Group 1 - The company reported a revenue of 135 million yuan for the first half of 2025, representing a year-on-year increase of 61.72% [1] - The net profit attributable to shareholders of the listed company was -36.34 million yuan [1] - The basic earnings per share were -0.41 yuan [1]

Section 1 Definitions [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This section defines key terms, company entities, historical context, and specialized UAV technologies to ensure clear understanding of the report content - **Jouav Co., Ltd.** refers to Chengdu Jouav Automation Technology Co., Ltd., formerly Chengdu Jouav Automation Technology Co., Ltd., established on April 8, 2010[10](index=10&type=chunk) - The Reporting Period refers to January 1, 2025 to June 30, 2025[10](index=10&type=chunk) - A UAV system consists of a UAV as the main body, equipped with a remote control station, command and control links, and other components, capable of completing specific tasks[10](index=10&type=chunk) Section 2 Company Profile and Key Financial Indicators [I. Company Basic Information](index=5&type=section&id=I.%20Company%20Basic%20Information) This section provides basic company information, including name, legal representative, addresses, and historical changes to the registered address - The company's Chinese name is Chengdu Jouav Automation Technology Co., Ltd., abbreviated as **Jouav Co., Ltd.**, with Ren Bin as the legal representative[12](index=12&type=chunk) - The company's registered address changed on December 7, 2023, to 7th Floor, Area A, Building 6, No. 200 Tianfu 5th Street, Chengdu High-tech Zone, China (Sichuan) Pilot Free Trade Zone[12](index=12&type=chunk) [II. Contact Persons and Contact Information](index=5&type=section&id=II.%20Contact%20Persons%20and%20Contact%20Information) This section provides contact details for the Board Secretary and Securities Affairs Representative to facilitate investor communication - The Board Secretary is Li Xiaoyan, and the Securities Affairs Representative is Yuan Yiqiao, with contact phone numbers **028-85260869** and **028-63859737**, respectively[13](index=13&type=chunk) - The company's email address is **IR@jouav.com**[13](index=13&type=chunk) [III. Information Disclosure and Document Custody Location Changes](index=5&type=section&id=III.%20Information%20Disclosure%20and%20Document%20Custody%20Location%20Changes) This section details the company's designated newspapers for information disclosure, the website for semi-annual reports, and the report custody location - The company's designated information disclosure newspapers are **China Securities Journal**, **Shanghai Securities News**, **Securities Times**, and **Securities Daily**[14](index=14&type=chunk) - The semi-annual report is published on the **Shanghai Stock Exchange website (www.sse.com.cn)**[14](index=14&type=chunk) [IV. Company Stock/Depositary Receipts Overview](index=5&type=section&id=IV.%20Company%20Stock%2FDepositary%20Receipts%20Overview) This section provides an overview of the company's A-shares listed on the STAR Market, including its stock abbreviation and code - The company's stock type is **A-shares**, listed on the **STAR Market of the Shanghai Stock Exchange**, with stock abbreviation "**Jouav Co., Ltd.**" and stock code "**688070**"[15](index=15&type=chunk) [I. Company's Key Accounting Data and Financial Indicators](index=6&type=section&id=I.%20Company%27s%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section presents key accounting data and financial indicators for H1 2025, showing revenue growth but continued negative EPS and decreased R&D intensity Key Accounting Data for H1 2025 | Indicator | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 134,655,636.24 | 83,266,371.08 | 61.72 | | Total Profit | -37,423,999.07 | -53,140,737.04 | Not Applicable | | Net Profit Attributable to Shareholders of Listed Company | -36,335,278.67 | -53,022,193.47 | Not Applicable | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-recurring Gains and Losses | -37,354,263.03 | -58,696,818.70 | Not Applicable | | Net Cash Flow from Operating Activities | -82,482,146.98 | -102,467,227.76 | Not Applicable | | **As of the end of the Reporting Period** | | | | | Net Assets Attributable to Shareholders of Listed Company | 579,939,103.41 | 569,745,428.21 | 1.79 | | Total Assets | 1,016,736,923.04 | 1,057,433,297.32 | -3.85 | Key Financial Indicators for H1 2025 | Key Financial Indicator | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | -0.41 | -0.61 | 31.99 | | Diluted Earnings Per Share (yuan/share) | -0.41 | -0.61 | 31.99 | | Basic EPS After Deducting Non-recurring Gains and Losses (yuan/share) | -0.43 | -0.67 | 36.34 | | Weighted Average Return on Net Assets (%) | -6.58 | -9.16 | Increased by 2.58 percentage points | | Weighted Average Return on Net Assets After Deducting Non-recurring Gains and Losses (%) | -6.77 | -10.14 | Increased by 3.37 percentage points | | R&D Investment as % of Operating Revenue (%) | 37.18 | 53.02 | Decreased by 15.84 percentage points | [III. Non-recurring Gains and Losses Items and Amounts](index=7&type=section&id=III.%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section details H1 2025 non-recurring gains and losses, totaling **1,018,984.36 yuan**, primarily from government subsidies and entrusted investments Non-recurring Gains and Losses Items and Amounts for H1 2025 | Non-recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | -420,393.69 | | Government Subsidies Included in Current Period's Gains/Losses | 905,304.23 | | Gains/Losses from Fair Value Changes and Disposal of Financial Assets and Liabilities Held by Non-financial Enterprises | -177,366.45 | | Gains/Losses from Entrusted Investment or Asset Management | 1,026,427.18 | | Other Non-operating Income and Expenses Apart from the Above | -132,514.44 | | Less: Income Tax Impact | 180,164.59 | | Minority Interest Impact (After Tax) | 2,307.88 | | **Total** | **1,018,984.36** | [IV. Companies with Equity Incentive or Employee Stock Ownership Plans May Choose to Disclose Net Profit After Deducting Share-based Payment Impact](index=8&type=section&id=IV.%20Companies%20with%20Equity%20Incentive%20or%20Employee%20Stock%20Ownership%20Plans%20May%20Choose%20to%20Disclose%20Net%20Profit%20After%20Deducting%20Share-based%20Payment%20Impact) This section discloses H1 2025 net profit after share-based payment impact was **-33.03 million yuan**, a narrowed loss but still negative Net Profit After Deducting Share-based Payment Impact | Key Accounting Data | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Net Profit After Deducting Share-based Payment Impact | -33,034,750.53 | -53,459,031.37 | Not Applicable | Section 3 Management Discussion and Analysis [I. Industry and Main Business Overview During the Reporting Period](index=8&type=section&id=I.%20Industry%20and%20Main%20Business%20Overview%20During%20the%20Reporting%20Period) This section details the industrial UAV industry's 'low-altitude economy 2.0 era' and the company's core business of R&D, production, sales, and services for industrial UAVs, including its integrated platform and diverse applications - The industrial UAV industry is entering the 'low-altitude economy 2.0 era' of scale, intelligence, and scenario-based applications, with an estimated market size of **3.5 trillion yuan by 2035**[24](index=24&type=chunk) - The company specializes in industrial UAV R&D, production, sales, and services, offering intelligent, platform-based, and tool-oriented industrial UAV systems, making it one of the leading and most competitive enterprises in China's industrial UAV sector[26](index=26&type=chunk) - The company's product portfolio includes a series of **vertical take-off and landing fixed-wing UAVs**, **multi-rotor UAVs**, **large fixed-wing UAV systems**, and **unattended systems**, along with application software systems like **Jouav Cloud Platform**, **Jouav Ecosystem Cooperation Platform**, and **Jouav Star Map**[29](index=29&type=chunk)[33](index=33&type=chunk)[36](index=36&type=chunk)[37](index=37&type=chunk)[38](index=38&type=chunk)[39](index=39&type=chunk)[41](index=41&type=chunk) - The company provides comprehensive industry application solutions covering emergency response, smart cities, security monitoring, and smart transportation, as well as **UAV aerial data services**, **low-altitude digital operation services**, and **UAV education and training services**[42](index=42&type=chunk)[45](index=45&type=chunk)[46](index=46&type=chunk)[47](index=47&type=chunk)[48](index=48&type=chunk)[49](index=49&type=chunk)[50](index=50&type=chunk)[51](index=51&type=chunk)[52](index=52&type=chunk) [ (I) Industry Overview](index=8&type=section&id=%28I%29%20Industry%20Overview) The industrial UAV industry is rapidly expanding, driven by technological advancements and the 'low-altitude economy' becoming a national strategy, projecting a **3.5 trillion yuan market by 2035** - The industrial UAV industry is in its early stages of rapid development, with immense market potential, and is gradually being widely applied across various fields as a fundamental industry tool[23](index=23&type=chunk) - The 'low-altitude economy' was first included in the Government Work Report and elevated to a national strategy, with an estimated market size of **3.5 trillion yuan by 2035**[24](index=24&type=chunk) - Policy support, deep integration of **AI technology**, explosive expansion of application scenarios, and accelerated integration of the industrial chain are the four major drivers for the high-quality development of the UAV industry[24](index=24&type=chunk)[25](index=25&type=chunk) [ (II) Main Business Operations](index=9&type=section&id=%28II%29%20Main%20Business%20Operations) The company's main business involves R&D, production, sales, and services of intelligent industrial UAV systems, leveraging core technologies in control and cloud platforms, with diverse product lines and expanding service offerings - The company has established core technological advantages in **intelligent control**, **aircraft platform design and manufacturing**, and **cloud platforms**, with overall technology reaching a leading domestic level and some products and technologies achieving international advanced standards[26](index=26&type=chunk) - The company continuously upgrades its integrated solution centered on "**unattended systems + Jouav Cloud + AI**," building an open, interconnected, and win-win low-altitude economy ecosystem[27](index=27&type=chunk) - The company's product portfolio includes **CW series vertical take-off and landing fixed-wing UAVs** (maximum take-off weight **6.8-110kg**, flight time **1.5-12h**), **PH series multi-rotor UAVs**, and "**Jouav Yunlong**" series **large fixed-wing UAV systems**[29](index=29&type=chunk)[30](index=30&type=chunk)[31](index=31&type=chunk)[33](index=33&type=chunk)[35](index=35&type=chunk)[36](index=36&type=chunk) - The company launched a new generation of **Jouav Cloud Platform**, building a JoLAOS-based technical architecture to achieve integrated low-altitude application operation management and services for communication, navigation, surveillance, and meteorology[38](index=38&type=chunk) - The company provides UAV application solutions in areas such as emergency response, smart cities, security monitoring, and smart transportation, and offers **UAV aerial data services**, **low-altitude digital operation services**, and **UAV education and training services**[42](index=42&type=chunk)[45](index=45&type=chunk)[46](index=46&type=chunk)[47](index=47&type=chunk)[48](index=48&type=chunk)[49](index=49&type=chunk)[50](index=50&type=chunk)[51](index=51&type=chunk)[52](index=52&type=chunk) [II. Discussion and Analysis of Operations](index=15&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) In H1 2025, operating revenue grew **61.72% to 134.66 million yuan**, with a **21.34 million yuan reduction in net loss** after non-recurring items, driven by R&D, system upgrades, and strategic market expansion Operating Performance for H1 2025 | Indicator | Amount (ten thousand yuan) | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 13,465.56 | Increased by 61.72% | | Net Profit Attributable to Parent Company After Deducting Non-recurring Gains and Losses | Loss narrowed by 2,134.25 | Loss narrowed | | Overall Operational Quality | Significantly improved | Improved | - The company fully upgraded the **JOS-C700 vertical take-off and landing fixed-wing unattended system**, launched the **JOS-P200 multi-rotor unattended system**, and released application solutions for the **Yunlong fixed-wing UAV system** in logistics transportation and emergency rescue scenarios[53](index=53&type=chunk) - The company launched **UAV intelligent AI solutions** and an **airspace management platform**, completed the R&D of a **localized flight control system**, and built a **multi-UAV heterogeneous cluster intelligent collaboration platform**[53](index=53&type=chunk)[54](index=54&type=chunk) - In market expansion, the company conducted application demonstrations of the "**unattended system + Jouav Cloud + AI**" low-altitude data service system in Bazhong, Shaoxing, Pengzhou, and other locations, and invested in Sichuan Low-Altitude Economy Industry Development Co., Ltd. to strategically enter low-altitude logistics[55](index=55&type=chunk) - The company actively promotes the global expansion of its full range of UAV systems, addressing demands in "**Belt and Road**" regions, and collaborates with partners like **China Telecom** and **China Mobile** to build a new low-altitude economy ecosystem[55](index=55&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](index=16&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) The company's core competitiveness stems from strong R&D in intelligent control and platform design, a comprehensive product portfolio, robust brand influence, efficient manufacturing, and full-industry chain synergistic development advantage - The company has established core technological advantages in **intelligent control**, **aircraft platform design and manufacturing**, and **application software**, with overall technology reaching a leading domestic level and some products and technologies achieving international advanced standards[57](index=57&type=chunk) - The company boasts a comprehensive product portfolio, including series of **vertical take-off and landing fixed-wing UAVs**, **multi-rotor UAVs**, **large fixed-wing UAVs**, and **unattended systems**, adaptable to various mission payloads and providing highly intelligent, adaptable, and reliable integrated solutions[59](index=59&type=chunk) - The company has been ranked among the **top five global civilian UAV manufacturers by German DII for two consecutive years**, with its products receiving multiple industry application innovation awards, continuously enhancing its market influence[60](index=60&type=chunk) - The company possesses large-scale UAV production capabilities, with fully independent production capabilities for **composite materials**, **components**, **avionics systems**, and **complete aircraft**, and has established a flexible production and manufacturing process based on sales orders and agile response[61](index=61&type=chunk)[62](index=62&type=chunk) - The company's business layout covers the entire industry chain, including **UAV R&D**, **core component and complete aircraft manufacturing**, **aerial data services**, and **training services**, enabling rapid formulation of suitable solutions[63](index=63&type=chunk) [ (I) Core Competitiveness Analysis](index=16&type=section&id=%28I%29%20Core%20Competitiveness%20Analysis) The company's core competitiveness lies in its strong R&D, comprehensive product portfolio, robust brand, efficient manufacturing, and full-industry chain synergistic development advantage - The company has established core technological advantages in **intelligent control**, **aircraft platform design and manufacturing**, and **application software**, with overall technology reaching a leading domestic level and some products and technologies achieving international advanced standards[57](index=57&type=chunk) - The company boasts a comprehensive product portfolio, including series of **vertical take-off and landing fixed-wing UAVs**, **multi-rotor UAVs**, **large fixed-wing UAVs**, and **unattended systems** for industrial UAV products, meeting the needs of various industry users[59](index=59&type=chunk) - The company has been ranked among the **top five global civilian UAV manufacturers by German DII for two consecutive years**, with its products receiving multiple industry application innovation awards, continuously enhancing its market influence[60](index=60&type=chunk) - The company possesses large-scale UAV production capabilities, with fully independent production capabilities for **composite materials**, **components**, **avionics systems**, and **complete aircraft**, with mature production processes enabling rapid multi-variety, multi-batch UAV production[61](index=61&type=chunk)[62](index=62&type=chunk) - The company's business layout covers the entire industry chain, including **UAV flight control and ground command system development**, **UAV system development**, **multi-mission payload integration**, **aerial data processing**, **software development platforms**, **UAV control platforms**, and **pilot training**[63](index=63&type=chunk) [ (III) Core Technologies and R&D Progress](index=18&type=section&id=%28III%29%20Core%20Technologies%20and%20R%26D%20Progress) The company achieved breakthroughs in intelligent control, platform design, and integrated systems, increasing R&D investment to **50.06 million yuan** (up **13.39%**), resulting in 110 authorized patents and new UAV systems and AI solutions - In **intelligent control technology**, the company enhanced the stability, anti-interference, and sensitivity of intelligent flight control, improved technologies such as active avoidance, special situation/fault identification, and visual-guided landing, and possesses redundant distributed flight control navigation systems and multi-platform networking and formation technologies[65](index=65&type=chunk) - In **aircraft platform design and manufacturing technology**, the company mastered multi-objective optimized overall design, modular structural design, power matching and optimization, as well as efficient, low-cost composite material airframe manufacturing and multi-platform flexible manufacturing technologies[66](index=66&type=chunk) - In **cloud-edge-end integrated system application technology**, the company built a command and control application platform, intelligent mission planning technology, multi-sensor access and data analysis technology, distributed target situational awareness and intelligence analysis technology, distributed analysis technology, as well as network dynamic spatiotemporal data services and multi-source heterogeneous spatiotemporal data management technology[66](index=66&type=chunk)[67](index=67&type=chunk) - As of the end of the reporting period, the company held **110 authorized invention patents**, **156 utility model patents**, **65 design patents**, and **82 software copyrights**[68](index=68&type=chunk)[69](index=69&type=chunk) R&D Investment Overview | Indicator | Current Period (yuan) | Prior Year Period (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 26,102,129.29 | 19,751,569.08 | 32.15% | | Capitalized R&D Investment | 23,957,531.18 | 24,394,699.14 | -1.79% | | Total R&D Investment | 50,059,660.47 | 44,146,268.22 | 13.39% | | Total R&D Investment as % of Operating Revenue (%) | 37.18% | 53.02% | Decreased by 15.84 percentage points | | Proportion of Capitalized R&D Investment (%) | 47.86% | 55.26% | Decreased by 7.40 percentage points | - R&D investment increased by **13.39%**, primarily due to increased R&D expenditures on projects such as fixed-wing UAV systems, multi-rotor unattended systems, and compound-wing unattended system upgrades[72](index=72&type=chunk) R&D Project Status (Unit: ten thousand yuan) | No. | Project Name | Estimated Total Investment Scale | Current Period Investment Amount | Accumulated Investment Amount | Progress or Phased Achievements | | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | Vertical Take-off and Landing Fixed-wing UAV | 6,080.59 | 1,119.97 | 5,706.87 | Developing new CW-20E product, advancing CW-100 airworthiness certification completion | | 2 | Multi-rotor UAV System | 3,315.15 | 154.69 | 3,142.24 | Completed PH-20 product finalization, completed PH-007 product finalization and design finalization of autonomous grid inspection system | | 3 | Fixed-wing UAV System | 13,161.41 | 1,962.06 | 10,965.63 | Completed Yunlong-1 high-altitude flight performance and reliability tests | | 4 | Unattended System | 4,685.02 | 1,262.98 | 3,717.23 | Fully upgraded JOS-C700, newly launched JOS-P200 multi-rotor unattended hangar | | 5 | UAV Command and Control and Application System | 4,398.78 | 506.27 | 3,350.57 | Key breakthroughs in multi-source fusion autonomous navigation technology in GNSS-denied environments, completed localized flight control R&D, built multi-UAV heterogeneous cluster intelligent collaboration platform | | **Total** | | **31,640.95** | **5,005.97** | **26,882.54** | | R&D Personnel Overview | Indicator | Number (persons) | Proportion (%) | | :--- | :--- | :--- | | **Educational Background** | | | | Doctoral Degree | 2 | 0.80% | | Master's Degree | 79 | 31.47% | | Bachelor's Degree | 127 | 50.60% | | Associate Degree | 38 | 15.14% | | High School and Below | 5 | 1.99% | | **Total** | **251** | **100.00%** | | **Age Structure** | | | | Under 30 years old | 148 | 58.97% | | 30-40 years old | 92 | 36.65% | | 40-50 years old | 11 | 4.38% | | 50-60 years old | 0 | 0.00% | | 60 years old and above | 0 | 0.00% | | **Total** | **251** | **100.00%** | | Number of Company R&D Personnel | 251 | | | Proportion of R&D Personnel to Total Company Staff | 29.08% | | | Total R&D Personnel Compensation (ten thousand yuan) | 2,575.09 | | | Average R&D Personnel Compensation (ten thousand yuan) | 10.26 | | [IV. Risk Factors](index=24&type=section&id=IV.%20Risk%20Factors) The company faces risks including performance decline, technology obsolescence, talent loss, IP infringement, market competition, seasonal fluctuations, and financial risks like bad debts and impairment, which could adversely affect future operations - The company faces the risk of **sustained losses**, primarily due to continuous increases in R&D investment, higher market expansion expenses, increased depreciation of new fixed assets, as well as macroeconomic fluctuations, complex geopolitical situations, and lower-than-expected development of low-altitude economy infrastructure[79](index=79&type=chunk) - The industrial UAV industry is technology-intensive, and the company faces **technology and product upgrade iteration risks**; failure to timely meet customer demands or achieve significant technological breakthroughs could lead to insufficient technological advancement and replacement[82](index=82&type=chunk) - The company faces the risk of **loss of R&D and technical talent**, which could lead to product technology leaks, slowed, or terminated R&D processes[83](index=83&type=chunk) - The company faces the risk of **intellectual property infringement**; as of June 30, 2025, it held **331 authorized patents**, but intense market competition may make infringement difficult to prevent and stop[84](index=84&type=chunk) - The company's business scale is relatively small, and its market expansion model is singular, which may put it at a disadvantage in market competition, affecting its development speed and profitability[85](index=85&type=chunk) - Intensified industry competition may lead to a **decrease in the company's market share or product prices**, adversely affecting performance[86](index=86&type=chunk) - The company's sales revenue experiences **seasonal fluctuations**, with higher revenue in the second half of the year than in the first half, primarily influenced by the procurement plans and acceptance cycles of state-owned enterprises and government agencies[87](index=87&type=chunk) - The scale or profit level of **UAV service revenue may decline**, influenced by market competition, the size of the service team, and increased outsourcing[88](index=88&type=chunk) - An **increased proportion of distribution business** may adversely affect the company's gross profit margin and increase the difficulty of managing distributors[89](index=89&type=chunk) - The company's **gross profit margin may change**; failure to continuously maintain technological leadership and launch innovative products could lead to a decline in competitiveness[90](index=90&type=chunk) - Changes in the **tax preferential policies** enjoyed by the company, or its inability to meet the qualification criteria, will adversely affect its performance[91](index=91&type=chunk) - Risk of **increased sales expenses**; with market expansion and channel development, sales personnel compensation and other sales expenses may increase, affecting profitability[92](index=92&type=chunk) - Risk of **bad debt losses on accounts receivable**; due to customer approval processes, budget constraints, and other factors, some receivables may become overdue and unrecoverable[93](index=93&type=chunk) - Risk of **impairment of capitalized R&D expenses**; if R&D is stalled, terminated, or fails, impairment provisions may be required, affecting current period profit or loss[94](index=94&type=chunk) - Risk of **write-down of deferred income tax assets**; if the performance of loss-making subsidiaries falls short of expectations, deferred income tax assets may need to be written down[95](index=95&type=chunk) - Industry risk: UAV industry laws, regulations, industry standards, and management systems are still being improved; if future policies restrict the company's products and business, it will affect profitability[97](index=97&type=chunk) - Macroeconomic environment risk: global economic downturn pressure, geopolitical competition, and international trade uncertainties may lead to **rising raw material prices**, **supply constraints**, and **weak downstream demand**[98](index=98&type=chunk) [VI. Key Operating Performance During the Reporting Period](index=27&type=section&id=VI.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) During the reporting period, operating revenue reached **134.66 million yuan** (up **61.72%**), with net loss attributable to shareholders narrowing by **16.69 million yuan** Key Operating Performance for H1 2025 | Indicator | Amount (ten thousand yuan) | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 13,465.56 | Increased by 61.72% | | Net Profit Attributable to Shareholders of Listed Company | -3,633.53 | Loss narrowed by 1,668.69 ten thousand yuan | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-recurring Gains and Losses | -3,735.43 | Loss narrowed by 2,134.25 ten thousand yuan | [ (IV) Analysis of Main Business](index=27&type=section&id=%28IV%29%20Analysis%20of%20Main%20Business) This section analyzes main business financial changes, noting **61.72% revenue growth** from low-altitude economy and improved cash flow, while sales, R&D, and administrative expenses increased Analysis of Changes in Financial Statement Items (Unit: yuan) | Item | Current Period | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 134,655,636.24 | 83,266,371.08 | 61.72% | | Operating Cost | 62,975,585.01 | 44,022,095.80 | 43.05% | | Sales Expenses | 44,516,506.06 | 38,518,193.10 | 15.57% | | Administrative Expenses | 31,308,699.47 | 23,736,599.92 | 31.90% | | Financial Expenses | 2,683,972.14 | 2,738,174.83 | -1.98% | | R&D Expenses | 26,102,129.29 | 19,751,569.08 | 32.15% | | Net Cash Flow from Operating Activities | -82,482,146.98 | -102,467,227.76 | Not Applicable | | Net Cash Flow from Investing Activities | -10,893,359.87 | -3,794,150.98 | Not Applicable | | Net Cash Flow from Financing Activities | 16,761,056.75 | 10,607,357.74 | 58.01% | - Operating revenue increased by **61.72%**, primarily due to the rapid development of the low-altitude economy industry, the company's accelerated product development and application verification, and a significant year-on-year increase in product delivery and acceptance progress[101](index=101&type=chunk) - Sales expenses increased by **15.57%**, primarily due to the company's increased market expansion, higher employee compensation, and share-based payment expenses[102](index=102&type=chunk) - Administrative expenses increased by **31.90%**, primarily due to the completion of large capitalized R&D projects at the end of the prior year, leading to increased amortization of intangible assets in the current period[102](index=102&type=chunk) - R&D expenses increased by **32.15%**, primarily due to the company's continuous increase in R&D investment, higher employee compensation, R&D materials, and share-based payment expenses[102](index=102&type=chunk)[103](index=103&type=chunk) - Net cash flow from operating activities improved, primarily due to **increased sales collections** in the current period[103](index=103&type=chunk) - Net cash flow from financing activities increased by **58.01%**, primarily due to increased investments received by subsidiaries from minority shareholders in the current period[103](index=103&type=chunk) [ (VI) Analysis of Assets and Liabilities](index=28&type=section&id=%28VI%29%20Analysis%20of%20Assets%20and%20Liabilities) This section analyzes asset and liability changes, noting a **40.80% decrease in monetary funds**, a **286.45% increase in long-term equity investments**, and significant shifts in payables and contract liabilities, with **14.63 million yuan in restricted funds** Changes in Assets and Liabilities (Unit: yuan) | Item Name | Current Period-end Balance | Proportion of Total Assets at Current Period-end (%) | Prior Year-end Balance | Proportion of Total Assets at Prior Year-end (%) | Change in Current Period-end Amount vs. Prior Year-end (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 113,082,132.48 | 11.12% | 191,008,525.18 | 18.06% | -40.80 | Primarily due to increased payments for goods and investment expenditures | | Long-term Equity Investments | 9,365,717.64 | 0.92% | 2,423,534.95 | 0.23% | 286.45 | Primarily due to increased investment in Bazhong Jouav Low-Altitude Flight Service Co., Ltd. | | Right-of-use Assets | 8,393,605.01 | 0.83% | 5,088,754.31 | 0.48% | 64.94 | Primarily due to increased factory leases in the current period | | Development Expenditures | 22,841,269.38 | 2.25% | 6,677,180.35 | 0.63% | 242.08 | Primarily due to the completion of large capitalized R&D projects at the end of the prior year | | Notes Payable | 24,096,552.36 | 2.37% | 13,449,957.43 | 1.27% | 79.16 | Primarily due to increased bank acceptance bills payable in the current period | | Accounts Payable | 79,824,527.18 | 7.85% | 142,858,719.87 | 13.51% | -44.12 | Primarily due to increased payment efforts for goods in the current period | | Contract Liabilities | 139,298,752.72 | 13.70% | 106,041,102.70 | 10.03% | 31.36 | Primarily due to increased advance receipts in the current period | | Employee Compensation Payable | 9,895,719.15 | 0.97% | 26,253,193.45 | 2.48% | -62.31 | Primarily due to payment of year-end bonuses accrued at the end of the prior year during the reporting period | | Taxes Payable | 3,593,940.38 | 0.35% | 2,448,483.09 | 0.23% | 46.78 | Primarily due to increased unpaid VAT in the current period | | Other Payables | 1,991,352.90 | 0.20% | 9,552,671.29 | 0.90% | -79.15 | Primarily due to decreased deposits and guarantees | | Non-current Liabilities Due Within One Year | 50,589,311.50 | 4.98% | 20,247,745.20 | 1.91% | 149.85 | Primarily due to increased long-term borrowings due within one year | | Long-term Borrowings | 9,760,291.67 | 0.96% | 40,000,000.00 | 3.78% | -75.60 | Primarily due to reclassification to current liabilities based on repayment terms | | Lease Liabilities | 2,724,541.52 | 0.27% | 2,397,364.67 | 0.23% | 13.65 | Primarily due to increased factory leases in the current period | Major Restricted Assets at Period-end (Unit: yuan) | Item | Period-end Carrying Amount | Reason for Restriction | | :--- | :--- | :--- | | Monetary Funds | 2,899,381.40 | Letter of Guarantee Deposit | | Monetary Funds | 6,731,154.80 | Bank Acceptance Bill Deposit | | Monetary Funds | 5,000,000.00 | Litigation Freeze | | **Total** | **14,630,536.20** | / | [ (VII) Analysis of Investment Status](index=31&type=section&id=%28VII%29%20Analysis%20of%20Investment%20Status) This section analyzes investment status, with **8.85 million yuan** invested (up **1670%** YoY), and **52.29 million yuan** in financial assets measured at fair value, primarily wealth management products and equity investments Investment Amount During the Reporting Period | Indicator | Investment Amount During Reporting Period (yuan) | Investment Amount in Prior Year Period (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Investment Amount | 8,850,000.00 | 500,000.00 | 1,670.00 | Financial Assets Measured at Fair Value (Unit: yuan) | Asset Category | Period-beginning Balance | Fair Value Change Gains/Losses in Current Period | Current Period Purchase Amount | Current Period Sale/Redemption Amount | Period-end Balance | | :--- | :--- | :--- | :--- | :--- | :--- | | Other Equity Instrument Investments | 9,364,174.74 | | 1,700,000.00 | | 11,064,174.74 | | Trading Financial Assets | 45,310,555.56 | -185,672.01 | 312,600,000.00 | 316,500,000.00 | 41,224,883.55 | | Accounts Receivable Financing | 175,527.08 | | | 175,527.08 | - | | **Total** | **54,850,257.38** | **-185,672.01** | **314,300,000.00** | **316,500,000.00** | **52,289,058.29** | [ (I) Analysis of Major Holding and Associate Companies](index=32&type=section&id=%28I%29%20Analysis%20of%20Major%20Holding%20and%20Associate%20Companies) This section analyzes major holding and associate companies, primarily engaged in UAV R&D, sales, and production; most subsidiaries reported losses, but Sichuan Jouav UAV Technology Co., Ltd. achieved net profit Major Subsidiaries and Associate Companies with Over 10% Impact on Company's Net Profit (Unit: yuan) | Company Name | Company Type | Main Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Chengdu Jouav Dapeng UAV Technology Co., Ltd. | Subsidiary | R&D, sales, and related services of UAV products | 50,000,000.00 | 499,895,093.55 | 17,194,931.60 | 138,029,305.19 | 6,510,585.78 | -7,438,960.34 | | Chengdu Jouav Pengfei Technology Co., Ltd. | Subsidiary | Implementation entity for UAV manufacturing base project, planning to engage in UAV product production | 50,000,000.00 | 386,701,794.09 | 8,669,962.51 | 82,440,874.98 | 6,797,364.98 | -6,779,156.38 | | Chengdu Jouav Yunlong UAV Technology Co., Ltd. | Subsidiary | R&D of large-payload UAV products | 50,000,000.00 | 152,455,610.10 | 45,662,557.28 | 1,476,112.82 | 9,429,355.83 | -9,424,621.36 | | Chengdu Dapeng Jouav Intelligent Equipment Co., Ltd. | Subsidiary | Sales and related services of UAV products | 30,000,000.00 | 123,712,421.05 | 54,854,397.10 | | 711,865.08 | 556,896.59 | | Chengdu Jouav Fusion Technology Co., Ltd. | Subsidiary | Sales and related services of UAV products | 10,000,000.00 | 62,938,085.04 | 26,155,348.44 | 16,332,408.82 | 1,374,550.39 | -1,199,585.22 | | Sichuan Jouav UAV Technology Co., Ltd. | Subsidiary | UAV license training services, and company UAV product flight testing | 10,000,000.00 | 35,971,665.27 | 28,744,645.93 | 4,608,158.65 | 825,160.06 | 774,988.24 | | Sichuan Pengfei Fuyao Technology Co., Ltd. | Subsidiary | Sales and related services of UAV products | 30,000,000.00 | 23,969,904.95 | 17,289,818.01 | | -632,586.73 | -632,586.73 | | Jouav Kunlun (Xinjiang) UAV Technology Co., Ltd. | Subsidiary | Sales and related services of UAV products | 20,000,000.00 | 15,656,433.99 | 468,252.00 | 6,967,989.23 | -489,207.82 | -473,060.81 | | Zhejiang Dapeng Jouav UAV Technology Co., Ltd. | Subsidiary | Sales and related services of UAV products | 10,000,000.00 | 14,830,396.39 | 702,504.97 | 6,472,212.36 | -239,946.23 | -228,913.16 | | Shenzhen Jouav UAV Technology Co., Ltd. | Subsidiary | Sales and related services of UAV products | 30,000,000.00 | 7,452,451.59 | -117,347.46 | 318,584.07 | 1,404,119.07 | -1,404,119.07 | Section 4 Corporate Governance, Environment, and Society [I. Changes in Company Directors, Supervisors, Senior Management, and Core Technical Personnel](index=35&type=section&id=I.%20Changes%20in%20Company%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20and%20Core%20Technical%20Personnel) This section outlines the criteria for identifying core technical personnel, emphasizing R&D leadership, industry expertise, and IP contributions, noting no changes during the reporting period - The criteria for identifying the company's core technical personnel include **R&D department heads and core members** within the R&D system, possessing a **profound industry background and scientific research achievements**, and making **contributions to the company's intellectual property and core technologies**[117](index=117&type=chunk) - During the reporting period, there were **no changes in the company's core technical personnel**[117](index=117&type=chunk) [II. Profit Distribution or Capital Reserve to Share Capital Increase Plan](index=35&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20to%20Share%20Capital%20Increase%20Plan) This section states that the company's proposed semi-annual profit distribution or capital reserve to share capital increase plan is 'No' - The company's proposed semi-annual profit distribution plan or capital reserve to share capital increase plan is "**No**"[118](index=118&type=chunk) [III. Status and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=35&type=section&id=III.%20Status%20and%20Impact%20of%20Company%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) This section details the 2022 Restricted Stock Incentive Plan, including initial and reserved grants, cancellations, and the **April 17, 2025 grant of 1.735 million Class II restricted shares** to 95 recipients at **21.68 yuan/share** - The company's 2022 Restricted Stock Incentive Plan initially granted **1.435 million shares**, with **0.32 million shares reserved**, completing the initial grant on May 27, 2022, and the reserved grant on April 28, 2023[119](index=119&type=chunk) - The company has canceled a total of **0.4725 million**, **0.7565 million**, and **0.5260 million Class II restricted shares** from the 2022 Restricted Stock Incentive Plan that were unvested due to resignation or failure to meet performance targets[119](index=119&type=chunk)[120](index=120&type=chunk) - On April 17, 2025, the company granted **1.735 million Class II restricted shares** to **95 incentive recipients** at a grant price of **21.68 yuan/share**[120](index=120&type=chunk) Section 5 Significant Matters [I. Fulfillment of Commitments](index=38&type=section&id=I.%20Fulfillment%20of%20Commitments) This section details the fulfillment of various long-term commitments by the company, its actual controllers, shareholders, and related parties, covering stock price stability, share repurchases, profit distribution, and related-party transactions - The company, controlling shareholders, directors, and senior management committed to initiating **stock price stabilization measures** if the company's stock closing price falls below the latest audited net asset value per share for **20 consecutive trading days**[125](index=125&type=chunk) - Controlling shareholder and actual controller Ren Bin and his concerted parties Wang Chen and Chen Peng committed that if the company fraudulently issues and lists shares, they will **repurchase all new shares** issued in this public offering[126](index=126&type=chunk)[127](index=127&type=chunk) - The company committed that if the prospectus contains false records, misleading statements, or major omissions, it will **compensate investors for losses** in accordance with the law[137](index=137&type=chunk)[138](index=138&type=chunk) - Controlling shareholder and actual controller Ren Bin and his concerted parties Wang Chen and Chen Peng committed to **avoiding horizontal competition** and **regulating related-party transactions**, ensuring no harm to the legitimate rights and interests of the company and all shareholders[142](index=142&type=chunk)[143](index=143&type=chunk)[144](index=144&type=chunk) - The company, controlling shareholders, actual controllers, all directors, supervisors, and senior management have committed that if they fail to fulfill their public commitments, they will accept corresponding **enforcement mechanisms**, including public apologies, compensation for losses, salary adjustments, and share freezes[145](index=145&type=chunk)[146](index=146&type=chunk)[147](index=147&type=chunk)[148](index=148&type=chunk)[149](index=149&type=chunk) [VII. Major Litigation and Arbitration Matters](index=46&type=section&id=VII.%20Major%20Litigation%20and%20Arbitration%20Matters) The company had no major litigation or arbitration matters during the reporting period - The company had **no major litigation or arbitration matters** during the reporting period[151](index=151&type=chunk) [X. Major Related-Party Transactions](index=46&type=section&id=X.%20Major%20Related-Party%20Transactions) This section discloses 2025 estimated ordinary related-party transactions, with no major asset/equity transactions or joint investments during the reporting period - The company's estimated ordinary related-party transactions for **2025** were disclosed in an announcement on **April 18, 2025**, with **no subsequent progress or changes** in implementation[151](index=151&type=chunk) [XI. Major Contracts and Their Fulfillment](index=47&type=section&id=XI.%20Major%20Contracts%20and%20Their%20Fulfillment) This section discloses major guarantees, totaling **149.5 million yuan** (25.23% of net assets), including **49.5 million yuan** for high-leverage subsidiaries, primarily an equity repurchase guarantee for Chengdu Jouav Yunlong UAV Technology Co., Ltd. Guarantees Provided by the Company and its Subsidiaries to Subsidiaries (Unit: ten thousand yuan) | Guarantor | Guaranteed Party | Guarantee Amount | Guarantee Start Date | Guarantee End Date | Guarantee Type | Is Guarantee Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jouav Co., Ltd. | Chengdu Jouav Pengfei Technology Co., Ltd. | 3,000 | April 2024 | April 2025 | General Guarantee | Yes | | Jouav Co., Ltd. | Chengdu Jouav Dapeng UAV Technology Co., Ltd., Chengdu Jouav Pengfei Technology Co., Ltd. | 5,000 | November 2024 | November 2025 | General Guarantee | No | | Jouav Co., Ltd. | Chengdu Jouav Dapeng UAV Technology Co., Ltd., Chengdu Jouav Fusion Technology Co., Ltd. | 5,000 | March 2025 | March 2026 | General Guarantee | No | | Jouav Co., Ltd. | Chengdu Jouav Yunlong UAV Technology Co., Ltd. | 4,950 | June 2025 | / | General Guarantee | No | Total Guarantee Amount of the Company (Including Guarantees to Subsidiaries) (Unit: ten thousand yuan) | Indicator | Amount | | :--- | :--- | | Total Guarantee Amount (A+B) | 14,950 | | Proportion of Total Guarantee Amount to Company's Net Assets (%) | 25.23 | | Debt Guarantee Amount Provided Directly or Indirectly to Guaranteed Parties with Asset-Liability Ratio Exceeding 70% (D) | 4,950 | | Total of the Above Three Guarantee Amounts (C+D+E) | 4,950 | - Shaoxing Jianshui Science and Technology City Development and Construction Co., Ltd. invested **49.5 million yuan** in the equity of the controlling subsidiary Chengdu Jouav Yunlong UAV Technology Co., Ltd., with an agreement that upon triggering a repurchase event, the investor has the right to request Jouav Yunlong to repurchase the equity. If Jouav Yunlong fails to complete the repurchase, the investor has the right to request the company and actual controller Mr. Ren Bin to repurchase, which constitutes a guarantee provided by the company for Jouav Yunlong's equity repurchase[156](index=156&type=chunk)[157](index=157&type=chunk) [XII. Explanation of Progress in Use of Raised Funds](index=51&type=section&id=XII.%20Explanation%20of%20Progress%20in%20Use%20of%20Raised%20Funds) This section details the use of raised funds, with **507.20 million yuan** total and **446.01 million yuan** net from IPO; **370.91 million yuan** (83.16%) cumulatively invested, including **2.39 million yuan** this year Overall Use of Raised Funds (Unit: ten thousand yuan) | Source of Raised Funds | Date Raised Funds Received | Total Raised Funds | Net Raised Funds | Total Investment Pledged in Prospectus | Cumulative Total Raised Funds Invested as of Reporting Period-end | Cumulative Investment Progress of Raised Funds as of Reporting Period-end (%) | Amount Invested This Year | Proportion of Amount Invested This Year (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering of Shares | February 4, 2021 | 50,720.40 | 44,600.52 | 44,600.52 | 37,091.37 | 83.16 | 238.89 | 0.53 | | **Total** | / | **50,720.40** | **44,600.52** | **44,600.52** | **37,091.37** | **/** | **238.89** | **/** | Detailed Use of Raised Investment Projects (Unit: ten thousand yuan) | Raised Funds Pledged Investment Project | Total Raised Funds Pledged Investment | Amount Invested This Year | Cumulative Investment Amount as of Reporting Period-end | Cumulative Investment Progress as of Reporting Period-end (%) | Date Project Reached Intended Usable State | | :--- | :--- | :--- | :--- | :--- | :--- | | Dapeng UAV Manufacturing Base Project | 33,764.78 | 0 | 8,380.82 | 78.50% | April 2023 | | R&D Center Construction Project | 6,321.53 | 238.89 | 6,070.21 | 96.02% | April 2024 | | Replenishment of Working Capital | 4,514.21 | 0 | 4,514.21 | 100.00% | Not Applicable | | **Total** | **44,600.52** | **238.89** | **37,091.37** | **83.70%** | / | - The "**Dapeng UAV Manufacturing Base Project**" has been completed and reached its intended usable state, but its investment progress is **78.50%**, primarily because the company, based on the actual situation of the project and without affecting its smooth implementation, achieved a surplus of raised funds[162](index=162&type=chunk) Section 6 Share Changes and Shareholder Information [I. Changes in Share Capital](index=55&type=section&id=I.%20Changes%20in%20Share%20Capital) During the reporting period, there were no changes in the company's total ordinary shares or share capital structure - During the reporting period, there were **no changes in the company's total ordinary shares or share capital structure**[167](index=167&type=chunk) [II. Shareholder Information](index=55&type=section&id=II.%20Shareholder%20Information) As of period-end, the company had **5,873 ordinary shareholders**; Ren Bin, as the largest shareholder, directly held **23.41%**, and with concerted parties, controlled **56.19%** of shares, remaining the actual controller despite a direct shareholding change to **12.00%** due to divorce Total Ordinary Shareholders as of Reporting Period-end | Indicator | Number (households) | | :--- | :--- | | Total Ordinary Shareholders as of Reporting Period-end | 5,873 | Top Ten Shareholders' Holdings (Unit: ten thousand shares) | Shareholder Name | Period-end Holding Quantity | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Ren Bin | 2,050.20 | 23.41 | Domestic Natural Person | | Wang Chen | 1,366.80 | 15.61 | Domestic Natural Person | | Hainan Yongxin Dapeng Enterprise Management Center (Limited Partnership) | 892.00 | 10.18 | Non-state-owned Legal Person | | Chen Peng | 603.00 | 6.89 | Domestic Natural Person | | Shenzhen Deqing Investment Co., Ltd. | 338.52 | 3.87 | Non-state-owned Legal Person | | Zhao Jianping | 330.00 | 3.77 | Domestic Natural Person | | Dong Huaxin | 91.61 | 1.05 | Domestic Natural Person | | Zhao Ji | 90.00 | 1.03 | Domestic Natural Person | | AVIC Nanshan Equity Investment Fund Management (Shenzhen) Co., Ltd. - Shenzhen Nanshan AVIC UAV System Equity Investment Fund Partnership (Limited Partnership) | 63.69 | 0.73 | Non-state-owned Legal Person | | China Construction Bank Corporation - Changxin National Defense Military Industry Quantitative Flexible Allocation Mixed Securities Investment Fund | 55.46 | 0.63 | State-owned Legal Person | - Ren Bin, Chen Peng, and Wang Chen signed a "**Concerted Action Agreement**" on November 16, 2019, and a supplementary agreement on February 26, 2024, extending the agreement's validity to **10 years after the company's official listing (i.e., February 10, 2031)**; the three are concerted parties[172](index=172&type=chunk)[173](index=173&type=chunk) - Ren Bin serves as the **executive partner of Hainan Yongxin Dapeng Enterprise Management Center (Limited Partnership)**[173](index=173&type=chunk) - Ren Bin collectively controls **56.19% of the company's shares**, making him the actual controller of the company[175](index=175&type=chunk) - Due to divorce proceedings, Ren Bin's directly held company shares changed from **20.502 million shares to 10.506 million shares**, and his direct shareholding proportion changed from **23.41% to 12.00%**; however, through concerted action agreements and control over Hainan Yongxin Dapeng, he remains the actual controller of the company, collectively controlling **44.76% of the company's equity**[175](index=175&type=chunk) [III. Information on Directors, Supervisors, Senior Management, and Core Technical Personnel](index=57&type=section&id=III.%20Information%20on%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20and%20Core%20Technical%20Personnel) This section discloses the **April 17, 2025 grant of 1.735 million Class II restricted shares** to 95 recipients, including **0.03 million shares to Fu Peng** and **0.01 million shares to Liu Shuchao** - On April 17, 2025, the company granted **1.735 million Class II restricted shares** to **95 incentive recipients**, including **two core technical personnel**[176](index=176&type=chunk) - Core technical personnel **Fu Peng received 0.03 million Class II restricted shares**, and **Liu Shuchao received 0.01 million Class II restricted shares**[176](index=176&type=chunk) Section 7 Bond-Related Information [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=59&type=section&id=I.%20Corporate%20Bonds%20%28Including%20Enterprise%20Bonds%29%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) The company had no corporate 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** during the reporting period[179](index=179&type=chunk) [II. Convertible Corporate Bonds](index=59&type=section&id=II.%20Convertible%20Corporate%20Bonds) The company had no convertible corporate bonds during the reporting period - The company had **no convertible corporate bonds** during the reporting period[179](index=179&type=chunk) Section 8 Financial Report [I. Audit Report](index=60&type=section&id=I.%20Audit%20Report) This semi-annual report has not been audited - This semi-annual report has **not been audited**[181](index=181&type=chunk) [II. Financial Statements](index=60&type=section&id=II.%20Financial%20Statements) This section presents consolidated and parent company financial statements for H1 2025, showing **1.017 billion yuan in total assets**, **0.580 billion yuan in net assets**, **0.135 billion yuan in revenue**, and a **37.91 million yuan net loss** Key Consolidated Balance Sheet Data (As of June 30, 2025) | Item | June 30, 2025 (yuan) | December 31, 2024 (yuan) | | :--- | :--- | :--- | | Total Assets | 1,016,736,923.04 | 1,057,433,297.32 | | Total Liabilities | 426,540,986.22 | 487,114,195.16 | | Total Equity Attributable to Parent Company Owners | 579,939,103.41 | 569,745,428.21 | | Total Equity | 590,195,936.82 | 570,319,102.16 | Key Consolidated Income Statement Data (Jan-Jun 2025) | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 134,655,636.24 | 83,266,371.08 | | Operating Profit | -36,569,883.32 | -52,389,789.84 | | Total Profit | -37,423,999.07 | -53,140,737.04 | | Net Profit | -37,908,603.11 | -53,459,031.37 | | Net Profit Attributable to Parent Company Shareholders | -36,335,278.67 | -53,022,193.47 | | Basic Earnings Per Share (yuan/share) | -0.41 | -0.61 | Key Consolidated Cash Flow Statement Data (Jan-Jun 2025) | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -82,482,146.98 | -102,467,227.76 | | Net Cash Flow from Investing Activities | -10,893,359.87 | -3,794,150.98 | | Net Cash Flow from Financing Activities | 16,761,056.75 | 10,607,357.74 | | Net Increase in Cash and Cash Equivalents | -76,566,323.06 | -95,473,067.90 | | Period-end Balance of Cash and Cash Equivalents | 98,451,596.28 | 89,669,934.91 | [III. Company Basic Information](index=83&type=section&id=III.%20Company%20Basic%20Information) Jouav Co., Ltd., established in 2010 and listed on the STAR Market in 2021 with **87.58 million yuan registered capital**, specializes in R&D, production, sales, and services of industrial UAV systems and related services - The company's predecessor, Chengdu Jouav Automation Technology Co., Ltd., was established on **April 8, 2010**, and was wholly restructured into a joint-stock company on **April 30, 2018**[216](index=216&type=chunk) - The company's shares were listed on the **STAR Market of the Shanghai Stock Exchange on February 10, 2021**, with a registered capital of **87.58 million yuan**[216](index=216&type=chunk) - The company's main business is the R&D, production, sales, and services of industrial UAV-related products, including **UAV systems**, **flight control and ground command systems**, **UAV aerial data services**, and **UAV license training services**[216](index=216&type=chunk) [IV. Basis of Financial Statement Preparation](index=83&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) This section confirms the financial statements are prepared on a going concern basis, with no significant doubts about the company's ability to continue for the next 12 months - The company's financial statements are prepared on a **going concern basis**[218](index=218&type=chunk) - There are **no matters or circumstances** that would cause significant doubt about the company's ability to continue as a going concern for **12 months** from the end of the reporting period[219](index=219&type=chunk) [V. Significant Accounting Policies and Estimates](index=83&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's significant accounting policies and estimates, covering compliance with accounting standards, financial instruments, assets, liabilities, revenue recognition, and share-based payments, tailored to its operational characteristics - The company's financial statements comply with **Enterprise Accounting Standards**, accurately and completely reflecting financial position, operating results, and other information[221](index=221&type=chunk) - The company uses **12 months** as the criterion for classifying assets and liabilities as current or non-current[224](index=224&type=chunk) - The company identifies individual accounts receivable exceeding **0.5% of total assets** as significant accounts receivable[226](index=226&type=chunk) - The company presents the unconditional right to receive consideration from customers as **accounts receivable**, and the right to receive consideration for goods transferred to customers as **contract assets**[262](index=262&type=chunk) - On each balance sheet date between the grant date and the vesting date, the company revises the estimated number of exercisable restricted shares based on the latest information and recognizes them at **fair value on the grant date** as relevant costs or expenses and capital reserve[320](index=320&type=chunk) - Revenue from the sale of **UAV systems**, **flight control and ground command systems**, and other products, as well as the provision of **UAV aerial data services**, is recognized as fulfilling performance obligations at a point in time[301](index=301&type=chunk) [VI. Taxation](index=108&type=section&id=VI.%20Taxation) This section details the company's and its subsidiaries' main tax types and rates, including VAT and corporate income tax, highlighting various preferential policies for high-tech, Western Development, small-profit, and advanced manufacturing enterprises Main Tax Types and Rates | Tax Type | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sales of Goods and Taxable Services Revenue | 6%、13% | | Property Tax | Original Value of Property or Rental Income | 1.2%、12% | | Land Use Tax | Actual Land Area Used | 4 yuan/sqm, 5 yuan/sqm, 2 yuan/sqm | | Urban Maintenance and Construction Tax | Actual Amount of Turnover Tax Paid | 5%、7% | | Education Surcharge | Actual Amount of Turnover Tax Paid | 3% | | Local Education Surcharge | Actual Amount of Turnover Tax Paid | 2% | | Corporate Income Tax | Taxable Income | 15%、20% | - The company and subsidiaries such as Chengdu Jouav Dapeng UAV Technology Co., Ltd. enjoy a **15% corporate income tax preferential rate** as **high-tech enterprises**[314](index=314&type=chunk)[315](index=315&type=chunk) - Chengdu Jouav Fusion Technology Co., Ltd., Chengdu Jouav Pengfei Technology Co., Ltd., and Chengdu Jouav Yunlong UAV Technology Co., Ltd. benefit from the **Western Development policy**, enjoying a **15% corporate income tax rate**[315](index=315&type=chunk) - Sichuan Jouav UAV Technology Co., Ltd., Shenzhen Jouav UAV Technology Co., Ltd., and other subsidiaries qualify as **small-profit enterprises**, enjoying **income tax preferential policies**[316](index=316&type=chunk) - The company enjoys a **VAT immediate refund policy** for software products, where the portion of actual tax burden exceeding **3%** is refunded[317](index=317&type=chunk) - Some subsidiaries benefit from **VAT super deduction policies for advanced manufacturing enterprises** and **tax incentives for hiring people from poverty-stricken areas/unemployed individuals**[318](index=318&type=chunk)[319](index=319&type=chunk)[320](index=320&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=111&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes to all consolidated financial statement items, including assets, liabilities, equity, income, expenses, and cash flows, explaining period-end balances, changes, and reasons Monetary Funds (Unit: yuan) | Item | Period-end Balance | Period-beginning Balance | | :--- | :--- | :--- | | Bank Deposits | 103,451,596.28 | 180,013,428.34 | | Other Monetary Funds | 9,630,536.20 | 10,995,096.84 | | **Total** | **113,082,132.48** | **191,008,525.18** | Trading Financial Assets (Unit: yuan) | Item | Period-end Balance | Period-beginning Balance | | :--- | :--- | :--- | | Wealth Management Products | 31,112,758.55 | 35,008,305.56 | | Large-denomination Certificates of Deposit | 10,112,125.00 | 10,302,250.00 | | **Total** | **41,224,883.55** | **45,310,555.56** | Aging Analysis of Accounts Receivable (Unit: yuan) | Aging | Period-end Carrying Amount | Period-beginning Carrying Amount | | :--- | :--- | :--- | | Within 1 year (inclusive) | 97,291,408.79 | 130,293,885.06 | | 1 to 2 years | 22,074,280.81 | 23,475,838.92 | | 2 to 3 years | 19,694,173.91 | 17,927,106.65 | | 3 to 4 years | 12,528,641.83 | 9,588,484.71 | | 4 to 5 years | 3,169,801.32 | 4,614,977.04 | | Over 5 years | 3,838,860.85 | 1,935,969.80 | | **Total** | **158,597,167.51** | **187,836,262.18** | Inventory Classification (Unit: yuan) | Item | Period-end Carrying Amount | Period-beginning Carrying Amount | | :--- | :--- | :--- | | Raw Materials | 81,441,457.26 | 59,919,341.49 | | Work in Progress | 13,274,085.69 | 11,094,107.43 | | Inventories | 65,642,533.65 | 57,415,008.33 | | Goods in Transit | 60,840,062.92 | 49,956,020.79 | | Consigned Processing Materials | 166,100.79 | 547,152.91 | | Contract Performance Costs | 30,972,299.22 | 23,321,760.94 | | **Total** | **252,336,539.53** | **202,253,391.89** | Operating Revenue and Operating Costs (Unit: yuan) | Item | Current Period Amount (Revenue) | Current Period Amount (Cost) | Prior Period Amount (Revenue) | Prior Period Amount (Cost) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 134,655,636.24 | 62,975,585.01 | 83,266,371.08 | 44,022,095.80 | | **Total** | **134,655,636.24** | **62,975,585.01** | **83,266,371.08** | **44,022,095.80** | R&D Expenses (Unit: yuan) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Employee Compensation | 14,970,616.80 | 11,932,550.63 | | R&D Materials | 6,950,092.05 | 5,520,980.93 | | Depreciation and Amortization | 1,477,092.61 | 1,429,760.43 | | Share-based Payment Expenses | 1,161,330.90 | - | | Other | 1,542,996.93 | 868,277.09 | | **Total** | **26,102,129.29** | **19,751,569.08** | [VIII. R&D Expenditures](index=161&type=section&id=VIII.%20R%26D%20Expenditures) This section details R&D expenditures, totaling **50.06 million yuan** (26.10 million expensed, 23.96 million capitalized), highlighting key projects like FB, FC, CW-20E, and multi-rotor unattended systems, expected to be completed by December 2025 R&D Expenditures by Nature of Expense (Unit: yuan) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Personnel Expenses | 21,348,799.51 | 19,668,850.71 | | R&D Materials | 22,023,493.33 | 19,041,548.38 | | Depreciation and Amortization | 2,252,943.67 | 1,980,411.50 | | Technical Service Fees | 310,343.21 | 468,020.57 | | Travel Expenses | 497,621.68 | 485,394.62 | | Field Test Expenses | 62,927.22 | 174,390.27 | | Entrusted External R&

Core Viewpoint - The demand for surveying drones in China is projected to reach 103,000 units by 2024, with a market size of 7.039 billion yuan, driven by diverse applications across various sectors such as agriculture, forestry, transportation, and disaster response [1][9]. Overview - Surveying drones utilize unmanned aerial vehicle technology equipped with various sensors to collect high-precision geographic data, supporting fields like terrain mapping, urban planning, land management, and disaster assessment [2][9]. Market Policy - The Chinese government has implemented several policies to support the development of the surveying drone industry, creating a favorable environment for growth [4][6]. Industry Chain - The upstream of the surveying drone industry includes suppliers of materials (steel, aluminum, carbon fiber), sensors (cameras, LiDAR), and components (chips, batteries). The downstream applications cover geographic surveying, engineering monitoring, disaster response, and agricultural monitoring [7][9]. Current Development - The surveying drone market is expanding beyond traditional applications, with significant growth in agriculture (crop monitoring), forestry (resource surveys), transportation (road planning), and emergency response [1][9]. Competitive Landscape - Major players in the Chinese surveying drone market include DJI, Huace Navigation, Zongheng Co., and Dadi Surveying. DJI leads the global drone market, while Huace Navigation specializes in high-precision positioning technology [10][13]. Industry Representative Analysis - DJI has established itself as a leader in the surveying drone sector, leveraging strong R&D capabilities and a comprehensive product ecosystem [13]. Huace Navigation focuses on high-precision navigation and has a diverse application portfolio across various industries [15]. Development Trends - The future of surveying drones will see advancements in artificial intelligence, enabling smarter data collection and processing, autonomous path optimization, and real-time geographic information updates [17].

Company Overview - Zongheng Co., Ltd. is a leading industrial drone manufacturer in China, transitioning from a drone manufacturer to a low-altitude digital economy solution provider with integrated hardware and software products [2][3] - The company has launched a series of products including "unmanned systems + Zongheng Cloud + AI" and is accelerating the development of heavy-load drones [2] Financial Performance - Revenue is projected to grow from 287 million yuan in 2022 to 474 million yuan in 2024, with a CAGR of 28.47% [2] - The company expects to achieve a revenue of 135 million yuan in the first half of 2025, representing a year-on-year increase of 61.72% [2] Market Potential - The industrial drone market in China is expected to grow from 38.2 billion yuan in 2021 to 65.1 billion yuan in 2024, with a CAGR of 19.45% [3] - The low-altitude logistics market is projected to expand from 12.8 billion yuan in 2024 to 30.8 billion yuan in 2027, with a CAGR of 34% [4] Strategic Initiatives - The company is actively developing long-endurance drones and has showcased models like CW-40 and CW-100 at the Zhuhai Airshow [3] - Zongheng is collaborating with various regions to implement low-altitude digital economy solutions and has established a manufacturing base in Shaoxing [4] Growth Drivers - The company has introduced a restricted stock incentive plan to boost growth, with performance targets set for revenue and profit [5] - Revenue targets for 2025 and 2026 are set at 580 million yuan and 700 million yuan, respectively, with a goal of achieving profitability [5] Profitability Forecast - Revenue forecasts for 2025, 2026, and 2027 are 596 million yuan, 727 million yuan, and 859 million yuan, respectively, with net profits expected to turn positive by 2025 [6] - The target price for the stock is set at 81.62 yuan, based on a 12x price-to-sales ratio for 2025 [6]

Group 1 - The core viewpoint of the report is that Zhongheng Co., Ltd. (688070.SH) is rated as a "buy" due to its strong position in the drone industry and its comprehensive technology advantages [2] - The company has established a complete drone ecosystem, integrating both hardware and software, which solidifies its leading position in the market [2] - Zhongheng is positioned as a provider of low-altitude digital economy solutions, actively engaging in the emerging low-altitude economy [2] - The company is preparing to launch heavy-load drones in collaboration with leading logistics companies, entering a new blue ocean in low-altitude logistics [2] - The implementation of equity incentives reflects the company's confidence in its development, with new business ventures expected to become significant growth drivers for its performance [2]

Group 1 - The low-altitude economy sector experienced a decline, with a drop of 2.02% in the afternoon trading session [2] - Specific companies within this sector saw significant losses, including Zongheng Co., which fell by 5.19%, Aerospace Morning Light down by 4.70%, and *ST New Research decreasing by 4.49% [2] - Other companies also faced declines, such as Aerospace Electronics down by 4.15% and Northern Navigation dropping by 4.30% [2]

Market Overview - The aviation equipment sector experienced a decline of 0.22% on August 5, with Huayin Technology leading the drop [1] - The Shanghai Composite Index closed at 3617.6, up 0.96%, while the Shenzhen Component Index closed at 11106.96, up 0.59% [1] Stock Performance - Ailida (300696) saw a significant increase of 6.81%, closing at 32.17, with a trading volume of 726,000 shares and a transaction value of 2.334 billion [1] - Hengyu Xintong (300965) rose by 5.19% to 80.04, with a trading volume of 95,600 shares and a transaction value of 780 million [1] - Zhongjian Technology (300777) increased by 4.96% to 37.66, with a trading volume of 209,000 shares and a transaction value of 781 million [1] - Huayin Technology (688281) declined by 4.71% to 73.62, with a trading volume of 36,900 shares and a transaction value of 280 million [2] - Other notable declines included Jiachi Technology (688708) down 4.46% and Jianghang Equipment (688586) down 2.77% [2] Capital Flow - The aviation equipment sector saw a net outflow of 1.678 billion from institutional investors, while retail investors contributed a net inflow of 1.188 billion [2][3] - The capital flow data indicates that institutional investors were net sellers, while retail investors were net buyers, suggesting differing market sentiments [2][3] Individual Stock Capital Flow - Hongdu Aviation (600316) had a net inflow of 24.3153 million from institutional investors, while retail investors had a net outflow of 80.3541 million [3] - Zhongjian Technology (300777) experienced a net inflow of 19.1756 million from institutional investors, but a net outflow of 28.5424 million from retail investors [3] - New Star Equipment (002933) saw a net inflow of 10.7080 million from institutional investors and a net inflow of 20.4644 million from retail investors [3]

长城军工涨停，北方长龙涨超10%，光电股份、理工导航、捷强装备、内蒙一机、纵横股份等跟涨。 (本文来自第一财经) ...

企查查APP显示，近日，四川远佑纵横教育科技有限公司成立，注册资本1000万元，经营范围包含：智 能无人飞行器销售；信息系统集成服务；信息系统运行维护服务；人工智能行业应用系统集成服务等。 企查查股权穿透显示，该公司由纵横股份（688070）等共同持股。 （原标题：纵横股份等成立教育科技新公司） ...

Market Overview - The aviation equipment sector increased by 1.71% on July 29, with Hangfa Technology leading the gains [1] - The Shanghai Composite Index closed at 3609.71, up 0.33%, while the Shenzhen Component Index closed at 11289.41, up 0.64% [1] Stock Performance - Hangfa Technology (600391) closed at 32.03, up 9.99% with a trading volume of 361,600 shares and a transaction value of 1.102 billion [1] - Hangya Technology (688510) closed at 25.86, up 8.66% with a trading volume of 157,400 shares [1] - Zongheng Co. (688070) closed at 59.88, up 6.62% with a trading volume of 48,000 shares [1] - Chengxi Aviation (300581) closed at 22.86, up 6.08% with a trading volume of 988,700 shares and a transaction value of 2.213 billion [1] - Hangyu Technology (688239) closed at 39.87, up 5.87% with a trading volume of 63,900 shares [1] - Other notable stocks include Zhonghang Shenfei (600760) at 66.14, up 3.38%, and Feilai (300395) at 83.04, up 2.86% [1] Capital Flow - The aviation equipment sector saw a net inflow of 239 million in main funds, while retail investors experienced a net outflow of 197 million [2][3] - Major stocks like Zhonghang Shenfei (600760) had a net inflow of 334 million, while Hangfa Technology (600391) saw a net outflow of 101 million from retail investors [3]