Group 1 - The core viewpoint of the news is that Jiahua Technology has shown significant stock price growth and positive market activity, with a year-to-date increase of 117.24% and a market capitalization of 3.498 billion yuan [1] - As of September 25, Jiahua Technology's stock price reached 45.23 yuan per share, with a trading volume of 31.8044 million yuan and a turnover rate of 0.92% [1] - The company has seen a net inflow of main funds amounting to 1.3611 million yuan, with large orders accounting for 23.38% of purchases [1] Group 2 - Jiahua Technology's main business segments include smart environmental protection (67.98%), smart city (20.00%), and smart dual carbon (11.38%) [1] - The company reported a decrease in revenue for the first half of 2025, achieving 10.9 million yuan, which is a 38.91% year-on-year decline [2] - The number of shareholders increased by 11.22% to 5,075, while the average circulating shares per person decreased by 10.09% to 15,238 shares [2] Group 3 - Since its A-share listing, Jiahua Technology has distributed a total of 88.8568 million yuan in dividends, with no dividends paid in the last three years [3]

Group 1 - The cloud computing concept stocks in the A-share market have collectively strengthened, with notable gains in several companies [1] - Yihualu saw an increase of over 12%, while other companies like TeFa Information, Kehua Data, and Runjian Co. reached the daily limit of 10% [1] - Other companies such as Kaipu Cloud, Zhongke Shuguang, and Data Port also experienced significant gains, with increases ranging from 6% to 8% [1] Group 2 - Yihualu's market capitalization is 17.8 billion, with a year-to-date increase of 5.77% [2] - TeFa Information has a market capitalization of 10.4 billion and a remarkable year-to-date increase of 100.52% [2] - Kehua Data's market capitalization stands at 35.6 billion, with a year-to-date increase of 139.33% [2] - Runjian Co. has a market capitalization of 14.9 billion and a year-to-date increase of 56.31% [2] - Kaipu Cloud's market capitalization is 10.3 billion, with an impressive year-to-date increase of 244.61% [2] - Zhongke Shuguang has a market capitalization of 144.1 billion and a year-to-date increase of 36.76% [2] - Data Port's market capitalization is 25.7 billion, with a year-to-date increase of 90.13% [2] - Other companies like Ronglian Technology, Yidian Tianxia, and Jiahua Technology also reported year-to-date increases ranging from 19.16% to 291.95% [2]

Financial Performance - The company reported a significant decline in revenue, with operating income for the first half of the year at 10,942.90 million RMB, down 38.91% from 17,912.91 million RMB in the same period last year [1] - The total profit for the period was -4,279.89 million RMB, indicating a loss compared to the previous year's profit of -2,899.63 million RMB [1] - The net profit attributable to shareholders was -4,088.17 million RMB, worsening from -2,950.62 million RMB year-on-year [1] - The net profit after deducting non-recurring gains and losses was -4,589.61 million RMB, compared to -3,702.69 million RMB in the previous year [1] - The net cash flow from operating activities was -3,188.19 million RMB, an increase in loss from -2,495.72 million RMB in the same period last year [1] Historical Financial Data - From 2021 to 2024, the company achieved operating revenues of 486 million RMB, 261 million RMB, 322 million RMB, and 300 million RMB respectively [1] - The net profit attributable to shareholders for the same years was -129 million RMB, -288 million RMB, -208 million RMB, and -103 million RMB respectively [1] IPO and Stock Performance - The company was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on March 20, 2020, with an initial offering price of 50.81 RMB per share and issued 19.33 million shares [1] - The stock is currently in a state of decline, having broken its initial offering price [1] - The total amount raised from the initial public offering was 982 million RMB, with a net amount of 864 million RMB, exceeding the originally planned fundraising amount by 364 million RMB [1] - The total issuance costs for the IPO were 118 million RMB (excluding VAT), with underwriting and sponsorship fees amounting to 96.34 million RMB [1]

Core Viewpoint - Jiahua Technology (688051.SH) reported a significant decline in revenue and increased net losses for the first half of 2025 compared to the same period last year [1][2]. Financial Performance - The company achieved operating revenue of 109.43 million yuan, a year-on-year decrease of 38.91% [1][2]. - The net profit attributable to shareholders was -42.80 million yuan, compared to -28.99 million yuan in the same period last year [1][2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -45.90 million yuan, compared to -37.03 million yuan in the previous year [1][2]. - The net cash flow from operating activities was -31.88 million yuan, compared to -24.96 million yuan in the same period last year [1][2]. Historical Financial Data - From 2021 to 2024, Jiahua Technology's operating revenues were 486 million yuan, 261 million yuan, 322 million yuan, and 300 million yuan respectively [2]. - The net profits attributable to shareholders for the same years were -129 million yuan, -288 million yuan, -208 million yuan, and -103 million yuan respectively [2]. - The net profits attributable to shareholders after deducting non-recurring gains and losses were -152 million yuan, -330 million yuan, -222 million yuan, and -122 million yuan respectively [2]. IPO and Stock Performance - Jiahua Technology was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on March 20, 2020, with an initial price of 50.81 yuan per share and issued 19.33 million new shares [3]. - The stock is currently trading below its initial offering price [3]. - The total funds raised from the IPO amounted to 982 million yuan, with a net amount of 864 million yuan, exceeding the original fundraising target by 364 million yuan [3].

Core Viewpoint - JiaHua Technology (688051) reported disappointing financial results for the first half of 2025, with significant declines in revenue and net profit compared to the previous year [1] Financial Performance - Total revenue for the first half of 2025 was 109 million yuan, a decrease of 38.91% year-on-year [1] - The net profit attributable to shareholders was -40.88 million yuan, down 38.55% year-on-year [1] - In Q2 2025, total revenue was 53.85 million yuan, a decline of 31.89% year-on-year, with a net profit of -27.59 million yuan, down 37.08% year-on-year [1] - Gross margin decreased to 20.43%, down 23.56% year-on-year, while net margin was -39.12%, a drop of 138.05% year-on-year [1] - The total of financial, sales, and administrative expenses reached 38.19 million yuan, accounting for 34.9% of total revenue, an increase of 35.51% year-on-year [1] Key Financial Ratios - Earnings per share (EPS) was -0.53 yuan, a decrease of 39.47% year-on-year [1] - The company's net asset per share was 8.78 yuan, down 14.43% year-on-year [1] - Operating cash flow per share was -0.41 yuan, a decline of 27.75% year-on-year [1] Business Evaluation - The company's historical return on invested capital (ROIC) has been relatively low, with a median ROIC of 16.22% since its listing, and a worst year ROIC of -22% in 2022 [2] - The company has reported losses in four out of its eight years since going public, indicating a lack of consistent profitability [2] Cash Flow and Financial Health - The cash flow situation is concerning, with cash and cash equivalents covering only 49.48% of current liabilities [3] - The average net cash flow from operating activities over the past three years has been negative [3] New Business Initiatives - In 2025, the company launched a green low-carbon management platform aimed at enhancing carbon accounting precision and expanding market opportunities [4] - The platform is expected to attract more business collaborations and enhance the company's brand influence in the industry [4] - The initiative targets both large enterprises and small to medium-sized enterprises, aiming to broaden the customer base and drive overall business growth [4]

Core Viewpoint - JiaHua Technology (688051.SH) reported a significant decline in revenue and an increase in net loss for the first half of 2025 compared to the previous year [1] Financial Performance - The company achieved total operating revenue of 109 million yuan in the first half of 2025, representing a year-on-year decrease of 38.91% [1] - The net profit attributable to shareholders of the parent company was -40.88 million yuan, which is an increase in loss of 11.38 million yuan compared to the same period last year [1] - The basic earnings per share were -0.53 yuan [1]

Core Viewpoint - The company, Jiahua Technology, reported a significant decline in revenue and increased losses in the first half of 2025, attributed to external economic challenges and cautious client spending [5][6]. Group 1: Company Overview - Jiahua Technology focuses on core business areas, leveraging data and technology to build a "data factory" technical system, integrating AI, blockchain, cloud computing, big data, and IoT [4]. - The company has established a comprehensive green low-carbon management platform to serve government and enterprise clients, emphasizing data sharing and value extraction [4]. Group 2: Financial Performance - In the first half of 2025, the company achieved revenue of 109.43 million yuan, a decrease of 38.91% year-on-year [5]. - The total profit was -42.80 million yuan, representing a 47.60% increase in losses compared to the previous year, while the net profit attributable to shareholders was -40.88 million yuan, an increase of 38.55% in losses [5]. Group 3: Strategic Initiatives - The company is actively responding to national strategies on green development and digital economy, focusing on opportunities in carbon neutrality and AI [6]. - Jiahua Technology launched the "AI Environmental Intelligence" platform, integrating big data and AI for environmental management, which is expected to enhance efficiency in pollution control [6]. Group 4: Market Position and Projects - The company continues to support the Ministry of Ecology and Environment's national carbon market management platform, managing carbon emissions data for over 6,800 enterprises [7]. - Jiahua Technology has been awarded contracts for national-level platforms related to non-CO2 greenhouse gas emissions and CCER monitoring, positioning itself as a key player in carbon market management [7]. Group 5: Innovation and R&D - The company invested 23.96 million yuan in R&D, accounting for 21.07% of its revenue, reflecting a 5.75% increase year-on-year [11]. - Jiahua Technology holds a total of 1,039 intellectual property rights, including 52 invention patents, demonstrating its commitment to innovation [11]. Group 6: Financial Management - The company is enhancing its accounts receivable and cash management through a comprehensive strategy focusing on credit risk management, contract control, and collection mechanisms [12][13]. - It aims to optimize cash flow management and improve capital structure to support its operational efficiency [13]. Group 7: Investor Relations - Jiahua Technology is committed to improving its market value management and investor communication, ensuring transparency and engagement with stakeholders [14][17]. - The company plans to hold an investor meeting to discuss its half-year performance and address investor concerns [26][28].

Group 1 - The supervisory board of Rock Jiahua Technology Group Co., Ltd. held its second meeting of the fourth session on August 29, 2025, with all three supervisors present, ensuring compliance with legal and regulatory requirements [1][2] - The supervisory board approved the 2025 semi-annual report and its summary, confirming that the preparation and review processes adhered to relevant laws, regulations, and internal management systems [1] - The board affirmed that the semi-annual report accurately reflects the company's operational performance and financial status during the reporting period, with no violations of confidentiality found among the personnel involved in its preparation [1]

证券代码：688051 证券简称：佳华科技 公告编号：2025-025 经审议，监事会认为：公司 2025 年半年度报告及其摘要的编制和审议程序 符合法律法规、《公司章程》和公司内部管理制度的各项规定；公司 2025 年半 年度报告及其摘要内容和格式符合中国证监会和上海证券交易所的各项规定，所 包含的信息能从各个方面真实地反映出公司报告期内的经营状况、成果和财务状 况。在提出本意见前，未发现参与 2025 年半年度报告及其摘要编制和审议的人 员有违反保密规定的行为；监事会保证公司 2025 年半年度报告及其摘要披露的 信息真实、准确、完整，其中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。 罗克佳华科技集团股份有限公司 第四届监事会第二次会议决议公告 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法律责任。 一、监事会会议召开情况 罗克佳华科技集团股份有限公司（以下简称"公司"）第四届监事会第二次 会议于 2025 年 8 月 29 日在公司会议室以现场结合通讯的方式召开。本次会议的 ...

Definitions [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This chapter defines key terms used in the report, covering company specifics, industry concepts like IoT and dual carbon, and financial terms such as data asset capitalization - Company's short name is **"Jiahua Technology"**, full name **"Rock Jiahua Technology Group Co., Ltd"**[9](index=9&type=chunk) - Reporting period refers to **January 1, 2025, to June 30, 2025**[10](index=10&type=chunk) - Detailed definitions of key industry terms such as IoT, carbon peak, carbon neutrality, dual carbon goals, green finance, digital economy, data elements, data assets, data asset capitalization, and large models are provided[9](index=9&type=chunk) Company Profile and Key Financial Indicators [Company's Basic Information](index=5&type=section&id=Company%27s%20Basic%20Information) This section introduces Rock Jiahua Technology Group Co., Ltd's fundamental details, including its names, legal representative, and contact addresses - Company's Chinese name is **Rock Jiahua Technology Group Co., Ltd**, abbreviated as **Jiahua Technology**[12](index=12&type=chunk) - The legal representative is **Li Wei**, and the registered address is at No. 9, 205 Jingtong Street, Taihu Town, Tongzhou District, Beijing[12](index=12&type=chunk) [Contact Person and Contact Information](index=5&type=section&id=Contact%20Person%20and%20Contact%20Information) This chapter provides contact details for the company's Board Secretary and Securities Affairs Representative - The Board Secretary is **Huang Zhilong**, and the Securities Affairs Representative is **Zhang Qiao'e**, both with contact number **010-57230290**[13](index=13&type=chunk) [Brief Introduction to Changes in Information Disclosure and Document Placement Locations](index=5&type=section&id=Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Placement%20Locations) This section outlines the company's designated channels for information disclosure and the location for semi-annual report placement - The company's information disclosure newspapers are **Shanghai Securities News, Securities Daily, and Securities Times**, with the designated website **http://www.sse.com.cn**[14](index=14&type=chunk) [Overview of Company Shares/Depositary Receipts](index=5&type=section&id=Overview%20of%20Company%20Shares%2FDepositary%20Receipts) This chapter summarizes the company's stock information, including its type, listing exchange, abbreviation, and code - The company's stock is **RMB ordinary shares (A-shares)**, listed on the **Shanghai Stock Exchange's STAR Market**, with stock abbreviation **Jiahua Technology** and stock code **688051**[16](index=16&type=chunk) [Company's Key Accounting Data and Financial Indicators](index=6&type=section&id=Company%27s%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue decreased by **38.91%** year-on-year, and net loss increased by **38.55%**, primarily due to intensified market competition, tight customer fiscal funds, and cautious budget allocation; however, smart dual carbon business revenue grew over **450%**, indicating new growth opportunities 2025 Semi-Annual Key Accounting Data | Indicator | Current Reporting Period (Jan-Jun) (10,000 yuan) | Prior Year Period (10,000 yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 10,942.90 | 17,912.91 | -38.91 | | Total Profit | -4,279.89 | -2,899.63 | N/A | | Net Profit Attributable to Shareholders of Listed Company | -4,088.17 | -2,950.62 | N/A | | Net Profit Attributable to Shareholders of Listed Company After Non-Recurring Gains and Losses | -4,589.61 | -3,702.69 | N/A | | Net Cash Flow from Operating Activities | -3,188.19 | -2,495.72 | N/A | 2025 Semi-Annual Key Financial Indicators | Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | -0.53 | -0.38 | N/A | | Weighted Average Return on Net Assets (%) | -5.85 | -3.65 | Decreased by 2.20 percentage points | | R&D Investment as % of Operating Revenue (%) | 21.07 | 15.32 | Increased by 5.75 percentage points | - Smart dual carbon business achieved operating revenue of **12.4544 million yuan**, a year-on-year increase of over **450%**, accounting for **11.38%** of current operating revenue[20](index=20&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section details the non-recurring gains and losses items and their amounts for the reporting period, totaling **5,014,381.56 yuan**, primarily including government grants, non-monetary asset exchange gains/losses, and other non-operating income and expenses 2025 Semi-Annual Non-Recurring Gains and Losses Items | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | -126,349.50 | | Government Grants Included in Current Profit or Loss | 4,044,824.94 | | Gains/Losses from Fair Value Changes and Disposal of Financial Assets | 276,977.74 | | Gains/Losses from Non-Monetary Asset Exchange | 687,650.80 | | Gains/Losses from Debt Restructuring | -375,894.03 | | Other Non-Operating Income and Expenses | 771,073.41 | | Less: Income Tax Impact | 9.95 | | Minority Interest Impact (After Tax) | 263,891.85 | | Total | 5,014,381.56 | Management Discussion and Analysis [Explanation of the Company's Industry and Main Business Operations During the Reporting Period](index=8&type=section&id=Explanation%20of%20the%20Company%27s%20Industry%20and%20Main%20Business%20Operations%20During%20the%20Reporting%20Period) Jiahua Technology, an innovator in IoT big data, focuses on smart environmental protection, smart dual carbon, and low-carbon smart cities, building a "data factory" technical system that integrates AI, blockchain, cloud computing, big data, and IoT, actively responding to national policies and launching the world's first green low-carbon management platform - The company focuses on **IoT big data technology R&D and application**, accumulating core technologies in the perception layer, platform layer, and application layer[24](index=24&type=chunk) - Built a **"data factory" technical system**, integrating five core technologies: **AI, blockchain, cloud computing, big data, and IoT**[25](index=25&type=chunk) - Launched the **world's first green low-carbon management platform**, integrating **20 years of ecological environment data** with **AI large model technology** to empower the ecological environment and dual carbon sectors[25](index=25&type=chunk)[34](index=34&type=chunk) - Undertook the Ministry of Ecology and Environment's **"National Carbon Market Management Platform"** and **"National Non-CO2 Greenhouse Gas Emission Data Statistics Platform,"** comprehensively covering carbon emission monitoring, management, and trading[29](index=29&type=chunk)[30](index=30&type=chunk)[31](index=31&type=chunk) - Actively responded to national policies on **digital economy, carbon peaking and carbon neutrality, and urban renewal**, participated in the compilation of the **"White Paper on Data Element Circulation Standardization (2024 Edition),"** and was selected as a typical case for **"Data Elements × Green Low Carbon"**[35](index=35&type=chunk)[36](index=36&type=chunk)[37](index=37&type=chunk)[38](index=38&type=chunk)[39](index=39&type=chunk)[40](index=40&type=chunk)[41](index=41&type=chunk)[42](index=42&type=chunk) [Discussion and Analysis of Operating Conditions](index=13&type=section&id=Discussion%20and%20Analysis%20of%20Operating%20Conditions) In the first half of 2025, the company's operating revenue decreased by **38.91%** year-on-year, and net loss increased by **38.55%**, mainly due to macroeconomic adjustments, intensified market competition, and tight customer fiscal funds; the company is actively optimizing its business structure and strategically developing dual carbon and data platform businesses to address challenges and seize opportunities from digital economy and dual carbon policies 2025 First Half Operating Performance | Indicator | Amount (10,000 yuan) | Year-on-Year Change (%) | | :--- | :--- | :--- | | Operating Revenue | 10,942.90 | -38.91 | | Net Profit Attributable to Shareholders of Listed Company | -4,088.17 | Loss increased by 38.55 | | Net Profit Attributable to Shareholders of Listed Company After Non-Recurring Gains and Losses | -4,589.61 | Loss increased by 23.95 | - Revenue decline primarily due to intensified market competition, tight customer fiscal funds, cautious budget allocation, and reduced renewal amounts for some operation and maintenance projects, leading to a decrease in gross profit margin[47](index=47&type=chunk) - The company is actively deploying **dual carbon and data platform businesses**, with smart terminals, ecological environment dual carbon cloud map, data resource management platform, and green low-carbon management platform products expected to usher in development opportunities[48](index=48&type=chunk) [Analysis of Core Competitiveness During the Reporting Period](index=14&type=section&id=Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) Jiahua Technology's core competitiveness lies in strong R&D capabilities, rich data resources, extensive customer base, professional products and services, efficient operational capabilities, and unique brand and corporate culture; the company continues to innovate in IoT big data, especially in AI large models, data resource management, and dual carbon applications, actively participates in national standard setting, and has obtained multiple intellectual property rights and industry honors [Core Competitiveness Analysis](index=14&type=section&id=Core%20Competitiveness%20Analysis) The company's core competitiveness encompasses R&D, data resources, customer base, products and services, operational efficiency, and brand advantages; in R&D, the company possesses a national engineering technology center, over **1,000** intellectual property rights, and integrates five core technologies (A+B+C+D+I); regarding data resources, it has built a "data factory" system and "ecological environment dual carbon cloud map"; customer advantage is reflected in extensive government and enterprise client coverage and high stickiness; product and service advantage lies in providing full lifecycle solutions; operational advantage is demonstrated in platform-based services across smart environmental protection, smart dual carbon, and smart cities; brand advantage stems from its industry position and technological strength - The company undertakes the **National Engineering Technology Center for Industrial Pollution Source Monitoring** under the Ministry of Ecology and Environment and the **National Engineering Research Center for IoT Applications**, possessing over **1,000** independent intellectual property rights[49](index=49&type=chunk)[50](index=50&type=chunk) - Built a **"data factory" technical system**, integrating **artificial intelligence, blockchain, cloud computing, big data, and IoT** five core technologies, forming six core capabilities[51](index=51&type=chunk) - Possesses nearly **30 years** of urban data from various provinces, cities, and counties nationwide, and pollution emission information from over **700,000** enterprises, forming the **"ecological environment dual carbon cloud map"** core dataset[54](index=54&type=chunk) - Continuously serves the Ministry of Ecology and Environment's **"National Carbon Market Management Platform"** with its platform-based product layout and strong data processing capabilities[29](index=29&type=chunk) - Chairman **Li Wei** was appointed as an expert committee member for the **"15th Five-Year Plan"** of Beijing Urban Sub-center (Tongzhou District)[61](index=61&type=chunk) - **Rock Jiahua Technology Group** was awarded the **"National May 1st Labor Medal,"** recognizing its contributions in the ecological environment dual carbon sector and technological innovation[78](index=78&type=chunk) [Core Technologies and R&D Progress](index=22&type=section&id=Core%20Technologies%20and%20R%26D%20Progress) During the reporting period, the company continued to deepen core technology R&D, achieving significant progress in eight major areas: ecological environment dual carbon large models, data empowerment platforms (data resource management, algorithm platform, data management center), AI algorithm and system R&D, AI edge-cloud collaboration platform, Haidongqing time-series database, IoT platform, cloud-chain sharing platform, and smart terminals and data security products; the company actively participates in national standard setting, newly obtained **5** invention patents, **6** software copyrights, and **3** trademarks, with a cumulative total of **1,039** intellectual property rights; the capitalization ratio of R&D investment significantly increased, demonstrating the company's emphasis on future technological productization [Core Technologies, Their Advanced Nature, and Changes During the Reporting Period](index=22&type=section&id=Core%20Technologies%2C%20Their%20Advanced%20Nature%2C%20and%20Changes%20During%20the%20Reporting%20Period) During the reporting period, the company continued to advance core technology innovation, covering eight major areas: ecological environment dual carbon large models, data empowerment platforms, AI algorithm and system R&D, AI edge-cloud collaboration platform, Haidongqing time-series database, IoT platform, cloud-chain sharing platform, smart terminals, and data security products; in these areas, the company developed multiple advanced technologies, such as dynamic network compression, long-context understanding, retrieval-augmented generation, data asset mapping, intelligent training task scheduling, high-performance gateways, national secret-supported blockchain underlying architecture, and embedded software and hardware technologies, and actively participated in national standard setting, demonstrating its leading position in IoT big data and AI - During the reporting period, the company led or participated in the revision of **9** standards (**7** national standards, **1** industry standard, **1** group standard), and participated in the release of **12** standards[81](index=81&type=chunk) - The ecological environment dual carbon large model possesses **11** core technologies, including dynamic network compression and optimization, long-context understanding, large model capability expansion and enhancement, retrieval-augmented generation (RAG), TextToSQL based on natural language generation, and smart enforcement based on large language models[82](index=82&type=chunk)[83](index=83&type=chunk)[84](index=84&type=chunk)[85](index=85&type=chunk)[86](index=86&type=chunk)[87](index=87&type=chunk)[88](index=88&type=chunk)[89](index=89&type=chunk) - The data empowerment platform includes core technologies such as the data resource management platform (data asset mapping, value dynamic evaluation model, cost-benefit quantification model), algorithm platform (intelligent training task scheduling, efficient inference service deployment, connecting to massive data from the data management center), and data management center (metadata management, data development and ETL, MCP services, file data extraction)[90](index=90&type=chunk)[91](index=91&type=chunk)[92](index=92&type=chunk)[93](index=93&type=chunk)[94](index=94&type=chunk)[95](index=95&type=chunk)[96](index=96&type=chunk)[97](index=97&type=chunk)[98](index=98&type=chunk)[99](index=99&type=chunk)[100](index=100&type=chunk)[101](index=101&type=chunk) - AI algorithm and system R&D possesses **6** core technologies, including AI algorithm model training, cross-hardware AI inference, precise traceability and dynamic pollution control, integrated air quality forecasting and early warning, multi-source time-series fusion prediction, and large model-based off-site enforcement[102](index=102&type=chunk)[103](index=103&type=chunk)[104](index=104&type=chunk)[105](index=105&type=chunk)[106](index=106&type=chunk)[107](index=107&type=chunk)[108](index=108&type=chunk) - Haidongqing time-series database possesses **12** core technologies, including time-series indexing, SQL optimization, ISR distributed algorithm, data storage encryption, pre-computation aggregation query optimization algorithm, memory limits, master-slave switching, data desensitization, lossy compression, MySQL protocol, hierarchical Binder, and Cascades optimizer[117](index=117&type=chunk)[118](index=118&type=chunk)[119](index=119&type=chunk)[120](index=120&type=chunk)[121](index=121&type=chunk) - IoT platform possesses **9** core technologies, including high-performance gateways, distributed computing engines, underlying network protocols, low-code data parsing, full-link monitoring, rule engines, big data analysis based on SQL combined with graphical operations, flexible data visualization and data asset services, and multi-source heterogeneous data flow[122](index=122&type=chunk)[123](index=123&type=chunk)[124](index=124&type=chunk)[125](index=125&type=chunk)[126](index=126&type=chunk)[127](index=127&type=chunk) - Cloud-chain sharing platform possesses **12** core technologies, including national secret-supported blockchain underlying architecture, role-based permission control system based on key pairs, secure and controllable peer-to-peer data sharing network, blockchain infrastructure supporting hardware encryption, K8S-based blockchain management platform technology, open platform technology, blockchain cross-chain subsystem, blockchain-based user authentication technology, blockchain-based data rights confirmation technology, DHT network-based blockchain file processing technology, smart contract execution supervision system, and blockchain digital asset management platform[128](index=128&type=chunk)[129](index=129&type=chunk)[130](index=130&type=chunk)[131](index=131&type=chunk)[132](index=132&type=chunk)[133](index=133&type=chunk) - Smart terminals possess **6** core technologies, including embedded software and hardware technology, smart sensor design technology, data processing and analysis technology, data perception technology, data security technology, and remote control technology[134](index=134&type=chunk)[135](index=135&type=chunk)[136](index=136&type=chunk)[137](index=137&type=chunk)[138](index=138&type=chunk)[139](index=139&type=chunk)[140](index=140&type=chunk) - Data security products possess **8** core technologies, including IAM unified identity authentication, API data security gateway, blockchain trusted storage platform, content data security platform, IoT security gateway, Haidongqing database anti-ransomware, national secret system, and commercial cryptographic service middleware technology[141](index=141&type=chunk)[142](index=142&type=chunk)[143](index=143&type=chunk)[144](index=144&type=chunk)[145](index=145&type=chunk)[146](index=146&type=chunk) - Subsidiary **Taiyuan Rock Jiahua Industrial Co., Ltd** was recognized as a national **"specialized, refined, unique, and new"** small giant enterprise, with its products being air quality monitoring products[146](index=146&type=chunk) [R&D Achievements Obtained During the Reporting Period](index=43&type=section&id=R%26D%20Achievements%20Obtained%20During%20the%20Reporting%20Period) During the reporting period, the company newly obtained **5** authorized invention patents, **6** software copyrights, and **3** trademarks; as of the end of the reporting period, the company cumulatively owned **1,039** intellectual property rights, including **52** invention patents, **38** utility model patents, **17** design patents, **617** software copyrights, and **315** trademarks Intellectual Property New Additions and Cumulative Numbers During the Reporting Period | Intellectual Property Type | New Applications in Current Period (items) | New Acquisitions in Current Period (items) | Cumulative Applications (items) | Cumulative Acquisitions (items) | | :--- | :--- | :--- | :--- | :--- | | Invention Patents | 1 | 5 | 41 | 52 | | Utility Model Patents | 0 | 0 | 2 | 38 | | Design Patents | 0 | 0 | 0 | 17 | | Software Copyrights | 7 | 6 | 1 | 617 | | Other (Trademarks) | 0 | 3 | 0 | 315 | | Total | 8 | 14 | 44 | 1,039 | [R&D Investment Table](index=43&type=section&id=R%26D%20Investment%20Table) During the reporting period, the company's total R&D investment was **23.0579 million yuan**, a year-on-year decrease of **16.00%**; expensed R&D investment decreased by **43.37%** year-on-year, while capitalized R&D investment significantly increased by **250.30%**, with the capitalization ratio of R&D investment increasing by **29.55** percentage points, mainly due to the addition of **4** capitalized projects R&D Investment | Indicator | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 14,095,006.35 | 24,890,644.85 | -43.37 | | Capitalized R&D Investment | 8,962,921.47 | 2,558,665.59 | 250.30 | | Total R&D Investment | 23,057,927.82 | 27,449,310.44 | -16.00 | | Total R&D Investment as % of Operating Revenue (%) | 21.07 | 15.32 | Increased by 5.75 percentage points | | Capitalization Ratio of R&D Investment (%) | 38.87 | 9.32 | Increased by 29.55 percentage points | - The significant change in the capitalization ratio of R&D investment is mainly due to the addition of **4** capitalized projects in the current period[149](index=149&type=chunk) [R&D Project Status](index=44&type=section&id=R%26D%20Project%20Status) The company had **17** R&D projects during the reporting period, covering Digital Jiahua Platform, Scientific Regulation of Air Pollution Prevention and Control, Ecological Environment Dual Carbon Cloud Map, Smart Environmental Protection Platform, AI Visual Recognition System, Group Carbon Emission and Carbon Asset Management Platform, Industrial Park Safety Risk Intelligent Control Platform, Government Carbon Ledger, Vehicle-mounted Environmental Monitoring Series Products, Greenhouse Gas Online Automatic Monitoring System, Energy Saving and Carbon Reduction Green Transformation Big Data Analysis Platform, Digital Low-Carbon Environmental Steward Operation Service Platform, and Environmental Large Model Application Platform; these projects have a total estimated investment of **164.5291 million yuan**, with **20.6894 million yuan** invested in the current period and a cumulative investment of **90.0702 million yuan**, with most projects in the functional development, testing, or trial operation stages, aiming to enhance the company's technological level and market competitiveness in smart environmental protection, dual carbon, and smart city sectors Major R&D Project Status (Partial) | No. | Project Name | Estimated Total Investment (10,000 yuan) | Current Period Investment (10,000 yuan) | Cumulative Investment (10,000 yuan) | Progress or Phased Achievements | | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | Digital Jiahua Platform V2.0 | 1,433.42 | 4.84 | 1,522.94 | CRM, OA, procurement management system optimized, project management closed-loop, SaaS transformation completed | | 3 | Ecological Environment Dual Carbon Cloud Map V2.0 | 909.83 | 95.45 | 942.12 | Data element management tool entered testing, AreMod model automated operation, pollution source data verification algorithm developed | | 6 | Group Carbon Emission and Carbon Asset Management Platform V1.0 | 1,522.09 | 248.62 | 766.26 | Dual carbon cockpit, carbon target management R&D completed, support for 6 major industries and 15 sub-industries added | | 13 | Ecological Environment Digital Transformation Platform | 2,103.45 | 214.24 | 214.24 | Ecological environment enforcement large model implemented, R&D of enterprise pollutant discharge permit post-verification large model, etc | | 14 | Three-in-One Platform | 869.02 | 163.69 | 163.69 | First version of algorithm platform functions developed, data synchronization with data management center completed, data trading market R&D completed | [R&D Personnel Status](index=52&type=section&id=R%26D%20Personnel%20Status) As of the end of the reporting period, the company had **175** R&D personnel, accounting for **27.05%** of the total workforce; total R&D personnel compensation was **13.6196 million yuan**, with an average compensation of **77,400 yuan**; the R&D team is primarily composed of bachelor's and master's degree holders, with an age structure concentrated between **30-40** years old Basic Information of R&D Personnel | Indicator | Current Period Number | Prior Year Period Number | | :--- | :--- | :--- | | Number of Company R&D Personnel (persons) | 175 | 200 | | R&D Personnel as % of Total Company Workforce (%) | 27.05% | 28.17% | | Total R&D Personnel Compensation (10,000 yuan) | 1,361.96 | 1,664.94 | | Average R&D Personnel Compensation (10,000 yuan) | 7.74 | 6.94 | Education Level of R&D Personnel | Education Level | Number (persons) | Proportion (%) | | :--- | :--- | :--- | | Doctoral Candidate | 1 | 0.57 | | Master's Candidate | 32 | 18.29 | | Bachelor's Degree | 131 | 74.86 | | Associate Degree | 9 | 5.14 | | High School and Below | 2 | 1.14 | | Total | 175 | 100 | [Risk Factors](index=52&type=section&id=Risk%20Factors) The company faces risks including performance growth falling short of expectations, core competitiveness challenges (rapid technology upgrades, talent loss, R&D iteration difficulties), operational risks (intensified market competition, business transformation falling short, dual carbon business uncertainties, customer concentration), financial risks (revenue decline, gross profit margin reduction, accounts receivable impairment, R&D investment, cash flow, negative operating cash flow, asset impairment), and macroeconomic environment risks; management is actively responding through R&D optimization, market promotion, and enhanced customer management [Risk of Performance Growth Falling Short of Expectations](index=52&type=section&id=Risk%20of%20Performance%20Growth%20Falling%20Short%20of%20Expectations) The company's operating revenue decreased by **38.91%** year-on-year in the first half of 2025, mainly due to macroeconomic factors, industry development, intensified market competition, tight customer fiscal funds, and cautious budget allocation; if product sales and R&D project progress fall short of expectations, the company faces the risk of sustained losses in the future - In the first half of 2025, operating revenue was **109.429 million yuan**, a **38.91%** decrease compared to the same period last year[161](index=161&type=chunk) - The risk of loss primarily stems from intensified market competition, tight customer fiscal funds, cautious budget allocation, and reduced renewal amounts for data operation service projects, leading to a gross profit margin below expectations[161](index=161&type=chunk) [Core Competitiveness Risk](index=52&type=section&id=Core%20Competitiveness%20Risk) The company faces risks from the rapid iteration of IoT technology, loss of core technical and R&D personnel, and disruptions in technology R&D iteration due to personnel changes; the company needs continuous innovation, optimized R&D investment, and talent reserves to address challenges from rapid technological development and talent mobility - The IoT industry experiences rapid technological upgrades and iterations; if the company fails to continuously innovate or successfully commercialize new technologies, its competitiveness will be weakened[163](index=163&type=chunk) - Loss of core technical and R&D personnel may hinder the achievement of the company's operational goals[163](index=163&type=chunk) - Changes in R&D personnel may lead to difficulties in the maintenance and upgrade of underlying architectural technologies (such as databases, IoT, AI platforms) and the smooth extension and expansion of main business applications[164](index=164&type=chunk) [Operational Risk](index=53&type=section&id=Operational%20Risk) The company faces risks from intensified market competition, business transformation falling short of expectations, uncertainties in dual carbon business development, and customer concentration; market competition may lead to market share decline and gross profit margin reduction; new product promotion during business transformation may take a long time, potentially affecting traditional businesses; the dual carbon market is subject to policy and institutional improvements, leading to uncertainties; customer concentration exists in the smart desulfurization operation sector - Intensified market competition in the smart environmental protection sector may lead to a decline in market share and gross profit margin[165](index=165&type=chunk) - The company's transformation to a platform-based model requires a longer time for new product promotion, which may affect traditional businesses and carry the risk of unsuccessful transformation[165](index=165&type=chunk) - Dual carbon business development is influenced by the international climate governance landscape and domestic carbon market policies and institutional improvements, posing a risk of falling short of expectations[166](index=166&type=chunk) - Customer concentration risk exists in the smart desulfurization operation sector, with a single power plant customer served for many years[166](index=166&type=chunk) [Financial Risk](index=54&type=section&id=Financial%20Risk) The company faces financial risks including revenue decline, gross profit margin reduction, impairment of accounts receivable, R&D investment (failure or impairment of capitalized projects), cash flow shortages, persistently negative operating cash flow, and asset impairment; main reasons include fewer new orders, long collection cycles, tight customer funds, and intensified market competition - Fewer new orders, reduced contract renewal amounts, and project audit settlement reductions may lead to revenue decline and gross profit margin reduction[167](index=167&type=chunk) - Accounts receivable balance has increased year by year, and deterioration of customer credit may lead to bad debts, affecting profitability and cash flow[167](index=167&type=chunk) - If capitalized R&D projects fail to develop or do not generate economic benefits, they will result in asset impairment losses[167](index=167&type=chunk) - Long customer collection cycles and tight funds may lead to cash flow shortages and persistently negative operating cash flow[168](index=168&type=chunk)[169](index=169&type=chunk) - Changes in market conditions, intensified industry competition, and technological substitution may lead to impairment of inventory, fixed assets, intangible assets, and other assets[169](index=169&type=chunk) [Industry Risk](index=55&type=section&id=Industry%20Risk) The IoT industry faces intensified competition with the entry of leading enterprises like Huawei, and the company has a gap in capital, talent, and R&D investment compared to these giants, which may affect its ability to compete in comprehensive businesses, retain existing customers, and acquire new ones - Intensified competition in the IoT industry, with the entry of leading enterprises like **Huawei**, puts the company at a disadvantage in terms of capital, talent, and R&D investment[170](index=170&type=chunk) - Competitive disadvantages may affect the company's ability to participate in comprehensive business competition, retain existing customers, and acquire new customers[170](index=170&type=chunk) [Macroeconomic Environment Risk](index=55&type=section&id=Macroeconomic%20Environment%20Risk) The development of the IoT industry is closely related to macroeconomic conditions; if the macroeconomic environment fluctuates or growth slows down, it may lead to fluctuations in demand for IoT technology applications, thereby affecting the company's business development and operating conditions - The development of the IoT industry is related to macroeconomic conditions, and macroeconomic fluctuations may affect the demand for IoT technology applications[171](index=171&type=chunk) [Major Operating Conditions During the Reporting Period](index=55&type=section&id=Major%20Operating%20Conditions%20During%20the%20Reporting%20Period) During the reporting period, the company's operating revenue decreased by **38.91%** year-on-year, and net loss increased by **38.55%**; major financial items such as operating cost, R&D expenses, net cash flow from operating activities, net cash flow from investing activities, and net cash flow from financing activities all experienced significant changes, reflecting intensified market competition, tight fiscal funds, adjustments in R&D investment structure, and changes in cash management and borrowing activities [Main Business Analysis](index=55&type=section&id=Main%20Business%20Analysis) During the reporting period, the company's operating revenue decreased by **38.91%** year-on-year, and operating cost decreased by **33.66%** year-on-year, mainly due to intensified market competition and tight customer fiscal funds leading to fewer orders; R&D expenses decreased by **43.37%** year-on-year, mainly due to reduced R&D personnel and increased capitalized projects; net cash flow from operating activities was negative due to reduced sales collections, net cash flow from investing activities significantly decreased due to reduced cash management, and net cash flow from financing activities turned positive due to increased borrowings Financial Statement Related Items Fluctuation Analysis | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 109,428,980.18 | 179,129,122.18 | -38.91 | | Operating Cost | 87,074,414.89 | 131,259,258.78 | -33.66 | | Selling Expenses | 8,459,329.88 | 11,066,273.06 | -23.56 | | Administrative Expenses | 28,970,444.79 | 34,373,432.21 | -15.72 | | Financial Expenses | 757,194.23 | 691,219.42 | 9.54 | | R&D Expenses | 14,095,006.35 | 24,890,644.85 | -43.37 | | Net Cash Flow from Operating Activities | -31,881,866.46 | -24,957,225.44 | N/A | | Net Cash Flow from Investing Activities | 11,805,673.40 | 89,887,068.00 | -86.87 | | Net Cash Flow from Financing Activities | 2,286,656.61 | -1,826,407.56 | N/A | - Operating revenue decrease mainly due to intensified industry market competition, tight fiscal funds in various regions, and a reduction in company orders[173](index=173&type=chunk) - R&D expenses decrease mainly due to a reduction in R&D personnel, decreased salaries and wages, and an increase in capitalized R&D projects[174](index=174&type=chunk) - Net cash flow from investing activities significantly decreased by **86.87%**, mainly due to a reduction in cash management in the current period[174](index=174&type=chunk) [Analysis of Assets and Liabilities](index=56&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets and net assets attributable to shareholders of the listed company both decreased; trading financial assets significantly decreased by **94.98%**, mainly due to the recovery of cash management funds; notes receivable increased by **292.07%**, due to new bank notes with lower credit ratings; right-of-use assets increased by **49.26%**, due to new office space leases; development expenditures increased by **93.49%**, due to new capitalized R&D projects; employee compensation payable decreased by **58.64%**, due to the distribution of bonuses and severance benefits accrued in the previous year Asset and Liability Status Changes (Partial) | Item Name | Current Period End Amount (yuan) | Current Period End as % of Total Assets (%) | Prior Year End Amount (yuan) | Prior Year End as % of Total Assets (%) | Change from Prior Year End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 63,715,118.02 | 6.54 | 80,346,375.99 | 7.83 | -20.70 | | | Trading Financial Assets | 1,003,243.84 | 0.10 | 20,000,944.44 | 1.95 | -94.98 | Mainly due to recovery of cash management funds | | Notes Receivable | 12,469,096.72 | 1.28 | 3,180,286.25 | 0.31 | 292.07 | New bank notes with lower credit ratings at current period end | | Right-of-Use Assets | 5,165,535.26 | 0.53 | 3,460,798.96 | 0.34 | 49.26 | New office space leases at current period end | | Development Expenditures | 8,008,466.34 | 0.82 | 4,138,963.93 | 0.40 | 93.49 | Mainly due to new capitalized R&D projects in current period | | Employee Compensation Payable | 8,105,893.26 | 0.83 | 19,596,315.35 | 1.91 | -58.64 | Mainly due to distribution of bonuses and severance benefits accrued at prior year end | [Investment Status Analysis](index=57&type=section&id=Investment%20Status%20Analysis) At the end of the reporting period, the company's financial assets measured at fair value totaled **2.7189 million yuan**, a significant decrease from **23.7668 million yuan** at the beginning of the period; current period purchases amounted to **154 million yuan**, and sales/redemptions amounted to **173 million yuan**, mainly reflecting changes in structured deposits Changes in Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (10,000 yuan) | Fair Value Change Gains/Losses in Current Period (10,000 yuan) | Current Period Purchases (10,000 yuan) | Current Period Sales/Redemptions (10,000 yuan) | Other Changes (10,000 yuan) | Ending Balance (10,000 yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Other (Structured Deposits) | 2,000.09 | 0.23 | 15,400.00 | 17,300.00 | 0 | 100.32 | | Other (Receivables Financing) | 376.59 | 0 | 0 | 0 | -205.02 | 171.57 | | Total | 2,376.68 | 0.23 | 15,400.00 | 17,300.00 | -205.02 | 271.89 | [Analysis of Major Holding and Participating Companies](index=58&type=section&id=Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) During the reporting period, the company's major subsidiary, Taiyuan Rock Jiahua Industrial Co., Ltd, achieved operating revenue of **49.3024 million yuan** and net profit of **6.9480 million yuan**; other subsidiaries such as Taiyuan Rock Jiahua Data Technology Co., Ltd and Chengdu Jiahua IoT Cloud Technology Co., Ltd incurred losses, with Chengdu Jiahua IoT Cloud Technology Co., Ltd reporting a net loss of **15.3170 million yuan** Financial Status of Major Subsidiaries (Partial) | Company Name | Operating Revenue (10,000 yuan) | Net Profit (10,000 yuan) | | :--- | :--- | :--- | | Taiyuan Rock Jiahua Industrial Co., Ltd | 4,930.24 | 694.80 | | Taiyuan Rock Jiahua Data Technology Co., Ltd | 681.05 | -1,111.92 | | Beijing Jiahua Zhilian Technology Co., Ltd | 1,583.95 | -424.84 | | Shandong Rock Jiahua Technology Co., Ltd | 492.86 | -211.77 | | Rock Jiahua (Chongqing) Technology Co., Ltd | 605.37 | -435.03 | | Chengdu Jiahua IoT Cloud Technology Co., Ltd | 229.63 | -1,531.70 | Corporate Governance, Environment, and Society [Changes in Company Directors, Supervisors, Senior Management, and Core Technical Personnel](index=59&type=section&id=Changes%20in%20Company%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20and%20Core%20Technical%20Personnel) During the reporting period, the company completed the re-election of the third board of directors, dismissing **4** directors/independent directors including Zhao Ang, and electing **4** directors/independent directors including Meng Xiaomei; concurrently, the first meeting of the fourth board of directors appointed Li Wei as General Manager, Chen Jingnan and Chi Zhihui as Deputy General Managers, Huang Zhilong as Deputy General Manager and Board Secretary, and Wang Pengpeng as Financial Controller; the identification of core technical personnel is based on their leading role in core technology areas and outstanding contributions to intellectual property Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Change Status | | :--- | :--- | :--- | | Zhao Ang | Director | Dismissed | | Ma Zhiming | Independent Director | Dismissed | | Zheng Jianming | Independent Director | Dismissed | | Qiang Li | Independent Director | Dismissed | | Meng Xiaomei | Director | Elected | | Huang Hong | Independent Director | Elected | | Han Yufeng | Independent Director | Elected | | Li Weifeng | Independent Director | Elected | - The first meeting of the fourth board of directors appointed **Li Wei** as General Manager, **Chen Jingnan** and **Chi Zhihui** as Deputy General Managers, **Huang Zhilong** as Deputy General Manager and Board Secretary, and **Wang Pengpeng** as Financial Controller[184](index=184&type=chunk) - Core technical personnel identification criteria: leading figures in core technology areas with profound qualifications and R&D experience; undertaking important work in the company's R&D, with outstanding contributions to the invention and design of major intellectual property[185](index=185&type=chunk) [Profit Distribution or Capital Reserve Conversion Plan](index=59&type=section&id=Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) During the reporting period, the company had no profit distribution plan or capital reserve conversion to share capital plan - The company has no profit distribution plan or capital reserve conversion to share capital plan for this semi-annual report[186](index=186&type=chunk) Significant Matters [Fulfillment of Commitments](index=61&type=section&id=Fulfillment%20of%20Commitments) The company's controlling shareholder, actual controllers, core technical personnel, and other shareholders strictly fulfilled all commitments related to the initial public offering, including share lock-up, shareholding intentions and reduction intentions, stabilizing company stock price and share repurchase, share repurchase and compensation for fraudulent issuance, measures to mitigate dilution of immediate returns, avoiding horizontal competition, reducing and regulating related-party transactions, and social insurance and housing provident fund contributions; all commitments were strictly fulfilled on schedule, with no unfulfilled situations - Controlling shareholder **Shanghai Baiyu**, actual controllers **Li Wei** and **Wang Qian**, core technical personnel, and other shareholders strictly fulfilled share lock-up commitments related to the initial public offering[190](index=190&type=chunk)[191](index=191&type=chunk)[192](index=192&type=chunk)[193](index=193&type=chunk)[194](index=194&type=chunk)[195](index=195&type=chunk) - Controlling shareholder, actual controllers, and directors, senior management strictly fulfilled commitments to stabilize company stock price and share repurchase[197](index=197&type=chunk)[198](index=198&type=chunk) - The company, controlling shareholder, actual controllers, and directors, supervisors, senior management strictly fulfilled commitments for share repurchase and compensation for fraudulent issuance[198](index=198&type=chunk)[199](index=199&type=chunk)[200](index=200&type=chunk) - Controlling shareholder, actual controllers, and all directors, senior management strictly fulfilled measures and commitments to mitigate dilution of immediate returns[200](index=200&type=chunk)[201](index=201&type=chunk)[202](index=202&type=chunk) - Controlling shareholder, actual controllers, and shareholders holding **5%** or more, directors, supervisors, senior management strictly fulfilled commitments to avoid horizontal competition[202](index=202&type=chunk)[203](index=203&type=chunk) - Controlling shareholder, actual controllers, and shareholders holding **5%** or more strictly fulfilled commitments to reduce and regulate related-party transactions[203](index=203&type=chunk) - Controlling shareholder and actual controllers strictly fulfilled commitments regarding social insurance and housing provident fund contributions[204](index=204&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties During the Reporting Period](index=75&type=section&id=Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties%20During%20the%20Reporting%20Period) During the reporting period, there was no non-operating fund occupation by the controlling shareholder or other related parties - During the reporting period, there was no non-operating fund occupation by the controlling shareholder or other related parties[204](index=204&type=chunk) [Irregular Guarantees](index=75&type=section&id=Irregular%20Guarantees) During the reporting period, the company did not provide external guarantees in violation of prescribed decision-making procedures - During the reporting period, the company did not provide external guarantees in violation of prescribed decision-making procedures[204](index=204&type=chunk) [Major Litigation and Arbitration Matters](index=75&type=section&id=Major%20Litigation%20and%20Arbitration%20Matters) During the reporting period, the company had no major litigation or arbitration matters - During the reporting period, the company had no major litigation or arbitration matters[204](index=204&type=chunk) [Suspected Violations, Penalties, and Rectification of Listed Company, Its Directors, Supervisors, Senior Management, Controlling Shareholder, and Actual Controllers](index=75&type=section&id=Suspected%20Violations%2C%20Penalties%2C%20and%20Rectification%20of%20Listed%20Company%2C%20Its%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20Controlling%20Shareholder%2C%20and%20Actual%20Controllers) During the reporting period, there were no suspected violations, penalties, or rectification situations involving the company, its directors, supervisors, senior management, controlling shareholder, or actual controllers - During the reporting period, the company, its controlling shareholder, and actual controllers did not have unfulfilled effective court judgments or large overdue debts[204](index=204&type=chunk) [Major Contracts and Their Fulfillment](index=76&type=section&id=Major%20Contracts%20and%20Their%20Fulfillment) During the reporting period, the total guarantee amount provided by the company and its subsidiaries to subsidiaries was **31.7151 million yuan**, accounting for **4.74%** of the company's net assets; specifically, Taiyuan Rock Jiahua Industrial Co., Ltd received a joint liability guarantee of **7.5075 million yuan** from the company Company's Total Guarantee Amount | Indicator | Amount (10,000 yuan) | | :--- | :--- | | Total Guarantees Provided to Subsidiaries in Current Period | 750.75 | | Total Outstanding Guarantees to Subsidiaries at Period End (B) | 3,171.51 | | Total Guarantees (A+B) | 3,171.51 | | Total Guarantees as % of Company's Net Assets (%) | 4.74 | - **Taiyuan Rock Jiahua Industrial Co., Ltd** received a joint liability guarantee of **7.5075 million yuan** from the company, with a guarantee start date of **January 13, 2025**, and an expiration date of **January 13, 2026**[208](index=208&type=chunk) Share Changes and Shareholder Information [Share Capital Changes](index=79&type=section&id=Share%20Capital%20Changes) During the reporting period, there were no changes in the company's total ordinary share capital or share capital structure - During the reporting period, there were no changes in the company's total ordinary share capital or share capital structure[212](index=212&type=chunk) [Shareholder Information](index=79&type=section&id=Shareholder%20Information) As of the end of the reporting period, the total number of ordinary shareholders was **5,075**; among the top ten shareholders, Shanghai Baiyu Information Technology Co., Ltd held **31.63%** of the shares, being the controlling shareholder; Li Wei held **15.63%**, being one of the actual controllers; Li Wei and Wang Qian, as a couple, collectively controlled **48.46%** of the company's shares through direct and indirect means Total Number of Ordinary Shareholders as of the End of the Reporting Period | Indicator | Number (households) | | :--- | :--- | | Total Number of Ordinary Shareholders as of the End of the Reporting Period | 5,075 | Top Ten Shareholders' Shareholding (Partial) | Shareholder Name | Shares Held at Period End (shares) | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Shanghai Baiyu Information Technology Co., Ltd | 24,463,099 | 31.63 | Domestic Non-State-Owned Legal Person | | Li Wei | 12,089,574 | 15.63 | Domestic Natural Person | | Gongqingcheng Huayun Investment Management Partnership (Limited Partnership) | 8,952,485 | 11.58 | Domestic Non-State-Owned Legal Person | | Li Jin | 2,500,000 | 3.23 | Domestic Natural Person | | Shanghai Pugang Enterprise Management Center (Limited Partnership) | 1,855,000 | 2.40 | Domestic Non-State-Owned Legal Person | - Actual controllers **Li Wei** and **Wang Qian**, as a couple, collectively controlled **48.46%** of the company's shares through direct and indirect means[217](index=217&type=chunk) Bond-Related Information [Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=82&type=section&id=Corporate%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 - During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[220](index=220&type=chunk) [Convertible Corporate Bonds](index=82&type=section&id=Convertible%20Corporate%20Bonds) During the reporting period, the company had no convertible corporate bonds - During the reporting period, the company had no convertible corporate bonds[220](index=220&type=chunk) Financial Report [Financial Statements](index=83&type=section&id=Financial%20Statements) This chapter provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively presenting the financial position, operating results, and cash flow situation at the end of the reporting period - Includes consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated cash flow statement, parent company cash flow statement, consolidated statement of changes in owners' equity, and parent company statement of changes in owners' equity[222](index=222&type=chunk)[226](index=226&type=chunk)[230](index=230&type=chunk)[234](index=234&type=chunk)[237](index=237&type=chunk)[240](index=240&type=chunk)[243](index=243&type=chunk)[249](index=249&type=chunk) [Company's Basic Information](index=99&type=section&id=Company%27s%20Basic%20Information) Rock Jiahua Technology Group Co., Ltd was listed on the Shanghai Stock Exchange on March 20, 2020, with a total share capital of **77.3340 million shares** as of June 30, 2025; the company belongs to the software and information technology services industry, focusing on IoT big data technology R&D and application, providing full lifecycle solutions and data operation services in smart environmental protection, smart dual carbon, and low-carbon smart cities; **17** subsidiaries were included in the scope of consolidation for this period - The company was listed on the Shanghai Stock Exchange on **March 20, 2020**, with a cumulative issued share capital of **77.3340 million shares** as of **June 30, 2025**[253](index=253&type=chunk) - The company belongs to the **software and information technology services industry**, with its main business being **IoT big data technology R&D and application**, focusing on smart environmental protection, smart dual carbon, and low-carbon smart cities[254](index=254&type=chunk) - **17** subsidiaries were included in the scope of consolidation for this period, with no change in the scope of consolidation compared to the previous period[255](index=255&type=chunk) [Basis of Financial Statement Preparation](index=99&type=section&id=Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared in accordance with enterprise accounting standards and relevant regulations of the China Securities Regulatory Commission, using the accrual basis of accounting and historical cost as the measurement basis, and a going concern assessment was performed with no significant doubts identified - Financial statements are prepared in accordance with **enterprise accounting standards** and **"Information Disclosure Rules for Companies Issuing Securities to the Public No. 15 – General Provisions for Financial Reports (Revised 2023)"** by the China Securities Regulatory Commission[257](index=257&type=chunk) - Accounting is based on the **accrual basis**, and except for certain financial instruments, **historical cost** is used as the measurement basis[259](index=259&type=chunk) - The company assessed its ability to continue as a going concern for **12 months** from the end of the reporting period and found no significant doubts[258](index=258&type=chunk) [Significant Accounting Policies and Accounting Estimates](index=99&type=section&id=Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This chapter details the significant accounting policies and estimates followed by the company in preparing its financial statements, including the classification, recognition, and measurement of financial instruments, methods for impairment provision for notes receivable, accounts receivable, and other receivables, classification and valuation of inventories, recognition of contract assets, accounting for long-term equity investments, depreciation and amortization of fixed assets and intangible assets, capitalization criteria for R&D expenditures, and specific methods for revenue recognition; the company has detailed provisions for each accounting treatment based on business characteristics and industry experience, and continuously assesses the reasonableness of key accounting estimates - Detailed provisions for the classification, recognition, measurement, and derecognition of financial assets and financial liabilities, as well as fair value determination and impairment treatment[288](index=288&type=chunk)[289](index=289&type=chunk)[290](index=290&type=chunk)[291](index=291&type=chunk)[292](index=292&type=chunk)[293](index=293&type=chunk)[294](index=294&type=chunk)[295](index=295&type=chunk)[296](index=296&type=chunk)[297](index=297&type=chunk)[298](index=298&type=chunk)[299](index=299&type=chunk)[300](index=300&type=chunk)[301](index=301&type=chunk)[302](index=302&type=chunk)[303](index=303&type=chunk)[304](index=304&type=chunk)[305](index=305&type=chunk)[306](index=306&type=chunk)[307](index=307&type=chunk)[308](index=308&type=chunk)[309](index=309&type=chunk) - Impairment provisions for notes receivable, accounts receivable, and other receivables are calculated using the **expected credit loss model**, and are grouped based on credit risk characteristics[310](index=310&type=chunk)[311](index=311&type=chunk)[312](index=312&type=chunk)[314](index=314&type=chunk)[315](index=315&type=chunk)[316](index=316&type=chunk) - Inventories are initially measured at **cost**, valued at the **weighted average method** at month-end when issued, and impairment provisions are made at the lower of cost and net realizable value at period-end[317](index=317&type=chunk)[318](index=318&type=chunk)[319](index=319&type=chunk) - Revenue recognition follows the principle of recognizing revenue when the customer obtains control of the related goods or services, and different methods are applied based on business types (product sales, operation and maintenance services, engineering construction, other businesses)[361](index=361&type=chunk)[362](index=362&type=chunk)[363](index=363&type=chunk)[364](index=364&type=chunk) - R&D expenditures are divided into research and development phases, with development phase expenditures recognized as intangible assets when specific conditions are met[345](index=345&type=chunk)[346](index=346&type=chunk) [Taxes](index=130&type=section&id=Taxes) The company's main taxes include value-added tax, property tax, land use tax, urban maintenance and construction tax, education surcharge, local education surcharge, and corporate income tax; the company and some subsidiaries enjoy high-tech enterprise income tax incentives (**15%** tax rate), while some subsidiaries enjoy Western Development encouraged industry policies (**15%** tax rate) or small and micro enterprise income tax incentives (**20%** tax rate) Major Tax Types and Rates | Tax Type | Tax Rate | | :--- | :--- | | Value-Added Tax | 13%, 9%, 6%, 5%, 3% | | Property Tax | 1.2%, 12% | | Land Use Tax | 3 yuan/sqm | | Urban Maintenance and Construction Tax | 7%, 5% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | | Corporate Income Tax | 15%, 20%, 25% | - The company and its subsidiaries **Tai Luo Industrial, Jiahua Zhilian, Chengdu Company, and Rock Jiahua (Chongqing) Technology Co., Ltd** enjoy a **15%** corporate income tax preferential rate[377](index=377&type=chunk)[379](index=379&type=chunk)[380](index=380&type=chunk) - Subsidiaries **Huahuan Ecology, Tianyi Blue, Shanghai Technology, Zhihui Juyuan, Tianjin Zhichuang, Jiahua Xinghui, and Hainan Company** are eligible for small and micro enterprise corporate income tax preferential policies[381](index=381&type=chunk) [Notes to Consolidated Financial Statement Items](index=132&type=section&id=Notes%20to%20Consolidated%20Financial%20Statement%20Items) This chapter details the specific situation and changes of each item in the consolidated financial statements, including cash and bank balances, trading financial assets, notes receivable, accounts receivable, contract assets, receivables financing, prepayments, other receivables, inventories, non-current assets due within one year, other current assets, long-term receivables, long-term equity investments, fixed assets, construction in progress, right-of-use assets, intangible assets, long-term deferred expenses, deferred income tax assets/liabilities, other non-current assets, assets with restricted ownership or use rights, short-term borrowings, notes payable, accounts payable, contract liabilities, employee compensation payable, taxes payable, other payables, non-current liabilities due within one year, lease liabilities, provisions, deferred income, share capital, capital reserves, surplus reserves, undistributed profits, operating revenue and operating cost, taxes and surcharges, selling expenses, administrative expenses, R&D expenses, financial expenses, other income, investment income, fair value change gains, asset disposal gains, credit impairment losses, asset impairment losses, non-operating income, non-operating expenses, income tax expenses, cash flow statement items, and leases Cash and Bank Balances at Period-End | Item | Period-End Balance (yuan) | | :--- | :--- | | Cash on Hand | 12,691.30 | | Bank Deposits | 63,232,434.72 | | Other Cash and Bank Balances | 469,992.00 | | Total | 63,715,118.02 | Restricted Cash and Bank Balances Details | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Letter of Guarantee Deposit | 402,417.00 | 327,100.00 | | Judicially Frozen Funds | 1,572,961.48 | 490,000.00 | | Total | 1,975,378.48 | 817,100.00 | Trading Financial Assets at Period-End | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Structured Deposits | 1,003,243.84 | 20,000,944.44 | | Total | 1,003,243.84 | 20,000,944.44 | Accounts Receivable Book Value at Period-End | Category | Period-End Book Value (yuan) | | :--- | :--- | | Impairment Provision for Individual Items | 0 | | Impairment Provision for Portfolio | 364,584,964.04 | | Total | 364,584,964.04 | Inventory Classification Book Value at Period-End | Item | Period-End Book Value (yuan) | | :--- | :--- | | Raw Materials | 8,196,205.38 | | Work in Progress | 52,591.86 | | Finished Goods | 3,075,751.90 | | Revolving Materials | 748,320.97 | | Contract Performance Costs | 21,583,311.38 | | Consigned Processing Materials | 18,095.13 | | Total | 33,674,276.62 | Fixed Assets Book Value at Period-End | Item | Period-End Book Value (yuan) | | :--- | :--- | | Buildings and Structures | 253,067,674.53 | | Office Equipment | 1,330,656.30 | | Machinery and Equipment | 29,841,724.72 | | Transportation Vehicles | 936,862.96 | | Smart Environmental Monitoring Equipment | 9,966,036.52 | | Total | 295,142,955.03 | Intangible Assets Book Value at Period-End | Item | Period-End Book Value (yuan) | | :--- | :--- | | Land Use Rights | 36,970,639.41 | | Software | 4,992,741.72 | | Data Resources | 4,838,748.10 | | Total | 46,802,129.23 | Short-Term Borrowings at Period-End | Item | Period-End Balance (yuan) | | :--- | :--- | | Guaranteed Loans | 63,715,105.18 | | Credit Loans | 10,000,000.00 | | Factoring Financing | 5,000,000.00 | | Total | 78,715,105.18 | Operating Revenue and Operating Cost for the Current Period | Item | Revenue (yuan) | Cost (yuan) | | :--- | :--- | :--- | | Main Business | 108,956,681.68 | 86,885,609.16 | | Other Businesses | 472,298.50 | 188,805.73 | | Total | 109,428,980.18 | 87,074,414.89 | Operating Revenue by Product Type | Product Type | Operating Revenue (yuan) | | :--- | :--- | | Smart Environmental Protection | 74,388,767.73 | | Smart City | 21,880,645.48 | | Smart Dual Carbon | 12,454,406.85 | | Other | 232,861.62 | | Total | 108,956,681.68 | R&D Expenses for the Current Period | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Salaries and Benefits | 11,354,935.56 | 20,304,619.56 | | Technical Consulting and Service Fees | 473,038.12 | 781,397.57 | | Material Consumption | 303,583.60 | 87,156.51 | | Depreciation and Amortization | 1,424,190.24 | 2,795,371.74 | | Office and Travel Expenses | 535,916.20 | 916,524.23 | | Other | 3,342.63 | 5,575.24 | | Total | 14,095,006.35 | 24,890,644.85 | Net Cash Flow from Operating Activities | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -31,881,866.46 | -24,957,225.44 | [R&D Expenditures](index=179&type=section&id=R%26D%20Expenditures) During the reporting period, the company's total R&D expenditures were **23.0579 million yuan**, of which **14.0950 million yuan** was expensed R&D and **8.9629 million yuan** was capitalized R&D; capitalized R&D expenditures significantly increased by **250.30%** year-on-year, mainly due to the addition of several important capitalized R&D projects, including Ecological Environment Dual Carbon Cloud Map V2.0, Ecological Environment Digital Transformation Platform, Digital Jiahua Platform V3.0, Three-in-One Platform, and Energy Saving and Carbon Reduction Green Transformation Big Data Analysis Platform R&D Expenditures by Expense Nature | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Salaries and Benefits | 17,563,366.34 | 22,348,568.60 | | Depreciation and Amortization | 2,561,657.51 | 3,179,917.58 | | Technical Consulting and Service Fees | 1,857,665.98 | 844,014.90 | | Office and Travel Expenses | 752,616.13 | 983,873.47 | | Material Consumption | 318,879.25 | 87,360.65 | | Other | 3,742.61 | 5,575.24 | | Total | 23,057,927.82 | 27,449,310.44 | | Of which: Expensed R&D Expenditures | 14,095,006.35 | 24,890,644.85 | | Capitalized R&D Expenditures | 8,962,921.47 | 2,558,665.59 | Important Capitalized R&D Projects (Partial) | Project | R&D Progress | Estimated Completion Time | Capitalization Start Date | | :--- | :--- | :--- | :--- | | Ecological Environment Dual Carbon Cloud Map V2.0 | 100% completed | 2025/4/30 | 2024/1/1 | | Ecological Environment Digital Transformation Platform | 16% completed | 2027/12/31 | 2025/2/1 | | Digital Jiahua Platform V3.0 | 25% completed | 2026/12/31 | 2025/1/1 | | Three-in-One Platform | 25% completed | 2026/12/31 | 2025/1/1 | | Energy Saving and Carbon Reduction Green Transformation Big Data Analysis Platform | 16% completed | 2027/12/31 | 2025/1/1 | [Changes in Consolidation Scope](index=182&type=section&id=Changes%20in%2