Q2 扣非业绩超预期，发力布局 AI 及算力 事件： [Table_Summary] 公司发布 2025 年半年度报告。2025 年上半年，公司实现营业收入 16.57 亿元，同比下降 13.36%；归母净利润达 1.44 亿元，同比增长 10.83%。其中第二季度，公司实现营收 8.40 亿元，同比下降 13.93%， 环比增长 2.80%；归母净利润 0.71 亿元，同比下降 13.15%；扣非归母 净利润 1.08 亿元，同比增长 49.03%，环比增长 495.06%。 点评： 业绩超预期增长，主因 AI 赋能费用水平下降及财务结构大幅优化。截 至 25 年上半年底，公司资产负债率由年初的 41.72%降至 35.66%，总 负债 14.87 亿元，较年初减少 22.77%，偿债能力提升；客户回款大幅 增加，经营活动产生的现金流量净额 5.69 亿元，同比增加 7.09 亿元， 由负转正；加权平均净资产收益率 5.27%，同比提升 0.84 个百分点。 得益于公司在 AI 技术应用方面的效率提升，报告期内人工薪酬开支显 著减少，整体费用得到有效下降。 协同科通技术，战略布局算力。公司于 25 年 7 ...

风险提示：市场有风险，投资需谨慎。 截至2025年8月18日15时，三人行股价报34.00元，较前一交易日下跌0.03元，跌幅0.09%。当日成交量 为70136手，成交额达2.39亿元。该股开盘报34.36元，盘中最高触及34.62元，最低下探至33.86元，振幅 2.23%。 资金流向方面，8月18日三人行主力资金净流出3542.15万元，占流通市值的0.49%。近五个交易日累计 净流出7898.16万元，占流通市值的1.1%。 三人行属于文化传媒行业，公司主营业务包括数字营销服务、场景活动服务和校园媒体营销服务。公司 注册地位于陕西省西安市，是西部地区重要的文化传媒企业之一。 根据最新披露的半年报数据，社保基金已连续21个季度持有三人行股票。截至二季度末，社保基金持股 量为141.46万股，占流通股比例为0.67%，持股数量与上季度持平。 ...

Core Insights - The company reported a total revenue of 1.657 billion yuan for the first half of 2025, a year-on-year decrease of 13.36% [1] - The net profit attributable to shareholders was 144 million yuan, reflecting a year-on-year increase of 10.83% [1] - The company's accounts receivable significantly impacted its financials, with accounts receivable amounting to 1260.11% of the net profit [1] Financial Performance - Total revenue for 2024 was 1.912 billion yuan, while for 2025 it decreased to 1.657 billion yuan, showing a decline of 13.36% [1] - The net profit for 2024 was 130 million yuan, increasing to 144 million yuan in 2025, marking a growth of 10.83% [1] - Gross margin decreased to 18.62%, down 2.45% year-on-year, while net margin improved to 8.71%, up 27.78% [1] - Total expenses (sales, management, and financial) amounted to 174 million yuan, accounting for 10.52% of revenue, an increase of 2.26% [1] Cash Flow and Assets - Operating cash flow per share increased significantly to 2.7 yuan, a rise of 512.53% year-on-year [1] - The company’s cash and cash equivalents rose by 52.22% to 749 million yuan due to increased customer payments [1][2] - Accounts receivable decreased by 33.19% to 1.554 billion yuan, attributed to substantial customer payments [1][2] Liabilities and Equity - Interest-bearing debt decreased by 5.98% to 541 million yuan [1] - The company's net asset value per share fell by 2.52% to 12.71 yuan [1] - Short-term borrowings decreased by 18.79% due to early repayment of bank loans [5] Operational Insights - The company’s return on invested capital (ROIC) was reported at 4.1%, indicating weak capital returns [18] - The business model relies heavily on marketing-driven performance, necessitating further analysis of underlying drivers [18] - The company’s financial health is under scrutiny, particularly regarding cash flow and accounts receivable management [19]

Investment Rating - The report maintains a "Buy" rating for the company [7][5]. Core Insights - The company's H1 2025 revenue is under pressure, with total operating income at 1.657 billion RMB, a year-over-year decrease of 13.36%. However, net profit increased to 144 million RMB, up 10.83% year-over-year [1]. - The decline in revenue is attributed to a slow macroeconomic recovery and reduced marketing budgets from major advertisers in the automotive and fast-moving consumer goods sectors [2]. - The company has significantly improved its operating cash flow, with a net cash flow from operating activities of 569 million RMB, an increase of 709 million RMB year-over-year, indicating a positive shift from negative to positive cash flow [3]. - The company is actively pursuing a diversified strategic layout, including advancements in AI applications and digital marketing, which are expected to enhance operational efficiency and reduce labor costs [4]. Financial Performance Summary - For H1 2025, the company reported a total revenue of 1.657 billion RMB, with a net profit of 144 million RMB. The second quarter revenue was 840 million RMB, down 13.93% year-over-year, while the net profit for Q2 was 71 million RMB, down 13.08% [1]. - The comprehensive gross margin is 18.62%, slightly down by 0.46 percentage points year-over-year, primarily due to increased operating costs from expanding digital marketing services [2]. - The company's cash reserves reached 919 million RMB, a 47.18% increase from the beginning of the year, and the debt-to-asset ratio improved from 41.72% to 35.66% [3]. Profit Forecast and Valuation - The report forecasts the company's net profit for 2025 to be 386 million RMB, with projected earnings per share (EPS) of 1.83 RMB. The target price is set at 40.28 RMB, corresponding to a price-to-earnings (PE) ratio of 22 times for 2025 [5][11].

Core Viewpoint - The company reported a decline in revenue for the first half of 2025, while net profit showed an increase, indicating mixed financial performance [2]. Financial Performance - The company's operating revenue for the first half of 2025 was approximately 1.657 billion yuan, a year-on-year decrease of 13.36% [2]. - The net profit attributable to shareholders was around 144 million yuan, reflecting a year-on-year increase of 10.83% [2]. - Basic earnings per share were 0.68 yuan, which represents a year-on-year decrease of 17.07% [2].

证券代码：605168 证券简称：三人行 公告编号：2025-031 三人行传媒集团股份有限公司 关于召开2025年第一次临时股东大会的通知 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。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 9 月 2 日 重要内容提示： 至2025 年 9 月 2 日 一、 召开会议的基本情况 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 9 月 2 日 14 点 45 分 召开地点：北京市海淀区知春路 7 号致真大厦 C 座 12 层第一会议室 股东大会召开日期：2025年9月2日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (一)股东大会类型和届次 2025年第一次临时股 ...

三人行传媒集团股份有限公司 2025 年第一次临时股东大会会议资料 三人行传媒集团股份有限公司 2025 年第一次临时股东大会 会议资料 1 三人行传媒集团股份有限公司 2025 年第一次临时股东大会会议资料 二〇二五年九月二日召开 0 三人行传媒集团股份有限公司 2025 年第一次临时股东大会会议资料 三人行传媒集团股份有限公司 2025 年第一次临时股东大会文件目录 | 2025 | 年第一次临时股东大会会议须知 2 | | --- | --- | | 2025 | 年第一次临时股东大会会议议程 4 | | 议案 | 1：《关于取消公司监事会并修订<公司章程>的议案》 6 | | 议案 | 2.00：《关于修订公司部分治理制度的议案》 8 | 五、要求发言的股东及股东代理人，应当按照会议的议程，经会议主持人许 可方可发言。有多名股东及股东代理人同时要求发言时，先举手者发言；不能确 定先后时，由主持人指定发言者。会议进行中只接受股东及股东代理人发言或提 问。股东及股东代理人发言或提问应围绕本次会议议题进行，简明扼要，时间原 则上不超过 5 分钟。 六、股东及股东代理人要求发言时，不得打断会议报告人的报告或其 ...

证券代码：605168 证券简称：三人行 公告编号：2025-027 三人行传媒集团股份有限公司 第四届监事会第八次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 （一）三人行传媒集团股份有限公司（以下或简称"公司"）第四届监事会 第八次会议（以下简称"本次会议"）的召集和召开程序符合《中华人民共和国 公司法》《三人行传媒集团股份有限公司章程》的相关规定。 （二）本次会议已于 2025 年 8 月 4 日以书面方式发出通知。 （三）本次会议于 2025 年 8 月 14 日上午 11:00 在公司会议室以现场表决方 式召开。 具体内容详见公司同日在上海证券交易所网站（www.sse.com.cn）披露的《三 人行：关于取消公司监事会并修订<公司章程>的公告》（公告编号：2025-029）。 （四）本次会议应出席监事 3 人，实际出席监事 3 人。 （五）经全体监事一致推举，本次监事会由监事代秀菊女士召集主持。 二、监事会会议审议情况 经与会监事审议表决，一致形成如下决议： （一）审议 ...

证券代码：605168 证券简称：三人行 公告编号：2025-026 三人行传媒集团股份有限公司 第四届董事会第十一次会议决议公告 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。 一、董事会会议召开情况 （一）三人行传媒集团股份有限公司（以下简称"公司"）第四届董事会第 十一次会议（以下简称"本次会议"）的召集和召开程序符合《中华人民共和国 公司法》《三人行传媒集团股份有限公司章程》的相关规定。 （二）本次会议已于 2025 年 8 月 4 日以书面和电话方式发出通知。 （三）本次会议于 2025 年 8 月 14 日上午 10:00 在公司会议室以现场及通讯 表决方式召开。 （四）本次会议应出席董事 7 人，实际出席董事 7 人，公司监事和高级管理 人员列席了会议。 （五）经全体董事一致推举，本次董事会由董事钱俊冬先生召集主持。 二、董事会会议审议情况 经与会董事审议表决，一致形成如下决议： （一）审议通过《关于 2025 年半年度报告全文及摘要的议案》 同意《三人行：2025 年半年度报告》及其摘要。 具体内容详见公 ...

[Company Overview and Key Financial Indicators](index=4&type=section&id=第二节%20公司简介和主要财务指标) This section provides an overview of the company's basic information and presents its key financial data and performance indicators for the reporting period [Company Basic Information](index=4&type=section&id=一、%20公司信息) Sanrenxing Media Group Co., Ltd., listed on the Shanghai Stock Exchange (stock code 605168), is headquartered in Xi'an, Shaanxi Province - Company basic information includes its Chinese name "Sanrenxing Media Group Co., Ltd.", stock abbreviation "Sanrenxing", and stock code "605168"[13](index=13&type=chunk)[19](index=19&type=chunk) [Key Financial Data and Indicators](index=5&type=section&id=七、%20公司主要会计数据和财务指标) In H1 2025, revenue decreased by 13.36% year-over-year, but net profit attributable to shareholders increased by 10.83%, with operating cash flow significantly improving to CNY 569 million Key Accounting Data (January-June 2025) | Key Accounting Data (CNY) | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,656,722,921.65 | 1,912,181,726.55 | -13.36% | | Net Profit Attributable to Shareholders | 144,207,042.28 | 130,112,167.79 | 10.83% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 126,656,063.64 | 121,128,638.84 | 4.56% | | Net Cash Flow from Operating Activities | 568,659,246.76 | -140,114,635.82 | N/A | | **Asset Status (CNY)** | **End of Current Reporting Period** | **End of Prior Year** | **YoY Change (%)** | | Total Assets | 4,169,618,618.47 | 4,615,014,780.60 | -9.65% | | Net Assets Attributable to Shareholders | 2,679,668,058.32 | 2,687,273,138.24 | -0.28% | Key Financial Indicators (January-June 2025) | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.68 | 0.82 | -17.07% | | Basic EPS (Excluding Non-recurring Items) (CNY/share) | 0.60 | 0.76 | -21.05% | | Weighted Average Return on Net Assets (%) | 5.27% | 4.43% | Increased by 0.84 percentage points | | Weighted Average Return on Net Assets (Excluding Non-recurring Items) (%) | 4.63% | 4.12% | Increased by 0.51 percentage points | - During the reporting period, the company's total non-recurring gains and losses amounted to **CNY 17.55 million**, primarily from fair value changes and disposal gains on financial assets and liabilities, totaling **CNY 20.73 million**[23](index=23&type=chunk) [Management Discussion and Analysis (MD&A)](index=7&type=section&id=第三节%20管理层讨论与分析) This section details the company's business operations, industry trends, strategic initiatives, core competencies, and financial performance analysis during the reporting period [Business and Industry Overview](index=7&type=section&id=一、报告期内公司所属行业及主营业务情况说明) The company is a comprehensive advertising media enterprise focusing on digital marketing, scene-based activities, and campus media marketing, adapting to industry shifts towards digitalization and AI-driven value creation - The company's main business remains unchanged, focusing on providing integrated marketing services across three key segments: - **Digital Marketing Services**: Offering creative planning, media strategy, resource procurement, and performance evaluation - **Scene-based Activity Services**: Planning and executing various offline events to enhance brand interaction and experience - **Campus Media Marketing Services**: Operating campus bulletin boards, sports field fences, and other media resources[25](index=25&type=chunk)[26](index=26&type=chunk)[27](index=27&type=chunk) - The industry is undergoing a structural transformation from scale expansion to value deep-cultivation, with digitalization and intelligence as key drivers. AI technology breakthroughs in content production and private domain operations are shifting marketing from an "efficiency tool" to a "strategic asset"[29](index=29&type=chunk)[31](index=31&type=chunk) [Operational Highlights and Strategic Initiatives](index=9&type=section&id=二、经营情况的讨论与分析) Despite revenue decline, the company achieved net profit growth in H1 2025 through business optimization, improved financial health, strategic AI integration, new business expansion, and consistent high cash dividends - Despite industry competition, the company's H1 2025 net profit attributable to shareholders reached **CNY 144 million**, a **10.83% year-over-year increase**; net profit excluding non-recurring items was **CNY 127 million**, up **4.56%**. Q2 net profit excluding non-recurring items grew **49.03% year-over-year** and **495.06% quarter-over-quarter**, indicating sustained improving operational performance[32](index=32&type=chunk) - The company's financial stability strengthened: - **Asset-liability ratio**: Decreased from **41.72%** at the beginning of the year to **35.66%** - **Cash reserves**: Cash and wealth management products totaled **CNY 919 million**, a **47.18% increase** from the beginning of the year - **Cash flow**: Net cash flow from operating activities reached **CNY 569 million**, a **CNY 709 million year-over-year increase**, turning positive from negative[33](index=33&type=chunk) - The company continues to deepen its engagement with leading clients in automotive, telecommunications, FMCG, and finance sectors, adding the AITO Wenjie series automotive marketing project in collaboration with Huawei and Seres[35](index=35&type=chunk) - The company actively deploys new quality productive forces, signing a strategic cooperation with chip service provider "Coteng Technology" to jointly develop AIDC data center and computing power services. Additionally, the company successfully divested its strategic investment in "Ruihua Chemical," achieving an investment return rate exceeding **70%**[37](index=37&type=chunk)[38](index=38&type=chunk) - The company is accelerating its expansion into the sports lottery business, having established over **30** sports lottery stores in commercial complexes, signed nearly **1,000** cinema channel stores, and launched its independently developed AI sports event prediction platform[40](index=40&type=chunk)[41](index=41&type=chunk) - The company maintains a high cash dividend policy, with the 2024 dividend accounting for **123.10%** of net profit attributable to shareholders. Since its 2020 listing, cumulative dividends have reached **CNY 1.15 billion**, exceeding the IPO fundraising amount of **CNY 1.05 billion**[45](index=45&type=chunk) [Core Competitiveness Analysis](index=13&type=section&id=三、报告期内核心竞争力分析) The company's core strengths lie in its technology-driven approach, extensive media network, diverse client base, skilled talent, and strong brand image, accelerating its transformation into a tech-driven marketing service provider - **Technology-driven**: The company leverages two decades of accumulated data and experience to build "AI full-link marketing intelligent agents" and marketing AI Agents through AI technology, achieving marketing automation and enhancing efficiency and ROI. Multiple subsidiaries have been recognized as National High-Tech Enterprises[49](index=49&type=chunk)[50](index=50&type=chunk)[51](index=51&type=chunk) - **Media Resource Network**: Deep cooperation with mainstream online media like ByteDance and Tencent, complemented by an offline campus media network covering over **900** universities nationwide, and recognized as a "CCTV 4A Advertising Agency" for four consecutive years[53](index=53&type=chunk)[54](index=54&type=chunk) - **High-Quality Client Ecosystem**: Serving numerous industry-leading clients, including the three major telecom operators, large banks like ICBC, ABC, CCB, and PSBC, JD.com, Yili, and FAW Group, establishing a stable and expandable business foundation[55](index=55&type=chunk) [Analysis of Key Operating Conditions](index=15&type=section&id=四、报告期内主要经营情况) The company experienced declines in revenue and costs due to client budget adjustments, while sales and administrative expenses decreased, and financial expenses significantly increased due to prior year's exchange gains [Financial Statement Item Variation Analysis](index=15&type=section&id=(一)%20主营业务分析) Operating revenue decreased by 13.36% year-over-year due to client budget adjustments, while sales and administrative expenses declined, and operating cash flow significantly improved from increased customer collections Key Income Statement Item Changes | Item | Current Period Amount (CNY) | Prior Year Period Amount (CNY) | Change (%) | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,656,722,921.65 | 1,912,181,726.55 | -13.36 | Budget adjustments by individual clients in automotive and other industries | | Operating Cost | 1,348,296,978.27 | 1,547,265,334.74 | -12.86 | Media procurement costs decreased with revenue decline | | Selling Expenses | 133,996,029.48 | 159,526,985.84 | -16.00 | Reduced sales personnel compensation and expenses | | Administrative Expenses | 28,134,245.51 | 31,915,450.02 | -11.85 | Reduced office and consulting service fees | | Financial Expenses | 12,081,228.12 | 5,191,861.03 | 132.70 | Higher exchange gains in prior year period, none in current period | | Net Cash Flow from Operating Activities | 568,659,246.76 | -140,114,635.82 | N/A | Significant increase in customer collections, decrease in supplier payments | [Asset and Liability Status Analysis](index=16&type=section&id=(三)%20资产、负债情况分析) Total assets decreased by 9.65% at period-end, with optimized asset structure, significant reduction in accounts receivable, and increased monetary funds, while liabilities decreased due to loan repayments and reduced payables Key Balance Sheet Item Changes | Item | End of Current Period (CNY) | End of Prior Year (CNY) | Change (%) | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 749,274,695.77 | 624,579,701.69 | 19.96% | Increased customer collections | | Accounts Receivable | 1,553,775,983.22 | 2,352,225,042.50 | -33.94% | Significant increase in customer collections | | Construction in Progress | 28,483,037.03 | 535,494.67 | 5,219.01% | Increased investment in Sanrenxing Digital Information Industry Base project | | Short-term Borrowings | 521,220,710.36 | 641,808,274.20 | -18.79% | Early repayment of bank loans | | Accounts Payable | 545,883,053.70 | 773,408,848.29 | -29.42% | Reduced media procurement payables | [Investment Status Analysis](index=18&type=section&id=(四)%20投资状况分析) The company's total external investments slightly decreased to CNY 847 million at period-end, primarily comprising financial assets measured at fair value, including increased holdings in Shaanxi Tiancheng Aviation Materials and reduced holdings in Daoyoudao Technology Group Key Financial Assets Measured at Fair Value (Unit: CNY 10,000) | Investee | Beginning Balance | Amount Purchased in Current Period | Amount Sold/Redeemed in Current Period | Ending Balance | | :--- | :--- | :--- | :--- | :--- | | Suzhou Suwen Enterprise Management Partnership | 31,652.35 | | 3,194.89 | 29,713.32 | | Shaanxi Tiancheng Aviation Materials Co., Ltd. | 15,764.61 | 2,800.00 | | 18,564.61 | | Daoyoudao Technology Group Co., Ltd. | 1,463.21 | | 1,461.75 | 0 | | **Total** | **85,384.44** | **2,800.00** | **4,763.15** | **84,675.69** | [Analysis of Major Holding and Participating Companies](index=20&type=section&id=(六)%20主要控股参股公司分析) Horgos Huihuang Shidai Digital Technology Co., Ltd. significantly contributed to net profit, while the establishment of Xi'an Sanrenxing Chuangzhi Digital Technology Co., Ltd. and liquidation of Shanghai Jiancheng Advertising Planning Partnership had no major impact Key Subsidiary Financial Performance (January-June 2025) | Company Name | Business Nature | Net Assets (CNY) | Operating Revenue (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | | Horgos Huihuang Shidai Digital Technology Co., Ltd. | Advertising | 36,477,697.98 | 50,451,507.10 | 26,479,048.11 | [Risk Warning](index=21&type=section&id=(一)%20可能面对的风险) The company faces risks including intensified market competition, high customer concentration, rising media procurement costs, talent loss, seasonal performance fluctuations, declining gross profit margins, and industry policy changes - The company's main operational risks include: - **Market competition risk**: The advertising industry has low concentration and intense competition - **Customer concentration risk**: Major clients are large enterprises, and a reduction in their budgets or changes in demand would adversely affect the company's business - **Media procurement price increase risk**: Dominant internet media have strong bargaining power, potentially leading to increased costs - **Talent loss risk**: Integrated marketing services rely on highly qualified personnel, and talent loss would impact operations - **Seasonality risk**: Client advertising tends to concentrate in the second half of the year, leading to seasonal fluctuations in revenue - **Gross margin decline risk**: The increasing proportion of digital marketing business and market competition may lead to a continued decline in overall gross margin[77](index=77&type=chunk)[78](index=78&type=chunk)[79](index=79&type=chunk)[80](index=80&type=chunk) [Corporate Governance](index=23&type=section&id=第四节%20公司治理、环境和社会) This section outlines changes in the company's board of directors, supervisors, and senior management, along with its profit distribution policy [Corporate Governance Status](index=23&type=section&id=一、公司董事、监事、高级管理人员变动情况) The company appointed a new CFO, Ms. Zhang Wenju, following Mr. Chen Sheng's resignation, and has no profit distribution or capital reserve capitalization plan for H1 2025 - The company's Chief Financial Officer (CFO) changed, with Chen Sheng resigning and Zhang Wenju appointed as the new Financial Controller[84](index=84&type=chunk) - The company plans no profit distribution or capitalization of capital reserves for the first half of 2025[85](index=85&type=chunk) [Significant Matters](index=25&type=section&id=第五节%20重要事项) This section covers the company's fulfillment of commitments and external guarantees during the reporting period [Commitments and Guarantees](index=25&type=section&id=一、承诺事项履行情况) The company and related parties fully fulfilled IPO commitments, with no irregular guarantees, and a CNY 50 million guarantee balance for subsidiaries at period-end - The company's actual controllers, shareholders, and the company itself strictly fulfilled all commitments related to the initial public offering during the reporting period, with no violations[89](index=89&type=chunk)[90](index=90&type=chunk) Company External Guarantees | Guarantee Type | Amount Occurred in Current Period (CNY) | Balance at End of Reporting Period (CNY) | | :--- | :--- | :--- | | Guarantees for Subsidiaries | 100,000,000.00 | 50,000,000.00 | | **Total Guarantees** | **-** | **50,000,000.00** | | Total Guarantees as % of Company's Net Assets | - | 1.87% | [Share Changes and Shareholder Information](index=34&type=section&id=第六节%20股份变动及股东情况) This section provides details on the company's share capital structure and the holdings of its major shareholders [Shareholder Information](index=34&type=section&id=二、股东情况) The company's share capital structure remained unchanged, with 25,127 common shareholders and a concentrated, stable ownership structure among the top four shareholders - As of June 30, 2025, the company had **25,127** common shareholders[103](index=103&type=chunk) Top Ten Shareholders' Holdings | Shareholder Name | Number of Shares Held (shares) | Shareholding Percentage (%) | | :--- | :--- | :--- | | Qingdao Duoduoxing Investment Co., Ltd. | 56,214,292 | 26.66% | | Tai'an Zhongxing Investment Partnership (Limited Partnership) | 26,352,110 | 12.50% | | Qian Jundong | 25,643,568 | 12.16% | | Cui Lei | 10,166,729 | 4.82% | | Hong Kong Securities Clearing Company Limited | 2,226,909 | 1.06% | - The company's actual controllers, Qian Jundong and Cui Lei, are a married couple who collectively control the company through direct and indirect means. Both Qingdao Duoduoxing and Tai'an Zhongxing are enterprises controlled by Qian Jundong[107](index=107&type=chunk) [Bond-Related Information](index=37&type=section&id=第七节%20债券相关情况) This section confirms the absence of outstanding corporate bonds, enterprise bonds, or convertible bonds during the reporting period [Bond Information](index=37&type=section&id=一、公司债券（含企业债券）和非金融企业债务融资工具) The company had no outstanding corporate bonds, enterprise bonds, or non-financial enterprise debt financing instruments during the reporting period - The company has not issued corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds[110](index=110&type=chunk) [Financial Report](index=38&type=section&id=第八节%20财务报告) This section presents the company's unaudited interim financial statements, including balance sheets, income statements, cash flow statements, and notes to the financial statements [Financial Statements](index=38&type=section&id=二、财务报表) This section includes the company's unaudited H1 2025 consolidated and parent company financial statements, comprising the balance sheet, income statement, cash flow statement, and statement of changes in equity [Company Overview and Accounting Policies](index=61&type=section&id=三、公司基本情况) This section details the company's basic information, financial statement preparation basis, compliance with accounting standards, and significant accounting policies and estimates, including revenue recognition, financial instruments, and taxation [Notes to Financial Statement Items](index=100&type=section&id=七、合并财务报表项目注释) This section provides detailed explanations and analyses of major consolidated financial statement items, including assets, liabilities, and equity, along with disclosures on related party relationships, contingencies, and post-balance sheet events