makes a presence actively based on its core advantages:
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
(1) Consolidation of core advantages and steady growth in high-value fields: As a core partner for
globally leading power tool brands, the Company focuses on high-value products such as industrial and
professional ones. By improving the speed of response to core customers, accelerating innovative R&D,
meeting their needs for technological upgrading and functional innovation, the Company promotes steady
growth in core categories while expanding its industry share in other component businesses actively.
(2) Double expansion of customers and categories, with incremental contributions emerging
gradually: With deep insights into market demand, a global supply system, and the capability to design
differentiated solutions, the Company promotes downstream customer and product category expansion actively,
and has made smooth progress in its cooperation with some Japanese and domestic top customers, and realized
new incremental contributions.
(3) Resisting external risks effectively through global operations: Faced with external uncertainties
brought by tariff policies, the Company has alleviated the phased impact of lead times and other factors, and
resisted external disturbances effectively by adjusting its global supply chain flexibly, and responding to
customer needs quickly.
Looking ahead, due to external factors such as tariffs, market share will further concentrate on enterprises
with global operational capabilities. With its global presence, solution R&D capabilities, and rapid response
mechanism, the Company is expected to further consolidate its leadership in the industry and achieve long-term
steady development.
Business performance: During the reporting period, sales revenue reached RMB 2.298 billion, a year-on-
year increase of 27.60%, and strong growth driven by industry changes and technological innovation was
achieved.
Core competitiveness: The home appliance industry is undergoing profound changes – the constant
penetration of new technologies such as AI is driving the industry from scale expansion to technology
leadership, and the extreme segmentation of consumer demand is giving rise to a large number of innovative
product categories. Leading customers in the industry extend their core competitiveness to the fields of smart
home and AI integration; top domestic enterprises are accelerating their efforts to "go global" and build global
brands; consumption upgrading in emerging markets and the increasing demand for localization open up market
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
spaces for the home appliance controller industry jointly. In face of industry trends, the Company has built full-
stack technological capabilities of hardware design + underlying software + cloud services + AI algorithms by
delving into core technologies of intelligent control in the field of home appliances, and has intelligent
controller R&D and design capabilities for a full range of products. It is transforming from a "functional
implementer" to a "scenario-based intelligent solution" provider.
(1) Large home appliances: Cost reduction, efficiency improvement, and reliability enhancement are
achieved by improving R&D efficiency through digital device libraries, adapting to complex scenarios through
highly integrated design and low-level hardware upgrading; supply chain security is ensured, local delivery
needs of top customers are matched, the stickiness of core customers is enhanced, main product categories grow
rapidly, and economies of scale are emerging based on a multi-region layout.
(2) Innovative product categories and small household appliances: With a stable R&D system and a
rich product platform, we have built technological capabilities such as multimodal perception and scenario-
based algorithms to improve product interaction performance, empower downstream brand customers'
innovative demand and product realization quickly, promote the growth of categories such as cleaning, kitchens
and bathrooms, and personal care, and create multidimensional growth drivers.
(3) Overseas market expansion: The demand for commercial air conditioners, HVAC equipment and
other categories remains strong. The Company deepens cooperation opportunities with existing customers,
conducts vertical category expansion, and enhances customer value coverage; it expands horizontally to other
top HVAC brand customers, and increases shares in overseas commercial air conditioner and HVAC markets; it
seizes opportunities in emerging markets, deepens cooperation with customers for upgrading needs of the
Indian air conditioner market, strengthens local R&D and partner-style services based on local specific market
demand, offers highly competitive products, and creates new incremental spaces.
In the future, the Company will continue to deepen intelligent innovation and global market presence,
strengthen strategic collaboration with top customers, seize opportunities from industry technology upgrading
and market expansion, and promote the sustained high-quality growth of the home appliance business.
(II) Digital energy and intelligent vehicles: During the reporting period, revenue of RMB 848 million
was achieved, a year-on-year decrease of 16.98%, and gross profit margin was 22.77%, a year-on-year increase
of 1.09 percentage points.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Business performance: During the reporting period, revenue of RMB 588 million was achieved, a year-
on-year decrease of 33.30%, mainly due to the impact of the industry's destocking cycle.
Core competitiveness: As an innovation leader in this field, based on the "one chip, one cloud and 3S"
(cells, cloud platform, BMS, PCS, EMS) core technology system, we have built a full chain product ecosystem
of "cloud, photovoltaics, storage and charging", and formed full solution capabilities from core components to
system integration, covering multiple scenarios such as outdoor portability, and home, industrial and
commercial use.
Strategic adjustment and breakthroughs: In face of the industry environment, the Company optimizes
its product structure actively, shrinks homogeneous categories with low gross profit margins, focuses on high
value-added fields, and builds differentiated advantages through technological iteration and scenario matching:
(1) Core components BMS/PCS/EMS and cloud platform: BMS covers multi scenario demand from
low-voltage energy storage to large-scale storage, and with millisecond level thermal runaway detection
technology, it improves system safety and lifespan greatly, and supports the stable operation of batteries under
extreme working conditions throughout their lifecycle; PCS achieves comprehensive upgrading from
architecture to control, covering multiple voltage levels and multiple built-in communication protocol stacks,
which can adapt to local protocols and be remotely upgraded automatically; the EMS has strong network
stability and can be tailored to customer needs; the zero carbon cloud platform combines AI algorithms, weather
forecasting, and load curves to optimize charging and discharging strategies dynamically, and help users
maximize economic benefits of energy storage assets.
(2) Home storage field: We offer a full range of high/low voltage products, with the high voltage stacked
system supporting flexible expansion. We achieve remote intelligent control and multi-energy-source
collaboration, and create a "smart energy" experience based on our self-developed cloud platform;
(3) Industrial and commercial storage, and large-scale storage field: The intelligent liquid cooling and
heating management system improves heat dissipation efficiency and environmental adaptability effectively.
The zero carbon cloud platform helps optimize energy dispatching. The main products have been certified to
European standards and entered the North American, European, South Asian, and Southeast Asian markets
successfully, achieving the continuous delivery of multiple large-scale system projects.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
In the future, global green and low-carbon transformation will drive the accelerated evolution of energy
storage technology towards high safety, high efficiency and intelligence, centralized and distributed
collaborative development will become a trend, and market demand will continue to grow. The Company has
completed technology and product reserves for multiple categories and scenarios, and established overseas
channels and service platforms. With its global operational capabilities and technological accumulation, this
sector is expected to recover momentum in the new round of industry growth and become a core incremental
sector in the medium and long term.
Business performance: During the reporting period, revenue reached RMB 260 million, a year-on-year
increase of 86.03%, with strong growth momentum.
Core layout: The Company has built a product matrix centered around electrification and advanced
intelligent driving, with laser radar motors and charging piles being the core:
(I) Lidar motor: With the accelerated penetration of intelligent driving technology in the field of new
energy vehicles, the lidar motor developed jointly by the Company and top customers has achieved mass
production and stable shares among core customers. The Company engages in platform development actively,
and keeps expanding more automaker customers, optimizing technical parameters to improve cross vehicle and
cross-solution adaptability, and building product reuse advantages. In the future, as intelligent driving upgrades
to L3 and above, the assembly rate of lidars is expected to further increase. With the accumulation of
automotive grade motor technology and the first mover advantage among customers, the Company is expected
to benefit deeply from the industry's growth.
(II) Charging piles: Revenue doubled during the reporting period. Against the backdrop of rapid
growth in the global ownership of new energy vehicles, the demand for charging facilities is rising significantly.
With focus on liquid cooled supercharging technology, the Company has built a full scenario product matrix
covering AC and DC charging piles to meet diversified charging needs such as home, commerce, and public
transit.
(III) Robots: During the reporting period, sales revenue reached RMB 277 million, a year-on-year
increase of 22.72%, and gross profit margin was 26.95%, a year-on-year decrease of 1.96 percentage points.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
In the wave of technological change, the robotics industry is standing at the forefront of explosive growth.
From home robots that serve daily life to industrial robots that lead industrial transformation, and highly-
anticipated humanoid robots, the application scope of robots is expanding, changing the way in which all
industries operate profoundly. In this booming industry trend, the Company makes an active presence in the
robot sector, driving rapid business development with keen market insights and solid technological strength.
Currently, the Company is expanding into the sophisticated complete robot category in the market steadily
based on the component business in the robot sector. Our products are applied widely to the fields of service
robots, humanoid robots, industrial robots, and related equipment. We offer control, motor, drive, and AI
complete robot products, forming a full-chain, multidimensional product system that meets diversified needs of
different customers and application scenarios.
During the reporting period, the Company's robot sector grew rapidly. Complete stir-frying, mowing and
sweeping robot solutions are growing rapidly, and the competitiveness of our products also keeps improving. In
the field of humanoid robots, the Company has established close cooperation with leading humanoid robot
manufacturers in the industry for hollow cup motors, as well as actuator assemblies that integrate hollow cup
motor bodies with gearboxes, encoders, and screws with excellent performance and reliability, and received lots
of orders. These core components serve as "joints" and "muscles" of humanoid robots, and provide critical
support for their precise and flexible movements. In the field of service robots, the Company develops
multifunctional service robots, and provides users with more convenient and intelligent life and work
experiences with focus on home and commercial service scenarios. In terms of industrial robots, the Company
focuses on breakthroughs in high precision, reliability, and integrated performance to meet intelligent upgrading
needs of the manufacturing industry;
In the future, on the one hand, the Company will further increase R&D investment, establish a top R&D
team, deeply integrate frontier technologies such as AI, IoT, and big data, keep optimizing product performance,
and expand application scenarios. On the other hand, the Company will further strengthen market expansion
and accelerate technological response: accelerating the conversion of existing customer orders, improving
customer satisfaction and loyalty with high-quality products and efficient services, carrying out cooperation and
engagement with leading complete robot enterprises actively, and promoting the realization of products and
scenarios.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Year-on-year changes in major financial metrics
Unit: RMB
Same period Year-on-year
Reporting period Reason for change
previous year increase/decrease
Operating
revenue
Operating cost 4,261,763,382.25 3,817,211,001.65 11.65% No significant changes
This was mainly due to the increase in remunerations
of employees for new business development, as well
Selling
expenses
and equity incentive expenses incurred for market
development.
Management It was mainly due to the increase in equity incentive
expenses expenses during the reporting period.
Finance It was mainly due to the decrease in interest
-38,757,798.52 -28,781,584.15 -34.66%
expenses expenses.
Income tax
expenses
R&D It was mainly due to the increase in R&D investment
investment during the reporting period.
Net cash flow
It was mainly due to the year-on-year increase in
from operating 353,354,566.49 470,314,174.67 -24.87%
remuneration payment during the reporting period.
activities
Net cash flow It was mainly due to the increase in net amount
from arising from cash management and the decrease in
-161,606,599.96 -313,160,118.83 48.39%
investment cash payments for purchasing long-term during the
activities reporting period.
Net cash flow
It was mainly due to the repurchase of shares in the
from financing -19,230,084.46 -120,296,374.28 84.01%
same period of last year.
activities
Net increase in
It was mainly due to the increase in net cash flows
cash and cash 206,373,931.40 78,953,413.52 161.39%
from investment and financing activities.
equivalents
Significant changes in the Company's composition or source of profit in the reporting period
□ Applicable Not applicable
There was no significant change in the Company's composition or source of profit in the reporting period.
Composition of operating income
Unit: RMB
Proportion in Year-on-year
Proportion in increase/decrease
Amount Amount operating
operating income
income
Total operating income 5,502,335,729.18 100% 5,015,785,165.59 100% 9.70%
By industry
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Intelligent control
electronics industry
By product
Tools and home appliances 4,376,806,478.26 79.55% 3,768,104,602.98 75.12% 16.15%
Digital energy and
intelligent vehicles
Robots 277,432,452.01 5.04% 226,062,346.97 4.51% 22.72%
By region
PRC (mainland) 1,756,187,461.66 31.92% 1,777,778,390.12 35.44% -1.21%
Overseas 3,746,148,267.52 68.08% 3,238,006,775.47 64.56% 15.69%
By sales model
Basing production on sales
volume
The situation of industries, products or regions accounting for more than 10% of the Company's operating
income or operating profit
Applicable □ Not applicable
Unit: RMB
Increase
Increase or Increase or or
decrease of decrease of decrease
operating operating of gross
Gross profit
Operating revenue Operating cost income over costs over profit rate
rate
the same the same over the
period of last period of same
year last year period of
last year
By industry
Intelligent control
electronics industry
By product
Tools and home
appliances
Digital energy and
intelligent vehicles
By region
PRC (mainland) 1,756,187,461.66 1,378,958,201.89 21.48% -1.21% -2.35% 0.91%
Overseas 3,746,148,267.52 2,882,805,180.36 23.05% 15.69% 19.86% -2.67%
By sales model
Basing production on
sales volume
The Company's main business data for the last period adjusted according to the caliber at the end of the
reporting period when the statistical caliber of the Company's main business data is adjusted in the reporting
period
□ Applicable Not applicable
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
IV. Analysis of non-main business
Applicable □ Not applicable
Unit: RMB
Proportion in Whether it is
Amount Explanation of reasons
total profit sustainable
Mainly return on investment from purchased
Investment income 6,143,016.93 1.73% No
structured deposits
Profit and loss from
Mainly fair value gains and losses
changes in fair -106,506.00 -0.03% No
corresponding to foreign exchange derivatives
value
Asset impairment Mainly due to provision for inventory
-25,099,491.27 -7.05% No
loss depreciation reserves
Non-operating Mainly breach compensation and various
income penalties
Non-operating
expenses
V. Analysis of assets and liabilities
Unit: RMB
End of the reporting period End of the previous year Increase or
decrease Explanation of
Proportion in Proportion in of major changes
Amount Amount
total assets total assets proportion
Monetary No significant
capital changes
Accounts No significant
receivable changes
No significant
Inventory 2,183,308,352.70 15.96% 1,810,510,580.57 14.09% 1.87%
changes
Investment No significant
property changes
Long-term
No significant
equity 39,837,141.24 0.29% 38,959,272.14 0.30% -0.01%
changes
investment
No significant
Fixed assets 2,751,625,689.48 20.12% 2,737,959,115.57 21.31% -1.19%
changes
Construction in No significant
progress changes
Right-of-use No significant
assets changes
Short-term No significant
loans changes
Contractual No significant
liabilities changes
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Mainly due to the
increase in long-
term loans for the
Long-term
loans
Huizhou Industrial
Park during the
reporting period.
No significant
Lease liabilities 48,146,092.89 0.35% 42,076,530.36 0.33% 0.02%
changes
Applicable □ Not applicable
Unit: RMB
Proportion
Control Whether
of foreign
measures to there is a
Asset Reasons of Operation Earning assets to
Asset size Location ensure the significant
details formation mode position net assets
safety of risk of
of the
assets impairment
Company
Financial
Operation R&D,
Investment and Pune, supervision
Center in 655,931,218.04 production 41,047,382.32 9.40% No
establishment India and external
India and sales
audit
Vietnam Financial
Dong Nai R&D,
Dong Nai Investment and 1,189,632,607. supervision
Province, production 74,402,441.59 17.05% No
Operation establishment 83 and external
Vietnam and sales
Center audit
Other
None.
disclosures
Applicable □ Not applicable
Unit: RMB
Profits and Impairm
losses from Changes in ent
changes in cumulative fair accrued Purchase amount in Amount sold in the Amount at the end
Items Opening balance Other changes
fair value in value included in in the the current period current period of the year
the current equity current
period period
Financial
assets
financial
assets
(excluding 739,448,691.77 238,079,377.13 1,455,014,088.18 1,606,727,285.67 580,066.58 588,315,560.86
derivative
financial
assets)
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
equity
instrument
investments
financing
Subtotal of
financial 915,679,140.33 241,899,203.13 1,455,014,088.18 1,606,727,285.67 41,360,164.11 805,326,106.95
assets
Total of the
above
Financial
liabilities
Contents of other changes
None.
Whether there are significant changes in the measurement attributes of the Company's main assets during the
reporting period
□ Yes No
Refer to Section VIII Financial Report, VII. Notes to Items in Consolidated Financial Statements, 31. Assets
with limited ownership or use right for details.
VI. Investment analysis
□ Applicable Not applicable
□ Applicable Not applicable
□ Applicable Not applicable
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
(1) Securities investment
□ Applicable Not applicable
There was no securities investment during the reporting period.
(2) Derivatives investment
Applicable □ Not applicable
Applicable □ Not applicable
Unit: RMB ten thousand
Proportion
of
investment
amount at
Profits and
Changes in Purchase Amount the end of
losses from
Types of Initial cumulative amount sold during the period
Beginning changes in Ending
derivatives investment fair value during the the in net assets
amount fair value in amount
investment amount included in reporting reporting of the
the current
equity period period Company at
period
the end of
the
reporting
period
Trading of foreign
exchange 8,626.08 8,626.08 0 0 0 8,626.08 0 0.00%
derivatives
Swap 37,224.72 0 -10.65 -10.65 37,224.72 14,317.2 22,907.52 3.28%
Total 45,850.80 8,626.08 -10.65 -10.65 37,224.72 22,943.28 22,907.52 3.28%
Explanation of
accounting policies
and specific
accounting
The Company has made corresponding accounting and presentation for foreign-exchange derivative transaction to be
principles for
done according to Accounting Standards for Business Enterprises No. 22 - Recognition and Measurement of Financial
hedging business
Instruments, Accounting Standards for Business Enterprises No. 24 - Hedge Accounting, Accounting Standards for
during the
Business Enterprises No. 37 - Presentation of Financial Instruments issued by Ministry of Finance, and other
reporting period, as
regulations and guides. Foreign exchange derivative contracts were initially and subsequently measured using
well as whether
tradable financial assets, which fair value is priced by financial institutions based on open market trading data, and
there have been
there has been no significant change compared to the last reporting period.
significant changes
compared to the
last reporting
period
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Explanation of
actual profits and The amount of our foreign exchange derivative transactions credited to the current actual profits and losses during the
losses in the reporting period is RMB 743,400.
reporting period
The Company conducted forward exchange transaction, effectively reducing the risk of exchange fluctuations through
Explanation of
reasonable RMB forward exchange transaction, focusing on future transaction costs and incomes, and achieving asset
hedging effect
hedging with the aim of avoiding risks.
Capital sources of
derivatives Self-own capitals
investment
I. Risk analysis of forward exchange transaction
The forward exchange transaction business carried out by the Company and its subsidiaries followed the principle of
locking in exchange rate risk and not engaging in speculative or arbitrage trading operations. However, there were
still certain risks in forward exchange transaction operations:
exchange rate stipulated in the confirmation letter for forward exchange transactions was lower than the real-time
exchange rate on the settlement day, it will cause exchange losses.
inadequate internal control systems.
within the predicted payment period, it will cause a delay in forward exchange settlement and result in losses for the
Company.
Risk analysis and collection based on customer orders and expected orders. Nonetheless, during the actual execution process, customers
control measures may adjust their own orders and the Company may make an inaccurate payment prediction, leading to the risk of
of derivatives delayed delivery of forward exchange settlement.
positions in the 5. Legal risk: Changes in relevant laws or violations of relevant legal systems by counterparties may result in
reporting period contracts being unable to be executed normally and cause losses to the Company.
(including but not II. Risk control measures
limited to market 1. The Company has formulated the Internal Control System for Forward Exchange Transactions, which provides
risk, liquidity risk, clear regulations on the Company's foreign exchange transaction operating principles, approval authority, internal
credit risk, operating procedures, responsible departments and individuals, information isolation measures, and risk management
operational risk, for forward exchange transaction, and can meet the needs of practical operations, and its internal control and risk
legal risk, etc.) management measures formulated are practical and effective.
management positioning and responsibilities, and responsibilities are assigned to their positions. Through this
hierarchical management, the risks of single person or individual department operations are fundamentally eliminated,
and the speed of risk response is also improved while effectively controlling risks.
management of accounts receivable and actively collects accounts receivable to avoid the phenomenon of overdue
accounts receivable.
qualifications, closely monitors relevant laws and regulations in the field, avoiding potential legal risks.
(payments) of the Company, and the foreign currency amount of the foreign exchange transaction contract must not
exceed 90% of the annual planned total amount of foreign currency receipts (payments). The delivery period of
forward exchange transactions needs to match the Company's predicted foreign currency collection time.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Changes in market
price or fair value
of products of the
invested
derivatives during
the reporting
period, and the
disclosure of Determine changes in fair value based on market quotes from external financial institutions.
specific methods
used and relevant
assumptions and
parameters set in
the analysis of the
fair value of
derivatives
Litigation (if
Not applicable
applicable)
Disclosure date of
Board of Directors
announcement for
January 4, 2025
approval of
derivatives
investment (if any)
□ Applicable Not applicable
We had no derivative investments for speculation during the reporting period.
□ Applicable Not applicable
The Company did not use any raised fund during the reporting period.
VII. Sale of major assets and equity
□ Applicable Not applicable
The Company did not sell any major assets during the reporting period.
□ Applicable Not applicable
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
VIII. Analysis of major holding and equity participating companies
Applicable □ Not applicable
Situation of major subsidiaries and equity participating companies with an impact of 10% or more on net profit
of the Company
Unit: RMB
Company Compan Main Registere Operating Operating
Total assets Net assets Net profit
name y type business d capital revenue profit
R&D,
Huizhou production,
Topband sales,
Subsidia 300
Electrical import and 5,226,777,998.13 2,402,725,467.55 2,888,623,127.57 195,000,362.57 172,384,008.13
ry million
Technology export of
Co., Ltd. electronic
components
TOPBAND
R&D,
SMART
production,
DONG NAI
sales, USD
(VIETNA Subsidia
import and 33.5 1,189,632,607.83 662,807,598.59 757,666,410.81 84,600,924.26 74,402,441.59
M) ry
export of million
COMPAN
electronic
Y
components
LIMITED
R&D,
production,
TOPBAND
sales,
INDIA Subsidia INR 1.96
import and 655,931,218.04 381,629,113.51 359,526,270.04 45,666,828.27 41,047,382.32
PRIVATE ry billion
export of
LIMITED
electronic
components
Situation of acquisition and disposal of subsidiaries during the reporting period
Applicable □ Not applicable
Method of acquisition and disposal of Impact on overall production and
Company name
subsidiaries during the reporting period operations and results
There is no significant impact on the
YOLANESS AFRICA (PTY) LTD Cancellation
performance of this report.
Explanation of major shareholding companies
None.
IX. Situation of structured entity controlled by the Company
□ Applicable Not applicable
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
X. Risks faced by the Company and countermeasures
Trade frictions and geopolitical tensions will also produce adverse influences on business confidence and
investment. The Company may continue to face an uncertain external environment, so we will further
strengthen risk identification and control for various businesses and regions and adjust strategies timely to
minimize external influences.
The intelligent controller industry technology, as the main business of the Company, is developing rapidly
with fast product upgrading and short life cycle. Although the Company continues to invest in R&D and owns a
number of invention and utility patents, there is still a risk that the technology will not be updated in time to
meet market demand, or lag behind competitors in launching new products, resulting in a decline in the market
share and profitability of the Company.
The overseas revenue of the Company accounted for nearly 60% of the total revenue. In order to cope with
the fluctuation risk of China Yuan, the Company will mitigate and hedge foreign exchange risks through
hedging against China Yuan, international procurement, and repricing of new products.
There are many uncertainties in the current macro environment at home and abroad, and there are some
factors that are unfavorable to the operation of the Company. For example, the China-United States trade war,
shortage of raw materials, rising price, insufficient labor and customer credit risk will increase the uncertainty
of the Company's operation.
XI. Formulation and implementation of the market capitalization management system and
valuation improvement plan
Whether the Company formulated a market capitalization management system
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
□ Yes No
Whether the Company disclosed the valuation improvement plan
□ Yes No
XII. Implementation of "Double Improvement of Return on Quality" Action Plan
Whether the Company disclosed the "Double Improvement of Return on Quality" Action Plan.
Yes □ No
The Company implements the call of the meeting of the Political Bureau of the CPC Central Committee to
"activate the capital market and boost investor confidence", and the call of the executive meeting of the State
Council to "vigorously improve the quality and investment value of listed companies" actively. In order to
further improve the quality and investment value of listed companies, enhance investor confidence, and protect
the interests of all shareholders, the Company has formulated the "Double Improvement of Return on Quality"
Action Plan based on its own development strategy, business status, and financial status. Refer to the
Announcement on the "Double Improvement of Return on Quality" Action Plan (announcement No.: 2025010)
disclosed by the Company on http://www.cninfo.com.cn on January 23, 2025 for details.
Section IV Corporate Governance, Environment and Society
I. Changes in directors, supervisors and senior executives
Applicable □ Not applicable
Name Position Type Date Reason
Chairman of
Dai No longer serves as a supervisor because the Board of Supervisors is
the Board of Outgoing 2025/04/22
Huijuan cancelled after the revision of the Articles of Association
Supervisors
Kang No longer serves as a supervisor because the Board of Supervisors is
Supervisor Outgoing 2025/04/22
Weiquan cancelled after the revision of the Articles of Association
Chen Worker
Outgoing 2025/02/18 Personal reason
Jinzhou supervisor
II. Profit distribution and conversion of capital surplus to share capital during the reporting
period
□ Applicable Not applicable
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
The Company plans not to pay cash dividend, to issue bonus shares, or to increase the share capital by capital
reserve for the first half.
III. Implementation of the Company's equity incentive plan, employee stock ownership plan
or other employee incentive measures
Applicable □ Not applicable
Implementation of the stock option incentive plan in 2024:
(1) On November 6, 2024, the 15th (Extraordinary) Meeting of the 8th Board of Directors deliberated and
passed the Proposal on the Company's 2024 Stock Option Incentive Plan (Draft) and its Abstract, the Proposal
on the Measures for the Implementation Evaluation and Management of the Company's 2024 Stock Option
Incentive Plan, and the Proposal on Requesting the General Meeting of Shareholders to Authorize the Board of
Directors to Handle Matters Related to the Company's 2024 Stock Option Incentive Plan, approving the
Company to grant not more than 33 million stock options to not more than 1,200 incentive recipients. The stock
source of this plan is A-shares of the Company's common stock to be issued to incentive recipients in a targeted
manner and/or A-shares of the Company's common stock repurchased from the secondary market. The exercise
periods of the stock options granted this time are 12 months, 24 months and 36 months from the date of
granting of stock options, to be exercised at ratios of 30%, 30% and 40%. The 10th (Extraordinary) Meeting of
the 8th Board of Supervisors deliberated and passed the above proposals and verified the list of incentive
recipients for this incentive plan. The lawyer issued a legal opinion and the independent financial consultant
issued an independent financial consultant report.
(2) On November 11, 2024, the Company disclosed the names and positions of 1,061 proposed incentive
recipients in this incentive plan through the internal OA office system for the period of November 11-20, 2024.
During the disclosure period, the Board of Supervisors did not receive any objection related to the incentive
recipients of this incentive plan. On November 21, 2024, the Company disclosed the Note and Verification
Opinion of the Board of Supervisors on the Disclosure of the List of Incentive Recipients for the 2024 Stock
Option Incentive Plan of the Company. The Board of Supervisors thinks that the incentive recipients of this
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
incentive plan meet the conditions stipulated by relevant laws, and are lawful and effective as the incentive
receipts of this incentive plan.
(3) On November 25, 2024, the Company held the 2nd Extraordinary General Meeting of Shareholders in
and its Abstract, the Proposal on the Measures for the Implementation Evaluation and Management of the
Company's 2024 Stock Option Incentive Plan, and the Proposal on Requesting the General Meeting of
Shareholders to Authorize the Board of Directors to Handle Matters Related to the Company's 2024 Stock
Option Incentive Plan. On the same day, the Company disclosed the Self-inspection Report on the Trading of
the Company's Stock by Insiders and Incentive Recipients under the 2024 Stock Option Incentive Plan.
(4) On December 9, 2024, the Company held the 16th (Extraordinary) Meeting of the 8th Board of
Directors, which deliberated and passed the Proposal on Adjusting Relevant Matters of the 2024 Stock Option
Incentive Plan, and the Proposal on Granting Stock Options to Incentive Recipients. As of December 9, 2024,
four incentive recipients originally determined through deliberation had resigned or submitted resignation
applications, and no longer meet the conditions for becoming incentive recipients; seven incentive recipients
voluntarily gave up their eligibility to be granted stock options for personal reasons; 100,000 stock options to be
granted to the above 11 incentive recipients were cancelled. After the adjustment, there were 1,050 incentive
recipients under the Company's stock option incentive plan, and the total number of stock options granted was
adjusted from 33 million to 32.9 million; the grant date for this incentive plan was fixed to be December 9, 2024
along. The Board of Supervisors conducted an audit and issued an audit opinion, the lawyer issued a legal
opinion, and the independent financial consultant issued an independent financial consultant report.
(5) On December 26, 2024, after review and confirmation by the Shenzhen Stock Exchange and the China
Securities Depository and Clearing Corporation Shenzhen Branch, the Company completed the registration of
(6) On June 11, 2025, the Company held the 20th Meeting of the 8th Board of Directors, which deliberated
and passed the Proposal on Adjusting the Exercise Price of the 2024 Stock Option Incentive Plan, approving the
adjustment of the exercise price of stock options under the 2024 stock option incentive plan from RMB
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
the independent financial consultant issued an independent financial consultant report.
For details of the implementation of the 2024 stock option incentive plan, refer to the announcements
disclosed by the Company on November 7, 2024, November 26, 2024, December 11, 2024, December 27, 2024,
and June 12, 2025 on the Securities Times and http://www.cninfo.com.cn.
Applicable □ Not applicable
All employee stock ownership plans valid during the reporting period
Proportion to the Funding source for
Scope of Number of Total number of
Changes share capital of the plan
employees employees stocks held (shares)
listed company implementation
Directors Special incentive
(excluding funds provided for
independent by the Company
directors), senior and funds raised by
executives, and other means as
core backbone permitted by laws
personnel of the and administrative
Company regulations
Shareholding of directors, supervisors, and senior executives under the employee stock ownership plan during
the reporting period
Number of shares held Number of shares held
Proportion to the share
at the beginning of the at the end of the
Name Position capital of the listed
reporting period reporting period
company
(shares) (shares)
Directors: Ma Wei,
Zheng Sibin, Peng
Directors and senior
Ganquan; senior 1,300,000 1,300,000 0.1043%
executives
executives: Wen
Chaohui, Luo Muchen
Note: Since the supervisors left office and the Board of Supervisors was cancelled during the reporting period,
the number of shares held by the supervisors prior to that is not included in the above data.
Changes in the asset management agency during the reporting period
□ Applicable Not applicable
Changes in equity arising from the disposal of shares by holders during the reporting period
□ Applicable Not applicable
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
The exercise of rights by shareholders during the reporting period
□ Applicable Not applicable
Other relevant situations of the employee stock ownership plan during the reporting period and notes
□ Applicable Not applicable
Changes in members of the Employee Stock Ownership Plan Management Committee
□ Applicable Not applicable
Financial impact of the employee stock ownership plan on the listed company during the reporting period and
related accounting treatment
□ Applicable Not applicable
Termination of the employee stock ownership plan during the reporting period
□ Applicable Not applicable
Other description:
None
□ Applicable Not applicable
IV. Disclosure of environmental information
Whether the listed company and its major subsidiaries are included in the list of enterprises disclosing
environmental information according to law
□ Yes No
V. Social responsibility
Not applicable.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Section V Important Matters
I. Completed commitments in the reporting period and uncompleted commitments within
the time limit by the end of the reporting period by the Company's actual controller,
shareholders, related parties, acquirers, the Company and other committed related parties
Applicable □ Not applicable
Reasons for Commitment Commitment Commitment Commitment
Commitment content Performance
commitments Party type time period
Mr. Wu Yongqiang, the actual
controller of the Company, has
promised that during the period
of being the controlling
Commitments shareholder and/or actual
made during Commitments controller of the Company, he Fulfill the
Wu Long
the initial to horizontal would not directly or indirectly 2006/06/12 commitment
Yongqiang standing
public offering competition engage in any business which strictly
or refinancing was the same, similar or
substantially competitive with
the main business of the
Company at present and in the
future.
Whether the
commitment
Yes
was fulfilled
on schedule
If the
commitment
was not
fulfilled within
the time limit,
the specific
Not applicable
reasons for the
failure and the
next work plan
shall be
explained in
detail.
II. Non-operating capital occupation of listed companies by controlling shareholders and
their related parties
□ Applicable Not applicable
There was no non-operating capital occupation of listed companies by controlling shareholders and their related
parties in the reporting period of the Company.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
III. External guarantee in violation of regulations
□ Applicable Not applicable
The Company had no external guarantee in violation of regulations during the reporting period.
IV. Appointment and dismissal of accounting firms
Whether the half-year financial statements have been audited
□ Yes No
V. Explanation of the "non-standard audit report" of the Accounting Firm in the reporting
period by the Board of Directors and the Board of Supervisors
□ Applicable Not applicable
VI. Explanation of the Board of Directors on the "non-standard audit report" of the
previous year
□ Applicable Not applicable
VII. Matters related to bankruptcy reorganization
□ Applicable Not applicable
There were no matter related to bankruptcy reorganization during the reporting period.
VIII. Lawsuit
Major litigation and arbitration matters
□ Applicable Not applicable
The Company had no major litigation and arbitration matters during the reporting period.
Other lawsuits
□ Applicable Not applicable
IX. Punishment and rectification
□ Applicable Not applicable
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
The Company was not subject to any penalty or rectification during the reporting period.
X. Integrity condition of the Company, its controlling shareholders and actual controllers
□ Applicable Not applicable
XI. Major related transactions
□ Applicable Not applicable
The Company had no related transactions connected with daily operations during the reporting period.
□ Applicable Not applicable
The Company had no related transaction of acquisition or sale of assets or equity during the reporting period.
□ Applicable Not applicable
The Company had no related transaction of joint foreign investment during the reporting period.
□ Applicable Not applicable
The Company had no related creditor's right and debt transaction during the reporting period.
□ Applicable Not applicable
There was no deposit, loan, credit extension or other financial business between the Company and its related
financial companies or between the related parties.
□ Applicable Not applicable
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
There was no deposit, loan, credit or other financial business between financial companies controlled by the
Company and related parties.
□ Applicable Not applicable
The Company had no other major related transaction during the reporting period.
XII. Major contracts and their performance
(1) Trusteeship
□ Applicable Not applicable
The Company had no trusteeship during the reporting period.
(2) Contracting
□ Applicable Not applicable
The Company had no contracting during the reporting period.
(3) Lease
Applicable □ Not applicable
Disclosure of lease
Refer to VII. 82 in Section X.
Item with profits and losses reaching 10% of the total profit of the Company during the reporting period
□ Applicable Not applicable
The Company had no lease item with profits and losses reaching 10% of the total profit of the Company during
the reporting period.
Applicable □ Not applicable
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Unit: RMB ten thousand
External guarantee of the Company and its subsidiaries (excluding guarantee for subsidiaries)
Date of
disclosure Whether
of the Counte the
Guarante Actual Whethe
Name of relevant Actual date Collater r guarantee
e guarante Guarante Guarantee r it was
guarantee announceme of al (if guarant objects
amount e e type period complet
object nt of occurrence any) ee (if were
limit amount ed
guarantee any) related
amount parties
limit
Not
applicable
Guarantee of the Company to its subsidiaries
Date of
disclosure Whether
of the Counte the
Guarante Actual Whethe
Name of relevant Actual date Collater r guarantee
e guarante Guarante Guarantee r it was
guarantee announceme of al (if guarant objects
amount e e type period complet
object nt of occurrence any) ee (if were
limit amount ed
guarantee any) related
amount parties
limit
Not
applicable
Guarantee of the subsidiaries to its subsidiaries
Date of
disclosure Whether
of the Counte the
Guarante Actual Whethe
Name of relevant Actual date Collater r guarantee
e guarante Guarante Guarantee r it was
guarantee announceme of al (if guarant objects
amount e e type period complet
object nt of occurrence any) ee (if were
limit amount ed
guarantee any) related
amount parties
limit
Huizhou
Joint maturity date
YAKO
Automatio
guaranty guaranteed
n
parties
Huizhou
Joint maturity date
YAKO
Automatio
guaranty guaranteed
n
parties
Huizhou
Joint maturity date
YAKO
Automatio
guaranty guaranteed
n
parties
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Huizhou
Joint maturity date
YAKO
Automatio
guaranty guaranteed
n
parties
Huizhou
Joint maturity date
YAKO
Automatio
guaranty guaranteed
n
parties
Huizhou
Joint maturity date
YAKO
Automatio
guaranty guaranteed
n
parties
Huizhou
Joint maturity date
YAKO
Automatio
guaranty guaranteed
n
parties
Huizhou
Joint maturity date
YAKO
Automatio
guaranty guaranteed
n
parties
Huizhou
Joint maturity date
YAKO
Automatio
guaranty guaranteed
n
parties
Huizhou
Joint maturity date
YAKO
Automatio
guaranty guaranteed
n
parties
Total actual balance
Total amount of approved
of guarantee for
guarantee for subsidiaries During the reporting period, the above master guarantee
at the end of the reporting contracts were closed and the guarantees were terminated.
end of the reporting
period (C3)
period (C4)
Total amount of the corporate guarantee (i.e. the sum of the first three items)
Total amount of guarantee Total actual balance
approved at the end of the of guarantee at the During the reporting period, the above master guarantee
reporting period end of the reporting contracts were closed and the guarantees were terminated.
(A3+B3+C3) period (A4+B4+C4)
Including:
Applicable □ Not applicable
Unit: RMB ten thousand
Capital source of Amount of Overdue amount Accrued
Specific types Unexpired balance
entrusted financing entrusted financial not recovered impairment amount
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
management of overdue and
unrecovered wealth
management
Bank financial
Self-own capitals 135,501.41 14,538.92 0 0
products
Wealth
management
Self-own capitals 10,000 10,000 0 0
products of
securities dealers
Total 145,501.41 24,538.92 0 0
Specific situation of high-risk entrusted financial management with the significant single amount or low
security and poor liquidity
□ Applicable Not applicable
Entrusted financial management was expected to be unable to recover the principal or there were other
situations that may lead to impairment
□ Applicable Not applicable
□ Applicable Not applicable
There were no other significant contracts in the reporting period of the Company.
XIII. Explanation of other major matters
Applicable □ Not applicable
On January 23, 2025, the repurchase plan adopted at the 6th (Extraordinary) Meeting of the 8th Board of
Directors expired. The Company has repurchased 11,779,000 shares through centralized bidding, accounting for
transaction price of RMB 6.34/share, and a cumulative payment amount of RMB 95,702,125.00 (excluding
transaction costs). The repurchase amount meets the requirement of the share repurchase plan, which has been
fully implemented.
XIV. Major matters of subsidiaries of the Company
□ Applicable Not applicable
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Section VI Share Change and Shareholders
I. Share change
Unit: Share
Before this change Increase or decrease of change this time (+, -) After this change
Conver
Issua
Sto sion of
nce
ck accumu
of Subtota Proportio
Quantity: Proportion divi lation Others Quantity:
new l n
den fund
share
d into
s
shares
I. Shares with non-tradable
conditions
owned legal persons
domestic capital
Including: shares held
by domestic legal persons
Shares held by
domestic natural person
investment
Including: shares held
by overseas legal persons
Shares held by overseas
natural persons
II. Shares with unlimited
tradable conditions
shares
shares
III. Total number of shares 1,246,834,988 100.00% 0 0 0 0 0 1,246,834,988 100%
Reasons for share change
□ Applicable Not applicable
Approval of share change
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
□ Applicable Not applicable
Transfer of share change
□ Applicable Not applicable
Implementation progress of share repurchase
Applicable □ Not applicable
On January 23, 2025, the repurchase plan adopted at the 6th (Extraordinary) Meeting of the 8th Board of
Directors expired. The Company has repurchased 11,779,000 shares through centralized bidding, accounting for
transaction price of RMB 6.34/share, and a cumulative payment amount of RMB 95,702,125.00 (excluding
transaction costs). The repurchase amount meets the requirement of the share repurchase plan, which has been
fully implemented.
Progress in the implementation of the reduction of share repurchase through centralized bid
□ Applicable Not applicable
The impact of share changes on financial indicators such as basic earnings per share and diluted earnings per
share in the latest year and the latest period, net assets per share attributable to ordinary shareholders of the
Company, etc.
□ Applicable Not applicable
Other contents deemed necessary by the Company or required to be disclosed by the securities regulatory
institution
□ Applicable Not applicable
Applicable □ Not applicable
Unit: Share
Desterilization Increase
Number of non- Number of non-
number of non- number of non-
Name of tradable shares tradable shares Reasons for Date of lifting
tradable shares tradable shares
shareholder at the beginning at the end of the non-trading sales restriction
in the current in the current
of the period period
period period
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Executives
Wu Yongqiang 159,006,536 0 0 159,006,536 Not applicable
lock-in shares
Executives
Ma Wei 6,389,800 0 0 6,389,800 Not applicable
lock-in shares
Executives Not applicable
Peng Ganquan 3,642,675 1 0 3,642,674
lock-in shares (see Note 1)
Executives
Zheng Sibin 4,472,902 0 0 4,472,902 Not applicable
lock-in shares
Executives
Wen Zhaohui 1,982,270 0 0 1,982,270 Not applicable
lock-in shares
Executives
Dai Huijuan 239,709 0 79,903 319,612 See Note 2
lock-in shares
Executives
Luo Muchen 11,250 0 0 11,250 Not applicable
lock-in shares
Total 175,745,142 1 79,903 175,825,044 -- --
Note:
previous year and re-adjusted at the beginning of this year.
reduction of the former China Securities Regulatory Commission and the Shenzhen Stock Exchange, a supervisor of a listed
company are not allowed to transfer the shares held by him/her in the Company within 6 months from the date when he/she
actually leaves office, and during the term of office determined at the time of appointment and within 6 months after its expiry, the
number of shares transferred annually shall not exceed 25% of the total number of shares held by him/her. Therefore, the sales
restriction release dates for the shares held by Ms. Dai Huijuan are the day after the expiry of six months from the date on which
she leaves office, the beginning of the following year from the date on which she leaves office, and the day after the expiry of her
term of office. The shares held by her can be unlocked and circulated according to the above statutory proportion.
II. Issuance and listing of securities
□ Applicable Not applicable
III. Number of shareholders and shareholding situation of the Company
Unit: Share
Total number of ordinary Total number of preferred shareholders with
shareholders at the end of the 103,893 voting rights restored at the end of the 0
reporting period reporting period (if any) (see Note 8)
Shareholding status of shareholders holding more than 5% shares or top 10 shareholders (excluding shares lent via refinancing)
Name of Nature of Proport Number of Changes in Number of Number of Pledge, marking or
shareholder shareholders ion of shares held increase or shares with shares freezing
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
shareho at the end of decrease in trading without
lding the the restriction trading Share
Quantity:
reporting reporting conditions restriction status
period period conditions
Domestic
Wu Yongqiang natural 17.00% 212,008,715 0 159,006,536 53,002,179 Pledge 38,860,000
person
Industrial Bank
Co., Ltd. – China
Not
IC Robot Trading
Others 2.24% 27,916,600 18,728,400 0 27,916,600 applica 0
Open-ended Index
ble
Securities
Investment Fund
Domestic Not
Xie Renguo natural 1.96% 24,495,088 320,000 0 24,495,088 applica 0
person ble
Domestic Not
Ji Shuhai natural 1.87% 23,329,130 -300,000 0 23,329,130 applica 0
person ble
China Merchants
Bank – Southern
Not
IC 1000 Trading
Others 0.92% 11,519,000 1,222,100 0 11,519,000 applica 0
Open-ended Index
ble
Securities
Investment Fund
Guotai Junan
Securities Co.,
Ltd. – Tianhong Not
IC Robot Trading Others 0.91% 11,305,225 8,152,225 0 11,305,225 applica 0
Open-ended Index ble
Securities
Investment Fund
Hong Kong
Not
Securities Overseas
Clearing Company legal person
ble
Ltd.
Domestic
ONLINK (HK) Not
non-state-
INDUSTRIAL 0.71% 8,846,700 1,076,900 0 8,846,700 applica 0
owned legal
LIMITED ble
person
Agricultural Bank
of China Limited
Not
– Guotai
Others 0.69% 8,644,600 5,587,900 0 8,644,600 applica 0
Intelligent Vehicle
ble
Stock Securities
Investment Fund
Domestic Not
Ma Wei natural 0.68% 8,519,734 0 6,389,800 2,129,934 applica 0
person ble
The top 10 shareholders of
strategic investors or general legal
Not applicable
persons due to placement of new
shares (if any) (see Note 3)
Explanation of the above
shareholders' relationship or Not applicable
concerted action
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Explanation of the above
shareholders' entrusting/entrusted
Not applicable
voting rights and waiver of voting
rights
Special explanations for the
At the end of the reporting period, the Company held 18,045,600 shares in total through the
existence of special repurchase
special securities account for repurchase, accounting for 1.45% of the total equity issued by the
accounts among the top 10
Company.
shareholders (if any) (see Note 11)
Shareholding status of top 10 shareholders without restriction conditions (excluding shares lent via refinancing and locked shares held
by executives)
Type of shares
Number of shares held without trading restriction conditions at the
Name of shareholder Type of
end of the reporting period Quantity:
shares
Wu Yongqiang 53,002,179 A shares 53,002,179
Industrial Bank Co., Ltd. – China
IC Robot Trading Open-ended 27,916,600 A shares 27,916,600
Index Securities Investment Fund
Xie Renguo 24,495,088 A shares 24,495,088
Ji Shuhai 23,329,130 A shares 23,329,130
China Merchants Bank – Southern
IC 1000 Trading Open-ended Index 11,519,000 A shares 11,519,000
Securities Investment Fund
Guotai Junan Securities Co., Ltd. –
Tianhong IC Robot Trading Open-
ended Index Securities Investment
Fund
Hong Kong Securities Clearing
Company Ltd.
ONLINK (HK) INDUSTRIAL
LIMITED
Agricultural Bank of China
Limited – Guotai Intelligent
Vehicle Stock Securities
Investment Fund
Zhong Mingyu 7,940,757 A shares 7,940,757
Explanation of the relationship or
concerted action between the top
restriction conditions and between Not applicable
the top 10 shareholders with
trading restriction conditions and
the top 10 shareholders
Explanation of the participation of
the top 10 ordinary shareholders in
Not applicable
securities margin trading (if any)
(see Note 4)
Participation in lending shares via refinancing by shareholders holding over 5% shares, top 10 shareholders and
top 10 circulating share shareholders without restriction
□ Applicable Not applicable
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Changes from prior period due to lending via refinancing/return of shares by top 10 shareholders and top 10
circulating share shareholders without restriction
□ Applicable Not applicable
Whether the top 10 ordinary shareholders and the top 10 ordinary shareholders with unlimited sales conditions
have conducted the agreed repurchase transactions during the reporting period
□ Yes No
No agreed repurchase transaction was conducted by the top 10 common shareholders and top 10 common
shareholders without restriction conditions of the Company during the reporting period.
IV. Variations in shareholding of directors, supervisors and senior executives
□ Applicable Not applicable
The shareholding of the directors, supervisors and senior executives did not change during the reporting period.
For details, refer to the 2024 Annual Report.
V. Variations in controlling shareholders or real controlling parties
Change of controlling shareholders during the reporting period
□ Applicable Not applicable
The controlling shareholder of the Company did not change during the reporting period.
Change of actual controller during the reporting period
□ Applicable Not applicable
The actual controller of the Company did not change during the reporting period.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
VI. Information on preferred shares
□ Applicable Not applicable
The Company did not have preferred shares during the reporting period.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Section VII Information on Bonds
□ Applicable Not applicable
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Section VIII Financial Report
I. Audit report
Whether the semi-annual report was audited
□ Yes No
The half-year financial statements of the Company have not been audited.
II. Financial Statements
The unit of statements in the financial notes is: RMB
Prepared by: Shenzhen Topband Co., Ltd.
June 30, 2025
Unit: RMB
Items Ending balance Beginning balance
Current assets:
Monetary capital 1,854,938,875.14 1,713,976,263.34
Settlement of provisions
Lending funds
Tradable financial assets 588,315,560.86 739,448,691.77
Derivative financial assets
Notes receivable 42,510,889.66 48,461,335.38
Accounts receivable 3,128,723,591.98 2,992,784,497.73
Receivables financing 171,997,770.09 131,217,672.56
Prepayments 32,253,492.80 26,932,435.21
Premiums receivable
Reinsurance accounts receivable
Reinsurance contract reserves receivable
Other receivables 33,973,857.81 38,621,875.39
Including: interest receivable
Dividends receivable
Repurchase of financial assets for resale
Inventory 2,183,308,352.70 1,810,510,580.57
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Including: data resources
Contract assets
Assets held for sale
Non-current assets due within one year
Other current assets 506,445,553.89 359,556,873.79
Total current assets 8,542,467,944.93 7,861,510,225.74
Non-current assets:
Loans and advances granted
Debt investment
Other debt investment 40,000,000.00 0.00
Long-term receivables
Long-term equity investment 39,837,141.24 38,959,272.14
Other equity instrument investment 45,012,776.00 45,012,776.00
Other non-current financial assets
Investment property 99,146,840.34 100,566,027.85
Fixed assets 2,751,625,689.48 2,737,959,115.57
Construction in progress 815,879,584.23 768,223,670.57
Productive biological assets
Oil and gas assets
Right-of-use assets 75,393,526.08 67,227,073.11
Intangible assets 694,699,598.80 643,784,398.36
Including: data resources
Development expenditure 74,128,950.33 125,214,759.99
Including: data resources
Goodwill 108,769,151.72 108,769,151.72
Long-term deferred expenses 186,463,200.53 188,924,525.82
Deferred tax assets 121,924,131.47 102,678,537.20
Other non-current assets 81,572,820.51 60,036,426.17
Total non-current assets 5,134,453,410.73 4,987,355,734.50
Total assets 13,676,921,355.66 12,848,865,960.24
Current liabilities:
Short-term loans 1,508,128,644.65 1,224,214,110.41
Loan from the Central Bank
Borrowed funds
Financial liabilities held for trading 106,506.00 444,281.13
Derivative financial liabilities
Notes payable 1,394,340,467.78 1,194,662,037.01
Accounts payable 2,507,554,381.64 2,310,872,258.62
Accounts collected in advance 4,358,984.56 3,915,096.80
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Contractual liabilities 154,412,242.00 131,435,683.97
Financial assets sold for repurchase
Deposit absorption and interbank deposit
Acting trading securities
Acting underwriting securities
Employee compensation payable 175,170,318.05 276,437,375.57
Taxes payable 58,011,387.83 48,126,598.87
Other payables 287,725,931.02 450,563,068.15
Including: interest payable
Dividends payable
Service charges and commissions payable
Reinsurance accounts payable
Liabilities held for sale
Non-current liabilities due within one year 50,649,752.88 136,488,765.75
Other current liabilities 65,874,025.67 77,931,203.31
Total current liabilities 6,206,332,642.08 5,855,090,479.59
Non-current liabilities
Insurance contract reserve
Long-term loans 412,270,000.00 245,740,474.88
Bonds payable
Including: preferred shares
Perpetual capital securities
Lease liabilities 48,146,092.89 42,076,530.36
Long-term payables
Long-term employee compensation payable
Estimated liabilities
Deferred income 13,221,844.71 13,358,627.74
Deferred tax liabilities 20,826,856.68 20,219,592.39
Other non-current liabilities
Total non-current liabilities 494,464,794.28 321,395,225.37
Total liabilities 6,700,797,436.36 6,176,485,704.96
Owner's equity:
Share capital 1,246,834,988.00 1,246,834,988.00
Other equity instruments
Including: preferred shares
Perpetual capital securities
Capital reserves 2,144,634,901.21 2,089,578,011.17
Minus: treasury shares 155,694,936.18 155,694,936.18
Other comprehensive income -27,434,301.81 -32,276,903.98
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Special reserves
Surplus reserves 248,359,297.47 248,359,297.47
General risk provision
Retained earnings 3,519,590,231.90 3,275,527,294.98
Total owner's equity attributable to the parent
company
Minority shareholders' equity -166,261.29 52,503.82
Total owners' equity 6,976,123,919.30 6,672,380,255.28
Total liabilities and owners' equity 13,676,921,355.66 12,848,865,960.24
Legal representative: Wu Person in charge of accounting: Luo Head of accounting firm: Luo
Yongqiang Muchen Muchen
Unit: RMB
Items Ending balance Beginning balance
Current assets:
Monetary capital 690,879,110.06 737,724,723.09
Tradable financial assets 442,132,886.74 353,132,886.74
Derivative financial assets
Notes receivable 14,981,734.57 36,071,948.51
Accounts receivable 1,812,621,394.28 1,749,091,674.76
Receivables financing 67,401,718.13 36,369,236.89
Prepayments 8,247,450.76 16,727,322.45
Other receivables 492,484,899.73 269,840,253.20
Including: interest receivable
Dividends receivable
Inventory 505,284,743.69 376,080,117.00
Including: data resources
Contract assets
Assets held for sale
Non-current assets due within one year
Other current assets 32,011,123.71 25,734,118.81
Total current assets 4,066,045,061.67 3,600,772,281.45
Non-current assets:
Debt investment
Other debt investment
Long-term receivables
Long-term equity investment 4,309,343,425.85 4,299,877,436.17
Other equity instrument investment
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Other non-current financial assets
Investment property
Fixed assets 173,371,814.54 182,839,226.06
Construction in progress 724,155.81 10,857,827.42
Productive biological assets
Oil and gas assets
Right-of-use assets 23,747,376.37 12,182,431.45
Intangible assets 232,944,111.24 186,874,312.66
Including: data resources
Development expenditure 56,160,470.77 98,813,454.74
Including: data resources
Goodwill
Long-term deferred expenses 9,848,947.72 12,473,333.17
Deferred tax assets 14,528,848.27 4,272,297.23
Other non-current assets 13,629,797.91 12,437,360.68
Total non-current assets 4,834,298,948.48 4,820,627,679.58
Total assets 8,900,344,010.15 8,421,399,961.03
Current liabilities:
Short-term loans 100,000,000.00
Financial liabilities held for trading 345,711.00
Derivative financial liabilities
Notes payable 2,037,058,216.21 1,895,000,000.00
Accounts payable 1,051,131,588.45 780,481,701.30
Accounts collected in advance
Contractual liabilities 55,370,418.00 40,861,225.32
Employee compensation payable 96,706,180.44 152,318,345.79
Taxes payable 15,947,429.38 22,347,082.81
Other payables 642,941,007.34 365,916,776.73
Including: interest payable
Dividends payable
Liabilities held for sale
Non-current liabilities due within one year 11,366,538.81 4,262,274.85
Other current liabilities 24,179,856.60 56,848,533.19
Total current liabilities 3,934,701,235.23 3,418,381,650.99
Non-current liabilities
Long-term loans 30,250,000.00
Bonds payable
Including: preferred shares
Perpetual capital securities
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Lease liabilities 13,240,588.19 8,978,187.76
Long-term payables
Long-term employee compensation payable
Estimated liabilities
Deferred income 2,562,328.56 2,953,580.27
Deferred tax liabilities
Other non-current liabilities
Total non-current liabilities 15,802,916.75 42,181,768.03
Total liabilities 3,950,504,151.98 3,460,563,419.02
Owner's equity:
Share capital 1,246,834,988.00 1,246,834,988.00
Other equity instruments
Including: preferred shares
Perpetual capital securities
Capital reserves 2,266,733,223.74 2,211,676,333.70
Minus: treasury shares 155,694,936.18 155,694,936.18
Other comprehensive income
Special reserves
Surplus reserves 248,330,779.01 248,330,779.01
Retained earnings 1,343,635,803.60 1,409,689,377.48
Total owners' equity 4,949,839,858.17 4,960,836,542.01
Total liabilities and owners' equity 8,900,344,010.15 8,421,399,961.03
Unit: RMB
Items First half of 2025 First half of 2024
I. Total operating income 5,502,335,729.18 5,015,785,165.59
Including: operating income 5,502,335,729.18 5,015,785,165.59
Interest income
Premium earned
Service charge and commission income
II. Total operating cost 5,151,514,039.22 4,578,211,459.86
Including: operating cost 4,261,763,382.25 3,817,211,001.65
Interest expense
Service charge and commission payment
Surrender value
Net compensation expenditure
Net reserve amount set aside for insurance liability
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Policy dividend payment
Reinsurance expenses
Taxes and surcharges 24,474,734.66 29,865,374.27
Selling expenses 220,686,080.56 180,788,131.47
Management expenses 222,560,862.57 190,587,638.62
R&D expenses 460,786,777.70 388,540,898.00
Finance expenses -38,757,798.52 -28,781,584.15
Including: interest expenses 19,345,176.16 28,863,971.32
Interest income 12,672,976.09 15,326,718.58
Plus: other income 31,729,942.66 21,414,975.09
Investment income (loss indicated by "-") 6,143,016.93 2,025,727.35
Including: income from investment in associated
enterprises and joint ventures
Derecognized gains from financial assets
measured at amortized cost
Exchange gain (loss indicated by "-")
Net gain from exposure hedges (loss indicated by "-")
Gain from fair-value changes (loss indicated by "-") -106,506.00
Loss from credit impairment (loss indicated by "-") -7,143,154.02 -7,181,453.97
Loss from asset impairment (loss indicated by "-") -25,099,491.27 -21,090,974.63
Gain from disposal of assets (loss indicated by "-") -174,143.23 -2,580,837.22
III. Operating profit (loss indicated by "-") 356,171,355.03 430,161,142.35
Plus: non-operating income 3,789,204.87 1,739,303.34
Minus: non-operating expenses 4,113,078.34 5,563,887.00
IV. Total profit (total loss indicated by "-") 355,847,481.56 426,336,558.69
Minus: income tax expense 25,988,052.59 36,778,573.81
V. Net profit (net loss indicated by "-") 329,859,428.97 389,557,984.88
(I) Classification according to business continuity
"-")
by "-")
(II) Classification according to ownership
loss indicated by "-")
-218,765.11 729,469.70
indicated by "-")
VI. Net after-tax amount of other comprehensive income 4,842,602.17 -33,937,857.88
Net after-tax amount of other comprehensive income
attributable to the owner of the parent company
(I) Other comprehensive income that cannot be reclassified
into profits and losses
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
transferring to profits or losses under equity method
investment
(II) Other comprehensive income that is reclassified into
profits and losses
into profits or losses under the equity method
comprehensive income
investment
statements
Net after-tax amount of other comprehensive income attributed
to the minority of shareholders
VII. Total comprehensive income 334,702,031.14 355,620,127.00
Total consolidated income attributable to the owners of the
parent company
Total consolidated income attributable to minority shareholders -218,765.11 729,469.70
VIII. Earnings per share:
(I) Basic earnings per share 0.27 0.31
(II) Diluted earnings per share 0.27 0.31
In case of business merger involving enterprises under the same control in the current period, the net profit
realized by the merged party before the merger is: RMB 0.00, and the net profit realized by the merged party in
the prior period is: RMB 0.00.
Legal representative: Wu Person in charge of accounting: Luo Head of accounting firm: Luo
Yongqiang Muchen Muchen
Unit: RMB
Items First half of 2025 First half of 2024
I. Operating income 3,030,817,124.28 2,408,336,475.85
Minus: operating cost 2,444,612,210.50 1,950,338,909.54
Taxes and surcharges 7,689,681.60 8,506,336.53
Selling expenses 162,178,963.66 116,036,258.24
Management expenses 110,681,666.72 96,839,658.18
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
R&D expenses 312,112,396.97 222,191,120.63
Finance expenses -10,480,489.96 -24,745,298.32
Including: interest expenses 8,812,732.76 8,930,422.33
Interest income 3,771,948.94 7,037,069.58
Plus: other income 10,623,873.75 12,305,323.68
Investment income (loss indicated by "-") 3,430,061.62 470,417.09
Including: income from investment in associated enterprises and joint ventures -9,317.40
Derecognized gains from financial assets measured at amortized cost
Net gain from exposure hedges (loss indicated by "-")
Gain from fair-value changes (loss indicated by "-")
Loss from credit impairment (loss indicated by "-") 3,035,324.53 -3,339,018.66
Loss from asset impairment (loss indicated by "-") -5,480,177.90 -5,513,253.27
Gain from disposal of assets (loss indicated by "-") 15,747.89 -83,340.41
II. Operating profit (loss indicated by "-") 15,647,524.68 43,009,619.48
Plus: non-operating income 874,146.36 191,262.62
Minus: non-operating expenses 2,508,748.26 1,961,918.17
III. Total profit (total loss indicated by "-") 14,012,922.78 41,238,963.93
Minus: income tax expense -5,948,760.50 -4,930,788.21
IV. Net profit (net loss indicated by "-") 19,961,683.28 46,169,752.14
(I) Net profit on continuing operations (net loss indicated by "-") 19,961,683.28 46,169,752.14
(II) Net profit on discontinued operations (net loss indicated by "-")
V. Net after-tax amount of other comprehensive income
(I) Other comprehensive income that cannot be reclassified into profits and losses
under equity method
(II) Other comprehensive income that is reclassified into profits and losses
the equity method
VI. Total comprehensive income 19,961,683.28 46,169,752.14
VII. Earnings per share:
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
(I) Basic earnings per share
(II) Diluted earnings per share
Unit: RMB
Items First half of 2025 First half of 2024
I. Cash flow from operating activities:
Cash received from sales of goods or rendering of services 5,357,724,545.20 4,987,452,982.82
Net increase in deposits with other banks
Net increase in borrowing from the central bank
Net increase in funds borrowed from other financial institutions
Cash from receipt of original insurance contract premiums
Receipt of net cash for reinsurance operations
Net increase in savings and investment funds of the insured
Cash from receipt of interest, service charges and commissions
Net increase in borrowed funds
Net increase in funds from repurchase operations
Net cash received for acting trading securities
Refund of tax and levies 257,799,901.26 282,746,532.49
Other cash received related to operating activities 75,448,632.75 71,969,813.90
Subtotal of cash inflow from operating activities 5,690,973,079.21 5,342,169,329.21
Cash paid for purchasing goods and accepting labor services 3,876,615,932.07 3,517,455,046.31
Net increase in loans and advances of clients
Net increase in deposits with central banks and interbanks
Cash in compensation funds paid for the original insurance contract
Net increase in lending funds
Cash for payment of interest, service charges and commissions
Cash for payment of policy dividends
Cash paid to and for employees 1,124,181,576.86 986,965,195.81
Tax payments 112,150,708.98 160,449,258.75
Other cash paid in connection with operating activities 224,670,294.81 206,985,653.67
Subtotal of cash outflow from operating activities 5,337,618,512.72 4,871,855,154.54
Net cash flow from operating activities 353,354,566.49 470,314,174.67
II. Cash flow from investing activities:
Cash received from investment recovery 468,705,428.72 320,623,714.10
Cash received as return on an investment 6,349,205.30 6,726,780.63
Net cash recouped from disposal of fixed assets, intangible assets, and other long-term
assets
Net cash received from disposal of subsidiaries and other business units
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Other cash received relating to investment activities 2,235,246.36
Subtotal of cash inflow from investment activities 475,962,435.11 330,291,741.09
Cash paid for the purchase and construction of fixed assets, intangible assets and other
long-term assets
Cash paid for investment 302,014,088.18 359,752,158.18
Net increase in pledged loans
Net cash obtained from subsidiaries and other business units
Other cash paid related to investment activities 385,800.00 7,268,000.00
Subtotal of cash outflow from investment activities 637,569,035.07 643,451,859.92
Net cash flow from investment activities -161,606,599.96 -313,160,118.83
III. Cash flow from financing activities:
Cash received from absorbing investment
Including: cash received by subsidiaries' absorption of minority shareholders'
investment
Cash received from loan 1,465,520,964.66 837,696,102.40
Other cash received relating to financing activities 12,920,862.51 5,021,283.53
Subtotal of cash inflow from financing activities 1,478,441,827.17 842,717,385.93
Cash paid for repayments of debts 1,376,531,207.44 727,060,000.01
Cash paid to distribute dividends, profits or pay interest 97,302,974.69 98,468,158.57
Including: dividends and profits paid by subsidiaries to minority shareholders
Other cash paid related to financing activities 23,837,729.50 137,485,601.63
Subtotal of cash outflow from financing activities 1,497,671,911.63 963,013,760.21
Net cash flow from financing activities -19,230,084.46 -120,296,374.28
IV. Impact of exchange rate fluctuations on cash and cash equivalents 33,856,049.33 42,095,731.96
V. Net increase in cash and cash equivalents 206,373,931.40 78,953,413.52
Plus: balance of cash and cash equivalents at the beginning of the period 1,596,352,534.73 1,494,743,705.76
VI. Balance of cash and cash equivalents at the end of the period 1,802,726,466.13 1,573,697,119.28
Unit: RMB
Items First half of 2025 First half of 2024
I. Cash flow from operating activities:
Cash received from sales of goods or rendering of services 3,416,577,143.54 2,174,049,368.22
Refund of tax and levies 139,986,431.70 122,565,220.28
Other cash received related to operating activities 833,941,238.94 1,370,428,415.47
Subtotal of cash inflow from operating activities 4,390,504,814.18 3,667,043,003.97
Cash paid for purchasing goods and accepting labor services 2,620,561,929.50 1,580,535,393.06
Cash paid to and for employees 487,373,843.50 422,141,949.13
Tax payments 21,804,220.23 23,631,911.02
Other cash paid in connection with operating activities 955,226,056.32 1,186,205,200.13
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Subtotal of cash outflow from operating activities 4,084,966,049.55 3,212,514,453.34
Net cash flow from operating activities 305,538,764.63 454,528,550.63
II. Cash flow from investing activities:
Cash received from investment recovery 155,000,000.00 200,000,000.00
Cash received as return on an investment 3,552,838.80 1,949,141.49
Net cash recouped from disposal of fixed assets, intangible assets, and other long-term
assets
Net cash received from disposal of subsidiaries and other business units
Other cash received relating to investment activities 14,235,246.36
Subtotal of cash inflow from investment activities 158,824,042.00 216,184,387.85
Cash paid for the purchase and construction of fixed assets, intangible assets and other
long-term assets
Cash paid for investment 194,014,088.18 231,761,025.80
Net cash obtained from subsidiaries and other business units
Other cash paid related to investment activities 235,200.00 7,268,000.00
Subtotal of cash outflow from investment activities 246,078,878.29 298,861,608.91
Net cash flow from investment activities -87,254,836.29 -82,677,221.06
III. Cash flow from financing activities:
Cash received from absorbing investment
Cash received from loan 131,000,000.00
Other cash received relating to financing activities 12,920,862.51
Subtotal of cash inflow from financing activities 12,920,862.51 131,000,000.00
Cash paid for repayments of debts 130,750,000.00 200,000,000.00
Cash paid to distribute dividends, profits or pay interest 92,637,009.74 85,212,715.51
Other cash paid related to financing activities 6,098,593.91 88,026,170.65
Subtotal of cash outflow from financing activities 229,485,603.65 373,238,886.16
Net cash flow from financing activities -216,564,741.14 -242,238,886.16
IV. Impact of exchange rate fluctuations on cash and cash equivalents 17,440,999.77 22,503,553.14
V. Net increase in cash and cash equivalents 19,160,186.97 152,115,996.55
Plus: balance of cash and cash equivalents at the beginning of the period 654,542,035.33 530,273,423.70
VI. Balance of cash and cash equivalents at the end of the period 673,702,222.30 682,389,420.25
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Amount in the current period
Unit: RMB
First half of 2025
Owner's equity attributable to the parent company
Items Other equity instruments Genera Minority
Other shareholders' Total owners' equity
Perpetual Minus: treasury Special l risk
Share capital Preferred Capital reserves comprehensive Surplus reserves Retained earnings Others Subtotal equity
capital Others shares reserves provisi
shares income
securities on
I. Ending balance
of last year
Plus: changes
in accounting
policies
Early error
correction
Others
II. Beginning
balance of the 1,246,834,988.00 2,089,578,011.17 155,694,936.18 -32,276,903.98 248,359,297.47 3,275,527,294.98 6,672,327,751.46 52,503.82 6,672,380,255.28
current year
III. Amount of
changes in
increase/decrease
in the current
period (decrease
indicated by "-")
(I) Total
comprehensive 4,842,602.17 330,078,194.08 334,920,796.25 -218,765.11 334,702,031.14
income
(II) Capital
invested and 55,056,890.04 55,056,890.04 55,056,890.04
reduced by owners
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
contribution from
owners
contribution from
other equity
instrument holders
payment recorded 52,447,170.39 52,447,170.39 52,447,170.39
in owner's equity
(III) Profit
-86,015,257.16 -86,015,257.16 -86,015,257.16
distribution
surplus reserve
general risk reserve
owner (or -86,015,257.16 -86,015,257.16 -86,015,257.16
shareholder)
(IV) Internal
carryover of
owner's equity
transferred to paid-
in capital (or
equity)
transferred to paid-
in capital (or
equity)
by surplus reserve
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
plan changed
amount carried
forward to retained
earnings
comprehensive
income carried
forward to retained
earnings
(V) Special
reserves
current period
current period
(VI) Others
IV. Ending balance
in the current 1,246,834,988.00 2,144,634,901.21 155,694,936.18 -27,434,301.81 248,359,297.47 3,519,590,231.90 6,976,290,180.59 -166,261.29 6,976,123,919.30
period
Amount of prior year
Unit: RMB
First half of 2024
Owner's equity attributable to the parent company
Items Other equity instruments General Minority
Other Total owners'
Minus: treasury Special risk shareholders'
Share capital Perpetual Capital reserves comprehensive Surplus reserves Retained earnings Others Subtotal equity
Preferred shares reserves provisio equity
capital Others income
shares n
securities
I. Ending balance
of last year
Plus: changes
in accounting
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
policies
Early error
correction
Others
II. Beginning
balance of the 1,246,834,988.00 2,212,629,919.51 112,426,101.24 11,932,029.41 219,446,936.59 2,706,499,696.23 6,284,917,468.50 84,680,252.94 6,369,597,721.44
current year
III. Amount of
changes in
increase/decrease
-79,998,327.85 82,354,021.60 -33,937,857.88 315,325,821.90 119,035,614.57 -84,340,202.45 34,695,412.12
in the current
period (decrease
indicated by "-")
(I) Total
comprehensive -33,937,857.88 388,828,515.18 354,890,657.30 729,469.70 355,620,127.00
income
(II) Capital
invested and 82,354,021.60 -82,354,021.60 -82,354,021.60
reduced by owners
contribution from
owners
contribution from
other equity
instrument holders
payment recorded
in owner's equity
(III) Profit
-73,502,693.28 -73,502,693.28 -73,502,693.28
distribution
of surplus reserve
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
general risk
reserve
owner (or -73,502,693.28 -73,502,693.28 -73,502,693.28
shareholder)
(IV) Internal
carryover of
owner's equity
transferred to paid-
in capital (or
equity)
transferred to paid-
in capital (or
equity)
by surplus reserve
plan changed
amount carried
forward to retained
earnings
comprehensive
income carried
forward to retained
earnings
(V) Special
reserves
current period
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
the current period
(VI) Others -79,998,327.85 -79,998,327.85 -85,069,672.15 -165,068,000.00
IV. Ending
balance in the 1,246,834,988.00 2,132,631,591.66 194,780,122.84 -22,005,828.47 219,446,936.59 3,021,825,518.13 6,403,953,083.07 340,050.49 6,404,293,133.56
current period
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Amount in the current period
Unit: RMB
First half of 2025
Other equity instruments
Items Other
Perpetual Minus: Special Surplus Retained Total owners'
Share capital Preferred Capital reserves comprehensive Others
capital Others treasury shares reserves reserves earnings equity
shares income
securities
I. Ending balance
of last year
Plus:
changes in
accounting
policies
Early
error correction
Others
II. Beginning
balance of the 1,246,834,988.00 2,211,676,333.70 155,694,936.18 248,330,779.01 1,409,689,377.48 4,960,836,542.01
current year
III. Amount of
changes in
increase/decrease
in the current
period (decrease
indicated by "-")
(I) Total
comprehensive 19,961,683.28 19,961,683.28
income
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
(II) Capital
invested and
reduced by
owners
contribution from
owners
contribution from
other equity
instrument
holders
payment recorded 52,447,170.39 52,447,170.39
in owner's equity
(III) Profit
-86,015,257.16 -86,015,257.16
distribution
of surplus reserve
owner (or -86,015,257.16 -86,015,257.16
shareholder)
(IV) Internal
carryover of
owner's equity
transferred to
paid-in capital (or
equity)
transferred to
paid-in capital (or
equity)
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
by surplus reserve
plan changed
amount carried
forward to
retained earnings
comprehensive
income carried
forward to
retained earnings
(V) Special
reserves
current period
the current period
(VI) Others
IV. Ending
balance in the 1,246,834,988.00 2,266,733,223.74 155,694,936.18 248,330,779.01 1,343,635,803.60 4,949,839,858.17
current period
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Amount of prior year
Unit: RMB
First half of 2024
Other equity instruments
Items Other
Perpetual Minus: Special Surplus Retained Total owners'
Share capital Preferred Capital reserves comprehensive Others
capital Others treasury shares reserves reserves earnings equity
shares income
securities
I. Ending balance
of last year
Plus:
changes in
accounting
policies
Early
error correction
Others
II. Beginning
balance of the 1,246,834,988.00 2,254,729,914.19 112,426,101.24 219,418,418.13 1,222,980,822.83 4,831,538,041.91
current year
III. Amount of
changes in
increase/decrease
in the current
period (decrease
indicated by "-")
(I) Total
comprehensive 46,169,752.14 46,169,752.14
income
(II) Capital
invested and
reduced by
owners
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
contribution from
owners
contribution from
other equity
instrument
holders
payment recorded
in owner's equity
(III) Profit
-73,502,693.28 -73,502,693.28
distribution
of surplus reserve
owner (or -73,502,693.28 -73,502,693.28
shareholder)
(IV) Internal
carryover of
owner's equity
transferred to
paid-in capital (or
equity)
transferred to
paid-in capital (or
equity)
by surplus reserve
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
plan changed
amount carried
forward to
retained earnings
comprehensive
income carried
forward to
retained earnings
(V) Special
reserves
current period
the current period
(VI) Others
IV. Ending
balance in the 1,246,834,988.00 2,254,729,914.19 194,780,122.84 219,418,418.13 1,195,647,881.69 4,721,851,079.17
current period
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
III. Basic information of the Company
Shenzhen Topband Co., Ltd. (hereinafter referred to as the Company), former name: Shenzhen Topband
Electronic Equipment Co., Ltd., was incorporated and registered at Shenzhen Municipal Administration of
Industry & Commerce on February 9, 1996, and obtained the Enterprise Legal Person Business License
(Registration No. 19241377-3). On January 10, 2001, after approval, Shenzhen Topband Electronic Equipment
Co., Ltd. Was renamed to Shenzhen Topband Electronics & Technology Co., Ltd. On July 15, 2002, with the
approval of the People's Government of Shenzhen Municipality by issuing the Reply on the Approval of the
Reorganization and Establishment of Shenzhen Topband Electronics & Technology Co., Ltd. (SFG [2002] No.
as a whole into a company limited by shares, with five shareholders as the promoter. On June 26, 2007, with the
approval of the China Securities Regulatory Commission by issuing the Notice on Approving the IPO of
Shenzhen Topband Electronics & Technology Co., Ltd. (ZJH No. 2007135), Topband issued shares to the
public and was listed on the Shenzhen Stock Exchange (stock code: 002139).The company name was changed
to Shenzhen Topband Co., Ltd. in September 2009.
The registered address of the Company is F1, Topband Industrial Park Phase II, Keji Second Road,
Tangtou Community, Shiyan Sub-district, Bao'an District, Shenzhen. The unified social credit identifier on the
business license is 91440300192413773Q. The legal representative of the Company is Wu Yongqiang. As of
June 30, 2025, the share capital was RMB 1,246,834,988.00.
Main business activities of the Company: the accumulation of technical experience and product solutions
in the intelligent control industry, and the research, development, production and sales of components and
complete robot products based on the core technology system of "four electrics and one network" (electric
control, motor, battery, power and IoT platform), where components include intelligent controllers, high-
efficiency motors, battery packs, power products, etc., and complete machine products mainly include AC/DC
charging piles, integrated industrial and commercial storage machines, integrated home storage machines, and
AI complete machines. These products are applied widely in three major fields: tools and home appliances,
digital energy and intelligent vehicles, and robots. The Company provides innovative, efficient, and reliable
customized services to global customers, and green, intelligent and innovative products to consumers.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
IV. Preparation basis of the financial statement
The financial statements are prepared on a going concern basis based on actual transactions and matters in
accordance with the relevant provisions of the Accounting Standards for Business Enterprises, and their
application guides and interpretations. In addition, the Company discloses relevant financial information in
accordance with the Preparation Rules for Information Disclosure by Companies Offering Securities to the
Public No. 15—General Provisions on Financial Reports (2023 Revision) of the China Securities Regulatory
Commission.
The Company has evaluated its ability to continue as a going concern for the past 12 months from the end
of the reporting period and has not identified any issue that may affect its ability to continue as a going concern,
so it is reasonable for the Company to prepare the financial statements on a going concern basis.
V. Significant accounting policies and accounting estimates
Specific accounting policies and accounting estimates reminders:
The following important accounting policies and estimates of the Company were determined in accordance
with the Accounting Standards for Business Enterprises. The businesses not mentioned are based on the relevant
accounting policies in the Accounting Standards for Business Enterprises.
The financial statements prepared by the Company give a true and full view of the financial position,
operating results, owner's equity, cash flows and other relevant information of the Company, and conform to the
requirements of the latest Accounting Standards for Business Enterprises.
The fiscal year of the Company is from January 1 to December 31 every Gregorian calendar year.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
The normal operating cycle of the Company is one year.
The bookkeeping base currency of the Company is RMB. The Company's overseas branches and
subsidiaries may determine their own bookkeeping base currencies based on the currencies in the main
economic environments in which they operate.
Applicable □ Not applicable
Items Criteria of importance
Receivables on individual basis for material bad debt The balance of individual accounts receivables and other receivables at
provision the end of the period is more than RMB 1 million
Recovery or reversal of bad debt provisions for
Single item recovery or reversal amount of over RMB 1 million
important receivables
Write-off of important receivables Individual write-off amount of over RMB 1 million
Important contract liabilities with aging of over one Amounts of contract liabilities of over RMB 5 million with individual
year aging of over 1 year
Accounts payable/other payables of over RMB 5 million with individual
Important accounts payable and other payables
aging of over 1 year
Important construction in progress Individual projects with a budget of over RMB 100 million
Important non-wholly-owned subsidiaries Minority shareholder equity of over RMB 50 million
different control
(1) Consolidation of enterprises under common control
The assets and liabilities obtained by the Company in business merger are measured at the book value of
the assets and liabilities of the merged party in the consolidated financial statements of the final controller on
the consolidation date. Among them, if the accounting policies and accounting periods adopted by the merged
party and the Company before the merger are different, the accounting policies and accounting periods shall be
unified based on the principle of materiality, that is, the book value of the assets and liabilities of the merged
party shall be adjusted according to the accounting policies and accounting periods of the Company. If there is a
difference between the book value of the net assets obtained by the Company in a business merger and the book
value of the consideration paid, the capital reserve (capital premium or share premium) is adjusted first. If the
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
balance of the capital reserve (capital premium or share premium) is insufficient for offsetting, the surplus
reserve and the undistributed profits shall be offset sequentially.
The accounting treatment method for the merger of enterprises under common control step by step is
described in 7 (5) of Section VIII Financial Report.
(2) Consolidation of enterprises not under common control
The identifiable assets and liabilities of the acquiree acquired by the Company in the business merger are
measured at their fair value at the date of acquisition. Among them, if the accounting policies and accounting
periods adopted by the acquiree and the Company before the merger are different, the accounting policies and
accounting periods shall be unified based on the principle of materiality, that is, the book value of the assets and
liabilities of the acquiree shall be adjusted according to the accounting policies and accounting periods of the
Company. The difference between the merger cost of the Company on the acquisition date and the fair value of
the identifiable assets and liabilities acquired from the acquiree in a business merger is recognized as goodwill;
if the merger cost is less than the difference between the fair value of the identifiable assets and liabilities
acquired from the acquiree in the business merger, the merger cost and the fair value of the identifiable assets
and liabilities acquired from the acquiree in the business merger shall be reviewed first; if the merger cost is still
less than the fair value of the identifiable assets and liabilities acquired from the acquiree after the review, the
difference shall be recognized in the consolidated current profits and losses.
The accounting treatment method for the merger of enterprises not under common control step by step is
described in 7 (5) of Section VIII Financial Report.
(3) Treatment of transaction costs in business mergers
The intermediary fees such as audit, legal services, appraisal, and consulting, and other related
management expenses incurred for the purpose of a business merger shall be included in the current profits and
losses when incurred. The transaction costs of equity securities or debt securities issued as merger consideration
shall be included in the initial recognition amount of equity securities or debt securities.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
(1) Judgment criteria for control and determination of the consolidation scope
Control means that the Company has power over the investee, enjoys variable returns by participating in
related activities of the investee, and has the ability to use its power over the investee to influence the amount of
returns. The definition of control includes three basic elements: First, the investor has power over the investee;
second, it enjoys variable return due to participation in the investee's related activities; third, it is able to use its
power over the investee to influence its return amount. When the Company's investment in an investee has the
above three elements, the Company is able to control the investee.
The consolidation scope of the consolidated financial statements is determined based on control, including
not only subsidiaries determined based on voting rights (or similar voting rights) themselves or in combination
with other arrangements, but also structured entities determined based on one or more contractual arrangements.
Subsidiaries refer to entities controlled by the Company (including divisible parts of enterprises and
investees, as well as structured entities controlled by enterprises). A structured entity refers to an entity for
which voting rights or similar rights are not designed as a determining factor when its controller is determined.
(Note: They are sometimes also referred to as special-purpose entities).
(2) Method for preparing consolidated financial statements
The Company prepares the consolidated financial statements based on its own and its subsidiaries'
financial statements, as well as other relevant information.
When preparing the consolidated financial statements, the Company treats the entire enterprise group as
one accounting entity to reflect the overall financial position, operating performance, and cash flows of the
enterprise group based on unified accounting policies and accounting periods in accordance with the recognition,
measurement, and reporting requirements of relevant accounting standards for business enterprises.
① Merge the assets, liabilities, owner's equity, income, expenses, and cash flows of the parent company
and its subsidiaries.
② Offset the parent company's long-term equity investment in subsidiaries and its share in subsidiaries'
owner's equity.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
③ Offset the impact of internal transactions between the parent company and its subsidiaries, as well as
among subsidiaries. Where an internal transaction indicates an impairment loss of the underlying asset, the loss
shall be fully recognized.
④ Adjust special transactions from the perspective of the enterprise group.
(3) Treatment of added or reduced subsidiaries during the reporting period
① Addition of subsidiaries or businesses
A. Subsidiaries or businesses added by merger of enterprises under common control
(a) When the consolidated balance sheet is prepared, the opening amounts of the consolidated balance
sheet shall be adjusted in comparison with the relevant items in the statement, as if the merged reporting entity
has been in existence since the time point of control by the final controller.
(b) When the consolidated income statement is prepared, the revenue, expenses, and profits of the
subsidiary from the beginning of the current period of the business merger to the end of the reporting period
shall be included in the consolidated income statement in comparison with the relevant items in the statement,
as if the merged reporting entity has been in existence since the time point of control by the final controller.
(c) When the consolidated cash flow statement is prepared, the cash flows of the subsidiary from the
beginning of the current period of the business merger to the end of the reporting period shall be included in the
consolidated cash flow statement in comparison with the relevant items in the statement, as if the merged
reporting entity has been in existence since the time point of control by the final controller.
B. Subsidiaries or businesses added by mergers of enterprises not under common control
(a) When the consolidated balance sheet is prepared, the opening amounts of the consolidated balance
sheet shall not be adjusted.
(b) When the consolidated income statement is prepared, the revenue, expenses, and profits of the
subsidiary from the date of business purchase to the end of the reporting period shall be included in the
consolidated profit statement.
(c) When the consolidated cash flow statement is prepared, the cash flows of the subsidiary from the
purchase date to the end of the reporting period shall be included in the consolidated cash flow statement.
② Disposal of subsidiaries or businesses
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
A. When the consolidated balance sheet is prepared, the opening amounts of the consolidated balance sheet
shall not be adjusted.
B. When the consolidated income statement is prepared, the income, expenses, and profits of from the
subsidiary the beginning of the business period to the disposal date shall be included in the consolidated income
statement.
C. When the consolidated cash flow statement is prepared, the cash flows of from the subsidiary the
beginning of the business period to the disposal date shall be included in the consolidated cash flow statement.
(4) Special considerations in combined offsetting
① Long-term equity investments held by subsidiaries in the Company shall be regarded as treasury shares
of the Company and a deduction from owner's equity, and listed under the "Less: Treasury Shares" item in the
consolidated balance sheet.
Long-term equity investments held mutually by subsidiaries shall be offset against their corresponding
shares in their owner's equity using the offsetting method for the Company's equity investments in subsidiaries.
② As the "special reserve" and "general risk reserve" items are not paid-in capital (or share capital) or
capital surplus, and differ from retained earnings and undistributed profits, they shall be restored according to
the share attributable to the owner of the parent company after offsetting long-term equity investments against
subsidiary owner's equity.
③ If there is a temporary difference between the book value of assets and liabilities in the consolidated
balance sheet and their tax basis in the tax entity due to the offsetting of unrealized internal sales gains and
losses, deferred income tax assets or deferred income tax liabilities shall be recognized in the consolidated
balance sheet, and the income tax expenses in the consolidated income statement shall be adjusted accordingly,
except for deferred income tax related to transactions or matters directly included in owner's equity and business
mergers.
④ Unrealized internal transaction gains and losses arising from the sale of assets by the Company to its
subsidiaries shall be fully offset against the "net profit attributable to the owner of the parent company".
Unrealized internal transaction gains and losses arising from the sale of assets by a subsidiary to the Company
shall be allocated and offset between the "net profit attributable to the owner of the parent company" and the
"minority shareholders' gains and losses" at the Company's distribution ratio to the subsidiary. Unrealized
internal transaction gains and losses arising from the sale of assets between subsidiaries shall be allocated and
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
offset between the "net profit attributable to the owner of the parent company" and the "minority shareholders'
gains and losses" at the Company's distribution ratio to the selling subsidiary.
⑤ If the current losses shared by minority shareholders of a subsidiary exceed their share in the beginning
owner's equity of the subsidiary, the balance shall still be offset against the minority shareholders' equity.
(5) Accounting treatment of special transactions
① Purchase of minority shareholders' equity
In individual financial statements, when the Company purchases equity in a subsidiary owned by minority
shareholders, the investment cost of long-term equity investments acquired through the purchase of minority
equity shall be measured at the fair value of the consideration paid. In the consolidated financial statements, the
difference between long-term equity investments acquired through the purchase of minority equity and the net
asset share of the subsidiary that shall be calculated continuously from the date of purchase or merger based on
the newly increased shareholding ratio shall be adjusted to the capital reserve (capital premium or share
premium). If the capital reserve is insufficient for offsetting, the surplus reserve and the undistributed profits
shall be offset sequentially.
② Acquisition of control over a subsidiary through multiple transactions step by step
A. Realizing the merger of enterprises under common control through multiple transactions step by step
On the merger date, the Company determines the initial investment cost of long-term equity investments in
individual financial statements based on the share of the net assets of the subsidiary to which it is entitled after
the merger in the book value of the final controller's consolidated financial statements; the difference between
the initial investment cost and the book value of long-term equity investments before the merger plus the book
value of the newly paid consideration for the acquisition of further shares on the merger date shall be adjusted to
the capital reserve (capital premium or share premium). If the capital reserve (capital premium or share
premium) is insufficient for offsetting, the surplus reserve and the undistributed profit shall be offset
sequentially.
In the consolidated financial statements, the assets and liabilities acquired by the merging party from the
merged party shall be measured at their carrying amount in the consolidated financial statements of the final
controller on the merger date, except for adjustments made due to different accounting policies and accounting
periods; the difference between the book value of investments held before the merger and the book value of the
newly paid consideration on the merger date, and the book value of the net assets obtained during the merger
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
shall be adjusted to the capital reserve (share premium/capital premium). If the capital reserve is insufficient for
offsetting, the retained earnings shall be adjusted.
Equity investments held by the merging party before acquiring control over the merged party shall be
offset against the beginning retained earnings or current period gains and losses during the period of the
comparative statements from the later of the date of acquisition of the original equity and the date when both the
merging party and the merged party are finally under common control to the merger date.
B. Realizing the merger of enterprises not under common control through multiple transactions step by
step
On the merger date, the initial investment cost of long-term equity investments on the merger date in
individual financial statements shall be determined by adding the book value of long-term equity investments
originally held to the newly added investment cost on the merger date.
In the consolidated financial statements, the equity held in the acquired party before the purchase date shall
be re-measured at its fair value on the purchase date. If the equity held in the acquired party before the purchase
date is designated as a financial asset measured at fair value with changes included in other comprehensive
income, the difference between its fair value and book value shall be included in retained earnings, and the
cumulative fair value change of the equity originally included in other comprehensive income shall be
transferred to retained earnings; if the equity held by the purchased party before the purchase date is used as a
financial asset measured at fair value with changes included in the current profits and losses or as a long-term
equity investment accounted for using the equity method, the difference between its fair value and book value
shall be included in the current investment income; if the equity held by the purchased party before the purchase
date involves other comprehensive income under equity method accounting and other changes in owner's equity
under equity method accounting except for the net profits and losses, other comprehensive income, and profit
distribution, the other comprehensive income related to it shall be accounted for on the same basis as the direct
disposal of underlying assets or liabilities by the investee on the purchase date, and other changes in owner's
equity related to it shall be converted into the current investment income on the purchase date.
③ The Company disposes of long-term equity investments in subsidiaries without losing control
If the parent company disposes of its long-term equity investments in a subsidiary partially without losing
control, the difference between the disposal price and the net asset share of the subsidiary calculated
continuously from the date of purchase or merger corresponding to the disposal of long-term equity investments
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
in the consolidated financial statements shall be adjusted to the capital reserve (capital premium or share
premium). If the capital reserve is insufficient for offsetting, the retained earnings shall be adjusted.
④ The Company disposes of long-term equity investments in subsidiaries and loses control
A. Single-transaction disposal
If the Company loses control over the investee due to the disposal of some equity investments or for any
other reason, the remaining equity shall be re-measured at its fair value on the date of loss of control when the
consolidated financial statements are prepared. The difference between the consideration from equity disposal
and the fair value of the remaining equity minus the sum of the share of the net assets of the original subsidiary
to which it is entitled calculated continuously at the original shareholding ratio from the purchase date or
merger date and goodwill shall be included in the investment income of the period in which control is lost.
Other comprehensive income related to equity investments in subsidiaries shall be accounted for on the
same basis as the direct disposal of underlying assets or liabilities by the original subsidiary when control is lost,
and other changes in owner's equity related to the original subsidiary under the equity method shall be
transferred to the profits and losses of the period in which control is lost.
B. Step-by-step disposal through multiple transactions
In the consolidated financial statements, it shall be first judged whether a step-by-step transaction belongs
to a "package transaction".
If step-by-step transactions are not a "package transaction", in the individual financial statements, for each
transaction before the control over the subsidiary is lost, the book value of long-term equity investments
corresponding to each equity disposal shall be carried forward, and the difference between the price and the
book value of the disposal of long-term equity investments shall be included in the current investment income;
in the consolidated financial statements, it shall be handled according to the relevant provisions of the situation
that "the parent company disposes of long-term equity investments in subsidiaries without losing control".
If step-by-step transactions are a "package transaction", each transaction shall be accounted for as a
transaction for disposing of the subsidiary and losing control; in individual financial statements, the difference
between the disposal price before loss of control and the book value of long-term equity investments
corresponding to the disposed equity shall be first recognized as other comprehensive income, and then
transferred to the current profits and losses upon loss of control; in the consolidated financial statements, for
each transaction prior to the loss of control, the difference between the disposal price and the corresponding
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
share of the subsidiary's net assets attributable to the disposal investment shall be recognized as other
comprehensive income, and transferred to the current profits and losses upon loss of control.
If the terms, conditions, and economic impact of each transaction meet one or more of the following
conditions, multiple transactions shall be usually accounted for as a "package transaction":
(a) These transactions are entered into concurrently or taking into account their mutual impacts.
(b) A complete business outcome can be achieved only when these transactions are regarded as a whole.
(c) The occurrence of a transaction depends on the occurrence of at least one other transaction.
(d) It is not economical to consider a transaction alone, but it is economical to consider it together with
other transactions.
⑤ Dilution of the proportion of equity owned by the parent company due to capital increase by minority
shareholders of subsidies
Other shareholders (minority shareholders) of a subsidiary increase their capital in the subsidiary, thereby
diluting the parent company's equity ratio in the subsidiary. In the consolidated financial statements, the share of
the net assets of the subsidiary before the capital increase shall be calculated based on the parent company's
equity ratio before the capital increase, and the difference between this share and the share of the subsidiary's
net assets after the capital increase calculated based on the parent company's equity ratio after the capital
increase shall be adjusted to the capital reserve (capital premium or share premium). If the capital reserve
(capital premium or share premium) is insufficient for offsetting, the retained earnings shall be adjusted.
Joint venture arrangement refers to an arrangement under joint control by two or more parties. The joint
venture arrangement has the following features: (1) all parties are bound by the arrangement; (2) two or more
parties jointly control the arrangement. No single party can control the arrangement solely, and any party with
joint control over the arrangement can prevent other parties or a combination of party alliance from controlling
the arrangement alone.
Joint control refers to the common control of an arrangement in accordance with relevant agreements, and
the activities related to the arrangement must be agreed upon by the parties holding control right before the
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
decision can be made.
Joint venture arrangement includes joint operation and joint venture. Joint operation is the joint venture
arrangement in which the joint venture party holds the relevant assets of the arrangement and assumes the
relevant liabilities. Joint venture refers to a joint venture arrangement in which the joint venture party has rights
only to the net assets of the arrangement.
Parties in joint operation shall recognize the following items related to their share of interests in joint
operation, and perform accounting treatment in accordance with the relevant provisions of the Accounting
Standards for Business Enterprises: (1) recognize the assets held separately and those held jointly as per their
share; (2) recognize the liabilities assumed separately and those assumed jointly as per their share; (3) recognize
the income generated from the sale of its share of joint operation output; (4) recognize the income from the sale
of the output of the joint operation as per its share; (5) recognize the expenses incurred separately and those
incurred in the joint operation as per its share.
The parties of a joint venture shall make accounting treatment for the investment in the joint venture in
accordance with the Accounting Standards for Business Enterprises No. 2 - Long-Term Equity Investment.
Cash refers to cash on hand and deposits that are available for payment at any time. Cash equivalents refer
to investments with short term (generally due within three months from the date of purchase), strong liquidity,
easy to convert into known amount of cash and low risk of value change.
(1) Determination of exchange rate for conversion of foreign currency transactions
In the initial recognition of foreign currency transactions, the Company adopts the spot exchange rate on
the occurrence date of the transaction or an exchange rate determined using a systematic and reasonable method,
which is approximate to the spot exchange rate on the occurrence date of the transaction (hereinafter referred to
as the approximate exchange rate of the spot exchange rate) for conversion into the recording currency.
(2) Conversion of foreign currency monetary items on the balance sheet date
On the balance sheet date, foreign currency monetary items shall be converted using the spot exchange rate
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
on the balance sheet date. any exchange difference arising from the difference between the spot exchange rate
on the balance sheet date and that upon initial recognition or on the previous balance sheet date shall be
included in the current profits and losses. For foreign currency nonmonetary items measured at historical cost,
the spot exchange rate on the transaction date shall still be used for conversion; for inventories measured at the
lower of cost and net realizable value, when inventories are purchased in a foreign currency and the net
realizable value is reflected in the foreign currency on the balance sheet date, the net realizable value shall be
first converted into the accounting currency amount at the spot exchange rate on the balance sheet date, and
then compared with the inventory cost reflected in the accounting currency to determine the ending value of the
inventories; for foreign currency nonmonetary items measured at fair value, the spot exchange rate on the
determination date of the fair value shall be used for conversion; for financial assets measured at fair value with
changes included in the current profits and losses, the difference between the converted amount in the
accounting currency and the original amount in the accounting currency shall be included in the current profits
and losses; for non-trading equity instrument investments designated as measured at fair value with changes
included in other comprehensive income, the difference between the converted amount in the accounting
currency and the original amount in the accounting currency shall be included in other comprehensive income.
(3) Conversion of foreign currency financial statements
Before the financial statements of an overseas business of an enterprise are converted, the accounting
periods and accounting policies of the overseas business shall be adjusted to be consistent with those of the
enterprise, and then the financial statements in the corresponding currency (currency other than the accounting
currency) shall be prepared based on the adjusted accounting policies and accounting periods, and converted
using the following method:
① The asset and liability items in the balance sheet shall be converted at the spot exchange rate on the
balance sheet date, while the owner's equity items, except for "undistributed profits", shall be converted at the
spot exchange rate at the time of occurrence.
② The income and expense items in the income statement shall be converted at the spot exchange rate on
the transaction date or the approximate exchange rate of the spot exchange rate.
③ Foreign currency cash flows and cash flows of overseas subsidiaries shall be converted using the spot
exchange rate on the date of cash flow occurrence or the approximate exchange rate of the spot exchange rate.
The impact of exchange rate fluctuations on cash shall be presented separately as an adjustment item in the cash
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
flow statement.
④ Any difference arising from the conversion of the foreign currency financial statements shall be
presented under "other comprehensive income" in the owner's equity section of the consolidated balance sheet
when the consolidated financial statements are prepared.
When an overseas business is disposed of with control lost, any difference arising from the conversion of
the foreign currency financial statements related to the overseas business presented under owner's equity in the
balance sheet shall be transferred to the current profits and losses in full or at the proportion of disposal of the
overseas business.
When the Company becomes one party of the financial instrument contract, it shall recognize a financial
asset or financial liability.
The trading of financial assets in a conventional manner shall be recognized and derecognized according to
the accounting of the trading day. Conventional trading of financial assets refers to the collection or delivery of
financial assets within the time limit specified by laws and regulations or common practice in accordance with
the terms of the contract. Trading day refers to the date when the Company promises to buy or sell financial
assets.
If the following conditions are met, the financial assets (or a part of financial assets, or a part of a set of
similar financial assets) shall be derecognized, i.e., they shall be written off from its accounts and balance sheets:
(1) The right to receive cash flow of financial assets has expired;
(2) The right to receive cash flow of financial assets has been transferred, or the Company has assumed the
obligation to timely pay the full amount of the cash flow received to a third party under the "transfer agreement";
and (a) has transferred substantially all the risks and rewards from the ownership of financial assets, or (b)
abandoned the control of the financial asset, though almost all risks and rewards from the ownership of the
financial asset are neither transferred nor retained.
At the time of initial recognition, the financial assets of the Company are classified according to the
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Company's business model for the management of financial assets and the contractual cash flow characteristics
of financial assets as follows: financial assets measured at amortized cost, financial assets measured at fair value
through other comprehensive income, and financial assets measured at fair value through current profits and
losses. The subsequent measurement of financial assets depends on its classification.
The classification of financial assets is based on the Company's business model for the management of
financial assets and the cash flow characteristics of financial assets.
(1) Financial assets measured at amortized cost
Financial assets that meet the following conditions at the same time are classified as financial assets
measured at amortized cost: the Company's business mode of managing the financial assets is to collect the
contract cash flow as the target; the contract terms of the financial asset stipulate that the cash flow generated on
a specific date is only the payment of principal and interest based on the amount of outstanding principal. For
such financial assets, the effective interest rate method is adopted, and subsequent measurement is made at
amortized cost, and the gains or losses arising from amortization or impairment are included in the current
profits and losses.
(2) Debt instruments investment measured at fair value with changes included in other comprehensive
income
Financial assets that meet the following conditions at the same time are classified as financial assets
measured at fair value with their changes included in other comprehensive income: the Company's business
mode of managing the financial assets aims to collect the contract cash flow and sell them; the contract terms of
the financial asset stipulate that the cash flow generated on a specific date is only the payment of principal and
interest based on the amount of outstanding principal. For such financial assets, fair value is adopted for
subsequent measurement. The discount or premium is amortized using the effective interest rate method and
recognized as interest income or expense. Except the impairment loss and the exchange difference of foreign
currency monetary financial assets are recognized as the current profits and losses, the changes in the fair value
of such financial assets are recognized as other comprehensive income until their accumulated gains or losses
are transferred into the current profits and losses when the financial asset is derecognized. Interest income
related to such financial assets is included in the current profits and losses.
(3) Equity instruments investment measured at fair value with changes included in other comprehensive
income
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
The Company irrevocably chooses to designate part of the non-tradable equity instrument investment as
financial assets measured at fair value through other comprehensive income. Only the relevant dividend income
is included in the current profits and losses, and the changes in fair value are recognized as other comprehensive
income, until their accumulated gains or losses are transferred into retained earnings when the financial asset is
derecognized.
(4) Financial assets measured at fair value with changes included in the current profits and losses
The financial assets other than the above financial assets measured at amortized cost and those at fair value
through other comprehensive income are classified as financial assets measured at fair value with changes
included in the current profits and losses. At the time of initial recognition, for the purpose of elimination or
significant reduction of accounting mismatch, financial assets can be designated as those measured at fair value
with changes included in the current profits and losses. For such financial assets, fair value is used for
subsequent measurement, and all changes in fair value are included in the current profits and losses.
If and only when the Company changes the business model for managing financial assets, it will reclassify
all the affected financial assets.
For the financial assets measured at fair value and whose changes are included in the current profits and
losses, the relevant transaction costs are directly included in the current profits and losses, and such costs of
other categories of financial assets are included in the initial recognition amount.
During initial recognition, the Company's financial liabilities are classified as: "financial liabilities
measured at amortization cost" and "financial liabilities measured at fair value with their changes included into
the current profit and loss".
Financial liabilities satisfying one of the following requirements can be designated as financial liabilities
measured at fair value with their changes included in the current profit and loss during initial measurement: (1)
Such designation can eliminate or remarkably reduce the accounting mismatch; (2) According to group risk
management or investment strategy in the formal written documents, the management and performance
evaluation of the portfolio of financial liabilities or portfolio of financial assets and financial liabilities are
conducted on the basis of fair price, and within the group, it is reported to the key management personnel on
such basis; (3) Such financial liabilities include embedded derivatives requiring separate splitting.
The Company determines the classification of financial liabilities at the time of the initial recognition. For
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
the financial liabilities measured at fair value with changes included in the current profits and losses, the
relevant transaction costs are directly included in the current profits and losses, and such costs of other financial
liabilities are included in the initial recognition amount.
The subsequent measurement of financial liabilities depends on its classification:
(1) Financial liabilities measured at amortized cost
For such financial liabilities, the effective interest rate method is adopted and the subsequent measurement
is conducted as per the amortized cost.
(2) Financial liabilities measured at fair value with changes included in the current profits and losses
Such financial liabilities include tradable financial liabilities (including derivatives that belong to financial
liabilities) and financial liabilities designated upon initial recognition as those measured at fair value with
changes included in the current profits and losses.
If the following conditions are met at the same time, financial assets and financial liabilities are presented
in the balance sheet at the net amount after offsetting each other: the Company has the legal right to offset the
recognized amount, which is currently enforceable; they plan to settle at the net amount, or realize the financial
assets and pay off the financial liabilities at the same time.
The Company recognizes the loss provision based on the expected credit loss for the financial assets
measured at the amortized cost, the debt instrument investment and financial guarantee contract measured at the
fair value and whose changes are included in other comprehensive income. The term "credit loss" refers to the
difference between all the contractual cash flows that the Company discounted at the original effective interest
rate and received according to the contract and all the expected cash flows, i.e., the present value of all the cash
shortage.
Upon considering all reasonable and well-founded information (including forward-looking information),
the Company estimates the expected credit impairment loss is withdrawn for "financial assets measured at
amortized cost" and "financial asset (debt instruments) measured at fair value with their changes included in
other comprehensive income" in single or combined manner.
(1) General model of expected credit loss
If the credit risk of this financial instrument has increased obviously since initial recognition, the Company
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
will measure the loss reserves according to the expected credit loss amount of such financial instrument in the
whole duration; if the credit risk of this financial instrument hasn't increased obviously since initial recognition,
the Company will measure the loss reserves according to the expected credit loss amount of such financial
instrument in the next 12 months. The increased or reversed amount of the loss provisions arising therefrom
shall be included in the current profits and losses as impairment losses or gains. For details about specific
assessment of credit risks by the Company, refer to the Note "XI. Risks Associated with Financial Instruments".
Generally, in case of overdue for more than 30 days, the Company will consider that the credit risk of such
financial instrument has increased obviously, unless conclusive evidence is available to prove that the credit risk
of such financial instrument hasn't obviously increased since the initial recognition.
To be specific, the Company divides the credit impairment process of financial instruments that have not
been impaired at the time of purchase or origination into three stages, with different accounting treatment for
the impairment of financial instruments at different stages:
First stage: credit risk has not increased significantly since initial recognition
For the financial instrument at this stage, the enterprise shall measure the loss provision according to the
expected credit loss in the next 12 months, and calculate the interest income as per its book balance (i.e. without
deducting the impairment provision) and the actual interest rate (if the instrument is a financial asset, the same
below).
Second stage: the credit risk has increased significantly since the initial recognition, but credit impairment
has not occurred
For the financial instrument at this stage, the enterprise shall measure the loss provision according to the
expected credit loss of the instrument thought the whole duration, and calculate the interest income as per its
book balance and the actual interest rate.
Third stage: credit impairment occurs after initial recognition
For the financial instrument at this stage, the enterprise shall measure the loss provision according to the
expected credit loss of the instrument thought the whole duration, but the calculation of interest income is
different from the financial assets at the first two stages. For the financial assets with credit impairment, the
enterprise shall calculate the interest income according to its amortized cost (book balance minus accrued
provision for impairment, i.e. book value) and the actual interest rate.
For the financial assets with credit impairment at the time of purchase or origination, the enterprise shall
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
only recognize the change of expected credit loss in the whole duration after initial recognition as loss provision,
and calculate the interest income as per its amortized cost and the effective interest rate adjusted by credit.
(2) Receivables and lease receivables
The Company measures the loss provisions as per the amount of expected credit losses throughout the
whole duration by the use of simplified model for expected credit loss for receivables specified in Accounting
Standards for Business Enterprises No. 14 - Income, excluding significant financing components (including
cases in which financing components in contracts not exceeding one year are not taken into account in
accordance with the standards).
The Company makes accounting policy choices to adopt a simplified model for expected credit loss, i.e.,
measuring the loss provisions as per the amount equivalent to the expected credit loss throughout the whole
duration for receivables including significant financing components and lease receivables regulated by
Accounting Standards for Business Enterprises No. 21 - Leasing.
The financial assets shall be derecognized when the Company has transferred all the risks and rewords on
the ownership of the financial assets to the transferee. The financial assets shall not be derecognized if the
Company retains all the risks and rewards on the ownership of the financial assets.
If the Company neither transfers nor retains almost all the risks and rewards in the ownership of the
financial asset, the following conditions shall be referred to: if it gives up the control over the financial asset, it
shall terminate the recognition of the financial asset and recognize the assets and liabilities generated; if it does
not abandon the control over the financial asset, the relevant financial assets shall be recognized according to
the extent to which it continues to be involved in the transferred financial asset, and the relevant liabilities shall
be recognized accordingly.
If the financial guarantee is provided to the transferred financial assets to continue to be involved, the
assets generated from the continued involvement shall be recognized according to the lower of the book value
of the financial assets and the amount of financial guarantee. Financial guarantee amount refers to the maximum
amount that will be required to be repaid out of consideration received.
The Company divides notes receivable into two portfolios of bank acceptance bills and commercial
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
acceptance bills by type of financial instrument.
For notes receivable divided into portfolios, the Company calculates expected credit losses based on
default risk exposure and the expected credit loss rate during the entire period of continued existence by
reference to its historical credit loss experience, the current status and the prediction of future economic
conditions.
With respect to bank acceptance bills, the Company considers its overdue default risk to be 0 for its risk of
overdue credit loss is low and has not significantly increased since the initial recognition, because the
acceptance bank pays the payee or holder a certain amount unconditionally when the bill is due.
In respect of commercial acceptance bills, the Company believes that the probability of default is
correlated with the aging, and bad debts shall be accrued for the expected credit loss of accounts receivables
according to the accounting policy.
The Company measures the loss provisions as per the amount of expected credit losses throughout the
whole duration by the use of simplified model for expected credit loss for receivables specified in Accounting
Standards for Business Enterprises No. 14 - Income, excluding significant financing components (including
cases in which financing components in contracts not exceeding one year are not taken into account in
accordance with the standards). The increased or reversed amount of loss provisions generated therefrom shall
be included in the current profits and losses as impairment losses or gains.
The Company has implemented Accounting Standard No. 22 - Recognition and Measurement of Financial
Instruments (CK [2017] No. 7) since January 1, 2019. The Company believes that the probability of default is
related to the aging, which is still a mark of whether the credit risk of the Company's accounts receivable
increases significantly, after it has reviewed the appropriateness of the provision for bad debts receivable in
previous years based on the Company's historical bad debt losses. Therefore, credit risk loss of the Company's
accounts receivable is still estimated on the basis of aging according to the original loss ratio of previous years.
The accounting policies for measuring overdue credit loss of accounts receivable adopted by the Company are
as follows:
If there is objective evidence that impairment occurs and other accounts receivable suitable for individual
assessment are subject to an impairment test separately, the expected credit losses are recognized and
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
impairment provisions are made separately. For accounts receivable without objective evidence of impairment
or when a single financial asset cannot be appraised for expected credit losses at a reasonable cost, the
Company divides accounts receivable into several portfolios based on credit risk characteristics and calculates
expected credit losses on the basis of these portfolios.
Individual receivables are subject to an impairment test separately at the end of the period. If there is
objective evidence that it is impaired, the impairment loss shall be recognized with provision for bad debts
according to the difference between the present value of future cash flow and the book value.
Receivables that have not been impaired after separate test are divided into several portfolios with aging
being the credit risk feature, and the impairment loss is calculated and determined at a certain proportion of the
ending balance of these portfolios (the impairment test can be conducted separately), with provision for bad
debts.
Except for the receivables for which impairment provision has been made separately, the Company
determines the proportion for following bad debt provision based on the actual loss rate of the portfolio of the
same or similar receivables in previous years with the aging of receivables as the credit risk feature and in
combination with the current situation:
Estimated credit loss rate of accounts receivable (%)
Aging
(note)
Within 1 year (including 1 year) 3.10%
Above 5 years 100.00%
Including: those that have been determined to be
Write-off
irrecoverable
Note: When measuring the expected credit loss of account receivables, the Company has referred to the
historical experience of credit loss and adjusted it based on forward-looking estimates.
Financial assets that meet the following conditions at the same time are classified as financial assets
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
measured at fair value with their changes included in other comprehensive income: the Company's business
mode of managing the financial assets aims to collect the contract cash flow and sell them; the contract terms of
the financial asset stipulate that the cash flow generated on a specific date is only the payment of principal and
interest based on the amount of outstanding principal.
The receivables, bank acceptance bills, etc. held by the Company transferred in the discounted or endorsed
form that such transactions are frequent and involve significant amounts and the management mode aims to
collect the contract cash flow and sell them in nature are classified as financial assets measured at fair value
with their changes included in other comprehensive income in accordance with the relevant provisions of the
Financial Instruments Standards.
For receivables financing divided into portfolios, the Company calculates expected credit losses based on
default risk exposure and the expected credit loss rate during the entire period of continued existence by
reference to its historical credit loss experience, the current status and the prediction of future economic
conditions.
With respect to bank acceptance bills, the Company considers its overdue default risk to be 0 for its risk of
overdue credit loss is low and has not significantly increased since the initial recognition, because the
acceptance bank pays the payee or holder a certain amount unconditionally when the bill is due.
In case of division into aging portfolio, the Company believes that there is a correlation between the
probability of default and aging, and provides for bad debts in accordance with the accounting policy for
expected credit losses of accounts receivable.
Recognition method and accounting treatment method for expected credit loss of other receivables
Recognition methods and accounting treatment of expected credit losses of other receivables. The
Company measures the impairment loss by an amount equivalent to the expected credit loss within the next 12
months or over the entire duration, depending on whether the credit risk of other receivables has increased
significantly since the initial recognition. In addition to other receivables with individual credit risk assessment,
they are divided into different portfolios based on their credit risk characteristics:
Portfolio Basis for determining the
Provision methods
name portfolios
Risk-free accounts receivable from related parties within the scope of
Portfolio I Risk-free portfolio
consolidation
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Portfolio II Aging portfolio The credit risk of the portfolio is characterized by the aging.
For other receivables divided into portfolios, the Company calculates expected credit losses based on
default risk exposure and the credit loss rate in the next 12 months or the entire period of continued existence by
reference to its historical credit loss experience, the current status and the prediction of future economic
conditions, and determines the following proportions of provision for bad debts based on the current status:
Aging Estimated credit loss rate of other receivables
Within 1 year (including 1 year) 5.00%
Above 5 years 100.00%
Including: those that have been determined to be
Write-off
irrecoverable
The Company presents contractual assets or contract liabilities in the balance sheet based on the
relationship between performance obligations and customer payments. The Company's right to receive
consideration for goods or services transferred to customers (excluding receivables) is listed as contractual
assets.
For contract assets without material financing components (including cases in which financing components
in contracts not exceeding one year are not taken into account in accordance with the standards) as specified in
the Accounting Standards for Business Enterprises No. 14 - Income, the Company measures provisions for
losses as per the amount of expected credit losses throughout the whole duration by using a simplified model for
the expected credit loss. The increased or reversed amount of loss provisions generated therefrom shall be
credited to the current profits and losses as impairment losses or gains.
For contract assets with material financing components, the Company measures provisions for losses as
per the amount of expected credit losses throughout the whole duration by using a simplified model for the
expected credit loss.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
(1) Classification of inventories
Inventories refer to finished products or goods held by the Company for sale in daily activities, work in
progress, and materials and supplies consumed in the production process or provision of services, including raw
materials, work in progress, semi-finished products, goods in stock, materials consigned for processing, low
value consumables, etc.
(2) Pricing method of delivered inventories
The delivered inventories are subject to the weighted-average system.
(3) Inventory system
The Company adopts the perpetual inventory system for inventories, conducts an inventory check at least
once a year, and includes any inventory gain or loss in the current profits and losses.
(4) Determination criteria and accrual method of provision for impairment on inventories
On the balance sheet date, an inventory shall be measured at the lower of cost and net realizable value. If
its cost is higher than its net realizable value, a provision for inventory impairment shall be made and included
in the current profits and losses.
When the net realizable value of an inventory is determined, factors such as the purpose of holding it and
the impact of matters after the balance sheet date are considered with the reliable evidence obtained being the
basis.
① The net realizable value of any inventory used directly for sale, such as finished products, goods, and
materials for sale, shall be determined by subtracting the estimated sales expenses and related taxes from the
estimated selling price during normal production and operation. Any inventory held for executing any sales or
service contract shall be measured at the contract price as the basis for its net realizable value; if the quantity of
the inventory held exceeds the quantity ordered in the sales contract, the net realizable value of the excess is
measured at the general selling price. For materials for sale, the net realizable value is measured based on the
market price.
② The net realizable value of any material inventory that require processing shall be determined by
subtracting the estimated costs to be incurred until completion, estimated sales expenses, and related taxes from
the estimated selling price of the finished product made from it during normal production and operation. If the
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
net realizable value of the finished product made from it is higher than the cost, the material shall be measured
at cost; if the decrease in material prices indicates that the net realizable value of the finished product is lower
than the cost, the material shall be measured at its net realizable value and an inventory impairment provision
shall be made based on the difference.
③ The Company usually provides for inventory impairment based on individual inventory items; for any
inventory with a large quantity and a low unit price, provision shall be made according to the inventory category.
④ If the influencing factor for the past write-down of the inventory value has disappeared on the balance
sheet date, the written-down amount shall be restored and reversed within the amount of the provision for
inventory impairment already made, and the reversed amount shall be included in the current profits and losses.
(5) Amortization method for turnover materials
① Amortization method for low value consumables: The one-time write-off method is applied at the time
of receipt.
② Amortization method of packages: The one-time write-off method is applied at the time of receipt.
(1) Classification of noncurrent assets held for sale or disposal groups
The Company divides noncurrent assets or disposal groups that meet the following conditions as held for
sale:
① According to the convention of selling such assets or disposing of groups in similar transactions, they
can be sold immediately in the current situation;
② Sale is highly likely to occur, i.e., the Company has already made a resolution on a sales plan and
obtained a definite purchase commitment, and sale is expected to be completed within one year. If the relevant
provisions require approval from the relevant authority or regulatory department of the Company before it can
be sold, such approval has been obtained.
If any noncurrent asset or disposal group acquired by the Company specifically for resale meets the
condition that "sale is expected to be completed within one year" on the acquisition date, and is likely to meet
other classification criteria for being held for sale in the short term (usually 3 months), the Company will
classify it as held for sale on the acquisition date.
If the Company loses control over a subsidiary due to the sale of its investment in the subsidiary or for any
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
other reason, regardless of whether the Company retains some equity investments after the sale, when the
proposed investment in the subsidiary meets the criteria for being held for sale, the overall investment in the
subsidiary shall be classified as held for sale in the individual financial statements of the parent company, and
all assets and liabilities of the subsidiary shall be classified as held for sale in the consolidated financial
statements.
(2) Measurement of noncurrent assets held for sale or disposal groups
Other relevant accounting standards shall apply to the measurement of investment properties measured
using the fair value model, biological assets measured at the net amount of fair value minus selling expenses,
assets formed by employee compensation, deferred income tax assets, financial assets regulated by accounting
standards for financial instruments, and rights arising from insurance contracts regulated by accounting
standards for insurance contracts, respectively.
When any noncurrent asset or disposal group held for sale are initially measured or re-measured on the
balance sheet date, if its carrying value is higher than the net amount of fair value minus selling expenses, the
carrying value shall be reduced to the net amount of fair value minus selling expenses, and the reduced amount
shall be recognized as an asset impairment loss and included in the current profits and losses. In addition, a
provision for impairment of held for sale assets shall be made. If the net amount of fair value minus selling
expenses of any noncurrent asset or disposal group held for sale increases on any subsequent balance sheet date,
the previously reduced amount shall be restored and reversed within the impairment loss amount recognized
after being classified as held for sale, and the reversed amount shall be included in the current profits and losses.
The book value of goodwill that has been offset shall not be reversed.
When any noncurrent asset or disposal group is no longer classified as held for sale because it no longer
meets the classification criteria, or any noncurrent asset is removed from the held for sale disposal group, it
shall be measured at the lower of the following:
① The book value before being classified as held for sale, adjusted for depreciation, amortization, or
impairment that would have been recognized if not classified as held for sale;
② Recoverable amount.
(3) Identification criteria for operation discontinuation
Operation discontinuation refers to a separately distinguishable component of the Company that meets one
of the following conditions and has been disposed of or classified as held for sale:
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
① Such component represents an independent main business or a separate main operating area;
② Such component is part of a related plan to dispose of an independent major business or a separate
major operating area;
③ Such component is a subsidiary acquired specifically for resale.
(4) Presentation
The Company presents noncurrent assets held for sale or assets in disposal groups held for sale separately
from other assets, and liabilities in disposal groups held for sale separately from other liabilities in the balance
sheet. Noncurrent assets held for sale or assets held for sale in disposal groups shall not be offset against
liabilities in disposal groups held for sale, and shall be presented as current assets and current liabilities,
respectively.
The Company presents the profits and losses of operation continuation and operation discontinuation
separately in the income statement. For operation discontinuation presented in the current period, the Company
presents the information previously presented as the profits and losses of operation continuation in the current
financial statements as those of operation discontinuation in the comparable accounting period. If operation
discontinuation no longer meets the classification criteria for being held for sale, the Company presents the
information previously presented as the profits and losses of operation discontinuation in the current financial
statements as those of operation continuation in the comparable accounting period.
Refer to "11. Financial instruments" in "V. Significant accounting policies and accounting estimates" in
this section.
Refer to "11. Financial instruments" in "V. Significant accounting policies and accounting estimates" in
this section.
Refer to "11. Financial instruments" in "V. Significant accounting policies and accounting estimates" in
this section.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
The Company's long-term equity investments include equity investments that exercise control or
significant influence over investees, as well as equity investments in joint ventures. An investee over which the
Company can exert significant influence is an associated enterprise of the Company.
(1) Basis for determining joint control and significant influence over the investee
Joint control refers to the common control of an arrangement in accordance with relevant agreements, and
the activities related to the arrangement must be agreed upon by the parties holding control right before the
decision can be made. When it is judged whether there is joint control, it shall be first judged whether all parties
or combinations of parties collectively control such arrangement. If all parties or a group of parties must act in
concert to decide on the relevant activities of an arrangement, then it is deemed that all parties or a group of
parties collectively control(s) such arrangement. It is then judged whether the decision to arrange related
activities must be unanimously agreed upon by the parties who collectively control the arrangement. Common
control does not exist if two or more combinations of parties can control an arrangement collectively. When it is
judged whether there is joint control, the protective rights enjoyed shall not be considered.
Significant influence means that the investor has the power to participate in decision-making on financial
and operational policies of the investee, but cannot control or jointly control the formulation of these policies
with any other party. When it is judged whether significant influence can be exerted on the investee, the impact
of the investor's direct or indirect holding of voting shares in the investee, as well as the potential voting rights
held by the investor and other parties in the current period that are assumed to be converted into equity in the
investee shall be considered, including the impact of convertible warrants, stock options, and convertible
corporate bonds issued by the investee in the current period.
When the Company directly or indirectly owns 20% or more but less than 50% of the voting shares of the
investee through its subsidiaries, it is generally considered to have significant influence on the investee, unless
there is clear evidence that it cannot participate in production and operation decisions of the investee, when
significant influence does not exist.
(2) Determination of initial investment cost
The investment cost of any long-term equity investment formed by a business merger shall be determined
as follows:
A. For the merger of enterprises under common control, if the merging party pays cash, transfers non-cash
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
assets, or assumes debt as the consideration for the merger, the initial investment cost of any long-term equity
investment shall be the share of the book value of the owner's equity of the merged party in the final controller's
consolidated financial statements on the merger date. The capital reserve shall be adjusted for the difference
between the initial investment cost of the long-term equity investment and the cash paid, non-cash assets
transferred, and the book value of debts assumed; if the capital reserve is insufficient for offsetting, the retained
earnings shall be adjusted;
B. For the merger of enterprises under common control, if the merging party issues equity securities as the
consideration for the merger, the initial investment cost of any long-term equity investment shall be the share of
the book value of the owner's equity of the merged party in the final controller's consolidated financial
statements on the merger date. The capital reserve shall be adjusted for the difference between the initial
investment cost of the long-term equity investment and the total face value of the issued shares with the total
face value of the issued shares as the share capital; if the capital reserve is insufficient for offsetting, the
retained earnings shall be adjusted;
C. For the merger of enterprises not under common control, the fair value of assets paid, liabilities incurred
or assumed, and equity securities issued for the acquisition of control over the acquiree on the acquisition date
shall be determined as the initial investment cost of any long-term equity investment. The intermediary fees
such as audit, legal services, appraisal, and consulting, and other related management expenses incurred by the
merging party in the business merger shall be included in the current profits and losses when incurred.
Except for long-term equity investments formed by business mergers, the investment cost of any long-term
equity investment acquired by other means shall be determined as follows:
A. Any long-term equity investment acquired through cash payment shall be recognized as the investment
cost based on the actually paid purchase price. The initial investment cost includes expenses, taxes, and other
necessary expenditures directly related to the acquisition of the long-term equity investment;
B. The initial investment cost for any long-term equity investment acquired through the issuance of equity
securities shall be based on the fair value of the issued equity securities;
C. For any long-term equity investment obtained through nonmonetary asset exchange, if the exchange has
commercial substance and the fair value of the assets received or exchanged can be measured reliably, the fair
value of the exchanged assets and related taxes and fees shall be used as the initial investment cost, and the
difference between the fair value and book value of the exchanged assets shall be included in the current profits
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
and losses; if the exchange of nonmonetary assets does not meet both of the above conditions, the initial
investment cost shall be based on the book value of the exchanged assets and related taxes and fees.
D. Any long-term equity investment obtained through debt restructuring shall be recognized at the fair
value of the abandoned debt and other costs directly attributable to the asset, such as taxes, and the difference
between the fair value and book value of the abandoned debt shall be included in the current profits and losses.
(3) Subsequent measurement and profit and loss recognition methods
The Company is able to use the cost method to account for long-term equity investments in investees over
which it has control; long-term equity investments in associated enterprises and joint ventures shall be
accounted for using the equity method.
① Cost method
For long-term equity investments accounted for using the cost method, the cost of long-term equity
investments shall be adjusted at the time of additional investment or disinvestment; the cash dividend or profit
declared by the investee shall be recognized as the current investment income.
② Equity method
The general accounting treatment of long-term equity investments accounted for using the equity method
shall be as follows:
If the investment cost of any long-term equity investment of the Company is greater than the fair value
share of the investee's identifiable net assets to which it is entitled at the time of investment, the initial
investment cost of the long-term equity investment shall not be adjusted; if the initial investment cost of any
long-term equity investment is less than the fair value share of the identifiable net assets of the investee to
which it entitled at the time of investment, the difference shall be included in the current profits and losses, and
the cost of the long-term equity investment shall also be adjusted.
The Company recognizes investment income and other comprehensive income separately based on the
share in the net profit or loss and other comprehensive income realized by the investee to be enjoyed or shared,
and adjusts the book value of the long-term equity investment; the Company calculates the portion to be
enjoyed based on the profits or cash dividends declared by the investee, and reduces the book value of the long-
term equity investment accordingly; other changes in the owner's equity of the investee except for net profit or
loss, other comprehensive income, and profit distribution shall be adjusted to the book value of the long-term
equity investment and included in the owner's equity. When the share in the net profit or loss of the investee to
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
be enjoyed is confirmed, the fair value of the investee's identifiable net assets at the time of investment
acquisition shall be used as the basis for adjusting the investee's net profit before recognition. If the accounting
policies and accounting periods adopted by the investee are inconsistent with those of the Company, the
financial statements of the investee shall be adjusted to those of the Company, and the investment income and
other comprehensive income shall be recognized accordingly. Unrealized internal transaction gains and losses
between the Company and its associated enterprises and joint ventures shall be offset against the portion
attributable to the Company based on the proportion to which it is entitled, and investment gains and losses
shall be recognized on this basis. Any unrealized internal transaction loss incurred between the Company and
the investee that is an asset impairment loss shall be recognized in full.
If significant influence can be exerted on the investee or joint control can be implemented due to additional
investment or for any other reason, but control does not exist, the initial investment cost for accounting using
the equity method shall be the sum of the fair value of the equity investment originally held and the additional
investment cost. If the equity investment originally held is classified into other equity instrument investments,
the difference between its fair value and book value, as well as the cumulative gain or loss originally included in
other comprehensive income shall be transferred from other comprehensive income in the current period when
accounting is changed to the equity method and included in the retained earnings.
If joint control or significant influence over the investee is lost due to the disposal of some equity
investments or for any other reason, the remaining equity after the disposal shall be measured at fair value, and
the difference between its fair value and book value on the date of loss of joint control or significant influence
shall be included in the current profits and losses. The other comprehensive income recognized from the
original equity investment due to accounting using the equity method shall be accounted for on the same basis
as the direct disposal of underlying assets or liabilities by the investee when accounting using the equity method
is terminated.
(4) Equity investments held for sale
See Section V 18 of the Financial Report for details about equity investments in joint ventures or
associated enterprises that are classified as held for sale assets in whole or in part, the relevant accounting
treatment.
For residual equity investments that are not classified as held for sale assets, the equity method shall be
used for accounting treatment.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Equity investments in associated enterprises or joint ventures that have been classified as held for sale and
no longer meet the classification criteria for held for sale assets shall be adjusted retrospectively using the
equity method from the date of classification. The financial statements of the period when they are classified as
held for sale shall be adjusted accordingly.
(5) Impairment testing method and impairment provision method
See Section V 30 of the Financial Report for details about the asset impairment provision method for
investments in subsidiaries, joint ventures, and associated enterprises.
Measurement model of investment property
Measurement with cost method
Depreciation or amortization method
appreciation, and leased buildings.
depreciation and amortization of the investment property are made in the way as used for fixed assets and
intangible assets. If there is any sign showing that the investment property is impaired on the balance sheet date,
the provision of impairment reserve shall be made accordingly based on the difference between the book value
and the recoverable amount.
See Section V 30 "Long-term Assets Impairment" of the Financial Report for details about the methods for
impairment testing and provision for impairment applicable to investment properties.
If the real estate for private use or inventory is converted to an investment property or the investment
property is converted to a real estate for private use, the book value before such conversion shall be deemed as
the entry value after the conversion.
If the purpose of an investment property is changed to private use, this investment property shall be
converted into a fixed or intangible asset from the date of change. If the purpose of a property is changed to rent
gains or capital appreciation from private use, the fixed asset or intangible asset shall be converted into an
investment property from the date of change. If the purpose of a property is changed to rent gains or capital
appreciation from private use, the fixed asset or intangible asset shall be converted into an investment property
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
from the date of change. If any asset is converted into an investment property measured with the cost model, the
book value before the conversion shall be deemed as the entry value after the conversion. If any asset is
converted into an investment property measured with the fair value model, the fair value on the conversion date
shall be deemed as the entry value after the conversion.
An investment property shall be derecognized if this investment property is disposed of or permanently
retired, and it is expected that no economic benefits can be obtained from its disposal. The disposal income
from the sale, transfer, scrapping or damage of an investment property shall be included in the current profits
and losses after deducting its book value and relevant taxes and dues. The disposal income from the sale,
transfer, scrapping or damage of an investment property shall be included in the current profits and losses after
deducting its book value and relevant taxes and dues.
(1) Conditions for recognition
Fixed assets refer to the tangible assets that are held for production of goods, provision of labor services,
lease or operation management and of which the service life exceeds one fiscal year.
Fixed assets shall be recorded at the actual cost upon the acquisition and subject to the provision for
straight-line depreciation from the next month following the date when they are ready for use as intended.
(2) Depreciation method
Category Depreciation method Depreciable life Residual rate Annual depreciation rate
Houses and buildings Straight-line method 20-40 years 5% 2.375%-4.75%
Machinery and equipment Straight-line method 10 years 5% 9.50%
Transportation equipment Straight-line method 5 years 5% 19.00%
Electronic equipment and other equipment Straight-line method 5 years 5% 19.00%
(1) Construction in progress is accounted for by category of approved projects.
(2) Criteria and timing for converting construction in progress into fixed assets
All expenses incurred before the construction of any asset reaches its intended usable state shall be
recognized as the entry value of the fixed assets for construction in progress. This includes construction costs,
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
original prices of machinery and equipment, other necessary expenses incurred to bring construction in progress
to the intended usable state, borrowing costs incurred specifically for the project before the assets reach the
intended usable state, and borrowing costs incurred for general borrowings occupied. When the installation or
construction of a project is completed so that it reaches the intended usable state, the Company shall transfer the
construction in progress to fixed assets. Fixed assets that have reached the intended usable state but have not
undergone final accounting shall be transferred to fixed assets based on the estimated value according to the
project budget, cost, or actual project cost from the date of reaching the intended usable state. The depreciation
of fixed assets shall be calculated according to the Company's fixed asset depreciation policy. After final
accounting is completed, the original estimated value shall be adjusted to the actual cost, but the originally
calculated depreciation amount shall not be adjusted.
(1) Recognition principle for capitalizing borrowing costs and capitalization period
Borrowing costs incurred by the Company directly attributable to the acquisition, construction or
production of assets that meet the capitalization criteria shall be capitalized and included in the cost of
underlying assets when the following conditions are met concurrently:
① Asset expenditures have incurred;
② Borrowing costs have incurred;
③ Acquisition, construction or production activities necessary for assets to reach the intended usable state
have begun.
Other loan interests, discounts or premiums, and exchange differences are included in the current profits
and losses.
If the acquisition, construction, or production of any asset that meets the capitalization criteria is
interrupted abnormally for over three successive months, the capitalization of borrowing costs shall be
suspended.
When the acquisition, construction or production of any asset that meets the capitalization criteria reaches
the intended usable or saleable state, the capitalization of borrowing costs shall be discontinued; subsequent
borrowing costs shall be recognized as expenses in the period in which they are incurred.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
(2) Calculation method for capitalization rate and capitalization amount of borrowing costs
If special borrowings are incurred for the acquisition, construction or production of assets that meet the
capitalization criteria, the capitalized amount of interest to be capitalized shall be determined by subtracting the
interest income arising from depositing unused loan funds in the bank or the investment income arising from
temporary investments from the actual interest expenses incurred in the current period.
If general borrowings are occupied for the acquisition, construction or production of assets that meet the
capitalization criteria, the amount of interest that shall be capitalized for general borrowings shall be calculated
by multiplying the weighted average of the accumulated asset expenditures in excess of the special borrowings
by the capitalization rate of the occupied general borrowings, and the amount of interest to be capitalized shall
be determined for general borrowings. The capitalization rate shall be determined by calculating the weighted
average interest rate on general borrowings.
None.
None.
(1) Service life and its determination criteria, estimation, amortization method or review procedure
(1) Valuation method of intangible assets
Entered at actual cost at the time of acquisition.
(2) Service lives and amortization of intangible assets
① Estimation of service lives of intangible assets with a limited service life:
The land usage right shall be averagely amortized within the remaining service life (generally 50 years),
the software shall be averagely amortized within 3-5 years, and the patent rights and non-patent technologies
within 5-10 years.
At the end of each year, the Company reviews service lives of intangible assets with a limited service life
and the amortization method. After review, service lives of intangible assets at the end of the current period and
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
the amortization method are not different from past estimates.
② Intangible assets that cannot be foreseen to bring economic benefits to the Company within a certain
period are considered as intangible assets with an uncertain service life. For intangible assets with an uncertain
service life, the Company reviews their service lives at the end of each year. If its life is still uncertain after the
review, an impairment test is conducted on the balance sheet date.
③ Amortization of intangible assets
For intangible assets with a limited service life, the Company determines their service lives upon
acquisition and uses the straight-line method to amortize them systematically and reasonably over their service
life. The amortization amount is included in the current profits and losses or included in the cost of underlying
assets based on the benefit item. The specific amount to be amortized is the amount after deducting the
estimated residual value from the cost. For intangible assets for which an impairment provision has been made,
the cumulative amount of the impairment provision for intangible assets that has been made shall also be
deducted. An intangible asset with a limited service life is considered to have zero residual value, except in the
following cases: A third party promises to purchase the intangible asset at the end of its service life or can
obtain estimated residual value information based on an active market, and the market is likely to exist at the
end of the service life of the intangible asset.
Intangible assets with an uncertain service life shall not be amortized. At the end of each year, service lives
of intangible assets with an uncertain service life are reviewed. If there is evidence that the service life of an
intangible asset is limited, its service life shall be estimated and amortized systematically and reasonably over
the expected service life.
(2) Collection range of R&D expenditures and relevant accounting treatment
The Company collects various expenses directly related to R&D activities as R&D expenses, including
R&D personnel salaries, direct input expenses, depreciation expenses and long-term deferred expenses, design
expenses, equipment debugging expenses, intangible asset amortization expenses, commissioned external R&D
expenses, other expenses, etc.
① The Company will prepare materials and related activities for further development activities as the
research stage, and expenses incurred during the intangible asset research stage will be included in the current
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
profits and losses.
② Development activities carried out after the completion of the research stage at the Company are
considered as the development stage.
Expenditures during the development stage can only be recognized as intangible assets if they meet the
following conditions concurrently:
A. The intangible asset is completed to make it technically feasible for use or sale;
B. There is an intention to complete the intangible asset and use or sell it;
C. The way in which the intangible asset generates economic benefits, including being able to prove the
existence of a market for the product derived from using the intangible asset or the existence of a market for the
intangible asset itself, and the intangible asset will be used internally, can prove its usefulness;
D. There are sufficient technical, financial, and other resources to support the development of the
intangible asset, and it is possible to use or sell the intangible asset;
E. The expenses attributable to the development stage of the intangible asset can be measured reliably.
The impairment of long-term equity investments in subsidiaries, associated enterprises, and joint ventures,
investment properties measured using the cost model, fixed assets, construction in progress, right-of-use assets,
intangible assets, goodwill, etc. (excluding inventories, investment properties measured using the fair value
model, deferred tax assets, and financial assets) shall be determined using the following method:
On the balance sheet date, it shall be judged whether there is any sign of potential impairment of assets. If
there is a sign of impairment, the Company will estimate their recoverable amount and conduct an impairment
test. An impairment test is conducted annually on goodwill, intangible assets with an uncertain service life, and
intangible assets that have not reached a usable state resulting from business mergers, regardless of whether
there is any sign of impairment.
The recoverable amount is determined based on the higher of the net amount of the fair value of an asset
minus the disposal expenses and the present value of the expected future cash flows of the asset. The Company
estimates the recoverable amount based on individual assets; if it is difficult to estimate the recoverable amount
of a single asset, the recoverable amount of the asset group shall be determined based on the asset group to
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
which the asset belongs. The identification of asset groups is based on whether the main cash inflows generated
by the asset group are independent of those of other assets or asset groups.
When the recoverable amount of an asset or asset group is lower than its carrying amount, the Company
will reduce its carrying amount to the recoverable amount, and the reduced amount will be included in the
current profits and losses, while making asset impairment provision accordingly.
In terms of the impairment testing of goodwill, the carrying value of the goodwill formed by a business
merger shall be allocated to the relevant asset group in a reasonable manner from the date of purchase; if it is
difficult to allocate it to the relevant asset group, it shall be allocated to the relevant combination of asset groups.
The relevant asset group or combination of asset groups refers to the asset group or combination of asset groups
that can benefit from the synergistic effects of the business merger, and is not greater than the reporting segment
determined by the Company.
When an impairment test is conducted, if there is any sign of impairment in the asset group or combination
of asset groups related to goodwill, the impairment test shall be first conducted on an asset group or
combination of asset groups that does not include the goodwill, the recoverable amount shall be calculated, and
the corresponding impairment loss shall be recognized. Then, an impairment test shall be conducted on the asset
group or combination of asset groups that contains the goodwill, its book value shall be compared with its
recoverable amount, and the impairment loss on the goodwill shall be recognized if the recoverable amount is
lower than the book value.
Once the asset impairment loss is recognized, it will not be reversed in future accounting periods.
For long-term deferred expenses, various expenses that been incurred but shall be borne by the Company
in the current and future periods with an amortization period of one year or more shall be accounted for.
The actual amount is accounted for and amortized evenly over the benefit period or specified period. In
case future accounting period cannot benefit from long-term deferred expenses, all unamortized value of the
item shall be transferred into the current profits and losses.
The Company presents contractual assets or contract liabilities in the balance sheet based on the
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
relationship between performance obligations and customer payments. The Company's obligation to transfer
commodities or services to customers for consideration received or receivable by the Company is listed as
contract liability.
(1) Accounting treatment of short-term compensation
① Basic remuneration of employees (salaries, bonuses, allowances and subsidies)
During the accounting period when employees provide service for the Company, the actual short-term
remuneration is recognized as liabilities and included in the current profits and losses, except for those required
or allowed to be included in asset costs by other accounting standards.
② Employee benefits
Employee benefits incurred by the Company are included in the current profits and losses or the cost of
underlying assets based on the actual amount incurred. Nonmonetary employee benefits shall be measured at
fair value.
③ Social insurance premiums (e.g., medical insurance, work-related injury insurance and maternity
insurance), housing provident fund, union funds and employee education funds
The Company pays social insurance premiums such as medical insurance, work-related injury insurance
and maternity insurance, housing provident fund for employees, union funds and employee education funds
extracted as stipulated. During the accounting period when employees provide service for the Company, the
corresponding employee remuneration amount is calculated and determined based on the specified provision
basis and ratio, and the corresponding liabilities are recognized and included in the current profits and losses or
the cost of underlying assets.
④ Short-term paid leaves
When the Company increases employees' future entitlement to paid leaves for their service, it recognizes
the employee remuneration related to accumulated paid leaves and measure it as the increased expected
payment amount due to the cumulative unexercised entitlement. The Company recognizes the employee
remuneration related to noncumulative paid leaves during the accounting period when employees actually leave.
⑤ Short-term profit sharing plan
If the profit sharing plan meets the following conditions concurrently, the Company will recognize the
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
relevant employee remuneration payable:
A. The Company has a statutory or presumed obligation to pay employee remuneration due to past matters;
B. The amount of the obligation of the employee remuneration payable arising from the profit sharing plan
can be estimated reliably.
(2) Accounting treatment of post-employment benefits
① Defined contribution plan
During the accounting period in which employees provide service for the Company, the payable amount
calculated based on the defined contribution plan shall be recognized as a liability and included in the current
profits and losses or the cost of underlying assets.
According to the defined contribution plan, if it is not expected to pay all the amount payable within 12
months after the end of the annual reporting period when employees provide relevant service, the Company will
measure the employee remuneration payable at the discounted amount by reference to the corresponding
discount rate (determined according to the market yield of treasury bonds or high-quality corporate bonds in the
active market that match the obligation period and the currency of the defined contribution plan on the balance
sheet date).
② Defined benefit plan
A. Determination of the present value and current service cost of the defined benefit plan obligation
Unbiased and mutually consistent actuarial assumptions are used to estimate relevant demographic and
financial variables, the obligation arising from the defined benefit plan is measured, and the attribution period of
the relevant obligation is determined using the expected cumulative welfare unit method. The Company will
discount the obligation arising from the defined benefit plan at the corresponding discount rate (determined
according to the market yield rate of treasury bonds or high-quality corporate bonds in the active market that
match the obligation period and the currency of the defined benefit plan on the balance sheet date) to determine
the present value of the obligation of the defined benefit plan and the current service cost.
B. Confirmation of net liabilities or assets of the defined benefit plan
If there is any asset in the defined benefit plan, the Company will recognize the deficit or surplus formed
by subtracting the fair value of such asset from the present value of the obligation as a net liability or net asset
of the defined benefit plan.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
If there is a surplus in the defined benefit plan, the Company will measure the net assets of the defined
benefit plan based on the lower of the surplus and asset limit of the defined benefit plan.
C. Determination of the amount to be included in asset cost or current profits and losses
Service costs include current service costs, past service costs, and settlement gains or losses. Among them,
except for current service costs required or allowed to be included in asset costs by other accounting standards,
all other service costs shall be included in the current profits and losses.
The net interest on the net liabilities or assets of the defined benefit plan, including interest income on plan
assets, interest expenses on the defined benefit plan obligation, and interests affected by the asset ceiling, shall
all included in the current profits and losses.
D. Determination of the amount to be included in other comprehensive income
Changes arising from the re-measurement of net liabilities or net assets of the defined benefit plan include:
(a) Actuarial gains or losses, which are an increase or decrease in the present value of the previously
measured defined benefit plan obligation due to actuarial assumptions and empirical adjustments;
(b) Plan asset return, from which the amount included in the net interest on the net liabilities or net assets
of the defined benefit plan is deducted;
(c) Changes in the impact of the asset ceiling, from which the amount included in the net interest on net
liabilities or net assets of the defined benefit plan is deducted.
Changes arising from the re-measurement of the net liabilities or net assets of the defined benefit plan as
mentioned above shall be recognized in other comprehensive income directly and not reversed to profits and
losses in any subsequent accounting period. When the original defined benefit plan is terminated, the Company
will carry forward the portion originally recognized in other comprehensive income within the scope of equity
to undistributed profits in full.
(3) Accounting treatment of dismissal benefits
If the Company provides termination benefits to employees, the employee remuneration liability arising
from termination benefits shall be recognized and included in the current profits and losses, whichever is earlier:
① When the Company cannot unilaterally withdraw the termination benefits provided by the termination
of the labor relation plan or cut-down proposal;
② When the Company confirms the costs or expenses related to the restructuring involving the payment of
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
termination benefits.
If termination benefits are not expected to be fully paid within 12 months after the end of the annual
reporting period, the amount of termination benefits shall be discounted by reference to the corresponding
discount rate (determined according to the market yield of treasury bonds or high-quality corporate bonds in the
active market that matches the obligation period and the currency of the defined benefit plan on the balance
sheet date), and the employee remuneration payable shall be measured at the discounted amount.
(4) Accounting treatment of other long-term employee benefits.
None.
(1) Recognition criteria for estimated liabilities
If any obligation related to contingencies meets the following conditions concurrently, the Company shall
recognize it as an estimated liability:
① Such obligation is a current obligation undertaken by the Company;
② The performance of such obligation is likely to result in the outflow of economic benefits from the
Company;
③ The amount of such obligation can be measured reliably.
(2) Measurement method for estimated liabilities
An estimated liability is initially measured based on the best estimate of the expenses required to fulfill the
relevant current obligation, taking into account factors such as risks, uncertainties, and time value of money
related to contingencies. The book value of estimated liabilities is reviewed on each balance sheet date. If there
is conclusive evidence that the book value cannot reflect the current best estimate, the book value shall be
adjusted according to the current best estimate.
(1) Types of share-based payments
The Company's share-based payments include cash-settled share-based payments and equity-settled share-
based payments.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
(2) Determination method of fair value of equity instrument
① For shares granted to employees, the fair value is measured at the market price of the Company's shares,
and is adjusted to take into account the terms and conditions under which the shares are granted (excluding
vesting conditions other than market conditions). ② For stock options granted to employees, it is difficult to
obtain their market price in many cases. If there is no trading option with similar terms and conditions, the
Company chooses the applicable option pricing model to estimate the fair value of the granted option.
(3) Basis for recognizing the best estimate of exercisable equity instruments
On each balance sheet date during the waiting period, the Company makes the best estimate based on
subsequent information such as changes in the number of eligible employees and revises the estimated number
of exercisable equity instruments in order to make the best estimate of exercisable equity instruments.
(4) Accounting treatment of the implementation of share-based payment plan
Cash-settled share-based payments
① Cash-settled share-based payments that are immediately exercisable upon grant shall be recognized as
relevant costs or expenses at the fair value of the liability assumed by the Company on the grant date, and the
liability shall be increased accordingly. The fair value of the liability shall be re-measured at each balance sheet
date prior to settlement and at the settlement date, and its changes shall be included in profits and losses.
② For cash-settled share-based payments that can only be exercised after the service is completed during
the waiting period or the specified performance conditions are met, on each balance sheet date during the
waiting period, the service acquired in the current period shall be included in costs or expenses and
corresponding liabilities at the fair value of the liabilities borne by the Company based on the best estimate of
the exercisable situation.
Equity-settled share-based payments
① Equity-settled share-based payments for employee services that are immediately exercisable upon grant
shall be recognized as relevant costs or expenses at the fair value of equity instruments on the grant date, and
the capital reserve shall be increased accordingly.
② For equity-settled share-based payments that can only be exercised in exchange for employee services
after the service is completed during the waiting period or the specified performance conditions are met, on
each balance sheet date during the waiting period, the service acquired in the current period shall be included in
costs or expenses and capital reserves at the fair value of the equity instrument grant date based on the best
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
estimate of the number of exercisable equity instruments.
(5) Accounting treatment of modification of the share-based payment plan
When the Company modifies the share-based payment plan, if it increases the fair value of the granted
equity instruments, the corresponding increase in the service acquired shall be recognized based on the increase
in fair value of the equity instruments; if it increases the number of equity instruments granted, the fair value of
the increased equity instruments shall be recognized as an increase in the service acquired accordingly. The
increase in fair value of equity instruments refers to the difference between the fair value of equity instruments
before and after modification on the modification date. If the modification reduces the total fair value of the
share-based payment plan or modifies the terms and conditions of the share-based payment plan in another way
unfavorable for employees, the accounting treatment of the service acquired shall continue, as if the change has
never occurred, unless the Company cancels some or all of the equity instruments already granted.
(6) Accounting treatment of termination of the share-based payment plan
If any granted equity instrument is cancelled or settled during the waiting period (excluding those
cancelled due to failure to meet the exercisable conditions), the Company shall:
① Treat cancellation or settlement as an accelerated exercise option and immediately recognize the amount
that shall have been recognized within the remaining waiting period;
② Treat all payments made to employees during cancellation or settlement as equity repurchases, and any
amount paid for repurchases in excess of the fair value of the equity instrument on the repurchase date shall be
recognized as current expenses.
If the Company repurchases its employees' equity instruments that are already exercisable, it will offset its
owner's equity; the portion of the repurchase payment in excess of the fair value of the equity instrument on the
repurchase date shall be included in the current profits and losses.
None.
Disclose accounting policies applied for revenue recognition and measurement by business type
(1) General principles
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Revenue is the total inflow of economic benefits generated by the Company in its routine activities, which
leads to an increase in shareholder equity and is unrelated to the capital invested by shareholders.
The Company has fulfilled performance obligation in the Contract, that is, recognizing revenue when the
customer obtains the control right of relevant commodities. Acquisition of control over relevant goods means to
be able to dominate the use of such goods and acquire almost all economic benefits arising therefrom.
If a contract contains two or more performance obligations, the Company shall allocate the transaction
price to each performance obligation based on the relative proportion of the individual selling prices of the
promised goods or services for each performance obligation, and measure the revenue based on the transaction
price allocated to each performance obligation on the commencement date of the contract.
Transaction price is the expected amount of the consideration that the Company is entitled to receive for
the transfer of goods or services to customers, excluding payments received for third parties. When the contract
transaction price is determined, if there is a variable consideration, the Company determines the best estimate of
the variable consideration based on the expected value or the most likely amount to occur, and includes it in the
transaction price at an amount that does not exceed the cumulative recognized income that is highly unlikely to
experience a significant reversal when the relevant uncertainty is eliminated. If there is a significant financing
component in the contract, the Company will determine the transaction price based on the amount payable by
the customer in cash upon acquiring control over goods. The difference between the transaction price and the
contract consideration will be amortized using the effective interest rate method during the contract period. If
the transfer of control is less than one year after the customer pays the price, the Company will not consider the
financing component.
If one of the following conditions is met, the performance obligation is fulfilled within a certain period,
otherwise, the performance obligation is fulfilled at a certain time point:
① Customers obtain and consume economic benefits arising from performance of the Company during the
Company's performance of the Contract.
② The customer can control the in-process commodity during contract performance by the Company;
③ The purpose of the commodity produced by the Company during contract performance is irreplaceable,
and the Company is entitled to receive payments throughout the contract period for the performance completed
so far.
For performance obligations fulfilled within a certain period of time, the Company shall recognize revenue
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
according to the performance progress within that period, except that the performance progress cannot be
reasonably determined. The Company determines the performance progress of services provided using the input
method (or output method). When the progress of performance cannot be reasonably determined, if the costs
already incurred by the Company are expected to be compensated for, revenue shall be recognized based on the
amount of costs already incurred until the progress of performance can be reasonably determined.
For performance obligations fulfilled at a certain time point, the Company recognizes revenue at the time
point when the customer acquires control over relevant goods. When judging whether customers have obtained
the control right of relevant goods or products, the Company considers the following signs:
① The Company shall be entitled to immediately collect revenues from goods, which means that
customers have the obligation to pay for goods immediately.
② The Company has transferred the legal ownership of goods to customers, which means that customers
have obtained the legal ownership of goods.
③ The Company has transferred goods in kind to customers, which means that customers have possessed
goods in kind.
④ The Company has transferred main risks and rewards related to the ownership of goods to customers,
which means that customers have obtained main risks and rewards related to the ownership of goods.
⑤ Customers have accepted the commodities.
Sales return clause
For sales with a sales return clause, when the customer acquires control over relevant goods, the Company
recognizes revenue based on the amount of consideration that it is entitled to receive from the transfer of goods
to the customer, and recognizes the expected amount to be returned due to the sales return as an estimated
liability; in addition, according to the expected book value of the returned goods at the time of transfer, the
balance after the expected cost of retrieving the goods is deducted (including the loss of value of the returned
goods) is recognized as an asset, namely the return cost receivable. The net transfer cost of the asset cost is
deducted based on the book value of the transferred goods at the time of transfer. On each balance sheet date,
the Company re-estimates future sales returns and re-measures the above assets and liabilities.
Quality assurance obligations
According to contractual provisions, legal provisions, etc., the Company provides quality assurance for
goods sold and projects constructed. The Company accounts for quality assurance intended to ensure
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
compliance with the established standards for customers in accordance with Accounting Standards for Business
Enterprises No. 13—Contingencies. For service quality assurance that provides a separate service beyond the
assurance for customers that goods sold comply with the established standards, the Company regards it as an
individual performance obligation, allocates a portion of the transaction price to the service quality assurance
based on the relative proportion of the separate selling price of goods and services provided, and recognizes
revenue when the customer acquires control over services. When evaluating whether quality assurance provides
a separate service beyond the assurance for customers that goods sold comply with the established standards,
the Company considers factors such as whether quality assurance is a legal requirement, the quality assurance
period, and the nature of the task that the Company promises to fulfill.
Principal responsible person and agent
The Company determines whether it is the principal responsible party or agent when engaging in
transactions based on whether it has control over goods or services before transferring them to customers. If the
Company is able to control goods or services before transferring them to customers, it is the principal
responsible party and recognizes revenue based on the total amount of the consideration received or receivable.
Otherwise, as an agent, the Company shall recognize revenue based on the expected amount of the commission
or handling fee to which it entitled to. Such amount shall be determined by deducting the total amount of the
consideration received or receivable from the amount payable to other relevant parties, or by the established the
commission amount or proportion.
Consideration payable to customers
If there is consideration payable to the customer in the contract, unless such consideration is for acquiring
other clearly distinguishable goods or services from the customer, the Company will offset such consideration
payable against the transaction price and offset it against the current income at the later of recognizing the
relevant revenue or paying (or promising to pay) the consideration for the customer.
(2) Specific methods
In case the sales contract between the Company and customers has been deemed as a performance
obligation fulfilled at a certain time point, the specific revenue recognition method shall be formulated
according to the actual situation of the Company's product sales as follows:
Domestic sales: ① The customer picks up the goods in cash. After the payment and delivery, it is
considered that the customer has obtained the control of the relevant goods, and the Company has recognized
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
the sales revenue; ② If the advance payment is used for settlement, and the other party's customer confirmation
receipt is obtained after the delivery, it is considered that the customer has obtained the control of the relevant
commodities, and the Company has recognized the sales revenue; ③ If the credit sale is adopted according to a
certain payment period, within which the customer settles, and after the delivery, the other party's customer
confirmation receipt is obtained, it is considered that the customer has obtained the control of the relevant goods,
and the Company has recognized the sales revenue.
Foreign sales: the Company shall deliver commodities according to the signed order, hold special export
invoice, delivery note and other original documents for customs clearance and export, pass customs audit,
complete export declaration procedures, obtain the customs declaration documents as the point of transfer of
control of the relevant goods, and recognize the sales revenue by recording the revenue based on the delivery
order, special export invoice and customs declaration form.
Contract cost is divided into contract performance cost and contract acquisition cost.
The costs incurred by the Company in fulfilling the contract are recognized as an asset as contract
performance costs when the following conditions are met concurrently:
① This cost is directly related to a current contract or a contract expected to be acquired, including direct
labor cost, direct material cost, manufacturing (or similar) cost, cost clearly stated to be borne by the customer,
and other costs incurred only as a result of the contract;`
② This cost increases the resources to be used by the Company to fulfill its contractual obligations in the
future.
③ The cost is expected to be recoverable.
When an incremental cost incurred by the Company for acquiring a contract is expected to be recovered, it
shall be treated as a contract acquisition cost and recognized as an asset.
Assets related to contract costs are amortized on the same basis as the recognition of revenue from goods
or services associated with the asset; however, for any contract with an amortization period of less than one year,
the Company will include it in the current profits and losses when it occurs.
If the carrying value of an asset related to the contract cost is higher than the difference between the
following two items, the Company will make an impairment provision for the excess, recognize it as an asset
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
impairment loss, and further consider whether to make an impairment provision for estimated liabilities related
to the contract:
① Remaining consideration expected to be obtained as a result of the transfer of goods or services related
to the asset;
② Cost estimated to be incurred for the transfer of the relevant goods or services.
In case of reversal of the above provision for impairment of assets, the carrying value of the asset shall not
be higher than its book value on the reversal date when the provision for impairment would have not been
accrued.
The contract performance cost recognized as an asset with an amortization period of not more than one
year or one normal operating cycle at initial recognition shall be presented in the "inventory" item. If the
amortization period exceeds one year or one normal operating cycle at initial recognition, it shall be presented
in the "other noncurrent assets" item.
The contract acquisition cost recognized as an asset with an amortization period not more than one year or
one normal operating cycle at initial recognition shall be presented under the "other current assets" item. If the
amortization period exceeds one year or one normal operating cycle at initial recognition shall be presented
under the "other noncurrent assets" item.
(1) Recognition of government subsidies
Government subsidies can only be recognized if they meet the following conditions concurrently:
① The Company is able to meet the conditions attached to government subsidies;
② The Company can receive government subsidies.
(2) Measurement of government subsidies
If government subsidies are monetary assets, they shall be measured at the amount received or receivable.
If government subsidies are nonmonetary assets, they shall be measured at fair value; if the fair value cannot be
acquired reliably, they shall be measured at a nominal amount of RMB 1.
(3) Accounting treatment of government subsidies
① Government subsidies related to assets
The government subsidies obtained by the Company for the acquisition, construction or other formation of
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
long-term assets are classified as government subsidies related to assets. Government subsidies related to assets
shall be recognized as deferred income and amortized into profits and losses over the service life of the
underlying assets using a reasonable and systematic method. Government subsidies measured in nominal
amounts shall be included in the current profits and losses directly. In case relevant assets are sold, transferred,
scrapped or damaged prior to the end of their service life, the balance of relevant deferred income that has not
been allocated shall be transferred to the profits and losses of the current period of asset disposal.
② Government subsidies related to income
Government subsidies other than those related to assets are classified as government subsidies related to
income. Government subsidies related to income shall be accounted for as follows as the case may be:
If used to compensate for relevant costs, expenses or losses of the Company in future periods, they shall be
recognized as deferred income and included in the current profits and losses during the period when the relevant
costs, expenses or losses are recognized;
If used to compensate for relevant expenses or losses incurred by the Company, they shall be included in
the current profits and losses directly.
For government subsidies including asset-related part and income-related part, measures shall be taken to
distinguish different parts and carry out accounting treatment separately; Part difficult to distinguish shall be
classified as government subsidies related to income.
Government subsidies related to routine activities of the Company shall be included in other income based
on the essence of economic transactions. Government subsidies not related to routine activities of the Company
shall be included in non-operating income and expenses.
③ Discounted interests of preferential policy loans
The finance department will allocate discount funds to the Company directly, and the Company will offset
the corresponding discount against the relevant borrowing costs.
④ Government subsidy refund
When any recognized government subsidy is to be returned, if the book value of the underlying asset is
offset at initial recognition, the book value of the asset shall be adjusted; if there is a balance of related deferred
income, it shall be offset against the book balance of the relevant deferred income, and the excess shall be
included in the current profits and losses; in any other case, it shall be included in the current profits and losses
directly.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
The Company usually recognizes and measures the impact of taxable temporary differences or deductible
temporary differences on income tax as deferred income tax liabilities or deferred income tax assets using the
balance sheet liability method based on the temporary differences between the book value and tax base of assets
and liabilities on the balance sheet date. The Company does not convert deferred tax assets and liabilities into
cash.
(1) Recognition of deferred tax assets
For deductible temporary differences, deductible losses and tax deductions that can be carried forward to
future years, the impact on income tax shall be calculated based on the expected income tax rate during the
reversal period, and the impact shall be recognized as deferred income tax assets, but limited to the future
taxable income that the Company is likely to acquire to offset the deductible temporary differences, deductible
losses and tax deductions.
The impact of deductible temporary differences arising from the initial recognition of assets or liabilities
on income tax in transactions or matters that have the following characteristics shall not be recognized as
deferred income tax assets:
A. Such transaction is not a business merger;
B. Such transaction affects neither accounting profits nor taxable income (or deductible losses) at the time
of occurrence.
However, if both of the above conditions are met concurrently, and the initial recognition of assets and
liabilities results in a single transaction that generates equal taxable temporary differences and deductible
temporary differences, the exemption for the initial recognition of deferred income tax liabilities and assets shall
not apply. For taxable temporary differences and deductible temporary differences arising from the initial
recognition of assets and liabilities in such transaction, the Company shall recognize the corresponding deferred
income tax liabilities and assets at the time of such transaction.
Deductible temporary differences related to investments in subsidiaries, associated enterprises, and joint
ventures of the Company can only be recognized as deferred income tax assets if both of the following
conditions are met:
A. The temporary difference is very likely to be reversed in the foreseeable future;
B. The taxable income used to offset the deductible temporary difference is likely to be available in the
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
future;
On the balance sheet date, if there is conclusive evidence that sufficient taxable income is likely to be
available in future periods to offset deductible temporary differences, unrecognized deferred tax assets from
past periods shall be recognized.
On the balance sheet date, the Company reviews the carrying amount of deferred tax assets. If sufficient
taxable income is very unlikely to be available in the future to offset the benefit of deferred tax assets, the
carrying amount of deferred tax assets shall be reduced. When sufficient taxable income is very likely to be
available, the written-down amount shall be reversed.
(2) Recognition of deferred income tax liabilities
All taxable temporary differences of the Company are measured based at the income tax rate during the
expected reversal period and recognized as deferred income tax liabilities, except in the following cases:
① The impact of taxable temporary differences arising from the following transactions or matters on
income tax is not recognized as deferred income tax liabilities:
A. The initial recognition of goodwill;
B. The initial recognition of assets or liabilities arising from a transaction that is not a business merger and
does not affect accounting profits, taxable income, or deductible losses at the time of the transaction.
② Temporary differences in taxable income related to investments in subsidiaries, joint ventures, and
associated enterprises shall be usually recognized as deferred income tax liabilities, except for those that meet
both of the following conditions concurrently:
A. The Company can control the reversal time of the temporary difference;
B. The temporary difference is very unlikely to be reversed in the foreseeable future;
(3) Recognition of deferred tax liabilities or assets related to specific transactions or matters
① Deferred tax liabilities or assets related to business mergers
Taxable temporary differences or deductible temporary differences arising from business mergers not
under common control shall be usually adjusted to the goodwill recognized in the business merger when the
deferred income tax liabilities or deferred income tax assets are recognized.
② Items included in owner's equity directly
Current income tax and deferred income tax related to transactions or matters included in owner's equity
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
directly shall be recognized in owner's equity. The impact of temporary differences on income tax shall be
recognized in owner's equity for transactions or matters such as other comprehensive income arising from
changes in fair value of other debt investments, retrospective adjustment of accounting policy changes using the
retrospective adjustment method or correction of significant accounting errors in the previous period using the
retrospective restatement method to adjust the beginning retained earnings, and mixed financial instruments that
include both liability and equity components recognized in owner's equity at initial recognition.
③ Recoverable losses and tax credits
A. Recoverable losses and tax credits arising from the Company's own operations
Deductible losses refer to losses calculated and determined according to the tax law, and allowed to be
offset with taxable income of future years. Unrecovered losses (deductible losses) and tax deductions that can
be carried forward to future years according to the tax law shall be treated as deductible temporary differences.
When it is expected that sufficient taxable income is very likely to be available in any future period that can be
offset with recoverable losses or taxes, corresponding deferred tax assets shall be recognized to the extent of the
taxable income very likely to be available, while reducing the income tax expenses in the current income
statement.
B. Recoverable loss to offset of the merged enterprise arising from business merger
In a business merger, if the Company obtains any deductible temporary difference that does not meet the
recognition criteria for deferred tax assets on the acquisition date from the acquiree, it shall not be recognized.
Within 12 months after the acquisition date, if new or further information is obtained indicating that the relevant
situation on the acquisition date already exists, and it is expected that the economic benefits brought by the
temporary difference that can be offset by the acquiree on the purchase date can be realized, the relevant
deferred income tax assets shall be recognized, and the goodwill shall be reduced. If the goodwill is insufficient
for offsetting, the difference shall be recognized as a current profit or loss; except for the above cases, deferred
income tax assets related to business mergers shall be recognized and included in the current profits and losses.
④ Temporary differences arising from offsets in consolidated statements
When the Company prepares the consolidated financial statements, if there is a temporary difference
between the book value of assets and liabilities in the consolidated balance sheet and their tax base in the
taxpayer due to the offsetting of unrealized internal sales gains and losses, deferred tax assets or deferred tax
liabilities shall be recognized in the consolidated balance sheet, and the income tax expenses in the consolidated
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
income statement shall be adjusted, except for deferred income tax related to transactions or matters and
business mergers included in owner's equity directly.
⑤ Equity-settled share-based payments
If the tax law stipulates that expenses related to share-based payments are allowed to be deducted before
tax, during the period when costs and expenses are recognized in accordance with the accounting standards, the
Company estimates the amount that can be deducted before tax based on the information obtained at the end of
the accounting period to determine its tax base and the temporary difference arising therefrom. If the
recognition conditions are met, the relevant deferred income tax shall be recognized. The amount that is
expected to be deducted before tax in any future period exceeds the costs and expenses related to share-based
payments recognized in accordance with the accounting standards, and the excess income tax impact shall be
included in owner's equity directly.
⑥ Dividends related to financial instruments classified as equity instruments
For financial instruments classified as equity instruments by the Company as the issuer, if the related
dividend expenses are deducted before corporate income tax in accordance with the relevant tax policies, the
Company shall recognize the income tax impact related to dividends when recognizing payable dividends. For
transactions or matters that have previously generated profits or losses, the income tax impact of the dividend
shall be included in the current profits and losses; for profits distributed from transactions or matters previously
recognized in owner's equity, the income tax impact of the dividend shall be included in the owner's equity item.
(4) Basis for presenting deferred tax assets and liabilities on a net basis
When the following conditions are met concurrently, the Company will present deferred income tax assets
and liabilities on a net basis after offsetting:
① The Company is entitled to settle current income tax assets and liabilities on a net basis;
② Deferred income tax assets and liabilities are related to income tax levied by the same tax collection and
management authority on the same taxpayer or on different taxpayers, but in the future, during each significant
period of reversal of deferred income tax assets and liabilities, the taxpayers involved intend to settle the current
income tax assets and liabilities on a net basis or acquire assets and settle liabilities concurrently.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
(1) Accounting for leases as a lessee
On the commencement date of the lease term, the Company recognizes leases that do not exceed 12
months and do not include purchase options as short-term leases; leases with lower value when a single leased
asset is a brand-new asset are recognized as low-value asset leases. Where the Company subleases or intends to
sublease a leased asset, the original lease is not deemed to be a low-value asset lease.
For all short-term leases and leases of low value assets, the Company will include lease payments in the
relevant asset costs or current profits and losses using the straight-line method during each period of the lease
term.
Except for short-term leases and low value asset leases subject to simplified treatment as mentioned above,
the Company recognizes right-of-use assets and lease liabilities for leases on the lease commencement date.
① Right-of-use assets
Right-of-use asset refers to the lessee's right to use the leased asset during the lease term.
On the commencement date of the lease term, right-of-use assets shall be initially measured at cost. This
cost includes:
The initial measurement amount of lease liabilities;
If there is a lease incentive for the lease payment made on or before the commencement date of the lease
term, the relevant amount of the lease incentive already enjoyed shall be deducted;
The initial direct expenses incurred by the lessee;
Costs expected to be incurred by the lessee for dismantling and removing the leased asset, restoring the
leased asset's location, or restoring the leased asset to the state specified in the lease terms. The Company
recognizes and measures such costs in accordance with the recognition criteria and measurement methods for
estimated liabilities, as detailed in Note III 25. The above costs are incurred for the production of inventories
and will be included in inventory costs.
The depreciation of right-of-use assets shall be classified and provided for using the straight-line method.
If it can be reasonably determined that the ownership of the leased asset will be acquired upon expiry of the
lease term, the depreciation rate shall be determined based on the category of the right-of-use asset and the
estimated net residual value rate during the expected remaining service life of the leased asset; if it cannot be
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
reasonably determined that the ownership of the leased asset will be acquired upon expiry of the lease term, the
depreciation rate shall be determined based on the category of the right-of-use asset during the shorter of the
lease term or the remaining service life of the leased asset.
② Lease liabilities
Lease liabilities shall be initially measured at the present value of lease payments that have not been paid at
the beginning of the lease term. The lease payment amount includes the following five items:
A fixed payment amount and a substantially fixed payment amount, if there is any lease incentive,
deducting the amount related to the lease incentive;
Any variable lease payment depending on indices or ratios;
The exercise price for purchasing the option, provided that the lessee reasonably determines that the
option will be exercised;
The sum required to exercise the option to terminate the lease, provided that the lease term reflects that
the lessee will exercise the option to terminate the lease;
Amount expected to be paid based on the remaining value of the security provided by the lessee.
When calculating the present value of lease payments, the implicit interest rate of the lease is used as the
discount rate. If the implicit interest rate of the lease cannot be determined, the incremental borrowing rate of
the Company is used as the discount rate. The difference between the lease payment amount and its present
value is recognized as unrecognized financing expenses, and interest expenses are recognized at the discount
rate of the recognized present value of the lease payment amount during each period of the lease term and
included in the current profits and losses. Variable lease payments that are not included in the measurement of
lease liabilities are recognized in the current period's income statement when they actually occur.
After the commencement date of the lease term, when there is a change in the actual fixed payment amount,
a change in the expected payable amount of the guaranteed residual value, a change in the index or ratio used to
determine the lease payment amount, a change in the appraisal result or actual exercise of the purchase option,
renewal option or termination option, the Company shall re-measure the lease liability based on the present
value of the changed lease payment amount and adjust the book value of the right-of-use asset accordingly.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
(2) Accounting for leases as a lessor
On the commencement date of the lease, the Company classifies leases that have substantially transferred
almost all risks and rewards related to the ownership of the leased asset as financial leases, and all other leases
as operating leases.
① Operating leases
The Company recognizes lease receipts as rental income using the straight-line method during each period
of the lease term. The initial direct expenses incurred shall be capitalized and amortized on the same basis as
rental income recognition, and included in the current profits and losses in installments. Variable lease
payments acquired by the Company related to operating leases that are not included in lease receipts shall be
included in the current profits and losses when actually incurred.
② Financial leases
On the commencement date of the lease, the Company recognizes the financial lease receivable based on
the net amount of the lease investment (the sum of the unguaranteed residual value and the present value of the
lease receipts not received at the commencement date discounted at the implicit interest rate of the lease), and
terminates the recognition of financial lease assets. During each period of the lease term, the Company
calculates and recognizes interest income at the implicit interest rate of the lease.
Variable lease payments acquired by the Company that are not included in the measurement of the net
investment amount shall be included in the current profits and losses when actually incurred.
Stock repurchase
(1) If the Company reduces its capital by acquiring its own stock through legal procedures and approval, it
shall reduce the share capital by the total face value of the cancelled stock, and adjust the owner's equity using
the difference between the price paid to repurchase the stock (including transaction expenses) and the face value
of the stock. The excess over the face value shall be offset against the capital reserve (share premium), surplus
reserve, and undistributed profits sequentially; the deficiency below the total face value shall be used to increase
the capital reserve (share premium).
(2) The shares repurchased by the Company shall be managed as treasury shares before cancellation or
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
transfer, and all expenses for share repurchase shall be converted into treasury share costs.
(3) In case of transfer of treasury shares, the excess of the transfer income over the cost of the treasury
shares shall be used to increase the capital reserve (share premium); the deficiency below the cost of treasury
stock shall be offset against the capital reserve (share premium), surplus reserve, and undistributed profits
sequentially.
Restricted stocks
In the equity incentive plan, the Company grants a restricted stock to incentive recipients, who shall
subscribe for the stock first, and if the unlocking conditions stipulated in the equity incentive plan are not met
later, the Company will repurchase the stock at the price agreed on in advance. If the registration and capital
increase procedures have been completed for any restricted stock issued to employees in accordance with
relevant regulations, the Company will recognize the share capital and capital reserve (share premium) based on
the subscription amount received from employees on the grant date, and also recognize the treasury shares and
other payables for the repurchase obligation.
(1) Important accounting policy changes
□ Applicable Not applicable
(2) Important accounting estimation changes
□ Applicable Not applicable
(3) Relevant items in financial statements at the beginning of 2025 when such adjustments were made for
the first time for initial implementation of the new accounting standard
□ Applicable Not applicable
VI. Tax
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Tax type Tax basis Tax rate
Revenue from sales of
VAT (value-added tax) 13.00%, 9.00%, 6.00%, 3.00%, 0% (Note 1)
goods
Urban maintenance and Paid turnover tax
construction tax amount
Paid turnover tax
Education surcharge 3.00%, 2.00%
amount
Please refer to the table below (Note 2) for different corporate income
Corporate income tax Taxable income
taxpayers and their tax rates.
(Note 1) Shenzhen YAKO Automation Technology Co., Ltd. was recognized as a software enterprise by the
Economy, Trade and Information Commission of Shenzhen Municipality on April 27, 2013, and received the
software enterprise certification No. Shen R-2010-0237; Shenzhen Topband Software Technology Co., Ltd. was
recognized as a software enterprise by the Economy, Trade and Information Commission of Shenzhen
Municipality on June 28, 2013, and received the software enterprise certification No. Shen R-2013-0616;
Shenzhen Yansheng Software Co., Ltd. was recognized as a software enterprise by Shenzhen Software Industry
Association on August 31, 2017, and received the software enterprise certification No. Shen RQ-2017-0587;
Shenzhen Allied Control System Co., Ltd. was recognized as a software enterprise by the Economy, Trade and
Information Commission of Shenzhen Municipality on June 28, 2013, and received the software enterprise
certification No. Shen R-2013-0775. According to relevant provisions in the Notice on the Distribution of
Several Policies on Further Encouraging the Development of the Software and Integrated Circuit Industries
issued by the State Council (GF [2011] No. 4), after the sales revenue of the above products is levied for value-
added tax at the statutory tax rate of 13.00% during the reporting period, the refund-upon-collection policy shall
be applied to the part of the actual VAT burden in excess of 3.00%.
According to the Notice of the Ministry of Finance and the State Taxation Administration on VAT Policies for
Software Products (CS [2011] No. 100), the refund-upon-collection policy shall be applied to the part of the
actual VAT burden of software products in excess of 3.00%. The provisions of this policy apply to Shenzhen
Meanstone Intelligent Technology Co., Ltd., a subsidiary of the Company.
(Note 2) Where there are any taxpayers with different corporate income tax rates, details shall be disclosed.
Name of taxpayer Income tax rate
Shenzhen Topband Co., Ltd. 15%
Shenzhen Topband Software Technology Co., Ltd. 15%
Shenzhen Topband Automation Technology Co., Ltd. 15%
Shenzhen Topband Battery Co., Ltd. 15%
Huizhou Topband Battery Co., Ltd. 20%
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Taixing Topband Lithium Battery Co., Ltd. 15%
Nantong Topband Lithium Battery Co., Ltd. 25%
Yolaness Technology (HK) Co., Limited 16.5%
YOLANESS AFRICA (PTY) LTD 27%
Chongqing Topband Industrial Co., Ltd. 25%
Topband (Hong Kong) Co., Ltd. 8.25%, 16.50%
Topband Germany GmbH 16%
TOPBAND SMART DONGNAI (VIETNAM) COMPANY LIMITED 20%
TOPBAND JAPAN Co.，Ltd 23%
Q. B. PTE. LTD 17%
TOPBAND SMART EUROPE COMPANY LIMITED S.R.L. 16%
TOPBAND MEXICO，S.DER.L.DEC.V. 30%
Huizhou Topband Electrical Technology Co., Ltd. 15%
TOPBAND INDIA PRIVATE LIMITED 25%
Shenzhen YAKO Automation Technology Co., Ltd. 15%
Shenzhen Yansheng Software Co., Ltd. 15%
Hangzhou Zhidong Motor Technology Co., Ltd. 20%
Huizhou YAKO Automation Technology Co., Ltd. 25%
Shenzhen Allied Control System Co., Ltd. 25%
Ningbo Topband Intelligent Control Co., Ltd. 25%
Shenzhen Meanstone Intelligent Technology Co., Ltd. 15%
Shenzhen Topband Supply Chain Services Co., Ltd. 25%
Shenzhen Topband Investment Co., Ltd. 25%
Shenzhen Tunnu Innovation Co., Ltd. 20%
Tunnu Innovation (Hong Kong) Limited 16.5%
TUNNU INNOVATION, INC 21%
Shenzhen Zhongli Consulting Co., Ltd. 20%
Shenzhen Yueshang Robot Co., Ltd. 20%
Shenzhen Topband Digital Energy Co., Ltd. 20%
Topband Digital Energy Technology (Huizhou) Co., Ltd. 25%
Chongqing Topband Yishu Energy Technology Co., Ltd. 25%
Shenzhen Senxuan Technology Co., Ltd. 20%
Shenzhen Tengyi Industrial Co., Ltd. 20%
Topband (Qingdao) Intelligent Control Co., Ltd. 20%
Shenzhen Topband Automotive Electronics Co., Ltd. 20%
Shenzhen Jingfei Investment Co., Ltd. 20%
Huizhou Jiuwan Lvyuan Agriculture Co., Ltd. 20%
Shenzhen Topband Motor Co., Ltd. 15%
Huizhou Chiding Technology Co., Ltd. 20%
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
(1) On November 15, 2023, the Company received the Certificate for High-tech Enterprise (No.
GR202344206777) issued by Shenzhen Science and Technology Innovation Commission, Finance Bureau of
Shenzhen Municipality and Shenzhen Tax Service, State Taxation Administration, which is valid for three years.
According to the relevant provisions of the Enterprise Income Tax Law of the People's Republic of China, the
Rules for the Implementation of the Enterprise Income Tax Law and the Measures for the Administration of the
Recognition of High and New Technology Enterprises, the enterprise income tax rate applicable to the
Company for the years 2023 to 2025 is 15.00%.
(2) On December 19, 2022, Shenzhen Topband Software Technology Co., Ltd. obtained the Certificate for
High-tech Enterprise that is numbered GR202244203890 and issued by Shenzhen Science and Technology
Innovation Commission, Finance Bureau of Shenzhen Municipality and Shenzhen Tax Service, State Taxation
Administration. This Certificate is valid within 3 years from the date of issuance. According to the relevant
provisions of the Enterprise Income Tax Law of the People's Republic of China, the Rules for the
Implementation of the Enterprise Income Tax Law and the Measures for the Administration of the Recognition
of High and New Technology Enterprises, the enterprise income tax rate applicable for the years 2022 to 2024
is 15.00%.
(3) On December 26, 2024, Shenzhen Topband Battery Co., Ltd. obtained the Certificate for High-tech
Enterprise that is numbered GR202444206593 and issued by Industry and Information Technology Bureau of
Shenzhen Municipality, Finance Bureau of Shenzhen Municipality and Shenzhen Tax Service, State Taxation
Administration. This Certificate is valid within 3 years from the date of issuance. According to the relevant
provisions of the Enterprise Income Tax Law of the People's Republic of China, the Rules for the
Implementation of the Enterprise Income Tax Law and the Measures for the Administration of the Recognition
of High and New Technology Enterprises, the enterprise income tax rate applicable for the years 2024 to 2026
is 15.00%.
(4) On December 11, 2024, Huizhou Topband Electrical Technology Co., Ltd. obtained the Certificate for
High-tech Enterprise that is numbered GR202444009232 and issued by the Guangdong Provincial Department
of Science and Technology, Guangdong Provincial Department of Finance, and Guangdong Provincial Tax
Service, State Taxation Administration. This Certificate is valid within 3 years from the date of issuance.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
According to the relevant provisions of the Enterprise Income Tax Law of the People's Republic of China, the
Rules for the Implementation of the Enterprise Income Tax Law and the Measures for the Administration of the
Recognition of High and New Technology Enterprises, the enterprise income tax rate applicable for the years
(5) On December 26, 2024, Shenzhen YAKO Automation Technology Co., Ltd. obtained the Certificate for
High-tech Enterprise that is numbered GR202444202027 and issued by Industry and Information Technology
Bureau of Shenzhen Municipality, Finance Bureau of Shenzhen Municipality and Shenzhen Tax Service, State
Taxation Administration. This Certificate is valid within 3 years from the date of issuance. This Certificate is
valid within 3 years from the date of issuance. According to the relevant provisions of the Enterprise Income
Tax Law of the People's Republic of China, the Rules for the Implementation of the Enterprise Income Tax Law
and the Measures for the Administration of the Recognition of High and New Technology Enterprises, the
enterprise income tax rate applicable for the years 2024 to 2026 is 15.00%.
(6) On December 26, 2024, Shenzhen Yansheng Software Co., Ltd. obtained the Certificate for High-tech
Enterprise that is numbered GR202444205050 and issued by Industry and Information Technology Bureau of
Shenzhen Municipality, Shenzhen Finance Bureau and Shenzhen Tax Service, State Taxation Administration.
This Certificate is valid within 3 years from the date of issuance. This Certificate is valid within 3 years from
the date of issuance. According to the relevant provisions of the Enterprise Income Tax Law of the People's
Republic of China, the Rules for the Implementation of the Enterprise Income Tax Law and the Measures for
the Administration of the Recognition of High and New Technology Enterprises, the enterprise income tax rate
applicable for the years 2024 to 2026 is 15.00%.
(7) On November 19, 2024, Taixing Topband Lithium Battery Co., Ltd. obtained the Certificate for High-
tech Enterprise that is numbered GR202432004814 and issued by the Jiangsu Provincial Department of Science
and Technology, Department of Finance of Jiangsu Province, and Jiangsu Provincial Tax Service, State Taxation
Administration. This Certificate is valid within 3 years from the date of issuance. According to the relevant
provisions of the Enterprise Income Tax Law of the People's Republic of China, the Rules for the
Implementation of the Enterprise Income Tax Law and the Measures for the Administration of the Recognition
of High and New Technology Enterprises, the enterprise income tax rate applicable for the years 2024 to 2026
is 15.00%.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
(8) On November 15, 2023, Shenzhen Topband Automation Technology Co., Ltd. obtained the Certificate
for High-tech Enterprise that is numbered GR202344204958 and issued by Shenzhen Science and Technology
Innovation Commission, Finance Bureau of Shenzhen Municipality and Shenzhen Tax Service, State Taxation
Administration. This Certificate is valid within 3 years from the date of issuance. This Certificate is valid within
People's Republic of China, the Rules for the Implementation of the Enterprise Income Tax Law and the
Measures for the Administration of the Recognition of High and New Technology Enterprises, the enterprise
income tax rate applicable to the Company for the years 2023 to 2025 is 15.00%.
(9) On December 26, 2024, Shenzhen Topband Motor Co., Ltd. obtained the Certificate for High-tech
Enterprise that is numbered GR202444207996 and issued by Industry and Information Technology Bureau of
Shenzhen Municipality, Finance Bureau of Shenzhen Municipality and Shenzhen Tax Service, State Taxation
Administration. This Certificate is valid within 3 years from the date of issuance. This Certificate is valid within
People's Republic of China, the Rules for the Implementation of the Enterprise Income Tax Law and the
Measures for the Administration of the Recognition of High and New Technology Enterprises, the enterprise
income tax rate applicable for the years 2024 to 2026 is 15.00%.
(10) On December 26, 2024, Shenzhen Meanstone Intelligent Technology Co., Ltd. obtained the
Certificate for High-tech Enterprise that is numbered GR202444200497 and issued by Industry and Information
Technology Bureau of Shenzhen Municipality, Finance Bureau of Shenzhen Municipality and Shenzhen Tax
Service, State Taxation Administration. This Certificate is valid within 3 years from the date of issuance. This
Certificate is valid within 3 years from the date of issuance. According to the relevant provisions of the
Enterprise Income Tax Law of the People's Republic of China, the Rules for the Implementation of the
Enterprise Income Tax Law and the Measures for the Administration of the Recognition of High and New
Technology Enterprises, the enterprise income tax rate applicable for the years 2024 to 2026 is 15.00%.
(11) Topband (Hong Kong) Co., Ltd., Yolaness Technology (HK) Co., Limited, and Tunnu Innovation
(Hong Kong) Limited, which are subsidiaries of the Company, are incorporated in the Hong Kong Special
Administrative Region of China and are subject to a profit tax rate of 16.50%. In addition, due to the
implementation of a "two-tier profit tax" policy in Hong Kong, Topband (Hong Kong) Co., Ltd. is subject to a
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
profits tax rate of 8.25% for the part of annual profits of not more than HKD 2 million, and a tax rate of 16.50%
for the excess.
(12) According to the Announcement of the Ministry of Finance and the State Taxation Administration on
the Relevant Tax and Fee Policies for Further Supporting the Development of Micro and Small Enterprises and
Individual Industrial and Commercial Households (Announcement No. 12 [2023] of the Ministry of Finance
and the State Taxation Administration), taxable income shall be calculated at a lower rate of 25.00% for small
low-profit enterprises, and the enterprise income tax policy with a tax rate of 20.00% shall continue to apply
until December 31, 2027. Hangzhou Zhidong Motor Technology Co., Ltd., Shenzhen Topband Digital Energy
Co., Ltd., Shenzhen Tunnu Innovation Co., Ltd., Huizhou Topband Battery Co., Ltd., Shenzhen Zhongli
Consulting Co., Ltd., Shenzhen Senxuan Technology Co., Ltd., Shenzhen Tengyi Industrial Co., Ltd., Topband
(Qingdao) Intelligent Control Co., Ltd., Shenzhen Topband Automotive Electronics Co., Ltd., Shenzhen
Yueshang Robot Co., Ltd., Shenzhen Jingfei Investment Co., Ltd., Huizhou Chiding Technology Co., Ltd., and
Huizhou Jiuwan Lvyuan Agriculture Co., Ltd., which are subsidiaries and sub-subsidiaries of the Company, are
subject to the provisions of this policy.
None.
VII. Notes to items of consolidated financial statements
Unit: RMB
Items Ending balance Beginning balance
Cash on hand 864,427.13 800,122.43
Bank deposit 1,831,839,445.59 1,690,347,796.36
Other monetary capital 22,235,002.42 22,828,344.55
Total 1,854,938,875.14 1,713,976,263.34
Including: total amount deposited abroad 399,964,056.07 521,804,112.38
Other description
(1) At the end of the period, the amount of pledges, blocked funds and other restricted funds was RMB
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
(2) At the end of the period, there was no amount deposited overseas or with repatriation restricted.
Unit: RMB
Items Ending balance Beginning balance
Financial assets measured at fair value and whose changes are
recorded in the current profits and losses
Including:
Including: wealth management products 245,389,202.30 396,522,333.21
Investment in equity instruments 342,926,358.56 342,926,358.56
Including:
Total 588,315,560.86 739,448,691.77
None.
(1) List of classification of notes receivable
Unit: RMB
Items Ending balance Beginning balance
Bank acceptance bill 37,333,998.65 38,725,822.76
Commercial acceptance bill 5,176,891.01 9,735,512.62
Total 42,510,889.66 48,461,335.38
(2) Disclosure based on accrual methods of bad-debt provision
Unit: RMB
Ending balance Beginning balance
Provision for bad Provision for bad
Book balance Book balance
debts debts
Categor
y Proporti Book value Proport Book value
Proportio on of Proportio ion of
Amount Amount Amount Amount
n provisio n provisi
n on
Notes
receiva
ble with 42,676,507.43 100.00% 165,617.77 0.39% 42,510,889.66 48,772,791.41 100.00% 311,456.03 0.64% 48,461,335.38
provisio
n for
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
bad
debts
by
portfoli
o
Inclu
ding:
Bank
accepta 37,333,998.65 87.48% 37,333,998.65 38,725,822.76 79.40% 38,725,822.76
nce bill
Comme
rcial
accepta
nce bill
Total 42,676,507.43 100.00% 165,617.77 0.39% 42,510,889.66 48,772,791.41 100.00% 311,456.03 0.64% 48,461,335.38
Description of bad-debt provision on combined basis: Bank acceptance bill
Unit: RMB
Ending balance
Name
Book balance Provision for bad debts Proportion of provision
Bank acceptance bill 37,333,998.65
Total 37,333,998.65
Description of bad-debt provision on combined basis: Commercial acceptance bill
Unit: RMB
Ending balance
Name
Book balance Provision for bad debts Proportion of provision
Commercial acceptance bill 5,342,508.78 165,617.77 3.10%
Total 5,342,508.78 165,617.77
In case of provision for bad debts on notes receivable based on the general model of expected credit loss:
□ Applicable Not applicable
(3) Provision for bad debts accrued, recovered or reversed in the current period
Provision for bad debts in the current period:
Unit: RMB
Amount changed in the current period
Beginning
Category Recover or Ending balance
balance Provision Write-off Others
reversal
Provision for
bad debts
Total 311,456.03 -145,838.26 165,617.77
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
(4) Notes receivable pledged by the Company at the end of the period
Unit: RMB
Items Pledged amount at the end of the period
Bank acceptance bill 0.00
Commercial acceptance bill 0.00
Total 0.00
(5) Notes receivable endorsed or discounted by the Company at the end of the period and not due on
balance sheet date
Unit: RMB
Amount derecognized at the end of the Amount not derecognized at the end of
Items
period the period
Bank acceptance bill 15,948,431.46
Commercial acceptance bill 3,278,170.86
Total 19,226,602.32
(6) Notes receivable actually written off in the current period
None.
(1) Disclosure by aging
Unit: RMB
Aging Book balance at the end of the period Book balance at the beginning of the period
Within 1 year (including 1 year) 3,188,987,774.76 3,051,190,543.53
Above 3 years 84,698,008.25 68,483,255.65
Above 5 years 37,957,437.82 2,056,047.97
Total 3,318,189,917.72 3,175,971,241.30
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
（2）Disclosure based on accrual methods of bad-debt provision
Unit: RMB
Ending balance Beginning balance
Book balance Provision for bad debts Book balance Provision for bad debts
Category
Proportion Book value Book value
Proporti Proportion
Amount Proportion Amount of Amount Amount
on of provision
provision
Accounts
receivable with
single provision
for bad debts
Including:
Provision by
individual items
Accounts
receivable with
provision for 3,233,878,532.47 97.46% 105,154,940.49 3.25% 3,128,723,591.98 3,091,536,083.74 97.34% 98,751,586.01 3.19%
bad debts by
portfolio
Including:
Provision for
impairment of
combined 2,992,784,497.7
accounts 3
receivable by
aging
Total 3,318,189,917.72 100.00% 189,466,325.74 5.71% 3,128,723,591.98 3,175,971,241.30 100.00% 5.77%
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Description of bad-debt provision on single basis: Provision by individual items
Unit: RMB
Beginning balance Ending balance
Name Provision for Provision for Proportion of Reasons for
Book balance Book balance
bad debts bad debts provision provision
Provision by It is difficult to
individual items recover
Total 84,435,157.56 84,435,157.56 84,311,385.25 84,311,385.25
Description of bad-debt provision on combined basis: Provision for impairment of combined accounts
receivable by aging
Unit: RMB
Ending balance
Name Provision for bad
Book balance Proportion of provision
debts
Provision for impairment of combined
accounts receivable by aging
Total 3,233,878,532.47 105,154,940.49
In case of provision for bad debts on accounts receivable based on the general model of expected credit loss:
□ Applicable Not applicable
(3) Provision for bad debts accrued, recovered or reversed in the current period
Provision for bad debts in the current period:
Unit: RMB
Amount changed in the current period
Beginning
Category Recover or Ending balance
balance Provision Write-off Others
reversal
Provision for
bad debts
Total 183,186,743.57 6,896,162.60 37,257.93 744,759.84 165,437.34 189,466,325.74
(4) Accounts receivable actually written off in the current period
Unit: RMB
Items Amount written off
Accounts receivable actually written off 744,759.84
(5) Accounts receivables with top five ending balances grouped by debtors, and contract assets
Unit: RMB
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Ending balance of
Percentage in total
Ending balance of provision for
ending balance of
Ending balance of Ending balance of accounts impairment of
Name of unit accounts
accounts receivable contract assets receivables and accounts
receivables and
contract assets receivables and
contract assets
contract assets
No. 1 804,285,266.59 0.00 804,285,266.59 24.24% 24,954,144.30
No. 2 176,329,746.70 0.00 176,329,746.70 5.31% 5,466,222.14
No. 3 141,693,322.96 0.00 141,693,322.96 4.27% 4,392,493.02
No. 4 112,513,268.84 0.00 112,513,268.84 3.39% 3,487,911.33
No. 5 84,045,414.48 0.00 84,045,414.48 2.53% 2,605,407.85
Total 1,318,867,019.57 0.00 1,318,867,019.57 39.74% 40,906,178.64
None.
(1) Classified presentation of receivables financing
Unit: RMB
Items Ending balance Beginning balance
Notes receivable 137,314,545.95 101,957,511.11
Notes receivables of supply chain 34,683,224.14 29,260,161.45
Total 171,997,770.09 131,217,672.56
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
(2) Disclosure based on accrual methods of bad-debt provision
Unit: RMB
Ending balance Beginning balance
Book balance Provision for bad debts Book balance Provision for bad debts
Category
Book value Proportion Book value
Proportion of
Amount Proportion Amount Amount Proportion Amount of
provision
provision
Bad debt provision
on combined basis
Including:
Bank acceptance
bill
Aging portfolio 35,792,800.97 20.68% 1,109,576.83 3.10% 34,683,224.14 30,196,245.04 22.85% 936,083.59 3.10% 29,260,161.45
Total 173,107,346.92 100.00% 1,109,576.83 0.64% 171,997,770.09 132,153,756.15 100.00% 936,083.59 0.71% 131,217,672.56
Description of bad-debt provision on combined basis: Bank acceptance bill
Unit: RMB
Ending balance
Name
Book balance Provision for bad debts Proportion of provision
Bank acceptance bill 137,314,545.95
Total 137,314,545.95
Description of bad-debt provision on combined basis: aging portfolio
Unit: RMB
Ending balance
Name
Book balance Provision for bad debts Proportion of provision
Aging portfolio 35,792,800.97 1,109,576.83 3.10%
Total 35,792,800.97 1,109,576.83
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Provision for bad debts based on the general model of expected credit loss
Unit: RMB
First stage Second stage Third stage
Expected credit loss for
Provision for bad debts Expected credit Expected credit loss for Total
the entire duration
loss in the next 12 the entire duration (no
(credit impairment
months credit impairment)
occurred)
Balance as of January 1, 2025 936,083.59 936,083.59
Balance as of January 1, 2025 in
the current period
Accrual in the current period 173,493.24 173,493.24
Balance as of June 30, 2025 1,109,576.83 1,109,576.83
Significant changes in the book balance of receivables financing with loss reserve changes occurred during the
current period: None.
(3) Provision for bad debts accrued, recovered or reversed in the current period
Unit: RMB
Amount changed in the current period
Beginning
Category Recover or Transfer or Ending balance
balance Provision Other changes
reversal write-off
Provision for
impairment
Total 936,083.59 173,493.24 1,109,576.83
(4) Receivables financing pledged by the Company at the end of the period
None.
(5) Receivables financing endorsed or discounted by the Company at the end of the period and not due on
balance sheet date
Unit: RMB
Amount derecognized at the end of the Amount not derecognized at the end of
Items
period the period
Bank acceptance bill 489,850,695.55
Total 489,850,695.55
(6) Receivables financing actually written off in the current period
None.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
(7) Changes in increase/decrease in receivables financing in the current period and changes in fair value
None.
Unit: RMB
Items Ending balance Beginning balance
Other receivables 33,973,857.81 38,621,875.39
Total 33,973,857.81 38,621,875.39
(1) Interest receivable
None.
(2) Dividends receivable
None.
(3) Other receivables
Unit: RMB
Nature of payment Book balance at the end of the period Book balance at the beginning of the period
Margin, deposit 34,721,880.67 26,075,323.05
Employee personal loan 4,549,015.27 5,876,690.76
Export rebate 0.00 16,656,194.89
Others 8,262,835.49 3,067,192.41
Total 47,533,731.43 51,675,401.11
Unit: RMB
Aging Book balance at the end of the period Book balance at the beginning of the period
Within 1 year (including 1 year) 19,871,901.16 28,620,600.31
Above 3 years 13,396,097.17 16,204,039.11
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Above 5 years 4,885,371.82 5,520,436.71
Total 47,533,731.43 51,675,401.11
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Applicable □ Not applicable
Unit: RMB
Ending balance Beginning balance
Book balance Provision for bad debts Book balance Provision for bad debts
Category Proportion Proportion
Book value Book value
Amount Proportion Amount of Amount Proportion Amount of
provision provision
Bad debt provision on
individual basis
Bad debt provision on
combined basis
Total 47,533,731.43 100.00% 13,559,873.62 28.53% 33,973,857.81 51,675,401.11 100.00% 13,053,525.72 25.26% 38,621,875.39
Description of bad-debt provision on combined basis: Provision for impairment of combined accounts receivable by credit risk features
Unit: RMB
Ending balance
Name
Book balance Provision for bad debts Proportion of provision
Accounts receivable on credit risk feature combination basis for bad debt
provision
Total 47,533,731.43 13,559,873.62
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Provision for bad debts based on the general model of expected credit loss:
Unit: RMB
First stage Second stage Third stage
Provision for bad debts Expected credit loss Expected credit loss for Expected credit loss for Total
in the next 12 the entire duration (no the entire duration (credit
months credit impairment) impairment occurred)
Balance as of January 1, 2025 7,533,089.01 5,520,436.71 13,053,525.72
Balance as of January 1, 2025 in
the current period
—Transferred to the third stage
Accrual in the current period 891,659.26 -635,064.89 256,594.37
Reversed in the current period
Other changes 249,753.53 249,753.53
Balance as of June 30, 2025 8,674,501.80 4,885,371.82 13,559,873.62
Changes in book balance with significant changes in loss reserves in the current period
□ Applicable Not applicable
Provision for bad debts in the current period:
Unit: RMB
Amount changed in the current period
Beginning
Category Recover or Transfer or Ending balance
balance Provision Others
reversal write-off
Provision for
bad debts
Total 13,053,525.72 256,594.37 249,753.53 13,559,873.62
None.
Unit: RMB
Proportion to total Ending balance of
Nature of
Name of unit Ending balance Aging ending balances of provision for bad
payment
other receivables debts
No. 1 Deposit 7,998,476.48 Within 1 year 16.83% 399,923.82
House leasing
No. 2 4,663,955.15 3-4 years 9.81% 2,331,977.58
deposit
Performance
No. 3 3,500,000.00 3-4 years 7.36% 1,750,000.00
bonds
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
House leasing
No. 4 1,394,115.60 2-3 years 2.93% 418,234.68
deposit
Water and
No. 5 971,596.50 Within 1 year 2.04% 48,579.83
electricity bills
Total 18,528,143.73 38.97% 4,948,715.91
None.
(1) List of advance payments by aging
Unit: RMB
Ending balance Beginning balance
Aging
Amount Proportion Amount Proportion
Within 1 year 25,606,771.94 79.39% 24,610,656.44 91.38%
Above 3 years 57,960.00 0.18% 23,000.00 0.09%
Total 32,253,492.80 26,932,435.21
(2) Accounts prepaid of the top five prepaying entities for ending balance
The total amount of the Company's top five prepayments at the end of the reporting period grouped by debtors
is RMB 8,572,157.15, accounting for 26.58% of the total year-end balance of prepayments.
Whether the Company is required to comply with the disclosure requirements of the real estate industry
(1) Inventory classification
Unit: RMB
Ending balance Beginning balance
Provision for
Provision for
decline in
decline in value
value of
of inventories or
Items inventories or
provision for
Book balance Book value Book balance provision for Book value
impairment of
impairment of
contract
contract
performance
performance
cost
cost
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Purchase of raw
materials
Goods in process 203,331,065.19 203,331,065.19 148,251,757.87 148,251,757.87
Goods on hand 668,936,972.36 27,265,775.79 641,671,196.57 583,197,273.89 27,930,951.02 555,266,322.87
Goods shipped in
transit
Low-value
consumables
Materials
entrusted for 10,248,528.78 235,709.71 10,012,819.07 7,874,525.26 235,709.71 7,638,815.55
processing
Self-
manufactured
semi-finished
product
Total 2,314,611,636.66 131,303,283.96 2,183,308,352.70 1,942,746,980.09 132,236,399.52 1,810,510,580.57
(2) Data resources recognized as inventory
None.
(3) Provision for impairment on inventories and on contract performance costs
Unit: RMB
Increase in the current Decrease amount in the current
period period
Items Beginning balance Ending balance
Reversal or write-
Provision Others Others
off
Purchase of raw
materials
Goods on hand 27,930,951.02 9,520,158.39 10,182,320.68 3,012.94 27,265,775.79
Self-manufactured
semi-finished 3,074,437.53 749,238.10 501,643.32 1,752.37 3,320,279.94
product
Goods shipped in
transit
Materials entrusted
for processing
Total 132,236,399.52 25,099,491.27 26,004,415.71 28,191.12 131,303,283.96
None.
□ Applicable Not applicable
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Unit: RMB
Items Ending balance Beginning balance
Certificates of deposit 10,442,575.72 10,442,575.72
VAT to be deducted 481,427,644.99 336,018,148.49
Other prepaid taxes 8,093,269.75 6,776,410.91
Deferred expense 6,482,063.43 6,319,738.67
Total 506,445,553.89 359,556,873.79
None.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Unit: RMB
Cumulative
Change in impairment
Interest fair value Cumulative provision
Beginning Accrued Ending
Items adjustme in the Cost change in recognized in Remarks
balance interest balance
nt current fair value other
period comprehensive
income
Certificates
of deposit
Total 40,000,000.00 40,000,000.00
Unit: RMB
Cumula
Cumulati Divid
tive
Losses ve loss end Cause for
Gains gain
credited credited inco designated
credited to credited
to other to other mes measurement at
other to other
compreh compreh recog fair value and
Beginning comprehen compre
Project name ensive ensive nized Ending balance for changes
balance sive hensive
income income in the crediting to
income in income
in the at the curre other
the current at the
current end of nt comprehensive
period end of
period current perio income
current
period d
period
Strategic
Suzhou
investment
Legendsemi
Technology
held on a long-
Co., Ltd.
term basis
Strategic
Suzhou SEEEx investment
Technology 23,637,966.00 23,637,966.00 expected to be
Co., Ltd. held on a long-
term basis
Total 45,012,776.00 45,012,776.00
None.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Unit: RMB
Changes in increase or decrease in the current period
Adjust
Declarati
ment
Opening Decr Profits and on of
Beginning to Provis Ending balance
balance of Addit ease losses on Other distributi Ending balance
Investee balance (book other ion of provision
provision for ional in investment chang on for Other (book value)
value) compr for for impairment
impairment invest inve recognized es in cash s
ehensi impai
ment stme under equity equity dividend
ve rment
nt method s or
incom
profits
e
I. Joint venture
II. Associated enterprises
Tai'an Yuchengxin Power
Technology Co., Ltd.
Shenzhen Daka Optoelectronics
Co., Ltd.
Shanghai Yidong Power
Technology Co., Ltd.
Dongguan Jujin Plastic
Technology Co., Ltd.
Subtotal 38,959,272.14 9,764,719.19 877,869.10 39,837,141.24 9,764,719.19
Total 38,959,272.14 9,764,719.19 877,869.10 39,837,141.24 9,764,719.19
None.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
(1) Investment property with cost measurement model
Applicable □ Not applicable
Unit: RMB
Items Houses and buildings Total
I. Original book value
(1) Outsourcing
(2) Transfer in of inventory, fixed assets
and construction in progress
(3) Increment from consolidation
(1) Disposal
(2) Other transfer out
II. Accumulated depreciation and accumulated
amortization
(1) Provision or amortization 1,419,187.51 1,419,187.51
(1) Disposal
(2) Other transfer out
III. Provision for impairment
(1) Accrual
(1) Disposal
(2) Other transfer out
IV. Book value
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Unit: RMB
Items Ending balance Beginning balance
Fixed assets 2,751,625,689.48 2,737,959,115.57
Disposal of fixed assets
Total 2,751,625,689.48 2,737,959,115.57
(1) Situation about fixed assets
Unit: RMB
Houses and Machinery and Transportation Office equipment
Items Total
buildings equipment equipment and others
I. Original book value:
period
(1) Purchase 3,586,702.83 74,042,781.67 426,904.47 4,107,045.93 82,163,434.90
(2) Transfer into projects
under construction
period
(1) Disposal or scrapping 22,689,892.05 65,658.12 1,711,347.20 24,466,897.37
II. Accumulated depreciation
period
(1) Accrual 19,999,214.47 91,846,908.96 360,793.01 4,672,385.42 116,879,301.86
period
(1) Disposal or scrapping 16,886,689.06 62,375.21 1,556,298.52 18,505,362.79
III. Provision for impairment
period
(1) Accrual
period
(1) Disposal or scrapping
IV. Book value
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
(2) Temporary idle fixed assets
None.
(3) Fixed assets leased out through operating lease
None.
(4) Fixed assets without certificate of title
Unit: RMB
Reasons for not obtaining a property
Items Book value
ownership certificate
Workshop in Dong Nai, Vietnam 62,321,069.82 In process
To be handled together after completion
Huizhou YAKO Automation Plant 118,663,586.62
of the Phase II workshop
Total 180,984,656.44 —
(5) Impairment test of fixed assets
□ Applicable Not applicable
Unit: RMB
Items Ending balance Beginning balance
Construction in progress 815,879,584.23 768,223,670.57
Total 815,879,584.23 768,223,670.57
(1) Projects under construction
Unit: RMB
Ending balance Beginning balance
Provision
Items Provision for for
Book balance Book value Book balance Book value
impairment impairme
nt
Topband Huizhou No.
Huizhou YAKO
Automation Plant
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Test equipment to be
commissioned
Vietnam Dong Nai
Decoration
Qingdao Plant 2,438,792.94 2,438,792.94 2,438,792.94 2,438,792.94
Sporadic items 10,400,891.06 10,400,891.06 7,869,636.31 7,869,636.31
Total 815,879,584.23 815,879,584.23 768,223,670.57 768,223,670.57
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
(2) Changes in the important projects under construction in the current period
Unit: RMB
Amo
unt Intere
of Proporti st
trans on of Including: capita
Sou
fer accumul Accumulated interest lizatio
Other rce
Beginning Increase in the into ated Project amount of capitalizatio n rate
Project name Budget decrements this Ending balance of
balance current period fixed project progress interest n amount in in the
period capi
asset investme capitalization the current curre
tals
s nt in period nt
this budget perio
perio d
d
Huizhou YAKO 3.90 Oth
Automation Plant % ers
Huizhou Topband No. Oth
Total 1,170,000,000.00 694,288,925.31 209,352,424.37 176,390,679.19 727,250,670.49 3,752,709.29 658,180.75
□ Applicable Not applicable
□ Applicable Not applicable
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
(1) Right-of-use assets
Unit: RMB
Items Houses and buildings Land Total
I. Original book value
(1) New leases 28,974,325.04 28,974,325.04
(2) Exchange rate changes 5,107,461.97 5,107,461.97
(1) Disposal or scrapping 34,521,347.15 34,521,347.15
II. Accumulated depreciation
(1) Accrual 22,108,224.32 146,886.45 22,255,110.77
(2) Exchange rate changes 2,320,599.33 2,320,599.33
(1) Disposal or scrapping 33,181,723.21 33,181,723.21
III. Provision for impairment
(1) Accrual
(1) Disposal
IV. Book value
(2) Impairment test of right-of-use assets
□ Applicable Not applicable
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
(1) Situation of intangible assets
Unit: RMB
Patented and
Land usage
Items Software non-patented Trademark Total
right
technologies
I. Original book value
period
(1) Purchase 2,714,452.36 2,714,452.36
(2) Internal R&D 115,141,548.73 115,141,548.73
(3) Increment from
consolidation
period
(1) Disposal 343,617.18 343,617.18
(2) Exchange rate changes 1,194,484.88 1,194,484.88
II. Accumulated
amortization
period
(1) Accrual 2,006,121.24 2,146,464.78 61,388,727.66 65,541,313.68
period
(1) Disposal 0.00
(2) Exchange rate changes 138,615.09 138,615.09
III. Provision for
impairment
period
(1) Accrual
period
(1) Disposal
IV. Book value
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
The intangible assets from internal development of the Company at the end of the current period accounts for
(2) Data resources recognized as intangible asset
None.
(3) Land-use-right without certificate of title
None.
(4) Impairment test of intangible assets
□ Applicable Not applicable
(1) Original book value of goodwill
Unit: RMB
Increase in the current Decrement in the
Name of investees or items forming Beginning period current period
Ending balance
goodwill balance Disposal formed by
Disposal
consolidation
Shenzhen YAKO Automation
Technology Co., Ltd.
Shenzhen Allied Control System Co.,
Ltd.
Shenzhen Meanstone Intelligent
Technology Co., Ltd.
Hangzhou Zhidong Motor Technology
Co., Ltd.
Taixing Topband Lithium Battery Co.,
Ltd.
Shenzhen Tengyi Industrial Co., Ltd. 131,783.24 131,783.24
Total 167,507,635.11 167,507,635.11
(2) Impairment of goodwill
Unit: RMB
Increase in the Decrement in the
Name of investees or items forming current period current period
Beginning balance Ending balance
goodwill
Provision Disposal
Shenzhen Allied Control System Co.,
Ltd.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Shenzhen Meanstone Intelligent
Technology Co., Ltd.
Taixing Topband Lithium Battery Co.,
Ltd.
Total 58,738,483.39 58,738,483.39
Unit: RMB
Increase in the Amortization in the Other reduced
Items Beginning balance Ending balance
current period current period amount
Maintenance and
installation costs
Others 588,572.61 757,957.90 454,087.76 892,442.75
Total 188,924,525.82 33,187,227.69 39,108,347.52 -3,459,794.54 186,463,200.53
(1) Non-offset deferred tax assets
Unit: RMB
Ending balance Beginning balance
Items Deductible Deductible
temporary Deferred tax assets temporary Deferred tax assets
differences differences
Plus: provision for asset impairment 127,442,806.63 21,105,113.33 127,531,858.62 20,774,380.93
Deductible loss 333,267,203.37 62,172,744.68 313,584,186.89 58,225,899.51
Provision for credit impairment 202,396,961.05 31,990,071.85 191,335,395.86 29,239,518.64
Amortization of intangible assets 195,596,664.89 29,339,499.73 177,349,288.91 26,602,393.33
Deferred income 7,930,878.11 1,533,510.87 8,191,864.81 1,456,584.20
New leasing criteria book-tax
difference
Equity incentive expenses 70,295,348.91 10,544,302.34 9,764,719.19 1,487,405.57
Depreciation of fixed assets 3,154,696.52 473,204.48 3,284,129.18 492,619.38
Change in fair value of trading
financial liabilities
Total 1,016,943,923.93 170,070,121.86 894,701,661.86 150,215,715.87
(2) Deferred tax liabilities without offset
Unit: RMB
Ending balance Beginning balance
Items Taxable temporary Deferred tax Taxable temporary Deferred tax
difference liabilities difference liabilities
Change in fair value of other equity
instrument investments
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Changes in fair value of tradable
financial assets
Book-tax difference of fixed assets
depreciation
Book-tax difference of rental income 4,882,462.78 1,220,615.69 5,951,758.83 1,397,808.59
New leasing criteria book-tax
difference
Total 388,986,862.00 68,972,847.07 375,463,894.55 67,756,771.06
(3) Deferred tax assets or liabilities listed by net amount after offset
Unit: RMB
Amount of mutual
Amount of offset
Ending balance of offset between deferred Beginning balance of
between deferred tax
Items deferred tax assets or tax assets and liabilities deferred tax assets or
assets and liabilities at
liabilities after offset at the beginning of the liabilities after offset
the end of the period
period
Deferred tax assets 48,145,990.39 121,924,131.47 47,537,178.67 102,678,537.20
Deferred tax liabilities 48,145,990.39 20,826,856.68 47,537,178.67 20,219,592.39
(4) Details of unrecognized deferred tax assets
Unit: RMB
Items Ending balance Beginning balance
Deductible temporary differences 15,243,605.89 26,889,124.56
Deductible loss 407,930,426.76 393,739,099.16
Total 423,174,032.65 420,628,223.72
(5) Deductible loss of unrecognized deferred tax assets will mature in the following years
Unit: RMB
Year Ending amount Beginning amount Remarks
No time limit 146,631,434.42 164,199,004.76 Note
Total 407,930,426.76 393,739,099.16
Note: The deductible losses of unrecognized deferred tax assets with no maturity period are recoverable losses
of overseas subsidiaries, and there are no local policy requirements for deductible periods.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Unit: RMB
Ending balance Beginning balance
Items Provision for Provision for
Book balance Book value Book balance Book value
impairment impairment
Prepaid long-term
assets
Total 81,572,820.51 81,572,820.51 60,036,426.17 60,036,426.17
Unit: RMB
End of period Beginning of period
Items Type of Restrictio
Restriction Type of
Book balance Book value restrictio Book balance Book value n
situation restriction
n situation
Subscript
Subscripti
ion
on period
Monetary period
capital wealth
manageme
managem
nt
ent
Monetary
capital
Judicially
Monetary Judicially
frozen
capital frozen funds
funds
Mortgag Loan in Loan in
Fixed assets 865,098,424.89 774,946,272.86 509,977,235.97 502,711,310.29 Mortgage
e mortgage mortgage
Intangible Mortgag Loan in Loan in
assets e mortgage mortgage
Construction Loan in
in progress mortgage
Total 976,370,477.52 877,758,583.03 938,687,953.40 928,386,845.20
Unit: RMB
Items Ending balance Beginning balance
Credit loan 421,633,604.78
Letter of credit 1,189,930,244.65 750,000,000.00
Discounted unexpired notes receivable 318,198,400.00 52,580,505.63
Total 1,508,128,644.65 1,224,214,110.41
Unit: RMB
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Items Ending balance Beginning balance
Financial liabilities held for trading 106,506.00 444,281.13
Including:
Foreign exchange derivatives 106,506.00 444,281.13
Including:
Total 106,506.00 444,281.13
None.
Unit: RMB
Category Ending balance Beginning balance
Bank acceptance bill 1,394,340,467.78 1,194,662,037.01
Total 1,394,340,467.78 1,194,662,037.01
Unit: RMB
Items Ending balance Beginning balance
Trade payables 2,507,554,381.64 2,310,872,258.62
Total 2,507,554,381.64 2,310,872,258.62
Unit: RMB
Items Ending balance Beginning balance
Other payables 287,725,931.02 450,563,068.15
Total 287,725,931.02 450,563,068.15
(1) Interest payable
None.
(2) Dividends payable
None.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
(3) Other payables
Unit: RMB
Items Ending balance Beginning balance
Long-term assets 195,985,393.45 374,192,197.01
Expenses 47,768,166.06 42,597,479.86
Current accounts 26,039,069.72 13,880,170.02
Margin, deposit 9,682,840.32 11,103,580.42
Equity acquisition payments payable 5,512,900.00 5,512,900.00
Others 2,737,561.47 3,276,740.84
Total 287,725,931.02 450,563,068.15
Unit: RMB
Items Ending balance Beginning balance
Accounts collected in advance 4,358,984.56 3,915,096.80
Total 4,358,984.56 3,915,096.80
Unit: RMB
Items Ending balance Beginning balance
Prepayments for goods 154,412,242.00 131,435,683.97
Total 154,412,242.00 131,435,683.97
(1) Presentation of employee pay payable
Unit: RMB
Increase in the current Decrement in the
Items Beginning balance Ending balance
period current period
I. Short-term compensation 276,255,100.15 1,144,716,652.50 1,246,121,680.38 174,850,072.27
II. Post-employment benefits -
defined contribution plan
Total 276,437,375.57 1,217,364,739.87 1,318,631,797.39 175,170,318.05
(2) Reporting of short-term remuneration
Unit: RMB
Increase in the current Decrement in the
Items Beginning balance Ending balance
period current period
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
and subsidies
Including: medical insurance
premiums
Industrial injury
insurance expense
Maternity insurance
expense
education funds
Total 276,255,100.15 1,144,716,652.50 1,246,121,680.38 174,850,072.27
(3) List of defined contribution plan
Unit: RMB
Beginning Increase in the current Decrement in the
Items Ending balance
balance period current period
expense
Total 182,275.42 72,648,087.37 72,510,117.01 320,245.78
Unit: RMB
Items Ending balance Beginning balance
VAT (value-added tax) 1,211,312.58 1,694,033.15
Corporate income tax 34,449,644.19 28,835,268.14
Individual income tax 11,687,359.51 8,926,503.48
Urban maintenance and
construction tax
Education surcharge 1,397,057.38 561,221.65
Property tax 5,206,815.92 4,960,315.63
Land use tax 648,543.97 274,690.37
Stamp tax and other 1,458,219.10 2,088,856.11
Total 58,011,387.83 48,126,598.87
None.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Unit: RMB
Items Ending balance Beginning balance
Long-term borrowings due within one
year
Lease liabilities due within one year 37,419,752.88 29,701,010.75
Total 50,649,752.88 136,488,765.75
Unit: RMB
Items Ending balance Beginning balance
Tax amount to be resold 46,647,423.35 51,360,086.21
Notes receivable that have been endorsed
but not derecognized
Total 65,874,025.67 77,931,203.31
Unit: RMB
Items Ending balance Beginning balance
Pledge borrowings 325,500,000.00 70,500,000.00
Credit loan 100,000,000.00 126,750,000.00
Pledge + guaranteed borrowings 155,278,229.88
Subtotal 425,500,000.00 352,528,229.88
Minus: long-term loans due within one
year
Total 412,270,000.00 245,740,474.88
None.
Unit: RMB
Items Ending balance Beginning balance
Lease payment 53,773,642.76 47,285,577.72
Unrecognized financing cost -5,627,549.87 -5,209,047.36
Total 48,146,092.89 42,076,530.36
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
None.
None.
None.
Unit: RMB
Increase in the Decrement in the
Items Beginning balance Ending balance Reasons of formation
current period current period
Governmental
Governmental
subsidies
assets
Total 13,358,627.74 1,698,300.00 1,835,083.03 13,221,844.71
None.
Unit: RMB
Increase or decrease of change this time (+, -)
Conversion
Beginning of
Issuance of Stock Ending balance
balance accumulation Others Subtotal
new shares dividend
fund into
shares
Total
number of 1,246,834,988.00 1,246,834,988.00
shares
None.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Unit: RMB
Increase in the Decrement in the
Items Beginning balance Ending balance
current period current period
Capital premium (share
premium)
Other capital reserves 116,022,373.64 55,056,890.04 171,079,263.68
Total 2,089,578,011.17 55,056,890.04 2,144,634,901.21
Additional descriptions, including the changes in increase or decrease in the current period and the
reasons for changes:
The increase in other capital reserves in the current period is due to the recognition of equity incentive expenses
and deferred tax assets recognized as future pretax deductible expenses by the Company.
Unit: RMB
Increase in the current Decrement in the
Items Beginning balance Ending balance
period current period
Treasury shares 155,694,936.18 155,694,936.18
Total 155,694,936.18 155,694,936.18
Unit: RMB
Amount incurred in the current period
Minus:
profits Minus:
Attri
and losses current
buta
included retained
Min ble
in other earnings
us: to
Beginning Amount of pre- comprehe included Attributable to
Items inco mino Ending balance
balance income tax nsive in other parent
me rity
incurred in the income comprehen company after
tax share
current period previousl sive tax
exp hold
y and income in
ense ers
transferre the
after
d in the previous
tax
current period
period
I. Other comprehensive income
that cannot be reclassified into 2,864,869.50 2,864,869.50
profits and losses
Change in fair value of
other equity instrument 2,864,869.50 2,864,869.50
investments
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
II. Other comprehensive
income that is reclassified into -35,141,773.48 4,842,602.17 4,842,602.17 -30,299,171.31
profits and losses
Difference in translation
of foreign currency financial -35,141,773.48 4,842,602.17 4,842,602.17 -30,299,171.31
statements
Total amount of other
-32,276,903.98 4,842,602.17 4,842,602.17 -27,434,301.81
comprehensive income
None.
Unit: RMB
Increase in the current Decrement in the
Items Beginning balance Ending balance
period current period
Statutory surplus
reserve
Total 248,359,297.47 248,359,297.47
Unit: RMB
Items Current period Previous period
Retained earnings at the end of the
previous period before adjustment
Retained earnings at the beginning of last
period after adjustment
Plus: net profit attributable to owners of
parent company in the current period
Common stock dividends payable 86,015,257.16 73,502,693.28
Retained earnings at the end of the period 3,519,590,231.90 3,021,825,518.13
Unit: RMB
Amount incurred in the current period Amount incurred in prior period
Items
Income Cost Income Cost
Main business 5,461,992,695.45 4,245,791,685.06 5,005,642,038.82 3,811,892,079.31
Other business 40,343,033.73 15,971,697.19 10,143,126.77 5,318,922.34
Total 5,502,335,729.18 4,261,763,382.25 5,015,785,165.59 3,817,211,001.65
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Unit: RMB
Items Amount incurred in the current period Amount incurred in prior period
Urban maintenance and construction tax 7,401,334.56 12,005,978.29
Education surcharge 5,342,024.83 8,577,082.19
Property tax 6,601,307.33 5,191,428.79
Land use tax 967,563.54 780,357.23
Stamp duty 4,138,668.58 3,303,662.35
Others 23,835.82 6,865.42
Total 24,474,734.66 29,865,374.27
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Unit: RMB
Items Amount incurred in the current period Amount incurred in prior period
Employee compensation 125,938,270.61 122,865,227.32
Depreciation and amortization 44,915,015.59 35,101,959.43
Rent and utility fees 12,191,942.77 6,391,188.07
Equity incentive expenses 11,951,165.73
Intermediary service expenses 8,605,799.41 7,423,354.12
Office and traveling expenses 7,015,442.33 8,875,598.34
Property insurance expenses 1,533,342.12 1,653,744.33
Others 10,409,884.01 8,276,567.01
Total 222,560,862.57 190,587,638.62
Unit: RMB
Items Amount incurred in the current period Amount incurred in prior period
Employee compensation 110,724,348.63 98,250,345.86
Business entertainment fees and traveling
expenses
Material and sample costs 20,714,975.77 20,667,842.61
Intermediary service expenses 17,781,805.98 13,754,381.07
Advertising and exhibition fees 15,396,481.40 7,009,515.84
Equity incentive expenses 14,293,685.43
Others 13,913,164.10 13,219,585.59
Total 220,686,080.56 180,788,131.47
Unit: RMB
Items Amount incurred in the current period Amount incurred in prior period
Employee compensation 279,894,551.34 231,063,679.89
Depreciation and amortization 75,441,689.62 79,779,523.36
Material and mould costs 35,416,783.36 36,498,059.88
Equity incentive expenses 20,184,487.19
Intermediary service expenses 12,406,300.40 6,255,916.91
Rent and utility fees 10,313,613.12 9,829,472.60
Low-value consumables 5,416,754.40 5,072,914.74
Others 21,712,598.27 20,041,330.62
Total 460,786,777.70 388,540,898.00
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Unit: RMB
Items Amount incurred in the current period Amount incurred in prior period
Interest expense 19,345,176.16 28,863,971.32
Interest income (income indicated by "-") -12,672,976.09 -15,326,718.58
Exchange losses (income indicated by "-") -46,120,380.71 -43,037,714.77
Others 690,382.12 718,877.88
Total -38,757,798.52 -28,781,584.15
Unit: RMB
Source for other revenues Amount incurred in the current period Amount incurred in prior period
Governmental subsidies 19,280,543.01 15,418,390.00
Return of individual income tax service
charge
Tax reduction and exemption 345,250.00 404,450.00
VAT refund upon collection 5,857,747.88 1,910,980.21
Input tax plus tax reduction 4,905,800.07 2,555,337.33
Total 31,729,942.66 21,414,975.09
None.
Unit: RMB
Sources of income from change in fair
Amount incurred in the current period Amount incurred in prior period
value
Financial liabilities held for trading -106,506.00
Total -106,506.00
Unit: RMB
Items Amount incurred in the current period Amount incurred in prior period
Long-term equity investment income
accounted by the cost method
Investment income from disposal of
tradable financial assets
Gains/losses on foreign exchange
derivatives
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Total 6,143,016.93 2,025,727.35
Unit: RMB
Items Amount incurred in the current period Amount incurred in prior period
Loss of bad debt of notes receivable 145,838.26 -30,475.73
Bad debt loss of receivables -6,858,904.67 -5,638,039.01
Bad debt loss of other receivables -256,594.37 -748,938.87
Loss from bad debt of receivables
-173,493.24 -764,000.36
financing
Total -7,143,154.02 -7,181,453.97
Unit: RMB
Items Amount incurred in the current period Amount incurred in prior period
I. Impairment loss on inventories and on contract
-25,099,491.27 -21,090,974.63
performance costs
Total -25,099,491.27 -21,090,974.63
Unit: RMB
Source of assets disposal revenue Amount incurred in the current period Amount incurred in prior period
Profits and losses from disposal of
-174,143.23 -2,580,837.22
noncurrent assets
Unit: RMB
Amount included in the
Amount incurred in the current Amount incurred in prior
Items current non-recurring profit
period period
and loss
Non-current assets disposal
revenue
Others 3,562,750.17 1,697,418.41 3,562,750.17
Total 3,789,204.87 1,739,303.34 3,789,204.87
Unit: RMB
Amount included in the
Amount incurred in the current Amount incurred in prior
Items current non-recurring profit
period period
and loss
Losses on scrapping of non-
current assets
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Others 2,353,289.43 5,006,220.24 2,353,289.43
Total 4,113,078.34 5,563,887.00 4,113,078.34
(1) Table of income tax expenses
Unit: RMB
Items Amount incurred in the current period Amount incurred in prior period
Current income tax expenses 41,864,338.89 55,408,628.96
Deferred tax expense -15,876,286.30 -18,630,055.15
Total 25,988,052.59 36,778,573.81
(2) Adjustment process of accounting profits and income tax expenses
Unit: RMB
Items Amount incurred in the current period
Total profit 355,847,481.56
Income tax expenses calculated at statutory/applicable tax rates 53,629,057.77
Influence of different tax rates applicable to subsidiary 15,985,041.17
Effect of income tax adjustment in previous period -13,946,599.18
Impact of non-taxable income 827,861.12
Impact of non-deductible cost, expense and loss 2,560,934.12
Impact of deductible loss of unrecognized deferred tax assets in previous period -16,803,080.74
Impact of deductible temporary differences or deductible losses of unrecognized
deferred tax assets in the current period
Impact of additional deductible expenses -14,748,643.87
Influence of tax exemption policy for the sub-subsidiary in Vietnam -8,421,034.49
The impact of changes in tax rates on the initial balance of deferred tax
Other adjustments 860,984.49
Income tax expenses 25,988,052.59
Refer to Note VII. 57 for details.
(1) Cash related to operating activities
Other cash received related to operating activities
Unit: RMB
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Items Amount incurred in the current period Amount incurred in prior period
Interest income 12,469,928.36 31,716,998.12
Governmental subsidies 31,151,832.71 17,690,558.27
Current accounts 27,209,949.29 19,012,136.34
Others 4,616,922.39 3,550,121.17
Total 75,448,632.75 71,969,813.90
Other cash paid related to operating activities
Unit: RMB
Items Amount incurred in the current period Amount incurred in prior period
Service charge 1,766,609.18 1,872,495.39
Out-of-pocket expenses 198,360,304.81 174,203,813.59
Margin and deposit expenses 2,424,395.57 5,922,397.40
Employee loans 4,621,604.67 6,752,625.17
Others 17,497,380.58 18,234,322.12
Total 224,670,294.81 206,985,653.67
(2) Cash related to investment activities
Other cash received related to investment activities
Unit: RMB
Items Amount incurred in the current period Amount incurred in prior period
Foreign exchange deposit 2,235,246.36
Total 2,235,246.36
Other cash paid related to investment activities
Unit: RMB
Items Amount incurred in the current period Amount incurred in prior period
Foreign exchange deposit 7,268,000.00
Forward foreign exchange liquidation
losses paid
Total 385,800.00 7,268,000.00
(3) Cash related to financing activities
Other cash received related to financing activities
Unit: RMB
Items Amount incurred in the current period Amount incurred in prior period
Discounted notes receivable that cannot
be derecognized
Total 12,920,862.51 5,021,283.53
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Other cash paid related to financing activities
Unit: RMB
Items Amount incurred in the current period Amount incurred in prior period
Stock repurchase funds 82,697,917.60
Principals for payment lease liabilities
with interests
Takeover of minority equity 29,761,025.80
Total 23,837,729.50 137,485,601.63
Changes in liabilities from financing activities
□ Applicable Not applicable
(4) Explanation of cash flows presented in net value
Items Information of relevant facts Basis for presentation in net value Financial impact
The net value listed for "Cash
Cash flows from purchasing and Cash inflows and outflows of
Cash paid for flow from payments for
redeeming financial management projects with quick turnover,
investment investments" is RMB
products large amount and short period
The net value listed for "Cash
Cash flows from purchasing and Cash inflows and outflows of
Cash received from flow from withdrawal of
redeeming financial management projects with quick turnover,
investment recovery investments" is RMB
products large amount and short period
(5) Major activities not involving cash receipts and payments in the current period but influencing the
financial position of enterprise or may influence the cash flow of enterprise in the future, and their
financial influence
None.
(1) Supplementary materials of cash flow statement
Unit: RMB
Amount in the Amount in the
Supplementary information
current period previous period
Net profit 329,859,428.97 389,557,984.88
Plus: impairment of assets 32,242,645.29 28,272,428.60
Depreciation of fixed assets, depletion of oil and gas assets, depreciation of
productive biological assets
Depreciation of right-of-use assets 22,255,110.76 23,320,687.24
Amortization of intangible assets 65,541,313.68 72,879,203.48
Amortization of long-term deferred expenses 39,108,347.52 33,648,040.06
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Loss from disposal of fixed assets, intangible assets and other long-term assets
(income indicated by "-")
Losses on scrapping of fixed assets (income indicated by "-") 1,759,788.91 557,666.76
Loss from changes in fair value (income indicated by "-") -106,506.00
Financial expenses (income indicated by "-") 25,189,122.18 14,586,264.55
Investment loss (income indicated by "-") -6,143,016.93 -2,025,727.35
Decrease in deferred tax assets (increase indicated by "-") -21,855,313.92 -13,895,528.38
Increase in deferred tax liabilities (decrease indicated by "-") 607,264.29 -4,624,889.67
Decrease in inventory (increase indicated by "-") -397,897,263.40 -214,623,893.85
Decrease in operating receivables (increase indicated by "-") -329,824,615.67 -408,247,566.47
Increase in operating payables (decrease indicated by "-") 421,349,396.15 454,405,998.28
Others 54,215,419.58 2,291,028.86
Net cash flow from operating activities 353,354,566.49 470,314,174.67
payments:
Conversion of debt into capital
Convertible bonds due within one year
Fixed assets acquired under finance leases
Ending balance of cash 1,802,726,466.13 1,573,697,119.28
Minus: beginning balance of cash 1,596,352,534.73 1,494,743,705.76
Plus: ending balance of cash equivalents
Minus: beginning balance of cash equivalents
Net increase in cash and cash equivalents 206,373,931.40 78,953,413.52
(2) Net cash paid for obtaining subsidiaries in the current period
None.
(3) Net cash received for disposal of subsidiaries in the current period
None.
(4) Composition of cash and cash equivalents
Unit: RMB
Items Ending balance Beginning balance
I. Cash 1,802,726,466.13 1,596,352,534.73
Including: cash in stock 864,427.13 800,122.43
Bank deposit available for
payment at any time
Other monetary capital for
payment at any time
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
III. Balance of cash and cash equivalents
at the end of the period
(5) Information listed with limited scope of use but still pertaining to cash and cash equivalents
None.
(6) Monetary capitals not falling under cash and cash equivalents
Unit: RMB
Amount in the current Amount in the
Items Reason for not falling under cash and cash equivalents
period previous period
Judicially frozen funds, interests accrued at the end of
Bank deposit 32,318,948.45 97,950,855.47
the period but not received, etc.
Other monetary capital 19,893,460.56 19,672,873.14 Deposit
Total 52,212,409.01 117,623,728.61
Provide the description of the "Other" item for adjusting the closing balance of previous year, the adjusted
amount, etc.: None.
(1) Foreign currency monetary items
Unit: RMB
Foreign currency balance at the end Exchange rate for Balance converted into RMB at
Items
of the period conversion the end of the period
Monetary capital 794,043,191.17
Including: US dollars 82,850,592.03 7.1586 593,094,248.13
Euros 2,561,326.00 8.4024 21,521,285.57
Hong Kong dollars 3,496,643.08 0.9120 3,188,763.66
Indian Rupee 1,497,292,892.50 0.0838 125,428,839.49
Vietnamese Dong 60,441,482,132.00 0.0003 16,580,911.79
Japanese Yen 401,746,642.00 0.0496 19,924,222.96
Romanian Leu 5,417,343.11 1.6501 8,939,327.92
Mexican Peso 14,087,360.96 0.3809 5,365,591.65
Accounts receivable 1,863,662,675.20
Including: US dollars 226,103,096.97 7.1586 1,618,581,629.97
Euros 743,062.19 8.4024 6,243,505.75
Hong Kong dollars 1,896,123,245.50 0.0838 158,839,013.12
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Vietnamese Dong 217,273,416,994.00 0.0003 59,604,272.19
Japanese Yen 410,990,329.00 0.0496 20,382,654.38
Mexican Peso 30,455.28 0.3809 11,599.80
Other receivables 6,677,984.28
Including: US dollars 648,040.39 7.1586 4,639,061.94
Euros 5,074.83 8.4024 42,640.75
Indian Rupee 11,939,723.68 0.0838 1,000,195.49
Vietnamese Dong 2,917,419,755.00 0.0003 800,331.14
Japanese Yen 3,947,150.00 0.0496 195,754.96
Accounts payable 137,413,811.28
Including: US dollars 10,456,795.29 7.1586 74,856,014.76
Euros 5,547.90 8.4024 46,615.67
Indian Rupee 186,076,836.23 0.0838 15,587,732.02
Vietnamese Dong 114,322,156,110.00 0.0003 31,361,815.93
Japanese Yen 313,780,556.00 0.0496 15,561,632.89
Other payables 46,432,522.29
Including: US dollars 2,591,813.26 7.1586 18,553,754.40
Euros 32.71 8.4024 274.84
Vietnamese Dong 91,646,106,659.00 0.0003 25,141,131.22
Mexican Peso 7,186,943.48 0.3809 2,737,361.83
(2) Explanation of overseas business entities, including for important overseas business entities,
disclosure of main overseas business locations, recording currency and selection basis as well as
disclosure of reasons for changes in recording currency.
Applicable □ Not applicable
Maharashtra, India, with Indian Rupee as the recording currency;
Dong Nai, Vietnam, with Vietnamese Dong as the recording currency;
Euro as the recording currency;
Japanese Yen as the recording currency;
recording currency;
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
located in Timisoara, Romania, with Lei as the recording currency;
Mexico, with Peso as the recording currency.
(1) The Company as the lessee
Applicable □ Not applicable
Variable lease payments not included in the measurement of lease liabilities
□ Applicable Not applicable
Rent of simply treated short-term leases or low-value assets
Applicable □ Not applicable
The rents of simply treated short-term leases credited to relevant asset costs or current profits and losses of the
current year is RMB 1,590,915.66.
Information involving sale and leaseback transactions: None.
(2) The Company as the lessor
Operating lease by lessor
Applicable □ Not applicable
Unit: RMB
Including: incomes related to variable lease
Items Rental income
payments not credited to rental receipts
Rental income 12,034,280.91
Total 12,034,280.91
Financing lease by lessor
□ Applicable Not applicable
Undiscounted rental receipts for each of the next five years
□ Applicable Not applicable
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
(3) Profits and losses on finance lease/sales recognized by manufacturer or distributor
□ Applicable Not applicable
None.
None.
VIII. R&D costs
Unit: RMB
Items Amount incurred in the current period Amount incurred in prior period
Employee compensation 335,064,365.29 289,148,195.61
Depreciation and amortization 76,092,200.92 80,852,025.57
Material and mould costs 41,394,643.02 40,219,252.64
Equity incentive expenses 20,184,487.19 0.00
Intermediary service expenses 12,558,948.84 8,037,357.06
Rent and utility fees 10,313,613.12 9,980,960.92
Low-value consumables 5,691,704.43 5,371,208.09
Others 23,542,553.96 21,788,817.25
Total 524,842,516.77 455,397,817.14
Including: expensed R&D costs 460,786,777.70 388,540,898.00
Capitalized R&D costs 64,055,739.07 66,856,919.14
Unit: RMB
Decrease amount in the current
Increase in the current period
period
Beginning Transferred Ending
Items Internal Recognized as
balance to current balance
development Others intangible
profit and
expenditure assets
loss
Intelligent controller 52,508,371.9
project 7
Motor and control
system project
New energy project 56,836,126.92 19,131,196.03 63,159,789.04
Total 125,214,759.99 64,055,739.07 115,141,548.73
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
None.
IX. Changes in the scope of consolidation
None.
None.
Basic transaction information, basis for reverse purchase of transaction components, whether assets and
liabilities retained by listed companies constitute a business and their basis, recognition of merger costs, amount
of adjusted equity when treated as an equity transaction and its calculation: None.
Whether there is any transaction or matter of losing control over a subsidiary in this period
□ Yes No
Whether there are step-by-step disposal of the investment in a subsidiary through multiple transactions and loss
of control in the current period
□ Yes No
Description of changes in the scope of consolidation for any other reason (the establishment of new subsidiaries,
liquidation of subsidiaries, etc.) and related information:
During the reporting period, the Company cancelled one subsidiary (sub-subsidiary), as detailed below:
Former shareholding ratio
No. Name of subsidiary Registered place Liquidation date
Direct Indirect
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
None.
X. Interests in other entities
(1) Composition of enterprise group
Unit: RMB
Principal Proportion of
Registered Registere Nature of shareholding Acquisition
Name of subsidiary place of
capital d place business method
business Direct Indirect
Shenzhen Topband Software Production
Technology Co., Ltd. and sales
Shenzhen Topband Automation Production
Technology Co., Ltd. and sales
Production
Shenzhen Topband Battery Co., Ltd. 100,000,000.00 Shenzhen Shenzhen 100.00% Establishment
and sales
Chongqing Topband Industrial Co., Chongqin Production
Ltd. g and sales
HKD 155 Hong
Topband (Hong Kong) Co., Ltd. Hong Kong Investor: 100.00% Establishment
million Kong
Huizhou Topband Electrical Production
Technology Co., Ltd. and sales
TOPBAND INDIA PRIVATE 2.265 billion Production
India India 100.00% Establishment
LIMITED Indian rupees and sales
Consolidation
Shenzhen YAKO Automation Production under
Technology Co., Ltd. and sales different
control
Consolidation
Shenzhen Allied Control System Production under
Co., Ltd. and sales different
control
Production
Huizhou Topband Battery Co., Ltd. 2,000,000.00 Huizhou Huizhou 100.00% Establishment
and sales
Ningbo Topband Intelligent Control Production
Co., Ltd. and sales
Consolidation
Shenzhen Meanstone Intelligent Production under
Technology Co., Ltd. and sales different
control
Consolidation
Shenzhen Yansheng Software Co., Production under
Ltd. and sales different
control
Consolidation
Hangzhou Zhidong Motor Hangzho Production under
Technology Co., Ltd. u and sales different
control
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
TOPBAND SMARTDONGNAI
USD 43.5 Production
(VIETNAM) COMPANY Vietnam Vietnam 100.00% Establishment
million and sales
LIMITED
Topband Germany GmbH Euro 25,000 Germany Germany Sales 100.00% Establishment
TOPBAND JAPAN Co., Ltd Yen 30 million Japan Japan Sales 100.00% Establishment
Shenzhen Topband Supply Chain
Services Co., Ltd.
Shenzhen Topband Investment Co.,
Ltd.
Shenzhen Topband Digital Energy
Co., Ltd.
Shenzhen Tunnu Innovation Co.,
Ltd.
Shenzhen Senxuan Technology Co.,
Ltd.
Topband (Qingdao) Intelligent Production
Control Co., Ltd. and sales
Shenzhen Tengyi Industrial Co.,
Ltd.
Consolidation
Taixing Topband Lithium Battery Production under
Co., Ltd. and sales different
control
Shenzhen Topband Automotive
Electronics Co., Ltd.
Q. B. PTE. LTD SGD 10,000 Singapore Singapore Sales 100.00% Establishment
TOPBAND MEXICO, S. DER. L. USD 35 Production
Mexico Mexico 100.00% Establishment
DEC. V. million and sales
Tunnu Innovation (Hong Kong) Hong
HKD 10,000 Hong Kong Sales 100.00% Establishment
Limited Kong
TOPBAND SMART EUROPE
USD 23,500 Romania Romania Sales 100.00% Establishment
COMPANY LIMITED S.R.L.
Huizhou YAKO Automation Production
Technology Co., Ltd. and sales
Shenzhen Zhongli Consulting Co.,
Ltd.
The
The United
TUNNU INNOVATION, INC USD 20,000 United Sales 100.00% Establishment
States
States
Nantong Topband Lithium Battery Production
Co., Ltd. and sales
Production
Shenzhen Topband Motor Co., Ltd. 10,000,000.00 Shenzhen Shenzhen 100.00% Establishment
and sales
Production
Shenzhen Yueshang Robot Co., Ltd. 10,000,000.00 Shenzhen Shenzhen 100.00% Establishment
and sales
Shenzhen Jingfei Investment Co.,
Ltd.
Huizhou Chiding Technology Co., Production
Ltd. and sales
Yolaness Technology (HK) Co., Hong
USD 500,000 Hong Kong Sales 100.00% Establishment
Limited Kong
Huizhou Jiuwan Lvyuan Agriculture Production
Co., Ltd. and sales
South South
YOLANESS AFRICA (PTY) LTD Sales 100.00% Establishment
Africa Africa
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Chongqing Topband Yishu Energy Chongqin
Technology Co., Ltd. g
Topband Digital Energy Technology
(Huizhou) Co., Ltd.
None.
(1) Important joint ventures or associated enterprises
None.
(2) Major financial information of important joint ventures
None.
(3) Major financial information of important associated enterprises
None.
(4) Summarized financial information of unimportant joint ventures and associated enterprises
Unit: RMB
Ending balance/amount incurred in Beginning balance/amount
the current period incurred in the previous period
Joint venture:
Sum of the following items calculated according to the
shareholding ratio
Associated enterprises:
Total book value of investment 39,837,141.24 37,614,643.25
Sum of the following items calculated according to the
shareholding ratio
-- Net profit 877,869.10 -133,536.05
(5) Statement that there is a material limitation on the ability of the joint venture or associated enterprise
to transfer funds to the Company
None.
(6) Excess losses incurred by the joint ventures or associated enterprises
None.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
(7) Unconfirmed commitments related to the investment of joint ventures
None.
(8) Contingent liabilities related to the investment of joint ventures or associated enterprises
None.
XI. Government subsidies
□ Applicable Not applicable
Reason for failure to receive a government subsidy with expected amount at the expected time point
□ Applicable Not applicable
Applicable □ Not applicable
Unit: RMB
Amount
accounted
Newly Transferred to Other
into non-
increased the amount of changes
Accounti Beginning operating Related to
subsidy in other incomes in the Ending balance
ng title balance income in assets/incomes
the current in the current current
the
period period period
current
period
Governmental
Deferred
income
assets
Applicable □ Not applicable
Unit: RMB
Accounting title Amount incurred in the current period Amount incurred in prior period
Other income 19,280,543.01 15,418,390.00
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
XII. Risks related to financial instruments
Risks associated with financial instruments of the Company stem from various financial assets and
liabilities recognized during its operations, including credit, liquidity and market risks.
The management objectives and policies for various risks related to financial instruments of the Company
are the responsibility of the management team. The management team is responsible for routine risk
management through functional departments (e.g., the credit management department of the Company
responsible for reviewing credit sales transactions one by one). The Internal Audit Department of the Company
shall supervise the implementation of the Company's risk management policies and procedures in its daily work,
and reports relevant findings to the Audit Committee of the Company in a timely manner.
The overall goal of the Company's risk management is to develop risk management policies that minimize
various risks related to financial instruments without excessively affecting the Company's competitiveness and
adaptability.
Credit risk
Credit risk refers to the risk that one party of a financial instrument fails to perform its obligations,
resulting in financial losses for the other party. Credit risks of the Company mainly arise from monetary funds,
notes receivable, accounts receivable, receivables financing, other receivables, etc. Credit risks of these
financial assets originate from counterparty defaults, and the maximum risk exposure is equal to the carrying
amount of these instruments.
The Company's monetary funds are mainly deposited at financial institutions such as commercial banks.
The Company believes that these commercial banks have high creditworthiness and asset status, and therefore
have low credit risks.
For notes receivable, accounts receivable, receivables financing, and other receivables, the Company has
established relevant policies to control credit risk exposure. The Company evaluates customers' credit
qualifications and sets corresponding credit periods based on their financial status, the possibility of obtaining
guarantees from third parties, credit records, and other factors such as current market conditions. The Company
regularly monitors credit records of customers, and for customers with poor credit records, the Company
ensures that its overall credit risk exposure is under control by sending reminders of payment collection,
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
shortening the credit period or canceling the credit period.
(1) Judgment criteria for significant increase in credit risks
The Company assesses on each balance sheet date whether credit risks of relevant financial instruments
have increased significantly since initial recognition. When determining whether credit risks have increased
significantly since initial recognition, the Company considers acquiring reasonable and evidence-based
information without unnecessary additional costs or efforts, including qualitative and quantitative analysis
based on the Company's historical data, external credit risk ratings, and forward-looking information. The
Company determines changes in expected default risks of financial instruments during their expected periods of
continued existence by comparing default risks of financial instruments on the balance sheet date with those on
the initial recognition date based on a single financial instrument or a combination of financial instruments with
similar credit risk characteristics.
When one or more of the following quantitative or qualitative criteria is/are triggered, the Company
considers that credit risks of financial instruments have increased significantly: The quantitative criterion is
mainly that the probability of default during the remaining period of continued existence on the reporting date
has increased by more than a certain proportion compared to initial recognition; the qualitative criteria include
significant adverse changes in the business or financial status of the main debtor, a list of early warning
customers, etc.
(2) Definition of assets with credit impairment
To determine whether credit impairment has occurred, the definition standards adopted by the Company
are consistent with the internal credit risk management objectives for relevant financial instruments, taking
quantitative and qualitative indicators into account.
When evaluating whether a debtor has experienced credit impairment, the Company mainly considers the
following factors: the issuer or debtor experiences a significant financial difficulty; the debtor breaches the
contract, such as overdue interest or principal payment; the creditors make any concession that the debtor would
not have make in any other case for economic or contractual considerations related to the debtor's financial
difficulty; the debtor is likely to go bankrupt or undergo other financial restructuring; the financial difficulty of
the issuer or debtor results in the disappearance of the active market for the financial asset; a financial asset is
purchased or generated at a significant discount that reflects the fact of credit loss.
Credit impairment of financial assets may result from the combined effect of multiple incidents, and may
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
not necessarily arise from individually identifiable incidents.
(3) Parameters for measuring expected credit losses
Based on whether there has been a significant increase in credit risk and whether credit impairment has
occurred, the Company measures impairment provisions for different assets based on expected credit losses
over 12 months or the entire period of continued existence. The key parameters for measuring expected credit
losses include default probability, default loss rate and default risk exposure. The Company considers
quantitative analysis and forward-looking information of historical statistical data (counterparty rating,
guarantee method, collateral category, repayment method, etc.) to establish default probability, default loss rate,
and default risk exposure models.
The relevant definitions are as follows:
Default probability refers to the likelihood that the debtor will be unable to fulfill its payment obligations
in the next 12 months or throughout the remaining period of continued existence.
Default loss rate refers to the expected degree of loss incurred by the Company in response to default risk
exposure. The default loss rate varies depending on the type of counterparty, the method and priority of
recovery, and the collateral. The default loss rate is the percentage of risk exposure loss at the time of default,
calculated based on the next 12 months or the entire period of continued existence;
Default risk exposure refers to the amount that the Company shall be paid in the next 12 months or
throughout the remaining period of continued existence when a default occurs. The evaluation of significant
increase of credit risk from forward-looking information and the calculation of expected credit losses both
involve forward-looking information. The Company identifies key economic indicators that affect credit risks
and expected credit losses for various business types through historical data analysis.
The maximum credit risk exposure borne by the Company is the carrying amount of each financial asset in
the balance sheet. The Company has not provided any other guarantee that may expose it to credit risks.
Liquidity risk
Liquidity risk refers to the risk of shortage of funds when an enterprise performs its obligation to settle by
delivering cash or other financial assets. The Company is responsible for the overall cash management of
various subsidiaries within the Company, including short-term investments of cash surplus and raising loans to
meet expected cash demand. The Company's policy is to monitor short-term and long-term liquidity needs
regularly, and compliance with loan agreements to ensure that sufficient cash reserves and marketable securities
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
available for immediate realization are maintained.
Market risk
(1) Foreign exchange risk
Exchange rate risks of the Company are mainly from foreign currency assets and liabilities that are not
denominated in their recording currencies held by the Company and its subsidiaries. The Company's exposure
to foreign exchange risks is mainly related to US dollars and Hong Kong dollars. Except for the Company and
its subsidiary Topband (Hong Kong) Co., Ltd. that purchase and sell some materials and products in US dollars,
Euros and Hong Kong dollars, its subsidiary TOPBAND INDIA PRIVATE LIMITED that uses Indian Rupee,
its sub-subsidiary TOPBAND SMART DONGNAI (VIETNAM) Co., ltd that use Vietnamese Dong, its sub-
subsidiary Topband Germany GmbH that uses Euros, its sub-subsidiary TOPBAND JAPAN Co., Ltd. that uses
Japanese Yen, its sub-subsidiary Q. B. PTE. LTD that uses Singapore dollars, its sub-subsidiary TOPBAND
MEXICO, S. DER. L. DEC. V. that uses Mexican Peso, its sub-subsidiary TOPBAND SMART EUROPE
COMPANY LIMITED S.R.L. that uses Romanian Leu, its sub-subsidiary Tunnu Innovation (Hong Kong)
Limited that uses Hong Kong dollars, its sub-subsidiary TUNNU INNOVATION, INC that uses US dollars,
and its sub-subsidiary YOLANESS AFRICA (PTY) LTD that uses Rand as the settlement currency, other major
business activities of the Company are settled in Chinese Yuan.
The Company monitors the scale of foreign currency transactions and foreign currency assets and
liabilities constantly to minimize exposure to foreign exchange risks; for this purpose, the Company may avoid
foreign exchange risks by signing forward foreign exchange contracts.
(2) Interest rate risk
Interest rate risks of the Company are mainly from long-term bank loans. Floating rate financial liabilities
expose the Company to cash flow interest rate risks, while fixed rate financial liabilities expose it to fair value
interest rate risks. The Company determines the relative proportion of fixed rate and floating rate contracts
based on the prevailing market environment.
The Headquarters Financial Department of the Company monitors the interest rate level of the group on a
continuous basis. The increase in interest rates will increase the cost of new interest-bearing debts and interest
expenses of the Company's interest-bearing debts with floating interest rates that have not been fully paid, and
will have a significant adverse impact on its financial performance. The management team will make timely
adjustments based on the latest market conditions.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
□ Applicable Not applicable
None.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
XIII. Disclosure of fair value
Unit: RMB
Ending fair value
Items The first level of The second- The third level
fair value level fair value of fair value Total
measurement measurement measurement
I. Continuous fair value measurement -- -- -- --
(I) Tradable financial assets 245,389,202.30 342,926,358.56 588,315,560.86
current profits and losses
(1) Debt instrument investment 245,389,202.30 245,389,202.30
(2) Equity instrument investment 342,926,358.56 342,926,358.56
(II) Receivables financing 171,997,770.09 171,997,770.09
(III) Other equity instrument investments 45,012,776.00 45,012,776.00
Total assets continuously measured at fair value 245,389,202.30 559,936,904.65 805,326,106.95
(I) Trading financial liabilities 106,506.00 106,506.00
Total liabilities continuously measured at fair value 106,506.00 106,506.00
II. Non-continuous fair value measurement -- -- -- --
measurement items
The fair value of financial liabilities measured at fair value with changes recognized in the current profits
and losses is mainly recognized based on market quotations provided by banks.
adopted and qualitative and quantitative information of important parameters
If there is a publicly quoted market price for debt instrument investments measured at fair value with
changes recognized in the current profits and losses, their fair value shall be determined based on market
quotations provided by banks, taking into account liquidity premiums and other factors.
adopted and qualitative and quantitative information of important parameters
Financial assets measured at fair value with changes in fair value recognized in the current profits and
losses, other equity instrument investments, and other noncurrent financial assets measured at fair value with
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
changes in fair value recognized in the current profits and losses are measured by the Company based on
investment costs or recent transaction prices as reasonable estimates of fair value, as there have been no
significant change in the operating environment and financial condition of invested products or enterprises.
The Company's receivables financing mainly includes bank acceptance bills and supply chain bills that
have not matured. Bill acceptors have good credit status, and there has been no significant adverse change in the
operating or financial status. It is expected that the risk of recovery at maturity is low, so the Company measures
the fair value based on the book value as a reasonable estimate.
ending book value and sensitivity analysis of unobservable parameters
Not applicable.
current period, the reasons for the conversion and the policies for determining the conversion time point
Not applicable.
Not applicable.
Financial assets and liabilities measured at amortized cost by the Company mainly include monetary funds,
notes receivable, accounts receivable, other receivables, short-term borrowings, notes payable, accounts payable,
other payables, long-term borrowings due within one year, long-term borrowings, etc.
None.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
XIV. Related parties and related party transactions
Proportion of the
Shareholding ratio
Name of parent parent company's
Registered place Nature of business Registered capital of parent company
company voting rights in the
to the Company
Enterprise
Not applicable Not applicable Not applicable Not applicable
Information of parent company of the Company
Ultimate controller of the Company: The ultimate controller of the Company is Mr. Wu Yongqiang, a natural
person. As of June 30, 2025, Wu Yongqiang held 17.00% of the Company's shares.
The ultimate controller of the Company is Wu Yongqiang.
See Note X. 1 for information about our subsidiaries.
See Note X. 3 for the key joint ventures or associated enterprises of the Company.
Other joint ventures or associated enterprises having related-party transaction in the current period or in
previous period to form balance are listed as follows:
Name of joint venture or associated enterprise Relationship with the Company
Dongguan Jujin Plastic Technology Co., Ltd. Associated enterprises of the Company
Other description: None.
Names of other related parties Relationship between other related parties and the Enterprise
A company substantially controlled by the relative of the
Shenzhen Jizhiguang Electronics Co., Ltd.
Company's legal representative
Shenzhen Lianghui Technology Co., Ltd. Shareholding companies of the Company
Shenzhen ORVIBO Technology Co., Ltd. Shareholding companies of the Company
Shenzhen HANSC Intelligent Technology Co., Ltd. Shareholding companies of the Company
Guangdong Zhongchuang Zhijia Scientific Research Co., Ltd. Shareholding companies of the Company
Guangdong Huixin Semiconductor Co., Ltd. Shareholding companies of the Company
Fujian Blue Ocean Digital Energy Technology Co., Ltd. Shareholding companies of the Company
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Chengdu Senwei Technology Co., Ltd. Shareholding companies of the Company
Shenzhen Youbi Technology Co., Ltd. Shareholding companies of the Company
Jiangsu Donghai Semiconductor Co., Ltd. Shareholding companies of the Company
Jiangxi Sarui Microelectronics Technology Co., Ltd. Shareholding companies of the Company
Shanghai Xinggan Semiconductor Co., Ltd. Shareholding companies of the Company
Shenzhen Jizhi Laser Technology Co., Ltd. Shareholding companies of the Company
Dongguan Jujin Plastic Technology Co., Ltd. Shareholding companies of the Company
Shanghai Yidong Power Technology Co., Ltd. Shareholding companies of the Company
Shenzhen Daka Optoelectronics Co., Ltd. Shareholding companies of the Company
Suzhou Legendsemi Technology Co., Ltd. Shareholding companies of the Company
Suzhou SEEEx Technology Co., Ltd. Shareholding companies of the Company
Other description: None.
(1) Related transactions involving the purchase and sale of goods and the provision and acceptance of
services
List of goods purchased/services received
Unit: RMB
Related Amount Is the Amount
Approved
Related party transaction incurred in the transaction incurred in
transaction limit
content current period limit exceeded prior period
Shenzhen Jizhiguang Electronics Purchase of raw
Co., Ltd. materials
Jiangsu Donghai Semiconductor Purchase of raw
Co., Ltd. materials
Dongguan Jujin Plastic Technology Purchase of raw
Co., Ltd. materials
Jiangxi Sarui Microelectronics Purchase of raw
Technology Co., Ltd. materials
Guangdong Huixin Semiconductor Purchase of raw
Co., Ltd. materials
List of goods sold/services provided
Unit: RMB
Amount incurred in the current Amount incurred in prior
Related party Related transaction content
period period
Shenzhen ORVIBO
Sale of goods 4,481,366.31 5,010,688.23
Technology Co., Ltd.
Related transactions involving the purchase and sale of goods and the provision and acceptance of services:
None.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
(2) Relevant entrusted management/contracting and entrusted management/outsourcing
None.
(3) Related lease
None.
(4) Related party guarantee situation
None.
(5) Interbank lending of related parties
None.
(6) Asset transfer and debt restructuring of related parties
None.
(7) Remuneration of key management personnel
Unit: RMB
Items Amount incurred in the current period Amount incurred in prior period
Remuneration of key management
personnel
(8) Other related transactions
None.
(1) Item receivable
Unit: RMB
Ending balance Beginning balance
Project
Related party Provision for Provision for bad
name Book balance Book balance
bad debts debts
Accounts Shenzhen ORVIBO Technology
receivable Co., Ltd.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
(2) Payables
Unit: RMB
Book balance at the end of the Book balance at the beginning
Project name Related party
period of the period
Accounts
Shenzhen Jizhiguang Electronics Co., Ltd. 1,739,360.25 1,699,834.24
payable
Accounts
Jiangsu Donghai Semiconductor Co., Ltd. 39,655.01
payable
Accounts
Guangdong Huixin Semiconductor Co., Ltd. 5,752.33 1,212.77
payable
Accounts Jiangxi Sarui Microelectronics Technology
payable Co., Ltd.
Accounts
Dongguan Jujin Plastic Technology Co., Ltd. 7,654,657.01 818,690.92
payable
Other payables Dongguan Jujin Plastic Technology Co., Ltd. 521,400.00 495,000.00
None.
None.
XV. Share-based payment
Applicable □Not applicable
Stock options or other equity instruments outstanding at the end of the period
Applicable □ Not applicable
Stock options outstanding at the end of Other equity instruments outstanding at
the period the end of the period
Category of recipient
Range of Remaining period Range of exercise Remaining period
exercise price of contract price of contract
Personnel on key management and technical 6, 18 and 30
RMB 9.53/share RMB 9.53/share 6 and 18 months
positions, as well as other business backbones months
Applicable □ Not applicable
Unit: RMB
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Method for determining the fair value of the equity
Black-Scholes option pricing model
instrument on the grant date
Important parameters for fair value of equity instruments on
Historical volatility, risk-free rate of return, and dividend yield
the grant date
Basis for determining the number of exercisable equity The best estimate made based on the latest available follow-up
instruments information such as changes in the number of vested employees
Reasons for the significant difference between the estimates
None
of the current period and that of the previous period
Accumulated amount of equity-settled share-based
payments included in capital reserves
Total amount of expenses recognized by equity-settled
share-based payments in the current period
(1) Employee stock ownership plan
The 15th (Extraordinary) Meeting of the 8th Board of Directors and the 10th (Extraordinary) Meeting of
the 8th Board of Supervisors on November 6, 2024, and the 2nd Extraordinary General Meeting of Shareholders
in 2024 on November 25, 2024 deliberated and passed the Proposal on the Company's 2024 Stock Option
Incentive Plan (Draft) and its Abstract, and other related proposals. The actual number of shares subscribed for
under the employee stock ownership plan is 5.1812 million, with a total subscribed capital of RMB
the Company, and will be unlocked in two stages (12 and 24 months) at proportions of 40% and 60%,
respectively after the employee stock ownership plan is deliberated and passed by the Company's General
Meeting of Shareholders and the Company announces the transfer of the target stock to the employee stock
ownership plan. On December 23, 2024, the Company received the Confirmation of Securities Transfer
Registration issued by the China Securities Depository and Clearing Corporation Shenzhen Branch. 5.1812
million shares of the Company's stock (accounting for about 0.42% of the current total share capital) held in the
special securities account repurchased by the Company were transferred them to the Company's 2024 employee
stock ownership plan account by non-trading means on December 23, 2024.
(2) Stock option incentive plan
As authorized by the 2nd Extraordinary General Meeting of Shareholders in 2024, the 16th (Extraordinary)
Meeting of the 8th Board of Directors and the 11th (Extraordinary) Meeting of the 8th Board of Supervisors
held on December 9, 2024 deliberated and passed the Proposal on Granting Stock Options to Incentive
Recipients, stating that the grant date of stock options under this incentive plan is December 9, 2024, when 32.9
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
million stock options will be granted to 1,050 eligible incentive recipients. The waiting periods for the stock
options granted under this incentive plan are 12 months, 24 months, and 36 months from the date of granting,
with unlocking ratios of 30%, 30% and 40% for each period.
□ Applicable Not applicable
Applicable □ Not applicable
Unit: RMB
Category of recipient Equity-settled share-based payment Cash-settled share-based payment
Personnel on key management and technical
positions, as well as other business backbones
Total 52,447,170.39
None.
None.
XVI. Commitments and contingencies
Important commitments that existed on the balance sheet date: None.
(1) Significant contingencies on the balance sheet date
None.
(2) The important contingencies not required to be disclosed shall be explained as well
No signification contingencies need to be disclosed by the Company.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
None.
XVII. Events after the balance sheet date
None.
XVIII. Other important matters
None.
XIX. Notes to main items of financial statements of the parent company
(1) Disclosure by aging
Unit: RMB
Aging Book balance at the end of the period Book balance at the beginning of the period
Within 1 year (including 1 year) 1,855,842,483.00 1,790,348,068.30
Above 3 years 2,825,500.20 2,525,306.52
Above 5 years 1,987,125.76 1,961,997.75
Total 1,860,408,952.29 1,801,098,535.57
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
(2) Disclosure based on accrual methods of bad-debt provision
Unit: RMB
Ending balance Beginning balance
Book balance Provision for bad debts Book balance Provision for bad debts
Category
Proportion Book value Proportion Book value
Amount Proportion Amount Amount Proportion Amount
of provision of provision
Accounts
receivable
with single 2,957,316.76 0.16% 2,957,316.76 100.00% 0.00 2,994,574.69 0.17% 2,994,574.69 100.00% 0.00
provision for
bad debts
Including:
Provision by
individual 2,957,316.76 0.16% 2,957,316.76 100.00% 0.00 2,994,574.69 0.17% 2,994,574.69 100.00% 0.00
items
Accounts
receivable
with
provision for
bad debts by
portfolio
Including:
Aging
portfolio
Combination
of related
parties
within the
scope of
consolidation
Total 1,860,408,952.29 100.00% 47,787,558.01 2.57% 1,812,621,394.28 1,801,098,535.57 100.00% 52,006,860.81 2.89% 1,749,091,674.76
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Description of bad-debt provision on single basis: Accounts receivable with single provision for bad debts
Unit: RMB
Beginning balance Ending balance
Name
Book balance Provision for bad debts Book balance Provision for bad debts Proportion of provision Reasons for provision
Provision by individual Expected to be hardly
items recoverable
Total 2,994,574.69 2,994,574.69 2,957,316.76 2,957,316.76
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Description of bad-debt provision on combined basis: Provision for impairment of combined accounts
receivable by aging
Unit: RMB
Ending balance
Name
Book balance Provision for bad debts Proportion of provision
Provision for impairment of combined
accounts receivable by aging
Total 1,440,180,705.81 44,830,241.25
Description of bad-debt provision on combined basis: Combination of related parties within the scope of
consolidation
Unit: RMB
Ending balance
Name Provision for bad Proportion of
Book balance
debts provision
Combination of related parties within the scope
of consolidation
Total 417,270,929.72
In case of provision for bad debts on accounts receivable based on the general model of expected credit loss:
□ Applicable Not applicable
(3) Provision for bad debts accrued, recovered or reversed in the current period
Provision for bad debts in the current period:
Unit: RMB
Amount changed in the current period
Beginning
Category Recover or Ending balance
balance Provision Write-off Others
reversal
Bad debt provision on
combined basis
Total 52,006,860.81 -3,814,883.24 37,257.93 367,161.63 47,787,558.01
(4) Accounts receivable actually written off in the current period
Unit: RMB
Items Amount written off
Accounts receivable actually written off 367,161.63
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
(5) Accounts receivables with top five ending balances grouped by debtors, and contract assets
Unit: RMB
Ending balance of
Percentage in total
Ending balance of provision for
ending balance of
Ending balance of Ending balance of accounts impairment of
Name of unit accounts
accounts receivable contract assets receivables and accounts
receivables and
contract assets receivables and
contract assets
contract assets
No. 1 283,968,672.72 0.00 283,968,672.72 15.26% 8,803,028.85
No. 2 176,329,746.70 0.00 176,329,746.70 9.48% 5,466,222.14
No. 3 107,262,970.80 0.00 107,262,970.80 5.77% 3,325,152.10
No. 4 64,337,836.36 0.00 64,337,836.36 3.46% 1,997,889.71
No. 5 58,117,144.78 0.00 58,117,144.78 3.12% 1,801,631.49
Total 690,016,371.36 0.00 690,016,371.36 37.09% 21,393,924.29
Unit: RMB
Items Ending balance Beginning balance
Other receivables 492,484,899.73 269,840,253.20
Total 492,484,899.73 269,840,253.20
Unit: RMB
Book balance at the beginning of the
Nature of payment Book balance at the end of the period
period
Current accounts 486,934,358.53 246,649,557.31
Margin, deposit 7,686,999.85 7,462,044.17
Employee borrowings and reserves 2,962,474.59 3,629,450.71
Export rebate 0.00 16,656,194.89
Others 27,631.77 3,157.74
Total 497,611,464.74 274,400,404.82
Unit: RMB
Book balance at the beginning of the
Aging Book balance at the end of the period
period
Within 1 year (including 1 year) 487,813,683.49 268,679,998.14
Above 3 years 4,622,077.18 4,107,800.59
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Above 5 years 3,839,990.22 3,613,597.14
Total 497,611,464.74 274,400,404.82
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Unit: RMB
Ending balance Beginning balance
Book balance Provision for bad debts Book balance Provision for bad debts
Category
Proportion Book value Proportion Book value
Amount Proportion Amount of Amount Proportion Amount of
provision provision
Bad debt provision on
individual basis
Bad debt provision on
combined basis
Including:
Aging portfolio 10,677,106.21 2.15% 5,126,565.01 48.01% 5,550,541.20 11,094,652.62 4.04% 4,560,151.62 41.10% 6,534,501.00
Combination of related
parties within the scope of 486,934,358.53 97.85% 486,934,358.53 246,649,557.31 89.89% 246,649,557.31
consolidation
Total 497,611,464.74 100.00% 5,126,565.01 1.03% 492,484,899.73 274,400,404.82 100.00% 4,560,151.62 1.66% 269,840,253.20
Description of bad-debt provision on combined basis: aging combination, combination of related parties within the scope of consolidation
Unit: RMB
Ending balance
Name
Book balance Provision for bad debts Proportion of provision
Aging portfolio 10,677,106.21 5,126,565.01 48.01%
Combination of related parties within the scope of
consolidation
Total 497,611,464.74 5,126,565.01
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Provision for bad debts based on the general model of expected credit loss:
Unit: RMB
First stage Second stage Third stage
Expected credit
Expected credit loss
Provision for bad debts loss for the entire Total
Expected credit loss in for the entire
duration (credit
the next 12 months duration (no credit
impairment
impairment)
occurred)
Balance as of January 1, 2025 946,554.48 3,613,597.14 4,560,151.62
Balance as of January 1, 2025 in
the current period
—Transferred to the third stage
Accrual in the current period 566,413.39 566,413.39
Other changes
Balance as of June 30, 2025 1,512,967.87 3,613,597.14 5,126,565.01
Changes in book balance with significant changes in loss reserves in the current period
□ Applicable Not applicable
Unit: RMB
Amount changed in the current period
Beginning
Category Recover or Transfer or Ending balance
balance Provision Other changes
reversal write-off
Provision for
bad debts
Total 4,560,151.62 566,413.39 5,126,565.01
None.
Unit: RMB
Proportion to total Ending balance
Nature of
Name of unit Ending balance Aging ending balances of of provision for
payment
other receivables bad debts
Current
No. 1 156,066,115.87 Within 1 year 31.36%
accounts
Current
No. 2 111,000,000.00 Within 1 year 22.31%
accounts
Current
No. 3 69,123,408.00 Within 1 year 13.89%
accounts
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Current
No. 4 33,915,119.12 Within 1 year 6.82%
accounts
Current
No. 5 30,800,012.74 Within 1 year 6.19%
accounts
Total 400,904,655.73 80.57%
None.
Unit: RMB
Ending balance Beginning balance
Items Provision for Provision for
Book balance Book value Book balance Book value
impairment impairment
Investment in
subsidiaries
Investment in
associated
enterprises and
joint ventures
Total 4,321,777,080.90 12,433,655.05 4,309,343,425.85 4,312,311,091.22 12,433,655.05 4,299,877,436.17
(1) Investment in subsidiaries
Unit: RMB
Changes in increase or decrease in
the current period Endin
Openi
g
ng Ad balan
balanc diti Decr ce of
Beginning balance e of ona ease Provis Ending balance
Investee provis
(book value) provisi l in ion for (book value)
Others ion
on for inv inves impair for
impair est tmen ment impai
ment me t rment
nt
Shenzhen Topband Software Technology
Co., Ltd.
Shenzhen Topband Battery Co., Ltd. 628,619,526.52 1,242,991.61 629,862,518.13
Shenzhen Topband Automation
Technology Co., Ltd.
Chongqing Topband Industrial Co., Ltd. 211,723,441.98 78,607.68 211,802,049.66
Topband (Hong Kong) Co., Ltd. 667,071,500.00 667,071,500.00
Huizhou Topband Electrical Technology
Co., Ltd.
Ningbo Topband Intelligent Control Co.,
Ltd.
Shenzhen Allied Control System Co.,
Ltd.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Shenzhen Meanstone Intelligent
Technology Co., Ltd.
TOPBAND INDIA PRIVATE LIMITED 195,026,748.97 195,026,748.97
Shenzhen YAKO Automation
Technology Co., Ltd.
Shenzhen Topband Investment Co., Ltd. 89,054,806.08 89,054,806.08
Shenzhen Topband Supply Chain
Services Co., Ltd.
Shenzhen Senxuan Technology Co., Ltd. 10,035,325.03 10,035,325.03
Topband (Qingdao) Intelligent Control
Co., Ltd.
Shenzhen Topband Motor Co., Ltd. 12,371,923.29 1,338,369.22 13,710,292.51
Huizhou Chiding Technology Co., Ltd. 5,003,130.39 18,782.34 5,021,912.73
Shenzhen Jingfei Investment Co., Ltd. 1,000,000.00 1,000,000.00
Shenzhen Topband Digital Energy Co.,
Ltd.
Total 4,294,051,396.19 9,465,989.68 4,303,517,385.87
(2) Investment in associated enterprises and joint ventures
Unit: RMB
Changes in increase or decrease in the current period
A
Profits
d
and
di
De losses Adjust Declarat Pro
ti
cre on ment ion of visi
Beginning Opening balance o ase invest to Other distribut on Ending balance
Ending balance
Investment unit balance (book of provision for na in ment other chang ion for for Oth (book value) of provision for
value) impairment l impairment
inv recog compre es in cash imp ers
in
est nized hensiv equity dividen air
ve
me under e ds or men
st
nt equity income profits t
m
metho
en
d
t
I. Joint venture
II. Associated enterprises
Shenzhen Daka
Optoelectronics 5,826,039.98 5,826,039.98
Co., Ltd.
Tai'an
Yuchengxin
Power 12,433,655.05 12,433,655.05
Technology Co.,
Ltd.
Subtotal 5,826,039.98 12,433,655.05 5,826,039.98 12,433,655.05
Total 5,826,039.98 12,433,655.05 5,826,039.98 12,433,655.05
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Unit: RMB
Amount incurred in the current period Amount incurred in prior period
Items
Income Cost Income Cost
Main business 2,953,034,575.87 2,410,249,787.06 2,335,186,489.30 1,887,021,091.59
Other business 77,782,548.41 34,362,423.44 73,149,986.55 63,317,817.95
Total 3,030,817,124.28 2,444,612,210.50 2,408,336,475.85 1,950,338,909.54
Unit: RMB
Items Amount incurred in the current period Amount incurred in prior period
Long-term equity investment income
-9,317.40
accounted by the cost method
Investment income from disposal of
tradable financial assets in holding period
Interest income from debt investments in
-182,700.00
holding period
Gains/losses on foreign exchange
derivatives
Total 3,430,061.62 470,417.09
None.
XX. Supplementary Information
Applicable □ Not applicable
Unit: RMB
Items Amount Description
Profits and losses on disposal of non-current assets -1,707,477.44
Government grants credited to income statement (except for government grants that are
closely related to the normal operation of the Company, comply with national policies and
regulations, enjoy in accordance with determined criteria, and have a continuous impact on
the profit and loss of the Company)
Profit/loss arising from changes in fair value of financial assets and liabilities held by non-
financial enterprises, and profits and losses on disposal of financial assets and liabilities, 5,158,641.83
except for the effective hedging business related to the normal operation of the Company,
Reversal of impairment of receivables individually tested for impairment 37,257.93
Other non-operating income and expenses other than those mentioned above 1,209,460.74
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Other profit and loss items that meet the definition of nonrecurring gains and losses 1,340,601.69
Minus: amount affected by income tax 4,018,285.89
Amount affected by minority shareholders' equity (after tax) 524.89
Total 19,872,779.31 --
Details of other items of profits and losses that conform to the definition of non-recurring profit and loss:
□ Applicable Not applicable
None.
Explanation of defining the non-recurring profit and loss items listed in the Explanatory Announcement No. 1
on Information Disclosure for Companies Offering Their Securities to the Public - Non-recurring Profit and
Loss as recurring profit and loss items
□ Applicable Not applicable
Earnings per share
Weighted return on Diluted earnings
Profits of the reporting period Basic earnings per
average equity per share
share (RMB/share)
(RMB/share)
Net income attributable to the ordinary shareholders of the
Company
Net profit attributable to the ordinary shareholders of the
Company after deduction of non-recurring profit and loss
(1) Differences in net profit and net assets between financial reports disclosed in accordance with
International Accounting Standards and those disclosed in accordance with Chinese Accounting
Standards at the same time
□ Applicable Not applicable
(2) Difference between the net profit and net assets in the financial reports disclosed in accordance with
both Overseas Accounting Standards and Chinese Accounting Standards at the same time
□ Applicable Not applicable
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
(3) Reasons for differences in accounting data under domestic and foreign accounting standards. If the
data audited by an overseas audit institution is adjusted for differences, the name of the overseas audit
institution shall be indicated
None.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Section IX Other Reported Data
I. Other Major Social Security Issues
Whether the listed company and its subsidiaries have other major social security issues
□ Yes □ No Not applicable
Whether any administrative punishment was imposed during the reporting period
□ Yes □ No Not applicable
II. Registration form of reception, investigation, communication, interview and other
activities during the reporting period
Applicable □ Not applicable
Main
contents of
Location Type of
Time of Method of interview Basic Information index
of reception Reception object
reception reception and for investigation
reception object
materials
provided
Zheshang Securities,
Ping An Fund
Management, CCB
Wealth Management,
GF Asset Management,
Hang Seng Qianhai
Learn
Fund Management,
about the
AXA-SPDB, Oriental
Conference operation
Alpha Fund
room of of the
the Company;
KindleFund
Company no
Management, Panjing
information
Investment, Timesbole,
provided.
Mude Asset, Qianhai
Yunxi Fund
Management, Foxon
Investment, Zhongshan
Securities Asset
Management
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
TF Securities, Qingyun
Heyi, Golden Trust
Sinopac, Springs
Capital, Zhengyuan
Investment, Wentian
Private Equity, Shanghai
Leadwolf, Xunyuan
Asset Management,
AXA SPDB, China
Asset Management,
China Universal Asset
Management, Origin
Asset Management, Ren
Bridge Asset
Management, Zhaowan
Asset Management,
Guotai Junan Asset
Management, Chengluo
Investment, China
Merchants Securities
Asset Management,
Point72, CITIC
Securities, BOC
International Securities,
Daoren Asset
Management, Chaos Learn
Investment, Guolian about the
Conference Fund Management, operation
room of Yourong Management, of the
the Hua An Fund Company;
Company Management, Baoying no
Fund Management, information
Pictet Asset provided.
Management, Pacific
Securities Asset
Management, Ping An
Asset Management, Fun
Investment, Chasing
Securities, Changjiang
Securities, Hua An
Financial Insurance,
BOC Investment
Management, Xuan
Yuan Investment, Lcrich
Capital Management,
Western Leadbank
FMC, Silver Leaf
Investment, Maxwealth
Fund Management,
Greenwoods Asset
Management, Orient
Securities, Huaxi
Securities, China
International Capital,
Hengjian International,
Seri-Cap Private Equity,
Zhongji Investment,
Hainan Xinggao,
Qingdao Xingyuan
Investment,
Asset Management, Ping
An Fund Management,
Fuanda Fund
Management, Fengpei
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Zheshang Securities,
CITIC Securities, CITIC
Prudential Fund,
Zhongrong Dingxin,
PICC Asset
Management, Zheshang
Securities Asset
Management,
Changjiang Securities, E
Fund, CIB Wealth
Management, CIB Fund
Management, Cinda
Fund Management,
Taiping Asset
Management, Taiping
Pension, Fortune
Investment, Cloud Gate
Learn
Assets Management,
about the
Yude Investment, Ivy
Conference operation
Assets, Ping An Asset
room of of the
the Company;
Fund, Panhou
Company no
Dongliang, Lord Abbett
information
China Asset
provided.
Management, China
Universal Asset
Management, Huatai-
Pinebridge Fund
Management, CR
Yuanta, Hwabao WP
Fund, Citibank, Union
Asset Management,
Guosen Securities, G
Fund, Caitong Securities
Assets Management,
Bosera Fund
Management, Zeming
Investment, Yutian
Asset Management,
BSCOM Cathay Asset
Management
Learn
about the
On-line operation
www.ir- communication Performance of the
online.cn on network presentation session Company;
platforms no
information
provided.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Eastmoney Securities,
Guosen Securities,
Golden Trust Sinopac,
Hualong Securities,
China Resources Bank,
Evergain International
Investment, Century
Securities, GF
Securities, Yingda
Learn
Insurance Asset
about the
Management, Hwabao
Conference operation
WP Fund, Harvest Fund,
Field survey Organizations Great Wall Fund http://www.cninfo.com.cn
Management, Minsen
Company no
Investment, Hzbank
information
Wealth Management,
provided.
China Securities, Sino
Life Insurance, CPIC
Fund, CCB Wealth
Management, Southern
Asset Management, E
Fund, Bosera Fund
Management, TF
Securities, CICC Asset
Management
Sinolink Securities, G
Fund, HSBC Qianhai Learn
Securities, CI about the
Conference investment, Taikang operation
Field survey Organizations http://www.cninfo.com.cn
Company Fund Management, no
Matthews International, information
China Investment provided.
Corporation, HSBC
III. Fund Transfers between the Company & Controlling Shareholders and Other Related
Parties
□ Applicable Not applicable
Semi-annual
Report 2025
Shenzhen Topband Co., Ltd.
Stock code
August 2025
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Semi-annual Report 2025
Section I Important Notes, Contents and Definitions
The Board of Directors, the Board of Supervisors and directors, supervisors and senior
executives of the Company hereby assure that the content set out in the semi-annual report is true,
accurate and complete. It shall be free from false records, misleading statements or major
omissions, and shall bear individual and joint legal liabilities therein.
Wu Yongqiang, Chairman of the Company, and Luo Muchen, head of accounting and the
accounting department, hereby declare that: the data disclosed in financial reports of the semi-
annual report is true, accurate and complete.
All directors have attended the Board Meeting at which this Semi-annual Report was
scrutinized.
Forward-looking statements such as future plans and development strategies covered in the
Report involve uncertainty, so they do not represent the Company's profit forecasts, nor are they
regarded as the substantive commitment to investors.
The Company is not faced with significant risks affecting its financial position and
sustainable profitability, but may be with such risks as adverse effects on business confidence and
investment due to trade frictions and geopolitical tensions, technology upgrading, fluctuations in
the prices of raw materials, fluctuations in exchange rates, and customer credit risks. For more
detailed risk information, please see "Risks faced by the Company and countermeasures" in
Section III of the Report. Investors are kindly requested to be alert to investment risks.
The Company plans not to pay cash dividend, to issue bonus shares, or to increase the share
capital by capital reserve.
The Report is prepared in Chinese and translated into English. Should there be any
discrepancies or misunderstandings between the two versions, the Chinese version shall prevail.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Contents
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Directory of documents for future reference
I. Accounting statements containing the signatures and seals of the legal representative, the
finance chief and the accounting department head.
II. The originals of all the company documents publicly disclosed in newspapers designated
by the China Securities Regulatory Commission during the reporting period and the original
manuscripts of announcements.
III. Original copy of the Semi-annual Report 2025 bearing the signature of the Chairman
All the above documents are ready and complete, and are available for reference at the office
of the Board of Directors of the Company.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Interpretations
Terms Refer to Contents
Company, the Company, Topband Refer to Shenzhen Topband Co., Ltd.
RMB, RMB ten thousand Refer to RMB, RMB ten thousand
CSRC Refer to China Securities Regulatory Commission
Exchange Refer to Shenzhen Stock Exchange
Reporting period Refer to From January 1, 2025 to June 30, 2025
Articles of Association Refer to Articles of Association of Shenzhen Topband Co., Ltd.
Huizhou Topband Refer to Huizhou Topband Electrical Technology Co., Ltd.
YAKO Automation Refer to Shenzhen YAKO Automation Technology Co., Ltd.
Allied Refer to Shenzhen Allied Control System Co., Ltd.
Topband Software Refer to Shenzhen Topband Software Technology Co., Ltd.
ORVIBO Refer to Shenzhen ORVIBO Technology Co., Ltd.
Ningbo Topband Refer to Ningbo Topband Intelligent Control Co., Ltd.
Meanstone Intelligent Refer to Shenzhen Meanstone Intelligent Technology Co., Ltd.
HANSC Intelligent Refer to Shenzhen HANSC Intelligent Technology Co., Ltd.
Hong Kong Topband Refer to Topband (Hong Kong) Co., Ltd.
Topband Romania Refer to Topband Smart Europe Company Limited
Topband Mexico Refer to Topband Mexico Company Limited
Topband Battery Refer to Shenzhen Topband Battery Co., Ltd.
"Four electrics and one network" Refer to electric control, motor, battery, power and IoT platform
AI Refer to Artificial intelligence
BMS Refer to Battery management system, for monitoring battery status
IPD Refer to Integrated Product Development
ISC Refer to Integrated Supply Chain
Power conversion system, for controlling discharge/charge and current
PCS Refer to
direction change
Energy management system, for monitoring the status of the energy
EMS Refer to
system
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Section II Company Profile and Primary Financial Indicators
I. Company profile
Stock abbreviation Topband Stock code 002139
Listed stock exchange Shenzhen Stock Exchange
Chinese name of the Company Shenzhen Topband Co., Ltd.
Chinese abbreviation of the Company name (if any) Topband
Name of the Company in foreign language (if any) Shenzhen Topband Co., Ltd
Abbreviation of name of the Company in foreign language (if
Topband
any)
II. Contact person and contact information
Secretary of the Board of Directors Representative of securities affairs
Name Wen Zhaohui Zhang Yuhua
Topband Industrial Park, Keji Second Road, Shiyan Sub- Topband Industrial Park, Keji Second Road, Shiyan Sub-
Address
district, Bao'an District, Shenzhen district, Bao'an District, Shenzhen
Tel 0755-26957035 0755-26957035
Fax 0755-26957440 0755-26957440
Email wenzh@topband.com.cn zhangyuhua@topband.com.cn
III. Miscellaneous
Whether the registered address, office address and its postal code, website, e-mail address and other information
of the Company have changed during the reporting period
□ Applicable Not applicable
The registered address, office address and its postal code, website, E-mail address, etc. of the Company were
not changed during the reporting period, and are as given in the Annual Report 2024.
Whether the information disclosure and storage locations of the Semi-annual Report have changed during the
reporting period
□ Applicable Not applicable
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
The stock exchange website and the names and websites of the media on which the semi-annual report of the
Company was disclosed and the location where the semi-annual report of the Company is kept were not
changed during the reporting period, and are as given in the Annual Report 2024.
Whether other relevant information of the Company has changed during the reporting period
□ Applicable Not applicable
IV. Main accounting data and financial indicators
Whether the Company is required to retroactively adjust or restate the accounting data of previous years
□ Yes No
Increase or
decrease in this
Same period previous reporting period
Reporting period
year over the same
period of last
year
Operating income (RMB) 5,502,335,729.18 5,015,785,165.59 9.70%
Net profit attributable to shareholders of listed companies
(RMB)
Net profit attributable to shareholders of listed companies after
deducting non-recurring profit and loss (RMB)
Net cash flow from operating activities (RMB) 353,354,566.49 470,314,174.67 -24.87%
Basic earnings per share (RMB/share) 0.27 0.31 -12.90%
Diluted earnings per share (RMB/share) 0.27 0.31 -12.90%
Weighted return on average equity 4.82% 6.10% -1.28%
Change at the
end of the
End of the reporting End of the previous current reporting
period year period compared
with the end of
the previous year
Total assets (RMB) 13,676,921,355.66 12,848,865,960.24 6.44%
Net assets attributable to shareholders of listed companies
(RMB)
Net profit after deducting the impact of share-based payments
Increase or decrease in this
Same period previous
Reporting period reporting period over the same
year
period of last year
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Net profit after deducting the impact of
share-based payments (RMB)
V. Differences in accounting data under domestic and foreign accounting standards
International Accounting Standards and those disclosed in accordance with Chinese Accounting
Standards at the same time
□ Applicable Not applicable
There is no difference in net profit and net assets between financial reports disclosed in accordance with
International Accounting Standards and those disclosed in accordance with Chinese Accounting Standards
during the reporting period.
both Overseas Accounting Standards and Chinese Accounting Standards at the same time
□ Applicable Not applicable
There is no difference in net profit and net assets between financial reports disclosed in accordance with
Overseas Accounting Standards and those disclosed in accordance with Chinese Accounting Standards during
the reporting period.
VI. Items and amount of non-recurring profit and loss
Applicable □ Not applicable
Unit: RMB
Items Amount Description
Profits and losses on disposal of non-current assets (including the offset of the provision for
-1,707,477.44
impairment of assets accrued)
Government grants credited to income statement (except for government grants that are closely
related to the normal operation of the Company, comply with national policies and regulations,
enjoy in accordance with determined criteria, and have a continuous impact on the profit and
loss of the Company)
Profit/loss arising from changes in fair value of financial assets and liabilities held by non-
financial enterprises, and profits and losses on disposal of financial assets and liabilities, except 5,158,641.83
for the effective hedging business related to the normal operation of the Company,
Reversal of impairment of receivables individually tested for impairment 37,257.93
Other non-operating income and expenses other than those mentioned above 1,209,460.74
Other profit and loss items that meet the definition of nonrecurring gains and losses 1,340,601.69
Minus: amount affected by income tax 4,018,285.89
Amount affected by minority shareholders' equity (after tax) 524.89
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Total 19,872,779.31
Details of other items of profits and losses that conform to the definition of non-recurring profit and loss:
□ Applicable Not applicable
None.
Explanation of defining the non-recurring profit and loss items listed in the Explanatory Announcement No. 1
on Information Disclosure for Companies Offering Their Securities to the Public - Non-recurring Profit and
Loss as recurring profit and loss items
□ Applicable Not applicable
There is no such situation of defining the non-recurring profit and loss items listed in the Explanatory
Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the Public - Non-
recurring Profit and Loss as recurring profit and loss items in the Company
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Section III Management Discussion and Analysis
I. Main business engaged by the Company during the reporting period
Intelligent controllers, as high-tech products integrated with advanced automatic control technology,
computer technology, sensing technology, microelectronics and power electronics technology, play the role of
"nerve center" and "brain" in electronic products, like the nervous system of people. By collecting, processing
and analyzing various information and commands, intelligent controllers can realize the intelligent driving and
control of the controlled object, so as to complete various tasks. As the trend of intelligent substitution becomes
increasingly prominent, it has not only changed our lifestyle, but also revolutionized our working mode. As one
of the core components of intelligence, intelligent controllers have a wide range of applications, including home
appliances, smart homes, smart buildings, power tools, industrial automation, automobile electronics, new
energy, medical equipment and so on.
In recent years, benefiting from the emergence of new technologies in the industry such as 5G, IoT,
communication technology, and AI, as well as the growing penetration in downstream industries and the
ongoing expansion of application scenarios, the global intelligent controller market has been growing steadily.
According to the Special Research Report on the Survey and Industry Prospect Prediction of the Global
Intelligent Controller Market during 2025-2030 and Special Research Report on the Survey and Industry
Prospect Prediction of the Chinese Intelligent Controller Market during 2025-2030 released by China
Commerce Industry Research Institute, the size of the global intelligent controller market will reach USD
this development process, China has gradually established its dominant position in the global industrial chain
with its well-established electronic supply chain system and the technological upgrading capabilities of local
companies. Data shows that the share of the Chinese intelligent controllers market has jumped from 16% in
industrial landscape, and this trend is expected to keep deepening in the future.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Technological progress not only accelerates the iteration of products, but also indicates a broader
development prospect of the intelligent controller sector. We are at the forefront of the intelligent technology
revolution. The deep integration of intelligent controllers with artificial intelligence and robotics is redefining
the way we live and work, opening up unprecedented possibilities. In the future, with the continuous progress
and innovation of technology, we can look forward to the emergence of more new products, new business
formats and new models, which will further promote the development of the intelligent controller sector.
As a leading leader in intelligent control solutions, Topband has always adhered to the core values of
"agility, innovation and partnership", and has built a complete technological ecosystem covering hardware
development and cloud services through the "four electrics and one network" (electric control, motor, battery,
power and IoT platform) technology matrix. The Company provides customized solutions to global customers
through in-depth services in three major fields: tools and home appliances, digital energy and intelligent
vehicles, and robot, and keeps consolidating its benchmark position in the industry.
In 2024, the Company received the title of "Manufacturing Single Champion Enterprise (Smart Home
Control Modules)" from the Ministry of Industry and Information Technology, marking the national-level
recognition of its technological strength and market leadership in this segment. In addition, the Company has
ranked stably among the top 500 manufacturing companies in Guangdong Province for many consecutive years.
It ranked 62nd in 2024, an increase of 5 places from 2022, demonstrating sustained growth in industry
competitiveness.
Topband's core competitiveness lies in "platform-based technology innovation capability, partner-style
customer service capability, and systematic agile service capability". Based on these three capabilities, the
Company has gradually built a global production base network covering Asia, Europe and America and created
an efficient supply chain collaboration mechanism, not only promoting the Company's continuous progress and
development, but also helping us establish close and lasting cooperative relationships with many leading
customers in many industries. Currently, we hold a leading position in intelligent control solutions for the tool
and home appliance industries, and have become an innovative leader in the fields of digital energy, intelligent
vehicles and robot.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
II. Analysis of core competitiveness
The Company takes technology as the gene of enterprise development and considers innovation as the core
competence of the Company. With industry-leading platform technology innovation capabilities, we have built
a comprehensive integrated intelligent control solution technology platform that covers all core fields.
Our professional team has a deep understanding of various control mechanisms, and has the ability of
independent realization and continuous innovation. This covers a wide range of fields, from intelligent control
algorithms and motor control to lithium battery and sodium battery technologies, sensing technologies, human-
computer interaction interfaces, image recognition, digital power management, embedded software
development, and temperature control (including heating and cooling). Through the integration and application
of these core technologies, we can provide customers with advanced intelligent control solutions.
On top of that, we also have a rich product line and numerous core product platforms that have been
validated through mass production. Every product platform complies strictly with the quality assurance process
to ensure high product quality and reliability. Based on these sophisticated technologies and product platforms,
we can respond to customer needs quickly, provide customized high-quality solutions, and meet diversified
customer needs.
It is worth mentioning that we have the unique overall solution capability of "electronic control + motor +
battery + power + IoT" in the industry. This comprehensive technological integration enables us not only to
maintain leadership in individual fields, but also develop new category solutions to help customers stand out in
fierce market competition. Whether in improving the performance of existing products or exploring brand-new
market opportunities, we are committed to creating maximum value for our customers and helping them win
through innovation in their respective industries.
The Company values long-term development, takes value co-creation and value win-win as the
development concept, and develops long-term partnerships with customers. Supported by platform-based
technology innovation capabilities, the Company continues to gain insights into customer needs, and keeps
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
bushing the boundaries of cooperation through in-depth co-creation. On this basis, the Company strives to build
an organized customer relationship system, and create partner-style customer service capabilities featuring
efficient collaboration, mutual trust and symbiosis systematically.
Through deployment in many regions, we have established international production bases in the Pearl
River Delta, Yangtze River Delta, Southeast Asia, North America and Europe, have built an international market
platform to improve the local service ability from in terms of management ability and resource allocation, and
have set up a number of overseas offices to cooperate closely with customers. We have established in-depth
cooperative partnership with outstanding brand customers at home and abroad in various business fields.
Through long-term cooperation and mutual development, we have gained public praises and a good brand
reputation in the industry, and have been widely recognized and praised by our customers.
As intelligent technology evolves and uncertainty increases, the pace of global innovation iteration is
accelerating, and companies increasingly need to be more agile in their operations to serve their customers.
Based on a deep understanding of the intelligent control business, the Company has implemented IPD ideas in
the R&D and design process, the core customer ISC changes in the supply chain system, the laboratory and
quality assurance system, and the intelligent manufacturing platform. By building a customer-centric process-
oriented organization, the Company integrates its core advantages into its operational system, forming efficient
and agile endogenous capabilities. This agile system further enhances its competitive advantages, and the two
aspects develop in a mutually beneficial benign manner, thereby achieving sustainable high-quality business
growth.
III. Analysis of main business
In the first half of 2025, trade conflicts kept escalating, and global industry chains faced restructuring
pressure under the impact of tariff policy adjustments, bringing multiple challenges to business operations.
Faced with the complex environment, the Company made breakthroughs actively: On the one hand, it increased
efforts in product innovation and structural optimization, launched competitive product solutions, and
consolidated cooperation with top customers through the continuous verification of innovative categories,
improving customer stickiness constantly; on the other hand, in the field of digital energy, it focused on
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
advantageous categories, optimized the customer structure, and promoted local delivery based on its global
presence, reducing the impact of tariff barriers effectively and capturing market growth opportunities
successfully.
During the reporting period, the Company's basic business (tools and home appliances) kept growing
steadily, a structural adjustment was completed in the digital energy sector, new businesses (intelligent vehicles
and robot) achieved rapid growth, overall business resilience was prominent, and operating revenue achieved
year-on-year growth. In the future, with the gradual release of overseas production capacity, the continual
improvement of operational efficiency, the recovery of digital energy demand, and the large-scale realization of
new businesses, the Company's profitability is expected to recover steadily, injecting stronger momentum into
performance growth.
During the reporting period, the Company achieved revenue of RMB 5.502 billion, a year-on-year increase
of 9.70%; a net profit attributable to shareholders of listed companies of RMB 330 million, a year-on-year
decrease of 15.11%; after deducting nonrecurring gains and losses, the net profit attributable to shareholders of
listed companies was RMB 310 million, a year-on-year decrease of 16.87%. After the impact of share-based
payment expenses is eliminated, the net profit attributable to shareholders of listed companies during the
reporting period was RMB 383 million, a year-on-year decrease of 1.62%.
The following is the operation status of each sector:
(I) Tool and home appliance sectors: Revenue of RMB 4.377 billion was achieved during the reporting
period, a year-on-year increase of 16.15%, and gross profit margin was 22.22%, a year-on-year decrease of 1.98
percentage points. Among them, the growth rate of tools was 5.67%, and that of home appliances was 27.60%.
Business performance: During the reporting period, the tool sector achieved revenue of RMB 2.079
billion, a year-on-year increase of 5.67%, and maintained a steady development trend supported by industry
trends and its own layout.
Core competitiveness: Currently, the trend of electrification and cordlessness is constantly driving up the
penetration rate of power tools. Downstream customers in this sector are mainly overseas and have a highly
concentrated market share. In this regard, the Company makes a presence actively based on its core advantages:
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
(1) Consolidation of core advantages and steady growth in high-value fields: As a core partner for
globally leading power tool brands, the Company focuses on high-value products such as industrial and
professional ones. By improving the speed of response to core customers, accelerating innovative R&D,
meeting their needs for technological upgrading and functional innovation, the Company promotes steady
growth in core categories while expanding its industry share in other component businesses actively.
(2) Double expansion of customers and categories, with incremental contributions emerging
gradually: With deep insights into market demand, a global supply system, and the capability to design
differentiated solutions, the Company promotes downstream customer and product category expansion actively,
and has made smooth progress in its cooperation with some Japanese and domestic top customers, and realized
new incremental contributions.
(3) Resisting external risks effectively through global operations: Faced with external uncertainties
brought by tariff policies, the Company has alleviated the phased impact of lead times and other factors, and
resisted external disturbances effectively by adjusting its global supply chain flexibly, and responding to
customer needs quickly.
Looking ahead, due to external factors such as tariffs, market share will further concentrate on enterprises
with global operational capabilities. With its global presence, solution R&D capabilities, and rapid response
mechanism, the Company is expected to further consolidate its leadership in the industry and achieve long-term
steady development.
Business performance: During the reporting period, sales revenue reached RMB 2.298 billion, a year-on-
year increase of 27.60%, and strong growth driven by industry changes and technological innovation was
achieved.
Core competitiveness: The home appliance industry is undergoing profound changes – the constant
penetration of new technologies such as AI is driving the industry from scale expansion to technology
leadership, and the extreme segmentation of consumer demand is giving rise to a large number of innovative
product categories. Leading customers in the industry extend their core competitiveness to the fields of smart
home and AI integration; top domestic enterprises are accelerating their efforts to "go global" and build global
brands; consumption upgrading in emerging markets and the increasing demand for localization open up market
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
spaces for the home appliance controller industry jointly. In face of industry trends, the Company has built full-
stack technological capabilities of hardware design + underlying software + cloud services + AI algorithms by
delving into core technologies of intelligent control in the field of home appliances, and has intelligent
controller R&D and design capabilities for a full range of products. It is transforming from a "functional
implementer" to a "scenario-based intelligent solution" provider.
(1) Large home appliances: Cost reduction, efficiency improvement, and reliability enhancement are
achieved by improving R&D efficiency through digital device libraries, adapting to complex scenarios through
highly integrated design and low-level hardware upgrading; supply chain security is ensured, local delivery
needs of top customers are matched, the stickiness of core customers is enhanced, main product categories grow
rapidly, and economies of scale are emerging based on a multi-region layout.
(2) Innovative product categories and small household appliances: With a stable R&D system and a
rich product platform, we have built technological capabilities such as multimodal perception and scenario-
based algorithms to improve product interaction performance, empower downstream brand customers'
innovative demand and product realization quickly, promote the growth of categories such as cleaning, kitchens
and bathrooms, and personal care, and create multidimensional growth drivers.
(3) Overseas market expansion: The demand for commercial air conditioners, HVAC equipment and
other categories remains strong. The Company deepens cooperation opportunities with existing customers,
conducts vertical category expansion, and enhances customer value coverage; it expands horizontally to other
top HVAC brand customers, and increases shares in overseas commercial air conditioner and HVAC markets; it
seizes opportunities in emerging markets, deepens cooperation with customers for upgrading needs of the
Indian air conditioner market, strengthens local R&D and partner-style services based on local specific market
demand, offers highly competitive products, and creates new incremental spaces.
In the future, the Company will continue to deepen intelligent innovation and global market presence,
strengthen strategic collaboration with top customers, seize opportunities from industry technology upgrading
and market expansion, and promote the sustained high-quality growth of the home appliance business.
(II) Digital energy and intelligent vehicles: During the reporting period, revenue of RMB 848 million
was achieved, a year-on-year decrease of 16.98%, and gross profit margin was 22.77%, a year-on-year increase
of 1.09 percentage points.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Business performance: During the reporting period, revenue of RMB 588 million was achieved, a year-
on-year decrease of 33.30%, mainly due to the impact of the industry's destocking cycle.
Core competitiveness: As an innovation leader in this field, based on the "one chip, one cloud and 3S"
(cells, cloud platform, BMS, PCS, EMS) core technology system, we have built a full chain product ecosystem
of "cloud, photovoltaics, storage and charging", and formed full solution capabilities from core components to
system integration, covering multiple scenarios such as outdoor portability, and home, industrial and
commercial use.
Strategic adjustment and breakthroughs: In face of the industry environment, the Company optimizes
its product structure actively, shrinks homogeneous categories with low gross profit margins, focuses on high
value-added fields, and builds differentiated advantages through technological iteration and scenario matching:
(1) Core components BMS/PCS/EMS and cloud platform: BMS covers multi scenario demand from
low-voltage energy storage to large-scale storage, and with millisecond level thermal runaway detection
technology, it improves system safety and lifespan greatly, and supports the stable operation of batteries under
extreme working conditions throughout their lifecycle; PCS achieves comprehensive upgrading from
architecture to control, covering multiple voltage levels and multiple built-in communication protocol stacks,
which can adapt to local protocols and be remotely upgraded automatically; the EMS has strong network
stability and can be tailored to customer needs; the zero carbon cloud platform combines AI algorithms, weather
forecasting, and load curves to optimize charging and discharging strategies dynamically, and help users
maximize economic benefits of energy storage assets.
(2) Home storage field: We offer a full range of high/low voltage products, with the high voltage stacked
system supporting flexible expansion. We achieve remote intelligent control and multi-energy-source
collaboration, and create a "smart energy" experience based on our self-developed cloud platform;
(3) Industrial and commercial storage, and large-scale storage field: The intelligent liquid cooling and
heating management system improves heat dissipation efficiency and environmental adaptability effectively.
The zero carbon cloud platform helps optimize energy dispatching. The main products have been certified to
European standards and entered the North American, European, South Asian, and Southeast Asian markets
successfully, achieving the continuous delivery of multiple large-scale system projects.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
In the future, global green and low-carbon transformation will drive the accelerated evolution of energy
storage technology towards high safety, high efficiency and intelligence, centralized and distributed
collaborative development will become a trend, and market demand will continue to grow. The Company has
completed technology and product reserves for multiple categories and scenarios, and established overseas
channels and service platforms. With its global operational capabilities and technological accumulation, this
sector is expected to recover momentum in the new round of industry growth and become a core incremental
sector in the medium and long term.
Business performance: During the reporting period, revenue reached RMB 260 million, a year-on-year
increase of 86.03%, with strong growth momentum.
Core layout: The Company has built a product matrix centered around electrification and advanced
intelligent driving, with laser radar motors and charging piles being the core:
(I) Lidar motor: With the accelerated penetration of intelligent driving technology in the field of new
energy vehicles, the lidar motor developed jointly by the Company and top customers has achieved mass
production and stable shares among core customers. The Company engages in platform development actively,
and keeps expanding more automaker customers, optimizing technical parameters to improve cross vehicle and
cross-solution adaptability, and building product reuse advantages. In the future, as intelligent driving upgrades
to L3 and above, the assembly rate of lidars is expected to further increase. With the accumulation of
automotive grade motor technology and the first mover advantage among customers, the Company is expected
to benefit deeply from the industry's growth.
(II) Charging piles: Revenue doubled during the reporting period. Against the backdrop of rapid
growth in the global ownership of new energy vehicles, the demand for charging facilities is rising significantly.
With focus on liquid cooled supercharging technology, the Company has built a full scenario product matrix
covering AC and DC charging piles to meet diversified charging needs such as home, commerce, and public
transit.
(III) Robots: During the reporting period, sales revenue reached RMB 277 million, a year-on-year
increase of 22.72%, and gross profit margin was 26.95%, a year-on-year decrease of 1.96 percentage points.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
In the wave of technological change, the robotics industry is standing at the forefront of explosive growth.
From home robots that serve daily life to industrial robots that lead industrial transformation, and highly-
anticipated humanoid robots, the application scope of robots is expanding, changing the way in which all
industries operate profoundly. In this booming industry trend, the Company makes an active presence in the
robot sector, driving rapid business development with keen market insights and solid technological strength.
Currently, the Company is expanding into the sophisticated complete robot category in the market steadily
based on the component business in the robot sector. Our products are applied widely to the fields of service
robots, humanoid robots, industrial robots, and related equipment. We offer control, motor, drive, and AI
complete robot products, forming a full-chain, multidimensional product system that meets diversified needs of
different customers and application scenarios.
During the reporting period, the Company's robot sector grew rapidly. Complete stir-frying, mowing and
sweeping robot solutions are growing rapidly, and the competitiveness of our products also keeps improving. In
the field of humanoid robots, the Company has established close cooperation with leading humanoid robot
manufacturers in the industry for hollow cup motors, as well as actuator assemblies that integrate hollow cup
motor bodies with gearboxes, encoders, and screws with excellent performance and reliability, and received lots
of orders. These core components serve as "joints" and "muscles" of humanoid robots, and provide critical
support for their precise and flexible movements. In the field of service robots, the Company develops
multifunctional service robots, and provides users with more convenient and intelligent life and work
experiences with focus on home and commercial service scenarios. In terms of industrial robots, the Company
focuses on breakthroughs in high precision, reliability, and integrated performance to meet intelligent upgrading
needs of the manufacturing industry;
In the future, on the one hand, the Company will further increase R&D investment, establish a top R&D
team, deeply integrate frontier technologies such as AI, IoT, and big data, keep optimizing product performance,
and expand application scenarios. On the other hand, the Company will further strengthen market expansion
and accelerate technological response: accelerating the conversion of existing customer orders, improving
customer satisfaction and loyalty with high-quality products and efficient services, carrying out cooperation and
engagement with leading complete robot enterprises actively, and promoting the realization of products and
scenarios.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Year-on-year changes in major financial metrics
Unit: RMB
Same period Year-on-year
Reporting period Reason for change
previous year increase/decrease
Operating
revenue
Operating cost 4,261,763,382.25 3,817,211,001.65 11.65% No significant changes
This was mainly due to the increase in remunerations
of employees for new business development, as well
Selling
expenses
and equity incentive expenses incurred for market
development.
Management It was mainly due to the increase in equity incentive
expenses expenses during the reporting period.
Finance It was mainly due to the decrease in interest
-38,757,798.52 -28,781,584.15 -34.66%
expenses expenses.
Income tax
expenses
R&D It was mainly due to the increase in R&D investment
investment during the reporting period.
Net cash flow
It was mainly due to the year-on-year increase in
from operating 353,354,566.49 470,314,174.67 -24.87%
remuneration payment during the reporting period.
activities
Net cash flow It was mainly due to the increase in net amount
from arising from cash management and the decrease in
-161,606,599.96 -313,160,118.83 48.39%
investment cash payments for purchasing long-term during the
activities reporting period.
Net cash flow
It was mainly due to the repurchase of shares in the
from financing -19,230,084.46 -120,296,374.28 84.01%
same period of last year.
activities
Net increase in
It was mainly due to the increase in net cash flows
cash and cash 206,373,931.40 78,953,413.52 161.39%
from investment and financing activities.
equivalents
Significant changes in the Company's composition or source of profit in the reporting period
□ Applicable Not applicable
There was no significant change in the Company's composition or source of profit in the reporting period.
Composition of operating income
Unit: RMB
Proportion in Year-on-year
Proportion in increase/decrease
Amount Amount operating
operating income
income
Total operating income 5,502,335,729.18 100% 5,015,785,165.59 100% 9.70%
By industry
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Intelligent control
electronics industry
By product
Tools and home appliances 4,376,806,478.26 79.55% 3,768,104,602.98 75.12% 16.15%
Digital energy and
intelligent vehicles
Robots 277,432,452.01 5.04% 226,062,346.97 4.51% 22.72%
By region
PRC (mainland) 1,756,187,461.66 31.92% 1,777,778,390.12 35.44% -1.21%
Overseas 3,746,148,267.52 68.08% 3,238,006,775.47 64.56% 15.69%
By sales model
Basing production on sales
volume
The situation of industries, products or regions accounting for more than 10% of the Company's operating
income or operating profit
Applicable □ Not applicable
Unit: RMB
Increase
Increase or Increase or or
decrease of decrease of decrease
operating operating of gross
Gross profit
Operating revenue Operating cost income over costs over profit rate
rate
the same the same over the
period of last period of same
year last year period of
last year
By industry
Intelligent control
electronics industry
By product
Tools and home
appliances
Digital energy and
intelligent vehicles
By region
PRC (mainland) 1,756,187,461.66 1,378,958,201.89 21.48% -1.21% -2.35% 0.91%
Overseas 3,746,148,267.52 2,882,805,180.36 23.05% 15.69% 19.86% -2.67%
By sales model
Basing production on
sales volume
The Company's main business data for the last period adjusted according to the caliber at the end of the
reporting period when the statistical caliber of the Company's main business data is adjusted in the reporting
period
□ Applicable Not applicable
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
IV. Analysis of non-main business
Applicable □ Not applicable
Unit: RMB
Proportion in Whether it is
Amount Explanation of reasons
total profit sustainable
Mainly return on investment from purchased
Investment income 6,143,016.93 1.73% No
structured deposits
Profit and loss from
Mainly fair value gains and losses
changes in fair -106,506.00 -0.03% No
corresponding to foreign exchange derivatives
value
Asset impairment Mainly due to provision for inventory
-25,099,491.27 -7.05% No
loss depreciation reserves
Non-operating Mainly breach compensation and various
income penalties
Non-operating
expenses
V. Analysis of assets and liabilities
Unit: RMB
End of the reporting period End of the previous year Increase or
decrease Explanation of
Proportion in Proportion in of major changes
Amount Amount
total assets total assets proportion
Monetary No significant
capital changes
Accounts No significant
receivable changes
No significant
Inventory 2,183,308,352.70 15.96% 1,810,510,580.57 14.09% 1.87%
changes
Investment No significant
property changes
Long-term
No significant
equity 39,837,141.24 0.29% 38,959,272.14 0.30% -0.01%
changes
investment
No significant
Fixed assets 2,751,625,689.48 20.12% 2,737,959,115.57 21.31% -1.19%
changes
Construction in No significant
progress changes
Right-of-use No significant
assets changes
Short-term No significant
loans changes
Contractual No significant
liabilities changes
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Mainly due to the
increase in long-
term loans for the
Long-term
loans
Huizhou Industrial
Park during the
reporting period.
No significant
Lease liabilities 48,146,092.89 0.35% 42,076,530.36 0.33% 0.02%
changes
Applicable □ Not applicable
Unit: RMB
Proportion
Control Whether
of foreign
measures to there is a
Asset Reasons of Operation Earning assets to
Asset size Location ensure the significant
details formation mode position net assets
safety of risk of
of the
assets impairment
Company
Financial
Operation R&D,
Investment and Pune, supervision
Center in 655,931,218.04 production 41,047,382.32 9.40% No
establishment India and external
India and sales
audit
Vietnam Financial
Dong Nai R&D,
Dong Nai Investment and 1,189,632,607. supervision
Province, production 74,402,441.59 17.05% No
Operation establishment 83 and external
Vietnam and sales
Center audit
Other
None.
disclosures
Applicable □ Not applicable
Unit: RMB
Profits and Impairm
losses from Changes in ent
changes in cumulative fair accrued Purchase amount in Amount sold in the Amount at the end
Items Opening balance Other changes
fair value in value included in in the the current period current period of the year
the current equity current
period period
Financial
assets
financial
assets
(excluding 739,448,691.77 238,079,377.13 1,455,014,088.18 1,606,727,285.67 580,066.58 588,315,560.86
derivative
financial
assets)
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
equity
instrument
investments
financing
Subtotal of
financial 915,679,140.33 241,899,203.13 1,455,014,088.18 1,606,727,285.67 41,360,164.11 805,326,106.95
assets
Total of the
above
Financial
liabilities
Contents of other changes
None.
Whether there are significant changes in the measurement attributes of the Company's main assets during the
reporting period
□ Yes No
Refer to Section VIII Financial Report, VII. Notes to Items in Consolidated Financial Statements, 31. Assets
with limited ownership or use right for details.
VI. Investment analysis
□ Applicable Not applicable
□ Applicable Not applicable
□ Applicable Not applicable
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
(1) Securities investment
□ Applicable Not applicable
There was no securities investment during the reporting period.
(2) Derivatives investment
Applicable □ Not applicable
Applicable □ Not applicable
Unit: RMB ten thousand
Proportion
of
investment
amount at
Profits and
Changes in Purchase Amount the end of
losses from
Types of Initial cumulative amount sold during the period
Beginning changes in Ending
derivatives investment fair value during the the in net assets
amount fair value in amount
investment amount included in reporting reporting of the
the current
equity period period Company at
period
the end of
the
reporting
period
Trading of foreign
exchange 8,626.08 8,626.08 0 0 0 8,626.08 0 0.00%
derivatives
Swap 37,224.72 0 -10.65 -10.65 37,224.72 14,317.2 22,907.52 3.28%
Total 45,850.80 8,626.08 -10.65 -10.65 37,224.72 22,943.28 22,907.52 3.28%
Explanation of
accounting policies
and specific
accounting
The Company has made corresponding accounting and presentation for foreign-exchange derivative transaction to be
principles for
done according to Accounting Standards for Business Enterprises No. 22 - Recognition and Measurement of Financial
hedging business
Instruments, Accounting Standards for Business Enterprises No. 24 - Hedge Accounting, Accounting Standards for
during the
Business Enterprises No. 37 - Presentation of Financial Instruments issued by Ministry of Finance, and other
reporting period, as
regulations and guides. Foreign exchange derivative contracts were initially and subsequently measured using
well as whether
tradable financial assets, which fair value is priced by financial institutions based on open market trading data, and
there have been
there has been no significant change compared to the last reporting period.
significant changes
compared to the
last reporting
period
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Explanation of
actual profits and The amount of our foreign exchange derivative transactions credited to the current actual profits and losses during the
losses in the reporting period is RMB 743,400.
reporting period
The Company conducted forward exchange transaction, effectively reducing the risk of exchange fluctuations through
Explanation of
reasonable RMB forward exchange transaction, focusing on future transaction costs and incomes, and achieving asset
hedging effect
hedging with the aim of avoiding risks.
Capital sources of
derivatives Self-own capitals
investment
I. Risk analysis of forward exchange transaction
The forward exchange transaction business carried out by the Company and its subsidiaries followed the principle of
locking in exchange rate risk and not engaging in speculative or arbitrage trading operations. However, there were
still certain risks in forward exchange transaction operations:
exchange rate stipulated in the confirmation letter for forward exchange transactions was lower than the real-time
exchange rate on the settlement day, it will cause exchange losses.
inadequate internal control systems.
within the predicted payment period, it will cause a delay in forward exchange settlement and result in losses for the
Company.
Risk analysis and collection based on customer orders and expected orders. Nonetheless, during the actual execution process, customers
control measures may adjust their own orders and the Company may make an inaccurate payment prediction, leading to the risk of
of derivatives delayed delivery of forward exchange settlement.
positions in the 5. Legal risk: Changes in relevant laws or violations of relevant legal systems by counterparties may result in
reporting period contracts being unable to be executed normally and cause losses to the Company.
(including but not II. Risk control measures
limited to market 1. The Company has formulated the Internal Control System for Forward Exchange Transactions, which provides
risk, liquidity risk, clear regulations on the Company's foreign exchange transaction operating principles, approval authority, internal
credit risk, operating procedures, responsible departments and individuals, information isolation measures, and risk management
operational risk, for forward exchange transaction, and can meet the needs of practical operations, and its internal control and risk
legal risk, etc.) management measures formulated are practical and effective.
management positioning and responsibilities, and responsibilities are assigned to their positions. Through this
hierarchical management, the risks of single person or individual department operations are fundamentally eliminated,
and the speed of risk response is also improved while effectively controlling risks.
management of accounts receivable and actively collects accounts receivable to avoid the phenomenon of overdue
accounts receivable.
qualifications, closely monitors relevant laws and regulations in the field, avoiding potential legal risks.
(payments) of the Company, and the foreign currency amount of the foreign exchange transaction contract must not
exceed 90% of the annual planned total amount of foreign currency receipts (payments). The delivery period of
forward exchange transactions needs to match the Company's predicted foreign currency collection time.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Changes in market
price or fair value
of products of the
invested
derivatives during
the reporting
period, and the
disclosure of Determine changes in fair value based on market quotes from external financial institutions.
specific methods
used and relevant
assumptions and
parameters set in
the analysis of the
fair value of
derivatives
Litigation (if
Not applicable
applicable)
Disclosure date of
Board of Directors
announcement for
January 4, 2025
approval of
derivatives
investment (if any)
□ Applicable Not applicable
We had no derivative investments for speculation during the reporting period.
□ Applicable Not applicable
The Company did not use any raised fund during the reporting period.
VII. Sale of major assets and equity
□ Applicable Not applicable
The Company did not sell any major assets during the reporting period.
□ Applicable Not applicable
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
VIII. Analysis of major holding and equity participating companies
Applicable □ Not applicable
Situation of major subsidiaries and equity participating companies with an impact of 10% or more on net profit
of the Company
Unit: RMB
Company Compan Main Registere Operating Operating
Total assets Net assets Net profit
name y type business d capital revenue profit
R&D,
Huizhou production,
Topband sales,
Subsidia 300
Electrical import and 5,226,777,998.13 2,402,725,467.55 2,888,623,127.57 195,000,362.57 172,384,008.13
ry million
Technology export of
Co., Ltd. electronic
components
TOPBAND
R&D,
SMART
production,
DONG NAI
sales, USD
(VIETNA Subsidia
import and 33.5 1,189,632,607.83 662,807,598.59 757,666,410.81 84,600,924.26 74,402,441.59
M) ry
export of million
COMPAN
electronic
Y
components
LIMITED
R&D,
production,
TOPBAND
sales,
INDIA Subsidia INR 1.96
import and 655,931,218.04 381,629,113.51 359,526,270.04 45,666,828.27 41,047,382.32
PRIVATE ry billion
export of
LIMITED
electronic
components
Situation of acquisition and disposal of subsidiaries during the reporting period
Applicable □ Not applicable
Method of acquisition and disposal of Impact on overall production and
Company name
subsidiaries during the reporting period operations and results
There is no significant impact on the
YOLANESS AFRICA (PTY) LTD Cancellation
performance of this report.
Explanation of major shareholding companies
None.
IX. Situation of structured entity controlled by the Company
□ Applicable Not applicable
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
X. Risks faced by the Company and countermeasures
Trade frictions and geopolitical tensions will also produce adverse influences on business confidence and
investment. The Company may continue to face an uncertain external environment, so we will further
strengthen risk identification and control for various businesses and regions and adjust strategies timely to
minimize external influences.
The intelligent controller industry technology, as the main business of the Company, is developing rapidly
with fast product upgrading and short life cycle. Although the Company continues to invest in R&D and owns a
number of invention and utility patents, there is still a risk that the technology will not be updated in time to
meet market demand, or lag behind competitors in launching new products, resulting in a decline in the market
share and profitability of the Company.
The overseas revenue of the Company accounted for nearly 60% of the total revenue. In order to cope with
the fluctuation risk of China Yuan, the Company will mitigate and hedge foreign exchange risks through
hedging against China Yuan, international procurement, and repricing of new products.
There are many uncertainties in the current macro environment at home and abroad, and there are some
factors that are unfavorable to the operation of the Company. For example, the China-United States trade war,
shortage of raw materials, rising price, insufficient labor and customer credit risk will increase the uncertainty
of the Company's operation.
XI. Formulation and implementation of the market capitalization management system and
valuation improvement plan
Whether the Company formulated a market capitalization management system
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
□ Yes No
Whether the Company disclosed the valuation improvement plan
□ Yes No
XII. Implementation of "Double Improvement of Return on Quality" Action Plan
Whether the Company disclosed the "Double Improvement of Return on Quality" Action Plan.
Yes □ No
The Company implements the call of the meeting of the Political Bureau of the CPC Central Committee to
"activate the capital market and boost investor confidence", and the call of the executive meeting of the State
Council to "vigorously improve the quality and investment value of listed companies" actively. In order to
further improve the quality and investment value of listed companies, enhance investor confidence, and protect
the interests of all shareholders, the Company has formulated the "Double Improvement of Return on Quality"
Action Plan based on its own development strategy, business status, and financial status. Refer to the
Announcement on the "Double Improvement of Return on Quality" Action Plan (announcement No.: 2025010)
disclosed by the Company on http://www.cninfo.com.cn on January 23, 2025 for details.
Section IV Corporate Governance, Environment and Society
I. Changes in directors, supervisors and senior executives
Applicable □ Not applicable
Name Position Type Date Reason
Chairman of
Dai No longer serves as a supervisor because the Board of Supervisors is
the Board of Outgoing 2025/04/22
Huijuan cancelled after the revision of the Articles of Association
Supervisors
Kang No longer serves as a supervisor because the Board of Supervisors is
Supervisor Outgoing 2025/04/22
Weiquan cancelled after the revision of the Articles of Association
Chen Worker
Outgoing 2025/02/18 Personal reason
Jinzhou supervisor
II. Profit distribution and conversion of capital surplus to share capital during the reporting
period
□ Applicable Not applicable
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
The Company plans not to pay cash dividend, to issue bonus shares, or to increase the share capital by capital
reserve for the first half.
III. Implementation of the Company's equity incentive plan, employee stock ownership plan
or other employee incentive measures
Applicable □ Not applicable
Implementation of the stock option incentive plan in 2024:
(1) On November 6, 2024, the 15th (Extraordinary) Meeting of the 8th Board of Directors deliberated and
passed the Proposal on the Company's 2024 Stock Option Incentive Plan (Draft) and its Abstract, the Proposal
on the Measures for the Implementation Evaluation and Management of the Company's 2024 Stock Option
Incentive Plan, and the Proposal on Requesting the General Meeting of Shareholders to Authorize the Board of
Directors to Handle Matters Related to the Company's 2024 Stock Option Incentive Plan, approving the
Company to grant not more than 33 million stock options to not more than 1,200 incentive recipients. The stock
source of this plan is A-shares of the Company's common stock to be issued to incentive recipients in a targeted
manner and/or A-shares of the Company's common stock repurchased from the secondary market. The exercise
periods of the stock options granted this time are 12 months, 24 months and 36 months from the date of
granting of stock options, to be exercised at ratios of 30%, 30% and 40%. The 10th (Extraordinary) Meeting of
the 8th Board of Supervisors deliberated and passed the above proposals and verified the list of incentive
recipients for this incentive plan. The lawyer issued a legal opinion and the independent financial consultant
issued an independent financial consultant report.
(2) On November 11, 2024, the Company disclosed the names and positions of 1,061 proposed incentive
recipients in this incentive plan through the internal OA office system for the period of November 11-20, 2024.
During the disclosure period, the Board of Supervisors did not receive any objection related to the incentive
recipients of this incentive plan. On November 21, 2024, the Company disclosed the Note and Verification
Opinion of the Board of Supervisors on the Disclosure of the List of Incentive Recipients for the 2024 Stock
Option Incentive Plan of the Company. The Board of Supervisors thinks that the incentive recipients of this
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
incentive plan meet the conditions stipulated by relevant laws, and are lawful and effective as the incentive
receipts of this incentive plan.
(3) On November 25, 2024, the Company held the 2nd Extraordinary General Meeting of Shareholders in
and its Abstract, the Proposal on the Measures for the Implementation Evaluation and Management of the
Company's 2024 Stock Option Incentive Plan, and the Proposal on Requesting the General Meeting of
Shareholders to Authorize the Board of Directors to Handle Matters Related to the Company's 2024 Stock
Option Incentive Plan. On the same day, the Company disclosed the Self-inspection Report on the Trading of
the Company's Stock by Insiders and Incentive Recipients under the 2024 Stock Option Incentive Plan.
(4) On December 9, 2024, the Company held the 16th (Extraordinary) Meeting of the 8th Board of
Directors, which deliberated and passed the Proposal on Adjusting Relevant Matters of the 2024 Stock Option
Incentive Plan, and the Proposal on Granting Stock Options to Incentive Recipients. As of December 9, 2024,
four incentive recipients originally determined through deliberation had resigned or submitted resignation
applications, and no longer meet the conditions for becoming incentive recipients; seven incentive recipients
voluntarily gave up their eligibility to be granted stock options for personal reasons; 100,000 stock options to be
granted to the above 11 incentive recipients were cancelled. After the adjustment, there were 1,050 incentive
recipients under the Company's stock option incentive plan, and the total number of stock options granted was
adjusted from 33 million to 32.9 million; the grant date for this incentive plan was fixed to be December 9, 2024
along. The Board of Supervisors conducted an audit and issued an audit opinion, the lawyer issued a legal
opinion, and the independent financial consultant issued an independent financial consultant report.
(5) On December 26, 2024, after review and confirmation by the Shenzhen Stock Exchange and the China
Securities Depository and Clearing Corporation Shenzhen Branch, the Company completed the registration of
(6) On June 11, 2025, the Company held the 20th Meeting of the 8th Board of Directors, which deliberated
and passed the Proposal on Adjusting the Exercise Price of the 2024 Stock Option Incentive Plan, approving the
adjustment of the exercise price of stock options under the 2024 stock option incentive plan from RMB
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
the independent financial consultant issued an independent financial consultant report.
For details of the implementation of the 2024 stock option incentive plan, refer to the announcements
disclosed by the Company on November 7, 2024, November 26, 2024, December 11, 2024, December 27, 2024,
and June 12, 2025 on the Securities Times and http://www.cninfo.com.cn.
Applicable □ Not applicable
All employee stock ownership plans valid during the reporting period
Proportion to the Funding source for
Scope of Number of Total number of
Changes share capital of the plan
employees employees stocks held (shares)
listed company implementation
Directors Special incentive
(excluding funds provided for
independent by the Company
directors), senior and funds raised by
executives, and other means as
core backbone permitted by laws
personnel of the and administrative
Company regulations
Shareholding of directors, supervisors, and senior executives under the employee stock ownership plan during
the reporting period
Number of shares held Number of shares held
Proportion to the share
at the beginning of the at the end of the
Name Position capital of the listed
reporting period reporting period
company
(shares) (shares)
Directors: Ma Wei,
Zheng Sibin, Peng
Directors and senior
Ganquan; senior 1,300,000 1,300,000 0.1043%
executives
executives: Wen
Chaohui, Luo Muchen
Note: Since the supervisors left office and the Board of Supervisors was cancelled during the reporting period,
the number of shares held by the supervisors prior to that is not included in the above data.
Changes in the asset management agency during the reporting period
□ Applicable Not applicable
Changes in equity arising from the disposal of shares by holders during the reporting period
□ Applicable Not applicable
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
The exercise of rights by shareholders during the reporting period
□ Applicable Not applicable
Other relevant situations of the employee stock ownership plan during the reporting period and notes
□ Applicable Not applicable
Changes in members of the Employee Stock Ownership Plan Management Committee
□ Applicable Not applicable
Financial impact of the employee stock ownership plan on the listed company during the reporting period and
related accounting treatment
□ Applicable Not applicable
Termination of the employee stock ownership plan during the reporting period
□ Applicable Not applicable
Other description:
None
□ Applicable Not applicable
IV. Disclosure of environmental information
Whether the listed company and its major subsidiaries are included in the list of enterprises disclosing
environmental information according to law
□ Yes No
V. Social responsibility
Not applicable.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Section V Important Matters
I. Completed commitments in the reporting period and uncompleted commitments within
the time limit by the end of the reporting period by the Company's actual controller,
shareholders, related parties, acquirers, the Company and other committed related parties
Applicable □ Not applicable
Reasons for Commitment Commitment Commitment Commitment
Commitment content Performance
commitments Party type time period
Mr. Wu Yongqiang, the actual
controller of the Company, has
promised that during the period
of being the controlling
Commitments shareholder and/or actual
made during Commitments controller of the Company, he Fulfill the
Wu Long
the initial to horizontal would not directly or indirectly 2006/06/12 commitment
Yongqiang standing
public offering competition engage in any business which strictly
or refinancing was the same, similar or
substantially competitive with
the main business of the
Company at present and in the
future.
Whether the
commitment
Yes
was fulfilled
on schedule
If the
commitment
was not
fulfilled within
the time limit,
the specific
Not applicable
reasons for the
failure and the
next work plan
shall be
explained in
detail.
II. Non-operating capital occupation of listed companies by controlling shareholders and
their related parties
□ Applicable Not applicable
There was no non-operating capital occupation of listed companies by controlling shareholders and their related
parties in the reporting period of the Company.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
III. External guarantee in violation of regulations
□ Applicable Not applicable
The Company had no external guarantee in violation of regulations during the reporting period.
IV. Appointment and dismissal of accounting firms
Whether the half-year financial statements have been audited
□ Yes No
V. Explanation of the "non-standard audit report" of the Accounting Firm in the reporting
period by the Board of Directors and the Board of Supervisors
□ Applicable Not applicable
VI. Explanation of the Board of Directors on the "non-standard audit report" of the
previous year
□ Applicable Not applicable
VII. Matters related to bankruptcy reorganization
□ Applicable Not applicable
There were no matter related to bankruptcy reorganization during the reporting period.
VIII. Lawsuit
Major litigation and arbitration matters
□ Applicable Not applicable
The Company had no major litigation and arbitration matters during the reporting period.
Other lawsuits
□ Applicable Not applicable
IX. Punishment and rectification
□ Applicable Not applicable
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
The Company was not subject to any penalty or rectification during the reporting period.
X. Integrity condition of the Company, its controlling shareholders and actual controllers
□ Applicable Not applicable
XI. Major related transactions
□ Applicable Not applicable
The Company had no related transactions connected with daily operations during the reporting period.
□ Applicable Not applicable
The Company had no related transaction of acquisition or sale of assets or equity during the reporting period.
□ Applicable Not applicable
The Company had no related transaction of joint foreign investment during the reporting period.
□ Applicable Not applicable
The Company had no related creditor's right and debt transaction during the reporting period.
□ Applicable Not applicable
There was no deposit, loan, credit extension or other financial business between the Company and its related
financial companies or between the related parties.
□ Applicable Not applicable
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
There was no deposit, loan, credit or other financial business between financial companies controlled by the
Company and related parties.
□ Applicable Not applicable
The Company had no other major related transaction during the reporting period.
XII. Major contracts and their performance
(1) Trusteeship
□ Applicable Not applicable
The Company had no trusteeship during the reporting period.
(2) Contracting
□ Applicable Not applicable
The Company had no contracting during the reporting period.
(3) Lease
Applicable □ Not applicable
Disclosure of lease
Refer to VII. 82 in Section X.
Item with profits and losses reaching 10% of the total profit of the Company during the reporting period
□ Applicable Not applicable
The Company had no lease item with profits and losses reaching 10% of the total profit of the Company during
the reporting period.
Applicable □ Not applicable
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Unit: RMB ten thousand
External guarantee of the Company and its subsidiaries (excluding guarantee for subsidiaries)
Date of
disclosure Whether
of the Counte the
Guarante Actual Whethe
Name of relevant Actual date Collater r guarantee
e guarante Guarante Guarantee r it was
guarantee announceme of al (if guarant objects
amount e e type period complet
object nt of occurrence any) ee (if were
limit amount ed
guarantee any) related
amount parties
limit
Not
applicable
Guarantee of the Company to its subsidiaries
Date of
disclosure Whether
of the Counte the
Guarante Actual Whethe
Name of relevant Actual date Collater r guarantee
e guarante Guarante Guarantee r it was
guarantee announceme of al (if guarant objects
amount e e type period complet
object nt of occurrence any) ee (if were
limit amount ed
guarantee any) related
amount parties
limit
Not
applicable
Guarantee of the subsidiaries to its subsidiaries
Date of
disclosure Whether
of the Counte the
Guarante Actual Whethe
Name of relevant Actual date Collater r guarantee
e guarante Guarante Guarantee r it was
guarantee announceme of al (if guarant objects
amount e e type period complet
object nt of occurrence any) ee (if were
limit amount ed
guarantee any) related
amount parties
limit
Huizhou
Joint maturity date
YAKO
Automatio
guaranty guaranteed
n
parties
Huizhou
Joint maturity date
YAKO
Automatio
guaranty guaranteed
n
parties
Huizhou
Joint maturity date
YAKO
Automatio
guaranty guaranteed
n
parties
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Huizhou
Joint maturity date
YAKO
Automatio
guaranty guaranteed
n
parties
Huizhou
Joint maturity date
YAKO
Automatio
guaranty guaranteed
n
parties
Huizhou
Joint maturity date
YAKO
Automatio
guaranty guaranteed
n
parties
Huizhou
Joint maturity date
YAKO
Automatio
guaranty guaranteed
n
parties
Huizhou
Joint maturity date
YAKO
Automatio
guaranty guaranteed
n
parties
Huizhou
Joint maturity date
YAKO
Automatio
guaranty guaranteed
n
parties
Huizhou
Joint maturity date
YAKO
Automatio
guaranty guaranteed
n
parties
Total actual balance
Total amount of approved
of guarantee for
guarantee for subsidiaries During the reporting period, the above master guarantee
at the end of the reporting contracts were closed and the guarantees were terminated.
end of the reporting
period (C3)
period (C4)
Total amount of the corporate guarantee (i.e. the sum of the first three items)
Total amount of guarantee Total actual balance
approved at the end of the of guarantee at the During the reporting period, the above master guarantee
reporting period end of the reporting contracts were closed and the guarantees were terminated.
(A3+B3+C3) period (A4+B4+C4)
Including:
Applicable □ Not applicable
Unit: RMB ten thousand
Capital source of Amount of Overdue amount Accrued
Specific types Unexpired balance
entrusted financing entrusted financial not recovered impairment amount
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
management of overdue and
unrecovered wealth
management
Bank financial
Self-own capitals 135,501.41 14,538.92 0 0
products
Wealth
management
Self-own capitals 10,000 10,000 0 0
products of
securities dealers
Total 145,501.41 24,538.92 0 0
Specific situation of high-risk entrusted financial management with the significant single amount or low
security and poor liquidity
□ Applicable Not applicable
Entrusted financial management was expected to be unable to recover the principal or there were other
situations that may lead to impairment
□ Applicable Not applicable
□ Applicable Not applicable
There were no other significant contracts in the reporting period of the Company.
XIII. Explanation of other major matters
Applicable □ Not applicable
On January 23, 2025, the repurchase plan adopted at the 6th (Extraordinary) Meeting of the 8th Board of
Directors expired. The Company has repurchased 11,779,000 shares through centralized bidding, accounting for
transaction price of RMB 6.34/share, and a cumulative payment amount of RMB 95,702,125.00 (excluding
transaction costs). The repurchase amount meets the requirement of the share repurchase plan, which has been
fully implemented.
XIV. Major matters of subsidiaries of the Company
□ Applicable Not applicable
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Section VI Share Change and Shareholders
I. Share change
Unit: Share
Before this change Increase or decrease of change this time (+, -) After this change
Conver
Issua
Sto sion of
nce
ck accumu
of Subtota Proportio
Quantity: Proportion divi lation Others Quantity:
new l n
den fund
share
d into
s
shares
I. Shares with non-tradable
conditions
owned legal persons
domestic capital
Including: shares held
by domestic legal persons
Shares held by
domestic natural person
investment
Including: shares held
by overseas legal persons
Shares held by overseas
natural persons
II. Shares with unlimited
tradable conditions
shares
shares
III. Total number of shares 1,246,834,988 100.00% 0 0 0 0 0 1,246,834,988 100%
Reasons for share change
□ Applicable Not applicable
Approval of share change
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
□ Applicable Not applicable
Transfer of share change
□ Applicable Not applicable
Implementation progress of share repurchase
Applicable □ Not applicable
On January 23, 2025, the repurchase plan adopted at the 6th (Extraordinary) Meeting of the 8th Board of
Directors expired. The Company has repurchased 11,779,000 shares through centralized bidding, accounting for
transaction price of RMB 6.34/share, and a cumulative payment amount of RMB 95,702,125.00 (excluding
transaction costs). The repurchase amount meets the requirement of the share repurchase plan, which has been
fully implemented.
Progress in the implementation of the reduction of share repurchase through centralized bid
□ Applicable Not applicable
The impact of share changes on financial indicators such as basic earnings per share and diluted earnings per
share in the latest year and the latest period, net assets per share attributable to ordinary shareholders of the
Company, etc.
□ Applicable Not applicable
Other contents deemed necessary by the Company or required to be disclosed by the securities regulatory
institution
□ Applicable Not applicable
Applicable □ Not applicable
Unit: Share
Desterilization Increase
Number of non- Number of non-
number of non- number of non-
Name of tradable shares tradable shares Reasons for Date of lifting
tradable shares tradable shares
shareholder at the beginning at the end of the non-trading sales restriction
in the current in the current
of the period period
period period
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Executives
Wu Yongqiang 159,006,536 0 0 159,006,536 Not applicable
lock-in shares
Executives
Ma Wei 6,389,800 0 0 6,389,800 Not applicable
lock-in shares
Executives Not applicable
Peng Ganquan 3,642,675 1 0 3,642,674
lock-in shares (see Note 1)
Executives
Zheng Sibin 4,472,902 0 0 4,472,902 Not applicable
lock-in shares
Executives
Wen Zhaohui 1,982,270 0 0 1,982,270 Not applicable
lock-in shares
Executives
Dai Huijuan 239,709 0 79,903 319,612 See Note 2
lock-in shares
Executives
Luo Muchen 11,250 0 0 11,250 Not applicable
lock-in shares
Total 175,745,142 1 79,903 175,825,044 -- --
Note:
previous year and re-adjusted at the beginning of this year.
reduction of the former China Securities Regulatory Commission and the Shenzhen Stock Exchange, a supervisor of a listed
company are not allowed to transfer the shares held by him/her in the Company within 6 months from the date when he/she
actually leaves office, and during the term of office determined at the time of appointment and within 6 months after its expiry, the
number of shares transferred annually shall not exceed 25% of the total number of shares held by him/her. Therefore, the sales
restriction release dates for the shares held by Ms. Dai Huijuan are the day after the expiry of six months from the date on which
she leaves office, the beginning of the following year from the date on which she leaves office, and the day after the expiry of her
term of office. The shares held by her can be unlocked and circulated according to the above statutory proportion.
II. Issuance and listing of securities
□ Applicable Not applicable
III. Number of shareholders and shareholding situation of the Company
Unit: Share
Total number of ordinary Total number of preferred shareholders with
shareholders at the end of the 103,893 voting rights restored at the end of the 0
reporting period reporting period (if any) (see Note 8)
Shareholding status of shareholders holding more than 5% shares or top 10 shareholders (excluding shares lent via refinancing)
Name of Nature of Proport Number of Changes in Number of Number of Pledge, marking or
shareholder shareholders ion of shares held increase or shares with shares freezing
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
shareho at the end of decrease in trading without
lding the the restriction trading Share
Quantity:
reporting reporting conditions restriction status
period period conditions
Domestic
Wu Yongqiang natural 17.00% 212,008,715 0 159,006,536 53,002,179 Pledge 38,860,000
person
Industrial Bank
Co., Ltd. – China
Not
IC Robot Trading
Others 2.24% 27,916,600 18,728,400 0 27,916,600 applica 0
Open-ended Index
ble
Securities
Investment Fund
Domestic Not
Xie Renguo natural 1.96% 24,495,088 320,000 0 24,495,088 applica 0
person ble
Domestic Not
Ji Shuhai natural 1.87% 23,329,130 -300,000 0 23,329,130 applica 0
person ble
China Merchants
Bank – Southern
Not
IC 1000 Trading
Others 0.92% 11,519,000 1,222,100 0 11,519,000 applica 0
Open-ended Index
ble
Securities
Investment Fund
Guotai Junan
Securities Co.,
Ltd. – Tianhong Not
IC Robot Trading Others 0.91% 11,305,225 8,152,225 0 11,305,225 applica 0
Open-ended Index ble
Securities
Investment Fund
Hong Kong
Not
Securities Overseas
Clearing Company legal person
ble
Ltd.
Domestic
ONLINK (HK) Not
non-state-
INDUSTRIAL 0.71% 8,846,700 1,076,900 0 8,846,700 applica 0
owned legal
LIMITED ble
person
Agricultural Bank
of China Limited
Not
– Guotai
Others 0.69% 8,644,600 5,587,900 0 8,644,600 applica 0
Intelligent Vehicle
ble
Stock Securities
Investment Fund
Domestic Not
Ma Wei natural 0.68% 8,519,734 0 6,389,800 2,129,934 applica 0
person ble
The top 10 shareholders of
strategic investors or general legal
Not applicable
persons due to placement of new
shares (if any) (see Note 3)
Explanation of the above
shareholders' relationship or Not applicable
concerted action
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Explanation of the above
shareholders' entrusting/entrusted
Not applicable
voting rights and waiver of voting
rights
Special explanations for the
At the end of the reporting period, the Company held 18,045,600 shares in total through the
existence of special repurchase
special securities account for repurchase, accounting for 1.45% of the total equity issued by the
accounts among the top 10
Company.
shareholders (if any) (see Note 11)
Shareholding status of top 10 shareholders without restriction conditions (excluding shares lent via refinancing and locked shares held
by executives)
Type of shares
Number of shares held without trading restriction conditions at the
Name of shareholder Type of
end of the reporting period Quantity:
shares
Wu Yongqiang 53,002,179 A shares 53,002,179
Industrial Bank Co., Ltd. – China
IC Robot Trading Open-ended 27,916,600 A shares 27,916,600
Index Securities Investment Fund
Xie Renguo 24,495,088 A shares 24,495,088
Ji Shuhai 23,329,130 A shares 23,329,130
China Merchants Bank – Southern
IC 1000 Trading Open-ended Index 11,519,000 A shares 11,519,000
Securities Investment Fund
Guotai Junan Securities Co., Ltd. –
Tianhong IC Robot Trading Open-
ended Index Securities Investment
Fund
Hong Kong Securities Clearing
Company Ltd.
ONLINK (HK) INDUSTRIAL
LIMITED
Agricultural Bank of China
Limited – Guotai Intelligent
Vehicle Stock Securities
Investment Fund
Zhong Mingyu 7,940,757 A shares 7,940,757
Explanation of the relationship or
concerted action between the top
restriction conditions and between Not applicable
the top 10 shareholders with
trading restriction conditions and
the top 10 shareholders
Explanation of the participation of
the top 10 ordinary shareholders in
Not applicable
securities margin trading (if any)
(see Note 4)
Participation in lending shares via refinancing by shareholders holding over 5% shares, top 10 shareholders and
top 10 circulating share shareholders without restriction
□ Applicable Not applicable
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Changes from prior period due to lending via refinancing/return of shares by top 10 shareholders and top 10
circulating share shareholders without restriction
□ Applicable Not applicable
Whether the top 10 ordinary shareholders and the top 10 ordinary shareholders with unlimited sales conditions
have conducted the agreed repurchase transactions during the reporting period
□ Yes No
No agreed repurchase transaction was conducted by the top 10 common shareholders and top 10 common
shareholders without restriction conditions of the Company during the reporting period.
IV. Variations in shareholding of directors, supervisors and senior executives
□ Applicable Not applicable
The shareholding of the directors, supervisors and senior executives did not change during the reporting period.
For details, refer to the 2024 Annual Report.
V. Variations in controlling shareholders or real controlling parties
Change of controlling shareholders during the reporting period
□ Applicable Not applicable
The controlling shareholder of the Company did not change during the reporting period.
Change of actual controller during the reporting period
□ Applicable Not applicable
The actual controller of the Company did not change during the reporting period.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
VI. Information on preferred shares
□ Applicable Not applicable
The Company did not have preferred shares during the reporting period.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Section VII Information on Bonds
□ Applicable Not applicable
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Section VIII Financial Report
I. Audit report
Whether the semi-annual report was audited
□ Yes No
The half-year financial statements of the Company have not been audited.
II. Financial Statements
The unit of statements in the financial notes is: RMB
Prepared by: Shenzhen Topband Co., Ltd.
June 30, 2025
Unit: RMB
Items Ending balance Beginning balance
Current assets:
Monetary capital 1,854,938,875.14 1,713,976,263.34
Settlement of provisions
Lending funds
Tradable financial assets 588,315,560.86 739,448,691.77
Derivative financial assets
Notes receivable 42,510,889.66 48,461,335.38
Accounts receivable 3,128,723,591.98 2,992,784,497.73
Receivables financing 171,997,770.09 131,217,672.56
Prepayments 32,253,492.80 26,932,435.21
Premiums receivable
Reinsurance accounts receivable
Reinsurance contract reserves receivable
Other receivables 33,973,857.81 38,621,875.39
Including: interest receivable
Dividends receivable
Repurchase of financial assets for resale
Inventory 2,183,308,352.70 1,810,510,580.57
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Including: data resources
Contract assets
Assets held for sale
Non-current assets due within one year
Other current assets 506,445,553.89 359,556,873.79
Total current assets 8,542,467,944.93 7,861,510,225.74
Non-current assets:
Loans and advances granted
Debt investment
Other debt investment 40,000,000.00 0.00
Long-term receivables
Long-term equity investment 39,837,141.24 38,959,272.14
Other equity instrument investment 45,012,776.00 45,012,776.00
Other non-current financial assets
Investment property 99,146,840.34 100,566,027.85
Fixed assets 2,751,625,689.48 2,737,959,115.57
Construction in progress 815,879,584.23 768,223,670.57
Productive biological assets
Oil and gas assets
Right-of-use assets 75,393,526.08 67,227,073.11
Intangible assets 694,699,598.80 643,784,398.36
Including: data resources
Development expenditure 74,128,950.33 125,214,759.99
Including: data resources
Goodwill 108,769,151.72 108,769,151.72
Long-term deferred expenses 186,463,200.53 188,924,525.82
Deferred tax assets 121,924,131.47 102,678,537.20
Other non-current assets 81,572,820.51 60,036,426.17
Total non-current assets 5,134,453,410.73 4,987,355,734.50
Total assets 13,676,921,355.66 12,848,865,960.24
Current liabilities:
Short-term loans 1,508,128,644.65 1,224,214,110.41
Loan from the Central Bank
Borrowed funds
Financial liabilities held for trading 106,506.00 444,281.13
Derivative financial liabilities
Notes payable 1,394,340,467.78 1,194,662,037.01
Accounts payable 2,507,554,381.64 2,310,872,258.62
Accounts collected in advance 4,358,984.56 3,915,096.80
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Contractual liabilities 154,412,242.00 131,435,683.97
Financial assets sold for repurchase
Deposit absorption and interbank deposit
Acting trading securities
Acting underwriting securities
Employee compensation payable 175,170,318.05 276,437,375.57
Taxes payable 58,011,387.83 48,126,598.87
Other payables 287,725,931.02 450,563,068.15
Including: interest payable
Dividends payable
Service charges and commissions payable
Reinsurance accounts payable
Liabilities held for sale
Non-current liabilities due within one year 50,649,752.88 136,488,765.75
Other current liabilities 65,874,025.67 77,931,203.31
Total current liabilities 6,206,332,642.08 5,855,090,479.59
Non-current liabilities
Insurance contract reserve
Long-term loans 412,270,000.00 245,740,474.88
Bonds payable
Including: preferred shares
Perpetual capital securities
Lease liabilities 48,146,092.89 42,076,530.36
Long-term payables
Long-term employee compensation payable
Estimated liabilities
Deferred income 13,221,844.71 13,358,627.74
Deferred tax liabilities 20,826,856.68 20,219,592.39
Other non-current liabilities
Total non-current liabilities 494,464,794.28 321,395,225.37
Total liabilities 6,700,797,436.36 6,176,485,704.96
Owner's equity:
Share capital 1,246,834,988.00 1,246,834,988.00
Other equity instruments
Including: preferred shares
Perpetual capital securities
Capital reserves 2,144,634,901.21 2,089,578,011.17
Minus: treasury shares 155,694,936.18 155,694,936.18
Other comprehensive income -27,434,301.81 -32,276,903.98
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Special reserves
Surplus reserves 248,359,297.47 248,359,297.47
General risk provision
Retained earnings 3,519,590,231.90 3,275,527,294.98
Total owner's equity attributable to the parent
company
Minority shareholders' equity -166,261.29 52,503.82
Total owners' equity 6,976,123,919.30 6,672,380,255.28
Total liabilities and owners' equity 13,676,921,355.66 12,848,865,960.24
Legal representative: Wu Person in charge of accounting: Luo Head of accounting firm: Luo
Yongqiang Muchen Muchen
Unit: RMB
Items Ending balance Beginning balance
Current assets:
Monetary capital 690,879,110.06 737,724,723.09
Tradable financial assets 442,132,886.74 353,132,886.74
Derivative financial assets
Notes receivable 14,981,734.57 36,071,948.51
Accounts receivable 1,812,621,394.28 1,749,091,674.76
Receivables financing 67,401,718.13 36,369,236.89
Prepayments 8,247,450.76 16,727,322.45
Other receivables 492,484,899.73 269,840,253.20
Including: interest receivable
Dividends receivable
Inventory 505,284,743.69 376,080,117.00
Including: data resources
Contract assets
Assets held for sale
Non-current assets due within one year
Other current assets 32,011,123.71 25,734,118.81
Total current assets 4,066,045,061.67 3,600,772,281.45
Non-current assets:
Debt investment
Other debt investment
Long-term receivables
Long-term equity investment 4,309,343,425.85 4,299,877,436.17
Other equity instrument investment
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Other non-current financial assets
Investment property
Fixed assets 173,371,814.54 182,839,226.06
Construction in progress 724,155.81 10,857,827.42
Productive biological assets
Oil and gas assets
Right-of-use assets 23,747,376.37 12,182,431.45
Intangible assets 232,944,111.24 186,874,312.66
Including: data resources
Development expenditure 56,160,470.77 98,813,454.74
Including: data resources
Goodwill
Long-term deferred expenses 9,848,947.72 12,473,333.17
Deferred tax assets 14,528,848.27 4,272,297.23
Other non-current assets 13,629,797.91 12,437,360.68
Total non-current assets 4,834,298,948.48 4,820,627,679.58
Total assets 8,900,344,010.15 8,421,399,961.03
Current liabilities:
Short-term loans 100,000,000.00
Financial liabilities held for trading 345,711.00
Derivative financial liabilities
Notes payable 2,037,058,216.21 1,895,000,000.00
Accounts payable 1,051,131,588.45 780,481,701.30
Accounts collected in advance
Contractual liabilities 55,370,418.00 40,861,225.32
Employee compensation payable 96,706,180.44 152,318,345.79
Taxes payable 15,947,429.38 22,347,082.81
Other payables 642,941,007.34 365,916,776.73
Including: interest payable
Dividends payable
Liabilities held for sale
Non-current liabilities due within one year 11,366,538.81 4,262,274.85
Other current liabilities 24,179,856.60 56,848,533.19
Total current liabilities 3,934,701,235.23 3,418,381,650.99
Non-current liabilities
Long-term loans 30,250,000.00
Bonds payable
Including: preferred shares
Perpetual capital securities
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Lease liabilities 13,240,588.19 8,978,187.76
Long-term payables
Long-term employee compensation payable
Estimated liabilities
Deferred income 2,562,328.56 2,953,580.27
Deferred tax liabilities
Other non-current liabilities
Total non-current liabilities 15,802,916.75 42,181,768.03
Total liabilities 3,950,504,151.98 3,460,563,419.02
Owner's equity:
Share capital 1,246,834,988.00 1,246,834,988.00
Other equity instruments
Including: preferred shares
Perpetual capital securities
Capital reserves 2,266,733,223.74 2,211,676,333.70
Minus: treasury shares 155,694,936.18 155,694,936.18
Other comprehensive income
Special reserves
Surplus reserves 248,330,779.01 248,330,779.01
Retained earnings 1,343,635,803.60 1,409,689,377.48
Total owners' equity 4,949,839,858.17 4,960,836,542.01
Total liabilities and owners' equity 8,900,344,010.15 8,421,399,961.03
Unit: RMB
Items First half of 2025 First half of 2024
I. Total operating income 5,502,335,729.18 5,015,785,165.59
Including: operating income 5,502,335,729.18 5,015,785,165.59
Interest income
Premium earned
Service charge and commission income
II. Total operating cost 5,151,514,039.22 4,578,211,459.86
Including: operating cost 4,261,763,382.25 3,817,211,001.65
Interest expense
Service charge and commission payment
Surrender value
Net compensation expenditure
Net reserve amount set aside for insurance liability
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Policy dividend payment
Reinsurance expenses
Taxes and surcharges 24,474,734.66 29,865,374.27
Selling expenses 220,686,080.56 180,788,131.47
Management expenses 222,560,862.57 190,587,638.62
R&D expenses 460,786,777.70 388,540,898.00
Finance expenses -38,757,798.52 -28,781,584.15
Including: interest expenses 19,345,176.16 28,863,971.32
Interest income 12,672,976.09 15,326,718.58
Plus: other income 31,729,942.66 21,414,975.09
Investment income (loss indicated by "-") 6,143,016.93 2,025,727.35
Including: income from investment in associated
enterprises and joint ventures
Derecognized gains from financial assets
measured at amortized cost
Exchange gain (loss indicated by "-")
Net gain from exposure hedges (loss indicated by "-")
Gain from fair-value changes (loss indicated by "-") -106,506.00
Loss from credit impairment (loss indicated by "-") -7,143,154.02 -7,181,453.97
Loss from asset impairment (loss indicated by "-") -25,099,491.27 -21,090,974.63
Gain from disposal of assets (loss indicated by "-") -174,143.23 -2,580,837.22
III. Operating profit (loss indicated by "-") 356,171,355.03 430,161,142.35
Plus: non-operating income 3,789,204.87 1,739,303.34
Minus: non-operating expenses 4,113,078.34 5,563,887.00
IV. Total profit (total loss indicated by "-") 355,847,481.56 426,336,558.69
Minus: income tax expense 25,988,052.59 36,778,573.81
V. Net profit (net loss indicated by "-") 329,859,428.97 389,557,984.88
(I) Classification according to business continuity
"-")
by "-")
(II) Classification according to ownership
loss indicated by "-")
-218,765.11 729,469.70
indicated by "-")
VI. Net after-tax amount of other comprehensive income 4,842,602.17 -33,937,857.88
Net after-tax amount of other comprehensive income
attributable to the owner of the parent company
(I) Other comprehensive income that cannot be reclassified
into profits and losses
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
transferring to profits or losses under equity method
investment
(II) Other comprehensive income that is reclassified into
profits and losses
into profits or losses under the equity method
comprehensive income
investment
statements
Net after-tax amount of other comprehensive income attributed
to the minority of shareholders
VII. Total comprehensive income 334,702,031.14 355,620,127.00
Total consolidated income attributable to the owners of the
parent company
Total consolidated income attributable to minority shareholders -218,765.11 729,469.70
VIII. Earnings per share:
(I) Basic earnings per share 0.27 0.31
(II) Diluted earnings per share 0.27 0.31
In case of business merger involving enterprises under the same control in the current period, the net profit
realized by the merged party before the merger is: RMB 0.00, and the net profit realized by the merged party in
the prior period is: RMB 0.00.
Legal representative: Wu Person in charge of accounting: Luo Head of accounting firm: Luo
Yongqiang Muchen Muchen
Unit: RMB
Items First half of 2025 First half of 2024
I. Operating income 3,030,817,124.28 2,408,336,475.85
Minus: operating cost 2,444,612,210.50 1,950,338,909.54
Taxes and surcharges 7,689,681.60 8,506,336.53
Selling expenses 162,178,963.66 116,036,258.24
Management expenses 110,681,666.72 96,839,658.18
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
R&D expenses 312,112,396.97 222,191,120.63
Finance expenses -10,480,489.96 -24,745,298.32
Including: interest expenses 8,812,732.76 8,930,422.33
Interest income 3,771,948.94 7,037,069.58
Plus: other income 10,623,873.75 12,305,323.68
Investment income (loss indicated by "-") 3,430,061.62 470,417.09
Including: income from investment in associated enterprises and joint ventures -9,317.40
Derecognized gains from financial assets measured at amortized cost
Net gain from exposure hedges (loss indicated by "-")
Gain from fair-value changes (loss indicated by "-")
Loss from credit impairment (loss indicated by "-") 3,035,324.53 -3,339,018.66
Loss from asset impairment (loss indicated by "-") -5,480,177.90 -5,513,253.27
Gain from disposal of assets (loss indicated by "-") 15,747.89 -83,340.41
II. Operating profit (loss indicated by "-") 15,647,524.68 43,009,619.48
Plus: non-operating income 874,146.36 191,262.62
Minus: non-operating expenses 2,508,748.26 1,961,918.17
III. Total profit (total loss indicated by "-") 14,012,922.78 41,238,963.93
Minus: income tax expense -5,948,760.50 -4,930,788.21
IV. Net profit (net loss indicated by "-") 19,961,683.28 46,169,752.14
(I) Net profit on continuing operations (net loss indicated by "-") 19,961,683.28 46,169,752.14
(II) Net profit on discontinued operations (net loss indicated by "-")
V. Net after-tax amount of other comprehensive income
(I) Other comprehensive income that cannot be reclassified into profits and losses
under equity method
(II) Other comprehensive income that is reclassified into profits and losses
the equity method
VI. Total comprehensive income 19,961,683.28 46,169,752.14
VII. Earnings per share:
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
(I) Basic earnings per share
(II) Diluted earnings per share
Unit: RMB
Items First half of 2025 First half of 2024
I. Cash flow from operating activities:
Cash received from sales of goods or rendering of services 5,357,724,545.20 4,987,452,982.82
Net increase in deposits with other banks
Net increase in borrowing from the central bank
Net increase in funds borrowed from other financial institutions
Cash from receipt of original insurance contract premiums
Receipt of net cash for reinsurance operations
Net increase in savings and investment funds of the insured
Cash from receipt of interest, service charges and commissions
Net increase in borrowed funds
Net increase in funds from repurchase operations
Net cash received for acting trading securities
Refund of tax and levies 257,799,901.26 282,746,532.49
Other cash received related to operating activities 75,448,632.75 71,969,813.90
Subtotal of cash inflow from operating activities 5,690,973,079.21 5,342,169,329.21
Cash paid for purchasing goods and accepting labor services 3,876,615,932.07 3,517,455,046.31
Net increase in loans and advances of clients
Net increase in deposits with central banks and interbanks
Cash in compensation funds paid for the original insurance contract
Net increase in lending funds
Cash for payment of interest, service charges and commissions
Cash for payment of policy dividends
Cash paid to and for employees 1,124,181,576.86 986,965,195.81
Tax payments 112,150,708.98 160,449,258.75
Other cash paid in connection with operating activities 224,670,294.81 206,985,653.67
Subtotal of cash outflow from operating activities 5,337,618,512.72 4,871,855,154.54
Net cash flow from operating activities 353,354,566.49 470,314,174.67
II. Cash flow from investing activities:
Cash received from investment recovery 468,705,428.72 320,623,714.10
Cash received as return on an investment 6,349,205.30 6,726,780.63
Net cash recouped from disposal of fixed assets, intangible assets, and other long-term
assets
Net cash received from disposal of subsidiaries and other business units
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Other cash received relating to investment activities 2,235,246.36
Subtotal of cash inflow from investment activities 475,962,435.11 330,291,741.09
Cash paid for the purchase and construction of fixed assets, intangible assets and other
long-term assets
Cash paid for investment 302,014,088.18 359,752,158.18
Net increase in pledged loans
Net cash obtained from subsidiaries and other business units
Other cash paid related to investment activities 385,800.00 7,268,000.00
Subtotal of cash outflow from investment activities 637,569,035.07 643,451,859.92
Net cash flow from investment activities -161,606,599.96 -313,160,118.83
III. Cash flow from financing activities:
Cash received from absorbing investment
Including: cash received by subsidiaries' absorption of minority shareholders'
investment
Cash received from loan 1,465,520,964.66 837,696,102.40
Other cash received relating to financing activities 12,920,862.51 5,021,283.53
Subtotal of cash inflow from financing activities 1,478,441,827.17 842,717,385.93
Cash paid for repayments of debts 1,376,531,207.44 727,060,000.01
Cash paid to distribute dividends, profits or pay interest 97,302,974.69 98,468,158.57
Including: dividends and profits paid by subsidiaries to minority shareholders
Other cash paid related to financing activities 23,837,729.50 137,485,601.63
Subtotal of cash outflow from financing activities 1,497,671,911.63 963,013,760.21
Net cash flow from financing activities -19,230,084.46 -120,296,374.28
IV. Impact of exchange rate fluctuations on cash and cash equivalents 33,856,049.33 42,095,731.96
V. Net increase in cash and cash equivalents 206,373,931.40 78,953,413.52
Plus: balance of cash and cash equivalents at the beginning of the period 1,596,352,534.73 1,494,743,705.76
VI. Balance of cash and cash equivalents at the end of the period 1,802,726,466.13 1,573,697,119.28
Unit: RMB
Items First half of 2025 First half of 2024
I. Cash flow from operating activities:
Cash received from sales of goods or rendering of services 3,416,577,143.54 2,174,049,368.22
Refund of tax and levies 139,986,431.70 122,565,220.28
Other cash received related to operating activities 833,941,238.94 1,370,428,415.47
Subtotal of cash inflow from operating activities 4,390,504,814.18 3,667,043,003.97
Cash paid for purchasing goods and accepting labor services 2,620,561,929.50 1,580,535,393.06
Cash paid to and for employees 487,373,843.50 422,141,949.13
Tax payments 21,804,220.23 23,631,911.02
Other cash paid in connection with operating activities 955,226,056.32 1,186,205,200.13
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Subtotal of cash outflow from operating activities 4,084,966,049.55 3,212,514,453.34
Net cash flow from operating activities 305,538,764.63 454,528,550.63
II. Cash flow from investing activities:
Cash received from investment recovery 155,000,000.00 200,000,000.00
Cash received as return on an investment 3,552,838.80 1,949,141.49
Net cash recouped from disposal of fixed assets, intangible assets, and other long-term
assets
Net cash received from disposal of subsidiaries and other business units
Other cash received relating to investment activities 14,235,246.36
Subtotal of cash inflow from investment activities 158,824,042.00 216,184,387.85
Cash paid for the purchase and construction of fixed assets, intangible assets and other
long-term assets
Cash paid for investment 194,014,088.18 231,761,025.80
Net cash obtained from subsidiaries and other business units
Other cash paid related to investment activities 235,200.00 7,268,000.00
Subtotal of cash outflow from investment activities 246,078,878.29 298,861,608.91
Net cash flow from investment activities -87,254,836.29 -82,677,221.06
III. Cash flow from financing activities:
Cash received from absorbing investment
Cash received from loan 131,000,000.00
Other cash received relating to financing activities 12,920,862.51
Subtotal of cash inflow from financing activities 12,920,862.51 131,000,000.00
Cash paid for repayments of debts 130,750,000.00 200,000,000.00
Cash paid to distribute dividends, profits or pay interest 92,637,009.74 85,212,715.51
Other cash paid related to financing activities 6,098,593.91 88,026,170.65
Subtotal of cash outflow from financing activities 229,485,603.65 373,238,886.16
Net cash flow from financing activities -216,564,741.14 -242,238,886.16
IV. Impact of exchange rate fluctuations on cash and cash equivalents 17,440,999.77 22,503,553.14
V. Net increase in cash and cash equivalents 19,160,186.97 152,115,996.55
Plus: balance of cash and cash equivalents at the beginning of the period 654,542,035.33 530,273,423.70
VI. Balance of cash and cash equivalents at the end of the period 673,702,222.30 682,389,420.25
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Amount in the current period
Unit: RMB
First half of 2025
Owner's equity attributable to the parent company
Items Other equity instruments Genera Minority
Other shareholders' Total owners' equity
Perpetual Minus: treasury Special l risk
Share capital Preferred Capital reserves comprehensive Surplus reserves Retained earnings Others Subtotal equity
capital Others shares reserves provisi
shares income
securities on
I. Ending balance
of last year
Plus: changes
in accounting
policies
Early error
correction
Others
II. Beginning
balance of the 1,246,834,988.00 2,089,578,011.17 155,694,936.18 -32,276,903.98 248,359,297.47 3,275,527,294.98 6,672,327,751.46 52,503.82 6,672,380,255.28
current year
III. Amount of
changes in
increase/decrease
in the current
period (decrease
indicated by "-")
(I) Total
comprehensive 4,842,602.17 330,078,194.08 334,920,796.25 -218,765.11 334,702,031.14
income
(II) Capital
invested and 55,056,890.04 55,056,890.04 55,056,890.04
reduced by owners
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
contribution from
owners
contribution from
other equity
instrument holders
payment recorded 52,447,170.39 52,447,170.39 52,447,170.39
in owner's equity
(III) Profit
-86,015,257.16 -86,015,257.16 -86,015,257.16
distribution
surplus reserve
general risk reserve
owner (or -86,015,257.16 -86,015,257.16 -86,015,257.16
shareholder)
(IV) Internal
carryover of
owner's equity
transferred to paid-
in capital (or
equity)
transferred to paid-
in capital (or
equity)
by surplus reserve
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
plan changed
amount carried
forward to retained
earnings
comprehensive
income carried
forward to retained
earnings
(V) Special
reserves
current period
current period
(VI) Others
IV. Ending balance
in the current 1,246,834,988.00 2,144,634,901.21 155,694,936.18 -27,434,301.81 248,359,297.47 3,519,590,231.90 6,976,290,180.59 -166,261.29 6,976,123,919.30
period
Amount of prior year
Unit: RMB
First half of 2024
Owner's equity attributable to the parent company
Items Other equity instruments General Minority
Other Total owners'
Minus: treasury Special risk shareholders'
Share capital Perpetual Capital reserves comprehensive Surplus reserves Retained earnings Others Subtotal equity
Preferred shares reserves provisio equity
capital Others income
shares n
securities
I. Ending balance
of last year
Plus: changes
in accounting
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
policies
Early error
correction
Others
II. Beginning
balance of the 1,246,834,988.00 2,212,629,919.51 112,426,101.24 11,932,029.41 219,446,936.59 2,706,499,696.23 6,284,917,468.50 84,680,252.94 6,369,597,721.44
current year
III. Amount of
changes in
increase/decrease
-79,998,327.85 82,354,021.60 -33,937,857.88 315,325,821.90 119,035,614.57 -84,340,202.45 34,695,412.12
in the current
period (decrease
indicated by "-")
(I) Total
comprehensive -33,937,857.88 388,828,515.18 354,890,657.30 729,469.70 355,620,127.00
income
(II) Capital
invested and 82,354,021.60 -82,354,021.60 -82,354,021.60
reduced by owners
contribution from
owners
contribution from
other equity
instrument holders
payment recorded
in owner's equity
(III) Profit
-73,502,693.28 -73,502,693.28 -73,502,693.28
distribution
of surplus reserve
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
general risk
reserve
owner (or -73,502,693.28 -73,502,693.28 -73,502,693.28
shareholder)
(IV) Internal
carryover of
owner's equity
transferred to paid-
in capital (or
equity)
transferred to paid-
in capital (or
equity)
by surplus reserve
plan changed
amount carried
forward to retained
earnings
comprehensive
income carried
forward to retained
earnings
(V) Special
reserves
current period
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
the current period
(VI) Others -79,998,327.85 -79,998,327.85 -85,069,672.15 -165,068,000.00
IV. Ending
balance in the 1,246,834,988.00 2,132,631,591.66 194,780,122.84 -22,005,828.47 219,446,936.59 3,021,825,518.13 6,403,953,083.07 340,050.49 6,404,293,133.56
current period
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Amount in the current period
Unit: RMB
First half of 2025
Other equity instruments
Items Other
Perpetual Minus: Special Surplus Retained Total owners'
Share capital Preferred Capital reserves comprehensive Others
capital Others treasury shares reserves reserves earnings equity
shares income
securities
I. Ending balance
of last year
Plus:
changes in
accounting
policies
Early
error correction
Others
II. Beginning
balance of the 1,246,834,988.00 2,211,676,333.70 155,694,936.18 248,330,779.01 1,409,689,377.48 4,960,836,542.01
current year
III. Amount of
changes in
increase/decrease
in the current
period (decrease
indicated by "-")
(I) Total
comprehensive 19,961,683.28 19,961,683.28
income
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
(II) Capital
invested and
reduced by
owners
contribution from
owners
contribution from
other equity
instrument
holders
payment recorded 52,447,170.39 52,447,170.39
in owner's equity
(III) Profit
-86,015,257.16 -86,015,257.16
distribution
of surplus reserve
owner (or -86,015,257.16 -86,015,257.16
shareholder)
(IV) Internal
carryover of
owner's equity
transferred to
paid-in capital (or
equity)
transferred to
paid-in capital (or
equity)
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
by surplus reserve
plan changed
amount carried
forward to
retained earnings
comprehensive
income carried
forward to
retained earnings
(V) Special
reserves
current period
the current period
(VI) Others
IV. Ending
balance in the 1,246,834,988.00 2,266,733,223.74 155,694,936.18 248,330,779.01 1,343,635,803.60 4,949,839,858.17
current period
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Amount of prior year
Unit: RMB
First half of 2024
Other equity instruments
Items Other
Perpetual Minus: Special Surplus Retained Total owners'
Share capital Preferred Capital reserves comprehensive Others
capital Others treasury shares reserves reserves earnings equity
shares income
securities
I. Ending balance
of last year
Plus:
changes in
accounting
policies
Early
error correction
Others
II. Beginning
balance of the 1,246,834,988.00 2,254,729,914.19 112,426,101.24 219,418,418.13 1,222,980,822.83 4,831,538,041.91
current year
III. Amount of
changes in
increase/decrease
in the current
period (decrease
indicated by "-")
(I) Total
comprehensive 46,169,752.14 46,169,752.14
income
(II) Capital
invested and
reduced by
owners
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
contribution from
owners
contribution from
other equity
instrument
holders
payment recorded
in owner's equity
(III) Profit
-73,502,693.28 -73,502,693.28
distribution
of surplus reserve
owner (or -73,502,693.28 -73,502,693.28
shareholder)
(IV) Internal
carryover of
owner's equity
transferred to
paid-in capital (or
equity)
transferred to
paid-in capital (or
equity)
by surplus reserve
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
plan changed
amount carried
forward to
retained earnings
comprehensive
income carried
forward to
retained earnings
(V) Special
reserves
current period
the current period
(VI) Others
IV. Ending
balance in the 1,246,834,988.00 2,254,729,914.19 194,780,122.84 219,418,418.13 1,195,647,881.69 4,721,851,079.17
current period
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
III. Basic information of the Company
Shenzhen Topband Co., Ltd. (hereinafter referred to as the Company), former name: Shenzhen Topband
Electronic Equipment Co., Ltd., was incorporated and registered at Shenzhen Municipal Administration of
Industry & Commerce on February 9, 1996, and obtained the Enterprise Legal Person Business License
(Registration No. 19241377-3). On January 10, 2001, after approval, Shenzhen Topband Electronic Equipment
Co., Ltd. Was renamed to Shenzhen Topband Electronics & Technology Co., Ltd. On July 15, 2002, with the
approval of the People's Government of Shenzhen Municipality by issuing the Reply on the Approval of the
Reorganization and Establishment of Shenzhen Topband Electronics & Technology Co., Ltd. (SFG [2002] No.
as a whole into a company limited by shares, with five shareholders as the promoter. On June 26, 2007, with the
approval of the China Securities Regulatory Commission by issuing the Notice on Approving the IPO of
Shenzhen Topband Electronics & Technology Co., Ltd. (ZJH No. 2007135), Topband issued shares to the
public and was listed on the Shenzhen Stock Exchange (stock code: 002139).The company name was changed
to Shenzhen Topband Co., Ltd. in September 2009.
The registered address of the Company is F1, Topband Industrial Park Phase II, Keji Second Road,
Tangtou Community, Shiyan Sub-district, Bao'an District, Shenzhen. The unified social credit identifier on the
business license is 91440300192413773Q. The legal representative of the Company is Wu Yongqiang. As of
June 30, 2025, the share capital was RMB 1,246,834,988.00.
Main business activities of the Company: the accumulation of technical experience and product solutions
in the intelligent control industry, and the research, development, production and sales of components and
complete robot products based on the core technology system of "four electrics and one network" (electric
control, motor, battery, power and IoT platform), where components include intelligent controllers, high-
efficiency motors, battery packs, power products, etc., and complete machine products mainly include AC/DC
charging piles, integrated industrial and commercial storage machines, integrated home storage machines, and
AI complete machines. These products are applied widely in three major fields: tools and home appliances,
digital energy and intelligent vehicles, and robots. The Company provides innovative, efficient, and reliable
customized services to global customers, and green, intelligent and innovative products to consumers.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
IV. Preparation basis of the financial statement
The financial statements are prepared on a going concern basis based on actual transactions and matters in
accordance with the relevant provisions of the Accounting Standards for Business Enterprises, and their
application guides and interpretations. In addition, the Company discloses relevant financial information in
accordance with the Preparation Rules for Information Disclosure by Companies Offering Securities to the
Public No. 15—General Provisions on Financial Reports (2023 Revision) of the China Securities Regulatory
Commission.
The Company has evaluated its ability to continue as a going concern for the past 12 months from the end
of the reporting period and has not identified any issue that may affect its ability to continue as a going concern,
so it is reasonable for the Company to prepare the financial statements on a going concern basis.
V. Significant accounting policies and accounting estimates
Specific accounting policies and accounting estimates reminders:
The following important accounting policies and estimates of the Company were determined in accordance
with the Accounting Standards for Business Enterprises. The businesses not mentioned are based on the relevant
accounting policies in the Accounting Standards for Business Enterprises.
The financial statements prepared by the Company give a true and full view of the financial position,
operating results, owner's equity, cash flows and other relevant information of the Company, and conform to the
requirements of the latest Accounting Standards for Business Enterprises.
The fiscal year of the Company is from January 1 to December 31 every Gregorian calendar year.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
The normal operating cycle of the Company is one year.
The bookkeeping base currency of the Company is RMB. The Company's overseas branches and
subsidiaries may determine their own bookkeeping base currencies based on the currencies in the main
economic environments in which they operate.
Applicable □ Not applicable
Items Criteria of importance
Receivables on individual basis for material bad debt The balance of individual accounts receivables and other receivables at
provision the end of the period is more than RMB 1 million
Recovery or reversal of bad debt provisions for
Single item recovery or reversal amount of over RMB 1 million
important receivables
Write-off of important receivables Individual write-off amount of over RMB 1 million
Important contract liabilities with aging of over one Amounts of contract liabilities of over RMB 5 million with individual
year aging of over 1 year
Accounts payable/other payables of over RMB 5 million with individual
Important accounts payable and other payables
aging of over 1 year
Important construction in progress Individual projects with a budget of over RMB 100 million
Important non-wholly-owned subsidiaries Minority shareholder equity of over RMB 50 million
different control
(1) Consolidation of enterprises under common control
The assets and liabilities obtained by the Company in business merger are measured at the book value of
the assets and liabilities of the merged party in the consolidated financial statements of the final controller on
the consolidation date. Among them, if the accounting policies and accounting periods adopted by the merged
party and the Company before the merger are different, the accounting policies and accounting periods shall be
unified based on the principle of materiality, that is, the book value of the assets and liabilities of the merged
party shall be adjusted according to the accounting policies and accounting periods of the Company. If there is a
difference between the book value of the net assets obtained by the Company in a business merger and the book
value of the consideration paid, the capital reserve (capital premium or share premium) is adjusted first. If the
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
balance of the capital reserve (capital premium or share premium) is insufficient for offsetting, the surplus
reserve and the undistributed profits shall be offset sequentially.
The accounting treatment method for the merger of enterprises under common control step by step is
described in 7 (5) of Section VIII Financial Report.
(2) Consolidation of enterprises not under common control
The identifiable assets and liabilities of the acquiree acquired by the Company in the business merger are
measured at their fair value at the date of acquisition. Among them, if the accounting policies and accounting
periods adopted by the acquiree and the Company before the merger are different, the accounting policies and
accounting periods shall be unified based on the principle of materiality, that is, the book value of the assets and
liabilities of the acquiree shall be adjusted according to the accounting policies and accounting periods of the
Company. The difference between the merger cost of the Company on the acquisition date and the fair value of
the identifiable assets and liabilities acquired from the acquiree in a business merger is recognized as goodwill;
if the merger cost is less than the difference between the fair value of the identifiable assets and liabilities
acquired from the acquiree in the business merger, the merger cost and the fair value of the identifiable assets
and liabilities acquired from the acquiree in the business merger shall be reviewed first; if the merger cost is still
less than the fair value of the identifiable assets and liabilities acquired from the acquiree after the review, the
difference shall be recognized in the consolidated current profits and losses.
The accounting treatment method for the merger of enterprises not under common control step by step is
described in 7 (5) of Section VIII Financial Report.
(3) Treatment of transaction costs in business mergers
The intermediary fees such as audit, legal services, appraisal, and consulting, and other related
management expenses incurred for the purpose of a business merger shall be included in the current profits and
losses when incurred. The transaction costs of equity securities or debt securities issued as merger consideration
shall be included in the initial recognition amount of equity securities or debt securities.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
(1) Judgment criteria for control and determination of the consolidation scope
Control means that the Company has power over the investee, enjoys variable returns by participating in
related activities of the investee, and has the ability to use its power over the investee to influence the amount of
returns. The definition of control includes three basic elements: First, the investor has power over the investee;
second, it enjoys variable return due to participation in the investee's related activities; third, it is able to use its
power over the investee to influence its return amount. When the Company's investment in an investee has the
above three elements, the Company is able to control the investee.
The consolidation scope of the consolidated financial statements is determined based on control, including
not only subsidiaries determined based on voting rights (or similar voting rights) themselves or in combination
with other arrangements, but also structured entities determined based on one or more contractual arrangements.
Subsidiaries refer to entities controlled by the Company (including divisible parts of enterprises and
investees, as well as structured entities controlled by enterprises). A structured entity refers to an entity for
which voting rights or similar rights are not designed as a determining factor when its controller is determined.
(Note: They are sometimes also referred to as special-purpose entities).
(2) Method for preparing consolidated financial statements
The Company prepares the consolidated financial statements based on its own and its subsidiaries'
financial statements, as well as other relevant information.
When preparing the consolidated financial statements, the Company treats the entire enterprise group as
one accounting entity to reflect the overall financial position, operating performance, and cash flows of the
enterprise group based on unified accounting policies and accounting periods in accordance with the recognition,
measurement, and reporting requirements of relevant accounting standards for business enterprises.
① Merge the assets, liabilities, owner's equity, income, expenses, and cash flows of the parent company
and its subsidiaries.
② Offset the parent company's long-term equity investment in subsidiaries and its share in subsidiaries'
owner's equity.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
③ Offset the impact of internal transactions between the parent company and its subsidiaries, as well as
among subsidiaries. Where an internal transaction indicates an impairment loss of the underlying asset, the loss
shall be fully recognized.
④ Adjust special transactions from the perspective of the enterprise group.
(3) Treatment of added or reduced subsidiaries during the reporting period
① Addition of subsidiaries or businesses
A. Subsidiaries or businesses added by merger of enterprises under common control
(a) When the consolidated balance sheet is prepared, the opening amounts of the consolidated balance
sheet shall be adjusted in comparison with the relevant items in the statement, as if the merged reporting entity
has been in existence since the time point of control by the final controller.
(b) When the consolidated income statement is prepared, the revenue, expenses, and profits of the
subsidiary from the beginning of the current period of the business merger to the end of the reporting period
shall be included in the consolidated income statement in comparison with the relevant items in the statement,
as if the merged reporting entity has been in existence since the time point of control by the final controller.
(c) When the consolidated cash flow statement is prepared, the cash flows of the subsidiary from the
beginning of the current period of the business merger to the end of the reporting period shall be included in the
consolidated cash flow statement in comparison with the relevant items in the statement, as if the merged
reporting entity has been in existence since the time point of control by the final controller.
B. Subsidiaries or businesses added by mergers of enterprises not under common control
(a) When the consolidated balance sheet is prepared, the opening amounts of the consolidated balance
sheet shall not be adjusted.
(b) When the consolidated income statement is prepared, the revenue, expenses, and profits of the
subsidiary from the date of business purchase to the end of the reporting period shall be included in the
consolidated profit statement.
(c) When the consolidated cash flow statement is prepared, the cash flows of the subsidiary from the
purchase date to the end of the reporting period shall be included in the consolidated cash flow statement.
② Disposal of subsidiaries or businesses
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
A. When the consolidated balance sheet is prepared, the opening amounts of the consolidated balance sheet
shall not be adjusted.
B. When the consolidated income statement is prepared, the income, expenses, and profits of from the
subsidiary the beginning of the business period to the disposal date shall be included in the consolidated income
statement.
C. When the consolidated cash flow statement is prepared, the cash flows of from the subsidiary the
beginning of the business period to the disposal date shall be included in the consolidated cash flow statement.
(4) Special considerations in combined offsetting
① Long-term equity investments held by subsidiaries in the Company shall be regarded as treasury shares
of the Company and a deduction from owner's equity, and listed under the "Less: Treasury Shares" item in the
consolidated balance sheet.
Long-term equity investments held mutually by subsidiaries shall be offset against their corresponding
shares in their owner's equity using the offsetting method for the Company's equity investments in subsidiaries.
② As the "special reserve" and "general risk reserve" items are not paid-in capital (or share capital) or
capital surplus, and differ from retained earnings and undistributed profits, they shall be restored according to
the share attributable to the owner of the parent company after offsetting long-term equity investments against
subsidiary owner's equity.
③ If there is a temporary difference between the book value of assets and liabilities in the consolidated
balance sheet and their tax basis in the tax entity due to the offsetting of unrealized internal sales gains and
losses, deferred income tax assets or deferred income tax liabilities shall be recognized in the consolidated
balance sheet, and the income tax expenses in the consolidated income statement shall be adjusted accordingly,
except for deferred income tax related to transactions or matters directly included in owner's equity and business
mergers.
④ Unrealized internal transaction gains and losses arising from the sale of assets by the Company to its
subsidiaries shall be fully offset against the "net profit attributable to the owner of the parent company".
Unrealized internal transaction gains and losses arising from the sale of assets by a subsidiary to the Company
shall be allocated and offset between the "net profit attributable to the owner of the parent company" and the
"minority shareholders' gains and losses" at the Company's distribution ratio to the subsidiary. Unrealized
internal transaction gains and losses arising from the sale of assets between subsidiaries shall be allocated and
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
offset between the "net profit attributable to the owner of the parent company" and the "minority shareholders'
gains and losses" at the Company's distribution ratio to the selling subsidiary.
⑤ If the current losses shared by minority shareholders of a subsidiary exceed their share in the beginning
owner's equity of the subsidiary, the balance shall still be offset against the minority shareholders' equity.
(5) Accounting treatment of special transactions
① Purchase of minority shareholders' equity
In individual financial statements, when the Company purchases equity in a subsidiary owned by minority
shareholders, the investment cost of long-term equity investments acquired through the purchase of minority
equity shall be measured at the fair value of the consideration paid. In the consolidated financial statements, the
difference between long-term equity investments acquired through the purchase of minority equity and the net
asset share of the subsidiary that shall be calculated continuously from the date of purchase or merger based on
the newly increased shareholding ratio shall be adjusted to the capital reserve (capital premium or share
premium). If the capital reserve is insufficient for offsetting, the surplus reserve and the undistributed profits
shall be offset sequentially.
② Acquisition of control over a subsidiary through multiple transactions step by step
A. Realizing the merger of enterprises under common control through multiple transactions step by step
On the merger date, the Company determines the initial investment cost of long-term equity investments in
individual financial statements based on the share of the net assets of the subsidiary to which it is entitled after
the merger in the book value of the final controller's consolidated financial statements; the difference between
the initial investment cost and the book value of long-term equity investments before the merger plus the book
value of the newly paid consideration for the acquisition of further shares on the merger date shall be adjusted to
the capital reserve (capital premium or share premium). If the capital reserve (capital premium or share
premium) is insufficient for offsetting, the surplus reserve and the undistributed profit shall be offset
sequentially.
In the consolidated financial statements, the assets and liabilities acquired by the merging party from the
merged party shall be measured at their carrying amount in the consolidated financial statements of the final
controller on the merger date, except for adjustments made due to different accounting policies and accounting
periods; the difference between the book value of investments held before the merger and the book value of the
newly paid consideration on the merger date, and the book value of the net assets obtained during the merger
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
shall be adjusted to the capital reserve (share premium/capital premium). If the capital reserve is insufficient for
offsetting, the retained earnings shall be adjusted.
Equity investments held by the merging party before acquiring control over the merged party shall be
offset against the beginning retained earnings or current period gains and losses during the period of the
comparative statements from the later of the date of acquisition of the original equity and the date when both the
merging party and the merged party are finally under common control to the merger date.
B. Realizing the merger of enterprises not under common control through multiple transactions step by
step
On the merger date, the initial investment cost of long-term equity investments on the merger date in
individual financial statements shall be determined by adding the book value of long-term equity investments
originally held to the newly added investment cost on the merger date.
In the consolidated financial statements, the equity held in the acquired party before the purchase date shall
be re-measured at its fair value on the purchase date. If the equity held in the acquired party before the purchase
date is designated as a financial asset measured at fair value with changes included in other comprehensive
income, the difference between its fair value and book value shall be included in retained earnings, and the
cumulative fair value change of the equity originally included in other comprehensive income shall be
transferred to retained earnings; if the equity held by the purchased party before the purchase date is used as a
financial asset measured at fair value with changes included in the current profits and losses or as a long-term
equity investment accounted for using the equity method, the difference between its fair value and book value
shall be included in the current investment income; if the equity held by the purchased party before the purchase
date involves other comprehensive income under equity method accounting and other changes in owner's equity
under equity method accounting except for the net profits and losses, other comprehensive income, and profit
distribution, the other comprehensive income related to it shall be accounted for on the same basis as the direct
disposal of underlying assets or liabilities by the investee on the purchase date, and other changes in owner's
equity related to it shall be converted into the current investment income on the purchase date.
③ The Company disposes of long-term equity investments in subsidiaries without losing control
If the parent company disposes of its long-term equity investments in a subsidiary partially without losing
control, the difference between the disposal price and the net asset share of the subsidiary calculated
continuously from the date of purchase or merger corresponding to the disposal of long-term equity investments
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
in the consolidated financial statements shall be adjusted to the capital reserve (capital premium or share
premium). If the capital reserve is insufficient for offsetting, the retained earnings shall be adjusted.
④ The Company disposes of long-term equity investments in subsidiaries and loses control
A. Single-transaction disposal
If the Company loses control over the investee due to the disposal of some equity investments or for any
other reason, the remaining equity shall be re-measured at its fair value on the date of loss of control when the
consolidated financial statements are prepared. The difference between the consideration from equity disposal
and the fair value of the remaining equity minus the sum of the share of the net assets of the original subsidiary
to which it is entitled calculated continuously at the original shareholding ratio from the purchase date or
merger date and goodwill shall be included in the investment income of the period in which control is lost.
Other comprehensive income related to equity investments in subsidiaries shall be accounted for on the
same basis as the direct disposal of underlying assets or liabilities by the original subsidiary when control is lost,
and other changes in owner's equity related to the original subsidiary under the equity method shall be
transferred to the profits and losses of the period in which control is lost.
B. Step-by-step disposal through multiple transactions
In the consolidated financial statements, it shall be first judged whether a step-by-step transaction belongs
to a "package transaction".
If step-by-step transactions are not a "package transaction", in the individual financial statements, for each
transaction before the control over the subsidiary is lost, the book value of long-term equity investments
corresponding to each equity disposal shall be carried forward, and the difference between the price and the
book value of the disposal of long-term equity investments shall be included in the current investment income;
in the consolidated financial statements, it shall be handled according to the relevant provisions of the situation
that "the parent company disposes of long-term equity investments in subsidiaries without losing control".
If step-by-step transactions are a "package transaction", each transaction shall be accounted for as a
transaction for disposing of the subsidiary and losing control; in individual financial statements, the difference
between the disposal price before loss of control and the book value of long-term equity investments
corresponding to the disposed equity shall be first recognized as other comprehensive income, and then
transferred to the current profits and losses upon loss of control; in the consolidated financial statements, for
each transaction prior to the loss of control, the difference between the disposal price and the corresponding
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
share of the subsidiary's net assets attributable to the disposal investment shall be recognized as other
comprehensive income, and transferred to the current profits and losses upon loss of control.
If the terms, conditions, and economic impact of each transaction meet one or more of the following
conditions, multiple transactions shall be usually accounted for as a "package transaction":
(a) These transactions are entered into concurrently or taking into account their mutual impacts.
(b) A complete business outcome can be achieved only when these transactions are regarded as a whole.
(c) The occurrence of a transaction depends on the occurrence of at least one other transaction.
(d) It is not economical to consider a transaction alone, but it is economical to consider it together with
other transactions.
⑤ Dilution of the proportion of equity owned by the parent company due to capital increase by minority
shareholders of subsidies
Other shareholders (minority shareholders) of a subsidiary increase their capital in the subsidiary, thereby
diluting the parent company's equity ratio in the subsidiary. In the consolidated financial statements, the share of
the net assets of the subsidiary before the capital increase shall be calculated based on the parent company's
equity ratio before the capital increase, and the difference between this share and the share of the subsidiary's
net assets after the capital increase calculated based on the parent company's equity ratio after the capital
increase shall be adjusted to the capital reserve (capital premium or share premium). If the capital reserve
(capital premium or share premium) is insufficient for offsetting, the retained earnings shall be adjusted.
Joint venture arrangement refers to an arrangement under joint control by two or more parties. The joint
venture arrangement has the following features: (1) all parties are bound by the arrangement; (2) two or more
parties jointly control the arrangement. No single party can control the arrangement solely, and any party with
joint control over the arrangement can prevent other parties or a combination of party alliance from controlling
the arrangement alone.
Joint control refers to the common control of an arrangement in accordance with relevant agreements, and
the activities related to the arrangement must be agreed upon by the parties holding control right before the
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
decision can be made.
Joint venture arrangement includes joint operation and joint venture. Joint operation is the joint venture
arrangement in which the joint venture party holds the relevant assets of the arrangement and assumes the
relevant liabilities. Joint venture refers to a joint venture arrangement in which the joint venture party has rights
only to the net assets of the arrangement.
Parties in joint operation shall recognize the following items related to their share of interests in joint
operation, and perform accounting treatment in accordance with the relevant provisions of the Accounting
Standards for Business Enterprises: (1) recognize the assets held separately and those held jointly as per their
share; (2) recognize the liabilities assumed separately and those assumed jointly as per their share; (3) recognize
the income generated from the sale of its share of joint operation output; (4) recognize the income from the sale
of the output of the joint operation as per its share; (5) recognize the expenses incurred separately and those
incurred in the joint operation as per its share.
The parties of a joint venture shall make accounting treatment for the investment in the joint venture in
accordance with the Accounting Standards for Business Enterprises No. 2 - Long-Term Equity Investment.
Cash refers to cash on hand and deposits that are available for payment at any time. Cash equivalents refer
to investments with short term (generally due within three months from the date of purchase), strong liquidity,
easy to convert into known amount of cash and low risk of value change.
(1) Determination of exchange rate for conversion of foreign currency transactions
In the initial recognition of foreign currency transactions, the Company adopts the spot exchange rate on
the occurrence date of the transaction or an exchange rate determined using a systematic and reasonable method,
which is approximate to the spot exchange rate on the occurrence date of the transaction (hereinafter referred to
as the approximate exchange rate of the spot exchange rate) for conversion into the recording currency.
(2) Conversion of foreign currency monetary items on the balance sheet date
On the balance sheet date, foreign currency monetary items shall be converted using the spot exchange rate
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
on the balance sheet date. any exchange difference arising from the difference between the spot exchange rate
on the balance sheet date and that upon initial recognition or on the previous balance sheet date shall be
included in the current profits and losses. For foreign currency nonmonetary items measured at historical cost,
the spot exchange rate on the transaction date shall still be used for conversion; for inventories measured at the
lower of cost and net realizable value, when inventories are purchased in a foreign currency and the net
realizable value is reflected in the foreign currency on the balance sheet date, the net realizable value shall be
first converted into the accounting currency amount at the spot exchange rate on the balance sheet date, and
then compared with the inventory cost reflected in the accounting currency to determine the ending value of the
inventories; for foreign currency nonmonetary items measured at fair value, the spot exchange rate on the
determination date of the fair value shall be used for conversion; for financial assets measured at fair value with
changes included in the current profits and losses, the difference between the converted amount in the
accounting currency and the original amount in the accounting currency shall be included in the current profits
and losses; for non-trading equity instrument investments designated as measured at fair value with changes
included in other comprehensive income, the difference between the converted amount in the accounting
currency and the original amount in the accounting currency shall be included in other comprehensive income.
(3) Conversion of foreign currency financial statements
Before the financial statements of an overseas business of an enterprise are converted, the accounting
periods and accounting policies of the overseas business shall be adjusted to be consistent with those of the
enterprise, and then the financial statements in the corresponding currency (currency other than the accounting
currency) shall be prepared based on the adjusted accounting policies and accounting periods, and converted
using the following method:
① The asset and liability items in the balance sheet shall be converted at the spot exchange rate on the
balance sheet date, while the owner's equity items, except for "undistributed profits", shall be converted at the
spot exchange rate at the time of occurrence.
② The income and expense items in the income statement shall be converted at the spot exchange rate on
the transaction date or the approximate exchange rate of the spot exchange rate.
③ Foreign currency cash flows and cash flows of overseas subsidiaries shall be converted using the spot
exchange rate on the date of cash flow occurrence or the approximate exchange rate of the spot exchange rate.
The impact of exchange rate fluctuations on cash shall be presented separately as an adjustment item in the cash
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
flow statement.
④ Any difference arising from the conversion of the foreign currency financial statements shall be
presented under "other comprehensive income" in the owner's equity section of the consolidated balance sheet
when the consolidated financial statements are prepared.
When an overseas business is disposed of with control lost, any difference arising from the conversion of
the foreign currency financial statements related to the overseas business presented under owner's equity in the
balance sheet shall be transferred to the current profits and losses in full or at the proportion of disposal of the
overseas business.
When the Company becomes one party of the financial instrument contract, it shall recognize a financial
asset or financial liability.
The trading of financial assets in a conventional manner shall be recognized and derecognized according to
the accounting of the trading day. Conventional trading of financial assets refers to the collection or delivery of
financial assets within the time limit specified by laws and regulations or common practice in accordance with
the terms of the contract. Trading day refers to the date when the Company promises to buy or sell financial
assets.
If the following conditions are met, the financial assets (or a part of financial assets, or a part of a set of
similar financial assets) shall be derecognized, i.e., they shall be written off from its accounts and balance sheets:
(1) The right to receive cash flow of financial assets has expired;
(2) The right to receive cash flow of financial assets has been transferred, or the Company has assumed the
obligation to timely pay the full amount of the cash flow received to a third party under the "transfer agreement";
and (a) has transferred substantially all the risks and rewards from the ownership of financial assets, or (b)
abandoned the control of the financial asset, though almost all risks and rewards from the ownership of the
financial asset are neither transferred nor retained.
At the time of initial recognition, the financial assets of the Company are classified according to the
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Company's business model for the management of financial assets and the contractual cash flow characteristics
of financial assets as follows: financial assets measured at amortized cost, financial assets measured at fair value
through other comprehensive income, and financial assets measured at fair value through current profits and
losses. The subsequent measurement of financial assets depends on its classification.
The classification of financial assets is based on the Company's business model for the management of
financial assets and the cash flow characteristics of financial assets.
(1) Financial assets measured at amortized cost
Financial assets that meet the following conditions at the same time are classified as financial assets
measured at amortized cost: the Company's business mode of managing the financial assets is to collect the
contract cash flow as the target; the contract terms of the financial asset stipulate that the cash flow generated on
a specific date is only the payment of principal and interest based on the amount of outstanding principal. For
such financial assets, the effective interest rate method is adopted, and subsequent measurement is made at
amortized cost, and the gains or losses arising from amortization or impairment are included in the current
profits and losses.
(2) Debt instruments investment measured at fair value with changes included in other comprehensive
income
Financial assets that meet the following conditions at the same time are classified as financial assets
measured at fair value with their changes included in other comprehensive income: the Company's business
mode of managing the financial assets aims to collect the contract cash flow and sell them; the contract terms of
the financial asset stipulate that the cash flow generated on a specific date is only the payment of principal and
interest based on the amount of outstanding principal. For such financial assets, fair value is adopted for
subsequent measurement. The discount or premium is amortized using the effective interest rate method and
recognized as interest income or expense. Except the impairment loss and the exchange difference of foreign
currency monetary financial assets are recognized as the current profits and losses, the changes in the fair value
of such financial assets are recognized as other comprehensive income until their accumulated gains or losses
are transferred into the current profits and losses when the financial asset is derecognized. Interest income
related to such financial assets is included in the current profits and losses.
(3) Equity instruments investment measured at fair value with changes included in other comprehensive
income
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
The Company irrevocably chooses to designate part of the non-tradable equity instrument investment as
financial assets measured at fair value through other comprehensive income. Only the relevant dividend income
is included in the current profits and losses, and the changes in fair value are recognized as other comprehensive
income, until their accumulated gains or losses are transferred into retained earnings when the financial asset is
derecognized.
(4) Financial assets measured at fair value with changes included in the current profits and losses
The financial assets other than the above financial assets measured at amortized cost and those at fair value
through other comprehensive income are classified as financial assets measured at fair value with changes
included in the current profits and losses. At the time of initial recognition, for the purpose of elimination or
significant reduction of accounting mismatch, financial assets can be designated as those measured at fair value
with changes included in the current profits and losses. For such financial assets, fair value is used for
subsequent measurement, and all changes in fair value are included in the current profits and losses.
If and only when the Company changes the business model for managing financial assets, it will reclassify
all the affected financial assets.
For the financial assets measured at fair value and whose changes are included in the current profits and
losses, the relevant transaction costs are directly included in the current profits and losses, and such costs of
other categories of financial assets are included in the initial recognition amount.
During initial recognition, the Company's financial liabilities are classified as: "financial liabilities
measured at amortization cost" and "financial liabilities measured at fair value with their changes included into
the current profit and loss".
Financial liabilities satisfying one of the following requirements can be designated as financial liabilities
measured at fair value with their changes included in the current profit and loss during initial measurement: (1)
Such designation can eliminate or remarkably reduce the accounting mismatch; (2) According to group risk
management or investment strategy in the formal written documents, the management and performance
evaluation of the portfolio of financial liabilities or portfolio of financial assets and financial liabilities are
conducted on the basis of fair price, and within the group, it is reported to the key management personnel on
such basis; (3) Such financial liabilities include embedded derivatives requiring separate splitting.
The Company determines the classification of financial liabilities at the time of the initial recognition. For
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
the financial liabilities measured at fair value with changes included in the current profits and losses, the
relevant transaction costs are directly included in the current profits and losses, and such costs of other financial
liabilities are included in the initial recognition amount.
The subsequent measurement of financial liabilities depends on its classification:
(1) Financial liabilities measured at amortized cost
For such financial liabilities, the effective interest rate method is adopted and the subsequent measurement
is conducted as per the amortized cost.
(2) Financial liabilities measured at fair value with changes included in the current profits and losses
Such financial liabilities include tradable financial liabilities (including derivatives that belong to financial
liabilities) and financial liabilities designated upon initial recognition as those measured at fair value with
changes included in the current profits and losses.
If the following conditions are met at the same time, financial assets and financial liabilities are presented
in the balance sheet at the net amount after offsetting each other: the Company has the legal right to offset the
recognized amount, which is currently enforceable; they plan to settle at the net amount, or realize the financial
assets and pay off the financial liabilities at the same time.
The Company recognizes the loss provision based on the expected credit loss for the financial assets
measured at the amortized cost, the debt instrument investment and financial guarantee contract measured at the
fair value and whose changes are included in other comprehensive income. The term "credit loss" refers to the
difference between all the contractual cash flows that the Company discounted at the original effective interest
rate and received according to the contract and all the expected cash flows, i.e., the present value of all the cash
shortage.
Upon considering all reasonable and well-founded information (including forward-looking information),
the Company estimates the expected credit impairment loss is withdrawn for "financial assets measured at
amortized cost" and "financial asset (debt instruments) measured at fair value with their changes included in
other comprehensive income" in single or combined manner.
(1) General model of expected credit loss
If the credit risk of this financial instrument has increased obviously since initial recognition, the Company
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
will measure the loss reserves according to the expected credit loss amount of such financial instrument in the
whole duration; if the credit risk of this financial instrument hasn't increased obviously since initial recognition,
the Company will measure the loss reserves according to the expected credit loss amount of such financial
instrument in the next 12 months. The increased or reversed amount of the loss provisions arising therefrom
shall be included in the current profits and losses as impairment losses or gains. For details about specific
assessment of credit risks by the Company, refer to the Note "XI. Risks Associated with Financial Instruments".
Generally, in case of overdue for more than 30 days, the Company will consider that the credit risk of such
financial instrument has increased obviously, unless conclusive evidence is available to prove that the credit risk
of such financial instrument hasn't obviously increased since the initial recognition.
To be specific, the Company divides the credit impairment process of financial instruments that have not
been impaired at the time of purchase or origination into three stages, with different accounting treatment for
the impairment of financial instruments at different stages:
First stage: credit risk has not increased significantly since initial recognition
For the financial instrument at this stage, the enterprise shall measure the loss provision according to the
expected credit loss in the next 12 months, and calculate the interest income as per its book balance (i.e. without
deducting the impairment provision) and the actual interest rate (if the instrument is a financial asset, the same
below).
Second stage: the credit risk has increased significantly since the initial recognition, but credit impairment
has not occurred
For the financial instrument at this stage, the enterprise shall measure the loss provision according to the
expected credit loss of the instrument thought the whole duration, and calculate the interest income as per its
book balance and the actual interest rate.
Third stage: credit impairment occurs after initial recognition
For the financial instrument at this stage, the enterprise shall measure the loss provision according to the
expected credit loss of the instrument thought the whole duration, but the calculation of interest income is
different from the financial assets at the first two stages. For the financial assets with credit impairment, the
enterprise shall calculate the interest income according to its amortized cost (book balance minus accrued
provision for impairment, i.e. book value) and the actual interest rate.
For the financial assets with credit impairment at the time of purchase or origination, the enterprise shall
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
only recognize the change of expected credit loss in the whole duration after initial recognition as loss provision,
and calculate the interest income as per its amortized cost and the effective interest rate adjusted by credit.
(2) Receivables and lease receivables
The Company measures the loss provisions as per the amount of expected credit losses throughout the
whole duration by the use of simplified model for expected credit loss for receivables specified in Accounting
Standards for Business Enterprises No. 14 - Income, excluding significant financing components (including
cases in which financing components in contracts not exceeding one year are not taken into account in
accordance with the standards).
The Company makes accounting policy choices to adopt a simplified model for expected credit loss, i.e.,
measuring the loss provisions as per the amount equivalent to the expected credit loss throughout the whole
duration for receivables including significant financing components and lease receivables regulated by
Accounting Standards for Business Enterprises No. 21 - Leasing.
The financial assets shall be derecognized when the Company has transferred all the risks and rewords on
the ownership of the financial assets to the transferee. The financial assets shall not be derecognized if the
Company retains all the risks and rewards on the ownership of the financial assets.
If the Company neither transfers nor retains almost all the risks and rewards in the ownership of the
financial asset, the following conditions shall be referred to: if it gives up the control over the financial asset, it
shall terminate the recognition of the financial asset and recognize the assets and liabilities generated; if it does
not abandon the control over the financial asset, the relevant financial assets shall be recognized according to
the extent to which it continues to be involved in the transferred financial asset, and the relevant liabilities shall
be recognized accordingly.
If the financial guarantee is provided to the transferred financial assets to continue to be involved, the
assets generated from the continued involvement shall be recognized according to the lower of the book value
of the financial assets and the amount of financial guarantee. Financial guarantee amount refers to the maximum
amount that will be required to be repaid out of consideration received.
The Company divides notes receivable into two portfolios of bank acceptance bills and commercial
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
acceptance bills by type of financial instrument.
For notes receivable divided into portfolios, the Company calculates expected credit losses based on
default risk exposure and the expected credit loss rate during the entire period of continued existence by
reference to its historical credit loss experience, the current status and the prediction of future economic
conditions.
With respect to bank acceptance bills, the Company considers its overdue default risk to be 0 for its risk of
overdue credit loss is low and has not significantly increased since the initial recognition, because the
acceptance bank pays the payee or holder a certain amount unconditionally when the bill is due.
In respect of commercial acceptance bills, the Company believes that the probability of default is
correlated with the aging, and bad debts shall be accrued for the expected credit loss of accounts receivables
according to the accounting policy.
The Company measures the loss provisions as per the amount of expected credit losses throughout the
whole duration by the use of simplified model for expected credit loss for receivables specified in Accounting
Standards for Business Enterprises No. 14 - Income, excluding significant financing components (including
cases in which financing components in contracts not exceeding one year are not taken into account in
accordance with the standards). The increased or reversed amount of loss provisions generated therefrom shall
be included in the current profits and losses as impairment losses or gains.
The Company has implemented Accounting Standard No. 22 - Recognition and Measurement of Financial
Instruments (CK [2017] No. 7) since January 1, 2019. The Company believes that the probability of default is
related to the aging, which is still a mark of whether the credit risk of the Company's accounts receivable
increases significantly, after it has reviewed the appropriateness of the provision for bad debts receivable in
previous years based on the Company's historical bad debt losses. Therefore, credit risk loss of the Company's
accounts receivable is still estimated on the basis of aging according to the original loss ratio of previous years.
The accounting policies for measuring overdue credit loss of accounts receivable adopted by the Company are
as follows:
If there is objective evidence that impairment occurs and other accounts receivable suitable for individual
assessment are subject to an impairment test separately, the expected credit losses are recognized and
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
impairment provisions are made separately. For accounts receivable without objective evidence of impairment
or when a single financial asset cannot be appraised for expected credit losses at a reasonable cost, the
Company divides accounts receivable into several portfolios based on credit risk characteristics and calculates
expected credit losses on the basis of these portfolios.
Individual receivables are subject to an impairment test separately at the end of the period. If there is
objective evidence that it is impaired, the impairment loss shall be recognized with provision for bad debts
according to the difference between the present value of future cash flow and the book value.
Receivables that have not been impaired after separate test are divided into several portfolios with aging
being the credit risk feature, and the impairment loss is calculated and determined at a certain proportion of the
ending balance of these portfolios (the impairment test can be conducted separately), with provision for bad
debts.
Except for the receivables for which impairment provision has been made separately, the Company
determines the proportion for following bad debt provision based on the actual loss rate of the portfolio of the
same or similar receivables in previous years with the aging of receivables as the credit risk feature and in
combination with the current situation:
Estimated credit loss rate of accounts receivable (%)
Aging
(note)
Within 1 year (including 1 year) 3.10%
Above 5 years 100.00%
Including: those that have been determined to be
Write-off
irrecoverable
Note: When measuring the expected credit loss of account receivables, the Company has referred to the
historical experience of credit loss and adjusted it based on forward-looking estimates.
Financial assets that meet the following conditions at the same time are classified as financial assets
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
measured at fair value with their changes included in other comprehensive income: the Company's business
mode of managing the financial assets aims to collect the contract cash flow and sell them; the contract terms of
the financial asset stipulate that the cash flow generated on a specific date is only the payment of principal and
interest based on the amount of outstanding principal.
The receivables, bank acceptance bills, etc. held by the Company transferred in the discounted or endorsed
form that such transactions are frequent and involve significant amounts and the management mode aims to
collect the contract cash flow and sell them in nature are classified as financial assets measured at fair value
with their changes included in other comprehensive income in accordance with the relevant provisions of the
Financial Instruments Standards.
For receivables financing divided into portfolios, the Company calculates expected credit losses based on
default risk exposure and the expected credit loss rate during the entire period of continued existence by
reference to its historical credit loss experience, the current status and the prediction of future economic
conditions.
With respect to bank acceptance bills, the Company considers its overdue default risk to be 0 for its risk of
overdue credit loss is low and has not significantly increased since the initial recognition, because the
acceptance bank pays the payee or holder a certain amount unconditionally when the bill is due.
In case of division into aging portfolio, the Company believes that there is a correlation between the
probability of default and aging, and provides for bad debts in accordance with the accounting policy for
expected credit losses of accounts receivable.
Recognition method and accounting treatment method for expected credit loss of other receivables
Recognition methods and accounting treatment of expected credit losses of other receivables. The
Company measures the impairment loss by an amount equivalent to the expected credit loss within the next 12
months or over the entire duration, depending on whether the credit risk of other receivables has increased
significantly since the initial recognition. In addition to other receivables with individual credit risk assessment,
they are divided into different portfolios based on their credit risk characteristics:
Portfolio Basis for determining the
Provision methods
name portfolios
Risk-free accounts receivable from related parties within the scope of
Portfolio I Risk-free portfolio
consolidation
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Portfolio II Aging portfolio The credit risk of the portfolio is characterized by the aging.
For other receivables divided into portfolios, the Company calculates expected credit losses based on
default risk exposure and the credit loss rate in the next 12 months or the entire period of continued existence by
reference to its historical credit loss experience, the current status and the prediction of future economic
conditions, and determines the following proportions of provision for bad debts based on the current status:
Aging Estimated credit loss rate of other receivables
Within 1 year (including 1 year) 5.00%
Above 5 years 100.00%
Including: those that have been determined to be
Write-off
irrecoverable
The Company presents contractual assets or contract liabilities in the balance sheet based on the
relationship between performance obligations and customer payments. The Company's right to receive
consideration for goods or services transferred to customers (excluding receivables) is listed as contractual
assets.
For contract assets without material financing components (including cases in which financing components
in contracts not exceeding one year are not taken into account in accordance with the standards) as specified in
the Accounting Standards for Business Enterprises No. 14 - Income, the Company measures provisions for
losses as per the amount of expected credit losses throughout the whole duration by using a simplified model for
the expected credit loss. The increased or reversed amount of loss provisions generated therefrom shall be
credited to the current profits and losses as impairment losses or gains.
For contract assets with material financing components, the Company measures provisions for losses as
per the amount of expected credit losses throughout the whole duration by using a simplified model for the
expected credit loss.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
(1) Classification of inventories
Inventories refer to finished products or goods held by the Company for sale in daily activities, work in
progress, and materials and supplies consumed in the production process or provision of services, including raw
materials, work in progress, semi-finished products, goods in stock, materials consigned for processing, low
value consumables, etc.
(2) Pricing method of delivered inventories
The delivered inventories are subject to the weighted-average system.
(3) Inventory system
The Company adopts the perpetual inventory system for inventories, conducts an inventory check at least
once a year, and includes any inventory gain or loss in the current profits and losses.
(4) Determination criteria and accrual method of provision for impairment on inventories
On the balance sheet date, an inventory shall be measured at the lower of cost and net realizable value. If
its cost is higher than its net realizable value, a provision for inventory impairment shall be made and included
in the current profits and losses.
When the net realizable value of an inventory is determined, factors such as the purpose of holding it and
the impact of matters after the balance sheet date are considered with the reliable evidence obtained being the
basis.
① The net realizable value of any inventory used directly for sale, such as finished products, goods, and
materials for sale, shall be determined by subtracting the estimated sales expenses and related taxes from the
estimated selling price during normal production and operation. Any inventory held for executing any sales or
service contract shall be measured at the contract price as the basis for its net realizable value; if the quantity of
the inventory held exceeds the quantity ordered in the sales contract, the net realizable value of the excess is
measured at the general selling price. For materials for sale, the net realizable value is measured based on the
market price.
② The net realizable value of any material inventory that require processing shall be determined by
subtracting the estimated costs to be incurred until completion, estimated sales expenses, and related taxes from
the estimated selling price of the finished product made from it during normal production and operation. If the
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
net realizable value of the finished product made from it is higher than the cost, the material shall be measured
at cost; if the decrease in material prices indicates that the net realizable value of the finished product is lower
than the cost, the material shall be measured at its net realizable value and an inventory impairment provision
shall be made based on the difference.
③ The Company usually provides for inventory impairment based on individual inventory items; for any
inventory with a large quantity and a low unit price, provision shall be made according to the inventory category.
④ If the influencing factor for the past write-down of the inventory value has disappeared on the balance
sheet date, the written-down amount shall be restored and reversed within the amount of the provision for
inventory impairment already made, and the reversed amount shall be included in the current profits and losses.
(5) Amortization method for turnover materials
① Amortization method for low value consumables: The one-time write-off method is applied at the time
of receipt.
② Amortization method of packages: The one-time write-off method is applied at the time of receipt.
(1) Classification of noncurrent assets held for sale or disposal groups
The Company divides noncurrent assets or disposal groups that meet the following conditions as held for
sale:
① According to the convention of selling such assets or disposing of groups in similar transactions, they
can be sold immediately in the current situation;
② Sale is highly likely to occur, i.e., the Company has already made a resolution on a sales plan and
obtained a definite purchase commitment, and sale is expected to be completed within one year. If the relevant
provisions require approval from the relevant authority or regulatory department of the Company before it can
be sold, such approval has been obtained.
If any noncurrent asset or disposal group acquired by the Company specifically for resale meets the
condition that "sale is expected to be completed within one year" on the acquisition date, and is likely to meet
other classification criteria for being held for sale in the short term (usually 3 months), the Company will
classify it as held for sale on the acquisition date.
If the Company loses control over a subsidiary due to the sale of its investment in the subsidiary or for any
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
other reason, regardless of whether the Company retains some equity investments after the sale, when the
proposed investment in the subsidiary meets the criteria for being held for sale, the overall investment in the
subsidiary shall be classified as held for sale in the individual financial statements of the parent company, and
all assets and liabilities of the subsidiary shall be classified as held for sale in the consolidated financial
statements.
(2) Measurement of noncurrent assets held for sale or disposal groups
Other relevant accounting standards shall apply to the measurement of investment properties measured
using the fair value model, biological assets measured at the net amount of fair value minus selling expenses,
assets formed by employee compensation, deferred income tax assets, financial assets regulated by accounting
standards for financial instruments, and rights arising from insurance contracts regulated by accounting
standards for insurance contracts, respectively.
When any noncurrent asset or disposal group held for sale are initially measured or re-measured on the
balance sheet date, if its carrying value is higher than the net amount of fair value minus selling expenses, the
carrying value shall be reduced to the net amount of fair value minus selling expenses, and the reduced amount
shall be recognized as an asset impairment loss and included in the current profits and losses. In addition, a
provision for impairment of held for sale assets shall be made. If the net amount of fair value minus selling
expenses of any noncurrent asset or disposal group held for sale increases on any subsequent balance sheet date,
the previously reduced amount shall be restored and reversed within the impairment loss amount recognized
after being classified as held for sale, and the reversed amount shall be included in the current profits and losses.
The book value of goodwill that has been offset shall not be reversed.
When any noncurrent asset or disposal group is no longer classified as held for sale because it no longer
meets the classification criteria, or any noncurrent asset is removed from the held for sale disposal group, it
shall be measured at the lower of the following:
① The book value before being classified as held for sale, adjusted for depreciation, amortization, or
impairment that would have been recognized if not classified as held for sale;
② Recoverable amount.
(3) Identification criteria for operation discontinuation
Operation discontinuation refers to a separately distinguishable component of the Company that meets one
of the following conditions and has been disposed of or classified as held for sale:
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
① Such component represents an independent main business or a separate main operating area;
② Such component is part of a related plan to dispose of an independent major business or a separate
major operating area;
③ Such component is a subsidiary acquired specifically for resale.
(4) Presentation
The Company presents noncurrent assets held for sale or assets in disposal groups held for sale separately
from other assets, and liabilities in disposal groups held for sale separately from other liabilities in the balance
sheet. Noncurrent assets held for sale or assets held for sale in disposal groups shall not be offset against
liabilities in disposal groups held for sale, and shall be presented as current assets and current liabilities,
respectively.
The Company presents the profits and losses of operation continuation and operation discontinuation
separately in the income statement. For operation discontinuation presented in the current period, the Company
presents the information previously presented as the profits and losses of operation continuation in the current
financial statements as those of operation discontinuation in the comparable accounting period. If operation
discontinuation no longer meets the classification criteria for being held for sale, the Company presents the
information previously presented as the profits and losses of operation discontinuation in the current financial
statements as those of operation continuation in the comparable accounting period.
Refer to "11. Financial instruments" in "V. Significant accounting policies and accounting estimates" in
this section.
Refer to "11. Financial instruments" in "V. Significant accounting policies and accounting estimates" in
this section.
Refer to "11. Financial instruments" in "V. Significant accounting policies and accounting estimates" in
this section.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
The Company's long-term equity investments include equity investments that exercise control or
significant influence over investees, as well as equity investments in joint ventures. An investee over which the
Company can exert significant influence is an associated enterprise of the Company.
(1) Basis for determining joint control and significant influence over the investee
Joint control refers to the common control of an arrangement in accordance with relevant agreements, and
the activities related to the arrangement must be agreed upon by the parties holding control right before the
decision can be made. When it is judged whether there is joint control, it shall be first judged whether all parties
or combinations of parties collectively control such arrangement. If all parties or a group of parties must act in
concert to decide on the relevant activities of an arrangement, then it is deemed that all parties or a group of
parties collectively control(s) such arrangement. It is then judged whether the decision to arrange related
activities must be unanimously agreed upon by the parties who collectively control the arrangement. Common
control does not exist if two or more combinations of parties can control an arrangement collectively. When it is
judged whether there is joint control, the protective rights enjoyed shall not be considered.
Significant influence means that the investor has the power to participate in decision-making on financial
and operational policies of the investee, but cannot control or jointly control the formulation of these policies
with any other party. When it is judged whether significant influence can be exerted on the investee, the impact
of the investor's direct or indirect holding of voting shares in the investee, as well as the potential voting rights
held by the investor and other parties in the current period that are assumed to be converted into equity in the
investee shall be considered, including the impact of convertible warrants, stock options, and convertible
corporate bonds issued by the investee in the current period.
When the Company directly or indirectly owns 20% or more but less than 50% of the voting shares of the
investee through its subsidiaries, it is generally considered to have significant influence on the investee, unless
there is clear evidence that it cannot participate in production and operation decisions of the investee, when
significant influence does not exist.
(2) Determination of initial investment cost
The investment cost of any long-term equity investment formed by a business merger shall be determined
as follows:
A. For the merger of enterprises under common control, if the merging party pays cash, transfers non-cash
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
assets, or assumes debt as the consideration for the merger, the initial investment cost of any long-term equity
investment shall be the share of the book value of the owner's equity of the merged party in the final controller's
consolidated financial statements on the merger date. The capital reserve shall be adjusted for the difference
between the initial investment cost of the long-term equity investment and the cash paid, non-cash assets
transferred, and the book value of debts assumed; if the capital reserve is insufficient for offsetting, the retained
earnings shall be adjusted;
B. For the merger of enterprises under common control, if the merging party issues equity securities as the
consideration for the merger, the initial investment cost of any long-term equity investment shall be the share of
the book value of the owner's equity of the merged party in the final controller's consolidated financial
statements on the merger date. The capital reserve shall be adjusted for the difference between the initial
investment cost of the long-term equity investment and the total face value of the issued shares with the total
face value of the issued shares as the share capital; if the capital reserve is insufficient for offsetting, the
retained earnings shall be adjusted;
C. For the merger of enterprises not under common control, the fair value of assets paid, liabilities incurred
or assumed, and equity securities issued for the acquisition of control over the acquiree on the acquisition date
shall be determined as the initial investment cost of any long-term equity investment. The intermediary fees
such as audit, legal services, appraisal, and consulting, and other related management expenses incurred by the
merging party in the business merger shall be included in the current profits and losses when incurred.
Except for long-term equity investments formed by business mergers, the investment cost of any long-term
equity investment acquired by other means shall be determined as follows:
A. Any long-term equity investment acquired through cash payment shall be recognized as the investment
cost based on the actually paid purchase price. The initial investment cost includes expenses, taxes, and other
necessary expenditures directly related to the acquisition of the long-term equity investment;
B. The initial investment cost for any long-term equity investment acquired through the issuance of equity
securities shall be based on the fair value of the issued equity securities;
C. For any long-term equity investment obtained through nonmonetary asset exchange, if the exchange has
commercial substance and the fair value of the assets received or exchanged can be measured reliably, the fair
value of the exchanged assets and related taxes and fees shall be used as the initial investment cost, and the
difference between the fair value and book value of the exchanged assets shall be included in the current profits
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
and losses; if the exchange of nonmonetary assets does not meet both of the above conditions, the initial
investment cost shall be based on the book value of the exchanged assets and related taxes and fees.
D. Any long-term equity investment obtained through debt restructuring shall be recognized at the fair
value of the abandoned debt and other costs directly attributable to the asset, such as taxes, and the difference
between the fair value and book value of the abandoned debt shall be included in the current profits and losses.
(3) Subsequent measurement and profit and loss recognition methods
The Company is able to use the cost method to account for long-term equity investments in investees over
which it has control; long-term equity investments in associated enterprises and joint ventures shall be
accounted for using the equity method.
① Cost method
For long-term equity investments accounted for using the cost method, the cost of long-term equity
investments shall be adjusted at the time of additional investment or disinvestment; the cash dividend or profit
declared by the investee shall be recognized as the current investment income.
② Equity method
The general accounting treatment of long-term equity investments accounted for using the equity method
shall be as follows:
If the investment cost of any long-term equity investment of the Company is greater than the fair value
share of the investee's identifiable net assets to which it is entitled at the time of investment, the initial
investment cost of the long-term equity investment shall not be adjusted; if the initial investment cost of any
long-term equity investment is less than the fair value share of the identifiable net assets of the investee to
which it entitled at the time of investment, the difference shall be included in the current profits and losses, and
the cost of the long-term equity investment shall also be adjusted.
The Company recognizes investment income and other comprehensive income separately based on the
share in the net profit or loss and other comprehensive income realized by the investee to be enjoyed or shared,
and adjusts the book value of the long-term equity investment; the Company calculates the portion to be
enjoyed based on the profits or cash dividends declared by the investee, and reduces the book value of the long-
term equity investment accordingly; other changes in the owner's equity of the investee except for net profit or
loss, other comprehensive income, and profit distribution shall be adjusted to the book value of the long-term
equity investment and included in the owner's equity. When the share in the net profit or loss of the investee to
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
be enjoyed is confirmed, the fair value of the investee's identifiable net assets at the time of investment
acquisition shall be used as the basis for adjusting the investee's net profit before recognition. If the accounting
policies and accounting periods adopted by the investee are inconsistent with those of the Company, the
financial statements of the investee shall be adjusted to those of the Company, and the investment income and
other comprehensive income shall be recognized accordingly. Unrealized internal transaction gains and losses
between the Company and its associated enterprises and joint ventures shall be offset against the portion
attributable to the Company based on the proportion to which it is entitled, and investment gains and losses
shall be recognized on this basis. Any unrealized internal transaction loss incurred between the Company and
the investee that is an asset impairment loss shall be recognized in full.
If significant influence can be exerted on the investee or joint control can be implemented due to additional
investment or for any other reason, but control does not exist, the initial investment cost for accounting using
the equity method shall be the sum of the fair value of the equity investment originally held and the additional
investment cost. If the equity investment originally held is classified into other equity instrument investments,
the difference between its fair value and book value, as well as the cumulative gain or loss originally included in
other comprehensive income shall be transferred from other comprehensive income in the current period when
accounting is changed to the equity method and included in the retained earnings.
If joint control or significant influence over the investee is lost due to the disposal of some equity
investments or for any other reason, the remaining equity after the disposal shall be measured at fair value, and
the difference between its fair value and book value on the date of loss of joint control or significant influence
shall be included in the current profits and losses. The other comprehensive income recognized from the
original equity investment due to accounting using the equity method shall be accounted for on the same basis
as the direct disposal of underlying assets or liabilities by the investee when accounting using the equity method
is terminated.
(4) Equity investments held for sale
See Section V 18 of the Financial Report for details about equity investments in joint ventures or
associated enterprises that are classified as held for sale assets in whole or in part, the relevant accounting
treatment.
For residual equity investments that are not classified as held for sale assets, the equity method shall be
used for accounting treatment.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Equity investments in associated enterprises or joint ventures that have been classified as held for sale and
no longer meet the classification criteria for held for sale assets shall be adjusted retrospectively using the
equity method from the date of classification. The financial statements of the period when they are classified as
held for sale shall be adjusted accordingly.
(5) Impairment testing method and impairment provision method
See Section V 30 of the Financial Report for details about the asset impairment provision method for
investments in subsidiaries, joint ventures, and associated enterprises.
Measurement model of investment property
Measurement with cost method
Depreciation or amortization method
appreciation, and leased buildings.
depreciation and amortization of the investment property are made in the way as used for fixed assets and
intangible assets. If there is any sign showing that the investment property is impaired on the balance sheet date,
the provision of impairment reserve shall be made accordingly based on the difference between the book value
and the recoverable amount.
See Section V 30 "Long-term Assets Impairment" of the Financial Report for details about the methods for
impairment testing and provision for impairment applicable to investment properties.
If the real estate for private use or inventory is converted to an investment property or the investment
property is converted to a real estate for private use, the book value before such conversion shall be deemed as
the entry value after the conversion.
If the purpose of an investment property is changed to private use, this investment property shall be
converted into a fixed or intangible asset from the date of change. If the purpose of a property is changed to rent
gains or capital appreciation from private use, the fixed asset or intangible asset shall be converted into an
investment property from the date of change. If the purpose of a property is changed to rent gains or capital
appreciation from private use, the fixed asset or intangible asset shall be converted into an investment property
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
from the date of change. If any asset is converted into an investment property measured with the cost model, the
book value before the conversion shall be deemed as the entry value after the conversion. If any asset is
converted into an investment property measured with the fair value model, the fair value on the conversion date
shall be deemed as the entry value after the conversion.
An investment property shall be derecognized if this investment property is disposed of or permanently
retired, and it is expected that no economic benefits can be obtained from its disposal. The disposal income
from the sale, transfer, scrapping or damage of an investment property shall be included in the current profits
and losses after deducting its book value and relevant taxes and dues. The disposal income from the sale,
transfer, scrapping or damage of an investment property shall be included in the current profits and losses after
deducting its book value and relevant taxes and dues.
(1) Conditions for recognition
Fixed assets refer to the tangible assets that are held for production of goods, provision of labor services,
lease or operation management and of which the service life exceeds one fiscal year.
Fixed assets shall be recorded at the actual cost upon the acquisition and subject to the provision for
straight-line depreciation from the next month following the date when they are ready for use as intended.
(2) Depreciation method
Category Depreciation method Depreciable life Residual rate Annual depreciation rate
Houses and buildings Straight-line method 20-40 years 5% 2.375%-4.75%
Machinery and equipment Straight-line method 10 years 5% 9.50%
Transportation equipment Straight-line method 5 years 5% 19.00%
Electronic equipment and other equipment Straight-line method 5 years 5% 19.00%
(1) Construction in progress is accounted for by category of approved projects.
(2) Criteria and timing for converting construction in progress into fixed assets
All expenses incurred before the construction of any asset reaches its intended usable state shall be
recognized as the entry value of the fixed assets for construction in progress. This includes construction costs,
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
original prices of machinery and equipment, other necessary expenses incurred to bring construction in progress
to the intended usable state, borrowing costs incurred specifically for the project before the assets reach the
intended usable state, and borrowing costs incurred for general borrowings occupied. When the installation or
construction of a project is completed so that it reaches the intended usable state, the Company shall transfer the
construction in progress to fixed assets. Fixed assets that have reached the intended usable state but have not
undergone final accounting shall be transferred to fixed assets based on the estimated value according to the
project budget, cost, or actual project cost from the date of reaching the intended usable state. The depreciation
of fixed assets shall be calculated according to the Company's fixed asset depreciation policy. After final
accounting is completed, the original estimated value shall be adjusted to the actual cost, but the originally
calculated depreciation amount shall not be adjusted.
(1) Recognition principle for capitalizing borrowing costs and capitalization period
Borrowing costs incurred by the Company directly attributable to the acquisition, construction or
production of assets that meet the capitalization criteria shall be capitalized and included in the cost of
underlying assets when the following conditions are met concurrently:
① Asset expenditures have incurred;
② Borrowing costs have incurred;
③ Acquisition, construction or production activities necessary for assets to reach the intended usable state
have begun.
Other loan interests, discounts or premiums, and exchange differences are included in the current profits
and losses.
If the acquisition, construction, or production of any asset that meets the capitalization criteria is
interrupted abnormally for over three successive months, the capitalization of borrowing costs shall be
suspended.
When the acquisition, construction or production of any asset that meets the capitalization criteria reaches
the intended usable or saleable state, the capitalization of borrowing costs shall be discontinued; subsequent
borrowing costs shall be recognized as expenses in the period in which they are incurred.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
(2) Calculation method for capitalization rate and capitalization amount of borrowing costs
If special borrowings are incurred for the acquisition, construction or production of assets that meet the
capitalization criteria, the capitalized amount of interest to be capitalized shall be determined by subtracting the
interest income arising from depositing unused loan funds in the bank or the investment income arising from
temporary investments from the actual interest expenses incurred in the current period.
If general borrowings are occupied for the acquisition, construction or production of assets that meet the
capitalization criteria, the amount of interest that shall be capitalized for general borrowings shall be calculated
by multiplying the weighted average of the accumulated asset expenditures in excess of the special borrowings
by the capitalization rate of the occupied general borrowings, and the amount of interest to be capitalized shall
be determined for general borrowings. The capitalization rate shall be determined by calculating the weighted
average interest rate on general borrowings.
None.
None.
(1) Service life and its determination criteria, estimation, amortization method or review procedure
(1) Valuation method of intangible assets
Entered at actual cost at the time of acquisition.
(2) Service lives and amortization of intangible assets
① Estimation of service lives of intangible assets with a limited service life:
The land usage right shall be averagely amortized within the remaining service life (generally 50 years),
the software shall be averagely amortized within 3-5 years, and the patent rights and non-patent technologies
within 5-10 years.
At the end of each year, the Company reviews service lives of intangible assets with a limited service life
and the amortization method. After review, service lives of intangible assets at the end of the current period and
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
the amortization method are not different from past estimates.
② Intangible assets that cannot be foreseen to bring economic benefits to the Company within a certain
period are considered as intangible assets with an uncertain service life. For intangible assets with an uncertain
service life, the Company reviews their service lives at the end of each year. If its life is still uncertain after the
review, an impairment test is conducted on the balance sheet date.
③ Amortization of intangible assets
For intangible assets with a limited service life, the Company determines their service lives upon
acquisition and uses the straight-line method to amortize them systematically and reasonably over their service
life. The amortization amount is included in the current profits and losses or included in the cost of underlying
assets based on the benefit item. The specific amount to be amortized is the amount after deducting the
estimated residual value from the cost. For intangible assets for which an impairment provision has been made,
the cumulative amount of the impairment provision for intangible assets that has been made shall also be
deducted. An intangible asset with a limited service life is considered to have zero residual value, except in the
following cases: A third party promises to purchase the intangible asset at the end of its service life or can
obtain estimated residual value information based on an active market, and the market is likely to exist at the
end of the service life of the intangible asset.
Intangible assets with an uncertain service life shall not be amortized. At the end of each year, service lives
of intangible assets with an uncertain service life are reviewed. If there is evidence that the service life of an
intangible asset is limited, its service life shall be estimated and amortized systematically and reasonably over
the expected service life.
(2) Collection range of R&D expenditures and relevant accounting treatment
The Company collects various expenses directly related to R&D activities as R&D expenses, including
R&D personnel salaries, direct input expenses, depreciation expenses and long-term deferred expenses, design
expenses, equipment debugging expenses, intangible asset amortization expenses, commissioned external R&D
expenses, other expenses, etc.
① The Company will prepare materials and related activities for further development activities as the
research stage, and expenses incurred during the intangible asset research stage will be included in the current
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
profits and losses.
② Development activities carried out after the completion of the research stage at the Company are
considered as the development stage.
Expenditures during the development stage can only be recognized as intangible assets if they meet the
following conditions concurrently:
A. The intangible asset is completed to make it technically feasible for use or sale;
B. There is an intention to complete the intangible asset and use or sell it;
C. The way in which the intangible asset generates economic benefits, including being able to prove the
existence of a market for the product derived from using the intangible asset or the existence of a market for the
intangible asset itself, and the intangible asset will be used internally, can prove its usefulness;
D. There are sufficient technical, financial, and other resources to support the development of the
intangible asset, and it is possible to use or sell the intangible asset;
E. The expenses attributable to the development stage of the intangible asset can be measured reliably.
The impairment of long-term equity investments in subsidiaries, associated enterprises, and joint ventures,
investment properties measured using the cost model, fixed assets, construction in progress, right-of-use assets,
intangible assets, goodwill, etc. (excluding inventories, investment properties measured using the fair value
model, deferred tax assets, and financial assets) shall be determined using the following method:
On the balance sheet date, it shall be judged whether there is any sign of potential impairment of assets. If
there is a sign of impairment, the Company will estimate their recoverable amount and conduct an impairment
test. An impairment test is conducted annually on goodwill, intangible assets with an uncertain service life, and
intangible assets that have not reached a usable state resulting from business mergers, regardless of whether
there is any sign of impairment.
The recoverable amount is determined based on the higher of the net amount of the fair value of an asset
minus the disposal expenses and the present value of the expected future cash flows of the asset. The Company
estimates the recoverable amount based on individual assets; if it is difficult to estimate the recoverable amount
of a single asset, the recoverable amount of the asset group shall be determined based on the asset group to
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
which the asset belongs. The identification of asset groups is based on whether the main cash inflows generated
by the asset group are independent of those of other assets or asset groups.
When the recoverable amount of an asset or asset group is lower than its carrying amount, the Company
will reduce its carrying amount to the recoverable amount, and the reduced amount will be included in the
current profits and losses, while making asset impairment provision accordingly.
In terms of the impairment testing of goodwill, the carrying value of the goodwill formed by a business
merger shall be allocated to the relevant asset group in a reasonable manner from the date of purchase; if it is
difficult to allocate it to the relevant asset group, it shall be allocated to the relevant combination of asset groups.
The relevant asset group or combination of asset groups refers to the asset group or combination of asset groups
that can benefit from the synergistic effects of the business merger, and is not greater than the reporting segment
determined by the Company.
When an impairment test is conducted, if there is any sign of impairment in the asset group or combination
of asset groups related to goodwill, the impairment test shall be first conducted on an asset group or
combination of asset groups that does not include the goodwill, the recoverable amount shall be calculated, and
the corresponding impairment loss shall be recognized. Then, an impairment test shall be conducted on the asset
group or combination of asset groups that contains the goodwill, its book value shall be compared with its
recoverable amount, and the impairment loss on the goodwill shall be recognized if the recoverable amount is
lower than the book value.
Once the asset impairment loss is recognized, it will not be reversed in future accounting periods.
For long-term deferred expenses, various expenses that been incurred but shall be borne by the Company
in the current and future periods with an amortization period of one year or more shall be accounted for.
The actual amount is accounted for and amortized evenly over the benefit period or specified period. In
case future accounting period cannot benefit from long-term deferred expenses, all unamortized value of the
item shall be transferred into the current profits and losses.
The Company presents contractual assets or contract liabilities in the balance sheet based on the
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
relationship between performance obligations and customer payments. The Company's obligation to transfer
commodities or services to customers for consideration received or receivable by the Company is listed as
contract liability.
(1) Accounting treatment of short-term compensation
① Basic remuneration of employees (salaries, bonuses, allowances and subsidies)
During the accounting period when employees provide service for the Company, the actual short-term
remuneration is recognized as liabilities and included in the current profits and losses, except for those required
or allowed to be included in asset costs by other accounting standards.
② Employee benefits
Employee benefits incurred by the Company are included in the current profits and losses or the cost of
underlying assets based on the actual amount incurred. Nonmonetary employee benefits shall be measured at
fair value.
③ Social insurance premiums (e.g., medical insurance, work-related injury insurance and maternity
insurance), housing provident fund, union funds and employee education funds
The Company pays social insurance premiums such as medical insurance, work-related injury insurance
and maternity insurance, housing provident fund for employees, union funds and employee education funds
extracted as stipulated. During the accounting period when employees provide service for the Company, the
corresponding employee remuneration amount is calculated and determined based on the specified provision
basis and ratio, and the corresponding liabilities are recognized and included in the current profits and losses or
the cost of underlying assets.
④ Short-term paid leaves
When the Company increases employees' future entitlement to paid leaves for their service, it recognizes
the employee remuneration related to accumulated paid leaves and measure it as the increased expected
payment amount due to the cumulative unexercised entitlement. The Company recognizes the employee
remuneration related to noncumulative paid leaves during the accounting period when employees actually leave.
⑤ Short-term profit sharing plan
If the profit sharing plan meets the following conditions concurrently, the Company will recognize the
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
relevant employee remuneration payable:
A. The Company has a statutory or presumed obligation to pay employee remuneration due to past matters;
B. The amount of the obligation of the employee remuneration payable arising from the profit sharing plan
can be estimated reliably.
(2) Accounting treatment of post-employment benefits
① Defined contribution plan
During the accounting period in which employees provide service for the Company, the payable amount
calculated based on the defined contribution plan shall be recognized as a liability and included in the current
profits and losses or the cost of underlying assets.
According to the defined contribution plan, if it is not expected to pay all the amount payable within 12
months after the end of the annual reporting period when employees provide relevant service, the Company will
measure the employee remuneration payable at the discounted amount by reference to the corresponding
discount rate (determined according to the market yield of treasury bonds or high-quality corporate bonds in the
active market that match the obligation period and the currency of the defined contribution plan on the balance
sheet date).
② Defined benefit plan
A. Determination of the present value and current service cost of the defined benefit plan obligation
Unbiased and mutually consistent actuarial assumptions are used to estimate relevant demographic and
financial variables, the obligation arising from the defined benefit plan is measured, and the attribution period of
the relevant obligation is determined using the expected cumulative welfare unit method. The Company will
discount the obligation arising from the defined benefit plan at the corresponding discount rate (determined
according to the market yield rate of treasury bonds or high-quality corporate bonds in the active market that
match the obligation period and the currency of the defined benefit plan on the balance sheet date) to determine
the present value of the obligation of the defined benefit plan and the current service cost.
B. Confirmation of net liabilities or assets of the defined benefit plan
If there is any asset in the defined benefit plan, the Company will recognize the deficit or surplus formed
by subtracting the fair value of such asset from the present value of the obligation as a net liability or net asset
of the defined benefit plan.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
If there is a surplus in the defined benefit plan, the Company will measure the net assets of the defined
benefit plan based on the lower of the surplus and asset limit of the defined benefit plan.
C. Determination of the amount to be included in asset cost or current profits and losses
Service costs include current service costs, past service costs, and settlement gains or losses. Among them,
except for current service costs required or allowed to be included in asset costs by other accounting standards,
all other service costs shall be included in the current profits and losses.
The net interest on the net liabilities or assets of the defined benefit plan, including interest income on plan
assets, interest expenses on the defined benefit plan obligation, and interests affected by the asset ceiling, shall
all included in the current profits and losses.
D. Determination of the amount to be included in other comprehensive income
Changes arising from the re-measurement of net liabilities or net assets of the defined benefit plan include:
(a) Actuarial gains or losses, which are an increase or decrease in the present value of the previously
measured defined benefit plan obligation due to actuarial assumptions and empirical adjustments;
(b) Plan asset return, from which the amount included in the net interest on the net liabilities or net assets
of the defined benefit plan is deducted;
(c) Changes in the impact of the asset ceiling, from which the amount included in the net interest on net
liabilities or net assets of the defined benefit plan is deducted.
Changes arising from the re-measurement of the net liabilities or net assets of the defined benefit plan as
mentioned above shall be recognized in other comprehensive income directly and not reversed to profits and
losses in any subsequent accounting period. When the original defined benefit plan is terminated, the Company
will carry forward the portion originally recognized in other comprehensive income within the scope of equity
to undistributed profits in full.
(3) Accounting treatment of dismissal benefits
If the Company provides termination benefits to employees, the employee remuneration liability arising
from termination benefits shall be recognized and included in the current profits and losses, whichever is earlier:
① When the Company cannot unilaterally withdraw the termination benefits provided by the termination
of the labor relation plan or cut-down proposal;
② When the Company confirms the costs or expenses related to the restructuring involving the payment of
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
termination benefits.
If termination benefits are not expected to be fully paid within 12 months after the end of the annual
reporting period, the amount of termination benefits shall be discounted by reference to the corresponding
discount rate (determined according to the market yield of treasury bonds or high-quality corporate bonds in the
active market that matches the obligation period and the currency of the defined benefit plan on the balance
sheet date), and the employee remuneration payable shall be measured at the discounted amount.
(4) Accounting treatment of other long-term employee benefits.
None.
(1) Recognition criteria for estimated liabilities
If any obligation related to contingencies meets the following conditions concurrently, the Company shall
recognize it as an estimated liability:
① Such obligation is a current obligation undertaken by the Company;
② The performance of such obligation is likely to result in the outflow of economic benefits from the
Company;
③ The amount of such obligation can be measured reliably.
(2) Measurement method for estimated liabilities
An estimated liability is initially measured based on the best estimate of the expenses required to fulfill the
relevant current obligation, taking into account factors such as risks, uncertainties, and time value of money
related to contingencies. The book value of estimated liabilities is reviewed on each balance sheet date. If there
is conclusive evidence that the book value cannot reflect the current best estimate, the book value shall be
adjusted according to the current best estimate.
(1) Types of share-based payments
The Company's share-based payments include cash-settled share-based payments and equity-settled share-
based payments.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
(2) Determination method of fair value of equity instrument
① For shares granted to employees, the fair value is measured at the market price of the Company's shares,
and is adjusted to take into account the terms and conditions under which the shares are granted (excluding
vesting conditions other than market conditions). ② For stock options granted to employees, it is difficult to
obtain their market price in many cases. If there is no trading option with similar terms and conditions, the
Company chooses the applicable option pricing model to estimate the fair value of the granted option.
(3) Basis for recognizing the best estimate of exercisable equity instruments
On each balance sheet date during the waiting period, the Company makes the best estimate based on
subsequent information such as changes in the number of eligible employees and revises the estimated number
of exercisable equity instruments in order to make the best estimate of exercisable equity instruments.
(4) Accounting treatment of the implementation of share-based payment plan
Cash-settled share-based payments
① Cash-settled share-based payments that are immediately exercisable upon grant shall be recognized as
relevant costs or expenses at the fair value of the liability assumed by the Company on the grant date, and the
liability shall be increased accordingly. The fair value of the liability shall be re-measured at each balance sheet
date prior to settlement and at the settlement date, and its changes shall be included in profits and losses.
② For cash-settled share-based payments that can only be exercised after the service is completed during
the waiting period or the specified performance conditions are met, on each balance sheet date during the
waiting period, the service acquired in the current period shall be included in costs or expenses and
corresponding liabilities at the fair value of the liabilities borne by the Company based on the best estimate of
the exercisable situation.
Equity-settled share-based payments
① Equity-settled share-based payments for employee services that are immediately exercisable upon grant
shall be recognized as relevant costs or expenses at the fair value of equity instruments on the grant date, and
the capital reserve shall be increased accordingly.
② For equity-settled share-based payments that can only be exercised in exchange for employee services
after the service is completed during the waiting period or the specified performance conditions are met, on
each balance sheet date during the waiting period, the service acquired in the current period shall be included in
costs or expenses and capital reserves at the fair value of the equity instrument grant date based on the best
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
estimate of the number of exercisable equity instruments.
(5) Accounting treatment of modification of the share-based payment plan
When the Company modifies the share-based payment plan, if it increases the fair value of the granted
equity instruments, the corresponding increase in the service acquired shall be recognized based on the increase
in fair value of the equity instruments; if it increases the number of equity instruments granted, the fair value of
the increased equity instruments shall be recognized as an increase in the service acquired accordingly. The
increase in fair value of equity instruments refers to the difference between the fair value of equity instruments
before and after modification on the modification date. If the modification reduces the total fair value of the
share-based payment plan or modifies the terms and conditions of the share-based payment plan in another way
unfavorable for employees, the accounting treatment of the service acquired shall continue, as if the change has
never occurred, unless the Company cancels some or all of the equity instruments already granted.
(6) Accounting treatment of termination of the share-based payment plan
If any granted equity instrument is cancelled or settled during the waiting period (excluding those
cancelled due to failure to meet the exercisable conditions), the Company shall:
① Treat cancellation or settlement as an accelerated exercise option and immediately recognize the amount
that shall have been recognized within the remaining waiting period;
② Treat all payments made to employees during cancellation or settlement as equity repurchases, and any
amount paid for repurchases in excess of the fair value of the equity instrument on the repurchase date shall be
recognized as current expenses.
If the Company repurchases its employees' equity instruments that are already exercisable, it will offset its
owner's equity; the portion of the repurchase payment in excess of the fair value of the equity instrument on the
repurchase date shall be included in the current profits and losses.
None.
Disclose accounting policies applied for revenue recognition and measurement by business type
(1) General principles
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Revenue is the total inflow of economic benefits generated by the Company in its routine activities, which
leads to an increase in shareholder equity and is unrelated to the capital invested by shareholders.
The Company has fulfilled performance obligation in the Contract, that is, recognizing revenue when the
customer obtains the control right of relevant commodities. Acquisition of control over relevant goods means to
be able to dominate the use of such goods and acquire almost all economic benefits arising therefrom.
If a contract contains two or more performance obligations, the Company shall allocate the transaction
price to each performance obligation based on the relative proportion of the individual selling prices of the
promised goods or services for each performance obligation, and measure the revenue based on the transaction
price allocated to each performance obligation on the commencement date of the contract.
Transaction price is the expected amount of the consideration that the Company is entitled to receive for
the transfer of goods or services to customers, excluding payments received for third parties. When the contract
transaction price is determined, if there is a variable consideration, the Company determines the best estimate of
the variable consideration based on the expected value or the most likely amount to occur, and includes it in the
transaction price at an amount that does not exceed the cumulative recognized income that is highly unlikely to
experience a significant reversal when the relevant uncertainty is eliminated. If there is a significant financing
component in the contract, the Company will determine the transaction price based on the amount payable by
the customer in cash upon acquiring control over goods. The difference between the transaction price and the
contract consideration will be amortized using the effective interest rate method during the contract period. If
the transfer of control is less than one year after the customer pays the price, the Company will not consider the
financing component.
If one of the following conditions is met, the performance obligation is fulfilled within a certain period,
otherwise, the performance obligation is fulfilled at a certain time point:
① Customers obtain and consume economic benefits arising from performance of the Company during the
Company's performance of the Contract.
② The customer can control the in-process commodity during contract performance by the Company;
③ The purpose of the commodity produced by the Company during contract performance is irreplaceable,
and the Company is entitled to receive payments throughout the contract period for the performance completed
so far.
For performance obligations fulfilled within a certain period of time, the Company shall recognize revenue
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
according to the performance progress within that period, except that the performance progress cannot be
reasonably determined. The Company determines the performance progress of services provided using the input
method (or output method). When the progress of performance cannot be reasonably determined, if the costs
already incurred by the Company are expected to be compensated for, revenue shall be recognized based on the
amount of costs already incurred until the progress of performance can be reasonably determined.
For performance obligations fulfilled at a certain time point, the Company recognizes revenue at the time
point when the customer acquires control over relevant goods. When judging whether customers have obtained
the control right of relevant goods or products, the Company considers the following signs:
① The Company shall be entitled to immediately collect revenues from goods, which means that
customers have the obligation to pay for goods immediately.
② The Company has transferred the legal ownership of goods to customers, which means that customers
have obtained the legal ownership of goods.
③ The Company has transferred goods in kind to customers, which means that customers have possessed
goods in kind.
④ The Company has transferred main risks and rewards related to the ownership of goods to customers,
which means that customers have obtained main risks and rewards related to the ownership of goods.
⑤ Customers have accepted the commodities.
Sales return clause
For sales with a sales return clause, when the customer acquires control over relevant goods, the Company
recognizes revenue based on the amount of consideration that it is entitled to receive from the transfer of goods
to the customer, and recognizes the expected amount to be returned due to the sales return as an estimated
liability; in addition, according to the expected book value of the returned goods at the time of transfer, the
balance after the expected cost of retrieving the goods is deducted (including the loss of value of the returned
goods) is recognized as an asset, namely the return cost receivable. The net transfer cost of the asset cost is
deducted based on the book value of the transferred goods at the time of transfer. On each balance sheet date,
the Company re-estimates future sales returns and re-measures the above assets and liabilities.
Quality assurance obligations
According to contractual provisions, legal provisions, etc., the Company provides quality assurance for
goods sold and projects constructed. The Company accounts for quality assurance intended to ensure
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
compliance with the established standards for customers in accordance with Accounting Standards for Business
Enterprises No. 13—Contingencies. For service quality assurance that provides a separate service beyond the
assurance for customers that goods sold comply with the established standards, the Company regards it as an
individual performance obligation, allocates a portion of the transaction price to the service quality assurance
based on the relative proportion of the separate selling price of goods and services provided, and recognizes
revenue when the customer acquires control over services. When evaluating whether quality assurance provides
a separate service beyond the assurance for customers that goods sold comply with the established standards,
the Company considers factors such as whether quality assurance is a legal requirement, the quality assurance
period, and the nature of the task that the Company promises to fulfill.
Principal responsible person and agent
The Company determines whether it is the principal responsible party or agent when engaging in
transactions based on whether it has control over goods or services before transferring them to customers. If the
Company is able to control goods or services before transferring them to customers, it is the principal
responsible party and recognizes revenue based on the total amount of the consideration received or receivable.
Otherwise, as an agent, the Company shall recognize revenue based on the expected amount of the commission
or handling fee to which it entitled to. Such amount shall be determined by deducting the total amount of the
consideration received or receivable from the amount payable to other relevant parties, or by the established the
commission amount or proportion.
Consideration payable to customers
If there is consideration payable to the customer in the contract, unless such consideration is for acquiring
other clearly distinguishable goods or services from the customer, the Company will offset such consideration
payable against the transaction price and offset it against the current income at the later of recognizing the
relevant revenue or paying (or promising to pay) the consideration for the customer.
(2) Specific methods
In case the sales contract between the Company and customers has been deemed as a performance
obligation fulfilled at a certain time point, the specific revenue recognition method shall be formulated
according to the actual situation of the Company's product sales as follows:
Domestic sales: ① The customer picks up the goods in cash. After the payment and delivery, it is
considered that the customer has obtained the control of the relevant goods, and the Company has recognized
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
the sales revenue; ② If the advance payment is used for settlement, and the other party's customer confirmation
receipt is obtained after the delivery, it is considered that the customer has obtained the control of the relevant
commodities, and the Company has recognized the sales revenue; ③ If the credit sale is adopted according to a
certain payment period, within which the customer settles, and after the delivery, the other party's customer
confirmation receipt is obtained, it is considered that the customer has obtained the control of the relevant goods,
and the Company has recognized the sales revenue.
Foreign sales: the Company shall deliver commodities according to the signed order, hold special export
invoice, delivery note and other original documents for customs clearance and export, pass customs audit,
complete export declaration procedures, obtain the customs declaration documents as the point of transfer of
control of the relevant goods, and recognize the sales revenue by recording the revenue based on the delivery
order, special export invoice and customs declaration form.
Contract cost is divided into contract performance cost and contract acquisition cost.
The costs incurred by the Company in fulfilling the contract are recognized as an asset as contract
performance costs when the following conditions are met concurrently:
① This cost is directly related to a current contract or a contract expected to be acquired, including direct
labor cost, direct material cost, manufacturing (or similar) cost, cost clearly stated to be borne by the customer,
and other costs incurred only as a result of the contract;`
② This cost increases the resources to be used by the Company to fulfill its contractual obligations in the
future.
③ The cost is expected to be recoverable.
When an incremental cost incurred by the Company for acquiring a contract is expected to be recovered, it
shall be treated as a contract acquisition cost and recognized as an asset.
Assets related to contract costs are amortized on the same basis as the recognition of revenue from goods
or services associated with the asset; however, for any contract with an amortization period of less than one year,
the Company will include it in the current profits and losses when it occurs.
If the carrying value of an asset related to the contract cost is higher than the difference between the
following two items, the Company will make an impairment provision for the excess, recognize it as an asset
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
impairment loss, and further consider whether to make an impairment provision for estimated liabilities related
to the contract:
① Remaining consideration expected to be obtained as a result of the transfer of goods or services related
to the asset;
② Cost estimated to be incurred for the transfer of the relevant goods or services.
In case of reversal of the above provision for impairment of assets, the carrying value of the asset shall not
be higher than its book value on the reversal date when the provision for impairment would have not been
accrued.
The contract performance cost recognized as an asset with an amortization period of not more than one
year or one normal operating cycle at initial recognition shall be presented in the "inventory" item. If the
amortization period exceeds one year or one normal operating cycle at initial recognition, it shall be presented
in the "other noncurrent assets" item.
The contract acquisition cost recognized as an asset with an amortization period not more than one year or
one normal operating cycle at initial recognition shall be presented under the "other current assets" item. If the
amortization period exceeds one year or one normal operating cycle at initial recognition shall be presented
under the "other noncurrent assets" item.
(1) Recognition of government subsidies
Government subsidies can only be recognized if they meet the following conditions concurrently:
① The Company is able to meet the conditions attached to government subsidies;
② The Company can receive government subsidies.
(2) Measurement of government subsidies
If government subsidies are monetary assets, they shall be measured at the amount received or receivable.
If government subsidies are nonmonetary assets, they shall be measured at fair value; if the fair value cannot be
acquired reliably, they shall be measured at a nominal amount of RMB 1.
(3) Accounting treatment of government subsidies
① Government subsidies related to assets
The government subsidies obtained by the Company for the acquisition, construction or other formation of
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
long-term assets are classified as government subsidies related to assets. Government subsidies related to assets
shall be recognized as deferred income and amortized into profits and losses over the service life of the
underlying assets using a reasonable and systematic method. Government subsidies measured in nominal
amounts shall be included in the current profits and losses directly. In case relevant assets are sold, transferred,
scrapped or damaged prior to the end of their service life, the balance of relevant deferred income that has not
been allocated shall be transferred to the profits and losses of the current period of asset disposal.
② Government subsidies related to income
Government subsidies other than those related to assets are classified as government subsidies related to
income. Government subsidies related to income shall be accounted for as follows as the case may be:
If used to compensate for relevant costs, expenses or losses of the Company in future periods, they shall be
recognized as deferred income and included in the current profits and losses during the period when the relevant
costs, expenses or losses are recognized;
If used to compensate for relevant expenses or losses incurred by the Company, they shall be included in
the current profits and losses directly.
For government subsidies including asset-related part and income-related part, measures shall be taken to
distinguish different parts and carry out accounting treatment separately; Part difficult to distinguish shall be
classified as government subsidies related to income.
Government subsidies related to routine activities of the Company shall be included in other income based
on the essence of economic transactions. Government subsidies not related to routine activities of the Company
shall be included in non-operating income and expenses.
③ Discounted interests of preferential policy loans
The finance department will allocate discount funds to the Company directly, and the Company will offset
the corresponding discount against the relevant borrowing costs.
④ Government subsidy refund
When any recognized government subsidy is to be returned, if the book value of the underlying asset is
offset at initial recognition, the book value of the asset shall be adjusted; if there is a balance of related deferred
income, it shall be offset against the book balance of the relevant deferred income, and the excess shall be
included in the current profits and losses; in any other case, it shall be included in the current profits and losses
directly.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
The Company usually recognizes and measures the impact of taxable temporary differences or deductible
temporary differences on income tax as deferred income tax liabilities or deferred income tax assets using the
balance sheet liability method based on the temporary differences between the book value and tax base of assets
and liabilities on the balance sheet date. The Company does not convert deferred tax assets and liabilities into
cash.
(1) Recognition of deferred tax assets
For deductible temporary differences, deductible losses and tax deductions that can be carried forward to
future years, the impact on income tax shall be calculated based on the expected income tax rate during the
reversal period, and the impact shall be recognized as deferred income tax assets, but limited to the future
taxable income that the Company is likely to acquire to offset the deductible temporary differences, deductible
losses and tax deductions.
The impact of deductible temporary differences arising from the initial recognition of assets or liabilities
on income tax in transactions or matters that have the following characteristics shall not be recognized as
deferred income tax assets:
A. Such transaction is not a business merger;
B. Such transaction affects neither accounting profits nor taxable income (or deductible losses) at the time
of occurrence.
However, if both of the above conditions are met concurrently, and the initial recognition of assets and
liabilities results in a single transaction that generates equal taxable temporary differences and deductible
temporary differences, the exemption for the initial recognition of deferred income tax liabilities and assets shall
not apply. For taxable temporary differences and deductible temporary differences arising from the initial
recognition of assets and liabilities in such transaction, the Company shall recognize the corresponding deferred
income tax liabilities and assets at the time of such transaction.
Deductible temporary differences related to investments in subsidiaries, associated enterprises, and joint
ventures of the Company can only be recognized as deferred income tax assets if both of the following
conditions are met:
A. The temporary difference is very likely to be reversed in the foreseeable future;
B. The taxable income used to offset the deductible temporary difference is likely to be available in the
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
future;
On the balance sheet date, if there is conclusive evidence that sufficient taxable income is likely to be
available in future periods to offset deductible temporary differences, unrecognized deferred tax assets from
past periods shall be recognized.
On the balance sheet date, the Company reviews the carrying amount of deferred tax assets. If sufficient
taxable income is very unlikely to be available in the future to offset the benefit of deferred tax assets, the
carrying amount of deferred tax assets shall be reduced. When sufficient taxable income is very likely to be
available, the written-down amount shall be reversed.
(2) Recognition of deferred income tax liabilities
All taxable temporary differences of the Company are measured based at the income tax rate during the
expected reversal period and recognized as deferred income tax liabilities, except in the following cases:
① The impact of taxable temporary differences arising from the following transactions or matters on
income tax is not recognized as deferred income tax liabilities:
A. The initial recognition of goodwill;
B. The initial recognition of assets or liabilities arising from a transaction that is not a business merger and
does not affect accounting profits, taxable income, or deductible losses at the time of the transaction.
② Temporary differences in taxable income related to investments in subsidiaries, joint ventures, and
associated enterprises shall be usually recognized as deferred income tax liabilities, except for those that meet
both of the following conditions concurrently:
A. The Company can control the reversal time of the temporary difference;
B. The temporary difference is very unlikely to be reversed in the foreseeable future;
(3) Recognition of deferred tax liabilities or assets related to specific transactions or matters
① Deferred tax liabilities or assets related to business mergers
Taxable temporary differences or deductible temporary differences arising from business mergers not
under common control shall be usually adjusted to the goodwill recognized in the business merger when the
deferred income tax liabilities or deferred income tax assets are recognized.
② Items included in owner's equity directly
Current income tax and deferred income tax related to transactions or matters included in owner's equity
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
directly shall be recognized in owner's equity. The impact of temporary differences on income tax shall be
recognized in owner's equity for transactions or matters such as other comprehensive income arising from
changes in fair value of other debt investments, retrospective adjustment of accounting policy changes using the
retrospective adjustment method or correction of significant accounting errors in the previous period using the
retrospective restatement method to adjust the beginning retained earnings, and mixed financial instruments that
include both liability and equity components recognized in owner's equity at initial recognition.
③ Recoverable losses and tax credits
A. Recoverable losses and tax credits arising from the Company's own operations
Deductible losses refer to losses calculated and determined according to the tax law, and allowed to be
offset with taxable income of future years. Unrecovered losses (deductible losses) and tax deductions that can
be carried forward to future years according to the tax law shall be treated as deductible temporary differences.
When it is expected that sufficient taxable income is very likely to be available in any future period that can be
offset with recoverable losses or taxes, corresponding deferred tax assets shall be recognized to the extent of the
taxable income very likely to be available, while reducing the income tax expenses in the current income
statement.
B. Recoverable loss to offset of the merged enterprise arising from business merger
In a business merger, if the Company obtains any deductible temporary difference that does not meet the
recognition criteria for deferred tax assets on the acquisition date from the acquiree, it shall not be recognized.
Within 12 months after the acquisition date, if new or further information is obtained indicating that the relevant
situation on the acquisition date already exists, and it is expected that the economic benefits brought by the
temporary difference that can be offset by the acquiree on the purchase date can be realized, the relevant
deferred income tax assets shall be recognized, and the goodwill shall be reduced. If the goodwill is insufficient
for offsetting, the difference shall be recognized as a current profit or loss; except for the above cases, deferred
income tax assets related to business mergers shall be recognized and included in the current profits and losses.
④ Temporary differences arising from offsets in consolidated statements
When the Company prepares the consolidated financial statements, if there is a temporary difference
between the book value of assets and liabilities in the consolidated balance sheet and their tax base in the
taxpayer due to the offsetting of unrealized internal sales gains and losses, deferred tax assets or deferred tax
liabilities shall be recognized in the consolidated balance sheet, and the income tax expenses in the consolidated
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
income statement shall be adjusted, except for deferred income tax related to transactions or matters and
business mergers included in owner's equity directly.
⑤ Equity-settled share-based payments
If the tax law stipulates that expenses related to share-based payments are allowed to be deducted before
tax, during the period when costs and expenses are recognized in accordance with the accounting standards, the
Company estimates the amount that can be deducted before tax based on the information obtained at the end of
the accounting period to determine its tax base and the temporary difference arising therefrom. If the
recognition conditions are met, the relevant deferred income tax shall be recognized. The amount that is
expected to be deducted before tax in any future period exceeds the costs and expenses related to share-based
payments recognized in accordance with the accounting standards, and the excess income tax impact shall be
included in owner's equity directly.
⑥ Dividends related to financial instruments classified as equity instruments
For financial instruments classified as equity instruments by the Company as the issuer, if the related
dividend expenses are deducted before corporate income tax in accordance with the relevant tax policies, the
Company shall recognize the income tax impact related to dividends when recognizing payable dividends. For
transactions or matters that have previously generated profits or losses, the income tax impact of the dividend
shall be included in the current profits and losses; for profits distributed from transactions or matters previously
recognized in owner's equity, the income tax impact of the dividend shall be included in the owner's equity item.
(4) Basis for presenting deferred tax assets and liabilities on a net basis
When the following conditions are met concurrently, the Company will present deferred income tax assets
and liabilities on a net basis after offsetting:
① The Company is entitled to settle current income tax assets and liabilities on a net basis;
② Deferred income tax assets and liabilities are related to income tax levied by the same tax collection and
management authority on the same taxpayer or on different taxpayers, but in the future, during each significant
period of reversal of deferred income tax assets and liabilities, the taxpayers involved intend to settle the current
income tax assets and liabilities on a net basis or acquire assets and settle liabilities concurrently.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
(1) Accounting for leases as a lessee
On the commencement date of the lease term, the Company recognizes leases that do not exceed 12
months and do not include purchase options as short-term leases; leases with lower value when a single leased
asset is a brand-new asset are recognized as low-value asset leases. Where the Company subleases or intends to
sublease a leased asset, the original lease is not deemed to be a low-value asset lease.
For all short-term leases and leases of low value assets, the Company will include lease payments in the
relevant asset costs or current profits and losses using the straight-line method during each period of the lease
term.
Except for short-term leases and low value asset leases subject to simplified treatment as mentioned above,
the Company recognizes right-of-use assets and lease liabilities for leases on the lease commencement date.
① Right-of-use assets
Right-of-use asset refers to the lessee's right to use the leased asset during the lease term.
On the commencement date of the lease term, right-of-use assets shall be initially measured at cost. This
cost includes:
The initial measurement amount of lease liabilities;
If there is a lease incentive for the lease payment made on or before the commencement date of the lease
term, the relevant amount of the lease incentive already enjoyed shall be deducted;
The initial direct expenses incurred by the lessee;
Costs expected to be incurred by the lessee for dismantling and removing the leased asset, restoring the
leased asset's location, or restoring the leased asset to the state specified in the lease terms. The Company
recognizes and measures such costs in accordance with the recognition criteria and measurement methods for
estimated liabilities, as detailed in Note III 25. The above costs are incurred for the production of inventories
and will be included in inventory costs.
The depreciation of right-of-use assets shall be classified and provided for using the straight-line method.
If it can be reasonably determined that the ownership of the leased asset will be acquired upon expiry of the
lease term, the depreciation rate shall be determined based on the category of the right-of-use asset and the
estimated net residual value rate during the expected remaining service life of the leased asset; if it cannot be
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
reasonably determined that the ownership of the leased asset will be acquired upon expiry of the lease term, the
depreciation rate shall be determined based on the category of the right-of-use asset during the shorter of the
lease term or the remaining service life of the leased asset.
② Lease liabilities
Lease liabilities shall be initially measured at the present value of lease payments that have not been paid at
the beginning of the lease term. The lease payment amount includes the following five items:
A fixed payment amount and a substantially fixed payment amount, if there is any lease incentive,
deducting the amount related to the lease incentive;
Any variable lease payment depending on indices or ratios;
The exercise price for purchasing the option, provided that the lessee reasonably determines that the
option will be exercised;
The sum required to exercise the option to terminate the lease, provided that the lease term reflects that
the lessee will exercise the option to terminate the lease;
Amount expected to be paid based on the remaining value of the security provided by the lessee.
When calculating the present value of lease payments, the implicit interest rate of the lease is used as the
discount rate. If the implicit interest rate of the lease cannot be determined, the incremental borrowing rate of
the Company is used as the discount rate. The difference between the lease payment amount and its present
value is recognized as unrecognized financing expenses, and interest expenses are recognized at the discount
rate of the recognized present value of the lease payment amount during each period of the lease term and
included in the current profits and losses. Variable lease payments that are not included in the measurement of
lease liabilities are recognized in the current period's income statement when they actually occur.
After the commencement date of the lease term, when there is a change in the actual fixed payment amount,
a change in the expected payable amount of the guaranteed residual value, a change in the index or ratio used to
determine the lease payment amount, a change in the appraisal result or actual exercise of the purchase option,
renewal option or termination option, the Company shall re-measure the lease liability based on the present
value of the changed lease payment amount and adjust the book value of the right-of-use asset accordingly.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
(2) Accounting for leases as a lessor
On the commencement date of the lease, the Company classifies leases that have substantially transferred
almost all risks and rewards related to the ownership of the leased asset as financial leases, and all other leases
as operating leases.
① Operating leases
The Company recognizes lease receipts as rental income using the straight-line method during each period
of the lease term. The initial direct expenses incurred shall be capitalized and amortized on the same basis as
rental income recognition, and included in the current profits and losses in installments. Variable lease
payments acquired by the Company related to operating leases that are not included in lease receipts shall be
included in the current profits and losses when actually incurred.
② Financial leases
On the commencement date of the lease, the Company recognizes the financial lease receivable based on
the net amount of the lease investment (the sum of the unguaranteed residual value and the present value of the
lease receipts not received at the commencement date discounted at the implicit interest rate of the lease), and
terminates the recognition of financial lease assets. During each period of the lease term, the Company
calculates and recognizes interest income at the implicit interest rate of the lease.
Variable lease payments acquired by the Company that are not included in the measurement of the net
investment amount shall be included in the current profits and losses when actually incurred.
Stock repurchase
(1) If the Company reduces its capital by acquiring its own stock through legal procedures and approval, it
shall reduce the share capital by the total face value of the cancelled stock, and adjust the owner's equity using
the difference between the price paid to repurchase the stock (including transaction expenses) and the face value
of the stock. The excess over the face value shall be offset against the capital reserve (share premium), surplus
reserve, and undistributed profits sequentially; the deficiency below the total face value shall be used to increase
the capital reserve (share premium).
(2) The shares repurchased by the Company shall be managed as treasury shares before cancellation or
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
transfer, and all expenses for share repurchase shall be converted into treasury share costs.
(3) In case of transfer of treasury shares, the excess of the transfer income over the cost of the treasury
shares shall be used to increase the capital reserve (share premium); the deficiency below the cost of treasury
stock shall be offset against the capital reserve (share premium), surplus reserve, and undistributed profits
sequentially.
Restricted stocks
In the equity incentive plan, the Company grants a restricted stock to incentive recipients, who shall
subscribe for the stock first, and if the unlocking conditions stipulated in the equity incentive plan are not met
later, the Company will repurchase the stock at the price agreed on in advance. If the registration and capital
increase procedures have been completed for any restricted stock issued to employees in accordance with
relevant regulations, the Company will recognize the share capital and capital reserve (share premium) based on
the subscription amount received from employees on the grant date, and also recognize the treasury shares and
other payables for the repurchase obligation.
(1) Important accounting policy changes
□ Applicable Not applicable
(2) Important accounting estimation changes
□ Applicable Not applicable
(3) Relevant items in financial statements at the beginning of 2025 when such adjustments were made for
the first time for initial implementation of the new accounting standard
□ Applicable Not applicable
VI. Tax
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Tax type Tax basis Tax rate
Revenue from sales of
VAT (value-added tax) 13.00%, 9.00%, 6.00%, 3.00%, 0% (Note 1)
goods
Urban maintenance and Paid turnover tax
construction tax amount
Paid turnover tax
Education surcharge 3.00%, 2.00%
amount
Please refer to the table below (Note 2) for different corporate income
Corporate income tax Taxable income
taxpayers and their tax rates.
(Note 1) Shenzhen YAKO Automation Technology Co., Ltd. was recognized as a software enterprise by the
Economy, Trade and Information Commission of Shenzhen Municipality on April 27, 2013, and received the
software enterprise certification No. Shen R-2010-0237; Shenzhen Topband Software Technology Co., Ltd. was
recognized as a software enterprise by the Economy, Trade and Information Commission of Shenzhen
Municipality on June 28, 2013, and received the software enterprise certification No. Shen R-2013-0616;
Shenzhen Yansheng Software Co., Ltd. was recognized as a software enterprise by Shenzhen Software Industry
Association on August 31, 2017, and received the software enterprise certification No. Shen RQ-2017-0587;
Shenzhen Allied Control System Co., Ltd. was recognized as a software enterprise by the Economy, Trade and
Information Commission of Shenzhen Municipality on June 28, 2013, and received the software enterprise
certification No. Shen R-2013-0775. According to relevant provisions in the Notice on the Distribution of
Several Policies on Further Encouraging the Development of the Software and Integrated Circuit Industries
issued by the State Council (GF [2011] No. 4), after the sales revenue of the above products is levied for value-
added tax at the statutory tax rate of 13.00% during the reporting period, the refund-upon-collection policy shall
be applied to the part of the actual VAT burden in excess of 3.00%.
According to the Notice of the Ministry of Finance and the State Taxation Administration on VAT Policies for
Software Products (CS [2011] No. 100), the refund-upon-collection policy shall be applied to the part of the
actual VAT burden of software products in excess of 3.00%. The provisions of this policy apply to Shenzhen
Meanstone Intelligent Technology Co., Ltd., a subsidiary of the Company.
(Note 2) Where there are any taxpayers with different corporate income tax rates, details shall be disclosed.
Name of taxpayer Income tax rate
Shenzhen Topband Co., Ltd. 15%
Shenzhen Topband Software Technology Co., Ltd. 15%
Shenzhen Topband Automation Technology Co., Ltd. 15%
Shenzhen Topband Battery Co., Ltd. 15%
Huizhou Topband Battery Co., Ltd. 20%
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Taixing Topband Lithium Battery Co., Ltd. 15%
Nantong Topband Lithium Battery Co., Ltd. 25%
Yolaness Technology (HK) Co., Limited 16.5%
YOLANESS AFRICA (PTY) LTD 27%
Chongqing Topband Industrial Co., Ltd. 25%
Topband (Hong Kong) Co., Ltd. 8.25%, 16.50%
Topband Germany GmbH 16%
TOPBAND SMART DONGNAI (VIETNAM) COMPANY LIMITED 20%
TOPBAND JAPAN Co.，Ltd 23%
Q. B. PTE. LTD 17%
TOPBAND SMART EUROPE COMPANY LIMITED S.R.L. 16%
TOPBAND MEXICO，S.DER.L.DEC.V. 30%
Huizhou Topband Electrical Technology Co., Ltd. 15%
TOPBAND INDIA PRIVATE LIMITED 25%
Shenzhen YAKO Automation Technology Co., Ltd. 15%
Shenzhen Yansheng Software Co., Ltd. 15%
Hangzhou Zhidong Motor Technology Co., Ltd. 20%
Huizhou YAKO Automation Technology Co., Ltd. 25%
Shenzhen Allied Control System Co., Ltd. 25%
Ningbo Topband Intelligent Control Co., Ltd. 25%
Shenzhen Meanstone Intelligent Technology Co., Ltd. 15%
Shenzhen Topband Supply Chain Services Co., Ltd. 25%
Shenzhen Topband Investment Co., Ltd. 25%
Shenzhen Tunnu Innovation Co., Ltd. 20%
Tunnu Innovation (Hong Kong) Limited 16.5%
TUNNU INNOVATION, INC 21%
Shenzhen Zhongli Consulting Co., Ltd. 20%
Shenzhen Yueshang Robot Co., Ltd. 20%
Shenzhen Topband Digital Energy Co., Ltd. 20%
Topband Digital Energy Technology (Huizhou) Co., Ltd. 25%
Chongqing Topband Yishu Energy Technology Co., Ltd. 25%
Shenzhen Senxuan Technology Co., Ltd. 20%
Shenzhen Tengyi Industrial Co., Ltd. 20%
Topband (Qingdao) Intelligent Control Co., Ltd. 20%
Shenzhen Topband Automotive Electronics Co., Ltd. 20%
Shenzhen Jingfei Investment Co., Ltd. 20%
Huizhou Jiuwan Lvyuan Agriculture Co., Ltd. 20%
Shenzhen Topband Motor Co., Ltd. 15%
Huizhou Chiding Technology Co., Ltd. 20%
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
(1) On November 15, 2023, the Company received the Certificate for High-tech Enterprise (No.
GR202344206777) issued by Shenzhen Science and Technology Innovation Commission, Finance Bureau of
Shenzhen Municipality and Shenzhen Tax Service, State Taxation Administration, which is valid for three years.
According to the relevant provisions of the Enterprise Income Tax Law of the People's Republic of China, the
Rules for the Implementation of the Enterprise Income Tax Law and the Measures for the Administration of the
Recognition of High and New Technology Enterprises, the enterprise income tax rate applicable to the
Company for the years 2023 to 2025 is 15.00%.
(2) On December 19, 2022, Shenzhen Topband Software Technology Co., Ltd. obtained the Certificate for
High-tech Enterprise that is numbered GR202244203890 and issued by Shenzhen Science and Technology
Innovation Commission, Finance Bureau of Shenzhen Municipality and Shenzhen Tax Service, State Taxation
Administration. This Certificate is valid within 3 years from the date of issuance. According to the relevant
provisions of the Enterprise Income Tax Law of the People's Republic of China, the Rules for the
Implementation of the Enterprise Income Tax Law and the Measures for the Administration of the Recognition
of High and New Technology Enterprises, the enterprise income tax rate applicable for the years 2022 to 2024
is 15.00%.
(3) On December 26, 2024, Shenzhen Topband Battery Co., Ltd. obtained the Certificate for High-tech
Enterprise that is numbered GR202444206593 and issued by Industry and Information Technology Bureau of
Shenzhen Municipality, Finance Bureau of Shenzhen Municipality and Shenzhen Tax Service, State Taxation
Administration. This Certificate is valid within 3 years from the date of issuance. According to the relevant
provisions of the Enterprise Income Tax Law of the People's Republic of China, the Rules for the
Implementation of the Enterprise Income Tax Law and the Measures for the Administration of the Recognition
of High and New Technology Enterprises, the enterprise income tax rate applicable for the years 2024 to 2026
is 15.00%.
(4) On December 11, 2024, Huizhou Topband Electrical Technology Co., Ltd. obtained the Certificate for
High-tech Enterprise that is numbered GR202444009232 and issued by the Guangdong Provincial Department
of Science and Technology, Guangdong Provincial Department of Finance, and Guangdong Provincial Tax
Service, State Taxation Administration. This Certificate is valid within 3 years from the date of issuance.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
According to the relevant provisions of the Enterprise Income Tax Law of the People's Republic of China, the
Rules for the Implementation of the Enterprise Income Tax Law and the Measures for the Administration of the
Recognition of High and New Technology Enterprises, the enterprise income tax rate applicable for the years
(5) On December 26, 2024, Shenzhen YAKO Automation Technology Co., Ltd. obtained the Certificate for
High-tech Enterprise that is numbered GR202444202027 and issued by Industry and Information Technology
Bureau of Shenzhen Municipality, Finance Bureau of Shenzhen Municipality and Shenzhen Tax Service, State
Taxation Administration. This Certificate is valid within 3 years from the date of issuance. This Certificate is
valid within 3 years from the date of issuance. According to the relevant provisions of the Enterprise Income
Tax Law of the People's Republic of China, the Rules for the Implementation of the Enterprise Income Tax Law
and the Measures for the Administration of the Recognition of High and New Technology Enterprises, the
enterprise income tax rate applicable for the years 2024 to 2026 is 15.00%.
(6) On December 26, 2024, Shenzhen Yansheng Software Co., Ltd. obtained the Certificate for High-tech
Enterprise that is numbered GR202444205050 and issued by Industry and Information Technology Bureau of
Shenzhen Municipality, Shenzhen Finance Bureau and Shenzhen Tax Service, State Taxation Administration.
This Certificate is valid within 3 years from the date of issuance. This Certificate is valid within 3 years from
the date of issuance. According to the relevant provisions of the Enterprise Income Tax Law of the People's
Republic of China, the Rules for the Implementation of the Enterprise Income Tax Law and the Measures for
the Administration of the Recognition of High and New Technology Enterprises, the enterprise income tax rate
applicable for the years 2024 to 2026 is 15.00%.
(7) On November 19, 2024, Taixing Topband Lithium Battery Co., Ltd. obtained the Certificate for High-
tech Enterprise that is numbered GR202432004814 and issued by the Jiangsu Provincial Department of Science
and Technology, Department of Finance of Jiangsu Province, and Jiangsu Provincial Tax Service, State Taxation
Administration. This Certificate is valid within 3 years from the date of issuance. According to the relevant
provisions of the Enterprise Income Tax Law of the People's Republic of China, the Rules for the
Implementation of the Enterprise Income Tax Law and the Measures for the Administration of the Recognition
of High and New Technology Enterprises, the enterprise income tax rate applicable for the years 2024 to 2026
is 15.00%.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
(8) On November 15, 2023, Shenzhen Topband Automation Technology Co., Ltd. obtained the Certificate
for High-tech Enterprise that is numbered GR202344204958 and issued by Shenzhen Science and Technology
Innovation Commission, Finance Bureau of Shenzhen Municipality and Shenzhen Tax Service, State Taxation
Administration. This Certificate is valid within 3 years from the date of issuance. This Certificate is valid within
People's Republic of China, the Rules for the Implementation of the Enterprise Income Tax Law and the
Measures for the Administration of the Recognition of High and New Technology Enterprises, the enterprise
income tax rate applicable to the Company for the years 2023 to 2025 is 15.00%.
(9) On December 26, 2024, Shenzhen Topband Motor Co., Ltd. obtained the Certificate for High-tech
Enterprise that is numbered GR202444207996 and issued by Industry and Information Technology Bureau of
Shenzhen Municipality, Finance Bureau of Shenzhen Municipality and Shenzhen Tax Service, State Taxation
Administration. This Certificate is valid within 3 years from the date of issuance. This Certificate is valid within
People's Republic of China, the Rules for the Implementation of the Enterprise Income Tax Law and the
Measures for the Administration of the Recognition of High and New Technology Enterprises, the enterprise
income tax rate applicable for the years 2024 to 2026 is 15.00%.
(10) On December 26, 2024, Shenzhen Meanstone Intelligent Technology Co., Ltd. obtained the
Certificate for High-tech Enterprise that is numbered GR202444200497 and issued by Industry and Information
Technology Bureau of Shenzhen Municipality, Finance Bureau of Shenzhen Municipality and Shenzhen Tax
Service, State Taxation Administration. This Certificate is valid within 3 years from the date of issuance. This
Certificate is valid within 3 years from the date of issuance. According to the relevant provisions of the
Enterprise Income Tax Law of the People's Republic of China, the Rules for the Implementation of the
Enterprise Income Tax Law and the Measures for the Administration of the Recognition of High and New
Technology Enterprises, the enterprise income tax rate applicable for the years 2024 to 2026 is 15.00%.
(11) Topband (Hong Kong) Co., Ltd., Yolaness Technology (HK) Co., Limited, and Tunnu Innovation
(Hong Kong) Limited, which are subsidiaries of the Company, are incorporated in the Hong Kong Special
Administrative Region of China and are subject to a profit tax rate of 16.50%. In addition, due to the
implementation of a "two-tier profit tax" policy in Hong Kong, Topband (Hong Kong) Co., Ltd. is subject to a
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
profits tax rate of 8.25% for the part of annual profits of not more than HKD 2 million, and a tax rate of 16.50%
for the excess.
(12) According to the Announcement of the Ministry of Finance and the State Taxation Administration on
the Relevant Tax and Fee Policies for Further Supporting the Development of Micro and Small Enterprises and
Individual Industrial and Commercial Households (Announcement No. 12 [2023] of the Ministry of Finance
and the State Taxation Administration), taxable income shall be calculated at a lower rate of 25.00% for small
low-profit enterprises, and the enterprise income tax policy with a tax rate of 20.00% shall continue to apply
until December 31, 2027. Hangzhou Zhidong Motor Technology Co., Ltd., Shenzhen Topband Digital Energy
Co., Ltd., Shenzhen Tunnu Innovation Co., Ltd., Huizhou Topband Battery Co., Ltd., Shenzhen Zhongli
Consulting Co., Ltd., Shenzhen Senxuan Technology Co., Ltd., Shenzhen Tengyi Industrial Co., Ltd., Topband
(Qingdao) Intelligent Control Co., Ltd., Shenzhen Topband Automotive Electronics Co., Ltd., Shenzhen
Yueshang Robot Co., Ltd., Shenzhen Jingfei Investment Co., Ltd., Huizhou Chiding Technology Co., Ltd., and
Huizhou Jiuwan Lvyuan Agriculture Co., Ltd., which are subsidiaries and sub-subsidiaries of the Company, are
subject to the provisions of this policy.
None.
VII. Notes to items of consolidated financial statements
Unit: RMB
Items Ending balance Beginning balance
Cash on hand 864,427.13 800,122.43
Bank deposit 1,831,839,445.59 1,690,347,796.36
Other monetary capital 22,235,002.42 22,828,344.55
Total 1,854,938,875.14 1,713,976,263.34
Including: total amount deposited abroad 399,964,056.07 521,804,112.38
Other description
(1) At the end of the period, the amount of pledges, blocked funds and other restricted funds was RMB
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
(2) At the end of the period, there was no amount deposited overseas or with repatriation restricted.
Unit: RMB
Items Ending balance Beginning balance
Financial assets measured at fair value and whose changes are
recorded in the current profits and losses
Including:
Including: wealth management products 245,389,202.30 396,522,333.21
Investment in equity instruments 342,926,358.56 342,926,358.56
Including:
Total 588,315,560.86 739,448,691.77
None.
(1) List of classification of notes receivable
Unit: RMB
Items Ending balance Beginning balance
Bank acceptance bill 37,333,998.65 38,725,822.76
Commercial acceptance bill 5,176,891.01 9,735,512.62
Total 42,510,889.66 48,461,335.38
(2) Disclosure based on accrual methods of bad-debt provision
Unit: RMB
Ending balance Beginning balance
Provision for bad Provision for bad
Book balance Book balance
debts debts
Categor
y Proporti Book value Proport Book value
Proportio on of Proportio ion of
Amount Amount Amount Amount
n provisio n provisi
n on
Notes
receiva
ble with 42,676,507.43 100.00% 165,617.77 0.39% 42,510,889.66 48,772,791.41 100.00% 311,456.03 0.64% 48,461,335.38
provisio
n for
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
bad
debts
by
portfoli
o
Inclu
ding:
Bank
accepta 37,333,998.65 87.48% 37,333,998.65 38,725,822.76 79.40% 38,725,822.76
nce bill
Comme
rcial
accepta
nce bill
Total 42,676,507.43 100.00% 165,617.77 0.39% 42,510,889.66 48,772,791.41 100.00% 311,456.03 0.64% 48,461,335.38
Description of bad-debt provision on combined basis: Bank acceptance bill
Unit: RMB
Ending balance
Name
Book balance Provision for bad debts Proportion of provision
Bank acceptance bill 37,333,998.65
Total 37,333,998.65
Description of bad-debt provision on combined basis: Commercial acceptance bill
Unit: RMB
Ending balance
Name
Book balance Provision for bad debts Proportion of provision
Commercial acceptance bill 5,342,508.78 165,617.77 3.10%
Total 5,342,508.78 165,617.77
In case of provision for bad debts on notes receivable based on the general model of expected credit loss:
□ Applicable Not applicable
(3) Provision for bad debts accrued, recovered or reversed in the current period
Provision for bad debts in the current period:
Unit: RMB
Amount changed in the current period
Beginning
Category Recover or Ending balance
balance Provision Write-off Others
reversal
Provision for
bad debts
Total 311,456.03 -145,838.26 165,617.77
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
(4) Notes receivable pledged by the Company at the end of the period
Unit: RMB
Items Pledged amount at the end of the period
Bank acceptance bill 0.00
Commercial acceptance bill 0.00
Total 0.00
(5) Notes receivable endorsed or discounted by the Company at the end of the period and not due on
balance sheet date
Unit: RMB
Amount derecognized at the end of the Amount not derecognized at the end of
Items
period the period
Bank acceptance bill 15,948,431.46
Commercial acceptance bill 3,278,170.86
Total 19,226,602.32
(6) Notes receivable actually written off in the current period
None.
(1) Disclosure by aging
Unit: RMB
Aging Book balance at the end of the period Book balance at the beginning of the period
Within 1 year (including 1 year) 3,188,987,774.76 3,051,190,543.53
Above 3 years 84,698,008.25 68,483,255.65
Above 5 years 37,957,437.82 2,056,047.97
Total 3,318,189,917.72 3,175,971,241.30
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
（2）Disclosure based on accrual methods of bad-debt provision
Unit: RMB
Ending balance Beginning balance
Book balance Provision for bad debts Book balance Provision for bad debts
Category
Proportion Book value Book value
Proporti Proportion
Amount Proportion Amount of Amount Amount
on of provision
provision
Accounts
receivable with
single provision
for bad debts
Including:
Provision by
individual items
Accounts
receivable with
provision for 3,233,878,532.47 97.46% 105,154,940.49 3.25% 3,128,723,591.98 3,091,536,083.74 97.34% 98,751,586.01 3.19%
bad debts by
portfolio
Including:
Provision for
impairment of
combined 2,992,784,497.7
accounts 3
receivable by
aging
Total 3,318,189,917.72 100.00% 189,466,325.74 5.71% 3,128,723,591.98 3,175,971,241.30 100.00% 5.77%
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Description of bad-debt provision on single basis: Provision by individual items
Unit: RMB
Beginning balance Ending balance
Name Provision for Provision for Proportion of Reasons for
Book balance Book balance
bad debts bad debts provision provision
Provision by It is difficult to
individual items recover
Total 84,435,157.56 84,435,157.56 84,311,385.25 84,311,385.25
Description of bad-debt provision on combined basis: Provision for impairment of combined accounts
receivable by aging
Unit: RMB
Ending balance
Name Provision for bad
Book balance Proportion of provision
debts
Provision for impairment of combined
accounts receivable by aging
Total 3,233,878,532.47 105,154,940.49
In case of provision for bad debts on accounts receivable based on the general model of expected credit loss:
□ Applicable Not applicable
(3) Provision for bad debts accrued, recovered or reversed in the current period
Provision for bad debts in the current period:
Unit: RMB
Amount changed in the current period
Beginning
Category Recover or Ending balance
balance Provision Write-off Others
reversal
Provision for
bad debts
Total 183,186,743.57 6,896,162.60 37,257.93 744,759.84 165,437.34 189,466,325.74
(4) Accounts receivable actually written off in the current period
Unit: RMB
Items Amount written off
Accounts receivable actually written off 744,759.84
(5) Accounts receivables with top five ending balances grouped by debtors, and contract assets
Unit: RMB
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Ending balance of
Percentage in total
Ending balance of provision for
ending balance of
Ending balance of Ending balance of accounts impairment of
Name of unit accounts
accounts receivable contract assets receivables and accounts
receivables and
contract assets receivables and
contract assets
contract assets
No. 1 804,285,266.59 0.00 804,285,266.59 24.24% 24,954,144.30
No. 2 176,329,746.70 0.00 176,329,746.70 5.31% 5,466,222.14
No. 3 141,693,322.96 0.00 141,693,322.96 4.27% 4,392,493.02
No. 4 112,513,268.84 0.00 112,513,268.84 3.39% 3,487,911.33
No. 5 84,045,414.48 0.00 84,045,414.48 2.53% 2,605,407.85
Total 1,318,867,019.57 0.00 1,318,867,019.57 39.74% 40,906,178.64
None.
(1) Classified presentation of receivables financing
Unit: RMB
Items Ending balance Beginning balance
Notes receivable 137,314,545.95 101,957,511.11
Notes receivables of supply chain 34,683,224.14 29,260,161.45
Total 171,997,770.09 131,217,672.56
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
(2) Disclosure based on accrual methods of bad-debt provision
Unit: RMB
Ending balance Beginning balance
Book balance Provision for bad debts Book balance Provision for bad debts
Category
Book value Proportion Book value
Proportion of
Amount Proportion Amount Amount Proportion Amount of
provision
provision
Bad debt provision
on combined basis
Including:
Bank acceptance
bill
Aging portfolio 35,792,800.97 20.68% 1,109,576.83 3.10% 34,683,224.14 30,196,245.04 22.85% 936,083.59 3.10% 29,260,161.45
Total 173,107,346.92 100.00% 1,109,576.83 0.64% 171,997,770.09 132,153,756.15 100.00% 936,083.59 0.71% 131,217,672.56
Description of bad-debt provision on combined basis: Bank acceptance bill
Unit: RMB
Ending balance
Name
Book balance Provision for bad debts Proportion of provision
Bank acceptance bill 137,314,545.95
Total 137,314,545.95
Description of bad-debt provision on combined basis: aging portfolio
Unit: RMB
Ending balance
Name
Book balance Provision for bad debts Proportion of provision
Aging portfolio 35,792,800.97 1,109,576.83 3.10%
Total 35,792,800.97 1,109,576.83
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Provision for bad debts based on the general model of expected credit loss
Unit: RMB
First stage Second stage Third stage
Expected credit loss for
Provision for bad debts Expected credit Expected credit loss for Total
the entire duration
loss in the next 12 the entire duration (no
(credit impairment
months credit impairment)
occurred)
Balance as of January 1, 2025 936,083.59 936,083.59
Balance as of January 1, 2025 in
the current period
Accrual in the current period 173,493.24 173,493.24
Balance as of June 30, 2025 1,109,576.83 1,109,576.83
Significant changes in the book balance of receivables financing with loss reserve changes occurred during the
current period: None.
(3) Provision for bad debts accrued, recovered or reversed in the current period
Unit: RMB
Amount changed in the current period
Beginning
Category Recover or Transfer or Ending balance
balance Provision Other changes
reversal write-off
Provision for
impairment
Total 936,083.59 173,493.24 1,109,576.83
(4) Receivables financing pledged by the Company at the end of the period
None.
(5) Receivables financing endorsed or discounted by the Company at the end of the period and not due on
balance sheet date
Unit: RMB
Amount derecognized at the end of the Amount not derecognized at the end of
Items
period the period
Bank acceptance bill 489,850,695.55
Total 489,850,695.55
(6) Receivables financing actually written off in the current period
None.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
(7) Changes in increase/decrease in receivables financing in the current period and changes in fair value
None.
Unit: RMB
Items Ending balance Beginning balance
Other receivables 33,973,857.81 38,621,875.39
Total 33,973,857.81 38,621,875.39
(1) Interest receivable
None.
(2) Dividends receivable
None.
(3) Other receivables
Unit: RMB
Nature of payment Book balance at the end of the period Book balance at the beginning of the period
Margin, deposit 34,721,880.67 26,075,323.05
Employee personal loan 4,549,015.27 5,876,690.76
Export rebate 0.00 16,656,194.89
Others 8,262,835.49 3,067,192.41
Total 47,533,731.43 51,675,401.11
Unit: RMB
Aging Book balance at the end of the period Book balance at the beginning of the period
Within 1 year (including 1 year) 19,871,901.16 28,620,600.31
Above 3 years 13,396,097.17 16,204,039.11
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Above 5 years 4,885,371.82 5,520,436.71
Total 47,533,731.43 51,675,401.11
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Applicable □ Not applicable
Unit: RMB
Ending balance Beginning balance
Book balance Provision for bad debts Book balance Provision for bad debts
Category Proportion Proportion
Book value Book value
Amount Proportion Amount of Amount Proportion Amount of
provision provision
Bad debt provision on
individual basis
Bad debt provision on
combined basis
Total 47,533,731.43 100.00% 13,559,873.62 28.53% 33,973,857.81 51,675,401.11 100.00% 13,053,525.72 25.26% 38,621,875.39
Description of bad-debt provision on combined basis: Provision for impairment of combined accounts receivable by credit risk features
Unit: RMB
Ending balance
Name
Book balance Provision for bad debts Proportion of provision
Accounts receivable on credit risk feature combination basis for bad debt
provision
Total 47,533,731.43 13,559,873.62
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Provision for bad debts based on the general model of expected credit loss:
Unit: RMB
First stage Second stage Third stage
Provision for bad debts Expected credit loss Expected credit loss for Expected credit loss for Total
in the next 12 the entire duration (no the entire duration (credit
months credit impairment) impairment occurred)
Balance as of January 1, 2025 7,533,089.01 5,520,436.71 13,053,525.72
Balance as of January 1, 2025 in
the current period
—Transferred to the third stage
Accrual in the current period 891,659.26 -635,064.89 256,594.37
Reversed in the current period
Other changes 249,753.53 249,753.53
Balance as of June 30, 2025 8,674,501.80 4,885,371.82 13,559,873.62
Changes in book balance with significant changes in loss reserves in the current period
□ Applicable Not applicable
Provision for bad debts in the current period:
Unit: RMB
Amount changed in the current period
Beginning
Category Recover or Transfer or Ending balance
balance Provision Others
reversal write-off
Provision for
bad debts
Total 13,053,525.72 256,594.37 249,753.53 13,559,873.62
None.
Unit: RMB
Proportion to total Ending balance of
Nature of
Name of unit Ending balance Aging ending balances of provision for bad
payment
other receivables debts
No. 1 Deposit 7,998,476.48 Within 1 year 16.83% 399,923.82
House leasing
No. 2 4,663,955.15 3-4 years 9.81% 2,331,977.58
deposit
Performance
No. 3 3,500,000.00 3-4 years 7.36% 1,750,000.00
bonds
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
House leasing
No. 4 1,394,115.60 2-3 years 2.93% 418,234.68
deposit
Water and
No. 5 971,596.50 Within 1 year 2.04% 48,579.83
electricity bills
Total 18,528,143.73 38.97% 4,948,715.91
None.
(1) List of advance payments by aging
Unit: RMB
Ending balance Beginning balance
Aging
Amount Proportion Amount Proportion
Within 1 year 25,606,771.94 79.39% 24,610,656.44 91.38%
Above 3 years 57,960.00 0.18% 23,000.00 0.09%
Total 32,253,492.80 26,932,435.21
(2) Accounts prepaid of the top five prepaying entities for ending balance
The total amount of the Company's top five prepayments at the end of the reporting period grouped by debtors
is RMB 8,572,157.15, accounting for 26.58% of the total year-end balance of prepayments.
Whether the Company is required to comply with the disclosure requirements of the real estate industry
(1) Inventory classification
Unit: RMB
Ending balance Beginning balance
Provision for
Provision for
decline in
decline in value
value of
of inventories or
Items inventories or
provision for
Book balance Book value Book balance provision for Book value
impairment of
impairment of
contract
contract
performance
performance
cost
cost
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Purchase of raw
materials
Goods in process 203,331,065.19 203,331,065.19 148,251,757.87 148,251,757.87
Goods on hand 668,936,972.36 27,265,775.79 641,671,196.57 583,197,273.89 27,930,951.02 555,266,322.87
Goods shipped in
transit
Low-value
consumables
Materials
entrusted for 10,248,528.78 235,709.71 10,012,819.07 7,874,525.26 235,709.71 7,638,815.55
processing
Self-
manufactured
semi-finished
product
Total 2,314,611,636.66 131,303,283.96 2,183,308,352.70 1,942,746,980.09 132,236,399.52 1,810,510,580.57
(2) Data resources recognized as inventory
None.
(3) Provision for impairment on inventories and on contract performance costs
Unit: RMB
Increase in the current Decrease amount in the current
period period
Items Beginning balance Ending balance
Reversal or write-
Provision Others Others
off
Purchase of raw
materials
Goods on hand 27,930,951.02 9,520,158.39 10,182,320.68 3,012.94 27,265,775.79
Self-manufactured
semi-finished 3,074,437.53 749,238.10 501,643.32 1,752.37 3,320,279.94
product
Goods shipped in
transit
Materials entrusted
for processing
Total 132,236,399.52 25,099,491.27 26,004,415.71 28,191.12 131,303,283.96
None.
□ Applicable Not applicable
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Unit: RMB
Items Ending balance Beginning balance
Certificates of deposit 10,442,575.72 10,442,575.72
VAT to be deducted 481,427,644.99 336,018,148.49
Other prepaid taxes 8,093,269.75 6,776,410.91
Deferred expense 6,482,063.43 6,319,738.67
Total 506,445,553.89 359,556,873.79
None.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Unit: RMB
Cumulative
Change in impairment
Interest fair value Cumulative provision
Beginning Accrued Ending
Items adjustme in the Cost change in recognized in Remarks
balance interest balance
nt current fair value other
period comprehensive
income
Certificates
of deposit
Total 40,000,000.00 40,000,000.00
Unit: RMB
Cumula
Cumulati Divid
tive
Losses ve loss end Cause for
Gains gain
credited credited inco designated
credited to credited
to other to other mes measurement at
other to other
compreh compreh recog fair value and
Beginning comprehen compre
Project name ensive ensive nized Ending balance for changes
balance sive hensive
income income in the crediting to
income in income
in the at the curre other
the current at the
current end of nt comprehensive
period end of
period current perio income
current
period d
period
Strategic
Suzhou
investment
Legendsemi
Technology
held on a long-
Co., Ltd.
term basis
Strategic
Suzhou SEEEx investment
Technology 23,637,966.00 23,637,966.00 expected to be
Co., Ltd. held on a long-
term basis
Total 45,012,776.00 45,012,776.00
None.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Unit: RMB
Changes in increase or decrease in the current period
Adjust
Declarati
ment
Opening Decr Profits and on of
Beginning to Provis Ending balance
balance of Addit ease losses on Other distributi Ending balance
Investee balance (book other ion of provision
provision for ional in investment chang on for Other (book value)
value) compr for for impairment
impairment invest inve recognized es in cash s
ehensi impai
ment stme under equity equity dividend
ve rment
nt method s or
incom
profits
e
I. Joint venture
II. Associated enterprises
Tai'an Yuchengxin Power
Technology Co., Ltd.
Shenzhen Daka Optoelectronics
Co., Ltd.
Shanghai Yidong Power
Technology Co., Ltd.
Dongguan Jujin Plastic
Technology Co., Ltd.
Subtotal 38,959,272.14 9,764,719.19 877,869.10 39,837,141.24 9,764,719.19
Total 38,959,272.14 9,764,719.19 877,869.10 39,837,141.24 9,764,719.19
None.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
(1) Investment property with cost measurement model
Applicable □ Not applicable
Unit: RMB
Items Houses and buildings Total
I. Original book value
(1) Outsourcing
(2) Transfer in of inventory, fixed assets
and construction in progress
(3) Increment from consolidation
(1) Disposal
(2) Other transfer out
II. Accumulated depreciation and accumulated
amortization
(1) Provision or amortization 1,419,187.51 1,419,187.51
(1) Disposal
(2) Other transfer out
III. Provision for impairment
(1) Accrual
(1) Disposal
(2) Other transfer out
IV. Book value
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Unit: RMB
Items Ending balance Beginning balance
Fixed assets 2,751,625,689.48 2,737,959,115.57
Disposal of fixed assets
Total 2,751,625,689.48 2,737,959,115.57
(1) Situation about fixed assets
Unit: RMB
Houses and Machinery and Transportation Office equipment
Items Total
buildings equipment equipment and others
I. Original book value:
period
(1) Purchase 3,586,702.83 74,042,781.67 426,904.47 4,107,045.93 82,163,434.90
(2) Transfer into projects
under construction
period
(1) Disposal or scrapping 22,689,892.05 65,658.12 1,711,347.20 24,466,897.37
II. Accumulated depreciation
period
(1) Accrual 19,999,214.47 91,846,908.96 360,793.01 4,672,385.42 116,879,301.86
period
(1) Disposal or scrapping 16,886,689.06 62,375.21 1,556,298.52 18,505,362.79
III. Provision for impairment
period
(1) Accrual
period
(1) Disposal or scrapping
IV. Book value
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
(2) Temporary idle fixed assets
None.
(3) Fixed assets leased out through operating lease
None.
(4) Fixed assets without certificate of title
Unit: RMB
Reasons for not obtaining a property
Items Book value
ownership certificate
Workshop in Dong Nai, Vietnam 62,321,069.82 In process
To be handled together after completion
Huizhou YAKO Automation Plant 118,663,586.62
of the Phase II workshop
Total 180,984,656.44 —
(5) Impairment test of fixed assets
□ Applicable Not applicable
Unit: RMB
Items Ending balance Beginning balance
Construction in progress 815,879,584.23 768,223,670.57
Total 815,879,584.23 768,223,670.57
(1) Projects under construction
Unit: RMB
Ending balance Beginning balance
Provision
Items Provision for for
Book balance Book value Book balance Book value
impairment impairme
nt
Topband Huizhou No.
Huizhou YAKO
Automation Plant
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Test equipment to be
commissioned
Vietnam Dong Nai
Decoration
Qingdao Plant 2,438,792.94 2,438,792.94 2,438,792.94 2,438,792.94
Sporadic items 10,400,891.06 10,400,891.06 7,869,636.31 7,869,636.31
Total 815,879,584.23 815,879,584.23 768,223,670.57 768,223,670.57
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
(2) Changes in the important projects under construction in the current period
Unit: RMB
Amo
unt Intere
of Proporti st
trans on of Including: capita
Sou
fer accumul Accumulated interest lizatio
Other rce
Beginning Increase in the into ated Project amount of capitalizatio n rate
Project name Budget decrements this Ending balance of
balance current period fixed project progress interest n amount in in the
period capi
asset investme capitalization the current curre
tals
s nt in period nt
this budget perio
perio d
d
Huizhou YAKO 3.90 Oth
Automation Plant % ers
Huizhou Topband No. Oth
Total 1,170,000,000.00 694,288,925.31 209,352,424.37 176,390,679.19 727,250,670.49 3,752,709.29 658,180.75
□ Applicable Not applicable
□ Applicable Not applicable
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
(1) Right-of-use assets
Unit: RMB
Items Houses and buildings Land Total
I. Original book value
(1) New leases 28,974,325.04 28,974,325.04
(2) Exchange rate changes 5,107,461.97 5,107,461.97
(1) Disposal or scrapping 34,521,347.15 34,521,347.15
II. Accumulated depreciation
(1) Accrual 22,108,224.32 146,886.45 22,255,110.77
(2) Exchange rate changes 2,320,599.33 2,320,599.33
(1) Disposal or scrapping 33,181,723.21 33,181,723.21
III. Provision for impairment
(1) Accrual
(1) Disposal
IV. Book value
(2) Impairment test of right-of-use assets
□ Applicable Not applicable
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
(1) Situation of intangible assets
Unit: RMB
Patented and
Land usage
Items Software non-patented Trademark Total
right
technologies
I. Original book value
period
(1) Purchase 2,714,452.36 2,714,452.36
(2) Internal R&D 115,141,548.73 115,141,548.73
(3) Increment from
consolidation
period
(1) Disposal 343,617.18 343,617.18
(2) Exchange rate changes 1,194,484.88 1,194,484.88
II. Accumulated
amortization
period
(1) Accrual 2,006,121.24 2,146,464.78 61,388,727.66 65,541,313.68
period
(1) Disposal 0.00
(2) Exchange rate changes 138,615.09 138,615.09
III. Provision for
impairment
period
(1) Accrual
period
(1) Disposal
IV. Book value
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
The intangible assets from internal development of the Company at the end of the current period accounts for
(2) Data resources recognized as intangible asset
None.
(3) Land-use-right without certificate of title
None.
(4) Impairment test of intangible assets
□ Applicable Not applicable
(1) Original book value of goodwill
Unit: RMB
Increase in the current Decrement in the
Name of investees or items forming Beginning period current period
Ending balance
goodwill balance Disposal formed by
Disposal
consolidation
Shenzhen YAKO Automation
Technology Co., Ltd.
Shenzhen Allied Control System Co.,
Ltd.
Shenzhen Meanstone Intelligent
Technology Co., Ltd.
Hangzhou Zhidong Motor Technology
Co., Ltd.
Taixing Topband Lithium Battery Co.,
Ltd.
Shenzhen Tengyi Industrial Co., Ltd. 131,783.24 131,783.24
Total 167,507,635.11 167,507,635.11
(2) Impairment of goodwill
Unit: RMB
Increase in the Decrement in the
Name of investees or items forming current period current period
Beginning balance Ending balance
goodwill
Provision Disposal
Shenzhen Allied Control System Co.,
Ltd.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Shenzhen Meanstone Intelligent
Technology Co., Ltd.
Taixing Topband Lithium Battery Co.,
Ltd.
Total 58,738,483.39 58,738,483.39
Unit: RMB
Increase in the Amortization in the Other reduced
Items Beginning balance Ending balance
current period current period amount
Maintenance and
installation costs
Others 588,572.61 757,957.90 454,087.76 892,442.75
Total 188,924,525.82 33,187,227.69 39,108,347.52 -3,459,794.54 186,463,200.53
(1) Non-offset deferred tax assets
Unit: RMB
Ending balance Beginning balance
Items Deductible Deductible
temporary Deferred tax assets temporary Deferred tax assets
differences differences
Plus: provision for asset impairment 127,442,806.63 21,105,113.33 127,531,858.62 20,774,380.93
Deductible loss 333,267,203.37 62,172,744.68 313,584,186.89 58,225,899.51
Provision for credit impairment 202,396,961.05 31,990,071.85 191,335,395.86 29,239,518.64
Amortization of intangible assets 195,596,664.89 29,339,499.73 177,349,288.91 26,602,393.33
Deferred income 7,930,878.11 1,533,510.87 8,191,864.81 1,456,584.20
New leasing criteria book-tax
difference
Equity incentive expenses 70,295,348.91 10,544,302.34 9,764,719.19 1,487,405.57
Depreciation of fixed assets 3,154,696.52 473,204.48 3,284,129.18 492,619.38
Change in fair value of trading
financial liabilities
Total 1,016,943,923.93 170,070,121.86 894,701,661.86 150,215,715.87
(2) Deferred tax liabilities without offset
Unit: RMB
Ending balance Beginning balance
Items Taxable temporary Deferred tax Taxable temporary Deferred tax
difference liabilities difference liabilities
Change in fair value of other equity
instrument investments
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Changes in fair value of tradable
financial assets
Book-tax difference of fixed assets
depreciation
Book-tax difference of rental income 4,882,462.78 1,220,615.69 5,951,758.83 1,397,808.59
New leasing criteria book-tax
difference
Total 388,986,862.00 68,972,847.07 375,463,894.55 67,756,771.06
(3) Deferred tax assets or liabilities listed by net amount after offset
Unit: RMB
Amount of mutual
Amount of offset
Ending balance of offset between deferred Beginning balance of
between deferred tax
Items deferred tax assets or tax assets and liabilities deferred tax assets or
assets and liabilities at
liabilities after offset at the beginning of the liabilities after offset
the end of the period
period
Deferred tax assets 48,145,990.39 121,924,131.47 47,537,178.67 102,678,537.20
Deferred tax liabilities 48,145,990.39 20,826,856.68 47,537,178.67 20,219,592.39
(4) Details of unrecognized deferred tax assets
Unit: RMB
Items Ending balance Beginning balance
Deductible temporary differences 15,243,605.89 26,889,124.56
Deductible loss 407,930,426.76 393,739,099.16
Total 423,174,032.65 420,628,223.72
(5) Deductible loss of unrecognized deferred tax assets will mature in the following years
Unit: RMB
Year Ending amount Beginning amount Remarks
No time limit 146,631,434.42 164,199,004.76 Note
Total 407,930,426.76 393,739,099.16
Note: The deductible losses of unrecognized deferred tax assets with no maturity period are recoverable losses
of overseas subsidiaries, and there are no local policy requirements for deductible periods.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Unit: RMB
Ending balance Beginning balance
Items Provision for Provision for
Book balance Book value Book balance Book value
impairment impairment
Prepaid long-term
assets
Total 81,572,820.51 81,572,820.51 60,036,426.17 60,036,426.17
Unit: RMB
End of period Beginning of period
Items Type of Restrictio
Restriction Type of
Book balance Book value restrictio Book balance Book value n
situation restriction
n situation
Subscript
Subscripti
ion
on period
Monetary period
capital wealth
manageme
managem
nt
ent
Monetary
capital
Judicially
Monetary Judicially
frozen
capital frozen funds
funds
Mortgag Loan in Loan in
Fixed assets 865,098,424.89 774,946,272.86 509,977,235.97 502,711,310.29 Mortgage
e mortgage mortgage
Intangible Mortgag Loan in Loan in
assets e mortgage mortgage
Construction Loan in
in progress mortgage
Total 976,370,477.52 877,758,583.03 938,687,953.40 928,386,845.20
Unit: RMB
Items Ending balance Beginning balance
Credit loan 421,633,604.78
Letter of credit 1,189,930,244.65 750,000,000.00
Discounted unexpired notes receivable 318,198,400.00 52,580,505.63
Total 1,508,128,644.65 1,224,214,110.41
Unit: RMB
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Items Ending balance Beginning balance
Financial liabilities held for trading 106,506.00 444,281.13
Including:
Foreign exchange derivatives 106,506.00 444,281.13
Including:
Total 106,506.00 444,281.13
None.
Unit: RMB
Category Ending balance Beginning balance
Bank acceptance bill 1,394,340,467.78 1,194,662,037.01
Total 1,394,340,467.78 1,194,662,037.01
Unit: RMB
Items Ending balance Beginning balance
Trade payables 2,507,554,381.64 2,310,872,258.62
Total 2,507,554,381.64 2,310,872,258.62
Unit: RMB
Items Ending balance Beginning balance
Other payables 287,725,931.02 450,563,068.15
Total 287,725,931.02 450,563,068.15
(1) Interest payable
None.
(2) Dividends payable
None.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
(3) Other payables
Unit: RMB
Items Ending balance Beginning balance
Long-term assets 195,985,393.45 374,192,197.01
Expenses 47,768,166.06 42,597,479.86
Current accounts 26,039,069.72 13,880,170.02
Margin, deposit 9,682,840.32 11,103,580.42
Equity acquisition payments payable 5,512,900.00 5,512,900.00
Others 2,737,561.47 3,276,740.84
Total 287,725,931.02 450,563,068.15
Unit: RMB
Items Ending balance Beginning balance
Accounts collected in advance 4,358,984.56 3,915,096.80
Total 4,358,984.56 3,915,096.80
Unit: RMB
Items Ending balance Beginning balance
Prepayments for goods 154,412,242.00 131,435,683.97
Total 154,412,242.00 131,435,683.97
(1) Presentation of employee pay payable
Unit: RMB
Increase in the current Decrement in the
Items Beginning balance Ending balance
period current period
I. Short-term compensation 276,255,100.15 1,144,716,652.50 1,246,121,680.38 174,850,072.27
II. Post-employment benefits -
defined contribution plan
Total 276,437,375.57 1,217,364,739.87 1,318,631,797.39 175,170,318.05
(2) Reporting of short-term remuneration
Unit: RMB
Increase in the current Decrement in the
Items Beginning balance Ending balance
period current period
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
and subsidies
Including: medical insurance
premiums
Industrial injury
insurance expense
Maternity insurance
expense
education funds
Total 276,255,100.15 1,144,716,652.50 1,246,121,680.38 174,850,072.27
(3) List of defined contribution plan
Unit: RMB
Beginning Increase in the current Decrement in the
Items Ending balance
balance period current period
expense
Total 182,275.42 72,648,087.37 72,510,117.01 320,245.78
Unit: RMB
Items Ending balance Beginning balance
VAT (value-added tax) 1,211,312.58 1,694,033.15
Corporate income tax 34,449,644.19 28,835,268.14
Individual income tax 11,687,359.51 8,926,503.48
Urban maintenance and
construction tax
Education surcharge 1,397,057.38 561,221.65
Property tax 5,206,815.92 4,960,315.63
Land use tax 648,543.97 274,690.37
Stamp tax and other 1,458,219.10 2,088,856.11
Total 58,011,387.83 48,126,598.87
None.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Unit: RMB
Items Ending balance Beginning balance
Long-term borrowings due within one
year
Lease liabilities due within one year 37,419,752.88 29,701,010.75
Total 50,649,752.88 136,488,765.75
Unit: RMB
Items Ending balance Beginning balance
Tax amount to be resold 46,647,423.35 51,360,086.21
Notes receivable that have been endorsed
but not derecognized
Total 65,874,025.67 77,931,203.31
Unit: RMB
Items Ending balance Beginning balance
Pledge borrowings 325,500,000.00 70,500,000.00
Credit loan 100,000,000.00 126,750,000.00
Pledge + guaranteed borrowings 155,278,229.88
Subtotal 425,500,000.00 352,528,229.88
Minus: long-term loans due within one
year
Total 412,270,000.00 245,740,474.88
None.
Unit: RMB
Items Ending balance Beginning balance
Lease payment 53,773,642.76 47,285,577.72
Unrecognized financing cost -5,627,549.87 -5,209,047.36
Total 48,146,092.89 42,076,530.36
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
None.
None.
None.
Unit: RMB
Increase in the Decrement in the
Items Beginning balance Ending balance Reasons of formation
current period current period
Governmental
Governmental
subsidies
assets
Total 13,358,627.74 1,698,300.00 1,835,083.03 13,221,844.71
None.
Unit: RMB
Increase or decrease of change this time (+, -)
Conversion
Beginning of
Issuance of Stock Ending balance
balance accumulation Others Subtotal
new shares dividend
fund into
shares
Total
number of 1,246,834,988.00 1,246,834,988.00
shares
None.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Unit: RMB
Increase in the Decrement in the
Items Beginning balance Ending balance
current period current period
Capital premium (share
premium)
Other capital reserves 116,022,373.64 55,056,890.04 171,079,263.68
Total 2,089,578,011.17 55,056,890.04 2,144,634,901.21
Additional descriptions, including the changes in increase or decrease in the current period and the
reasons for changes:
The increase in other capital reserves in the current period is due to the recognition of equity incentive expenses
and deferred tax assets recognized as future pretax deductible expenses by the Company.
Unit: RMB
Increase in the current Decrement in the
Items Beginning balance Ending balance
period current period
Treasury shares 155,694,936.18 155,694,936.18
Total 155,694,936.18 155,694,936.18
Unit: RMB
Amount incurred in the current period
Minus:
profits Minus:
Attri
and losses current
buta
included retained
Min ble
in other earnings
us: to
Beginning Amount of pre- comprehe included Attributable to
Items inco mino Ending balance
balance income tax nsive in other parent
me rity
incurred in the income comprehen company after
tax share
current period previousl sive tax
exp hold
y and income in
ense ers
transferre the
after
d in the previous
tax
current period
period
I. Other comprehensive income
that cannot be reclassified into 2,864,869.50 2,864,869.50
profits and losses
Change in fair value of
other equity instrument 2,864,869.50 2,864,869.50
investments
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
II. Other comprehensive
income that is reclassified into -35,141,773.48 4,842,602.17 4,842,602.17 -30,299,171.31
profits and losses
Difference in translation
of foreign currency financial -35,141,773.48 4,842,602.17 4,842,602.17 -30,299,171.31
statements
Total amount of other
-32,276,903.98 4,842,602.17 4,842,602.17 -27,434,301.81
comprehensive income
None.
Unit: RMB
Increase in the current Decrement in the
Items Beginning balance Ending balance
period current period
Statutory surplus
reserve
Total 248,359,297.47 248,359,297.47
Unit: RMB
Items Current period Previous period
Retained earnings at the end of the
previous period before adjustment
Retained earnings at the beginning of last
period after adjustment
Plus: net profit attributable to owners of
parent company in the current period
Common stock dividends payable 86,015,257.16 73,502,693.28
Retained earnings at the end of the period 3,519,590,231.90 3,021,825,518.13
Unit: RMB
Amount incurred in the current period Amount incurred in prior period
Items
Income Cost Income Cost
Main business 5,461,992,695.45 4,245,791,685.06 5,005,642,038.82 3,811,892,079.31
Other business 40,343,033.73 15,971,697.19 10,143,126.77 5,318,922.34
Total 5,502,335,729.18 4,261,763,382.25 5,015,785,165.59 3,817,211,001.65
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Unit: RMB
Items Amount incurred in the current period Amount incurred in prior period
Urban maintenance and construction tax 7,401,334.56 12,005,978.29
Education surcharge 5,342,024.83 8,577,082.19
Property tax 6,601,307.33 5,191,428.79
Land use tax 967,563.54 780,357.23
Stamp duty 4,138,668.58 3,303,662.35
Others 23,835.82 6,865.42
Total 24,474,734.66 29,865,374.27
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Unit: RMB
Items Amount incurred in the current period Amount incurred in prior period
Employee compensation 125,938,270.61 122,865,227.32
Depreciation and amortization 44,915,015.59 35,101,959.43
Rent and utility fees 12,191,942.77 6,391,188.07
Equity incentive expenses 11,951,165.73
Intermediary service expenses 8,605,799.41 7,423,354.12
Office and traveling expenses 7,015,442.33 8,875,598.34
Property insurance expenses 1,533,342.12 1,653,744.33
Others 10,409,884.01 8,276,567.01
Total 222,560,862.57 190,587,638.62
Unit: RMB
Items Amount incurred in the current period Amount incurred in prior period
Employee compensation 110,724,348.63 98,250,345.86
Business entertainment fees and traveling
expenses
Material and sample costs 20,714,975.77 20,667,842.61
Intermediary service expenses 17,781,805.98 13,754,381.07
Advertising and exhibition fees 15,396,481.40 7,009,515.84
Equity incentive expenses 14,293,685.43
Others 13,913,164.10 13,219,585.59
Total 220,686,080.56 180,788,131.47
Unit: RMB
Items Amount incurred in the current period Amount incurred in prior period
Employee compensation 279,894,551.34 231,063,679.89
Depreciation and amortization 75,441,689.62 79,779,523.36
Material and mould costs 35,416,783.36 36,498,059.88
Equity incentive expenses 20,184,487.19
Intermediary service expenses 12,406,300.40 6,255,916.91
Rent and utility fees 10,313,613.12 9,829,472.60
Low-value consumables 5,416,754.40 5,072,914.74
Others 21,712,598.27 20,041,330.62
Total 460,786,777.70 388,540,898.00
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Unit: RMB
Items Amount incurred in the current period Amount incurred in prior period
Interest expense 19,345,176.16 28,863,971.32
Interest income (income indicated by "-") -12,672,976.09 -15,326,718.58
Exchange losses (income indicated by "-") -46,120,380.71 -43,037,714.77
Others 690,382.12 718,877.88
Total -38,757,798.52 -28,781,584.15
Unit: RMB
Source for other revenues Amount incurred in the current period Amount incurred in prior period
Governmental subsidies 19,280,543.01 15,418,390.00
Return of individual income tax service
charge
Tax reduction and exemption 345,250.00 404,450.00
VAT refund upon collection 5,857,747.88 1,910,980.21
Input tax plus tax reduction 4,905,800.07 2,555,337.33
Total 31,729,942.66 21,414,975.09
None.
Unit: RMB
Sources of income from change in fair
Amount incurred in the current period Amount incurred in prior period
value
Financial liabilities held for trading -106,506.00
Total -106,506.00
Unit: RMB
Items Amount incurred in the current period Amount incurred in prior period
Long-term equity investment income
accounted by the cost method
Investment income from disposal of
tradable financial assets
Gains/losses on foreign exchange
derivatives
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Total 6,143,016.93 2,025,727.35
Unit: RMB
Items Amount incurred in the current period Amount incurred in prior period
Loss of bad debt of notes receivable 145,838.26 -30,475.73
Bad debt loss of receivables -6,858,904.67 -5,638,039.01
Bad debt loss of other receivables -256,594.37 -748,938.87
Loss from bad debt of receivables
-173,493.24 -764,000.36
financing
Total -7,143,154.02 -7,181,453.97
Unit: RMB
Items Amount incurred in the current period Amount incurred in prior period
I. Impairment loss on inventories and on contract
-25,099,491.27 -21,090,974.63
performance costs
Total -25,099,491.27 -21,090,974.63
Unit: RMB
Source of assets disposal revenue Amount incurred in the current period Amount incurred in prior period
Profits and losses from disposal of
-174,143.23 -2,580,837.22
noncurrent assets
Unit: RMB
Amount included in the
Amount incurred in the current Amount incurred in prior
Items current non-recurring profit
period period
and loss
Non-current assets disposal
revenue
Others 3,562,750.17 1,697,418.41 3,562,750.17
Total 3,789,204.87 1,739,303.34 3,789,204.87
Unit: RMB
Amount included in the
Amount incurred in the current Amount incurred in prior
Items current non-recurring profit
period period
and loss
Losses on scrapping of non-
current assets
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Others 2,353,289.43 5,006,220.24 2,353,289.43
Total 4,113,078.34 5,563,887.00 4,113,078.34
(1) Table of income tax expenses
Unit: RMB
Items Amount incurred in the current period Amount incurred in prior period
Current income tax expenses 41,864,338.89 55,408,628.96
Deferred tax expense -15,876,286.30 -18,630,055.15
Total 25,988,052.59 36,778,573.81
(2) Adjustment process of accounting profits and income tax expenses
Unit: RMB
Items Amount incurred in the current period
Total profit 355,847,481.56
Income tax expenses calculated at statutory/applicable tax rates 53,629,057.77
Influence of different tax rates applicable to subsidiary 15,985,041.17
Effect of income tax adjustment in previous period -13,946,599.18
Impact of non-taxable income 827,861.12
Impact of non-deductible cost, expense and loss 2,560,934.12
Impact of deductible loss of unrecognized deferred tax assets in previous period -16,803,080.74
Impact of deductible temporary differences or deductible losses of unrecognized
deferred tax assets in the current period
Impact of additional deductible expenses -14,748,643.87
Influence of tax exemption policy for the sub-subsidiary in Vietnam -8,421,034.49
The impact of changes in tax rates on the initial balance of deferred tax
Other adjustments 860,984.49
Income tax expenses 25,988,052.59
Refer to Note VII. 57 for details.
(1) Cash related to operating activities
Other cash received related to operating activities
Unit: RMB
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Items Amount incurred in the current period Amount incurred in prior period
Interest income 12,469,928.36 31,716,998.12
Governmental subsidies 31,151,832.71 17,690,558.27
Current accounts 27,209,949.29 19,012,136.34
Others 4,616,922.39 3,550,121.17
Total 75,448,632.75 71,969,813.90
Other cash paid related to operating activities
Unit: RMB
Items Amount incurred in the current period Amount incurred in prior period
Service charge 1,766,609.18 1,872,495.39
Out-of-pocket expenses 198,360,304.81 174,203,813.59
Margin and deposit expenses 2,424,395.57 5,922,397.40
Employee loans 4,621,604.67 6,752,625.17
Others 17,497,380.58 18,234,322.12
Total 224,670,294.81 206,985,653.67
(2) Cash related to investment activities
Other cash received related to investment activities
Unit: RMB
Items Amount incurred in the current period Amount incurred in prior period
Foreign exchange deposit 2,235,246.36
Total 2,235,246.36
Other cash paid related to investment activities
Unit: RMB
Items Amount incurred in the current period Amount incurred in prior period
Foreign exchange deposit 7,268,000.00
Forward foreign exchange liquidation
losses paid
Total 385,800.00 7,268,000.00
(3) Cash related to financing activities
Other cash received related to financing activities
Unit: RMB
Items Amount incurred in the current period Amount incurred in prior period
Discounted notes receivable that cannot
be derecognized
Total 12,920,862.51 5,021,283.53
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Other cash paid related to financing activities
Unit: RMB
Items Amount incurred in the current period Amount incurred in prior period
Stock repurchase funds 82,697,917.60
Principals for payment lease liabilities
with interests
Takeover of minority equity 29,761,025.80
Total 23,837,729.50 137,485,601.63
Changes in liabilities from financing activities
□ Applicable Not applicable
(4) Explanation of cash flows presented in net value
Items Information of relevant facts Basis for presentation in net value Financial impact
The net value listed for "Cash
Cash flows from purchasing and Cash inflows and outflows of
Cash paid for flow from payments for
redeeming financial management projects with quick turnover,
investment investments" is RMB
products large amount and short period
The net value listed for "Cash
Cash flows from purchasing and Cash inflows and outflows of
Cash received from flow from withdrawal of
redeeming financial management projects with quick turnover,
investment recovery investments" is RMB
products large amount and short period
(5) Major activities not involving cash receipts and payments in the current period but influencing the
financial position of enterprise or may influence the cash flow of enterprise in the future, and their
financial influence
None.
(1) Supplementary materials of cash flow statement
Unit: RMB
Amount in the Amount in the
Supplementary information
current period previous period
Net profit 329,859,428.97 389,557,984.88
Plus: impairment of assets 32,242,645.29 28,272,428.60
Depreciation of fixed assets, depletion of oil and gas assets, depreciation of
productive biological assets
Depreciation of right-of-use assets 22,255,110.76 23,320,687.24
Amortization of intangible assets 65,541,313.68 72,879,203.48
Amortization of long-term deferred expenses 39,108,347.52 33,648,040.06
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Loss from disposal of fixed assets, intangible assets and other long-term assets
(income indicated by "-")
Losses on scrapping of fixed assets (income indicated by "-") 1,759,788.91 557,666.76
Loss from changes in fair value (income indicated by "-") -106,506.00
Financial expenses (income indicated by "-") 25,189,122.18 14,586,264.55
Investment loss (income indicated by "-") -6,143,016.93 -2,025,727.35
Decrease in deferred tax assets (increase indicated by "-") -21,855,313.92 -13,895,528.38
Increase in deferred tax liabilities (decrease indicated by "-") 607,264.29 -4,624,889.67
Decrease in inventory (increase indicated by "-") -397,897,263.40 -214,623,893.85
Decrease in operating receivables (increase indicated by "-") -329,824,615.67 -408,247,566.47
Increase in operating payables (decrease indicated by "-") 421,349,396.15 454,405,998.28
Others 54,215,419.58 2,291,028.86
Net cash flow from operating activities 353,354,566.49 470,314,174.67
payments:
Conversion of debt into capital
Convertible bonds due within one year
Fixed assets acquired under finance leases
Ending balance of cash 1,802,726,466.13 1,573,697,119.28
Minus: beginning balance of cash 1,596,352,534.73 1,494,743,705.76
Plus: ending balance of cash equivalents
Minus: beginning balance of cash equivalents
Net increase in cash and cash equivalents 206,373,931.40 78,953,413.52
(2) Net cash paid for obtaining subsidiaries in the current period
None.
(3) Net cash received for disposal of subsidiaries in the current period
None.
(4) Composition of cash and cash equivalents
Unit: RMB
Items Ending balance Beginning balance
I. Cash 1,802,726,466.13 1,596,352,534.73
Including: cash in stock 864,427.13 800,122.43
Bank deposit available for
payment at any time
Other monetary capital for
payment at any time
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
III. Balance of cash and cash equivalents
at the end of the period
(5) Information listed with limited scope of use but still pertaining to cash and cash equivalents
None.
(6) Monetary capitals not falling under cash and cash equivalents
Unit: RMB
Amount in the current Amount in the
Items Reason for not falling under cash and cash equivalents
period previous period
Judicially frozen funds, interests accrued at the end of
Bank deposit 32,318,948.45 97,950,855.47
the period but not received, etc.
Other monetary capital 19,893,460.56 19,672,873.14 Deposit
Total 52,212,409.01 117,623,728.61
Provide the description of the "Other" item for adjusting the closing balance of previous year, the adjusted
amount, etc.: None.
(1) Foreign currency monetary items
Unit: RMB
Foreign currency balance at the end Exchange rate for Balance converted into RMB at
Items
of the period conversion the end of the period
Monetary capital 794,043,191.17
Including: US dollars 82,850,592.03 7.1586 593,094,248.13
Euros 2,561,326.00 8.4024 21,521,285.57
Hong Kong dollars 3,496,643.08 0.9120 3,188,763.66
Indian Rupee 1,497,292,892.50 0.0838 125,428,839.49
Vietnamese Dong 60,441,482,132.00 0.0003 16,580,911.79
Japanese Yen 401,746,642.00 0.0496 19,924,222.96
Romanian Leu 5,417,343.11 1.6501 8,939,327.92
Mexican Peso 14,087,360.96 0.3809 5,365,591.65
Accounts receivable 1,863,662,675.20
Including: US dollars 226,103,096.97 7.1586 1,618,581,629.97
Euros 743,062.19 8.4024 6,243,505.75
Hong Kong dollars 1,896,123,245.50 0.0838 158,839,013.12
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Vietnamese Dong 217,273,416,994.00 0.0003 59,604,272.19
Japanese Yen 410,990,329.00 0.0496 20,382,654.38
Mexican Peso 30,455.28 0.3809 11,599.80
Other receivables 6,677,984.28
Including: US dollars 648,040.39 7.1586 4,639,061.94
Euros 5,074.83 8.4024 42,640.75
Indian Rupee 11,939,723.68 0.0838 1,000,195.49
Vietnamese Dong 2,917,419,755.00 0.0003 800,331.14
Japanese Yen 3,947,150.00 0.0496 195,754.96
Accounts payable 137,413,811.28
Including: US dollars 10,456,795.29 7.1586 74,856,014.76
Euros 5,547.90 8.4024 46,615.67
Indian Rupee 186,076,836.23 0.0838 15,587,732.02
Vietnamese Dong 114,322,156,110.00 0.0003 31,361,815.93
Japanese Yen 313,780,556.00 0.0496 15,561,632.89
Other payables 46,432,522.29
Including: US dollars 2,591,813.26 7.1586 18,553,754.40
Euros 32.71 8.4024 274.84
Vietnamese Dong 91,646,106,659.00 0.0003 25,141,131.22
Mexican Peso 7,186,943.48 0.3809 2,737,361.83
(2) Explanation of overseas business entities, including for important overseas business entities,
disclosure of main overseas business locations, recording currency and selection basis as well as
disclosure of reasons for changes in recording currency.
Applicable □ Not applicable
Maharashtra, India, with Indian Rupee as the recording currency;
Dong Nai, Vietnam, with Vietnamese Dong as the recording currency;
Euro as the recording currency;
Japanese Yen as the recording currency;
recording currency;
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
located in Timisoara, Romania, with Lei as the recording currency;
Mexico, with Peso as the recording currency.
(1) The Company as the lessee
Applicable □ Not applicable
Variable lease payments not included in the measurement of lease liabilities
□ Applicable Not applicable
Rent of simply treated short-term leases or low-value assets
Applicable □ Not applicable
The rents of simply treated short-term leases credited to relevant asset costs or current profits and losses of the
current year is RMB 1,590,915.66.
Information involving sale and leaseback transactions: None.
(2) The Company as the lessor
Operating lease by lessor
Applicable □ Not applicable
Unit: RMB
Including: incomes related to variable lease
Items Rental income
payments not credited to rental receipts
Rental income 12,034,280.91
Total 12,034,280.91
Financing lease by lessor
□ Applicable Not applicable
Undiscounted rental receipts for each of the next five years
□ Applicable Not applicable
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
(3) Profits and losses on finance lease/sales recognized by manufacturer or distributor
□ Applicable Not applicable
None.
None.
VIII. R&D costs
Unit: RMB
Items Amount incurred in the current period Amount incurred in prior period
Employee compensation 335,064,365.29 289,148,195.61
Depreciation and amortization 76,092,200.92 80,852,025.57
Material and mould costs 41,394,643.02 40,219,252.64
Equity incentive expenses 20,184,487.19 0.00
Intermediary service expenses 12,558,948.84 8,037,357.06
Rent and utility fees 10,313,613.12 9,980,960.92
Low-value consumables 5,691,704.43 5,371,208.09
Others 23,542,553.96 21,788,817.25
Total 524,842,516.77 455,397,817.14
Including: expensed R&D costs 460,786,777.70 388,540,898.00
Capitalized R&D costs 64,055,739.07 66,856,919.14
Unit: RMB
Decrease amount in the current
Increase in the current period
period
Beginning Transferred Ending
Items Internal Recognized as
balance to current balance
development Others intangible
profit and
expenditure assets
loss
Intelligent controller 52,508,371.9
project 7
Motor and control
system project
New energy project 56,836,126.92 19,131,196.03 63,159,789.04
Total 125,214,759.99 64,055,739.07 115,141,548.73
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
None.
IX. Changes in the scope of consolidation
None.
None.
Basic transaction information, basis for reverse purchase of transaction components, whether assets and
liabilities retained by listed companies constitute a business and their basis, recognition of merger costs, amount
of adjusted equity when treated as an equity transaction and its calculation: None.
Whether there is any transaction or matter of losing control over a subsidiary in this period
□ Yes No
Whether there are step-by-step disposal of the investment in a subsidiary through multiple transactions and loss
of control in the current period
□ Yes No
Description of changes in the scope of consolidation for any other reason (the establishment of new subsidiaries,
liquidation of subsidiaries, etc.) and related information:
During the reporting period, the Company cancelled one subsidiary (sub-subsidiary), as detailed below:
Former shareholding ratio
No. Name of subsidiary Registered place Liquidation date
Direct Indirect
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
None.
X. Interests in other entities
(1) Composition of enterprise group
Unit: RMB
Principal Proportion of
Registered Registere Nature of shareholding Acquisition
Name of subsidiary place of
capital d place business method
business Direct Indirect
Shenzhen Topband Software Production
Technology Co., Ltd. and sales
Shenzhen Topband Automation Production
Technology Co., Ltd. and sales
Production
Shenzhen Topband Battery Co., Ltd. 100,000,000.00 Shenzhen Shenzhen 100.00% Establishment
and sales
Chongqing Topband Industrial Co., Chongqin Production
Ltd. g and sales
HKD 155 Hong
Topband (Hong Kong) Co., Ltd. Hong Kong Investor: 100.00% Establishment
million Kong
Huizhou Topband Electrical Production
Technology Co., Ltd. and sales
TOPBAND INDIA PRIVATE 2.265 billion Production
India India 100.00% Establishment
LIMITED Indian rupees and sales
Consolidation
Shenzhen YAKO Automation Production under
Technology Co., Ltd. and sales different
control
Consolidation
Shenzhen Allied Control System Production under
Co., Ltd. and sales different
control
Production
Huizhou Topband Battery Co., Ltd. 2,000,000.00 Huizhou Huizhou 100.00% Establishment
and sales
Ningbo Topband Intelligent Control Production
Co., Ltd. and sales
Consolidation
Shenzhen Meanstone Intelligent Production under
Technology Co., Ltd. and sales different
control
Consolidation
Shenzhen Yansheng Software Co., Production under
Ltd. and sales different
control
Consolidation
Hangzhou Zhidong Motor Hangzho Production under
Technology Co., Ltd. u and sales different
control
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
TOPBAND SMARTDONGNAI
USD 43.5 Production
(VIETNAM) COMPANY Vietnam Vietnam 100.00% Establishment
million and sales
LIMITED
Topband Germany GmbH Euro 25,000 Germany Germany Sales 100.00% Establishment
TOPBAND JAPAN Co., Ltd Yen 30 million Japan Japan Sales 100.00% Establishment
Shenzhen Topband Supply Chain
Services Co., Ltd.
Shenzhen Topband Investment Co.,
Ltd.
Shenzhen Topband Digital Energy
Co., Ltd.
Shenzhen Tunnu Innovation Co.,
Ltd.
Shenzhen Senxuan Technology Co.,
Ltd.
Topband (Qingdao) Intelligent Production
Control Co., Ltd. and sales
Shenzhen Tengyi Industrial Co.,
Ltd.
Consolidation
Taixing Topband Lithium Battery Production under
Co., Ltd. and sales different
control
Shenzhen Topband Automotive
Electronics Co., Ltd.
Q. B. PTE. LTD SGD 10,000 Singapore Singapore Sales 100.00% Establishment
TOPBAND MEXICO, S. DER. L. USD 35 Production
Mexico Mexico 100.00% Establishment
DEC. V. million and sales
Tunnu Innovation (Hong Kong) Hong
HKD 10,000 Hong Kong Sales 100.00% Establishment
Limited Kong
TOPBAND SMART EUROPE
USD 23,500 Romania Romania Sales 100.00% Establishment
COMPANY LIMITED S.R.L.
Huizhou YAKO Automation Production
Technology Co., Ltd. and sales
Shenzhen Zhongli Consulting Co.,
Ltd.
The
The United
TUNNU INNOVATION, INC USD 20,000 United Sales 100.00% Establishment
States
States
Nantong Topband Lithium Battery Production
Co., Ltd. and sales
Production
Shenzhen Topband Motor Co., Ltd. 10,000,000.00 Shenzhen Shenzhen 100.00% Establishment
and sales
Production
Shenzhen Yueshang Robot Co., Ltd. 10,000,000.00 Shenzhen Shenzhen 100.00% Establishment
and sales
Shenzhen Jingfei Investment Co.,
Ltd.
Huizhou Chiding Technology Co., Production
Ltd. and sales
Yolaness Technology (HK) Co., Hong
USD 500,000 Hong Kong Sales 100.00% Establishment
Limited Kong
Huizhou Jiuwan Lvyuan Agriculture Production
Co., Ltd. and sales
South South
YOLANESS AFRICA (PTY) LTD Sales 100.00% Establishment
Africa Africa
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Chongqing Topband Yishu Energy Chongqin
Technology Co., Ltd. g
Topband Digital Energy Technology
(Huizhou) Co., Ltd.
None.
(1) Important joint ventures or associated enterprises
None.
(2) Major financial information of important joint ventures
None.
(3) Major financial information of important associated enterprises
None.
(4) Summarized financial information of unimportant joint ventures and associated enterprises
Unit: RMB
Ending balance/amount incurred in Beginning balance/amount
the current period incurred in the previous period
Joint venture:
Sum of the following items calculated according to the
shareholding ratio
Associated enterprises:
Total book value of investment 39,837,141.24 37,614,643.25
Sum of the following items calculated according to the
shareholding ratio
-- Net profit 877,869.10 -133,536.05
(5) Statement that there is a material limitation on the ability of the joint venture or associated enterprise
to transfer funds to the Company
None.
(6) Excess losses incurred by the joint ventures or associated enterprises
None.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
(7) Unconfirmed commitments related to the investment of joint ventures
None.
(8) Contingent liabilities related to the investment of joint ventures or associated enterprises
None.
XI. Government subsidies
□ Applicable Not applicable
Reason for failure to receive a government subsidy with expected amount at the expected time point
□ Applicable Not applicable
Applicable □ Not applicable
Unit: RMB
Amount
accounted
Newly Transferred to Other
into non-
increased the amount of changes
Accounti Beginning operating Related to
subsidy in other incomes in the Ending balance
ng title balance income in assets/incomes
the current in the current current
the
period period period
current
period
Governmental
Deferred
income
assets
Applicable □ Not applicable
Unit: RMB
Accounting title Amount incurred in the current period Amount incurred in prior period
Other income 19,280,543.01 15,418,390.00
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
XII. Risks related to financial instruments
Risks associated with financial instruments of the Company stem from various financial assets and
liabilities recognized during its operations, including credit, liquidity and market risks.
The management objectives and policies for various risks related to financial instruments of the Company
are the responsibility of the management team. The management team is responsible for routine risk
management through functional departments (e.g., the credit management department of the Company
responsible for reviewing credit sales transactions one by one). The Internal Audit Department of the Company
shall supervise the implementation of the Company's risk management policies and procedures in its daily work,
and reports relevant findings to the Audit Committee of the Company in a timely manner.
The overall goal of the Company's risk management is to develop risk management policies that minimize
various risks related to financial instruments without excessively affecting the Company's competitiveness and
adaptability.
Credit risk
Credit risk refers to the risk that one party of a financial instrument fails to perform its obligations,
resulting in financial losses for the other party. Credit risks of the Company mainly arise from monetary funds,
notes receivable, accounts receivable, receivables financing, other receivables, etc. Credit risks of these
financial assets originate from counterparty defaults, and the maximum risk exposure is equal to the carrying
amount of these instruments.
The Company's monetary funds are mainly deposited at financial institutions such as commercial banks.
The Company believes that these commercial banks have high creditworthiness and asset status, and therefore
have low credit risks.
For notes receivable, accounts receivable, receivables financing, and other receivables, the Company has
established relevant policies to control credit risk exposure. The Company evaluates customers' credit
qualifications and sets corresponding credit periods based on their financial status, the possibility of obtaining
guarantees from third parties, credit records, and other factors such as current market conditions. The Company
regularly monitors credit records of customers, and for customers with poor credit records, the Company
ensures that its overall credit risk exposure is under control by sending reminders of payment collection,
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
shortening the credit period or canceling the credit period.
(1) Judgment criteria for significant increase in credit risks
The Company assesses on each balance sheet date whether credit risks of relevant financial instruments
have increased significantly since initial recognition. When determining whether credit risks have increased
significantly since initial recognition, the Company considers acquiring reasonable and evidence-based
information without unnecessary additional costs or efforts, including qualitative and quantitative analysis
based on the Company's historical data, external credit risk ratings, and forward-looking information. The
Company determines changes in expected default risks of financial instruments during their expected periods of
continued existence by comparing default risks of financial instruments on the balance sheet date with those on
the initial recognition date based on a single financial instrument or a combination of financial instruments with
similar credit risk characteristics.
When one or more of the following quantitative or qualitative criteria is/are triggered, the Company
considers that credit risks of financial instruments have increased significantly: The quantitative criterion is
mainly that the probability of default during the remaining period of continued existence on the reporting date
has increased by more than a certain proportion compared to initial recognition; the qualitative criteria include
significant adverse changes in the business or financial status of the main debtor, a list of early warning
customers, etc.
(2) Definition of assets with credit impairment
To determine whether credit impairment has occurred, the definition standards adopted by the Company
are consistent with the internal credit risk management objectives for relevant financial instruments, taking
quantitative and qualitative indicators into account.
When evaluating whether a debtor has experienced credit impairment, the Company mainly considers the
following factors: the issuer or debtor experiences a significant financial difficulty; the debtor breaches the
contract, such as overdue interest or principal payment; the creditors make any concession that the debtor would
not have make in any other case for economic or contractual considerations related to the debtor's financial
difficulty; the debtor is likely to go bankrupt or undergo other financial restructuring; the financial difficulty of
the issuer or debtor results in the disappearance of the active market for the financial asset; a financial asset is
purchased or generated at a significant discount that reflects the fact of credit loss.
Credit impairment of financial assets may result from the combined effect of multiple incidents, and may
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
not necessarily arise from individually identifiable incidents.
(3) Parameters for measuring expected credit losses
Based on whether there has been a significant increase in credit risk and whether credit impairment has
occurred, the Company measures impairment provisions for different assets based on expected credit losses
over 12 months or the entire period of continued existence. The key parameters for measuring expected credit
losses include default probability, default loss rate and default risk exposure. The Company considers
quantitative analysis and forward-looking information of historical statistical data (counterparty rating,
guarantee method, collateral category, repayment method, etc.) to establish default probability, default loss rate,
and default risk exposure models.
The relevant definitions are as follows:
Default probability refers to the likelihood that the debtor will be unable to fulfill its payment obligations
in the next 12 months or throughout the remaining period of continued existence.
Default loss rate refers to the expected degree of loss incurred by the Company in response to default risk
exposure. The default loss rate varies depending on the type of counterparty, the method and priority of
recovery, and the collateral. The default loss rate is the percentage of risk exposure loss at the time of default,
calculated based on the next 12 months or the entire period of continued existence;
Default risk exposure refers to the amount that the Company shall be paid in the next 12 months or
throughout the remaining period of continued existence when a default occurs. The evaluation of significant
increase of credit risk from forward-looking information and the calculation of expected credit losses both
involve forward-looking information. The Company identifies key economic indicators that affect credit risks
and expected credit losses for various business types through historical data analysis.
The maximum credit risk exposure borne by the Company is the carrying amount of each financial asset in
the balance sheet. The Company has not provided any other guarantee that may expose it to credit risks.
Liquidity risk
Liquidity risk refers to the risk of shortage of funds when an enterprise performs its obligation to settle by
delivering cash or other financial assets. The Company is responsible for the overall cash management of
various subsidiaries within the Company, including short-term investments of cash surplus and raising loans to
meet expected cash demand. The Company's policy is to monitor short-term and long-term liquidity needs
regularly, and compliance with loan agreements to ensure that sufficient cash reserves and marketable securities
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
available for immediate realization are maintained.
Market risk
(1) Foreign exchange risk
Exchange rate risks of the Company are mainly from foreign currency assets and liabilities that are not
denominated in their recording currencies held by the Company and its subsidiaries. The Company's exposure
to foreign exchange risks is mainly related to US dollars and Hong Kong dollars. Except for the Company and
its subsidiary Topband (Hong Kong) Co., Ltd. that purchase and sell some materials and products in US dollars,
Euros and Hong Kong dollars, its subsidiary TOPBAND INDIA PRIVATE LIMITED that uses Indian Rupee,
its sub-subsidiary TOPBAND SMART DONGNAI (VIETNAM) Co., ltd that use Vietnamese Dong, its sub-
subsidiary Topband Germany GmbH that uses Euros, its sub-subsidiary TOPBAND JAPAN Co., Ltd. that uses
Japanese Yen, its sub-subsidiary Q. B. PTE. LTD that uses Singapore dollars, its sub-subsidiary TOPBAND
MEXICO, S. DER. L. DEC. V. that uses Mexican Peso, its sub-subsidiary TOPBAND SMART EUROPE
COMPANY LIMITED S.R.L. that uses Romanian Leu, its sub-subsidiary Tunnu Innovation (Hong Kong)
Limited that uses Hong Kong dollars, its sub-subsidiary TUNNU INNOVATION, INC that uses US dollars,
and its sub-subsidiary YOLANESS AFRICA (PTY) LTD that uses Rand as the settlement currency, other major
business activities of the Company are settled in Chinese Yuan.
The Company monitors the scale of foreign currency transactions and foreign currency assets and
liabilities constantly to minimize exposure to foreign exchange risks; for this purpose, the Company may avoid
foreign exchange risks by signing forward foreign exchange contracts.
(2) Interest rate risk
Interest rate risks of the Company are mainly from long-term bank loans. Floating rate financial liabilities
expose the Company to cash flow interest rate risks, while fixed rate financial liabilities expose it to fair value
interest rate risks. The Company determines the relative proportion of fixed rate and floating rate contracts
based on the prevailing market environment.
The Headquarters Financial Department of the Company monitors the interest rate level of the group on a
continuous basis. The increase in interest rates will increase the cost of new interest-bearing debts and interest
expenses of the Company's interest-bearing debts with floating interest rates that have not been fully paid, and
will have a significant adverse impact on its financial performance. The management team will make timely
adjustments based on the latest market conditions.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
□ Applicable Not applicable
None.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
XIII. Disclosure of fair value
Unit: RMB
Ending fair value
Items The first level of The second- The third level
fair value level fair value of fair value Total
measurement measurement measurement
I. Continuous fair value measurement -- -- -- --
(I) Tradable financial assets 245,389,202.30 342,926,358.56 588,315,560.86
current profits and losses
(1) Debt instrument investment 245,389,202.30 245,389,202.30
(2) Equity instrument investment 342,926,358.56 342,926,358.56
(II) Receivables financing 171,997,770.09 171,997,770.09
(III) Other equity instrument investments 45,012,776.00 45,012,776.00
Total assets continuously measured at fair value 245,389,202.30 559,936,904.65 805,326,106.95
(I) Trading financial liabilities 106,506.00 106,506.00
Total liabilities continuously measured at fair value 106,506.00 106,506.00
II. Non-continuous fair value measurement -- -- -- --
measurement items
The fair value of financial liabilities measured at fair value with changes recognized in the current profits
and losses is mainly recognized based on market quotations provided by banks.
adopted and qualitative and quantitative information of important parameters
If there is a publicly quoted market price for debt instrument investments measured at fair value with
changes recognized in the current profits and losses, their fair value shall be determined based on market
quotations provided by banks, taking into account liquidity premiums and other factors.
adopted and qualitative and quantitative information of important parameters
Financial assets measured at fair value with changes in fair value recognized in the current profits and
losses, other equity instrument investments, and other noncurrent financial assets measured at fair value with
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
changes in fair value recognized in the current profits and losses are measured by the Company based on
investment costs or recent transaction prices as reasonable estimates of fair value, as there have been no
significant change in the operating environment and financial condition of invested products or enterprises.
The Company's receivables financing mainly includes bank acceptance bills and supply chain bills that
have not matured. Bill acceptors have good credit status, and there has been no significant adverse change in the
operating or financial status. It is expected that the risk of recovery at maturity is low, so the Company measures
the fair value based on the book value as a reasonable estimate.
ending book value and sensitivity analysis of unobservable parameters
Not applicable.
current period, the reasons for the conversion and the policies for determining the conversion time point
Not applicable.
Not applicable.
Financial assets and liabilities measured at amortized cost by the Company mainly include monetary funds,
notes receivable, accounts receivable, other receivables, short-term borrowings, notes payable, accounts payable,
other payables, long-term borrowings due within one year, long-term borrowings, etc.
None.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
XIV. Related parties and related party transactions
Proportion of the
Shareholding ratio
Name of parent parent company's
Registered place Nature of business Registered capital of parent company
company voting rights in the
to the Company
Enterprise
Not applicable Not applicable Not applicable Not applicable
Information of parent company of the Company
Ultimate controller of the Company: The ultimate controller of the Company is Mr. Wu Yongqiang, a natural
person. As of June 30, 2025, Wu Yongqiang held 17.00% of the Company's shares.
The ultimate controller of the Company is Wu Yongqiang.
See Note X. 1 for information about our subsidiaries.
See Note X. 3 for the key joint ventures or associated enterprises of the Company.
Other joint ventures or associated enterprises having related-party transaction in the current period or in
previous period to form balance are listed as follows:
Name of joint venture or associated enterprise Relationship with the Company
Dongguan Jujin Plastic Technology Co., Ltd. Associated enterprises of the Company
Other description: None.
Names of other related parties Relationship between other related parties and the Enterprise
A company substantially controlled by the relative of the
Shenzhen Jizhiguang Electronics Co., Ltd.
Company's legal representative
Shenzhen Lianghui Technology Co., Ltd. Shareholding companies of the Company
Shenzhen ORVIBO Technology Co., Ltd. Shareholding companies of the Company
Shenzhen HANSC Intelligent Technology Co., Ltd. Shareholding companies of the Company
Guangdong Zhongchuang Zhijia Scientific Research Co., Ltd. Shareholding companies of the Company
Guangdong Huixin Semiconductor Co., Ltd. Shareholding companies of the Company
Fujian Blue Ocean Digital Energy Technology Co., Ltd. Shareholding companies of the Company
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Chengdu Senwei Technology Co., Ltd. Shareholding companies of the Company
Shenzhen Youbi Technology Co., Ltd. Shareholding companies of the Company
Jiangsu Donghai Semiconductor Co., Ltd. Shareholding companies of the Company
Jiangxi Sarui Microelectronics Technology Co., Ltd. Shareholding companies of the Company
Shanghai Xinggan Semiconductor Co., Ltd. Shareholding companies of the Company
Shenzhen Jizhi Laser Technology Co., Ltd. Shareholding companies of the Company
Dongguan Jujin Plastic Technology Co., Ltd. Shareholding companies of the Company
Shanghai Yidong Power Technology Co., Ltd. Shareholding companies of the Company
Shenzhen Daka Optoelectronics Co., Ltd. Shareholding companies of the Company
Suzhou Legendsemi Technology Co., Ltd. Shareholding companies of the Company
Suzhou SEEEx Technology Co., Ltd. Shareholding companies of the Company
Other description: None.
(1) Related transactions involving the purchase and sale of goods and the provision and acceptance of
services
List of goods purchased/services received
Unit: RMB
Related Amount Is the Amount
Approved
Related party transaction incurred in the transaction incurred in
transaction limit
content current period limit exceeded prior period
Shenzhen Jizhiguang Electronics Purchase of raw
Co., Ltd. materials
Jiangsu Donghai Semiconductor Purchase of raw
Co., Ltd. materials
Dongguan Jujin Plastic Technology Purchase of raw
Co., Ltd. materials
Jiangxi Sarui Microelectronics Purchase of raw
Technology Co., Ltd. materials
Guangdong Huixin Semiconductor Purchase of raw
Co., Ltd. materials
List of goods sold/services provided
Unit: RMB
Amount incurred in the current Amount incurred in prior
Related party Related transaction content
period period
Shenzhen ORVIBO
Sale of goods 4,481,366.31 5,010,688.23
Technology Co., Ltd.
Related transactions involving the purchase and sale of goods and the provision and acceptance of services:
None.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
(2) Relevant entrusted management/contracting and entrusted management/outsourcing
None.
(3) Related lease
None.
(4) Related party guarantee situation
None.
(5) Interbank lending of related parties
None.
(6) Asset transfer and debt restructuring of related parties
None.
(7) Remuneration of key management personnel
Unit: RMB
Items Amount incurred in the current period Amount incurred in prior period
Remuneration of key management
personnel
(8) Other related transactions
None.
(1) Item receivable
Unit: RMB
Ending balance Beginning balance
Project
Related party Provision for Provision for bad
name Book balance Book balance
bad debts debts
Accounts Shenzhen ORVIBO Technology
receivable Co., Ltd.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
(2) Payables
Unit: RMB
Book balance at the end of the Book balance at the beginning
Project name Related party
period of the period
Accounts
Shenzhen Jizhiguang Electronics Co., Ltd. 1,739,360.25 1,699,834.24
payable
Accounts
Jiangsu Donghai Semiconductor Co., Ltd. 39,655.01
payable
Accounts
Guangdong Huixin Semiconductor Co., Ltd. 5,752.33 1,212.77
payable
Accounts Jiangxi Sarui Microelectronics Technology
payable Co., Ltd.
Accounts
Dongguan Jujin Plastic Technology Co., Ltd. 7,654,657.01 818,690.92
payable
Other payables Dongguan Jujin Plastic Technology Co., Ltd. 521,400.00 495,000.00
None.
None.
XV. Share-based payment
Applicable □Not applicable
Stock options or other equity instruments outstanding at the end of the period
Applicable □ Not applicable
Stock options outstanding at the end of Other equity instruments outstanding at
the period the end of the period
Category of recipient
Range of Remaining period Range of exercise Remaining period
exercise price of contract price of contract
Personnel on key management and technical 6, 18 and 30
RMB 9.53/share RMB 9.53/share 6 and 18 months
positions, as well as other business backbones months
Applicable □ Not applicable
Unit: RMB
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Method for determining the fair value of the equity
Black-Scholes option pricing model
instrument on the grant date
Important parameters for fair value of equity instruments on
Historical volatility, risk-free rate of return, and dividend yield
the grant date
Basis for determining the number of exercisable equity The best estimate made based on the latest available follow-up
instruments information such as changes in the number of vested employees
Reasons for the significant difference between the estimates
None
of the current period and that of the previous period
Accumulated amount of equity-settled share-based
payments included in capital reserves
Total amount of expenses recognized by equity-settled
share-based payments in the current period
(1) Employee stock ownership plan
The 15th (Extraordinary) Meeting of the 8th Board of Directors and the 10th (Extraordinary) Meeting of
the 8th Board of Supervisors on November 6, 2024, and the 2nd Extraordinary General Meeting of Shareholders
in 2024 on November 25, 2024 deliberated and passed the Proposal on the Company's 2024 Stock Option
Incentive Plan (Draft) and its Abstract, and other related proposals. The actual number of shares subscribed for
under the employee stock ownership plan is 5.1812 million, with a total subscribed capital of RMB
the Company, and will be unlocked in two stages (12 and 24 months) at proportions of 40% and 60%,
respectively after the employee stock ownership plan is deliberated and passed by the Company's General
Meeting of Shareholders and the Company announces the transfer of the target stock to the employee stock
ownership plan. On December 23, 2024, the Company received the Confirmation of Securities Transfer
Registration issued by the China Securities Depository and Clearing Corporation Shenzhen Branch. 5.1812
million shares of the Company's stock (accounting for about 0.42% of the current total share capital) held in the
special securities account repurchased by the Company were transferred them to the Company's 2024 employee
stock ownership plan account by non-trading means on December 23, 2024.
(2) Stock option incentive plan
As authorized by the 2nd Extraordinary General Meeting of Shareholders in 2024, the 16th (Extraordinary)
Meeting of the 8th Board of Directors and the 11th (Extraordinary) Meeting of the 8th Board of Supervisors
held on December 9, 2024 deliberated and passed the Proposal on Granting Stock Options to Incentive
Recipients, stating that the grant date of stock options under this incentive plan is December 9, 2024, when 32.9
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
million stock options will be granted to 1,050 eligible incentive recipients. The waiting periods for the stock
options granted under this incentive plan are 12 months, 24 months, and 36 months from the date of granting,
with unlocking ratios of 30%, 30% and 40% for each period.
□ Applicable Not applicable
Applicable □ Not applicable
Unit: RMB
Category of recipient Equity-settled share-based payment Cash-settled share-based payment
Personnel on key management and technical
positions, as well as other business backbones
Total 52,447,170.39
None.
None.
XVI. Commitments and contingencies
Important commitments that existed on the balance sheet date: None.
(1) Significant contingencies on the balance sheet date
None.
(2) The important contingencies not required to be disclosed shall be explained as well
No signification contingencies need to be disclosed by the Company.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
None.
XVII. Events after the balance sheet date
None.
XVIII. Other important matters
None.
XIX. Notes to main items of financial statements of the parent company
(1) Disclosure by aging
Unit: RMB
Aging Book balance at the end of the period Book balance at the beginning of the period
Within 1 year (including 1 year) 1,855,842,483.00 1,790,348,068.30
Above 3 years 2,825,500.20 2,525,306.52
Above 5 years 1,987,125.76 1,961,997.75
Total 1,860,408,952.29 1,801,098,535.57
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
(2) Disclosure based on accrual methods of bad-debt provision
Unit: RMB
Ending balance Beginning balance
Book balance Provision for bad debts Book balance Provision for bad debts
Category
Proportion Book value Proportion Book value
Amount Proportion Amount Amount Proportion Amount
of provision of provision
Accounts
receivable
with single 2,957,316.76 0.16% 2,957,316.76 100.00% 0.00 2,994,574.69 0.17% 2,994,574.69 100.00% 0.00
provision for
bad debts
Including:
Provision by
individual 2,957,316.76 0.16% 2,957,316.76 100.00% 0.00 2,994,574.69 0.17% 2,994,574.69 100.00% 0.00
items
Accounts
receivable
with
provision for
bad debts by
portfolio
Including:
Aging
portfolio
Combination
of related
parties
within the
scope of
consolidation
Total 1,860,408,952.29 100.00% 47,787,558.01 2.57% 1,812,621,394.28 1,801,098,535.57 100.00% 52,006,860.81 2.89% 1,749,091,674.76
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Description of bad-debt provision on single basis: Accounts receivable with single provision for bad debts
Unit: RMB
Beginning balance Ending balance
Name
Book balance Provision for bad debts Book balance Provision for bad debts Proportion of provision Reasons for provision
Provision by individual Expected to be hardly
items recoverable
Total 2,994,574.69 2,994,574.69 2,957,316.76 2,957,316.76
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Description of bad-debt provision on combined basis: Provision for impairment of combined accounts
receivable by aging
Unit: RMB
Ending balance
Name
Book balance Provision for bad debts Proportion of provision
Provision for impairment of combined
accounts receivable by aging
Total 1,440,180,705.81 44,830,241.25
Description of bad-debt provision on combined basis: Combination of related parties within the scope of
consolidation
Unit: RMB
Ending balance
Name Provision for bad Proportion of
Book balance
debts provision
Combination of related parties within the scope
of consolidation
Total 417,270,929.72
In case of provision for bad debts on accounts receivable based on the general model of expected credit loss:
□ Applicable Not applicable
(3) Provision for bad debts accrued, recovered or reversed in the current period
Provision for bad debts in the current period:
Unit: RMB
Amount changed in the current period
Beginning
Category Recover or Ending balance
balance Provision Write-off Others
reversal
Bad debt provision on
combined basis
Total 52,006,860.81 -3,814,883.24 37,257.93 367,161.63 47,787,558.01
(4) Accounts receivable actually written off in the current period
Unit: RMB
Items Amount written off
Accounts receivable actually written off 367,161.63
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
(5) Accounts receivables with top five ending balances grouped by debtors, and contract assets
Unit: RMB
Ending balance of
Percentage in total
Ending balance of provision for
ending balance of
Ending balance of Ending balance of accounts impairment of
Name of unit accounts
accounts receivable contract assets receivables and accounts
receivables and
contract assets receivables and
contract assets
contract assets
No. 1 283,968,672.72 0.00 283,968,672.72 15.26% 8,803,028.85
No. 2 176,329,746.70 0.00 176,329,746.70 9.48% 5,466,222.14
No. 3 107,262,970.80 0.00 107,262,970.80 5.77% 3,325,152.10
No. 4 64,337,836.36 0.00 64,337,836.36 3.46% 1,997,889.71
No. 5 58,117,144.78 0.00 58,117,144.78 3.12% 1,801,631.49
Total 690,016,371.36 0.00 690,016,371.36 37.09% 21,393,924.29
Unit: RMB
Items Ending balance Beginning balance
Other receivables 492,484,899.73 269,840,253.20
Total 492,484,899.73 269,840,253.20
Unit: RMB
Book balance at the beginning of the
Nature of payment Book balance at the end of the period
period
Current accounts 486,934,358.53 246,649,557.31
Margin, deposit 7,686,999.85 7,462,044.17
Employee borrowings and reserves 2,962,474.59 3,629,450.71
Export rebate 0.00 16,656,194.89
Others 27,631.77 3,157.74
Total 497,611,464.74 274,400,404.82
Unit: RMB
Book balance at the beginning of the
Aging Book balance at the end of the period
period
Within 1 year (including 1 year) 487,813,683.49 268,679,998.14
Above 3 years 4,622,077.18 4,107,800.59
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Above 5 years 3,839,990.22 3,613,597.14
Total 497,611,464.74 274,400,404.82
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Unit: RMB
Ending balance Beginning balance
Book balance Provision for bad debts Book balance Provision for bad debts
Category
Proportion Book value Proportion Book value
Amount Proportion Amount of Amount Proportion Amount of
provision provision
Bad debt provision on
individual basis
Bad debt provision on
combined basis
Including:
Aging portfolio 10,677,106.21 2.15% 5,126,565.01 48.01% 5,550,541.20 11,094,652.62 4.04% 4,560,151.62 41.10% 6,534,501.00
Combination of related
parties within the scope of 486,934,358.53 97.85% 486,934,358.53 246,649,557.31 89.89% 246,649,557.31
consolidation
Total 497,611,464.74 100.00% 5,126,565.01 1.03% 492,484,899.73 274,400,404.82 100.00% 4,560,151.62 1.66% 269,840,253.20
Description of bad-debt provision on combined basis: aging combination, combination of related parties within the scope of consolidation
Unit: RMB
Ending balance
Name
Book balance Provision for bad debts Proportion of provision
Aging portfolio 10,677,106.21 5,126,565.01 48.01%
Combination of related parties within the scope of
consolidation
Total 497,611,464.74 5,126,565.01
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Provision for bad debts based on the general model of expected credit loss:
Unit: RMB
First stage Second stage Third stage
Expected credit
Expected credit loss
Provision for bad debts loss for the entire Total
Expected credit loss in for the entire
duration (credit
the next 12 months duration (no credit
impairment
impairment)
occurred)
Balance as of January 1, 2025 946,554.48 3,613,597.14 4,560,151.62
Balance as of January 1, 2025 in
the current period
—Transferred to the third stage
Accrual in the current period 566,413.39 566,413.39
Other changes
Balance as of June 30, 2025 1,512,967.87 3,613,597.14 5,126,565.01
Changes in book balance with significant changes in loss reserves in the current period
□ Applicable Not applicable
Unit: RMB
Amount changed in the current period
Beginning
Category Recover or Transfer or Ending balance
balance Provision Other changes
reversal write-off
Provision for
bad debts
Total 4,560,151.62 566,413.39 5,126,565.01
None.
Unit: RMB
Proportion to total Ending balance
Nature of
Name of unit Ending balance Aging ending balances of of provision for
payment
other receivables bad debts
Current
No. 1 156,066,115.87 Within 1 year 31.36%
accounts
Current
No. 2 111,000,000.00 Within 1 year 22.31%
accounts
Current
No. 3 69,123,408.00 Within 1 year 13.89%
accounts
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Current
No. 4 33,915,119.12 Within 1 year 6.82%
accounts
Current
No. 5 30,800,012.74 Within 1 year 6.19%
accounts
Total 400,904,655.73 80.57%
None.
Unit: RMB
Ending balance Beginning balance
Items Provision for Provision for
Book balance Book value Book balance Book value
impairment impairment
Investment in
subsidiaries
Investment in
associated
enterprises and
joint ventures
Total 4,321,777,080.90 12,433,655.05 4,309,343,425.85 4,312,311,091.22 12,433,655.05 4,299,877,436.17
(1) Investment in subsidiaries
Unit: RMB
Changes in increase or decrease in
the current period Endin
Openi
g
ng Ad balan
balanc diti Decr ce of
Beginning balance e of ona ease Provis Ending balance
Investee provis
(book value) provisi l in ion for (book value)
Others ion
on for inv inves impair for
impair est tmen ment impai
ment me t rment
nt
Shenzhen Topband Software Technology
Co., Ltd.
Shenzhen Topband Battery Co., Ltd. 628,619,526.52 1,242,991.61 629,862,518.13
Shenzhen Topband Automation
Technology Co., Ltd.
Chongqing Topband Industrial Co., Ltd. 211,723,441.98 78,607.68 211,802,049.66
Topband (Hong Kong) Co., Ltd. 667,071,500.00 667,071,500.00
Huizhou Topband Electrical Technology
Co., Ltd.
Ningbo Topband Intelligent Control Co.,
Ltd.
Shenzhen Allied Control System Co.,
Ltd.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Shenzhen Meanstone Intelligent
Technology Co., Ltd.
TOPBAND INDIA PRIVATE LIMITED 195,026,748.97 195,026,748.97
Shenzhen YAKO Automation
Technology Co., Ltd.
Shenzhen Topband Investment Co., Ltd. 89,054,806.08 89,054,806.08
Shenzhen Topband Supply Chain
Services Co., Ltd.
Shenzhen Senxuan Technology Co., Ltd. 10,035,325.03 10,035,325.03
Topband (Qingdao) Intelligent Control
Co., Ltd.
Shenzhen Topband Motor Co., Ltd. 12,371,923.29 1,338,369.22 13,710,292.51
Huizhou Chiding Technology Co., Ltd. 5,003,130.39 18,782.34 5,021,912.73
Shenzhen Jingfei Investment Co., Ltd. 1,000,000.00 1,000,000.00
Shenzhen Topband Digital Energy Co.,
Ltd.
Total 4,294,051,396.19 9,465,989.68 4,303,517,385.87
(2) Investment in associated enterprises and joint ventures
Unit: RMB
Changes in increase or decrease in the current period
A
Profits
d
and
di
De losses Adjust Declarat Pro
ti
cre on ment ion of visi
Beginning Opening balance o ase invest to Other distribut on Ending balance
Ending balance
Investment unit balance (book of provision for na in ment other chang ion for for Oth (book value) of provision for
value) impairment l impairment
inv recog compre es in cash imp ers
in
est nized hensiv equity dividen air
ve
me under e ds or men
st
nt equity income profits t
m
metho
en
d
t
I. Joint venture
II. Associated enterprises
Shenzhen Daka
Optoelectronics 5,826,039.98 5,826,039.98
Co., Ltd.
Tai'an
Yuchengxin
Power 12,433,655.05 12,433,655.05
Technology Co.,
Ltd.
Subtotal 5,826,039.98 12,433,655.05 5,826,039.98 12,433,655.05
Total 5,826,039.98 12,433,655.05 5,826,039.98 12,433,655.05
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Unit: RMB
Amount incurred in the current period Amount incurred in prior period
Items
Income Cost Income Cost
Main business 2,953,034,575.87 2,410,249,787.06 2,335,186,489.30 1,887,021,091.59
Other business 77,782,548.41 34,362,423.44 73,149,986.55 63,317,817.95
Total 3,030,817,124.28 2,444,612,210.50 2,408,336,475.85 1,950,338,909.54
Unit: RMB
Items Amount incurred in the current period Amount incurred in prior period
Long-term equity investment income
-9,317.40
accounted by the cost method
Investment income from disposal of
tradable financial assets in holding period
Interest income from debt investments in
-182,700.00
holding period
Gains/losses on foreign exchange
derivatives
Total 3,430,061.62 470,417.09
None.
XX. Supplementary Information
Applicable □ Not applicable
Unit: RMB
Items Amount Description
Profits and losses on disposal of non-current assets -1,707,477.44
Government grants credited to income statement (except for government grants that are
closely related to the normal operation of the Company, comply with national policies and
regulations, enjoy in accordance with determined criteria, and have a continuous impact on
the profit and loss of the Company)
Profit/loss arising from changes in fair value of financial assets and liabilities held by non-
financial enterprises, and profits and losses on disposal of financial assets and liabilities, 5,158,641.83
except for the effective hedging business related to the normal operation of the Company,
Reversal of impairment of receivables individually tested for impairment 37,257.93
Other non-operating income and expenses other than those mentioned above 1,209,460.74
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Other profit and loss items that meet the definition of nonrecurring gains and losses 1,340,601.69
Minus: amount affected by income tax 4,018,285.89
Amount affected by minority shareholders' equity (after tax) 524.89
Total 19,872,779.31 --
Details of other items of profits and losses that conform to the definition of non-recurring profit and loss:
□ Applicable Not applicable
None.
Explanation of defining the non-recurring profit and loss items listed in the Explanatory Announcement No. 1
on Information Disclosure for Companies Offering Their Securities to the Public - Non-recurring Profit and
Loss as recurring profit and loss items
□ Applicable Not applicable
Earnings per share
Weighted return on Diluted earnings
Profits of the reporting period Basic earnings per
average equity per share
share (RMB/share)
(RMB/share)
Net income attributable to the ordinary shareholders of the
Company
Net profit attributable to the ordinary shareholders of the
Company after deduction of non-recurring profit and loss
(1) Differences in net profit and net assets between financial reports disclosed in accordance with
International Accounting Standards and those disclosed in accordance with Chinese Accounting
Standards at the same time
□ Applicable Not applicable
(2) Difference between the net profit and net assets in the financial reports disclosed in accordance with
both Overseas Accounting Standards and Chinese Accounting Standards at the same time
□ Applicable Not applicable
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
(3) Reasons for differences in accounting data under domestic and foreign accounting standards. If the
data audited by an overseas audit institution is adjusted for differences, the name of the overseas audit
institution shall be indicated
None.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Section IX Other Reported Data
I. Other Major Social Security Issues
Whether the listed company and its subsidiaries have other major social security issues
□ Yes □ No Not applicable
Whether any administrative punishment was imposed during the reporting period
□ Yes □ No Not applicable
II. Registration form of reception, investigation, communication, interview and other
activities during the reporting period
Applicable □ Not applicable
Main
contents of
Location Type of
Time of Method of interview Basic Information index
of reception Reception object
reception reception and for investigation
reception object
materials
provided
Zheshang Securities,
Ping An Fund
Management, CCB
Wealth Management,
GF Asset Management,
Hang Seng Qianhai
Learn
Fund Management,
about the
AXA-SPDB, Oriental
Conference operation
Alpha Fund
room of of the
the Company;
KindleFund
Company no
Management, Panjing
information
Investment, Timesbole,
provided.
Mude Asset, Qianhai
Yunxi Fund
Management, Foxon
Investment, Zhongshan
Securities Asset
Management
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
TF Securities, Qingyun
Heyi, Golden Trust
Sinopac, Springs
Capital, Zhengyuan
Investment, Wentian
Private Equity, Shanghai
Leadwolf, Xunyuan
Asset Management,
AXA SPDB, China
Asset Management,
China Universal Asset
Management, Origin
Asset Management, Ren
Bridge Asset
Management, Zhaowan
Asset Management,
Guotai Junan Asset
Management, Chengluo
Investment, China
Merchants Securities
Asset Management,
Point72, CITIC
Securities, BOC
International Securities,
Daoren Asset
Management, Chaos Learn
Investment, Guolian about the
Conference Fund Management, operation
room of Yourong Management, of the
the Hua An Fund Company;
Company Management, Baoying no
Fund Management, information
Pictet Asset provided.
Management, Pacific
Securities Asset
Management, Ping An
Asset Management, Fun
Investment, Chasing
Securities, Changjiang
Securities, Hua An
Financial Insurance,
BOC Investment
Management, Xuan
Yuan Investment, Lcrich
Capital Management,
Western Leadbank
FMC, Silver Leaf
Investment, Maxwealth
Fund Management,
Greenwoods Asset
Management, Orient
Securities, Huaxi
Securities, China
International Capital,
Hengjian International,
Seri-Cap Private Equity,
Zhongji Investment,
Hainan Xinggao,
Qingdao Xingyuan
Investment,
Asset Management, Ping
An Fund Management,
Fuanda Fund
Management, Fengpei
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Zheshang Securities,
CITIC Securities, CITIC
Prudential Fund,
Zhongrong Dingxin,
PICC Asset
Management, Zheshang
Securities Asset
Management,
Changjiang Securities, E
Fund, CIB Wealth
Management, CIB Fund
Management, Cinda
Fund Management,
Taiping Asset
Management, Taiping
Pension, Fortune
Investment, Cloud Gate
Learn
Assets Management,
about the
Yude Investment, Ivy
Conference operation
Assets, Ping An Asset
room of of the
the Company;
Fund, Panhou
Company no
Dongliang, Lord Abbett
information
China Asset
provided.
Management, China
Universal Asset
Management, Huatai-
Pinebridge Fund
Management, CR
Yuanta, Hwabao WP
Fund, Citibank, Union
Asset Management,
Guosen Securities, G
Fund, Caitong Securities
Assets Management,
Bosera Fund
Management, Zeming
Investment, Yutian
Asset Management,
BSCOM Cathay Asset
Management
Learn
about the
On-line operation
www.ir- communication Performance of the
online.cn on network presentation session Company;
platforms no
information
provided.
Full Text of the Semi-annual Report 2025 of Shenzhen Topband Co., Ltd.
Eastmoney Securities,
Guosen Securities,
Golden Trust Sinopac,
Hualong Securities,
China Resources Bank,
Evergain International
Investment, Century
Securities, GF
Securities, Yingda
Learn
Insurance Asset
about the
Management, Hwabao
Conference operation
WP Fund, Harvest Fund,
Field survey Organizations Great Wall Fund http://www.cninfo.com.cn
Management, Minsen
Company no
Investment, Hzbank
information
Wealth Management,
provided.
China Securities, Sino
Life Insurance, CPIC
Fund, CCB Wealth
Management, Southern
Asset Management, E
Fund, Bosera Fund
Management, TF
Securities, CICC Asset
Management
Sinolink Securities, G
Fund, HSBC Qianhai Learn
Securities, CI about the
Conference investment, Taikang operation
Field survey Organizations http://www.cninfo.com.cn
Company Fund Management, no
Matthews International, information
China Investment provided.
Corporation, HSBC
III. Fund Transfers between the Company & Controlling Shareholders and Other Related
Parties
□ Applicable Not applicable
相关阅读
证券之星
2025-09-23
证券之星
2025-09-19
证券之星
2025-09-19
证券之星
2025-09-18
证券之星
2025-09-15
证券之星
2025-09-13
特别推荐
证券之星资讯
2025-09-22
证券之星资讯
2025-09-22
证券之星资讯
2025-09-22
