HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025
（Abstract）
Ⅰ. Important Notes
This Abstract is extracted from Annual Report 2025. In order to have a full understanding of the operating
results, financial condition and future development planning of the Company, investors are suggested to read
the full report carefully on cninfo.com. The Company’s 2025 Annual Report is prepared and published in
Chinese version, and the English version is for reference only. Should there be any inconsistency between
the Chinese version and English version, the Chinese version shall prevail.
All directors attended the Board Meeting in person for reviewing of this Annual Report.
Indicate by check mark if independent auditor issues non-standard unqualified opinion.
□Applicable √Not applicable
Indicate by check mark if there is a pre-arranged plan of profit distribution or transferring capital reserve into
common stock for the report period which has been reviewed by the Board of Directors.
√Applicable □Not applicable
Indicate by check mark if transferring capital reserve into common stock.
□Yes √No
The Company’s profit distribution plan approved by the second meeting of the sixth Board of Directors is as
follows: based on the total share capital after the close of Shenzhen Stock Exchange on the share registration
date determined by the Company’s 2025 annual profit distribution, cash dividend of RMB 2.50 (including
tax) will be paid to all shareholders for every 10 shares, and 0 shares of bonus shares (including tax) will be
given, and no accumulation fund will be converted into additional share capital.
According to the Proposal on the Company’s Public Offering of Convertible Corporate Bonds, all
shareholders (including those formed by the convertible bonds) registered on the date of registration of the
dividend payment are equally entitled to participate in the current distribution of profits.
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
II. Basic Situation of the Company
Stock Abbreviation Boshi Stock Code 002698
Stock Exchange for Stock
Shenzhen Stock Exchange
Listing
Contact Person and Contact
Secretary of the Board Securities Affairs Representative
Information
Name Chen Bo Zhang Wei
Contact Address
Yingbin Road, Harbin Development Zone Yingbin Road, Harbin Development Zone
Fax +86-451-84367022 +86-451-84367022
Tel +86-451-84367021 +86-451-84367021
Email ir@boshi.cn zhangwei@boshi.cn
(1)Key accounting data and financial indicators in the past three years
Does the Company need to make retroactive adjustment or restatement of the accounting data of the previous
year.
□Yes √No
Unit: RMB
Increase/decrease of
As of Dec.31, 2025 As of Dec.31, 2024 As of Dec.31, 2023
Total assets 7,302,850,291.57 6,955,348,945.64 5.00% 6,648,692,787.99
Total equity attributable to
shareholders of the parent company
Increase/decrease of
Operating Revenue 2,828,078,579.62 2,862,689,438.16 -1.21% 2,565,408,783.42
Net profit attributable to parent
company’s shareholders
Net profit after deducting
non-recurring profit or loss attributable
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
to shareholders of the parent company
Net cash flow from operating activities 397,641,133.20 643,842,979.01 -38.24% 138,942,658.01
Basic earnings per share (RMB/share) 0.5546 0.5161 7.46% 0.5218
Diluted earnings per share(RMB/share) 0.5516 0.5130 7.52% 0.5190
Weighted average return on equity 14.31% 14.59% -0.28% 16.22%
(2)Key accounting data by quarter
Unit: RMB
First quarter Second quarter Third quarter Fourth quarter
Operating revenue 700,025,064.80 661,880,956.17 780,169,940.84 686,002,617.81
Net profit attributable to parent
company’s shareholders
Net profit after deducting
non-recurring profit or loss
attributable to shareholders of the
parent company
Net cash flows from operating
-40,463,557.49 54,694,494.71 20,046,836.99 363,363,358.99
activities
Indicate by check mark if any material difference between the above financial indicators or their summations
and those which have been disclosed in the Company’s Quarterly or Interim report.
□Yes √No
(1)Total number of common shareholders and preference shareholders with voting rights recovered
and top ten common shareholders
Unit: Share
Total number of
Total number of Total number of
Total number of shareholders of
shareholders of shareholders of preferred
shareholders of common stocks
preferred stock with stock with resumed voting
common stocks at the 44,325 at previous 47,704 0 0
resumed voting rights at previous
end of the reporting month-end of
right at the end of the month-end of this report’s
period this report’s
reporting period disclosure
disclosure
Top 10 shareholders(Excluding shares lent in refinancing)
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
Quantity of Pledged, marked or frozen
Quantity of
Name Nature Ownership restricted stocks
stocks
stocks held Status Quantity
Unicom-Xinwo Venture Capital
Management (Shanghai) Co., Ltd. -
Lianchuang Weilai (Wuhan)
Others 11.20% 114,499,861 Not applicable
Intelligent Manufacturing
Industrial Investment Partnership
(Limited Partnership)
Deng Xijun Domestic natural person 9.41% 96,181,562 72,136,172 Not applicable
Zhang Yuchun Domestic natural person 8.09% 82,696,357 62,022,268 Not applicable
Wang Chungang Domestic natural person 5.61% 57,394,047 43,045,535 Not applicable
Cai Zhihong Domestic natural person 4.96% 50,677,029 Not applicable
Cai Hegao Domestic natural person 4.89% 50,000,000 Not applicable
Tan Jianxun Domestic natural person 1.11% 11,356,438 Not applicable
Cheng Fang Domestic natural person 1.09% 11,123,396 Not applicable
China Construction Bank
Corporation-E Fund Guozheng
Robotics Industry Others 1.07% 10,964,750 Not applicable
Exchange-Traded Open-End Index
Securities Investment Fund
Li Xianglan Domestic natural person 1.05% 10,690,752 Not applicable
(2)The ownership and controlling relationship between the Company and its actual controller in form
of diagram
(1) Bond profile
Balance
Bond name Abbreviation Bond code Date of issue Maturity Coupon rate
(RMB’0,000)
Convertible Boshi 127072 Sep. 22nd, 2022 Sep. 21st, 2028 44,982.01 1st year 0.30%
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
Corporate Bonds of Convertible 2nd year 0.50%
Harbin Boshi Bonds 3rd year 1.00%
Automation Co., Ltd. 4th year 1.50%
RMB10.00 (inclusive of tax) for every 10 “Boshi Convertible Bonds”（Face value of RMB
Bond redemption and interest
payment during the reporting
period
(2) Top 10 convertible bond holders
Number of
Face value of As % of
convertible
convertible bonds convertible bonds
NO. Name Nature bonds held at
held at the period held at the period
the
end (RMB) end
period-end
China Merchants Bank Co., Ltd.
-Boshi CSI Convertible Bonds and
Exchange-Traded Open-End Index
Securities Investment Fund
China Merchants Bank Co., Ltd.
Securities Investment Fund
Southern Fund Ningkang
Convertible Bond Fixed Income
Pension Product-Bank of China
Limited
China National Petroleum
Corporation Enterprise Pension
Plan-Industrial and Commercial
Bank of China Co., Ltd.
China Construction Bank
Corporation-Huashang Credit
Enhancement Bond Securities
Investment Fund.
Guohai Securities-Industrial
Bank-Guohai Securities Yangfan
No.2550 Collective Asset
Management Plan
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
Southern Fund LeFeng Hybrid
Pension Product-China
Construction Bank Corporation
Limited
(3) Latest rating and rating change
On June 19th, 2025, China Lianhe Credit Rating Co., Ltd. issued the 2025 Credit Rating Report of Harbin
Boshi Automation Co., Ltd.’s Public Issuance of Convertible Corporate Bonds. The long-term credit rating
of the Company maintained “AA”, the credit rating of this convertible corporate bond was “AA”, and the
bond rating outlook was “stable”. The result of this tracking rating did not change from the previous rating.
The credit rating report mentioned above is available at cninfo.com.cn.
Ⅲ.Important Issues
The first lock-up period of the Company’s 2024 Employee Stock Ownership Plan (ESOP) expired on
October 16th, 2025, with all unlocking conditions met. During this period, 68% of the total target shares
under the ESOP were unlocked, amounting to 4.8981 million shares, representing approximately 0.48% of
the Company’s current total share capital.
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
IV. Management Discussion and Analysis
During the reporting period, the Company’s core business operations, key products and their applications, as
well as its business model, remained largely unchanged.
(1)Main products, services, application level and business model of the Company
Overall Solution for Intelligent Manufacturing Equipment and Intelligent Factory
Post-processing Intelligent Manufacturing Post-processing Intelligent Manufacturing
Equipment for Solid Material Equipment for Rubber
It is applied in the post-processing fields for the
powder, granular materials or irregular materials of It is intelligent equipment and intelligent plant overall
petrochemical, new energy, grain, animal feeds, solution, applied in production process of synthetic
building materials, medicine, food, ports etc. (such as rubber and natural rubber and in the fields of product
crushing, screening, bagging, boxing and transportation refining process, dewatering and drying process
of new energy field polysilicon reduced silicon rods, (rubber washing, cleaning and impurity removal,
etc.), providing efficient automatic weighing, packaging dewatering, crushing and drying, etc.) and finished
and palletizing intelligent manufacturing and product packaging process (weighing, baling,
production equipment and overall solutions of detecting, conveying, packaging and palletizing, etc.)
intelligent factories.
In the field of post-processing high-end equipment for
powder and granular materials in China it has obvious
advantages and a stable competitive position. In the field Complete product line, covering natural rubber and
of post-processing high-end equipment for the new synthetic rubber;
energy field irregular polysilicon materials, the original It is the only supplier which can provide complete
first set of applications has promoted the upgrade of large-scale systems worldwide.
intelligent manufacturing in the industry.
Robot Plus Intelligent Logistics, Warehousing Systems
Connecting solid material post-processing intelligent
manufacturing equipment with rubber post-processing
(High temperature) Operation robot for submerged arc
intelligent manufacturing equipment to realize
furnace and serialized intelligent products,intelligent
intelligent identification, outbound and inbound
inspection and comprehensive intelligent factory
warehousing management, logistics transshipment,
solution are applied for high-risk as well as other
fully automatic vehicle loading, etc., which widely used
special operation robots and complete system
in many industries of national economy, to help
solutions which can replace high-risk, harsh working
customers to build intelligent factory overall solutions.
conditions, and heavy manual labor.
(High temperature) Operation robot for sub-merged
arc furnace and its surrounding systems are in leading
position worldwide in the field of calcium carbide; Fully automatic loading machine has formed the first
The successful delivery of intelligent workshop project mover advantage of the scale of application, the
demonstration project in the field of calcium carbide
arc furnace production, committed to promoting the market responded positively, the future demand in
production of fewer people, unmanned, safe, efficient many fields and industries has great potential
and environmental”, and bringing the traditional 7
industrial technology revolution with industry
subversive technology.
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
Industrial Services
The industrial services, extended from in the above-mentioned related fields of intelligent
manufacturing equipment, are mainly integrated service, equipment maintenance and spare parts sales
which facing the operation in the application fields of intelligent manufacturing equipment, after-sales
industrial service, and supplementary industrial service.
Adhering to the Company’s technological leadership in the field of intelligent equipment, leading service
capabilities and scale in the field
(2)Business model
The business model of large-scale intelligent manufacturing equipment is driven by sales, production
organization, product delivery and acceptance, revenue recognition and other links, as shown in the
following figure:
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
The content characteristics of the operation and maintenance aftermarket and complementary industrial
services business models are summarized in the figure below:
Industrial Services——Operation and After-sales Type Industrial Services
By participating in bidding or negotiating bids, the Company signs integrated service, equipment maintenance
service agreements with customers (which may include FFS film rolls sales matching with production services),
equipment maintenance, operation maintenance and the like to determine the contents and modes of services;
For the performance obligations of the service contract performed within a certain period of time, the Company
shall recognize the revenue according to the performance progress within the period of time;
The sales mode of spare parts is flexible (the Company initiates stocking or the customer initiates procurement),
and the operating revenue is confirmed based on the actual delivery of the product and the time when the
revenue confirmation conditions are met
Industrial Services——Supplementary Industrial Services and Miscellaneous
FFS Film roll production enterprise matching
with industrial services (Nanjing Green New
Material Co., Ltd., Company’s holding
subsidiary) separately sells FFS film rolls, plastic
auxiliaries and the like apart from the
Company’s production and operation services;
Other kinds with small revenue are not classified
as material.
Revenue recognition: Usually as per the contract
signed with customer, implement the contract
and meet the revenue conditions, then confirm
the operating revenue.
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
The following environmental protection process equipment business is a useful complement to the
Company’s core growth businesses, intelligent manufacturing equipment and industrial services.
Energy saving, emission reduction and environmental protection process
equipment field
Industrial waste sulfuric acid,
sulfur-containing acid gas
Collection → Catalysis → Heat
exchange → Purification
High-purity sulfuric acid used for
recycling production
Harbin Boao Environmental Technology Co., Ltd is currently mainly engaged in the design, production, and
sales of energy-saving, emission-reduction and environmental protection process equipment which is
represented by industrial waste acid regeneration process and equipment. Industrial waste acid
regeneration technology and equipment collect and process industrial waste sulfuric acid and
sulfur-containing acid gas which are produced in the customer’s chemical production to generate
high-purity sulfuric acid for recycling production, and release heat energy for recycling and reusing,
realizing the effects of energy saving and emission-reduction, recycling uses, economy and environment
protection and help to achieve carbon peak and carbon neutral emission reduction targets.
Realizing the effects of energy saving and emission-reduction, recycling uses, economy
and environment protection.
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
(3)Develop new quality productivity to serve the national digitalization strategy.
As the outcome of revolutionary technological breakthroughs and innovative allocation of production factors,
new quality productivity is reshaping the competitive landscape of the global intelligent equipment industry,
promoting the evolution of China’s industry from traditional manufacturing to intelligent manufacturing, and
giving rise to changes in the industrial ecosystem. In the application field of intelligent manufacturing
equipment products, the Company has achieved the ability and breakthrough to leap from single machine
and automated production lines to digital workshops and overall solutions for intelligent factories, deeply
serving the national digitalization strategy, industrial upgrading and the demand for cultivating future
industries.
Following the successful implementation and delivery of two calcium carbide intelligent factory (workshop)
projects in 2024, on April 24th, 2025, the Company held the “Intelligent Start of a New Journey, Intelligent
Win of the Future: Calcium Carbide Intelligent Factory - Digital Transformation and Practical Application
Conference” in the city of Wuhai, known as the “Pearl of the Yellow River”. Many industry leaders, experts
and enterprise representatives attending the conference jointly explored new paths for the digital and
intelligent transformation of the calcium carbide industry, aiming to inject new impetus into the green and
sustainable development of the industry. During the customer site visit, the Company’s intelligent factory
demonstrated orderly production operations and highly efficient equipment performance. The digital
technologies driving transformative changes in calcium carbide production received widespread recognition
from attendees.The Company’s overall intelligent factory solution for calcium carbide production has been
positively responded to by the attending customers. In the future, it is expected to drive more potential
customers to join the path of digital transformation and intelligent transformation, helping industries achieve
green and sustainable development.
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
Legend: Calcium carbide intelligent factory –the scene of the Digital Transformation and Practical Application Conference
The intelligent calcium carbide production facility has revolutionized traditional manufacturing processes in
calcium carbide submerged arc furnaces, effectively addressing industry challenges including production
safety risks, environmental hazards, high energy consumption, significant pollution, and low productivity. By
integrating AI technologies such as machine vision, deep learning, robotic control algorithms, and expert
control strategies with industrial internet communication systems, the Company has implemented
comprehensive intelligent workshop and factory solutions. This innovative approach establishes a
“perception-decision-execution” intelligent closed-loop system, fundamentally transforming conventional
production methods. The breakthrough significantly enhances operational safety and efficiency while
enabling precise process control and intelligent manufacturing capabilities, paving the way for
next-generation manufacturing paradigms.
(4) Key performance drivers
In 2025, facing a complex and volatile external environment, the domestic economy steadily rebounded. The
Company achieved operating revenue of RMB 2.828 billion, with net profit attributable to shareholders
hitting a historic high of RMB 564 million . The two core growth segments— “intelligent equipment”and
“industrial services” —reported year-on-year revenue growth of 3.95% and 4.17%, respectively, serving as
the primary drivers behind the 7.54% increase in net profit attributable to shareholders.
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
The Company’s solid growth in performance is the result of the combined effect of its internal core
capabilities and external development opportunities. Internally, the Company has long been committed to the
innovation of intelligent manufacturing equipment products, implementing a differentiated competition
strategy led by technology, achieving the replacement of imported products by domestic equipment and the
independent control of core technologies for major equipment. With its accumulated core technical
capabilities, industrial application experience, the “point → line → whole → intelligence” technology
development path, and a R&D focus on high-tech barriers, it has formed its own core advantages. Externally,
the country’s “manufacturing power” strategy has been continuously advanced, and medium- and long-term
plans and industrial policies such as the 14th Five-Year Plan for Intelligent Manufacturing Development and
the Implementation Plan for the “robot plus'”Application Action have been successively introduced. The
demand for automation, digitalization, and intelligence transformation from manufacturing enterprises has
been continuously released, providing a favorable market environment and policy support for the Company’s
development.
In recent years, the Company’s performance drivers have primarily benefited from actively seizing the robust
demand brought about by the digitalization and intelligent upgrading of China’s manufacturing industry.
Through technological progress and product innovation, the Company has expanded its product portfolio.
Continuous R&D investments have enabled intelligent manufacturing equipment to undergo constant
technological iterations and product innovations, accelerating the market adoption of its flagship products.
Meanwhile, thanks to the effective implementation of its long-term service-oriented manufacturing strategy,
the Company’s industrial service business has achieved steady growth, with increased revenue and profits.
During this period, sales of intelligent manufacturing equipment for solid material post-processing showed
strong growth. Innovative products, such as high-temperature furnace front-line robots, have been
successfully applied in high-risk and complex industrial environments including calcium carbide,
ferrosilicon, silicon-manganese, and industrial silicon production. The industry-pioneering calcium carbide
intelligent factory has been successfully delivered and put into operation. Intelligent equipment for solid
material post-processing in the new energy polysilicon raw material sector has achieved multi-point
applications across the industry, expanding the application dimensions of irregular solid material
post-processing intelligent manufacturing equipment and collectively driving the Company’s strong
performance.
During the reporting period, revenue from intelligent manufacturing equipment for solid material
post-processing, rubber post-processing, and intelligent logistics and warehousing systems demonstrated
robust growth, offsetting the negative impact of “robot plus” revenue. The industrial services business, a key
revenue and profit source for the Company, continued its growth trajectory, further empowering the
intelligent manufacturing equipment sector.
At the strategic level, the Company has consistently adhered to three core strategies: technological leadership,
integrated large-scale system solutions, and product-service integration. By continuously enhancing its
capabilities in implementing comprehensive intelligent manufacturing solutions, it has driven the
demonstration and widespread adoption of intelligent factory models. The synergistic development model
combining “intelligent equipment” with “industrial services” has further solidified the Company’s core
competitiveness and market position.
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
Looking ahead, the core business that aligns closely with China’s intelligent manufacturing development
direction and continues to innovate will benefit from policy guidance and industrial upgrading processes,
consistently contributing growth momentum to the Company. With long-term vision and persistent efforts,
we will achieve steady and sustainable progress.
(1)Industry overview
According to the proportion of revenue during the reporting period, the Company’s main businesses in its
industry are shown in the following figure：
The Company has long been building and improving a service-oriented manufacturing industrial system, and
has established intelligent manufacturing equipment and industrial services extended based on the core
advantages of the equipment industry as the “dual-core-driven” development engines. On one hand, the
intelligent manufacturing equipment business belongs to the high-end equipment manufacturing industry,
which is given key support and encouragement by the state, on the other hand, the industrial service business
belongs to the key development direction of modern service industry. Both core businesses are in line with
the national industrial development strategy orientation and have clear policy guidance and long-term
development space.The Company’s industry fundamentals, development stage, cyclical characteristics, and
market position remained largely unchanged.
During the reporting period, the intelligent manufacturing equipment and industrial services, these two core
growth businesses, accounted for 98% of the operating revenue, becoming the core drivers of the Company’s
performance growth. The environmental protection process and equipment business achieved a revenue
share of 2%, forming a stable revenue structure of “dual-core dominance and beneficial supplements”.
Intelligent Manufacturing Equipment：
As the main body of the national economy and the foundation of a strong country, the digital upgrade and
intelligent transformation of the manufacturing industry have been elevated to the core strategy of national
economic development and have become a key engine for promoting the high-quality development of the
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
real economy. At present, the intelligent transformation of China’s manufacturing industry presents a
dual-track parallel feature of “stock improvement + increment expansion” : On one hand, the popularization
rate of automated equipment in large-scale industrial enterprises has reached a relatively high level, but the
proportion of digital factories with equipment networking and data collaborative sharing is relatively low.
Intelligent factories with intelligent decision-making and flexible production capabilities are still in the pilot
stage of typical scenarios. The market space for digital and intelligent transformation of existing production
capacity is vast. On the other hand, strategic emerging industries such as new energy and new materials have
risen. In the early stage of construction, related projects generally benchmark against the standards of
intelligent factories, driving the continuous release and steady growth of new capacity demand for intelligent
equipment. Benefiting from this industry pattern, the demand for intelligent transformation in China’s
manufacturing sector is highly resilient, with no obvious cyclical fluctuations, providing continuous and
stable development opportunities for enterprises within the industry.
The Company has long been dedicated to the field of intelligent equipment, taking self-reliance and core
security as its technical support and focusing on the R&D and industrialization of intelligent manufacturing
equipment products. Through product innovations such as import substitution and industry-first initiatives, it
helps improve the quality and efficiency of China's manufacturing and upgrade its technology. The Company
firmly implements a differentiated competition strategy led by technology. In terms of core technology R&D,
high-end product innovation, large-scale system integration advantages, full-process industrial service
capabilities, large-scale project implementation experience, and brand recognition, it has formed significant
differentiated advantages compared with its competitors and built long-term competitiveness.
The Company’s products have a wide range of application scenarios, comprehensively covering multiple key
industries of the national economy such as petrochemicals and chemical engineering, new energy,
sub-merger arc furnaces, grain and feed, building materials, pharmaceuticals and food, and port logistics. It
provides customers with efficient, stable and intelligent manufacturing production equipment, and actively
promotes the implementation of overall solutions for intelligent factories, helping customers achieve
intelligent upgrades throughout the production process. In recent years, relying on the national industrial
digitalization strategy orientation, the Company has accelerated the application of its accumulated digital and
intelligent technologies over the years. It has the ability to provide full-stack solutions in multiple core
product application fields, and has built a complete product matrix ranging from intelligent complete sets of
equipment, digital workshops to intelligent factories, achieving a full industrial chain layout.
In major domestic product application fields, the Company’s technological level and intelligent equipment
products are both in the leading position in the industry, and there are currently no competitors of the same
scale. The technical application scale of some of its core products has reached the world’s leading level,
demonstrating the Company’s global industry competitiveness.During the reporting period, the Company’s
intelligent manufacturing equipment business continued to make breakthroughs in product innovation and
iteration, expansion of application fields, growth of revenue scale, and improvement of profitability. It
achieved stable and rapid development, creating good value returns for all shareholders.
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
Industrial Service：
The state attaches great importance to the high-quality development of the manufacturing service industry. In
March 2021, 13 departments, including the National Development and Reform Commission, the Ministry of
Science and Technology, and the Ministry of Industry and Information Technology, jointly issued the
Opinions on Accelerating the High - Quality Development of the Manufacturing Service Industry. The
manufacturing service industry is clearly positioned as “an important support for enhancing the
competitiveness and comprehensive strength of manufacturing products and promoting the transformation,
upgrading, and high-quality development of the manufacturing industry.” Under policy guidance,
manufacturing enterprises have accelerated business model innovation, restructured production organization
systems, increased the proportion of service elements in the industrial chain, and gradually transformed from
traditional manufacturing to “manufacturing + services”, achieving a leap from single product delivery to an
integrated solution of “products + services”. The service - oriented manufacturing model effectively expands
the value boundary of the equipment manufacturing industry chain, enhances the added value and production
efficiency of industrial service elements, and boosts the vitality and market competitiveness of enterprises.
The Company has long been dedicated to the field of intelligent manufacturing equipment. Relying on the
advantages of its core products, it has established a professional production, operation, and maintenance
management service system covering the entire life cycle of equipment products. Focusing on the core needs
of customers, it provides integrated industrial services such as equipment operation and maintenance,
finished product warehousing and transportation, and full-process operation and maintenance support,
helping customers outsource non-core businesses and achieve cost reduction, efficiency improvement,
quality enhancement, and upgrading. It also promotes its own high-quality development.
At present, the demand for the Company’s industrial service business shows a two-way growth trend. On
one hand, as the stock of the Company’s intelligent equipment products continues to expand, it drives the
demand for supporting services such as spare parts, maintenance, and renovation to grow steadily, forming
the cornerstone of the service business development. On the other hand, the Company has been delving deep
into its customers’ potential demands, actively expanding new production, operation, and maintenance
service projects, continuously broadening the business growth space, and promoting the high-quality
development of its industrial service business.After years of strategic planning, the Company’s product-
service integration strategy, which was the focus of its IPO fundraising in 2012, has achieved remarkable
results. It has now formed a complete service network covering all regions of the country except Hong Kong,
Macao, Taiwan, and Xizang. Both the service scale and profitability have remained among the top in the
industry.
With its continuous business innovation capabilities and industry-leading service fulfillment capabilities, the
Company was selected as a “Pilot Unit for the Integrated Development of Advanced Manufacturing and
Modern Services” by the National Development and Reform Commission in August 2021. In January 2023,
it was awarded the title of “Fourth Batch of Service-oriented Manufacturing Demonstration Enterprises” by
the Ministry of Industry and Information Technology. It has obtained dual national-level qualification
certifications. This fully demonstrates the Company’s exemplary and leading role in the integrated
development direction of manufacturing and services, laying a solid foundation for the continuous expansion
of the Company’s industrial service business.
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
Environmental Protection Process and Equipment:
“Lucid waters and lush mountains are invaluable treasures.” A healthy ecological environment is not only a
natural wealth but also an economic prosperity, which is related to the potential and momentum of economic
and social development. At present, the country has incorporated green and low-carbon development into the
core strategy of high-quality development, vigorously promoting energy conservation, consumption
reduction, pollution control, and resource recycling in the industrial sector. This has brought a favorable
development space for the environmental protection equipment-related industries.
Boao Environment, a subsidiary of the Company, specializes in the deep treatment and recycling of
industrial waste acid and acidic gases. With comprehensive treatment technologies and environmental
protection equipment manufacturing capabilities, it efficiently collects and safely processes waste sulfuric
acid and sulfuric acid-containing gases generated during industrial production, ultimately producing
high-purity sulfuric acid for recycling. The related environmental protection equipment products enable the
recovery and reuse of thermal energy released during the treatment process, achieving multiple benefits such
as energy conservation, emission reduction, recycling, economic efficiency, and environmental protection.
This not only reduces production costs for customers and improves the utilization efficiency of waste
resources but also actively supports the national green and low-carbon development strategy, facilitating the
green production transformation of industrial enterprises and achieving a harmonious balance between
economic and social benefits.
(2) Industry policy impact
The national “manufacturing power”strategy is being vigorously advanced, with intelligent manufacturing
and industrial digital transformation becoming the core drivers of high-quality manufacturing development.
These initiatives also serve as crucial measures for nurturing new productive forces and consolidating the
foundation of the real economy. By 2025, national industrial policies will continue to exert precise and
intensive efforts, building upon previously extended key policies to establish a comprehensive, multi-level
policy support system covering technological innovation, standardization, practical implementation, and
ecosystem cultivation. These policies align deeply with the Company’s dual-core business structure
dominated by “intelligent manufacturing equipment + industrial services”,complemented by environmentally
friendly processes and equipment. This alignment provides policy support and development opportunities for
the Company’s product R&D, technological iteration, market expansion, and business scale enhancement.
The key policies that were continued to be implemented in the early stage:
The core policies from the early stage will continue to play a guiding role in 2025: The “Robot Plus”
Application Action Implementation Plan accelerates the integration of intelligent equipment and
manufacturing, providing guidance for the Company’s scenario expansion and product adaptation. The Work
Plan for Digital Transformation of Raw Materials Industry (2024-2026) and the Implementation Guide for
Digital Transformation of Petrochemical and Chemical Industry focus on the intelligent upgrade of process
industries and are closely aligned with the Company’s overall intelligent post-treatment solutions for process
industries in fields such as petrochemical and chemical engineering. Policies related to equipment renewal
and service-oriented manufacturing continuously activate the demand for intelligent equipment and industrial
service demand, lead the Company’s core business to develop in a standardized and normalized manner.
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
New core policies and their impacts in 2025:
National Guidelines for the Construction of the Intelligent Manufacturing Standard System (2024 Edition)
(Ministry of Industry and Information Technology Joint Science and Technology [2025] No. 60)
Issued in March 2025, it aims to establish a standard system for intelligent manufacturing, clearly stipulating
that over 100 standards will be formulated and revised by 2026, and detailing application standards for
industries such as petrochemicals and chemicals. Its relevant standards are closely related to the Company’s
core business, promoting the standardization and normalization of the Company’s business .
Reference Guidelines for Typical Scenarios of Intelligent Manufacturing (2025 Edition) (Letter No. 155 of
the General Office of the Ministry of Industry and Information Technology [2025])
In April 2025, it was issued, distilling 40 typical scenarios of intelligent manufacturing and clarifying the
implementation paths for core scenarios. Multiple scenarios are matched with the Company’s business,
providing precise references for the Company to optimize solutions, explore customer needs, and expand the
market.
Implementation Plan for Digital Transformation of the Machinery Industry (Ministry of Industry and
Information Technology, China Unicom Installation [2025] No. 152)
Issued in July 2025, it focuses on the digital transformation of the machinery industry and clearly defines the
core development goals for 2027. Its requirements for intelligent equipment innovation, digital
transformation, and the expansion of intelligent services are in line with the Company’s core business and
are conducive to the Company’s technological breakthroughs and the expansion of market applications.
Reference Guidelines for Promoting Digital Transformation of Key Industries through Scenario-based and
Map-based Methods (2025 Edition) (No. 44 of 2025 issued by the Ministry of Industry and Information
Technology)
Issued in September 2025, this initiative addresses transformation pain points through an industry digital
transformation scenario map integrated with data elements, knowledge models, tool software, and talent skill
inventories, covering key sectors such as petrochemicals and robotics. It enables companies to precisely
align with customer needs, optimize solutions, enhance industry influence, and provide direction for business
innovation.
Work Plan for Stabilizing Growth in the Petrochemical and Chemical Industry (2025-2026) (Ministry of
Industry and Information Technology and Ministry of Commerce Document No. 195 [2025])
Issued in September 2025, it clearly defines the objectives of stabilizing growth and promoting
transformation in the petrochemical and chemical industry. Measures such as digital and green
transformation, upgrading of outdated facilities, and cultivation of chemical industrial parks are conducive to
the Company’s core business.
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
Work Plan for Stabilizing Growth in the Machinery Industry (2025-2026) (Ministry of Industry and
Information Technology, China Unicom Installation [2025] No. 205)
Issued in September 2025, the document clearly defines revenue growth targets for the machinery industry,
focusing on key areas such as demand expansion and innovation in intelligent equipment. The plan is
expected to stimulate equipment demand, achieve breakthroughs in core technologies, and expand the digital
transformation service market.
Implementation Plan for Deepening the Innovative Development of Service-Oriented Manufacturing
(2025-2028) (Jointly issued by Seven Departments)
In September 2025, it was issued, clearly defining the development goals of service-oriented manufacturing,
focusing on technological model innovation and the cultivation of production-oriented service industries.
The plan helps the Company optimize its service model, expand new service scenarios and enhance brand
influence.
The Safety Technical Specifications for Calcium Carbide Production (GB32375-2025)
On October 5th, 2025, it was jointly issued by the State Administration for Market Regulation and the
Standardization Administration of the People's Republic of China, and will come into effect on September 1st,
cooling that tapping operations should use tapping robots. Calcium carbide tapping should adopt tapping
robots to complete the operation of opening and closing the eyes. Tapping robots should have the functions
of achieving multiple degrees of freedom, programmability, acceptance of remote control by operators, and
automatic operation of various tapping tools in high-temperature environments through their own power and
control capabilities. The release of the regulations will help boost the market demand for the Company’s
calcium carbide tapping robots and related products, as well as the calcium carbide intelligent factory.
Implementation Opinions on the Special Action Plan for “AI+ Manufacturing” (No. 279 of 2025 issued by
the Ministry of Industry and Information Technology and the Ministry of Science and Technology)
Issued in December 2025 as a guiding document for “AI+ Manufacturing”, this policy framework establishes
a dual empowerment strategy between intelligent industrialization and industrial intelligence. It sets core
objectives to deploy 1,000 high-level industrial intelligent entities and promote 500 exemplary application
scenarios by 2027, focusing on four key areas: computing power supply, industry-specific models,
scenario-based applications, and talent development. The policy directly supports the Company’s core
operations by enhancing autonomous decision-making and precision control capabilities in intelligent
equipment, expanding high-value applications such as predictive maintenance and industrial vision
inspection, while facilitating market expansion through supply-demand matching platforms. Additionally, it
strengthens data security and cybersecurity protections to mitigate risks, providing robust support for the
Company’s long-term high-quality development.
Action Plan for Accelerating the Upgrade and Renovation of Outdated Facilities in the Petrochemical and
Chemical Industry (2026-2029) (Ministry of Industry and Information Technology, China Unicom
Installation[2026] No.72)
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
Released on April 3rd, 2026, the action plan highlights that petrochemical and chemical industries serve as
vital foundational and pillar sectors of the national economy, playing a crucial role in stabilizing economic
growth and ensuring energy security as well as supply chain resilience. To accelerate the modernization of
outdated facilities in the petrochemical sector, mitigate safety risks, and drive high-quality industry
development, this action plan has been formulated. It encourages enterprises undergoing upgrades to
benchmark against industry-leading standards for safety-enhanced, green, and intelligent transformations,
while accelerating the adoption of advanced technologies and replacing outdated industrial software and
control systems. The plan also promotes full-process automation upgrades or low-risk alternatives for key
regulated hazardous processes. These measures are expected to create long-term opportunities for the
petrochemical industry, particularly boosting demand and application of intelligent equipment products and
technologies.
In addition to the above-mentioned industry norms, standards and policies, in accordance with the
requirements of “promoting the pilot experience of intelligent and unmanned construction” deployed at the
of processes including phosgene and phosgasification, fluorination, electrolysis, calcium carbide production,
chlorination and coal coking, as well as storage tank areas of first-level major hazard sources, etc. Promote
the cultivation and construction of intelligent and unmanned scenarios for chemical safety production in
chemical enterprises with mature processes, high levels of automation control, and standardized safety
management, and create a number of benchmarks for digital transformation and intelligent upgrading of
chemical safety production. The relevant work requirements are conducive to the promotion and application
of the Company’s product technology in the field of intelligent calcium carbide factories.
The aforementioned national industry and industrial support policies have established a comprehensive,
multi-tiered, and integrated policy ecosystem. This aligns with the Company’s strategic framework of
“dual-core leadership with complementary advantages,” accelerating the digital transformation, intelligent
upgrading, and green transition in manufacturing. Such policies create favorable opportunities for core
business expansion, technological innovation, and market penetration. Moving forward, the Company will
proactively leverage policy incentives, focus on its two core businesses—intelligent manufacturing
equipment and industrial services—strengthen core technology innovation, optimize scenario-based
application solutions, enhance business synergy, and achieve sustainable high-quality growth.
The Company takes product innovation as its core development engine and firmly implements a technology
differentiated competition strategy. Leveraging a profound understanding of the development trends in
China’s industrial automation industry and nearly three decades of industrial expertise, the Company has
established an industrial development framework centered on intelligent manufacturing equipment, with
industrial services as the two wings and environmental protection processes and equipment as beneficial
supplements. This has formed a core competitive barrier characterized by “technology-driven,
product-supported, service-enabled, and ecosystem symbiosis” as an integrated four-pillar system.
In recent years, the Company has continuously increased its investment in digital and intelligent technology
R&D as well as scenario-based applications. The Company has achieved remarkable results in product
innovation. It has developed a full-scenario product matrix covering “high-end single-machine
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
equipment-intelligent complete production lines—lighthouse-level intelligent factories”, realizing a leapfrog
development from point breakthroughs to chain formation and then to full-scenario coverage. Meanwhile,
the level of the Company’s industrial service system has been continuously elevated, and its
multi-dimensional value creation capabilities have been continuously enhanced, further consolidating the
Company’s competitive edge and sustainable development momentum within the industry.
(1)Technology-driven- Technology leadership forge core competitiveness.
①Leadership in product capabilities driven by technology.
Innovation is the core engine for the high-quality development of technology-based enterprises, and
technological leadership is the key support for companies to build their core competitiveness. The Company
firmly anchors the development direction and market demand of the national intelligent manufacturing
industry, continuously increases investment in R&D resources, seizes the development opportunities of the
industry, steadily expands the diversification of application scenarios, and constantly strengthens the ability
of product innovation iteration and engineering implementation. Relying on long-term technological
accumulation and breakthroughs, the Company has continuously consolidated its leading technological edge
and remained at the forefront of industry competition for a long time.
In the field of intelligent manufacturing equipment, the Company’s core products feature core technical
characteristics such as high-speed operation, high-precision control, and high stability and reliability. They
precisely align with the market demands of high-end intelligent manufacturing equipment and meet the strict
standards of downstream customers for efficient, safe, and refined production. At the level of overall
solutions for intelligent manufacturing, the Company deeply integrates AI technologies such as machine
vision, deep learning, and robot control algorithms to create a series of innovative product solutions for
multiple categories, helping customers build full-process digital and intelligent production application
scenarios.
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
The Company provides comprehensive intelligent manufacturing solutions for industries, including solid
material post-processing systems and intelligent factories for calcium carbide submerged arc furnace
smelting operations. These solutions empower clients to accelerate digital transformation and intelligent
upgrades, enabling coordinated improvements in production efficiency, product quality, and operational
performance while driving the adoption of intelligent manufacturing technologies across industries. In key
domestic application sectors of core products, the Company has consistently maintained leading domestic
and internationally advanced technical capabilities and product performance, achieving large-scale
implementation that places its application standards among the global forefront.
②Innovation and application capabilities driven by underlying technologies.
The underlying core technologies, key algorithms and application platform architectures are the cornerstones
for the Company to achieve independent control of core technologies and ensure the security of the industrial
chain and supply chain. They are also the fundamental technical paths for the Company to implement the
technology differentiated competition strategy and continuously strengthen the core competitive barriers.
Taking the Company’s technological development in the “robot plus” field as an example, with its in-depth
control and continuous iteration of the underlying core technologies, the Company can quickly transfer and
efficiently reuse the core technical capabilities accumulated in areas such as high-temperature environment
special operation robots into the overall solutions for digital workshops and intelligent factories, achieving
cross-scenario and cross-field collaborative empowerment of technological achievements. This form a core
competitive advantage that drives the digital transformation and intelligent upgrading of industries.
Legend：Development platform for mobile robot system based on autonomous navigation
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
Legend：Robot motion control system
Legend：Intelligent inspection and digital vision technology
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
③ “Point → line → whole →intelligence”: full-cycle empowerment from systematic innovation to
intelligent ecosystem
Relying on the systematic innovation logic of “point → line → whole → intelligence”, the Company has
built a full-cycle industrialization path from the implementation of key technologies to the maturity of the
intelligent ecosystem, achieving a deep binding between technological R&D and market value, and forming
a sustainable innovation growth model. This model runs through the entire process of the Company’s
technological breakthroughs, product iterations, and expansion into new fields. It not only ensures the
efficient conversion of R&D investment but also provides a solid support for the continuous improvement of
core competitiveness.
Breaking through at the “point”: Entering new tracks with key single-machine equipment. When the
Company lays out new industries and explores new fields, it takes solving the pain points that have long
restricted the technological progress of the industry as the orientation, and focuses on key single-machine
equipment to achieve “single-point breakthroughs”. By identifying the bottlenecks in industrial development
and the potential demands of the market, concentrating R&D resources to solve the technical problems that
have long restricted the development of the industry, entering new tracks with breakthrough single-machine
equipment, and quickly establishing market opportunities and leading advantages.
Extending on the “line”: Vertical expansion from single machine equipment to automated production lines.
After the key single-machine equipment was verified in the market and the core pain points of the industry
were solved, the Company, based on its accumulated technological advantages and customer trust, rapidly
advanced the vertical expansion of its products, launched automated production lines, and addressed the pain
points of fragmentation and low efficiency in traditional production processes, providing customers with
more large-scale and efficient production solutions.
Overlaying on the “whole”: Building an integrated intelligent manufacturing overall solution. With
continuous technological accumulation and a better understanding of industry demands, the Company has
further promoted the horizontal expansion of its product innovation capabilities, evolving from an automated
production line to an intelligent manufacturing overall solution covering the entire process.By integrating
technological achievements from multiple fields and consolidating resources throughout the entire process
including production, management, and operation and maintenance, we provide customers with full
life-cycle support from solution design, equipment delivery to operation and maintenance support, achieving
a transformation from an “equipment product supplier” to a “comprehensive solution service provider”.
Leaping by the “intelligence”: From integrated solutions to intelligent factory ecosystem transformation.
Building upon comprehensive intelligent manufacturing solutions, the Company leverages digitalization and
intelligent technologies as core drivers to propel industrial capabilities toward intelligent breakthroughs,
achieving ecological upgrades from integrated solutions to intelligent factories. By deeply integrating
cutting-edge technologies including Industrial Internet, digital twins, AI algorithms, and edge computing, we
establish seamless data connectivity across production processes. This creates a closed-loop system
encompassing “intelligent sensing—data analysis—intelligent decision-making—precision execution”,
delivering end-to-end solutions ranging from intelligent production line upgrades to full-scenario intelligent
factory implementations. Our solutions empower clients to achieve synchronized leaps in production
efficiency, operational effectiveness, and digital transformation capabilities.
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
Typical case: The practice of intelligent upgrading in the field of submerged arc furnace smelting
In the field of submerged arc furnace smelting, the Company has fully implemented the industrialization path
of “point → line → whole → intelligence” :
Breaking through at the “point”: In response to the operational pain points of traditional calcium carbide
electric arc furnaces, such as high temperature, high risk, and high labor intensity, as well as the urgent need
for manual replacement, the Company has successfully developed a calcium carbide (high-temperature)
furnace front operation robot based on core industrial robot technology, achieving automated replacement of
key operation links in high-risk scenarios. With the disruptive nature of the technology, it has gained a
leading position in the market.
Extending on the “line”: With the furnace front operation robot as the core, a series of key production
operation equipment such as the calcium carbide ramping furnace robot, intelligent inspection robot, and
intelligent pot handling system have been successively developed, achieving the coordinated interaction of
equipment in each link, forming an automated production line covering the core production process of the
submerged arc furnace, significantly enhancing production continuity and operation safety.
Overlaying on the “whole”: Integrate resources of automated production lines and industry process
experience to build an overall solution for intelligent workshops in submerged arc furnace smelting, covering
all links such as production scheduling, equipment management, and quality control, achieving a service
upgrade from single equipment operation and maintenance to integrated workshop operation.
Leaping by the “intelligence”: By integrating intelligent technologies such as digital twins, AI predictive
maintenance, and full-process data traceability, the intelligent workshop solution is upgraded to an overall
intelligent factory solution for submerged arc furnace smelting. This enables intelligent scheduling of the
production process, predictive early warning of equipment status, and precise control of energy consumption,
helping customers achieve the core goals of “cost reduction, efficiency improvement, quality enhancement,
and safety”. This set a benchmark for the intelligent upgrade of the industry.
This systematic innovation and integrated R&D capability of “point → line → whole → intelligence” not
only helps the Company concentrate technology, funds and resources, effectively reducing the risks of new
product development and improving the efficiency of R&D input and output, but also continuously opens up
the growth ceiling through the continuous expansion of “new products - new fields - new applications - new
markets”. This further strengthens the Company’s core competitive advantages in the field of intelligent
manufacturing and inject impetus into long-term sustainable development.
④Technology migration and cross-industry application capability.
Relying on the core technology accumulation and scenario-based application experience accumulated by the
“point → line → whole → intelligence” systematic innovation system, the Company has built an efficient
technology migration and cross-industry reuse capability. It can achieve horizontal expansion to multiple
industries and scenarios through modular reconstruction, scenario-based adaptation, and customized
development of technological breakthroughs and R&D achievements in a single field. This effectively
expands the boundaries of business growth and strengthen the resilience of core competitiveness.
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
The Company’s core technology system is highly universal and adaptable, covering key technology modules
such as industrial robot control algorithms, high-temperature environment adaptability design, intelligent
perception and collaborative control, providing technical convenience for cross-industry migration. During
the process of technology migration, the Company does not simply copy existing products. Instead, based on
the process characteristics, operation scenarios and core demands of the target industry, it conducts
“re-research and development, re-optimization and re-application” of core technologies to form customized
products and solutions that meet the needs of specific fields, ensuring the accuracy and effectiveness of
technology implementation.
Typical practice: Cross-industry extension of core technologies in the field of submerged arc furnaces.
The Company has achieved breakthroughs in core technologies and industrialized expertise for
high-temperature special operation robots in calcium carbide ore mine furnaces, successfully extending these
solutions to diverse mining furnace applications including ferrosilicon, silicon-manganese, and industrial
silicon production. Through comprehensive analysis of smelting process variations, operational environment
characteristics, and client-specific requirements across different furnace types, the Company has designed
and optimized key modules such as high-temperature adaptability technologies, precision operation control
algorithms, and intelligent collaborative systems, resulting in a series of integrated products and customized
solutions.
By the end of the reporting period, the relevant cross-industry applications have achieved significant phased
results. The core products have passed the scenario verification of target industry customers, and commercial
orders have been signed successively and small-batch deliveries have been achieved, earning recognition
from downstream industry customers. In the future, the Company will continue to explore the cross-industry
application potential of its core technologies, further expand into more high-temperature, high-risk and
high-labor-intensity industrial scenarios, and constantly expand its market coverage.
The Company’s mature technology migration and cross-industry application capabilities not only effectively
reduce the R&D costs and market risks in expanding into new fields, but also enhance the comprehensive
output efficiency of R&D investment. Moreover, through a positive cycle of “technology reuse - scenario
expansion - scale effect”, it continuously strengthens its market influence and core competitiveness.
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
Legend：The product atlas of special operation robot in high temperature environment
⑤Patents, software copyrights and proprietary technologies continue to support technological
innovation capabilities.
Intellectual property rights are an important carrier of a Company’s core technologies and a solid guarantee
for the continuous improvement of product innovation capabilities. The Company attaches great importance
to the layout and protection of intellectual property rights, continuously intensifies efforts in R&D innovation
and patent application, and has formed a technology reserve matrix of “patents + software copyrights +
proprietary technologies”, building a solid technological barrier for its core competitiveness.
During the reporting period, the Company achieved fruitful results in intellectual property rights, and the
core technology protection system was further improved: 52 new patents were authorized by the National
Intellectual Property Administration, including 24 invention patents and 28 utility model patents, with the
proportion of invention patents reaching 46%, highlighting the originality and advancement of core
technologies. 20 new software Copyrights were registered with the National Copyright Administration,
covering key areas such as intelligent control algorithms, data management systems, and intelligent factories,
providing important software technical support for intelligent products and solutions. (Note: The amount of
intellectual property acquired during the reporting period may have a slight deviation due to the limitation of
statistical time points, and is only for investors’ trend reference. Investors are urged to pay special attention
to relevant risk factors.)
In addition to the publicly disclosed patents and software Copyrights, the Company has accumulated a large
number of core technological achievements in its long-term technological R&D and industrialization practice.
These technologies exist in the form of proprietary technologies through a strict confidentiality management
system, covering key links such as special process design, core algorithm optimization, and scenario-based
adaptation solutions, complementing the patents and software Copyrights. Together, they form the
Company’s irreplicable core technology system.
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
The patents, proprietary technologies and software Copyrights owned by the Company deeply empower the
systematic innovation system of “point → line → whole → intelligence”, providing core support for
technology transfer and cross-industry application, and effectively ensuring the technological leadership and
market competitiveness of the products. In the future, the Company will continue to advance its intellectual
property strategic layout, intensify R&D and efforts in intellectual property registration in core areas such as
intelligent manufacturing and intelligent factories, further enrich its intellectual property reserves, strengthen
technological protection, and provide strong support for continuous product innovation and market
expansion.
(2)Product supported - Rich product matrix to establish market competitive advantage.
Products are the carriers for the implementation of technology and also the direct manifestation of core
competitiveness. Based on the development trend of the intelligent manufacturing industry, the Company,
relying on the advantages of a multi-category, highly adaptable and intelligent product matrix, meets the
upgrading demands of multiple downstream industries, enabling the Company’s product foundation and
continuously consolidate its competitive edge in the market.
① The broad coverage and deep adaptation of a multi-category product matrix build core
competitiveness.
The Company’s intelligent manufacturing equipment covers four major product lines: comprehensive
intelligent solutions for solid material post-processing, integrated robotic systems for high-temperature
environments, intelligent rubber post-processing equipment, and intelligent logistics warehousing systems,
supplemented by eco-friendly process technologies and complete equipment sets. Its high-speed,
high-precision, high-performance products with exceptional operational reliability are widely applied across
industries including petrochemicals, new energy, mineral heating furnaces, grain processing, feed production,
building materials, pharmaceuticals, food processing, ports, and logistics. The product portfolio tailored to
specific market segments within these industries is illustrated in the following diagram.
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
Legend: Product matrix diagram
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
②Intelligent solutions achieve an upgrade from “product supply” to “value creation”.
Relying on the technological industrialization logic of “point → line → whole → intelligence”, the Company
continuously promotes the upgrade of its products from single devices to intelligent overall solutions. It
deeply integrates AI technologies such as machine vision, deep learning, robot control algorithms, and expert
control strategies with industrial Internet communication technologies to create an overall solution for
intelligent factories/workshops. Realize the leap from “meeting production demands” to “creating added
value”.
The core value of the Company’s intelligent solutions highlights safety upgrades, efficiency improvements,
and precise control. The Company’s intelligent factory/workshop solution takes “less manpower and
unmanned operation” as its core goal. Through full-process digital control and intelligent decision-making, it
helps customers achieve three core values:
Safety upgrade: Replace manual operations in dangerous and heavy working conditions with high-tech
equipment to fundamentally avoid safety risks and enhance the level of worker safety protection.
Efficiency improvement: Through functions such as intelligent scheduling of production processes, real-time
monitoring of equipment status, and optimization of resource allocation, the production operation efficiency
and equipment utilization rate have been significantly enhanced.
Precision control: Leveraging end-to-end data traceability and intelligent analysis it enables precise
production process management and consistent quality improvement, helping customers achieve refined
management objectives.
The benchmark effect of exemplary projects drives industry transformation: Taking the Company’s delivered
intelligent factory/workshop project for calcium carbide post-processing as an example, it not only achieved
full automation in hazardous operations within the calcium carbide industry but also facilitated the transition
from “traditional extensive” to “intelligent precision” production models through process innovation and
intelligent management systems, establishing a benchmark for intelligent industrial upgrading.
Post-implementation, clients demonstrated significant improvements in production safety assurance,
operational efficiency enhancement, and cost control, earning widespread industry recognition and laying a
solid foundation for the Company’s future market expansion.
③Intelligent workshop, intelligent factory, overall solution present substantial market opportunities.
The Company’s overall solution for intelligent workshops and factories, as a high-level form of “product
carrying”, is in a golden development period where policies and market demands resonate. It is the key for
the Company to open up growth space and consolidate its industry position.
The national series of plans for the development of intelligent manufacturing and other policies clearly
promote the intelligent transformation of the manufacturing industry, providing good policy guidance for
market expansion. In terms of market demand, the rising labor costs, the increasing requirements for safety
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
and environmental protection, and under the pressure of industrial upgrading, the demand for intelligence in
industries such as petrochemicals and chemical engineering, submerged arc furnace smelting, and new
energy has shifted from “passive” to “active”. Emerging industries have higher demands for refinement and
intelligence, thus forming an incremental market. Especially in high-risk production and operation
environments, after the first set of demonstration applications of intelligent equipment replacing manual
operations is achieved, there is a possibility of market demand has long existed for intelligent workshops,
intelligent factories, and overall solutions.
Intelligent workshops, intelligent factories, and overall solutions require the ability to handle complex
technical demands in multiple links, with high entry barriers and extremely high requirements for
technological accumulation and product innovation. Leveraging the industrialization logic of “point → line
→ whole → intelligence” technology and cross-industry expertise, the Company provides integrated
“product + service” solutions, establishing comprehensive competitive advantages with high barriers in
application fields.
Legend：Calcium carbide production intelligent workshop to achieve few people, unmanned production operations
In the marketing landscape, compared to standalone product sales (“point”) and complete equipment sales
(“line”), AI-powered intelligent factory integrated solutions (“whole” + “intelligence”) demonstrate
exponential market potential through robust product competitiveness and limited competitive pressures. This
“whole” + “intelligence” approach—integrated intelligent factory solutions—will define the Company’s core
competitive edge in future market competition.
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
In the future, the Company will focus on the core tracks of intelligent manufacturing, iteratively optimize the
overall intelligent solution, expand into high-end manufacturing market fields such as petrochemicals and
chemical engineering, electric arc furnaces, new energy, and new materials, deepen cooperation with
industry leaders, achieve industry penetration through the replication of benchmark projects, and promote the
improvement of large-scale application and profitability.
(3)Service enabled – Integrated service capabilities to enhance competitive advantage.
The Company will closely combine the technology leading advantage in intelligent equipment and the scale
advantage of product application with industrial services, and actively promote the implementation of the
integration strategy of products and services. The Company’s industrial services, covering consulting, spare
parts sales, equipment transportation, inspection, maintenance and transformation, production operation and
maintenance management and other full-scene application forms, have now covered all regions except Hong
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
Kong, Macao, Taiwan, Xizang, and its service scale and capacity are industry-leading. The Company’s
service integration strategy provides customers with multi-dimensional, high-quality equipment operation
support services and production operation and maintenance integrated solutions, helping customers focus on
the main business, to achieve continuous, stable and efficient production. The Company’s professional,
high-quality and advanced service model has become the preferred choice for customers to improve quality
and efficiency in a complex industrial production environment, creating value for customers and achieving a
win-win situation. The mutual promotion and benign interaction between intelligent equipment and industrial
services has formed a good synergy effect and promoted the high-quality development of the Company’s
business.
The Company deeply integrates its leading advantages in intelligent equipment technology, large-scale
application of products and industrial service capabilities. It firmly promotes the “product + service”
integrated strategy, builds a full-scenario, wide-coverage and high-quality industrial service system,
empowers customer value enhancement through services, strengthens customer stickiness and business
resilience, forms a comprehensive competitive advantage, and promotes high-quality business development.
Through the service integration strategy, the Company provides customers with multi-dimensional and
full-process integrated solutions for equipment operation guarantee and production operation and
maintenance, which helps customers focus on their core business, avoid production operation risks, and
achieve continuous, stable and efficient production.
The Company’s professional, efficient and high-quality service model precisely matches the quality
improvement and efficiency enhancement demands of complex industrial production scenarios, making it the
preferred choice for downstream customers' intelligent upgrades and standardized operations. While creating
actual value for customers, it has also established a mutually beneficial and win-win situation for both
customers and the enterprise. Meanwhile, intelligent equipment and industrial services have formed a
development trend of positive interaction and collaborative empowerment: high-quality services support the
efficient implementation and continuous optimization of equipment, and the large-scale application of
equipment promotes the expansion of service scenarios and the upgrading of capabilities, further amplifying
the core competitive effectiveness.
Legend: The coordinated development and positive interaction of intelligent equipment and industrial services
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
From the perspective of operational value, the Company’s industrial service revenue demonstrates dual
growth drivers. Firstly, increased sales of intelligent equipment products and expanded operational bases of
client production facilities have driven concurrent growth in service demand, leading to steady revenue
expansion. Secondly, the acquisition of new large-scale production maintenance service projects has
generated incremental revenue through tiered growth patterns. This synergistic development model—where
product applications drive service provision and services complement product fluctuations — enhances
customer retention, effectively mitigates negative impacts from demand volatility in intelligent equipment
operations, strengthens the Company’s overall risk resilience, boosts core competitiveness, and provides
solid foundations for sustainable long-term growth.
(4)Ecosystem symbiosis—The industrial ecological results stabilize the core competitiveness.
The Company is based in the field of intelligent manufacturing equipment industry. It takes technology as the
lead, products as the carrier, and services as the link to build an industrial ecosystem featuring “technology
leadership, brand empowerment, and value symbiosis”. It connects multiple entities such as customers and
suppliers, balances enterprise development with social responsibility, consolidates its industry position,
strengthens its core competitiveness, and achieves its own sustainable and high-quality development.
①Leading competitiveness in the industry driven by advanced technology.
In the two core business areas of intelligent manufacturing equipment and industrial services, the Company,
relying on its long-term technological accumulation and continuous product innovation capabilities, focuses
on market demands, develops intelligent equipment products with core competitiveness, constantly upgrades
the dimensions of industrial services, expands the boundaries of services, and continuously consolidates and
enhances its competitive edge in the industry. For a long time, the Company’s main products and core
technologies have maintained a leading position in the domestic related fields in terms of application scale,
and have won many industry honors. Relying on its technological and product strength, the Company has
built a healthy and sustainable industrial ecosystem where customers, suppliers, enterprises and society
coexist, develop in a coordinated manner and achieve mutual benefit and win-win results, realizing the
simultaneous enhancement of value for all parties.
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
②Brand competitiveness enhances customer loyalty.
Adhering to the development philosophy of “building brands through quality, driving upgrades via
technology, and earning trust through service”, the Company delivers premium intelligent equipment
solutions and professional industrial services to empower clients in achieving production automation and
transitioning from digitalization to intelligent manufacturing. Through sustained market validation, it has
established industry-leading brand recognition and reputation across key domestic application sectors,
cultivating exceptional customer loyalty. Committed to excellence, the Company consistently leads
downstream application industries in intelligent manufacturing equipment upgrades, building stable,
long-term, and mutually beneficial core client partnerships. The accumulation of high-quality customer
resources and the continuous release of demand potential for intelligent manufacturing equipment from
downstream markets form the foundation and fertile ground for the Company’s sustainable growth.
③ Implementing service-oriented manufacturing to empower green, low-carbon and high-quality
social development.
Transforming traditional industries through high-tech innovation and cultivating new productive forces
represents the core mission of our Company as an innovative technology enterprise. Focusing on
high-temperature, high-risk, and labor-intensive industrial environments, we have developed comprehensive
intelligent manufacturing solutions for calcium carbide smelting using submerged arc furnaces, along with
fully automated loading logistics systems applicable across multiple sectors. These innovations have driven
transformative changes in operational workflows, establishing our equipment as the go-to choice for clients
seeking safe, efficient, and precision-driven production. Furthermore, the widespread adoption of
standardized operations in intelligent integrated systems has significantly improved capacity utilization rates,
enhanced cost efficiency for clients, and contributed to the national implementation of carbon peaking and
carbon neutrality goals.The Company continues to drive product innovation and technological applications,
focusing on large-scale intelligent manufacturing equipment and intelligent factory development. In key
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
application sectors, it facilitates end-to-end automation and intelligent upgrades across process industries,
significantly boosting societal productivity. Through its intelligent manufacturing solutions, clients adopt
intensive production models that substantially reduce labor dependency, effectively address structural
workforce shortages, and enhance worker safety standards, all contributing to social progress. With
expanding adoption of intelligent equipment and industrial services, the Company further promotes
sustainable green and low-carbon economic development. While delivering substantial social benefits, it
leverages clients’ tangible cost reductions and efficiency gains to continuously improve satisfaction and
loyalty, creating a virtuous cycle of “social benefits + economic returns”. This approach ensures stable
business performance and strong shareholder returns.
(1) Overview
In 2025, amid a complex and challenging external environment intertwined with domestic opportunities and
challenges, the government implemented more proactive macroeconomic policies. Through coordinated
measures including issuing ultra-long-term special treasury bonds, expanding local government special bond
issuance, and promoting large-scale equipment upgrades and consumer product trade-in programs, these
initiatives effectively stabilized economic growth, stimulated domestic demand, and boosted confidence. The
domestic macroeconomy advanced steadily under pressure while evolving toward higher quality and
efficiency. Annual GDP reached RMB 140.19 trillion, marking a 5.0% year-on-year increase, with all key
targets of “the 14th Five-Year Plan” successfully achieved, laying solid foundations for high-quality
manufacturing development. Recently, China pioneered the concept of “building a new intelligent economic
paradigm”, vigorously advancing the “AI plus” initiative to deepen integration of digital technologies with
the real economy, thereby creating vast development opportunities for intelligent manufacturing industries.
In 2025, the Company seized opportunities from industrial upgrading and policy incentives, maintaining
steady operations with revenue reaching RMB 2.828 billion and net profit attributable to shareholders of
RMB 564 million. The weighted average return on equity (ROE) stood at 14.31%, sustaining a strong
performance level. From a business structure perspective, core growth segments including intelligent
manufacturing equipment and industrial services demonstrated robust growth, continuing to serve as pillar
operations. These segments generated revenues of RMB 1.97 billion and RMB 800 million respectively,
representing year-on-year increases of 3.95% and 4.17%. They accounted for 69.66% and 28.31% of total
revenue, respectively, while contributing 77.60% and 19.00% to gross profit rate, serving as key drivers of
corporate development. The environmental protection process and equipment business achieved revenue of
RMB 58 million, representing 2.03% of total revenue and 3.40% of gross profit rate, providing valuable
complementary support to overall performance.
The Company’s intelligent manufacturing equipment products are widely applied in key national economic
sectors including petrochemicals, new energy, mineral heating furnaces, grain processing, feed production,
building materials, pharmaceuticals, food processing, port operations, and logistics. In 2025, the Company’s
marketing efforts progressed steadily, with leading enterprises in product application fields demonstrating
long-term growth potential driven by demands for automation, digitalization, and intelligent upgrades. As the
intelligent manufacturing economy accelerates and industrial digital transformation deepens, these
developments provide robust foundations and opportunities for the Company’s sustainable
medium-to-long-term growth.
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
From the perspective of revenue and profit composition, the structure of revenue and contribution gross
profit of the Company’s intelligent manufacturing equipment, industrial services, environmental protection
technology and equipment is shown in the following figure.
Operating revenue Gross profit
(RMB 0.1 billion) (RMB 0.1 billion)
Note: in the above figure, Contributing Gross profit= Operating revenue of corresponding business – Operating cost, the contribution
gross profit does not consider the impact of profit and loss of minority shareholders.
During the reporting period, the main operating data and main financial indicators realized by the Company
are listed as follows
Unit：RMB
Year-on-year
Item 2025 2024
growth
Operating revenue 2,828,078,579.62 2,862,689,438.16 -1.21%
Operating profit 652,853,950.55 615,975,331.52 5.99%
Total profit 653,364,667.02 612,657,514.33 6.64%
Net profit 581,249,255.37 544,216,144.76 6.80%
There of: Attributable to shareholders of the
parent company
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
(2)Operating revenue and cost of sales
①Breakdown of operating revenue
Unit：RMB
ase over the
Proportion of Proportion
Amount Amount same period of
revenue of revenue
previous year
Total 2,828,078,579.62 100% 2,862,689,438.16 100% -1.21%
Categorized by industry
Intelligent manufacturing equipment 1,970,046,798.07 69.66% 1,895,264,924.65 66.21% 3.95%
Industrial service 800,499,290.86 28.31% 768,470,541.08 26.84% 4.17%
Environmental protection process and
equipment
Categorized by product
Post-processing intelligent
manufacturing equipment for solid 1,557,203,576.49 55.07% 1,334,705,622.25 46.63% 16.67%
material
Post-processing intelligent
manufacturing equipment for rubber
Robots plus 33,145,372.72 1.17% 391,445,010.49 13.67% -91.53%
Intelligent logistics, warehousing
systems
Operation, maintenance and
after-sales type industrial services
Supplementary industrial services and
others
Environmental process and complete
equipment
Categorized by region
Region of east China 1,157,646,133.28 40.92% 860,334,793.95 30.06% 34.56%
Region of south China 267,282,387.19 9.45% 133,547,014.53 4.67% 100.14%
Region of central China 89,323,823.96 3.16% 81,065,769.39 2.83% 10.19%
Region of north China 398,975,838.62 14.11% 803,108,366.19 28.05% -50.32%
Region of northwest China 429,843,987.99 15.20% 532,181,544.65 18.59% -19.23%
Region of southwest China 156,307,875.21 5.53% 177,845,680.44 6.21% -12.11%
Region of northeast China 297,691,086.09 10.53% 208,563,493.84 7.29% 42.73%
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
Overseas 31,007,447.28 1.10% 66,042,775.17 2.30% -53.05%
Categorized by sales model
Direct sales 2,828,078,579.62 100.00% 2,862,689,438.16 100.00% -1.21%
②Industries, products, regions or distribution model accounting for more than 10% of company revenue or
operating profit.
Unit：RMB
Operating
Cost of sales Gross profit rate
revenue
increased or increased or
Operating increase/
Cost of sales Gross profit rate decreased over decreased over
revenue decrease over
the same period the same period
the same period
of previous year of previous year
of previous year
Categorized by industry
Intelligent manufacturing
equipment
Industrial service 800,499,290.86 608,641,066.58 23.97% 4.17% 12.54% -5.65%
Environmental protection
process and equipment
Categorized by product
Post-processing intelligent
manufacturing equipment for 1,557,203,576.49 922,263,603.53 40.77% 16.67% 9.23% 4.03%
solid material
Post-processing intelligent
manufacturing equipment for 262,250,080.55 154,933,267.72 40.92% 160.03% 164.83% -1.07%
rubber
Robots plus 33,145,372.72 25,214,623.10 23.93% -91.53% -90.52% -8.13%
Intelligent logistics,
warehousing systems
Operation, maintenance and
after-sales type industrial 707,067,065.37 524,324,184.17 25.85% 5.44% 15.40% -6.40%
services
Supplementary industrial
services and others
Environmental process and
complete equipment
Categorized by region
Region of east China 1,157,646,133.28 703,582,970.86 39.22% 34.56% 26.28% 3.98%
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
Region of south China 267,282,387.19 217,762,465.54 18.53% 100.14% 124.35% -8.79%
Region of central China 89,323,823.96 68,064,934.33 23.80% 10.19% 14.93% -3.14%
Region of north China 398,975,838.62 226,999,343.29 43.10% -50.32% -58.21% 10.74%
Region of northwest China 429,843,987.99 313,625,105.29 27.04% -19.23% -14.90% -3.71%
Region of southwest China 156,307,875.21 105,204,899.82 32.69% -12.11% -8.15% -2.91%
Region of northeast China 297,691,086.09 166,001,194.30 44.24% 42.73% 27.24% 6.80%
Overseas 31,007,447.28 16,908,007.28 45.47% -53.05% -53.91% 1.01%
Categorized by sales model
Direct sales 2,828,078,579.62 1,818,148,920.71 35.71% -1.21% -4.66% 2.32%
During the reporting period, the reasons of operating revenue and gross profit rate change are as follows:
During the reporting period, the Company’s two core growth segments — intelligent manufacturing
equipment and industrial services—generated operating revenues of RMB 1.97 billion and RMB 800 million
respectively, marking year-on-year increases of 3.95% and 4.17% while maintaining steady growth
momentum. In contrast, environmental protection processes and equipment, serving as a complementary
business, reported revenues of RMB 58 million , representing a 71.08% year-on-year decline.
Intelligent manufacturing equipment:
Post-processing intelligent manufacturing equipment for solid material achieved revenue of RMB 1.557
billion, representing a year-on-year increase of RMB 222 million (16.67%) and setting a historical record.
The gross profit rate increased by 4.03%, reached 40.77% compared with the previous year. The Company’s
core intelligent manufacturing equipment products maintained a good gross profit rate, driven by higher
revenue shares from high-margin leading products during the period, demonstrating its core competitiveness.
Rubber post-processing intelligent manufacturing equipment achieved revenue of RMB 262 million,
representing a year-on-year increase of 160.03%, with gross profit rate was 40.92%. The gross profit rate
showed a slight year-on-year decline but remained at an excellent level.
Intelligent logistics, warehousing systems achieved order fulfillment and delivery, generating annual revenue
of RMB 117 million with a 72.05% year-on-year growth. Gross profit rate increased by 11.85% to 28.53%,
demonstrating a positive upward trend.
The “robot plus” product category generated revenue of RMB 33 million, marking a 91.53% year-on-year
decline. Compared to revenue of base period,this period saw no revenue from calcium carbide intelligent
factories, revenue from furnace-front operation robots also decreased, with gross profit rate dropping to
strong core competitiveness in product application fields. Although short-term profit fluctuations among
industry clients may impact investment capacity, proactive market adoption, tangible improvements in
intelligent manufacturing equipment efficiency, and compliance with safety regulations collectively indicate
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
promising prospects for the “robot plus” sector in the medium-to-long term.
Industrial Services: During the reporting period, the industrial services generated operating revenue of RMB
product-service strategy, with industrial services—as one of its core growth segments—maintaining steady
long-term growth. However, due to pricing adjustments, revenue settlement patterns, and negative cost
fluctuations, the overall gross profit rate of industrial services declined by 5.65% year-on-year to 23.97%.
Specifically, operation, maintenance and after-sales type industrial services achieved RMB 707 million in
revenue, increased by 5.44% year-on-year, the whose gross profit rate drop by 6.40% to 25.85%.
Supplementary industrial services and others contributed RMB 93 million in revenue, decreased by 4.56%
year-on-year, with a gross profit rate of 9.76%.
Environmental process and complete equipment: Compared to the same period last year, there was no
acceptance or delivery of environmental protection process equipment or process packages this period,
resulting in revenue of RMB 58 million . The gross profit rate surged significantly to 59.75%, providing a
beneficial supplement to the Company’s overall performance.
(3)Cash Flows
Unit: RMB
Item 2025 2024 Change (%)
Sub-total of cash inflows from operating activities 2,620,625,839.07 2,653,190,333.98 -1.23%
Sub-total of cash outflows from operating activities 2,222,984,705.87 2,009,347,354.97 10.63%
Net cash flows from operating activities 397,641,133.20 643,842,979.01 -38.24%
Sub-total of cash inflows from investing activities 10,632,855,910.02 7,332,677,177.80 45.01%
Sub-total of cash outflows from investing activities 10,713,338,199.40 7,932,922,408.48 35.05%
Net cash flows from investing activities -80,482,289.38 -600,245,230.68 86.59%
Sub-total of cash inflows from financing activities 64,854,510.62 93,663,137.94 -30.76%
Sub-total of cash outflows from financing activities 311,786,753.57 416,020,266.31 -25.05%
Net cash flows from financing activities -246,932,242.95 -322,357,128.37 23.40%
Net increase in cash and cash equivalents 70,554,431.42 -278,796,050.78 125.31%
①The net cash flow from operating activities in the current period decreased by 38.24% compared to the
same period last year, mainly affected by the increase in operating payments.
② Net cash flow from investment activities increased by 86.59% in the current period compared with the
same period last year, mainly due to the impact of cash management activities;
③Net cash flow from financing activities in the current period increased by 23.40% compared to the same
period last year, mainly due to the Company’s share buyback in the base period.
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
④The net increase in cash and cash equivalents for the current period was RMB 70.5544 million, an increase
of 125.31% year-on-year, which was jointly affected by the net cash flow from operating activities,
investment activities and financing activities.
Explanation of significant differences between net cash flow from operating activities and net profit during
the reporting period
During the reporting period, the difference between the net cash flow from operating activities and the net
profit was RMB 184 million. The main reasons were that the impact of contract performance, the Company’s
production input, procurement and other operating cash outflows increased significantly in preparation for
production during the reporting period. Meanwhile,tax payments increased year-on-year.
(1)Significant Changes in Asset Composition
Unit: RMB
Dec 31, 2025 Jan 1, 2025
Increase/
Proportion Proportion Decrease in Major changes
Amount of total Amount of total
proportion
asset asset
Cash at bank and on Mainly due to the impact on
hand cash management activities.
Accounts receivable 1,257,355,174.66 17.22% 1,201,119,619.90 17.27% -0.05%
Contract assets 192,614,086.16 2.64% 156,905,007.88 2.26% 0.38%
Inventories 2,143,789,860.13 29.36% 2,072,436,762.83 29.80% -0.44%
Investment properties 13,041,242.51 0.18% 11,072,140.54 0.16% 0.02%
Long-term equity
investments
Fixed assets 378,299,699.38 5.18% 362,897,699.40 5.22% -0.04%
The Company’s real estate
purchased for industrial service
Construction in
progress
usable condition after
renovation.
Depreciation expense of
Right-of-use asset 2,920,312.68 0.04% 4,223,259.80 0.06% -0.02% right-of-use asset for the current
period.
Due to increase in short-term
Short-term borrowings 48,045,233.34 0.66% 36,873,798.71 0.53% 0.13%
bank borrowing by subsidiary.
Contract liabilities 1,726,130,402.84 23.64% 1,806,791,270.47 25.98% -2.34%
Assets overseas account for a relatively high proportion.
□Applicable √Not applicable
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
(2) Assets and liabilities measured at fair value
Unit: RMB
Amoun
t
Profit or loss
Cumulative fair provide
from change
value change d for Purchased in the Sold in the
Item Opening balance in fair value Other changes Closing balance
charged to impair period period
during the
equity ment in
period
the
period
Financial assets
Financial asset
held for
trading
(excluding
derivative
financial )）
Investments in
other equity 61,002,054.39 -525,641.87 33,448,566.70 10,810,000.00 71,286,412.52
instruments
Financing
receivables
Sub-total of
the above
Note: the financial asset held for trading above-mentioned mainly are monetary fund and structural bank
deposits, for cash management of temporarily unused self-owned, based on the resolution of the Board of
Shareholders.
Whether there were any material changes on the measurement attributes of major assets of the company
during the reporting period
□ Yes √ No
(3)Restricted asset rights as of the end of this Reporting Period
Book value at the end
Item Limitation reason
of period（RMB）
Cash at bank and on hand 1,220,019.86 Bank deposit on letter of guarantee.
Cash at bank and on hand 8,800.00 Minimum deposit of ETC toll bank account.
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
Intangible assets 4,169,252.79 Mortgage of holding subsidiary land use right for bank loans.
Fixed assets 10,943,021.39 Mortgage of holding subsidiary real estate for bank loans.
Total 16,341,094.04
(1)Total investment amount
√Applicable □Not applicable
Total investment amount of the Total investment amount of the same
Change
Reporting Period (RMB) period of last year (RMB)
The above investments represent the end of the period amount of the Company’s equity investments in
associates and joint ventures.
(2)Significant equity investment made in the reporting period
□Applicable √Not applicable
(3)Significant non-equity investments ongoing in the reporting period
□Applicable √Not applicable
(4)Financial investments
①Securities investments
□Applicable √Not applicable
No such cases in the reporting period.
②Derivatives investments
□Applicable √Not applicable
No such cases in the reporting period.
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
(5) Use of raised funds
①Overall usage of funds raised
Unit: RMB’0,000
Accum Proportio
Total Total Amount
ulative n of
funds Accum funds The usage of funds
Total Net funds accumula Total
Way of used in ulative with and raised
Year funds funds with tive funds unused
raising the fund usage destination of idle for
raised raised usage with funds
Current used chang unused funds over two
change usage
Period ed years
d changed
The Company
will utilize the
surplus funds
from its
Issuance of
fundraising
convertible
corporate
permanently
bonds
supplement
working capital,
with no unused
funds remaining.
Total -- 45,000 44,341.86 3,236.27 39,673.46 0 0 0.00% 0 -- 0
Explanation of overall usage of funds raised
As of December 31st, 2025, the Company raised fund has used a total amount of RMB 396.7346 million, a permanent working capital injection
of 56.6652 million was implemented.
②Commitment projects of fund raised
Unit: RMB’0,000
Accumulati
Investme Investment
Investment ve
nt schedule as
Committed amount investment Date of reaching
Committed investment project and super raise amount the
investment after amount as intended use of the
fund arrangement in the period-end
amount adjustment of the project
reporting (3)＝
(1) period-end
period (2)/(1)
(2)
production project.
intelligent factory R & D demonstration project.
center (R&D center)
Total 44,341.86 44,341.86 3,236.27 39,673.46 89.47% --
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
(6)Related investment progress
① Investment in high-end medical diagnosis and treatment equipment
Surgical system (endoscopic instrument control system with instruments and accessories): As of the end of
the reporting period, the Company held a 13.43% stake in Harbin Sagerot Intelligent Medical Equipment Co.,
Ltd, an investment and equity participation enterprise. Its core product is the Kangduo Surgical Robots
(laparoscopic surgical robot). The three products of Kangduo Surgical Robots , namely SR1000, SR1500
and SR2000, were respectively granted the Class III Medical Device registration certificates issued by the
National Medical Products Administration in June 2022, April 2024 and July 2024. Endoscopic surgical
robots are usually composed of a “doctor’s console”, a “patient’s surgical platform” and an “imaging system”.
Doctors can operate (remotely) the control console, obtain the surgical field of view with the help of the
endoscope held by the mechanical arm on the “patient surgical platform”, and complete the surgical
operation at the same time by using the surgical instruments held by the mechanical arm (such as needle
driver, curved scissors, disposable ultrasound soft tissue scalpel, bipolar Forceps and cautery hook, etc.)
Invasive abdominal surgery robots are suitable for various types of surgeries in various fields, such as
urology, gynecologic, general surgery, thoracic surgery, etc. They have the advantages of small trauma,
precise surgical operation, few postoperative complications, and the ability to complete surgeries remotely
from different locations with the help of 5G communication technology. These advantages not only help to
boost patients’ confidence, shorten the recovery time, but also reduce the surgical intensity of doctors and
give full play to the greater benefits of medical resources.
Legend: Celiac minimally invasive surgical robot
Image-guided radiotherapy precise positioning: As of the end of the reporting period, the Company held a
and participated. Rayer Medical obtained the medical Device registration certificate for image-guided
Radiotherapy Positioning System (IGPS) issued by the former China Food and Drug Administration in
March 2016. In February 2020, it obtained the medical device registration certificate for Optical Guidance
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
Tracking System (OGTS) issued by the National Medical Products Administration. In September 2024, we
obtained the medical device registration certificate for the X-ray stereotactic radiotherapy system
(RayerKnife) issued by the National Medical Products Administration. The X-ray stereotactic radiotherapy
system (RayerKnife) is used for stereotactic radiotherapy of tumors or other lesions throughout the body that
are suitable for radiotherapy. The RayerKnife system adopts a number of innovative technologies, including
a miniaturized X-band 6MV linear accelerator, a three-imaging unit X-ray image guidance system, an
optical-guided motion tracking system, a robot precision motion control system, a six-degree-of-freedom
treatment bed, and automatic optimization of treatment plans. It provides multi-field, non-coplanar and
non-isocentric irradiation modes in a large spherical space. Through image guidance and robot motion
control throughout the treatment process, it realizes the compensation treatment of positioning errors in static
target areas and the synchronous tracking treatment of moving target areas in the chest and abdomen. This
system is the only one of its kind in China. While breaking the monopoly of imports, it has achieved multiple
breakthroughs and innovations in technological applications, providing patients with more advanced options
for radiosurgical treatment.
Legend：Image-guided radiotherapy precise positioning
Orthopedic surgery robot project: As of the end of the reporting period, the wholly-owned subsidiary of the
Company held 5.56% of the equity in the invested and equity-participated enterprise, Suzhou Zhuzheng
Robot Co., LTD, which has obtained five Class III medical device registration certificates issued by the
National Medical Products Administration. Among them, the core product, “Spinal Surgery Navigation and
Positioning Equipment”, originated from the research results of the National 863 Program. It is the world’s
first spinal surgery robot suitable for local anesthesia surgeries. This device provides auxiliary positioning in
minimally invasive spinal surgeries. With its unique patented intuitive positioning technology, it can quickly,
efficiently and accurately complete surgical positioning and intraoperative tracking.This product features a
low price, a short learning curve, easy operation and high system stability. It can better adapt to minimally
invasive/local anesthesia surgical procedures and is now on the market for sale.
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
Legend：Navigation positioning + autonomous operation of orthopedic surgical robots
The field of high-end medical diagnosis and treatment equipment project is characterized by long
R&D cycle, high barriers to enter, long product registration cycle, and big clinical risks. There are
many risk factors that cannot be determined during type testing and clinical trials. For the registered
projects, there is also a risk whether the promotion and industrialization can meet the expectation.
Hereby, investors are advised to carefully evaluate the relevant risk factors.
②Progress of the robot equity investment fund
In 2015, the Company participated in the establishment of Dongguan Boshi Ruidexin Robot Equity
Investment Fund, and established Dongguan Boshi Ruidexin Robot Equity Investment Center (limited
partnership). The capital contributed of Boshi was RMB 60 million, accounting for 30% of the subscribed
investment of the fund. By the end of the reporting period, Boshi had received about RMB 77 million of
project investment returns and profit distribution, the earnings are good.
③The Progress of enterprises invested by the Company in declaring to IPO
Harbin Sagerot Intelligent Medical Equipment Co., Ltd, which is invested by the Company, currently has a
registered capital of RMB 152.655505 million, the Company holds 13.43% of its equity and is a
non-controlling shareholder. In June 2023, the application for initial public offering of shares and listing on
the science and technology innovation board was approved by the Listing Review Committee of the
Shanghai Stock Exchange, The project is currently in the registration stage with the China Securities
Regulatory Commission, and it needs registration approval from the China Securities Regulatory
Commission before it can start the follow-up work of the IPO.
V. The Company’s Outlook for Future Development
Manufacturing, as the main body of the national economy, is the foundation for establishing a nation, the
instrument for its prosperity, and the basis for its strength. It is the core carrier for the country to cultivate
new quality productive forces and consolidate the foundation of the real economy. A series of national-level
industrial policies such as the 14th Five-Year Plan for the Development of Intelligent Manufacturing, the 14th
Five-Year Plan for the Development of the Robot Industry, and the Implementation Plan for the “Robot
Plus ”Application Action with the policy dividends such as the Implementation Opinions on the Special
Action Plan for “AI + Manufacturing” in 2025, the Implementation Plan for Digital Transformation of the
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
Machinery Industry, and the Implementation Plan for Deeply Promoting the Innovative Development of
Service-oriented Manufacturing (2025-2028), the intelligent manufacturing equipment and robot industries
have ushered in unprecedented development opportunities, and the industry’s development has entered a
critical stage of high-quality transformation.
Since its establishment in 1997, the Company has been committed to the revitalization and development of
the national equipment industry. It has been deeply engaged in the field of intelligent manufacturing
equipment for nearly three decades and has established a business pattern driven by “intelligent
manufacturing equipment + industrial services” and supplemented by environmental protection processes
and equipment. The Company successfully developed handling robots in its early days and achieved
industrial application as early as 2005, applying industrial robot technology to the industrial automation
production lines of process industries and breaking the foreign technological monopoly.With its
independently developed intelligent complete sets of equipment products, the Company has provided stable
and reliable guarantees for large-scale industrial production of customers in core application fields, actively
promoted the localization process of major equipment, achieved independent control of core technologies,
and successfully replaced imports with its products, ensuring the efficient, safe and reliable operation of
intelligent equipment products. Over the years, the Company’s products have been widely applied in many
key industries of the national economy, such as petrochemicals and chemical engineering, new energy,
electric arc furnaces, building materials, food, and feed. With stable product performance and a complete
service system, the Company has become the preferred partner of leading enterprises in the industry and
established a good brand image in the industry.
In the 21st century, digital technologies such as 5G, industrial Internet, new materials, big data, cloud
computing, deep learning and artificial intelligence have developed rapidly, injecting strong impetus into the
transformation and upgrading of the manufacturing industry and providing solid technical support for the
Company’s products to leap from “automation” to “digitalization” and “intelligence”.The Company grasps
the opportunities, integrates advanced manufacturing and information technology, enables the digital,
intelligent and green development of manufacturing industry, and extends product portfolio, evolving from
standalone intelligent manufacturing equipment to comprehensive solutions encompassing digital workshops
and intelligent factories. This continuous enhancement of core competitiveness lays a solid foundation for
sustained high-quality development.
Looking forward to the future, the Company will adhere to market demand-oriented, innovation-driven
technology leadership, independent control to ensure the safety of core technologies, accelerate the
development of intelligent manufacturing equipment and industrial service business expansion, promote the
intelligent replacement of high-risk and heavy environmental manual work, achieve fewer people, unmanned,
safe, efficient and green production, and create greater value for society, shareholders and employees, to
achieve sustainable and high-quality development of the Company.
forces, enabling future manufacturing.
In the new round of scientific and technological revolution and industrial transformation, scientific and
technological innovation and industrial integration development, major cutting-edge technologies and
disruptive technologies continue to emerge. Cultivating future industries has become an important strategic
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
choice to lead scientific and technological progress, drive industrial upgrading, open up new tracks, and
shape new quality productivity.
In recent years, the Company has continuously accelerated the integration of advanced manufacturing and
information technology, achieving leapfrog development in the field of intelligent manufacturing equipment.
It has successfully completed a full-stack layout from single-machine equipment and automated production
lines to digital workshops and overall solutions for intelligent factories. The Company has achieved
remarkable results in cultivating new quality productivity. Two intelligent calcium carbide factories
(workshops) have been delivered to customers and successfully put into application, earning high recognition
from the industry. Calcium carbide production intelligent factory has comprehensively innovated the
traditional production process of calcium carbide submerged arc furnace, built the intelligent closed-loop of
“perception – decision – execution”, realized the user-friendly operation, production safety, efficient
operation, accurate control of the whole process and efficient intelligent production, and set the benchmark
of technological change in the industry. Through the deep integration of AI technologies such as machine
vision, deep learning, robot control algorithms, expert control strategies, and digital twin with 5G and
industrial Internet communication technologies, the Company has successfully applied to the overall solution
of intelligent workshops and intelligent factories, and has created a low-staffing and unmanned production
scene to the maximum extent, promoting the development of the manufacturing industry in the direction of
efficiency, intelligence, and environmental. Relying on intelligent production decision-making management,
the Company open up the future manufacturing model, continue to promote the development of new quality
productivity.
(1) Overall solution of intelligent factory.
As a leading global manufacturer, China is on the cusp of transforming into a true manufacturing
powerhouse. It is crucial to transition its development strategies, enhance economic structures, and shift
growth dynamics in order to foster high-quality industrial advancement. The country’s comprehensive
industrial framework, vast manufacturing scale, and diverse application landscapes offer a fertile ground for
the robust development of novel, high-quality productivity forces, and created favorable conditions for
innovative breakthroughs in the intelligent manufacturing industry.
Intelligent factories are important application scenarios for promoting the transformation and upgrading of
the manufacturing industry and fostering new quality productivity. Relying on nearly three decades of
technological accumulation and multi-disciplinary technology integration capabilities in the field of
intelligent manufacturing, the Company takes the intelligent production management decision-making
system as the core, fully meets the digital transformation demands of application industry customers, and
builds intelligent production scenarios with fewer or no personnel for customers. The Company’s intelligent
production management decision-making system can significantly enhance the production efficiency and
intelligent manufacturing level of customers, promote the entire production process towards a scientific,
intelligent, autonomous, economic, safe, efficient and green direction, achieve disruptive changes, and help
customers seize the initiative in the wave of industrial upgrading.
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
Legend: Calcium carbide intelligent factory sets industry benchmark, promotes the upgrading of intelligent manufacturing industry
(2) Overall solution for post-processing intelligent manufacturing equipment for solid material.
The Company provides the leading intelligent manufacturing overall solution for solid material
post-processing for the product application industry, integrating functional modules such as weighing,
packaging, palletizing, coating, digital warehousing, intelligent loading, remote fault diagnosis and
total/sub-unit operation management control system, which can accurately adapt to complex post-processing
application scenarios such as powder materials, granular materials and irregular materials. Realizing the full
range of one-stop intelligent and efficient production.
Through the cooperative deployment of advanced control algorithms and automation equipment, the
customer’s production process can be optimized, the production efficiency can be significantly improved,
and the manufacturing cost per unit product and the production operation risk can be reduced. At the same
time, with the help of digital technology, the overall solution can collect and analyze all kinds of data in the
production process in real time, provide accurate basis for enterprise decision-making, promote the digital
upgrading of enterprises, enhance the market competitiveness of enterprises, and promote the industry to a
new stage of intelligent and digital development.
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
Legend: Schematic diagram for overall solution of post-processing intelligent manufacturing equipment for solid material
(3) Intelligent manufacturing equipment and intelligent workshop solutions covering all categories of
polycrystalline silicon.
Solar energy, as a clean, safe, and reliable renewable energy source, represents a crucial direction for the
global energy transition and holds immense long-term development potential. China is rich in lighting
resource, and the steady advancement of the national “carbon peak, carbon neutral” dual-carbon strategy has
opened up a continuous market space for the development of the photovoltaic industry and product
application.The photovoltaic industry is at a critical juncture of energy transformation, injecting a solid
policy and market foundation for the application of related products. At present, after going through the
previous stage of large-scale expansion, the photovoltaic industry is now entering a period of structural
optimization and technological upgrading, which is a period of accumulation and adjustment. The explosive
growth of AI computing power in demand for electricity and the promising prospects of space photovoltaic
applications have once again created a favorable outlook for the long-term growth of the photovoltaic
industry.
The large-scale expansion of generative artificial intelligence has accelerated the construction of intelligent
computing centers, and the demand for electricity has grown exponentially. Electricity may become a
bottleneck restricting the development of computing power. As the main source of green electricity,
photovoltaic power can effectively solve the “energy anxiety” of AI computing power by integrating with
energy storage and intelligent microgrid technologies. Meanwhile, the global deployment of low-orbit
satellites will enter a period of explosive growth, and the future space photovoltaic market is likely to
experience rapid growth, expanding more application scenarios for the photovoltaic industry. The long-term
prospects for photovoltaic applications are promising, which will bring about a long-term positive outlook
for the incremental demand of crystalline silicon raw materials. Against this backdrop, intelligent equipment,
as a key support for enhancing the production efficiency of crystalline silicon and ensuring product quality,
has a promising long-term demand outlook.
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
Since 2019, the Company has continued to increase investment in R&D with the introduction of the
industry’s first automatic weighing and packaging products of bulk polysilicon. At present, the Company has
successfully built a series of product matrices covering a variety of unit combinations in multiple
subdivisions such as bulk monocrystalline silicon, bulk polysilicon and granular polysilicon. The Company
further integrates the unit system equipment products with the key processes such as reduction silicon rod
crushing, screening magnetic separation, AGV directional transportation, measurement and plastic packaging,
and factory logistics. With the help of digital and information technology, the Company forms the overall
solution of crystalline silicon intelligent factory, realizing the intelligent control of the whole process from
production to logistics, and adapt to industry technological upgrades and scenario expansion requirements.
Through innovative products, superior equipment performance, and comprehensive solution capabilities, the
Company has cooperated with GCL Group, Tongwei Group, Yongxiang Shares, Daqo Energy, Xinte Energy,
Asia Silicon, Tianhong Ruike, Qinghai Lihao, Runyang Shares, Baofeng Energy, Hongyuan Energy,
Xinjiang Qiya, Eastern Hope, Red Lion Semiconductor and many other well-known new energy enterprises,
forming strong competitiveness in the field of polysilicon intelligent manufacturing equipment in the
photovoltaic industry.
In the future, the Company will continue to focus on the photovoltaic industry, deepen technological R&D
and product innovation, actively expand intelligent manufacturing equipment for crystalline silicon, optimize
the overall solution for intelligent workshops, and actively expand application scenarios and market
boundaries, providing more competitive intelligent equipment support for the high-quality development of
the industry.
Legend: Schematic diagram of intelligent manufacturing equipment and intelligent workshop solutions for
all categories of polysilicon.
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
(4) “Robot plus” - technology for manual substitution under high-risk, heavy and harsh working
environment of calcium carbide and other submerged arc furnaces.
Under high-risk and heavy working conditions, the contradiction between prominent safety production
hazards and insufficient human resource supply has become increasingly prominent, leading to difficulties
and high costs in recruitment for manufacturing enterprises. Meanwhile, the outdated traditional
craftsmanship has also exacerbated the problems of high costs, high risks, low standards, unstable quality
and low capacity utilization rate of enterprises. In response to the above-mentioned industry pain points, the
Company has successively launched a series of equipment products such as furnace tapping robots, furnace
tamping robots, inspection robots, and fully automatic loading machines, empowering enterprises with
technology to achieve safe and efficient production.
Legend: The calcium carbide sub-merged arc furnace field furnace unloading robots, furnace agitation robots
to replace manual work schematic diagram.
In the field of calcium carbide electric furnaces, the Company’s independently developed high-temperature
furnace front operation robots and their peripheral systems, as well as the overall solution for intelligent
calcium carbide factories, have successfully overcome numerous technical difficulties in the traditional
tapping process. This has achieved the goal of intelligent manufacturing with fewer, unmanned, safe,
efficient and environmentally friendly calcium carbide production, and has promoted a disruptive
transformation in the traditional calcium carbide production method. It effectively helps enterprises reduce
costs and increase efficiency, fundamentally lowering the labor intensity and safety production risks of
manual operations, and has been widely recognized by the industry. Relying on its technological
accumulation in the field of calcium carbide electric arc furnaces, the Company has continuously increased
its investment in R&D, extending the related technologies of high-temperature special operation robots to
other electric arc furnace fields such as ferrosilicon, ferromanganese, and industrial silicon furnaces. It has
continuously promoted the R&D, demonstration, and application of “robot plus” technology, and is
committed to the intelligent transformation and upgrading of the electric arc furnace industry, promoting the
industry to achieve safe, green, and high-quality development.
(5) Develop and expand new application fields of “robot plus” special operation robots outside the
high-temperature working environment of electric arc furnaces.
In January 2023, 17 departments including the Ministry of Industry and Information Technology jointly
issued the Implementation Plan for the “Robot Plus”Application Action, focusing on 10 major fields such as
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
manufacturing. It clearly set the goals of breaking through 100 types of robot technologies and solutions,
promoting over 200 high-level application scenarios, and cultivating benchmark enterprises for “robot plus”
applications. It provides clear policy guidance for the replacement of robots in high-risk and heavy-duty
working conditions.In line with the relevant requirements of the "Work Plan for Stabilizing Growth in the
Machinery Industry (2025-2026)" and the "Implementation Opinions on the Special Action of “AI+
Manufacturing” in 2025, the replacement of human labor with “robot plus” has become an important
direction for promoting industrial safety upgrading and cost reduction and efficiency improvement.
Relying on the core technologies, scene application experience and brand advantages accumulated by the
Company in the field of special operation robots for high-temperature environments, the Company focuses
on the dull and difficult manual special operation scenarios in the industrial sector, intensifies the targeted
R&D, explores new application fields of “robot plus” , seizes the initiative, and is expected to enhance new
development space for the Company’s business. The future is worth looking forward to.
Legend:Some models of intelligent inspection robots
(6) Overall solution of plant intelligent logistics
The intelligent logistics system of the Company takes the automatic loading machine as the core unit,
integrates the visual identification system, data information interface system, logistics scheduling system,
transfer and transportation system and other auxiliary equipment, which can carry out batch transfer, stacking,
splitting, combination, loading and other logistics operations for a variety of bags, boxes and bulk materials,
and can realize the seamless connection between production lines or warehouses and transport vehicles. It
can be widely used in many fields of the national economy, especially in labor shortage, poor working
environment and other working conditions with obvious advantages, good customer feedback and huge
market
potential.
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
Legend: Some models of automatic loading machine
The Company forward-looking implementation of product service integration strategy, intelligent
manufacturing equipment industry services have become an important source of revenue and profit for the
Company. As a modern service industry led by national policies, intelligent equipment industry services play
a key role in promoting the high-quality development of manufacturing. In March 2021, thirteen departments,
including the National Development and Reform Commission, the Ministry of Science and Technology, and
the Ministry of Industry and Information Technology, jointly issued the Opinions on Accelerating the
High-quality Development of the Manufacturing Service Industry, which clearly stated that by 2025, the role
of the manufacturing service industry in improving the quality and efficiency of the manufacturing industry,
innovation capacity, and resource allocation efficiency will be significantly enhanced. Realize the coupling
symbiosis and integration of manufacturing industry and manufacturing service industry. This provides clear
policy guidance and a favorable development environment for the continuous expansion of the Company’s
industrial services business.
The Company’s industrial service revenue has been steadily increasing along with the growth of sales of
intelligent manufacturing equipment and the base of production operation equipment. Meanwhile, the
Company’s undertaking of new and larger-scale production operation and maintenance service projects will
accelerate the growth of service revenue. The Company accurately meets the deep-seated and diversified
service demands of its clients, continuously optimizes its service system, and promotes the sustained and
stable growth of industrial service revenue. The multi-dimensional industrial services and the sales of the
Company’s intelligent equipment products have formed a virtuous synergy effect, which not only effectively
enhances customer stickiness but also further extends the industrial chain and increases the added value of
the industry.
During the reporting period, the Company’s industrial service revenue has reached RMB 800 million,
continuously demonstrating a favorable development trend. Compared with the huge industrial scale of
domestic potential customers, the market penetration rate of the Company’s integrated production and
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
operation and maintenance services is still at a relatively low level. The long-term development potential of
this business is worth looking forward to.
In recent years, Boshi has achieved remarkable results in the field of intelligent equipment product
innovation, market expansion and industrial services. The Company’s technological innovation drives the
expansion of multiple categories of products and expands the market application field; The Company
strengthened the construction of industrial service network, improved the service dimension, and the service
revenue scale broke a new high year after year and setting new highs repeatedly; The Company actively
cultivates and develops new quality productivity, and has made great progress in the direction of
digitalization and intelligence; The Company’s operating performance has achieved sustained good and rapid
growth.
In 2025, in the face of a complex and changing external environment, the Company will strive for prosperity,
consolidate its foundation, cultivate future industries, pay attention to R&D investment and product
innovation, and continue to build core competitiveness.
Looking forward to 2026, the Company in the era of national industrial digital development tide, with the
competitive advantages in the field of intelligent manufacturing equipment and industrial services, grasp the
market opportunities brought by the medium and long-term needs of enterprise intelligent transformation and
digital transformation, robot multi-scene deep application, as well as the national policy dividend of
accelerating equipment renewal and transformation, prevention and control of business risks, actively
promote the market adoption of new products and integrated solutions，and improve the certainty of business
performance. Combined with the Company’s current order size and sales market expectations, the Company
strives to achieve healthy development in its operational performance.
(1) The risk that “robot plus” and China intelligent equipment demand are less than expected.
In 2025, China adopted a more proactive fiscal policy and moderately accommodative monetary policy,
implementing multiple measures to expand domestic demand and stimulate economic recovery in response
to both internal and external economic pressures. However, on a global scale, the lingering effects of tariff
wars persist, with globalization efforts facing obstacles, trade protectionism escalating, and
geopolitical-economic crises occurring frequently. The sluggish growth momentum in world economy and
trade has transmitted external factors to domestic markets, creating an urgent need to boost domestic demand.
The Company’s intelligent equipment products are primarily applied in basic raw material industries. While
they remain relatively resilient to short-term macroeconomic fluctuations, long-term challenges emerge: if
external demand drivers like investment and consumption fail to effectively rebound, sustained price
volatility in customer products may dampen their willingness to invest and upgrade equipment. This could
reduce demand for high-end intelligent manufacturing equipment, thereby constraining the Company’s
medium-to-long-term performance and posing one of its key risk factors.
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
(2) The risks that the R&D of intelligent manufacturing equipment and the process of industrial
digitalization are less than expected.
The Company has the ability to provide customers with overall solutions for intelligent manufacturing and
intelligent factories in the main product application fields of large-scale intelligent complete sets of
equipment. As China advances from a major manufacturing country to a powerful one, the demand for the
transformation of digital workshops and intelligent factories continues to grow. According to the “14th
Five-Year Plan” for the Development of Intelligent Manufacturing, in the coming period, intelligent
manufacturing will focus on processes, equipment and data, relying on carriers such as manufacturing units,
workshops, factories and supply chains, to promote the digital transformation, networked collaboration and
intelligent transformation of the manufacturing industry. By 2035, digitalization and networking will be fully
popularized among manufacturing enterprises above designated size, and key enterprises in major industries
will basically achieve intelligence. Facing the huge market demand prospects of industrial digitalization, if
the Company fails to promptly expand into new technological application fields or fails to effectively
respond to, guide and meet market demands in product development, and the process of industrial
digitalization falls short of expectations, it may miss out on market dividends, which will have an adverse
impact on the Company’s medium and long-term development and become one of the risk factors the
Company is confronted with.
(3) The risk that AI technology cannot be deeply applied in the Company’s overall solution of
intelligent manufacturing.
The rapid advancement of digital infrastructure, including 5G and industrial internet, has created
unprecedented opportunities for intelligent manufacturing. AI not only drives the digital and intelligent
transformation of factories but also determines the depth and sophistication of future intelligent
manufacturing. While the Company holds a strong competitive edge in product applications, its medium-to
long-term growth potential and quality may be constrained if it fails to fully integrate AI technologies
powered by 5G and industrial internet into intelligent manufacturing products and technical solutions. This
integration gap could become a key risk factor in the current AI-driven industrial revolution.
(4) The risk that industrial services expand less than expected.
The industrial service business, as a booster for the Company’s performance growth and a buffer zone for
fluctuations in equipment revenue, has been developing steadily and sustainably over the long term. From
the perspective of the revenue scale of the production and operation and maintenance business in the
Company’s industrial services, compared with the huge potential demand for production capacity in China,
its market penetration rate is still at a relatively low level, and there is huge room for future development.
However, if the Company fails to continuously expand its industrial service business and adapt to the
multi-level service demands of customers, it will constitute one of the risk factors restricting the Company’s
medium and long-term development.
(5) The risk that “robot plus” development opportunities cannot expanded industrial directions
effectively
As early as 2005, the Company’s industrial robots with independent intellectual property rights had been
successfully applied at customer sites. The Company has continuously applied industrial robot perception
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
and control technologies to large-scale intelligent complete sets of equipment. In the fields it is engaged in, it
has maintained a leading technological edge for a long time. In recent years, the Company has achieved
remarkable results in the R&D, application and industrialization of high-temperature special operation robots
in the field of calcium carbide electric furnaces. It has successfully implemented and completed two
demonstration application projects of overall solutions for calcium carbide intelligent factories (workshops).
The Company’s concurrent R&D of special operation robots for high-temperature environments such as
ferrosilicon, ferromanganese and industrial silicon submerged arc furnaces has achieved positive results one
after another. If the Company fails to make sustained progress in the “robot plus” domain, replicate and
implement the carbide intelligent factory model, or accelerate the promotion and application of technological
achievements in new fields, it will adversely impact the Company’s medium-and long-term development,
constituting one of the key risk factors facing the Company.
(6)The risk that the progress of the industrialization R&D project of key technologies and principle
prototypes of humanoid robots is less than expected.
In the new round of scientific and technological revolution and industrial change to accelerate the evolution
of major cutting-edge technologies, disruptive technologies continue to emerge, in order to accelerate the
development of new quality productivity, combined with the Company’s advantages in intelligent
manufacturing equipment, high temperature special operation robots and intelligent factories and other
product applications. On August 18th, 2023, the Company signed a Strategic Cooperation Framework
Agreement with HGD to jointly establish a humanoid robot key technology and principle prototype
industrialization R&D project, and jointly promote the relevant technological achievements and future
industrialization work.On December 26th,2025, the Company delivered a video presentation showcasing the
project's phased R&D progress and selected test scenarios as of that date.
Humanoid robots represent a cutting-edge technology-driven future industry. Their R&D and
industrialization processes inherently carry high risks, with significant differences from existing industrial
robots in corporate applications. The technological innovation challenges are substantial, accompanied by
multiple uncertainties: Firstly, the collaborative partnership between the Company and HGD involves
interdisciplinary expertise, systemic complexity, phased implementation, and long-term timelines, making
the achievement of R&D outcomes highly unpredictable. Secondly, rapid technological iterations in
humanoid robotics both domestically and internationally raise doubts about the advancedness of prototype
designs. Thirdly, continuous iterations required after initial prototype launches introduce uncertainties
regarding subsequent development progress. Fourthly, whether interim R&D achievements can identify
suitable industrial applications remain uncertain. Fifthly, prototype designs may lack technological
sophistication or industrial viability, potentially preventing commercialization. Sixthly, the extended project
cycle may not yield immediate positive impacts on corporate performance, with unforeseen factors
potentially affecting project outcomes. Seventhly, constrained by industry-wide technological limitations,
key technologies require collective advancements that could delay R&D timelines or even halt projects.
Additionally, other unforeseen risks in this field further complicate the Company’s risk exposure landscape.
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
(7) The risk of technology confidentiality and unfair competition.
Technology leadership is the key to the Company’s differentiation strategy and maintaining competitive
advantage. The technology leading advantage of the products directly affects whether the Company’s
products can maintain a high level of sustainable profitability and the effective implementation of the
Company’s differentiated competitive strategy. The Company attaches great importance to technology
confidentiality by applying for intellectual property protection, strengthening legal rights protection, and
protecting the technology security of enterprises and preventing related risks through technical means.
Nevertheless, there are still intellectual property rights owned by the Company illegally stolen, and other
risks of unfair competition, which may cause potential economic losses to the Company.
These risks may cause potential economic losses to the Company, affect its long-term competitiveness and
dominant position, and constitute one of the risk factors that the Company is facing.
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
VI. Financial statements
(1) Consolidated Balance Sheet
Prepared by HARBIN BOSHI AUTOMATION CO., LTD. Unit: RMB
Item Dec 31, 2025 Jan 1, 2025
Current assets:
Cash at bank and on hand 123,312,905.58 55,996,398.59
Financial assets held for trading 1,998,076,613.71 1,934,953,566.81
Derivative financial assets
Bills receivable 191,618,917.60 197,170,155.60
Accounts receivable 1,257,355,174.66 1,201,119,619.90
Financing receivables 41,257,668.78 53,851,796.67
Prepayments 91,571,102.97 69,344,997.81
Other receivables 24,727,232.15 36,340,345.23
Thereof: Interest receivable
Dividend receivable 8,360,557.32
Inventories 2,143,789,860.13 2,072,436,762.83
Contract assets 192,614,086.16 156,905,007.88
Assets held for sale
Non-current assets due within one year 7,217,471.31 8,666,821.13
Other current assets 23,548,785.74 20,661,815.01
Total current assets 6,095,089,818.79 5,807,447,287.46
Non-current assets:
Debt investments
Other debt investments
Long-term receivables 42,260,512.06 12,520,693.35
Long-term equity investments 564,728,509.75 523,324,767.86
Other equity instruments investments 71,286,412.52 61,002,054.39
Other non-current financial assets
Investment properties 13,041,242.51 11,072,140.54
Fixed assets 378,299,699.38 362,897,699.40
Construction in progress 15,834,590.04 2,023,251.20
Productive biological assets
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
Oil and gas assets
Right-of-use assets 2,920,312.68 4,223,259.80
Intangible assets 50,537,962.14 54,090,016.00
Development costs
Goodwill 401,878.10 401,878.10
Long-term deferred expenses 83,196.64 75,344.58
Deferred tax assets 53,818,437.26 44,266,405.83
Other non-current assets 14,547,719.70 72,004,147.13
Total non-current assets 1,207,760,472.78 1,147,901,658.18
Total assets 7,302,850,291.57 6,955,348,945.64
Current liabilities:
Short-term loans 48,045,233.34 36,873,798.71
Financial liabilities held for trading
Derivative financial liabilities
Bills payable
Accounts payable 364,384,987.86 287,672,496.07
Advances from customers 96,750.00
Contract liabilities 1,726,130,402.84 1,806,791,270.47
Employee benefits payable 80,441,917.83 77,703,338.35
Taxes payable 28,027,949.35 45,232,724.27
Other payables 21,095,026.02 54,407,824.55
Thereof: Interest payable
Dividend payable 4,900,000.00 4,900,000.00
Liabilities held for sale
Non-current liabilities due within one year 3,246,728.70 3,296,253.38
Other current liabilities 110,850,793.74 126,947,921.74
Total current liabilities 2,382,223,039.68 2,439,022,377.54
Non-current liabilities:
Long-term loans
Bonds payable 461,630,937.11 447,585,593.01
Thereof: Preference shares
Perpetual debts
Lease liabilities 520,837.60 752,611.54
Long-term payable
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
Long-term employee benefits payable
Provisions 7,220,080.16 9,906,258.47
Deferred income 22,540,777.76 1,340,000.00
Deferred tax liabilities 20,970,098.23 17,190,937.90
Other non-current liabilities 56,526,839.53 88,916,685.57
Total non-current liabilities 569,409,570.39 565,692,086.49
Total liabilities 2,951,632,610.07 3,004,714,464.03
Shareholders’ equity：
Share capital 1,022,561,509.00 1,022,559,197.00
Other equity instruments 27,205,627.42 32,093,192.04
Thereof: Preference shares
Perpetual debts
Capital reserve 381,873,967.60 333,197,886.86
Less: treasury shares 13,368,803.26 41,777,510.20
Other comprehensive income 28,652,346.24 28,344,422.67
Specific reserve 28,232,764.07 27,453,042.66
Surplus reserve 451,872,926.93 397,185,756.08
General risk reserve
Retained earnings 2,244,805,345.74 1,991,376,325.85
Total equity attributable to shareholders of the parent company 4,171,835,683.74 3,790,432,312.96
Minority shareholder equity 179,381,997.76 160,202,168.65
Total shareholders’ equity 4,351,217,681.50 3,950,634,481.61
Total liabilities and shareholders’ equity 7,302,850,291.57 6,955,348,945.64
Legal representative: Deng Xijun Director of Finance: Sun Zhiqiang Prepared by: Wang Peihua
(2) Balance Sheet of Parent Company
Unit: RMB
Item Dec 31, 2025 Jan 1, 2025
Current assets:
Cash at bank and on hand 93,257,883.56 35,616,101.82
Financial assets held for trading 1,813,058,231.74 1,728,098,242.83
Derivative financial assets
Bills receivable 173,383,412.16 174,084,553.66
Accounts receivable 1,157,525,413.51 1,120,697,848.74
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
Financing receivables 29,049,436.90 44,527,080.67
Prepayments 80,177,885.72 69,728,931.68
Other receivables 26,576,620.49 36,036,592.13
Thereof: Interest receivable
Dividend receivable 5,100,000.00 13,460,557.32
Inventories 1,891,241,136.66 1,858,098,626.70
Contract assets 185,112,002.16 128,266,570.20
Assets held for sale
Non-current assets due within one year 7,217,471.31 8,666,821.13
Other current assets 7,946,660.59 10,424,684.77
Total current assets 5,464,546,154.80 5,214,246,054.33
Non-current assets:
Debt investments
Other debt investments
Long-term receivables 42,260,512.06 12,520,693.35
Long-term equity investments 935,889,877.97 874,385,703.48
Other equity instruments investments 35,005,732.52 24,721,374.39
Other non-current financial assets
Investment properties 9,380,344.33 5,484,683.52
Fixed assets 193,541,662.63 183,813,531.57
Construction in progress 15,834,590.04 19,591.16
Productive biological assets
Oil and gas assets
Right-of-use assets
Intangible assets 39,475,254.60 40,251,223.26
Development costs
Goodwill
Long-term deferred expenses 83,196.64 75,344.58
Deferred tax assets 42,538,978.82 35,462,835.42
Other non-current assets 13,068,876.11 66,968,189.25
Total non-current assets 1,327,079,025.72 1,243,703,169.98
Total assets 6,791,625,180.52 6,457,949,224.31
Current liabilities:
Short-term loans 1,295,233.34 8,780,890.70
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
Financial liabilities held for trading
Derivative financial liabilities
Bills payable
Accounts payable 538,378,227.88 453,120,039.20
Advances from customers
Contract liabilities 1,573,619,054.10 1,622,034,410.01
Employee benefits payable 54,498,296.50 56,654,254.53
Taxes payable 21,941,979.54 40,961,222.14
Other payables 32,216,361.47 52,483,457.80
Thereof: Interest payable
Dividend payable
Liabilities held for sale
Non-current liabilities due within one year 1,867,061.53 1,244,805.36
Other current liabilities 96,149,314.28 114,287,802.04
Total current liabilities 2,319,965,528.64 2,349,566,881.78
Non-current liabilities:
Long-term loans
Bonds payable 461,630,937.11 447,585,593.01
Thereof: Preference shares
Perpetual debts
Lease liabilities
Long-term payable
Long-term employee benefits payable
Provisions 5,289,999.00 8,122,017.23
Deferred income 22,540,777.76 1,340,000.00
Deferred tax liabilities 10,826,871.21 9,450,676.43
Other non-current liabilities 34,141,798.27 66,671,927.93
Total non-current liabilities 534,430,383.35 533,170,214.60
Total liabilities 2,854,395,911.99 2,882,737,096.38
Shareholders’ equity：
Share capital 1,022,561,509.00 1,022,559,197.00
Other equity instruments 27,205,627.42 32,093,192.04
Thereof: Preference shares
Perpetual debts
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
Capital reserve 380,081,311.69 331,606,192.68
Less: treasury shares 13,368,803.26 41,777,510.20
Other comprehensive income 5,921,057.34 5,613,133.77
Specific reserve 20,506,135.87 22,026,982.37
Surplus reserve 451,872,926.93 397,185,756.08
Retained earnings 2,042,449,503.54 1,805,905,184.19
Total shareholders’ equity 3,937,229,268.53 3,575,212,127.93
Total liabilities and shareholders’ equity 6,791,625,180.52 6,457,949,224.31
(3) Consolidated Income Statement
Unit: RMB
Item 2025 2024
Thereof : Operating revenue 2,828,078,579.62 2,862,689,438.16
Thereof : cost of sales 1,818,148,920.71 1,906,943,198.59
Taxes and surcharges 31,488,813.60 23,433,947.56
Selling and distribution expenses 130,847,696.56 136,359,835.05
General and administrative expenses 132,542,178.85 114,851,354.76
Research and development expenses 161,221,483.00 157,273,955.95
Financial expenses 17,241,409.36 10,830,119.56
Thereof : Interest expenses 20,203,942.94 15,531,937.55
Interest income 5,251,093.58 6,523,514.38
Add: Other income 108,044,801.45 118,858,773.11
Investment income ("-" for losses) 49,454,396.69 18,006,184.17
Thereof: Income from investment in associates and joint
ventures
Gain from derecognition of financial assets measured at
amortized cost
Exchange income (Loss is listed with “-”)
Net exposure hedging gains ("-" for losses)
Gains from changes in fair value ("-" for losses) 6,945,240.49 10,286,593.97
Credit impairment losses ("-" for losses) -22,477,395.17 -24,745,062.33
Impairment losses ("-" for losses) -26,317,017.32 -19,036,360.43
Gains from assets disposal ("-" for losses) 615,846.87 -391,823.66
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
Add: Non-operating income 1,601,016.35 796,755.68
Less: Non-operating expenses 1,090,299.88 4,114,572.87
Less: Income tax expenses 72,115,411.65 68,441,369.57
(1) Classification according to operation continuity
Net profit from continuing operations(loss is stated with “-”) 581,249,255.37 544,216,144.76
Net profit from discontinued operations(loss is stated with “-”)
(2) Classified by ownership of the equity
Attributable to shareholders of the parent company 563,756,408.99 524,225,526.98
Minority interests 17,492,846.38 19,990,617.78
Other comprehensive income attributable to shareholders of the
Parent Company, net of tax
(1) Other comprehensive income items which will not be
-446,795.59 6,475,619.66
reclassified subsequently to profit or loss
benefit plan
transferred subsequently to profit or loss under the equity method
-446,795.59 6,475,619.66
equity instruments
risk
(2) Other comprehensive income items which will be
reclassified subsequently to profit or loss
subsequently to profit or loss under the equity method
other comprehensive income
foreign currency financial statements
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
Other comprehensive income attributable to minority shareholders,
net of tax
Attributable to shareholders of the parent company 564,064,332.56 530,317,726.26
Minority interests 17,492,846.38 19,990,617.78
(1) Basic earnings per share 0.5546 0.5161
(2) Diluted earnings per share 0.5516 0.5130
Legal representative: Deng Xijun Director of Finance: Sun Zhiqiang Prepared by: Wang Peihua
(4)Income Statement of Parent Company
Unit: RMB
Item 2025 2024
Less: cost of sales 1,686,928,293.41 1,678,537,448.21
Taxes and surcharges 26,149,728.66 17,284,747.13
Selling and distribution expenses 123,738,531.14 125,726,418.37
General and administrative expenses 99,920,854.72 80,710,592.72
Research and development expenses 128,807,471.99 126,319,956.90
Financial expenses 16,177,288.58 14,186,674.64
Thereof : Interest expenses 19,201,366.22 18,545,128.36
Interest income 5,057,563.44 5,934,811.33
Add: Other income 99,776,541.59 93,987,588.39
Investment income ("-" for losses) 54,206,070.77 31,462,285.54
Thereof: Income from investment in associates and joint
ventures
Gain from derecognition of financial assets measured at
amortized cost("-" for losses)
Net exposure hedging gains ("-" for losses)
Gains from changes in fair value ("-" for losses) 5,924,402.99 8,620,740.24
Credit impairment losses ("-" for losses) -20,348,523.52 -24,841,066.45
Impairment losses ("-" for losses) -19,040,291.92 -12,729,525.63
Gains from assets disposal ("-" for losses) 574,205.17 1,996,590.22
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
Add: Non-operating income 364,308.24 263,477.33
Less: Non-operating expenses 833,113.58 4,025,493.03
Less: Income tax expenses 68,053,236.07 51,715,625.87
Net profit from continuing operations (loss is stated with “-”) 546,871,708.45 421,856,316.66
Net profit from discontinued operations (loss is stated with “-”)
(1) Other comprehensive income items which will not be
-446,795.59
reclassified subsequently to profit or loss
benefit plan
transferred subsequently to profit or loss under the equity method
-446,795.59
equity instruments
risk
(2) Other comprehensive income items which will be
reclassified subsequently to profit or loss
subsequently to profit or loss under the equity method
other comprehensive income
foreign currency financial statements
(1) Basic earnings per share
(2) Diluted earnings per share
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
(5) Consolidated Cash Flow Statement
Unit: RMB
Item 2025 2024
Cash received from sales of goods or rendering of services 2,484,958,185.63 2,546,539,298.17
Refund of taxes and surcharges 93,988,240.89 84,098,905.36
Other cash receipts relating to operating activities 41,679,412.55 22,552,130.45
Sub-total of cash inflows from operating activities 2,620,625,839.07 2,653,190,333.98
Cash paid for goods and services 1,139,697,869.69 1,042,709,208.40
Cash paid to employees and paid on behalf of employees 604,426,643.01 560,925,963.46
Payments of taxes and surcharges 321,273,473.25 229,959,415.91
Other cash payments relating to operating activities 157,586,719.92 175,752,767.20
Sub-total of cash outflows from operating activities 2,222,984,705.87 2,009,347,354.97
Net cash flows from operating activities 397,641,133.20 643,842,979.01
Cash received from withdrawing investments 10,561,666,078.62 7,286,398,874.08
Cash received from investment income 68,719,608.05 45,270,790.84
Net cash received from disposal of fixed assets, intangible
assets and other long term assets
Net cash received from disposal of subsidiaries and other
operating units
Other cash receipts relating to investing activities 460,000.00 268,265.00
Sub-total of cash inflows from investing activities 10,632,855,910.02 7,332,677,177.80
Cash paid to acquire fixed assets, intangible assets and other
long-term assets
Cash paid to acquire investments 10,659,779,000.00 7,831,350,000.00
Net increase of mortgaged loans
Net cash paid to acquire subsidiaries and other operating units
Other cash payments relating to investing activities 1,280,773.00 613,828.50
Sub-total of cash outflows from investing activities 10,713,338,199.40 7,932,922,408.48
Net cash flows from investing activities -80,482,289.38 -600,245,230.68
Cash received from capital contributions 325,000.00 1,335,000.00
Thereof: Cash received by subsidiaries from minority
shareholders’ capital contributions
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
Cash received from borrowings 64,529,510.62 50,350,627.74
Other cash receipts from financing activities 41,977,510.20
Sub-total of cash inflows from financing activities 64,854,510.62 93,663,137.94
Cash repayments of borrowings 42,700,000.00 29,000,000.00
Distribution of dividends or profits and payments for interest
expenses
Thereof: Cash payments for dividends or profit to minority
shareholders by subsidiaries
Other cash payments relating to financing activities 2,175,536.20 100,005,109.78
Sub-total of cash outflows from financing activities 311,786,753.57 416,020,266.31
Net cash flows from financing activities -246,932,242.95 -322,357,128.37
equivalents
Add: Cash and cash equivalents at the beginning of period 51,529,654.30 330,325,705.08
Legal representative: Deng Xijun Director of Finance: Sun Zhiqiang Prepared by: Wang Peihua
(6) Cash Flow Statement of Parent Company
Unit: RMB
Item 2025 2024
Cash received from sales of goods or rendering of services 2,284,895,528.01 2,250,294,749.44
Refund of taxes and surcharges 89,628,089.19 66,262,832.61
Other cash receipts relating to operating activities 36,576,221.51 12,313,503.97
Sub-total of cash inflows from operating activities 2,411,099,838.71 2,328,871,086.02
Cash paid for goods and services 1,344,281,821.16 1,270,280,285.01
Cash paid to employees and paid on behalf of employees 226,957,139.91 221,574,731.39
Payments of taxes and surcharges 279,461,262.44 153,469,750.93
Other cash payments relating to operating activities 152,799,891.89 137,239,239.30
Sub-total of cash outflows from operating activities 2,003,500,115.40 1,782,564,006.63
Net cash flows from operating activities 407,599,723.31 546,307,079.39
Cash received from withdrawing investments 9,285,427,078.62 6,584,008,874.08
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
Cash received from investment income 70,633,625.07 99,882,880.49
Net cash received from disposal of fixed assets, intangible
assets and other long term assets
Net cash received from disposal of subsidiaries and other
operating units
Other cash receipts relating to investing activities 70,000.00
Sub-total of cash inflows from investing activities 9,357,990,948.88 6,686,115,746.97
Cash paid to acquire fixed assets, intangible assets and other
long-term assets
Cash paid to acquire investments 9,425,010,000.00 7,029,963,330.00
Net cash paid to acquire subsidiaries and other operating units
Other cash payments relating to investing activities 613,828.50
Sub-total of cash outflows from investing activities 9,447,065,848.63 7,076,235,543.49
Net cash flows from investing activities -89,074,899.75 -390,119,796.52
Cash received from capital contributions
Cash received from borrowings 1,300,000.00 13,082,077.74
Other cash receipts from financing activities 41,777,510.20
Sub-total of cash inflows from financing activities 1,300,000.00 54,859,587.94
Cash repayments of borrowings
Distribution of dividends or profits and payments for interest
expenses
Other cash payments relating to financing activities 91,268,787.32
Sub-total of cash outflows from financing activities 260,154,141.92 347,548,372.63
Net cash flows from financing activities -258,854,141.92 -292,688,784.69
equivalents
Add: Cash and cash equivalents at the beginning of period 33,298,801.82 169,828,657.63
Board of Directors of HARBIN BOSHI AUTOMATION CO., LTD.
April 28th, 2026
HARBIN BOSHI AUTOMATION CO., LTD. Annual Report 2025(Abstract）
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