Core Insights - Shenzhou Holdings reported a revenue of 7.865 billion yuan for the first half of the year, representing a year-on-year growth of 12.13%, and a net profit attributable to shareholders of 15.207 million yuan, up 40.70% year-on-year [1] - The company emphasizes its "Data x AI" strategy, focusing on core technological breakthroughs and deepening industry scenarios, which has led to strong performance growth and significant operational efficiency improvements [1] Financial Performance - Revenue from big data products and solutions reached 1.430 billion yuan, growing 12% year-on-year - Software and operation services generated 2.448 billion yuan, an increase of 13% year-on-year - Revenue from trusted innovation and traditional services was 3.987 billion yuan, up 11% year-on-year - New signed contracts amounted to 9.476 billion yuan, a remarkable growth of 98% year-on-year, with unfulfilled signed contracts totaling 10.441 billion yuan, increasing by 27% [1] Research and Development - The company invested 305 million yuan in R&D during the first half of the year, leading or participating in the formulation of 187 standards, with 77 approved and published, and 110 under development - Shenzhou Holdings holds a total of 3,290 intellectual property rights, including software copyrights and patents, reinforcing its core barriers for technological innovation and industrial application [1] Technological Advancements - The company has developed an AI full-stack data intelligence technology base centered around the "Yanyun Infinity" platform, creating three major platforms: AI Infra, AI-ready Data, and Agentic AI, forming a technical closed loop from "Data for AI" to "AI for Process" [2] - The AI Infra platform enhances computing power scheduling and performance, while the AI-ready Data platform integrates hundreds of heterogeneous data sources, achieving automation and intelligence in data processing [2] Application Scenarios - In the core smart supply chain scenario, the logistics model "KingKoo-Zhichain" and the "Xiao Jin" series agents have significantly improved operational digitalization, analytical intelligence, and decision-making precision, with warehouse operation costs decreasing by over 20% and overall warehouse efficiency increasing by over 30% [3] - The self-developed "Xiao Jin" agent covers the entire supply chain, improving daily query efficiency by 90% and data analysis efficiency by 50% [3] Ecosystem Development - Shenzhou Holdings is actively building an open innovation ecosystem, enhancing its data capabilities and AI toolchain while collaborating with institutions like Peking University, Tencent Cloud, and Huawei to create a comprehensive AIGC ecosystem [4] - The company is deepening partnerships in the supply chain sector with logistics giants such as SF Express, Deppon, and YTO, and is innovating in smart supply chain solutions in collaboration with national industry associations [4]

【环球网财经综合报道】8月27日晚间，港股上市公司神州控股（00861.HK）发布了2025年半年度业绩公告，数据显 示，公司整体收入较去年同期增长12%达78.65亿元人民币，毛利较去年同期增长8%达10.33亿元人民币，归属于母公 司净利润较去年同期实现高速增长，增速达41%，总额为1521万元人民币。 值得关注的是，公司在手订单充足，期内新签约金额同比增长高达98%，达94.76亿元人民币，已签未销尚有104.41亿 元人民币。 对此公司公开分析称，依托"Data x AI"战略的持续深化与升维，聚焦核心技术突破与行业场景深耕，实现业绩的强劲 增长与运营效率的显著提升，并积极打造开放型创新生态平台，通过生态能力补齐短板的同时，积极开放数据能力基 座与AI工具链，助推产业链整体价值提升。 同时，神州控股工作人员在接受环球网记者采访时提到："公司在供应链领域持续发力，不断深化与顺丰、德邦、圆 通等物流巨头合作，并与中国服务贸易协会、中国物流与采购联合会等国家级行业协会持续推进创新合作，就智慧供 应链在跨境可信贸易及行业标准建设等领域开展业务创新与前沿探索。" 特别是在产业生态方面，以政府资源为入口赋能企业， ...

Core Viewpoint - The company, Digital China Holdings Limited, has demonstrated strong performance and operational efficiency through its "Data x AI" strategy, benefiting from favorable government policies in the artificial intelligence sector [1][6]. Financial Performance - The company reported a 12% year-on-year increase in overall revenue, reaching 7.865 billion RMB, with gross profit rising 8% to 1.033 billion RMB [2]. - Net profit attributable to the parent company surged by 41% year-on-year, totaling 15.21 million RMB [2]. - The big data products and solutions segment grew by 12% to 1.43 billion RMB, while the software and operation services segment increased by 13% to 2.448 billion RMB [2]. - New contract signings saw a remarkable 98% year-on-year growth, amounting to 9.476 billion RMB, with a backlog of 10.441 billion RMB [2]. Technological Advancements - The company has strengthened its AI full-stack capabilities through the "Yanyun Infinity" platform, creating a technology loop from "Data for AI" to "AI for Process" [3]. - The AI Infra platform enhances computing power management, while the AI-ready Data platform integrates diverse data sources, achieving automation and intelligence in data processing [3]. - The company invested approximately 305 million RMB in R&D during the first half of the year, holding 3,290 intellectual property rights [3]. Industry Applications - The company has successfully applied its technologies in core scenarios, such as smart supply chains, resulting in over 20% reduction in warehouse operation costs and 30% improvement in overall efficiency [4]. - The self-developed "Xiao Jin" agent has improved query efficiency by 90% and data analysis efficiency by 50% [4]. - The company has expanded its capabilities across various sectors, including government services and urban intelligence, achieving over 95% accuracy in AI-assisted government responses [4]. Ecosystem Collaboration - The company is building an open innovation ecosystem, collaborating with institutions like Peking University and Tencent Cloud to enhance its AI capabilities [5]. - In the supply chain sector, partnerships with logistics giants such as SF Express and Yunda are being deepened to drive innovation [5]. - The company leverages government resources to facilitate the digital transformation of traditional enterprises, enhancing local economic growth [5].

Core Viewpoint - The company, Digital China Holdings Limited, has demonstrated strong performance and operational efficiency through its "Data x AI" strategy, capitalizing on the favorable policies for artificial intelligence in the coming decade [1][6]. Financial Performance - The company reported a 12% year-on-year increase in overall revenue, reaching 7.865 billion RMB, with gross profit rising 8% to 1.033 billion RMB [2]. - Net profit attributable to the parent company surged by 41% year-on-year, totaling 15.21 million RMB [2]. - The big data products and solutions segment served as a growth engine, with revenue increasing 12% to 1.43 billion RMB [2]. - The software and operation services segment generated 2.448 billion RMB, up 13% year-on-year [2]. - The traditional services segment maintained stable growth, with revenue of 3.987 billion RMB, reflecting an 11% increase [2]. - New contract signings soared by 98% year-on-year, amounting to 9.476 billion RMB, with a backlog of 10.441 billion RMB [2]. Technological Advancements - The company has strengthened its AI full-stack data intelligence technology base centered around the "Yanyun Infinity" platform, creating three major platforms: AI Infra, AI-ready Data, and Agentic AI [3]. - The AI Infra platform enhances computing power management, while the AI-ready Data platform integrates diverse data sources and automates data processing [3]. - The Agentic AI platform focuses on process orchestration and decision-making, providing standardized tools for efficient task execution [3]. - Research and development investment reached approximately 305 million RMB, with 3,290 intellectual property rights accumulated [3]. Industry Applications - The company's core value scenarios have significantly enhanced the practical application of its technologies, particularly in the smart supply chain sector [4]. - The logistics model "KingKoo-Zhichain" and the "Xiao Jin" series agents have improved operational efficiency, reducing warehouse operation costs by over 20% and overall efficiency by over 30% [4]. - The self-developed "Xiao Jin" agent has improved query efficiency by 90% and data analysis efficiency by 50% [4]. - The company has successfully expanded its capabilities from the hotel industry to IDC computing services and automotive service sectors [4]. Ecosystem Collaboration - The company is actively building an open innovation ecosystem, collaborating with institutions like Peking University and Tencent Cloud to enhance its AI capabilities [5]. - In the supply chain sector, partnerships with logistics giants such as SF Express and Yunda have been deepened, focusing on smart supply chain innovations [5]. - The company leverages government resources to empower enterprises and facilitate digital transformation for traditional businesses [5]. Overall Outlook - The company is well-positioned to capitalize on the opportunities presented by the "Artificial Intelligence +" initiative, with its strategic advantages expected to drive further advancements in digital and intelligent transformations across industries [6].

Core Insights - Shenzhou Holdings (00861.HK) reported a 12% year-on-year increase in overall revenue for the first half of the year, reaching 7.865 billion yuan, with a net profit growth of 41% to 15.21 million yuan [1] - The company continues to deepen its "Data x AI" strategy, focusing on core technology breakthroughs and industry applications, which has led to improved operational efficiency and performance [1][2] Financial Performance - Revenue from big data products and solutions grew by 12% year-on-year to 1.43 billion yuan, while software and operational services revenue increased by 13% to 2.448 billion yuan [1] - The traditional services segment also showed stable growth, with revenue reaching 3.987 billion yuan, up 11% year-on-year [1] - New contract signings surged by 98% to 9.476 billion yuan, with a backlog of 10.441 billion yuan, indicating a solid foundation for future growth [1] Technological Advancements - The company has strengthened its AI data intelligence technology base centered around the "Yanyun Infinity" platform, creating three major platforms: "AI Infra," "AI-ready Data," and "Agentic AI" [2] - In the core smart supply chain scenario, the logistics model "KingKoo-Zhichain" and the "Xiao Jin" series agents have significantly improved operational efficiency, with warehouse operation costs down over 20% and overall efficiency up over 30% [2] Ecosystem Development - Shenzhou Holdings is actively building an open innovation ecosystem, collaborating with institutions like Peking University, Tencent Cloud, and Huawei to enhance its AI capabilities [3] - The company aims to transition clients from digitalization to intelligence across the entire supply chain, contributing to both enterprise and societal value growth [3] Industry Context - The recent issuance of the State Council's opinion on implementing the "Artificial Intelligence +" action plan outlines development goals for the next decade, which is expected to benefit companies like Shenzhou Holdings with a first-mover advantage in the AI sector [3]

Core Insights - Shenzhou Holdings reported a revenue of 7.865 billion yuan for the first half of 2025, marking a year-on-year growth of 12% [1] - The net profit attributable to the parent company reached 15.21 million yuan, reflecting a significant year-on-year increase of 41% [1] Revenue Breakdown - Revenue from big data products and solutions amounted to 1.43 billion yuan, also showing a year-on-year growth of 12%, positioning it as one of the main growth drivers [1] Operational Efficiency - The company achieved a reduction in warehouse operation costs by over 20% and an overall efficiency improvement of over 30% through the application of self-developed large models and intelligent agent systems in the logistics sector [1] Technological Advancements - Utilizing the Yanyun Infinity platform, the company has empowered smart governance and urban intelligence sectors, with the AI assistant developed through DeepSeek achieving an accuracy rate of over 95% in government responses and an online processing rate of 62% [1]

Core Insights - Shenzhou Holdings (00861) reported a revenue of RMB 7.865 billion for the six months ending June 30, 2025, representing a year-on-year growth of 12.13% [1] - The profit attributable to shareholders increased to RMB 15.207 million, marking a 40.70% year-on-year rise, with basic earnings per share at RMB 0.0103 [1] Business Strategy - The company is leveraging its first-mover advantage in big data and artificial intelligence to enhance its "Data x AI" strategy, focusing on the "Yanyun Infinity platform" as the core data intelligence technology foundation [1] - Shenzhou Holdings is accelerating the provision of comprehensive data intelligence solutions across various sectors, including consumer electronics, telecommunications, fast-moving consumer goods, apparel, financial institutions, and chain hotels, in line with the national "Artificial Intelligence+" strategy [1] Order Book and Growth - The company has a robust order book, with new contracts signed amounting to RMB 9.476 billion during the reporting period, a significant increase of 98% compared to the same period last year [1] - The total amount of signed but unfulfilled contracts reached RMB 10.441 billion, reflecting a 27% year-on-year growth, establishing a solid foundation for long-term and stable business growth [1]

Core Viewpoint - Shenzhou Holdings (00861) reported a mid-term performance for the six months ending June 30, 2025, showcasing significant revenue growth and profitability improvements driven by its "Data x AI" strategy and strong order intake [1] Financial Performance - The company's revenue reached RMB 7.865 billion, representing a year-on-year increase of 12.13% [1] - Profit attributable to shareholders was RMB 15.207 million, marking a year-on-year growth of 40.70% [1] - Basic earnings per share stood at RMB 0.0103 [1] Strategic Initiatives - In 2025, the company is leveraging its first-mover advantage in big data and artificial intelligence to enhance its "Data x AI" strategy [1] - The "Yanyun Infinity platform" serves as the core data intelligence technology foundation, empowering key business scenarios [1] - The company is accelerating the provision of comprehensive data intelligence solutions across various industries, including consumer electronics, telecommunications, fast-moving consumer goods, apparel, financial institutions, and chain hotels [1] Order Intake and Future Outlook - The company secured new contracts worth RMB 9.476 billion during the reporting period, a substantial increase of 98% compared to the same period last year [1] - The total amount of signed but unfulfilled contracts reached RMB 10.441 billion, reflecting a year-on-year growth of 27% [1] - These figures establish a solid foundation for long-term and stable business growth [1]

格隆汇8月27日丨神州控股(00861.HK)公告，截至2025年6月30日止六个月，受益于"Data x AI"战略的深 化落地，公司展现出强大的增长动能。报告期内，整体营业收入78.65亿元人民币，较去年同期增长 12%；毛利10.33亿元人民币，较去年同期增长8%；归母净利润1,521万元人民币，较去年同期增长 41%。 公司在手订单充足，报告期内新签约 94.76亿元人民币，较去年同期增长98%；已签未销104.41亿元人 民币，较去年同期增长27%，为业务长期、稳定的增长打下坚实基础。 ...

[Interim Results Announcement Summary](index=1&type=section&id=Interim%20Results%20Announcement%20Summary) Digital China Holdings announced unaudited interim results for the six months ended June 30, 2025, with total revenue increasing by 12.13% to RMB 7.865 billion, and profit attributable to equity holders of the parent company significantly growing by 40.70% to RMB 15.21 million; big data products and solutions revenue maintained an 18% share | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Revenue | 7,865,449 | 7,014,343 | 12.13% | | Of which: Big Data Products & Solutions Revenue | 1,430,144 | 1,277,132 | 11.98% | | Big Data Products & Solutions Segment Revenue Share | 18% | 18% | - | | Profit Attributable to Equity Holders of the Parent Company | 15,207 | 10,808 | 40.70% | [Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the company's revenue increased by 12.13%, but sales and service costs rose concurrently, leading to an 8.05% gross profit growth; despite a decrease in other income and gains, profit attributable to equity holders of the parent company achieved a significant 40.70% increase, mainly due to narrowing losses | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Revenue | 7,865,449 | 7,014,343 | 12.13% | | Cost of Sales and Services | (6,832,909) | (6,056,885) | 12.81% | | Gross Profit | 1,032,540 | 957,458 | 8.05% | | Other Income and Gains | 63,780 | 70,545 | -9.59% | | Loss Before Tax | (85,540) | (60,735) | 40.84% (Loss widened) | | Loss for the Period | (68,496) | (49,340) | 38.84% (Loss widened) | | Profit Attributable to Equity Holders of the Parent Company | 15,207 | 10,808 | 40.70% | | Basic Earnings Per Share (RMB yuan) | 0.0103 | 0.0073 | 41.10% | [Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, the company's loss for the period widened, but exchange differences on translation of financial statements of overseas operations turned from loss to gain, resulting in other comprehensive income for the period turning from loss to gain, and ultimately narrowing the total comprehensive loss by 18.83% | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Loss for the Period | (68,496) | (49,340) | 38.84% (Loss widened) | | Exchange Differences on Translation of Financial Statements of Overseas Operations | 18,302 | (10,144) | Turned from loss to profit | | Other Comprehensive Income (Loss) for the Period, Net of Tax | 18,682 | (12,028) | Turned from loss to profit | | Total Comprehensive Loss for the Period | (49,814) | (61,368) | -18.83% (Loss narrowed) | | Attributable to Equity Holders of the Parent Company | 27,409 | (3,181) | Turned from loss to profit | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's total assets slightly increased, non-current assets remained stable, and current assets saw significant increases in inventories and contract assets; interest-bearing bank and other loans within current liabilities grew substantially, leading to a decrease in net current assets and total assets less current liabilities, with a slight reduction in net assets and equity attributable to equity holders of the parent company | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Non-current Assets | 8,310,837 | 8,257,237 | 0.65% | | Current Assets | 14,862,495 | 14,050,061 | 5.79% | | Inventories | 2,784,228 | 1,117,841 | 149.08% | | Contract Assets | 4,449,529 | 3,811,240 | 16.75% | | Cash and Cash Equivalents | 1,960,403 | 3,142,841 | -37.59% | | Current Liabilities | 11,808,888 | 9,872,017 | 19.62% | | Interest-bearing Bank and Other Loans (Current) | 3,507,152 | 1,980,515 | 77.09% | | Net Current Assets | 3,053,607 | 4,178,044 | -26.91% | | Net Assets | 9,366,293 | 9,507,454 | -1.48% | | Equity Attributable to Equity Holders of the Parent Company | 5,766,865 | 5,831,431 | -1.11% | [Notes](index=6&type=section&id=Notes) The notes section elaborates on the basis of presentation, accounting policies, segment information, revenue composition, components of loss before tax, income tax credit, dividend policy, earnings per share calculation, aging analysis of trade and bills receivables and payables, nature of other financial liabilities, and share capital information, providing deeper context for understanding the financial data [Note 1 Basis of Presentation](index=6&type=section&id=Note%201%20Basis%20of%20Presentation) The condensed consolidated financial statements are prepared on a historical cost basis, consistently applying the same basis of presentation, accounting policies, and calculation methods as in the annual financial statements for the year ended December 31, 2024; amendments to Hong Kong Financial Reporting Standards have no material impact on the financial position for the current period - Financial statements are prepared on a historical cost basis, following the same accounting policies and calculation methods as the 2024 annual financial statements[8](index=8&type=chunk) - Amendments to Hong Kong Financial Reporting Standards (e.g., HKAS 21 amendments) have no material impact on the Group's financial position or performance for the current and prior periods[9](index=9&type=chunk) [Note 2 Segment Information](index=7&type=section&id=Note%202%20Segment%20Information) The company operates three business segments: Big Data Products and Solutions, Software and Operations Services, and Xinchuang and Traditional Services; all segments achieved double-digit revenue growth, with Software and Operations Services showing the fastest gross profit growth, and Xinchuang and Traditional Services having the largest revenue share - The Group operates three business segments: Big Data Products and Solutions, Software and Operations Services, and Xinchuang and Traditional Services[13](index=13&type=chunk) | Segment Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Year-on-year Change | | :--- | :--- | :--- | :--- | | **Big Data Products & Solutions** | | | | | External Revenue | 1,430,144 | 1,277,132 | 11.98% | | Segment Gross Profit | 319,055 | 315,241 | 1.21% | | Segment Results | (52,017) | (43,008) | 20.95% (Loss widened) | | **Software & Operations Services** | | | | | External Revenue | 2,448,322 | 2,159,513 | 13.37% | | Segment Gross Profit | 311,884 | 263,273 | 18.46% | | Segment Results | 105,379 | 81,384 | 29.49% | | **Xinchuang & Traditional Services** | | | | | External Revenue | 3,986,983 | 3,577,698 | 11.44% | | Segment Gross Profit | 401,601 | 378,944 | 5.98% | | Segment Results | 55,816 | 101,875 | -45.11% | | **Total** | | | | | External Revenue | 7,865,449 | 7,014,343 | 12.13% | | Segment Gross Profit | 1,032,540 | 957,458 | 8.05% | | Loss Before Tax | (85,540) | (60,735) | 40.84% (Loss widened) | [Note 3 Revenue, Other Income and Gains](index=9&type=section&id=Note%203%20Revenue%2C%20Other%20Income%20and%20Gains) Total revenue increased by 12.13% year-on-year, primarily driven by strong growth in e-commerce supply chain and software development and technical services businesses; total other income and gains decreased by 9.59% year-on-year, mainly due to reduced net exchange gains and fluctuations in fair value gains on investment properties | Revenue Source | 2025 (RMB thousands) | 2024 (RMB thousands) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Software Product Sales Business | 7,434 | 34,973 | -78.74% | | Software Development & Technical Services Business | 2,914,169 | 2,614,386 | 11.47% | | Supply Chain Operations Business | 950,340 | 1,036,415 | -8.31% | | System Integration Business | 1,541,447 | 1,546,291 | -0.31% | | E-commerce Supply Chain Business | 2,093,480 | 1,546,481 | 35.37% | | Others | 215,922 | 89,470 | 141.34% | | Total Contract Revenue from Customers | 7,722,792 | 6,868,016 | 12.44% | | Rental Income from Investment Properties under Operating Leases | 137,950 | 140,780 | -2.01% | | Financial Services Business | 4,707 | 5,547 | -15.15% | | Total Revenue | 7,865,449 | 7,014,343 | 12.13% | | Other Income and Gains | 2025 (RMB thousands) | 2024 (RMB thousands) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Government Grants | 38,503 | 38,022 | 1.27% | | Bank Deposit Interest | 8,520 | 8,580 | -0.70% | | Wealth Management Product Income | 7,280 | 4,001 | 81.95% | | Fair Value Gains on Investment Properties | 4,280 | - | N/A | | Net Exchange Gains | - | 8,624 | -100% | | Total Other Income and Gains | 63,780 | 70,545 | -9.59% | [Note 4 Loss Before Tax](index=11&type=section&id=Note%204%20Loss%20Before%20Tax) For the six months ended June 30, 2025, the company's loss before tax widened by 40.84% to RMB 85.54 million, primarily due to increased share of losses from associates and joint ventures, higher cost of inventories sold, increased impairment provisions for trade receivables and contract assets, and net exchange losses | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Share of Losses of Associates and Joint Ventures | 24,867 | 17,095 | 45.47% | | Cost of Inventories Sold | 3,549,665 | 2,930,134 | 21.14% | | Research and Development Costs | 258,242 | 282,488 | -8.58% | | Amortization of Other Intangible Assets | 46,490 | 37,232 | 24.87% | | Impairment of Trade and Bills Receivables, Other Receivables and Contract Assets | 141,847 | 116,478 | 21.78% | | Net Exchange Losses | 19,129 | - | N/A | [Note 5 Income Tax Credit](index=12&type=section&id=Note%205%20Income%20Tax%20Credit) For the six months ended June 30, 2025, the company obtained an income tax credit of RMB 17.044 million, an increase from the same period last year, primarily from deferred tax credits | Tax Source | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | PRC Enterprise Income Tax | 8,293 | 8,746 | | PRC Land Appreciation Tax | - | 1,026 | | Hong Kong Profits Tax | - | 1,160 | | Deferred Tax | (21,301) | (26,363) | | Total Tax Credit for the Period | (17,044) | (11,395) | - PRC operating subsidiaries are generally subject to a 25% enterprise income tax, with some enjoying tax incentives[23](index=23&type=chunk) - Hong Kong profits tax adopts a two-tiered tax rate system, with eligible enterprises taxed at 8.25% on the first HKD 2 million of profits and 16.5% on the remainder[23](index=23&type=chunk) [Note 6 Dividends](index=12&type=section&id=Note%206%20Dividends) The company distributed a final dividend of 6.0 HK cents per ordinary share for the year ended December 31, 2024, totaling approximately RMB 91.59 million, on July 16, 2025; the Board resolved not to declare an interim dividend for the six months ended June 30, 2025, compared to 1.0 HK cent per share declared in the prior period - A final dividend of **6.0 HK cents per ordinary share** for 2024, totaling approximately **RMB 91.59 million**, was distributed on July 16, 2025[22](index=22&type=chunk) - The Board resolved not to declare an interim dividend for the six months ended June 30, 2025 (compared to 1.0 HK cent per share in the same period of 2024)[22](index=22&type=chunk)[33](index=33&type=chunk) [Note 7 Earnings Per Share](index=13&type=section&id=Note%207%20Earnings%20Per%20Share) For the six months ended June 30, 2025, profit attributable to equity holders of the parent company was RMB 15.207 million, with basic earnings per share of RMB 0.0103 and diluted earnings per share of RMB 0.0102, both showing an increase compared to the same period last year | Metric | 2025 (RMB thousands/share) | 2024 (RMB thousands/share) | | :--- | :--- | :--- | | Profit Attributable to Equity Holders of the Parent Company for Basic EPS Calculation | 15,207 | 10,808 | | Basic Earnings Per Share (RMB yuan) | 0.0103 | 0.0073 | | Diluted Earnings Per Share (RMB yuan) | 0.0102 | 0.0073 | | Weighted Average Number of Ordinary Shares for Basic EPS Calculation | 1,479,115,772 | 1,476,503,004 | | Weighted Average Number of Ordinary Shares for Diluted EPS Calculation | 1,486,105,156 | 1,485,014,272 | [Note 8 Trade and Bills Receivables](index=14&type=section&id=Note%208%20Trade%20and%20Bills%20Receivables) As of June 30, 2025, total trade and bills receivables amounted to RMB 3.277 billion, a slight decrease from December 31, 2024; receivables within 30 days significantly decreased, while those aged 91-360 days and over 360 days increased, indicating a deteriorating aging structure of receivables | Aging | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Total | 3,276,545 | 3,391,269 | -3.38% | | Within 30 days | 1,187,888 | 1,904,388 | -37.63% | | 31 to 60 days | 209,950 | 185,442 | 13.22% | | 61 to 90 days | 108,916 | 112,764 | -3.39% | | 91 to 180 days | 423,426 | 186,561 | 126.96% | | 181 to 360 days | 751,580 | 267,875 | 180.50% | | Over 360 days | 594,785 | 734,239 | -18.99% | - Credit period generally ranges from **15 to 720 days**, with the company implementing strict monitoring of outstanding receivables to mitigate credit risk[26](index=26&type=chunk) [Note 9 Trade and Bills Payables](index=15&type=section&id=Note%209%20Trade%20and%20Bills%20Payables) As of June 30, 2025, total trade and bills payables amounted to RMB 3.959 billion, a 6.98% decrease from December 31, 2024; payables within 30 days significantly decreased, while those over 90 days increased | Aging | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Total | 3,959,235 | 4,251,022 | -6.86% | | Within 30 days | 875,907 | 1,698,294 | -48.42% | | 31 to 60 days | 413,146 | 256,520 | 61.06% | | 61 to 90 days | 97,260 | 207,013 | -52.92% | | Over 90 days | 2,572,922 | 2,089,195 | 23.15% | - The average credit period for goods purchased is **30 to 180 days**, and the company has established financial risk management policies to ensure all payables are settled within credit terms[29](index=29&type=chunk) [Note 10 Other Financial Liabilities](index=15&type=section&id=Note%2010%20Other%20Financial%20Liabilities) As of June 30, 2025, the company classified financial liabilities related to a put option for non-controlling interests in Shenqi Digital as current liabilities, amounting to RMB 891 million, as they are due within twelve months after the reporting period; this put option grants investors the right to require the Group to repurchase their equity interest in Shenqi Digital upon specific trigger events - The company's indirect wholly-owned subsidiary, Digital China Software Co., Ltd., has granted a put option to investors involving capital contributions for non-controlling interests in Shenqi Digital Co., Ltd[30](index=30&type=chunk) - This financial liability was classified as a current liability as of June 30, 2025, amounting to **RMB 891 million**, as it is due within twelve months after the reporting period[31](index=31&type=chunk)[6](index=6&type=chunk) [Note 11 Share Capital](index=16&type=section&id=Note%2011%20Share%20Capital) As of June 30, 2025, the company had 1,673,607,386 issued and fully paid ordinary shares with a par value of 0.1 HKD per share, totaling RMB 163,826 thousands in share capital, consistent with December 31, 2024 | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Issued and Fully Paid Ordinary Shares (shares) | 1,673,607,386 | 1,673,607,386 | | Par Value Per Share | 0.1 HKD | 0.1 HKD | | Share Capital | 163,826 | 163,826 | [I. Strategic Upgrading: "Data x AI" Drives Performance Growth](index=17&type=section&id=I.%20Strategic%20Upgrading%3A%20%22Data%20x%20AI%22%20Drives%20Performance%20Growth) Digital China Holdings deepens its 'Data x AI' strategy, centered on the 'YanCloud Infinity Platform,' providing data intelligence solutions across multiple industries to drive clients' digital transformation; during the reporting period, the company achieved growth in overall revenue, gross profit, and net profit attributable to the parent, with new contract value increasing by 98% and signed but unbilled orders growing by 27%, laying a foundation for future growth - The company continues to advance its **"Data x AI" strategic upgrading**, strengthening its data intelligence technology foundation with the "YanCloud Infinity Platform" as its core[37](index=37&type=chunk) - The company provides full-domain data intelligence solutions for industries including consumer electronics, communication services, FMCG retail, apparel, financial institutions, and chain hotels[37](index=37&type=chunk) | Metric | H1 2025 (RMB billions) | Year-on-year Growth | | :--- | :--- | :--- | | Overall Operating Revenue | 7.865 | 12% | | Gross Profit | 1.033 | 8% | | Net Profit Attributable to Parent | 0.01521 | 41% | | New Contract Value | 9.476 | 98% | | Signed but Unbilled Orders | 10.441 | 27% | - All business segments achieved double-digit revenue growth: Big Data Products and Solutions revenue grew by **12%**, Software and Operations Services revenue by **13%**, and Xinchuang and Traditional Services revenue by **11%**[38](index=38&type=chunk) [II. Technology Foundation: AI Full-Stack Drives Data Value Realization](index=18&type=section&id=II.%20Technology%20Foundation%3A%20AI%20Full-Stack%20Drives%20Data%20Value%20Realization) The company actively implements the 'general-purpose and specialized integration' development concept for AI full-stack data intelligence technology, building the 'YanCloud Infinity' industry-grade general data intelligence engine, encompassing AI Infra, AI-ready Data, and Agentic AI platform capabilities, and developing vertical intelligent applications to form a closed-loop technical capability from 'Data for AI,' 'AI for Decision,' to 'AI for Process' - The company builds the "YanCloud Infinity" industry-grade general data intelligence engine with **AI Infra, AI-ready Data, and Agentic AI** as its three core platform capabilities[41](index=41&type=chunk) - This forms a closed-loop technical capability from "Data for AI," "AI for Decision," to "AI for Process"[41](index=41&type=chunk) - During the reporting period, R&D expenses reached **RMB 305 million**, with the company leading or participating in the compilation of **187 national, industry, and group standards**, and accumulating **3,290 intellectual property rights**[43](index=43&type=chunk) [2.1 AI Infra: Infinity Intelligent Computing Platform](index=18&type=section&id=2.1%20AI%20Infra%3A%20Infinity%20Intelligent%20Computing%20Platform) The 'Infinity Intelligent Computing Platform' provides computing power scheduling and performance enhancement services through software-hardware collaboration, possessing integrated capabilities for intelligent computing center consulting, construction, scheduling, and operation and maintenance, while improving computing power supply efficiency and performance through heterogeneous computing power management and acceleration technologies - The "Infinity Intelligent Computing Platform" provides computing power scheduling and performance enhancement services, offering integrated capabilities for intelligent computing center consulting, construction, scheduling, and operation and maintenance[41](index=41&type=chunk) - It enhances computing power supply efficiency by managing and accelerating heterogeneous computing power, addressing issues of dispersed and underutilized resources[41](index=41&type=chunk) [2.2 AI-ready Data: Infinity Intelligent Data Platform](index=18&type=section&id=2.2%20AI-ready%20Data%3A%20Infinity%20Intelligent%20Data%20Platform) The 'Infinity Intelligent Data Platform' offers product tools for data access, integration, orchestration, semantic modeling, knowledge base management, and MCP services, featuring full-domain data connectivity to seamlessly integrate hundreds of multi-source heterogeneous data sources, and achieving automated and intelligent high-quality data output based on AI algorithms and LLM intelligent configuration - The "Infinity Intelligent Data Platform" provides product tools for data access, integration, orchestration, semantic modeling, knowledge base management, and MCP services[42](index=42&type=chunk) - The platform offers full-domain data connectivity, seamlessly integrating hundreds of multi-source heterogeneous data sources, and achieves automated and intelligent high-quality data output based on AI algorithms and LLM intelligent configuration[42](index=42&type=chunk) [2.3 Agentic AI: Infinity Intelligent Strategy Platform](index=18&type=section&id=2.3%20Agentic%20AI%3A%20Infinity%20Intelligent%20Strategy%20Platform) The 'Infinity Intelligent Strategy Platform' focuses on core capabilities such as Agent process orchestration, autonomous planning and reasoning, and multi-Agent inference and decision execution, offering various scheduling and planning strategies and a rich set of standardized general Agent Tools, supporting rapid construction and intelligent interaction among vertical Agents - The "Infinity Intelligent Strategy Platform" focuses on core capabilities such as Agent process orchestration, autonomous planning and reasoning, and multi-Agent inference and decision execution[42](index=42&type=chunk) - The platform features a rich set of standardized general Agent Tools, supporting rapid construction and intelligent interaction among vertical Agents[42](index=42&type=chunk) [2.4 Application Layer and R&D Investment](index=19&type=section&id=2.4%20Application%20Layer%20and%20R%26D%20Investment) Based on the 'YanCloud Infinity' general technology platform, the company self-developed the logistics vertical large model 'KingKoo-SmartChain' and the 'Xiaojin' series of Agents covering the entire 'R&D, production, supply, sales, and service' chain, empowering the construction of intelligent applications in smart supply chain scenarios, and continuously increasing R&D investment to support technology system iteration and industrial implementation - The company self-developed the logistics vertical large model "KingKoo-SmartChain" and the "Xiaojin" series of Agents covering the entire "R&D, production, supply, sales, and service" chain[43](index=43&type=chunk) - During the reporting period, R&D expenses reached **RMB 305 million**, with the company leading or participating in the compilation of **187 national, industry, and group standards**, and accumulating **3,290 intellectual property rights**[43](index=43&type=chunk) [III. Industry Deep Cultivation: AI Empowers Value Scene Efficiency Enhancement](index=19&type=section&id=III.%20Industry%20Deep%20Cultivation%3A%20AI%20Empowers%20Value%20Scene%20Efficiency%20Enhancement) The company deeply applies AI technology in core industry scenarios such as smart supply chain, FinTech, government and enterprise digitalization, and chain hotels, significantly enhancing client operational efficiency and decision-making accuracy through customized solutions and intelligent agent suites, while actively expanding into other chain business formats [3.1 Smart Supply Chain Scenarios](index=19&type=section&id=3.1%20Smart%20Supply%20Chain%20Scenarios) Smart supply chain business focuses on consumer electronics, communication services, FMCG retail, and apparel industries, deepening engagement with existing clients through the 'Baby Plan' and expanding new clients with the 'Star-Picking Plan'; it achieves intelligent control across the entire supply chain with the 'KingKoo SmartChain' logistics vertical large model and 'Xiaojin' intelligent agent suite, significantly reducing operating costs and enhancing efficiency - Smart supply chain business focuses on consumer electronics, communication services, FMCG retail, and apparel industries, launching the "Baby Plan" to deepen engagement with existing clients and the "Star-Picking Plan" to expand new clients[45](index=45&type=chunk) - Strategic cooperation agreements have been signed with **4 enterprises**, including Golden Concept, Semir Group Junyao Technology, and Zhanyan, with the number of full-value supply chain cooperation clients expected to exceed **10** within the year[45](index=45&type=chunk) - The "KingKoo SmartChain" logistics vertical large model serves as the core engine, building a smart supply chain control tower to achieve intelligent control across the entire supply chain[46](index=46&type=chunk) - During the reporting period, warehouse operating costs in supply chain scenarios decreased by over **20%** year-on-year, transportation and distribution costs decreased by approximately **8%** year-on-year, and overall warehouse efficiency improved by over **30%**[46](index=46&type=chunk) - The self-developed "Xiaojin" intelligent agent suite covers the entire "R&D, production, supply, sales, and service" business chain, with internal pilot applications showing a **90%** improvement in query efficiency, **50%** improvement in data analysis efficiency, and **50%** reduction in customer service workload[47](index=47&type=chunk) [3.2 FinTech Scenarios](index=21&type=section&id=3.2%20FinTech%20Scenarios) Consolidated subsidiary Digital China Information Service deepens 'AI + Finance' applications, upgrading financial industry vertical large models FinancialMaster and CodeMaster, and partnering with Huawei to launch an integrated 'Financial Knowledge Q&A' intelligent agent solution; AIGC scenarios have been implemented in financial industry solutions including banking core, credit, channels, data, risk, and cloud solutions - Digital China Information Service deeply cultivates "AI + Finance" applications, serving over **2,000 financial institutions** cumulatively[49](index=49&type=chunk) - It upgraded the financial knowledge Q&A intelligent agent FinancialMaster and the financial code assistant intelligent agent CodeMaster based on DeepSeek[49](index=49&type=chunk) - Partnered with Huawei to launch an integrated "Financial Knowledge Q&A" intelligent agent solution running on the Ascend AI software and hardware platform[49](index=49&type=chunk) - CodeMaster has been deployed in multiple banking core delivery projects, showing significant improvements in coding efficiency and generating code quality comparable to that of senior developers[49](index=49&type=chunk) [3.3 Government and Enterprise Digitalization Scenarios](index=21&type=section&id=3.3%20Government%20and%20Enterprise%20Digitalization%20Scenarios) Leveraging the YanCloud Infinity Platform, the company deeply cultivates scenarios such as government services, citizen services, urban smart brain, and industrial economy, launching end-to-end data intelligence solutions integrated with DeepSeek private deployment; an AI intelligent assistant was successfully deployed in a municipal government service APP, achieving over 95% accuracy in government service inquiries - Leveraging the YanCloud Infinity Platform, the company deeply cultivates government services, citizen services, urban smart brain, and industrial economy scenarios[50](index=50&type=chunk) - It launched end-to-end data intelligence solutions integrated with DeepSeek private deployment and deployed an AI intelligent assistant in a municipal government service APP[50](index=50&type=chunk) - The AI intelligent assistant achieved over **95% accuracy** in government service inquiries by learning **150,000 government policy documents** and a local knowledge base of over **4 million characters**[50](index=50&type=chunk) - The company is deeply involved in the construction of the third and fourth phases of the Golden Tax project and provides customized digital services to leading internet companies like Meituan and Alibaba, as well as central and state-owned enterprises[50](index=50&type=chunk) [3.4 Chain Hotel Scenarios and Other Chain Business Expansion](index=21&type=section&id=3.4%20Chain%20Hotel%20Scenarios%20and%20Other%20Chain%20Business%20Expansion) The company serves over 1,400 high-end chain hotels with over 2,600 technical service outlets nationwide; during the reporting period, it deepened strategic cooperation with Wanda Hotels and Cloudbreak Technology, successfully signing digital service projects for multiple high-end chain hotels, while replicating mature technical capabilities to other chain business formats such as automotive 4S dealerships and IDC scenarios - The company cumulatively serves over **1,400 high-end chain hotels** and possesses over **2,600 technical service outlets** nationwide[51](index=51&type=chunk) - It deepened strategic cooperation with Wanda Hotels and Cloudbreak Technology on data intelligence solutions for the hotel industry, successfully signing digital service projects for over **300 stores** of multiple high-end chain hotels[51](index=51&type=chunk) - The company actively promotes overseas business development in collaboration with leading manufacturers, extending successful domestic experiences to international markets[51](index=51&type=chunk) - Mature technical capabilities and service models from the chain hotel sector are being replicated and expanded to other chain business formats, such as automotive 4S dealerships and IDC scenarios[52](index=52&type=chunk) [IV. Ecosystem Aggregation: Industrial Collaboration Co-creates New Growth Drivers](index=22&type=section&id=IV.%20Ecosystem%20Aggregation%3A%20Industrial%20Collaboration%20Co-creates%20New%20Growth%20Drivers) Digital China Holdings is committed to building an open innovation ecosystem platform, deeply integrating multi-dimensional resources from government, industry, academia, research, and application, to construct an innovative ecosystem of technological synergy, scenario co-creation, and industrial linkage; by opening up its data capability base and AI toolchain, it collaborates with partners to drive AI innovation and digital intelligence upgrades, earning multiple industry recognitions - The company is committed to building an open innovation ecosystem platform, deeply integrating multi-dimensional resources from government, industry, academia, research, and application, to construct an innovative ecosystem of technological synergy, scenario co-creation, and industrial linkage[55](index=55&type=chunk) - In terms of technology ecosystem, it co-established the "YanCloud Infinity Intelligent Software Joint Laboratory" with Peking University, signed a big data product cooperation framework agreement with Tencent Cloud, and initiated the industry's first AIGC large model financial ecosystem with Huawei and Tencent Cloud[55](index=55&type=chunk) - In terms of industry ecosystem, it deepened cooperation with SF Express, Debon Express, and YTO Express to enhance smart supply chain service capabilities, and promoted innovative cooperation with national industry associations[56](index=56&type=chunk) - In terms of industrial ecosystem, it signed a strategic cooperation agreement with Beijing Jiaotong University to establish the "Data Intelligence Research Institute" and deepened cooperation with the national financial think tank "National Institution for Finance & Development"[56](index=56&type=chunk) - During the reporting period, the company received multiple industry recognitions, including Forbes China's "2025 AI Technology Enterprises TOP50" and iResearch's "China FinTech Industry Excellent Service Provider Top50"[57](index=57&type=chunk) [V. Future Outlook: Proactive Layout to Win in the New AI Era](index=23&type=section&id=V.%20Future%20Outlook%3A%20Proactive%20Layout%20to%20Win%20in%20the%20New%20AI%20Era) The company will continue to firmly execute its 'Data x AI' strategic upgrade, implementing the 'general-purpose and specialized integration' AI for Process philosophy; guided by technological innovation and customer needs, it will strengthen its AI full-stack technology engine to drive clients' 'R&D, production, supply, sales, and service' systems from digitalization to intelligent transformation, achieving symbiotic prosperity of enterprise and social value - The company will deeply grasp the strategic opportunities of the national "AI+" initiative and data element market-oriented reform, firmly executing its **"Data x AI" strategic upgrading**[58](index=58&type=chunk) - In the future, it will implement the "general-purpose and specialized integration" **AI for Process** philosophy, strengthening its AI full-stack technology engine based on the "YanCloud Infinity" technology foundation[58](index=58&type=chunk) - The goal is to drive clients' "R&D, production, supply, sales, and service" systems from digitalization to intelligent transformation, continuously injecting new impetus for digital intelligence development into the real economy[58](index=58&type=chunk) [Other Financial and Corporate Information](index=24&type=section&id=Other%20Financial%20and%20Corporate%20Information) This section covers updates on wealth management product resolution arrangements, capital expenditure, liquidity and financial resources, contingent liabilities, commitments, significant investments and acquisitions/disposals, post-reporting period events, human resources and remuneration policies, and the use of rights issue proceeds, providing comprehensive supplementary information on the company's operations and financial position [11.1 Latest Developments in Wealth Management Product Resolution Arrangements](index=24&type=section&id=11.1%20Latest%20Developments%20in%20Wealth%20Management%20Product%20Resolution%20Arrangements) As of June 30, 2025, the net book value of wealth management products was approximately RMB 686 million; the company has obtained active disposal rights for related assets and is proceeding with the disposal of real estate residential projects (RMB 84 million); market and commercial complex property assets (RMB 602 million) are being divested and injected into new company entities according to the restructuring plan, with the company expecting to gain controlling interest to facilitate disposal - As of June 30, 2025, the net book value of wealth management products was approximately **RMB 686 million**[59](index=59&type=chunk) - The company has obtained active disposal rights for the underlying assets of the wealth management products and has formulated a disposal plan[59](index=59&type=chunk) - Disposal of real estate residential projects (approximately **RMB 84 million**) is currently underway[59](index=59&type=chunk) - Market and commercial complex property assets (approximately **RMB 602 million**) are being divested and injected into new company entities according to the court-approved restructuring plan, with the company expecting to gain a controlling interest[59](index=59&type=chunk) [11.2 Capital Expenditure, Liquidity and Financial Resources](index=25&type=section&id=11.2%20Capital%20Expenditure%2C%20Liquidity%20and%20Financial%20Resources) As of June 30, 2025, the company's total assets were approximately RMB 23.173 billion, with a current ratio of 1.26 (1.42 as of December 31, 2024); capital expenditure was approximately RMB 28 million, and cash and cash equivalents were approximately RMB 1.960 billion; the total loans to equity attributable to equity holders of the parent company ratio was 0.86, an increase from 0.60 at the end of last year | Metric | June 30, 2025 (RMB billions) | December 31, 2024 (RMB billions) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 23.173 | N/A | N/A | | Total Liabilities | 13.807 | N/A | N/A | | Equity Attributable to Equity Holders of the Parent Company | 5.767 | 5.831 | -1.10% | | Current Ratio | 1.26 | 1.42 | Decreased | | Capital Expenditure | 0.028 | N/A | N/A | | Cash and Cash Equivalents | 1.960 | 3.143 | -37.59% | | Total Loans to Equity Attributable to Equity Holders of the Parent Company Ratio | 0.86 | 0.60 | Increased | | Total Interest-bearing Bank and Other Loans | 4.943 | 3.483 | 41.90% | - The Group primarily meets its working capital requirements through internal resources, bank loans, and bank credit facilities[61](index=61&type=chunk) - The Group currently has no foreign exchange hedging policy, but management monitors foreign exchange risks and will consider hedging when necessary[61](index=61&type=chunk) | Interest-bearing Bank and Other Loans (June 30, 2025) | RMB thousands | | :--- | :--- | | Current Interest-bearing Bank Loans, Unsecured | 2,847,193 | | Current Interest-bearing Bank Loans, Secured | 601,509 | | Current Other Loans | 58,450 | | Non-current Interest-bearing Bank Loans, Secured | 1,436,251 | | **Total** | **4,943,403** | - Approximately **RMB 1.689 billion** in loans are secured by buildings, investment properties, and prepaid land lease payments; approximately **RMB 300 million** in loans are pledged by issued shares of Digital China Information Service[63](index=63&type=chunk)[64](index=64&type=chunk) - Total available bank credit facilities are approximately **RMB 10.030 billion**, with approximately **RMB 5.313 billion** utilized[64](index=64&type=chunk) [11.3 Contingent Liabilities](index=26&type=section&id=11.3%20Contingent%20Liabilities) Digital China Financial Services (a Group subsidiary) is involved in a patent infringement lawsuit, with plaintiff Yihua Company refiling in December 2023, claiming RMB 275.3 million; during the August 2024 trial, Yihua Company withdrew its claim for infringement damages against Digital China Financial Services, only seeking cessation of infringement liability; as of June 30, 2025, the case remains unadjudicated, and legal opinion suggests a low probability of Digital China Financial Services bearing related litigation outcomes - Digital China Financial Services is involved in a patent infringement lawsuit filed by Shenzhen Yihua Computer Co., Ltd., with the plaintiff refiling in December 2023, claiming **RMB 275.3 million**[67](index=67&type=chunk) - During the August 2024 trial, Yihua Company withdrew its claim for infringement damages against Digital China Financial Services, explicitly stating that Oki Electric Company should bear the compensation liability, and Digital China Financial Services should only bear the responsibility for ceasing infringement[68](index=68&type=chunk) - As of June 30, 2025, the case remains unadjudicated, and based on legal opinion, the probability of Digital China Financial Services bearing related litigation outcomes is low[68](index=68&type=chunk) [11.4 Commitments](index=27&type=section&id=11.4%20Commitments) As of June 30, 2025, the Group's total commitments contracted but not provided for in the financial statements amounted to approximately RMB 109.9 million, primarily including land and buildings, capital contributions to joint ventures and associates | Commitment Item | Amount (RMB thousands) | | :--- | :--- | | Land and Buildings | 37,753 | | Capital Contributions to Several Joint Ventures | 68,250 | | Capital Contributions to Several Associates | 3,510 | | Capital Contributions to Financial Assets Measured at Fair Value Through Other Comprehensive Income | 429 | | **Total** | **109,942** | [11.5 Significant Investments and Major Acquisitions or Disposals of Subsidiaries, Associates and Joint Ventures](index=27&type=section&id=11.5%20Significant%20Investments%20and%20Major%20Acquisitions%20or%20Disposals%20of%20Subsidiaries%2C%20Associates%20and%20Joint%20Ventures) For the six months ended June 30, 2025, the Group had no significant investments or major acquisitions or disposals of subsidiaries, associates, and joint ventures - During the reporting period, the Group had no significant investments or major acquisitions or disposals of subsidiaries, associates, and joint ventures[72](index=72&type=chunk) [11.6 Events After the Reporting Period](index=27&type=section&id=11.6%20Events%20After%20the%20Reporting%20Period) No significant events have occurred for the Group from the end of the reporting period up to the date of this interim report - No significant events have occurred for the Group from the end of the reporting period up to the date of this interim report[73](index=73&type=chunk) [11.7 Human Resources and Remuneration Policy](index=27&type=section&id=11.7%20Human%20Resources%20and%20Remuneration%20Policy) As of June 30, 2025, the Group's full-time employees numbered 20,254, a 16.69% year-on-year increase; employee costs were approximately RMB 2.035 billion, also up 16.69% year-on-year; the company offers equity incentive plans to attract and retain outstanding employees and is committed to providing training and development programs | Metric | June 30, 2025 | June 30, 2024 | Year-on-year Change | | :--- | :--- | :--- | :--- | | Number of Full-time Employees | 20,254 | 17,307 | 16.69% | | Employee Costs | RMB 2.035 billion | RMB 1.744 billion | 16.69% | - The company offers equity incentive plans to attract and retain outstanding and proactive employees, and is committed to providing various internal and external training and development programs[74](index=74&type=chunk) [11.8 Update on Use of Proceeds from Rights Issue](index=28&type=section&id=11.8%20Update%20on%20Use%20of%20Proceeds%20from%20Rights%20Issue) As of June 30, 2025, approximately RMB 210 million of the net proceeds from the 2017 rights issue remained unutilized; due to slow macroeconomic recovery and subdued investment sentiment, the company's management is more cautious about investment and M&A projects, expecting the unutilized proceeds will not be fully deployed by the original plan of December 31, 2025, but are now anticipated to be fully utilized by June 30, 2026 | Intended Use of Net Proceeds from Rights Issue | Net Proceeds (RMB millions) | Amount Utilized as of June 30, 2025 (RMB millions) | Amount Unutilized as of June 30, 2025 (RMB millions) | Expected to be Utilized by June 30, 2026 (RMB millions) | | :--- | :--- | :--- | :--- | :--- | | Investment in Healthcare Big Data or Other Potential Investments and Acquisitions | 664 | (454) | 210 | 210 | | Repayment of Debts and Interest Expenses | 410 | (410) | - | - | | General Working Capital Purposes | 75 | (75) | - | - | | **Total** | **1,149** | **(939)** | **210** | **210** | - As of June 30, 2025, the unutilized net proceeds from the rights issue amounted to approximately **RMB 210 million**[77](index=77&type=chunk) - Due to slow macroeconomic recovery and subdued investment sentiment, the company's management is more cautious about investment and M&A projects, expecting the unutilized net proceeds will be fully utilized by **June 30, 2026**[77](index=77&type=chunk) [Corporate Governance and Other Disclosures](index=29&type=section&id=Corporate%20Governance%20and%20Other%20Disclosures) This section discloses the company's corporate governance practices, including audit committee review, deviations from the Corporate Governance Code (e.g., Chairman also serving as CEO, exemption from director rotation, absence of written appointment letters for non-executive directors), and compliance with the Model Code, dealings in listed securities, and public float information [12.1 Review by Audit Committee](index=29&type=section&id=12.1%20Review%20by%20Audit%20Committee) The Audit Committee reviewed the Group's unaudited condensed consolidated interim results for the six months ended June 30, 2025, and discussed audit findings, accounting principles, compliance matters, internal controls, risk management, and financial reporting with senior management, raising no objections to the accounting treatments adopted - The Audit Committee, composed of three independent non-executive directors, reviewed the interim results and discussed relevant financial and governance matters[79](index=79&type=chunk) - The Audit Committee raised no objections to the accounting treatments adopted for the Group's unaudited condensed consolidated interim results for the six months ended June 30, 2025[79](index=79&type=chunk) [12.2 Corporate Governance](index=29&type=section&id=12.2%20Corporate%20Governance) During the reporting period, the company complied with the Corporate Governance Code except for the following: the Chairman also serves as CEO, which the Board believes aids strategic consistency; Mr. Guo Wei, the Chairman, is not subject to rotation; the company has not entered into written appointment letters with non-executive or independent non-executive directors, but the Board considers existing arrangements effective - During the reporting period, the company complied with the Corporate Governance Code except for the Chairman also serving as CEO, which the Board believes aids strategic consistency[80](index=80&type=chunk) - Mr. Guo Wei, the Chairman of the Board, is not subject to rotation, while other directors are subject to retirement by rotation at least once every three years[81](index=81&type=chunk) - The company has not entered into written appointment letters with non-executive or independent non-executive directors, but the Board considers existing arrangements effective and that directors responsibly fulfill their duties[82](index=82&type=chunk) [12.3 Compliance with Model Code](index=30&type=section&id=12.3%20Compliance%20with%20Model%20Code) Following specific inquiries by the company, all directors confirmed compliance with the Model Code for Securities Transactions by Directors of Listed Issuers throughout the six months ended June 30, 2025 - All directors confirmed compliance with the Model Code for Securities Transactions by Directors of Listed Issuers throughout the reporting period[83](index=83&type=chunk) [12.4 Purchase, Sale or Redemption of the Company's Listed Securities](index=30&type=section&id=12.4%20Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) During the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities - During the reporting period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[84](index=84&type=chunk) [12.5 Sufficient Public Float](index=30&type=section&id=12.5%20Sufficient%20Public%20Float) Based on publicly available information and the directors' knowledge, the company maintained a sufficient public float as required by the Listing Rules throughout the six months ended June 30, 2025 - During the reporting period, the company maintained a sufficient public float as required by the Listing Rules[85](index=85&type=chunk) [12.6 By Order of the Board](index=30&type=section&id=12.6%20By%20Order%20of%20the%20Board) This announcement was published by Mr. Guo Wei, Chairman and CEO of the Board, on August 27, 2025; the Board comprises nine directors, including executive, non-executive, and independent non-executive directors - The announcement was published by Mr. Guo Wei, Chairman and CEO of the Board, on August 27, 2025[86](index=86&type=chunk) - The Board comprises nine directors, including executive directors, non-executive directors, and independent non-executive directors[86](index=86&type=chunk)