Important Notice This section provides key information including the profit distribution plan and risk disclosures [Profit Distribution Plan](index=2&type=section&id=%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E9%A2%84%E6%A1%88) The company's board of directors approved the 2025 semi-annual profit distribution plan, proposing a cash dividend of 0.6 Yuan (tax inclusive) per 10 shares to all shareholders, totaling 41,167,443.84 Yuan, representing 38.25% of the semi-annual net profit attributable to shareholders 2025 Semi-Annual Profit Distribution Plan | Indicator | Amount/Ratio | | :--- | :--- | | Cash dividend per 10 shares (tax inclusive) | 0.6 Yuan | | Total proposed cash dividend | 41,167,443.84 Yuan | | Percentage of net profit attributable to shareholders | 38.25% | - The company's distributable profit to shareholders is **280,798,854.96 Yuan**[4](index=4&type=chunk) [Risk Statement and Disclaimer](index=2&type=section&id=%E9%A3%8E%E9%99%A9%E5%A3%B0%E6%98%8E%E4%B8%8E%E6%8F%90%E7%A4%BA) The company declares that forward-looking statements in this report do not constitute substantial commitments and advises investors to be aware of investment risks, with no foreseeable major risks identified during the reporting period - Forward-looking statements in this report, such as development strategies and business plans, do not constitute substantial commitments by the company to investors[5](index=5&type=chunk) - The company has no foreseeable major risks, and potential operational risks are detailed in Section III, Article V, Paragraph (I) of this report[7](index=7&type=chunk) Section I Definitions This section provides definitions for key terms used throughout the report to ensure accurate understanding [Definitions of Common Terms](index=4&type=section&id=%E5%B8%B8%E7%94%A8%E8%AF%8D%E8%AF%AD%E9%87%8A%E4%B9%89) This chapter defines common terms used in the report, including the company itself, major subsidiaries, controlling shareholder, actual controller, and relevant regulatory bodies, to ensure accurate understanding of the report content - Company, the Company, and CETC Digital refer to CETC Digital Technology Co., Ltd[15](index=15&type=chunk) - The controlling shareholder is CETC Digital Technology (Group) Co., Ltd., and the actual controller is China Electronics Technology Group Corporation[15](index=15&type=chunk) Section II Company Profile and Key Financial Indicators This section provides an overview of the company's basic information and key financial performance metrics [Company Basic Information](index=4&type=section&id=%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E4%BF%A1%E6%81%AF) This section introduces the company's basic registration information, contact details, changes in registered address, information disclosure channels, and stock overview, clarifying key information such as the company's legal name, abbreviation, legal representative, and listing exchange - The company's Chinese name is CETC Digital Technology Co., Ltd., abbreviated as CETC Digital, with Jiang Bo as its legal representative[13](index=13&type=chunk) - The company's registered address changed to Room 1605, No. 378 Chengbei Road, Jiading District, Shanghai in June 2024[16](index=16&type=chunk) - The company's A-shares are listed on the Shanghai Stock Exchange under stock code 600850, previously abbreviated as Huadong Computer[19](index=19&type=chunk) [Key Accounting Data and Financial Indicators](index=5&type=section&id=%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) This section discloses the company's key accounting data and financial indicators for the first half of 2025, showing a 7.56% increase in operating revenue, but a 13.67% and 19.33% decrease in total profit and net profit attributable to shareholders, respectively [Key Accounting Data](index=5&type=section&id=%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE) The company's operating revenue reached **4.855 billion Yuan** in the first half of 2025, a 7.56% year-on-year increase; however, total profit and net profit attributable to shareholders decreased by 13.67% and 19.33% respectively, with operating cash flow remaining negative but showing improvement year-on-year 2025 Semi-Annual Key Accounting Data | Key Accounting Data (Jan-Jun) | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 4,854,755,456.15 | 4,513,410,823.00 | 7.56 | | Total Profit | 118,939,723.75 | 137,781,075.85 | -13.67 | | Net Profit Attributable to Shareholders of Listed Company | 107,620,266.88 | 133,412,331.55 | -19.33 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains/Losses) | 104,755,492.46 | 130,874,383.45 | -19.96 | | Net Cash Flow from Operating Activities | -1,199,776,880.79 | -1,342,548,211.27 | N/A | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 4,713,947,302.07 | 4,838,060,231.21 | -2.57 | | Total Assets (Period-end) | 10,908,281,441.22 | 11,938,269,698.39 | -8.63 | [Key Financial Indicators](index=6&type=section&id=%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) The company's basic and diluted earnings per share both decreased by approximately 19% in the first half of 2025, and the weighted average return on net assets decreased by 0.75 percentage points, reflecting a weakening in profitability 2025 Semi-Annual Key Financial Indicators | Key Financial Indicators (Jan-Jun) | Current Period | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | 0.1569 | 0.1935 | -18.91 | | Diluted Earnings Per Share (Yuan/share) | 0.1569 | 0.1934 | -18.87 | | Basic Earnings Per Share (Excluding Non-recurring Gains/Losses) (Yuan/share) | 0.1527 | 0.1898 | -19.55 | | Weighted Average Return on Net Assets (%) | 2.23 | 2.98 | Decreased by 0.75 percentage points | | Weighted Average Return on Net Assets (Excluding Non-recurring Gains/Losses) (%) | 2.17 | 2.92 | Decreased by 0.75 percentage points | [Non-recurring Gains and Losses and Amounts](index=6&type=section&id=%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) The company's total non-recurring gains and losses for the first half of 2025 amounted to **2,864,774.42 Yuan**, primarily including gains/losses from disposal of non-current assets and government subsidies, while certain government subsidies related to daily operations were classified as recurring gains/losses 2025 Semi-Annual Non-recurring Gains and Losses Items | Non-recurring Gains and Losses Item | Amount (Yuan) | | :--- | :--- | | Gains/losses from disposal of non-current assets | 2,705,481.65 | | Government subsidies included in current profit/loss (non-recurring) | 622,515.75 | | Other non-operating income and expenses | 44,639.98 | | Less: Income tax impact | 455,103.56 | | Impact on minority interests (after tax) | 52,759.40 | | **Total** | **2,864,774.42** | - Value-added tax refunds and financial support for the software industry were classified as recurring gains/losses, totaling **30,207,120.72 Yuan**, due to their relevance to the company's production and operations, compliance with national policies, and continuous enjoyment[27](index=27&type=chunk) Section III Management Discussion and Analysis This section provides a comprehensive analysis of the company's industry, business operations, financial performance, and risk factors [Description of the Company's Industry and Main Business](index=8&type=section&id=%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 is a leading provider of digital products and solutions, focusing on customers in finance, large enterprises, government and public services, operators, and the internet, offering business digitalization, intelligence, cloud applications, and IoT network services, building a "1+2+N" industry digitalization architecture system, with main businesses divided into digital products, industry digitalization, and digital new infrastructure - The company primarily targets key industry customers such as finance, large enterprises, government and public services, operators, and the internet[30](index=30&type=chunk) - The main business includes three segments: digital products, industry digitalization, and digital new infrastructure, aiming to build a "1+2+N" industry digitalization architecture system[30](index=30&type=chunk) [Digital Product Business Segment](index=8&type=section&id=%E6%95%B0%E5%AD%97%E5%8C%96%E4%BA%A7%E5%93%81%E4%B8%9A%E5%8A%A1%E6%9D%BF%E5%9D%97) The digital product business segment covers intelligent computing hardware and software and smart application software, with intelligent computing hardware and software focusing on high-performance digital modules and intelligent computing platforms for radar communication and high-end manufacturing, while smart application software develops AI, big data, and industry applications around data elements to support digitalization, networking, and intelligence - Intelligent computing hardware and software products include information signal processing systems, embedded computing modules, recording and storage systems, and intelligent computing platforms, applied in high-end electronic equipment fields such as aviation, aerospace, and industrial control[31](index=31&type=chunk)[34](index=34&type=chunk) - Smart application software includes self-developed software products and suites for intelligent computing power management, data analysis and governance, AI application development, and intelligent operation and maintenance, providing support capabilities for digitalization, networking, and intelligence[35](index=35&type=chunk)[36](index=36&type=chunk)[37](index=37&type=chunk)[38](index=38&type=chunk) [Industry Digitalization Business Segment](index=12&type=section&id=%E8%A1%8C%E4%B8%9A%E6%95%B0%E5%AD%97%E5%8C%96%E4%B8%9A%E5%8A%A1%E6%9D%BF%E5%9D%97) The industry digitalization business segment is dedicated to perfecting the digital infrastructure transformation architecture, providing comprehensive digital infrastructure solutions and data intelligence analysis and processing capabilities to customers across various industries including finance, manufacturing, government and public services, operators, and the internet, empowering their digital and intelligent transformation - The company is a leading enterprise in industry digitalization, focusing on perfecting the digital infrastructure transformation architecture and creating comprehensive digital infrastructure solutions and products[39](index=39&type=chunk) - Customers served include finance, large enterprises (manufacturing, commercial), government and public services (urban governance, digital water conservancy, digital transportation, smart healthcare, digital energy), operators, and internet companies[39](index=39&type=chunk) [Digital New Infrastructure Business Segment](index=12&type=section&id=%E6%95%B0%E5%AD%97%E6%96%B0%E5%9F%BA%E5%BB%BA%E4%B8%9A%E5%8A%A1%E6%9D%BF%E5%9D%97) The digital new infrastructure business segment provides full lifecycle services in data centers and smart buildings, including consulting, design, general contracting, engineering construction, operation and maintenance, and industry evaluation, while actively expanding data center operation services to build minimalist, green, intelligent, and secure next-generation data centers - The company provides full lifecycle services in data centers and smart buildings, including consulting, design, general contracting, engineering construction, operation and maintenance, and industry evaluation[40](index=40&type=chunk) - The company possesses a complete business qualification system and is actively developing data center operation services, offering IDC resource hosting and operation services[40](index=40&type=chunk) [Discussion and Analysis of Operations](index=13&type=section&id=%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 the first half of 2025, the company maintained steady progress amidst a complex and volatile economic environment, focusing on industry digitalization and increasing R&D innovation, achieving operating revenue of **4.855 billion Yuan**, a 7.56% year-on-year increase, but net profit attributable to shareholders was **108 million Yuan**, a 19.33% year-on-year decrease, with significant progress and contract awards across all business segments 2025 Semi-Annual Operating Performance | Indicator | Amount | | :--- | :--- | | Operating Revenue | 4.855 billion Yuan | | YoY Growth | 7.56% | | Net Profit Attributable to Shareholders of Listed Company | 108 million Yuan | | YoY Decrease | 19.33% | [Digital Product Iteration and Upgrade](index=13&type=section&id=%E6%95%B0%E5%AD%97%E5%8C%96%E4%BA%A7%E5%93%81%E8%BF%AD%E4%BB%A3%E5%8D%87%E7%BA%A7) In the first half of the year, the company's digital product business achieved revenue of **200 million Yuan**, with new contract signings increasing by 41.82%; in intelligent computing, it successfully won a bid for a large database customized equipment R&D project, participated in national new electronic equipment R&D, and achieved small-batch delivery of domestic intelligent inference terminals; in smart applications, it iterated and developed the Zhiyi intelligent computing management platform and Zhiyi intelligent agent system, and created AI integrated machine solutions, empowering applications in multiple fields - Digital product business achieved revenue of **200 million Yuan**, with new contract signings increasing by **41.82%**[43](index=43&type=chunk) - In intelligent computing products, the company successfully won a bid for a large database customized equipment R&D project from a key unit, participated in the R&D and standard setting of a national important new electronic equipment, completed the development of computer products for multiple customers' new unmanned equipment, and successfully self-developed an information signal processing platform equipment[43](index=43&type=chunk) - In smart application products, the company iterated and developed the Zhiyi intelligent computing management platform product, vigorously built the Zhiyi intelligent agent system, and created AI integrated machine solutions, empowering applications in finance, manufacturing, healthcare, education, and other fields[45](index=45&type=chunk)[46](index=46&type=chunk) [AI Full-Scenario Solution Innovation](index=14&type=section&id=AI%20%E5%85%A8%E5%9C%BA%E6%99%AF%E8%A7%A3%E5%86%B3%E6%96%B9%E6%A1%88%E5%88%9B%E6%96%B0) The company's industry digitalization business achieved revenue of **4.339 billion Yuan**, a 7.33% year-on-year increase; in key industries such as digital finance, intelligent manufacturing, government and public services, and Xinchuang solutions, the company deepened AI full-scenario solution innovation, landed multiple important customer projects, and accelerated AI scenario application and value realization - Industry digitalization business achieved revenue of **4.339 billion Yuan**, a **7.33%** year-on-year increase[47](index=47&type=chunk) - In the digital finance industry, the company successfully landed projects with customers such as Pudong Development Bank, Huatai Securities, and China Central Depository & Clearing Co., Ltd., building a full-stack AI capability system covering "computing power, platform, algorithms, applications, and security"[48](index=48&type=chunk) - In the intelligent manufacturing industry, the company successfully landed projects with customers such as CATL, Voyah Automobile, and Shengyi Electronics, building enterprise lean manufacturing management support systems and digital twin modeling[49](index=49&type=chunk) - In the government and public services industry, the company successfully won bids for the second phase of the Tibet Water Conservancy Project and the Yunnan Province Mountain Flood Disaster "Four Preventions" Capability Construction project, and landed AI+medical projects in Shanghai and Guangdong's top-tier hospitals[50](index=50&type=chunk) - In Xinchuang solutions, the company continued to operate the financial Xinchuang ecological laboratory, participated in the replacement and upgrade of e-government infrastructure, and successfully landed projects with customers such as Bank of Communications and the Eighth Academy of Aerospace Science and Technology[51](index=51&type=chunk) [Digital New Infrastructure Full-Chain Development](index=15&type=section&id=%E6%95%B0%E5%AD%97%E6%96%B0%E5%9F%BA%E5%BB%BA%E5%85%A8%E9%93%BE%E6%9D%A1%E5%8F%91%E5%B1%95) Digital new infrastructure business achieved revenue of **334 million Yuan**, a 19.03% year-on-year increase; the company continuously upgraded its technology in data center engineering construction and operation, breaking through full-prefabricated modular stacked data center capabilities, designing AI intelligent computing center liquid cooling system architecture, and successfully winning bids for China Unicom Shanghai Lingang Data Center project, Fudan University Zhongshan Hospital Qingpu New City Campus Phase I intelligent project, and Zhejiang Lab New Computing Power Center service project - Digital new infrastructure business achieved revenue of **334 million Yuan**, a **19.03%** year-on-year increase[52](index=52&type=chunk) - The company broke through full-prefabricated modular stacked data center capabilities, designed AI intelligent computing center liquid cooling system architecture, and created efficient, secure, and reliable data center innovation solutions[52](index=52&type=chunk) - Successfully won bids for China Unicom Shanghai Lingang Data Center project, Fudan University Zhongshan Hospital Qingpu New City Campus Phase I intelligent project, and Zhejiang Lab New Computing Power Center service project[52](index=52&type=chunk) [Core Competitiveness Analysis](index=16&type=section&id=%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) After more than thirty years of development, the company has accumulated a broad customer base, strong brand influence, leading technological R&D capabilities, rich industry experience, excellent operational capabilities, and an outstanding corporate culture and human resource system in the IT industry, forming strong comprehensive competitive strength - The company possesses a broad customer base, covering major industries such as finance, large enterprises, government and public services, operators, and the internet[54](index=54&type=chunk) - The actual controller, China Electronics Technology Group Corporation, is a national team in the cybersecurity and informatization sector, and the major shareholder, East China Institute of Computing Technology, has strong R&D capabilities, bringing significant brand influence to the company[54](index=54&type=chunk) - The company continuously innovates in artificial intelligence, big data, cloud computing, IoT, data intelligence, and information security, possessing full-stack Xinchuang business capabilities and AI digital foundation construction capabilities[54](index=54&type=chunk) - The company's core business focuses on three segments: digital products, industry digitalization, and digital new infrastructure, accumulating rich experience in project implementation and operational management[55](index=55&type=chunk) [Main Operating Conditions During the Reporting Period](index=17&type=section&id=%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 provides a detailed analysis of the company's financial statement item changes, asset and liability situation, investment status, and operating performance of major holding and participating companies during the reporting period, revealing the reasons for changes in various financial indicators and their impact on the company's operations [Main Business Analysis](index=17&type=section&id=%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) The company's operating revenue increased by 7.56%, but total profit and net profit attributable to shareholders decreased; financial expenses significantly changed due to increased borrowing interest and decreased interest income, other income substantially increased due to government subsidies, and investment income turned from negative to positive due to changes in subsidiary control Analysis of Major Financial Statement Item Changes | Item | Current Period (Yuan) | Prior Year Period (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 4,854,755,456.15 | 4,513,410,823.00 | 7.56 | | Operating Cost | 4,020,188,147.84 | 3,673,641,715.88 | 9.43 | | Total Profit | 118,939,723.75 | 137,781,075.85 | -13.67 | | Net Profit Attributable to Shareholders of Listed Company | 107,620,266.88 | 133,412,331.55 | -19.33 | | Financial Expenses | 13,756,629.09 | -4,146,707.49 | N/A | | R&D Expenses | 229,268,839.60 | 220,661,530.13 | 3.90 | | Net Cash Flow from Operating Activities | -1,199,776,880.79 | -1,342,548,211.27 | N/A | | Other Income | 31,960,336.11 | 9,598,908.04 | 232.96 | | Investment Income | 6,383,385.63 | -1,507,192.30 | N/A | | Credit Impairment Losses | -24,674,166.87 | -17,839,918.84 | N/A | | Asset Impairment Losses | -6,740,253.14 | 674,710.29 | -1,098.98 | | Cash Received from Borrowings | 584,266,498.55 | 46,000,000.00 | 1,170.14 | - The change in financial expenses was primarily due to an increase in interest expenses from borrowings and a decrease in interest income during the current period[56](index=56&type=chunk) - The change in investment income was primarily due to a change in control over Shanghai Huaxun Network Storage Co., Ltd. during the current period, resulting in a shift from cost method to equity method accounting[56](index=56&type=chunk) [Asset and Liability Situation Analysis](index=18&type=section&id=%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) The company's period-end monetary funds, notes receivable, notes payable, employee compensation payable, and taxes payable all significantly decreased, while financing for receivables, long-term equity investments, and short-term borrowings substantially increased, reflecting the company's cash flow management and structural adjustments in operating and investing activities Changes in Major Assets and Liabilities | Item Name | Period-end Amount (Yuan) | Period-end % of Total Assets | Prior Year-end Amount (Yuan) | Prior Year-end % of Total Assets | Change from Prior Year-end (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 1,009,999,416.79 | 9.26 | 2,190,697,534.13 | 18.35 | -53.90 | Increase in cash outflow from operating activities in current period | | Notes Receivable | 57,756,162.64 | 0.53 | 320,540,023.17 | 2.68 | -81.98 | Decrease in unmatured bank acceptance bills at period-end | | Financing for Receivables | 109,477,346.35 | 1.00 | 44,819,799.19 | 0.38 | 144.26 | Increase in bank acceptance bills reclassified to this item at period-end | | Long-term Equity Investments | 43,801,131.88 | 0.40 | 9,328,727.54 | 0.08 | 369.53 | Change in control over Shanghai Huaxun Network Storage Co., Ltd. in current period, from cost method to equity method accounting | | Short-term Borrowings | 703,624,517.23 | 6.45 | 458,480,341.00 | 3.84 | 53.47 | Increase in borrowings at period-end | | Notes Payable | 450,479,388.13 | 4.13 | 857,897,444.19 | 7.19 | -47.49 | Decrease in unmatured notes payable at period-end | | Employee Compensation Payable | 151,212,231.68 | 1.39 | 229,270,809.52 | 1.92 | -34.05 | Payment of prior year's annual bonus in current period | | Taxes Payable | 11,447,769.82 | 0.10 | 71,888,597.08 | 0.60 | -84.08 | Decrease in turnover tax and income tax payable at period-end | - Overseas assets amounted to **660,573,410.94 Yuan**, accounting for **6.06%** of total assets[61](index=61&type=chunk) [Investment Status Analysis](index=19&type=section&id=%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) The company's external equity investment amount for the first half of 2025 was **0 Yuan**, a 100% decrease compared to the same period last year, indicating no significant equity investment activities during this period Overall Analysis of External Equity Investments | Period | Investment Amount (Ten thousand Yuan) | | :--- | :--- | | Jan-Jun 2025 | - | | Jan-Jun 2024 | 527 | | Change Amount | -527 | | Change % | -100% | [Analysis of Major Holding and Participating Companies](index=20&type=section&id=%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) Huaxun Network's main business revenue was **3.771 billion Yuan** in the first half of the year, with a profit of **675 million Yuan**; Baifei Electronics' operating revenue was flat year-on-year, but net profit decreased by over **30 million Yuan** year-on-year, mainly due to lower gross profit margin, increased R&D investment, and impairment provisions Operating Performance of Major Holding and Participating Companies in H1 2025 | Company Name | Operating Revenue (Ten thousand Yuan) | Operating Profit (Ten thousand Yuan) | Net Profit (Ten thousand Yuan) | | :--- | :--- | :--- | :--- | | Huaxun Network | 377,107.75 | 16,475.96 | 14,727.78 | | Baifei Electronics | 11,996.18 | -5,456.75 | -5,530.61 | | Huadong Computer System | 2,740.63 | 28.96 | 29.02 | | Huacun Data | 11,831.23 | -1,581.44 | -1,546.59 | | Huayu Weicheng | 8,448.76 | 163.49 | 158.92 | - Baifei Electronics' net profit decreased by over **30 million Yuan** year-on-year, mainly due to a decrease in gross profit margin, increased R&D investment, and the impact of collection cycles on impairment provisions[66](index=66&type=chunk) [Potential Risks](index=21&type=section&id=%E5%8F%AF%E8%83%BD%E9%9D%A2%E5%AF%B9%E7%9A%84%E9%A3%8E%E9%99%A9) The company faces uncertainties from the international environment, macroeconomic conditions, and industry changes, with operational risks including overdue accounts receivable and bad debt risks, potential inability of investment projects to achieve expected returns, short-term uncertainty in innovative business benefits, and talent loss risks due to fierce competition in the human resources market - Factors such as the international environment, macroeconomic conditions, market environment, and technological changes may significantly impact the company's operating performance[66](index=66&type=chunk) - Operational risks include overdue accounts receivable and bad debt risks, as well as potential legal litigation risks[66](index=66&type=chunk) - Investment risks lie in whether new investment projects can achieve expected returns or whether the disposal of existing investments will result in short-term losses[67](index=67&type=chunk) - Business innovation risks involve long-term investments that may not yield short-term benefits, and market reactions falling short of expectations could lead to losses[67](index=67&type=chunk) - Human resource risks arise from fierce market competition and high talent mobility, potentially leading to talent loss[67](index=67&type=chunk) Section IV Corporate Governance, Environment, and Society This section details changes in the company's governance structure, including board and senior management personnel, profit distribution plans, and equity incentive schemes [Changes in Directors, Supervisors, and Senior Management](index=22&type=section&id=%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, there were changes in the company's board of directors, with Mr. Wu Zhenfeng resigning from his directorship and Mr. Yu Kaiyong being elected as a non-independent director of the company's Tenth Board of Directors - Mr. Wu Zhenfeng resigned from his position as a director of the company's Tenth Board of Directors effective March 14, 2025[70](index=70&type=chunk) - Mr. Yu Kaiyong was elected as a non-independent director of the company's Tenth Board of Directors on April 2, 2025[70](index=70&type=chunk) [Profit Distribution or Capital Reserve Conversion Plan](index=22&type=section&id=%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) The company proposes to distribute a cash dividend of 0.6 Yuan (tax inclusive) per 10 shares to all shareholders, totaling **41,167,443.84 Yuan**, representing 38.25% of the net profit attributable to shareholders for the first half of 2025, with this plan subject to approval by the general meeting of shareholders Semi-Annual Profit Distribution Plan | Indicator | Value | | :--- | :--- | | Whether to distribute or convert | Yes | | Dividend per 10 shares (Yuan) (tax inclusive) | 0.6 | | Total proposed cash dividend | 41,167,443.84 Yuan | | Percentage of net profit attributable to shareholders | 38.25% | - The company's distributable profit to shareholders is **280,798,854.96 Yuan**[71](index=71&type=chunk) [Company Equity Incentive Plan](index=22&type=section&id=%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92) The conditions for the third exercise period of the company's second phase stock option incentive plan's initial and reserved grants were not met, and the corresponding stock options have been cancelled; concurrently, the company adjusted the exercise price of the second phase stock option incentive plan - The exercise conditions for the third exercise period of the company's second phase stock option incentive plan's initial and reserved grants were not met, and the corresponding stock options have been cancelled[73](index=73&type=chunk) - The company adjusted the exercise price of the second phase stock option incentive plan[74](index=74&type=chunk) Section V Important Matters This section covers significant events and disclosures, including the fulfillment of commitments, major litigation, integrity status, related party transactions, and other important matters [Fulfillment of Commitments](index=24&type=section&id=%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company's controlling shareholder, actual controller, and other related parties strictly fulfilled all commitments during the reporting period, including those related to resolving horizontal competition, reducing related party transactions, maintaining asset independence, profit forecasts and compensation, share lock-ups, and equity incentives, all performed on time without unfulfilled reasons - The controlling shareholder, CETC Digital Group, committed to avoiding horizontal competition and prioritizing business opportunities for CETC Digital[76](index=76&type=chunk) - The controlling shareholder, CETC Digital Group, committed to avoiding and reducing unnecessary related party transactions and ensuring that related party transactions follow market-based principles[77](index=77&type=chunk) - CETC Digital Group committed to maintaining the company's independence in assets, personnel, finance, organization, and business[77](index=77&type=chunk)[78](index=78&type=chunk) - Commitments related to profit forecasts and compensation for major asset restructuring, where the compensation obligor committed to Baifei Electronics' net profit and provided compensation as agreed[78](index=78&type=chunk)[79](index=79&type=chunk) - Share lock-up commitment parties (CETC Digital Group, 32nd Research Institute, CETC Guorui, Guoyuan Fund, etc.) committed that the company shares acquired through this transaction would not be listed or transferred within 36 months[81](index=81&type=chunk)[82](index=82&type=chunk) [Major Litigation and Arbitration Matters](index=34&type=section&id=%E9%87%8D%E5%A4%A7%E8%AF%89%E8%AE%BC%E3%80%81%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A1%B9) The company had a major litigation matter during the reporting period involving an equity repurchase dispute with Shanghai Jiaoxiang Technology Co., Ltd., where the Shanghai High Court issued a final judgment rejecting the appeal and upholding the original verdict, ordering the four former shareholders of Jiaoxiang Technology to jointly compensate the company **54,574,460.00 Yuan** - The company filed a lawsuit because other shareholders of Shanghai Jiaoxiang Technology Co., Ltd. failed to repurchase equity as agreed[87](index=87&type=chunk) - The Shanghai High Court issued a final judgment, rejecting the appeal and upholding the original verdict, ordering the four former shareholders of Jiaoxiang Technology to jointly compensate the company **54,574,460.00 Yuan**[88](index=88&type=chunk) [Integrity Status Statement](index=35&type=section&id=%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5%E8%AF%B4%E6%98%8E) During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity with no records of dishonesty - During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity with no records of dishonesty[89](index=89&type=chunk) [Major Related Party Transactions](index=35&type=section&id=%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company's routine related party transactions during the reporting period were within the estimated range, primarily involving sales of goods, provision of services, procurement of goods, acceptance of services to/from related parties, and deposit and loan businesses with related financial companies; notably, the loan facility from China Electronics Technology Finance Co., Ltd. was **671.5 million Yuan**, with a period-end balance of **161.5 million Yuan** 2025 Semi-Annual Actual Performance of Routine Related Party Transactions | Related Party Transaction Category | Related Party | 2025 Estimated Amount (Ten thousand Yuan) | 2025 H1 Actual Amount (Ten thousand Yuan) | | :--- | :--- | :--- | :--- | | Sales of goods, provision of services | CETC Digital Technology (Group) Co., Ltd. and its subsidiaries | 4,500.00 | 34.19 | | | China Electronics Technology Group Corporation and other subsidiaries | 83,500.00 | 6,400.85 | | | Total | 88,000.00 | 6,448.72 | | Procurement of goods, acceptance of services | CETC Digital Technology (Group) Co., Ltd. and its subsidiaries | 5,000.00 | - | | | China Electronics Technology Group Corporation and other subsidiaries | 15,000.00 | 1,481.66 | | | Total | 20,000.00 | 1,557.07 | | Deposits with related party financial company | China Electronics Technology Finance Co., Ltd. | 100,000.00 | 10,068.96 | | Loans from related party financial company | China Electronics Technology Finance Co., Ltd. | 67,150.00 | 21,150.00 | Financial Business with China Electronics Technology Finance Co., Ltd. | Business Type | Daily Maximum Deposit Limit (Yuan) | Deposit Interest Rate Range | Period-end Deposit Balance (Yuan) | Loan Facility (Yuan) | Loan Interest Rate Range | Period-end Loan Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deposits | 1,000,000,000.00 | 0.05%-0.65% | 2,764,831.17 | - | - | - | | Loans | - | - | - | 671,500,000.00 | 2.9%-3.3% | 161,500,000.00 | [Other Significant Matters](index=38&type=section&id=%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) The company's controlling shareholder and its concerted parties are implementing an increase-holding plan, intending to increase their total shareholding by no less than **200 million Yuan** and no more than **400 million Yuan**; as of May 6, 2025, they had cumulatively increased their holdings of the company's A-shares by **9,849,395 shares**, accounting for approximately 1.44% of the total share capital, with a cumulative transaction amount of **233,895,314.59 Yuan** - The controlling shareholder, CETC Digital Group, and its concerted party, CETC Investment, plan to increase their holdings of the company's A-shares within 12 months from October 21, 2024, with a total increase amount of no less than **200 million Yuan** and no more than **400 million Yuan**[101](index=101&type=chunk) - As of May 6, 2025, they had cumulatively increased their holdings of the company's A-shares by **9,849,395 shares**, accounting for approximately **1.44%** of the company's total share capital, with a cumulative transaction amount of **233,895,314.59 Yuan**[102](index=102&type=chunk) Section VI Share Changes and Shareholder Information This section details changes in the company's share capital and provides information on its shareholders [Share Capital Changes](index=39&type=section&id=%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 increased by **503,547 shares** due to the exercise of the second phase stock option incentive plan, changing from **685,620,517 shares** to **686,124,064 shares**, with a corresponding increase in unrestricted tradable shares Share Capital Change Table | Share Class | Quantity Before Change | % Before Change | Increase/Decrease (+,-) | Quantity After Change | % After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 72,517,780 | 10.58 | 0 | 72,517,780 | 10.57 | | II. Unrestricted Tradable Shares | 613,102,737 | 89.42 | +503,547 | 613,606,284 | 89.43 | | III. Total Shares | 685,620,517 | 100.00 | +503,547 | 686,124,064 | 100.00 | - During the reporting period, the company's second phase stock option incentive plan was in its exercise period, leading to an increase in the company's total share capital due to independent exercise by incentive recipients[106](index=106&type=chunk) [Shareholder Information](index=40&type=section&id=%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had **43,651** common shareholders; among the top ten shareholders, East China Institute of Computing Technology, CETC Investment Holdings Co., Ltd., and CETC Digital Technology (Group) Co., Ltd. were the top three, holding a relatively high combined stake and having a concerted action relationship - As of the end of the reporting period, the total number of common shareholders was **43,651**[108](index=108&type=chunk) Top Ten Shareholders as of the End of the Reporting Period | Shareholder Name | Period-end Shareholding | % | Number of Restricted Shares Held | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | East China Institute of Computing Technology | 140,089,809 | 20.42 | 5,819,093 | State-owned Legal Person | | CETC Investment Holdings Co., Ltd. | 76,470,846 | 11.15 | 0 | State-owned Legal Person | | CETC Digital Technology (Group) Co., Ltd. | 48,383,760 | 7.05 | 41,897,480 | State-owned Legal Person | | Guo Xiaomin | 16,402,700 | 2.39 | 0 | Domestic Natural Person | | Zhang Weimin | 15,521,701 | 2.26 | 0 | Domestic Natural Person | | Song Shimin | 13,850,358 | 2.02 | 0 | Domestic Natural Person | | Hefei CETC Guoyuan Industrial Investment Fund Partnership (Limited Partnership) | 12,802,007 | 1.87 | 12,802,007 | Unknown | | CETC Guorui Group Co., Ltd. | 11,638,188 | 1.70 | 11,638,188 | State-owned Legal Person | | Guo Wenqi | 9,767,044 | 1.42 | 0 | Domestic Natural Person | | Su Zongwei | 9,320,165 | 1.36 | 0 | Domestic Natural Person | - East China Institute of Computing Technology irrevocably entrusted all shareholder rights, including voting rights, proposal rights, and the right to convene general meetings, corresponding to its shares in the company, to CETC Digital Technology (Group) Co., Ltd. for exercise[111](index=111&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=42&type=section&id=%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, Mr. Xing Maoteng, the company's Deputy General Manager, increased his shareholding by **46,108 shares** due to equity incentive exercise, bringing his total period-end shareholding to **61,108 shares**, while the number of stock options held by other directors, supervisors, and senior management remained unchanged Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Beginning of Period Shareholding | End of Period Shareholding | Change in Shareholding During Period | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Xing Maoteng | Deputy General Manager | 15,000 | 61,108 | +46,108 | Equity incentive exercise | Equity Incentive Granted to Directors, Supervisors, and Senior Management During the Reporting Period | Name | Position | Number of Stock Options Held at Beginning of Period (Ten thousand shares) | Shares Exercised During Period (Ten thousand shares) | Number of Stock Options Held at End of Period (Ten thousand shares) | | :--- | :--- | :--- | :--- | :--- | | Xing Maoteng | Senior Management | 11.2381 | 4.6108 | 0 | | Total | / | 72.2817 | 4.6108 | 0 | Section VII Bond-Related Information This section provides information regarding the company's bonds [Corporate Bonds and Convertible Corporate Bonds](index=43&type=section&id=%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E5%92%8C%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8) 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[119](index=119&type=chunk) - The company has no convertible corporate bonds[119](index=119&type=chunk) Section VIII Financial Report This section presents the company's financial statements and related disclosures [Audit Report](index=44&type=section&id=%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This semi-annual report is unaudited - This semi-annual report is unaudited[3](index=3&type=chunk) [Financial Statements](index=44&type=section&id=%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 the first half of 2025, comprehensively presenting the company's financial position, operating results, and cash flow situation [Consolidated Balance Sheet](index=44&type=section&id=%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the company's consolidated total assets were **10.908 billion Yuan**, a 8.63% decrease from the end of the previous year; consolidated total liabilities were **6.136 billion Yuan**, a 12.21% decrease; and total owners' equity attributable to the parent company was **4.714 billion Yuan**, a 2.57% decrease from the end of the previous year Consolidated Balance Sheet Key Data | Item | June 30, 2025 (Yuan) | December 31, 2024 (Yuan) | | :--- | :--- | :--- | | Monetary Funds | 1,009,999,416.79 | 2,190,697,534.13 | | Accounts Receivable | 2,663,679,286.98 | 2,394,281,272.89 | | Inventories | 3,657,080,728.95 | 3,979,098,596.07 | | Contract Assets | 1,014,168,904.82 | 798,737,663.44 | | Total Assets | 10,908,281,441.22 | 11,938,269,698.39 | | Short-term Borrowings | 703,624,517.23 | 458,480,341.00 | | Contract Liabilities | 2,405,122,620.33 | 2,825,600,651.13 | | Total Liabilities | 6,135,848,875.15 | 6,989,602,409.51 | | Total Owners' Equity Attributable to Parent Company | 4,713,947,302.07 | 4,838,060,231.21 | [Parent Company Balance Sheet](index=47&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the parent company's total assets were **4.603 billion Yuan**, a 5.68% decrease from the end of the previous year; total liabilities were **1.297 billion Yuan**, a 17.52% decrease; and total owners' equity was **3.305 billion Yuan**, a slight increase from the end of the previous year Parent Company Balance Sheet Key Data | Item | June 30, 2025 (Yuan) | December 31, 2024 (Yuan) | | :--- | :--- | :--- | | Monetary Funds | 75,378,727.37 | 195,375,914.28 | | Accounts Receivable | 464,512,722.30 | 349,129,191.33 | | Inventories | 356,083,453.76 | 542,423,331.83 | | Long-term Equity Investments | 2,750,782,178.94 | 2,750,782,178.94 | | Total Assets | 4,602,627,939.55 | 4,879,968,940.57 | | Short-term Borrowings | 80,040,777.78 | 125,000,000.00 | | Contract Liabilities | 442,518,100.48 | 541,573,034.12 | | Total Liabilities | 1,297,222,573.58 | 1,575,226,763.48 | | Total Owners' Equity | 3,305,405,365.97 | 3,304,742,177.09 | [Consolidated Income Statement](index=49&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) The company's consolidated total operating revenue for the first half of 2025 was **4.855 billion Yuan**, a 7.56% year-on-year increase; net profit was **101 million Yuan**, a 24.63% year-on-year decrease; and net profit attributable to parent company shareholders was **108 million Yuan**, a 19.33% year-on-year decrease Consolidated Income Statement Key Data | Item | 2025 Semi-Annual (Yuan) | 2024 Semi-Annual (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 4,854,755,456.15 | 4,513,410,823.00 | | Total Operating Cost | 4,743,379,066.94 | 4,367,977,680.40 | | Total Profit | 118,939,723.75 | 137,781,075.85 | | Net Profit | 101,375,738.82 | 134,494,126.32 | | Net Profit Attributable to Parent Company Shareholders | 107,620,266.88 | 133,412,331.55 | | Basic Earnings Per Share (Yuan/share) | 0.1569 | 0.1935 | | Diluted Earnings Per Share (Yuan/share) | 0.1569 | 0.1934 | [Parent Company Income Statement](index=51&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E5%88%A9%E6%B6%A6%E8%A1%A8) The parent company's operating revenue for the first half of 2025 was **753 million Yuan**, a 107.20% year-on-year increase; net profit was **230 million Yuan**, a 21.73% year-on-year decrease, with investment income remaining the primary source of parent company profit Parent Company Income Statement Key Data | Item | 2025 Semi-Annual (Yuan) | 2024 Semi-Annual (Yuan) | | :--- | :--- | :--- | | Operating Revenue | 752,813,016.55 | 363,355,951.10 | | Operating Cost | 677,368,759.72 | 314,053,647.55 | | Total Profit | 229,598,000.88 | 293,825,510.26 | | Net Profit | 229,936,195.37 | 293,784,116.97 | | Investment Income | 210,000,000.00 | 290,000,000.00 | [Consolidated Statement of Changes in Owners' Equity](index=56&type=section&id=%E5%90%88%E5%B9%B6%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) The company's consolidated total owners' equity for the first half of 2025 was **4.772 billion Yuan**, a decrease of **176 million Yuan** from the beginning of the period; share capital increased by **503,547 Yuan** due to equity incentive exercise, capital reserves increased by **9 million Yuan**, and undistributed profits decreased by **132 million Yuan** Consolidated Owners' Equity Changes | Item | Beginning of Period Balance (Yuan) | Change Amount During Period (Yuan) | End of Period Balance (Yuan) | | :--- | :--- | :--- | :--- | | Paid-in Capital (or Share Capital) | 685,620,517.00 | 503,547.00 | 686,124,064.00 | | Capital Reserves | 452,478,698.17 | 9,000,866.79 | 461,479,564.96 | | Other Comprehensive Income | -26,073,900.74 | -1,094,187.41 | -27,168,088.15 | | Retained Earnings | 3,519,043,058.53 | -132,523,155.52 | 3,386,519,903.01 | | Total Owners' Equity Attributable to Parent Company | 4,838,060,231.21 | -124,112,929.14 | 4,713,947,302.07 | | Minority Interests | 110,607,057.67 | -52,121,793.67 | 58,485,264.00 | | Total Owners' Equity | 4,948,667,288.88 | -176,234,722.81 | 4,772,432,566.07 | [Parent Company Statement of Changes in Owners' Equity](index=58&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) The parent company's total owners' equity for the first half of 2025 was **3.305 billion Yuan**, an increase of **663,200 Yuan** from the beginning of the period; share capital increased by **503,547 Yuan** due to equity incentive exercise, capital reserves increased by **10.3669 million Yuan**, and undistributed profits decreased by **10.2072 million Yuan** Parent Company Owners' Equity Changes | Item | Beginning of Period Balance (Yuan) | Change Amount During Period (Yuan) | End of Period Balance (Yuan) | | :--- | :--- | :--- | :--- | | Paid-in Capital (or Share Capital) | 685,620,517.00 | 503,547.00 | 686,124,064.00 | | Capital Reserves | 2,171,348,021.81 | 10,366,868.91 | 2,181,714,890.72 | | Retained Earnings | 291,006,081.99 | -10,207,227.03 | 280,798,854.96 | | Total Owners' Equity | 3,304,742,177.09 | 663,188.88 | 3,305,405,365.97 | [Company Basic Information](index=61&type=section&id=%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) The company was established in September 1993 and listed on the Shanghai Stock Exchange in March 1994; after multiple share capital changes and asset restructurings, the company's total share capital as of June 30, 2025, was **686,124,064 shares**, with CETC Digital Technology (Group) Co., Ltd. as the controlling shareholder and China Electronics Technology Group Corporation as the actual controller, primarily engaged in the software and information technology services industry - The company was established in September 1993 and listed on the Shanghai Stock Exchange on March 24, 1994, with stock code 600850[156](index=156&type=chunk) - As of June 30, 2025, the company's total share capital was **686,124,064 shares**[159](index=159&type=chunk) - The controlling shareholder is CETC Digital Technology (Group) Co., Ltd., and the actual controller is China Electronics Technology Group Corporation[159](index=159&type=chunk) - The company's business scope includes construction engineering, digital technology services, software development, information system integration services, etc., belonging to the software and information technology services industry[159](index=159&type=chunk)[160](index=160&type=chunk) [Significant Accounting Policies and Estimates](index=62&type=section&id=%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section elaborates on the enterprise accounting standards, going concern basis, accounting period, functional currency, and various significant accounting policies and estimates followed by the company in preparing its financial statements, including business combinations, consolidated financial statements, financial instruments, inventories, contract assets, long-term equity investments, fixed assets, intangible assets, R&D expenditures, employee compensation, provisions, share-based payments, revenue recognition, and leases, providing a foundation for understanding the financial data - The company prepares its financial statements on a going concern basis, in accordance with the Accounting Standards for Business Enterprises and their application guidelines and interpretations[161](index=161&type=chunk) - The company classifies financial assets at initial recognition based on the business model for managing financial assets and the contractual cash flow characteristics of the financial assets, into those measured at amortized cost, at fair value through profit or loss, or at fair value through other comprehensive income[194](index=194&type=chunk) - For financial assets measured at amortized cost, debt investments measured at fair value through other comprehensive income, contract assets, etc., the company recognizes loss provisions based on expected credit losses[201](index=201&type=chunk) - The company recognizes revenue when it satisfies a performance obligation in the contract, i.e., when the customer obtains control of the related goods, and uses either the point-in-time or over-time method for revenue recognition based on the business type[273](index=273&type=chunk)[279](index=279&type=chunk)[280](index=280&type=chunk) [Taxes](index=93&type=section&id=%E7%A8%8E%E9%A1%B9) This section discloses the main tax categories and applicable tax rates for the company and its subsidiaries, including value-added tax, urban maintenance and construction tax, and enterprise income tax; the company and several subsidiaries, as high-tech enterprises, enjoy a 15% preferential enterprise income tax rate, some overseas subsidiaries apply local tax rates, and Nanjing Baifei Electronics Technology Co., Ltd. enjoys preferential enterprise income tax policies for small and micro-profit enterprises Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-added Tax | Taxable Value-added Amount | 3%/6%/9%/13% | | Urban Maintenance and Construction Tax | Actual Paid Turnover Tax Amount | 7%/5% | | Enterprise Income Tax | Taxable Income | 8.25%/15%/16.5%/17%/20%/22%-31% | - The company and several subsidiaries (e.g., Shanghai Huaxun Network System Co., Ltd., Huacun Data Information Technology Co., Ltd., Shanghai Huadong Computer System Co., Ltd., Beijing Huayu Weicheng Technology Service Co., Ltd., Shanghai Baifei Electronics Technology Co., Ltd.) enjoy a **15%** enterprise income tax rate as high-tech enterprises[300](index=300&type=chunk)[301](index=301&type=chunk) - Nanjing Baifei Electronics Technology Co., Ltd. enjoys a preferential enterprise income tax policy for small and micro-profit enterprises, calculating taxable income at **25%** and paying enterprise income tax at a **20%** rate, which will continue until December 31, 2027[302](index=302&type=chunk) [Notes to Consolidated Financial Statement Items](index=94&type=section&id=%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 disclosures of the period-end balances, beginning-of-period balances, and current period changes for each major asset, liability, owners' equity, revenue, cost, and expense item in the consolidated financial statements, with explanations for significant changes, offering an in-depth interpretation of financial statement details [Monetary Funds](index=94&type=section&id=%E8%B4%A7%E5%B8%81%E8%B5%84%E9%87%91) As of June 30, 2025, the company's monetary funds balance was **1.010 billion Yuan**, a 53.90% decrease from the beginning of the period's **2.191 billion Yuan**, primarily due to increased cash outflow from operating activities; of this, funds deposited overseas totaled **307 million Yuan** Monetary Funds Composition | Item | Period-end Balance (Yuan) | Beginning of Period Balance (Yuan) | | :--- | :--- | :--- | | Cash on Hand | 12,427.01 | 12,429.42 | | Bank Deposits | 999,466,935.58 | 1,840,865,738.81 | | Other Monetary Funds | 7,755,223.03 | 17,694,972.87 | | Deposits with Financial Companies | 2,764,831.17 | 332,124,393.03 | | **Total** | **1,009,999,416.79** | **2,190,697,534.13** | - Restricted funds at period-end totaled **8,003,982.61 Yuan**, primarily consisting of deposits and frozen funds[303](index=303&type=chunk) [Notes Receivable](index=95&type=section&id=%E5%BA%94%E6%94%B6%E7%A5%A8%E6%8D%AE) The company's period-end notes receivable balance was **57.7562 million Yuan**, a significant 81.98% decrease from the beginning of the period, mainly due to a reduction in unmatured bank acceptance bills; commercial acceptance bills had a bad debt provision of **2.2963 million Yuan** Classification of Notes Receivable | Item | Period-end Balance (Yuan) | Beginning of Period Balance (Yuan) | | :--- | :--- | :--- | | Bank Acceptance Bills | 24,333,786.04 | 221,419,495.73 | | Commercial Acceptance Bills | 33,422,376.60 | 99,120,527.44 | | **Total** | **57,756,162.64** | **320,540,023.17** | Notes Receivable Bad Debt Provision | Category | Beginning of Period Balance (Yuan) | Change Amount During Period (Provision) (Yuan) | End of Period Balance (Yuan) | | :--- | :--- | :--- | :--- | | Notes Receivable with Bad Debt Provision by Portfolio | 6,970,452.71 | -4,674,186.95 | 2,296,265.76 | | Of which: Commercial Acceptance Bills | 6,970,452.71 | -4,674,186.95 | 2,296,265.76 | - Notes receivable endorsed or discounted at period-end and not yet due on the balance sheet date totaled **14,295,812.55 Yuan**[308](index=308&type=chunk) [Accounts Receivable](index=96&type=section&id=%E5%BA%94%E6%94%B6%E8%B4%A6%E6%AC%BE) The company's period-end book balance of accounts receivable was **2.872 billion Yuan**, an 11.33% increase from the beginning of the period; accounts receivable for which bad debt provisions were made individually amounted to **28.4625 million Yuan**, and those for which bad debt provisions were made by portfolio amounted to **2.843 billion Yuan**, with total bad debt provisions of **208.1101 million Yuan** Accounts Receivable Aging Distribution | Aging | Period-end Book Balance (Yuan) | Beginning of Period Book Balance (Yuan) | | :--- | :--- | :--- | | Within 1 year (inclusive) | 2,095,958,653.99 | 1,818,114,616.32 | | 1 to 2 years | 458,963,136.60 | 451,700,817.00 | | 2 to 3 years | 169,171,170.59 | 164,643,920.51 | | 3 to 4 years | 51,206,817.64 | 50,559,691.80 | | 4 to 5 years | 31,938,535.31 | 58,789,155.65 | | Over 5 years | 64,551,089.16 | 35,730,264.91 | | **Total** | **2,871,789,403.29** | **2,579,538,466.19** | Accounts Receivable Bad Debt Provision Classification Disclosure | Category | Period-end Book Balance (Yuan) | Period-end Bad Debt Provision (Yuan) | Provision Rate (%) | | :--- | :--- | :--- | :--- | | Bad debt provision by individual item | 28,462,509.66 | 28,462,509.66 | 100.00 | | Bad debt provision by portfolio | 2,843,326,893.63 | 179,647,606.65 | 6.32 | | **Total** | **2,871,789,403.29** | **208,110,116.31** | **7.25** | - The bad debt provision increased by **28,411,444.49 Yuan** in the current period[321](index=321&type=chunk) [Contract Assets](index=99&type=section&id=%E5%90%88%E5%90%8C%E8%B5%84%E4%BA%A7) The company's period-end book value of contract assets was **1.014 billion Yuan**, a 26.97% increase from the beginning of the period; quality assurance deposits and amounts for ongoing performance were the main components, with total bad debt provisions of **34.743 million Yuan** Contract Assets Situation | Item | Period-end Book Value (Yuan) | Beginning of Period Book Value (Yuan) | | :--- | :--- | :--- | | Contract Assets | 1,020,245,880.82 | 800,033,697.35 | | Less: Contract assets included in other non-current assets | 6,076,976.00 | 1,296,033.91 | | **Total** | **1,014,168,904.82** | **798,737,663.44** | Contract Assets Bad Debt Provision Classification Disclosure | Category | Period-end Book Balance (Yuan) | Period-end Bad Debt Provision (Yuan) | Provision Rate (%) | | :--- | :--- | :--- | :--- | | Bad debt provision by individual item | 35,972.42 | 35,972.42 | 100.00 | | Bad debt provision by portfolio | 1,048,875,895.56 | 34,706,990.74 | 3.31 | | **Total** | **1,048,911,867.98** | **34,742,963.16** | **3.31** | - The contract asset bad debt provision increased by **2,994,167.57 Yuan** in the current period[329](index=329&type=chunk) [Financing for Receivables](index=101&type=section&id=%E5%BA%94%E6%94%B6%E6%AC%BE%E9%A1%B9%E8%9E%8D%E8%B5%84) The company's period-end balance of financing for receivables was **109 million Yuan**, a 144.26% increase from the beginning of the period's **44.8198 million Yuan**, primarily composed of notes receivable and accounts receivable; period-end financing for receivables that were endorsed or discounted and not yet due on the balance sheet date totaled **27.0051 million Yuan** Classification of Financing for Receivables | Item | Period-end Balance (Yuan) | Beginning of Period Balance (Yuan) | | :--- | :--- | :--- | | Notes Receivable | 91,253,530.62 | 39,608,445.87 | | Accounts Receivable | 18,223,815.73 | 5,211,353.32 | | **Total** | **109,477,346.35** | **44,819,799.19** | - Period-end financing for receivables that were endorsed or discounted and not yet due on the balance sheet date totaled **27,005,101.03 Yuan**[333](index=333&type=chunk) [Prepayments](index=102&type=section&id=%E9%A2%84%E4%BB%98%E6%AC%BE%E9%A1%B9) The company's period-end balance of prepayments was **979 million Yuan**, a 16.34% increase from the beginning of the period's **842 million Yuan**, with prepayments within 1 year accounting for 98.40%; the top five prepaid parties collectively accounted for 60.63% of the total prepayments Prepayments by Aging | Aging | Period-end Balance (Yuan) | Percentage (%) | Beginning of Period Balance (Yuan) | Percentage (%) | | :--- | :--- | :--- | :--- | :--- | | Within 1 year | 963,754,895.50 | 98.40 | 831,343,115.54 | 98.75 | | 1 to 2 years | 14,752,920.48 | 1.51 | 8,018,585.72 | 0.95 | | 2 to 3 years | 638,327.40 | 0.07 | 1,573,355.47 | 0.19 | | Over 3 years | 262,324.05 | 0.02 | 943,746.63 | 0.11 | | **Total** | **979,408,467.43** | **100.00** | **841,878,803.36** | **100.00** | - The main reason for significant prepayments with an aging of over 1 year that have not been settled in a timely manner is that the contracts have not yet been fully performed[336](index=336&type=chunk) [Other Receivables](index=103&type=section&id=%E5%85%B6%E4%BB%96%E5%BA%94%E6%94%B6%E6%AC%BE) The company's period-end book balance of other receivables was **164 million Yuan**, a slight increase from the beginning of the period's **162 million Yuan**; total bad debt provisions amounted to **19.9175 million Yuan**, and the top five debtors collectively accounted for 20.46% of the total other receivables Other Receivables by Aging | Aging | Period-end Book Balance (Yuan) | Beginning of Period Book Balance (Yuan) | | :--- | :--- | :--- | | Within 1 year (inclusive) | 82,505,253.95 | 77,078,132.30 | | 1 to 2 years | 21,090,413.00 | 25,383,744.96 | | 2 to 3 years | 24,952,587.89 | 23,842,640.39 | | 3 to 4 years | 5,131,276.05 | 4,974,690.35 | | 4 to 5 years | 8,682,756.86 | 10,487,892.48 | | Over 5 years | 21,212,367.60 | 19,771,242.30 | | **Total** | **163,574,655.35** | **161,538,342.78** | Other Receivables Bad Debt Provision Accrual | Bad Debt Provision | Balance as of Jan 1, 2025 (Yuan) | Accrued in Current Period (Yuan) | Other Changes (Yuan) | Balance as of Jun 30, 2025 (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Stage 1 | 14,381,920.49 | 391,508.26 | -393,203.92 | 14,026,224.83 | | Stage 2 | 2,044,916.47 | 309,401.07 | -30,841.99 | 2,323,475.55 | | Stage 3 | 3,706,730.61 | 236,000.00 | -728,902.68 | 3,567,827.93 | | **Total** | **20,133,567.57** | **936,909.33** | **-1,152,948.59** | **19,917,528.31** | [Inventories](index=107&type=section&id=%E5%AD%98%E8%B4%A7) The company's period-end book value of inventories was **3.657 billion Yuan**, an 8.09% decrease from the beginning of the period's **3.979 billion Yuan**; total inventory impairment provisions and contract performance cost impairment provisions amounted to **79.3756 million Yuan**, an increase of **3.6978 million Yuan** in the current period Inventory Classification | Item | Period-end Book Value (Yuan) | Beginning of Period Book Value (Yuan) | | :--- | :--- | :--- | | Raw Materials | 132,713,878.39 | 121,353,089.10 | | Work in Progress | 201,982,772.58 | 162,190,950.94 | | Finished Goods | 299,639,654.56 | 322,914,880.58 | | Goods in Transit | 1,589,795.13 | 400,241.40 | | Revolving Materials | 56,405.52 | 53,459.72 | | Contract Performance Costs | 2,986,910,006.83 | 3,355,990,659.15 | | Consigned Processing Materials | 34,188,215.94 | 16,195,315.18 | | **Total** | **3,657,080,728.95** | **3,979,098,596.07** | Inventory Impairment Provisions and Contract Performance Cost Impairment Provisions | Item | Beginning of Period Balance (Yuan) | Increase Amount During Period (Provision) (Yuan) | Decrease Amount During Period (Reversal or Write-off) (Yuan) | End of Period Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Raw Materials | 27,624,189.83 | - | - | 27,624,189.83 | | Work in Progress | 24,250,931.03 | - | - | 24,250,931.03 | | Finished Goods | 15,756,584.54 | 3,697,793.22 | 2,057,473.82 | 17,396,903.94 | | Goods in Transit | 26,741.79 | - | - | 26,741.79 | | Contract Performance Costs | 9,560,391.18 | - | 226.29 | 9,560,164.89 | | Consigned Processing Materials | 516,618.69 | - | - | 516,618.69 | | **Total** | **77,735,457.06** | **3,697,793.22** | **2,057,700.11** | **79,375,550.17** | [Short-term Borrowings](index=122&type=section&id=%E7%9F%AD%E6%9C%9F%E5%80%9F%E6%AC%BE) The company's period-end short-term borrowings balance was **704 million Yuan**, a 53.47% increase from the beginning of the period's **458 million Yuan**, primarily consisting of credit borrowings and discounted bills not derecognized Short-term Borrowings Classification | Item | Period-end Balance (Yuan) | Beginning of Period Balance (Y

电科数字公告，2025年上半年营业收入48.55亿元，同比增长7.56%。净利润1.08亿元，同比下降 19.33%。公司拟向全体股东按每10股派发现金红利0.6元（含税），合计拟派发现金红利4116.74万元 （含税）。 ...

资金流向方面，今日主力资金净流入1458.00万元，占比成交额4.64%。其中，超大单净流入1501.36万 元、占成交额4.78%，大单净流出43.36万元、占成交额0.14%，中单净流出流出533.17万元、占成交额 1.7%，小单净流出924.83万元、占成交额2.94%。 通过天眼查大数据分析，中电科数字技术股份有限公司共对外投资了16家企业，参与招投标项目1646 次，知识产权方面有商标信息11条，专利信息28条，此外企业还拥有行政许可21个。 电科数字最新一期业绩显示，截至2025一季报，公司营业总收入20.01亿元、同比增长0.36%，归属净利 润5042.58万元，同比增长6.41%，扣非净利润4875.67万元，同比增长4.00%，流动比率1.728、速动比率 0.984、资产负债率56.02%。 来源：金融界 金融界消息 截至2025年8月14日收盘，电科数字（600850）报收于25.98元，下跌0.65%，换手率 1.96%，成交量12.01万手，成交金额3.14亿元。 天眼查商业履历信息显示，中电科数字技术股份有限公司，成立于1993年，位于上海市，是一家以从事 研究和试验发展为主的 ...

证券日报网讯电科数字（600850）7月30日在互动平台回答投资者提问时表示，公司在AI+教育领域已 有多项业务落地，主要为高校提供AI算力底座以支撑智算中心建设，同时公司与教育行业客户在智慧 校园数字化运营、舆情分析、学生行为分析等数智化场景开展解决方案规划与验证。目前相关项目处于 实施与场景验证阶段，后续将逐步推广。 ...

格隆汇7月30日丨电科数字(600850.SH)在投资者互动平台表示，公司在AI+教育领域已有多项业务落 地，主要为高校提供AI算力底座以支撑智算中心建设，同时公司与教育行业客户在智慧校园数字化运 营、舆情分析、学生行为分析等数智化场景开展解决方案规划与验证。目前相关项目处于实施与场景验 证阶段，后续将逐步推广。 ...

Core Viewpoint - The A-share photolithography machine sector experienced a decline, with several companies reporting significant drops in stock prices [1] Company Performance - Tongfei Co., Ltd. saw a decline of over 3% in its stock price [1] - Electric Science Digital, Wavelength Optics, Zhangjiang Hi-Tech, and Blue Eagle Equipment all experienced declines of over 2% [1] - Jiuri New Materials and Maolai Optics also followed the downward trend [1]

Core Insights - The China Securities Artificial Intelligence Industry Index (931071) has shown a strong increase of 1.71% as of July 17, 2025, with notable gains in constituent stocks such as Xinyi Sheng (300502) up 7.98% and Tuowei Information (002261) up 6.72% [1][2] - The Artificial Intelligence ETF (515980) has also risen by 1.74%, achieving a five-day consecutive increase, with a trading volume of 1.40 billion yuan [1][2] - The index has demonstrated a 40.06% increase in net value over the past year, ranking in the top 17.63% among 2,915 index equity funds [1][2] Industry Overview - The index is constructed from 50 representative listed companies that provide foundational resources, technology, and application support for artificial intelligence, with the top ten stocks accounting for 52.07% of the index [2][3] - The upcoming World Artificial Intelligence Conference from July 26 to July 28, 2025, in Shanghai will showcase over 3,000 cutting-edge exhibits, including numerous AI models and products, marking the largest scale in history [2][3] Market Trends - Dongwu Securities indicates that AI applications have achieved significant cost reductions and rapid penetration, suggesting the industry is entering a fast growth phase [3] - Guojin Securities highlights strong momentum in AI hardware for smart driving and robotics, as well as software applications in education, finance, and enterprise services [3][5] - The Huafu Artificial Intelligence ETF (515980) is positioned as a small broad-based fund that captures opportunities in both computing infrastructure and application innovation within the AI sector [5][6]

Group 1 - The core viewpoint of the news highlights a resurgence in the financial technology sector, with the China Securities Financial Technology Theme Index rising over 1% on July 17, driven by strong performance from constituent stocks [1] - Notable stocks such as Hengyin Technology, Tuorisi, and Runhe Software saw significant gains, with Hengyin Technology quickly hitting the upper limit within minutes of market opening [1] - The financial technology ETF (159851) experienced a price increase of over 1%, with trading volume exceeding 200 million yuan, indicating strong investor interest and inflow of capital [1] Group 2 - Hengyin Technology announced a profit forecast for the first half of 2025, expecting a net profit attributable to shareholders of 13.5 million to 16.2 million yuan, marking a turnaround from losses [3] - The report indicates a decrease in overall costs and stable revenue growth, with a significant increase in overseas sales compared to the previous year [3] - A report from CITIC Securities suggests that the legalization of stablecoins in Hong Kong will drive the expansion of the stablecoin industry, benefiting sectors such as RWA issuers, consulting/technical support providers, and cross-border payment companies [3] Group 3 - The financial technology ETF (159851) and its associated funds are recommended for investment, as they cover a wide range of themes including internet brokerage, financial IT, cross-border payments, and AI applications [3] - As of July 11, the financial technology ETF had a scale exceeding 7 billion yuan, with an average daily trading volume of over 550 million yuan in the past six months, showcasing its liquidity and scale advantages [3]

Group 1 - The A-share low-altitude economy sector experienced an initial rise, with significant gains observed in specific companies [1] - Shangong Shenbei reached the daily limit with a surge in stock price, indicating strong market interest [1] - Other companies such as Wanfeng Aowei, Jianxin Co., Electric Science Digital, and Luqiao Information also saw increases in their stock prices, reflecting a broader positive trend in the sector [1]

关于公司第二期股票期权激励计划限制行权期间的 提示性公告 证券代码：600850 证券简称：电科数字 编号：临 2025-039 中电科数字技术股份有限公司 二、本次限制行权期为2025年7月17日至2025年8月15日，在此期间全部激励 对象将限制行权。 三、公司将按照有关规定及时向中国证券登记结算有限责任公司上海分公司 申请办理限制行权的相关事宜。 特此公告。 中电科数字技术股份有限公司董事会 二〇二五年七月十二日 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法律责任。 根据中电科数字技术股份有限公司（以下简称"公司"）《第二期股票期权激 励计划（草案）》（以下简称"本激励计划"）及中国证券登记结算有限责任公司 上海分公司关于股票期权自主行权的相关规定，结合公司2025年半年度报告披露 计划，现就本激励计划的限制行权时间公告如下： 一、本激励计划预留授予股票期权第一个行权期（期权代码：1000000283） 为2024年11月4日至2025年11月3日，目前尚处于行权阶段。 ...