Market Overview - On September 1, the advertising and marketing sector rose by 3.18%, with Xinhua Dou leading the gains [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] Stock Performance - Xinhua Dou (002264) closed at 7.65, up 10.07% with a trading volume of 229,700 shares and a turnover of 171 million yuan [1] - Yuanlong Yatu (002878) closed at 20.32, up 10.02% with a trading volume of 580,300 shares and a turnover of 1.172 billion yuan [1] - Zhiduo Co. (000676) closed at 12.76, up 10.00% with a trading volume of 773,900 shares and a turnover of 972 million yuan [1] - Other notable stocks include Qitian Technology (300061) up 6.06% and Huamei Holdings (000607) up 4.75% [1] Capital Flow - The advertising and marketing sector saw a net inflow of 712 million yuan from institutional investors, while retail investors experienced a net outflow of 166 million yuan [2] - Major stocks like Yuanlong Yatu and Zhiduo Co. had significant net inflows from institutional investors, indicating strong interest [3] Individual Stock Analysis - Yuanlong Yatu had a net inflow of 380 million yuan from institutional investors, representing 32.46% of its trading volume [3] - Zhiduo Co. saw a net inflow of 238 million yuan, accounting for 24.51% of its trading volume [3] - Xinhua Dou experienced a net inflow of 67.61 million yuan, which was 39.61% of its trading volume [3]

Group 1 - The company has released its 2025 semi-annual report, which includes financial results and future development plans [6][16][29] - The board of directors has confirmed the authenticity, accuracy, and completeness of the report, taking legal responsibility for its content [1][5][44] - The report has not been audited [3] Group 2 - The company raised a total of approximately RMB 800 million through the issuance of 164,948,453 shares at a price of RMB 4.85 per share, with a net amount of RMB 791 million after deducting issuance costs [16][33] - As of June 30, 2025, the remaining balance of raised funds, including interest income, is approximately RMB 595 million [18] - The company plans to use up to RMB 6.08 billion of temporarily idle raised funds for cash management, focusing on low-risk deposit products [30][36] Group 3 - The company has approved the use of idle raised funds for cash management to enhance fund efficiency and returns, ensuring it does not affect ongoing investment projects [31][39] - The board has established a three-party supervision agreement with the underwriter and banks to manage the raised funds [19][34] - The company has confirmed that there are no significant issues with the disclosure of raised funds, and all funds have been used as promised [26] Group 4 - Senior management member Wu Ruimin plans to reduce her holdings by up to 508,900 shares, representing 25% of her total holdings, due to personal financial needs [45][46] - The reduction will occur within three months after a 15-trading-day notice period, and adjustments will be made if corporate actions affect share capital [45][48]

Core Viewpoint - The company intends to continue using idle raised funds for cash management to enhance fund efficiency and increase returns while ensuring that it does not affect the investment projects or normal operations [1][3][6] Summary by Sections 1. Basic Situation of Raised Funds - The company has been approved to issue 164,948,453 shares at a price of RMB 4.85 per share, raising a total of RMB 799,999,997.05, with a net amount of RMB 791,027,404.17 after deducting issuance costs [1][2] 2. Investment Project Situation - The total amount raised is RMB 80,000 million, with RMB 79,102.74 million allocated for specific projects [2][3] 3. Cash Management of Idle Funds - The company plans to use up to RMB 608 million of idle raised funds for cash management within 12 months, focusing on low-risk, high-liquidity deposit products [3][5] - The cash management will not change the purpose of the raised funds and will not affect the ongoing investment projects [4][6] 4. Review Procedures for Cash Management - The board has approved the use of idle funds for cash management, ensuring compliance with relevant regulations and maintaining the safety of the raised funds [4][5] 5. Impact of Investment on the Company - The cash management strategy is expected to improve fund efficiency and yield returns without significantly impacting the company's main business or financial status [6] 6. Sponsor Institution's Opinion - The sponsor institution has confirmed that the company has followed necessary approval procedures and that the cash management plan complies with regulations, ensuring no harm to shareholder interests [6]

Group 1 - The company's operating revenue for the first half of 2025 is 3.713 billion yuan, representing a year-on-year decrease of 1.90% [1] - The net profit for the same period is 112 million yuan, showing a significant year-on-year increase of 79.50% [1]

证券代码：600986 证券简称：浙文互联 公告编号：临2025-049 浙文互联集团股份有限公司 关于继续使用闲置募集资金进行现金管理的公告 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法律责任。 重要内容提示： 现金管理产品类型：浙文互联集团股份有限公司（以下简称"公司"） 拟使用暂时闲置募集资金购买安全性高、流动性好、低风险的存款类产品（包括 但不限于结构性存款、协定存款、通知存款、定期存款、大额存单等）。 现金管理额度及期限：不超过人民币 6.08 亿元（含本数），使用期限 为自董事会审议通过之日起 12 个月内，单笔产品持有期限不超过 12 个月，在前 述额度和期限内，资金可循环滚动使用。 1、募集资金的基本情况 根据中国证券监督管理委员会出具的《关于同意浙文互联集团股份有限公司 向特定对象发行股票注册的批复》（证监许可[2023]1454 号），公司获准向特定 对象发行人民币普通股（A 股）164,948,453 股，每股面值为人民币 1.00 元，发 行价为 4.85 元/股，共计募集资金人民币 799,999,997. ...

证券代码：600986 证券简称：浙文互联 公告编号：临2025-048 浙文互联集团股份有限公司 2025 年半年度募集资金存放与实际使用情况的专项报告 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法律责任。 根据《上市公司监管指引第 2 号上市公司募集资金管理和使用的监管要求》《上 海证券交易所上市公司自律监管指引第 1 号规范运作》及《上海证券交易所上市公 司自律监管指南第 1 号——公告格式》的有关规定，现将浙文互联集团股份有限公 司（以下简称"本公司"或"公司"）2025 年半年度募集资金存放与使用情况报 告如下： 一、募集资金基本情况 (一) 实际募集资金金额、资金到账时间 | 项目 | 金额(元) | | --- | --- | | 募集资金净额 | 791,027,404.17 | | 加：利息收入及理财收入 | 20,942,158.46 | | 加：未使用募集资金支付的部分发行费用 | 3,000,894.78 | | 减：直接投入募投项目的金额 | - | | 偿还银行借款及补充流动资金 | 220,000,00 ...

表决结果：同意 7 票，反对 0 票，弃权 0 票。 本议案已经公司第十一届董事会审计委员会第二次会议审议通过。 证券代码：600986 证券简称：浙文互联 公告编号：临2025-047 浙文互联集团股份有限公司 第十一届董事会第二次临时会议决议公告 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法律责任。 浙文互联集团股份有限公司（以下简称"浙文互联"或"公司"）第十一届 董事会第二次临时会议通知于 2025 年 8 月 22 日以邮件方式发出，本次会议于 2025 年 8 月 29 日在公司会议室以现场加通讯方式召开。会议应出席董事 7 名， 实际出席董事 7 名；会议由董事长尤匡领先生主持，公司高级管理人员列席了会 议。会议的召集和召开符合有关法律、行政法规、部门规章、规范性文件和公司 章程的规定。 会议审议情况如下： 一、审议通过《2025 年半年度报告及摘要》 详见公司同日于上海证券交易所网站（www.sse.com.cn）披露的《浙文互联 2025 年半年度报告》和《浙文互联 2025 年半年度报告摘要》。 1 详见公司同日 ...

证券代码：600986 证券简称：浙文互联 公告编号：临 2025-050 浙文互联集团股份有限公司 高级管理人员减持股份计划公告 本公司董事会、全体董事及相关股东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。 重要内容提示： | 股东名称 | 吴瑞敏 | | | | --- | --- | --- | --- | | 股东身份 | 控股股东、实控人及一致行动人 | □是 | √否 | | | 直接持股 5%以上股东 | □是 | √否 | | | 董事、监事和高级管理人员 | √是 | □否 | | | 其他：无 | | | | 持股数量 | 2,035,760股 | | | | 持股比例 | 0.14% | | | 一、减持主体的基本情况 1 高级管理人员持股的基本情况：截至本公告披露之日，浙文互联集团 股份有限公司（以下简称"公司"）联席总经理吴瑞敏女士持有公司股 份 2,035,760 股，占公司总股本的 0.14%，股份来源为 2017 年通过发 行股份购买资产所得。 减持计划的主要内容：吴瑞敏女士因个人资金需求，自本公告披露之 日起 1 ...

浙商证券股份有限公司 关于浙文互联集团股份有限公司 继续使用闲置募集资金进行现金管理的核查意见 浙商证券股份有限公司（以下简称"浙商证券"或"保荐机构"）作为浙文 互联集团股份有限公司（以下简称"公司"或"浙文互联"）向特定对象发行股 票的保荐机构，根据《证券发行上市保荐业务管理办法》《上市公司募集资金监 管规则》《上海证券交易所股票上市规则》《上海证券交易所上市公司自律监管指 引第 1 号——规范运作（2025 年 5 月修订）》等相关规定，就浙文互联继续使用 闲置募集资金进行现金管理的事项进行了审慎核查，核查情况如下： 一、本次募集资金基本情况 根据中国证券监督管理委员会《关于同意浙文互联集团股份有限公司向特定 对象发行股票注册的批复》（证监许可[2023]1454 号），公司获准向特定对象发行 人民币普通股（A 股）164,948,453 股，每股面值为人民币 1.00 元，每股发行价 格为人民币 4.85 元，募集资金总额为人民币 799,999,997.05 元，扣除发行费用人 民币 8,972,592.88 元（不含税）后，募集资金净额为人民币 791,027,404.17 元。 本次发行募集资金 ...

Section I Definitions [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This chapter provides definitions of common terms used in the report, including company names, related entities, subsidiary names, currency units, and reporting periods, ensuring consistent understanding of the report content - The reporting period is from **January 1, 2025, to June 30, 2025**[12](index=12&type=chunk) - The full name of the company is Zhejiang Culture Interconnect Group Co., Ltd., abbreviated as **ZWHL**[12](index=12&type=chunk) Section II Company Profile and Key Financial Indicators [I. Company Information](index=5&type=section&id=I.%20Company%20Information) This section outlines the company's basic information, including its Chinese name, abbreviation, foreign name, and legal representative, providing quick identification for investors - The company's Chinese name is Zhejiang Culture Interconnect Group Co., Ltd., and its legal representative is **You Kuangling**[14](index=14&type=chunk) [II. Contact Persons and Information](index=5&type=section&id=II.%20Contact%20Persons%20and%20Information) This section provides detailed contact information for the company's Board Secretary and Securities Affairs Representative, facilitating information inquiries and communication for investors - The Board Secretary is Wang Yingyi, and the Securities Affairs Representative is Sun Bin, with both contact numbers being **010-87835799**[15](index=15&type=chunk) [III. Brief Introduction to Changes in Basic Information](index=5&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) This section introduces the historical changes in the company's registered address, indicating that it changed from Guangrao County, Shandong Province, to Hangzhou City, Zhejiang Province, on December 31, 2021 - The company's registered address changed from Guangrao County, Shandong Province, to No. 88 Jiuzhou Street, Jinnan Street, Lin'an District, Hangzhou City, Zhejiang Province, on **December 31, 2021**[16](index=16&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=5&type=section&id=IV.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Custody%20Locations) This section clarifies the company's information disclosure channels and document custody locations for its semi-annual report, ensuring investors can access public company information promptly - The company's designated information disclosure newspapers are "China Securities Journal," "Shanghai Securities News," and "Securities Times," with the website for the semi-annual report being **http://www.sse.com.cn**[17](index=17&type=chunk) [V. Company Stock Overview](index=5&type=section&id=V.%20Company%20Stock%20Overview) This section provides the company's stock listing information, including stock type, listing exchange, stock abbreviation, and code - The company's A-shares are listed on the Shanghai Stock Exchange, with the stock abbreviation **ZWHL** and stock code **600986**[18](index=18&type=chunk) [VII. Key Accounting Data and Financial Indicators](index=5&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section summarizes the company's key accounting data and financial indicators for the first half of 2025, showing significant year-on-year growth in total profit and net profit attributable to parent company, but a decline in operating revenue and net cash flow from operating activities 2025 Semi-Annual Key Accounting Data | Indicator | Current Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 3,712,614,231.53 Yuan | 3,784,449,752.41 Yuan | -1.90 | | Total Profit | 118,138,522.23 Yuan | 79,077,199.12 Yuan | 49.40 | | Net Profit Attributable to Listed Company Shareholders | 111,765,299.46 Yuan | 62,265,775.60 Yuan | 79.50 | | Net Profit Attributable to Listed Company Shareholders After Deducting Non-Recurring Gains and Losses | 8,424,707.59 Yuan | 64,105,077.83 Yuan | -86.86 | | Net Cash Flow from Operating Activities | -7,752,051.78 Yuan | 131,133,122.32 Yuan | -105.91 | | Net Assets Attributable to Listed Company Shareholders | 5,209,995,590.38 Yuan | 5,098,285,843.64 Yuan | 2.19 | | Total Assets | 9,126,715,316.35 Yuan | 8,302,691,088.24 Yuan | 9.92 | 2025 Semi-Annual Key Financial Indicators | Indicator | Current Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | 0.08 | 0.04 | 100.00 | | Diluted Earnings Per Share (Yuan/share) | 0.08 | 0.04 | 100.00 | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (Yuan/share) | 0.01 | 0.04 | -75.00 | | Weighted Average Return on Net Assets (%) | 2.17 | 1.22 | Increase 0.95 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 0.16 | 1.26 | Decrease 1.10 percentage points | [IX. Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=IX.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section details the company's non-recurring gains and losses items and their amounts for the first half of 2025, totaling 103,340,591.87 yuan, with fair value changes contributing the most 2025 Semi-Annual Non-Recurring Gains and Losses Items | Non-Recurring Gains and Losses Item | Amount (Yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | -459,300.99 | | Government grants recognized in current profit or loss | 187,151.24 | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains and losses from disposal of financial assets and liabilities, except for effective hedge accounting related to normal business operations | 125,863,767.32 | | Capital occupation fees received from non-financial enterprises recognized in current profit or loss | 12,352,227.51 | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 186,164.13 | | Other non-operating income and expenses apart from the above items | -187,032.34 | | Less: Income tax impact | 34,602,384.50 | | Minority interest impact (after tax) | 0.50 | | Total | 103,340,591.87 | Section III Management Discussion and Analysis [I. Description of the Company's Industry and Main Business Operations During the Reporting Period](index=8&type=section&id=I.%20Description%20of%20the%20Company%27s%20Industry%20and%20Main%20Business%20Operations%20During%20the%20Reporting%20Period) This section elaborates on the company's position in the digital culture technology industry, highlighting the stable macroeconomic growth and "two new" policies driving the digital economy. As a state-controlled digital culture technology company, it primarily develops through digital intelligence marketing and digital culture segments, actively deploying AI, 5G, and XR technologies - In the first half of 2025, China's GDP grew by **5.3% year-on-year**, with high-tech industry added value increasing by **9.5% year-on-year**, providing a favorable environment for digital economy development[26](index=26&type=chunk) - The company is a state-controlled digital culture technology company, with businesses divided into two major segments: digital intelligence marketing and digital culture[27](index=27&type=chunk) [(1) Digital Intelligence Marketing Segment](index=8&type=section&id=%281%29%20Digital%20Intelligence%20Marketing%20Segment) The digital intelligence marketing segment is dedicated to providing smart marketing solutions for brands, covering brand marketing and performance marketing, building a comprehensive digital marketing service chain through strategy, technology, and content, focusing on industries such as automotive, finance, and fast-moving consumer goods - The brand marketing division focuses on the automotive industry, expanding to finance, fast-moving consumer goods, and gaming clients, offering integrated marketing services and industry solutions[27](index=27&type=chunk) - The performance marketing division specializes in performance marketing, providing smart marketing solutions for leading clients across various industries through data analysis and operational optimization[28](index=28&type=chunk) [(2) Digital Culture Segment](index=8&type=section&id=%282%29%20Digital%20Culture%20Segment) The digital culture segment seizes AI opportunities, exploring innovative digital culture application scenarios, including digital asset trading, e-sports/gaming, digital cultural tourism, and digital cultural IP, while also deploying computing infrastructure services for industry development - Digital culture application scenario innovation revolves around digital asset trading, e-sports/gaming, digital cultural tourism, and digital cultural IP, expanding into emerging consumption and overseas social fields[28](index=28&type=chunk)[29](index=29&type=chunk) - The company is deploying digital culture computing infrastructure business, establishing subsidiaries such as ZWZS and ZWLYZS, to build a comprehensive cultural computing service system[29](index=29&type=chunk) [II. Discussion and Analysis of Operations](index=9&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) In the first half of 2025, under the guidance of state-owned shareholders, the company optimized its business structure, strengthened innovation, and enhanced risk prevention. It achieved operating revenue of 3.713 billion yuan and net profit attributable to parent company of 112 million yuan. The digital marketing segment consolidated its leading position and acquired new high-quality clients; the digital culture segment advanced equity acquisitions and capital increases, with AI computing business entering normalized operations, and the company received multiple industry awards 2025 First Half Operating Performance | Indicator | Amount (10,000 Yuan) | | :--- | :--- | | Operating Revenue | 371,261.42 | | Net Profit Attributable to Parent Company | 11,176.53 | - The digital marketing segment added high-quality clients such as Honor, Midea, and Baojun, and promoted the commercialization of its marketing AIGC application tool "Curiosity Series"[30](index=30&type=chunk) - The digital culture segment advanced the equity acquisition of Xingchao Network and completed a capital increase in Zhejiang Cultural Property Exchange, raising its shareholding to **12.37%**[30](index=30&type=chunk) - AI computing business completed the delivery of **200 smart computing servers** in the first half of the year, gradually entering normalized operations[30](index=30&type=chunk) - The company and its subsidiaries collectively won **43 industry awards**, including "Annual Digital Marketing Influential Technology Company" and "Annual AI Innovation Marketing Company"[30](index=30&type=chunk) [III. Analysis of Core Competencies During the Reporting Period](index=9&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core competencies include its governance structure and industrial upgrading under state-owned leadership, its strategic positioning in the digital asset trading niche, the prominence of its brand value, and its matrix of high-quality key clients with comprehensive service capabilities - State-owned shareholder Zhejiang Culture Investment empowers the company's development in strategy, innovative business upgrading, and financing credit enhancement, facilitating the company's governance and industrial structure upgrade[31](index=31&type=chunk) - The company strategically positioned itself in the digital asset trading niche through the acquisition of Xingchao Network and investment in Zhejiang Cultural Property Exchange, enhancing its ability to build a digital cultural ecosystem[32](index=32&type=chunk) - The company has decades of deep cultivation in the digital marketing industry, with significant brand value and leading advantages, especially in the automotive industry and performance marketing business[32](index=32&type=chunk) - The company possesses a matrix of high-quality key clients covering core industries such as automotive, e-commerce, network services, gaming, finance, and fast-moving consumer goods, along with comprehensive client service capabilities[33](index=33&type=chunk) [IV. Main Operating Performance During the Reporting Period](index=10&type=section&id=IV.%20Main%20Operating%20Performance%20During%20the%20Reporting%20Period) This section provides a detailed analysis of the company's main operating performance during the reporting period, including changes in financial statement items, asset and liability status, investment activities, and the operating performance of major controlled and investee companies [(I) Main Business Analysis](index=10&type=section&id=%28I%29%20Main%20Business%20Analysis) Company main business analysis shows a slight year-on-year decrease in operating revenue, but significant growth in total profit and net profit attributable to parent company. Financial expenses increased significantly due to increased bank loans, R&D investment increased, fair value change gains grew substantially, while net cash flow from operating activities turned negative due to changes in media credit policies and prepaid top-up fees Analysis of Changes in Financial Statement Items | Item | Current Period Amount (Yuan) | Prior Year Period Amount (Yuan) | Change Ratio (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 3,712,614,231.53 | 3,784,449,752.41 | -1.90 | | Total Profit | 118,138,522.23 | 79,077,199.12 | 49.40 | | Net Profit Attributable to Listed Company Shareholders | 111,765,299.46 | 62,265,775.60 | 79.50 | | Financial Expenses | 11,617,942.79 | 1,597,975.01 | 627.04 | | Research and Development Expenses | 50,911,562.09 | 36,945,088.51 | 37.80 | | Gains from Changes in Fair Value | 118,799,716.48 | -4,162,644.14 | 2,953.95 | | Net Cash Flow from Operating Activities | -7,752,051.78 | 131,133,122.32 | -105.91 | - The change in financial expenses was primarily due to an increase in bank loans during the current period[35](index=35&type=chunk) - The change in net cash flow from operating activities was primarily due to changes in media credit policies and the need to prepay media top-up fees for some businesses during the current period[36](index=36&type=chunk) [(III) Analysis of Assets and Liabilities](index=11&type=section&id=%28III%29%20Analysis%20of%20Assets%20and%20Liabilities) The company's asset and liability structure underwent significant changes, with substantial increases in monetary funds, trading financial assets, notes receivable, accounts receivable financing, inventories, long-term equity investments, and fixed assets, where fixed assets grew by 6000.07% primarily due to the purchase of computing equipment. On the liability side, short-term borrowings and contract liabilities increased significantly Changes in Assets and Liabilities | Item Name | Period-End Amount (Yuan) | Prior Year-End Amount (Yuan) | Change Ratio (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 845,969,131.21 | 597,345,866.24 | 41.62 | Funds prepared in advance for asset purchases | | Trading Financial Assets | 524,421,111.86 | 379,167,422.76 | 38.31 | Fair value changes in Doushen Education shares and purchase of structured deposits | | Notes Receivable | 233,696,979.48 | 63,322,767.82 | 269.06 | Commercial acceptance bills received but not yet due for acceptance | | Accounts Receivable Financing | 104,984,308.23 | 48,959,540.55 | 114.43 | Bank acceptance bills received but not yet due for acceptance | | Inventories | 10,442,979.57 | 4,804,197.30 | 117.37 | Film and television production projects transferred to inventories | | Long-Term Equity Investments | 199,427,684.36 | 90,029,562.59 | 121.51 | Investment in Zhejiang Culture Investment Financial Leasing Co., Ltd. | | Fixed Assets | 401,357,558.43 | 6,579,560.89 | 6000.07 | Purchase of computing equipment | | Short-Term Borrowings | 2,210,141,623.62 | 1,388,898,013.91 | 59.13 | Increase in bank loans | | Contract Liabilities | 216,666,240.86 | 129,124,579.72 | 67.80 | Prepaid customer business funds | - Overseas assets amounted to **4,260,947.97 yuan**, accounting for **0.05%** of total assets[40](index=40&type=chunk) - Restricted monetary funds at period-end were **136,355,434.84 yuan**, and other non-current assets restricted were **140,000,000.00 yuan**[41](index=41&type=chunk) [(IV) Analysis of Investment Status](index=13&type=section&id=%28IV%29%20Analysis%20of%20Investment%20Status) The company's external equity investments increased significantly, mainly due to the investment in Zhejiang Culture Investment Financial Leasing Co., Ltd. Financial assets measured at fair value totaled 807 million yuan at period-end, with stocks and structured deposits being the main components - As of June 30, 2025, the book value of long-term equity investments was **199.4277 million yuan**, an increase of **121.51%** from the beginning of the period, primarily due to the investment in Zhejiang Culture Investment Financial Leasing Co., Ltd[43](index=43&type=chunk) Financial Assets Measured at Fair Value | Asset Category | Beginning of Period Amount (Yuan) | End of Period Amount (Yuan) | | :--- | :--- | :--- | | Stocks | 379,167,422.76 | 423,267,139.24 | | Structured Deposits | 0 | 101,153,972.62 | | Accounts Receivable Financing | 48,959,540.55 | 104,984,308.23 | | Other Equity Instrument Investments | 47,441,666.67 | 47,441,666.67 | | Other Non-Current Financial Assets | 129,775,700.44 | 129,775,700.44 | | Total | 605,344,330.42 | 806,622,787.20 | - Fair value change gains and losses for the current period amounted to **129,803,394.41 yuan**[48](index=48&type=chunk) [(VI) Analysis of Major Controlled and Investee Companies](index=15&type=section&id=%28VI%29%20Analysis%20of%20Major%20Controlled%20and%20Investee%20Companies) This section lists the financial performance of the company's major controlled and investee companies, with Beijing ZW Tianjie Marketing Technology Co., Ltd. and Beijing Zhiyue Network Technology Co., Ltd. showing good net profit performance, while Beijing Baifusi Advertising Co., Ltd. and Beijing Pairuiweixing Internet Technology Co., Ltd. incurred losses Operating Performance of Major Subsidiaries (Units: 10,000 Yuan) | Company Name | Operating Revenue | Net Profit | | :--- | :--- | :--- | | Beijing ZW Tianjie Marketing Technology Co., Ltd. | 35,298.97 | 990.03 | | Beijing Baifusi Advertising Co., Ltd. | 75,316.74 | -836.95 | | Hangzhou ZWHL Technology Co., Ltd. | 5,378.15 | -301.79 | | ZWLYZS (Zhejiang) Technology Co., Ltd. | 5,010.18 | 820.70 | | Beijing Pairuiweixing Internet Technology Co., Ltd. | 199,472.23 | -1,076.90 | | Beijing Zhiyue Network Technology Co., Ltd. | 60,757.23 | 1,982.44 | - During the reporting period, the company added a new subsidiary, Beijing ZWHL Catering Co., Ltd., through equity purchase, but it had no significant impact on overall production, operations, or performance[51](index=51&type=chunk) [V. Other Disclosures](index=16&type=section&id=V.%20Other%20Disclosures) This section discloses significant risks the company may face, including innovation risks from rapid iteration and upgrading of artificial intelligence technology, risks of insufficient or loss of core talent, risks of goodwill and asset impairment, and risks of macroeconomic fluctuations [(I) Potential Risks](index=16&type=section&id=%28I%29%20Potential%20Risks) The company faces innovation uncertainties due to the rapid iteration of artificial intelligence technology, and there is a risk of insufficient or loss of core talent in key business segments. As of June 30, 2025, the company's goodwill balance was 979 million yuan, posing a risk of goodwill and asset impairment. Additionally, macroeconomic fluctuations may affect the development of digital marketing and digital culture segments - With the rapid iteration and upgrading of artificial intelligence technology, the company may face various factors such as technology paths, industrial policies, industry environment, and competitors in the commercialization process, leading to uncertainties in profitability[52](index=52&type=chunk) - The company faces the risk of insufficient or loss of core talent in the AI+ industry chain upgrade, which may affect business development and performance[52](index=52&type=chunk) - As of June 30, 2025, the company's goodwill balance was **979 million yuan**, posing a risk of goodwill and asset impairment, which may adversely affect current period profits and losses[53](index=53&type=chunk) - Macroeconomic fluctuations may lead to advertisers cutting marketing budgets and intensified industry competition, while the digital culture segment is still in its early stages of development, posing comprehensive challenges for the company[53](index=53&type=chunk) Section IV Corporate Governance, Environment, and Society [I. Changes in Company Directors and Senior Management](index=17&type=section&id=I.%20Changes%20in%20Company%20Directors%20and%20Senior%20Management) During the reporting period, there were multiple changes in the company's directors and senior management, including You Kuangling being elected as Chairman, Wang Yingyi appointed as Executive General Manager, and several directors, independent directors, and supervisors resigning. The company has abolished the Board of Supervisors, with its functions now exercised by the Board's Audit Committee Changes in Directors and Senior Management | Name | Position Held | Change Situation | | :--- | :--- | :--- | | You Kuangling | Chairman | Election | | Wang Yingyi | Director | Election | | Luo Chunhua | Independent Director | Election | | Zheng Chunyan | Independent Director | Election | | Wang Yingyi | Executive General Manager | Appointment | | Liu Bin | Deputy General Manager | Appointment | | Chen Nan | Director | Resignation | | Wang Qiaolan | Director | Resignation | | Liao Jianwen | Independent Director | Resignation | | Liu Meijuan | Independent Director | Resignation | | Song Liyi | Chairman of the Board of Supervisors | Resignation | | Ni Yiting | Supervisor | Resignation | | Shi Shujue | Supervisor | Resignation | | Zhang Lei | General Manager | Resignation | | Yi Xing | Co-General Manager | Resignation | - The company resolved to abolish the Board of Supervisors on **April 29, 2025**, and **May 15, 2025**, with its functions to be exercised by the Board's Audit Committee[56](index=56&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=17&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company did not propose a profit distribution or capital reserve conversion plan for the semi-annual period - The company's proposed profit distribution or capital reserve conversion plan for the semi-annual period is "**None**"[58](index=58&type=chunk) [III. Status and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=17&type=section&id=III.%20Status%20and%20Impact%20of%20Company%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company's first phase employee stock ownership plan's duration was extended by another 12 months to June 16, 2026. As of June 30, 2025, the plan held 205,542 shares, with 321,800 shares reduced during the reporting period - The company's first phase employee stock ownership plan's duration was extended by another **12 months**, until **June 16, 2026**[60](index=60&type=chunk) - As of June 30, 2025, the first phase employee stock ownership plan held **205,542 shares**, with **321,800 shares** reduced during the reporting period[61](index=61&type=chunk) Section V Significant Matters [I. Fulfillment of Commitments](index=19&type=section&id=I.%20Fulfillment%20of%20Commitments) This section discloses the fulfillment of commitments by the company's actual controller, shareholders, and related parties during or continuing into the reporting period, primarily concerning asset, personnel, and business independence, avoidance of horizontal competition, standardization of related-party transactions, and share lock-up, all of which were strictly fulfilled - Zhejiang Culture Investment committed to ensuring the asset, personnel, property, business, and institutional independence of ZWHL, and to strictly fulfilling this during its control of the listed company[63](index=63&type=chunk) - Zhejiang Culture Investment and Bowen Investment committed to avoiding horizontal competition, and if it occurs, to prioritize injecting it into the listed company or divesting it, strictly fulfilling this during their control of the listed company[63](index=63&type=chunk)[64](index=64&type=chunk)[65](index=65&type=chunk) - Zhejiang Culture Investment and Bowen Investment committed to minimizing related-party transactions, and for unavoidable transactions, to adhere to principles of openness, fairness, and impartiality, and to strictly fulfill information disclosure obligations[63](index=63&type=chunk)[64](index=64&type=chunk)[65](index=65&type=chunk) - Bowen Investment and its concerted parties committed not to reduce their holdings of ZWHL shares during specific periods and to strictly comply with relevant reduction regulations[65](index=65&type=chunk)[66](index=66&type=chunk) [IX. Explanation of the Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the Reporting Period](index=23&type=section&id=IX.%20Explanation%20of%20the%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller%20During%20the%20Reporting%20Period) During the reporting period, the integrity status of the company, its controlling shareholder, and actual controller was good, with no unfulfilled obligations determined by effective court legal documents or large amounts of overdue debts - During the reporting period, the integrity status of the company, its controlling shareholder, and actual controller was good, with no unfulfilled obligations determined by effective court legal documents, nor large amounts of overdue debts[67](index=67&type=chunk) [X. Significant Related-Party Transactions](index=23&type=section&id=X.%20Significant%20Related-Party%20Transactions) The company has disclosed in temporary announcements the execution of daily related-party transactions for 2024 and the proposed daily related-party transactions for 2025, both approved by the Board of Directors - On **April 10, 2025**, the company's Board of Directors reviewed and approved the "Proposal on the Execution of Daily Related-Party Transactions in 2024 and the Estimated Daily Related-Party Transactions in 2025"[68](index=68&type=chunk) [XI. Significant Contracts and Their Fulfillment](index=25&type=section&id=XI.%20Significant%20Contracts%20and%20Their%20Fulfillment) During the reporting period, the company had no external guarantees, but provided guarantees totaling 899 million yuan to its subsidiaries, accounting for 17.26% of the company's net assets, all provided to guaranteed entities with asset-liability ratios exceeding 70% Company Guarantee Total (Including Guarantees to Subsidiaries) (Units: 10,000 Yuan) | Indicator | Amount (10,000 Yuan) | | :--- | :--- | | Total Guarantees to Subsidiaries During the Reporting Period | 70,000 | | Total Guarantees to Subsidiaries at Period-End (B) | 89,900 | | Total Guarantees (A+B) | 89,900 | | Total Guarantees as a Percentage of Company Net Assets (%) | 17.26 | | Debt Guarantees Provided Directly or Indirectly to Guaranteed Entities with Asset-Liability Ratios Exceeding 70% (D) | 89,900 | [XII. Explanation of Progress in Use of Raised Funds](index=27&type=section&id=XII.%20Explanation%20of%20Progress%20in%20Use%20of%20Raised%20Funds) The overall use of raised funds shows that 220 million yuan has been cumulatively invested to repay bank loans and supplement working capital, accounting for 27.81% of the committed investment. The AI Smart Marketing System project and the Live Streaming and Short Video Smart Marketing Ecosystem Platform project have been temporarily suspended. Idle raised funds were managed as cash [(I) Overall Use of Raised Funds](index=27&type=section&id=%28I%29%20Overall%20Use%20of%20Raised%20Funds) The total raised funds amounted to 800 million yuan, with a net amount of 791.0274 million yuan. As of the end of the reporting period, 220 million yuan had been cumulatively invested, mainly for repaying bank loans and supplementing working capital, accounting for 27.81% of the committed investment Overall Use of Raised Funds (Units: 10,000 Yuan) | Indicator | Amount (10,000 Yuan) | | :--- | :--- | | Total Raised Funds | 80,000.00 | | Net Raised Funds | 79,102.74 | | Total Raised Funds Cumulatively Invested as of Period-End | 22,000.00 | | Cumulative Investment Progress as of Period-End (%) | 27.81 | [(II) Details of Raised Fund Investment Projects](index=27&type=section&id=%28II%29%20Details%20of%20Raised%20Fund%20Investment%20Projects) The raised fund investment projects include the AI Smart Marketing System project, the Live Streaming and Short Video Smart Marketing Ecosystem Platform project, and the project for repaying bank loans and supplementing working capital. The first two R&D projects have been temporarily suspended, and 220 million yuan has been invested in the bank loan repayment and working capital supplementation project, with an investment progress of 75.73% Details of Raised Fund Investment Projects (Units: 10,000 Yuan) | Project Name | Planned Total Investment of Raised Funds (1) | Total Raised Funds Cumulatively Invested as of Period-End (2) | Investment Progress (%) (3)＝(2)/(1) | | :--- | :--- | :--- | :--- | | AI Smart Marketing System Project | 20,768.45 | 0 | 0 | | Live Streaming and Short Video Smart Marketing Ecosystem Platform Project | 29,283.29 | 0 | 0 | | Repaying Bank Loans and Supplementing Working Capital | 29,051.00 | 22,000.00 | 75.73 | | Total | 79,102.74 | 22,000.00 | / | - The AI Smart Marketing System project and the Live Streaming and Short Video Smart Marketing Ecosystem Platform project were temporarily suspended on **August 30, 2024**[78](index=78&type=chunk) [(III) Changes or Termination of Raised Fund Investment Projects During the Reporting Period](index=29&type=section&id=%28III%29%20Changes%20or%20Termination%20of%20Raised%20Fund%20Investment%20Projects%20During%20the%20Reporting%20Period) There were no changes or terminations of raised fund investment projects during the reporting period [(IV) Other Uses of Raised Funds During the Reporting Period](index=29&type=section&id=%28IV%29%20Other%20Uses%20of%20Raised%20Funds%20During%20the%20Reporting%20Period) The company managed idle raised funds as cash, with a balance of 590.9755 million yuan at the end of the reporting period, all of which had been redeemed by the date of this report's disclosure Cash Management of Idle Raised Funds (Units: 10,000 Yuan) | Board of Directors Review Date | Maximum Amount During Period | Period-End Balance | | :--- | :--- | :--- | | August 30, 2024 | 80,000.00 | 59,097.55 | - As of the disclosure date of this report, the company has redeemed all raised funds managed as cash[81](index=81&type=chunk) [XVIII. Other Significant Matters](index=158&type=section&id=XVIII.%20Other%20Significant%20Matters) The company's wholly-owned subsidiary, ZW Technology, is advancing the acquisition of equity and property shares in Zhejiang Xingchao Network Technology Co., Ltd. and Hangzhou Xinzhu Enterprise Management Partnership (Limited Partnership). Upon completion, ZW Technology will gain actual control over both companies, and this transaction does not constitute a major asset restructuring - ZW Technology will pay a cash consideration of **88.93152 million yuan** in four installments to acquire **1.389555 million yuan** of capital contribution (corresponding to **13.8956% equity**) in Xingchao Network from Lin Weiwei and Xie Liyang[515](index=515&type=chunk) - ZW Technology will pay a cash consideration of **273.47675 million yuan** in four installments to acquire **739,088 yuan** of property shares (corresponding to **73.9088% property shares**) in Hangzhou Xinzhu[515](index=515&type=chunk) - ZW Technology will also pay a cash consideration of **112.19328 million yuan** to acquire **2.33736 million yuan** of capital contribution (corresponding to **23.3736% equity**) in Xingchao Network[516](index=516&type=chunk) - Upon completion of this transaction, ZW Technology will gain actual control over Hangzhou Xinzhu and Xingchao Network, and the transaction does not constitute a major asset restructuring[516](index=516&type=chunk) Section VI Share Changes and Shareholder Information [I. Share Capital Changes](index=30&type=section&id=I.%20Share%20Capital%20Changes) During the reporting period, the company's total share capital remained unchanged, but all restricted shares were released and converted into unrestricted tradable shares, resulting in unrestricted tradable shares accounting for 100% [(I) Table of Share Changes](index=30&type=section&id=%28I%29%20Table%20of%20Share%20Changes) The company's restricted shares decreased by 164,948,453 shares, and unrestricted tradable shares increased by 164,948,453 shares, while the total number of shares remained unchanged Share Changes | Share Type | Number Before Change | Percentage Before Change (%) | Increase/Decrease in This Change (+, -) Subtotal | Number After Change | Percentage After Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 164,948,453 | 11.09 | -164,948,453 | 0 | 0 | | 2. State-Owned Legal Person Shares | 164,948,453 | 11.09 | -164,948,453 | 0 | 0 | | II. Unrestricted Tradable Shares | 1,322,425,609 | 88.91 | 164,948,453 | 1,487,374,062 | 100.00 | | 1. RMB Ordinary Shares | 1,322,425,609 | 88.91 | 164,948,453 | 1,487,374,062 | 100.00 | | III. Total Shares | 1,487,374,062 | 100.00 | 0 | 1,487,374,062 | 100.00 | - The **164,948,453 shares** privately placed by the company to specific investor Bowen Investment were listed and circulated on **February 24, 2025**[85](index=85&type=chunk) [(II) Changes in Restricted Shares](index=31&type=section&id=%28II%29%20Changes%20in%20Restricted%20Shares) The 164,948,453 restricted shares held by Hangzhou Bowen Equity Investment Co., Ltd. were released from restriction on February 24, 2025, resulting in zero restricted shares at period-end Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period | Restricted Shares Released During Reporting Period | Restricted Shares at End of Reporting Period | Reason for Restriction | Date of Release from Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Hangzhou Bowen Equity Investment Co., Ltd. | 164,948,453 | 164,948,453 | 0 | Lock-up of shares subscribed in private placement | February 24, 2025 | | Total | 164,948,453 | 164,948,453 | 0 | / | / | [II. Shareholder Information](index=31&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company had 100,000 shareholders. Among the top ten shareholders, Hangzhou Bowen Equity Investment Co., Ltd. held 13.34% of the shares, remaining the largest shareholder. During the reporting period, the concerted action relationship between Bowen Investment and Lin'an Xinjin, Shanghai Mingde, was terminated - As of the end of the reporting period, the company had a total of **100,000 shareholders**[88](index=88&type=chunk) Top Ten Shareholders' Shareholdings | Shareholder Name | Shares Held at Period-End | Percentage (%) | Number of Restricted Shares Held | Share Status | Number Pledged, Marked, or Frozen | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hangzhou Bowen Equity Investment Co., Ltd. | 198,396,016 | 13.34 | 0 | Unrestricted | 0 | State-Owned Legal Person | | Hangzhou Lin'an Xinjin Industrial Development Group Co., Ltd. | 25,559,929 | 1.72 | 0 | Unrestricted | 0 | State-Owned Legal Person | | Shanghai Mingde Enterprise Management Partnership (Limited Partnership) | 20,867,704 | 1.40 | 0 | Pledged | 14,600,000 | Other | | Hong Kong Securities Clearing Company Limited | 15,182,243 | 1.02 | 0 | Unrestricted | 0 | Other | | Sun Xiufang | 14,368,390 | 0.97 | 0 | Unrestricted | 0 | Domestic Natural Person | | Song Chaoqun | 14,166,354 | 0.95 | 0 | Unrestricted | 0 | Domestic Natural Person | | Li Defeng | 13,964,000 | 0.94 | 0 | Unrestricted | 0 | Domestic Natural Person | | China Merchants Bank Co., Ltd. - Southern CSI 1000 ETF | 13,727,940 | 0.92 | 0 | Unrestricted | 0 | Other | | Gao Yuhua | 13,182,320 | 0.89 | 0 | Unrestricted | 0 | Domestic Natural Person | | Su Ximei | 12,863,440 | 0.86 | 0 | Unrestricted | 0 | Domestic Natural Person | - Effective **February 24, 2025**, the concerted action relationship formed between Bowen Investment and Hangzhou Lin'an Xinjin Industrial Development Group Co., Ltd., and Shanghai Mingde Enterprise Management Partnership (Limited Partnership) based on the "Concerted Action Agreement" was terminated[91](index=91&type=chunk) [III. Information on Directors and Senior Management](index=32&type=section&id=III.%20Information%20on%20Directors%20and%20Senior%20Management) During the reporting period, the shareholdings of the company's director Tang Ying and co-general manager Wu Ruimin remained unchanged Changes in Shareholdings of Current and Resigned Directors and Senior Management During the Reporting Period | Name | Position | Shares Held at Beginning of Period | Shares Held at End of Period | Change in Shareholdings During Reporting Period | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Tang Ying | Director | 3,935,882 | 3,935,882 | 0 | Not applicable | | Wu Ruimin | Co-General Manager | 2,035,760 | 2,035,760 | 0 | Not applicable | Section VII Bond-Related Information [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=34&type=section&id=I.%20Corporate%20Bonds%20%28Including%20Enterprise%20Bonds%29%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments [II. Convertible Corporate Bonds](index=34&type=section&id=II.%20Convertible%20Corporate%20Bonds) During the reporting period, the company had no convertible corporate bonds Section VIII Financial Report [I. Audit Report](index=35&type=section&id=I.%20Audit%20Report) This semi-annual report is unaudited - This semi-annual report is unaudited[5](index=5&type=chunk) [II. Financial Statements](index=35&type=section&id=II.%20Financial%20Statements) 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 [Consolidated Balance Sheet](index=35&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets were 9.127 billion yuan, an increase of 9.92% from the end of the previous year; total liabilities were 3.884 billion yuan, an increase of 21.36%; and net assets attributable to parent company shareholders were 5.210 billion yuan, an increase of 2.19% Key Data from Consolidated Balance Sheet | Item | June 30, 2025 (Yuan) | December 31, 2024 (Yuan) | | :--- | :--- | :--- | | Total Assets | 9,126,715,316.35 | 8,302,691,088.24 | | Total Liabilities | 3,884,009,865.52 | 3,200,391,203.91 | | Total Owners' Equity Attributable to Parent Company | 5,209,995,590.38 | 5,098,285,843.64 | [Parent Company Balance Sheet](index=37&type=section&id=Parent%20Company%20Balance%20Sheet) As of June 30, 2025, the parent company's total assets were 7.748 billion yuan, an increase of 10.33% from the end of the previous year; total liabilities were 1.977 billion yuan, an increase of 45.09%; and total owners' equity was 5.771 billion yuan, an increase of 1.96% Key Data from Parent Company Balance Sheet | Item | June 30, 2025 (Yuan) | December 31, 2024 (Yuan) | | :--- | :--- | :--- | | Total Assets | 7,747,937,679.34 | 7,022,596,806.93 | | Total Liabilities | 1,977,153,676.67 | 1,362,744,592.07 | | Total Owners' Equity | 5,770,784,002.67 | 5,659,852,214.86 | [Consolidated Income Statement](index=39&type=section&id=Consolidated%20Income%20Statement) In the first half of 2025, the company's consolidated total operating revenue was 3.713 billion yuan, a year-on-year decrease of 1.90%; net profit was 115 million yuan, a year-on-year increase of 84.44%; and net profit attributable to parent company shareholders was 112 million yuan, a year-on-year increase of 79.50% Key Data from Consolidated Income Statement | Item | 2025 Semi-Annual (Yuan) | 2024 Semi-Annual (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 3,712,614,231.53 | 3,784,449,752.41 | | Net Profit | 115,461,119.22 | 62,600,154.08 | | Net Profit Attributable to Parent Company Shareholders | 111,765,299.46 | 62,265,775.60 | [Parent Company Income Statement](index=41&type=section&id=Parent%20Company%20Income%20Statement) In the first half of 2025, the parent company's operating revenue was 109 million yuan, a year-on-year increase of 76.12%; net profit was 111 million yuan, turning a loss into profit compared to the same period last year Key Data from Parent Company Income Statement | Item | 2025 Semi-Annual (Yuan) | 2024 Semi-Annual (Yuan) | | :--- | :--- | :--- | | Operating Revenue | 109,206,970.68 | 62,006,941.51 | | Net Profit | 110,931,787.81 | -858,597.27 | [Consolidated Cash Flow Statement](index=42&type=section&id=Consolidated%20Cash%20Flow%20Statement) In the first half of 2025, the company's net cash flow from operating activities was -7.7521 million yuan, a year-on-year decrease of 105.91%; net cash flow from investing activities improved to -562 million yuan; and net cash flow from financing activities increased significantly to 690 million yuan Key Data from Consolidated Cash Flow Statement | Item | 2025 Semi-Annual (Yuan) | 2024 Semi-Annual (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -7,752,051.78 | 131,133,122.32 | | Net Cash Flow from Investing Activities | -561,806,838.64 | -601,114,034.10 | | Net Cash Flow from Financing Activities | 689,823,723.04 | -140,543,538.73 | | Net Increase in Cash and Cash Equivalents | 120,253,598.97 | -610,506,484.06 | [Parent Company Cash Flow Statement](index=43&type=section&id=Parent%20Company%20Cash%20Flow%20Statement) In the first half of 2025, the parent company's net cash flow from operating activities was 98.5131 million yuan, a year-on-year decrease of 72.50%; net cash flow from investing activities improved to -206 million yuan; and net cash flow from financing activities increased significantly to 334 million yuan Key Data from Parent Company Cash Flow Statement | Item | 2025 Semi-Annual (Yuan) | 2024 Semi-Annual (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 98,513,127.91 | 359,523,455.37 | | Net Cash Flow from Investing Activities | -205,822,432.54 | -683,150,335.62 | | Net Cash Flow from Financing Activities | 334,373,769.72 | -115,981,079.75 | | Net Increase in Cash and Cash Equivalents | 227,053,941.11 | -439,588,988.10 | [Consolidated Statement of Changes in Owners' Equity](index=46&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Owners%27%20Equity) In the first half of 2025, the company's consolidated total owners' equity increased by 140 million yuan, primarily due to an increase in comprehensive income and capital contributions from minority shareholders Consolidated Statement of Changes in Owners' Equity | Item | 2025 Beginning of Period Balance (Yuan) | Current Period Change Amount (Yuan) | 2025 End of Period Balance (Yuan) | | :--- | :--- | :--- | :--- | | Total Owners' Equity | 5,102,299,884.33 | 140,405,566.50 | 5,242,705,450.83 | | Total Owners' Equity Attributable to Parent Company | 5,098,285,843.64 | 111,709,746.74 | 5,209,995,590.38 | | Minority Interests | 4,014,040.69 | 28,695,819.76 | 32,709,860.45 | [Parent Company Statement of Changes in Owners' Equity](index=48&type=section&id=Parent%20Company%20Statement%20of%20Changes%20in%20Owners%27%20Equity) In the first half of 2025, the parent company's total owners' equity increased by 111 million yuan, mainly due to an increase in net profit Parent Company Statement of Changes in Owners' Equity | Item | 2025 Beginning of Period Balance (Yuan) | Current Period Change Amount (Yuan) | 2025 End of Period Balance (Yuan) | | :--- | :--- | :--- | :--- | | Total Owners' Equity | 5,659,852,214.86 | 110,931,787.81 | 5,770,784,002.67 | [III. Company Basic Information](index=51&type=section&id=III.%20Company%20Basic%20Information) This section provides a detailed introduction to the company's history, stock listing, changes in controlling shareholder and actual controller, registered and headquarters addresses, organizational structure, and main operating activities - The company's shares were listed on the Shanghai Stock Exchange on **April 26, 2004**, with a current registered capital of **1,487.374062 million yuan**[122](index=122&type=chunk) - In **August 2023**, Hangzhou Bowen Equity Investment Co., Ltd. became the company's controlling shareholder, with Zhejiang Provincial Department of Finance remaining the actual controller[123](index=123&type=chunk) - Effective **February 24, 2025**, the concerted action relationship formed between Bowen Investment and Lin'an Xinjin, Shanghai Mingde based on the "Concerted Action Agreement" was terminated[123](index=123&type=chunk) - The company's main operating activity is internet marketing business, belonging to the internet services industry[125](index=125&type=chunk) [IV. Basis of Financial Statement Preparation](index=52&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) This section explains that the company's financial statements are prepared on a going concern basis, in accordance with the accounting standards issued by the Ministry of Finance and relevant regulations of the China Securities Regulatory Commission - The company's financial statements are prepared on a going concern basis, in accordance with enterprise accounting standards and the China Securities Regulatory Commission's "Information Disclosure Compilation Rules for Companies Issuing Securities to the Public No. 15 - General Provisions for Financial Reports (Revised 2023)"[126](index=126&type=chunk) - There are no matters or circumstances that would cause significant doubt about the company's ability to continue as a going concern for the **12 months** from the end of the reporting period[127](index=127&type=chunk) [V. Significant Accounting Policies and Estimates](index=52&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the significant accounting policies and estimates followed by the company in preparing its financial statements, covering business combinations, financial instruments, revenue recognition, impairment of long-term assets, and explains materiality standards and accounting judgments and estimates - The company uses the transfer of control as the judgment criterion for revenue recognition, recognizing revenue over time for performance obligations fulfilled over a period, and at a point in time when the customer obtains control of the related goods for performance obligations fulfilled at a point in time[237](index=237&type=chunk)[238](index=238&type=chunk) - The company applies the expected credit loss model for impairment of financial assets measured at amortized cost, contract assets, and debt instrument investments measured at fair value through other comprehensive income, recognizing loss provisions[157](index=157&type=chunk) - The company assesses at each balance sheet date whether the credit risk of relevant financial instruments has significantly increased since initial recognition, considering historical data, external ratings, and forward-looking information[158](index=158&type=chunk)[159](index=159&type=chunk)[146](index=146&type=chunk) [VI. Taxation](index=89&type=section&id=VI.%20Taxation) This section lists the company's main tax categories and rates, and discloses the income tax preferential policies enjoyed by subsidiaries as high-tech enterprises and the "six taxes and two fees" reduction policy for small and micro enterprises Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Value-added amount generated during sales of goods or provision of taxable services | Taxed at rates such as 3%, 6%, 9%, 13% | | Urban Maintenance and Construction Tax | Actual amount of turnover tax paid | 7%, 5%, 1% | | Corporate Income Tax | Taxable income | 15%, 20%, 25% | | Education Surcharge | Actual amount of turnover tax paid | 3% | - Beijing Xinyu Chuangshi Technology Co., Ltd., Hangzhou Xinhang Interactive Technology Co., Ltd., Beijing Zhiyue Network Technology Co., Ltd., Beijing Aichuang Tianbo Marketing Technology Co., Ltd., and Beijing ZW Tianjie Marketing Technology Co., Ltd. have all obtained high-tech enterprise certificates and are subject to a **15%** corporate income tax rate for the current period[266](index=266&type=chunk)[267](index=267&type=chunk) - Some of the company's subsidiaries enjoy small and micro enterprise income tax preferential policies, where the portion of annual taxable income not exceeding **1 million yuan** is reduced by **25%** and taxed at a **20%** rate; the portion exceeding **1 million yuan** but not exceeding **3 million yuan** is reduced by **25%** and taxed at a **20%** rate[267](index=267&type=chunk) - Some of the company's subsidiaries enjoy the "six taxes and two fees" reduction policy for small and micro enterprises, allowing for a **50%** reduction in resource tax, urban maintenance and construction tax, property tax, urban land use tax, stamp duty, cultivated land occupation tax, and education surcharge, local education surcharge[268](index=268&type=chunk)[269](index=269&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=91&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for each major asset, liability, owners' equity, income, and expense item in the consolidated financial statements, explaining period-end balances, beginning balances, current period changes, and reasons for changes, offering specific data support for understanding the company's financial position and operating results [1. Monetary Funds](index=91&type=section&id=1.%20Monetary%20Funds) As of period-end, the company's monetary funds balance was 846 million yuan, an increase of 41.62% from the beginning of the period, with bank deposits being the main component. Some monetary funds are restricted Composition of Monetary Funds | Item | End of Period Balance (Yuan) | Beginning of Period Balance (Yuan) | | :--- | :--- | :--- | | Cash on Hand | 0 | 0 | | Bank Deposits | 839,766,631.91 | 584,604,951.15 | | Other Monetary Funds | 6,202,499.30 | 12,740,915.09 | | Total | 845,969,131.21 | 597,345,866.24 | - The total amount of funds held overseas at period-end was **168,544.71 yuan**[272](index=272&type=chunk) - Some monetary funds are restricted due to mortgages, pledges, seizures, freezes, or detentions of ownership or use rights[270](index=270&type=chunk) [2. Trading Financial Assets](index=91&type=section&id=2.%20Trading%20Financial%20Assets) As of period-end, the company's trading financial assets balance was 524 million yuan, an increase of 38.31% from the beginning of the period, mainly composed of equity instrument investments and structured deposits Composition of Trading Financial Assets | Item | End of Period Balance (Yuan) | Beginning of Period Balance (Yuan) | | :--- | :--- | :--- | | Equity Instrument Investments | 423,267,139.24 | 379,167,422.76 | | Debt Instrument Investments (Structured Deposits) | 101,153,972.62 | 0 | | Total | 524,421,111.86 | 379,167,422.76 | [3. Notes Receivable](index=91&type=section&id=3.%20Notes%20Receivable) As of period-end, the company's notes receivable balance was 234 million yuan, a significant increase of 269.06% from the beginning of the period, primarily commercial acceptance bills. During the reporting period, commercial acceptance bills endorsed or discounted but not yet due amounted to 130 million yuan Classification of Notes Receivable | Item | End of Period Balance (Yuan) | Beginning of Period Balance (Yuan) | | :--- | :--- | :--- | | Commercial Acceptance Bills | 233,696,979.48 | 59,276,448.00 | | Finance Company Acceptance Bills | 0 | 4,046,319.82 | | Total | 233,696,979.48 | 63,322,767.82 | - At period-end, the amount of commercial acceptance bills endorsed or discounted by the company and not yet due on the balance sheet date was **129,684,444.56 yuan**[276](index=276&type=chunk) Notes Receivable Bad Debt Provision | Category | Beginning of Period Balance (Yuan) | Current Period Change Amount - Provision (Yuan) | End of Period Balance (Yuan) | | :--- | :--- | :--- | :--- | | Bad Debt Provision by Portfolio | 639,623.92 | 1,720,951.65 | 2,360,575.57 | [4. Accounts Receivable](index=93&type=section&id=4.%20Accounts%20Receivable) As of period-end, the company's accounts receivable book balance was 3.744 billion yuan, a decrease of 7.43% from the beginning of the period. Bad debt provisions totaled 605 million yuan, of which 481 million yuan was individually provided. The top five debtors accounted for 41.32% of the total accounts receivable and contract assets at period-end Accounts Receivable Aging Distribution | Aging | End of Period Book Balance (Yuan) | Beginning of Period Book Balance (Yuan) | | :--- | :--- | :--- | | Within 1 year | 2,952,635,061.84 | 3,213,926,977.66 | | 1-2 years | 211,280,595.53 | 261,428,859.13 | | 2-3 years | 59,020,915.47 | 275,805,459.78 | | Over 3 years | 520,567,671.62 | 292,804,029.73 | | Total | 3,743,504,244.46 | 4,043,965,326.30 | Accounts Receivable Bad Debt Provision | Category | Beginning of Period Balance (Yuan) | Current Period Change Amount - Provision (Yuan) | End of Period Balance (Yuan) | | :--- | :--- | :--- | :--- | | Bad Debt Provision by Individual Item | 417,120,793.11 | 64,371,536.50 | 481,306,165.48 | | Bad Debt Provision by Portfolio | 122,382,687.17 | 1,607,024.06 | 123,989,711.23 | | Total | 539,503,480.28 | 65,978,560.56 | 605,295,876.71 | Top Five Accounts Receivable and Contract Assets by Debtor at Period-End | Entity Name | Accounts Receivable End of Period Balance (Yuan) | Percentage of Total Accounts Receivable and Contract Assets at Period-End (%) | Bad Debt Provision End of Period Balance (Yuan) | | :--- | :--- | :--- | :--- | | Chery Automobile | 618,636,952.62 | 16.53 | 6,220,151.21 | | Changan Automobile | 285,852,810.93 | 7.64 | 2,858,528.11 | | Dongfeng Motor | 250,144,983.50 | 6.68 | 2,501,449.84 | | BYD | 211,331,897.56 | 5.65 | 32,488,795.18 | | Hebei Zhuangye | 180,363,225.25 | 4.82 | 175,823,214.99 | | Total | 1,546,329,869.86 | 41.32 | 219,892,139.32 | [5. Accounts Receivable Financing](index=97&type=section&id=5.%20Accounts%20Receivable%20Financing) As of period-end, the company's accounts receivable financing balance was 105 million yuan, an increase of 114.43% from the beginning of the period, primarily bank acceptance bills with high credit ratings. During the reporting period, bank acceptance bills endorsed or discounted but not yet due amounted to 420 million yuan Classification of Accounts Receivable Financing | Item | End of Period Balance (Yuan) | Beginning of Period Balance (Yuan) | | :--- | :--- | :--- | | Bank Acceptance Bills with High Credit Ratings | 104,984,308.23 | 48,959,540.55 | | Total | 104,984,308.23 | 48,959,540.55 | - 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 **420,020,672.57 yuan**[301](index=301&type=chunk) Changes in Accounts Receivable Financing and Fair Value During the Current Period | Item | Beginning of Period Amount (Yuan) | Current Period Cost Change (Yuan) | End of Period Amount (Yuan) | | :--- | :--- | :--- | :--- | | Bank Acceptance Bills | 48,959,540.55 | 56,024,767.68 | 104,984,308.23 | [6. Prepaid Accounts](index=98&type=section&id=6.%20Prepaid%20Accounts) As of period-end, the company's prepaid accounts balance was 246 million yuan, largely consistent with the beginning of the period. Prepaid accounts with an aging of less than 1 year accounted for 99.18%. The top five prepaid entities accounted for 91.06% of the total prepaid accounts at period-end, mainly ByteDance-related Prepaid Accounts by Aging | Aging | End of Period Balance (Yuan) | Percentage (%) | | :--- | :--- | :--- | | Within 1 year | 244,222,657.14 | 99.18 | | 1 to 2 years | 1,922,144.68 | 0.78 | | 2 to 3 years | 88,942.65 | 0.04 | | Over 3 years | 6,000.00 | 0.00 | | Total | 246,239,744.47 | 100.00 | Top Five Prepaid Accounts by Entity at Period-End | Entity Name | End of Period Balance (Yuan) | Percentage of Total Prepaid Accounts at Period-End (%) | | :--- | :--- | :--- | | ByteDance Group | 195,601,280.91 | 79.44 | | iQiyi Group | 17,706,587.57 | 7.19 | | Shanghai Zhuyi Information Technology Co., Ltd. | 5,519,042.88 | 2.24 | | Tencent Group | 2,830,999.27 | 1.15 | | Shanghai Renlue Culture Communication Co., Ltd. | 2,551,414.69 | 1.04 | | Total | 224,209,325.32 | 91.06 | [7. Other Accounts Receivable](index=99&type=section&id=7.%20Other%20Accounts%20Receivable) As of period-end, the company's other accounts receivable balance was 467 million yuan, a decrease of 8.65% from the beginning of the period. Intercompany balances accounted for the largest portion. Bad debt provisions totaled 103 million yuan, and the top five debtors accounted for 80.86% of the total other accounts receivable at period-end Other Accounts Receivable Aging Distribution | Aging | End of Period Book Balance (Yuan) | Beginning of Period Book Balance (Yuan) | | :--- | :--- | :--- | | Within 1 year | 82,252,559.76 | 128,199,230.06 | | 1 to 2 years | 33,533,865.89 | 28,957,338.47 | | 2 to 3 years | 43,280,311.04 | 46,960,840.61 | | Over 3 years | 410,646,994.97 | 440,713,534.93 | | Total | 569,713,751.66 | 604,830,944.07 | Other Accounts Receivable Bad Debt Provision | Bad Debt Provision | January 1, 2025 Balance (Yuan) | Current Period Provision (Yuan) | June 30, 2025 Balance (Yuan) | | :--- | :--- | :--- | :--- | | Stage 1 Expected Credit Loss for Next 12 Months | 53,436,732.67 | -73,522.62 | 53,363,210.05 | | Stage 3 Expected Credit Loss for Entire Lifetime (Credit Impaired) | 40,392,606.13 | 9,140,000.00 | 49,532,606.13 | | Total | 93,829,338.80 | 9,066,477.38 | 102,895,816.18 | Top Five Other Accounts Receivable by Debtor at Period-End | Entity Name | End of Period Balance (Yuan) | Percentage of Total Other Accounts Receivable at Period-End (%) | Bad Debt Provision End of Period Balance (Yuan) | | :--- | :--- | :--- | :--- | | ZW Digital Industry Development (Dongying) Co., Ltd. | 405,388,762.73 | 71.16 | 47,980,331.35 | | ByteDance Group | 17,350,066.11 | 3.05 | 169,050.00 | | Shanghai Souyi Advertising Media Co., Ltd. | 15,626,998.12 | 2.74 | 15,626,998.12 | | Chongqing Changan Automobile Co., Ltd. | 12,000,000.00 | 2.11 | 120,000.00 | | Beijing Huaxia Jinma Culture Communication Co., Ltd. | 10,278,596.61 | 1.80 | 10,278,596.61 | | Total | 460,644,423.57 | 80.86 | 74,174,976.08 | [8. Inventories](index=102&type=section&id=8.%20Inventories) As of period-end, the company's inventory book value was 10.443 million yuan, an increase of 117.37% from the beginning of the period, mainly finished goods. Inventory impairment provision was 11.210 million yuan Inventory Classification | Item | End of Period Book Value (Yuan) | Beginning of Period Book Value (Yuan) | | :--- | :--- | :--- | | Finished Goods | 10,442,979.57 | 4,804,197.30 | | Total | 10,442,979.57 | 4,804,197.30 | Inventory Impairment Provision | Item | Beginning of Period Balance (Yuan) | End of Period Balance (Yuan) | | :--- | :--- | :--- | | Finished Goods | 11,209,793.70 | 11,209,793.70 | | Total | 11,209,793.70 | 11,209,793.70 | [9. Non-Current Assets Due Within One Year](index=103&type=section&id=9.%20Non-Current%20Assets%20Due%20Within%20One%20Year) As of period-end, the company's non-current assets due within one year were 10.6716 million yuan, a significant decrease of 93.37% from the beginning of the period, primarily due to the maturity and recovery of large-denomination bank certificates of deposit Non-Current Assets Due Within One Year | Item | End of Period Balance (Yuan) | Beginning of Period Balance (Yuan) | | :--- | :--- | :--- | | Large-Denomination Bank Certificates of Deposit and Interest | 10,241,643.81 | 160,617,232.88 | | Other | 430,000.00 | 430,000.00 | | Total | 10,671,643.81 | 161,047,232.88 | [10. Other Current Assets](index=104&type=section&id=10.%20Other%20Current%20Assets) As of period-end, the company's other current assets were 379 million yuan, an increase of 21.57% from the beginning of the period, mainly composed of input VAT to be deducted Composition of Other Current Assets | Item | End of Period Balance (Yuan) | Beginning of Period Balance (Yuan) | | :--- | :--- | :--- | | Input VAT to be Deducted | 371,184,588.78 | 266,588,230.09 | | Prepaid Taxes | 7,506,974.25 | 7,298,110.54 | | Other | 28,124.11 | 4,564,077.94 | | Total | 378,719,687.14 | 311,513,279.68 | [11. Long-Term Accounts Receivable](index=105&type=section&id=11.%20Long-Term%20Accounts%20Receivable) As of period-end, the company's long-term accounts receivable book value was 79.0707 million yuan, a decrease of 1.25% from the beginning of the period, mainly for BT investment construction projects. Bad debt provision was 5.6464 million yuan Long-Term Accounts Receivable | Item | End of Period Book Value (Yuan) | Beginning of Period Book Value (Yuan) | | :--- | :--- | :--- | | Services Provided by Installments | 79,070,741.87 | 80,070,741.87 | | Total | 79,070,741.87 | 80,070,741.87 | Long-Term Accounts Receivable Bad Debt Provision | Category | Beginning of Period Balance (Yuan) | End of Period Balance (Yuan) | | :--- | :--- | :--- | | BT Investment Construction Project | 5,646,431.44 | 5,646,431.44 | | Total | 5,646,431.44 | 5,646,431.44 | [12. Long-Term Equity Investments](index=108&type=section&id=12.%20Long-Term%20Equity%20Investments) As of period-end, the company's long-term equity investments book value was 199 million yuan, an increase of 121.51% from the beginning of the period, primarily due to the investment in Zhejiang Culture Investment Financial Leasing Co., Ltd. Impairment provision was 29.8177 million yuan Long-Term Equity Investments | Item | Beginning of Period Balance (Book Value) (Yuan) | Current Period Change - Additional Investment (Yuan) | End of Period Balance (Book Value) (Yuan) | | :--- | :--- | :--- | :--- | | II. Associates and Joint Ventures | 90,029,562.59 | 104,024,419.67 | 199,427,684.36 | | Zhejiang Culture Investment Financial Leasing Co., Ltd. | 0 | 101,435,744.71 | 102,809,679.23 | | Total | 90,029,562.59 | 104,024,419.67 | 199,427,684.36 | - The period-end balance of long-term equity investment impairment provision was **29,817,702.26 yuan**[340](index=340&type=chunk) [13. Other Equity Instrument Investments](index=109&type=section&id=13.%20Other%20Equity%20Instrument%20Investments) As of period-end, the company's other equity instrument investments balance was 47.4417 million yuan, consistent with the beginning of the period, mainly including Hangzhou Chain Reaction Investment Partnership (Limited Partnership) Other Equity Instrument Investments | Item | Beginning of Period Balance (Yuan) | End of Period Balance (Yuan) | | :--- | :--- | :--- | | Hangzhou Chain Reaction Investment Partnership (Limited Partnership) | 46,337,500.00 | 46,337,500.00 | | Hangzhou Zhe'an Huyu Network Technology Co., Ltd. | 624,166.67 | 624,166.67 | | Shanghai Xingqi Network Technology Co., Ltd. | 480,000.00 | 480,000.00 | | Total | 47,441,666.67 | 47,441,666.67 | [1