Core Viewpoint - Multiple listed companies in the Shanghai and Shenzhen markets have announced significant developments, including legal investigations, share transfers, bankruptcy applications, and financial performance updates, which may present both opportunities and risks for investors [3]. Group 1: Legal and Regulatory Developments - Sichuan Medical Technology received a notice from the Hangzhou Public Security Bureau regarding evidence collection for a suspected fraudulent securities issuance case, currently under investigation [4]. - Kewah Holdings announced that its controlling shareholder is planning a share transfer, leading to a temporary suspension of trading to ensure fair information disclosure [5]. - Upwind New Materials reported that its customer TPI Composites filed for Chapter 11 bankruptcy protection, potentially impacting the company's receivables of approximately 4.13 million USD (about 32.37 million RMB) [6][7]. Group 2: Financial Performance Updates - Dongfang Fortune reported a 38.65% year-on-year increase in revenue to 6.856 billion RMB and a 37.27% increase in net profit to 5.567 billion RMB for the first half of 2025 [14]. - Shengyi Electronics achieved a 91% increase in revenue to 3.769 billion RMB and a staggering 452% increase in net profit to 531 million RMB, proposing a cash dividend of 3 RMB per 10 shares [15]. - Blue Shield Optoelectronics reported a revenue decline of 27.26% to 186 million RMB and a net loss of 35.071 million RMB for the first half of 2025 [16]. - Tianjin Pharmaceutical reported a slight revenue decrease of 1.91% to 4.288 billion RMB, but a 16.97% increase in net profit to 775 million RMB, proposing a cash dividend of 2.1 RMB per 10 shares [17]. Group 3: Corporate Actions and Strategic Moves - New Natural Gas announced a capital restructuring and rights issue plan to raise approximately 239 million HKD for project expenditures, without affecting shareholder equity structure [8]. - Lianhong New Science plans to absorb its wholly-owned subsidiary Lianhong Chemical to enhance management efficiency and reduce costs, with no significant impact on financial status [9]. - Dazhong Pump Industry clarified that its revenue from products directly used in data center liquid cooling is only about 1.6 million RMB, representing 0.43% of total revenue, indicating limited impact on financials [10]. - Guanshi Technology stated it does not engage in the manufacturing of electron beam lithography equipment, with its related business revenue being less than 2% of total revenue [11]. Group 4: Shareholder Actions - Shuyou Shen announced that its major shareholder plans to reduce its stake by up to 2% through various trading methods [32]. - Western Gold announced a plan to reduce its stake by up to 1% due to funding needs [33]. - Kang Enbei Group intends to reduce its stake by up to 1% through market transactions [34].

Core Viewpoint - Broadcom Co. reported a revenue of 148,699,295.10 yuan for the first half of 2025, reflecting a year-on-year growth of 5.23% and a net profit attributable to shareholders of 13,332,938.32 yuan, which represents a significant increase of 42.95% compared to the previous year [1] Financial Performance - The company's revenue for the first half of 2025 reached 148.7 million yuan, marking a 5.23% increase year-on-year [1] - The net profit attributable to shareholders was reported at 13.3 million yuan, showing a substantial growth of 42.95% year-on-year [1]

Group 1: Company Announcements - KWH Holdings announced that its controlling shareholder is planning to transfer shares, which may lead to a change in control. The stock will be suspended from trading for up to 2 days starting August 18, 2025 [2] - New Natural Gas announced that its overseas subsidiary, Zhongneng Holdings, plans to conduct a rights issue based on a 1-for-2 ratio, raising approximately HKD 239 million for project expenses. This will involve a capital restructuring that does not affect shareholder equity [3] - Lianhong New Science plans to absorb its wholly-owned subsidiary, Lianhong Chemical, to enhance management efficiency and reduce costs. This merger will not impact the company's financial status [4] Group 2: Financial Performance - Shengyi Electronics reported a 91% increase in revenue to CNY 3.769 billion and a 452% increase in net profit to CNY 531 million for the first half of 2025, proposing a cash dividend of CNY 0.3 per 10 shares [7] - Landun Optoelectronics experienced a 27.26% decline in revenue to CNY 186 million and a net loss of CNY 35.071 million in the first half of 2025, proposing a cash dividend of CNY 0.05 per 10 shares [9] - Tianjin Pharmaceutical reported a 1.91% decrease in revenue to CNY 4.288 billion but a 16.97% increase in net profit to CNY 775 million, proposing a cash dividend of CNY 2.1 per 10 shares [10] - Electric Science Digital's revenue increased by 7.56% to CNY 4.855 billion, but net profit fell by 19.33% to CNY 108 million, proposing a cash dividend of CNY 0.6 per 10 shares [11] - Tibet Pharmaceutical's revenue grew by 2.23% to CNY 1.651 billion, but net profit decreased by 8.96% to CNY 567 million, proposing a cash dividend of CNY 8.81 per 10 shares [12] - Jinwei Co. reported a 19.62% increase in net profit to CNY 253 million, proposing a cash dividend of CNY 2 per 10 shares [13] - Puyang Co. saw a 48.26% decline in net profit to CNY 68.903 million despite a 3.57% increase in revenue to CNY 2.794 billion [14] - Tongguan Copper Foil turned a profit with a net income of CNY 34.954 million, up from a loss, on revenue of CNY 2.997 billion, a 44.80% increase [15] - Jizhong Energy reported a 27.87% decline in revenue to CNY 7.293 billion and a 65.24% drop in net profit to CNY 348 million [16] - Botong Co. achieved a 42.95% increase in net profit to CNY 13.333 million, with revenue of CNY 149 million, a 5.23% increase [17] - Jinwo Co. reported a 94% increase in net profit to CNY 25.469 million, with revenue of CNY 614 million, a 7.96% increase [18] - Stone Technology's revenue increased by 78.96% to CNY 7.903 billion, but net profit fell by 39.55% to CNY 678 million [19] - North Car Blue Valley reported a revenue increase of 154.38% to CNY 9.517 billion but a net loss of CNY 2.308 billion [20] Group 3: Shareholder Actions - Shuyatong announced that its major shareholder plans to reduce its stake by up to 2% within three months [21] - Western Gold announced that a shareholder plans to reduce its stake by up to 1% [22] - Kang Enbei announced a plan to reduce its stake by up to 1% [23] - Changchun Yidong announced that a major shareholder plans to reduce its stake by up to 2.97% [24] Group 4: Financing and Contracts - Anshuo Information plans to raise up to CNY 600 million through a private placement for various projects [24] - China National Materials International signed an EPC contract for a cement production line in Saudi Arabia worth USD 298 million [25] - Yinlong Co. signed a labor subcontracting contract worth CNY 108 million [25] - *ST Songfa signed two procurement framework contracts for ship steel plates worth approximately CNY 3.371 billion [25]

Group 1 - Baiya Co., Ltd. achieved a net profit of 188 million yuan in the first half of 2025, a year-on-year increase of 4.64% [1] - The company reported an operating income of 1.764 billion yuan, up 15.12% year-on-year [1] - Basic earnings per share were 0.44 yuan [1] Group 2 - Leike Defense reported a net loss of 41.67 million yuan in the first half of 2025, compared to a loss of 66.43 million yuan in the same period last year [2] - The company achieved an operating income of 542 million yuan, a year-on-year increase of 9.77% [2] - Basic earnings per share were -0.03 yuan [2] Group 3 - Jinggong Technology achieved a net profit of 113 million yuan in the first half of 2025, a year-on-year increase of 15.55% [3] - The company reported an operating income of 1.061 billion yuan, up 10.31% year-on-year [3] - Basic earnings per share were 0.22 yuan [3] Group 4 - Yuejian Intelligent reported a net profit of 62.63 million yuan in the first half of 2025, a year-on-year increase of 46.99% [4] - The company achieved an operating income of 651 million yuan, up 13.22% year-on-year [4] - Basic earnings per share were 0.2436 yuan [4] Group 5 - Wanwei High-tech achieved a net profit of 256 million yuan in the first half of 2025, a year-on-year increase of 97.47% [6] - The company reported an operating income of 4.061 billion yuan, up 4.90% year-on-year [6] - Basic earnings per share were 0.122 yuan [6] Group 6 - Keli Equipment achieved a net profit of 82.78 million yuan in the first half of 2025, a year-on-year increase of 4.88% [7] - The company reported an operating income of 318 million yuan, up 12.41% year-on-year [7] - Basic earnings per share were 0.87 yuan [7] Group 7 - Jinwo Co., Ltd. achieved a net profit of 25.47 million yuan in the first half of 2025, a year-on-year increase of 94% [8] - The company reported an operating income of 614 million yuan, up 7.96% year-on-year [8] - Basic earnings per share were 0.21 yuan [8] Group 8 - Longyuan Technology achieved a net profit of 28.28 million yuan in the first half of 2025, a year-on-year increase of 135.6% [10] - The company reported an operating income of 362 million yuan, up 1.48% year-on-year [10] - Basic earnings per share were 0.0548 yuan [10] Group 9 - Guangting Information achieved a net profit of 42.92 million yuan in the first half of 2025, turning from loss to profit [13] - The company reported an operating income of 275 million yuan, up 26.88% year-on-year [13] - Basic earnings per share were 0.4633 yuan [13] Group 10 - Changjiang Materials achieved a net profit of 73.38 million yuan in the first half of 2025, a year-on-year increase of 5.03% [15] - The company reported an operating income of 513 million yuan, up 10.43% year-on-year [15] - Basic earnings per share were 0.5019 yuan [15] Group 11 - Yitong Century reported a net loss of 1.77 million yuan in the first half of 2025, compared to a profit of 35.87 million yuan in the same period last year [17] - The company achieved an operating income of 1.22 billion yuan, down 0.54% year-on-year [17] - Basic earnings per share were -0.0020 yuan [17] Group 12 - China Nuclear Construction signed new contracts worth 90.48 billion yuan in July 2025 [19] - The company achieved a cumulative operating income of 58.229 billion yuan [19] Group 13 - Yinlong Co., Ltd. signed a construction labor subcontracting contract worth 108 million yuan [21] - The contract is for the prefabrication of CRTSIII-type track slabs for a railway project [21] Group 14 - Xinan Century plans to apply for a comprehensive credit limit of no more than 50 million yuan from a bank [23] - The limit will be used for various business purposes including working capital loans [23] Group 15 - New Hongtai reported a net profit of 34.27 million yuan in the first half of 2025, a year-on-year decrease of 8.94% [25] - The company achieved an operating income of 308 million yuan, down 2.45% year-on-year [25] - Basic earnings per share were 0.23 yuan [25] Group 16 - Botong Co., Ltd. achieved a net profit of 13.33 million yuan in the first half of 2025, a year-on-year increase of 42.95% [26] - The company reported an operating income of 149 million yuan, up 5.23% year-on-year [26] - Basic earnings per share were 0.2135 yuan [26] Group 17 - Minfeng Special Paper reported a net profit of 15.07 million yuan in the first half of 2025, a year-on-year decrease of 68.88% [28] - The company achieved an operating income of 601 million yuan, down 23.21% year-on-year [28] - Basic earnings per share were 0.043 yuan [28] Group 18 - Changchun Yidong announced that a shareholder plans to reduce their stake by up to 2.97% [29] - The reduction period is from September 8, 2025, to December 5, 2025 [29] Group 19 - Jiukang Bio received an invention patent certificate for a reagent [30] - The patent involves the application of a specific enzyme in diagnostic reagents [30] Group 20 - Xuelang Environment announced the resignation of its general manager due to personal reasons [31] - The chairman will temporarily take over the general manager's responsibilities [31] Group 21 - Tailin Bio's subsidiary obtained a property certificate for industrial land [32] - The land area is 20,500 square meters with a usage period until July 6, 2075 [32] Group 22 - Changgao Electric New's application for convertible bonds has been accepted by the Shenzhen Stock Exchange [33] Group 23 - Tianyoude Wine plans to use up to 147 million yuan of idle funds for cash management [34] Group 24 - Lingxiao Pump Industry used 5.9 million yuan of idle funds to purchase financial products [36] Group 25 - Mengke Pharmaceutical announced that a shareholder plans to reduce their stake by up to 3% [38] Group 26 - Kexiang Co., Ltd. plans to raise no more than 300 million yuan through a simplified procedure [40] Group 27 - Huagong Technology achieved a net profit of 911 million yuan in the first half of 2025, a year-on-year increase of 44.87% [42] - The company reported an operating income of 7.629 billion yuan, up 44.66% year-on-year [42] - Basic earnings per share were 0.91 yuan [42] Group 28 - Shanghai Jianke achieved a net profit of 23.76 million yuan in the first half of 2025, a year-on-year increase of 48.57% [43] - The company reported an operating income of 1.935 billion yuan, up 0.60% year-on-year [43] - Basic earnings per share were 0.06 yuan [43] Group 29 - Darui Electronics achieved a net profit of 132 million yuan in the first half of 2025, a year-on-year increase of 25.32% [44] - The company reported an operating income of 1.405 billion yuan, up 28.04% year-on-year [44] - Basic earnings per share were 1.00 yuan [44] Group 30 - Dongyangguang achieved a net profit of 613 million yuan in the first half of 2025, a year-on-year increase of 170.57% [45] - The company reported an operating income of 7.124 billion yuan, up 18.48% year-on-year [45] - Basic earnings per share were 0.209 yuan [45] Group 31 - Chongqing Beer reported a net profit of 865 million yuan in the first half of 2025, a year-on-year decrease of 4.03% [49] - The company achieved an operating income of 8.839 billion yuan, down 0.24% year-on-year [49] - Basic earnings per share were 1.79 yuan [49] Group 32 - Chongqing Beer announced that its subsidiary plans to increase capital by 600 million yuan [51] Group 33 - Meixin Technology announced that a shareholder plans to reduce their stake by up to 3% [53] Group 34 - Qipai Technology plans to raise no more than 159 million yuan through a private placement [55] Group 35 - Qipai Technology reported a net loss of 586.69 million yuan in the first half of 2025 [57] - The company achieved an operating income of 326 million yuan, up 4.09% year-on-year [57] - Basic earnings per share were -0.55 yuan [57] Group 36 - Huaying Technology reported a net loss of 476 million yuan in the first half of 2025 [59] - The company achieved an operating income of 721 million yuan, down 16.59% year-on-year [59] - Basic earnings per share were -0.1723 yuan [59] Group 37 - Best reported a net profit of 148 million yuan in the first half of 2025, a year-on-year increase of 3.30% [61] - The company achieved an operating income of 716 million yuan, up 2.73% year-on-year [61] - Basic earnings per share were 0.2966 yuan [61] Group 38 - Changliang Technology reported a net loss of 19.11 million yuan in the first half of 2025 [62] - The company achieved an operating income of 664 million yuan, down 5.64% year-on-year [62] - Basic earnings per share were -0.0236 yuan [62] Group 39 - Shunhao Co., Ltd. plans to use up to 35 million yuan of idle funds for entrusted wealth management [64] Group 40 - Weihede achieved a net profit of 65.97 million yuan in the first half of 2025, a year-on-year increase of 24.69% [66] - The company reported an operating income of 356 million yuan, up 38.37% year-on-year [66] - Basic earnings per share were 0.49 yuan [66] Group 41 - Huafa Co., Ltd. reported a net profit of 172 million yuan in the first half of 2025, a year-on-year decrease of 86.41% [67] - The company achieved an operating income of 38.199 billion yuan, up 53.46% year-on-year [67] - Basic earnings per share were 0.06 yuan [67] Group 42 - Mankun Technology achieved a net profit of 632 million yuan in the first half of 2025, a year-on-year increase of 62.30% [68] - The company reported an operating income of 760 million yuan, up 31.56% year-on-year [68] - Basic earnings per share were 0.43 yuan [68] Group 43 - Kelu Electronics achieved a net profit of 190 million yuan in the first half of 2025, turning from loss to profit [69] - The company reported an operating income of 2.573 billion yuan, up 34.66% year-on-year [69] - Basic earnings per share were 0.1144 yuan [69] Group 44 - Sanrenxing achieved a net profit of 144 million yuan in the first half of 2025, a year-on-year increase of 10.83% [71] - The company reported an operating income of 1.657 billion yuan, down 13.36% year-on-year [71] - Basic earnings per share were 0.68 yuan [71] Group 45 - Xinwei Communication achieved a net profit of 162 million yuan in the first half of 2025, a year-on-year decrease of 20.18% [72] - The company reported an operating income of 3.703 billion yuan, down 1.15% year-on-year [72] - Basic earnings per share were 0.1699 yuan [72] Group 46 - Yifan Pharmaceutical achieved a net profit of 304 million yuan in the first half of 2025, a year-on-year increase of 19.91% [72] - The company reported an operating income of 2.635 billion yuan, up 0.11% year-on-year [72] - Basic earnings per share were 0.25 yuan [72] Group 47 - *ST Chengchang achieved a net profit of 566 million yuan in the first half of 2025, turning from loss to profit [73] - The company reported an operating income of 201 million yuan, up 180.16% year-on-year [73] - Basic earnings per share were 0.2783 yuan [73] Group 48 - Rejing Bio announced that a controlling shareholder plans to reduce their stake by up to 1.08% [74] Group 49 - Jingu Co., Ltd. signed a strategic cooperation framework agreement with Luming Robotics [75]

Core Viewpoint - Broadcom Co., Ltd. reported a year-on-year increase in revenue and net profit for the first half of 2025, indicating positive financial performance and growth potential [2]. Financial Performance - The company's revenue for the first half of 2025 was approximately 149 million yuan, representing a year-on-year increase of 5.23% [2]. - The net profit attributable to shareholders was around 13.33 million yuan, showing a significant year-on-year increase of 42.95% [2]. - Basic earnings per share were reported at 0.2135 yuan, which is an increase of 43% compared to the previous year [2].

[Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's board, supervisors, and senior management affirm the truthfulness, accuracy, and completeness of this unaudited semi-annual report, which includes forward-looking statements and no non-operating fund occupation by controlling shareholders - The company's board, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, free from false records, misleading statements, or major omissions[3](index=3&type=chunk) - This semi-annual report is unaudited[5](index=5&type=chunk) - Forward-looking statements regarding the company's future plans and development strategies in this report do not constitute a substantive commitment to investors, who should maintain sufficient risk awareness[6](index=6&type=chunk) - During the reporting period, there was no non-operating occupation of funds by controlling shareholders or other related parties, nor any external guarantees provided in violation of prescribed decision-making procedures[7](index=7&type=chunk) [Section I Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section defines key terms used in the report, including the company's name, major shareholders, actual controller, and primary subsidiary, along with the reporting period of January-June 2025 - Company, this Company, Botong Shares, Jiaoda Botong, *ST Botong, and ST Botong all refer to Xi'an Botong Information Co., Ltd[11](index=11&type=chunk) - Jingfa Group refers to Xi'an Jingfa Group Co., Ltd., the company's largest shareholder[11](index=11&type=chunk) - This period, reporting period, and this reporting period refer to January-June 2025; last period and same period last year refer to January-June 2024[11](index=11&type=chunk) [Section II Company Profile and Key Financial Indicators](index=5&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section provides an overview of the company's basic information and key financial indicators for H1 2025, showing revenue and net profit growth, negative operating cash flow, and details of non-recurring gains and losses [I. Company Information](index=5&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) The company's full name is Xi'an Botong Information Co., Ltd., abbreviated as Botong Shares, with Wang Ping as its legal representative - The company's Chinese name is Xi'an Botong Information Co., Ltd., abbreviated as Botong Shares, with Wang Ping as its legal representative[13](index=13&type=chunk) [VII. Key Accounting Data and Financial Indicators](index=6&type=section&id=%E4%B8%83%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In H1 2025, revenue grew 5.23% to RMB 148.70 million, net profit attributable to shareholders increased 42.95% to RMB 13.33 million, and operating cash flow was negative RMB 119.46 million Key Accounting Data for H1 2025 | Key Accounting Data | Current Period (Jan-Jun) (RMB) | Prior Period (Jan-Jun) (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 148,699,295.10 | 141,312,459.61 | 5.23 | | Total Profit | 18,120,610.06 | 12,747,592.64 | 42.15 | | Net Profit Attributable to Listed Company Shareholders | 13,332,938.32 | 9,327,098.16 | 42.95 | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-Recurring Items) | 13,329,951.36 | 8,718,256.54 | 52.90 | | Net Cash Flow from Operating Activities | -119,462,535.77 | -109,900,502.14 | -8.70 | | Net Assets Attributable to Listed Company Shareholders (Period-End) | 315,120,865.48 | 301,787,927.16 | 4.42 | | Total Assets (Period-End) | 1,164,917,374.47 | 1,202,136,978.26 | -3.10 | Key Financial Indicators for H1 2025 | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period (Jan-Jun) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 0.2135 | 0.1493 | 43.00 | | Diluted Earnings Per Share (RMB/share) | 0.2135 | 0.1493 | 43.00 | | Basic Earnings Per Share (Excluding Non-Recurring Items) (RMB/share) | 0.2134 | 0.1396 | 52.87 | | Weighted Average Return on Net Assets (%) | 4.3225 | 3.4086 | Increased by 0.9139 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Items) (%) | 4.3215 | 3.1861 | Increased by 1.1354 percentage points | [IX. Non-Recurring Gains and Losses and Amounts](index=7&type=section&id=%E4%B9%9D%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) During the reporting period, total non-recurring gains and losses amounted to RMB 2,986.96, primarily from other non-operating income and expenses, with minimal impact on net profit Non-Recurring Gains and Losses for H1 2025 | Non-Recurring Item | Amount (RMB) | | :--- | :--- | | Other non-operating income and expenses (excluding the above) | -52,489.30 | | Other non-recurring items as defined | 54,803.86 | | Less: Impact on minority interests (after tax) | -672.40 | | Total | 2,986.96 | [Section III Management Discussion and Analysis](index=8&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section details the company's main businesses, higher education and computer information technology, highlighting higher education as the primary profit driver, and discusses the reasons for revenue and profit growth, core competencies, and risks related to policy changes for City College [I. Overview of the Company's Industry and Main Business During the Reporting Period](index=8&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company's main business is higher education, supplemented by computer information technology, with its private City College facing policy adjustments regarding independent college conversion and non-profit or for-profit operational choices - During the reporting period, the company's main business was primarily higher education, supplemented by a small amount of computer information technology[25](index=25&type=chunk) - City College is an independent college, operating as private education, and faces policy requirements to choose between establishing as a non-profit or for-profit private school following amendments to the Private Education Promotion Law[26](index=26&type=chunk) - The Ministry of Education has issued the "Implementation Plan for Accelerating the Conversion of Independent Colleges," requiring active promotion of their conversion[27](index=27&type=chunk) [II. Discussion and Analysis of Operating Performance](index=8&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) In H1 2025, consolidated operating revenue increased by 5.23% and net profit attributable to the parent company grew by 42.95%, primarily driven by the profitable higher education business, with City College's revenue and net profit increasing due to higher tuition and student enrollment - From January to June 2025, the company achieved consolidated operating revenue of **RMB 148,699,295.10**, a **5.23% increase** year-on-year; net profit attributable to the parent company was **RMB 13,332,938.32**, a **42.95% increase** year-on-year[28](index=28&type=chunk) - The company's profitability primarily stems from its higher education business, which generated **RMB 147,340,082.44** in main business revenue, a **5.70% increase** from the prior year[28](index=28&type=chunk) - City College achieved operating revenue of **RMB 148,699,295.10**, a **5.36% increase** year-on-year, and net profit of **RMB 15,958,905.79**, a **39.97% increase** year-on-year[29](index=29&type=chunk) - Xi'an Jiaotong University has transferred its 30% sponsorship rights in City College to the Xi'an Municipal People's Government, and the college's conversion to an independently established private general higher education institution is currently under review by the Shaanxi Provincial Department of Education[30](index=30&type=chunk) - City College faces a significant decision regarding registration as a non-profit or for-profit private school, with Shaanxi Province yet to issue specific implementation policies[31](index=31&type=chunk)[32](index=32&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](index=9&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) City College's core competitiveness lies in its high-quality education, fostering application-oriented talent, with continuous improvements in faculty, infrastructure, and student quality, leading to strong enrollment and employment rates, and ongoing campus expansion for sustainable development - Educational quality is City College's core competitiveness, as it is committed to cultivating application-oriented talents with strong foundations, skills, and comprehensive qualities for sustainable development[33](index=33&type=chunk) - City College's faculty strength, infrastructure, and student quality are continuously improving, with enrollment quality ranking first among private institutions in Shaanxi Province and consistently good employment rates[33](index=33&type=chunk) - To promote conversion and sustainable development, City College began investing in the second phase of campus construction at the end of 2023, with construction progressing steadily during the reporting period[34](index=34&type=chunk) [IV. Key Operating Performance During the Reporting Period](index=10&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) This section analyzes the changes in key financial statement items, including revenue, costs, expenses, and cash flows, primarily driven by the growth in City College's higher education business and investments in its second-phase campus construction [(I) Main Business Analysis](index=10&type=section&id=%28%E4%B8%80%29%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Operating revenue increased by 5.23% due to higher education income, while operating costs slightly rose by 0.08% from increased staff salaries; sales expenses significantly decreased by 62.16% due to reduced computer information business activities, management expenses grew by 2.46% from increased education resource service fees, and financial expenses decreased by 7.14% from lower interest expenses Financial Statement Related Item Fluctuation Analysis | Item | Current Period (RMB) | Prior Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 148,699,295.10 | 141,312,459.61 | 5.23 | | Operating Cost | 76,435,597.41 | 76,378,060.84 | 0.08 | | Selling Expenses | 18,385.09 | 48,584.02 | -62.16 | | Administrative Expenses | 50,956,405.38 | 49,734,117.06 | 2.46 | | Financial Expenses | 2,830,375.40 | 3,048,070.10 | -7.14 | | Net Cash Flow from Operating Activities | -119,462,535.77 | -109,900,502.14 | -8.70 | | Net Cash Flow from Investing Activities | -58,560,506.65 | -3,837,487.25 | -1,426.01 | | Net Cash Flow from Financing Activities | 52,084,457.36 | 0 | 100.00 | - The change in operating revenue was primarily due to increased higher education business income from subsidiary City College[35](index=35&type=chunk) - The significant decrease in net cash flow from investing activities was mainly due to increased investment in the second-phase campus construction project by subsidiary City College[35](index=35&type=chunk) - The significant increase in net cash flow from financing activities was primarily due to increased bank loans for the second-phase campus construction project by subsidiary City College[35](index=35&type=chunk) [(III) Analysis of Assets and Liabilities](index=10&type=section&id=%28%E4%B8%89%29%20%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) Period-end monetary funds decreased by 51.61% due to teaching expenses and education resource fees, while accounts receivable increased by 335.21% from higher receivables; construction in progress rose by 34.38% due to campus expansion, contract liabilities decreased by 74.63% as 2024 tuition was recognized, and long-term borrowings increased by 120.96% from new bank loans for campus construction Asset and Liability Status Changes | Item | Period-End Balance (RMB) | % of Total Assets (Period-End) | Prior Year-End Balance (RMB) | % of Total Assets (Prior Year-End) | Period-End vs. Prior Year-End Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 116,516,238.07 | 10.00 | 240,774,539.48 | 20.03 | -51.61 | | Accounts Receivable | 1,480,112.34 | 0.13 | 340,088.00 | 0.03 | 335.21 | | Construction in Progress | 382,318,643.27 | 32.82 | 284,501,807.33 | 23.67 | 34.38 | | Contract Liabilities | 48,347,320.67 | 4.15 | 190,542,196.62 | 15.85 | -74.63 | | Long-Term Borrowings | 95,504,279.23 | 8.20 | 43,222,095.56 | 3.60 | 120.96 | - The significant decrease in monetary funds was primarily due to subsidiary City College's payment of teaching expenses and education resource occupation fees during the current period[38](index=38&type=chunk) - The significant increase in construction in progress was primarily due to increased investment in the second-phase campus construction project by subsidiary City College during the current period[38](index=38&type=chunk) [(IV) Analysis of Investment Status](index=11&type=section&id=%28%E5%9B%9B%29%20%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) During the reporting period, the company's equity investments remained stable, holding 70% of Xi'an Jiaotong University City College and 40% of Xi'an Bojie Technology Development Co., Ltd., with no new or reduced external equity investments, and Xi'an Bojie Technology Development Co., Ltd. remained dormant - The company holds **70% equity** in Xi'an Jiaotong University City College and **40% equity** in Xi'an Bojie Technology Development Co., Ltd[39](index=39&type=chunk) - Xi'an Bojie Technology Development Co., Ltd. has been dormant for a long time and has not engaged in business operations[39](index=39&type=chunk) - During this reporting period, the company had no new or reduced external equity investments[39](index=39&type=chunk) [(VI) Analysis of Major Holding and Participating Companies](index=12&type=section&id=%28%E5%85%AD%29%20%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) City College, the company's main subsidiary, achieved operating revenue of RMB 148.70 million in H1 2025, a 5.36% increase, and net profit of RMB 15.96 million, a 39.97% increase, driven by increased student enrollment and tuition fees, while associate company Xi'an Bojie Technology Development Co., Ltd. remained dormant - From January to June 2025, City College achieved operating revenue of **RMB 148,699,295.10**, a **5.36% increase** year-on-year; net profit was **RMB 15,958,905.79**, a **39.97% increase** year-on-year[41](index=41&type=chunk) - City College's revenue increase was primarily due to a higher number of enrolled students than graduates in the 2024 autumn enrollment, and an increase in tuition standards[41](index=41&type=chunk) Major Holding and Participating Company Financial Data | Company Name | Company Type | Main Business | Registered Capital (RMB) | Total Assets (RMB) | Net Assets (RMB) | Operating Revenue (RMB) | Operating Profit (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Xi'an Jiaotong University City College | Subsidiary | Higher education at undergraduate level | 100,000,000 | 1,136,315,948.13 | 454,976,567.53 | 148,699,295.10 | 16,011,597.09 | 15,958,905.79 | [V. Other Disclosures](index=13&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) The company faces policy risks regarding City College's choice between non-profit or for-profit status, along with general private education industry, enrollment, and investment risks, while actively managing the college's conversion process and addressing macroeconomic fluctuations and talent retention challenges - City College faces policy risks regarding its choice to register as a non-profit or for-profit private school, with Shaanxi Province yet to issue specific implementation policies[44](index=44&type=chunk) - The private education industry faces policy and operational risks, with student enrollment influenced by policies and college entrance exam numbers, and campus construction investments carrying investment risks[45](index=45&type=chunk) - City College's conversion work is currently under review by the Shaanxi Provincial Department of Education, and the company will closely monitor policies and actively respond[46](index=46&type=chunk) - The company also faces risks from macroeconomic fluctuations and talent loss, which it will address by adjusting business plans and improving talent development and incentive mechanisms[46](index=46&type=chunk)[47](index=47&type=chunk) [Section IV Corporate Governance, Environment and Society](index=14&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This section discloses changes in the company's directors, supervisors, and senior management, noting Han Chonghua's retirement and Cai Qilong's appointment as CFO while retaining his role as Board Secretary, and confirms no profit distribution or capital increase plans for the semi-annual period - On February 27, 2025, Han Chonghua retired due to age and no longer served as the company's Chief Financial Officer; on the same day, Cai Qilong was appointed as the company's Chief Financial Officer by the board and continues to serve as Board Secretary[50](index=50&type=chunk) - The company's proposed profit distribution plan or capital increase plan from capital reserves for the semi-annual period is "No," with zero bonus shares, dividends, or capital increases per 10 shares[51](index=51&type=chunk) [Section V Important Matters](index=15&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section reports on the company's performance regarding commitments, major litigation, integrity, and significant related-party transactions, noting good integrity, no major litigation, and related-party transactions primarily involving fund transfers and service procurement with controlling shareholder Jingfa Group and its subsidiaries, including significant outstanding debts [IX. Explanation of the Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the Reporting Period](index=15&type=section&id=%E4%B9%9D%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no unfulfilled court judgments or large overdue debts - During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no unfulfilled court judgments or large overdue debts[54](index=54&type=chunk) [X. Significant Related-Party Transactions](index=15&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company engages in daily operational related-party transactions, including service procurement and intercompany debt, with clear procedures and fair pricing for services, while City College owes RMB 315.32 million in principal and interest to Jingfa Group, and the company owes RMB 11.69 million to Xi'an Bojie and RMB 6.90 million to Jingfa Group - The company procures property management and campus landscaping maintenance services from Xi'an Jingfa Property Co., Ltd. and Xi'an Jingfa Landscape Greening Co., Ltd., with clear transaction procedures and fair pricing[58](index=58&type=chunk) - As of the end of this reporting period, City College still owes Jingfa Group a loan principal of **RMB 179,238,482.53** and interest of **RMB 136,077,501.78**, totaling **RMB 315,315,984.31** in principal and interest[57](index=57&type=chunk) - As of the end of this reporting period, the company still owes Xi'an Bojie intercompany payables of **RMB 11,685,614.87**[58](index=58&type=chunk) - As of the end of this reporting period, the company still owes Jingfa Group intercompany payables of **RMB 6,900,000**[59](index=59&type=chunk) [Section VI Share Changes and Shareholder Information](index=18&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) During the reporting period, the company's total share capital and equity structure remained unchanged, with 8,955 common shareholders at period-end, and Xi'an Jingfa Group Co., Ltd. as the largest shareholder with 20.60% ownership, a state-owned legal entity, with the top ten shareholders and top ten unrestricted shareholders being identical [I. Share Capital Changes](index=18&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's total share capital and equity structure remained unchanged, with all shares being unrestricted tradable shares - During the reporting period, the company's total share capital and equity structure remained unchanged[62](index=62&type=chunk) - As of the end of this reporting period, all of the company's shares are unrestricted tradable shares[66](index=66&type=chunk) [II. Shareholder Information](index=18&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had 8,955 common shareholders, with Xi'an Jingfa Group Co., Ltd. as the largest shareholder, holding 12,868,062 shares (20.60%), classified as a state-owned legal entity, and the top ten shareholders were identical to the top ten unrestricted shareholders - As of the end of the reporting period, the total number of common shareholders was **8,955**[63](index=63&type=chunk) Top Ten Shareholders' Shareholding | Shareholder Name (Full Name) | Period-End Shareholding (Shares) | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Xi'an Jingfa Group Co., Ltd. | 12,868,062 | 20.60 | State-owned Legal Entity | | Duanmu Xiaoyi | 2,670,000 | 4.27 | Domestic Natural Person | | Zhou Yuguang | 2,272,189 | 3.64 | Domestic Natural Person | | Yang Xiaodong | 1,391,000 | 2.23 | Domestic Natural Person | | Yu Jianhua | 987,900 | 1.58 | Domestic Natural Person | | Lin Meiji | 826,400 | 1.32 | Domestic Natural Person | | Industrial and Commercial Bank of China Co., Ltd. - CITIC-Prudential Multi-Strategy Flexible Allocation Mixed Securities Investment Fund (LOF) | 664,100 | 1.06 | Other | | Geng Pengfei | 627,600 | 1.00 | Domestic Natural Person | | Hubei Shangjing Private Equity Fund Management Co., Ltd. - Shangjing Yunshang Phase I Value Stable Private Securities Investment Fund | 525,000 | 0.84 | Other | | Li Yiming | 423,000 | 0.68 | Domestic Natural Person | - The company's largest shareholder, Xi'an Jingfa Group Co., Ltd., has no associated relationship with the company's other top ten shareholders, nor does it fall under the definition of concerted parties as stipulated in the "Measures for the Administration of Acquisitions of Listed Companies"[66](index=66&type=chunk) [Section VII Bond-Related Information](index=21&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments, nor any convertible corporate bonds - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[70](index=70&type=chunk) - The company has no convertible corporate bonds[70](index=70&type=chunk) [Section VIII Financial Report](index=22&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the company's unaudited H1 2025 financial statements and notes, detailing consolidated and parent company balance sheets, income statements, cash flow statements, and changes in owners' equity, along with company background, accounting policies, taxes, and related-party transactions, showing revenue and net profit growth, negative operating cash flow, and significant increases in construction in progress and long-term borrowings [II. Financial Statements](index=22&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for H1 2025, with consolidated statements showing total assets of RMB 1.16 billion, total liabilities of RMB 713.30 million, and net assets attributable to the parent company of RMB 315.12 million, alongside operating revenue of RMB 148.70 million, net profit attributable to the parent company of RMB 13.33 million, negative operating cash flow of RMB 119.46 million, negative investing cash flow of RMB 58.56 million, and positive financing cash flow of RMB 52.08 million Consolidated Balance Sheet (June 30, 2025) | Item | June 30, 2025 (RMB) | December 31, 2024 (RMB) | | :--- | :--- | :--- | | Total Assets | 1,164,917,374.47 | 1,202,136,978.26 | | Total Liabilities | 713,303,538.73 | 768,643,752.58 | | Total Owners' Equity Attributable to Parent Company | 315,120,865.48 | 301,787,927.16 | | Minority Interests | 136,492,970.26 | 131,705,298.52 | | Total Owners' Equity | 451,613,835.74 | 433,493,225.68 | Consolidated Income Statement (Jan-Jun 2025) | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 148,699,295.10 | 141,312,459.61 | | Total Profit | 18,120,610.06 | 12,747,592.64 | | Net Profit Attributable to Parent Company Shareholders | 13,332,938.32 | 9,327,098.16 | | Minority Interest Income | 4,787,671.74 | 3,420,494.48 | Consolidated Cash Flow Statement (Jan-Jun 2025) | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -119,462,535.77 | -109,900,502.14 | | Net Cash Flow from Investing Activities | -58,560,506.65 | -3,837,487.25 | | Net Cash Flow from Financing Activities | 52,084,457.36 | 0 | [III. Company Profile](index=42&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) The company, established on July 16, 2000, with a registered capital of RMB 62.46 million, is controlled by Xi'an Jingfa Group Co., Ltd. and ultimately by the Xi'an Economic and Technological Development Zone Management Committee, primarily engaging in higher education and computer information technology through its controlling subsidiary City College and associate company Xi'an Bojie Technology Development Co., Ltd - Xi'an Botong Information Co., Ltd. obtained its business license on July 16, 2000, with its registered capital changed to **RMB 62,458,000.00**[103](index=103&type=chunk)[104](index=104&type=chunk) - The company's controlling shareholder is Xi'an Jingfa Group Co., Ltd., and its actual controller is the Xi'an Economic and Technological Development Zone Management Committee[112](index=112&type=chunk) - As of June 30, 2025, the company has one controlling subsidiary: Xi'an Jiaotong University City College; and one associate company: Xi'an Bojie Technology Development Co., Ltd[113](index=113&type=chunk) - The company's main businesses in this period primarily include higher education and a small amount of computer information business[116](index=116&type=chunk) [VI. Taxes](index=70&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) The company's main taxes include VAT, urban maintenance and construction tax, corporate income tax, and education surcharges; subsidiary City College, as a higher independent institution, is exempt from VAT on education income and corporate income tax, enjoying the same tax benefits as public institutions under the Private Education Promotion Law Major Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Taxable VAT amount | 13%, 9%, 6%, 0% | | Urban Maintenance and Construction Tax | Payable turnover tax amount | 7% | | Corporate Income Tax | Taxable income | 25%, 0% | | Education Surcharge, Local Education Surcharge | Payable turnover tax amount | 3%, 2% | | Property Tax | 80% of original property value, rental income | 1.2%, 12% | - Subsidiary City College, as a higher independent institution, is exempt from Value-Added Tax on its education business income and enjoys the same tax preferential policies as public institutions, thus not paying corporate income tax[214](index=214&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=71&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes on consolidated financial statement items, with key changes including decreased monetary funds, increased accounts receivable and construction in progress, decreased contract liabilities, and increased long-term borrowings, all primarily linked to City College's educational operations and second-phase campus construction, while revenue and cost growth are driven by higher education 1、[Monetary Funds](index=71&type=section&id=1%E3%80%81%E8%B4%A7%E5%B8%81%E8%B5%84%E9%87%91) Period-end monetary funds totaled RMB 117 million, a 51.61% decrease from the beginning of the period's RMB 241 million, primarily due to subsidiary City College's payments for teaching expenses and education resource occupation fees, with RMB 1.68 million restricted as bank fund pool guarantees Monetary Funds Status | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | Cash on Hand | 15,027.36 | 6,670.00 | | Bank Deposits | 114,820,927.06 | 240,767,869.48 | | Other Monetary Funds | 1,680,283.65 | 0 | | Total | 116,516,238.07 | 240,774,539.48 | - Other monetary funds of **RMB 1,680,283.65** are bank fund pool guarantees and are restricted[216](index=216&type=chunk) 2、[Accounts Receivable](index=71&type=section&id=2%E3%80%81%E5%BA%94%E6%94%B6%E8%B4%A6%E6%AC%BE) Period-end accounts receivable balance was RMB 1.85 million, a significant increase from the beginning of the period's RMB 0.53 million, mainly due to increased receivables from subsidiary City College, with a bad debt provision of RMB 0.37 million resulting in a book value of RMB 1.48 million, and the top five debtors accounting for 100% of the period-end balance Accounts Receivable Aging Disclosure | Aging | Period-End Book Balance (RMB) | Period-Beginning Book Balance (RMB) | | :--- | :--- | :--- | | Within 1 year | 1,339,166.67 | 12,000.00 | | 1 to 2 years | 0 | 30,000.00 | | 2 to 3 years | 30,000.00 | 301,040.00 | | 3 to 4 years | 301,040.00 | 181,920.00 | | 4 to 5 years | 181,920.00 | 0 | | Total | 1,852,126.67 | 524,960.00 | Accounts Receivable Bad Debt Provision Status | Category | Period-Beginning Balance (RMB) | Accrued in Current Period (RMB) | Period-End Balance (RMB) | | :--- | :--- | :--- | | Bad Debt Provision | 184,872.00 | 187,142.33 | 372,014.33 | | Total | 184,872.00 | 187,142.33 | 372,014.33 | 7、[Fixed Assets](index=78&type=section&id=7%E3%80%81%E5%9B%BA%E5%AE%9A%E8%B5%84%E4%BA%A7) Period-end fixed assets book value was RMB 399 million, a slight decrease from the beginning of the period's RMB 404 million, with a current period increase of RMB 3.40 million in original cost primarily from purchasing machinery, communication, and other electronic equipment, while accumulated depreciation increased by RMB 8.77 million, and the fixed asset impairment provision remained at RMB 0.25 million Fixed Assets Book Value | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | Fixed Assets | 399,060,203.24 | 404,448,231.49 | Fixed Assets Original Cost and Accumulated Depreciation Changes | Item | Current Period Increase (RMB) | Current Period Decrease (RMB) | | :--- | :--- | :--- | | Original Cost | 3,400,325.11 | 429,381.42 | | Accumulated Depreciation | 8,765,781.41 | 406,809.47 | 8、[Construction in Progress](index=81&type=section&id=8%E3%80%81%E5%9C%A8%E5%BB%BA%E5%B7%A5%E7%A8%8B) Period-end construction in progress book value was RMB 382 million, a significant 34.38% increase from the beginning of the period's RMB 285 million, primarily due to increased investment in City College's second-phase campus infrastructure project, which has a budget of RMB 647 million, saw an additional RMB 97.78 million invested this period, reaching 59.10% of the total budget, and incurred RMB 1.12 million in capitalized interest Construction in Progress Status | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | Construction in Progress | 382,318,643.27 | 284,501,807.33 | Significant Construction in Progress Projects Current Period Changes | Project Name | Budget (RMB) | Period-Beginning Balance (RMB) | Current Period Increase (RMB) | Period-End Balance (RMB) | Cumulative Investment as % of Budget | Current Period Capitalized Interest (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | City College Second-Phase Campus Infrastructure Project | 646,500,000.00 | 284,282,449.91 | 97,778,657.75 | 382,061,107.66 | 59.10 | 1,122,834.25 | 13、[Assets Whose Ownership or Use Rights Are Restricted](index=85&type=section&id=13%E3%80%81%E6%89%80%E6%9C%89%E6%9D%83%E6%88%96%E4%BD%BF%E7%94%A8%E6%9D%83%E5%8F%97%E9%99%90%E8%B5%84%E4%BA%A7) Period-end restricted assets totaled RMB 1.68 million, entirely comprising monetary funds held as bank fund pool guarantees, which are in a restricted state Assets Whose Ownership or Use Rights Are Restricted | Item | Period-End Book Balance (RMB) | Book Value (RMB) | Type of Restriction | | :--- | :--- | :--- | :--- | | Monetary Funds | 1,680,283.65 | 1,680,283.65 | Held in custodian account | - Monetary funds with restricted use rights are bank fund pool guarantees and are in a restricted state[268](index=268&type=chunk) 17、[Contract Liabilities](index=86&type=section&id=17%E3%80%81%E5%90%88%E5%90%8C%E8%B4%9F%E5%80%BA) Period-end contract liabilities amounted to RMB 48.35 million, a significant 74.63% decrease from the beginning of the period's RMB 190.54 million, primarily due to subsidiary City College recognizing 2024/2025 academic year tuition fees, collected in 2024, as revenue in installments during the current year Contract Liabilities Status | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | Prepaid Tuition Fees | 46,572,579.16 | 187,409,256.64 | | Prepaid Project Fees | 1,774,741.51 | 3,132,939.98 | | Total | 48,347,320.67 | 190,542,196.62 | - The significant decrease in contract liabilities was primarily due to subsidiary City College recognizing 2024/2025 academic year tuition fees, collected in 2024, as revenue in installments during the current year[38](index=38&type=chunk) 20、[Other Payables](index=88&type=section&id=20%E3%80%81%E5%85%B6%E4%BB%96%E5%BA%94%E4%BB%98%E6%AC%BE) Period-end other payables totaled RMB 421 million, a slight decrease from the beginning of the period's RMB 426 million, including RMB 315 million in loans and interest and RMB 90.40 million in intercompany payables, with significant overdue other payables primarily consisting of loans and interest between City College and Xi'an Jingfa Group Co., Ltd., and intercompany payables between the company and Xi'an Jingfa Group Co., Ltd. and Xi'an Bojie Technology Development Co., Ltd., totaling RMB 326 million Other Payables Itemized | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | Dividends Payable | 1,260,472.60 | 1,260,472.60 | | Other Payables | 419,933,268.28 | 425,139,446.09 | | Total | 421,193,740.88 | 426,399,918.69 | Other Payables by Nature of Payment | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | Loans and Interest | 315,315,984.31 | 311,612,469.17 | | Intercompany Payables | 90,404,197.36 | 98,610,928.18 | | Collections and Payments on Behalf | 7,908,071.91 | 8,843,750.87 | | Deposits | 6,069,403.96 | 6,046,297.87 | | Other | 235,610.74 | 26,000.00 | | Total | 419,933,268.28 | 425,139,446.09 | - Significant other payables with an aging of over one year primarily consist of loans and interest between subsidiary City College and Xi'an Jingfa Group Co., Ltd., and intercompany payables between the company and Xi'an Jingfa Group Co., Ltd[289](index=289&type=chunk) 23、[Long-Term Borrowings](index=90&type=section&id=23%E3%80%81%E9%95%BF%E6%9C%9F%E5%80%9F%E6%AC%BE) Period-end long-term borrowings totaled RMB 95.50 million, a significant 120.96% increase from the beginning of the period's RMB 43.22 million, primarily due to increased bank loans for subsidiary City College's second-phase campus construction project, with all long-term borrowings being pledged loans secured by City College's tuition and accommodation fee collection rights Long-Term Borrowings Classification | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | Pledged Loans | 95,504,279.23 | 43,222,095.56 | | Total | 95,504,279.23 | 43,222,095.56 | - The significant increase in long-term borrowings was primarily due to increased bank loans for the second-phase campus construction project by subsidiary City College during the current period[38](index=38&type=chunk) - The pledged loans are secured by the tuition and accommodation fee collection rights of Xi'an Jiaotong University City College[295](index=295&type=chunk) 28、[Operating Revenue and Operating Cost](index=91&type=section&id=28%E3%80%81%E8%90%A5%E4%B8%9A%E6%94%B6%E5%85%A5%E5%92%8C%E8%90%A5%E4%B8%9A%E6%88%90%E6%9C%AC) Consolidated operating revenue for the current period was RMB 149 million, with operating costs of RMB 76.44 million; higher education was the main revenue source, generating RMB 147 million, a 5.70% increase, with costs of RMB 76.50 million, while the computer information technology business had no revenue but reduced costs, and other business income was RMB 1.36 million, mainly from rental and service fees Operating Revenue and Operating Cost (by Industry) | Industry Name | Current Period Operating Revenue (RMB) | Current Period Operating Cost (RMB) | Prior Period Operating Revenue (RMB) | Prior Period Operating Cost (RMB) | | :--- | :--- | :--- | :--- | :--- | | Higher Education | 147,340,082.44 | 76,496,374.11 | 139,398,114.24 | 76,231,002.69 | | Computer Information Technology | 0 | -60,776.70 | 172,830.19 | 147,058.15 | | Total | 147,340,082.44 | 76,435,597.41 | 139,570,944.43 | 76,378,060.84 | - Explanation for operating revenue change: Primarily due to increased higher education business income from subsidiary City College[35](index=35&type=chunk) - The computer information business did not generate main business revenue during the reporting period[28](index=28&type=chunk) 31、[Administrative Expenses](index=93&type=section&id=31%E3%80%81%E7%AE%A1%E7%90%86%E8%B4%B9%E7%94%A8) Current period administrative expenses were RMB 50.96 million, a 2.46% increase from the prior year's RMB 49.73 million, primarily driven by higher education resource service fees (RMB 17.13 million) and employee compensation (RMB 20.31 million), with depreciation and intangible asset amortization also contributing significantly Administrative Expenses Details | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Education Resource Service Fees | 17,128,698.00 | 16,284,822.00 | | Employee Compensation | 20,309,279.18 | 19,311,996.79 | | Depreciation | 8,765,781.41 | 8,772,717.72 | | Intangible Asset Amortization | 2,902,822.15 | 2,872,124.37 | | Total | 50,956,405.38 | 49,734,117.06 | - Explanation for administrative expense change: Primarily due to increased education resource service fees paid to Xi'an Jiaotong University by subsidiary City College during the current period[35](index=35&type=chunk) 32、[Financial Expenses](index=93&type=section&id=32%E3%80%81%E8%B4%A2%E5%8A%A1%E8%B4%B9%E7%94%A8) Current period financial expenses were RMB 2.83 million, a 7.14% decrease from the prior year's RMB 3.05 million, primarily comprising interest expenses of RMB 3.70 million and interest income of negative RMB 0.88 million Financial Expenses Details | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Interest Expense | 3,703,515.14 | 3,963,410.94 | | Interest Income | -881,483.54 | -921,488.39 | | Handling Fees | 8,343.80 | 6,147.55 | | Total | 2,830,375.40 | 3,048,070.10 | - Explanation for financial expense change: Primarily due to decreased interest expenses from subsidiary City College during the current period[35](index=35&type=chunk) 39、[Cash Flow Statement Items](index=95&type=section&id=39%E3%80%81%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8%E9%A1%B9%E7%9B%AE) Operating cash inflows totaled RMB 5.62 million, while outflows reached RMB 125.08 million, resulting in a net operating cash flow of negative RMB 119.46 million, an 8.70% year-on-year decrease, primarily due to cash paid to and for employees (RMB 74.19 million) and education resource service fees (RMB 24.26 million); net investing cash flow was negative RMB 58.56 million due to increased campus construction, and net financing cash flow was RMB 52.08 million from increased bank loans Cash Inflows Related to Operating Activities | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Cash received from sales of goods and provision of services | 4,076,624.22 | 5,078,498.39 | | Other cash received related to operating activities | 1,539,589.00 | 2,202,172.90 | | Subtotal of cash inflows from operating activities | 5,616,213.22 | 7,280,671.29 | Cash Outflows Related to Operating Activities | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Cash paid to and for employees | 74,191,427.14 | 72,778,966.22 | | Education resource service fees paid | 24,257,399.00 | 17,569,648.00 | | Subtotal of cash outflows from operating activities | 125,078,748.99 | 117,181,173.43 | | Net cash flow from operating activities | -119,462,535.77 | -109,900,502.14 | Changes in Liabilities Arising from Financing Activities | Item | Period-Beginning Balance (RMB) | Current Period Increase (Cash Flow Change) (RMB) | Current Period Decrease (Cash Flow Change) (RMB) | Period-End Balance (RMB) | | :--- | :--- | :--- | :--- | :--- | | Long-Term Borrowings | 43,222,095.56 | 53,759,021.69 | 1,122,852.98 | 95,504,279.23 | | Net Cash Flow from Financing Activities | 52,084,457.36 | 0 | 0 | 52,084,457.36 | [X. Equity in Other Entities](index=99&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) The company holds a 70% stake in its controlling subsidiary, Xi'an Jiaotong University City College, which primarily engages in higher education and generated RMB 148.70 million in operating revenue and RMB 15.96 million in net profit in H1 2025, with a negative operating cash flow of RMB 120.68 million; the company also holds a 40% stake in associate company Xi'an Bojie Technology Development Co., Ltd., but without significant influence, and the latter remains dormant Composition of the Enterprise Group | Subsidiary Name | Registered Place | Business Nature | Shareholding Ratio (%) (Direct) | | :--- | :--- | :--- | :--- | | Xi'an Jiaotong University City College | Xi'an City | Higher Education | 70.00 | Financial Information of Important Non-Wholly Owned Subsidiaries (Current Period Amounts) | Subsidiary Name | Operating Revenue (RMB in 10,000s) | Net Profit (RMB in 10,000s) | Total Comprehensive Income (RMB in 10,000s) | Cash Flow from Operating Activities (RMB in 10,000s) | | :--- | :--- | :--- | :--- | :--- | | Xi'an Jiaotong University City College | 14,869.93 | 1,595.89 | 1,595.89 | -12,067.56 | - The company holds **40% equity** in Xi'an Bojie Technology Development Co., Ltd., but does not have significant influence due to other related parties collectively holding **60% equity**[344](index=344&type=chunk) [XIV. Related Parties and Related-Party Transactions](index=103&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company's controlling shareholder is Xi'an Jingfa Group Co., Ltd., with the Xi'an Economic and Technological Development Zone Management Committee as the ultimate controlling party; the company engages in various related-party transactions with Jingfa Group and its subsidiaries, including receiving property management and landscaping services, and significant related-party debt, with substantial amounts owed to related parties at period-end, primarily City College's loans and interest to Jingfa Group, and the company's intercompany payables to Jingfa Group and Xi'an Bojie Information on the Company's Parent Company | Parent Company Name | Registered Place | Business Nature | Registered Capital (RMB in 10,000s) | Shareholding Ratio (%) | Voting Rights Ratio (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Xi'an Jingfa Group Co., Ltd. | Xi'an City | Investment and Management | 1,078,735.98 | 20.60 | 20.60 | - The ultimate controlling party of the company is the Xi'an Economic and Technological Development Zone Management Committee[354](index=354&type=chunk) Procurement of Goods/Acceptance of Services | Related Party | Related Transaction Content | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | :--- | | Xi'an Jingfa Property Co., Ltd. | Acceptance of property management services | 2,195,752.81 | 2,196,752.82 | | Xi'an Jingfa Landscape Greening Co., Ltd. | Acceptance of campus landscaping maintenance services | 375,896.21 | 438,545.57 | Payables to Related Parties | Item | Related Party | Period-End Book Balance (RMB) | Period-Beginning Book Balance (RMB) | | :--- | :--- | :--- | :--- | | Other Payables | Xi'an Jingfa Group Co., Ltd. | 322,215,984.31 | 319,512,469.17 | | Other Payables | Xi'an Bojie Technology Development Co., Ltd. | 11,685,614.87 | 11,685,614.87 | [XVIII. Other Significant Matters](index=108&type=section&id=%E5%8D%81%E5%85%AB%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) The company segments its business into two reporting divisions based on its main business nature: higher education (Xi'an Jiaotong University City College) and computer information technology (company headquarters), applying consistent accounting policies across both - Based on the nature of its main business, the company's operations are divided into two segments: higher education (Xi'an Jiaotong University City College) and computer information technology (company headquarters)[363](index=363&type=chunk) [XX. Supplementary Information](index=116&type=section&id=%E4%BA%8C%E5%8D%81%E3%80%81%E8%A1%A5%E5%85%85%E8%B5%84%E6%96%99) This section provides a detailed statement of non-recurring gains and losses and data on return on net assets and earnings per share, showing total non-recurring gains and losses of RMB 2,986.96 for the reporting period, a weighted average return on net assets of 4.3225%, and basic earnings per share of RMB 0.2135 Current Period Non-Recurring Gains and Losses Details | Item | Amount (RMB) | | :--- | :--- | | Other non-operating income and expenses (excluding the above) | -52,489.30 | | Other non-recurring items as defined | 54,803.86 | | Less: Impact on minority interests (after tax) | -672.40 | | Total | 2,986.96 | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share (RMB/share) | Diluted Earnings Per Share (RMB/share) | | :--- | :--- | :--- | :--- | | Net profit attributable to ordinary shareholders of the company | 4.3225 | 0.2135 | 0.2135 | | Net profit attributable to ordinary shareholders of the company (excluding non-recurring gains and losses) | 4.3215 | 0.2134 | 0.2134 |

报告期营收增长主要系子公司城市学院高等教育业务收入增加所致，上半年城市学院实现营业收入1.49 亿元，比上年同期增加5.36%。 人民财讯8月15日电，博通股份（600455）8月15日晚间发布2025年半年报，上半年营业收入1.49亿元， 同比增长5.23%；归母净利润1333.29万元，同比增长42.95%。 ...

Group 1 - The core viewpoint of the article is that Broadcom Co., Ltd. (600455.SH) reported a positive financial performance for the first half of 2025, with significant increases in both revenue and net profit [1] Group 2 - The company achieved a consolidated operating revenue of 149 million yuan, representing a year-on-year increase of 5.23% [1] - The net profit attributable to the parent company was 13.33 million yuan, which is a year-on-year increase of 42.95% [1] - The net profit attributable to the parent company, after deducting non-recurring gains and losses, was also 13.33 million yuan, reflecting a year-on-year increase of 52.90% [1]

Group 1 - The company reported a revenue of 149 million yuan for the first half of 2025, representing a year-on-year growth of 5.23% [1] - The net profit for the same period was 13.33 million yuan, showing a significant year-on-year increase of 42.95% [1]

智通财经APP讯，博通股份(600455.SH)发布2025年半年度报告，报告期内，公司实现营业收入1.49亿 元，同比增长5.23%。实现归属于上市公司股东的净利润1333.29万元，同比增长42.95%。实现归属于上 市公司股东的扣除非经常性损益的净利润1333万元，同比增长52.90%。基本每股收益0.2135元。 ...