| 证券代码：600602 | 证券简称：云赛智联 | 公告编号:临 | 2025-035 | | --- | --- | --- | --- | | 900901 | 云赛 | B | 股 | 云赛智联股份有限公司 关于参加 2025 年上海辖区上市公司集体接待日 暨中报业绩说明会活动的公告 为进一步加强与投资者的互动交流，云赛智联股份有限公司 (以下简称"公 司")将参加由中国证券监督管理委员会上海监管局指导、上海上市公司协会及 深圳市全景网络有限公司联合举办的"2025 年上海辖区上市公司集体接待日暨 中报业绩说明会活动"，现将有关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 (https://rs.p5w.net )；或关注微信公众号（名称：全景财经）；或下载全景路 演 APP，参与本次互动交流。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 活动时间为 2025 年 9 月 19 日（周五）15:00-17:00。届时公司高管将在线 就公司 2025 半年度业绩、公司治理、发 ...

Group 1 - On September 3, YunSai Zhilian executed a block trade of 476,600 shares, with a transaction value of 9.3747 million yuan, accounting for 1.36% of the total transaction value for the day [1] - The transaction price was 19.67 yuan, which represents a discount of 6.2% compared to the market closing price of 20.97 yuan [1]

Market Overview - The software development sector experienced a decline of 3.6% on September 2, with Sifang Jingchuang leading the drop [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Stock Performance - Notable gainers in the software development sector included: - Keda Automation (Code: 831832) with a closing price of 28.13, up 7.08% [1] - Yinzhijie (Code: 300085) with a closing price of 59.00, up 2.52% [1] - Hengtai Open Source (Code: 834415) with a closing price of 18.50, up 2.49% [1] - Major decliners included: - Sifang Jingchuang (Code: 300468) with a closing price of 42.86, down 10.39% [2] - Wangda Software (Code: 603189) with a closing price of 21.35, down 9.34% [2] - Jin Chengzi (Code: 688291) with a closing price of 38.21, down 9.30% [2] Capital Flow - The software development sector saw a net outflow of 10.057 billion yuan from institutional investors, while retail investors experienced a net inflow of 8.511 billion yuan [2] - The capital flow for specific stocks indicated: - Keda Xunfei (Code: 002230) had a net inflow of 2.69 billion yuan from institutional investors [3] - Qianxin (Code: 688561) had a net inflow of 77.12 million yuan from institutional investors [3] - Information Development (Code: 300469) had a net inflow of 67.82 million yuan from institutional investors [3]

Group 1 - On September 1, YunSai ZhiLian executed a block trade of 470,000 shares with a transaction value of 9.8136 million yuan, accounting for 0.83% of the total trading volume for the day [1] - The transaction price was 20.88 yuan, which represents a discount of 10.42% compared to the market closing price of 23.31 yuan [1]

Core Insights - The company YunSai ZhiLian (600602.SH) reported a total operating revenue of 3.132 billion yuan for the first half of 2025, an increase of 212 million yuan compared to the same period last year, marking a 7.25% year-on-year growth [1] - The net profit attributable to shareholders was 95.0136 million yuan, a decrease of 18.0142 million yuan from the previous year, reflecting a 15.94% year-on-year decline [1] - The company experienced a net cash outflow from operating activities of 293 million yuan, although this represented an increase of 12.5729 million yuan compared to the same period last year [1] Financial Ratios - The latest debt-to-asset ratio stands at 36.80%, which is an increase of 0.56 percentage points from the previous quarter and an increase of 8.77 percentage points year-on-year [3] - The gross profit margin is reported at 16.07%, down 1.22 percentage points from the previous quarter and down 2.69 percentage points year-on-year [3] - The return on equity (ROE) is at 1.97%, a decrease of 0.46 percentage points compared to the same period last year [3] Earnings Per Share and Turnover - The diluted earnings per share (EPS) is 0.07 yuan, a decrease of 0.01 yuan from the previous year, reflecting a 15.86% year-on-year decline [3] - The total asset turnover ratio is 0.40 times, remaining flat compared to the previous year but down 0.95% year-on-year [3] - The inventory turnover ratio is 1.99 times, a decrease of 0.01 times from the previous year, reflecting a 0.71% year-on-year decline [3] Shareholder Structure - The number of shareholders is reported at 192,700, with the top ten shareholders holding a total of 515 million shares, accounting for 37.67% of the total share capital [3] - The largest shareholder is Shanghai Yidian (Group) Co., Ltd., holding 28.03% of the shares [3]

Group 1 - The core point of the article is that YunSai ZhiLian announced the approval of its 2025 semi-annual report by the board of directors during the 20th meeting of the 12th session [2]

Core Insights - The company YunSai ZhiLian reported a revenue of 3,132,289,840.72 yuan for the first half of 2025, reflecting a year-on-year growth of 7.25% [2] - The net profit attributable to shareholders of the listed company was 95,013,608.90 yuan, showing a year-on-year decline of 15.94% [2] Financial Performance - Revenue for the first half of 2025: 3,132.29 million yuan, up 7.25% year-on-year [2] - Net profit for the same period: 95.01 million yuan, down 15.94% year-on-year [2]

云赛智联股份有限公司（以下简称：云赛智联、公司）董事会十二届二十 次会议书面通知于2025年8月13日发出，并于2025年8月21日以通讯表决方式召 开会议。会议应出席董事6人，实际出席董事6人。会议由公司董事长黄金刚先 生主持，公司高级管理人员列席了本次会议。本次会议符合《公司法》、《上 海证券交易所股票上市规则》和《公司章程》等有关法律、法规的要求，所做 决议合法有效。 证券代码：600602 证券简称：云赛智联 编号：临 2025-034 900901 云赛 B 股 云赛智联股份有限公司 十二届二十次董事会会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 特此公告。 云赛智联股份有限公司董事会 二〇二五年八月二十三日 会议审议并通过了《云赛智联2025年半年度报告的议案》。 该报告已经公司董事会审计与合规委员会审议通过。 表决结果：6票赞成，0票反对，0票弃权。 详见同日披露的《云赛智联2025年半年度报告》。 与会董事还听取了《云赛智联董事会审计与合规委员会对公司2025年上半 年内部控制有效性出具的 ...

Group 1 - The company YunSai ZhiLian (600602.SH) reported a revenue of 3.132 billion yuan for the first half of 2025, representing a year-on-year increase of 7.25% [1] - The net profit attributable to shareholders of the listed company was 95.0136 million yuan, showing a year-on-year decrease of 15.94% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 81.924 million yuan, down 15.20% year-on-year [1] - The basic earnings per share were 0.0695 yuan [1]

[Glossary](index=4&type=section&id=Item%201.%20Glossary) This section defines common terms, company names, and related party names for accurate report interpretation [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This chapter defines common terms, company names, and related party names for accurate report interpretation Definitions of Common Terms | Common Term | Definition | | :--- | :--- | | INESA Intelligent Tech Inc./Company/Listed Company | INESA Intelligent Tech Inc. | | INESA Group | Shanghai INESA (Group) Co., Ltd. | | Nanyang Wanbang | Shanghai Nanyang Wanbang Software Technology Co., Ltd. | | Xinnuo Shidai | Beijing Xinnuo Shidai Technology Development Co., Ltd. | | Tech-Net | Shanghai Tech-Net Communication Co., Ltd. | | Information Technology | Shanghai INESA Intelligent Tech Information Technology Co., Ltd. | | INESA Xinsen | Shanghai INESA Xinsen Technology Development Co., Ltd. | | INESA Information Network | Shanghai INESA Information Network Co., Ltd. | | INESA Scientific Instruments | Shanghai INESA Scientific Instruments Co., Ltd. | [Company Profile and Key Financial Indicators](index=5&type=section&id=Item%202.%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section presents the company's fundamental information, contact details, stock overview, and key financial performance metrics [Company Basic Information](index=5&type=section&id=I.%20Company%20Information) This chapter outlines the company's official names, abbreviations, and legal representative details Company Basic Information | Indicator | Content | | :--- | :--- | | Company's Chinese Name | 云赛智联股份有限公司 | | Company's Chinese Abbreviation | 云赛智联 | | Company's Foreign Name | INESA Intelligent Tech Inc. | | Company's Foreign Name Abbreviation | INESA-it | | Company's Legal Representative | Huang Jingang | [Contact Information](index=5&type=section&id=II.%20Contact%20Persons%20and%20Information) This chapter provides contact details for the Board Secretary and Securities Affairs Representative Contact Information for Board Secretary and Securities Affairs Representative | Position | Board Secretary | Securities Affairs Representative | | :--- | :--- | :--- | | Name | Zhang Xingxing | Hu Huijie | | Contact Address | 9-10th Floor, Building B6, No. 180 Yizhou Road, Xuhui District, Shanghai | 9-10th Floor, Building B6, No. 180 Yizhou Road, Xuhui District, Shanghai | | Phone | 62980202 | 62980202 | | Fax | 62982121 | 62982121 | | Email | stock@inesa-it.com | stock@inesa-it.com | [Changes in Registered and Office Address](index=5&type=section&id=III.%20Introduction%20to%20Changes%20in%20Basic%20Information) This chapter details the historical and current registered and office addresses of the company - The company's registered address changed to 2nd Floor, Building 1, No. 200 Zhangheng Road, China (Shanghai) Pilot Free Trade Zone on **December 24, 2018**[14](index=14&type=chunk) - The company's office address is 9-10th Floor, Building B6, No. 180 Yizhou Road, Xuhui District, Shanghai[14](index=14&type=chunk) [Information Disclosure Channels](index=5&type=section&id=IV.%20Introduction%20to%20Information%20Disclosure%20and%20Location%20Changes) This chapter specifies the company's official information disclosure channels and report storage locations Information Disclosure Channels | Item | Content | | :--- | :--- | | Designated Information Disclosure Newspapers | "Shanghai Securities News", "Hong Kong Commercial Daily", "Securities Times", "Securities Daily" | | Website Address for Semi-Annual Report | www.sse.com.cn | | Location for Company's Semi-Annual Report | Company Board of Directors Office | [Stock Information](index=5&type=section&id=V.%20Company%20Stock%20Overview) This chapter presents an overview of the company's A-share and B-share listing information and historical abbreviations Company Stock Overview | Stock Type | Listing Exchange | Stock Abbreviation | Stock Code | Former Stock Abbreviation | | :--- | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange | 云赛智联 | 600602 | 仪电电子 | | B-share | Shanghai Stock Exchange | 云赛B股 | 900901 | 仪电B股 | [Key Financial Data and Indicators](index=6&type=section&id=VII.%20Company%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This chapter summarizes the company's key accounting data and financial indicators, including revenue, net profit, and EPS, with year-on-year changes Key Accounting Data (Unit: RMB) | Key Accounting Data | Current Reporting Period (Jan-Jun) | Prior Year Period (Adjusted) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 3,132,289,840.72 | 2,920,636,793.28 | 7.25 | | Total Profit | 113,077,819.43 | 134,183,984.11 | -15.73 | | Net Profit Attributable to Shareholders of Listed Company | 95,013,608.90 | 113,027,779.63 | -15.94 | | Net Profit Attributable to Shareholders of Listed Company After Non-recurring Gains/Losses | 81,924,015.96 | 96,609,115.05 | -15.20 | | Net Cash Flow from Operating Activities | -292,607,886.12 | -305,180,739.63 | Not applicable | | Net Assets Attributable to Shareholders of Listed Company (End of Period) | 4,832,301,845.62 | 4,777,284,120.59 | 1.15 | | Total Assets (End of Period) | 7,855,486,719.30 | 7,895,815,288.63 | -0.51 | Key Financial Indicators (Unit: RMB/share or %) | Key Financial Indicators | Current Reporting Period (Jan-Jun) | Prior Year Period (Adjusted) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 0.0695 | 0.0826 | -15.86 | | Diluted Earnings Per Share (RMB/share) | 0.0695 | 0.0826 | -15.86 | | Basic EPS After Non-recurring Gains/Losses (RMB/share) | 0.0599 | 0.0706 | -15.16 | | Weighted Average Return on Net Assets (%) | 1.9802 | 2.4079 | Decrease of 0.4277 percentage points | | Weighted Average RONAE After Non-recurring Gains/Losses (%) | 1.7074 | 2.0581 | Decrease of 0.3507 percentage points | [Non-recurring Gains and Losses](index=6&type=section&id=IX.%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This chapter details the non-recurring gains and losses for the period, totaling **RMB 13,089,592.94** Non-recurring Gains and Losses Items and Amounts (Unit: RMB) | Non-recurring Gains and Losses Item | Amount | | :--- | :--- | | Gains and losses from disposal of non-current assets | -575,881.41 | | Government grants recognized in current profit or loss | 17,233,055.76 | | Reversal of impairment provisions for receivables subject to separate impairment testing | 393,153.61 | | Net profit or loss of subsidiaries from beginning of period to merger date arising from business combinations under common control | -1,315,189.14 | | Other non-operating income and expenses apart from the above | -110,671.74 | | Less: Income tax impact | 2,372,996.67 | | Impact on minority interests (after tax) | 161,877.47 | | Total | 13,089,592.94 | [Management Discussion and Analysis](index=8&type=section&id=Item%203.%20Management%20Discussion%20and%20Analysis) This section analyzes the company's industry, business operations, core competitiveness, financial performance, and risk factors [Industry Overview and Main Business](index=8&type=section&id=I.%20Explanation%20of%20the%20Company's%20Industry%20and%20Main%20Business%20in%20the%20Reporting%20Period) This chapter describes the smart city industry's landscape, opportunities, and challenges, detailing the company's core business segments - The smart city industry faces unprecedented opportunities but also challenges such as global economic downturn, immature industry technology, intense internal competition, and supply chain security risks from US-China tech decoupling[25](index=25&type=chunk)[26](index=26&type=chunk) - The company's core business comprises three segments: **Cloud Computing and Big Data**, **Industry Solutions**, and **Smart Products**[27](index=27&type=chunk) - The company actively participates in "Shanghai Computing Power" construction, supporting its associate Shanghai Smart Computing Technology Co., Ltd. to achieve **10,000-card scale** intelligent computing power supply, with Songjiang Smart Computing Center (Phase I) passing "5A-level computing performance certification"[27](index=27&type=chunk)[29](index=29&type=chunk) - The company strengthened its main business structure optimization and integration, completing the acquisition of Shanghai Yidian Analytical Instruments Co., Ltd. equity by its controlled subsidiary Shanghai Yidian Scientific Instruments Co., Ltd[29](index=29&type=chunk) - The company strengthened its national cloud service layout and actively expanded overseas business, being a close partner of renowned cloud vendors like Microsoft, Alibaba, and Huawei[30](index=30&type=chunk) - The company undertook data operation services for the Shanghai Big Data Center for the fifth consecutive year, with its subsidiary Shanghai Nanyang Wanbang Software Technology Co., Ltd. winning the "2025 Data Element X Data Governance Influential Enterprise" award[30](index=30&type=chunk) - The company continues to specialize in smart city sub-segments, leveraging system integration, proprietary software platforms, and "AI+" empowerment to provide full-chain digital transformation services[31](index=31&type=chunk) - During the reporting period, the company undertook several key projects, including the municipal railway cloud platform, smart park Yangtze River Delta "One Point" Fangting Water Courtyard, Shanghai Jinshan Legoland performance system, Shanghai Big Data Center Phase V data operation services, COMAC "AI Intelligent Operating Environment Project", and National Market Supervision Digitalization Pilot Zone (Shanghai) Phase I, and re-won the bid for Phase III[32](index=32&type=chunk)[33](index=33&type=chunk) [Operating Performance and Strategic Progress](index=8&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operating%20Conditions) This chapter summarizes the company's operating performance, highlighting AI-led IT services and strategic collaborations with cloud vendors - The company achieved operating revenue of **RMB 3.13 billion** and net profit attributable to shareholders of **RMB 95.01 million**[29](index=29&type=chunk) - INESA Intelligent Tech Inc. is a specialized information technology service enterprise led by artificial intelligence, with core businesses in **cloud service big data**, **industry solutions**, and **smart products**[28](index=28&type=chunk) - The company is deeply cultivating industry verticals such as smart parks, smart transportation, cultural tourism exhibitions, smart education, smart healthcare, smart government, and municipal livelihood, accelerating the development of core capabilities[28](index=28&type=chunk) - The company continuously deepened cooperation with Huawei Cloud, Alibaba Cloud, and Microsoft Azure, accelerating AI application development and achieving several application scenarios in government and business vertical models[28](index=28&type=chunk) [Analysis of Core Competitiveness](index=10&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20in%20the%20Reporting%20Period) This chapter analyzes the company's core competitiveness, focusing on R&D, intellectual property, and industry recognition - In the first half of the year, the company's R&D investment was **RMB 173 million**, with a technology investment rate of **5.52%**, applying for **36 intellectual property rights**, including **11 invention patents**, and **4 authorized invention patents**[35](index=35&type=chunk) - The company passed the qualification review for official membership in the National Data Standardization Committee WG2, WG3, WG4, and WG6 working groups, has led the release of **two international standards** in smart city fields, and led or participated in the formulation of **four national standards**[36](index=36&type=chunk) - The company received multiple honors, including the **2024 Outstanding Contribution to Service Industry Award** and the **2025 Data Element Data Governance Influential Enterprise Award**, with its subsidiary Tech-Net Co. passing **CMMI Level 5 certification (version 3.0)**[37](index=37&type=chunk) [Analysis of Key Operating Conditions](index=10&type=section&id=IV.%20Key%20Operating%20Conditions%20in%20the%20Reporting%20Period) This chapter analyzes significant changes in key financial statement items, including revenue, costs, expenses, and cash flow [(I) Main Business Analysis](index=10&type=section&id=%28I%29%20Main%20Business%20Analysis) This chapter analyzes financial changes in main business, explaining variations in revenue, costs, and operating expenses Analysis of Financial Statement Item Changes (Unit: RMB) | Item | Current Period Amount | Prior Year Period Amount (Adjusted) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 3,132,289,840.72 | 2,920,636,793.28 | 7.25 | Business growth | | Operating Cost | 2,628,981,704.55 | 2,366,989,106.40 | 11.07 | Business growth | | Selling Expenses | 119,988,347.30 | 125,521,450.37 | -4.41 | Marketing expense control | | Administrative Expenses | 118,020,290.54 | 124,224,043.86 | -4.99 | Operating cost control | | R&D Expenses | 172,893,336.30 | 204,341,072.83 | -15.39 | Decrease in R&D expenditure | | Net Cash Flow from Operating Activities | -292,607,886.12 | -305,180,739.63 | Not applicable | Increase in cash received from goods | | Investment Income | -17,782,740.00 | 5,352,707.99 | -432.22 | Disposal of Guangdian Communication equity in prior year period | [(III) Analysis of Assets and Liabilities](index=11&type=section&id=%28III%29%20Analysis%20of%20Assets%20and%20Liabilities) This chapter analyzes changes in asset and liability structure, including receivables, prepayments, and payables Changes in Assets and Liabilities (Unit: RMB) | Item Name | End of Current Period | Change from Prior Year-End (%) | Explanation | | :--- | :--- | :--- | :--- | | Receivables Financing | 19,023,395.68 | 65.07 | Mainly due to increased bank acceptance bills received from business growth in the current reporting period | | Prepayments | 129,093,331.19 | 40.95 | Mainly due to increased prepayments for purchases in the current reporting period | | Non-current assets due within one year | 572,045,533.23 | 45,581.58 | Mainly due to increased debt investments due within one year in the current reporting period | | Notes Payable | 92,737,046.40 | -53.11 | Mainly due to payment of matured notes in the current reporting period | | Accounts Payable | 1,277,288,238.92 | 35.03 | Mainly due to increased purchases in the current reporting period | - At period-end, cash and cash equivalents include **RMB 667,711,188.37** pledged as collateral for bank guarantees and contract performance, and fixed assets and intangible assets pledged for bank loans[42](index=42&type=chunk) [(IV) Analysis of Investment Status](index=12&type=section&id=%28IV%29%20Analysis%20of%20Investment%20Status) This chapter discloses significant non-equity investments, primarily additional capital for the Songjiang Big Data Computing Center Phase II - The company's subsidiary, Shanghai Yunsai Shuhai Technology Co., Ltd., made an additional investment of up to **RMB 77.87 million** in the Songjiang Big Data Computing Center (Phase II) project, increasing the total investment from **RMB 795 million** to up to **RMB 872.87 million**[43](index=43&type=chunk) [(VI) Analysis of Major Holding and Associate Companies](index=13&type=section&id=%28VI%29%20Analysis%20of%20Major%20Holding%20and%20Associate%20Companies) This chapter presents financial data for major subsidiaries and associates significantly impacting net profit Financial Data of Major Holding and Associate Companies (Unit: RMB 10,000) | Company Name | Company Type | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | | Shanghai Tech-Net Communication Co., Ltd. | Subsidiary | 26,779.70 | 2,456.25 | 2,489.06 | | Shanghai Nanyang Wanbang Software Technology Co., Ltd. | Subsidiary | 74,416.81 | 1,796.82 | 1,653.01 | | Beijing Xinnuo Shidai Technology Development Co., Ltd. | Subsidiary | 35,029.60 | 658.53 | 578.22 | | Shanghai INESA Intelligent Tech Information Technology Co., Ltd. | Subsidiary | 60,432.87 | 896.34 | 896.08 | | Shanghai INESA Scientific Instruments Co., Ltd. | Subsidiary | 22,489.40 | 5,373.21 | 4,887.89 | | Shanghai INESA Xinsen Technology Development Co., Ltd. | Subsidiary | 80,512.80 | 1,947.80 | 1,877.39 | | INESA Shuangyang Intelligent Technology (Shanghai) Co., Ltd. | Associate | 2,408.44 | -3,403.56 | -3,420.07 | [Risk Warning](index=14&type=section&id=V.%20Other%20Disclosure%20Matters) This chapter outlines potential risks from macroeconomic conditions, technology, and goodwill impairment, along with mitigation strategies - Macroeconomic environment risk: Changes in global political and economic situations may lead to a slowdown in demand from the smart city downstream industry chain, adversely affecting the company's development[47](index=47&type=chunk) - Technology risk: Rapid development of technologies like AI and big data requires the company to closely track cutting-edge technologies and innovate business development to respond to technological updates and market changes[47](index=47&type=chunk) - Goodwill impairment risk: Goodwill formed from business combinations carries impairment risk; future industry fluctuations or poor performance of target companies may lead to goodwill impairment[47](index=47&type=chunk) [Corporate Governance, Environment, and Society](index=15&type=section&id=Item%204.%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section details changes in the company's governance personnel and profit distribution plans [Changes in Directors and Senior Management](index=15&type=section&id=I.%20Changes%20in%20Company%20Directors%20and%20Senior%20Management) This chapter discloses changes in the company's directors and senior management, including new appointments and resignations Changes in Directors and Senior Management | Name | Position Held | Change Type | | :--- | :--- | :--- | | Jiang Xiaoyong | Director | Elected | | Jiang Xiaoyong | General Manager | Appointed | | Jian Bin | Deputy General Manager | Appointed | | Weng Junqing | Director, General Manager, Strategy Committee Member, Remuneration and Appraisal Committee Member | Resigned | | Xu Jue | Director | Resigned | - Mr. Jian Bin was appointed as the company's Deputy General Manager on **March 25, 2025**[51](index=51&type=chunk) - Ms. Xu Jue resigned from her positions as company Director and member of the Board's Strategy Committee on **May 28, 2025**[51](index=51&type=chunk) - Mr. Jiang Xiaoyong was elected as a company Director on **June 20, 2025**, and appointed as General Manager on **July 25, 2025**[51](index=51&type=chunk)[52](index=52&type=chunk) - Mr. Weng Junqing resigned from his positions as Director, General Manager, and related committee roles on **July 20, 2025**, due to personal health reasons[52](index=52&type=chunk) [Profit Distribution Plan](index=15&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20to%20Share%20Capital%20Plan) This chapter confirms no profit distribution or capital reserve to share capital plan for the reporting period - The profit distribution plan or capital reserve to share capital plan approved by the Board of Directors for the current reporting period is **'None'**[6](index=6&type=chunk) [Significant Matters](index=17&type=section&id=Item%205.%20Significant%20Matters) This section covers commitment fulfillment, major litigation, related party transactions, and significant guarantees [Fulfillment of Commitments](index=17&type=section&id=I.%20Fulfillment%20of%20Commitments) This chapter discloses the timely and strict fulfillment of commitments by the actual controller, shareholders, and related parties - INESA Group and INESA Electronics Group committed to avoiding horizontal competition and promptly transferring relevant businesses or commercial opportunities to the listed company[57](index=57&type=chunk) - INESA Group and INESA Electronics Group committed to regulating related party transactions, ensuring fair pricing, and not harming the legitimate rights and interests of the listed company and its minority shareholders through related party transactions[57](index=57&type=chunk) - INESA Group committed to ensuring the independence of the listed company's assets, personnel, finance, business, and organization, and not illegally or improperly occupying the listed company's assets or funds in any way[57](index=57&type=chunk) - Yunsai Information, INESA Electronics Group, and INESA Group committed to avoiding horizontal competition or potential horizontal competition after the reorganization, and taking effective measures to minimize or reduce related party transactions[57](index=57&type=chunk)[58](index=58&type=chunk) - All commitments were **timely and strictly fulfilled**[57](index=57&type=chunk)[58](index=58&type=chunk) [Significant Litigation and Arbitration](index=19&type=section&id=VII.%20Significant%20Litigation%20and%20Arbitration%20Matters) This chapter confirms no significant litigation or arbitration matters for the reporting period - The company had **no significant litigation or arbitration matters** during the current reporting period[60](index=60&type=chunk) [Significant Related Party Transactions](index=19&type=section&id=X.%20Significant%20Related%20Party%20Transactions) This chapter discloses daily related party transactions, including procurement, sales, and leasing, all within estimated ranges [(I) Related Party Transactions Related to Daily Operations](index=19&type=section&id=%28I%29%20Related%20Party%20Transactions%20Related%20to%20Daily%20Operations) This chapter details daily related party transactions for procurement, sales, and leasing, all within approved estimates Daily Related Party Transactions (Unit: RMB 10,000) | Related Party Transaction Type | Related Party | Estimated Amount for This Period | Cumulative Transaction Amount from Jan-Jun 2025 | | :--- | :--- | :--- | :--- | | Purchase of Goods/Acceptance of Services | Shanghai Guangdian Import & Export Co., Ltd. | 10,000.00 | 5,862.10 | | Purchase of Goods/Acceptance of Services | Shanghai Big Data Co., Ltd. | 1,307.55 | 442.00 | | Sale of Goods/Provision of Services | Shanghai Smart Computing Technology Co., Ltd. | 108,869.60 | 22,384.58 | | Sale of Goods/Provision of Services | Shanghai Adixi Technology Service Co., Ltd. | 7,090.00 | 30,776.21 | | Property Lease | Shanghai INESA (Group) Co., Ltd. | 1,543.84 | 945.81 | | Total | | 138,000.00 | 63,207.99 | [Significant Guarantees](index=21&type=section&id=XI.%20Significant%20Contracts%20and%20Their%20Fulfillment) This chapter discloses significant guarantees to subsidiaries, totaling **RMB 69.5036 million**, representing **1.44%** of net assets [(II) Significant Guarantees Performed and Unfulfilled During the Reporting Period](index=21&type=section&id=%28II%29%20Significant%20Guarantees%20Performed%20and%20Unfulfilled%20During%20the%20Reporting%20Period) This chapter details guarantee amounts and balances for subsidiaries, and their proportion to the company's net assets Total Company Guarantees (Unit: RMB 10,000) | Indicator | Amount | | :--- | :--- | | Total Guarantee Amount to Subsidiaries During Reporting Period | 10,818.66 | | Total Guarantee Balance to Subsidiaries at Period-End (B) | 6,950.36 | | Total Guarantees (A+B) | 6,950.36 | | Proportion of Total Guarantees to Company's Net Assets (%) | 1.44 | [Share Changes and Shareholder Information](index=22&type=section&id=Item%206.%20Share%20Changes%20and%20Shareholder%20Information) This section outlines the company's share capital changes and shareholder structure [No Change in Share Capital Structure](index=22&type=section&id=I.%20Changes%20in%20Share%20Capital) This chapter confirms no changes in the company's total share capital or structure during the reporting period - During the reporting period, the company's total share capital and share capital structure **remained unchanged**[66](index=66&type=chunk) [Total Shareholders and Top Ten Shareholders](index=22&type=section&id=II.%20Shareholder%20Information) This chapter discloses the total number of common shareholders and the shareholdings of the top ten shareholders - As of the end of the reporting period, the total number of common shareholders was **192,714**[67](index=67&type=chunk) Top Ten Shareholders' Shareholding (Unit: Shares) | Shareholder Name | Shares Held at Period-End | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Shanghai INESA (Group) Co., Ltd. | 383,337,947 | 28.03 | State-owned Legal Person | | Yunsai Information (Group) Co., Ltd. | 88,948,065 | 6.50 | State-owned Legal Person | | Jin Zhangxian | 7,000,000 | 0.51 | Domestic Natural Person | - Shanghai INESA (Group) Co., Ltd. holds **100%** of the shares in Yunsai Information (Group) Co., Ltd., making it a related legal entity[70](index=70&type=chunk) [Bond-Related Information](index=24&type=section&id=Item%207.%20Bond-Related%20Information) This section details the company's corporate and convertible bond status [Corporate Bond Information](index=24&type=section&id=I.%20Corporate%20Bonds%20%28Including%20Enterprise%20Bonds%29%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) This chapter confirms no corporate bonds or non-financial enterprise debt financing instruments for the reporting period - During the reporting period, the company had **no corporate bonds** (including enterprise bonds) or non-financial enterprise debt financing instruments[73](index=73&type=chunk) [Convertible Corporate Bond Information](index=24&type=section&id=II.%20Convertible%20Corporate%20Bond%20Information) This chapter confirms no convertible corporate bonds for the reporting period - During the reporting period, the company had **no convertible corporate bonds**[73](index=73&type=chunk) [Financial Report](index=25&type=section&id=Item%208.%20Financial%20Report) This section comprises the audit report, financial statements, company overview, accounting policies, tax details, and comprehensive notes [Audit Report](index=25&type=section&id=I.%20Audit%20Report) This chapter states that the semi-annual report has not been audited - This semi-annual report is **unaudited**[6](index=6&type=chunk) [Financial Statements](index=25&type=section&id=II.%20Financial%20Statements) This chapter presents the company's consolidated and parent company financial statements for the first half of 2025 [Consolidated Balance Sheet](index=25&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, consolidated total assets were **RMB 7.86 billion**, total liabilities **RMB 2.89 billion**, and parent company equity **RMB 4.83 billion** Consolidated Balance Sheet Key Data (Unit: RMB) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Assets | 7,855,486,719.30 | 7,895,815,288.63 | | Total Liabilities | 2,891,165,584.14 | 2,993,683,237.33 | | Total Equity Attributable to Parent Company Owners | 4,832,301,845.62 | 4,777,284,120.59 | [Parent Company Balance Sheet](index=27&type=section&id=Parent%20Company%20Balance%20Sheet) As of June 30, 2025, parent company total assets were **RMB 5.14 billion**, total liabilities **RMB 950 million**, and total equity **RMB 4.19 billion** Parent Company Balance Sheet Key Data (Unit: RMB) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Assets | 5,140,769,732.54 | 4,915,503,267.88 | | Total Liabilities | 949,820,773.72 | 722,256,565.60 | | Total Owners' Equity | 4,190,948,958.82 | 4,193,246,702.28 | [Consolidated Income Statement](index=29&type=section&id=Consolidated%20Income%20Statement) In H1 2025, consolidated operating revenue was **RMB 3.13 billion**, net profit **RMB 105.89 million**, and parent net profit **RMB 95.01 million** Consolidated Income Statement Key Data (Unit: RMB) | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Total Operating Revenue | 3,132,289,840.72 | 2,920,636,793.28 | | Total Profit | 113,077,819.43 | 134,183,984.11 | | Net Profit | 105,889,275.55 | 121,521,906.05 | | Net Profit Attributable to Parent Company Shareholders | 95,013,608.90 | 113,027,779.63 | | Basic Earnings Per Share (RMB/share) | 0.0695 | 0.0826 | [Parent Company Income Statement](index=31&type=section&id=Parent%20Company%20Income%20Statement) In H1 2025, parent company operating revenue was **RMB 0.67 million**, with a net loss of **RMB 2.30 million** Parent Company Income Statement Key Data (Unit: RMB) | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Operating Revenue | 673,224.99 | 425,067.34 | | Net Profit | -2,297,743.46 | 159,769,609.60 | | Basic Earnings Per Share (RMB/share) | -0.0017 | 0.1168 | [Consolidated Cash Flow Statement](index=32&type=section&id=Consolidated%20Cash%20Flow%20Statement) In H1 2025, consolidated net cash flow from operations was **-RMB 292.61 million**, from investing **-RMB 138.23 million**, and from financing **RMB 16.51 million** Consolidated Cash Flow Statement Key Data (Unit: RMB) | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -292,607,886.12 | -305,180,739.63 | | Net Cash Flow from Investing Activities | -138,227,921.37 | -481,807,464.17 | | Net Cash Flow from Financing Activities | 16,514,148.83 | -223,660,704.99 | | Net Increase in Cash and Cash Equivalents | -414,315,095.56 | -1,010,619,278.30 | [Parent Company Cash Flow Statement](index=33&type=section&id=Parent%20Company%20Cash%20Flow%20Statement) In H1 2025, parent company net cash flow from operations was **-RMB 225.15 million**, from investing **-RMB 69.64 million**, and from financing **RMB 423.47 million** Parent Company Cash Flow Statement Key Data (Unit: RMB) | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -225,146,415.88 | 33,917,125.81 | | Net Cash Flow from Investing Activities | -69,635,040.94 | -342,430,771.00 | | Net Cash Flow from Financing Activities | 423,469,104.61 | 215,162,112.86 | | Net Increase in Cash and Cash Equivalents | 128,687,632.48 | -93,351,509.70 | [Consolidated Statement of Changes in Owners' Equity](index=35&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Owners'%20Equity) This chapter discloses consolidated owners' equity changes for H1 2025, including net profit and other comprehensive income impacts Consolidated Statement of Changes in Owners' Equity Key Data (Unit: RMB) | Item | Total Equity Attributable to Parent Company Owners H1 2025 | Total Equity Attributable to Parent Company Owners H1 2024 | | :--- | :--- | :--- | | Beginning Balance (Adjusted) | 4,777,284,120.59 | 4,633,271,677.43 | | Amount of Increase/Decrease in Current Period | 55,017,725.03 | 54,270,485.88 | | Ending Balance | 4,832,301,845.62 | 4,687,542,163.31 | [Parent Company Statement of Changes in Owners' Equity](index=37&type=section&id=Parent%20Company%20Statement%20of%20Changes%20in%20Owners'%20Equity) This chapter discloses parent company owners' equity changes for H1 2025, primarily reflecting net profit's impact on retained earnings Parent Company Statement of Changes in Owners' Equity Key Data (Unit: RMB) | Item | Total Owners' Equity H1 2025 | Total Owners' Equity H1 2024 | | :--- | :--- | :--- | | Beginning Balance | 4,193,246,702.28 | 4,059,038,012.15 | | Amount of Increase/Decrease in Current Period | -2,297,743.46 | 100,959,651.03 | | Ending Balance | 4,190,948,958.82 | 4,159,997,663.18 | [Company Profile and Historical Evolution](index=39&type=section&id=III.%20Company%20Basic%20Information) This chapter details the company's establishment, historical changes, stock listing, equity structure, business scope, and actual controller - The company, formerly known as Shanghai Yidian Electronics Co., Ltd., was established in **December 1986**, listed A-shares on the Shanghai Stock Exchange on **December 19, 1990**, and B-shares on **February 21, 1992**[99](index=99&type=chunk) - The company's business scope covers R&D and system integration of IoT technology, cloud computing technology, big data technology, computer network communication products, equipment and software, and design, production, and sales of smart products[100](index=100&type=chunk) - The company's name was changed to 'INESA Intelligent Tech Inc.' on **June 3, 2016**[104](index=104&type=chunk) - As of **June 30, 2025**, the company's total share capital was **1,367,673,455 shares**, and the actual controller is Shanghai INESA (Group) Co., Ltd[105](index=105&type=chunk) [Basis of Financial Statement Preparation](index=40&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) This chapter clarifies that financial statements are prepared on a going concern basis, using accrual accounting and historical cost - The company prepares its financial statements on a **going concern basis**, using the **accrual basis of accounting**, and generally measures accounting elements at **historical cost**[106](index=106&type=chunk) - The company's Board of Directors believes that the company has **sufficient working capital** to continue as a going concern for a foreseeable future period of not less than **12 months** from the date of approval of these financial statements[107](index=107&type=chunk) [Significant Accounting Policies and Estimates](index=40&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This chapter details the company's significant accounting policies and estimates for financial statement preparation [1. Statement of Compliance with Enterprise Accounting Standards](index=40&type=section&id=1.%20Statement%20of%20Compliance%20with%20Enterprise%20Accounting%20Standards) This chapter declares that the financial statements comply with enterprise accounting standards, accurately reflecting financial status and operating results [2. Accounting Period](index=40&type=section&id=2.%20Accounting%20Period) This chapter defines the company's accounting year as January 1 to December 31 [3. Operating Cycle](index=40&type=section&id=3.%20Operating%20Cycle) This chapter states the company's operating cycle is 12 months [4. Functional Currency](index=40&type=section&id=4.%20Functional%20Currency) This chapter specifies the company's functional currency as RMB [5. Methods and Basis for Determining Materiality Standards](index=41&type=section&id=5.%20Methods%20and%20Basis%20for%20Determining%20Materiality%20Standards) This chapter clarifies specific monetary thresholds for materiality standards in financial reporting Materiality Standards (RMB) | Item | Materiality Standard | | :--- | :--- | | Significant receivables for which bad debt provisions are individually recognized | 1,000,000.00 | | Significant prepayments with an aging over one year | 5,000,000.00 | | Significant construction in progress | 10,000,000.00 | | Significant non-wholly owned subsidiaries | Net assets exceeding 3% of the corresponding amount in the consolidated financial statements | [6. Accounting Methods for Business Combinations Under Common Control and Non-Common Control](index=41&type=section&id=6.%20Accounting%20Methods%20for%20Business%20Combinations%20Under%20Common%20Control%20and%20Non-Common%20Control) This chapter outlines accounting principles for business combinations under common and non-common control, including asset measurement and goodwill [7. Control Judgment Criteria and Consolidated Financial Statement Preparation Method](index=42&type=section&id=7.%20Control%20Judgment%20Criteria%20and%20Consolidated%20Financial%20Statement%20Preparation%20Method) This chapter details control criteria for consolidation scope and methods for preparing consolidated financial statements [11. Financial Instruments](index=44&type=section&id=11.%20Financial%20Instruments) This chapter details the company's accounting policies for financial instruments, including classification, measurement, and impairment [16. Inventories](index=49&type=section&id=16.%20Inventories) This chapter outlines inventory classification, valuation, impairment, and amortization policies [17. Contract Assets](index=50&type=section&id=17.%20Contract%20Assets) This chapter details contract asset recognition, standards, and expected credit loss accounting [19. Long-term Equity Investments](index=51&type=section&id=19.%20Long-term%20Equity%20Investments) This chapter details long-term equity investment accounting, including cost, measurement, and disposal methods [21. Fixed Assets](index=53&type=section&id=21.%20Fixed%20Assets) This chapter clarifies fixed asset recognition, depreciation methods, and disposal accounting treatment Fixed Assets Depreciation Methods | Category | Depreciation Period (Years) | Salvage Rate | Annual Depreciation Rate | | :--- | :--- | :--- | :--- | | Buildings and Structures | 20-40 | 5.00%-10.00% | 2.25%-4.75% | | Machinery and Equipment | 5-10 | 5.00%-10.00% | 9.00%-19.00% | | Transportation Equipment | 5-10 | 5.00%-10.00% | 9.00%-19.00% | | Specialized Equipment | 20 | 5.00% | 4.75% | | Electronic Equipment | 3-10 | 0.00%-10.00% | 9.00%-33.33% | [26. Intangible Assets](index=55&type=section&id=26.%20Intangible%20Assets) This chapter details intangible asset recognition, useful life, amortization, and R&D expenditure accounting Intangible Assets Amortization Methods | Name | Amortization Method | Estimated Useful Life | | :--- | :--- | :--- | | Land Use Rights | Straight-line method | 50 Years | | Patent Rights | Straight-line method | 60 Months, 206 Months | | Software | Straight-line method | 60 Months | | Trademark Rights | Straight-line method | 60 Months | | Professional Qualifications | Straight-line method | 27 Months | | Operating Rights | Straight-line method | 120 Months, 240 Months | [27. Impairment of Long-term Assets](index=56&type=section&id=27.%20Impairment%20of%20Long-term%20Assets) This chapter outlines impairment testing criteria, recoverable amount determination, and recognition principles for long-term assets [34. Revenue](index=58&type=section&id=34.%20Revenue) This chapter details revenue recognition principles, measurement methods, and performance obligation criteria - Company revenue recognition principles: Contract parties have approved and committed to fulfilling obligations; contract clearly defines rights and obligations; contract has clear payment terms; contract has commercial substance; consideration entitled to be received for transferring goods to customers is highly probable of recovery[203](index=203&type=chunk) - Revenue recognition disclosed by business type: Revenue from **cloud computing big data**, **industry solutions**, and **smart products** is recognized when customers obtain control of the related goods; property leasing services revenue is recognized periodically according to contract terms[205](index=205&type=chunk) [36. Government Grants](index=60&type=section&id=36.%20Government%20Grants) This chapter outlines government grant classification, recognition criteria, and accounting treatment [40. Changes in Significant Accounting Policies and Accounting Estimates](index=62&type=section&id=40.%20Changes%20in%20Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This chapter discloses adjustments to opening financial statements due to new accounting standards and common control business combinations - On **January 1, 2025**, the company adjusted the opening balance of the consolidated balance sheet due to a business combination under common control, resulting in an increase of **RMB 18,595,976.36** in capital reserve[224](index=224&type=chunk) - Consolidated total assets increased by **RMB 53,417,995.98**, total liabilities increased by **RMB 14,892,820.65**, and total owners' equity increased by **RMB 38,525,175.33** due to adjustments[223](index=223&type=chunk)[224](index=224&type=chunk) [Major Taxes and Tax Rates](index=65&type=section&id=VI.%20Taxes) This chapter outlines the company's major taxes and tax rates, including VAT and corporate income tax, and lists high-tech enterprise tax benefits [1. Major Tax Categories and Rates](index=65&type=section&id=1.%20Major%20Tax%20Categories%20and%20Rates) This chapter outlines the company's applicable major tax categories, tax bases, and rates Major Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Revenue from sales of goods and taxable services | 13%, 9%, 6%, 5%, 3% | | Urban Maintenance and Construction Tax | Actual amount of turnover tax paid | 7%, 5% | | Corporate Income Tax | Taxable income | 25%, 20%, 15%, 8.25% | [(1) Explanation of Corporate Income Tax Rates for High-tech Enterprises](index=65&type=section&id=%281%29%20Explanation%20of%20Corporate%20Income%20Tax%20Rates%20for%20High-tech%20Enterprises) This chapter lists subsidiaries enjoying a **15%** corporate income tax preferential rate as high-tech enterprises - Several subsidiaries, including Shanghai Yidian Xinsen Technology Development Co., Ltd., Shanghai Yidian Scientific Instruments Co., Ltd., and Shanghai Leici Environmental Protection Engineering Co., Ltd., enjoy a **15%** corporate income tax preferential rate as high-tech enterprises[226](index=226&type=chunk) [2. Tax Incentives](index=66&type=section&id=2.%20Tax%20Incentives) This chapter discloses tax incentives for small low-profit subsidiaries and an **8.25%** preferential rate for a Hong Kong subsidiary - Some of the company's subsidiaries, as small low-profit enterprises, enjoy a policy of calculating taxable income at **25%** and paying corporate income tax at a **20%** rate, extended until **December 31, 2027**[227](index=227&type=chunk) - The company's subsidiary, Nanyang Wanbang (Hong Kong) Software Technology Co., Ltd., is subject to corporate income tax at a preferential rate of **8.25%** according to the Hong Kong Inland Revenue Ordinance[228](index=228&type=chunk) [Notes to Consolidated Financial Statement Items](index=66&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This chapter provides detailed notes on consolidated financial statement items, including assets, liabilities, equity, and profit/loss [1. Cash and Cash Equivalents](index=66&type=section&id=1.%20Cash%20and%20Cash%20Equivalents) This chapter discloses the composition of cash and cash equivalents, including overseas funds, at period-end Composition of Cash and Cash Equivalents (Unit: RMB) | Item | Ending Balance | Beginning Balance | | :--- | :--- | :--- | | Cash on Hand | 115,223.05 | 117,508.83 | | Bank Deposits | 1,821,035,019.89 | 2,254,273,729.54 | | Other Cash and Cash Equivalents | 14,431,816.28 | 13,663,182.99 | | Total | 1,835,582,059.22 | 2,268,054,421.36 | | Including: Total amount of funds deposited overseas | 20,084,799.55 | 13,570,994.88 | [2. Notes Receivable](index=66&type=section&id=2.%20Notes%20Receivable) This chapter details notes receivable classification, balances, bad debt provisions, and endorsed/discounted notes Classification of Notes Receivable (Unit: RMB) | Item | Ending Balance | Beginning Balance | | :--- | :--- | :--- | | Bank Acceptance Bills | 7,102,991.96 | 2,483,384.32 | | Commercial Acceptance Bills | 150,000.00 | 5,901,783.83 | | Subtotal | 7,252,991.96 | 8,385,168.15 | | Less: Bad Debt Provision | 36,264.96 | 41,925.84 | | Total | 7,216,727.00 | 8,343,242.31 | - At period-end, the amount of bank acceptance bills endorsed or discounted by the company and not yet due on the balance sheet date was **RMB 774,141.96**[232](index=232&type=chunk) [3. Accounts Receivable](index=67&type=section&id=3.%20Accounts%20Receivable) This chapter discloses accounts receivable aging, bad debt provisions, and top five debtors Accounts Receivable Aging Disclosure (Unit: RMB) | Aging | Ending Book Balance | Beginning Book Balance | | :--- | :--- | :--- | | Within 1 year (inclusive) | 897,893,614.93 | 725,023,852.41 | | 1 to 2 years | 119,155,638.64 | 108,777,650.94 | | 2 to 3 years | 45,218,631.93 | 49,769,951.41 | | Over 3 years | 79,538,135.49 | 71,624,685.16 | | Total | 1,141,806,020.99 | 955,196,139.92 | - Total bad debt provision for accounts receivable at period-end was **RMB 183,524,076.74**[244](index=244&type=chunk) [4. Contract Assets](index=69&type=section&id=4.%20Contract%20Assets) This chapter reports contract asset balances, bad debt provisions, and carrying values, primarily for industry solutions Contract Assets (Unit: RMB) | Item | Ending Book Value | Beginning Book Value | | :--- | :--- | :--- | | Industry Solutions | 29,812,959.18 | 32,603,473.86 | | Total | 29,812,959.18 | 32,603,473.86 | [5. Receivables Financing](index=70&type=section&id=5.%20Receivables%20Financing) This chapter lists receivables financing balances, including notes receivable and Jianxin Rongtong, and period changes Classification of Receivables Financing (Unit: RMB) | Item | Ending Balance | Beginning Balance | | :--- | :--- | :--- | | Notes Receivable | 14,667,757.62 | 7,168,678.60 | | Jianxin Rongtong | 4,355,638.06 | 4,355,638.06 | | Total | 19,023,395.68 | 11,524,316.66 | [11. Debt Investments](index=75&type=section&id=11.%20Debt%20Investments) This chapter discloses significant debt investments, primarily long-term time deposits and large-denomination CDs Debt Investments (Unit: RMB) | Item | Ending Book Value | Beginning Book Value | | :--- | :--- | :--- | | Time deposits and large-denomination certificates of deposit over one year | 1,101,728,903.95 | 1,550,588,424.54 | | Total | 1,101,728,903.95 | 1,550,588,424.54 | [13. Long-term Equity Investments](index=76&type=section&id=13.%20Long-term%20Equity%20Investments) This chapter lists total long-term equity investments and changes in joint venture and associate investments Changes in Long-term Equity Investments (Unit: RMB) | Investee | Beginning Balance (Book Value) | Increase/Decrease in Current Period | Ending Balance (Book Value) | | :--- | :--- | :--- | :--- | | Zhuzhou Yunsai Zhicheng Information Technology Co., Ltd. | 26,715,251.62 | -51,452.65 | 26,663,798.97 | | INESA Shuangyang Intelligent Technology (Shanghai) Co., Ltd. | 64,556,392.90 | -13,680,287.51 | 50,563,954.44 | | Shanghai Smart Computing Technology Co., Ltd. | 160,554,131.80 | -2,480,403.67 | 156,756,018.36 | | Subtotal | 251,825,776.32 | -16,212,143.83 | 233,983,771.77 | [16. Fixed Assets](index=78&type=section&id=16.%20Fixed%20Assets) This chapter provides detailed changes in fixed assets' original cost, depreciation, impairment, and carrying value Fixed Assets Book Value (Unit: RMB) | Item | Ending Book Value | Beginning Book Value | | :--- | :--- | :--- | | Buildings and Structures | 351,748,012.59 | 353,752,399.51 | | Machinery and Equipment | 6,678,329.54 | 6,574,817.51 | | Transportation Equipment | 2,207,607.53 | 2,546,297.98 | | Specialized Equipment | 249,040,490.81 | 259,440,600.92 | | Electronic Equipment | 25,741,360.39 | 27,610,251.95 | | Total | 635,415,800.86 | 649,924,367.87 | [17. Construction in Progress](index=79&type=section&id=17.%20Construction%20in%20Progress) This chapter discloses construction in progress balances, including the Songjiang Big Data Computing Center Phase II, with budget and investment details Changes in Significant Construction in Progress Projects (Unit: RMB) | Project Name | Budget (RMB 10,000) | Beginning Balance | Amount Increased in Current Period | Ending Balance | Cumulative Investment as % of Budget | Amount of Interest Capitalized in Current Period | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Songjiang Big Data Computing Center Project Phase II | 87,287 | 379,592,911.87 | 44,636,051.06 | 424,228,962.93 | 48.60 | 2,453,394.21 | | Other Minor Projects | | 4,502,346.54 | | 573,702.73 | | | [20. Goodwill](index=82&type=section&id=20.%20Goodwill) This chapter discloses goodwill original cost, impairment provisions, asset group composition, and recoverable amount determination Goodwill Original Book Value (Unit: RMB) | Name of Investee or Event Forming Goodwill | Beginning Balance | Ending Balance | | :--- | :--- | :--- | | Smart Education Business | 27,951,380.95 | 27,951,380.95 | | Smart Security Business | 45,134,480.60 | 45,134,480.60 | | Cloud Service East China Business | 40,188,298.77 | 40,188,298.77 | | Cloud Service North China Business | 146,759,122.94 | 146,759,122.94 | | Total | 260,033,283.26 | 260,033,283.26 | - Total goodwill impairment provision was **RMB 44,839,280.60**, mainly related to smart security business and cloud service North China business[294](index=294&type=chunk) - Recoverable amounts are determined based on the present value of estimated future cash flows, with key parameters including **revenue growth rate** and **pre-tax discount rate**[296](index=296&type=chunk) [24. Assets with Restricted Ownership or Use Rights](index=86&type=section&id=24.%20Assets%20with%20Restricted%20Ownership%20or%20Use%20Rights) This chapter lists assets with restricted ownership or use rights, including cash, fixed assets, and intangible assets Assets with Restricted Ownership or Use Rights (Unit: RMB) | Item | Ending Book Value | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 7,117,186.66 | Deposit | Bank acceptance bill deposit | | Cash and Cash Equivalents | 14,290,416.87 | Deposit | Letter of guarantee deposit, performance bond | | Fixed Assets | 348,040,523.47 | Mortgage | Mortgage on buildings and structures | | Fixed Assets | 187,560,694.27 | Mortgage | Mortgage on specialized equipment | | Intangible Assets | 61,417,655.52 | Mortgage | Mortgage on land use rights | | Total | 611,309,290.13 | | | [40. Capital Reserve](index=91&type=section&id=40.%20Capital%20Reserve) This chapter explains capital reserve adjustments due to common control business combinations and subsidiary equity acquisition - As of **January 1, 2025**, the company's capital reserve amounted to **RMB 1,429,611,423.89**, an increase of **RMB 18,595,976.36** from **December 31, 2024**, due to adjustments from a business combination under common control[330](index=330&type=chunk) - The company's capital reserve decreased by **RMB 39,920,877.10** in the current period, due to its controlled subsidiary, Shanghai Yidian Scientific Instruments Co., Ltd., acquiring **79.1991%** equity of Shanghai Yidian Analytical Instruments Co., Ltd. from Shanghai Yidian Electronics (Group) Co., Ltd. and paying the consideration[330](index=330&type=chunk) [43. Retained Earnings](index=92&type=section&id=43.%20Retained%20Earnings) This chapter discloses retained earnings adjustments, net profit impact, and end-of-period balance, primarily due to common control consolidation changes Retained Earnings (Unit: RMB) | Item | Current Period | Prior Year | | :--- | :--- | :--- | | Adjusted Beginning Retained Earnings | 1,538,059,978.88 | 1,412,803,278.09 | | Add: Net Profit Attributable to Parent Company Owners in Current Period | 95,013,608.90 | 203,368,524.23 | | Ending Retained Earnings | 1,633,073,587.78 | 1,538,059,978.88 | - The beginning retained earnings were adjusted by **RMB 6,227,278.63**, mainly due to changes in the scope of consolidation resulting from common control[337](index=337&type=chunk) [44. Operating Revenue and Operating Cost](index=92&type=section&id=44.%20Operating%20Revenue%20and%20Operating%20Cost) This chapter provides operating revenue and cost for main and other businesses for current and prior periods Operating Revenue and Operating Cost (Unit: RMB) | Item | Current Period Amount (Revenue) | Current Period Amount (Cost) | Prior Period Amount (Revenue) | Prior Period Amount (Cost) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 3,129,300,392.45 | 2,625,868,688.37 | 2,918,122,389.24 | 2,365,497,025.50 | | Other Businesses | 2,989,448.27 | 3,113,016.18 | 2,514,404.04 | 1,492,080.90 | | Total | 3,132,289,840.72 | 2,628,981,704.55 | 2,920,636,793.28 | 2,366,989,106.40 | [51. Investment Income](index=94&type=section&id=51.%20Investment%20Income) This chapter discloses current period investment income of **-RMB 17.78 million**, primarily from equity method investments and disposals Investment Income (Unit: RMB) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Investment income from long-term equity investments accounted for using the equity method | -17,842,004.55 | -11,027,137.22 | | Investment income from disposal of long-term equity investments | 59,264.55 | 16,379,845.21 | | Total | -17,782,740.00 | 5,352,707.99 | [59. Cash Flow Statement Items](index=96&type=section&id=59.%20Cash%20Flow%20Statement%20Items) This chapter details cash inflows and outflows for operating, investing, and financing activities - Other cash received related to operating activities amounted to **RMB 78,530,067.31**, mainly including intercompany funds and petty cash, interest income, subsidies, and deposits/guarantees[357](index=357&type=chunk) - Other cash paid related to operating activities amounted to **RMB 139,491,584.20**, mainly including expensed items, payment of intercompany funds and petty cash, and payment of deposits/guarantees[358](index=358&type=chunk) - Cash received from recovery of investments in investing activities was **RMB 30,000,000.00**, and net cash received from disposal of subsidiaries and other operating units was **RMB 179,792.94**[360](index=360&type=chunk) - Cash paid for investing activities was **RMB 100,000,000.00**, mainly for investing in large-denomination certificates of deposit[362](index=362&type=chunk) - Other cash paid related to financing activities amounted to **RMB 24,356,454.52**, mainly for lease payments[363](index=363&type=chunk) [Changes in Consolidation Scope](index=100&type=section&id=VIII.%20Changes%20in%20Consolidation%20Scope) This chapter discloses changes in consolidation scope, including common control business combinations and subsidiary disposals [2. Business Combinations Under Common Control](index=100&type=section&id=2.%20Business%20Combinations%20Under%20Common%20Control) On February 5, 2025, the company completed a common control business combination by acquiring **79.1991%** equity of Shanghai Yidian Analytical Instruments Co., Ltd - On **February 5, 2025**, the company completed the acquisition of **79.1991%** equity of Shanghai Yidian Analytical Instruments Co., Ltd., constituting a business combination under common control[375](index=375&type=chunk) - The merger cost was **RMB 39,920,877.10** in cash[374](index=374&type=chunk) - The net profit or loss of the merged entity, Shanghai Yidian Analytical Instruments Co., Ltd., from the beginning of the current period to the merger date was **-RMB 1,315,189.14**[375](index=375&type=chunk) [3. Disposal of Subsidiaries](index=102&type=section&id=3.%20Disposal%20of%20Subsidiaries) On February 27, 2025, the company lost control of Shanghai Yidian Jinhuai Display Technology Co., Ltd. through equity sale - On **February 27, 2025**, the company disposed of **51.00%** equity of Shanghai Yidian Jinhuai Display Technology Co., Ltd., losing control[378](index=378&type=chunk) - The disposal price was **RMB 1,180,930.38**, and the difference between the disposal price and the share of the subsidiary's net assets enjoyed at the consolidated financial statement level corresponding to the disposed investment was **RMB 59,264.55**[378](index=378&type=chunk) [Interests in Other Entities](index=102&type=section&id=IX.%20Interests%20in%20Other%20Entities) This chapter details the company's interests in subsidiaries and associates, including their composition and key financial information [1. Interests in Subsidiaries](index=102&type=section&id=1.%20Interests%20in%20Subsidiaries) This chapter provides detailed information on major subsidiaries, including shareholding, acquisition methods, and financial data for important non-wholly owned subsidiaries - The company owns several wholly-owned or controlled subsidiaries, including Shanghai Tech-Net Communication Co., Ltd., Shanghai Nanyang Wanbang Software Technology Co., Ltd., and Beijing Xinnuo Shidai Technology Development Co., Ltd[379](index=379&type=chunk) Financial Information of Significant Non-Wholly Owned Subsidiaries (Unit: RMB) | Subsidiary Name | Minority Shareholding (%) | Profit or Loss Attributable to Minority Shareholders in Current Period | Minority Interests Balance at Period-End | | :--- | :--- | :--- | :--- | | Shanghai INESA Scientific Instruments Co., Ltd. | 18.6432 | 11,558,234.54 | 52,293,477.16 | [2. Interests in Joint Ventures or Associates](index=104&type=section&id=2.%20Interests%20in%20Joint%20Ventures%20or%20Associates) This chapter discloses key financial information for the important associate, Shanghai Smart Computing Technology Co., Ltd - Shanghai Smart Computing Technology Co., Ltd. is a significant associate of the company, with an **11.00%** shareholding[384](index=384&type=chunk) Shanghai Smart Computing Technology Co., Ltd. Key Financial Information (Unit: RMB) | Indicator | Ending Balance/Current Period Amount | Beginning Balance/Prior Period Amount | | :--- | :--- | :--- | | Total Assets | 3,662,399,901.12 | 4,285,656,051.88 | | Total Liabilities | 2,170,982,252.79 | 2,771,689,279.31 | | Equity Attributable to Parent Company Shareholders | 1,491,417,648.33 | 1,513,966,772.57 | | Operating Revenue | 369,806,716.53 | 309,387,849.34 | | Net Profit | -22,549,124.24 | 19,018,746.32 | [Government Grants](index=106&type=section&id=X.%20Government%20Grants) This chapter discloses government grant-related liabilities, their changes, and amounts recognized in current profit or loss - At period-end, the balance of government grants in deferred income was **RMB 24,545,957.77**, with new grants of **RMB 9,230,000.00** added and **RMB 6,541,755.76** transferred to other income in the current period[388](index=388&type=chunk) - Total government grants recognized in current profit or loss for the period amounted to **RMB 20,542,132.35**, of which **RMB 516,755.76** was asset-related and **RMB 20,025,376.59** was income-related[394](index=394&type=chunk) [Related Parties and Related Party Transactions](index=108&type=section&id=XII.%20Related%20Parties%20and%20Related%20Party%20Transactions) This chapter details related parties, including parent, subsidiaries, and associates, and lists related party transactions and balances [1. Information on the Company's Parent Company](index=108&type=section&id=1.%20Information%20on%20the%20Company's%20Parent%20Company) This chapter introduces the parent company's registered details, business, capital, and shareholding/voting power Parent Company Information (Unit: RMB 10,000) | Parent Company Name | Registered Place | Business Nature | Registered Capital | Parent Company's Shareholding in the Company (%) | Parent Company's Voting Power in the Company (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai INESA (Group) Co., Ltd. | Shanghai | State-owned asset operation and management | 350,000.00 | 28.03 | 28.03 | [5. Related Party Transactions](index=110&type=section&id=5.%20Related%20Party%20Transactions) This chapter provides detailed transaction amounts for related party purchases, sales, and leases Purchases of Goods/Acceptance of Services (Unit: RMB 10,000) | Related Party | Related Party Transaction Content | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | :--- | | Shanghai Guangdian Import & Export Co., Ltd. | Purchase of Goods/Acceptance of Services | 5,862.10 | 3,855.89 | | Shanghai Huaxin Property Management Consulting Co., Ltd. | Purchase of Goods/Acceptance of Services | 599.79 | 70.25 | | Shanghai Big Data Co., Ltd. | Purchase of Goods/Acceptance of Services | 442.00 | 42.66 | Sales of Goods/Provision of Services (Unit: RMB 10,000) | Related Party | Related Party Transaction Content | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | :--- | | Shanghai Adixi Technology Service Co., Ltd. | Sale of Goods/Provision of Services | 30,776.21 | - | | Shanghai Smart Computing Technology Co., Ltd. | Sale of Goods/Provision of Services | 22,384.58 | 41,836.33 | | Huaxin Securities Co., Ltd. | Sale of Goods/Provision of Services | 310.15 | 382.11 | Related Party Leases (Company as Lessee, Unit: RMB 10,000) | Lessor Name | Type of Leased Asset | Rent Paid in Current Period | Rent Paid in Prior Period | | :--- | :--- | :--- | :--- | | Shanghai INESA (Group) Co., Ltd. | Office Space | 945.81 | 226.72 | | Shanghai International Energy Conservation and Environmental Protection Development Co., Ltd. | Office Space | 352.05 | 379.65 | [6. Unsettled Items with Related Parties, Including Receivables and Payables](index=114&type=section&id=6.%20Unsettled%20Items%20with%20Related%20Parties%2C%20Including%20Receivables%20and%20Payables) This chapter lists unsettled related party balances, including receivables, payables, and contract assets/liabilities Receivables from Related Parties (Unit: RMB 10,000) | Item Name | Related Party | Ending Book Balance | | :--- | :--- | :--- | | Accounts Receivable | Shanghai INESA Electronics (Group) Co., Ltd. | 175.26 | | Accounts Receivable | Shanghai INESA (Group) Co., Ltd. | 62.69 | | Contract Assets | Shanghai Smart Computing Technology Co., Ltd. | 618.38 | | Other Receivables | Shanghai INESA (Group) Co., Ltd. | 1,021.24 | Payables to Related Parties (Unit: RMB 10,000) | Item Name | Related Party | Ending Book Balance | | :--- | :--- | :--- | | Accounts Payable | Shanghai INESA Intelligent Electronics Co., Ltd. | 353.21 | | Accounts Payable | Shanghai Feile Engineering Construction Development Co., Ltd. | 308.29 | | Contract Liabilities | Shanghai Adixi Technology Service Co., Ltd. | 4,478.08 | | Contract Liabilities | Shanghai Smart Computing Technology Co., Ltd. | 867.20 | | Other Payables | Zhuzhou Yunsai Zhicheng Information Technology Co., Ltd. | 2,500.00 | [Commitments and Contingencies](index=117&type=section&id=XIV.%20Commitments%20and%20Contingencies) This chapter discloses significant external commitments and contingencies, including operating leases and asset-backed borrowings [1. Significant Commitments](index=117&type=section&id=1.%20Significant%20Commitments) This chapter details minimum operating lease payments and financial commitments secured by receivables and equity - The company has operating lease commitments, with minimum lease payments due after the balance sheet date under irrevocable operating lease contracts[411](index=411&type=chunk) - The company obtained borrowings of **RMB 259,048,328.55** by pledging future receivables from the Songjiang Big Data Center project[412](index=412&type=chunk) - The company obtained borrowings by pledging **45.365%** equity of its subsidiary, Shanghai Yunsai Shuhai Technology Co., Ltd[412](index=412&type=chunk) [Notes to Parent Company Financial Statement Major Items](index=117&type=section&id=XV.%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Major%20Items) This chapter provides detailed notes on parent company financial statement items, including receivables, investments, and income [1. Accounts Receivable](index=117&type=section&id=1.%20Accounts%20Receivable) This chapter discloses parent company accounts receivable aging, bad debt provisions, and top five debtors Parent Company Accounts Receivable Aging Disclosure (Unit: RMB) | Aging | Ending Book Balance | Beginning Book Balance | | :--- | :--- | :--- | | Within 1 year (inclusive) | 282,365.67 | 139,500.00 | | 1 to 2 years | | 28,301.89 | | 2 to 3 years | 28,301.89 | | | Over 3 years | 4,671,667.58 | 4,671,667.58 | | Total | 4,982,335.14 | 4,839,469.47 | [2. Other Receivables](index=119&type=section&id=2.%20Other%20Receivables) This chapter lists parent company other receivables by aging, nature, and top five debtors Parent Company Other Receivables Aging Disclosure (Unit: RMB) | Aging | Ending Book Balance | Beginning Book Balance | | :--- | :--- | :--- | | Within 1 year (inclusive) | 3,924,670.59 | 154,665,970.50 | | 1 to 2 years | 150,000,000.00 | | | Over 3 years | 71,500,000.00 | 72,064,687.50 | | Total | 225,424,670.59 | 226,730,658.00 | [3. Long-term Equity Investments](index=121&type=section&id=3.%20Long-term%20Equity%20Investments) This chapter discloses parent comp