公司代码：603138 公司简称：海量数据 第一节 重要提示 1.1本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规 划，投资者应当到www.sse.com.cn网站仔细阅读半年度报告全文。 1.2本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 1.3董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无。 登录新浪财经APP 搜索【信披】查看更多考评等级 第二节 公司基本情况 2.1公司简介 ■ 2.2主要财务数据 单位：元 币种：人民币 ■ 2.3前10名股东持股情况表 单位: 股 ■ 2.4截至报告期末的优先股股东总数、前10名优先股股东情况表 □适用 √不适用 2025年半年度募集资金存放 2.5控股股东或实际控制人变更情况 □适用 √不适用 2.6在半年度报告批准报出日存续的债券情况 □适用 √不适用 第三节 重要事项 公司应当根据重要性原则，说明报告期内公司经营情况的重大变化，以及报告期内发生的对公司经营情 况有重大影响和预计未来会有重大影响的事项 □适用 √ ...

转自：中国证券报·中证网 中证报中证网讯（王珞）海量数据8月20日晚间披露2025年半年报显示，报告期内公司归属于上市公司 股东的净利润亏损4470.74万元；上年同期公司归属于上市公司股东的净利润亏损2411.91万元。公司 2025年上半年亏损额同比进一步扩大。 数据显示，海量数据2022年至2024年连续亏损。期间，归属于上市公司股东的净利润分别为亏损 6377.52万元、8118.27万元、6332.70万元。 ...

证券日报网讯 8月20日晚间，海量数据（603138）发布公告称，2025年上半年公司实现营业收入232， 435，978.34元，同比增长13.98%。 ...

Group 1 - The company, Haima Data, announced the convening of its fourth board meeting on August 20, 2025, to review the semi-annual evaluation report of the "Quality Improvement and Efficiency Enhancement" action plan [2] - For the first half of 2025, the company's revenue composition was 99.58% from software and information technology services, while other businesses accounted for 0.42% [2]

证券日报网讯 8月20日晚间，海量数据发布公告称，公司第四届董事会第十六次会议审议通过了《2025 年半年度报告全文及摘要》等多项议案。 （文章来源：证券日报） ...

（文章来源：证券日报） 证券日报网讯 8月20日晚间，海量数据发布公告称，公司计划于2025年8月28日（星期四）15：00-16： 30举行2025年半年度业绩说明会。 ...

证券代码：603138 证券简称：海量数据 公告编号：2025-058 北京海量数据技术股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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： 会议召开时间：2025 年 8 月 28 日(星期四)下午 15:00-16:30 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频录播和网络互动 一、说明会类型 本次投资者说明会以视频结合网络互动召开，公司将针对 2025 年半年度的 经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许 的范围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 （一）会议召开时间：2025 年 08 月 28 日（星期四）15:00-16:30 （二）会议召开地点：北京市海淀区学院路 30 号科大天工大厦 B 座 6 层公 司会议室 （三）会议召开方式：上证路演中心 ...

北京海量数据技术股份有限公司 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。 证券代码：603138 证券简称：海量数据 公告编号：2025-057 根据《上市公司募集资金监管规则》、《上海证券交易所上市公司自律监管 指引第 1 号——规范运作》等有关规定，现将北京海量数据技术股份有限公司（以 下简称"公司"或"海量数据"）2025 年半年度募集资金存放与实际使用情况 专项说明如下： 一、募集资金基本情况 1、实际募集资金金额、资金到账时间 经中国证券监督管理委员会《关于核准北京海量数据技术股份有限公司非公 开发行股票的批复》（证监许可〔2021〕345 号）核准，由主承销商中信建投证 券股份有限公司（以下简称"中信建投证券"）向 8 名特定投资者非公开发行 A 股 25,752,890 股，发行价格为人民币 14.00 元/股，本次非公开发行募集资金总 额为人民币 360,540,460.00 元，扣除各项发行费用（不含增值税）人民币 8,198,071.86 元，实际 ...

证券代码：603138 证券简称：海量数据 公告编号：2025-056 本议案已经公司第四届董事会审计委员会审议通过。 表决结果：同意 7 票、反对 0 票、弃权 0 票、回避 0 票 北京海量数据技术股份有限公司 第四届董事会第十六次会议决议公告 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。 一、董事会会议召开情况 北京海量数据技术股份有限公司（以下简称"公司"）第四届董事会第十六 次会议于 2025 年 8 月 20 日在公司会议室以现场结合通讯表决方式召开。本次会 议由董事长闫忠文先生主持，公司于 2025 年 8 月 10 日以邮件方式向董事、高级 管理人员发出会议通知，会议应出席董事 7 人，实际出席董事 7 人，委托出席的 董事 0 人，以通讯表决方式出席会议的董事 6 人，公司全体高级管理人员列席本 次会议。本次董事会会议的召集、召开符合《中华人民共和国公司法》、《北京海 量数据技术股份有限公司章程》的有关规定，决议内容合法有效。 二、董事会会议审议情况 （一）审议通过《2025 年半年度报告全文及摘要》 具体 ...

[Section I Definitions](index=4&type=section&id=Section%20I%20Definitions) This section provides definitions of common terms used in the report, including company names, reporting periods, currency units, and core technical concepts and certifications, to ensure clear understanding of the report content [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This chapter defines common terms used in the report, covering company names, reporting periods, currency units, and key technical concepts and certifications - Reporting period defined as **January 1, 2025, to June 30, 2025**[11](index=11&type=chunk) - "Third Nine-Year Plan" refers to **2026-2034**, dedicated to enhancing revenue scale and industry position[11](index=11&type=chunk) - Database is a core foundational software for computer systems, specialized in organizing, storing, managing, maintaining, and efficiently retrieving data[11](index=11&type=chunk) [Section II Company Profile and Key Financial Indicators](index=4&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information, contact details, changes in fundamental status, information disclosure, stock summary, and key financial data and indicators [I. Company Information](index=4&type=section&id=I.%20Company%20Information) This section outlines the company's basic identification information, including its Chinese name, abbreviation, foreign name and its abbreviation, and legal representative - Company's Chinese name is Beijing Vastdata Technology Co., Ltd., abbreviated as **Vastdata**[13](index=13&type=chunk) - Company's legal representative is **Yan Zhongwen**[13](index=13&type=chunk) [II. Contacts and Contact Information](index=4&type=section&id=II.%20Contacts%20and%20Contact%20Information) This section provides the company's main contact information, including names, address, phone, fax, and email, for investors and relevant parties - Contacts include Han Yurui and Liu Tao, both at Room 01, 6th Floor, Building B, Keda Tiangong Building, No. 30 Xueyuan Road, Haidian District, Beijing[15](index=15&type=chunk) - Company's email address is **ir@vastdata.com.cn**[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 details changes in the company's registered and office addresses, noting no historical changes during the reporting period - Company's registered and office address is Room 01, 6th Floor, Building B, Keda Tiangong Building, No. 30 Xueyuan Road, Haidian District, Beijing[16](index=16&type=chunk) - Historical changes to the company's registered address are "None"[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 describes the company's designated newspapers, website address for information disclosure, and the location for semi-annual report custody, with no changes during the reporting period - Company's selected newspapers for information disclosure are **"Shanghai Securities News"** and **"Securities Daily"**[17](index=17&type=chunk) - Website address for publishing the semi-annual report is **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, exchange, stock abbreviation, and stock code - Company's stock is A-shares, listed on the Shanghai Stock Exchange, with stock abbreviation **Vastdata** and stock code **603138**[18](index=18&type=chunk) [VII. Key Accounting Data and Financial Indicators](index=5&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During this reporting period, the company's operating revenue increased by **13.98%** year-on-year, but total profit, net profit attributable to shareholders, and non-recurring net profit losses widened, mainly due to increased business promotion and R&D investment; net cash flow from operating activities significantly grew by **138.70%** Key Accounting Data (Jan-Jun 2025 vs. Prior Year) | Key Accounting Data | Current Period (Jan-Jun) | Prior Year (Jan-Jun) | Current Period vs. Prior Year Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (yuan) | 232,435,978.34 | 203,930,030.01 | 13.98 | | Total Profit (yuan) | -48,025,773.28 | -30,233,044.64 | - | | Net Profit Attributable to Shareholders (yuan) | -44,707,380.47 | -24,119,061.04 | - | | Net Profit Attributable to Shareholders After Deducting Non-Recurring Gains and Losses (yuan) | -48,704,118.58 | -30,155,195.11 | - | | Net Cash Flow from Operating Activities (yuan) | 22,947,514.02 | 9,613,624.15 | 138.70 | | Net Assets Attributable to Shareholders (Period-end) (yuan) | 790,295,422.67 | 816,079,979.23 | -3.16 | | Total Assets (Period-end) (yuan) | 1,079,661,730.99 | 1,056,120,056.01 | 2.23 | Key Financial Indicators (Jan-Jun 2025 vs. Prior Year) | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year (Jan-Jun) | Current Period vs. Prior Year Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | -0.152 | -0.086 | - | | Diluted Earnings Per Share (yuan/share) | -0.152 | -0.083 | - | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (yuan/share) | -0.165 | -0.107 | - | | Weighted Average Return on Net Assets (%) | -5.60 | -2.94 | - | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | -6.10 | -3.68 | - | - Losses in total profit, net profit attributable to shareholders, and net profit attributable to shareholders after deducting non-recurring gains and losses increased, mainly due to increased sales and R&D expenses from intensified business promotion and R&D investment in the current period[23](index=23&type=chunk) - Net cash flow from operating activities increased, mainly due to increased cash received from sales of goods and provision of services in the current period[23](index=23&type=chunk) [IX. Non-Recurring Gains and Losses and Amounts](index=6&type=section&id=IX.%20Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) This chapter details the non-recurring gains and losses and their amounts for the reporting period, totaling **3,996,738.11 yuan**, primarily including disposal gains/losses of non-current assets, government grants, and fair value changes of financial assets Non-Recurring Gains and Losses and Amounts | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Disposal gains/losses of non-current assets | 7,956.84 | | Government grants recognized in current profit or loss | 1,354,927.22 | | Gains/losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains/losses from disposal of financial assets and liabilities | 3,630,909.96 | | Other non-operating income and expenses | -147,747.11 | | Less: Income tax impact | 385,098.47 | | Impact on minority interests (after tax) | 464,210.33 | | **Total** | **3,996,738.11** | [X. Companies with Equity Incentive or Employee Stock Ownership Plans May Choose to Disclose Net Profit After Deducting Share-Based Payment Impact](index=7&type=section&id=X.%20Companies%20with%20Equity%20Incentive%20or%20Employee%20Stock%20Ownership%20Plans%20May%20Choose%20to%20Disclose%20Net%20Profit%20After%20Deducting%20Share-Based%20Payment%20Impact) This chapter discloses the net profit after deducting the impact of share-based payments, which was **-28,042,820.86 yuan** for this reporting period, a significant increase in loss compared to the prior year Net Profit After Deducting Share-Based Payment Impact | Key Accounting Data | Current Period (Jan-Jun) | Prior Year (Jan-Jun) | Current Period vs. Prior Year Change (%) | | :--- | :--- | :--- | :--- | | Net Profit After Deducting Share-Based Payment Impact (yuan) | -28,042,820.86 | -2,995,858.81 | Not Applicable | [Section III Management Discussion and Analysis](index=8&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section provides a comprehensive discussion and analysis of the company's industry, main business operations, financial performance, core competitiveness, and risk factors during the reporting period [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 chapter elaborates on the current status, market size, and development opportunities of the database basic software industry, and comprehensively introduces the company's core main business focused on database product R&D, sales, and services, including its "five highs, one multi, two easies" product features, integrated hardware-software solutions, and a combined endogenous and demand-driven R&D model [(I) Industry Overview](index=8&type=section&id=(I)%20Industry%20Overview) China's database market continues to grow, projected to reach **83.742 billion yuan** by 2027 with an **11.99% CAGR**; the company, as a leading domestic database technology enterprise, is committed to independent innovation, with products widely applied across key industries, facing both challenges and opportunities China Database Market Size and Forecast | Indicator | Data | | :--- | :--- | | 2025 China Database Market Size | 8.37 billion USD (approx. 59.616 billion yuan) | | Share of Global Market | 7.3% | | Estimated 2027 Total Market Size | 83.742 billion yuan | | Market Compound Annual Growth Rate (CAGR) | 11.99% | - Database is one of the three major foundational platform software for computers, with high technical barriers and multiple cross-technical fields; the domestic market was long dominated by foreign giants, but the domestic database market has boomed in recent years[31](index=31&type=chunk) - Company's self-developed Vastbase database, a pure domestic enterprise-grade relational database with full independent intellectual property rights, has been widely applied in key sectors such as government, finance, telecommunications, manufacturing, energy, national defense, and transportation[32](index=32&type=chunk) [(II) Main Business Operations Overview](index=8&type=section&id=(II)%20Main%20Business%20Operations%20Overview) The company is a major domestic database product manufacturer, focusing on R&D, sales, and services of database products, offering "five highs, one multi, two easies" features and ecosystem tools; it provides integrated hardware-software solutions for critical national infrastructure data centers, using a combined endogenous and demand-driven R&D model, and expanding market through direct and distribution channels with standardized, digital, and simplified flat management - Company focuses on the R&D, sales, and services of database products, launching database products and ecosystem tools with "five highs, one multi, two easies" characteristics: high performance, high concurrency, high availability, high security, high compatibility, multi-modal, easy migration, and easy O&M[33](index=33&type=chunk)[154](index=154&type=chunk) - Company primarily targets data centers in critical national economy and livelihood sectors, offering integrated hardware-software solutions with database software products as the core, supplemented by data computing and data storage products[34](index=34&type=chunk)[35](index=35&type=chunk) - Company's R&D model combines endogenous (proactive goal setting) and demand-driven (improving based on user needs) approaches, ensuring product autonomy, foresight, and usability[35](index=35&type=chunk) - Sales model includes direct contracts with end-customers and agreements with distributors, with significant emphasis on cooperation with ecosystem partners[37](index=37&type=chunk) [II. Discussion and Analysis of Operations](index=10&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) During the reporting period, the company's main business revenue increased by **14.23%** to **231 million yuan**, with database proprietary products and services revenue growing by **66.28%** to **92.6437 million yuan**, achieving a gross profit margin of **66.70%**; the company continued to invest **108 million yuan** in R&D, a **10.39%** year-on-year increase, making significant progress in core technology, market expansion, ecosystem, and brand building, despite net profit remaining negative Main Business Revenue and Gross Profit Margin (Jan-Jun 2025) | Business Type | Revenue (10,000 yuan) | Year-on-Year Growth Rate (%) | Gross Profit Margin (%) | | :--- | :--- | :--- | :--- | | Main Business Revenue | 23,100 | 14.23 | - | | Database Proprietary Products and Services | 9,264.37 | 66.28 | 66.70 | - Company's R&D investment was **108 million yuan**, a **10.39% year-on-year increase**, with product capabilities comprehensively enhanced in time-series data processing engine, vector engine, high availability, and compatibility[41](index=41&type=chunk) - Company's marketing and service network covers nationwide and all industries; core product Vastbase achieved continuous breakthroughs in key sectors like party and government, manufacturing, finance, telecommunications, energy, transportation, medical, and education[43](index=43&type=chunk) - As of the end of the reporting period, company's Vastbase database products completed compatibility adaptation with nearly **1,500 partners** and over **2,000 products**, building a "product-ecosystem-community-talent" collaborative system[45](index=45&type=chunk) - Company received multiple national and industry honors, including "2024 Information Technology Product Service Assurance Typical Demonstration Case," continuously enhancing brand influence[47](index=47&type=chunk)[48](index=48&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](index=12&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) The company's core competitiveness lies in technology, market, ecosystem, and team; technologically, it possesses independently developed Vastbase database, continuously enhancing its "five highs, one multi, two easies" advantages and keeping pace with AI frontier technologies; market-wise, products cover nationwide and all industries with high customer stickiness; ecologically, it has completed compatibility adaptation with nearly **1,500 partners**; team-wise, it has built a highly cohesive and efficient team through equity incentives and talent development - Company has eighteen years of technological accumulation; Vastbase database continuously deepens its "five highs, one multi, two easies" core technical advantages, achieving comprehensive upgrades in time-series data processing engine and vector capabilities, evolving into a multi-modal, intelligent-driven new paradigm for general-purpose databases[49](index=49&type=chunk) - Vastbase product user base fully covers all regions and industries nationwide, gaining widespread recognition in core systems of critical sectors like party and government, manufacturing, finance, telecommunications, energy, and transportation, with extremely high customer stickiness[50](index=50&type=chunk) - Company's Vastbase database products have completed compatibility adaptation with nearly **1,500 partners** and over **2,000 products**, building a full-stack ecosystem covering chips, operating systems, middleware, cloud platforms, and ISVs[51](index=51&type=chunk)[52](index=52&type=chunk) - Company has built a self-challenging, highly collaborative team through employee equity incentive plans and talent development models, providing strong assurance for the company's high-quality development[53](index=53&type=chunk) [IV. Key Operating Performance During the Reporting Period](index=13&type=section&id=IV.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) This chapter analyzes the company's financial statement item changes, main business composition, asset and liability status, and investment activities during the reporting period; operating revenue increased, but increased sales and R&D expenses led to wider losses; net cash flow from operating activities significantly grew; asset and liability structure adjusted, with intangible assets notably increasing; the company actively engaged in equity investments and cash management [(I) Main Business Analysis](index=13&type=section&id=(I)%20Main%20Business%20Analysis) During the reporting period, the company's operating revenue increased by **13.98%**, but sales and R&D expenses significantly grew, leading to wider losses in total profit and net profit; main business revenue primarily came from software and information technology services, with database proprietary products and services revenue growing by **66.28%** and achieving a gross profit margin of **66.70%** Financial Statement Item Variation Analysis (Jan-Jun 2025 vs. Prior Year) | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 232,435,978.34 | 203,930,030.01 | 13.98 | | Operating Cost | 145,669,667.05 | 137,029,651.32 | 6.31 | | Selling Expenses | 68,825,388.78 | 48,007,442.38 | 43.36 | | Administrative Expenses | 21,693,890.99 | 20,522,976.29 | 5.71 | | Financial Expenses | -839,767.35 | -2,224,847.60 | - | | R&D Expenses | 53,347,739.71 | 41,408,032.00 | 28.83 | | Net Cash Flow from Operating Activities | 22,947,514.02 | 9,613,624.15 | 138.70 | | Net Cash Flow from Investing Activities | -265,817,388.87 | -418,633,125.77 | - | | Net Cash Flow from Financing Activities | -6,589,834.66 | 98,643,303.44 | -106.68 | - Sales expense variation mainly due to continued increase in business promotion and personnel costs in the current period[55](index=55&type=chunk) - Net cash flow from operating activities increased, mainly due to increased cash received from sales of goods and provision of services in the current period[55](index=55&type=chunk) Main Business by Product (Jan-Jun 2025) | By Product | Operating Revenue (yuan) | Operating Cost (yuan) | Gross Profit Margin (%) | Operating Revenue Year-on-Year Change (%) | Operating Cost Year-on-Year Change (%) | Gross Profit Margin Year-on-Year Change (percentage points) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Database Proprietary Products and Services | 92,643,721.15 | 30,853,228.36 | 66.70 | 66.28 | 96.56 | Decrease 5.13 | | Data Infrastructure Solutions | 138,821,288.83 | 114,429,034.93 | 17.57 | -5.51 | -5.27 | Decrease 0.21 | [(III) Analysis of Assets and Liabilities](index=15&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's monetary funds decreased by **38.61%** mainly due to unexpired wealth management products; trading financial assets significantly increased by **124,015.74%** due to an increase in unexpired wealth management products; intangible assets increased by **60.38%** due to capitalized R&D expenditures; notes and accounts payable increased by **91.98%** due to increased unexpired payments; deferred income increased by **59.19%** due to increased government grants related to assets; restricted monetary funds totaled **5,962,896.43 yuan** at period-end Asset and Liability Status Changes (Period-end vs. Prior Year-end) | Item Name | Current Period End Amount (yuan) | Current Period End % of Total Assets | Prior Year End Amount (yuan) | Prior Year End % of Total Assets | Current Period End vs. Prior Year End Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 390,401,621.38 | 36.16 | 635,892,761.26 | 60.21 | -38.61 | Mainly due to unexpired wealth management products, funds not yet recovered | | Trading Financial Assets | 218,020,843.28 | 20.19 | 175,659,30 | 0.02 | 124,015.74 | Mainly due to an increase in unexpired wealth management products | | Intangible Assets | 155,634,430.01 | 14.42 | 97,041,278.01 | 9.19 | 60.38 | Mainly due to capitalized R&D expenditures completing projects, increasing proprietary intangible assets | | Notes and Accounts Payable | 51,614,195.67 | 4.78 | 26,885,090.56 | 2.55 | 91.98 | Mainly due to an increase in unexpired payments for goods | | Deferred Income | 25,575,026.68 | 2.37 | 16,066,050.00 | 1.52 | 59.19 | Mainly due to an increase in government grants related to assets | - At the end of the reporting period, restricted monetary funds totaled **5,962,896.43 yuan**, comprising **3,791,770.40 yuan** for letter of guarantee deposits and **2,171,126.03 yuan** for accrued interest on deposits[65](index=65&type=chunk)[425](index=425&type=chunk) [(IV) Investment Status Analysis](index=17&type=section&id=(IV)%20Investment%20Status%20Analysis) During the reporting period, the company undertook 4 equity investment projects, establishing four wholly-owned subsidiaries in Guizhou, Shaanxi, Chongqing, and Suzhou; additionally, it increased capital by **2.5 million yuan** in its associate Wuhan Tianyuanshi Technology Co., Ltd. and transferred part of its equity in Beijing Shuzhi Yinhang Technology Co., Ltd.; the company also held financial assets measured at fair value, such as stocks and bank wealth management products - Company established four wholly-owned subsidiaries: Guizhou Vastbase Data Technology Co., Ltd., Shaanxi Vastbase Data Technology Co., Ltd., Chongqing Vastbase Data Technology Co., Ltd., and Suzhou Vastbase Data Technology Co., Ltd., with registered capital of **1 million yuan** or **5 million yuan**, all **100%** owned[66](index=66&type=chunk) - Company increased capital by **2.5 million yuan** in associate Wuhan Tianyuanshi Technology Co., Ltd., with its shareholding increasing to **3.33%** after the capital increase[66](index=66&type=chunk) - Company transferred **6.80%** equity in Beijing Shuzhi Yinhang Technology Co., Ltd., with its shareholding becoming **27.20%** after the transfer[67](index=67&type=chunk) Financial Assets Measured at Fair Value (Period-end) | Asset Category | Period-end Amount (yuan) | | :--- | :--- | | Stocks | 189,436.50 | | Other (including bank wealth management products) | 266,231,406.78 | | **Total** | **266,420,843.28** | [V. Other Disclosures](index=19&type=section&id=V.%20Other%20Disclosures) This chapter discloses potential technical, market, and talent risks faced by the company and outlines strategies to address them; additionally, the company actively responded to the "Quality Improvement, Efficiency Enhancement, and High Returns" special action, promoting high-quality development by enhancing core competitiveness, strengthening investor communication, and improving corporate governance [(I) Potential Risks](index=19&type=section&id=(I)%20Potential%20Risks) The company faces technical risks from rapid technology iteration and fragmented domestic database technology routes leading to "bottleneck" issues; market risks from customer reliance on international brands, intense domestic competition, and strong policy dependence; and talent risks due to a large shortage of domestic database professionals - Technical risks: Rapid iteration of database basic software technology, fragmented domestic database industry technical routes, R&D investment-output time lag, and trial-and-error costs leading to R&D loss risks[69](index=69&type=chunk) - Market risks: Need to overcome customer reliance on international brands, face intense competition from domestic manufacturers leading to compressed profit margins, and policy fluctuations in domestic substitution[70](index=70&type=chunk) - Talent risks: Basic software industry is knowledge-intensive, with a large shortage of domestic database professionals; failure to continuously attract and retain high-quality talent would hinder long-term company development[70](index=70&type=chunk) [(II) Other Disclosure Items](index=19&type=section&id=(II)%20Other%20Disclosure%20Items) The company actively implemented the "Quality Improvement, Efficiency Enhancement, and High Returns" action, enhancing core competitiveness through technological innovation and market-driven strategies, achieving a **66.28%** year-on-year growth in database proprietary products and services revenue; concurrently, the company strengthened investor communication, disclosing **2 regular reports** and **36 interim reports** during the reporting period, and conveying company value through multi-platform interaction mechanisms; the company also adhered to standardized operations, improved corporate governance, approved multiple significant matters, and abolished the supervisory board, transferring its powers to the board's audit committee - Company, driven by "technological innovation" and "market drive," achieved **92.6437 million yuan** in database proprietary products and services revenue, a **66.28% year-on-year increase**, with steadily rising market share[72](index=72&type=chunk) - During the reporting period, company disclosed **2 regular reports** and **36 interim reports**, strengthening investor communication through analyst conferences, performance briefings, and investor hotlines[72](index=72&type=chunk) - Company submitted a proposal to the shareholders' meeting in June 2025 to abolish the supervisory board (approved), transferring its original powers to the audit committee under the board of directors, and revised the "Articles of Association" and related systems[73](index=73&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=21&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section covers the company's profit distribution plan, capital reserve conversion plan, and the status and impact of its equity incentive plans, employee stock ownership plans, or other employee incentive measures [II. Profit Distribution or Capital Reserve Conversion Plan](index=21&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company will not carry out profit distribution or capital reserve conversion into share capital for the first half of 2025 - Company will not carry out profit distribution or capital reserve conversion into share capital for the first half of 2025[75](index=75&type=chunk) [III. Status and Impact of Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=21&type=section&id=III.%20Status%20and%20Impact%20of%20Company%27s%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) On April 16, 2025, the company approved the repurchase and cancellation of **290,000 restricted shares** not yet unlocked from the "2023 Restricted Stock Incentive Plan" for 4 departed employees, and terminated the employee equity incentive plan framework at the subsidiary level - Company repurchased and canceled **290,000 restricted shares** not yet unlocked from the "2023 Restricted Stock Incentive Plan" for 4 departed employees[76](index=76&type=chunk) - Company terminated the equity incentive frameworks at three subsidiary levels: Guangzhou Vastdata Database Technology Co., Ltd., Hangzhou Vastdata Storage Technology Co., Ltd., and Nanjing Vastdata Security Technology Co., Ltd[76](index=76&type=chunk) [Section V Significant Matters](index=23&type=section&id=Section%20V%20Significant%20Matters) This section details the fulfillment of commitments, integrity status of the company and its controlling shareholders, significant related-party transactions, major contracts, and the progress of raised funds utilization [I. Fulfillment of Commitments](index=23&type=section&id=I.%20Fulfillment%20of%20Commitments) This chapter details the fulfillment of commitments by the company's actual controllers, shareholders, directors, supervisors, and senior management regarding share lock-up, avoidance of horizontal competition, truthfulness of information disclosure, and non-public issuance of shares; all commitments are strictly fulfilled and long-term effective - Directors and senior management, including Zhu Huawei and Chen Zhimin, committed to transferring no more than **25%** of their total shares annually during their tenure, no transfers within six months after resignation, and no more than **50%** transferred between 6 and 12 months after resignation[80](index=80&type=chunk)[81](index=81&type=chunk) - Controlling shareholders and actual controllers Chen Zhimin and Zhu Huawei issued a "Commitment to Avoid Horizontal Competition," pledging that they and their invested enterprises will not engage in businesses or activities directly or indirectly competing with the company's main business[80](index=80&type=chunk) - Company, controlling shareholders, and directors, supervisors, and senior management committed to repurchasing new shares, buying back shares, and compensating investors for losses if the prospectus contains false records, misleading statements, or major omissions[81](index=81&type=chunk)[82](index=82&type=chunk) - Controlling shareholders and actual controllers committed to maintaining stable control of the company, ensuring pledged shares do not affect their position, and actively monitoring stock price fluctuations to take measures to reduce liquidation risks[83](index=83&type=chunk) [IX. Explanation of the Integrity Status of the Company, its Controlling Shareholders, and Actual Controllers During the Reporting Period](index=28&type=section&id=IX.%20Explanation%20of%20the%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholders%2C%20and%20Actual%20Controllers%20During%20the%20Reporting%20Period) During the reporting period, the company, its controlling shareholders, and actual controllers maintained good integrity, with no unfulfilled obligations from effective court judgments or overdue large debts - Company, its controlling shareholders, and actual controllers maintained good integrity during the reporting period[86](index=86&type=chunk) - No unfulfilled obligations from effective court judgments or overdue large debts[86](index=86&type=chunk) [X. Significant Related-Party Transactions](index=29&type=section&id=X.%20Significant%20Related-Party%20Transactions) This chapter discloses the termination of the company's investment in a fund and related-party transaction during the reporting period, which was mutually agreed upon by all parties due to changes in market environment and the company's strategic development plan - Proposal to terminate investment in a fund and related-party transaction approved by the board of directors and supervisory board[88](index=88&type=chunk) - Termination of fund establishment was due to current market environment changes and the company's strategic development plan, to effectively safeguard the interests of the company and all shareholders[88](index=88&type=chunk) [XI. Significant Contracts and Their Fulfillment](index=31&type=section&id=XI.%20Significant%20Contracts%20and%20Their%20Fulfillment) This chapter discloses the company's significant guarantees during the reporting period, primarily performance guarantees for subsidiaries, totaling **50.6151 million yuan**, accounting for **6.20%** of the company's net assets, all provided for guaranteed entities with asset-liability ratios exceeding **70%** Company Guarantee Total (Jan-Jun 2025) | Indicator | Amount (10,000 yuan) | | :--- | :--- | | Total Guarantee Balance for Subsidiaries at Period-end (B) | 5,061.51 | | Total Guarantee (A+B) | 5,061.51 | | Total Guarantee as % of Company's Net Assets | 6.20 | | Debt Guarantee Amount Provided Directly or Indirectly for Guaranteed Entities with Asset-Liability Ratio Exceeding 70% (D) | 5,061.51 | | Total of Above Three Guarantee Amounts (C+D+E) | 5,061.51 | - **20.6151 million yuan** of the guarantee was for performance guarantees for Guangzhou Vastdata Database Technology Co., Ltd. and Shenzhen Vastdata Technology Co., Ltd. jointly participating in a key Guangdong provincial project, which has completed final acceptance[92](index=92&type=chunk) - Another **30 million yuan** was for a performance guarantee for Guangzhou Vastdata Database Technology Co., Ltd. for product and service listing on Huawei Cloud Mall, with the project still in normal performance[92](index=92&type=chunk) [XII. Explanation of Progress in Use of Raised Funds](index=32&type=section&id=XII.%20Explanation%20of%20Progress%20in%20Use%20of%20Raised%20Funds) This chapter details the overall use of the company's raised funds and specific investment projects; as of the end of the reporting period, cumulative raised funds invested totaled **231.4801 million yuan**, with an investment progress of **65.70%**; the company also used idle raised funds for cash management and decided to extend the expected completion date for the "Database Technology R&D Upgrade Project" and "Database Security Product Project" to October 2026 Overall Use of Raised Funds (As of Reporting Period End) | Indicator | Amount (10,000 yuan) | | :--- | :--- | | Net Raised Funds (1) | 36,054.05 | | Total Raised Funds Pledged for Investment in Prospectus or Offering Document (2) | 35,234.24 | | Cumulative Raised Funds Invested as of Reporting Period End (4) | 23,148.01 | | Cumulative Raised Funds Investment Progress (%) (6) | 65.70 | | Amount Invested This Year (8) | 4,478.25 | | Percentage of Amount Invested This Year (%) (9) | 12.71 | Details of Raised Fund Investment Projects (As of Reporting Period End) | Project Name | Planned Investment Amount from Raised Funds (10,000 yuan) | Amount Invested This Year (10,000 yuan) | Cumulative Amount Invested as of Reporting Period End (10,000 yuan) | Investment Progress (%) | | :--- | :--- | :--- | :--- | :--- | | Database Technology R&D Upgrade Project | 30,000.00 | 3,912.23 | 20,161.66 | 67.21 | | Database Security Product Project | 5,234.24 | 566.02 | 2,986.35 | 57.05 | | **Total** | **35,234.24** | **4,478.25** | **23,148.01** | **65.70** | - On April 16, 2025, company approved using idle raised funds not exceeding **150 million yuan** for cash management, purchasing highly secure and liquid principal-protected products[99](index=99&type=chunk) - On June 26, 2025, company approved extending the expected completion date for the "Database Technology R&D Upgrade Project" and "Database Security Product Project" from August 2025 to October 2026[100](index=100&type=chunk) [Section VI Share Changes and Shareholder Information](index=35&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section details the company's share capital changes and shareholder structure, including the total number of shareholders, top ten shareholders, and restricted share holders [I. Share Capital Changes](index=35&type=section&id=I.%20Share%20Capital%20Changes) During the reporting period, the company's total share capital and share structure remained unchanged; after the reporting period, based on the adjusted total share capital of **293,872,710 shares**, earnings per share were **-0.152 yuan**, and net assets per share were **2.69 yuan** - Company's total share capital and share structure remained unchanged during the reporting period[103](index=103&type=chunk) - After the reporting period, based on the adjusted total share capital of **293,872,710 shares**, earnings per share were **-0.152 yuan**, and net assets per share were **2.69 yuan**[104](index=104&type=chunk) [II. Shareholder Information](index=35&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company had **31,243 common shareholders**; among the top ten shareholders, Chen Zhimin and Zhu Huawei are the controlling shareholders and actual controllers, holding over **43%** combined, with no pledged, marked, or frozen shares; the top ten shareholders with restricted shares are primarily equity incentive recipients - Total common shareholders as of the end of the reporting period: **31,243 accounts**[105](index=105&type=chunk) Top Ten Shareholders' Shareholding (As of Reporting Period End) | Shareholder Name | Period-end Shareholding (shares) | Percentage (%) | Number of Restricted Shares Held (shares) | Share Status | Number (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Chen Zhimin | 64,740,723 | 22.00 | - | None | 0 | | Zhu Huawei | 63,385,330 | 21.54 | - | None | 0 | | Duanmuxiaoyi | 5,000,000 | 1.70 | - | None | 0 | | Hu Weina | 2,716,500 | 0.92 | 930,000 | None | 0 | | Geng Juanhua | 2,128,400 | 0.72 | - | None | 0 | | He Ronghua | 2,007,000 | 0.68 | - | None | 0 | | Cai Dekai | 1,709,028 | 0.58 | - | None | 0 | | Luo Bin | 1,649,100 | 0.56 | - | None | 0 | | Xiao Feng | 1,443,416 | 0.49 | 970,000 | None | 0 | | Zhu Baiqing | 1,433,000 | 0.49 | 875,000 | None | 0 | - Company's controlling shareholders and actual controllers, Chen Zhimin and Zhu Huawei, are a married couple[108](index=108&type=chunk) - Top ten shareholders with restricted shares are primarily holders of restricted shares granted under the equity incentive plan, such as Xiao Feng, Wang Zhenwei, and Hu Weina[109](index=109&type=chunk) [Section VII Bond-Related Information](index=37&type=section&id=Section%20VII%20Bond-Related%20Information) This section confirms the absence of company bonds (including corporate bonds) and non-financial enterprise debt financing instruments, as well as convertible corporate bonds, during the reporting period [I. Company Bonds (Including Corporate Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=37&type=section&id=I.%20Company%20Bonds%20(Including%20Corporate%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) During this reporting period, the company had no company bonds (including corporate bonds) or non-financial enterprise debt financing instruments - Company had no company bonds (including corporate bonds) or non-financial enterprise debt financing instruments[111](index=111&type=chunk) [II. Convertible Corporate Bonds](index=37&type=section&id=II.%20Convertible%20Corporate%20Bonds) During this reporting period, the company had no convertible corporate bonds - Company had no convertible corporate bonds[111](index=111&type=chunk) [Section VIII Financial Report](index=38&type=section&id=Section%20VIII%20Financial%20Report) This section presents the company's unaudited semi-annual financial statements for 2025, including consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, providing a comprehensive view of its financial position, operating results, and cash flows [I. Audit Report](index=38&type=section&id=I.%20Audit%20Report) This semi-annual report is unaudited - This semi-annual report is unaudited[3](index=3&type=chunk)[113](index=113&type=chunk) [II. Financial Statements](index=38&type=section&id=II.%20Financial%20Statements) This chapter 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=38&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets were **1,079,661,730.99 yuan**, total liabilities were **301,652,931.14 yuan**, and owners' equity attributable to the parent company was **790,295,422.67 yuan** Consolidated Balance Sheet Key Data (June 30, 2025) | Item | Amount (yuan) | | :--- | :--- | | Total Assets | 1,079,661,730.99 | | Total Liabilities | 301,652,931.14 | | Total Owners' Equity Attributable to Parent Company | 790,295,422.67 | | Minority Interests | -12,286,622.82 | | Total Owners' Equity | 778,008,799.85 | [Parent Company Balance Sheet](index=40&type=section&id=Parent%20Company%20Balance%20Sheet) As of June 30, 2025, the parent company's total assets were **1,123,715,622.07 yuan**, total liabilities were **245,239,643.37 yuan**, and total owners' equity was **878,475,978.70 yuan** Parent Company Balance Sheet Key Data (June 30, 2025) | Item | Amount (yuan) | | :--- | :--- | | Total Assets | 1,123,715,622.07 | | Total Liabilities | 245,239,643.37 | | Total Owners' Equity | 878,475,978.70 | [Consolidated Income Statement](index=42&type=section&id=Consolidated%20Income%20Statement) For January-June 2025, the company's consolidated total operating revenue was **232,435,978.34 yuan**, total profit was **-48,025,773.28 yuan**, net profit attributable to parent company shareholders was **-44,707,380.47 yuan**, and basic earnings per share were **-0.152 yuan/share** Consolidated Income Statement Key Data (Jan-Jun 2025) | Item | Amount (yuan) | | :--- | :--- | | Total Operating Revenue | 232,435,978.34 | | Total Operating Costs | 290,326,191.00 | | Total Profit | -48,025,773.28 | | Net Profit | -46,924,569.18 | | Net Profit Attributable to Parent Company Shareholders | -44,707,380.47 | | Basic Earnings Per Share (yuan/share) | -0.152 | [Parent Company Income Statement](index=44&type=section&id=Parent%20Company%20Income%20Statement) For January-June 2025, the parent company's operating revenue was **213,893,110.02 yuan**, total profit was **-30,994,085.78 yuan**, and net profit was **-29,944,683.38 yuan** Parent Company Income Statement Key Data (Jan-Jun 2025) | Item | Amount (yuan) | | :--- | :--- | | Operating Revenue | 213,893,110.02 | | Operating Cost | 171,854,338.72 | | Total Profit | -30,994,085.78 | | Net Profit | -29,944,683.38 | [Consolidated Cash Flow Statement](index=46&type=section&id=Consolidated%20Cash%20Flow%20Statement) For January-June 2025, the company's consolidated net cash flow from operating activities was **22,947,514.02 yuan**, net cash flow from investing activities was **-265,817,388.87 yuan**, and net cash flow from financing activities was **-6,589,834.66 yuan** Consolidated Cash Flow Statement Key Data (Jan-Jun 2025) | Item | Amount (yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | 22,947,514.02 | | Net Cash Flow from Investing Activities | -265,817,388.87 | | Net Cash Flow from Financing Activities | -6,589,834.66 | | Net Increase in Cash and Cash Equivalents | -249,469,066.23 | | Cash and Cash Equivalents Balance at Period-end | 384,358,724.95 | [Parent Company Cash Flow Statement](index=47&type=section&id=Parent%20Company%20Cash%20Flow%20Statement) For January-June 2025, the parent company's net cash flow from operating activities was **-9,075,060.42 yuan**, net cash flow from investing activities was **-251,789,664.65 yuan**, and net cash flow from financing activities was **-5,740,415.81 yuan** Parent Company Cash Flow Statement Key Data (Jan-Jun 2025) | Item | Amount (yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | -9,075,060.42 | | Net Cash Flow from Investing Activities | -251,789,664.65 | | Net Cash Flow from Financing Activities | -5,740,415.81 | | Net Increase in Cash and Cash Equivalents | -266,605,140.88 | | Cash and Cash Equivalents Balance at Period-end | 347,687,092.36 | [Consolidated Statement of Changes in Owners' Equity](index=49&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Owners%27%20Equity) For January-June 2025, the company's consolidated total owners' equity decreased by **24,817,884.12 yuan**, primarily due to net loss attributable to parent company owners and the amount of share-based payments recognized in owners' equity Consolidated Statement of Changes in Owners' Equity Key Data (Jan-Jun 2025) | Item | Beginning Balance (yuan) | Current Period Change Amount (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | | Paid-in Capital (or Share Capital) | 294,332,710.00 | 0 | 294,332,710.00 | | Capital Reserve | 582,060,680.67 | 20,984,679.06 | 603,045,359.73 | | Less: Treasury Stock | 101,502,266.00 | 0 | 101,502,266.00 | | Other Comprehensive Income | 3,751,000.64 | -8,955.15 | 3,742,045.49 | | Surplus Reserve | 37,743,477.10 | 0 | 37,743,477.10 | | Retained Earnings | -305,623.18 | -46,760,280.47 | -47,065,903.65 | | Total Owners' Equity Attributable to Parent Company | 816,079,979.23 | -25,784,556.56 | 790,295,422.67 | | Minority Interests | -13,253,295.26 | 966,672.44 | -12,286,622.82 | | Total Owners' Equity | 802,826,683.97 | -24,817,884.12 | 778,008,799.85 | [Parent Company Statement of Changes in Owners' Equity](index=52&type=section&id=Parent%20Company%20Statement%20of%20Changes%20in%20Owners%27%20Equity) For January-June 2025, the parent company's total owners' equity decreased by **5,888,643.17 yuan**, primarily due to net profit loss and the amount of share-based payments recognized in owners' equity Parent Company Statement of Changes in Owners' Equity Key Data (Jan-Jun 2025) | Item | Beginning Balance (yuan) | Current Period Change Amount (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | | Paid-in Capital (or Share Capital) | 294,332,710.00 | 0 | 294,332,710.00 | | Capital Reserve | 584,948,870.74 | 24,056,040.21 | 609,004,910.95 | | Less: Treasury Stock | 101,502,266.00 | 0 | 101,502,266.00 | | Surplus Reserve | 37,743,477.10 | 0 | 37,743,477.10 | | Retained Earnings | 68,841,830.03 | -29,944,683.38 | 38,897,146.65 | | Total Owners' Equity | 884,364,621.87 | -5,888,643.17 | 878,475,978.70 | [III. Company Basic Information](index=56&type=section&id=III.%20Company%20Basic%20Information) This chapter details the company's historical evolution, changes in registered capital, equity structure, corporate governance, and main business nature and operations; the company's registered capital has gradually increased through multiple capital injections and equity incentives, and it focuses on R&D, sales, and services of database basic software, providing integrated hardware-software solutions - Company's predecessor was Beijing Vast Intelligent Data Technology Co., Ltd., restructured into a joint-stock company in **May 2014**[143](index=143&type=chunk) - Company's registered capital increased from an initial **60 million yuan** to **294.33271 million yuan** as of August 21, 2024, through multiple capital injections, capital reserve conversions, and equity incentives[143](index=143&type=chunk)[144](index=144&type=chunk)[145](index=145&type=chunk)[146](index=146&type=chunk)[147](index=147&type=chunk)[148](index=148&type=chunk)[149](index=149&type=chunk)[150](index=150&type=chunk)[151](index=151&type=chunk)[152](index=152&type=chunk)[153](index=153&type=chunk) - Company established a corporate governance structure with a general meeting of shareholders, board of directors, and senior management, comprising business units for databases, data computing, data storage, and various functional departments[154](index=154&type=chunk) - Company's main business is software and information technology services, focusing on the R&D, sales, and services of database basic software, offering "five highs, one multi, two easies" database products and ecosystem tools, and providing integrated hardware-software solutions to users[154](index=154&type=chunk) [IV. Basis of Financial Statement Preparation](index=59&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) This chapter explains that the company's financial statements are prepared in accordance with the accounting standards for business enterprises issued by the Ministry of Finance and relevant regulations, and comply with the information disclosure requirements of the China Securities Regulatory Commission; accounting is based on the accrual basis, measured at historical cost except for financial instruments, and presented on a going concern basis - Financial statements prepared in accordance with accounting standards for business enterprises issued by the Ministry of Finance and relevant application guidelines, interpretations, and other regulations[156](index=156&type=chunk) - Company's accounting is based on the accrual basis, with historical cost as the measurement basis for all items except certain financial instruments[156](index=156&type=chunk) - Financial statements presented on a going concern basis; no significant doubts about the company's ability to continue as a going concern within 12 months from the end of the reporting period[157](index=157&type=chunk) [V. Significant Accounting Policies and Accounting Estimates](index=60&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This chapter elaborates on the significant accounting policies and estimates followed by the company in preparing its financial statements, covering key areas such as financial instruments, revenue recognition, long-term equity investments, intangible assets, and R&D expenditure capitalization, and explains the basis for judgments and estimates in these areas - Company classifies financial assets at initial recognition into three categories based on the business model for managing financial assets and contractual cash flow characteristics: measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[182](index=182&type=chunk) - Company recognizes revenue when it satisfies a performance obligation in the contract, i.e., when the customer obtains control of the related goods or services, and recognizes revenue based on the nature of the performance obligation (over time or at a point in time)[273](index=273&type=chunk)[274](index=274&type=chunk) - Company distinguishes internal research and development project expenditures into research phase expenditures and development phase expenditures, capitalizing development phase expenditures when specific conditions are met simultaneously[248](index=248&type=chunk)[249](index=249&type=chunk) - Significant judgments and estimates are involved in the classification of financial assets, measurement of expected credit losses for accounts receivable, recognition of deferred income tax assets, and determination of fair value for unlisted equity investments[300](index=300&type=chunk)[301](index=301&type=chunk)[302](index=302&type=chunk)[303](index=303&type=chunk)[304](index=304&type=chunk) [VI. Taxation](index=89&type=section&id=VI.%20Taxation) This chapter discloses the main tax categories and rates for the company and its subsidiaries, including value-added tax, urban maintenance and construction tax, and enterprise income tax; the company and its subsidiaries enjoy high-tech enterprise income tax preferential policies, paying enterprise income tax at a reduced rate of **15%**, and also benefit from the immediate refund policy for value-added tax on software products Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Taxable Value-Added Amount | 13%, 9%, 6%, 3% | | Urban Maintenance and Construction Tax | Actual Paid Turnover Tax Amount | 7% | | Enterprise Income Tax | Taxable Income | 25% | | Education Surcharge | Actual Paid Turnover Tax Amount | 3% | | Local Education Surcharge | Actual Paid Turnover Tax Amount | 2% | Taxable Entities with Different Enterprise Income Tax Rates | Taxable Entity Name | Income Tax Rate (%) | | :--- | :--- | | Beijing Vastdata Technology Co., Ltd. | 15 | | Hong Kong Vastdata Technology Co., Ltd. | 16.50 | | Guangzhou Vastdata Database Technology Co., Ltd. | 15 | - Company recognized as a high-tech enterprise in 2024, enjoying a preferential enterprise income tax rate of **15%** from 2024-2026[309](index=309&type=chunk) - Company sells self-developed and produced software products, subject to a **13%** VAT rate, with an immediate refund policy for the portion of actual VAT burden exceeding **3%**[311](index=311&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=90&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This chapter provides detailed notes for each item in the consolidated financial statements, including monetary funds, trading financial assets, notes receivable, accounts receivable, contract assets, intangible assets, deferred income tax assets/liabilities, owners' equity, operating revenue and costs, various expenses, and investment income; restricted monetary funds totaled **5,962,896.43 yuan**, trading financial assets significantly increased to **218,020,843.28 yuan** at period-end, and intangible assets had a book value of **155,634,430.01 yuan** at period-end Monetary Funds Composition and Restricted Status (Period-end) | Item | Amount (yuan) | | :--- | :--- | | Cash on Hand | 36,338.06 | | Bank Deposits | 384,402,386.89 | | Other Monetary Funds | 3,791,770.40 | | Accrued Interest on Deposits | 2,171,126.03 | | **Total** | **390,401,621.38** | | Of which: Total Funds Deposited Overseas | 498,532.61 | | Total Restricted Monetary Funds | 5,962,896.43 | Trading Financial Assets (Period-end) | Item | Amount (yuan) | | :--- | :--- | | Equity Instrument Investments | 189,436.50 | | Bank Wealth Management Products | 217,831,406.78 | | **Total** | **218,020,843.28** | Intangible Assets Book Value (Period-end) | Item | Amount (yuan) | | :--- | :--- | | Purchased Software | 10,130,330.49 | | Self-Developed Software | 145,504,099.52 | | **Total** | **155,634,430.01** | Operating Revenue and Operating Costs (Jan-Jun 2025) | Item | Revenue (yuan) | Cost (yuan) | | :--- | :--- | :--- | | Main Business | 231,465,009.98 | 145,282,263.29 | | Other Business | 970,968.36 | 387,403.76 | | **Total** | **232,435,978.34** | **145,669,667.05** | [VIII. R&D Expenditures](index=142&type=section&id=VIII.%20R%26D%20Expenditures) This chapter details R&D expenditures during the reporting period, totaling **108,376,756.10 yuan**, with **53,422,888.86 yuan** expensed and **54,953,867.24 yuan** capitalized; the company has several important capitalized R&D projects underway, expected to generate economic benefits through the sale of corresponding products and services R&D Expenditures by Expense Nature (Jan-Jun 2025) | Item | Current Period Amount (yuan) | | :--- | :--- | | Personnel Costs | 91,568,826.52 | | Direct Input | 987,572.45 | | Depreciation Expense | 4,355,739.51 | | Intangible Asset Amortization | 1,617,038.84 | | Equity Incentive | 7,591,828.43 | | Office Expenses | 149,914.75 | | Other | 2,105,835.60 | | **Total** | **108,376,756.10** | | Of which: Expensed R&D Expenditures | 53,422,888.86 | | Capitalized R&D Expenditures | 54,953,867.24 | - Intangible assets formed through internal R&D accounted for **93.49%** of the intangible assets balance at the end of the current period[404](index=404&type=chunk) - Company has several important capitalized R&D projects underway, expected to generate economic benefits through the sale of corresponding products and services, and have passed technical and economic feasibility studies, leading to project initiation[532](index=532&type=chunk) [IX. Changes in Consolidation Scope](index=145&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) This chapter explains the changes in the company's consolidation scope during the reporting period, primarily due to the establishment of four new wholly-owned subsidiaries - Four new wholly-owned subsidiaries established during the current period: Suzhou Vastbase Data Technology Co., Ltd., Guizhou Vastbase Data Technology Co., Ltd., Shaanxi Vastbase Data Technology Co., Ltd., and Chongqing Vastbase Data Technology Co., Ltd[535](index=535&type=chunk) [X. Interests in Other Entities](index=145&type=section&id=X.%20Interests%20in%20Other%20Entities) This chapter details the company's interests in subsidiaries, including each subsidiary's main operating location, registered capital, business nature, shareholding percentage, and acquisition method; Guangzhou Vastdata Database Technology Co., Ltd. is a significant non-wholly-owned subsidiary, with minority shareholders holding **48%** Composition of Enterprise Group (Partial Subsidiaries) | Subsidiary Name | Main Operating Location | Registered Capital | Business Nature | Shareholding Percentage (%) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing Vastdata Technology Research Institute Co., Ltd. | Beijing | 30,000,000 yuan | Data Technology Research and Development | 100 (Direct) | Establishment | | Guangzhou Vastdata Database Technology Co., Ltd. | Guangzhou, Guangdong Province | 6,000,000 yuan | Database Related Technology and Product Development and Operation | 52 (Indirect) | Establishment | | Hong Kong Vastdata Technology Co., Ltd. | Hong Kong | 30,000,000 HKD | Data Technology Product Development and Sales | 100 (Direct) | Establishment | | Suzhou Vastbase Data Technology Co., Ltd. | Suzhou, Jiangsu Province | 1,000,000 yuan | Data Technology Product Development and Sales | 100 (Indirect) | Establishment | | Chongqing Vastbase Data Technology Co., Ltd. | Chongqing | 5,000,000 yuan | Data Technology Product Development and Sales | 100 (Indirect) | Establishment | Key Financial Information of Significant Non-Wholly-Owned Subsidiary (Guangzhou Vastdata Database Technology Co., Ltd.) | Item | Minority Shareholding Percentage (%) | Current Period Profit/Loss Attributable to Minority Shareholders (yuan) | Minority Interests Balance at Period-end (yuan) | | :--- | :--- | :--- | :--- | | Guangzhou Vastdata Database Technology Co., Ltd. | 48 | -493,806.01 | -5,807,355.94 | Guangzhou Vastdata Database Technology Co., Ltd. Current Period Amounts | Item | Operating Revenue (yuan) | Net Profit (yuan) | Total Comprehensive Income (yuan) | Cash Flow from Operating Activities (yuan) | | :--- | :--- | :--- | :--- | :--- | | Guangzhou Vastdata Database Technology Co., Ltd. | 31,083,137.67 | -1,028,762.52 | -1,028,762.52 | 11,237,510.59 | [XI. Government Grants](index=149&type=section&id=XI.%20Government%20Grants) This chapter discloses the company's government grant liability items and government grants recognized in profit or loss for the reporting period; at period-end, the deferred income balance for government grants was **25,575,026.68 yuan**; total government grants recognized in profit or loss for the current period were **4,941,994.04 yuan**, mainly including VAT immediate refunds, employment stabilization subsidies, and industrial support Liability Items Involving Government Grants (Period-end) | Financial Statement Item | Beginning Balance (yuan) | New Grants Added This Period (yuan) | Transferred to Other Income This Period (yuan) | Ending Balance (yuan) | Reason for Formation | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 16,066,050.00 | 9,844,850.00 | 335,873.32 | 25,575,026.68 | Formed from government grants related to assets | | **Total** | **16,066,050.00** | **9,844,850.00** | **335,873.32** | **25,575,026.68** | / | Government Grants Recognized in Profit or Loss (Jan-Jun 2025) | Type | Category | Current Period Amount (yuan) | | :--- | :--- | :--- | | Income-related | VAT Immediate Refund | 3,587,066.82 | | Income-related | Employment Stabilization Subsidy | 581,675.25 | | Income-related | Industrial Support | 437,378.65 | | Asset-related | Key Project Special Funds | 335,873.32 | | **Total** | **-** | **4,941,994.04** | [XII. Risks Related to Financial Instruments](index=150&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) This chapter analyzes the credit risk, liquidity risk, and market risk (including interest rate risk and exchange rate risk) faced by the company, and outlines corresponding risk management objectives and policies; the company controls risks through diversified investments, monitoring customer credit, maintaining sufficient cash flow, and prudent management of interest-bearing debt; as of June 30, 2025, the company's asset-liability ratio was **27.94%** - Company's main financial instruments include monetary funds, notes receivable, accounts receivable, other receivables, trading financial assets, notes payable, accounts payable, other payables, non-current liabilities due within one year, and lease liabilities[549](index=549&type=chunk) - Company's main risks are credit risk (primarily from bank deposits, notes receivable, accounts receivable, other receivables), liquidity risk, and market risk (interest rate risk, exchange rate risk)[550](index=550&type=chunk)[551](index=551&type=chunk)[552](index=552&type=chunk)[557](index=557&type=chunk) - Company manages risks by assessing customer creditworthiness, regularly monitoring credit records, maintaining sufficient cash and cash equivalents, monitoring bank loan utilization, and closely observing interest rate and exchange rate fluctuations[552](index=552&type=chunk)[553](index=553&type=chunk)[558](index=558&type=chunk)[560](index=560&type=chunk) - As of June 30, 2025, the company's asset-liability ratio was **27.94%** (December 31, 2024: 23.98%)[561](index=561&type=chunk) [XIII. Disclosure of Fair Value](index=154&type=section&id=XIII.%20Disclosure%20of%20Fair%20Value) This chapter discloses the fair value of the company's assets and liabilities measured at fair value at period-end, classified by fair value measurement hierarchy; trading financial assets are primarily measured using Level 1 market prices, while other equity instrument investments are measured using Level 3 valuation techniques Fair Value of Assets and Liabilities Measured at Fair Value at Period-end | Item | Level 1 Fair Value Measurement (yuan) | Level 3 Fair Value Measurement (yuan) | Total (yuan) | | :--- | :--- | :--- | :--- | | Trading Financial Assets | 218,020,843.28 | - | 218,020,843.28 | | Of which: Equity Instrument Investments | 189,436.50 | - | 189,436.50 | | Of which: Bank Wealth Management Products | 217,831,406.78 | - | 217,831,406.78 | | Other Equity Instrument Investments | - | 48,400,000.00 | 48,400,000.00 | | **Total Assets Continuously Measured at Fair Value** | **218,020,843.28** | **48,400,000.00** | **266,420,843.28** | - Basis for determining Level 1 fair value measurement items' market price is unadjusted quoted prices for identical assets or liabilities in active markets[566](index=566&type=chunk) - Level 3 fair value measurement items adopt valuation techniques; as there were no significant changes in the investee's operating environment or financial condition, the company measures them based on investment cost as the fair value estimate[568](index=568&type=chunk) [XIV. Related Parties and Related-Party Transactions](index=157&type=section&id=XIV.%20Related%20Parties%20and%20Related-Party%20Transactions) This chapter discloses the compensation of key management personnel during the reporting period, totaling **1.7908 million yuan** for the current period Key Management Personnel Compensation | Item | Current Period Amount (10,000 yuan) | Prior Period Amount (10,000 yuan) | | :--- | :--- | :--- | | Key Management Personnel Compensation | 179.08 | 197.13 | [XV. Share-Based Payments](index=158&type=section&id=XV.%20Share-Based%20Payments) This chapter discloses the company's equity-settled share-based payments, with grantees including directors, senior management, and core business (technical) personnel; the fair value of equity instruments on the grant date is calculated based on the closing price, and the number of exercisable shares is determined based on performance completion and employee turnover rate; total share-based payment expense for the current period was **24,056,040.21 yuan** - Equity-settled share-based payment grantees include company directors, senior management, and core business (technical) personnel[577](index=577&type=chunk) - Fair value of equity instruments on the grant date determined by closing price; number of exercisable equity instruments determined by performance completion and employee turnover rate[577](index=577&type=chunk) Current Period Share-Based Payment Expense | Grantee Category | Equity-Settled Share-Based Payment Expense (yuan) | | :--- | :--- | | Restricted Stock | 24,056,040.21 | | **Total** | **24,056,040.21** | [XIX. Notes to Parent Company Financial Statement Key Items](index=160&type=section&id=XIX.%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Key%20Items) This chapter provides detailed notes for key items in the parent company's financial statements, including accounts receivable, other receivables, long-term equity investments, operating revenue and cos