北京淳中科技股份有限公司 信息披露管理办法 第一章 总 则 第一条 为规范北京淳中科技股份有限公司（以下简称"公司"）及其他信息披 露义务人的信息披露行为，加强信息披露事务管理，保护投资者合法权益，根据《中华 人民共和国公司法》《中华人民共和国证券法》（以下简称"《证券法》"）、《上市 公司信息披露管理办法》以及《上海证券交易所股票上市规则》（以下简称"《股票上 市规则》"）、《上海证券交易所上市公司自律监管指引第2号——信息披露事务管理》 等有关法律、行政法规、规范性文件及《北京淳中科技股份有限公司章程》（以下简称 "《公司章程》"）的相关规定和要求，并结合公司的实际情况，制定本办法。 第二条 信息披露义务人履行信息披露义务应当遵守本办法的规定，本办法所称 "信息披露义务人"，除公司本身外还包括： （一）公司董事、高级管理人员； （二）公司各部门、各控股子公司（包括直接控股和间接控股）及其主要负责人； （三）公司控股股东、实际控制人、持股5%以上的股东； （四）收购人，重大资产重组、再融资、重大交易有关各方等自然人、单位及其相 关人员，破产管理人及其成员； （五）法律、行政法规和中国证监会以及上海证券交易所 ...

北京淳中科技股份有限公司 市值管理制度 第一章 总则 第一条 为规范北京淳中科技股份有限公司（以下简称"公司"）的市值管理 行为，加强公司市值管理工作，切实维护公司、投资者及其他利益相关者的合法 权益，根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司监管 指引第10号——市值管理》等有关法律法规、规范性文件以及《北京淳中科技股 份有限公司章程》（以下简称"《公司章程》"）的有关要求，结合公司实际情况， 制定《北京淳中科技股份有限公司市值管理制度》（以下简称"本制度"）。 第二条 本制度所称市值管理，是指公司以提高经营发展质量和规范运作水 平为基础，为提升公司投资价值和股东回报能力而实施的战略管理行为。 第二章 市值管理的目的和基本原则 第三条 公司市值管理的主要目的是通过制定正确战略规划、完善公司治 理、规范经营管理及充分、合规的信息披露，引导公司的市场价值与内在价值趋 同。同时，利用资本运作、权益管理、投资者关系管理等手段，使公司价值得以 充分实现，建立稳定和优质的投资者基础，获得长期的市场支持，从而实现公司 市值与内在价值的动态均衡。 第四条 公司市值管理的基本原则： 第六条 董事会高度重视 ...

北京淳中科技股份有限公司 信息披露暂缓与豁免业务管理制度 第一章 总 则 第一条 为规范北京淳中科技股份有限公司（以下简称"公司"）信息披露 暂缓与豁免行为，保证公司及相关信息披露义务人（以下简称信息披露义务人） 依法合规履行信息披露义务，根据《中华人民共和国证券法》（以下简称《证券 法》）、《上海证券交易所股票上市规则》（以下简称"《股票上市规则》"）、 《上海证券交易所上市公司自律监管指引第2号——信息披露事务管理》（以下 简称"《2号指引》"）等相关法律、法规，以及《公司章程》《北京淳中科技 股份有限公司信息披露管理办法》（以下简称"《信息披露管理办法》"）的相关 规定，制定本制度。 第二条 公司按照《股票上市规则》《2号指引》及上海证券交易所其他 相关业务规则的规定，办理信息披露暂缓、豁免业务的，适用本制度。 第二章 暂缓、豁免信息的范围 第三条 公司和其他信息披露义务人有确实充分的证据证明拟披露的信 息涉及国家秘密或者其他因披露可能导致违反国家保密规定、管理要求的事项 （以下统称"国家秘密"），依法豁免披露。 本制度所称的"国家秘密"，是指国家有关保密法律法规及部门规章规定的， 关系国家安全和利益， ...

Group 1 - The company reported a revenue of approximately 129 million yuan for the first half of 2025, representing a year-on-year decrease of 44.85% [2] - The net profit attributable to shareholders of the listed company was a loss of approximately 40.02 million yuan [2] - The basic earnings per share showed a loss of 0.2 yuan [2]

（文章来源：每日经济新闻） 淳中科技8月22日晚间发布公告称，公司第四届第九次董事会会议于2025年8月22日在公司会议室以现场 结合通讯方式召开。会议审议了《关于制定的议案》等文件。 ...

证券代码：603516 证券简称：淳中科技 公告编号：2025-050 北京淳中科技股份有限公司 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公告内容不存在虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实、准确和完整承担个别及连带责任。 根据中国证券监督管理委员会《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（2022 年修订）》（证监会公告〔2022〕15 号）、《上海证券交易所上市 公司自律监管指引第 1 号——规范运作》以及《上海证券交易所上市公司自律监管指南第 1 号——公告格式》的相关规定，现将北京淳中科技股份有限公司（以下简称"公司"、"本 公司"或"淳中科技"）截至 2025 年 6 月 30 日的募集资金存放与实际使用情况报告如下： 一、 募集资金基本情况 （一）实际募集资金金额及资金到位时间 （二）募集资金专户存储情况 截至 2025 年 6 月 30 日，公司可转债募集资金专户均已注销，账号情况如下： | 单位：元 | | --- | 经中国证券监督管理委员会"证监许可[2020]1034 号"文核准，本公司于 2020 ...

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： 证券代码：603516 证券简称：淳中科技 公告编号：2025-051 北京淳中科技股份有限公司 关于召开 2025 年半年度业绩说明会的公告 投资者可于 2025 年 8 月 22 日（星期五）至 8 月 28 日（星期四）16:00 前登 录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 security@chinargb.com.cn 进行提问。公司将在说明会上对投资者普遍关注的 问题进行回答。 北京淳中科技股份有限公司（以下简称"公司"）于 2025 年 8 月 23 日发布 《2025 年半年度报告》，为便于广大投资者更全面深入地了解公司 2025 年半年 度的经营成果、财务状况，公司计划于 2025 年 8 月 29 日（星期五）11:00-12:00 举行 2025 年半年度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 202 ...

证券代码：603516 证券简称：淳中科技 公告编号：2025-048 北京淳中科技股份有限公司 第四届董事会第九次会议决议公告 本公司董事会及全体董事保证公告内容不存在虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实、准确和完整承担个别及连带责任。 一、会议召开情况 北京淳中科技股份有限公司（以下简称"公司"）第四届董事会第九次会议 于2025年8月12日以邮件方式发出会议通知，并于2025年8月22日在公司会议室以 现场结合通讯方式召开。本次会议应到董事6人，实际出席并参与表决的董事6 人，会议由董事长何仕达先生主持。本次会议的召集、召开及表决程序符合《公 司法》等法律、行政法规、规章、规范性文件以及《公司章程》的有关规定。 二、会议审议情况 经参会董事审议，依法表决，本次会议审议通过了以下议案： （一） 审议通过《关于<2025年半年度报告>及其摘要的议案》 根据公司2025年半年度经营发展情况，公司编写了《2025年半年度报告》 《2025年半年度报告摘要》。具体内容详见公司同日在上海证券交易所官网 （www.sse.com.cn）发布的《北京淳中科技股份有限公司2025年半年度报告》《北 京淳中 ...

Core Viewpoint - The company reported a significant decline in revenue and a net loss for the first half of 2025, primarily due to a drop in order volume and underperformance in traditional audiovisual business projects [1] Financial Performance - The company's revenue for the first half of 2025 was 129 million, representing a year-on-year decrease of 44.85% [1] - The net loss for the period was 40.02 million, compared to a net profit of 39.24 million in the same period last year [1] Business Segments - The traditional audiovisual business did not meet expectations, leading to a decline in new orders year-on-year [1] - The lack of revenue from overseas major clients in the first half of the year adversely affected the income from the artificial intelligence business [1]

[Definitions](index=4&type=section&id=Item%201.%20Definitions) This chapter provides definitions of common terms used in the report, including company names, major subsidiaries, reporting period, and display control systems, to ensure clear understanding of the report content - Chunzhong Technology, the Company, this Company refer to Beijing Chunzhong Technology Co., Ltd[12](index=12&type=chunk) - Reporting period refers to January 1, 2025 to June 30, 2025[12](index=12&type=chunk) - Display control system refers to display control systems, including display control related equipment, software, and systems[12](index=12&type=chunk) [Company Profile and Key Financial Indicators](index=5&type=section&id=Item%202.%20Company%20Profile%20and%20Key%20Financial%20Indicators) This chapter introduces Chunzhong Technology's basic information, contact details, stock overview, and key accounting data and financial indicators for the reporting period, along with explanations for performance changes [Company Basic Information](index=5&type=section&id=Company%20Basic%20Information) Chunzhong Technology is a company listed on the Shanghai Stock Exchange, with He Shida as its legal representative and Fu Guoyi as the Board Secretary - The company's Chinese name is Beijing Chunzhong Technology Co., Ltd., abbreviated as Chunzhong Technology[14](index=14&type=chunk) - The legal representative is He Shida, and the Board Secretary is Fu Guoyi[14](index=14&type=chunk)[15](index=15&type=chunk) - The company's shares are listed on the Shanghai Stock Exchange, stock code **603516**[18](index=18&type=chunk) [Key Accounting Data and Financial Indicators](index=6&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue and net profit both declined significantly, primarily due to reduced order volume and ungenerated revenue from overseas major customer business, leading to a shift from profit to loss 2025 Semi-Annual Key Accounting Data | Indicator | This Reporting Period (Jan-Jun) | Prior Year Period | Period-on-period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 128,831,401.68 yuan | 233,619,793.44 yuan | -44.85 | | Total Profit | -40,270,259.77 yuan | 39,368,581.53 yuan | -202.29 | | Net Profit Attributable to Shareholders of Listed Company | -40,018,601.69 yuan | 39,238,111.10 yuan | -201.99 | | Net Cash Flow from Operating Activities | -63,639,617.40 yuan | -45,590,954.64 yuan | -39.59 | | Basic Earnings Per Share (yuan/share) | -0.20 | 0.20 | -200.00 | | Weighted Average Return on Net Assets (%) | -2.82 | 3.10 | Decreased by 5.92 percentage points | - Operating revenue decreased by **44.85%** year-on-year, mainly due to a decline in order volume, lower-than-expected progress in traditional audio-visual business projects, and a year-on-year decrease in new orders; overseas major customer business did not generate revenue in the first half of the year, significantly impacting AI business revenue[21](index=21&type=chunk) - Credit and asset impairment losses of **15.4327 million yuan** were accrued in this period, of which **10.7865 million yuan** was for inventory impairment provisions and credit impairment losses for products customized for overseas major customers due to material changes and product iterations[22](index=22&type=chunk) [Non-recurring Gains and Losses](index=7&type=section&id=Non-recurring%20Gains%20and%20Losses) During the reporting period, the company's total non-recurring gains and losses amounted to **3.3492 million yuan**, primarily including government subsidies recognized in current profit and loss from changes in fair value of financial assets 2025 Semi-Annual Non-recurring Gains and Losses Items | Non-recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Disposal gains and losses of non-current assets | -8,140.06 | | Government subsidies recognized in current profit and loss | 1,437,867.75 | | Gains and losses from changes in fair value and disposal of financial assets and liabilities | 2,544,235.10 | | Other non-operating income and expenses apart from the above | -23,502.03 | | Less: Income tax impact | -601,246.99 | | **Total** | **3,349,213.77** | [Net Profit After Deducting Share-based Payment Impact](index=7&type=section&id=Net%20Profit%20After%20Deducting%20Share-based%20Payment%20Impact) After deducting the impact of share-based payments, the company's net profit for the first half of 2025 was **-36.8699 million yuan**, a significant year-on-year decrease of **184.77%** Net Profit After Deducting Share-based Payment Impact | Indicator | This Reporting Period (Jan-Jun) | Prior Year Period | Period-on-period Change (%) | | :--- | :--- | :--- | :--- | | Net Profit After Deducting Share-based Payment Impact | -36,869,929.78 yuan | 43,495,289.39 yuan | -184.77 | [Management Discussion and Analysis](index=8&type=section&id=Item%203.%20Management%20Discussion%20and%20Analysis) This chapter details Chunzhong Technology's industry development, main business, operating performance, core competitiveness, and risks during the reporting period; the company actively expanded into innovative businesses amidst a complex macroeconomic environment, but faced performance pressure in the first half, with declines in both operating revenue and net profit [Industry and Main Business Overview](index=8&type=section&id=Industry%20and%20Main%20Business%20Overview) Chunzhong Technology specializes in professional audio-visual display control products, benefiting from national policy support and technology integration trends; the company's business covers four major scenarios: command and control, smart conferencing, commercial applications, and AI applications, actively expanding into virtual reality and professional chip fields, forming four product series: professional audio-visual, virtual reality, artificial intelligence, and professional chips [Industry Situation](index=8&type=section&id=Industry%20Situation) The company operates in the professional audio-visual (Pro AV) display control industry, which is driven by national "14th Five-Year Plan", ultra-high-definition development, 5G technology, new infrastructure, and AI+ policies, presenting new development opportunities for local industries through independent innovation and domestic substitution - The company is a leading provider of professional audio-visual (Pro AV) system solutions, specializing in the design, R&D, production, and sales of display control products[30](index=30&type=chunk) - The industry benefits from the "14th Five-Year Plan for National Economic and Social Development and Long-Range Objectives Through 2035", the National Radio and Television Administration's "Ultra-High-Definition Development Year" policy, and explicit support from the "Action Plan for Accelerating Ultra-High-Definition High-Quality Development (2025-2027)"[30](index=30&type=chunk) - The display control industry is deeply integrated with IoT, big data, cloud computing, and AI technologies, with the popularization of ultra-high-definition video and 5G technology maturity providing assurance for industry upgrades[31](index=31&type=chunk) - Policy-guided structural adjustments and breakthroughs in independent innovation, coupled with the dual drivers of domestic substitution strategy and industrial transformation and upgrading, establish a policy-based support framework for the audio-visual display control industry[32](index=32&type=chunk) [Main Business and Product Series](index=9&type=section&id=Main%20Business%20and%20Product%20Series) The company's main business has not significantly changed, focusing on four major scenarios—command and control centers, smart conference rooms, commercial applications, and AI applications—offering four product series: professional audio-visual, virtual reality, artificial intelligence, and professional chips, while actively expanding into emerging fields [Professional Audio-Visual Products](index=9&type=section&id=Professional%20Audio-Visual%20Products) Company professional audio-visual products include signal processing, audio conferencing, platform management, central control, transmission interface series, widely applied in command and control centers, smart conference rooms, and commercial applications, with active expansion into overseas markets - Professional audio-visual products include signal processing, audio conferencing, platform management, central control, and transmission interface series[33](index=33&type=chunk) - Application scenarios cover command and control centers (e.g., big data centers, smart cities), smart conference rooms (e.g., government, enterprise conference rooms), and commercial applications (e.g., museums, immersive restaurants)[35](index=35&type=chunk)[36](index=36&type=chunk) - The company has provincial offices and overseas business departments, actively expanding into overseas markets to enhance international competitiveness[36](index=36&type=chunk) [Virtual Reality Products](index=11&type=section&id=Virtual%20Reality%20Products) The company has achieved technological breakthroughs in virtual reality, launching the Xshadow AR projection control system, Pandora immersive interactive system, and Medusa spatial positioning processing system, earning industry awards and empowering emerging scenarios like metaverse and digital twins - The company successfully broke through cutting-edge technical barriers in XR digital interaction and augmented reality (AR), empowering emerging scenarios such as metaverse, digital twins, and intelligent interaction[39](index=39&type=chunk) - Xshadow AR projection control system provides a **naked-eye AR experience**, applied in commercial interior decoration and art exhibitions[42](index=42&type=chunk) - Pandora immersive audio-visual interactive entertainment system offers an immersive interactive experience through projection blending technology, applied in sports health and cultural tourism[44](index=44&type=chunk)[45](index=45&type=chunk) - Medusa series optical motion capture cameras achieve real-time 3D spatial coordinate acquisition, applied in virtual reality somatosensory games, film animation, and motion analysis[47](index=47&type=chunk) - The integrated media audio-visual system is a high-performance multimedia comprehensive processing platform, integrating entertainment, education, and network service functions[49](index=49&type=chunk) [Artificial Intelligence Products](index=14&type=section&id=Artificial%20Intelligence%20Products) Facing the rapid growth of the global AI industry, the company leverages its audio-visual display control technology to innovate and develop the Plato AI intelligent recognition management system, enhancing the intelligence of unmanned inspection and duty, successfully applied in transportation, energy, power, and finance - The global artificial intelligence industry is growing rapidly, with AI technology accelerating its penetration into various industries, becoming a core engine for promoting enterprise digital transformation[52](index=52&type=chunk)[53](index=53&type=chunk) - The company innovatively developed the Plato AI intelligent recognition management system, enhancing the intelligence of unmanned inspection and duty through AI, achieving fault analysis, remote evidence collection, and abnormal alarming functions[55](index=55&type=chunk) - The Plato AI system has been successfully implemented in multiple key areas, including transportation, energy, power, finance, government and enterprise units, and museums[55](index=55&type=chunk) [Professional Chip Products](index=16&type=section&id=Professional%20Chip%20Products) The company adheres to independent R&D, continuously investing in professional chips in the audio-visual field, having launched "Coollights LDV4045 chip" (world's first LED integrated chip), "Zeus Zeus0108 chip" (China's first independently controllable professional audio-visual processing ASIC chip), and "Thor ULC32A chip" (human-machine interaction display chip), aiming to enhance core competitiveness and support the domestic substitution strategy - The company continues to incubate and invest in professional chips in the audio-visual field, adhering to the path of independent R&D[57](index=57&type=chunk) - "Coollights LDV4045 chip" is the **world's first LED "ALL IN ONE" integrated chip**, simplifying LED display control systems[58](index=58&type=chunk) - "Zeus Zeus0108 chip" is **China's first independently controllable professional audio-visual processing ASIC chip**, aiming to overcome the "bottleneck" issue of overseas chips[58](index=58&type=chunk) - "Thor ULC32A chip" is a human-machine interaction display chip, applied in industrial control, medical devices, and smart home fields[58](index=58&type=chunk) - The gradual introduction and market application of the three chips will enhance the company's core technological competitiveness, solidify its industry-leading position, and lay the foundation for sustainable development[59](index=59&type=chunk) [Operating Performance Analysis](index=17&type=section&id=Operating%20Performance%20Analysis) In the first half of 2025, the company's performance faced pressure, with significant declines in both operating revenue and net profit, mainly due to lower-than-expected traditional business orders and ungenerated revenue from overseas major customer business; despite this, the company maintained strategic focus, increased R&D investment, promoted chip industrialization, and optimized operational efficiency to address challenges 2025 Semi-Annual Key Operating Data | Indicator | Amount (billion yuan) | Year-on-year Change (%) | | :--- | :--- | :--- | | Operating Revenue | 0.129 | -44.85 | | Net Profit Attributable to Shareholders of Listed Company | -0.040 | -201.99 | | Net Cash Flow from Operating Activities | -0.064 | -39.59 | - Traditional audio-visual business projects in the first half were lower than expected, with new orders declining year-on-year; overseas major customer business did not generate revenue in the first half, significantly impacting AI business revenue[60](index=60&type=chunk) - R&D investment during the reporting period was **33.5525 million yuan**, accounting for **26.04%** of operating revenue, with **8 new patent applications** and a cumulative total of **119 authorized patents** (**67 invention patents**)[61](index=61&type=chunk) - The Coollights, Zeus, and Thor self-developed chips are landmark achievements of the company's independent innovation strategy, entering a critical stage of industrialization, providing support for domestic substitution[62](index=62&type=chunk)[65](index=65&type=chunk) - The company's liquid cooling test platform, AI detection platform, and other businesses with overseas major customers did not generate revenue in the first half of 2025, and **10.7865 million yuan** in inventory impairment provisions and credit impairment losses were accrued[63](index=63&type=chunk) - The company is guided by the strategy of "improving quality, increasing efficiency, and enhancing returns", optimizing operational efficiency, strengthening quality control, and building a comprehensive cost reduction system[63](index=63&type=chunk) - The company will adhere to innovation-driven development, closely monitor market dynamics, conduct forward-looking R&D, continuously optimize technical solutions, expand application scenarios, and promote simultaneous improvement in business scale and profitability[64](index=64&type=chunk)[65](index=65&type=chunk) [Core Competitiveness Analysis](index=18&type=section&id=Core%20Competitiveness%20Analysis) Chunzhong Technology's core competitiveness lies in its professional R&D technology (five core technologies, multiple qualifications, R&D centers), efficient marketing and operation network (national and overseas coverage, 7*24-hour service), high-quality customer resources (multimedia integrators, specific industry clients), complete talent pipeline (professional management team, innovative technical team), and healthy cooperative ecosystem (close collaboration with leading integrators) - The company possesses professional R&D technology, based on digital interaction, AVoIP codec, chip semiconductor, cloud services, and massive data processing display control as five core technologies, serving four major scenarios: command and control, smart conferencing, commercial applications, and AI applications[67](index=67&type=chunk) - The company has obtained multiple qualifications such as National High-tech Enterprise, Beijing Enterprise Technology Center, and National "Little Giant" specializing in niche sectors, and has software and hardware R&D centers in Beijing and Wuhan, and a chip R&D center in Hefei[67](index=67&type=chunk) - Established a wide-ranging and responsive marketing and operation system, centered in Beijing headquarters, radiating to key provincial capitals and autonomous regions nationwide, providing **7*24-hour** standard response services[68](index=68&type=chunk) - Accumulated a large number of high-quality customer resources, with main clients being multimedia integrators, ultimately serving industries such as government, emergency management, energy, transportation, finance, broadcasting, and meteorology[69](index=69&type=chunk) - Established a complete talent pipeline, introducing high-caliber professional management talent, building a young and innovative technical team, and establishing a comprehensive training, qualification, performance management, and compensation incentive system[69](index=69&type=chunk) - Committed to building healthy ecological partnerships, closely collaborating with leading integrators in various regions to promote ecological co-construction, co-existence, and win-win outcomes[70](index=70&type=chunk) [Key Operating Performance](index=20&type=section&id=Key%20Operating%20Performance) This chapter analyzes the company's financial statement item changes, asset and liability status, investment activities, and major holding and participating companies during the reporting period, revealing operating challenges such as revenue decline, profit loss, and increased cash outflow, and disclosing external equity investments and new subsidiary establishments [Main Business Financial Analysis](index=20&type=section&id=Main%20Business%20Financial%20Analysis) During the reporting period, the company's operating revenue decreased by **44.85%** year-on-year, mainly due to declining order volume and ungenerated revenue from overseas major customer business; operating costs decreased less than revenue, sales expenses decreased, while administrative and financial expenses varied, and net cash flow was negative Major Financial Statement Item Changes | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 128,831,401.68 | 233,619,793.44 | -44.85 | | Operating Cost | 72,676,817.44 | 109,241,801.91 | -33.47 | | Sales Expenses | 28,645,588.24 | 33,708,331.22 | -15.02 | | Administrative Expenses | 22,128,946.37 | 21,151,229.21 | 4.62 | | Financial Expenses | -553,298.94 | 3,152,213.49 | -117.55 | | R&D Expenses | 33,552,547.00 | 33,940,451.07 | -1.14 | | Net Cash Flow from Operating Activities | -63,639,617.40 | -45,590,954.64 | -39.59 | | Net Cash Flow from Investing Activities | -51,620,087.04 | 63,141,943.13 | -181.75 | | Net Cash Flow from Financing Activities | -26,380,959.07 | -74,791,240.57 | 64.73 | - Operating revenue decreased primarily due to declining order volume, lower-than-expected progress in traditional audio-visual business projects, and ungenerated revenue from overseas major customer AI business[71](index=71&type=chunk) - The decrease in operating cost was less than that of operating revenue, mainly due to the increased proportion of virtual reality and professional chip products in the revenue structure[72](index=72&type=chunk) - Financial expenses decreased by **117.55%** year-on-year, mainly due to the conversion of convertible bonds into shares in the prior year, resulting in reduced interest expenses[72](index=72&type=chunk) - Net cash flow from investing activities decreased by **181.75%** year-on-year, mainly due to increased cash paid for wealth management product purchases in the current period[72](index=72&type=chunk) [Asset and Liability Analysis](index=21&type=section&id=Asset%20and%20Liability%20Analysis) At the end of the reporting period, the company's total assets and net assets attributable to shareholders of the listed company both decreased; accounts receivable and other non-current financial assets significantly increased, while long-term deferred expenses, employee compensation payable, and other current liabilities changed Changes in Assets and Liabilities | Item Name | Current Period End Amount (yuan) | Prior Year End Amount (yuan) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Notes Receivable | 16,365,481.19 | 8,096,266.23 | 102.14 | Mainly due to receipt of notes receivable | | Other Non-current Financial Assets | 92,046,200.95 | 41,696,248.73 | 120.75 | Mainly due to equity investment in Muxi Shares in current period | | Long-term Deferred Expenses | 1,974,586.31 | 3,411,098.39 | -42.11 | Mainly due to reduced amortization of renovation expenses in current period | | Employee Compensation Payable | 7,571,802.51 | 20,015,585.85 | -62.17 | Mainly due to payment of prior year's annual bonus in current period | | Other Current Liabilities | 2,710,993.46 | 1,352,542.10 | 100.44 | Mainly due to reclassification of endorsed and unexpired non-6+9 bank acceptance bills | - Net assets attributable to shareholders of the listed company decreased by **4.29%** year-on-year, and total assets decreased by **4.95%** year-on-year[20](index=20&type=chunk) [Investment Status Analysis](index=21&type=section&id=Investment%20Status%20Analysis) During the reporting period, the company made new external equity investments, established the controlling subsidiary Beijing Chunzhi Technology Co., Ltd., and invested **50 million yuan** to acquire a **0.24%** equity stake in Muxi Integrated Circuit (Shanghai) Co., Ltd - In January 2025, the company invested to establish Beijing Chunzhi Technology Co., Ltd., with a subscribed registered capital of **510,000 yuan** and a **51%** shareholding[76](index=76&type=chunk) - In March 2025, the company invested **50 million yuan** to acquire a **0.24%** equity stake in Muxi Integrated Circuit (Shanghai) Co., Ltd[76](index=76&type=chunk) [Major Holding and Participating Companies](index=23&type=section&id=Major%20Holding%20and%20Participating%20Companies) During the reporting period, the company invested in and established Beijing Chunzhi Technology Co., Ltd., which is in its initial establishment phase and has no current impact on overall production, operations, or performance; financial data for major subsidiaries such as Anhui Chunxin, Tianjin Chunde, and Beijing Chunzheng were also disclosed - Beijing Chunzhi Technology Co., Ltd. is a newly established subsidiary, currently in its initial phase, with no immediate impact on overall production, operations, or performance[80](index=80&type=chunk) Major Subsidiary Financial Data | Company Name | Company Type | Main Business | Registered Capital (10,000 yuan) | Total Assets (10,000 yuan) | Net Assets (10,000 yuan) | Operating Revenue (10,000 yuan) | Operating Profit (10,000 yuan) | Net Profit (10,000 yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Anhui Chunxin Technology Co., Ltd. | Subsidiary | Integrated circuit and other electronic product design, R&D, sales | 5,000.00 | 9,074.35 | -1,361.48 | 287.62 | -580.65 | -588.68 | | Tianjin Chunde Electronics Co., Ltd. | Subsidiary | Display control product assembly and sales | 3,000.00 | 9,619.96 | 2,834.51 | 6,054.72 | -564.63 | -433.19 | | Beijing Chunzheng Technology Co., Ltd. | Participating Company | Technology development, technical services, sales of electronic products | 1,000.00 | 1,201.75 | 982.39 | 1,024.88 | 662.85 | 507.24 | [Other Disclosures](index=24&type=section&id=Other%20Disclosures) This chapter details five major risks the company may face, including macroeconomic fluctuations, technological updates, increased raw material procurement costs, management risks, and policy changes due to international political and economic factors, advising investors to be aware of investment risks [Potential Risks](index=24&type=section&id=Potential%20Risks) The company faces risks from macroeconomic fluctuations affecting downstream demand, rapid technological updates in the technology-intensive industry, rising raw material procurement prices, management challenges from business diversification, and policy changes and supply chain disruptions due to international political and economic factors - Macroeconomic fluctuation risk: Downstream industry customer demand is closely related to the macroeconomic environment; an economic downturn may lead to extended order acquisition cycles, slower project delivery, and decreased accounts receivable turnover[82](index=82&type=chunk) - Technological risk: The display control industry is technology-intensive with rapid technological updates; if the company's technology foresight is inaccurate or it fails to innovate continuously, it may adversely affect business market prospects[82](index=82&type=chunk) - Risk of increased raw material procurement costs: Price fluctuations of major raw materials (chips, circuit boards, electronic components, etc.), with sustained increases impacting product costs and operating performance[83](index=83&type=chunk) - Management risk: The company's business scope extends to emerging fields, posing higher demands on management in strategic resource allocation, cross-departmental collaboration, R&D-production-sales linkage, financial management, and internal control mechanisms, thus presenting management risks[83](index=83&type=chunk) - Risk of policy changes due to political or economic factors: International political conflicts, trade policy adjustments, and exchange rate fluctuations may lead to increased overseas market access barriers, global supply chain disruptions, and frozen overseas funds, affecting overseas business[83](index=83&type=chunk) [Corporate Governance, Environment, and Society](index=25&type=section&id=Item%204.%20Corporate%20Governance,%20Environment,%20and%20Society) This chapter discloses changes in the company's directors and senior management, adjustments to the supervisory board's functions, and the absence of a profit distribution plan during the reporting period; it also details the progress of the company's equity incentive plan, including stock option exercise and price adjustments [Changes in Directors and Senior Management](index=25&type=section&id=Changes%20in%20Directors%20and%20Senior%20Management) In accordance with the newly revised "Company Law" and "Guidelines for Articles of Association of Listed Companies", the company no longer has a supervisory board, and its functions are exercised by the Board's Audit Committee, leading to the dismissal of supervisors Fu Leiming, Sun Jingjing, and Mo Li - Supervisors Fu Leiming, Sun Jingjing, and Mo Li were dismissed[85](index=85&type=chunk) - According to the "Company Law of the People's Republic of China" (revised in 2023) and relevant regulations, the company no longer has a supervisory board, and its functions are exercised by the Board's Audit Committee[85](index=85&type=chunk) [Profit Distribution Plan](index=25&type=section&id=Profit%20Distribution%20Plan) The company's 2025 semi-annual report does not include a profit distribution plan or a capital reserve to share capital increase plan - The profit distribution plan or capital reserve to share capital increase plan for this reporting period is not applicable[86](index=86&type=chunk) [Equity Incentive and Employee Stock Ownership Plan](index=25&type=section&id=Equity%20Incentive%20and%20Employee%20Stock%20Ownership%20Plan) The conditions for the second exercise period of the company's 2023 stock option incentive plan have been met, some options have been canceled, and the exercise price has been adjusted; additionally, the company has restricted the independent exercise time for stock options to align with the annual equity distribution and performance forecast disclosure plan - On April 21, 2025, the conditions for the second exercise period of the company's 2023 stock option incentive plan were met, and some options that needed to be canceled were completed in April 2025[87](index=87&type=chunk) - The company implemented the independent exercise of stock options for the second exercise period of the 2023 stock option incentive plan[87](index=87&type=chunk) - On May 27, 2025, the company adjusted the exercise price of the 2023 stock option incentive plan from **17.83 yuan/share** to **17.58 yuan/share**, completed by June 30, 2025[88](index=88&type=chunk) - Due to the 2024 annual equity distribution work and the 2025 semi-annual performance forecast disclosure plan, the company restricted the independent exercise time for stock options[88](index=88&type=chunk) [Significant Matters](index=27&type=section&id=Item%205.%20Significant%20Matters) This chapter details the company's fulfillment of various commitments during or continuing into the reporting period, including those related to initial public offering and equity incentives; additionally, there were no significant litigation or arbitration matters, and daily related-party transactions, major contract performance, overall use of raised funds, and specific fundraising projects were disclosed [Fulfillment of Commitments](index=27&type=section&id=Fulfillment%20of%20Commitments) The company's actual controller, shareholders, related parties, and the company itself strictly fulfilled various commitments related to the initial public offering and equity incentives during the reporting period, including share lock-up, truthfulness of information disclosure, avoidance of horizontal competition, standardization of related-party transactions, and equity incentive obligations - The company's directors, supervisors, and senior management committed to transferring no more than **25%** of their total shares annually during their tenure, and no transfers within six months after resignation[92](index=92&type=chunk) - The company's controlling shareholder and actual controller, He Shida, committed that after 36 months from the listing date, he would transfer no more than **25%** of his total shares annually during his tenure, and no transfers within six months after resignation[93](index=93&type=chunk) - The company committed that the content of the "Prospectus" is true, accurate, and complete, and if there are major violations of information disclosure, it will repurchase new shares and compensate investors according to law[94](index=94&type=chunk)[95](index=95&type=chunk) - The controlling shareholder and actual controller, He Shida, committed to avoiding horizontal competition and not producing or developing products or businesses that compete with the company[104](index=104&type=chunk)[105](index=105&type=chunk) - The controlling shareholder, actual controller, and shareholders holding **5%** or more of the shares committed to standardizing and reducing related-party transactions, and not occupying company funds and assets[107](index=107&type=chunk) - Equity incentive recipients committed to returning all benefits obtained from equity incentives if the company's information disclosure documents contain false records[108](index=108&type=chunk) [Significant Related-Party Transactions](index=33&type=section&id=Significant%20Related-Party%20Transactions) The company's daily related-party transactions during the reporting period were within the annual estimated range, with all transactions performed normally, primarily involving receiving labor services from Beijing Zhongfulian Technology Co., Ltd. and purchasing goods from Xiamen Hanxue Microelectronics Co., Ltd [Daily Related-Party Transactions](index=33&type=section&id=Daily%20Related-Party%20Transactions) The company's 2025 estimated daily related-party transactions total **50 million yuan**; as of the end of the reporting period, the actual amount incurred was within the annual estimated transaction amount, mainly including receiving labor services from Beijing Zhongfulian Technology Co., Ltd. and purchasing goods from Xiamen Hanxue Microelectronics Co., Ltd - The company's estimated daily related-party transactions for 2025 total **50 million yuan**; as of the end of the reporting period, the actual amount incurred was within the annual estimated transaction amount, and all transactions are being performed normally[110](index=110&type=chunk) Daily Related-Party Transactions | Related Party | Related Transaction Content | Amount Incurred in Current Period (yuan) | Approved Transaction Limit (yuan) | | :--- | :--- | :--- | :--- | | Beijing Zhongfulian Technology Co., Ltd. | Receiving labor services | 2,494,800.00 | 15,000,000.00 | | Xiamen Hanxue Microelectronics Co., Ltd. | Purchasing goods | 4,362,389.50 | 32,000,000.00 | [Performance of Major Contracts](index=34&type=section&id=Performance%20of%20Major%20Contracts) This chapter primarily discloses the company's leasing contracts during the reporting period, including office buildings and production plants, all of which are non-related-party transactions with relatively long lease terms [Leasing Situation](index=34&type=section&id=Leasing%20Situation) The company signed two important leasing contracts: one for office premises in Haidian District, Beijing, until December 31, 2030; and another for a production plant in Wuqing Development Zone, Tianjin, until February 28, 2031, both contracts are non-related-party transactions - The company signed a housing lease contract with Beijing Chengrunxianghe Commercial Management Co., Ltd. for office premises in Haidian District, Beijing, with a lease term from January 1, 2021, to December 31, 2030[113](index=113&type=chunk) - The company signed a factory lease contract with Tianjin Wuqing Economic-Technological Development Area Co., Ltd. for a production plant in Tianjin Wuqing Development Zone, with a lease term from March 1, 2021, to February 28, 2031[113](index=113&type=chunk) - The aforementioned lease contracts are all non-related-party transactions[114](index=114&type=chunk) [Progress of Raised Funds Utilization](index=36&type=section&id=Progress%20of%20Raised%20Funds%20Utilization) The company's convertible bond raised funds project was completed in June 2025, and the remaining funds were permanently used to supplement working capital; the "Professional Audio-Visual Processing Chip R&D and Industrialization Project" has been completed, while the "Marketing Network Construction Project" has been terminated, with its remaining funds also used to supplement working capital [Overall Utilization](index=36&type=section&id=Overall%20Utilization) The company's convertible bond raised funds totaled **300 million yuan**, with a net amount of **290.2179 million yuan**; as of the end of the reporting period, a cumulative total of **212.8202 million yuan** has been invested, representing **73.33%** of the total; the remaining raised funds have been permanently used to supplement working capital Overall Utilization of Raised Funds | Indicator | Amount (yuan) | | :--- | :--- | | Total Raised Funds | 300,000,000.00 | | Net Raised Funds | 290,217,900.00 | | Cumulative Investment of Raised Funds as of End of Reporting Period | 212,820,200.00 | | Investment Progress as of End of Reporting Period (%) | 73.33 | | Amount of Raised Funds Invested in Current Year | 40,930,200.00 | - On May 26, 2025, the company's shareholders' meeting approved the completion of the convertible bond raised funds investment project and the permanent use of remaining raised funds to supplement working capital, with the replenishment and special account cancellation completed in June 2025[117](index=117&type=chunk) [Details of Raised Investment Projects](index=37&type=section&id=Details%20of%20Raised%20Investment%20Projects) The "Professional Audio-Visual Processing Chip R&D and Industrialization Project" was completed in April 2025, with a cumulative investment of **116.0809 million yuan**, representing **60%** of the total; the original "Marketing Network Construction Project" has been canceled, and its remaining raised funds have been permanently used to supplement working capital Details of Raised Investment Projects Utilization | Project Name | Committed Investment Amount of Raised Funds (yuan) | Cumulative Investment Amount as of End of Reporting Period (yuan) | Investment Progress (%) | Is it Completed | | :--- | :--- | :--- | :--- | :--- | | Professional Audio-Visual Processing Chip R&D and Industrialization Project | 193,478,600.00 | 116,080,900.00 | 60.00 | Yes | | Marketing Network Construction Project | 3,908,500.00 | 3,908,500.00 | 100.00 | Yes (Canceled) | | Permanent Supplement to Working Capital | 92,830,800.00 | 92,830,800.00 | 100.00 | Yes | - The "Marketing Network Construction Project" was terminated by a resolution of the third extraordinary general meeting of shareholders in 2023, and the remaining raised funds have been permanently used to supplement working capital[118](index=118&type=chunk) - The "Professional Audio-Visual Processing Chip R&D and Industrialization Project" was completed by a resolution of the 2024 annual general meeting of shareholders, and the remaining raised funds have been permanently used to supplement working capital[119](index=119&type=chunk) [Verification Opinions of Intermediary Agencies](index=38&type=section&id=Verification%20Opinions%20of%20Intermediary%20Agencies) Zhongshan Securities Co., Ltd. conducted a special verification of the company's convertible bond raised funds utilization and storage, concluding that the completion of the raised funds investment project and the permanent use of remaining funds to supplement working capital comply with relevant regulatory provisions, with no objections - Zhongshan Securities Co., Ltd. issued a special verification opinion on April 21, 2025, stating that the company's completion of the convertible bond raised funds investment project and the permanent use of remaining raised funds to supplement working capital comply with relevant provisions of "Regulatory Guidance for Listed Companies No. 2" and "Self-Regulatory Guidance for Listed Companies No. 1 of Shanghai Stock Exchange"[121](index=121&type=chunk)[122](index=122&type=chunk) - The sponsor institution has no objection to the company's completion of certain convertible bond raised funds investment projects and the permanent use of remaining raised funds to supplement working capital[122](index=122&type=chunk) [Share Changes and Shareholder Information](index=39&type=section&id=Item%206.%20Share%20Changes%20and%20Shareholder%20Information) This chapter discloses the company's share capital changes during the reporting period, primarily due to the exercise of stock options under the equity incentive plan, leading to an increase in unrestricted tradable shares; it also details the total number of shareholders, top ten shareholders, and holdings of directors, supervisors, and senior management as of the end of the reporting period [Share Capital Changes](index=39&type=section&id=Share%20Capital%20Changes) During the reporting period, the company's total share capital increased by **1,424,500 shares** due to the independent exercise of stock options under the 2023 stock option incentive plan, all of which are unrestricted tradable shares, bringing the total share capital to **203,266,279 shares** Share Capital Change Table | Share Class | Number Before This Change (shares) | Increase/Decrease in This Change (shares) | Number After This Change (shares) | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 0 | 0 | 0 | | II. Unrestricted Tradable Shares | 201,841,779 | 1,424,500 | 203,266,279 | | III. Total Shares | 201,841,779 | 1,424,500 | 203,266,279 | - In the second quarter of 2025, the company's incentive recipients registered and transferred a total of **1,424,500 shares** through independent exercise, all of which are unrestricted tradable shares[126](index=126&type=chunk) [Total Number of Shareholders and Top Ten Shareholders' Holdings](index=40&type=section&id=Total%20Number%20of%20Shareholders%20and%20Top%20Ten%20Shareholders'%20Holdings) As of the end of the reporting period, the total number of ordinary shareholders was **27,074**; controlling shareholder He Shida held **23.56%**, remaining the largest shareholder; among the top ten shareholders, Hong Kong Securities Clearing Company Limited and Southern CSI 1000 ETF increased their shareholding percentages - As of the end of the reporting period, the total number of ordinary shareholders was **27,074**[128](index=128&type=chunk) Top Ten Shareholders' Holdings | Shareholder Name | Shares Held at Period End (shares) | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | He Shida | 47,888,820 | 23.56 | Domestic Natural Person | | Zhang Junfeng | 18,803,920 | 9.25 | Domestic Natural Person | | Huang Xiuyu | 5,629,840 | 2.77 | Domestic Natural Person | | Lin Guiran | 5,098,836 | 2.51 | Domestic Natural Person | | Hong Kong Securities Clearing Company Limited | 2,864,229 | 1.41 | Other | | Beijing Chunzhong Technology Co., Ltd. - 2023 Employee Stock Ownership Plan | 1,671,500 | 0.82 | Other | | Hu Bo | 1,610,000 | 0.79 | Domestic Natural Person | | China Merchants Bank Co., Ltd. - Southern CSI 1000 Exchange Traded Fund | 1,309,400 | 0.64 | Other | | Wang Lei | 1,067,300 | 0.53 | Domestic Natural Person | | Beijing Chunzhong Technology Co., Ltd. Repurchase Special Securities Account | 1,059,500 | 0.52 | Other | [Changes in Holdings of Directors, Supervisors, and Senior Management](index=42&type=section&id=Changes%20in%20Holdings%20of%20Directors,%20Supervisors,%20and%20Senior%20Management) During the reporting period, the shareholdings of the company's directors and senior management remained unchanged, including Chairman He Shida, Directors Zhang Junfeng, Fu Guoyi, Wang Zhitao, Independent Directors Zhao Hechun, Wang Wei, and CFO Cheng Rui Changes in Holdings of Directors, Supervisors, and Senior Management | Name | Position | Shares Held at Beginning of Period (shares) | Shares Held at End of Period (shares) | Change in Shares During Reporting Period (shares) | | :--- | :--- | :--- | :--- | :--- | | He Shida | Chairman, General Manager | 47,888,820 | 47,888,820 | 0 | | Zhang Junfeng | Director, Deputy General Manager | 18,803,920 | 18,803,920 | 0 | | Fu Guoyi | Director, Deputy General Manager, Board Secretary | 440,000 | 440,000 | 0 | | Wang Zhitao | Director | 223,845 | 223,845 | 0 | | Zhao Hechun | Independent Director | 0 | 0 | 0 | | Wang Wei | Independent Director | 0 | 0 | 0 | | Cheng Rui | CFO | 28,400 | 28,400 | 0 | [Bond-Related Information](index=42&type=section&id=Item%207.%20Bond-Related%20Information) The company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments, nor any convertible corporate bonds during the reporting period - The company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments during the reporting period[136](index=136&type=chunk) - The company had no convertible corporate bonds during the reporting period[136](index=136&type=chunk) [Financial Report](index=43&type=section&id=Item%208.%20Financial%20Report) This chapter contains the company's unaudited consolidated and parent company financial statements, detailing asset and liability, profit, cash flow, and owner's equity changes; it also provides comprehensive information on the company's basic situation, significant accounting policies, taxes, notes to consolidated financial statement items, R&D expenses, changes in consolidation scope, equity in other entities, government grants, financial instrument risks, fair value disclosures, related parties and related-party transactions, share-based payments, commitments and contingencies, post-balance sheet events, and supplementary information [Audit Report](index=43&type=section&id=Audit%20Report) This semi-annual report is unaudited - This semi-annual report is unaudited[5](index=5&type=chunk) [Financial Statements](index=43&type=section&id=Financial%20Statements) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owner's equity for the first half of 2025, comprehensively reflecting the financial position at the end of the reporting period and operating results, cash flows, and equity changes during the reporting period [Consolidated Balance Sheet](index=43&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets were **1.498 billion yuan**, a **4.95%** decrease from the end of the previous year; total current assets were **1.080 billion yuan**, and total non-current assets were **418 million yuan**; total liabilities were **118 million yuan**, and total owner's equity was **1.380 billion yuan** Key Data from Consolidated Balance Sheet | Item | June 30, 2025 (yuan) | December 31, 2024 (yuan) | | :--- | :--- | :--- | | Total Assets | 1,498,307,718.79 | 1,576,261,828.15 | | Total Current Assets | 1,080,383,034.89 | 1,197,272,415.71 | | Total Non-current Assets | 417,924,683.90 | 378,989,412.44 | | Total Liabilities | 118,082,859.21 | 134,232,959.86 | | Total Owner's Equity | 1,380,224,859.58 | 1,442,028,868.29 | [Parent Company Balance Sheet](index=46&type=section&id=Parent%20Company%20Balance%20Sheet) As of June 30, 2025, the parent company's total assets were **1.531 billion yuan**, a **5.69%** decrease from the end of the previous year; total current assets were **1.018 billion yuan**, and total non-current assets were **513 million yuan**; total liabilities were **107 million yuan**, and total owner's equity was **1.424 billion yuan** Key Data from Parent Company Balance Sheet | Item | June 30, 2025 (yuan) | December 31, 2024 (yuan) | | :--- | :--- | :--- | | Total Assets | 1,531,210,848.35 | 1,623,531,497.71 | | Total Current Assets | 1,018,362,302.11 | 1,156,505,487.73 | | Total Non-current Assets | 512,848,546.24 | 467,026,009.98 | | Total Liabilities | 106,947,735.19 | 168,187,366.36 | | Total Owner's Equity | 1,424,263,113.16 | 1,455,344,131.35 | [Consolidated Income Statement](index=48&type=section&id=Consolidated%20Income%20Statement) In the first half of 2025, the company's consolidated total operating revenue was **129 million yuan**, a **44.85%** year-on-year decrease; net profit was **-39.7998 million yuan**, and net profit attributable to parent company shareholders was **-40.0186 million yuan**, a **201.99%** year-on-year decrease, shifting from profit to loss Key Data from Consolidated Income Statement | Item | 2025 Semi-Annual (yuan) | 2024 Semi-Annual (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 128,831,401.68 | 233,619,793.44 | | Total Operating Cost | 158,569,972.45 | 204,137,163.45 | | Total Profit | -40,270,259.77 | 39,368,581.53 | | Net Profit | -39,799,820.87 | 38,002,307.63 | | Net Profit Attributable to Parent Company Shareholders | -40,018,601.69 | 39,238,111.10 | | Basic Earnings Per Share (yuan/share) | -0.20 | 0.20 | [Parent Company Income Statement](index=51&type=section&id=Parent%20Company%20Income%20Statement) In the first half of 2025, the parent company's operating revenue was **117 million yuan**, a **48.76%** year-on-year decrease; net profit was **-9.0768 million yuan**, a **110.53%** year-on-year decrease, shifting from profit to loss Key Data from Parent Company Income Statement | Item | 2025 Semi-Annual (yuan) | 2024 Semi-Annual (yuan) | | :--- | :--- | :--- | | Operating Revenue | 117,249,244.82 | 229,204,730.21 | | Operating Cost | 96,480,606.38 | 146,566,192.22 | | Total Profit | -10,145,000.95 | 86,279,862.84 | | Net Profit | -9,076,830.35 | 86,167,107.55 | [Consolidated Cash Flow Statement](index=53&type=section&id=Consolidated%20Cash%20Flow%20Statement) In the first half of 2025, the company's net cash flow from operating activities was **-63.6396 million yuan**, net cash flow from investing activities was **-51.6201 million yuan**, net cash flow from financing activities was **-26.3810 million yuan**, and the net increase in cash and cash equivalents was **-141.4665 million yuan** Key Data from Consolidated Cash Flow Statement | Item | 2025 Semi-Annual (yuan) | 2024 Semi-Annual (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -63,639,617.40 | -45,590,954.64 | | Net Cash Flow from Investing Activities | -51,620,087.04 | 63,141,943.13 | | Net Cash Flow from Financing Activities | -26,380,959.07 | -74,791,240.57 | | Net Increase in Cash and Cash Equivalents | -141,466,462.35 | -57,260,937.66 | [Parent Company Cash Flow Statement](index=55&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 **-71.5734 million yuan**, net cash flow from investing activities was **-27.6095 million yuan**, net cash flow from financing activities was **-25.8140 million yuan**, and the net increase in cash and cash equivalents was **-124.8227 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 | -71,573,366.98 | -93,269,974.90 | | Net Cash Flow from Investing Activities | -27,609,540.50 | 98,296,676.93 | | Net Cash Flow from Financing Activities | -25,814,036.35 | -70,714,395.62 | | Net Increase in Cash and Cash Equivalents | -124,822,742.67 | -65,708,383.39 | [Consolidated Statement of Changes in Owner's Equity](index=56&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Owner's%20Equity) In the first half of 2025, the company's consolidated total owner's equity decreased by **61.8040 million yuan**, primarily due to net profit loss and profit distribution, while share capital increased due to equity incentive exercise Key Data from Consolidated Statement of Changes in Owner's Equity | Item | End of 2025 Semi-Annual Period Balance (yuan) | End of 2024 Semi-Annual Period Balance (yuan) | | :--- | :--- | :--- | | Paid-in Capital (or Share Capital) | 203,266,279.00 | 201,841,779.00 | | Capital Reserve | 876,551,165.15 | 798,407,126.51 | | Retained Earnings | 248,427,135.07 | 305,105,794.45 | | Total Owner's Equity Attributable to Parent Company | 1,383,084,005.12 | 1,347,523,920.14 | | Total Owner's Equity | 1,380,224,859.58 | 1,346,203,518.84 | [Parent Company Statement of Changes in Owner's Equity](index=59&type=section&id=Parent%20Company%20Statement%20of%20Changes%20in%20Owner's%20Equity) In the first half of 2025, the parent company's total owner's equity decreased by **31.0810 million yuan**, primarily due to net profit loss and profit distribution, while share capital increased due to equity incentive exercise Key Data from Parent Company Statement of Changes in Owner's Equity | Item | End of 2025 Semi-Annual Period Balance (yuan) | End of 2024 Semi-Annual Period Balance (yuan) | | :--- | :--- | :--- | | Paid-in Capital (or Share Capital) | 203,266,279.00 | 201,841,779.00 | | Capital Reserve | 876,551,165.15 | 798,407,126.51 | | Retained Earnings | 289,606,243.11 | 321,370,024.29 | | Total Owner's Equity | 1,424,263,113.16 | 1,363,788,149.98 | [Company Basic Information](index=62&type=section&id=Company%20Basic%20Information) Beijing Chunzhong Technology Co., Ltd. was registered in May 2011 and listed on the Shanghai Stock Exchange on February 2, 2018, primarily operating in display control system equipment and solutions for government, education, energy, and other industries; as of June 30, 2025, the company's total share capital was **203.266279 million shares**, with He Shida as the actual controller - The company was registered in Haidian District, Beijing, in May 2011, and listed on the Shanghai Stock Exchange on February 2, 2018[164](index=164&type=chunk) - Main business activities include providing display control system equipment and solutions, with products applied in control rooms, monitoring rooms, conference rooms, and exhibition venues, serving government agencies, educational research, energy, and power industries[164](index=164&type=chunk) - As of June 30, 2025, the company's cumulative issued share capital totaled **203.266279 million shares**, with a registered capital of **203.266279 million yuan**[164](index=164&type=chunk) - The actual controller of the company is He Shida[165](index=165&type=chunk) [Basis of Financial Statement Preparation](index=62&type=section&id=Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, adhering to the accounting standards issued by the Ministry of Finance and relevant regulations of the China Securities Regulatory Commission, accurately and completely reflecting the company's financial position and operating results - The company's financial statements are prepared on a going concern basis[166](index=166&type=chunk)[167](index=167&type=chunk) - Financial statements are prepared in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance and "Rules for Information Disclosure by Companies Issuing Securities No. 15 - General Provisions for Financial Reports" by the China Securities Regulatory Commission[166](index=166&type=chunk) [Significant Accounting Policies and Accounting Estimates](index=62&type=section&id=Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This chapter details the company's statement of compliance with enterprise accounting standards, accounting period, operating cycle, functional currency, materiality criteria, accounting treatment for business combinations, consolidated financial statement preparation, financial instrument classification and measurement, revenue recognition, government grants, deferred income tax assets/liabilities, leasing, and other significant accounting policies and estimates, also disclosing the impact of accounting policy changes on the financial statements - The company's financial statements comply with enterprise accounting standards, accurately and completely reflecting its financial position[169](index=169&type=chunk) - Materiality criteria include individually assessed accounts receivable for impairment, significant write-offs of accounts receivable, significant accounts payable overdue for more than one year, significant wholly-owned/non-wholly-owned subsidiaries, and significant investment activities[173](index=173&type=chunk) - Financial instruments are classified as measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss for financial assets and liabilities[186](index=186&type=chunk)[188](index=188&type=chunk) - Revenue is recognized when performance obligations are satisfied and the customer obtains control of the related goods or services, recognized based on the progress or point in time of performance[248](index=248&type=chunk)[250](index=250&type=chunk) - Government grants are classified as asset-related or income-related, recognized when conditions are met, and accounted for as deferred income or current profit and loss based on their nature[255](index=255&type=chunk)[256](index=256&type=chunk) - Starting from 2024, the company implemented the accounting treatment provisions for guarantee-type quality assurance not constituting a single performance obligation as per "Interpretation No. 18 of Enterprise Accounting Standards", retrospectively adjusting prior year's financial statements, primarily impacting cost of sales and selling expenses[269](index=269&type=chunk)[270](index=270&type=chunk) [Taxes](index=90&type=section&id=Taxes) This chapter lists the company's main tax categories and rates, including VAT, urban maintenance and construction tax, enterprise income tax, and education surcharge; the company and some subsidiaries enjoy high-tech enterprise income tax preferential policies (**15%**) and small-profit enterprise income tax preferential policies (**20%**), as well as VAT immediate refund policies for software products Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Sales of goods and taxable services income | 13%, 9%, 6%, 5% | | Urban Maintenance and Construction Tax | Actual VAT paid | 7%, 5% | | Enterprise Income Tax | Taxable income | 25%, 20%, 15% | | Education Surcharge | Actual VAT paid | 5% | - The parent company and subsidiary Beijing Shijie Hengtong Technology Co., Ltd. enjoy high-tech enterprise income tax preferential policies, applying a **15%** income tax rate[274](index=274&type=chunk) - Some subsidiaries (e.g., Beijing Chunde Electronics Co., Ltd., Beijing Shengwu Technology Co., Ltd.) enjoy small-profit enterprise income tax preferential policies, applying a **20%** income tax rate[275](index=275&type=chunk) - The company and its subsidiaries Beijing Shijie Hengtong Technology Co., Ltd., Beijing Shengwu Technology Co., Ltd., and Wuhan Chunruan Technology Co., Ltd. enjoy VAT immediate refund policies for software products[276](index=276&type=chunk) [Notes to Consolidated Financial Statement Items](index=91&type=section&id=Notes%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, other receivables, inventories, long-term equity investments, other non-current financial assets, investment properties, fixed assets, right-of-use assets, intangible assets, long-term deferred expenses, deferred income tax assets/liabilities, assets restricted by ownership or use rights, accounts payable, contract liabilities, employee compensation payable, taxes payable, other payables, non-current liabilities due within one year, other current liabilities, provisions, deferred income, share capital, capital reserve, treasury stock, surplus reserve, retained earnings, operating revenue and cost, taxes and surcharges, selling expenses, administrative expenses, R&D expenses, financial expenses, other income, investment income, fair value change gains, credit impairment losses, asset impairment losses, asset disposal gains, non-operating income, non-operating expenses, income tax expenses, cash flow statement items, and leases, explaining the composition, changes, and accounting treatment of each item - Monetary funds balance at period end was **502 million yuan**, of which bank deposits were **499 million yuan**[279](index=279&type=chunk) - Trading financial assets balance at period end was **187 million yuan**, mainly wealth management products[280](index=280&type=chunk) - Accounts receivable balance at period end was **216 million yuan**, with approximately **62.65%** within 1 year, and bad debt provision of **38.1582 million yuan**[283](index=283&type=chunk)[285](index=285&type=chunk) - Inventories balance at period end was **105 million yuan**, with inventory impairment provision of **5.3824 million yuan**, an increase of **4.1769 million yuan** in the current period[312](index=312&type=chunk)[314](index=314&type=chunk) - Fixed assets book value at period end was **250 million yuan**, with depreciation increasing by **7.5147 million yuan** in the current period[323](index=323&type=chunk) - Employee compensation payable balance at period end was **7.5718 million yuan**, a **62.17%** decrease from the beginning of the period, mainly due to payment of prior year's annual bonus[350](index=350&type=chunk) - Retained earnings balance at period end was **248 million yuan**, a decrease of **90.5703 million yuan** in the current period, mainly due to net profit loss and profit distribution[373](index=373&type=chunk)[374](index=374&type=chunk) - Operating revenue for the current period was **129 million yuan**, operating cost was **72.6768 million yuan**, with main business revenue accounting for **98.71%**[376](index=376&type=chunk) - Credit impairment losses for the current period were **-11.2558 million yuan**, and asset impairment losses were **-4.1769 million yuan**[390](index=390&type=chunk)[391](index=391&type=chunk) [R&D Expenses](index=135&type=section&id=R%26D%20Expenses) During the reporting period, the company's total R&D expenses were **33.5525 million yuan**, all expensed; the main components included employee compensation, share-based payments, depreciation and amortization, R&D materials, and technical service fees R&D Expense Composition | Item | Amount Incurred in Current Period (yuan) | Amount Incurred in Prior Period (yuan) | | :--- | :--- | :--- | | Employee Compensation | 26,563,568.73 | 25,561,023.73 | | Share-based Payment | 1,238,519.15 | 1,696,217.56 | | Depreciation and Amortization | 2,608,240.75 | 3,294,337.28 | | R&D Materials | 1,195,827.41 | 210,018.87 | | Technical Service Fees | 1,041,840.72 | 2,260,150.24 | | **Total** | **33,552,547.00** | **33,940,451.07** | | Of which: Expensed R&D | 33,552,547.00 | 33,940,451.07 | [Changes in Consolidation Scope](index=135&type=section&id=Changes%20in%20Consolidation%20Scope) During the reporting period, the company had no business combinations under non-common control, business combinations under common control, reverse acquisitions, or disposal of subsidiaries leading to loss of control; there were no significant changes in the consolidation scope - During the reporting period, the company had no business combinations under non-common control, business combinations under common control, reverse acquisitions, or disposal of subsidiaries leading to loss of control[416](index=416&type=chunk)[417](index=417&type=chunk) [Equity in Other Entities](index=136&type=section&id=Equity%20in%20Other%20Entities) This chapter discloses the company's equity in subsidiaries and associates; the company owns several wholly-owned and controlling subsidiaries, with businesses covering technology development, product assembly, and sales; additionally, the company holds an **11.11%** equity stake in Beijing Zhongfulian Technology Co., Ltd., and exercises significant influence through a board appointment, accounted for using the equity method Composition of Enterprise Group (Partial Subsidiaries) | Subsidiary Name | Registered Capital (10,000 yuan) | Business Nature | Shareholding Percentage (%) | | :--- | :--- | :--- | :--- | | Beijing Shijie Hengtong Technology Co., Ltd. | 500.00 | Technology development, technical services, sales of electronic products | 100% | | Anhui Chunxin Technology Co., Ltd. | 5,000.00 | Integrated circuit and other electronic product design, R&D, sales | 100% | | Beijing Chunyuan Technology Co., Ltd. | 1,000.00 | Technology development, technical services, sales of electronic products | 51% | | Beijing Chunzheng Technology Co., Ltd. | 1,000.00 | Technology development, technical services, sales of electronic products | 51% | - The company holds an **11.11%** equity stake in Beijing Zhongfulian Technology Co., Ltd., and exercises significant influence through the appointment of one director to the board, accounted for using the equity method[420](index=420&type=chunk)[421](index=421&type=chunk) Key Financial Information of Significant Associate (Beijing Zhongfulian Technology Co., Ltd.) | Item | Period End Balance (yuan) | Period Beginning Balance (yuan) | | :--- | :--- | :--- | | Total Assets | 26,437,426.24 | 31,160,575.75 | | Total Liabilities | 30,665,857.25 | 26,216,446.18 | | Equity Attributable to Parent Company Shareholders | -4,228,431.01 | 4,944,129.57 | | Net Profit | -9,172,560.58 | -4,422,850.87 | | Total Comprehensive Income | -9,172,560.58 | -4,422,850.87 | [Government Grants](index=139&type=section&id=Government%20Grants) During the reporting period, the company recognized **3.4075 million yuan** in government grants, including **3.2849 million yuan** related to income and **122,700 yuan** related to assets; the balance of government grants in deferred income at period end was **3.4422 million yuan** Government Grants Recognized in Current Profit or Loss | Type | Amount Incurred in Current Period (yuan) | Amount Incurred in Prior Period (yuan) | | :--- |