证券代码：603803 证券简称：瑞斯康达 公告编号：2025-022 瑞斯康达科技发展股份有限公司 第六届董事会第八次会议决议公告 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个别及连带责任。 表决结果：同意 9 票，反对 0 票，弃权 0 票。表决通过。 一、董事会会议召开情况 瑞斯康达科技发展股份有限公司（以下简称"公司"）第六届董事会第八次 会议于 2025 年 8 月 21 日以电子邮件方式向全体董事发送了会议通知及会议材 料，并于 2025 年 8 月 27 日在北京市海淀区西北旺东路 10 号院东区 11 号楼瑞斯 康达大厦以现场结合通讯表决方式召开。本次会议应出席董事 9 名、实际出席董 事 9 名，其中董事李月杰授权委托董事韩猛代为出席会议。会议由公司董事韩猛 主持，公司高级管理人员列席本次会议。会议的召开符合公司法及公司章程的有 关规定。 二、董事会会议审议情况 经与会董事经充分讨论，审议通过了如下议案： 本议案已经董事会审计委员会审议通过，同意提交董事会审议。 2、审议通过《关于使用闲置自有资金进行现金管理的公告 ...

[Section I Definitions](index=4&type=section&id=Section%20I%20Definitions) [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This section defines common terms used in the report, such as company names, reporting periods, and key subsidiaries, to ensure clarity - The reporting period refers to January-June 2025, the prior year period refers to January-June 2024, and the prior year refers to the full year 2024[15](index=15&type=chunk) - Raisecom, the Company, and this Company all refer to Raisecom Technology Co., Ltd[15](index=15&type=chunk) - Lists names and abbreviations of several subsidiaries including Bilinxintong, Shenlanxuntong, Xi'an Baopu, and Raisecom Digital Technology[15](index=15&type=chunk) [Section II Company Profile and Key Financial Indicators](index=4&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) [I. Company Information](index=4&type=section&id=I.%20Company%20Information) This section discloses Raisecom Technology Co., Ltd.'s basic registration details, including its Chinese and English names, abbreviations, and legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Chinese Name | 瑞斯康达科技发展股份有限公司 | | Chinese Abbreviation | 瑞斯康达 | | English Name | RAISECOM TECHNOLOGY CO.,Ltd. | | English Abbreviation | RAISECOM | | Legal Representative | Li Yuejie | [II. Contact Person and Information](index=4&type=section&id=II.%20Contact%20Person%20and%20Information) This section provides detailed contact information for the company's Board Secretary and Securities Affairs Representative, facilitating communication for investors and stakeholders Company Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Yin Songtao | Raisecom Building, No. 11, East District, No. 10 Courtyard, Xibeiwang East Road, Haidian District, Beijing | 010-82884499 | 010-82884499 | zhengquanbu@raisecom.com | | Securities Affairs Representative | Wen Yalun | Raisecom Building, No. 11, East District, No. 10 Courtyard, Xibeiwang East Road, Haidian District, Beijing | 010-82884499 | 010-82884499 | zhengquanbu@raisecom.com | [III. Overview of Basic Information Changes](index=5&type=section&id=III.%20Overview%20of%20Basic%20Information%20Changes) This section details the company's registered and office addresses, noting no historical changes to the registered address during the reporting period - The company's registered and office addresses are both 1st to 5th floors, Building 11, East District, No. 10 Courtyard, Xibeiwang East Road, Haidian District, Beijing, postal code 100094[16](index=16&type=chunk) - During the reporting period, there were no historical changes to the company's registered address[16](index=16&type=chunk) - The company's website is www.raisecom.com, and its email address is zhengquanbu@raisecom.com[16](index=16&type=chunk) [IV. Overview of Information Disclosure and Document Custody Location Changes](index=5&type=section&id=IV.%20Overview%20of%20Information%20Disclosure%20and%20Document%20Custody%20Location%20Changes) This section specifies the company's designated newspapers for information disclosure, the website for semi-annual reports, and the location for report custody - The company's selected newspapers for information disclosure include "Shanghai Securities News", "China Securities Journal", "Securities Times", and "Securities Daily"[17](index=17&type=chunk) - The semi-annual report is published on the Shanghai Stock Exchange website (www.sse.com.cn)[17](index=17&type=chunk) - The company's semi-annual report is kept at Building 11, East District, No. 10 Courtyard, Xibeiwang East Road, Haidian District, Beijing[17](index=17&type=chunk) [V. Company Stock Profile](index=5&type=section&id=V.%20Company%20Stock%20Profile) This section provides the company's stock listing information, including stock type, exchange, ticker symbol, and stock code Company Stock Profile | Stock Type | Listing Exchange | Stock Abbreviation | Stock Code | Former Stock Abbreviation | | :--- | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange | 瑞斯康达 | 603803 | None | [VII. Key Accounting Data and Financial Indicators](index=5&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section summarizes the company's key accounting data and financial indicators for the first half of 2025, showing decreases in revenue and net profit, and a significant negative shift in operating cash flow [1. Key Accounting Data](index=5&type=section&id=1.%20Key%20Accounting%20Data) In H1 2025, the company's operating revenue decreased by 25.99% year-over-year, total profit and net profit attributable to shareholders were negative and widened losses, and net cash flow from operating activities significantly declined by 614.12% 2025 Semi-Annual Key Accounting Data | Key Accounting Data (Jan-Jun) | Current Period (RMB) | Prior Year Period (RMB) | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 538,902,038.53 | 728,146,334.91 | -25.99 | | Total Profit | -42,005,402.83 | -36,877,655.14 | Not applicable | | Net Profit Attributable to Shareholders of Listed Company | -42,191,321.51 | -37,330,911.39 | Not applicable | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | -48,275,886.63 | -53,721,674.40 | Not applicable | | Net Cash Flow from Operating Activities | -135,259,150.34 | 26,308,624.16 | -614.12 | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 1,575,813,966.23 | 1,617,152,412.87 | -2.56 | | Total Assets (Period-end) | 2,486,168,862.58 | 2,677,652,136.39 | -7.15 | [2. Key Financial Indicators](index=5&type=section&id=2.%20Key%20Financial%20Indicators) In H1 2025, the company's basic and diluted earnings per share were negative, and the weighted average return on net assets decreased by 0.54 percentage points, indicating further pressure on profitability 2025 Semi-Annual Key Financial Indicators | Key Financial Indicators (Jan-Jun) | Current Period | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | -0.10 | -0.09 | Not applicable | | Diluted Earnings Per Share (RMB/share) | -0.10 | -0.09 | Not applicable | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (RMB/share) | -0.11 | -0.12 | Not applicable | | Weighted Average Return on Net Assets (%) | -2.71 | -2.17 | Decrease of 0.54 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | -3.10 | -3.12 | Increase of 0.02 percentage points | [9. Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=9.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) The company's non-recurring gains and losses totaled **6.08 million RMB** in H1 2025, primarily from disposal of non-current assets, government grants, and entrusted investment income 2025 Semi-Annual Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (RMB) | | :--- | :--- | | Gains or losses from disposal of non-current assets | 5,990,697.01 | | Government grants recognized in current profit or loss | 2,476,472.77 | | Gains or losses from entrusted investment or asset management | 841,476.07 | | Other non-operating income and expenses apart from the above | -2,398,660.84 | | Other gains and losses that meet the definition of non-recurring gains and losses | 307,449.08 | | Less: Income tax impact | 1,132,868.97 | | Total | 6,084,565.12 | [Section III Management Discussion and Analysis](index=7&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) [I. Industry and Main Business Overview for the Reporting Period](index=7&type=section&id=I.%20Industry%20and%20Main%20Business%20Overview%20for%20the%20Reporting%20Period) Raisecom, a leading optical network product and solution provider, serves various industries by offering information communication infrastructure and digital transformation solutions, while actively expanding overseas and enterprise businesses and increasing R&D investment amidst market challenges - The company is a leading optical network product and system solution provider, serving telecommunication operators, energy, transportation, government, finance, education, manufacturing, and other industries[25](index=25&type=chunk) - In H1 2025, the communication industry operated generally stable, with sustained growth in telecom business volume and revenue, orderly advancement of new infrastructure construction, and continuous expansion of 5G, gigabit, and IoT user bases[26](index=26&type=chunk) - The company faces severe challenges including economic growth pressure, declining demographic dividends, slowing growth in mobile internet traffic consumption, and intensified competition in the domestic operator market[27](index=27&type=chunk) - The company's strategic adjustments include steadily developing traditional operator market businesses, vigorously expanding overseas markets, government and enterprise markets, and innovative businesses such as operator digital ICT, while continuously increasing R&D innovation investment[27](index=27&type=chunk) [II. Discussion and Analysis of Operations](index=8&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) In H1 2025, the company faced global economic uncertainty and increased domestic competition, leading to decreased revenue and net profit, but improved overseas market orders, revenue, and gross margin through strategic adjustments and R&D focus - In H1 2025, the company's operating revenue was **538.90 million RMB**, a **25.99% year-over-year decrease**; net profit attributable to shareholders of the listed company was **-42.19 million RMB**[29](index=29&type=chunk) - The company actively adjusted its business structure, achieving improvements in key business indicators such as overseas market orders, revenue, and comprehensive gross margin[29](index=29&type=chunk) [1. Market Expansion](index=8&type=section&id=1.%20Market%20Expansion) The company strengthened its leading position in optical transmission for operators, secured multiple OTN and IPRAN projects, expanded hyper-converged solutions in government and enterprise sectors, deployed RoCE switches in intelligent computing, and achieved year-over-year growth in overseas orders and revenue - In the operator market, the company won bids for China Unicom's access-type OTN expansion project, China Mobile's first procurement project for simplified OTN equipment, and China Telecom's centralized procurement project for basic access-type OTN equipment expansion[30](index=30&type=chunk) - In government and enterprise business innovation, hyper-converged solutions based on the government and enterprise integrated access platform, integrating OSE, LAP, VNF, quantum encryption, and computing power, have been commercially deployed in multiple provinces[30](index=30&type=chunk) - In the intelligent computing sector, RoCE switches and 100-400G high-speed optical modules were successfully deployed in provincial operator intelligent computing center networks for Jiangxi Unicom, Guangdong Unicom, and Shaanxi Telecom[31](index=31&type=chunk) - Raisecom Digital Technology saw increased application of its independently controllable industrial Ethernet products in the power industry, comprehensive testing of fgOTN technology in provincial power companies, and a focus on digital transformation across the oil and petrochemical industry chain[35](index=35&type=chunk)[36](index=36&type=chunk) - Overseas market orders and revenue both achieved year-over-year growth, IP/MPLS packet products maintained stable growth, new data communication switches and all-optical products made initial progress, and a full series of XGSPON OLT products were released for the overseas market[38](index=38&type=chunk)[40](index=40&type=chunk) [2. R&D Technology](index=10&type=section&id=2.%20R%26D%20Technology) The company continuously increases R&D investment, focusing on all-optical networks, switching and routing, cloud-network security convergence, wireless communication, and edge computing, developing new products like encrypted DCI boxes, fgOTN, large-capacity OLTs, and PON fixed-mobile converged small stations - In optical network business, the company developed DCI box products with encryption capabilities and access-type OTN products integrating encryption technology, researched fgOTN products, and achieved phased verification results[42](index=42&type=chunk) - In data communication business, the company released a new generation of large-capacity rack-mounted OLT series products and GPON/XG(S)PON/XG(S)-COMBO PON box-type OLT series products, and heavily invested in the domestic R&D of intelligent computing switch series products[43](index=43&type=chunk) - In intelligent network business, the company optimized home terminal product designs, adding PoE-type, FTTR-B-type, and high-performance government and enterprise gateway products to enrich application scenarios[43](index=43&type=chunk) - In wireless business, the company provides solutions for various scenarios such as elevator coverage and underground parking, and innovatively proposed PON fixed-mobile converged small stations[43](index=43&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](index=10&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) The company's core competitiveness stems from stable R&D investment, deep technological expertise, a comprehensive product structure and solution capability, and a robust marketing network with a rapid response service system [1. Stable R&D Investment and Deep Technological Accumulation](index=11&type=section&id=1.%20Stable%20R%26D%20Investment%20and%20Deep%20Technological%20Accumulation) The company consistently invests over 10% of its operating revenue in R&D, with integrated R&D centers in Beijing, Xi'an, and Wuhan enhancing its optical communication technology capabilities - The company's R&D investment has consistently exceeded **10% of operating revenue** for many years[45](index=45&type=chunk) - Beijing, Xi'an, and Wuhan R&D centers achieve coordinated layout, three-location collaboration, specialized division of labor, and resource sharing, enhancing optical communication business technical capabilities[45](index=45&type=chunk) [2. Comprehensive Product Structure and Solution Capability](index=11&type=section&id=2.%20Comprehensive%20Product%20Structure%20and%20Solution%20Capability) With extensive experience in optical communication, the company offers over 3,000 products and customized solutions covering major market applications, ensuring strong market competitiveness - The company possesses deep experience in the optical communication field, with long-term insights and practices in accessing and carrying high-value government and enterprise businesses[46](index=46&type=chunk) - The company's products and solutions cover major market applications, forming a portfolio of over **3,000 products** that can meet diverse customer needs[46](index=46&type=chunk) [3. Comprehensive Marketing Network and Rapid Response Service System](index=11&type=section&id=3.%20Comprehensive%20Marketing%20Network%20and%20Rapid%20Response%20Service%20System) The company maintains a leading marketing network with offices and technical service centers across all provinces, municipalities, and autonomous regions, providing comprehensive technical support through a "regional office-technical committee-R&D product line"联动 mechanism - The company has offices and technical service centers in all provinces, municipalities, and autonomous regions nationwide, with its marketing network in a leading position within the industry[47](index=47&type=chunk) - The company's technical service forms a "regional office-technical committee-R&D product line" three-line linkage mechanism, enabling timely response to customer needs and providing comprehensive technical services and support[47](index=47&type=chunk) [IV. Key Operating Performance During the Reporting Period](index=11&type=section&id=IV.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) This section details the company's key operating performance, including changes in main business financial accounts and their causes, as well as asset and liability status and restricted assets [1. Main Business Analysis](index=11&type=section&id=1.%20Main%20Business%20Analysis) The company's operating revenue decreased by 25.99% year-over-year due to reduced sales, while operating costs decreased by 33.14% due to lower sales and product mix adjustments, leading to increased gross profit, and net cash flow from operating activities significantly declined by 614.12% due to reduced collections Analysis of Major Accounting Account Changes | Account | Current Period Amount (RMB) | Prior Year Period Amount (RMB) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 538,902,038.53 | 728,146,334.91 | -25.99 | Decrease in sales | | Operating Cost | 302,659,488.68 | 452,702,610.73 | -33.14 | Decrease in sales, product structure adjustment led to increased gross profit | | Selling Expenses | 122,267,531.93 | 128,845,903.76 | -5.11 | Cost reduction and efficiency improvement, decrease in business promotion expenses | | Administrative Expenses | 51,402,125.72 | 61,966,874.98 | -17.05 | Decrease in service fees and equity incentives | | Financial Expenses | 2,112,349.78 | 2,253,275.53 | -6.25 | Exchange gains | | R&D Expenses | 137,776,426.54 | 150,650,019.89 | -8.55 | Quality and efficiency improvement, slight decrease in overall R&D investment | | Net Cash Flow from Operating Activities | -135,259,150.34 | 26,308,624.16 | -614.12 | Decrease in collections | [3. Analysis of Assets and Liabilities](index=12&type=section&id=3.%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets and net assets attributable to shareholders both decreased, with various current assets and liabilities showing reductions, while short-term borrowings increased and long-term borrowings decreased, and certain assets were restricted Asset and Liability Status Changes | Item | Current Period End Amount (RMB) | Current Period End % of Total Assets | Prior Year End Amount (RMB) | Prior Year End % of Total Assets | Change from Prior Year End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 514,217,815.14 | 20.68 | 669,144,255.66 | 24.99 | -23.15 | Decrease in sales collections | | Notes Receivable | 32,696,583.87 | 1.32 | 43,062,361.95 | 1.61 | -24.07 | Decrease in notes collections | | Short-term Borrowings | 270,987,702.60 | 10.90 | 216,832,873.46 | 8.10 | 24.98 | Increase in bank borrowings | | Notes Payable | 102,824,833.70 | 4.14 | 172,331,270.94 | 6.44 | -40.33 | Decrease in raw material purchases | | Taxes Payable | 7,589,739.18 | 0.31 | 17,813,747.91 | 0.67 | -57.39 | Decrease in VAT payable | | Long-term Borrowings | 7,397,807.65 | 0.30 | 14,787,663.85 | 0.55 | -49.97 | Repayment of long-term borrowings reclassified to non-current liabilities due within one year | Major Asset Restriction Details | Item | Book Value (RMB) | Type of Restriction | Restriction Details | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 6,288,934.43 | Other | Guarantee deposits | | Notes Receivable | 2,539,026.55 | Other | Notes receivable endorsed or discounted by the company and not yet due at the balance sheet date were not derecognized | | Fixed Assets | 272,561,250.59 | Mortgage | Used for mortgage loans | | Intangible Assets | 90,721,161.99 | Mortgage | Used for mortgage loans | | Total | 372,110,373.56 | | | [V. Other Disclosure Matters](index=14&type=section&id=V.%20Other%20Disclosure%20Matters) This section discloses potential risks faced by the company, including performance volatility, loss of core technical talent, accounts receivable bad debt, and inventory impairment, which could adversely affect its operating performance and sustainable development [1. Potential Risks](index=15&type=section&id=1.%20Potential%20Risks) The company faces risks from performance volatility due to rapid communication equipment upgrades, intense market competition, operator cost controls, and uncertainties in component imports, alongside risks of core technical talent loss, accounts receivable bad debt, and inventory impairment - Performance volatility risk: Rapid iteration of communication equipment, intense market competition, price declines due to operators' "speed-up and fee-reduction" policies; complex and volatile international environment leading to uncertainty in component imports, rising costs, and extended supply cycles[58](index=58&type=chunk) - Core technical talent loss risk: The company's development highly depends on excellent technical talent, and talent loss may lead to stalled R&D projects or weakened technological advantages[59](index=59&type=chunk) - Accounts receivable bad debt risk: At the end of the reporting period, accounts receivable accounted for a relatively high proportion of current assets (**33.88%**), posing a risk that customers' deteriorating economic conditions may prevent timely repayment[60](index=60&type=chunk) - Inventory impairment risk: At the end of the reporting period, the book value of inventory accounted for a relatively high proportion of current assets (**35.40%**), and changes in market conditions may lead to difficulties in product sales, with net realizable value falling below cost[61](index=61&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=16&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) [I. Changes in Directors and Senior Management](index=16&type=section&id=I.%20Changes%20in%20Directors%20and%20Senior%20Management) During the reporting period, Ms. Li Hui, Vice General Manager and Chief Financial Officer, retired, and the board of directors approved her departure - Ms. Li Hui, Vice General Manager and Chief Financial Officer, retired due to age and no longer holds the positions of Vice General Manager, Chief Financial Officer, or any subsidiary positions[64](index=64&type=chunk) - This change was approved by the company's Sixth Board of Directors at its sixth meeting on May 16, 2025[64](index=64&type=chunk) [III. Status and Impact of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=16&type=section&id=III.%20Status%20and%20Impact%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) On April 24, 2025, the company approved the repurchase and cancellation of 4.35 million restricted shares from its 2022 equity incentive plan due to employee departures and unmet performance targets, reducing total share capital to 424,883,557 shares by July 3, 2025 - The company approved the resolution to repurchase and cancel a portion of restricted shares from its 2022 restricted stock incentive plan on April 24, 2025[65](index=65&type=chunk) - The reasons for repurchase and cancellation include 19 incentive recipients resigning for personal reasons, and the company-level performance targets for the third解除限售期 of the initial grant and the second解除限售期 of the reserved grant not being met[65](index=65&type=chunk) - A total of **4.35 million** restricted shares that had been granted but not yet unlocked were repurchased and cancelled[65](index=65&type=chunk) - This repurchase and cancellation was completed with share registration changes on July 3, 2025, reducing the company's total share capital from 429,233,057 shares to 424,883,557 shares[65](index=65&type=chunk) [Section V Significant Matters](index=18&type=section&id=Section%20V%20Significant%20Matters) [I. Fulfillment of Commitments](index=18&type=section&id=I.%20Fulfillment%20of%20Commitments) The company disclosed the fulfillment of commitments related to its initial public offering and other undertakings, ensuring the truthfulness of its prospectus and committing to share repurchases and investor compensation for any false statements, while also outlining procedures for non-fulfillment of commitments - The company commits that its prospectus contains no false records, misleading statements, or major omissions, and assumes individual and joint legal liabilities[69](index=69&type=chunk) - If false records in the prospectus significantly impact the issuance conditions, the company will repurchase all newly issued shares from the initial public offering, at a price no lower than the arithmetic average of the daily weighted average price for the 30 trading days prior to the repurchase announcement[69](index=69&type=chunk) - If investors suffer losses due to false records in the prospectus, the company will compensate investors according to law[70](index=70&type=chunk) - The company commits that if it fails to fulfill relevant commitments disclosed in the prospectus, it will publicly explain the reasons and remedial actions at the shareholders' meeting and in designated newspapers, and apologize to shareholders and investors[71](index=71&type=chunk) - If commitments cannot be fulfilled due to objective reasons such as force majeure, the company will promptly disclose the reasons and propose supplementary or alternative commitments to protect investor interests[71](index=71&type=chunk)[72](index=72&type=chunk) [VII. Major Litigation and Arbitration Matters](index=19&type=section&id=VII.%20Major%20Litigation%20and%20Arbitration%20Matters) The company had no major litigation or arbitration matters during the reporting period - The company had no major litigation or arbitration matters during this reporting period[73](index=73&type=chunk) [XI. Significant Contracts and Their Fulfillment](index=21&type=section&id=XI.%20Significant%20Contracts%20and%20Their%20Fulfillment) This section discloses the company's significant guarantees, both fulfilled and outstanding, during the reporting period, showing a total guarantee balance of **24.63 million RMB** for subsidiaries, representing **1.56%** of the company's net assets [2. Significant Guarantees Performed and Outstanding During the Reporting Period](index=21&type=section&id=2.%20Significant%20Guarantees%20Performed%20and%20Outstanding%20During%20the%20Reporting%20Period) During the reporting period, the company did not provide new guarantees to subsidiaries, but the outstanding guarantee balance for subsidiaries was **24.63 million RMB**, representing **1.56%** of the company's net assets, with all guarantees provided to entities with a debt-to-asset ratio exceeding 70% Company Total Guarantee Status | Indicator | Amount (RMB) | | :--- | :--- | | Total guarantees provided to subsidiaries during the reporting period | 0 | | Total outstanding guarantees to subsidiaries at period-end (B) | 24,627,107.65 | | Total guarantees (A+B) | 24,627,107.65 | | Total guarantees as a percentage of the company's net assets (%) | 1.56 | | Amount of guarantees provided to shareholders, actual controllers, and their related parties (C) | 0 | | Amount of debt guarantees provided directly or indirectly to guaranteed entities with a debt-to-asset ratio exceeding 70% (D) | 24,627,107.65 | | Amount of total guarantees exceeding 50% of net assets (E) | 0 | | Total of the above three guarantee amounts (C+D+E) | 24,627,107.65 | - Explanation of potential joint and several liability for outstanding guarantees: None[78](index=78&type=chunk) [Section VI Share Changes and Shareholder Information](index=22&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) [I. Share Capital Changes](index=22&type=section&id=I.%20Share%20Capital%20Changes) During the reporting period, the company's share capital changed due to the repurchase and cancellation of restricted shares, resulting in a decrease of 4,349,500 restricted shares and a corresponding reduction in total shares, with unrestricted circulating shares increasing to 100% [1. Table of Share Capital Changes](index=22&type=section&id=1.%20Table%20of%20Share%20Capital%20Changes) The company's restricted shares decreased by 4,349,500 shares, reducing the total share count from 429,233,057 to 424,883,557 shares, with unrestricted circulating shares now accounting for 100% Share Capital Changes Table | | Before This Change | Increase/Decrease in This Change (+, -) | After This Change | | :--- | :--- | :--- | :--- | | | Quantity | Percentage (%) | Other | Subtotal | Quantity | Percentage (%) | | I. Restricted Shares | 4,349,500 | 1.01 | -4,349,500 | -4,349,500 | 0 | 0 | | Of which: Shares held by domestic natural persons | 4,349,500 | 1.01 | -4,349,500 | -4,349,500 | 0 | 0 | | II. Unrestricted Circulating Shares | 424,883,557 | 98.99 | 0 | 0 | 424,883,557 | 100 | | III. Total Shares | 429,233,057 | 100 | -4,349,500 | -4,349,500 | 424,883,557 | 100 | [2. Explanation of Share Capital Changes](index=22&type=section&id=2.%20Explanation%20of%20Share%20Capital%20Changes) The share capital change primarily resulted from the company's repurchase and cancellation of a portion of restricted shares from its 2022 equity incentive plan - Details of share capital changes can be found in Section IV, "III. Status and Impact of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures" of the semi-annual report[82](index=82&type=chunk) [2. Changes in Restricted Shares](index=23&type=section&id=2.%20Changes%20in%20Restricted%20Shares) During the reporting period, the initial restricted share count for the 2022 equity incentive plan was 4,349,500 shares, with 4,349,500 shares repurchased and cancelled, resulting in a final restricted share count of 0 shares Changes in Restricted Shares | Shareholder Name | Beginning of Period Restricted Shares | Shares Unlocked During Reporting Period | Shares Repurchased During Reporting Period | Shares Increased During Reporting Period | End of Period Restricted Shares | Reason for Restriction | Unlocking Date | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 2022 Restricted Stock Incentive Plan Incentive Recipients | 4,349,500 | 0 | 4,349,500 | 0 | 0 | To establish a long-term incentive mechanism, attract and retain outstanding talent, fully mobilize the enthusiasm of the company's directors, senior management, and core technical (business) personnel, and effectively combine shareholder interests, company interests, and core team personal interests to jointly promote the company's long-term development, the company formulated the 2022 Restricted Stock Incentive Plan | Not applicable | | Total | 4,349,500 | 0 | 4,349,500 | 0 | 0 | / | / | [II. Shareholder Information](index=23&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company had 41,535 common shareholders, with Li Yuejie, Ren Jianhong, Zhu Chuncheng, and Gao Lei each holding 9.01% as the top ten shareholders, all of whom hold unrestricted circulating shares, and Li Yuejie and Ren Jianhong are the actual controllers [1. Total Number of Shareholders](index=23&type=section&id=1.%20Total%20Number%20of%20Shareholders) As of the end of the reporting period, the total number of common shareholders was 41,535, with no preferred shareholders whose voting rights have been restored - Total number of common shareholders (households) at the end of the reporting period was **41,535**[85](index=85&type=chunk) - Total number of preferred shareholders whose voting rights have been restored (households) at the end of the reporting period was **0**[85](index=85&type=chunk) [2. Top Ten Shareholders and Top Ten Circulating Shareholders (or Unrestricted Shareholders) as of the End of the Reporting Period](index=23&type=section&id=2.%20Top%20Ten%20Shareholders%20and%20Top%20Ten%20Circulating%20Shareholders%20%28or%20Unrestricted%20Shareholders%29%20as%20of%20the%20End%20of%20the%20Reporting%20Period) Among the company's top ten shareholders, Li Yuejie, Ren Jianhong, Zhu Chuncheng, and Gao Lei each hold 9.01% of shares, all of which are unrestricted circulating shares, and Li Yuejie and Ren Jianhong are the company's actual controllers Top Ten Shareholders' Shareholding Status | Shareholder Name | End of Period Shares Held | Percentage (%) | Restricted Shares Held | Share Status | Shareholder Type | | :--- | :--- | :--- | :--- | :--- | :--- | | Li Yuejie | 38,693,251 | 9.01 | 0 | Unrestricted 0 | Domestic Natural Person | | Ren Jianhong | 38,693,251 | 9.01 | 0 | Unrestricted 0 | Domestic Natural Person | | Zhu Chuncheng | 38,693,251 | 9.01 | 0 | Unrestricted 0 | Domestic Natural Person | | Gao Lei | 38,693,251 | 9.01 | 0 | Unrestricted 0 | Domestic Natural Person | | Wang Jianming | 30,618,201 | 7.13 | 0 | Unrestricted 0 | Domestic Natural Person | | Feng Xuesong | 8,302,979 | 1.93 | 0 | Unrestricted 0 | Domestic Natural Person | | Ye Zhiyi | 2,866,300 | 0.67 | 0 | Unrestricted 0 | Domestic Natural Person | | Qinhuangdao Hongxing Steel Group Co., Ltd. | 2,585,745 | 0.60 | 0 | Unrestricted 0 | Domestic Non-State-Owned Legal Person | | Liu Lili | 2,571,153 | 0.60 | 0 | Unrestricted 0 | Domestic Natural Person | | Du Peien | 2,150,000 | 0.50 | 0 | Unrestricted 0 | Domestic Natural Person | - Li Yuejie and Ren Jianhong are the actual controllers of the company[88](index=88&type=chunk) [IV. Changes in Controlling Shareholder or Actual Controller](index=25&type=section&id=IV.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) The company's actual controllers changed to Li Yuejie and Ren Jianhong on April 21, 2025, with relevant information disclosed via announcement - The new actual controllers are Li Yuejie and Ren Jianhong[89](index=89&type=chunk) - The change date was April 21, 2025[89](index=89&type=chunk) - Relevant information was disclosed on April 19, 2025, on the Shanghai Stock Exchange website and other designated media[89](index=89&type=chunk) [Section VII Bond-Related Information](index=26&type=section&id=Section%20VII%20Bond-Related%20Information) [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=26&type=section&id=I.%20Corporate%20Bonds%20%28Including%20Enterprise%20Bonds%29%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[92](index=92&type=chunk) [II. Convertible Corporate Bonds](index=26&type=section&id=II.%20Convertible%20Corporate%20Bonds) During the reporting period, the company had no convertible corporate bonds - The company has no convertible corporate bonds[92](index=92&type=chunk) [Section VIII Financial Report](index=27&type=section&id=Section%20VIII%20Financial%20Report) [II. Financial Statements](index=27&type=section&id=II.%20Financial%20Statements) This section presents Raisecom Technology Co., Ltd.'s consolidated and parent company financial statements for H1 2025, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, comprehensively reflecting the company's financial position and operating results [Consolidated Balance Sheet](index=27&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets were **2.49 billion RMB**, a 7.15% decrease from the end of the prior year; total liabilities were **910.35 million RMB**, and total owners' equity was **1.58 billion RMB** Consolidated Balance Sheet Key Data | Item | June 30, 2025 (RMB) | December 31, 2024 (RMB) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 514,217,815.14 | 669,144,255.66 | | Accounts Receivable | 638,940,189.38 | 642,471,590.12 | | Inventories | 667,476,370.77 | 664,833,226.35 | | Total Current Assets | 1,885,620,469.52 | 2,059,523,278.15 | | Total Non-current Assets | 600,548,393.06 | 618,128,858.24 | | Total Assets | 2,486,168,862.58 | 2,677,652,136.39 | | Short-term Borrowings | 270,987,702.60 | 216,832,873.46 | | Accounts Payable | 249,223,758.66 | 299,784,519.57 | | Total Current Liabilities | 890,086,889.37 | 1,030,101,669.55 | | Total Non-current Liabilities | 20,268,006.98 | 30,398,053.97 | | Total Liabilities | 910,354,896.35 | 1,060,499,723.52 | | Total Owners' Equity Attributable to Parent Company | 1,575,813,966.23 | 1,617,152,412.87 | [Consolidated Income Statement](index=31&type=section&id=Consolidated%20Income%20Statement) In H1 2025, the company's consolidated total operating revenue was **538.90 million RMB**, a 25.99% year-over-year decrease; net profit was **-42.19 million RMB**, with losses widening year-over-year, and basic earnings per share were **-0.10 RMB/share** Consolidated Income Statement Key Data | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | I. Total Operating Revenue | 538,902,038.53 | 728,146,334.91 | | Of which: Operating Revenue | 538,902,038.53 | 728,146,334.91 | | II. Total Operating Costs | 621,671,367.67 | 803,954,321.01 | | Of which: Operating Cost | 302,659,488.68 | 452,702,610.73 | | Selling Expenses | 122,267,531.93 | 128,845,903.76 | | Administrative Expenses | 51,402,125.72 | 61,966,874.98 | | R&D Expenses | 137,776,426.54 | 150,650,019.89 | | IV. Total Profit | -42,005,402.83 | -36,877,655.14 | | V. Net Profit | -42,191,321.51 | -37,330,911.39 | | Net Profit Attributable to Parent Company Shareholders | -42,191,321.51 | -37,330,911.39 | | VIII. Earnings Per Share: Basic Earnings Per Share (RMB/share) | -0.10 | -0.09 | [Consolidated Cash Flow Statement](index=35&type=section&id=Consolidated%20Cash%20Flow%20Statement) In H1 2025, the company's net cash flow from operating activities was **-135.26 million RMB**, a significant 614.12% year-over-year decrease primarily due to reduced cash receipts from sales; net cash flow from investing activities was **2.82 million RMB**, and from financing activities was **-24.42 million RMB** Consolidated Cash Flow Statement Key Data | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Subtotal of Cash Inflows from Operating Activities | 645,672,176.44 | 842,067,043.38 | | Subtotal of Cash Outflows from Operating Activities | 780,931,326.78 | 815,758,419.22 | | Net Cash Flow from Operating Activities | -135,259,150.34 | 26,308,624.16 | | Subtotal of Cash Inflows from Investing Activities | 542,335,460.43 | 317,102,935.09 | | Subtotal of Cash Outflows from Investing Activities | 539,510,590.75 | 312,077,778.44 | | Net Cash Flow from Investing Activities | 2,824,869.68 | 5,025,156.65 | | Subtotal of Cash Inflows from Financing Activities | 130,000,000.00 | 169,872,387.23 | | Subtotal of Cash Outflows from Financing Activities | 154,422,867.75 | 279,062,584.91 | | Net Cash Flow from Financing Activities | -24,422,867.75 | -109,190,197.68 | | Net Increase in Cash and Cash Equivalents | -153,371,852.27 | -78,741,153.45 | [III. Company Profile](index=44&type=section&id=III.%20Company%20Profile) Raisecom Technology Co., Ltd., established on June 8, 1999, in Beijing, specializes in R&D, production, and sales of communication equipment, including transmission, broadband network, software, and other devices, along with technical and maintenance services, with its stock listed on the Shanghai Stock Exchange on April 20, 2017, and 11 subsidiaries consolidated in the financial statements - The company was registered with the Beijing Administration for Industry and Commerce on June 8, 1999, with its headquarters in Beijing[121](index=121&type=chunk) - The company's shares were listed and traded on the Shanghai Stock Exchange on April 20, 2017[121](index=121&type=chunk) - The company belongs to the communication equipment manufacturing and software development industry, primarily engaged in the R&D, production, and sales of communication equipment, with main products including: transmission equipment, broadband network equipment, software products, and other equipment; main services provided include: technical services and maintenance services[121](index=121&type=chunk) - The company consolidates 11 subsidiaries, including Beijing Bilinxintong Technology Co., Ltd. and Beijing Shenlanxuntong Technology Co., Ltd., into its financial statements for this period[122](index=122&type=chunk) [IV. Basis of Financial Statement Preparation](index=44&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, confirming no significant doubts about its ability to continue as a going concern within 12 months from the end of the reporting period - The company's financial statements are prepared on a going concern basis[123](index=123&type=chunk) - The company has no matters or circumstances that would cause significant doubt about its ability to continue as a going concern within 12 months from the end of the reporting period[124](index=124&type=chunk) [V. Significant Accounting Policies and Estimates](index=44&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the significant accounting policies and estimates followed in preparing the company's financial statements, covering key areas such as financial instrument impairment, fixed asset depreciation, intangible asset amortization, and revenue recognition, ensuring the truthfulness and completeness of financial reporting - The company's financial statements comply with the requirements of enterprise accounting standards, truthfully and completely reflecting the company's financial position, operating results, changes in shareholders' equity, and cash flows[126](index=126&type=chunk) - The company's operating cycle is short, using 12 months as the liquidity classification standard for assets and liabilities[128](index=128&type=chunk) - The company has formulated specific accounting policies and estimates for transactions or events such as financial instrument impairment, fixed asset depreciation, intangible asset amortization, and revenue recognition, based on its actual production and operation characteristics[125](index=125&type=chunk) [VI. Taxation](index=64&type=section&id=VI.%20Taxation) This section discloses the company's and its subsidiaries' main tax types and rates, detailing VAT and corporate income tax preferential policies, including immediate VAT refunds for software products and a 15% corporate income tax rate for high-tech enterprises Main Tax Types and Rates | Tax Type | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Sales of goods and taxable services revenue | 13%, 6%, 5% | | Urban Maintenance and Construction Tax | Actual amount of turnover tax paid | 7% | | Corporate Income Tax | Taxable income | 15%, 16.5%, 25% | | Education Surcharge | Actual amount of turnover tax paid | 3% | | Local Education Surcharge | Actual amount of turnover tax paid | 2% | | Property Tax | Assessed at 1.2% of the original value of the property after a one-time deduction of 30%; assessed at 12% of rental income for rental properties | 1.2%, 12% | - The company and some subsidiaries (Beijing Shenlanxuntong, Xi'an Baopu, Beijing Raisecom Digital Technology) are recognized as high-tech enterprises and enjoy a **15% corporate income tax preferential rate**[206](index=206&type=chunk)[207](index=207&type=chunk) - The company and Bilinxintong Company enjoy a VAT immediate refund policy for sales of network access equipment management software, where the actual tax burden exceeds **3%**[206](index=206&type=chunk) - The company's direct export sales of products are subject to the "exemption, offset, and refund" VAT policy[206](index=206&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=65&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for major consolidated financial statement items, including cash, receivables, inventory, fixed assets, borrowings, payables, equity, revenue, expenses, and cash flows, presenting period-end balances, period-beginning balances, changes, and related explanations Cash and Cash Equivalents Period-End Balance | Item | Period-End Balance (RMB) | | :--- | :--- | | Cash on hand | 189,632.89 | | Bank deposits | 507,739,247.82 | | Other cash and cash equivalents | 6,288,934.43 | | Total | 514,217,815.14 | | Of which: Total amount of funds deposited overseas | 89,753,138.92 | Accounts Receivable Period-End Aging Portfolio Impairment Provision | Aging | Book Balance (RMB) | Impairment Provision (RMB) | Provision Rate (%) | | :--- | :--- | :--- | :--- | | Within 1 year (inclusive) | 554,233,274.97 | 27,711,663.72 | 5.00 | | 1 to 2 years | 68,052,819.04 | 5,444,225.52 | 8.00 | | 2 to 3 years | 42,852,833.35 | 8,570,566.67 | 20.00 | | 3 to 4 years | 15,458,547.21 | 7,729,273.61 | 50.00 | | 4 to 5 years | 15,596,888.66 | 7,798,444.33 | 50.00 | | Over 5 years | 35,145,957.44 | 35,145,957.44 | 100.00 | | Total | 731,340,320.67 | 92,400,131.29 | 12.63 | Inventory Classification and Impairment Provision | Item | Period-End Book Balance (RMB) | Inventory Impairment Provision / Contract Performance Cost Impairment Provision (RMB) | Book Value (RMB) | | :--- | :--- | :--- | :--- | | Raw materials | 313,161,222.70 | 34,347,229.60 | 278,813,993.10 | | Work in progress | 20,486,337.79 | 0 | 20,486,337.79 | | Finished goods | 152,522,299.51 | 13,295,785.69 | 139,226,513.82 | | Goods in transit | 232,445,887.65 | 14,556,278.61 | 217,889,609.04 | | Consigned processing materials | 8,915,624.43 | 0 | 8,915,624.43 | | Contract performance costs | 2,144,292.59 | 0 | 2,144,292.59 | | Total | 729,675,664.67 | 62,199,293.90 | 667,476,370.77 | Fixed Assets Book Value | Item | Period-End Book Value (RMB) | | :--- | :--- | | Buildings and structures | 299,058,081.38 | | Machinery and equipment | 55,852,132.55 | | Transportation vehicles | 659,503.27 | | Total | 355,569,717.20 | Intangible Assets Book Value | Item | Period-End Book Value (RMB) | | :--- | :--- | | Land use rights | 90,721,161.99 | | Software | 19,979,969.08 | | Proprietary technology | 0 | | Total | 110,701,131.07 | Employee Compensation Payable Period-End Balance | Item | Period-End Balance (RMB) | | :--- | :--- | | I. Short-term compensation | 163,586,619.17 | | II. Post-employment benefits - defined contribution plans | 2,281,606.20 | | III. Termination benefits | 105,200.00 | | Total | 165,973,425.37 | Operating Revenue and Operating Cost | Item | Current Period Occurrence (RMB) | Prior Period Occurrence (RMB) | | :--- | :--- | :--- | | Operating Revenue | 538,902,038.53 | 728,146,334.91 | | Operating Cost | 302,659,488.68 | 452,702,610.73 | R&D Expenses | Item | Current Period Occurrence (RMB) | Prior Period Occurrence (RMB) | | :--- | :--- | :--- | | Employee compensation | 114,701,629.77 | 105,090,818.96 | | Direct materials | 6,786,834.28 | 10,315,859.62 | | Service fees | 4,928,247.93 | 20,691,418.83 | | Total | 137,776,426.54 | 150,650,019.89 | [VIII. Research and Development Expenses](index=115&type=section&id=VIII.%20Research%20and%20Development%20Expenses) This section details the company's R&D expenditures for the reporting period, primarily including employee compensation, direct materials, and service fees, totaling **137.78 million RMB**, all recognized as expense R&D Expenses by Nature of Expense | Item | Current Period Occurrence (RMB) | Prior Period Occurrence (RMB) | | :--- | :--- | :--- | | Employee compensation | 114,701,629.77 | 105,090,818.96 | | Direct materials | 6,786,834.28 | 10,315,859.62 | | Travel expenses | 1,401,874.05 | 2,155,224.30 | | Depreciation expenses | 2,715,912.69 | 4,241,819.77 | | Amortization expenses | 1,282,849.98 | 1,435,365.01 | | Testing fees | 2,533,249.97 | 477,453.73 | | Service fees | 4,928,247.93 | 20,691,418.83 | | Energy costs | 963,036.36 | 801,582.90 | | Other | 2,462,791.51 | 5,440,476.77 | | Total | 137,776,426.54 | 150,650,019.89 | | Of which: Expensed R&D expenditures | 137,776,426.54 | 150,650,019.89 | | Capitalized R&D expenditures | 0 | 0 | [IX. Changes in Consolidation Scope](index=116&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) During the reporting period, the company had no changes in consolidation scope due to non-same-entity business combinations, same-entity business combinations, reverse acquisitions, disposal of subsidiaries, or other reasons - During the reporting period, the company had no changes in consolidation scope due to non-same-entity business combinations, same-entity business combinations, reverse acquisitions, disposal of subsidiaries, or other reasons[372](index=372&type=chunk) [X. Interests in Other Entities](index=117&type=section&id=X.%20Interests%20in%20Other%20Entities) This section discloses the company's interests in subsidiaries, joint ventures, and associates, including 11 wholly-owned subsidiaries and significant influence over associates like Hangzhou Lantepu Optoelectronics Technology Co., Ltd. and Suzhou Hanming Technology Co., Ltd., accounted for using the equity method [1. Composition of the Enterprise Group](index=117&type=section&id=1.%20Composition%20of%20the%20Enterprise%20Group) The company owns 11 wholly-owned subsidiaries, including Nanjing Raisecom Technology Development Co., Ltd., RAISECOM, INC., Beijing Bilinxintong Technology Co., Ltd., and Raisecom Digital Technology Co., Ltd Enterprise Group Composition | Subsidiary Name | Main Operating Location | Registered Capital | Registered Location | Business Nature | Shareholding Percentage (%) (Direct) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Nanjing Raisecom Technology Development Co., Ltd. | Nanjing | 1,000,000.00 | Nanjing | Commercial | 100 | Establishment | | RAISECOM,INC. | Houston, USA | 1,000,000.00 USD | Houston, USA | Commercial | 100 | Establishment | | Beijing Bilinxintong Technology Co., Ltd. | Beijing | 64,300,000.00 | Beijing | Commercial | 100 | Establishment | | RAISECOM INTERNATIONAL LIMITED | Hong Kong | 2,790,100.00 HKD | Hong Kong | Commercial | 100 | Establishment | | Kangmai International Trading Limited | Hong Kong | 10,000,000.00 HKD | Hong Kong | Commercial | 0 | Establishment | | Beijing Shenlanxuntong Technology Co., Ltd. | Beijing | 100,000,000.00 | Beijing | Manufacturing | 100 | Establishment | | Xi'an Baopu Communication Technology Co., Ltd. | Xi'an | 40,000,000.00 | Xi'an | R&D | 100 | Establishment | | Hainan Xinghangjitong Communication Co., Ltd. | Hainan | 10,000,000.00 | Hainan | Commercial | 0 | Establishment | | Anhui Raisecom Technology Co., Ltd. | Anhui | 20,000,000.00 | Anhui | Manufacturing | 100 | Establishment | | Wuhan Raisecom Communication Technology Co., Ltd. | Wuhan | 50,000,000.00 | Wuhan | R&D | 100 | Establishment | | Beijing Raisecom Digital Technology Co., Ltd. | Beijing | 30,000,000.00 | Beijing | Commercial | 100 | Establishment | [3. Key Financial Information of Significant Associates](index=119&type=section&id=3.%20Key%20Financial%20Information%20of%20Significant%20Associates) The company accounts for associates like Hangzhou Lantepu Optoelectronics Technology Co., Ltd. and Suzhou Hanming Technology Co., Ltd. using the equity method; at period-end, Hangzhou Lantepu had total assets of **21.61 million RMB** and a net loss of **-1.28 million RMB**, while Suzhou Hanming Technology had total assets of **22.24 million RMB** and a net loss of **-0.78 million RMB** Key Financial Information of Significant Associates | Item | Hangzhou Lantepu Optoelectronics Technology Co., Ltd. (RMB) | Suzhou Hanming Technology Co., Ltd. (RMB) | | :--- | :--- | :--- | | Current Assets | 16,901,073.17 | 19,566,354.62 | | Non-current Assets | 4,709,248.85 | 2,673,208.22 | | Total Assets | 21,610,322.02 | 22,239,562.84 | | Current Liabilities | 1,000,385.94 | 11,641,007.02 | | Non-current Liabilities | 651,477.19 | 0 | | Total Liabilities | 1,651,863.13 | 11,641,007.02 | | Equity Attributable to Parent Company Shareholders | 20,223,745.84 | 10,598,555.82 | | Operating Revenue | 3,576,673.41 | 1,156,148.90 | | Net Profit | -1,277,042.04 | -778,568.60 | | Total Comprehensive Income | -1,277,042.04 | -778,568.60 | [XI. Government Grants](index=120&type=section&id=XI.%20Government%20Grants) This section discloses the company's government grant-related liability items and amounts recognized in profit or loss for the reporting period, with deferred income including asset-related and income-related grants, and total government grants recognized in profit or loss amounting to **15.81 million RMB** for the current period Liability Items Related to Government Grants | Financial Statement Item | Beginning of Period Balance (RMB) | New Grants in Current Period (RMB) | Amount Recognized in Other Income in Current Period (RMB) | End of Period Balance (RMB) | Asset-Related / Income-Related | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 10,471,277.14 | 0 | 136,581.90 | 10,334,695.24 | Asset-related | | Deferred Income | 1,200,000.00 | 250,000.00 | 1,200,000.00 | 250,000.00 | Income-related | | Total | 11,671,277.14 | 250,000.00 | 1,336,581.90 | 10,584,695.24 | / | Government Grants Recognized in Current Profit or Loss | Type | Current Period Occurrence (RMB) | Prior Period Occurrence (RMB) | | :--- | :--- | :--- | | Income-related | 15,674,511.10 | 17,534,838.71 | | Asset-related | 136,581.90 | 136,529.34 | | Total | 15,811,093.00 | 17,671,368.05 | [XII. Risks Related to Financial Instruments](index=121&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) This section outlines the company's financial instrument risks, primarily credit risk, liquidity risk, and market risk (interest rate and foreign exchange risk), managed through credit assessments, bank credit lines, optimized financing structures, and monitoring foreign currency exposure - The company's financial instrument risks primarily include credit risk, liquidity risk, and market risk (interest rate risk and foreign exchange risk)[384](index=384&type=chunk) - Credit risk mainly arises from cash and cash equivalents and receivables; the company controls this risk by depositing cash and cash equivalents with highly-rated financial institutions and regularly assessing customer credit[385](index=385&type=chunk) - Liquidity risk is controlled by comprehensively utilizing various financing methods such as bill settlement and bank borrowings, and adopting an appropriate combination of long-term and short-term financing[386](index=386&type=chunk) - Interest rate risk within market risk is mainly related to bank borrowings with floating interest rates, while foreign exchange risk is primarily associated with foreign currency monetary assets and liabilities; the company buys and sells foreign currencies at market exchange rates to maintain net risk exposure at an acceptable level[389](index=389&type=chunk) [XIII. Disclosure of Fair Value](index=124&type=section&id=XIII.%20Disclosure%20of%20Fair%20Value) This section discloses the fair value of the company's assets and liabilities measured at fair value at the end of the period, with accounts receivable financing measured at Level 3 fair value, determined by its face amount Period-End Fair Value Measurement Items | Item | Level 3 Fair Value Measurement (RMB) | Total (RMB) | | :--- | :--- | :--- | | Accounts receivable financing | 1,334,723.99 | 1,334,723.99 | | Total assets continuously measured at fair value | 1,334,723.99 | 1,334,723.99 | - For notes receivable reclassified to accounts receivable financing, the company determines their fair value based on their face amount[393](index=393&type=chunk) [XIV. Related Parties and Related Party Transactions](index=125&type=section&id=XIV.%20Related%20Parties%20and%20Related%20Party%20Transactions) This section discloses the company's related party transactions, including product purchases from Suzhou Hanming Technology Co., Ltd., payables to Suzhou Yirui Optoelectronics Technology Co., Ltd. and Suzhou Hanming Technology Co., Ltd., and key management personnel compensation Purchase of Goods/Acceptance of Services | Related Party | Related Transaction Content | Current Period Occurrence (RMB) | Prior Period Occurrence (RMB) | | :--- | :--- | :--- | :--- | | Suzhou Yirui Optoelectronics Technology Co., Ltd. | Purchase of products, services | 0 | 939,901.76 | | Suzhou Hanming Technology Co., Ltd. | Purchase of products | 171,822.10 | 219,854.99 | Payables to Related Parties | Item Name | Related Party | Period-End Book Balance (RMB) | Beginning of Period Book Balance (RMB) | | :--- | :--- | :--- | :--- | | Accounts Payable | Suzhou Yirui Optoelectronics Technology Co., Ltd. | 1,543,019.44 | 1,543,019.44 | | Accounts Payable | Suzhou Hanming Technology Co., Ltd. | 310,967.00 | 286,964.05 | | Subtotal | | 1,853,986.44 | 1,829,983.49 | Key Management Personnel Compensation | Item | Current Period Occurrence (Ten Thousand RMB) | Prior Period Occurrence (Ten Thousand RMB) | | :--- | :--- | :--- | | Key management personnel compensation | 528.83 | 594.37 | [XV. Share-Based Payments](index=127&type=section&id=XV.%20Share-Based%20Payments) During the reporting period, the company incurred no share-based payment expenses and experienced no modifications or terminations of share-based payment arrangements - During the reporting period, the company incurred no share-based payment expenses[405](index=405&type=chunk) - During the reporting period, the company had no modifications or terminations of share-based payment arrangements[405](index=405&type=chunk) [XVI. Commitments and Contingencies](index=128&type=section&id=XVI.%20Commitments%20and%20Contingencies) During the reporting period, the company had no significant commitments or contingencies requiring disclosure - During the reporting period, the company had no significant commitments[405](index=405&type=chunk) - During the reporting period, the company had no significant contingencies requiring disclosure[405](index=405&type=chunk) [XVII. Events After the Balance Sheet Date](index=128&type=section&id=XVII.%20Events%20After%20the%20Balance%20Sheet%20Date) From the end of the reporting period until the approval date of the financial report, the company had no significant non-adjusting events, profit distribution, sales returns, or other post-balance sheet events - From the end of the reporting period until the approval date of the financial report, the company had no significant non-adjusting events[405](index=405&type=chunk) - From the end of the reporting period until the approval date of the financial report, the company had no profit distribution[405](index=405&type=chunk) - From the end of the reporting period until the approval date of the financial report, the company had no sales returns[405](index=405&type=chunk) [XVIII. Other Significant Matters](index=128&type=section&id=XVIII.%20Other%20Significant%20Matters) This section discloses the company's segment information for the reporting period, categorizing operating revenue, operating costs, total assets, and total liabilities by product type and operating region, with no prior period accounting error corrections, significant debt restructurings, asset exchanges, annuity plans, or discontinued operations [1. Basis for Determining Reporting Segments and Accounting Policies](index=129&type=section&id=1.%20Basis%20for%20Determining%20Reporting%20Segments%20and%20Accounting%20Policies) The company has no specific explanations regarding the basis for determining reporting segments and accounting policies - The company has no specific explanations regarding the basis for determining reporting segments and accounting policies[406](index=406&type=chunk) [2. Financial Information of Reporting Segments](index=130&type=section&id=2.%20Financial%20Information%20of%20Reporting%20Segments) The company discloses financial information for reporting segments by product type and operating region, with transmission equipment generating the highest revenue and domestic operations significantly exceeding international, and consolidated totals reflecting inter-segment eliminations Financial Information of Reporting Segments by Product Type | Item | Transmission Equipment (RMB) | Broadband Network Equipment (RMB) | Software Products (RMB) | Data Communication Equipment (RMB) | Other (RMB) | Total (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 190,170,057.66 | 114,542,313.52 | 88,466,523.96 | 41,586,886.21 | 104,136,257.19 | 538,902,038.53 | | Operating Cost | 115,950,817.69 | 88,702,200.66 | 1,590,798.51 | 31,403,627.13 | 65,012,044.68 | 302,659,488.68 | | Total Assets | 877,329,908.11 | 528,429,126.16 | 408,131,165.82 | 191,856,801.80 | 480,421,860.69 | 2,486,168,862.58 | | Total Liabilities | 321,249,931.80 | 193,493,712.20 | 149,444,476.90 | 70,251,776.36 | 175,914,999.09 | 910,354,896.35 | Financial Information of Reporting Segments by Operating Region | Item | Domestic (RMB) | International (RMB) | Inter-segment Eliminations (RMB) | Total (RMB) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 451,248,869.56 | 87,653,168.97 | 0 | 538,902,038.53 | | Operating Cost | 261,479,332.77 | 41,180,155.91 | 0 | 302,659,488.68 | | Total Assets | 3,869,977,476.04 | 151,113,607.41 | 1,534,922,220.87 | 2,486,168,862.58 | | Total Liabilities | 1,265,777,136.74 | 94,357,876.41 | 449,780,116.80 | 910,354,896.35 | [XIX. Notes to Parent Company Financial Statement Items](index=131&type=section&id=XIX.%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Items) This section provides detailed notes for major parent company financial statement items, including accounts receivable, other receivables, long-term equity investments, operating revenue and costs, and investment income, presenting period-end balances, period-beginning balances, changes, and related explanations Parent Company Accounts Receivable Period-End Aging Portfolio Impairment Provision | Aging | Book Balance (RMB) | Impairment Provision (RMB) | Provision Rate (%) | | :--- | :--- | :--- | :--- | | Within 1 year (inclusive) | 412,974,405.46 | 20,648,720.27 | 5.00 | | 1 to 2 years | 52,542,655.81 | 4,203,412.46 | 8.00 | | 2 to 3 years | 29,018,842.31 | 5,803,768.46 | 20.00 | | 3 to 4 years | 14,073,044.39 | 7,036,522.20 | 50.00 | | 4 to 5 years | 12,377,089.16 | 6,188,544.58 | 50.00 | | Over 5 years | 34,074,049.04 | 34,074,049.04 | 100.00 | | Total | 555,060,086.17 | 77,955,017.01 | 14.04 | Parent Company Long-Term Equity Investments | Investee | Period-End Balance (Book Value) (RMB) | | :--- | :--- | | Beijing Bilinxintong Technology Co., Ltd. | 59,390,193.21 | | Beijing Shenlanxuntong Technology Co., Ltd. | 880,488,610.71 | | Beijing Raisecom Digital Technology Co., Ltd. | 5,276,477.48 | | Xi'an Baopu Communication Technology Co., Ltd. | 40,849,123.92 | | Anhui Raisecom Technology Co., Ltd. | 50,050,001.25 | | Wuhan Raisecom Communication Technology Co., Ltd. | 30,021,720.00 | | Raisecom International Limited | 2,272,911.00 | | Raisecom America Inc. (RACCESSINC) | 6,830,900.00 | | Hainan Xinghangjitong Communication Co., Ltd. | 9,000,000.00 | | Nanjing Raisecom Communication Technology Co., Ltd. | 150,000.00 | | Total | 1,084,329,937.57 | Parent Company Operating Revenue and Operating Cost | Item | Current Period Occurrence (RMB) | Prior Period Occurrence (RMB) | | :--- | :--- | :--- | | Operating Revenue | 526,007,031.66 | 687,541,042.04 | | Operating Cost | 305,545,301.69 | 431,860,282.66 | Parent Company Investment Income | Item | Current Period Occurrence (RMB) | Prior Period Occurrence (RMB) | | :--- | :--- | :--- | | Investment income from long-term equity investments accounted for using the cost method | 0 | 63,966,700.00 | | Investment income from disposal of long-term equity investments | 0 | 11,192,783.68 | | Investment income from trading financial assets during the holding period | 841,476.07 | 491,996.57 | | Total | 841,476.07 | 75,651,480.25 | [XX. Supplementary Information](index=143&type=section&id=XX.%20Supplementary%20Information) This section provides supplementary financial information, including a detailed statement

证券代码：603803 证券简称：瑞斯康达 公告编号：2025-023 瑞斯康达科技发展股份有限公司 关于使用闲置自有资金进行现金管理的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 已履行的审议程序：该事项已经公司第六届董事会第八次会议审议通过。 一、本次现金管理情况概述 在不影响公司主营业务的正常开展、日常运营资金周转需要和资金安全的情 况下，为提高自有资金使用效率，充分利用闲置自有资金进行现金管理，以增加 资金收益。 （二）金额及期限 公司拟使用总额度不超过人民币 30,000 万元（含本数）或等值外币的闲置 自有资金进行现金管理，投资期限自董事会审议通过之日起 12 个月内有效。在 上述额度及期限内，可滚动使用。期限内任一时点的交易金额（含现金管理收益 进行再投资的相关金额）不应超过前述现金管理额度。 （三）资金来源 （一）现金管理的目的 本次现金管理的资金来源为公司闲置自有资金。 （四）投资方式 现金管理产品类型：结构性存款产品 资金来源：闲置自有资金 现金管理额度及期限：瑞斯康达科技发展 ...

Market Overview - The Shanghai Composite Index closed at 3825.76 points, above the annual line, with an increase of 1.45% [1] - The total trading volume of A-shares reached 25,788.42 billion yuan [1] Stocks Breaking Annual Line - A total of 24 A-shares have surpassed the annual line today, with notable stocks including NovaStar, Nasda, and Zhaoshengwei, showing significant deviation rates of 7.19%, 4.59%, and 4.07% respectively [1] - Stocks with smaller deviation rates that just crossed the annual line include China National Materials, Kweichow Moutai, and Ruisi Kanda [1] Top Stocks by Deviation Rate - The top three stocks with the highest deviation rates are: - NovaStar (7.19% deviation, latest price 174.84 yuan) [1] - Nasda (4.59% deviation, latest price 26.55 yuan) [1] - Zhaoshengwei (4.07% deviation, latest price 84.73 yuan) [1] Additional Notable Stocks - Other notable stocks with significant performance include: - Jin Yu Medical (3.28% deviation, latest price 31.57 yuan) [1] - China Merchants Heavy Industry (3.08% deviation, latest price 6.59 yuan) [1] - BOE Technology Group (2.18% deviation, latest price 4.18 yuan) [1]

Core Points - The Shanghai Composite Index closed at 3806.05 points, above the annual line, with a gain of 0.93% [1] - The total trading volume of A-shares reached 20258.59 billion yuan [1] - A total of 17 A-shares have surpassed the annual line, with notable stocks including Nova Star Cloud, Zhaosheng Micro, and Nasda, showing significant deviation rates [1] Summary by Category Stock Performance - Nova Star Cloud (301589) had a price increase of 8.61% with a deviation rate of 6.98% [2] - Zhaosheng Micro (300782) rose by 5.47% with a deviation rate of 3.66% [2] - Nasda (002180) increased by 5.87% with a deviation rate of 3.06% [2] Trading Metrics - The trading turnover rate for Nova Star Cloud was 7.53% [2] - Zhaosheng Micro had a turnover rate of 5.60% [2] - The turnover rate for Nasda was 2.21% [2] Other Notable Stocks - Other stocks that recently crossed the annual line include: - China Communications (688009) with a deviation rate of 0.10% [2] - Yilian Network (300628) with a deviation rate of 0.12% [2] - Ruisi Kanda (603803) with a deviation rate of 0.05% [2]

Core Points - The Shanghai Composite Index closed at 3796.36 points, above the annual line, with a change of 0.67% [1] - The total trading volume of A-shares reached 15,306.58 billion yuan [1] - Thirteen A-shares have broken through the annual line today, with notable divergence rates for stocks like Nova Star Cloud, China Merchants Energy, and Zhaosheng Microelectronics [1] Summary by Category Market Performance - The Shanghai Composite Index is currently at 3796.36 points, reflecting a 0.67% increase [1] - Total A-share trading volume is reported at 15,306.58 billion yuan [1] Stocks Breaking Through Annual Line - Notable stocks that have surpassed the annual line include: - Nova Star Cloud (Code: 301589) with a divergence rate of 8.66% and a daily increase of 10.32% [1] - China Merchants Energy (Code: 601872) with a divergence rate of 2.92% and a daily increase of 5.96% [1] - Zhaosheng Microelectronics (Code: 300782) with a divergence rate of 2.43% and a daily increase of 4.21% [1] Additional Stocks with Minor Divergence - Other stocks that have recently crossed the annual line with smaller divergence rates include: - Wanli Stone (Code: 002785) with a divergence rate of 1.20% [1] - Wanhua Chemical (Code: 600309) with a divergence rate of 1.18% [1] - Weisheng Information (Code: 688100) with a divergence rate of 1.11% [1] - Others include Tongwei Co., Newpoint Software, Renfu Pharmaceutical, and Yilian Network with minor divergence rates [1]

Core Viewpoint - The A-share market shows positive momentum with the Shanghai Composite Index above the annual line, indicating a potential bullish trend in the market [1] Group 1: Market Performance - As of 10:31 AM today, the Shanghai Composite Index is at 3784.84 points, with a change of 0.36% [1] - The total trading volume of A-shares today is 1,091.82 billion yuan [1] Group 2: Stocks Breaking Annual Line - Thirteen A-shares have surpassed the annual line today, with notable stocks including Nova Star Cloud, Zhaosheng Micro, and China Merchants Energy, showing significant deviation rates of 7.63%, 3.61%, and 2.46% respectively [1] - Stocks with smaller deviation rates that have just crossed the annual line include Wanhua Chemical, Ruisi Kanda, and Renfu Pharmaceutical [1] Group 3: Individual Stock Performance - Nova Star Cloud (301589) has a daily increase of 9.27% and a trading turnover rate of 5.25%, with a latest price of 175.57 yuan and a deviation rate of 7.63% [1] - Zhaosheng Micro (300782) increased by 5.42% with a turnover rate of 3.90%, latest price at 84.36 yuan and a deviation rate of 3.61% [1] - China Merchants Energy (601872) rose by 5.48%, with a turnover rate of 1.84%, latest price at 6.55 yuan and a deviation rate of 2.46% [1]

Core Viewpoint - The article highlights a series of criminal investigations and penalties faced by various listed companies in China due to financial misconduct, including embezzlement, false financial reporting, and other violations of securities laws [2][3]. Group 1: ST Pava Case - ST Pava disclosed that its co-actual controller and director, Zhang Bao, is under criminal investigation for embezzlement, with a total of 191.34 million yuan misappropriated, of which only 30 million yuan has been returned as of July 26, 2025 [2]. - This incident marks ST Pava as the eighth listed company since July to have executives or actual controllers involved in criminal activities related to financial misconduct [3]. Group 2: Hongxiang Shares Case - Hongxiang Shares' actual controller, Yang Cheng, is under criminal investigation for financial misconduct, with previous penalties from the China Securities Regulatory Commission for false financial reporting from 2017 to 2022, including inflated revenues and profits [4][5]. - The company reported inflated revenues of 104.89 million yuan in 2017, 255.59 million yuan in 2018, and other significant amounts in subsequent years, leading to severe penalties [5][6]. Group 3: Liyuan Technology Case - Liyuan Technology's actual controller, Shen Wanzhong, received a criminal sentence for violating information disclosure laws, with inflated revenues reported in 2021 amounting to over 103.84 million yuan, constituting 24.71% of the disclosed revenue [6][7]. Group 4: Jintongling Case - Jintongling is facing criminal charges for providing false financial data over six consecutive years, with significant misreporting of losses as profits, leading to severe investor losses [8]. Group 5: ST Qibu Case - ST Qibu is under investigation for financial fraud, with allegations of profit inflation and false disclosures in bond issuance documents, leading to criminal charges against responsible personnel [9][10]. Group 6: ST Dongshi Case - ST Dongshi's actual controller, Xu Xiong, was sentenced for market manipulation, receiving a six-and-a-half-year prison term and a fine of 170 million yuan [11]. Group 7: Ruiskanda Case - Ruiskanda's executives are facing criminal charges for misleading disclosures, with inflated revenues reported in 2019 and 2020 amounting to 35.13 million yuan and 28.13 million yuan, respectively [12]. Group 8: Tuidi Jinguang Case - Tuidi Jinguang's executives were arrested for significant financial misreporting, with inflated profits reported in 2022, 2023, and 2024, amounting to 36.10 million yuan, 68.09 million yuan, and 15.38 million yuan, respectively [13][14].

Market Overview - The Shanghai Composite Index closed at 3608.33 points, above the annual line, with an increase of 0.70% [1] - The total trading volume of A-shares reached 1,290.701 billion yuan [1] Stocks Breaking Annual Line - A total of 40 A-shares have surpassed the annual line today, with notable stocks including: - Datang Telecom (4.33% deviation) - Xinquan Co., Ltd. (3.26% deviation) - Galaxy Electronics (3.20% deviation) [1] - Stocks with smaller deviations that just crossed the annual line include: - Huatech (0.00% deviation) - Huaxing Yuanchuang (0.00% deviation) - Guizhou Gas (0.00% deviation) [1] Top Performers - Datang Telecom: Increased by 5.18% with a turnover rate of 4.64% [1] - Xinquan Co., Ltd.: Increased by 10.00% with a turnover rate of 2.69% [1] - Galaxy Electronics: Increased by 7.30% with a turnover rate of 20.12% [1] Additional Notable Stocks - Other stocks with significant performance include: - Huafu Fashion: 3.71% increase, 2.87% turnover [1] - Xingrui Technology: 5.72% increase, 3.77% turnover [1] - China Shipbuilding: 2.79% increase, 1.75% turnover [1]

Core Viewpoint - In July, five listed companies disclosed criminal accountability for financial fraud, indicating the effectiveness of the comprehensive punishment and prevention measures against financial fraud in the capital market [1][2][4] Group 1: Criminal Accountability - Five companies, including Liyuan Technology and Jinzhou Port, reported criminal accountability for their actual controllers and executives due to financial fraud [2][5] - The Shanghai Second Intermediate People's Court sentenced Liyuan Technology's actual controller to one year in prison, suspended for 18 months, and fined 3.3 million yuan for violating information disclosure laws [2][5] - The regulatory bodies are enhancing the efficiency of criminal accountability, focusing on the primary offenders, particularly actual controllers and key executives [2][3] Group 2: Multi-faceted Accountability - Companies are facing both criminal and civil liabilities, establishing a multi-faceted accountability system [3][4] - Jinzhou Port reported 23 lawsuits from investors due to false statements, involving a total of 5.54 million yuan [3] - The combination of criminal prosecution and civil compensation aims to deter fraud and restore market trust [3][4] Group 3: Regulatory Framework - The regulatory framework for combating financial fraud has been strengthened since the issuance of comprehensive measures by various government departments [4][6] - The China Securities Regulatory Commission (CSRC) and the Supreme People's Procuratorate have released guiding cases and opinions to strictly enforce laws against financial fraud [4][6] - The focus is on holding all responsible parties accountable, including executives and third-party intermediaries, to prevent collective complicity in fraud [5][6] Group 4: Future Directions - Suggestions for enhancing criminal accountability include improving legislation, shortening case transfer periods, and expanding the scope of accountability to include intermediaries [6]