智通财经APP讯，中关村科技租赁(01601)发布公告，于2023年12月19日，公司作为出租人与承租人郑州沃特节能科技股份有限公司订立融资租赁协议III，据此，出租人将购入承租人自有租赁资产III，转让价款为人民币2000万元;及出租人将租赁资产III租回给承租人，租赁期为36个月，总租赁款项为人民币2220.37万元。在融资租赁协议III项下，总租赁款项包括融资租赁本金为人民币2000万元及融资租赁利息收入(含增值税)为人民币220.37万元。 租赁资产III为高压辊磨机，账面净值约为人民币2044.32万元。 公告称，订立融资租赁协议将在租赁期内为公司带来收入和利润，符合公司业务发展策略。鉴于融资租赁协议基于正常商业条款订立，董事认为融资租赁协议的条款属公平合理，并符合公司及其股东的整体利益。 ...

Employee and Organizational Structure - As of June 30, 2023, the group had a total of 137 employees, an increase from 132 employees as of December 31, 2022[5] - Approximately 100% of employees hold a bachelor's degree or higher, with 64.23% holding a master's degree or above[5] - Employee costs accounted for 53.5% of total operating expenses, increasing by 13.9% from the previous year[111] Financial Performance - Total revenue for the six months ended June 30, 2023, was RMB 398,362 thousand, representing an increase from RMB 362,559 thousand in the same period of 2022, which is a growth of approximately 9.9%[36] - Net profit for the six months ended June 30, 2023, was RMB 130,988 thousand, up from RMB 111,854 thousand in the same period of 2022, reflecting a growth of about 17.1%[36] - The company's total assets reached RMB 11,168,458 thousand as of June 30, 2023, compared to RMB 9,495,412 thousand a year earlier, marking an increase of approximately 17.7%[39] - The return on equity (ROE) for the six months ended June 30, 2023, was 11.7%, up from 10.8% in the same period of 2022[36] - The net profit margin for the six months ended June 30, 2023, was 32.9%, compared to 30.9% in the same period of 2022, indicating improved profitability[36] - Interest income for the six months ended June 30, 2023, was RMB 330,962 thousand, compared to RMB 299,304 thousand in the same period of 2022, reflecting an increase of approximately 10.6%[36] - The company achieved a revenue growth of 9.9% year-on-year, reaching RMB 398.4 million, with a pre-tax profit increase of 16.6%[44] - Net interest income increased by 12.6% to RMB 187.012 million in the first half of 2023, compared to RMB 166.128 million in the same period of 2022[83] - The company reported a profit of RMB 131.0 million for the first half of 2023, representing a 17.1% increase from RMB 111.9 million in the same period of 2022[89] Asset and Liability Management - The company reported a debt-to-asset ratio of 79.7% as of June 30, 2023, which is an increase from 77.8% in the same period of 2022[39] - Total liabilities reached RMB 8,897.1 million, an increase of RMB 202.6 million or 2.3% from the previous year[167] - The total equity amounted to RMB 2,271.4 million, reflecting a growth of RMB 51.0 million or 2.3% compared to the end of the previous year[172] - The total amount of loans and receivables was RMB 11,221,484 thousand, with a net amount of RMB 10,411,388 thousand after accounting for impairment losses[122] - The group’s net loans and receivables increased by 3.0% to RMB 10,411.4 million from RMB 10,104.3 million at the end of the previous year[148] - The total borrowings amounted to RMB 6,600.0 million, an increase of RMB 204.7 million or 3.2% compared to the end of the previous year, primarily due to business expansion[141] Strategic Initiatives and Market Positioning - The company has established a strategic system of "1+2+3" to enhance its service to technology innovation enterprises and optimize its operational capabilities[25] - The company aims to deepen the integration of financial services into industrial scenarios to support high-quality development of the real economy[14] - The company is committed to innovating intellectual property leasing and technology micro-products to meet the unmet financial service needs of technology innovation enterprises[13] - The company is focusing on sectors such as intelligent manufacturing, new energy, and new infrastructure as important directions for industry transformation and optimization[23] - The company has completed its main strategic transformation planning and value management planning, laying a foundation for achieving its "14th Five-Year Plan" goals[25] Risk Management and Operational Efficiency - The group is committed to a prudent risk management policy to ensure sustainable business development[159] - The group faces major operational risks including credit risk, interest rate risk, liquidity risk, and foreign exchange risk[200] - The group has established and continuously iterates professional and reasonable credit risk management policies and processes[200] - The group has implemented a five-tier classification system for loans and receivables, with a focus on managing non-performing assets[149] - The group has deepened the value discovery capability of "light asset" enterprises, aligning with the characteristics of innovative enterprises[128] Future Outlook - The company anticipates continued economic recovery and expansion in the second half of 2023, supported by government policies and improvements in the labor market[42] - The group expects to expand its customer base and improve operational efficiency, leading to enhanced profitability in the future[119]

[Financial Summary](index=1&type=section&id=Financial%20Summary) [Key Financial Highlights](index=1&type=section&id=Key%20Financial%20Highlights) For the six months ended June 30, 2023, the Group achieved significant growth in revenue, profit, and equity, maintaining healthy average returns | Indicator | For the six months ended June 30, 2023 (RMB million) | Change from prior period/year-end | | :--------------- | :----------------------------------- | :-------------------------------- | | Revenue | 398.4 | Growth 9.9% | | Profit before tax | 174.2 | Growth 16.6% | | Profit for the period | 131.0 | Growth 17.1% | | Total assets | 11,168.5 | Growth 2.3% | | Shareholders' equity | 2,271.4 | Growth 2.3% | | Average return on equity | 11.7% | - | | Average return on total assets | 2.4% | - | [Interim Results (Unaudited Condensed Consolidated Financial Statements)](index=2&type=section&id=Interim%20Results) [Consolidated Income Statement](index=2&type=section&id=Consolidated%20Income%20Statement) For the six months ended June 30, 2023, the Group saw increased interest and consulting income, driving revenue and profit growth, with basic EPS of RMB 0.10 | Indicator | June 30, 2023 (RMB thousand) | June 30, 2022 (RMB thousand) | | :------------------- | :------------------------- | :------------------------- | | Interest income | 330,962 | 299,304 | | Consulting fee income | 67,400 | 63,255 | | **Revenue** | **398,362** | **362,559** | | Other net income | 11,103 | 6,803 | | Interest expense | (143,950) | (133,176) | | Operating expenses | (69,188) | (58,957) | | Impairment losses | (30,004) | (26,983) | | Share of profit/(loss) of associates | 7,830 | (925) | | Net exchange gain | 3 | 22 | | **Profit before tax** | **174,156** | **149,343** | | Income tax expense | (43,168) | (37,489) | | **Profit for the period** | **130,988** | **111,854** | | Basic and diluted earnings per share | 0.10 | 0.08 | [Consolidated Statement of Comprehensive Income](index=3&type=section&id=Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2023, the Group's total comprehensive income was RMB 130,988 thousand, consistent with profit for the period and wholly attributable to the Company's shareholders | Indicator | June 30, 2023 (RMB thousand) | June 30, 2022 (RMB thousand) | | :--------------- | :------------------------- | :------------------------- | | Profit for the period | 130,988 | 111,854 | | Other comprehensive income for the period | – | – | | **Total comprehensive income for the period** | **130,988** | **111,854** | | Attributable to shareholders of the Company | 130,988 | 111,854 | [Consolidated Statement of Financial Position](index=4&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2023, the Group's total assets and liabilities increased, with loans and receivables as primary assets, and steady equity growth reflecting financial stability | Indicator | June 30, 2023 (RMB thousand) | December 31, 2022 (RMB thousand) | | :------------------- | :------------------------- | :-------------------------- | | **Non-current assets** | | | | Loans and receivables | 4,258,433 | 4,222,292 | | Investments in associates | 188,345 | 190,689 | | Deferred tax assets | 82,219 | 75,843 | | **Current assets** | | | | Loans and receivables | 5,838,279 | 5,597,360 | | Cash and cash equivalents | 636,012 | 634,987 | | **Current liabilities** | | | | Borrowings | 4,037,064 | 3,890,411 | | Trade and other payables | 1,331,759 | 1,263,411 | | **Non-current liabilities** | | | | Borrowings | 2,562,904 | 2,504,824 | | Trade and other payables | 954,242 | 1,017,687 | | **Net assets** | **2,271,408** | **2,220,420** | | Total equity attributable to shareholders of the Company | 2,271,408 | 2,220,420 | [Consolidated Statement of Changes in Equity](index=6&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Equity) As of June 30, 2023, the Group's total equity increased to RMB 2,271,408 thousand, driven by profit for the period and after distributing RMB 80,000 thousand in prior year dividends | Indicator | Balance at January 1, 2023 (RMB thousand) | Balance at June 30, 2023 (RMB thousand) | | :------------------- | :---------------------------- | :----------------------------- | | Share capital | 1,333,334 | 1,333,334 | | Capital reserve | 331,149 | 331,149 | | Surplus reserve | 72,159 | 72,159 | | Fair value reserve | 2,194 | 2,194 | | General reserve | 110,470 | 110,470 | | Retained profits | 371,114 | 422,102 | | **Total equity** | **2,220,420** | **2,271,408** | | Profit for the period | - | 130,988 | | Approved dividends for prior years | - | (80,000) | [Consolidated Cash Flow Statement](index=8&type=section&id=Consolidated%20Cash%20Flow%20Statement) For the six months ended June 30, 2023, the Group's operating activities resulted in a net cash outflow, while investing and financing activities generated inflows, leading to a stable period-end cash balance | Cash Flow Category | June 30, 2023 (RMB thousand) | June 30, 2022 (RMB thousand) | | :------------------- | :------------------------- | :------------------------- | | Net cash from operating activities | (116,035) | 231,985 | | Net cash from investing activities | 45,814 | 7,436 | | Net cash from financing activities | 71,243 | (419,545) | | Net increase in cash and cash equivalents | 1,022 | (180,124) | | Cash and cash equivalents at end of period | 636,012 | 470,061 | [Notes to Unaudited Interim Financial Report](index=9&type=section&id=Notes%20to%20Unaudited%20Interim%20Financial%20Report) [Basis of Preparation and Accounting Policy Changes](index=9&type=section&id=Basis%20of%20Preparation%20and%20Accounting%20Policy%20Changes) This interim financial report is prepared under IAS 34 and reviewed by KPMG, with the Group adopting IFRS 12 amendments for deferred tax assets and liabilities related to leases - This interim financial report is prepared in accordance with the applicable disclosure provisions of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and International Accounting Standard 34 Interim Financial Reporting issued by the International Accounting Standards Board[132](index=132&type=chunk) - This interim financial report is unaudited but has been reviewed by KPMG in accordance with Hong Kong Standard on Review Engagements 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity issued by the Hong Kong Institute of Certified Public Accountants[134](index=134&type=chunk) - The Group adopted the amendments to IFRS 12 from January 1, 2022, recognizing deferred taxes related to leases and presenting related deferred tax assets and liabilities on a net basis[152](index=152&type=chunk) [Revenue Notes](index=10&type=section&id=Revenue_Notes) The Group's principal business is providing finance lease and consulting services, with interest income and consulting fee income as main revenue sources for the six months ended June 30, 2023, and sale and leaseback interest income being the largest component - The Group's principal business is to provide finance lease services and related consulting services to customers in China[153](index=153&type=chunk) | Revenue Category | June 30, 2023 (RMB thousand) | June 30, 2022 (RMB thousand) | | :------------------- | :------------------------- | :------------------------- | | Finance lease interest income | 23,043 | 16,734 | | Sale and leaseback interest income | 276,908 | 270,330 | | Intellectual property lease interest income | 31,011 | 12,240 | | Management consulting fee income | 19,200 | 18,986 | | Policy consulting fee income | 48,200 | 44,269 | | **Total Revenue** | **398,362** | **362,559** | [Other Net Income Notes](index=11&type=section&id=Other%20Net%20Income_Notes) For the six months ended June 30, 2023, the Group's total other net income was RMB 11,103 thousand, primarily from investment income, VAT input tax deduction, and deposit interest, with government grants decreasing | Category | June 30, 2023 (RMB thousand) | June 30, 2022 (RMB thousand) | | :--------------- | :------------------------- | :------------------------- | | Investment income | 4,713 | 247 | | VAT input tax deduction | 2,668 | – | | Deposit interest | 2,311 | 2,234 | | Government grants | 437 | 4,033 | | Others | 974 | 289 | | **Total** | **11,103** | **6,803** | - Government grants are mainly for rewarding finance lease companies that provide financing services to technology innovation enterprises in specific regions, and these grants are unconditional, thus recognized as income upon receipt[141](index=141&type=chunk) [Interest Expense Notes](index=11&type=section&id=Interest%20Expense_Notes) For the six months ended June 30, 2023, the Group's total interest expense was RMB 143,950 thousand, mainly from borrowings and related party borrowings, with estimated interest expense on lessees' interest-free deposits and lease liabilities decreasing | Category | June 30, 2023 (RMB thousand) | June 30, 2022 (RMB thousand) | | :------------------- | :------------------------- | :------------------------- | | Borrowings | 99,466 | 87,746 | | Borrowings from related parties | 16,078 | 14,379 | | Estimated interest expense on lessees' interest-free deposits | 27,712 | 29,942 | | Interest expense on lease liabilities | 694 | 1,109 | | **Total** | **143,950** | **133,176** | [Operating Expenses Notes](index=11&type=section&id=Operating%20Expenses_Notes) For the six months ended June 30, 2023, the Group's total staff costs were RMB 37,086 thousand, primarily comprising salaries, bonuses, and allowances, while other operating expenses included depreciation and amortization Staff Costs | Staff Cost Category | June 30, 2023 (RMB thousand) | June 30, 2022 (RMB thousand) | | :------------------- | :------------------------- | :------------------------- | | Salaries, bonuses and allowances | 26,259 | 22,316 | | Social insurance and other benefits | 10,641 | 9,576 | | Cash-settled share-based payments | 186 | 663 | | **Subtotal** | **37,086** | **32,555** | Other Operating Expenses | Other Operating Expense Category | June 30, 2023 (RMB thousand) | June 30, 2022 (RMB thousand) | | :--------------- | :------------------------- | :------------------------- | | Depreciation - owned equipment | 671 | 371 | | Depreciation - right-of-use assets | 6,756 | 6,439 | | Amortization - intangible assets | 995 | 2,216 | | Amortization - others | 201 | 184 | | Other lease expenses | 900 | 838 | [Impairment Losses Notes](index=12&type=section&id=Impairment%20Losses_Notes) For the six months ended June 30, 2023, the Group's total impairment losses were RMB 30,004 thousand, primarily related to loans and receivables, with total impairment loss provisions for loans and receivables increasing to RMB 314,676 thousand from the end of the previous year, reflecting prudent asset quality management Impairment Losses | Category | June 30, 2023 (RMB thousand) | June 30, 2022 (RMB thousand) | | :--------------- | :------------------------- | :------------------------- | | Loans and receivables | 30,004 | 26,785 | | Credit commitments | – | 198 | | **Total** | **30,004** | **26,983** | Impairment Loss Provisions for Loans and Receivables | Impairment Loss Provisions for Loans and Receivables | June 30, 2023 (RMB thousand) | December 31, 2022 (RMB thousand) | | :----------------------- | :------------------------- | :-------------------------- | | Provisions for finance lease receivables | (133,531) | (136,557) | | Provisions for sale and leaseback receivables | (171,324) | (139,932) | | Provisions for intellectual property lease receivables | (9,821) | (8,183) | | **Total** | **(314,676)** | **(284,672)** | Movement in Impairment Loss Provisions | Movement in Impairment Loss Provisions (RMB thousand) | 12-month Expected Credit Losses | Lifetime Expected Credit Losses – Not Credit-Impaired | Lifetime Expected Credit Losses – Credit-Impaired | Total | | :---------------------------- | :----------------- | :----------------------------- | :------------------------- | :------ | | Balance at January 1, 2023 | 33,862 | 524 | 250,286 | 284,672 | | Transfers | (308) | (312) | 620 | - | | Provisions | 67 | 368 | 29,569 | 30,004 | | **Balance at June 30, 2023** | **33,621** | **580** | **280,475** | **314,676** | [Income Tax Expense Notes](index=12&type=section&id=Income%20Tax%20Expense_Notes) For the six months ended June 30, 2023, the Group's income tax expense was RMB 43,168 thousand, mainly from current China corporate income tax and deferred tax changes, with the Company subject to a statutory tax rate of 25% | Category | June 30, 2023 (RMB thousand) | June 30, 2022 (RMB thousand) | | :--------------- | :------------------------- | :------------------------- | | Current tax | 49,544 | 37,938 | | Deferred tax | (6,376) | (449) | | **Total** | **43,168** | **37,489** | - The Company is subject to China corporate income tax at a statutory rate of **25%**[161](index=161&type=chunk) [Basic and Diluted Earnings Per Share Notes](index=13&type=section&id=Basic%20and%20Diluted%20Earnings%20Per%20Share_Notes) For the six months ended June 30, 2023, the Group's basic earnings per share was RMB 0.10, with no difference from diluted earnings per share, as there were no potentially dilutive ordinary shares outstanding during the period - Basic earnings per share is calculated based on the profit for the interim period attributable to shareholders of the Company of **RMB 131.0 million** and the weighted average number of ordinary shares outstanding of **1,333.3 million**[147](index=147&type=chunk) - There was no difference between basic and diluted earnings per share for the six months ended June 30, 2023 and 2022, as there were no potentially dilutive ordinary shares outstanding during these periods[175](index=175&type=chunk) [Property and Equipment Notes](index=13&type=section&id=Property%20and%20Equipment_Notes) As of June 30, 2023, the Group's net book value of property and equipment was RMB 28,866 thousand, a decrease from the end of 2022, primarily due to disposals and depreciation during the period | Category | June 30, 2023 (RMB thousand) | December 31, 2022 (RMB thousand) | | :--------------- | :------------------------- | :-------------------------- | | Leasehold properties for own use | 24,075 | 31,571 | | Electronic equipment | 4,333 | 4,332 | | Office equipment | 226 | 274 | | Others | 232 | 173 | | **Total net book value** | **28,866** | **36,350** | [Loans and Receivables Notes](index=14&type=section&id=Loans%20and%20Receivables_Notes) As of June 30, 2023, the Group's total loans and receivables amounted to RMB 10,411,388 thousand, with a carrying value of RMB 10,096,712 thousand after impairment loss provisions, and receivables from sale and leaseback transactions being the main component Loans and Receivables | Category | June 30, 2023 (RMB thousand) | December 31, 2022 (RMB thousand) | | :------------------- | :------------------------- | :-------------------------- | | Net finance lease receivables | 825,878 | 877,944 | | Receivables from sale and leaseback transactions | 8,613,503 | 8,252,886 | | Intellectual property lease receivables | 972,007 | 973,494 | | **Total loans and receivables** | **10,411,388** | **10,104,324** | | Less: Impairment loss provisions | (314,676) | (284,672) | | **Total** | **10,096,712** | **9,819,652** | Analysis of Loans and Receivables | Analysis of Loans and Receivables | June 30, 2023 (RMB thousand) | December 31, 2022 (RMB thousand) | | :----------------- | :------------------------- | :-------------------------- | | Non-current assets | 4,258,433 | 4,222,292 | | Current assets | 5,838,279 | 5,597,360 | | **Total** | **10,096,712** | **9,819,652** | [Other Assets Notes](index=16&type=section&id=Other%20Assets_Notes) As of June 30, 2023, the Group's total other assets amounted to RMB 30,413 thousand, primarily including deductible VAT, prepayments, and amounts due from related parties | Category | June 30, 2023 (RMB thousand) | December 31, 2022 (RMB thousand) | | :--------------- | :------------------------- | :-------------------------- | | Deductible VAT | 15,156 | 27,011 | | Prepayments | 9,428 | 6,782 | | Amounts due from related parties | 4,239 | 7,845 | | Bills receivable | 1,000 | – | | Other receivables | 305 | 406 | | **Total** | **30,413** | **42,311** | [Income Tax in Consolidated Statement of Financial Position Notes](index=16&type=section&id=Income%20Tax%20in%20Consolidated%20Statement%20of%20Financial%20Position_Notes) As of June 30, 2023, the Group's income tax payable balance was RMB 11,081 thousand, and the deferred tax asset balance was RMB 82,219 thousand, mainly arising from impairment loss provisions and revaluation of investments in associates Income Tax Payable | Category | June 30, 2023 (RMB thousand) | December 31, 2022 (RMB thousand) | | :--------------- | :------------------------- | :-------------------------- | | Income tax payable at period-end | 11,081 | 18,142 | Deferred Tax Sources | Deferred Tax Sources | June 30, 2023 (RMB thousand) | | :--------------- | :------------------------- | | Impairment loss provisions | 78,760 | | Revaluation of investments in associates | (4,537) | | Staff costs | 1,714 | | Right-of-use assets | (6,300) | | Lease liabilities | 6,594 | | **Total** | **82,219** | [Cash and Cash Equivalents Notes](index=18&type=section&id=Cash%20and%20Cash%20Equivalents_Notes) As of June 30, 2023, the Group's cash and cash equivalents in the form of bank deposits amounted to RMB 636,012 thousand, remaining largely stable compared to the end of the previous year | Category | June 30, 2023 (RMB thousand) | December 31, 2022 (RMB thousand) | | :------- | :------------------------- | :-------------------------- | | Bank deposits | 636,012 | 634,987 | [Borrowings Notes](index=18&type=section&id=Borrowings_Notes) As of June 30, 2023, the Group's total borrowings amounted to RMB 6,599,968 thousand, primarily consisting of bank loans and asset-backed securities, with interest rates ranging from 3.65% to 4.70% Borrowings by Type | Category | June 30, 2023 (RMB thousand) | December 31, 2022 (RMB thousand) | | :--------------- | :------------------------- | :-------------------------- | | Bank loans - secured | 1,631,658 | 1,628,795 | | Bank loans - unsecured | 1,345,353 | 1,168,643 | | Borrowings from related parties - secured | 615,000 | 1,000,000 | | Asset-backed securities | 3,007,957 | 2,597,797 | | **Total borrowings** | **6,599,968** | **6,395,235** | Borrowings by Maturity | Borrowing Term | June 30, 2023 (RMB thousand) | December 31, 2022 (RMB thousand) | | :--------------- | :------------------------- | :-------------------------- | | Within one year | 4,037,064 | 3,890,411 | | After one year but within two years | 1,603,477 | 1,403,339 | | After two years but within five years | 959,427 | 1,101,485 | | **Total** | **6,599,968** | **6,395,235** | | Interest rate range | 3.65%-4.70% | 3.65%-4.75% | [Trade and Other Payables Notes](index=19&type=section&id=Trade%20and%20Other%20Payables_Notes) As of June 30, 2023, the Group's total trade and other payables amounted to RMB 2,286,001 thousand, with lessees' deposits, bills payable, and accounts payable being the main components | Category | June 30, 2023 (RMB thousand) | December 31, 2022 (RMB thousand) | | :------------------- | :------------------------- | :-------------------------- | | **Current liabilities** | | | | Bills payable | 588,795 | 646,756 | | Lessees' deposits | 464,308 | 347,811 | | Accounts payable | 84,017 | 134,607 | | Dividends payable | 80,000 | – | | VAT to be collected in subsequent periods | 59,110 | 61,930 | | Accrued staff costs | 11,412 | 28,544 | | **Non-current liabilities** | | | | Lessees' deposits | 809,758 | 861,439 | | Deferred income | 86,416 | 89,909 | | VAT to be collected in subsequent periods | 42,894 | 45,861 | | **Total** | **2,286,001** | **2,281,098** | [Capital, Reserves and Dividends Notes](index=20&type=section&id=Capital,%20Reserves%20and%20Dividends_Notes) The Company's registered capital is RMB 1.0 billion, with share capital comprising domestic and H shares, and reserves mainly including capital, surplus, and fair value reserves, while the Board does not recommend declaring any interim dividend for the six months ended June 30, 2023 - The Company was established in Beijing, China on November 27, 2012, with a registered capital of **RMB 500.0 million**, later increased to **RMB 1.0 billion**[187](index=187&type=chunk)[203](index=203&type=chunk) - Following the full circulation of H shares on April 14, 2021, the Company's registered share capital comprises **840,000,000 domestic shares** and **493,334,000 H shares**[204](index=204&type=chunk) - The Board does not recommend declaring any interim dividend for the six months ended June 30, 2023[365](index=365&type=chunk) [Fair Value of Financial Instruments Notes](index=21&type=section&id=Fair%20Value%20of%20Financial%20Instruments_Notes) The Group determines and discloses the fair value of financial instruments based on a three-level fair value hierarchy, with financial assets measured at fair value through other comprehensive income and financial assets measured at fair value through profit or loss totaling RMB 13,803 thousand as of June 30, 2023, primarily consisting of unlisted investments - The Group determines and discloses the fair value of financial instruments based on the following hierarchy: Level 1 (quoted prices in active markets), Level 2 (observable inputs), and Level 3 (unobservable market data)[210](index=210&type=chunk)[219](index=219&type=chunk) Financial Assets Measured at Fair Value | Category | Fair Value Hierarchy | June 30, 2023 (RMB thousand) | | :--------------------------------- | :----------- | :------------------------- | | Financial assets measured at fair value through other comprehensive income | Level 3 | 12,299 | | Financial assets measured at fair value through profit or loss | Level 3 | 1,504 | | **Total** | | **13,803** | Valuation Methods and Inputs for Financial Assets/Liabilities | Financial Asset/Liability | Fair Value Hierarchy | Valuation Method and Key Inputs | Significant Unobservable Inputs | Relationship between Unobservable Inputs and Fair Value | | :------------ | :----------- | :------------------- | :----------------- | :----------------------------- | | Unlisted investments | Level 3 | Market comparable companies | Lack of marketability discount | Higher discount, lower fair value | [Commitments and Contingent Liabilities Notes](index=22&type=section&id=Commitments%20and%20Contingent%20Liabilities_Notes) As of June 30, 2023, the Group's irrevocable credit commitments amounted to RMB 45.17 million, and capital expenditure obligations, primarily for unpaid capital investments in associates, totaled RMB 124.44 million - The Group's irrevocable credit commitments primarily consist of contracted loans and receivables for which no provision has been made. As of June 30, 2023, the Group's irrevocable lease commitments amounted to **RMB 45.17 million**[222](index=222&type=chunk) Commitments | Category | June 30, 2023 (RMB thousand) | December 31, 2022 (RMB thousand) | | :--------------- | :------------------------- | :-------------------------- | | Off-balance sheet credit commitments | 45,168 | 100,000 | | Capital expenditure commitments | 124,440 | 124,440 | - Capital expenditure commitments primarily represent unpaid capital investments in associates such as Beijing Zhongnuo Tongchuang Investment Fund Management Co, Ltd and Beijing Zhongnuo Yuanjian Innovation Investment Fund Center (Limited Partnership)[211](index=211&type=chunk) [Significant Related Party Transactions Notes](index=22&type=section&id=Significant%20Related%20Party%20Transactions_Notes) For the six months ended June 30, 2023, the Group engaged in various related party transactions, including repayment of related party borrowings, payment of interest expenses, guarantee fees, and rental payments, with related party borrowings payable amounting to RMB 615,000 thousand at period-end Related Party Transactions | Transaction Category | June 30, 2023 (RMB thousand) | June 30, 2022 (RMB thousand) | | :------------------- | :------------------------- | :------------------------- | | Repayment of related party borrowings | 385,000 | 820,000 | | Interest expense from related party borrowings | 16,078 | 14,379 | | Decrease in related party guarantee balance | 142,575 | 132,568 | | Rental payments to related parties | 3,603 | 6,787 | Balances with Related Parties | Related Party Transaction Balance | June 30, 2023 (RMB thousand) | December 31, 2022 (RMB thousand) | | :------------------- | :------------------------- | :-------------------------- | | Related party borrowings payable | 615,000 | 1,000,000 | | Related party interest payable | 883 | 1,436 | | Related party guarantee balance | 939,559 | 796,984 | | Amounts due to related parties | 25,268 | 32,481 | [Consolidated Structured Entities Notes](index=24&type=section&id=Consolidated%20Structured%20Entities_Notes) As of June 30, 2023, the Group consolidated 9 structured entities with total assets of RMB 3,345.8 million, gaining control and consolidating them by participating in their operations and bearing variable return risks - The Group enters into asset securitization transactions, transferring financial assets to special purpose entities, and consolidates them when control is obtained[228](index=228&type=chunk) - As of June 30, 2023, the Group consolidated **9 structured entities**, with total assets of these consolidated structured entities amounting to **RMB 3,345.8 million**[350](index=350&type=chunk) [Share-based Payment Arrangements Notes](index=24&type=section&id=Share-based%20Payment%20Arrangements_Notes) On December 23, 2020, the Group granted 12,670,000 share appreciation rights to employees, entitling them to cash payments upon meeting specific non-market performance conditions, with 4,223,333 unexercised rights and an exercise price of RMB 1 yuan as of June 30, 2023 - On December 23, 2020, the Group granted **12,670,000 share appreciation rights** to employees, entitling them to cash payments upon meeting specific non-market performance conditions[229](index=229&type=chunk) Share Appreciation Rights Details | Indicator | June 30, 2023 | December 31, 2022 | | :------------------- | :------------ | :------------- | | Total carrying amount of liabilities arising from share appreciation rights | 832 | 646 | | Number of share appreciation rights (unexercised) | 4,223,333 | 4,223,333 | | Exercise price | RMB 1 yuan | RMB 1 yuan | | Expected remaining life (years) | 2.5 | 3.0 | [Management Discussion and Analysis](index=26&type=section&id=Management%20Discussion%20and%20Analysis) [Operating Review](index=28&type=section&id=Operating%20Review) In the first half of 2023, China's macro economy showed recovery growth, and facing a complex external environment, the Group achieved simultaneous growth in revenue and profit before tax by optimizing strategy, innovating business models, improving asset quality, and reducing financing costs - In the first half of 2023, China's macro economy showed a clear recovery growth trend, with GDP increasing by **5.5%** year-on-year[238](index=238&type=chunk) - The Group's revenue increased by **9.9%** year-on-year in the first half, and profit before tax increased by **16.6%** year-on-year[240](index=240&type=chunk) - The Group optimized its corporate strategic system, forming a "1+2+3" strategic framework, and actively engaged in product innovation, with finance lease business disbursements of approximately **RMB 3.691 billion**, a year-on-year increase of **15.0%**[258](index=258&type=chunk)[259](index=259&type=chunk) - The Group successfully issued ABS, ABN, and other products, raising **RMB 4.069 billion** in financing, and reducing the cost rate of interest expense on borrowings to **3.8%**[241](index=241&type=chunk) [Profit and Loss Analysis](index=29&type=section&id=Profit%20and%20Loss%20Analysis) During the reporting period, the Group's total revenue and net profit for the period both achieved steady growth, primarily driven by stable increases in interest income and consulting fee income, while effectively controlling the growth of interest expenses and operating expenses - The Group achieved total revenue of **RMB 398.4 million**, a year-on-year increase of **9.9%**; and net profit for the period of **RMB 131.0 million**, a year-on-year increase of **17.1%**[278](index=278&type=chunk) [Revenue](index=30&type=section&id=Revenue_MDA) The Group's revenue primarily consists of interest income and consulting fee income, with interest income growing by 10.6% and accounting for 83.1% of total revenue due to business expansion, and consulting fee income growing by 6.6% mainly due to an increase in service clients | Revenue Category | 2023 (RMB thousand) | Proportion | 2022 (RMB thousand) | Proportion | | :--------- | :------------------ | :----- | :------------------ | :----- | | Interest income | 330,962 | 83.1% | 299,304 | 82.6% | | Consulting fee income | 67,400 | 16.9% | 63,255 | 17.4% | | **Total Revenue** | **398,362** | **100.0%** | **362,559** | **100.0%** | - The Group's interest income increased by **10.6%** from **RMB 299.3 million** in the prior year to **RMB 331.0 million** in the reporting period[245](index=245&type=chunk) - The Group's average balance of interest-earning assets increased by **15.7%** from **RMB 8,865.9 million** in the prior year to **RMB 10,257.9 million** in the reporting period[281](index=281&type=chunk) - The Group's consulting fee income increased by **6.6%** from **RMB 63.3 million** in the prior year to **RMB 67.4 million** in the reporting period[266](index=266&type=chunk) [Interest Expense](index=32&type=section&id=Interest%20Expense_MDA) During the reporting period, the Group's interest expense was RMB 144.0 million, an 8.1% increase from the prior year, mainly due to increased financing efforts driven by rapid growth in finance lease business, with the cost rate of interest expense on borrowings decreasing to 3.8%, reflecting effective financing cost management - The Group's interest expense was **RMB 144.0 million**, an **8.1%** increase from **RMB 133.2 million** in the prior year[267](index=267&type=chunk) | Source of Funds | 2023 (RMB thousand) | Proportion | 2022 (RMB thousand) | Proportion | Change | | :--------------- | :------------------ | :----- | :------------------ | :----- | :----- | | Commercial banks | 56,683 | 39.3% | 48,399 | 36.4% | 17.1% | | Borrowings from related parties | 16,078 | 11.2% | 14,379 | 10.8% | 11.8% | | Asset-backed securities | 42,783 | 29.7% | 39,347 | 29.5% | 8.7% | | Lessees' interest-free deposits | 27,712 | 19.3% | 29,942 | 22.5% | (7.4%) | | Lease liabilities | 694 | 0.5% | 1,109 | 0.8% | (37.4%) | | **Total** | **143,950** | **100.0%** | **133,176** | **100.0%** | **8.1%** | - The Group's cost rate of interest expense on borrowings was **3.8%**, a decrease from the prior year, mainly due to active financing cost management[272](index=272&type=chunk) [Net Interest Spread and Net Interest Margin](index=34&type=section&id=Net%20Interest%20Margin%20and%20Net%20Interest%20Spread) During the reporting period, the Group's net interest spread was 2.7% and net interest margin was 3.8%, both increasing from the prior year, primarily due to enhanced business premium capability and a decrease in the cost rate of interest expense | Indicator | For the six months ended June 30, 2023 | For the six months ended June 30, 2022 | Change | | :--------------- | :-------------------- | :-------------------- | :----- | | Interest income yield | 6.6% | 6.7% | (1.5%) | | Interest expense cost rate | 3.9% | 4.2% | (7.1%) | | Net interest spread | 2.7% | 2.5% | 8.0% | | Net interest margin | 3.8% | 3.7% | 2.7% | - The Group's net interest spread was **2.7%** and net interest margin was **3.8%**, both increasing from the prior year, mainly due to enhanced business premium capability, with interest income yield remaining stable while interest expense cost rate decreased[4](index=4&type=chunk) [Other Net Income](index=35&type=section&id=Other%20Net%20Income_MDA) During the reporting period, the Group's other net income was RMB 11.1 million, a 63.2% increase from the prior year, primarily including investment income, VAT input tax deduction, and bank deposit interest - The Group's other net income was **RMB 11.1 million**, an increase of **63.2%** from the prior year[276](index=276&type=chunk) | Category | 2023 (RMB thousand) | 2022 (RMB thousand) | Change | | :--------------- | :------------------ | :------------------ | :------- | | Investment income | 4,713 | 247 | 1,808.1% | | VAT input tax deduction | 2,668 | – | – | | Deposit interest | 2,311 | 2,234 | 3.5% | | Government grants | 437 | 4,033 | (89.2%) | | Others | 974 | 289 | 237.0% | | **Total Other Net Income** | **11,103** | **6,803** | **63.2%** | [Operating Expenses](index=35&type=section&id=Operating%20Expenses_MDA) During the reporting period, the Group's operating expenses were RMB 69.2 million, a 17.4% increase from the prior year, with staff costs and service expenses growing particularly fast - The Group's operating expenses were **RMB 69.2 million**, an increase of **RMB 10.2 million** or **17.4%** from the prior year[309](index=309&type=chunk) | Category | 2023 (RMB thousand) | Proportion | 2022 (RMB thousand) | Proportion | Change | | :----------- | :------------------ | :----- | :------------------ | :----- | :------ | | Staff costs | 37,086 | 53.5% | 32,555 | 55.0% | 13.9% | | Lease expenses | 900 | 1.3% | 838 | 1.4% | 7.4% | | Service expenses | 13,265 | 19.2% | 8,645 | 14.7% | 53.4% | | Depreciation and amortization | 8,623 | 12.5% | 9,210 | 15.6% | (6.4%) | | Professional service expenses | 2,260 | 3.3% | 4,361 | 7.4% | (48.2%) | | Others | 7,054 | 10.2% | 3,348 | 5.9% | 110.7% | | **Total** | **69,188** | **100.0%** | **58,957** | **100.0%** | **17.4%** | [Impairment Losses](index=36&type=section&id=Impairment%20Losses_MDA) During the reporting period, the Group's expected credit impairment losses were RMB 30.0 million, an 11.2% increase from the prior year, primarily due to continuous advancement of the risk control system and enhanced credit identification capabilities - The Group's expected credit impairment losses were **RMB 30.0 million**, an **11.2%** increase from **RMB 27.0 million** in the prior year[290](index=290&type=chunk) | Category | 2023 (RMB thousand) | 2022 (RMB thousand) | Change | | :--------------- | :------------------ | :------------------ | :----- | | Loans and receivables | 30,004 | 26,785 | 12.0% | | Off-balance sheet credit commitments | – | 198 | – | | **Total Impairment Losses** | **30,004** | **26,983** | **11.2%** | [Income Tax Expense](index=36&type=section&id=Income%20Tax%20Expense_MDA) During the reporting period, the Group's income tax expense was RMB 49.5 million, a 30.6% increase from the prior year, primarily due to increased profit before tax - The Group's income tax expense was **RMB 49.5 million**, an increase of **RMB 11.6 million** or **30.6%** from the prior year, mainly due to increased profit before tax[312](index=312&type=chunk) - The Group's effective income tax rate for the reporting period was **24.8%**[8](index=8&type=chunk) [Profit for the Period](index=37&type=section&id=Profit%20for%20the%20Period) During the reporting period, the Group's profit was RMB 131.0 million, a 17.1% increase from the prior year, primarily attributable to revenue growth and effective control of operating expenses - The Group's profit was **RMB 131.0 million**, an increase of **RMB 19.1 million** or **17.1%** from the prior year[292](index=292&type=chunk) [Basic Earnings Per Share](index=37&type=section&id=Basic%20Earnings%20Per%20Share) During the reporting period, the Group's basic earnings per share was RMB 0.10, an increase from the prior year, mainly due to enhanced profitability - The Group's basic earnings per share for the first half of 2023 was **RMB 0.10**, an increase from the prior year, primarily due to enhanced profitability[9](index=9&type=chunk) [Financial Position Analysis](index=37&type=section&id=Financial%20Position%20Analysis) As of the end of the reporting period, the Group's total assets and liabilities both increased, with loans and receivables remaining the primary asset component, and the company continuously optimizing its asset structure and improving capital utilization efficiency - The Group's total assets were **RMB 11,168.5 million**, an increase of **RMB 253.6 million** or **2.3%** from the end of the previous year[316](index=316&type=chunk) - Loans and receivables accounted for **90.4%** of total assets, and cash and cash equivalents accounted for **5.7%**[316](index=316&type=chunk) [Assets Overview](index=37&type=section&id=Assets_Overview) As of the end of the reporting period, the Group's total assets were RMB 11,168.5 million, with loans and receivables being the main component, accounting for 90.4% | Asset Category | June 30, 2023 (RMB thousand) | Proportion | December 31, 2022 (RMB thousand) | Proportion | Change | | :------------------- | :------------------------- | :----- | :-------------------------- | :----- | :------ | | Loans and receivables | 10,096,712 | 90.4% | 9,819,652 | 90.1% | 2.8% | | Cash and cash equivalents | 636,012 | 5.7% | 634,987 | 5.8% | 0.2% | | Investments in associates | 188,345 | 1.7% | 190,689 | 1.7% | (1.2%) | | Deferred tax assets | 82,219 | 0.7% | 75,843 | 0.7% | 8.4% | | Property and equipment | 28,866 | 0.3% | 36,350 | 0.3% | (20.6%) | | **Total Assets** | **11,168,458** | **100.0%** | **10,914,895** | **100.0%** | **2.3%** | [Loans and Receivables](index=38&type=section&id=Loans%20and%20Receivables_FPA) The Group's net loans and receivables amounted to RMB 10,411.4 million, a 3.0% increase from the end of the previous year, driven by the expansion of finance lease business, with asset quality remaining stable, normal assets accounting for 94.8%, and provision coverage ratio rising to 183.5% - The Group's net loans and receivables amounted to **RMB 10,411.4 million**, an increase of **3.0%** from the end of the previous year[12](index=12&type=chunk) Loans and Receivables Details | Category | June 30, 2023 (RMB thousand) | December 31, 2022 (RMB thousand) | Change | | :--------------- | :------------------------- | :-------------------------- | :----- | | Total loans and receivables | 11,221,484 | 10,872,502 | 3.2% | | Less: Unearned finance income | (810,096) | (768,178) | 5.5% | | Net loans and receivables | 10,411,388 | 10,104,324 | 3.0% | | Less: Impairment loss provisions | (314,676) | (284,672) | 10.5% | | Carrying value of loans and receivables | 10,096,712 | 9,819,652 | 2.8% | - The proportion of net loans and receivables maturing within one year is **58.9%**, indicating stable future business cash inflows[298](index=298&type=chunk) Five-Category Classification of Loans and Receivables | Five-Category Classification of Loans and Receivables | June 30, 2023 (RMB thousand) | Proportion | December 31, 2022 (RMB thousand) | Proportion | Change | | :------------------- | :------------------------- | :----- | :-------------------------- | :----- | :------ | | Normal | 9,869,110 | 94.8% | 9,564,672 | 94.6% | 3.2% | | Special Mention | 370,781 | 3.6% | 375,778 | 3.7% | (1.3%) | | Substandard | 85,666 | 0.8% | 78,302 | 0.8% | 11.6% | | Doubtful | 16,898 | 0.1% | 16,578 | 0.2% | (8.7%) | | Loss | 68,933 | 0.7% | 68,994 | 0.7% | (0.1%) | | **Net Loans and Receivables** | **10,411,388** | **100.0%** | **10,104,324** | **100.0%** | **3.0%** | - The Group's expected credit loss rates for Stage 1, Stage 2, and Stage 3 loans and receivables are **0.3%**, **1.4%**, and **53.8%**, respectively. The overall expected loss rate increased from **2.8%** to **3.0%**, systematically enhancing the Group's risk resilience[20](index=20&type=chunk) - The Group's provision coverage ratio for loans and receivables was **183.5%**, an increase of **9.8 percentage points** from the end of the previous year[327](index=327&type=chunk) [Other Assets](index=43&type=section&id=Other%20Assets_FPA) As of the end of the reporting period, the Group's cash and cash equivalents were RMB 636.0 million, restricted deposits were RMB 76.2 million, investments in joint ventures/associates amounted to RMB 188.3 million, and intangible assets were RMB 15.9 million - The Group's cash and cash equivalents denominated in RMB amounted to **RMB 636.0 million**[21](index=21&type=chunk) - The Group's restricted deposits amounted to **RMB 76.2 million**, representing bank deposits restricted for bank acceptance bill and factoring businesses[21](index=21&type=chunk) - The Group's balance of investments in joint ventures/associates was **RMB 188.3 million**[23](index=23&type=chunk) - The Group's balance of intangible assets was **RMB 15.9 million**, primarily software used for business operations and risk management functions[24](index=24&type=chunk) [Liabilities](index=44&type=section&id=Liabilities_FPA) As of the end of the reporting period, the Group's total liabilities amounted to RMB 8,897.1 million, a 2.3% increase from the end of the previous year, with borrowings being the main component, accounting for 74.2% - The Group's total liabilities were **RMB 8,897.1 million**, an increase of **RMB 202.6 million** or **2.3%** from the end of the previous year[25](index=25&type=chunk) | Liability Category | June 30, 2023 (RMB thousand) | Proportion | December 31, 2022 (RMB thousand) | Proportion | Change | | :--------------- | :------------------------- | :----- | :-------------------------- | :----- | :------ | | Borrowings | 6,599,968 | 74.2% | 6,395,235 | 73.6% | 3.2% | | Trade and other payables | 2,286,001 | 25.7% | 2,281,098 | 26.2% | 0.2% | | Income tax payable | 11,081 | 0.1% | 18,142 | 0.2% | (38.9%) | | **Total Liabilities** | **8,897,050** | **100.0%** | **8,694,475** | **100.0%** | **2.3%** | [Borrowings](index=45&type=section&id=Borrowings_FPA) As of the end of the reporting period, the Group's total borrowings amounted to RMB 6,600.0 million, a 3.2% increase from the end of the previous year, primarily composed of asset-backed securities (45.6%) and bank loans (45.1%), with current borrowings accounting for 61.2% - The Group's borrowings include commercial bank borrowings, related party borrowings, and asset-backed securities, with asset-backed securities being the primary financing source, accounting for **45.6%**[44](index=44&type=chunk) - The Group's RMB-denominated borrowings amounted to **RMB 6,600.0 million**, an increase of **RMB 204.7 million** or **3.2%** from the end of the previous year, mainly due to business expansion[44](index=44&type=chunk) Borrowings by Source | Source of Borrowings | June 30, 2023 (RMB thousand) | Proportion | December 31, 2022 (RMB thousand) | Proportion | Change | | :--------------- | :------------------------- | :----- | :-------------------------- | :----- | :------ | | Bank loans | 2,977,011 | 45.1% | 2,797,438 | 43.8% | 6.4% | | Borrowings from related parties | 615,000 | 9.3% | 1,000,000 | 15.6% | (38.5%) | | Asset-backed securities | 3,007,957 | 45.6% | 2,597,797 | 40.6% | 15.8% | | **Total Borrowings** | **6,599,968** | **100.0%** | **6,395,235** | **100.0%** | **3.2%** | - The Group's current borrowings accounted for **61.2%** of total borrowings, an increase of **3.8%** from the end of the previous year[334](index=334&type=chunk) [Trade and Other Payables](index=46&type=section&id=Trade%20and%20Other%20Payables_FPA) As of the end of the reporting period, the Group's total trade and other payables amounted to RMB 2,286.0 million, a 0.2% increase from the end of the previous year, primarily including lessees' deposits, VAT, accounts payable, bills payable, and lease liabilities - The Group's total trade and other payables amounted to **RMB 2,286.0 million**, an increase of **0.2%** from **RMB 2,281.1 million** at the end of the previous year[47](index=47&type=chunk) - Trade and other payables primarily include lessees' deposits, VAT to be collected in subsequent periods, accounts payable, bills payable, and lease liabilities[28](index=28&type=chunk) [Capital and Reserves](index=46&type=section&id=Capital%20and%20Reserves_FPA) As of the end of the reporting period, the Group's total equity amounted to RMB 2,271.4 million, a 2.3% increase from the end of the previous year, with share capital remaining unchanged and reserves growing - The Group's total equity was **RMB 2,271.4 million**, an increase of **RMB 51.0 million** or **2.3%** from the end of the previous year[90](index=90&type=chunk) Capital and Reserves Breakdown | Category | June 30, 2023 (RMB thousand) | Proportion | December 31, 2022 (RMB thousand) | Proportion | Change | | :------- | :------------------------- | :----- | :-------------------------- | :----- | :----- | | Share capital | 1,333,334 | 58.7% | 1,333,334 | 60.0% | 0.0% | | Reserves | 938,074 | 41.3% | 887,086 | 40.0% | 5.7% | | **Total Equity** | **2,271,408** | **100.0%** | **2,220,420** | **100.0%** | **2.3%** | [Capital Expenditure](index=47&type=section&id=Capital%20Expenditure) During the reporting period, the Group's capital expenditure was RMB 1.3 million, primarily for upgrading business operations and risk management information systems, and purchasing office and electronic equipment - The Group's capital expenditure was **RMB 1.3 million**, primarily for upgrading business operations and risk management information systems, and purchasing office and electronic equipment[48](index=48&type=chunk) [Risk Management](index=47&type=section&id=Risk%20Management) The Group has established a prudent, efficient, and innovative risk management system to balance risk and return, with primary operating risks including credit risk, interest rate risk, liquidity risk, and foreign exchange risk, and corresponding management policies and processes in place - The Group has established a prudent, efficient, and innovative risk management system, aiming to achieve an appropriate balance between the risks and returns generated from serving technology innovation enterprises[337](index=337&type=chunk) - The Group's primary operating risks are credit risk, interest rate risk, liquidity risk, and foreign exchange risk[49](index=49&type=chunk) [Credit Risk](index=47&type=section&id=Credit%20Risk) The Group manages credit risk through strict customer admission, a scientific credit evaluation system, comprehensive due diligence, and a complete post-lease management system, continuously optimizing rating models to enhance risk profiling capabilities - Credit risk is one of the main risks faced by the Group, managed through strict industry and regional customer admission, a scientific credit evaluation system, a comprehensive due diligence system, and rigorous and scientific project approval decisions[31](index=31&type=chunk)[32](index=32&type=chunk)[51](index=51&type=chunk)[65](index=65&type=chunk)[66](index=66&type=chunk)[67](index=67&type=chunk) - The Group optimized and iterated its original "asset credit + entity credit" two-dimensional rating model, strengthening asset risk management and further optimizing intellectual property asset ratings[339](index=339&type=chunk) - The post-lease management system established by the Group covers four aspects: lease asset management, lessee operation monitoring, lease asset classification, and non-performing asset disposal[33](index=33&type=chunk) [Interest Rate Risk](index=50&type=section&id=Interest%20Rate%20Risk) The Group's interest rate risk arises from mismatches in maturity dates and contractual reset dates of interest-earning assets and interest-bearing liabilities, managed by optimizing the time difference between these dates and managing the spread between pricing and LPR/PBOC benchmark rates - Interest rate risk arises from mismatches in the maturity dates and contractual reset dates of interest-earning assets and interest-bearing liabilities[69](index=69&type=chunk) - The Group manages interest rate risk by optimizing the time difference between the maturity dates and contractual reset dates of interest-earning assets and interest-bearing liabilities, and by managing the spread between the pricing of interest-earning assets and interest-bearing liabilities and the Loan Prime Rate (LPR) and the People's Bank of China benchmark interest rates[92](index=92&type=chunk)[343](index=343&type=chunk) [Liquidity Risk](index=50&type=section&id=Liquidity%20Risk) The Group maintains a healthy liquidity position by holding sufficient cash and cash equivalents and implementing comprehensive policies and processes to monitor and meet operational and sustainable development needs - Liquidity risk refers to the possibility that the Group may be unable to obtain sufficient funds at a reasonable cost, thereby failing to meet its payment obligations to support business operations and expansion[69](index=69&type=chunk) - The Group maintains a healthy liquidity position by assessing and monitoring its liquidity situation, holistically allocating financial assets and financial liabilities, and enhancing its ability to secure liquidity in a timely manner at a reasonable cost[70](index=70&type=chunk) [Foreign Exchange Risk](index=50&type=section&id=Foreign%20Exchange%20Risk) The Group's functional currency is RMB, with most income and expenses denominated in RMB, currently having no foreign exchange hedging policy, but management continues to monitor foreign exchange risk exposure - The Group's functional currency is RMB, and most of its income and expenses are denominated in RMB. The Group currently has no foreign exchange hedging policy[97](index=97&type=chunk) [Pledge of Group Assets](index=51&type=section&id=Pledge%20of%20Group%20Assets) As of the end of the reporting period, the Group had RMB 6,233.6 million in loans and receivables pledged, and RMB 60.4 million in cash used for bank acceptance bills, bank factoring loans, and asset securitization businesses - The Group had **RMB 6,233.6 million** in loans and receivables pledged, and **RMB 60.4 million** in cash used for bank acceptance bills, bank factoring loans, and asset securitization businesses[72](index=72&type=chunk) [Significant Investments, Acquisitions and Disposals](index=51&type=section&id=Significant%20Investments,%20Acquisitions%20and%20Disposals) During the reporting period, the Group had no significant investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures - The Group had no significant investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures during the reporting period[54](index=54&type=chunk) [Human Resources](index=51&type=section&id=Human%20Resources) As of June 30, 2023, the Group had 137 employees, with approximately 100% holding bachelor's degrees or above, and about 64.23% holding master's degrees or above, maintaining overall stable employee retention and establishing flexible, efficient compensation incentive plans and a competency-based training system - As of June 30, 2023, the Group had **137 employees**, of whom approximately **100.0%** held bachelor's degrees or above, and approximately **64.23%** held master's degrees or above[56](index=56&type=chunk) - The Group's overall employee retention remained stable, with a high retention rate, and over **43.8%** of on-the-job personnel having more than 5 years of service[56](index=56&type=chunk) - The Group has established and implemented a flexible and efficient employee compensation incentive plan, linking employee compensation to their overall performance and contribution to the company[57](index=57&type=chunk) - The Group values employee training and has initially established a competency-based training system, organizing multiple training courses on operational management and professional skills[76](index=76&type=chunk) [Contingent Liabilities and Capital Commitments](index=52&type=section&id=Contingent%20Liabilities%20and%20Capital%20Commitments) As of the end of the reporting period, the Group had no significant contingent liabilities, with capital commitments and credit commitments primarily including off-balance sheet credit commitments and capital expenditure commitments, the latter being unpaid capital contributions to associates - As of the end of the reporting period, the Group had no significant contingent liabilities[59](index=59&type=chunk) Commitments | Category | June 30, 2023 (RMB thousand) | December 31, 2022 (RMB thousand) | | :--------------- | :------------------------- | :-------------------------- | | Off-balance sheet credit commitments | 45,168 | 100,000 | | Capital expenditure commitments | 124,440 | 124,440 | - The Group's irrevocable credit commitments primarily consist of finance leases that have been contracted but for which the lease term has not yet commenced[62](index=62&type=chunk) - Capital expenditure commitments primarily represent unpaid capital contributions to associates such as Beijing Zhongnuo Tongchuang Investment Fund Management Co, Ltd and Beijing Zhongnuo Yuanjian Innovation Investment Fund Center (Limited Partnership)[79](index=79&type=chunk) [Use of Net Proceeds from Global Offering](index=53&type=section&id=Use%20of%20Net%20Proceeds%20from%20Global%20Offering) The Company's net proceeds from the global offering were approximately RMB 405.8 million, which will be gradually used as disclosed in the prospectus, primarily for expanding business operations, upgrading information systems, and recruiting talent - The Company's net proceeds from the global offering (after deducting underwriting commissions and related costs and expenses) were approximately **RMB 405.8 million**[80](index=80&type=chunk) - Approximately **70%** or **RMB 284.0 million** of the net proceeds is for expanding business operations; approximately **10%** or **RMB 40.6 million** is for upgrading information systems; approximately **10%** or **RMB 40.6 million** is for recruiting more professional talent; and approximately **10%** or **RMB 40.6 million** is for supplementing working capital[64](index=64&type=chunk)[81](index=81&type=chunk)[100](index=100&type=chunk) Use of Proceeds | Use of Proceeds | Expected Amount to be Used as Disclosed in Prospectus (RMB million) | Amount Used During the Period (RMB million) | Unused Amount (RMB million) | Expected Usage Time | | :----------- | :---------------------------------------- | :---------------------------- | :------------------------ | :-------------- | | Expand business operations | 284.0 | - | 284.0 | Not applicable | | Upgrade information systems | 40.6 | 25.9 | 14.7 | Gradually used until 2023 | | Recruit talent | 40.6 | 40.6 | - | Not applicable | | Supplement working capital | 40.6 | - | 40.6 | Not applicable | [Future Outlook](index=54&type=section&id=Future%20Outlook) [Strategic Development](index=54&type=section&id=Strategic%20Development) During the "14th Five-Year Plan" period, the Group will drive business model innovation, deepen industrial integration, focus on industry-finance integration and regional expansion, supported by standardization and digital operations, and driven by organizational reform, to achieve business structure transformation and upgrading, continuously enhancing the company's intrinsic value - During the "14th Five-Year Plan" period, the Group will drive business model innovation, further deepen industrial integration, focusing on industry-finance integration and regional expansion, supported by standardization and digital operations, and driven by organizational reform[361](index=361&type=chunk) - The Group will promote the deep integration of industrial operations and technology finance, achieve business structure transformation and upgrading, continuously enhance the company's intrinsic value, bring satisfactory returns to investors, and create greater value for society[361](index=361&type=chunk) [Other Information](index=54&type=section&id=Other%20Information) [Corporate Governance Practices](index=54&type=section&id=Corporate%20Governance%20Practices) The Company has adopted the Corporate Governance Code set out in Appendix 14 of the HKEX Listing Rules as its own corporate governance code and is committed to maintaining high standards of corporate governance to protect shareholders' interests and enhance corporate value and accountability - The Company has adopted the Corporate Governance Code set out in Appendix 14 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited as its own corporate governance code[355](index=355&type=chunk) - The Board regularly reviews and strengthens the Company's corporate governance practices to ensure continued compliance with the Corporate Governance Code[355](index=355&type=chunk) [Standard Code for Securities Transactions by Directors and Supervisors](index=55&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors%20and%20Supervisors) The Company has established the "Management System for Securities Transactions by Directors, Supervisors, Senior Management, and Other Insiders" as a code of conduct, and all directors and supervisors confirmed compliance with this code during the reporting period - The Company has established the "Management System for Securities Transactions by Directors, Supervisors, Senior Management, and Other Insiders" as a code of conduct for all directors, supervisors, senior management, and other insiders engaging in securities transactions[364](index=364&type=chunk) - Following specific inquiries to all Directors and Supervisors, each Director and Supervisor confirmed that they had complied with the requirements set out in the aforementioned code of conduct during the reporting period[356](index=356&type=chunk) [Interim Dividend](index=55&type=section&id=Interim%20Dividend_Other) The Board does not recommend declaring any interim dividend for the six months ended June 30, 2023 - The Board does not recommend declaring any interim dividend for the six months ended June 30, 2023[365](index=365&type=chunk) [Audit Committee](index=55&type=section&id=Audit%20Committee) The Audit Committee comprises five members, with Mr. Wu Delong as Chairman, possessing professional accounting qualifications, and the committee has discussed and reviewed the Group's interim consolidated financial statements with management and external auditors - The Audit Committee comprises five members, including Mr. Wu Delong, Mr. Cheng Dongyue, and Ms. Lin Zhen as independent non-executive directors, and Ms. Wang Sujuan and Mr. Du Yunchao as non-executive directors[357](index=357&type=chunk) - Mr. Wu Delong is the Chairman of the Audit Committee and possesses professional accounting qualifications[357](index=357&type=chunk) - The Audit Committee has discussed with management and external auditors and reviewed the Group's unaudited interim consolidated financial statements and interim results for the six months ended June 30, 2023[366](index=366&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=55&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20Listed%20Securities) During the reporting period, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - During the reporting period, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[358](index=358&type=chunk) [Significant Legal, Litigation and Arbitration Matters](index=55&type=section&id=Significant%20Legal,%20Litigation%20and%20Arbitration%20Matters) As of the end of the reporting period, the Company had no pending lawsuits as a defendant - As of the end of the reporting period, the Company had no pending lawsuits as a defendant[359](index=359&type=chunk) [Events After Reporting Period](index=56&type=section&id=Events%20After%20Reporting%20Period) The Group had no significant events after the end of the reporting period - The Group had no significant events after the end of the reporting period[352](index=352&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=56&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) This announcement has been published on the HKEX website and the Company's website, and the Company's 2023 interim report will be dispatched to shareholders and published on the HKEX and Company websites in due course - This announcement has been published on the HKEX website (www.hkexnews.hk) and the Company's website (www.zgclease.com)[353](index=353&type=chunk) - The Company's 2023 interim report will be dispatched to shareholders and published on the HKEX and Company websites in due course[353](index=353&type=chunk)

Financial Performance - Total revenue for 2022 reached RMB 743,146,000, an increase from RMB 656,943,000 in 2021, representing a growth of approximately 13.14%[19] - Net profit for 2022 was RMB 226,104,000, compared to RMB 195,917,000 in 2021, reflecting an increase of approximately 15.43%[23] - Total equity as of December 31, 2022, was RMB 2,220,420,000, an increase from RMB 2,054,081,000 in 2021, showing a growth of around 8.08%[24] - The group's profit for 2022 was RMB 226.1 million, an increase of RMB 30.2 million or 15.4% compared to 2021, primarily due to a revenue growth of 13.1%[168] - The group's net interest income for 2022 was RMB 340.9 million, a 15.6% increase from RMB 294.8 million in 2021[138] - The group's interest income for 2022 was RMB 613.4 million, reflecting a 13.3% increase from RMB 541.4 million in 2021[138] - The group's consulting fee income totaled RMB 129.7 million in 2022, a 12.3% increase from RMB 115.6 million in 2021[132] Asset Management - Total assets as of December 31, 2022, amounted to RMB 10,914,895,000, up from RMB 9,428,623,000 in 2021, indicating a growth of about 15.73%[21] - Loans and receivables reached RMB 9,819.7 million, up RMB 1,346.8 million or 15.9% year-on-year, accounting for 90.0% of total assets[170] - The total amount of loans and receivables reached RMB 10,872.5 million, up 15.8% from RMB 9,388.4 million in 2021[149] - The proportion of normal assets increased to 94.6% by the end of 2022, while the non-performing asset ratio remained stable at 1.6%[186] - The total amount of assets under special attention reached RMB 375,778 thousand, representing a 21.4% increase from RMB 309,661 thousand in the previous year[187] Financing Activities - The company has provided financing services to over 1,700 technology innovation enterprises, with a total financing amount exceeding RMB 37 billion[16] - In 2022, the company achieved a new financing lease business investment of RMB 7.42 billion, with total assets exceeding RMB 10 billion for the first time[37] - The company provided financing lease services to over 1,700 technology innovation enterprises, with a total financing amount exceeding RMB 37 billion by the end of 2022[29] - The company signed 581 financing lease contracts with 494 lessees in 2022, driven by the expansion of financing lease business[148] - The company established three regional joint-stock companies in Shenzhen, Hangzhou, and Suzhou, achieving financing lease business investment of approximately RMB 750 million[37] Environmental Sustainability - The company reported a total electricity consumption of 86,143.00 kWh in 2022, down from 98,845.6 kWh in 2021, resulting in a per capita consumption density decrease from 776.24 kWh to 652.60 kWh[76] - Gasoline usage decreased significantly to 4,125.70 liters in 2022 from 7,433.4 liters in 2021, with per capita usage dropping from 57.62 liters to 31.26 liters[76] - Nitrogen oxides (NOx) emissions decreased to 44,380.10 grams in 2022 from 54,821.33 grams in 2021, with a per capita emission density reduction from 424.97 grams per person to 336.21 grams per person[70] - Sulfur oxides (SOx) emissions also saw a decline, with 60.65 grams reported in 2022 compared to 109.27 grams in 2021, resulting in a per capita emission density decrease from 0.85 grams per person to 0.46 grams per person[70] - Particulate matter (PM) emissions were reduced to 4,252.47 grams in 2022 from 5,252.94 grams in 2021, with a per capita emission density decrease from 40.72 grams per person to 32.22 grams per person[70] Strategic Initiatives - The company aims to deepen the unique advantages of the rental investment linkage model and explore integrated service scenarios to enhance the synergy between technology and finance[16] - The company aims to become a value cultivator and financial partner for China's technology innovation industry, focusing on standardized construction and digital operations[33] - The company aims to explore the integration of industry operations and technology finance, enhancing scale, quality, efficiency, and professionalism[41] - The company has implemented strategies to address the challenges posed by geopolitical conflicts and the ongoing pandemic[98] - The company continues to optimize its asset allocation structure in the technology and new economy sectors[103] Risk Management - The company strengthened its risk management system, enhancing its credit and value discovery capabilities[40] - The expected credit impairment loss for 2022 was RMB 49.6 million, a decrease of 6.5% from the previous year[166] - The proportion of "Concerned Assets" increased to 3.7% from 3.6% in the previous year, reflecting enhanced risk monitoring capabilities[160] - The group reported a significant improvement in overdue asset disposal capabilities during the reporting period[185] - The group actively expanded new asset disposal channels to enhance overdue handling capabilities[185] Market Position - The company has a strong customer base concentrated in five major technology and new economy sectors: big data, big environment, big health, intelligent manufacturing, and new consumption[103] - The company is committed to expanding its market presence in intelligent manufacturing and digital economy sectors[99] - The company's revenue from the intelligent manufacturing sector increased by 47.8% compared to the previous year[103] - The financing leasing industry is undergoing a transformation and optimization phase, with a focus on serving the real economy[99] - The company has been actively involved in the development of new products and technologies to enhance its market position[99]

B_table indent_4.5 mm N_table indent_4 mm 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任 何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 中 關 村 科 技 租 賃 股 份 有 限 公 司 ZHONGGUANCUN SCIENCE-TECH LEASING CO., LTD. （一家於中華人民共和國註冊成立的股份有限公司） （股份代號：1601） 澄清公告 茲提述中關村科技租賃股份有限公司（「本公司」）日期為2023年3月17日有關截至 2022年12月31日止年度之全年業績公告（「業績公告」）。除文義另有所指外，本澄清 公告所用詞彙與業績公告中所界定者具有相同涵義。 董事會謹此澄清，業績公告的中、英文版本第六十二頁第三段所述，區域參股公司 實現融資租賃業務投放應為「約人民幣7.5億元」（而非「約人民幣75.0億元」）。除上 文所披露者外，業績公告中所有其他披露保持不變。 承董事會命 中關村科技租賃股份有限公司 ...

B_table indent_4.5 mm N_table indent_4 mm 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任 何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 中 關 村 科 技 租 賃 股 份 有 限 公 司 ZHONGGUANCUN SCIENCE-TECH LEASING CO., LTD. （一家於中華人民共和國註冊成立的股份有限公司） （股份代號：1601） 截至2022年12月31日止年度之全年業績公告 財務摘要 • 截至2022年12月31日止年度，收入約人民幣743.1百萬元，較2021年12月31 日的約人民幣656.9百萬元增長約13.1%。 • 截至2022年12月31日止年度，稅前利潤約人民幣301.1百萬元，較2021年12 月31日的約人民幣261.6百萬元增長約15.1%。 • 截至2022年12月31日止年度，年度利潤約人民幣226.1百萬元，較2021年12 月31日的約人民幣195.9百萬元增長約15.4%。 ...

Financing Services and Growth - As of June 30, 2022, the company has provided financing services to over 1,500 science and technology enterprises, with a total financing amount exceeding RMB 30 billion[13] - More than 150 of these enterprises have a valuation exceeding RMB 1 billion, and over 50 have achieved public listing[13] - The company launched the first rental investment linkage fund in 2019, with a scale of RMB 200 million, achieving a 3.65 times return on investment within 18 months, with an internal rate of return (IRR) of 148.0%[11] - In the first half of 2022, the company initiated the establishment of a second rental investment linkage fund, with a scale of RMB 500 million, which is currently undergoing registration procedures[11] - The company focuses on providing integrated financing leasing solutions for high-growth science and technology enterprises, emphasizing innovation in financial services[9] - The company has developed a credit rating model to identify high-growth potential science and technology enterprises that traditional financial institutions may overlook[10] - The company aims to deepen its financial service value chain and become a world-class financial partner for science and technology enterprises[13] - The company has successfully built a "credit creation system" for science and technology enterprises, addressing their financing challenges[9] - The company has introduced innovative products such as "intellectual property leasing" and "service leasing" to support the growth of science and technology enterprises[10] - The company emphasizes a "growth equals safety" credit philosophy, which drives its business model and service offerings[10] Financial Performance - Total revenue for the six months ended June 30, 2022, was RMB 362,559 thousand, an increase from RMB 308,650 thousand in 2021, representing a growth of 17.4%[19] - Net profit for the same period was RMB 111,854 thousand, up from RMB 96,864 thousand in 2021, reflecting a growth of 15.5%[19] - Interest income for the six months ended June 30, 2022, was RMB 299,304 thousand, compared to RMB 253,304 thousand in 2021, indicating an increase of 18.2%[19] - The total assets as of June 30, 2022, amounted to RMB 9,495,412 thousand, up from RMB 8,236,009 thousand in 2021, a growth of 15.3%[26] - The total liabilities as of June 30, 2022, were RMB 7,389,477 thousand, compared to RMB 6,281,330 thousand in 2021, representing an increase of 17.6%[26] - The return on equity for the six months ended June 30, 2022, was 10.8%, slightly up from 10.0% in 2021[19] - The net profit margin for the six months ended June 30, 2022, was 30.9%, down from 31.4% in 2021[19] - The basic and diluted earnings per share for the six months ended June 30, 2022, was RMB 0.08, compared to RMB 0.07 in 2021[19] - The asset-liability ratio as of June 30, 2022, was 77.8%, an increase from 76.3% in 2021[26] - The non-performing asset ratio as of June 30, 2022, was 1.6%, slightly up from 1.5% in 2021[26] Business Expansion and Strategy - The group achieved total revenue of RMB 362.6 million, an increase of 17.5% compared to RMB 308.7 million in the same period last year[42] - The net profit for the same period was RMB 111.9 million, up 15.5% from RMB 96.9 million year-on-year[42] - The group's financing lease business saw a funding deployment of approximately RMB 3.21 billion, representing a year-on-year growth of 23.7%[37] - The group launched 37 new equity projects under the "Lease Investment Linkage" business, with a total investment amount of approximately RMB 20 million for the first phase[38] - The group expanded its regional strategy by recruiting city partners in Shenzhen, Hangzhou, and Suzhou to enhance its financing lease business[38] - The group successfully completed its first knowledge property ABS package, which helped to lower financing costs[38] - The group’s credit rating was upgraded to AA+ with a stable outlook by Zhongzheng Pengyuan Credit Rating Co., Ltd.[38] - The group focused on digital transformation, enhancing operational efficiency and customer experience through digital tools and big data platforms[41] Operational Efficiency and Costs - The average balance of interest-earning assets rose by 15.9% to RMB 8.87 billion from RMB 7.65 billion year-on-year, driven by business expansion[52] - Consulting fee income rose by 14.3% to RMB 63.3 million, accounting for 17.4% of total revenue, up from RMB 55.3 million in the previous year[54] - Interest expenses increased by 14.2% to RMB 133.2 million, primarily due to rapid growth in financing lease business[58] - The total interest expense was RMB 133.2 million, with a cost rate of 3.9%, down from 4.1% in the previous year[67] - Net interest margin was 2.5%, and net interest spread was 3.7%, both showing an increase compared to the previous year[74] - Operating expenses amounted to RMB 59.0 million, reflecting a 10.2% increase from the previous year[84] - Employee costs amounted to RMB 32,439 thousand, representing 55.0% of total operating expenses, a slight increase of 1.5% from the previous year[86] - The total operating expenses increased by 10.2% to RMB 58,957 thousand, with service expenses rising significantly by 87.1% to RMB 8,645 thousand[86] Risk Management and Asset Quality - The expected credit impairment loss for the reporting period was RMB 27.0 million, a 26.2% increase from RMB 21.4 million in the same period last year, driven by a 15.9% increase in average interest-earning assets[87] - The income tax expense for the reporting period was RMB 37.5 million, reflecting a 15.6% increase due to higher pre-tax profits[93] - The company's asset quality remains stable, with normal assets accounting for 94.5% of total loans and receivables, slightly down from 94.9% at the end of 2021[126] - The company reported a significant increase in the provision coverage ratio to 182.5%, up 6.6 percentage points from 175.9% at the end of 2021[128] - The total provision for loans and receivables increased from RMB 235.4 million to RMB 262.2 million, reflecting a proactive risk management approach[127] - The expected credit loss rates for the first, second, and third stages of loans and receivables are 0.4%, 1.3%, and 49.0%, respectively, indicating a systematic enhancement in asset risk resistance[131] - The company has optimized its channels for introducing quality assets, resulting in a steady increase in customer and asset scale[117] Employee and Corporate Governance - The company reported a total employee cost of approximately RMB 32.4 million for the reporting period, compared to RMB 32.0 million in the same period last year[179] - The company had 136 employees as of June 30, 2022, with approximately 64.0% holding a master's degree or higher[179] - The company has implemented a flexible employee compensation incentive plan linked to overall performance and contributions[181] - The company has established a training system based on job competency to enhance employee skills and professional development[183] - The company has adopted corporate governance practices in compliance with the applicable rules and will regularly review and enhance these practices[196] Future Plans and Investments - The net proceeds from the global offering amount to approximately RMB 405.8 million after deducting underwriting commissions and related costs[190] - Approximately 70% or RMB 284.0 million of the net proceeds will be used to expand business operations[190] - About 10% or RMB 40.6 million will be allocated for upgrading the information systems, with RMB 20.3 million already utilized[193] - Another 10% or RMB 40.6 million is designated for recruiting more experienced and skilled professionals, fully utilized[193] - The remaining 10% or RMB 40.6 million will be used to supplement working capital, fully utilized[193] - Over the next five years, the company aims to build a financing leasing + equity investment business model, becoming an "international first-class financial partner for innovative enterprises"[194] - The company plans to rapidly expand nationwide through a "business partner" model, enhancing coverage of core economic areas[194] - Internal operational efficiency will be improved through "data-driven" construction, enhancing customer experience[194]

Financing Services and Market Presence - As of the end of 2021, the company has provided financing services to over 1,300 technology innovation enterprises, with a total financing amount of nearly 30 billion yuan[15]. - More than 150 of these enterprises have a valuation exceeding 1 billion yuan, and over 40 have achieved public listing[15]. - The company expanded its market presence, with the proportion of business outside Beijing reaching 68.8%[29]. - The company is actively developing new technologies, with an investment of 50 million yuan allocated for R&D in the next year[54]. - Market expansion efforts include entering three new provinces, aiming to increase market share by 10% in these regions[54]. - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by 2025[67]. Financial Performance - Total assets exceeded RMB 9 billion, with new business investment reaching RMB 6.17 billion, a year-on-year increase of approximately 17.1%[34]. - Net profit was nearly RMB 200 million, reflecting a year-on-year growth of 21.3%[34]. - The company achieved a profit growth rate of 21.4% for the year, optimizing the profit structure[29]. - The company reported a significant increase in revenue, achieving a total of 1.2 billion in 2021, representing a growth of 15% year-over-year[67]. - The company's total revenue for 2021 reached RMB 656,943,000, an increase from RMB 587,565,000 in 2020, representing an increase of approximately 11.6%[102]. - The net profit margin for the year was 29.8%, up from 27.5% in the previous year, indicating improved efficiency[102]. Business Model and Innovation - The company focuses on industries such as artificial intelligence, cloud computing, intelligent warehousing, new energy vehicles, new materials, genetic testing, in vitro diagnostics, healthcare services, and digital entertainment[15]. - The company aims to deepen and extend its financial service value chain, striving to become a digital technology innovation financial service provider[16]. - The company has established a "rental + equity option" business model to provide leasing services for early-stage technology innovation enterprises, allowing for risk compensation through equity options[14]. - The company launched its first rental-linked fund in 2019, which has invested in 13 clients, helping them reduce financing costs and avoid early-stage equity dilution[14]. - The company has introduced innovative products such as "intellectual property leasing" and "service leasing" to assist technology innovation enterprises in achieving credit records from 0 to 1[11]. Risk Management and Governance - A comprehensive risk management system was implemented in 2021, enhancing the company's risk governance framework and establishing various risk management protocols[38]. - The ratio of non-performing assets was maintained at 1.5%, with a provision coverage ratio of 175.9%[34]. - The company has implemented strict risk monitoring and management practices, enhancing its core competitiveness in service technology and the new economy[200]. - The company has maintained a prudent risk management philosophy, fully provisioning for higher-risk projects classified as loss category[200]. Digital Transformation and Operational Efficiency - The company aims to accelerate digital transformation and enhance operational efficiency through technology integration in leasing services[30]. - The company accelerated its digital transformation in 2021, establishing four digital goals: efficient reach, precise service, lean management, and intelligent decision-making[36]. - The management team has emphasized the importance of enhancing operational efficiency, targeting a 5% reduction in operational costs by the end of the fiscal year[54]. - The group plans to enhance operational efficiency and profitability through business channel expansion and digital capability improvement in the future[173]. Leadership and Management Team - Zhang Shuqing has been serving as the Executive Vice President of Zhongguancun Financial Services since April 2020, with previous roles in the company since 2012[52]. - The company has a strong focus on legal affairs and asset management, with key personnel having extensive experience in these areas[79][86][90]. - The management team has a diverse educational background, including degrees in law, economics, and management from reputable universities[88][92]. - The leadership team has been stable, with many members having over a decade of experience within the company[79][90]. Future Outlook and Strategic Plans - Future outlook indicates a projected revenue growth of 20% for the upcoming fiscal year, driven by new product launches and market expansion strategies[54]. - The company plans to launch two new financial products in Q3 2023, expected to contribute an additional 30 million yuan in revenue[54]. - The company aims to achieve carbon neutrality by 2030, aligning with global sustainability goals[67]. - The company plans to continue optimizing its funding structure and exploring new financing channels to effectively control financing costs[146].

Financial Performance - The company's revenue for the first half of 2021 reached RMB 308.65 million, compared to RMB 284.37 million in the same period of 2020, representing an increase of approximately 8.5%[12]. - The net profit for the first half of 2021 was RMB 184.89 million, up from RMB 161.47 million in the first half of 2020, indicating a growth of about 14.5%[13]. - Total revenue for the first half of 2021 reached RMB 308,650,000, compared to RMB 284,366,000 in the same period of 2020, representing an increase of approximately 8.5%[23]. - Net profit for the first half of 2021 was RMB 96,864,000, compared to RMB 77,931,000 in the first half of 2020, indicating an increase of approximately 24.3%[23]. - Profit for the reporting period was RMB 96.9 million, an increase of RMB 18.9 million or 24.3% compared to the same period last year[101]. Assets and Liabilities - The total assets as of June 30, 2021, amounted to RMB 1,954.68 million, reflecting an increase from RMB 1,915.82 million at the end of 2020[14]. - Total assets as of June 30, 2021, were RMB 8,236,009,000, an increase from RMB 7,404,287,000 at the end of 2020[30]. - Total liabilities reached RMB 6,281,330,000, compared to RMB 5,572,379,000 in 2020, reflecting an increase of approximately 12.7%[30]. - Total liabilities amounted to RMB 6,281.3 million, a slight increase of 0.5% from RMB 6,249.2 million at the end of last year[143]. Profitability Ratios - The return on total assets for the first half of 2021 was 2.4%, while the return on equity was also 2.4%[17]. - The return on equity for the first half of 2021 was 10.0%, slightly up from 9.7% in the first half of 2020[23]. - The net interest margin for the reporting period was 2.3%, a decrease from 2.5% in the previous year, as the decline in interest expense cost rate was less than that of interest income yield[85]. Business Model and Strategy - The company has successfully implemented a "rental investment linkage" business model, enhancing its profitability beyond traditional financial institutions[9]. - The company aims to continue expanding its market presence and enhancing its service offerings to technology-driven SMEs[9]. - The company is committed to serving technology-based SMEs and has established a strategic positioning in technology finance innovation[43]. - The company aims to enhance its market position through technological innovation and strategic partnerships in response to the evolving economic landscape[39]. Risk Management - The company has established a comprehensive risk management system to balance risks and returns in the technology and new economy sectors[162]. - The company implemented a strict industry client admission policy to mitigate credit risk, focusing on high-potential sectors[167]. - A three-dimensional credit evaluation system was innovatively proposed to enhance risk management capabilities[168]. Employee and Corporate Governance - As of June 30, 2021, the company had a total of 124 employees, with approximately 99.2% holding at least a bachelor's degree[183]. - The company reported employee costs of approximately RMB 32.0 million for the reporting period, consistent with the previous year[183]. - The company is committed to maintaining high levels of corporate governance to protect shareholder rights and enhance corporate value[200]. Investment and Capital Expenditure - The company has invested in 9 projects with a total investment amount of RMB 138.4 million, focusing on sectors such as life health and advanced manufacturing[44]. - Capital expenditures during the reporting period amounted to RMB 1.02 million, primarily for business operations and risk management system upgrades[161]. - The company plans to actively develop asset-backed securities and short-term financing products to further expand funding sources[151]. Customer and Market Expansion - The company has established a credit rating model to identify high-growth potential SMEs that are often overlooked by traditional financial institutions[8]. - The company aims to leverage market opportunities in the technology and new economy sectors to enhance customer scale and improve digital operations[197]. - The company is focused on strengthening its comprehensive service capabilities to enhance profitability and create more value for shareholders[197].

中關村科技租賃股份有限公司 ZHONGGUANCUN SCIENCE-TECH LEASING.CO., LTD. (於中華人民共和國註冊成立的股份有限公司) 股份代號：1601 M ly 202 TFT lig 12 目錄 2 公司簡介 4 定 義 7 公司資料 9 財務摘要 10 董事長致辭 12 總經理致辭 14 董事、監事及高級管理層簡歷 25 管理層討論與分析 67 企業管治報告 90 董事會報告 111 監事會報告 115 環境、社會及管治報告 134 獨立核數師報告 141 合併財務報表及附註 本年報以中、英文兩種語言編製，在對本年報的中、英文版本理解上發生歧義時，以英文為準。 公司簡介 中關村科技租賃股份有限公司是服務中國科技和新經濟行業的先行者，致力於為科技和新經 濟企業提供高效的融資租賃和投租一體化金融服務解決方案，滿足其在不同發展階段的金融 服務需求。我們深耕大數據、大環境、大健康、大智造、新消費等戰略性新興行業，為客戶提 供定制化、綜合化、特色化的租賃產品、解決方案與增值服務，持續賦能客戶成長，實現共贏 發展。 自2012年成立以來，我們紮根租賃本源，堅持以客戶為中心，不斷探索融資租賃 ...