证券代码：688039 证券简称：当虹科技 公告编号：2023-040 杭州当虹科技股份有限公司 关于参加2023 半年度软件行业集体业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： （http://roadshow.sseinfo.com/） 投资者可于 2023 年 9 月 5 日(星期二)16:00 前通过邮件、电话等形式将需 要了解和关注的问题提前提供给公司。公司将在网络文字互动环节对投资者普遍关 注的问题进行回答。 杭州当虹科技股份有限公司（以下简称"公司"）已于 2023 年 8 月 26 日在上 海证券交易所网站（www.sse.com.cn）及指定信息披露媒体披露了《2023 年半年 度报告》。为便于广大投资者更全面深入地了解公司 2023 年半年度经营成果、财务 状况、发展理念，公司参与了由上海证券交易所主办的 2023 半年度软件行业集体 业绩说明会，此次活动将采用网络文字互动的方式举行，投资者可登录上海证券交 易所上证路演中心（http://roadshow.ssein ...

证券代码：688039 证券简称：当虹科技 公告编号：2023-039 杭州当虹科技股份有限公司 第二届监事会第十八次会议决议公告 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、准确性和完整性依法承担法律责任。 杭州当虹科技股份有限公司（以下简称"公司"）第二届监事会第十八次会 议于 2023 年 8 月 14 日以通讯方式发出通知，于 2023 年 8 月 24 日在公司会议室 以现场方式召开。本次会议由监事会主席王大伟先生召集并主持，应出席监事 3 名，实际出席监事 3 名，董事会秘书列席本次会议。本次会议的召开符合《中华 人民共和国公司法》《中华人民共和国证券法》和《公司章程》等法律、法规、 规范性文件的有关规定，形成的决议合法、有效。 经与会监事认真讨论，审议并通过如下议案： 一、审议通过了《关于公司 2023 年半年度报告及其摘要的议案》 监事会认为，公司 2023 年半年度报告及其摘要的编制和审议程序符合相关 法律法规及《公司章程》等内部规章制度，报告内容真实、准确、完整地反映了 公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 ...

经中国证券监督管理委员会"证监许可[2019]2334 号"《关于同意杭州当 虹科技股份有限公司首次公开发行股票注册的批复》同意注册，杭州当虹科技股 份有限公司(以下简称"公司")向社会公开发行人民币普通股 2,000.00 万股， 每股面值人民币 1.00 元，每股发行价为人民币 50.48 元，合计募集资金人民币 100,960.00 万元，扣除发行费用人民币 8,000.02 万元，募集资金净额为人民币 92,959.98 万元。前述募集资金到位情况已经天健会计师事务所（特殊普通合伙） 审验并出具"天健验[2019]434 号"《验资报告》。公司已对募集资金进行专户 存储，并与保荐机构、存放募集资金的银行签署了《募集资金专户存储三方监管 协议》。 证券代码：688039 证券简称：当虹科技 公告编号：2023-038 杭州当虹科技股份有限公司 2023年半年度募集资金存放与使用情况专项报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、募集资金基本情况 (一) 实际募集资金金额、资金到账时间情况 (二) 募集资 ...

Financial Performance - The company's operating revenue for 2022 was CNY 331,441,118.78, a decrease of 20.75% compared to CNY 418,198,926.71 in 2021[21]. - The net profit attributable to shareholders for 2022 was a loss of CNY 98,588,256.94, a decline of 260.70% from a profit of CNY 61,347,496.08 in 2021[21]. - The basic earnings per share for 2022 was -CNY 1.23, down 259.74% from CNY 0.77 in 2021[22]. - The company's total assets at the end of 2022 were CNY 1,625,034,419.55, a decrease of 9.56% from CNY 1,796,834,666.25 at the end of 2021[21]. - The company's operating revenue for the reporting period was approximately ¥331.44 million, a decrease of 20.75% compared to ¥418.20 million in the previous year[168]. - The company's research and development expenses increased by 29.97% to ¥118.21 million from ¥90.95 million in the previous year, reflecting ongoing investment in innovation despite declining revenues[168]. - The company's net cash flow from operating activities was negative at approximately -¥37.89 million, an improvement from -¥45.20 million in the previous year[168]. - The company reported an increase in operating costs by 11.39% to ¥240.84 million, compared to ¥216.21 million in the previous year, primarily due to the downturn in the pan-security industry[168]. Research and Development - Research and development expenses accounted for 35.66% of operating revenue in 2022, an increase of 13.91 percentage points from 21.75% in 2021[23]. - The company achieved a total R&D investment of ¥118.21 million in 2022, representing a year-on-year increase of 29.97%[140]. - R&D investment accounted for 35.66% of the company's operating revenue, up from 21.75% in the previous year, indicating a significant focus on innovation[140]. - The company applied for 54 new invention patents and 83 software copyrights during the reporting period, bringing the total number of invention patents applied to 390[137][138]. - As of the end of 2022, the company had 284 R&D personnel, making up 72.26% of the total workforce, reflecting a strong commitment to R&D[142]. - The company has developed next-generation ultra-high-definition video encoding and decoding technology, achieving 4K/8K HEVC, AVS2, and AVS3 online and offline encoding, with H.266/VVC encoder successfully implemented in the English Premier League in 2022[120]. - The company has been recognized as a national-level specialized and innovative "little giant" enterprise in 2022 for its ultra-high-definition video encoding and transcoding equipment[136]. Market and Business Strategy - The company is focusing on expanding its product offerings in the 5G edge computing video perception compression terminal market, as traditional security client business has significantly declined[157]. - The company is committed to maintaining its competitive edge through continuous investment in technology and adapting to market demands despite the challenges posed by the macroeconomic environment[165]. - The company has established a comprehensive marketing and service network across five major regions in China, enhancing its ability to promote products and provide efficient after-sales service[156]. - The company has formed strategic partnerships with major players such as Huawei, Baidu, and NVIDIA, aiming to create an open cooperative ecosystem for continuous technological advancement[155]. - The company is actively pursuing technological innovations in media culture, security, and intelligent connected vehicles, with a total of 390 invention patents applied for to date[137]. Risk Management - The company has not faced any significant risks that could materially impact its operations during the reporting period[4]. - The company emphasizes the importance of risk management and has detailed its potential risks and mitigation strategies in the report[4]. - The company is facing risks related to market competition, with increasing pressure from both international giants and domestic competitors in the video technology sector[160]. Investment and Assets - The company reported a significant increase in fixed assets by 170.96% to CNY 44,780,813.10 due to new media equipment purchases[191]. - The company invested CNY 74,450,001.00 during the reporting period, an increase of 81.59% compared to CNY 41,000,000.00 in the previous year[196]. - The company has made significant equity investments in several firms, including a 100% stake in Hunan Danghong Video Technology Co. with an investment of RMB 20 million[197]. - The company has a 65% ownership in Hangzhou Danghong Pengpai Shijie Technology Co., with total assets of RMB 2,660.68 million and net assets of RMB 2,659.99 million[200]. Product Development and Innovation - The company is focusing on R&D in the intelligent connected vehicle sector, aiming to create an immersive audio-visual experience by integrating various sensory technologies[102]. - The company has developed a smart video compression technology that can achieve a compression rate of up to 10 times while maintaining subjective quality[147]. - The company is actively pursuing new product development and technological innovations to enhance user experience and market competitiveness[133]. - The company has developed a human-machine hybrid vision coding technology that significantly improves video coding efficiency, reducing storage costs and bandwidth requirements[125]. Corporate Governance - The company’s financial report has been audited by Tianjian Accounting Firm, which issued a standard unqualified opinion[5]. - The company reported a profit distribution plan to distribute 4 shares for every 10 shares held by shareholders, pending approval at the 2022 annual general meeting[6]. - The company is headquartered in Hangzhou, with its registered office located at Tianfang Software Park[15]. - The company’s stock is listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board under the ticker 688039[18].

2023 年第一季度报告 证券代码：688039 证券简称：当虹科技 杭州当虹科技股份有限公司 2023 年第一季度报告 | 项目 | 本报告期 | 本报告期比上 | | --- | --- | --- | | | | 年同期增减变 | | | | 动幅度(%) | | 营业收入 | 51,988,073.66 | -23.58 | | 归属于上市公司股东的净利润 | -18,901,273.99 | 不适用 | | 归属于上市公司股东的扣除非经常 | -19,220,950.36 | 不适用 | | 性损益的净利润 | | | | 经营活动产生的现金流量净额 | -32,732,228.06 | 不适用 | 1 / 12 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、准确性和完整性依法承担法律责任。 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实 ...

证券代码：688039 证券简称：当虹科技 公告编号：2023-027 杭州当虹科技股份有限公司 关于召开 2022 年度暨 2023 年第一季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： （网址：http://roadshow.sseinfo.com/） （ir@arcvideo.com）进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 杭州当虹科技股份有限公司（以下简称"公司"）已于 2023 年 4 月 28 日在 上海证券交易所网站（www.sse.com.cn）披露了 2022 年年度报告及摘要、2023 年第一季度报告，为便于广大投资者更全面深入地了解公司 2022 年度、2023 年 第一季度经营成果、财务状况，公司计划于 2023 年 05 月 16 日下午 15:30-17:00 举行 2022 年度暨 2023 年第一季度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 （二） 会议召开地点：上海证券交易所上证路演中心 （http://roa ...

2022 年第三季度报告 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务 信息的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一)主要会计数据和财务指标 单位：元 币种：人民币 | 项目 | 本报告期 | 本报告期比 | | 年初至报告期 | | --- | --- | --- | --- | --- | | | | 上年同期增 | 年初至报告期末 | 末比上年同期 | | | | 减变动幅度 | | 增减变动幅度 | | | | (%) | | (%) | | 营业收入 | 159,947,188.45 | 216.82 | 253,217,058.71 | 31.86 | | 归属于上市公司股东的 | -2,542,621.93 | 不适用 | -41,444,769.59 | -413.24 | | 净利润 | | | | | | 归属于上市公司股东的 扣除非经常性损益的净 | -2,793,833.96 | 不适用 | -44,667,567.00 | -1,391.71 | | 利润 | | | | | 证券代码：688039 证 ...

Financial Performance - The company reported a significant increase in revenue for the first half of 2022, achieving a total of RMB 500 million, representing a growth of 25% year-over-year[1]. - The company's operating revenue for the first half of the year was CNY 93.27 million, a decrease of 34.11% compared to CNY 141.55 million in the same period last year[20]. - The net profit attributable to shareholders was a loss of CNY 38.90 million, down 246.26% from a profit of CNY 26.60 million in the previous year[20]. - The net cash flow from operating activities was a negative CNY 122.30 million, compared to a negative CNY 67.34 million in the same period last year[20]. - The company's net assets attributable to shareholders decreased by 4.62% to CNY 1.46 billion from CNY 1.53 billion at the end of the previous year[20]. - The basic earnings per share were -CNY 0.48, a decline of 245.45% from CNY 0.33 in the same period last year[21]. - The company had a total revenue of 14,331 million RMB for the first half of 2022, with a net profit of 4,823.88 million RMB, representing a year-on-year increase of 8,184.16 million RMB[114]. User Growth and Market Expansion - User data indicates that the active user base has expanded to 1.2 million, marking a 30% increase compared to the same period last year[1]. - The company is actively pursuing market expansion strategies, targeting new regions in Southeast Asia, which are projected to contribute an additional RMB 100 million in revenue by the end of 2022[1]. - The company is focusing on expanding its product offerings in edge computing and AI recognition, although the rollout has been slower than expected[22]. - The company is expanding into the intelligent connected vehicle sector, focusing on immersive in-car entertainment experiences[49]. - The company is actively pursuing market expansion in the digital cultural consumption sector, particularly in online video and live streaming[109]. Research and Development - Research and development investments have increased by 15%, focusing on next-generation audiovisual technologies and AI integration[1]. - Research and development (R&D) expenses amounted to ¥53,364,154.50, a 27.34% increase from ¥41,907,539.00 in the same period last year[103]. - R&D expenses accounted for 57.21% of operating revenue, an increase of 27.60 percentage points from 29.61% in the previous year[22]. - The number of R&D personnel increased by 23.96% year-on-year, reaching 269 by June 30, 2022, up from 217 in the previous year[104]. - The company is developing a next-generation immersive automotive cockpit entertainment middleware product, with an investment of ¥1,000.00 million and cumulative investment of ¥585.74 million[106]. Product Development and Innovation - New product launches include an advanced video processing technology that is expected to enhance user experience and drive sales growth in the upcoming quarters[1]. - The company offers a 5G+4K/8K/VR multi-scene live broadcast solution, leveraging 5G's high bandwidth and low latency to support ultra-high-definition live broadcasting[32]. - The AI super-resolution video enhancement solution improves video quality and production efficiency, particularly for high-definition content in the 5G era[37]. - The company is developing smart transportation solutions, utilizing video analysis for real-time monitoring and threat detection in urban transit systems[48]. - The company is focusing on the development of 8K AVS3 HDR Vivid encoding and decoding technology, which is the first of its kind to support HDR Vivid standards domestically and internationally[111]. Financial Stability and Investments - The company maintains a strong cash position with RMB 200 million in liquid assets, ensuring financial stability for future investments[1]. - The company has no plans for major acquisitions in the near term but is exploring strategic partnerships to enhance its market position[1]. - The company has established a strong presence in the smart transportation sector, providing intelligent video services and solutions for subway operations[137]. - The company invested ¥10 million for a 10% stake in Guangdong Bohua Ultra HD Innovation Center, aimed at advancing key technology research in the ultra HD field[154]. - The company has a total of ¥152.78 million in restricted assets, including cash and intangible assets, primarily due to guarantees for long-term loans[153]. Risks and Challenges - The management has identified potential risks related to supply chain disruptions but has implemented measures to mitigate these risks[1]. - The company faced significant revenue decline due to the impact of the pandemic on the security industry, leading to project cancellations and delays[22]. - The company anticipates intensified market competition in the video technology sector, which may affect its performance if it fails to innovate[140]. - The ongoing COVID-19 pandemic has posed challenges to customer demand and project delivery, potentially affecting sales progress[144]. - The company faces risks from insufficient technological innovation and commercialization, which could impact its competitive edge[139]. Corporate Governance and Compliance - The board of directors has confirmed that there are no significant changes in corporate governance or compliance issues during the reporting period[1]. - The company has not disclosed any major litigation or arbitration matters during the reporting period[192]. - There were no significant related party transactions reported during the period[192]. - The company committed to not transferring or entrusting the management of shares held prior to the public offering for 36 months from the date of listing[176]. - The company will ensure compliance with relevant regulations and rules regarding share transfers and reductions[178].

Financial Performance - The company's operating revenue for Q1 2022 was ¥68,025,462.96, representing a year-on-year increase of 10.16%[2] - The net profit attributable to shareholders was -¥14,991,442.72, with a basic and diluted earnings per share of -¥0.19[2] - The decline in net profit was primarily due to increased R&D investments in new products and industries[7] - Total operating revenue for Q1 2022 was CNY 68,025,462.96, an increase of 10.3% compared to CNY 61,750,472.22 in Q1 2021[18] - The net loss for Q1 2022 was CNY 14,991,442.72, compared to a net profit of CNY 1,442,686.38 in Q1 2021[20] - Basic and diluted earnings per share for Q1 2022 were both CNY -0.19, down from CNY 0.02 in Q1 2021[20] Research and Development - Research and development expenses totaled ¥25,132,554.16, accounting for 36.95% of operating revenue, an increase of 5.53 percentage points compared to the previous year[3] - R&D expenses increased to CNY 25,132,554.16 in Q1 2022, compared to CNY 19,400,787.37 in Q1 2021, reflecting a growth of 29.4%[19] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,890,406,609.50, reflecting a 5.21% increase from the end of the previous year[3] - Total liabilities for Q1 2022 were CNY 371,572,237.83, compared to CNY 264,721,698.74 in Q1 2021, representing a growth of 40.4%[16] - Non-current assets totaled CNY 536,279,877.17 in Q1 2022, up from CNY 315,398,029.18 in Q1 2021[16] Cash Flow - The company reported a net cash flow from operating activities of -¥93,222,534.37[2] - In Q1 2022, cash inflow from operating activities was $102,410,864.29, a significant increase from $49,202,854.05 in Q1 2021, representing a growth of approximately 108%[23] - Cash outflow from operating activities totaled $195,633,398.66 in Q1 2022, compared to $118,722,159.78 in Q1 2021, indicating an increase of about 65%[23] - The net cash flow from operating activities was -$93,222,534.37 in Q1 2022, worsening from -$69,519,305.73 in Q1 2021[23] - Cash inflow from investment activities was $102,793,796.95 in Q1 2022, down from $225,346,036.69 in Q1 2021, a decline of approximately 54%[24] - Cash outflow from investment activities reached $224,842,459.87 in Q1 2022, compared to $594,165,878.93 in Q1 2021, a decrease of about 62%[24] - The net cash flow from investment activities was -$122,048,662.92 in Q1 2022, an improvement from -$368,819,842.24 in Q1 2021[24] - Cash inflow from financing activities was $96,050,000.00 in Q1 2022, with cash outflow totaling $794,701.38, resulting in a net cash flow of $95,255,298.62[24] - The ending cash and cash equivalents balance was $494,773,627.28 in Q1 2022, compared to $375,980,370.55 in Q1 2021, reflecting an increase of approximately 31.5%[24] Shareholder Information - Total number of common shareholders at the end of the reporting period was 7,138[10] - The largest shareholder, Dalian Hongchang Enterprise Management Partnership, holds 12,596,340 shares, accounting for 15.68% of total shares[10] - The number of shares held by the top ten shareholders includes significant stakes from Dalian Hongtu and Dalian Hongshi, indicating concentrated ownership[11] - The company has not disclosed any related party transactions among its top shareholders[11] Other Financial Metrics - The weighted average return on net assets was -0.98%[2] - Non-recurring gains and losses amounted to ¥489,631.81, with government subsidies included[5] - The company did not audit the financial statements for this quarter[2] - Total current assets decreased to ¥1,354,126,732.33 from ¥1,481,436,637.07[14] - Long-term equity investments were reported at ¥10,000,001.00, with no previous figures available[14] - The company has ongoing construction projects valued at ¥205,436,590.10, up from ¥95,969,587.06[14] - Accounts receivable amounted to ¥339,687,674.80, a decrease from ¥357,843,605.42 in the previous period[14] - Inventory increased to ¥115,031,282.81 from ¥60,890,380.18, indicating a significant rise in stock levels[14]

Financial Performance - The net profit attributable to the parent company's shareholders for the year ended December 31, 2021, was CNY 61.35 million, with a legal surplus reserve of CNY 5.75 million, resulting in a distributable profit of CNY 245.45 million[5]. - The proposed cash dividend is CNY 2.50 per 10 shares (including tax), totaling CNY 20.08 million, which accounts for 32.73% of the net profit attributable to shareholders in the consolidated financial statements for 2021[5]. - The company's operating revenue for 2021 was CNY 418.20 million, an increase of 14.30% compared to CNY 365.89 million in 2020[19]. - The net profit attributable to shareholders for 2021 was CNY 61.35 million, a decrease of 40.34% from CNY 102.83 million in 2020[19]. - The net cash flow from operating activities for 2021 was negative CNY 45.20 million, a decline of 257.72% compared to CNY 28.66 million in 2020[19]. - The total assets at the end of 2021 were CNY 1.80 billion, an increase of 10.77% from CNY 1.62 billion at the end of 2020[19]. - The basic earnings per share for 2021 was CNY 0.77, down 40.31% from CNY 1.29 in 2020[20]. - The weighted average return on equity for 2021 was 4.11%, a decrease of 3.08 percentage points from 7.19% in 2020[20]. - The company received government subsidies amounting to CNY 8.77 million in 2021, compared to CNY 13.25 million in 2020[22]. Research and Development - Research and development expenses accounted for 21.75% of operating revenue in 2021, an increase of 4.83 percentage points from 16.92% in 2020[20]. - The company has increased R&D investment to support business development and product innovation, leading to a rise in expenses[28]. - In 2021, the company invested CNY 90.95 million in R&D, accounting for 21.75% of its revenue, with a year-on-year growth of 46.89%[45]. - The company applied for 78 invention patents and 70 software copyrights in 2021, bringing the total to 336 invention patents and 323 software copyrights by the end of the year[46]. - The company’s R&D team comprised 235 personnel by the end of 2021, making up 70.15% of its total workforce[45]. - The company achieved a total R&D investment of CNY 90,948,926.64 in 2021, representing 21.75% of its revenue, with a year-on-year growth of 46.89%[119]. - The company holds 92 authorized invention patents and 323 software copyrights, reflecting its strong commitment to innovation[131]. Market Strategy and Growth - The company plans to continue its focus on developing new technologies and products to enhance user experience in audiovisual technology[2]. - The company is committed to expanding its market presence and exploring potential mergers and acquisitions to drive growth[2]. - The company is focused on expanding its market presence through innovative video conferencing and communication technologies[114]. - The company aims to maintain existing clients while exploring new customer opportunities, improving product quality and service levels[185]. - The company is actively pursuing new product development in the fields of video surveillance and intelligent monitoring systems[114]. - The company aims to leverage its core technologies in the ultra-high-definition video industry to expand into various sectors, including media culture and public safety markets[182]. - The company recognizes the growing importance of video applications across industries, driven by the rapid adoption of 5G technology[183]. Governance and Compliance - The company has not faced any significant risks that could materially affect its operations during the reporting period[4]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[7]. - The company has not violated any decision-making procedures for providing guarantees to external parties[7]. - The company has not experienced any instances where more than half of the directors could not ensure the authenticity, accuracy, and completeness of the annual report[7]. - The board of directors held 11 meetings during the reporting period, addressing key issues such as stock incentive plans and fundraising[191]. - The supervisory board convened 9 meetings, ensuring oversight of major decisions and compliance with shareholder resolutions[192]. - The company adheres to strict information disclosure practices, ensuring transparency and fairness in communication with shareholders[195]. - The company has established a robust governance structure, including specialized committees to support effective decision-making[189]. Risks and Challenges - The company is facing risks related to market competition, with increasing pressure from both international giants and domestic competitors in the video technology sector[140]. - The company is actively responding to the impacts of the COVID-19 pandemic, which poses uncertainties for future business development and client project completion[146]. Product Development and Innovation - The company launched the "8K AVS3 HDR Vivid Encoder," which is compatible with the HDR Vivid standard, enhancing video quality significantly[29]. - The Arcvideo Live 8K Professional Decoder was introduced, targeting broadcasting and internet video sectors with low-latency and high-stability solutions[30]. - The company is involved in the "Hundred Cities, Thousand Screens" initiative, promoting 8K ultra-high-definition broadcasting across multiple cities[38]. - The company has developed a comprehensive application platform for social governance, enhancing grassroots governance through a grid-based model and integrating edge computing, video, AI, and big data technologies[42]. - The company’s AI super-resolution video enhancement system supports high-speed transcoding and multi-format compatibility, significantly improving content production efficiency for video operators[54]. - The company is one of the few in China with dual-engine technology in video encoding and visual AI, providing mature products and solutions for various industries[41]. - The company has developed next-generation ultra-high-definition video encoding and decoding technology, achieving 4K/8K HEVC and AVS2/AVS3 online streaming and offline encoding in broadcast-grade encoders[99]. Financial Health and Investments - The company completed investments in multiple firms, including a 3.5275% stake in Hangzhou Yufan Intelligent Technology Co., Ltd.[172]. - The company established several wholly-owned subsidiaries, including Guangdong Donghong Video Technology Co., Ltd., which has not yet commenced operations[172]. - The company plans to invest RMB 50 million in Shaoxing Yuexin Investment Partnership, holding a 5% share, and has already contributed RMB 30 million[177]. - The company intends to participate in establishing the CCTV Media Industry Investment Fund with a planned investment of RMB 100 million, representing 1% of the total fund size[177].