[年报]方大Ｂ(200055):2025年年度报告摘要（英文版）
原标题:方大Ｂ:2025年年度报告摘要（英文版） AnnualReport2025Summary I.ImportantDeclaration Theannualreportsummaryisabstractfromtheannualreport.Investorsshouldreadtheannualreportfromthespecifiedmediato fullyunderstandtheCompany'sbusinessachievements,financialstatusandfutureplans.AlltheDirectorshaveattendedthemeetingoftheboardmeetingatwhichthisreportwasexamined.Non-standardauditingopinion □Applicable?Inapplicable Profitdistributionper-planorcapitalizationplanintheperiodreviewedbytheBoardofDirectors?Applicable□Inapplicable Capitalizationplan □Yes?No The2025profitdistributionproposalapprovedbytheCompany'sBoardofDirectorsatthismeetingisasfollows:nocash dividendswillbedistributed,nobonusshareswillbeissued,andnocapitalizationofreserves(includingcapitalreserveorother reserves)willbemadetoincreasesharecapital. Thepreferenceshareprofitdistributionper-planapprovedbytheBoardofDirectors□Applicable ?Inapplicable II.GeneralInformation 1.CompanyProfile
ChinaFangdaGroupCo.,Ltd.wasfoundedinShenzhenin1991,withbusinessesspanningintelligentplatformscreendoor systemsforrailtransit,high-endsmartcurtainwallsystemsandmaterials,newenergy,andcommercialservices.Intermsofcore businesscompetitiveness,theCompany'sintelligentplatformscreendoorsystemsforrailtransitandsmartcurtainwallsystemsare bothindustry-leading.Notably,itsurbanrailtransitplatformscreendoorsystemhasbeenawardedthetitleof"Manufacturing Single-ProductChampion"byChina'sMinistryofIndustryandInformationTechnology.TheCompanyownssevennationalhigh- techenterprises,six"Specialized,Sophisticated,Distinctive,andInnovative"(SSDI)enterprises,two"NationalIntellectualProperty AdvantageEnterprises,"one"NationalQualityLeaderEnterprise,"andtwoprovincial-levelengineeringtechnologyresearchcenters. Duringthereportingperiod,theCompanycloselyfolloweditsannualthemeof"DigitalIntelligenceEmpowermentand ScientificManagement,"achievingnotableprogressininnovation-drivendevelopment,overseasmarketexpansion,andoperational riskcontrol.Adheringtoaninnovation-drivenstrategy,theCompanyactivelypromotesdeepintegrationofartificialintelligence(AI) technologiesacrossallbusinesssegments,embedsriskmanagementthroughouttheentireproductionandoperationprocess,and rigorouslymanagesoperatingcashflowtoeffectivelysafeguardoperationalsecurity.Whilesolidifyingitscompetitiveedgeinthe domesticmarket,theCompanyhasexpandeditsglobalfootprintthroughhigh-qualityproductsandsuperiorservices,demonstrating strongresilienceandgrowthpotentialacrossallbusinesssegments.Forthefullyear,theCompanyreportedoperatingrevenueof RMB3,377,303,100,netoperatingcashflowofRMB187,412,900,newlysignedoverseasordersaccountingfor27.06%oftotalnew orders,andanend-of-periodorderbacklogofRMB6,610,286,300,includingRMB2,536,530,100inoverseasorders,anincreaseof 12.31%year-on-year.ChinaFangdaGroupCo.,Ltd.maintainedasolidoperationalstanceamidacomplexenvironmentthrough robustcashflowmanagementandacontinuouslyoptimizedorderportfolio,layingastrongfoundationfortransformation,upgrading, andsustainabledevelopment. (I)IntelligentPlatformScreenDoorSystemsforRailTransit 1.EmpoweredbyArtificialIntelligence(AI)Technology,PioneeringaNewGrowthFrontierintheIndustryTheCompanyadherestoaninnovation-drivenstrategytocultivatenew-qualityproductiveforces.Duringthereportingperiod, theCompanybecamethefirstintheindustrytoenterthe"unchartedterritory"ofintelligentsafetyprotectionsystemsforhigh-speed railplatforms.Leveragingartificialintelligence(AI)technology,itsuccessfullydevelopedtheworld'sfirstfullyslidingdoorsystem forhigh-speedrailplatforms,achievingamajorbreakthroughinacriticaldomain.Thesystemcommencedsuccessfuloperationat ShenzhenFutianHigh-SpeedRailwayStationinOctober2025.Thismilestonenotonlyopenedacompletelynewbusinessfrontier fortheCompanybutalsoestablishedapowerfulengineforitshigh-qualitygrowth.ThissystemintegratesAI-poweredmultimodal fusiontechnology,deliveringthreeworld-firstachievements:thefirstplatformscreendoorsystemcompatiblewithalltrainmodels; thefirstcapableofdeploymentalongvaryingplatformedgeconfigurationsforadjacenthigh-speedrailtracks;andthefirsttoobtain CRCC certification for high-speed rail platform doors. By harnessing AI technology and leveraging its end-to-end in-house capabilities—fromindependentR&Dandmanufacturingtoservicedelivery—theCompanyeffectivelyaddresseslong-standing industrychallengesrelatedtocompatibilityandprecisealignmentofexistinghigh-speedrailplatformdoors.Itprovidescustomers withsmarter,moreefficient,energy-saving,environmentallyfriendly,andsaferrailtransitequipment,alongwithcomprehensive lifecyclesystemsolutions. TheCompany'sindependentlydevelopedCBMSintelligentoperationandmaintenancesystem(includingbothwebandmobile applications)hasbeenfullydeployedinMTRCorporation'sProject1254inHongKongandisstablyoperatinginapubliccloud environment,receivingpositivefeedbackonbothsystemreliabilityanduserexperience.ThroughAI-driventechnologicalinnovation, theCompanyhasreachedanewheightinitsinnovationcapabilityandisnowleadingtheglobalraceinthissector.Focusing on critical reliability bottlenecks during product operation, the Company successfully overcame multiple core technicalchallengesintheindustry,includingvoltagedropinsafetycircuits,connectordurability,andswitchcontactstability. Throughin-depthanalysisandvalidationofrepresentativeissues,theCompanyhasdevelopedreusablestandardizedtechnical solutionsandsystematicallyintegratedthemintotheR&Dandmanufacturingprocessesofnewprojects—markingastrategicleap from "solving individual cases" to "building asystematicframework." Thisadvancement has significantly enhancedproduct reliabilityandoperationalstability,furtherstrengtheningtheCompany'stechnologicalmoatinthefieldofintelligentplatformscreen doorsforrailtransit,andprovidingasolidfoundationtoconsistentlymeetthedemandingrequirementsofhigh-safety,high- availabilityapplicationscenarios. Inthefieldofretrofittingexistingrailtransitplatformscreendoorsystemsandsafetycontrol,theCompanyhassuccessfully developedrapiditerationandintegrationsolutionsforlegacysystemsfromothermanufacturersonolderlines.Thedevelopmentofa SIL4-certifiedplatformscreendoorcontrolsystemhasachievedabreakthrough,layingasolidtechnicalfoundationforretrofitting bothdomesticandinternationalrailtransitlines. TheCompanyhasbeendeeplyinvolvedintheformulationofnationalandindustrystandards.Itservedastheleadeditorforthe firstnationalstandardintheurbanrailtransitplatformscreendoorsector—"PlatformScreenDoorSystemsforUrbanRailTransit" (GB/T46749-2025)—andthefirstindustrystandard—"PlatformScreenDoorsforUrbanRailTransit"(CJ/T236-2022).Italso participatedindrafting"TechnicalSpecificationforPlatformScreenDoorSystemsofUrbanRailTransit,""TechnicalGuidelinesfor SmartStationConstructioninRailTransit,""TechnicalSpecificationforIntelligentForeignObjectDetectionSystemsBetween PlatformScreenDoorsandTrainDoorsinUrbanRailTransit,""AcceptanceSpecificationforFullyAutomatedOperationSystems in Urban Rail Transit," and "Technical Specification for Platform Door Systems of High-Speed Railways." Through these standardizationefforts,theCompanyhasfurtherconsolidateditsleadingpositionintheindustry,promotedstandardizedand regulateddevelopmentoftherailtransitplatformscreendoorsector,andprovidedChinesetechnicalstandardstosupporttechnology adaptationforprojectsalongthe"BeltandRoad"routes. TheCompanyadherestosustainedinvestmentinR&Dandinnovation.Asofnow,theCompanyholds315patents(including 70inventionpatents)foritsintelligenturbanrailtransitplatformscreendoorsystemsinChinaandoverseas,22internationalPCT patents,and15softwarecopyrights,formingacoretechnologyclusterandacomprehensiveintellectualpropertysystemwithfull independentownership. 2.DeepeningOverseasMarketPenetrationandAchievingDualImprovementinScaleandQualityofGlobalLayoutFormanyyears,theCompanyhascontinuouslyexpandedintooverseasrailtransitmarkets,establishingamarketdevelopment patternthatfostersmutualreinforcementbetweendomesticandinternationaldualcirculation.Duringthereportingperiod,the Companyachievedhistoricbreakthroughsinbothorderacquisitionandprojectexecutionacrossdomesticandoverseasmarkets.In thedomesticmarket,theCompanyfocusedoncoreurbanagglomerations—includingtheGuangdong-HongKong-MacaoGreater BayArea,theYangtzeRiverDelta,andtheBeijing-Tianjin-Hebeiregion—aswellaskeycitiesincentralandwesternChina, activelysupportingthenetworkeddevelopmentofurbanrailtransitsystems.Itsuccessfullydeliveredsevenmajordomesticprojects tohighstandards,includingDongguanMetroLine1andShenzhenMetroLine16PhaseII.Internationally,itcompletedthe landmarkMumbaiMetroLine3projectinIndia,achievingcommercialoperationforatotalofeightprojectsworldwide—four domesticallyandfouroverseas.Amongthese,theopeningofDongguanMetroLine1propelledtheGreaterBayAreaintoanewera ofgrid-basedrailtransitoperations;ShenzhenMetroLine8PhaseIIIrealized"subwayconnectivityineverydistrict"across Shenzhen;andthenewlyopenedsectionofNanningMetroLine4markedthefirst-evermetroserviceinYongningDistrict. Meanwhile,MumbaiMetroLine3—thefirstfullyundergroundmetrolineinIndia—hasfundamentallytransformedlocal publictransportationpatterns,demonstratingtheCompany'sstrongcapabilityinhigh-qualityprojectdelivery.Intermsofmarket expansion,in2025theCompanysuccessfullywonbidsforkeydomesticprojectssuchasShenzhenMetroLine13PhaseIIand Shijiazhuang Metro Line 4Phase I, aswell asthe Almaty Metro Line 1project in Kazakhstan. Its order backlog reached CompanyhasfurtherdeepeneditspresenceinSoutheastAsia,CentralAsia,andSouthAsia,whilealsoexpandingitsreachinto emergingmarketsinEuropeandSouthAmerica,writinganewchapterinitsglobalmarketdevelopment.Bycloselyaligningwith thedevelopmentstatusofoverseasrailtransitmarkets,theCompanyprovidescustomizedtechnicalsolutionsandproductservices, establishingitselfasaleadingbenchmarkfortheinternationalizationofChina'srailtransitequipmenttechnology. 3.EnhancingIntegratedTechnicalServiceCapabilitiesandContinuouslyRefiningFull-ChainIndustrialLayoutTheCompanyisacceleratingitstransformationfromarailtransitplatformscreendoorsystemequipmentmanufacturertoa full-industry-chainserviceproviderintegrating"equipmentmanufacturing+integratedtechnicalservices."Duringthereporting period,theCompanysecuredoverseasprojectsincludinglong-termmaintenanceandservicingcontractsforplatformscreendoor systemsinHongKong.Notably,the30-yearlong-termmaintenancecontractforhalf-heightsafetydoorsonSingapore'sJurong RegionLineandthe6-yearmaintenancecontractforHongKong'sEastRailLinemarksignificantbreakthroughsintheCompany's after-salesservicecapabilitiesintherailtransitplatformscreendoorsector,usheringinanewchapterforintegratedtechnicalservice offeringsintheindustry. Intheareaoftechnicalretrofitsforrailtransitplatformscreendoorsystems,theCompanyhasconsistentlyremainedatthe forefrontoftheindustry.In2025,leveragingitsproprietary"plug-and-play"technology,theCompanywonthecontracttoinstall half-heightdoorsonHongKong'sEastRailLineandcompletedtheprojectsixmonthsaheadofschedule,earningthe"Outstanding CollaborationAward"fromMTRCorporationLimited.Thisprojecthasbecomeabenchmarkcaseexemplifyingtheintegrationof advancedtechnologyandhigh-qualityserviceintheindustry. The Company has established a full-industry-chain service system covering "R&D – manufacturing – installation – maintenance,"successfullyupgradingitsbusinessmodelfromproduct-onlydeliverytodualoutputof"products+services," providingstrongsupportforglobalmarketexpansion.Intermsofindustriallayout,theCompanycloselyalignswithoverseasmarket demandsandhasfurtheroptimizeditsglobaloperationsandmaintenancecenternetworkbyestablishingamaintenancecenterin Hong Kong, significantly enhancing service efficiency for international clients. Domestically, the Wuhan production base commencedsmoothoperationsduringthereportingperiod. Forthereportingperiod,theCompany'srailtransitplatformscreendoorbusinessgeneratedrevenueofRMB596,770,500,of whichintegratedtechnicalservicerevenueamountedtoRMB87,850,600,accountingfor14.72%.Newlysignedordersforintegrated technicalservicesincreasedby32.32%comparedtothesameperiodoftheprioryear.4.DeepeningInternationalCooperationandStrengtheningtheIndustrialEcosysteminOverseasMarketsUsingtechnicalexchangeasabridgeandwin-wincollaborationasthecoreprinciple,theCompanyhascontinuouslydeepened industryengagementandinternationalcooperationbothdomesticallyandoverseas.In2025,itconductedmorethan20external technicalexchangeswithinternationallyrenownedenterprisesandinstitutions—includingAlstomheadquarters (France),Land TransportAuthority(LTA)headquarters(Singapore),andEgypt'sNationalAuthorityforTunnels—aswellasleadingdomestic entitiessuchasShanghaiShentongMetroandGuangzhouMetro—significantlyenhancingitsglobalbrandinfluenceandindustry recognition.Initsinternationalcollaborations,theCompanyhasactivelyintegratedintotheindustrialecosystemoftheBeltand RoadInitiative.ItsignedaMemorandumofUnderstanding(MoU)on"LocalizationofPlatformScreenDoorSystems"withEgypt's NationalAuthorityforTunnels,promotinglocalizeddeploymentandapplicationofplatformscreendoortechnologyintheregion. Additionally,theCompanyjointlyestablishedthe"RailTransitConstructionandDevelopmentLaboratory"withHoChiMinhCity UniversityofTransport.ThislaboratoryservesasashowcaseforChina'srailtransittechnologyexports,supportinglocaltalent developmentwhileachievingdeepintegrationoftechnologyandindustry,therebyinjectingChineseexpertiseintotheadvancement ofoverseasrailtransitmarkets. (II)IntelligentCurtainWallSystemsandNewMaterials 1.FocusingonaHigh-EndPremiumStrategyandBuildingBrandFoundationthroughBenchmarkProjectsTheCompanyadherestoaninnovation-drivenapproachtodevelopnew-qualityproductiveforces,focusingonahigh-end premiumstrategyandcounteringtheindustry's"involutionary"competitionbydeliveringhigh-qualityproductsandsuperiorservices toclients.Itpreciselytargetsthehigh-endcurtainwallmarketsbothdomesticallyandinternationally,deepensengagementwith curtainwallsolutions.Thisconsistentdeliveryofhigh-qualityprojectsreinforcesitscorecompetitiveadvantage.Duringthe reportingperiod,theCompanywonbidsforaseriesofhigh-qualitybenchmarkprojects,includingtheMedicalSchoolofThe ChineseUniversityofHongKong,Shenzhen;PhaseI(EmergencyComprehensiveBuilding)oftheShenzhenPeople'sHospital Expansion and Reconstruction Project; Shenzhen Guoxing Core Tower; Zhuhai Yibos' R&D, Operations, and Intelligent ManufacturingHeadquarters;JDGroupShanghaiHeadquartersT1;andthepodiumbuildingofChinaMerchantsShekouTowerin Shenzhen—furtherdemonstratingitsstrongcompetitivenessinthehigh-endmarket.In2025,theCompany'sintelligentcurtainwall and new materials business generated revenue of RMB2,569,944,700, with an order backlog at year-end amounting to RMB4,309,241,600,whichis1.68timesthesegment's2025revenue.Therobustorderpipelineprovidessolidsupportforsustained andstablebusinessgrowth. Throughexceptionalengineeringqualityandprofessionalservice,theCompanyhasearnedwidespreadrecognitionandhigh praisefromclients.Duringthereportingperiod,thecurtainwallprojectsforShenzhenChinaElectronicsTowerandQianhai InformationHubTowerinShenzhenreceivedthe"Excellent"ratingintheGuangdongProvincialEvaluationofBuildingDecoration EngineeringQuality.QianhaiFinancialHoldingsTowerinShenzhenwasrecognizedamongthe"Top10InnovativeProjects"inthe curtain wall industry. Projects including Tencent Digital Building, ByteDance Houhai Center, and Kingdee Cloud Tower in Shenzhenweredesignatedas"ShenzhenStandard"DemonstrationProjects.Additionally,ShenzhenBayCulturalPlaza,TheSeventh AffiliatedHospitalofSunYat-senUniversity(Shenzhen),FutianGreaterBaySmartPlaza,ChinaMerchantsShekouTower,OPPO BinhaiBayIntelligentManufacturingIndustrialPark,andAntGroupGlobalHeadquartersPhaseIIallreceivedhighcommendations fromtheirrespectiveclients.Thesuccessful,high-qualitydeliveryofthesebenchmarkprojectsandthestrongmarketrecognition theyhavegarneredfullyreflecttheCompany'stechnicalexcellenceandbrandinfluenceinthecurtainwallengineeringsector,laying asolidreputationfoundationforcontinuedhigh-qualitybusinessdevelopment.2.DeepeningtheGlobalizationStrategyandBuildingNewGrowthEnginesOverseasFacedwithdualpressuresfromslowingglobaleconomicgrowthandintensifyingcompetitioninChina'sdomesticcurtainwall market, theCompany hasfirmly advancedits international transformation strategy. Through aglobally diversified layout, it effectivelyhedgesagainstrisksassociatedwithrelianceonasinglemarket.In2025,overseasbusinessachievedsimultaneousgrowth inbothvolumeandquality,withnewlysignedoverseasordersincreasingby48.67%year-on-year.Breakthroughprogresswasmade inkeyregions—includingAustralia,theMiddleEast,SouthAsia,andSouthAmerica—establishingthemascriticaldriversforthe Company'shigh-qualityindustrialdevelopment. Australia,asacorestrategicmarket,continuestobedeeplycultivated,resultinginamatureoperationalframeworkcenteredon "two hubs—Melbourne and Sydney—with multi-point radiating coverage." The Company has established long-term strategic partnershipswithleadinglocalcontractorsandtop-tierdistributorsandhassuccessfullypassedCodeMarkcertificationaudits,further solidifyingitsbrandpositionintheregion.Duringthereportingperiod,theCompanysecuredkeyprojectsinSydneyandBrisbane, fullyimplementinglocalizedoperationsbyestablishinglocalprojectmanagementanddesignteams.Thisapproachenablesefficient alignmentwithlocaltechnicalstandardsandmarketregulations,significantlyenhancingprojectexecutionefficiencyandservice quality. EmergingmarketsintheMiddleEast,SouthAsia,andSouthAmericahaveseenacceleratedbreakthroughsacrossmultiple fronts. In the Middle East, the Company achieved the "Fangda Speed"—establishing a local team, securing projects, and commencingimplementationallwithinthesameyear.ItforgeddeepcollaborationswithrenownedDubai-basedcontractorsand leadingdevelopers,winningthecurtainwallcontractforthelandmarkOneRiverPointprojectinDubaiandsigninganaluminum panelorderforthewind-responsivefa?adeprojectwithDPWorld(DubaiPortsWorld).InSouthAsia,Bangladeshservesasthe focalpoint,withtheCompanysuccessivelywinningbidsformultiplepremiumcurtainwallprojects,includingForumTower, Pinnacle,andMiraiofNirman.InSouthAmerica,theCompanysuccessfullydeliveredthecurtainwallprojectforBogotáMetro StationinColombia,whereitsultra-largeterracottapanelunitizedcurtainwalltechnologyreceivedhighpraisefromtheclient. Leveragingsuperiorproductquality,comprehensiveservicecapabilities,rapidadaptabilitytolocalregulatoryrequirements,and customized design expertise, the Company precisely meets the differentiated demands of high-end projects, earning strong Lookingahead,theCompanywillcontinuetodeepenitspresenceinoverseasmarkets,prioritizebreakthroughsinthehigh-end MiddleEasternmarket,steadilyexpanditsbusinessfootprintinSoutheastAsiaandSouthAmerica,andcontinuouslyincreasethe shareofoverseasrevenue.ThisstrategicfocusaimstodriveleapfroggrowthininternationaloperationsandestablishChinaFangda GroupCo.,Ltd.asagloballeaderinintelligentcurtainwallsystems.3.EmpoweringTechnologicalInnovationwithArtificialIntelligence(AI)toStrengthenCoreIndustrialAdvantages TheCompanyconsistentlyregardsintelligentmanufacturingandartificialintelligence(AI)technologiesasthecoreenginesof industrial upgrading, integrating technological innovation across key areas including green energy efficiency, prefabricated construction,newmaterialapplications,andcomplexcurtainwallsystems.ThisapproachhasenabledtheCompanytoestablishend- to-endbreakthroughcapabilitiesspanningR&D,productiteration,andengineeringimplementation.①DeepAIIntegrationAcrosstheEntireIndustrialChain The Company has comprehensively advanced its digital and intelligent manufacturing strategy. Its nine self-developed information management systems—including the OA office system, PMS project management system, and MES production managementsystem—enableseamlessinformationexchangeandresourcesharingacrossdailyoperationsandtheentirecurtainwall lifecycle. Inengineeringpractice,theCompanyhasdeeplyintegratedfull-processBIMapplication,3Dscanning,andreversemodelingto enhancethepracticalapplicationofdigitaltwintechnology.BycombiningaBIMparametricdesignplatformwithAIintelligent algorithms,ithasdevelopedanintegratedsolutionforintelligentcurtainwallconstructiondrawingdesignandprecisematerial cutting.Additionally,leveraginglightweightcomponentmodelsandQRcodetraceabilitytechnology,theCompanyhasestablisheda comprehensivedigitalcurtainwallconstructionsystemthatachievesend-to-enddataconnectivityacrossdesign,fabrication,and construction.Thissystemhasbeensuccessfullyappliedtomultiplelandmarkprojectsfeaturingsupertallstructuresandcomplex geometries,includingShenzhenBayCulturalPlazaandFutianSmartPlaza.Inproduction,theCompanypartneredwithHuaweiCloudtoupgradeitsmanufacturingbase'sMESsystem,integratingcore modulessuchasproductionplanningandexecutioncontrol.ByfusingAIintelligentalgorithms,itbuiltanautomatedaluminum panelunfoldingmodellinkedwiththeMESsystem,establishingadigitalcontrolcenterfortheentirealuminumpanelprocessing workflow.Thishasrealizeddigitalprocessupgradesandrefinedclosed-loopmanagementofthefabricationprocess.Furthermore, theCompanyhasembeddedAItechnologyintocoreprocesseslikeproductionschedulingandqualityinspection.Bycombiningdeep learningalgorithmswithhigh-precisionvisualrecognition,itisactivelyexploringscenario-basedapplicationsforaluminumpanel surfacequalityinspection,effectivelyovercomingthelimitationsofmanualinspectionandsignificantlyenhancingproduction efficiencyandqualitycontrol. Inthefieldofintelligentoperationandmaintenance,theCompanyhasinitiatedtechnicalcollaborationswithmultipledroneand roboticscompanies,achievingsuccessfulcommercialapplicationattheShenzhenGreaterBayAreaFashionHeadquartersCenter project. Moreover,theCompanyhasindependentlydevelopedandlaunchedseveralprofessionalcurtainwallAIagentscoveringdiverse officescenariossuchasintelligentimageprocessing,copywritingassistance,engineeringdocumentretrieval,andfull-cycledesign management. These AI agents empower end-to-end efficiency gains, comprehensively driving the digital and intelligent transformationofcurtainwallengineeringdesignandconstructionmethodologies.②AcceleratingtheMarketTransformationofInnovationAchievementsTheCompanyactivelyrespondstonationalpoliciesonenergyconservationandcarbonreduction,focusingonkeyareassuchas greenenergyefficiency,prefabricatedconstruction,high-performancenewmaterials,andpremiumcurtainwallsystems.Leveraging theplatformadvantagesoftheGuangdongProvincialPrefabricatedBuildingCurtainWallEngineeringTechnologyResearchCenter, itcontinuouslyintensifiestechnologicalR&Dandproductinnovation,significantlyacceleratingthecommercializationofscientific andtechnologicalachievementsandbreakthroughsincoretechnologiestopreciselymeetthediversified,high-qualityapplication requirementsofglobalclients. Inproductinnovation,theCompanyprioritizesthedevelopmentofnext-generationcurtainwallsystems,includingthenovel system, and ultra-high-weatherability titanium honeycomb panel system. Among these, the AI-intelligent weather-responsive motorizedcasementwindowsystem—integratingAIalgorithmsandsmartsensingtechnology—hasbeensuccessfullyimplemented attheShenzhenBayCoastalBusinessCenterproject,furtherexpandingtheapplicationboundariesofintelligentcurtainwall technology.TheCompany'sself-developedproductseries—includingFangdaSystemLouvers,FangdaChannelEmbedments,and FangdaSystemWindows—havebeenwidelyappliedinlandmarkbuildingssuchasGuangzhouXiangjiangNo.1andShenzhen MedicalAcademy,empoweringpremiumarchitecturalqualitythroughtechnologicalinnovation.RelyingonChina'sfirstintelligentfullyautomatedaluminumpanelproductionlinebuiltindependentlybytheCompany,a majorbreakthroughin"MadeinChina"forintelligentaluminumpanelmanufacturinghasbeenachieved.Newproducts,including ultra-high-precision prefabricated double-curved aluminum panels and high-performance, ultra-weather-resistant copper-finish brushedaluminumpanels,haveenteredlarge-scalemassproduction.Notably,thecopper-finishbrushedaluminumpanels—a pioneeringachievement—havebeensuccessfullyappliedtotheXiong'anHeadquartersProjectofChinaMineralResourcesGroup. Additionally,theCompany'sself-developedintegratedcorner-formingtechnologyforstone-effectroller-coatedaluminumpanels wasimplementedatscaleforthefirsttimeintheWuhanBusinessCollegeproject,successfullyachievingdomesticsubstitutionfor imported U.S. White Granite material, thereby significantly enhancing supply chain autonomy, controllability, and core competitiveness. In international market expansion, the Company continuously launches customized products tailored to regional market demands. IntheAustralianmarket,theCompanystrictlyadherestotheAustralianStandardASNZS4284-2008"Testingofbuilding facades,"independentlydevelopinganextra-largeseismic-resistantGRCgreenenergy-efficientunitizedcurtainwallsystem.Ithas alsocompletedcriticalperformancevalidations—includingCWCTsoft-bodyimpactandhailresistancetests—forterracottapanels, providingrobusttechnicalassuranceforthesafeandreliableapplicationofcurtainwallsystems.Thesetechnologieshavealready beensuccessfullydeployedinprojectsinMelbourneandBallarat.TheCompanyhasdevelopedaseriesofproductscompliantwith Australianstandards,includingtheFD-WW115x70Bgreenenergy-efficientwindow-wallsystem,FD-CW145x90Agreenenergy- efficientunitizedcurtainwallsystem,high-performancedouble-layerrain-resistantventilationlouvers,andgreenenergy-efficient slidingdoors.TheseproductshavebeenappliedinprojectsinMelbourne,Australia,andBangladesh,continuouslyenhancingbrand influenceandmarketrecognition. IntheSouthAmericanmarket,targetingrailtransitandpublicbuildingscenarios,theCompanyhasspecificallydeveloped distinctiveproductssuchasextra-largeenergy-efficientwindow-wallsystems,extra-largeterracottaunitizedcurtainwalls,and ceramic-effectaluminumunitizedcurtainwalls.ItefficientlydeliveredthecurtainwallprojectforBogotáMetroStationinColombia, leveragingmaturetechnicalsolutionstoenterthehigh-endcurtainwallmarketinSouthAmerica.IntheMiddleEasternmarket,theCompanyhaspartneredwithalocal Dubai-basedcurtainwallsystemsfirmandtheinternationally renowned consultancy Inhabit to co-develop customized solutions—including a novel energy-efficient framing system,sand-resistantlouver system,andenergy-efficientunitizedcurtainwall skylightsystem—tailoredtoregional climatic conditionsandproject-specificrequirements.Theseinnovationscomprehensivelyaddressthechallengesofhightemperaturesand sandstorms,establishingasolidfoundationformarketexpansionintheMiddleEastthroughlocalizedcollaborativeinnovation. ③SynergisticIndustry-Academia-ResearchCollaboration TheCompanysteadfastlyadvancesdeepintegrationofindustry,academia,andresearch,activelybuildingacollaborative innovationecosystemlinking"universities–enterprises–industries."InR&Dtalentdevelopment,theCompanyregularlyorganizes innovationtrainingsessionsandtechnicalexchangeactivitiesforemployees,invitingindustryexpertstodeliverlecturesandprovide guidance—broadening staff horizons and enhancing innovative capabilities. The Company has established talent cultivation cooperationframeworkswithmultipleuniversities,includingJinanUniversityandGuangdongPolytechnicCollege,tosecurea steadypipelineofR&Dpersonnel.Duringthereportingperiod,theCompanysuccessfullyobtainedapprovaltoestablishthe "ShenzhenPostdoctoralInnovationPracticeBase,"creatingapowerfulhubforattractingandnurturinghigh-endscientificresearch talentanddrivingcurtainwalltechnologiestowardintelligentandgreendevelopment.Leveragingthisplatform,theCompany LowerCurtainWallClosureSystem"andthe"Extra-LargeHigh-VanadiumCable-SupportedCurtainWallTechnology"—earnedthe Companyinclusioninthe24th"ShenzhenEnterpriseInnovation(China)Records,"highlightingitssystematicandleading-edge technicalcapabilitiesincomplexcurtainwallengineering. TheCompanyalsoactivelycontributesitsaccumulatedtechnicalexpertisebacktothebroaderindustry.Itssubsidiary,Fangda Yunzhu,participatedindraftingtheindustrystandard"StandardTestMethodsforBuildingCurtainWallEngineering."Thiseffort notonlyadvancestheupgradingofindustry-widequalityinspectionsystemsbutalsocontinuouslyreinforcestheCompany's influenceandauthorityinindustrystandardization. 4.EnhancingtheGanzhouBasetoStrengthenFoundationsforIntelligentandGreenDevelopmentIn2025,theGanzhouintelligentmanufacturingbasefocusedcomprehensivelyonmarketexpansion,technologicalinnovation, capacityupgrading,managementenhancement,andgreenmanufacturing—solidifyingthefoundationforhigh-qualitydevelopment andcontinuouslystrengtheningitsindustrialcarryingcapacityandcorecompetitiveness.Intermsofproductioncapacity,thebasehascommissionedadouble-curvedpanelproductionline,ahoneycombpanelprocessingline,andadedicatedplatformscreendoorproductionline.Bothdouble-curvedaluminumpanelsandhoneycombpanels nowachievestablelarge-scaleproductionwithfullcoverageacrossallpaneltypes,stronglysupportingtheCompany'scompetitive edgeinthehigh-endcomplex-shapedaluminumpanelmarketandlayingasolidcapacityfoundationforsustainedcorebusiness growth. Regardingdigitalandintelligentempowerment,thenewMESplatformhasbeenfullylaunched,enablingdynamicreal-time monitoring of the entire production process and precise cost accounting, significantly improving manufacturing operational efficiency.TheCRMsystemhasbeensuccessfullydeployedandputintouse,continuouslyenhancingsalesmanagementanddata- drivencapabilities.Moreover,theindustry'sfirstfullyautomatedaluminumsingle-panelproductionlineinChinahasachievedlarge- scalemassproduction,simultaneouslyelevatingbothproductionefficiencyandproductquality.Ongreenmanufacturingandcertificationsystems,theGanzhoufactoryhasbeenawardedmultiplerecognitions:High-Tech Enterprise, "Specialized, Sophisticated, Distinctive, and Innovative" SME, Jiangxi Province Digital Transformation L6-Level Enterprise,andPerformanceGradeBEnterpriseamongkeyatmospheric-emission-intensivesectorsinJiangxiProvince.Notably,it istheonlyenterpriseinZhanggongDistrict,GanzhouCity,JiangxiProvince,exemptedfrommandatoryproductionhaltsoroutput restrictionsduringheavypollutionweatheremergencyresponses—providingrobustassuranceforuninterruptedproductionand efficient order fulfillment. Additionally, the base has successfully obtained Alstom supplier qualification and ISO 3834-2 internationalweldingsystemcertification.ItcontinuestomaintainrigorouscompliancewithISO9001,ISO45001,ISO14001,and Level-3WorkSafetyStandardizationmanagementsystems,empoweringsteadyindustrialgrowththroughhigh-standardgovernance. (3)Newenergyindustry NewenergyisoneoftheCompany'skeybusinesssegments.TheCompanyactivelyrespondstoChina'snational"DualCarbon" strategy,positioningnewenergyasacriticalengineforgreentransformationandsustainabledevelopment.Beyondoperatingitsown distributed photovoltaic (PV) power stations, the Company focuses on developing Building-Integrated Photovoltaics (BIPV) solutionsforclients.AsoneofChina'searliestenterprisesengagedinBIPVtechnologyR&Dandapplication,theCompanyhas establishedafull-industry-chainservicesystemcoveringdesign,manufacturing,integration,andoperation,accumulatingsignificant technologicalleadershipinthegreenenergysector. Duringthereportingperiod,theCompanysuccessfullydeliveredBIPVdistributedpowerstationsforprojectsincludingShenzhen LuhuCenterandGuangzhouKuGouMusicBuilding.Thephotovoltaicpowerstationscoveranareaofapproximately1,400 squaremeters,withanestimatedaverageannualpowergenerationofabout230,000kWh—equivalenttosaving92tonsof standardcoalandreducingCO?emissionsby230tonsannually—offeringareplicabletechnicalpathwaytowardurbanbuilding carbonneutrality. TheCompany'sself-ownedPVpowerstationprojectsinPingxiangandNanchang(JiangxiIsuzuAutomobileparkinglot), JiangxiProvince,andSongshanLakeBaseinDongguan,GuangdongProvince,continuetooperatereliably,generatingstableprofits andcashflow.Duringthereportingperiod,theCompanyfullyutilizedtherooftopspaceoftheGanzhoufactorytoconstructa Operatingunderthe"self-generationforself-use,surpluspowertogrid"model,over80%ofthegeneratedelectricityisconsumed on-siteduringpeak-loadperiods,reducingexternalelectricitypurchasesbyabout2.82millionkWhperyear—savingapproximately 1,056tonsofstandardcoalandcuttingCO?emissionsbyroughly2,800tonsannually.AttheShanghaifactory,aPVpowerstation withaninstalledcapacityof806.4kWpwasbuiltonthefacilityrooftops,projectedtogenerate887,000kWhannuallyandreduce CO?emissionsbyapproximately696tonseachyear. Lookingahead,theCompanywillcontinuedeepeningitsnewenergyindustriallayout,leveragingtechnologicalinnovationto expandPVapplicationscenariosanddrivingdeeperintegrationofgreenenergywitharchitectureandmanufacturing—contributing Fangda'sstrengthtowardachievingChina's"DualCarbon"goals. (IV)CommercialManagementandServices TheCompany'scommercialmanagementandpropertyservicesareprimarilylocatedinShenzhenandNanchang.Leveraging thegeographical advantages of the Guangdong-Hong Kong-Macao Greater BayAreaand thepolicy dividends fromJiangxi Province's"StrongProvincialCapital"strategy,theCompanycontinuouslyenhancesassetoperationefficiencyandservicequality throughadual-drivenapproachof"precisepositioning+digitalempowerment."IntheShenzhenmarket,theCompanyfully capitalizesonthecity'sconcentrationofinnovationresourcesandheadquarterseconomyadvantages.Throughinnovativeleasing strategiesandoperationalupgrades,itconsistentlymaintainsoccupancyandleasingratesaboveindustryaverages.Bytheendofthe reportingperiod,theFangdaTownprojectachievedasalesdecontaminationrateof98.84%andaself-ownedpropertyoccupancy rateof71.34%.TheFangdaTechnologyBuildinghadanoccupancyrateof82.21%.TheNanchangFangdaCenterprojectissituated inthecoreareaofHonggutanCBD,benefitingfromsteadilyimprovingmarketexpectations.Asoftheendofthereportingperiod, itssalesabsorptionratestoodat46.83%,andtheoccupancyrateofself-heldpropertiesreached88.87%.TheCompanyiscomprehensivelyadvancingdeepintegrationof"AI+PropertyManagement,"reshapingserviceexperiences anddrivingoperationalefficiencythroughdigitalmeans.Inparkingmanagement,theCompanycompletedtheintelligentupgradeof theFangdaBuildingparkinglotandoptimizeditsonlinepaymentsystem,improvingserviceefficiencybyover60%.Inenergy consumptionmanagement,AIalgorithmswereintroducedtooptimizetheoperatingstrategyofthecentralair-conditioningsystem, achievingacomprehensiveenergy-savingrateofover24%.Thepublic-arealightingsystemnowenablesprecisezonalandtime- basedcontrol,effectivelyreducingoperationalenergyconsumptionbyapproximately20%.Regardingcommercialfacilityoperations, theCompanyhascompletedtheintelligentretrofitofelevatoradvertisingdisplays,enablingremotecentralizedcontentmanagement andultra-fastdeployment—providinganefficientplatformforprecision-targetedadvertising.Goingforward,theCompanywill continueenhancingpropertyoperationalefficiencyandcustomerserviceexperiencebyleveragingintegrateddigitalandintelligent technologies. ThespecialplanningworkfortheCompany'sHenggangDakangUrbanRenewalProjectinShenzheniscurrentlyunderway. 3.FinancialHighlight (1)Financialhighlightsinrecentthreeyears WhethertheCompanyneedstomakeretroactiveadjustmentorrestatementoffinancialdataofpreviousyears□Yes?No InRMB
InRMB
interimreportdisclosedbytheCompany □Yes?No 4.Shareequityandshareholders (1)Ordinaryshareholders,preferenceshareholderswithresumedvotingrightsandtop10shareholdersInshare
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