兴业证券股份有限公司 关于福建福昕软件开发股份有限公司 使用部分暂时闲置募集资金进行现金管理的核查意见 兴业证券股份有限公司（以下简称"兴业证券"或"保荐机构"）作为福建福昕软件开发 股份有限公司（以下简称"福昕软件"或"公司"）首次公开发行并上市的保荐机构，根据《上 市公司募集资金监管规则》《上海证券交易所科创板股票上市规则》《上海证券交易所科创板 上市公司自律监管指引第 1 号——规范运作》等相关法律法规和规范性文件的有关规定，对 福昕软件使用部分暂时闲置募集资金进行现金管理事项进行了审慎核查，具体情况如下： 一、本次使用部分暂时闲置募集资金进行现金管理情况概述 （一）现金管理目的 为提高募集资金使用效率，合理利用部分闲置募集资金，在确保不影响募集资金项目建 设和使用、募集资金安全的情况下，增加公司收益，为公司及股东获取更多回报。 （二）投资额度及决议有效期 在确保不影响募集资金投资计划正常进行的前提下，公司计划使用不超过人民币 45,000 万元的暂时闲置募集资金进行现金管理，决议有效期为自董事会审议通过之日起 12 个月，在 不超过上述额度及决议有效期内，资金可循环滚动使用。 （三）资金来源 1、募集 ...

[Definitions](index=4&type=section&id=Item%201.%20Definitions) This section provides a comprehensive glossary of terms, acronyms, and financial units used throughout the report to ensure clarity and consistent understanding [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This chapter defines common terms used in the report, including company names, related parties, industry acronyms (e.g., ARR, PDF, SDK, OFD, AIGC), and financial units, to ensure clear understanding of the content Definitions of Common Terms | Term | Meaning | | :--- | :--- | | Company, The Company, Foxit Software, Foxit | Fujian Foxit Software Development Co., Ltd. | | Actual Controller, Controlling Shareholder | Mr. Xiong Yuqian | | ARR | Annual Recurring Revenue, refers to the annualized value of recurring revenue from subscription contracts | | PDF | Portable Document Format | | SDK | Software Development Kit | | OFD | Open Fixed-Layout Document | | AIGC | Artificial Intelligence Generated Content | | Reporting Period | January 1, 2025 to June 30, 2025 | [Company Profile and Key Financial Indicators](index=5&type=section&id=Item%202.%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section presents the company's fundamental information, including registration details, contact information, stock overview, and a summary of key accounting data and financial indicators for the reporting period [Basic Company Information](index=5&type=section&id=I.%20Basic%20Company%20Information) This section outlines the company's registration details, legal representative, registered and office addresses, website, and email Basic Company Information | Indicator | Content | | :--- | :--- | | Chinese Name | Fujian Foxit Software Development Co., Ltd. | | Chinese Abbreviation | Foxit Software | | Legal Representative | Xiong Yuqian | | Registered Address | Building 5, G Zone, Fuzhou Software Park, No. 89 Software Avenue, Gulou District, Fuzhou City | | Office Address | Building 5, G Zone, Fuzhou Software Park, No. 89 Software Avenue, Gulou District, Fuzhou City | | Company Website | https://www.fuxinsoft.cn/ | | Email Address | boardoffice@fuxinsoft.cn | [Contact Persons and Information](index=6&type=section&id=II.%20Contact%20Persons%20and%20Information) This section provides the names, contact addresses, phone numbers, fax numbers, and email addresses of the company's Board Secretary and Securities Affairs Representative Contact Persons and Information | Position | Name | Contact Address | Phone | Fax | Email Address | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary (Domestic Representative for Information Disclosure) | Li Weilan | Building 5, G Zone, Fuzhou Software Park, No. 89 Software Avenue, Gulou District, Fuzhou City | 0591-38509866 | 0591-38509869 | boardoffice@fuxinsoft.cn | | Securities Affairs Representative | Lin Feijing | Building 5, G Zone, Fuzhou Software Park, No. 89 Software Avenue, Gulou District, Fuzhou City | 0591-38509866 | 0591-38509869 | boardoffice@fuxinsoft.cn | [Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=6&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Custody%20Locations) This section details the company's designated newspapers for information disclosure, website address, and the location for semi-annual report custody Information Disclosure and Document Custody Locations | Item | Content | | :--- | :--- | | Names of Newspapers Selected for Information Disclosure | "Shanghai Securities News", "Securities Times" | | Website Address for Semi-Annual Report Publication | Shanghai Stock Exchange website (https://www.sse.com.cn) | | Company's Semi-Annual Report Custody Location | Building 5, G Zone, Fuzhou Software Park, No. 89 Software Avenue, Gulou District, Fuzhou City | [Overview of Company Shares/Depositary Receipts](index=6&type=section&id=IV.%20Overview%20of%20Company%20Shares%2FDepositary%20Receipts) This section discloses the listing exchange, board, abbreviation, and code for the company's A-shares Company Share Overview | Share Type | Listing Exchange and Board | Share Abbreviation | Share Code | Previous Share Abbreviation | | :--- | :--- | :--- | :--- | :--- | | A-shares | Shanghai Stock Exchange STAR Market | Foxit Software | 688095 | Not Applicable | [Company's Key Accounting Data and Financial Indicators](index=6&type=section&id=VI.%20Company%27s%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section summarizes the company's key accounting data and financial indicators for the reporting period, including operating revenue, net profit, and earnings per share, with comparisons to the prior year Key Accounting Data (Unit: RMB Yuan) | Key Accounting Data | Current Reporting Period (Jan-Jun) | Prior Year Same Period | % Change Current Period vs. Prior Year Same Period | | :--- | :--- | :--- | :--- | | Operating Revenue | 422,607,028.87 | 337,555,617.38 | 25.20 | | Total Profit | -14,641,312.37 | 64,491,071.77 | -122.70 | | Net Profit Attributable to Shareholders of Listed Company | -4,879,645.46 | 62,516,372.84 | -107.81 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | -22,345,483.74 | -63,773,801.91 | Not Applicable | | Net Cash Flow from Operating Activities | -59,310,413.44 | -77,826,346.62 | Not Applicable | | | End of Current Reporting Period | End of Prior Year | % Change End of Current Period vs. End of Prior Year | | Net Assets Attributable to Shareholders of Listed Company | 2,535,567,646.55 | 2,552,759,092.18 | -0.67 | | Total Assets | 3,628,405,833.57 | 3,080,916,196.43 | 17.77 | Key Financial Indicators (Unit: RMB Yuan) | Key Financial Indicators | Current Reporting Period (Jan-Jun) | Prior Year Same Period | % Change Current Period vs. Prior Year Same Period | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | -0.0544 | 0.7036 | -107.73 | | Diluted Earnings Per Share (RMB/share) | -0.0544 | 0.6974 | -107.80 | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (RMB/share) | -0.2491 | -0.7177 | Not Applicable | | Weighted Average Return on Net Assets (%) | -0.19 | 2.40 | Decreased by 2.59 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | -0.87 | -2.45 | Not Applicable | | R&D Investment as a Percentage of Operating Revenue (%) | 29.46 | 37.18 | Decreased by 7.72 percentage points | [Explanation of Company's Key Accounting Data and Financial Indicators](index=7&type=section&id=Explanation%20of%20Company%27s%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section explains the 25.20% growth in operating revenue due to the dual-transformation strategy of subscription and channel sales, and the shift from profit to loss in net profit, with a narrowed loss after non-recurring items, primarily influenced by non-recurring gains/losses and seasonal impacts from newly acquired subsidiaries - During the reporting period, the company achieved operating revenue of **RMB 422.61 million**, a **25.20% increase** year-on-year; excluding the impact of foreign exchange fluctuations, growth was approximately **23.47%**[20](index=20&type=chunk) - Subscription revenue reached **RMB 247.02 million**, accounting for **59.15%** of original business segment revenue, a **59.82% increase** year-on-year; subscription business ARR reached **RMB 498.57 million**, a **21.22% increase** from the end of the prior year[20](index=20&type=chunk) - Channel operating revenue was **RMB 183.01 million**, a **40.48% increase** year-on-year, accounting for **43.82%** of original business segment revenue[20](index=20&type=chunk) - Net profit attributable to owners of the parent company was **RMB -4.88 million**, a shift from a **RMB 62.52 million** profit in the prior year, primarily due to a **RMB 103 million** investment gain recognized from the acquisition of Foxit Kunpeng in the prior year[21](index=21&type=chunk) - After deducting non-recurring gains and losses, the company's net profit attributable to the parent company was **RMB -22.35 million**, with the loss narrowing by approximately **64.96%** compared to the prior year[21](index=21&type=chunk) - Excluding the impact of newly acquired subsidiary Tongban Information and share-based payments, the original core business segment achieved a net profit of **RMB 10.35 million** after deducting non-recurring items, indicating a turnaround to profitability at the operational level[21](index=21&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=VII.%20Non-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 **RMB 17.47 million** Non-Recurring Gains and Losses Items and Amounts (Unit: RMB Yuan) | Non-Recurring Gains and Losses Item | Amount | | :--- | :--- | | Gains and losses from disposal of non-current assets | 4,194,418.12 | | Government grants recognized in current profit or loss | 4,320,920.79 | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises | -6,109,785.39 | | Gains and losses from entrusted investments or asset management | 19,176,420.56 | | Other non-operating income and expenses apart from the above | 171,452.57 | | Other gains and losses meeting the definition of non-recurring | 170,114.15 | | Less: Income tax impact | 3,669,491.42 | | Minority interest impact (after tax) | 788,211.10 | | Total | 17,465,838.28 | [Companies with Equity Incentive or Employee Stock Ownership Plans May Choose to Disclose Net Profit After Deducting Share-Based Payment Impact](index=9&type=section&id=IX.%20Companies%20with%20Equity%20Incentive%20or%20Employee%20Stock%20Ownership%20Plans%20May%20Choose%20to%20Disclose%20Net%20Profit%20After%20Deducting%20Share-Based%20Payment%20Impact) This section discloses that net profit after deducting the impact of share-based payments was **RMB 14.97 million**, a **79.83% decrease** year-on-year Net Profit After Deducting Share-Based Payment Impact (Unit: RMB Yuan) | Key Accounting Data | Current Reporting Period (Jan-Jun) | Prior Year Same Period | % Change Current Period vs. Prior Year Same Period | | :--- | :--- | :--- | :--- | | Net Profit After Deducting Share-Based Payment Impact | 14,968,682.59 | 74,206,357.08 | -79.83 | [Explanation of Non-GAAP Performance Indicators](index=9&type=section&id=X.%20Explanation%20of%20Non-GAAP%20Performance%20Indicators) This section explains the company's use of non-GAAP performance indicators (net profit after deducting non-recurring items, share-based payment expenses, and goodwill impairment) to better reflect performance growth, and clarifies the significant narrowing of losses in the current period Non-GAAP Performance Indicators (Unit: RMB Yuan) | Item Name | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | -22,345,483.74 | -63,773,801.91 | | Share-Based Payment Expenses | 19,848,328.05 | 11,689,984.24 | | Goodwill Impairment Loss | | | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses, Share-Based Payment Expenses, and Goodwill Impairment | -2,497,155.69 | -52,083,817.67 | - After deducting share-based payment expenses and goodwill impairment, the non-GAAP net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses saw its year-on-year loss significantly narrow by **95.21%**[32](index=32&type=chunk) - Share-based payment expenses increased compared to the prior year, primarily due to the implementation of a new round of equity incentive plans in August 2024, leading to the accrual of corresponding share-based payment expenses in the first half of 2025[31](index=31&type=chunk) [Management Discussion and Analysis](index=10&type=section&id=Item%203.%20Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the company's industry, business operations, core competencies, and risk factors, along with a detailed review of key financial performance during the reporting period [Explanation of the Company's Industry and Main Business Operations During the Reporting Period](index=10&type=section&id=I.%20Explanation%20of%20the%20Company%27s%20Industry%20and%20Main%20Business%20Operations%20During%20the%20Reporting%20Period) This section elaborates on the development stage, characteristics, and key technological barriers of the software and information technology services industry, the company's industry position, and the development and future trends of new technologies, industries, business forms, and models during the reporting period. It also introduces the company's main businesses, products, and services, including formatted document general products and services, intelligent document processing platforms and applications, and digital government products and services - The company belongs to 'I65 Software and Information Technology Services' specifically 'I651 Software Development', primarily engaged in the design, R&D, and sales of **PDF-related products**[34](index=34&type=chunk) - The digital economy is booming, with the global digital economy exceeding **USD 33 trillion** in 2023, growing over **8%** year-on-year[35](index=35&type=chunk) - AI empowers electronic office solutions, with global AI IT investment reaching **USD 315.8 billion** in 2024, projected to increase to **USD 815.9 billion** by 2028[36](index=36&type=chunk) - Cloud computing applications are deepening, with Gartner forecasting global end-user spending on public cloud services to reach **USD 723.4 billion** in 2025[37](index=37&type=chunk) - The company is one of the earliest global PDF software product providers and has become an industry-leading software product and service provider in the **PDF electronic document field**[43](index=43&type=chunk) - The company is a key member of the International PDF Association and participated in China's document format standard formulation, such as being one of the drafting units for GB/T33190-2016 'Electronic Document Storage and Exchange Format Layout Document (OFD Layout Document)'[44](index=44&type=chunk) - On March 28, 2025, the national standard GB/T 45405-2025 '3D Product Data Visualization Application Format (PDV)', which the company co-developed as a core participant, was promulgated and implemented[45](index=45&type=chunk) - The company's main products and services include formatted document general products and services (e.g., Foxit PDF Editor, OFD Formatted Office Suite, Foxit eSign, AI Assistant), intelligent document processing platforms and applications (e.g., PDF SDK, OFD SDK, Intelligent Document Processing Platform IDP, industry application solutions), and digital government products and services (e.g., 'Efficient One-Stop Service' Intelligent Operation Platform, Intelligent Customer Service, and Government Knowledge Base Platform)[50](index=50&type=chunk)[52](index=52&type=chunk)[55](index=55&type=chunk)[56](index=56&type=chunk)[58](index=58&type=chunk)[59](index=59&type=chunk) [Discussion and Analysis of Operations](index=19&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) During the reporting period, the company achieved significant operating revenue growth by dynamically adjusting its business strategy amidst a complex global economic environment, with smooth progress in its dual-transformation strategy for subscriptions and channels. Overseas markets performed well, while the Chinese market pursued diversified expansion under the 'one horizontal, multiple vertical' strategy. The company continued to increase R&D investment in AI empowerment and achieved brand-building results such as G2.com ratings and national standard outstanding contribution awards - In the first half, the company achieved operating revenue of **RMB 422.61 million**, a **25.20% increase** year-on-year; Q2 total revenue reached **RMB 220.44 million**, a **30.62% increase** year-on-year[61](index=61&type=chunk) - Excluding revenue from newly acquired subsidiary Tongban Information, the original core business segment's operating revenue grew by **23.84%** in the first half and **29.04%** in Q2 alone[61](index=61&type=chunk) - Net profit attributable to owners of the parent company was **RMB -4.88 million**, a shift from profit to loss, primarily due to a **RMB 103 million** investment gain recognized from the acquisition of Foxit Kunpeng in the prior year[63](index=63&type=chunk) - Net profit attributable to the parent company after deducting non-recurring gains and losses was **RMB -22.35 million**, with the loss narrowing by approximately **64.96%**[63](index=63&type=chunk) - Excluding the impact of newly acquired subsidiary Tongban Information and share-based payments, the original core business segment achieved a net profit of **RMB 10.35 million** after deducting non-recurring items, indicating a turnaround to profitability at the operational level[63](index=63&type=chunk) - Net cash flow from operating activities was **RMB -59.31 million**, with the net outflow narrowing by **23.79%** compared to the prior year[67](index=67&type=chunk) - Subscription business ARR reached **RMB 498.57 million**, a **53.43% increase** year-on-year and a **21.22% increase** from the end of the prior year; the renewal rate for core editor product subscriptions remained above **90%**[69](index=69&type=chunk) - In the first half, subscription revenue was **RMB 247.02 million**, accounting for **59.15%** of original business segment revenue, a **59.82% increase** year-on-year[72](index=72&type=chunk) - In the first half, main business revenue generated through channels was **RMB 183.01 million**, accounting for **43.82%** of original business segment revenue, a **40.48% increase** year-on-year[74](index=74&type=chunk) - Overseas market main business revenue increased by **25.17%** year-on-year, while domestic market revenue increased by **24.60%** year-on-year[80](index=80&type=chunk) - In the first half, R&D investment was **RMB 124.49 million**, a **0.81% decrease** year-on-year, with expensed R&D expenditure accounting for **28.37%** of operating revenue[84](index=84&type=chunk) - The company launched the AI-Powered Research Agent, an AI-driven tool, introducing MCP (Model Context Protocol) to fully empower product line innovation and upgrades[84](index=84&type=chunk) - Foxit Intelligent Document Processing Platform (IDP) empowers the political and legal system, collaborating with the Beijing People's Procuratorate to create the 'Digital Fengqiao, Digital Beijing' solution[85](index=85&type=chunk) - G2.com report shows Foxit PDF Editor achieved the highest satisfaction score among PDF Editor products, ranking **2nd** overall and listed among leading vendors[86](index=86&type=chunk) [Analysis of Core Competencies During the Reporting Period](index=26&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core competencies include technological innovation, customer resources, marketing network and services, brand, product advantages in the PDF electronic document field, and independent R&D capabilities. The company possesses an experienced R&D team, continuously invests in R&D, has established a complete independent intellectual property system, and has accumulated extensive domestic and international customer resources and a comprehensive global marketing and service network - The company has **502 R&D personnel**, accounting for approximately **33.42%** of its total employees, with R&D investment of **RMB 124.49 million** during the reporting period[89](index=89&type=chunk) - As of June 30, 2025, the company holds **80 domestic and international invention patents** and **384 domestic and international software copyrights**[90](index=90&type=chunk) - The company possesses core technologies such as **PDF document parsing and rendering, cross-platform compatibility, document format conversion, high compression ratio, Connected PDF, electronic forms, and document AI assistant**[95](index=95&type=chunk)[96](index=96&type=chunk)[97](index=97&type=chunk) - The company has accumulated extensive customer resources across various industries, focusing on key sectors such as education, legal, banking, insurance, and government, with major clients including Shared Services Canada, Pearson Education, and FAW-Volkswagen[90](index=90&type=chunk) - The company has established a relatively comprehensive global marketing network, with subsidiaries in countries and regions such as the United States, Germany, Ireland, and Japan[91](index=91&type=chunk) - The company's products are sold in over **200 countries and regions** worldwide, establishing it as a well-known domestic and international brand for **PDF electronic document format software products**[92](index=92&type=chunk) - The company's products offer advantages such as **multi-platform support, fast processing speed, security and reliability, user-friendly interface, convenient operation, and high cost-effectiveness**[93](index=93&type=chunk) - The company is a key member of the International PDF Association and a member of China's OFD formatted document standard committee, having received the **Second Prize in the China Standard Innovation Contribution Award - Standard Project Award**[93](index=93&type=chunk)[94](index=94&type=chunk) - The company consistently adheres to an independent R&D path, committed to achieving software localization, and has established R&D centers or departments in Beijing, Fuzhou, Nanjing, Hefei, Chengdu, Shenzhen, Xi'an, the United States, Germany, Slovakia, India, and Ireland[94](index=94&type=chunk) [Risk Factors](index=39&type=section&id=IV.%20Risk%20Factors) The company faces operational risks including intellectual property infringement, technological upgrades and R&D failures, overseas operations, talent loss and insufficient reserves, data security, market competition, server and network operational security, and inadequate management capabilities. Additionally, there are financial and macroeconomic risks such as goodwill impairment, changes in regulatory policies, and exchange rate fluctuations and foreign exchange controls - Risk of intellectual property infringement: The software industry is susceptible to cracking and illegal copying, making it difficult to trace infringers, which could lead to user loss and weakened competitiveness[113](index=113&type=chunk) - Risk of technological upgrades and R&D failure: The software industry experiences rapid technological advancements; if new technologies do not align with industry trends or R&D results fall short of expectations, it will adversely affect production and operations[113](index=113&type=chunk) - Risk of overseas operations: Differences in culture and usage habits in overseas markets, as well as changes in political and economic environments, may adversely affect the company's business development[114](index=114&type=chunk) - Risk of talent loss and insufficient reserves: The software development industry faces intense talent competition, and the loss of key personnel or inadequate backup human resources may impact the company's development[114](index=114&type=chunk) - Risk of goodwill impairment: As of June 30, 2025, the net book value of goodwill was **RMB 459.65 million**, accounting for **12.67%** of total assets; if the asset groups corresponding to goodwill underperform expectations in the future, goodwill impairment may occur[116](index=116&type=chunk) - Risk of exchange rate fluctuations and foreign exchange controls: The expansion of the company's overseas business leads to increased foreign exchange income, and exchange rate fluctuations may affect profit levels; changes in overseas foreign exchange settlement and profit distribution policies may also have adverse effects[118](index=118&type=chunk) [Key Operating Performance During the Reporting Period](index=41&type=section&id=V.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) During the reporting period, the company's operating revenue increased by **25.20%** year-on-year, but net profit attributable to the parent company shifted from profit to loss, with the loss narrowing after deducting non-recurring items. Total assets grew by **17.77%**, while net assets slightly decreased. Changes in key financial statement items were influenced by subscription and channel transformation, newly acquired subsidiaries, and exchange rate fluctuations. Overseas assets accounted for **31.86%** of total assets, primarily comprising monetary funds - During the reporting period, the company achieved total operating revenue of **RMB 422.61 million**, a **25.20% increase** year-on-year[119](index=119&type=chunk) - Net profit attributable to owners of the parent company was **RMB -4.88 million**, a **107.81% decrease** year-on-year; net profit attributable to owners of the parent company after deducting non-recurring gains and losses was **RMB -22.35 million**, a **64.96% increase** (loss narrowing) year-on-year[119](index=119&type=chunk) - At the end of the reporting period, the company's total assets were **RMB 3.63 billion**, a **17.77% increase** from the beginning of the reporting period; owners' equity attributable to the parent company was **RMB 2.54 billion**, a **0.67% decrease** from the beginning of the reporting period[119](index=119&type=chunk) Analysis of Changes in Financial Statement Items (Unit: RMB Yuan) | Item | Current Period Amount | Prior Year Same Period Amount | % Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 422,607,028.87 | 337,555,617.38 | 25.20 | | Operating Cost | 33,814,967.86 | 19,905,902.58 | 69.87 | | Selling Expenses | 201,147,100.88 | 187,202,293.31 | 7.45 | | Administrative Expenses | 93,451,641.24 | 77,868,564.57 | 20.01 | | R&D Expenses | 119,893,727.41 | 115,070,972.81 | 4.19 | | Financial Expenses | -7,825,857.32 | -5,166,808.61 | -51.46 | | Net Cash Flow from Operating Activities | -59,310,413.44 | -77,826,346.62 | Not Applicable | | Net Cash Flow from Investing Activities | 120,485,754.60 | 210,420,315.30 | -42.74 | | Net Cash Flow from Financing Activities | 156,914,548.07 | -53,520,706.25 | 393.18 | - Overseas assets amounted to **RMB 1.16 billion**, accounting for **31.86%** of total assets[128](index=128&type=chunk) Overseas Asset Operating Performance (Unit: RMB 10,000 Yuan) | Overseas Asset Name | Reason for Formation | Operating Model | Operating Revenue for Current Reporting Period | Net Profit for Current Reporting Period | | :--- | :--- | :--- | :--- | :--- | | Foxit USA | Responsible for Foxit Software's sales and R&D functions in the United States | Online, offline direct sales, and agent sales | 37,610.49 | 2,897.24 | - Investment during the reporting period totaled **RMB 474.98 million**, primarily for acquiring a **51.00% equity stake** in Shanghai Tongban Information Service Co., Ltd., with an investment loss of **RMB -11.97 million** for the period[135](index=135&type=chunk) - As of June 30, 2025, the net book value of goodwill was **RMB 459.65 million**, accounting for **12.67%** of total assets, primarily due to the increase in goodwill from newly acquired subsidiaries during the reporting period[116](index=116&type=chunk)[126](index=126&type=chunk) [Corporate Governance, Environment, and Society](index=51&type=section&id=Item%204.%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section covers changes in the company's board, management, and core technical personnel, outlines profit distribution plans, and details the status and impact of equity incentive and employee stock ownership plans [Changes in Company Directors, Supervisors, Senior Management, and Core Technical Personnel](index=51&type=section&id=I.%20Changes%20in%20Company%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20and%20Core%20Technical%20Personnel) During the reporting period, the company appointed Guo Dayong as Vice President, and core technical personnel Meng Qinggong was no longer designated as a core technical personnel due to changes in job responsibilities, but remains employed by the company - On April 15, 2025, the company appointed Mr. Guo Dayong as Vice President[145](index=145&type=chunk) - On July 18, 2025, Mr. Meng Qinggong, a core technical personnel, was no longer designated as a core technical personnel due to changes in job responsibilities, but continues to be employed by the company[145](index=145&type=chunk) - The criteria for identifying core technical personnel include: possessing strong R&D capabilities, currently holding a director-level or above position in R&D/technology, and having at least **10 years** of experience in the software industry[146](index=146&type=chunk) - As of the disclosure date of this report, the company's core technical personnel are: Xiong Yuqian, Liang Junyi, Huang Peng, and Wei Qun[146](index=146&type=chunk) [Profit Distribution or Capital Reserve Conversion Plan](index=51&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company's proposed semi-annual profit distribution or capital reserve conversion plan is 'No', meaning no bonus shares, cash dividends, or capital increase from reserves are applicable Semi-Annual Profit Distribution Plan | Whether to Distribute or Convert | No | | :--- | :--- | | Number of Bonus Shares per 10 Shares (shares) | Not Applicable | | Dividend per 10 Shares (RMB) (tax inclusive) | Not Applicable | | Number of Shares Converted from Capital Reserve per 10 Shares (shares) | Not Applicable | [Status and Impact of Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=51&type=section&id=III.%20Status%20and%20Impact%20of%20Company%27s%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) During the reporting period, the company's 2021 Restricted Stock Incentive Plan was completed and terminated, while the 2022 and 2024 Restricted Stock Incentive Plans continued to progress, with adjustments made to the grant prices. Some granted but unvested restricted shares were forfeited - The company's **2021 Restricted Stock Incentive Plan** has been completed and terminated[155](index=155&type=chunk) - The share registration procedures for the first vesting period of the initial grant under the **2022 Restricted Stock Incentive Plan** have been completed, with a total of **550,487 shares** vested[152](index=152&type=chunk) - The share registration procedures for the second vesting period of the initial grant and the first batch of the first vesting period of the reserved grant under the **2022 Restricted Stock Incentive Plan** have been completed, with a total of **493,867 shares** vested; the second batch of share registration procedures has been completed, with a total of **22,229 shares** vested[154](index=154&type=chunk) - The company adjusted the grant prices for the **2021, 2022, and 2024 Restricted Stock Incentive Plans**[149](index=149&type=chunk)[152](index=152&type=chunk)[155](index=155&type=chunk) - Some granted but unvested restricted shares were forfeited due to reasons such as employee resignation and failure to achieve 'A' level performance in individual assessments[151](index=151&type=chunk)[152](index=152&type=chunk)[155](index=155&type=chunk) [Significant Matters](index=57&type=section&id=Item%205.%20Significant%20Matters) This section addresses the fulfillment of commitments, significant litigation, related-party transactions, and the progress of raised funds utilization, providing insights into key events impacting the company [Fulfillment of Commitments](index=57&type=section&id=I.%20Fulfillment%20of%20Commitments) This section discloses the fulfillment of various commitments by the company's actual controller, shareholders, directors, supervisors, senior management, and core technical personnel during or continuing into the reporting period, including share lock-up, resolution of horizontal competition, regulation of related-party transactions, tax compliance, social security and housing fund contributions, repurchase of fraudulently issued shares, compensation for diluted immediate returns, and profit distribution policies, all of which were strictly fulfilled Fulfillment of Commitments | Commitment Type | Promising Party | Commitment Date | Has Fulfillment Period | Commitment Period | Strictly Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | | Share Lock-up | Controlling Shareholder, Actual Controller Xiong Yuqian | 2020.09.08 | Yes | During Tenure | Yes | | Resolve Horizontal Competition | Controlling Shareholder, Actual Controller Xiong Yuqian | 2020.09.08 | Yes | Long-term | Yes | | Resolve Related-Party Transactions | Controlling Shareholder, Actual Controller Xiong Yuqian | 2020.09.08 | Yes | Long-term | Yes | | Other (Tax Compliance, Social Security and Housing Fund Contributions, Repurchase of Fraudulently Issued Shares, Compensation for Diluted Immediate Returns, Profit Distribution) | Controlling Shareholder, Actual Controller Xiong Yuqian and The Company, etc. | 2020.09.08 | Yes | Long-term | Yes | - All commitments were strictly fulfilled during the reporting period, with no instances of failure to fulfill them in a timely manner[158](index=158&type=chunk) [Significant Litigation and Arbitration Matters](index=64&type=section&id=VII.%20Significant%20Litigation%20and%20Arbitration%20Matters) During the reporting period, the company was involved in a technical service contract dispute lawsuit, with an amount of **RMB 10 million**, which the court accepted and transferred for trial, and the company added co-defendants - The company is involved in a technical service contract dispute lawsuit with Anhui Guoguang Digital Technology Group Co., Ltd., involving an amount of **RMB 10 million**[182](index=182&type=chunk) - Guoguang Digital failed to provide service items as agreed, and the company considers this a deliberate breach of contract[182](index=182&type=chunk) - On March 3, 2025, Wuhu Economic and Technological Development Zone People's Court in Anhui Province accepted the case, which was then transferred to Wuhu Intermediate People's Court for trial on March 6[183](index=183&type=chunk) - In May 2025, the company added Guoguang Digital (Beijing) Technology Co., Ltd. and its shareholder Beijing International Advertising Media Group Co., Ltd. as co-defendants[183](index=183&type=chunk) [Significant Related-Party Transactions](index=65&type=section&id=X.%20Significant%20Related-Party%20Transactions) This section discloses daily related-party transactions with related parties during the reporting period, primarily involving the provision and acceptance of labor and technology licensing, with actual amounts totaling **RMB 5.15 million**, not exceeding the annual estimated total Daily Related-Party Transactions (Unit: RMB 10,000 Yuan) | Related-Party Transaction Type | Related Party | Estimated Amount for 2025 | Actual Amount Incurred During Reporting Period | | :--- | :--- | :--- | :--- | | Provision of Labor and Technology Licensing | Dasis Intelligence | 840.00 | 293.07 | | Provision of Labor and Technology Licensing | Minxing Information Technology Co., Ltd. | 50.00 | 5.80 | | Acceptance of Labor and Technology Licensing | Dasis Intelligence | 600.00 | 198.31 | | Acceptance of Labor and Technology Licensing | Beijing Hongwen Times Technology Co., Ltd. | 300.00 | 17.33 | | Total | | 2,470.00 | 514.51 | - The company's actual daily related-party transactions for 2025 totaled **RMB 5.15 million**, which did not exceed the estimated total[184](index=184&type=chunk) [Explanation of Progress in Use of Raised Funds](index=68&type=section&id=XII.%20Explanation%20of%20Progress%20in%20Use%20of%20Raised%20Funds) During the reporting period, the company's use of raised funds progressed smoothly, with a cumulative investment of **RMB 2.29 billion**, representing an investment progress of **88.68%**. Some fundraising projects have been completed, and surplus funds have been transferred out. The company also used over-raised funds for cash management and equity acquisitions Overall Use of Raised Funds (Unit: RMB Yuan) | Net Amount of Raised Funds | Total Committed Investment of Raised Funds | Cumulative Investment of Raised Funds as of End of Reporting Period | Total Raised Funds Investment Progress (%) | | :--- | :--- | :--- | :--- | | 2,586,478,593.67 | 407,364,300.00 | 2,293,807,196.91 | 88.68 | Use of Over-Raised Funds (Unit: RMB Yuan) | Total Over-Raised Funds | Cumulative Investment of Over-Raised Funds as of End of Reporting Period | Cumulative Over-Raised Funds Investment Progress (%) | | :--- | :--- | :--- | | 2,179,114,293.67 | 1,905,526,417.28 | 87.44 | - Fundraising projects such as 'PDF Product R&D and Upgrade Project', 'Document Intelligent Cloud Service Project', 'Frontier Document Technology R&D Project', and 'Property Purchase for Fuzhou R&D Center Construction' were completed in **2023**, and surplus funds have been transferred to the company's general accounts[190](index=190&type=chunk) - An additional **RMB 505.94 million** of over-raised funds was used to increase the investment in the 'Global Marketing and Service Network and Supporting Facilities Construction Project'[192](index=192&type=chunk) - An additional **RMB 1.31 billion** of over-raised funds was used to permanently supplement working capital[192](index=192&type=chunk) - An additional **RMB 90.24 million** of over-raised funds was used to acquire a portion of Kunpeng's equity[192](index=192&type=chunk) - As of June 30, 2025, the company used **RMB 387.56 million** of idle raised funds to purchase principal-protected wealth management products[197](index=197&type=chunk) [Share Changes and Shareholder Information](index=72&type=section&id=Item%206.%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital, provides an overview of shareholder information, and outlines the status of restricted shares granted to directors, management, and core technical personnel [Changes in Share Capital](index=72&type=section&id=I.%20Changes%20in%20Share%20Capital) 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[200](index=200&type=chunk) [Shareholder Information](index=72&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company had **7,688 ordinary shareholders**. This section discloses the shareholding of the top ten shareholders, with controlling shareholder Xiong Yuqian holding **39.82%** - As of the end of the reporting period, the total number of ordinary shareholders was **7,688**[201](index=201&type=chunk) Top Ten Shareholders' Shareholding (Unit: Shares) | Shareholder Name | Number of Shares Held at Period End | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Xiong Yuqian | 36,410,668 | 39.82 | Domestic Natural Person | | Hong Kong Securities Clearing Company Limited | 3,418,642 | 3.74 | Overseas Legal Person | | China Merchants Bank Co., Ltd. - Xingquan Herun Mixed Securities Investment Fund | 3,028,876 | 3.31 | Other | | China Merchants Bank Co., Ltd. - Xingquan Heyi Flexible Allocation Mixed Securities Investment Fund (LOF) | 2,303,629 | 2.52 | Other | | Industrial and Commercial Bank of China Limited - Fullgoal Emerging Industry Stock Investment Fund | 2,027,794 | 2.22 | Other | - As of June 30, 2025, the total number of shares in the company's repurchase account was **1,738,819 shares**, accounting for **1.90%**[204](index=204&type=chunk) [Information on Directors, Supervisors, Senior Management, and Core Technical Personnel](index=75&type=section&id=III.%20Information%20on%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20and%20Core%20Technical%20Personnel) This section discloses the details of Class II restricted shares granted to directors, vice presidents, financial controllers, board secretaries, and core technical personnel, and explains the cancellation of the 2021 incentive plan and the change in Meng Qinggong's designation as a non-core technical personnel Class II Restricted Stock Grant Status (Unit: Shares) | Name | Position | Number of Restricted Shares Granted at Beginning of Period | Number of Restricted Shares Newly Granted in Current Period | Number of Shares Vested in Current Period | Number of Restricted Shares Granted at End of Period | | :--- | :--- | :--- | :--- | :--- | :--- | | George Zhendong Gao | Director, Vice President | 137,604 | 0 | 22,721 | 59,204 | | Zhai Pujiang | Director, Vice President | 72,438 | 0 | 10,734 | 36,766 | | Li Weilan | Financial Controller, Board Secretary | 34,548 | 0 | 10,087 | 34,548 | | Liang Junyi | Core Technical Personnel | 35,901 | 0 | 6,846 | 30,266 | | Wei Qun | Core Technical Personnel | 43,190 | 0 | 6,281 | 38,290 | | Huang Peng | Core Technical Personnel | 42,475 | 0 | 6,158 | 37,771 | | Meng Qinggong | Core Technical Personnel (No Longer Designated) | 16,993 | 0 | 3,105 | 16,993 | | Total | / | 383,149 | 0 | 65,932 | 253,838 | - In April 2025, the company forfeited restricted shares granted but unvested under the **2021 Restricted Stock Incentive Plan**, which has now been completed[206](index=206&type=chunk) - Mr. Meng Qinggong, a core technical personnel, was no longer designated as a core technical personnel in July 2025 due to changes in job responsibilities, but continues to be employed by the company[206](index=206&type=chunk) [Bond-Related Information](index=77&type=section&id=Item%207.%20Bond-Related%20Information) This section confirms the absence of corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, and convertible corporate bonds during the reporting period [Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=77&type=section&id=I.%20Corporate%20Bonds%20%28Including%20Enterprise%20Bonds%29%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments - During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[209](index=209&type=chunk) [Convertible Corporate Bonds](index=77&type=section&id=II.%20Convertible%20Corporate%20Bonds) During the reporting period, the company had no convertible corporate bonds - During the reporting period, the company had no convertible corporate bonds[209](index=209&type=chunk) [Financial Report](index=78&type=section&id=Item%208.%20Financial%20Report) This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and detailed notes on significant accounting policies, taxation, and financial statement items [Audit Report](index=78&type=section&id=I.%20Audit%20Report) This semi-annual report has not been audited - This semi-annual report has not been audited[4](index=4&type=chunk) [Financial Statements](index=78&type=section&id=II.%20Financial%20Statements) This section 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 reflecting the company's financial position, operating results, and cash flow Consolidated Balance Sheet (June 30, 2025) (Unit: RMB Yuan) | Item | Balance at Period End | | :--- | :--- | | Monetary Funds | 991,709,780.79 | | Trading Financial Assets | 1,022,189,142.53 | | Accounts Receivable | 186,155,329.64 | | Inventories | 215,578,124.45 | | Total Assets | 3,628,405,833.57 | | Contract Liabilities | 419,714,139.09 | | Long-term Borrowings | 181,820,500.00 | | Total Liabilities | 872,863,014.35 | | Total Owners' Equity Attributable to Parent Company | 2,535,567,646.55 | | Minority Interests | 219,975,172.67 | | Total Owners' Equity | 2,755,542,819.22 | Consolidated Income Statement (Jan-Jun 2025) (Unit: RMB Yuan) | Item | Amount for Current Period | | :--- | :--- | | Operating Revenue | 422,607,028.87 | | Operating Cost | 33,814,967.86 | | Selling Expenses | 201,147,100.88 | | Administrative Expenses | 93,451,641.24 | | R&D Expenses | 119,893,727.41 | | Total Profit | -14,641,312.37 | | Net Profit Attributable to Parent Company Shareholders | -4,879,645.46 | | Basic Earnings Per Share (RMB/share) | -0.0544 | Consolidated Cash Flow Statement (Jan-Jun 2025) (Unit: RMB Yuan) | Item | Amount for Current Period | | :--- | :--- | | Subtotal of Cash Inflows from Operating Activities | 466,485,218.41 | | Subtotal of Cash Outflows from Operating Activities | 525,795,631.85 | | Net Cash Flow from Operating Activities | -59,310,413.44 | | Net Cash Flow from Investing Activities | 120,485,754.60 | | Net Cash Flow from Financing Activities | 156,914,548.07 | | Net Increase in Cash and Cash Equivalents | 229,629,635.44 | [Basic Company Information](index=98&type=section&id=III.%20Basic%20Company%20Information) This section introduces the company's establishment, listing information, registered capital, share capital, unified social credit code, domicile, legal representative, industry nature, and business scope, noting Mr. Xiong Yuqian as the largest shareholder and actual controller - Fujian Foxit Software Development Co., Ltd. was first publicly listed on the STAR Market on **September 8, 2020**, with stock code: **688095**[241](index=241&type=chunk) - The company's registered capital and share capital are both **RMB 91.44 million**, and its industry nature is software and information technology services[241](index=241&type=chunk) - The company's main products include formatted document general products and services, and intelligent document processing platforms and applications[241](index=241&type=chunk) - The company's largest shareholder and actual controller is Mr. Xiong Yuqian, with a shareholding ratio of **39.82%** as of June 30, 2025[242](index=242&type=chunk) [Basis of Financial Statement Preparation](index=98&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The financial statements are prepared on a going concern basis, in accordance with Enterprise Accounting Standards and relevant regulations of the China Securities Regulatory Commission, ensuring a true and complete reflection of the company's financial position - The company prepares its financial statements on a going concern basis, in accordance with 'Enterprise Accounting Standards' and the China Securities Regulatory Commission's 'Information Disclosure Rules for Companies Issuing Securities No. 15 – General Provisions for Financial Reports' (Revised 2023)[243](index=243&type=chunk) - The company has the ability to continue as a going concern for at least **12 months** from the end of the reporting period, with no significant matters affecting its going concern ability[244](index=244&type=chunk) [Significant Accounting Policies and Estimates](index=98&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's specific accounting policies and estimates used in preparing financial statements, covering enterprise accounting standards, accounting period, operating cycle, functional currency, materiality, business combinations, consolidated financial statements, joint arrangements, cash and cash equivalents, foreign currency transactions and translation, financial instruments, notes receivable, accounts receivable, financing for receivables, other receivables, inventories, contract assets, long-term equity investments, fixed assets, construction in progress, borrowing costs, intangible assets, impairment of long-term assets, long-term deferred expenses, contract liabilities, employee compensation, provisions, share-based payments, preferred shares/perpetual bonds and other financial instruments, revenue, contract costs, government grants, deferred income tax assets/liabilities, leases, and repurchase of company shares - The company defines its operating cycle as **12 months**, and its functional currency is **RMB**[249](index=249&type=chunk)[250](index=250&type=chunk) - Financial assets are classified into three categories based on business model and contractual cash flow characteristics: measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in current profit or loss[268](index=268&type=chunk) - The company recognizes revenue when it satisfies a performance obligation in a contract, which is when the customer obtains control of the related goods or services[337](index=337&type=chunk) - The company's revenue is primarily categorized by business model into **software product licensing, document processing services, and advertising and promotion services**[343](index=343&type=chunk) - Government grants are classified into asset-related government grants and income-related government grants, recognized and measured based on their fulfillment conditions and nature[349](index=349&type=chunk) - The consideration and transaction costs paid by the company for repurchasing its own equity instruments reduce owners' equity, and repurchased shares are managed as treasury stock until cancellation or transfer[362](index=362&type=chunk)[363](index=363&type=chunk) [Taxation](index=132&type=section&id=VI.%20Taxation) This section discloses the company's main tax categories and rates, including VAT, urban maintenance and construction tax, education surcharge, local education surcharge, and corporate income tax. The company and some of its subsidiaries enjoy tax incentives such as high-tech enterprise, technologically advanced service enterprise, and small and micro-profit enterprise status, as well as VAT immediate refund for software products and R&D expense super deduction policies - Export income from software products developed and produced by the parent company is **exempt from VAT**[367](index=367&type=chunk) - The parent company, Beijing Kunpeng, and Tongban Information are eligible for the policy of immediate VAT refund for software products where the actual tax burden exceeds **3%**[367](index=367&type=chunk) - The parent company and Beijing Kunpeng enjoy a **15% corporate income tax preferential rate** due to their designation as technologically advanced service enterprises and high-tech enterprises[367](index=367&type=chunk)[368](index=368&type=chunk) - Subsidiaries such as Beijing Shuzhi and Foxit Hulian are subject to the small and micro-profit enterprise policy, where taxable income is calculated at **25%** and corporate income tax is paid at a **20% rate**[368](index=368&type=chunk) - R&D expenses incurred by the parent company, Foxit Network, Beijing Kunpeng, and Tongban Information are eligible for a **100% super deduction** from taxable income in the current year[368](index=368&type=chunk) - Tongban Information enjoys a corporate income tax preferential policy for software enterprises, which includes **two years of exemption and three years of 50% reduction**[369](index=369&type=chunk) [Notes to Consolidated Financial Statement Items](index=134&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes and explanations for each asset, liability, owners' equity, revenue, cost, expense, and profit item in the consolidated financial statements, including period-end balances, period-beginning balances, current period changes and reasons for change, and discloses foreign currency monetary items and lease-related information Monetary Funds (Unit: RMB Yuan) | Item | Balance at Period End | Balance at Period Beginning | | :--- | :--- | :--- | | Cash on Hand | 236,057.32 | 79,720.73 | | Bank Deposits | 978,767,833.69 | 758,824,031.45 | | Other Monetary Funds | 12,705,889.78 | 4,832,765.79 | | Total | 991,709,780.79 | 763,736,517.97 | | Of which: Total funds deposited overseas | 725,012,947.31 | 636,643,416.15 | Trading Financial Assets (Unit: RMB Yuan) | Item | Balance at Period End | Balance at Period Beginning | | :--- | :--- | :--- | | Bank Wealth Management Products | 807,921,148.00 | 933,110,515.53 | | Structured Deposits | 214,267,994.53 | 405,413,756.19 | | Total | 1,022,189,142.53 | 1,338,524,271.72 | - Accounts receivable balance at period end was **RMB 186.16 million**, a **53.15% increase** from the beginning of the period, primarily due to the newly acquired subsidiary adding its book balance in the current period[126](index=126&type=chunk)[382](index=382&type=chunk) - Inventory balance at period end was **RMB 215.58 million**, a **23,726.66% increase** from the beginning of the period, primarily due to the newly acquired subsidiary adding its book contract performance costs in the current period[126](index=126&type=chunk)[421](index=421&type=chunk) - Intangible assets balance at period end was **RMB 197.42 million**, a **212.86% increase** from the beginning of the period, primarily due to the revaluation increase of intangible assets from newly acquired subsidiaries during the reporting period[126](index=126&type=chunk)[451](index=451&type=chunk) - Goodwill balance at period end was **RMB 459.65 million**, a **95.40% increase** from the beginning of the period, primarily due to the increase in goodwill from newly acquired subsidiaries during the reporting period[126](index=126&type=chunk)[453](index=453&type=chunk) - Contract liabilities balance at period end was **RMB 419.71 million**, a **25.26% increase** from the beginning of the period, primarily due to changes in performance obligations to be provided during the reporting period[126](index=126&type=chunk)[476](index=476&type=chunk) - Long-term borrowings balance at period end was **RMB 181.82 million**, a **100% increase** from the beginning of the period, primarily due to new acquisition loans in the current period[126](index=126&type=chunk)[494](index=494&type=chunk) Operating Revenue and Operating Cost (Unit: RMB Yuan) | Item | Amount for Current Period | Amount for Prior Period | | :--- | :--- | :--- | | Revenue | 422,607,028.87 | 337,555,617.38 | | Cost | 33,814,967.86 | 19,905,902.58 | Operating Revenue Breakdown (Unit: RMB Yuan) | Contract Classification | Operating Revenue | | :--- | :--- | | Formatted Document General Products and Services | 372,616,355.89 | | Intelligent Document Processing Platforms and Applications | 44,935,479.10 | | Digital Government Products and Services Revenue | 4,551,652.81 | | Licensing Model | 175,079,188.08 | | Subscription Model | 247,024,299.72 | Financial Expenses (Unit: RMB Yuan) | Item | Amount for Current Period | | :--- | :--- | | Interest Expense | 2,735,606.12 | | Interest Income | -11,627,529.88 | | Exchange Gains and Losses | -4,427,585.18 | | Total | -7,825,857.32 | Investment Income (Unit: RMB Yuan) | Item | Amount for Current Period | | :--- | :--- | | Investment income from long-term equity investments accounted for using the equity method | -12,185,966.77 | | Investment income from bank wealth management products | 19,176,420.56 | | Total | 7,006,306.45 | Foreign Currency Monetary Items Converted to RMB at Period End (Unit: RMB Yuan) | Item | Converted RMB Balance at Period End | | :--- | :--- | | Monetary Funds | 726,451,296.98 | | Of which: USD | 609,906,864.12 | | EUR | 94,737,199.06 | [R&D Expenses](index=188&type=section&id=VIII.%20R%26D%20Expenses) During the reporting period, the company's total R&D expenditure was **RMB 124.49 million**, with expensed R&D expenditure of **RMB 119.89 million** and capitalized R&D expenditure of **RMB 4.59 million**. Investments primarily focused on ongoing projects such as core technologies for document data extraction, formatted document processing and flowing document generation service solutions, and key optical character recognition technologies R&D Expenses by Nature (Unit: RMB Yuan) | Item | Amount for Current Period | | :--- | :--- | | Employee Compensation | 100,698,264.12 | | Equity Incentive Expenses | 7,524,813.75 | | Software and Technical Service Fees | 6,418,759.64 | | Depreciation and Amortization Expenses | 4,417,977.33 | | Total | 124,487,062.67 | | Of which: Expensed R&D Expenditure | 119,893,727.41 | | Capitalized R&D Expenditure | 4,593,335.26 | - Total R&D investment accounted for **29.46%** of operating revenue, a **7.72 percentage point decrease** compared to the prior year[104](index=104&type=chunk) Development Expenditures for R&D Projects Eligible for Capitalization (Unit: RMB Yuan) | Item | Balance at Period End | | :--- | :--- | | Formatted Document Processing and Flowing Document Generation Service Solutions | 19,761,858.66 | | Key Optical Character Recognition Technology R&D | 5,339,046.34 | | Total | 25,100,905.00 | [Changes in Consolidation Scope](index=189&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) During the reporting period, the company acquired a **51.00% equity stake** in Shanghai Tongban Information Service Co., Ltd. through a non-common control business combination, bringing it into the consolidation scope. Additionally, two subsidiaries, Foxit Kunpeng (Shenzhen) Information Technology Co., Ltd. and ActiveDraft LLC, were deregistered - On February 17, 2025, the company acquired a **51.00% equity stake** in Shanghai Tongban Information Service Co., Ltd. through a non-common control business combination, and included it in the consolidation scope[559](index=559&type=chunk) Acquisition Cost and Goodwill (Unit: RMB Yuan) | Item | Shanghai Tongban Information Service Co., Ltd. | | :--- | :--- | | Total Acquisition Cost | 474,981,700.00 | | Less: Fair Value Share of Identifiable Net Assets Acquired | 250,567,509.21 | | Goodwill | 224,414,190.79 | - Subsidiaries deregistered and reduced this year: Foxit Kunpeng (Shenzhen) Information Technology Co., Ltd. and ActiveDraft LLC[566](index=566&type=chunk) [Interests in Other Entities](index=192&type=section&id=X.%20Interests%20in%20Other%20Entities) This section details the company's interests in various subsidiaries, joint ventures, and associates, including shareholding ratios, business nature, and key financial information. It discloses financial data for significant non-wholly owned subsidiaries, Foxit Kunpeng (Beijing) Information Technology Co., Ltd. and Shanghai Tongban Information Service Co., Ltd. Composition of the Enterprise Group (Partial) | Subsidiary Name | Principal Place of Business | Business Nature | Shareholding Ratio (%) | | :--- | :--- | :--- | :--- | | Foxit Australia Pty LTD | Australia | Responsible for sales and management functions | 100.00 | | Foxit Software Incorporated | California, USA | Responsible for sales, R&D, and management functions | 100.00 | | Foxit Japan Co., Ltd. | Japan | Responsible for sales and management functions | 100.00 | | Foxit Kunpeng (Beijing) Information Technology Co., Ltd. | Beijing | Responsible for sales, R&D, and management functions | 73.24 | | Shanghai Tongban Information Service Co., Ltd. | Shanghai | Responsible for sales, R&D, and management functions | 51.00 | Significant Non-Wholly Owned Subsidiaries (Unit: RMB Yuan) | Subsidiary Name | Minority Shareholding Ratio (%) | Profit or Loss Attributable to Minority Shareholders for Current Period | Minority Interests Balance at Period End | | :--- | :--- | :--- | :--- | | Foxit Kunpeng (Beijing) Information Technology Co., Ltd. (Consolidated) | 26.7564 | -3,220,786.78 | -13,565,627.02 | | Shanghai Tongban Information Service Co., Ltd. | 49.00 | -11,505,111.09 | 229,236,221.28 | Significant Associates (Partial) | Associate Name | Accounting Method for Investments in Joint Ventures or Associates | | :--- | :--- | | Dasis Intelligence | Equity Method | | Minxing Information Technology Co., Ltd. | Equity Method | | Nanjing Haitai Medical Information System Co., Ltd. | Equity Method | [Government Grants](index=198&type=section&id=XI.%20Government%20Grants) During the reporting period, the total government grants recognized in current profit or loss amounted to **RMB 4.72 million**, primarily consisting of income-related government grants Government Grants Recognized in Current Profit or Loss (Unit: RMB Yuan) | Type | Amount for Current Period | Amount for Prior Period | | :--- | :--- | :--- | | Income-related | 4,722,305.82 | 1,579,046.33 | | Total | 4,722,305.82 | 1,579,046.33 | [Risks Related to Financial Instruments](index=199&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company faces credit risk, market risk (exchange rate risk, interest rate risk), and liquidity risk in its operations. The company manages these risks through measures such as credit limit control, matching foreign currency income with expenditures, signing forward foreign exchange contracts, and capital planning - The company faces **credit risk, market risk (including exchange rate risk, interest rate risk), and liquidity risk** in its operations[579](index=579&type=chunk) Book Balance of Relevant Assets and Expected Credit Loss (Unit: RMB Yuan) | Item | Book Balance | Credit Impairment Loss | | :--- | :--- | :--- | | Accounts Receivable | 209,156,336.72 | 23,001,007.08 | | Other Receivables | 25,063,895.53 | 5,810,118.69 | | Contract Assets | 3,009,402.21 | 178,375.11 | | Debt Investments | 33,333.54 | 1,666.68 | | Long-term Receivables | 17,991,237.77 | 899,561.89 | | Non-current Assets Due Within One Year | 885,029.43 | 12,916.66 | | Total | 256,139,235.20 | 29,903,646.11 | - The company aims to mitigate foreign exchange risk by matching foreign currency income with expenditures and by signing forward foreign exchange contracts or foreign exchange option contracts[581](index=581&type=chunk) - The company reduces interest rate risk by optimizing capital planning and adjusting the scale of interest-bearing debt in response to changes in the economic environment[581](index=581&type=chunk) [Fair Value Disclosure](index=201&type=section&id=XIII.%20Fair%20Value%20Disclosure) This section discloses the fair value of the company's assets and liabilities measured at fair value at period-end, primarily including trading financial assets, other equity instrument investments, and other non-current financial assets, totaling **RMB 1.07 billion**. Valuation techniques are mainly based on expected rates of return provided by banks or contractually agreed models, as well as appraisal reports or recent transaction information Total Assets Measured at Fair Value on a Recurring Basis (Unit: RMB Yuan) | Item | Fair Value at Period End | | :--- | :--- | | Trading Financial Assets | 1,022,189,142.53 | | Other Equity Instrument Investments | 21,447,191.46 | | Other Non-current Financial Assets | 29,731,750.23 | | Total Assets Measured at Fair Value on a Recurring Basis | 1,073,368,084.22 | Valuation Techniques for Level 3 Fair Value Measurements on a Recurring Basis (Unit: RMB Yuan) | Item | Valuation Technique | | :--- | :--- | | Bank wealth management products and structured deposits | Valued based on expected rates of return provided by banks or contractually agreed models | | Other non-current financial assets | Based on appraisal reports | | Other equity instrument investments | Based on appraisal reports or recent transaction information | [Related Parties and Related-Party Transactions](index=202&type=section&id=XIV.%20Related%20Parties%20and%20Related-Party%20Transactions) This section discloses that the company's ultimate controlling party is Mr. Xiong Yuqian, and lists information on subsidiaries, joint ventures, and associates. During the reporting period, the company engaged in related-party transactions involving the purchase and sale of goods, and the provision and acceptance of labor, and also discloses key management personnel compensation and outstanding receivables and payables with related parties - The ultimate controlling party of the company is Mr. Xiong Yuqian[590](index=590&type=chunk) Table of Goods Purchased/Services Received (Unit: RMB Yuan) | Related P

Economic News - The Ministry of Industry and Information Technology has issued guidelines to optimize business access and promote the development of the satellite communication industry, aiming for over 10 million satellite communication users by 2030 [1] - From January to July, the total profit of industrial enterprises above designated size decreased by 1.7% year-on-year, with state-owned enterprises seeing a 7.5% decline, while private enterprises experienced a 1.8% increase [1] - The Ministry of Commerce highlighted a shift in consumption patterns towards a balance between goods and services, with upcoming policies to stimulate service consumption [1] - The Shanghai government has released implementation opinions to accelerate the renovation of urban villages, focusing on areas with urgent public needs [1] - Guangzhou's city government emphasized the importance of urban renewal and quality improvement, particularly in urban villages and old communities [1] - In July, profits in high-tech manufacturing turned from a decline to growth, indicating a recovery in that sector [1] Company Insights - Nvidia has raised concerns about potential lawsuits due to the U.S. government's profit-sharing requirements [5] - Meituan plans to eliminate "overdue fines" for its delivery riders by the end of 2025 [5] - Apple is generating buzz with its upcoming fall event, with speculation about discontinuing seven products [5] - Xiaomi is set to launch its new operating system, Surge OS 3, highlighting its commitment to enhancing system experience [5] - Alibaba has developed an AI model for emergency chest pain scenarios, significantly reducing diagnosis time for acute aortic syndrome [5] Investment Strategy - The report suggests that the A-share market is in a slow bull phase, driven by short-term liquidity and a decline in traditional investment channels like real estate [6][8] - The market is expected to see structural opportunities, particularly in technology sectors, as the overall economic environment improves [9][10] - The report anticipates significant mid-term upward potential for the index, with a target of breaking through 4000 points [13] - The long-term outlook for the Chinese capital market is optimistic, with expectations of a shift from a bear market to a bull market driven by policy reforms and improved investor confidence [11][12] Company Performance - Ping An Bank reported a revenue of 69.39 billion yuan and a net profit of 24.87 billion yuan for the first half of 2025, with a year-on-year decline of 10% and 3.9% respectively [14] - The bank's non-interest income showed signs of improvement, contributing to a narrowing of revenue decline [15] - The total assets of Ping An Bank increased by 2.1% year-on-year, with a focus on optimizing loan structures and reducing high-risk products [16] - The bank's asset quality has improved, with a non-performing loan ratio of 1.05% and a coverage ratio of 238.5% [17][18] - The investment recommendation for Ping An Bank remains strong, with projected net profit growth rates of -3.3%, 0.9%, and 3.7% for 2025-2027 [19]

Economic News - Shanghai real estate policy adjustments include reducing housing purchase restrictions and optimizing housing credit policies, effective from August 26, 2025 [1] - The central government aims to establish a national carbon trading market by 2030, covering major industrial sectors and enhancing voluntary emission reduction mechanisms [1] - The National Development and Reform Commission is gathering opinions from enterprises on the 14th Five-Year Plan, focusing on expanding domestic demand and stabilizing employment [1] - The People's Bank of China is promoting financial support for high-quality forestry development, including innovations in forest rights mortgage loans [1] - The People's Bank of China conducted a 7-day reverse repurchase operation of 288.4 billion yuan at an interest rate of 1.40% [1] - U.S. President Trump plans to deploy troops to cities like Chicago to combat crime, which has sparked public discontent [4] Company Insights - Nvidia has launched the Jetson AGX Thor developer kit for robotics applications, priced at $3,499, available globally [10] - Huida Technology's president is under investigation for insider trading, but the company asserts that it will not affect its operations [10] - Elon Musk's xAI has filed a lawsuit against Apple and OpenAI, alleging collusion to maintain dominance in the AI sector [10] - Yangfan New Materials is under investigation, but the company's control remains unchanged and operations continue normally [10] - Tencent has unveiled a global game creation AI solution, VISVISE, aimed at streamlining game art development processes [10] Industry Research - The report analyzes the white liquor industry's historical cycles, identifying four key periods since 2000, with a focus on the 2013-2015 downturn [9][10] - It notes that white liquor stock prices typically bottom out two quarters before fundamental improvements are confirmed [10] - Current indicators suggest a positive trend in demand for white liquor, particularly with the upcoming Mid-Autumn Festival and National Day [10] - The report recommends focusing on leading companies like Kweichow Moutai and Wuliangye, as the white liquor sector is expected to rebound [10] Banking Sector Analysis - Jiangsu Bank reported a 7.8% year-on-year increase in revenue for the first half of 2025, with net profit rising by 8.0% [12][13] - The bank's asset quality remains strong, with a non-performing loan ratio of 0.84%, down 2 basis points from the previous quarter [14][15] - The bank's net interest margin is 1.78%, reflecting a slight decline, while total assets and loans grew by 27.0% and 18.3%, respectively [14][15] - The report projects net profit growth rates of 10.9%, 11.5%, and 11.7% for 2025-2027, maintaining a "strongly recommended" rating for the bank [16]

Economic News - The State Council emphasizes enhancing macro policy effectiveness and stabilizing market expectations, focusing on domestic circulation and effective investment expansion [1] - The People's Bank of China conducted a reverse repurchase operation of 266.5 billion yuan at a rate of 1.40% [2] - From January to July 2025, national public budget revenue was 1.35839 trillion yuan, with tax revenue declining by 0.3% [3] - Trade with Shanghai Cooperation Organization countries reached 247.7 billion USD in the first half of the year, a 0.8% increase [4] - The Ministry of Finance reported a 0.7% decline in government fund budget revenue from January to July 2025 [5] - Securities transaction stamp duty increased by 62.5% year-on-year in July 2025 [6] - The central bank introduced a series of monetary policy measures, including interest rate cuts and increased loan quotas [7] Important Company Information - JD.com has over 150,000 full-time delivery riders, advocating for social security benefits for gig workers [6] - Dongfeng Group is selling a 50% stake in Dongfeng Honda Engine Company [6] - Leap Motor reported a 174% increase in revenue to 24.25 billion yuan in the first half of 2025, achieving a net profit of 30 million yuan [6] - SoftBank announced a 2 billion USD investment in Intel, reflecting confidence in advanced semiconductor manufacturing [6] - Kandi Technologies has entered into a partnership with CATL to supply battery swap stations for commercial vehicles [6][7] Industry Analysis Coal Industry - Coking coal prices have risen significantly, with the price index reaching 1340.16 yuan/ton, a 17.44% increase [8] - Coking coal inventory at three ports decreased by 14.06% month-on-month [11] - Independent coking plants saw an increase in inventory but a decrease in average available days [9] - The overall capacity utilization rate of independent coking enterprises rose to 74.03% [10] - The demand side shows a potential increase in demand driven by hydroelectric projects [11] Agriculture and Livestock Industry - In July 2025, pig prices fluctuated, with live pig prices averaging 14.91 yuan/kg, a 1.72% increase [13] - The number of breeding sows showed a slight increase, indicating a potential stabilization in supply [14] - Policy measures are focused on reducing production capacity and controlling weight, which may stabilize prices in the long term [15] - Major pig farming companies reported varying sales prices and volumes, with some experiencing a decline in output [16] Machinery Industry - Parker New Materials specializes in high-end metal forging products, serving various industries including aerospace and energy [18] - The company reported a revenue of 7.72 billion yuan in Q1 2025, a 2.95% increase year-on-year [19] - The demand for high-precision forging products is expected to grow, improving the company's product structure and profitability [19] - China's energy cost advantages in electricity and natural gas may help the company capture overseas market share [20]

8月18日，沪深两融数据显示，福昕软件上周累计获融资净买入额1692.49万元，居两市第474位，上周 融资买入额1.03亿元，偿还额8573.76万元。 福昕软件所属概念板块包括：软件开发、福建板块、沪股通、融资融券、Kimi概念、AIGC概念、区块 链、增强现实、人工智能、虚拟现实、国产软件、大数据、云计算。 资金流方面，福昕软件近5日主力资金流出1.60亿元，区间跌幅13.38%；近10日主力资金流出2.02亿 元，区间跌幅7.19%。 天眼查商业履历信息显示，福建福昕软件开发股份有限公司，成立于2001年，位于福州市，是一家以从 事软件和信息技术服务业为主的企业。企业注册资本9143.9524万人民币，实缴资本2700万人民币。公 司法定代表人为熊雨前。 通过天眼查大数据分析，福建福昕软件开发股份有限公司共对外投资了13家企业，参与招投标项目87 次，知识产权方面有商标信息96条，专利信息44条，此外企业还拥有行政许可9个。 来源：金融界 ...

金融界消息 截至2025年8月15日收盘，福昕软件（688095）报收于76.34元，上涨1.52%，换手率 3.66%，成交量3.35万手，成交金额2.54亿元。 通过天眼查大数据分析，福建福昕软件开发股份有限公司共对外投资了13家企业，参与招投标项目87 次，知识产权方面有商标信息96条，专利信息44条，此外企业还拥有行政许可9个。 来源：金融界 福昕软件最新一期业绩显示，截至2025一季报，公司营业总收入2.02亿元、同比增长19.78%，归属净利 润583.31万元，同比增长45.02%，扣非净利润1396.14万元，同比增长32.41%，流动比率3.890、速动比 率3.588、资产负债率22.31%。 天眼查商业履历信息显示，福建福昕软件开发股份有限公司，成立于2001年，位于福州市，是一家以从 事软件和信息技术服务业为主的企业。企业注册资本9143.9524万人民币，实缴资本2700万人民币。公 司法定代表人为熊雨前。 资金流向方面，今日主力资金净流出2739.73万元，占比成交额10.77%。其中，超大单净流出4124.53万 元、占成交额16.21%，大单净流入1384.80万元、占成交额5 ...

Core Insights - The report highlights a significant shift in China's consumption structure from goods to services, with per capita service consumption expected to reach 46.1% of total consumption by 2024, contributing 63% to the growth of consumer spending [2] - The establishment of the Xinjiang-Tibet Railway Company marks the beginning of a major infrastructure project that is expected to enhance regional economic collaboration and reduce logistics costs, with an estimated investment of around 500 billion yuan [7][8] - The report emphasizes the positive impact of major infrastructure projects on China's economic stability and growth, particularly in the context of external uncertainties [9][10] Economic News - The Ministry of Commerce indicates a rapid transition in China's consumption structure, with service consumption growing at an annual rate of 9.6% from 2020 to 2024 [2] - The Ministry of Finance has introduced a one-year "dual interest subsidy" policy aimed at boosting consumer loans for various sectors, including automotive and healthcare [2] - The People's Bank of China is encouraging increased credit support for the service consumption sector to ensure effective policy implementation [4] Company Insights - Alibaba Health has signed a strategic cooperation agreement with Innovent Biologics to enhance supply chain solutions for cold-chain delivery of specific medications [5] - Didi has recently invested in a driverless commercial vehicle company, indicating a strategic move towards autonomous transportation [5] - Jiangfeng Electronics is planning to integrate its flat panel display target material business with Japan's Aifuka Corporation, showcasing international collaboration [5] Infrastructure Projects - The Xinjiang-Tibet Railway is expected to significantly lower logistics costs and enhance economic cooperation between regions, with a construction period projected to exceed 20 years [8][9] - The report outlines that the construction of the Xinjiang-Tibet Railway will provide a safety net for China's economy against external uncertainties, contributing approximately 0.18% to GDP growth annually [8][9] - Other major infrastructure projects are also set to commence, which will serve as important engines for domestic demand and economic stability [10] Investment Recommendations - The report suggests that leading companies in the construction and materials sector will benefit significantly from the Xinjiang-Tibet Railway project, including major state-owned enterprises [9] - It emphasizes that the implementation of major projects will not only yield long-term benefits but also stabilize the economy amid external challenges [11]

Group 1 - The core viewpoint of the news is that Foxit Software (688095.SH) is currently experiencing a decline in stock price, closing at 76.93 yuan with a drop of 2.41% [1] - Foxit Software was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on September 8, 2020, with an issuance of 12.04 million shares at a price of 238.53 yuan per share [1] - The stock reached its highest price of 373.00 yuan nine trading days after listing but has since been in a downward trend, currently in a state of breaking below the issue price [1] Group 2 - The total amount of funds raised by Foxit Software was 2.872 billion yuan, with a net amount of 2.586 billion yuan after deducting issuance costs, which was 2.179 billion yuan more than the original plan [1] - The planned use of the raised funds includes 407 million yuan for PDF product research and development, intelligent document cloud services, cutting-edge document technology research, and global marketing service network construction [1] - The issuance costs for Foxit Software amounted to 285 million yuan, with underwriting and sponsorship fees totaling 267 million yuan [2] Group 3 - The actual controller of Foxit Software is Xiong Yuqian, who holds Chinese nationality and has permanent residency in the United States [3] - In 2022, Foxit Software announced a cash dividend of 0.8 yuan per share (including tax) and a stock bonus of 0.4 shares per share, with the record date on June 27, 2022 [3] - In 2023, the company announced a cash dividend of 0.5 yuan per share (including tax) and a stock bonus of 0.4 shares per share, with the record date on June 20, 2023 [3]

天眼查商业履历信息显示，福建福昕软件开发股份有限公司，成立于2001年，位于福州市，是一家以从 事软件和信息技术服务业为主的企业。企业注册资本9143.9524万人民币，实缴资本2700万人民币。公 司法定代表人为熊雨前。 通过天眼查大数据分析，福建福昕软件开发股份有限公司共对外投资了13家企业，参与招投标项目87 次，知识产权方面有商标信息96条，专利信息44条，此外企业还拥有行政许可9个。 金融界消息 截至2025年8月12日收盘，福昕软件（688095）报收于78.83元，下跌3.34%，换手率 2.38%，成交量2.18万手，成交金额1.72亿元。 资金流向方面，今日主力资金净流出1618.48万元，占比成交额9.4%。其中，超大单净流出1433.29万 元、占成交额8.33%，大单净流出185.19万元、占成交额1.08%，中单净流出流出805.07万元、占成交额 4.68%，小单净流入2423.55万元、占成交额14.08%。 福昕软件最新一期业绩显示，截至2025一季报，公司营业总收入2.02亿元、同比增长19.78%，归属净利 润583.31万元，同比增长45.02%，扣非净利润1396.14 ...